DALLAS, Aug. 14, 2017 /PRNewswire/ -- Spirit Realty
Capital, Inc. (NYSE: SRC) ("Spirit" or the "Company"), a premier
net lease real estate investment trust ("REIT") that primarily
invests in single-tenant, operationally essential real estate,
today announced that its Board of Directors has authorized a new
stock repurchase program for up to $250
million of its common stock to be undertaken within 18
months from the date of authorization.
Jackson Hsieh, President and
Chief Executive Officer of Spirit stated, "Having repurchased
$200 million of our common stock year
to date, we are pleased that our Board has authorized a new
$250 million share repurchase
program, which demonstrates the strength of our commitment to
shareholder value creation. To the extent we make any repurchases
under the program, we will do so on a leverage neutral basis by
year end. Further, we continue to work toward best in class,
shareholder-friendly corporate governance, and we believe amending
our bylaws to reduce the stockholder vote required to change or
repeal the bylaws and to adopt new bylaws gives our shareholders an
even greater voice as we continue forward on our stated path."
Repurchases under the stock repurchase program may be made in
open market transactions from time to time, in privately negotiated
transactions or otherwise, in accordance with applicable securities
laws and other restrictions, with the amount and timing of
repurchases depending on management's ongoing assessment of the
capital needs of the business, prevailing market prices, general
economic and market conditions and other considerations. The
Company may also, from time to time, enter into Rule 10b5-1 plans
to facilitate repurchases of its shares under the stock repurchase
program.
The stock repurchase program does not obligate the Company to
acquire any particular amount of common stock and may be extended,
modified, suspended or discontinued at any time at the Company's
discretion.
Additionally, on August 10, 2017,
the Board amended and restated the bylaws of the Company to reduce
the stockholder vote required to alter or repeal any provision of
the bylaws and to adopt new bylaws from the affirmative vote of
two-thirds of all the votes entitled to be cast on the matter to
the affirmative vote of a majority of all the votes entitled to be
cast on the matter. Under the amendment, the Board continues to
have the power to adopt, alter or repeal any provision of the
bylaws and to make new bylaws, co-extensive with the right of the
stockholders of the Company.
ABOUT SPIRIT REALTY
Spirit Realty Capital, Inc. (NYSE: SRC) is a premier net-lease
real estate investment trust (REIT) that primarily invests in
high-quality, operationally essential real estate, subject to
long-term, net leases. Over the past decade, Spirit has
become an industry leader and owner of income-producing,
strategically located retail, industrial and office properties
providing superior risk adjusted returns and steady dividend growth
for our stockholders.
As of June 30, 2017, our
diversified portfolio was comprised of 2,549 properties, including
properties securing mortgage loans made by the Company. Our
properties, with an aggregate gross leasable area of approximately
51 million square feet, are leased to approximately 432 tenants
across 49 states and 30 industries. More information about Spirit
Realty Capital can be found on the investor relations page of the
Company's website at www.spiritrealty.com.
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 ability to
complete its proposed spin-off, in a timely manner or at all,
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, changes in the price of our common stock,
and conditions of the equity and debt capital markets, generally),
unknown liabilities acquired in connection with acquired properties
or interests in real-estate related entities, 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), the financial performance of our retail tenants and the
demand for retail space, particularly with respect to challenges
being experienced by general merchandise retailers, 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, risks and uncertainties related to the
completion and timing of Spirit's proposed spin-off of properties
leased to Shopko and assets that collateralize Master Trust A and
the impact of the spin-off on Spirit's business, 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.
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SOURCE Spirit Realty Capital, Inc.