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Spirit Realty Looks Like A Good Deal

Mar. 02, 2023 8:10 AM ETSpirit Realty Capital, Inc. (SRC)7 Comments


  • Spirit Realty is an attractive net lease REIT with a quality portfolio of mostly industrial and e-commerce resistant assets.
  • It's seeing robust deal activity that mostly revolves around the growing industrial property segment.
  • It pays an attractive and well-covered dividend yield while trading at a substantial discount to net lease peers.
  • Looking for a portfolio of ideas like this one? Members of Hoya Capital Income Builder get exclusive access to our subscriber-only portfolios. Learn More »
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It’s easy to question a high yield strategy these days, especially when CDs and Treasuries are offering competitive yields. That’s a key reason for why many income REITs and BDCs are trading well under their 52-week highs.

While it may

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This article was written by

Gen Alpha profile picture

I am Gen Alpha. I have more than 14 years of investment experience, and an MBA in Finance. I focus on stocks that are more defensive in nature, with a medium- to long-term horizon.

I provide high-yield, dividend growth investment ideas in the investing group Hoya Capital Income Builder. The group helps investors achieve dependable monthly income, portfolio diversification, and inflation hedging. It provides investment research on REITs, ETFs, closed-end funds, preferreds, and dividend champions across asset classes. It offers income-focused portfolios targeting dividend yields up to 10%. Learn more.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of SRC either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

I am not an investment advisor. This article is for informational purposes and does not constitute as financial advice. Readers are encouraged and expected to perform due diligence and draw their own conclusions prior to making any investment decisions.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Comments (7)

Any thought on why the common and preferred are trading at very similar dividend yields? Seems there should be a higher spread.
Good article. Thanks for your insight.
Here2Learn&Earn profile picture
Looks like SRC has a beta high enough to expect a good sell off when the market is dumped; I'll wait until play time is over and the overall market prices are dropped closer to reality. Thanks for the article though.
Steve Rasher profile picture
@Gen Alpha Thanks for the article. After reading your article and yesterday's article by @Samuel Smith, I have done my own due diligence and have bought a position today, albeit at a higher price than yesterday. Still I believe that $SRC will be a nice addition to my portfolio. Steve
mdpath profile picture
How would you compare it to ERPT.
@mdpath - EPRT? I personally own both SRC and EPRT.
Thanks, Gen Alpha, for your write-up, analysis and commentary on SRC. Good stuff!

(Long SRC)
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