Seeking Alpha

More on Spirit Realty Capital Q2 results

  • Q2 adjusted FFO of $78.7M or $0.20 per share vs. $37M and $0.24 one year ago. Dividend of $66.3M is an 84% payout ratio vs. funds available for distribution.
  • Full-year AFFO per share guidance is boosted to $0.80-$0.83 from $0.77-$0.82.
  • Closed 24 deals during Q2 and invested $207.7M, adding 86 properties to portfolio with an initial cash yield of 7.72% and average remaining lease term of 18 years. Occupancy is as close to full as it's going to get at 99%.
  • Raised more than $1B in capital during quarter, with money used to pay off high-priced debt and scoop up attractive properties. Goals remain to reduce tenant concentration, and bring leverage down to more inline with peers (fell to 7.1x in Q2 from 7.3x in Q1). Revenue from Shopko represented 13.8% of total revenue vs. 14% in Q1.
  • Previously: Spirit Realty Capital beats by $0.03, beats on revenue
  • SRC flat on the session
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