- Receives First Time BBB- Rating with Stable Outlook from Fitch -
- Receives Upgrade to BBB- Rating with Stable Outlook from S&P -
DALLAS, April 26, 2016 (GLOBE NEWSWIRE) -- Spirit Realty Capital, Inc. (NYSE:SRC) (“Spirit” or the “Company”), a net lease real estate investment trust (REIT) that invests in single-tenant, operationally essential real estate, today announced that the Company has received investment grade ratings from Fitch Ratings (“Fitch”) and Standard & Poor’s Ratings Services (“S&P”). Spirit has been assigned a first time rating of BBB- with a Stable outlook from Fitch and has been upgraded to a BBB- corporate issuer rating with a Stable outlook from Standard & Poor’s Ratings Services (“S&P”).
“We are very pleased to receive investment grade ratings from Fitch and Standard & Poor’s, which reflect our improving credit profile. These ratings are an important step in our efforts to expand our access to and lower our cost of capital as we continue to execute on our plan to create additional shareholder value,” said Phillip D. Joseph, Jr., Chief Financial Officer, Spirit Realty Capital.
About Spirit Realty Capital
Spirit Realty Capital, Inc. (NYSE:SRC) is a net-lease real estate investment trust (REIT) that invests in and manages a portfolio primarily of single-tenant, operationally essential real estate assets throughout the United States. Single-tenant, operationally essential real estate generally refers to free-standing, commercial real estate facilities where our tenants conduct business activities that are essential to the generation of their sales and profits.
As of December 31, 2015, the Company’s undepreciated gross real estate investment portfolio was approximately $8.3 billion, representing investments in 2,629 properties, including 144 properties securing mortgage loans made by the Company. Our properties are leased to 438 tenants that operate in 28 different industries across 49 states.
Forward-Looking and Cautionary Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements can be identified by the use of words such as “expect,” “plan,” “will,” “estimate,” “project,” “intend,” “believe,” “guidance,” and other similar expressions that do not relate to historical matters. These forward-looking statements are subject to known and unknown risks and uncertainties that can cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, Spirit’s continued ability to source new investments, risks associated with using debt to fund Spirit’s business activities (including refinancing and interest rate risks, changes in interest rates and/or credit spreads), unknown liabilities acquired in connection with acquired properties or interests in real-estate related entities, risks related to the potential relocation of our corporate headquarters to Dallas, Texas, general risks affecting the real estate industry and local real estate markets (including, without limitation, the market value of our properties, the inability to enter into or renew leases at favorable rates, portfolio occupancy varying from our expectations, dependence on tenants financial condition and operating performance, and competition from other developers, owners and operators of real estate), potential fluctuations in the consumer price index, risks associated with our failure to maintain our status as a REIT under the Internal Revenue Code of 1986, as amended, and other additional risks discussed in Spirit’s most recent filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K. Spirit expressly disclaims any responsibility to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.