Spirit Realty Capital (SRC) Misses Q4 EPS by 23c

Spirit Realty Capital (NYSE: SRC) reported Q4 EPS of $0.02, $0.23 worse than the analyst estimate of $0.25.

FOURTH QUARTER 2019 HIGHLIGHTS

• Invested $589.6 million, including $574.8 million for the acquisition of 139 properties, with an initial weighted average cash yield of 7.55% and an economic yield of 8.18%.
• Generated net income of $0.02 vs $0.60 per diluted share, FFO of $0.73 vs $0.93 per share and AFFO of $0.76 vs $0.84 per share, compared to the same quarter in 2018.
• Issued 2.7 million shares of common stock, generating gross proceeds of $140.6 million and net proceeds of $138.9 million, under the Company’s At-the-Market Program.
• Generated $23.8 million in gross proceeds from the sale of 11 properties, of which seven were vacant.
• Maintained strong operational performance, with occupancy of 99.7%, Lost Rent of 0.3% and Property Cost Leakage of 1.4%.
• Had corporate liquidity of $698.0 million as of December 31, 2019, comprised of availability under the 2019 Credit Facility and cash and cash equivalents, and Adjusted Debt to Annualized Adjusted EBITDAre of 4.9x.

CEO COMMENTS

“I am exceedingly proud of the entire Spirit team and the excellent results they delivered in the fourth quarter and full year 2019 that contributed to approximately 48% total returns for our stockholders and significantly improved our cost of capital,” said Jackson Hsieh, President and Chief Executive Officer. “During the year, we invested $1.34 billion in real estate for an initial cash yield of 7.20%, including the acquisition of 334 properties, resulting in 16 new tenants and $92.7 million in new annual contractual rents. From a capital market perspective, we issued over $700 million of equity, $1.20 billion of unsecured bonds and received credit upgrades from both S&P and Fitch. Going into 2020, we expect to support AFFO growth with our conservative leverage and robust acquisition pipeline.”

For earnings history and earnings-related data on Spirit Realty Capital (SRC) click here.

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