Spirit Realty Capital Inc (NYSE: SRC) is a leading triple net lease REIT with a diversified portfolio spanning retail, industrial, and specialty properties nationwide. As of January 23, 2024, Spirit Realty Capital, Inc. operates as a subsidiary of Realty Income Corporation. The company maintains a diversified tenant base and strong occupancy metrics while operating under its parent company.
Cyborg Score Rationale
Spirit operates as an established, dividend-paying REIT with a substantial diversified portfolio and strong occupancy rates (99.6-99.8%). However, the company's independent public status is clouded by its pending integration into Realty Income (announced October 2023), and recent headwinds in the retail real estate sector warrant a measured view.
Top Insights
Operates as a subsidiary of Realty Income Corporation as of January 2024, following the announced acquisition in October 2023
Annual revenue was $748.8 million in 2026
Portfolio comprises retail, industrial, and specialty properties across 49 states with approximately 99.6% occupancy
Triple-net lease structure provides predictable income through tenant responsibility for operating costs, taxes, and insurance
Named Competitors
O - Realty Income — The Monthly Dividend Company; leading diversified net-lease REIT
LXP - Lexington Realty — Net-lease REIT focused on single-tenant industrial and office properties
STOR - STORE Capital — Net-lease REIT investing in single-tenant retail properties
FCPT - Four Corners Property — Net-lease REIT with focus on retail and restaurant properties
Recent Developments
(October 2023) Realty Income announced definitive merger agreement to acquire Spirit Realty Capital in $9.3 billion all-stock transaction
(January 2024) Spirit Realty Capital became a subsidiary of Realty Income Corporation following merger completion
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