Spirit Realty Capital, Inc. Announces Closing of $500.0 Million Unsecured Term Loan Facility

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DALLAS, November 17, 2022–(BUSINESS WIRE)–Spirit Realty Capital, Inc. (NYSE: SRC) (“Spirit” or the “Company”), a net leasehold real estate investment trust (“REIT”) that invests in tenant properties unique, operationally critical real estate, today announced that the Company has entered into a new unsecured term loan facility in the aggregate amount of $500.0 million maturing June 16, 2025, which provides funds through July 2, 2023. The facility also includes an accordion feature to increase the available term loan by a total amount of $100.0 million (so that the term loan does not exceed $600.0 million). million), subject to obtaining commitments from the lender and satisfaction of certain customary conditions. Borrowing rates under the term loan are variable and subject to a ratings-based pricing grid, currently calculated as one-month adjusted SOFR plus a 95 basis point spread based on the credit rating of the Company.

A total of thirteen lenders participated in the term loan facility, including JPMorgan Chase Bank, NA as co-bookrunner, co-lead arranger and administrative agent. BofA Securities, Inc., Capital One, National Association, Fifth Third Bank, National Association, Mizuho Bank, Ltd., Royal Bank of Canada, TD Bank NA, The Bank of Nova Scotia, Truist Securities, Inc. and Wells Fargo Securities , LLC acted as Joint Bookrunners and Joint Lead Arrangers. Goldman Sachs Bank USA, Morgan Stanley Senior Funding, Inc. and The Huntington National Bank served as managing agents.

“We are delighted to complete our previously announced term loan facility,” said Michael Hughes, Chief Financial Officer of Spirit. “This new facility provides us with significant leverage capacity to pursue attractive acquisition opportunities, allows us to be patient in determining when to access the debenture markets and further demonstrates the strength of our banking relationships.”

ABOUT REAL ESTATE SPIRIT

Spirit Realty Capital, Inc. (NYSE: SRC) is a leading net-leasehold REIT that invests primarily in single-tenant, operationally critical real estate assets, subject to long-term leases.

As of September 30, 2022, our diverse portfolio consisted of 2,118 commercial, industrial and other properties in 49 states, which were leased to 346 tenants operating in 34 sectors. As of September 30, 2022, our properties were approximately 99.8% occupied. Further information about Spirit Realty Capital is available on the Investor Relations page of the Company’s website at www.spiritrealty.com.

FORWARD-LOOKING AND CAUTIONARY STATEMENTS

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, the Private Securities Litigation Reform Act of 1995 and other federal laws. These forward-looking statements can be identified by the use of words and phrases such as “preliminary”, “expect”, “plan”, “will”, “estimate”, “project”, “intend”. of’, ‘believe’, ‘advice’, ‘approximately’, ‘anticipate’, ‘may’, ‘should’, ‘seek’, or the negative form of these words and phrases or similar words or phrases which predict or indicate future events or trends and which do not relate to historical matters but are intended to identify forward-looking statements. You can also identify forward-looking statements by discussions of management’s strategy, plans or intentions. These forward-looking statements are subject to known and unknown risks and uncertainties that you should not rely on to predict future events. Forward-looking statements depend on assumptions, data and/or methods which may be incorrect or imprecise, and Spirit may not be able to realize them. Spirit does not guarantee that the events described will occur as described (or that they will occur at all). The following risks and uncertainties, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: industry and economic conditions; financial market volatility and uncertainty, including potential fluctuations in the consumer price index; Spirit’s success in implementing its business strategy and its ability to identify, underwrite, finance, complete, integrate and manage acquisitions or diversified investments; the financial performance of Spirit’s tenants and demand for retail space, particularly with respect to difficulties experienced by general merchandise retailers; Spirit’s ability to diversify its tenant base; the nature and extent of future competition; increases in Spirit’s borrowing costs due to changes in interest rates and other factors; Spirit’s ability to access debt and equity capital markets; Spirit’s ability to repay, refinance, restructure and/or extend its indebtedness as it becomes due; Spirit’s ability and willingness to renew its leases upon expiration and to reposition its properties on the same or better terms upon expiration in the event such properties are not renewed by tenants or if Spirit exercises its rights of replace existing tenants in the event of default; the impact of any financial, accounting, legal or regulatory issues or disputes that may affect Spirit or its major tenants; Spirit’s ability to manage its expanded operations; Spirit’s ability and willingness to maintain its qualification as a REIT under the Tax Code 1986, as amended; the impact on Spirit’s business and that of its tenants of epidemics, pandemics or other outbreaks of illnesses, diseases or viruses (such as the strain of coronavirus known as COVID-19); and other risks inherent in the real estate business, including tenant defaults, potential liability related to environmental issues, illiquidity of real estate investments and potential damage from natural disasters discussed in Spirit’s latest filings with of the Securities and Exchange Commission (“SEC”), including its annual report on Form 10-K and subsequent quarterly reports on Form 10-Q. You are cautioned not to place undue reliance on forward-looking statements which are based on available information and speak only as of the date they were made. Although forward-looking statements reflect Spirit’s good faith beliefs, they are not guarantees of future performance. Spirit expressly disclaims any responsibility to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20221117005972/en/

contacts

Pierre Revol
(972) 476-1403
InvestorRelations@spiritrealty.com

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