SRC-A Spirit Realty Capital Inc

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 07, 2023

 

 

SPIRIT REALTY CAPITAL, INC.

(Exact name of Registrant as Specified in Its Charter)

 

 

Maryland			001-36004	20-1676382
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
2727 North Harwood Street Suite 300
Dallas, Texas				75201
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (972) 476-1900

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.05 par value per share		SRC		New York Stock Exchange
6.000% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share		SRC-A		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

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Item 2.02 Results of Operations and Financial Condition.

On August 7, 2023, Spirit Realty Capital, Inc. (the “Company”), issued (i) a press release reporting its results of operations for the second fiscal quarter ended June 30, 2023, a copy of which is attached hereto as Exhibit 99.1 and (ii) a Q2 Supplemental Investor Presentation, a copy of which is attached hereto as Exhibit 99.2.



The information set forth in Item 2.02 and in the attached Exhibits 99.1 and 99.2 is being “furnished” and shall not be deemed “filed” for any purpose, including for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any of the Company’s filings, whether made before or after the date hereof, regardless of any general incorporation language in any such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

 

99.1		Press Release dated August 7, 2023
99.2		Q2 2023 Supplemental Investor Presentation
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: August 7, 2023

SPIRIT REALTY CAPITAL, INC.
By:		/s/ Michael Hughes
		Michael Hughes
		Chief Financial Officer and Executive Vice President (Principal Financial Officer)

 

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Exhibit 99.1

 

Spirit Realty Capital, Inc.

Announces Second Quarter of 2023

Financial and Operating Results

– Generated Net Income per Share of $0.36, FFO per Share of $0.91 and AFFO per Share of $0.91 –

– Invested $168.6 Million in Acquisitions and Revenue Producing Expenditures –

– Generated $66.9 Million in Gross Proceeds from Dispositions –

Dallas, TX— August 7, 2023 —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 reported its financial and operating results for the second quarter ended June 30, 2023.

HIGHLIGHTS

CEO COMMENTS

“We are pleased to announce another quarter with strong results. The continued upward revisions to our earnings outlook for the year reflect the high quality and diversification of our tenant base, strength of our underlying real estate and accretive capital allocation strategy. With our strong balance sheet position going into the second half of the year, we believe we are well positioned to take advantage of new opportunities,” stated Jackson Hsieh, President and Chief Executive Officer.

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DIVIDEND

For the second quarter of 2023, the Board of Directors declared a quarterly cash dividend of $0.663 per share of common stock, representing an annualized rate of $2.652 per share, and a quarterly cash dividend of $0.375 per preferred share. The common stock dividend was paid on July 14, 2023 to stockholders of record as of June 30, 2023 and the preferred stock dividend was paid on June 30, 2023 to stockholders of record as of June 15, 2023.

2023 GUIDANCE

The Company updated its guidance for fiscal year 2023:

(comprised of acquisitions and revenue producing expenditures)

The Company does not provide a reconciliation for its guidance range of AFFO per diluted share to net income available to common stockholders per diluted share, the most directly comparable forward looking GAAP financial measure, due to the inherent variability in timing and/or amount of various items that could impact net income available to common stockholders per diluted share, including, for example, gains/losses on debt extinguishment, impairments and other items that are outside the control of the Company.

EARNINGS WEBCAST AND CONFERENCE CALL TIME

The Company's second quarter 2023 earnings conference call is scheduled for Tuesday, August 8, 2023 at 9:30am Eastern Time. Interested parties can listen to the call via the following:

 

Internet:	Go to www.spiritrealty.com and select the corporate profile page under investor relations at least 15 minutes prior to the start time of the call to register, download and install any necessary audio software.

 

Phone:	No access code required.

(844) 746-0748 (Domestic) / (412) 317-5108 (International)

 

Replay:	Available through Tuesday, August 22, 2023 with access code 10180627.

(844) 512-2921 (Domestic) / (412) 317-6671 (International)

SUPPLEMENTAL PACKAGES

A supplemental investor presentation that contains non-GAAP measures and other defined terms, along with this press release, have been posted to the investor relations page of the Company's website at www.spiritrealty.com.

ABOUT SPIRIT REALTY

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

As of June 30, 2023, our diverse portfolio consisted of 2,064 retail, industrial and other properties across 49 states, which were leased to 345 tenants operating in 37 industries. As of June 30, 2023, our properties were approximately 99.8% occupied. More information about Spirit Realty Capital can be found on the investor relations page of the Company's website at www.spiritrealty.com.

INVESTOR CONTACT

Investor Relations

(972) 476-1403

InvestorRelations@spiritrealty.com

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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 securities laws. These forward-looking statements can be identified by the use of words and phrases such as “preliminary,” “expect,” “plan,” “will,” “estimate,” “project,” “intend,” “believe,” “guidance,” “approximately,” “anticipate,” “may,” “should,” “seek,” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate to historical matters but are meant to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions of management. These forward-looking statements are subject to known and unknown risks and uncertainties that you should not rely on as predictions of 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 happen as described (or that they will happen 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; volatility and uncertainty in the financial markets, including potential fluctuations in the Consumer Price Index; Spirit's success in implementing its business strategy and its ability to identify, underwrite, finance, consummate, integrate and manage diversified acquisitions or investments; the financial performance of Spirit's retail tenants and the demand for retail space; Spirit's ability to diversify its tenant base; the nature and extent of future competition; increases in Spirit's costs of borrowing as a result of changes in interest rates and other factors; Spirit's ability to access debt and equity capital markets; Spirit's ability to pay down, 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 Spirit exercises its rights to replace existing tenants upon default; the impact of any financial, accounting, legal or regulatory issues or litigation 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 Internal Revenue Code of 1986, as amended; the impact on Spirit’s business and those of its tenants from epidemics, pandemics or other outbreaks of illness, disease or virus; and other risks inherent in the real estate business, including tenant defaults, potential liability relating to environmental matters, illiquidity of real estate investments and potential damages from natural disasters discussed in Spirit's most recent filings with 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 information that was available, and speak only, as of the date on which they were made. While 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 forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

(SRC:ER)

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SPIRIT REALTY CAPITAL, INC.

Reconciliation of Non-GAAP Financial Measures

(In Thousands, Except Share and Per Share Data)

(Unaudited)

NOTICE REGARDING NON-GAAP FINANCIAL MEASURES

In addition to U.S. GAAP financial measures, this press release and the referenced supplemental financial and operating report and related addenda contain and may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Definitions of non-GAAP financial measures, reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are included in the supplemental investor presentation, which can be found in the investor relations page of our website.

 

FFO and AFFO

 

		Three Months Ended June 30,
		2023				2022
Net income attributable to common stockholders		$	51,593			$	80,152
Portfolio depreciation and amortization			78,799				72,755
Portfolio impairments			11,539				9,398
Gain on disposition of assets			(13,602	)			(38,928	)
FFO attributable to common stockholders		$	128,329			$	123,377
Deal pursuit costs			259				655
Non-cash interest expense, excluding capitalized interest			2,895				2,258
Straight-line rent, net of uncollectible reserve			(7,980	)			(9,015	)
Other amortization and non-cash charges			(340	)			(578	)
Non-cash compensation expense			4,970				4,387
AFFO attributable to common stockholders		$	128,133			$	121,084
Dividends declared to common stockholders		$	93,700			$	86,987
Dividends declared as a percent of AFFO			73	%			72	%
Net income per share of common stock - Basic		$	0.36			$	0.60
Net income per share of common stock - Diluted		$	0.36			$	0.60
FFO per share of common stock - Diluted (1)		$	0.91			$	0.92
AFFO per share of common stock - Diluted (1)		$	0.91			$	0.90
Weighted average shares of common stock outstanding - Basic			141,103,715				134,147,541
Weighted average shares of common stock outstanding - Diluted			141,103,715				134,219,450

1 Dividends paid and undistributed earnings allocated, if any, to unvested restricted stockholders are deducted from FFO and AFFO for the computation of the per share amounts. The following amounts were deducted:

		Three Months Ended June 30,
		2023		2022
FFO		$0.2 million		$0.2 million
AFFO		$0.2 million		$0.2 million

 

 

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SPIRIT REALTY CAPITAL, INC.

Reconciliation of Non-GAAP Financial Measures

(In Thousands, Except Share and Per Share Data)

(Unaudited)

 

Adjusted Debt, EBITDAre and Adjusted EBITDAre

 

Adjusted Debt		June 30, 2023
2019 Credit Facility		$	—
Term loans, net			1,089,146
Senior Unsecured Notes, net			2,724,500
Mortgages payable, net			4,694
Total debt, net			3,818,340
Unamortized debt discount, net			8,903
Unamortized deferred financing costs			27,308
Cash and cash equivalents			(174,557	)
Adjusted Debt			3,679,994
Preferred Stock at liquidation value			172,500
Adjusted Debt + Preferred Stock		$	3,852,494
Annualized Adjusted EBITDAre		Quarter Ended
		June 30, 2023
Net income		$	54,181
Interest			34,527
Depreciation and amortization			78,944
Income tax expense			296
Gain on disposition of assets			(13,602	)
Portfolio impairments			11,539
EBITDAre			165,885
Adjustments to revenue producing acquisitions and dispositions			2,170
Construction rent collected, not yet recognized in earnings			129
Deal pursuit costs			259
Non-cash compensation expense			4,970
Adjusted EBITDAre			173,413
Adjustments related to straight-line rent (1)			1,493
Other adjustments for Annualized EBITDAre (2)			(48	)
Annualized Adjusted EBITDAre		$	699,432
Total debt, net / Annualized net income (3)			17.6	x
Adjusted Debt / Annualized Adjusted EBITDAre			5.3	x
Adjusted Debt + Preferred / Annualized Adjusted EBITDAre			5.5	x

1 Adjustment relates to current period amounts deemed not probable of collection related to straight-line rent recognized in prior periods.

2 Adjustment is comprised of prior period rent and prior period property costs recognized in the current period.

3 Represents net income for the three months ended June 30, 2023 annualized.

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Supplemental Investor Presentation AUGUST 2023 Q2 2023 Exhibit 99.2

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35% Top 20 Tenant Concentration1 Note: Data as of or for the quarter ended June 30, 2023. 1Based on ABR. 2Represents corporate-level reporting of revenues of our tenants or their affiliated companies, excluding non-reporting tenants. Q2 2023 Overview Key Highlights Portfolio Data Top 10 Tenant Concentration1 22% $694.6M $9.3B Real Estate Investments Annualized Base Rent 10.3yrs WALT 99.8% Occupancy 2,064 Owned Properties 51.2% Public Ownership1 86.5% Tenants with over $100M in Revenues1,2 345 Tenants 308 Concepts 37 Industries 49 States $0.91 FFO per Share $0.36 Net Income per Share $0.91 AFFO per Share Investment Grade Rated BBB S&P Stable outlook Baa2 Moody’s Stable outlook BBB Fitch Stable outlook $1.6B Corporate Liquidity 99.8% Unencumbered ABR $168.6M Capital Deployment $66.9M Dispositions 0.2% Lost Rent 1.6% Forward Same Store Sales

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Spirit’s underwriting approach Utilizing proprietary tools and underwriting expertise to invest in high-quality, single-tenant, operationally essential real estate with a focus on industry relevance, tenant credit quality, and real estate strength Industry Relevance TenantCredit Quality Real EstateStrength Key Tools

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Progress at Spirit — portfolio and balance sheet Spirit IPO Portfolio (Q3 2012)1 IPO toPost Spin-Off Post Spin-Off Portfolio(Q2 2018) Post Spin-Off Current(Q2 2023) Portfolio # of Tenants 165 +85 250 +95 345 # of Owned Properties 1,105 +353 1,458 +606 2,064 Owned Real Estate Investment ($M) $3,568 +$1,296 $4,864 +$4,484 $9,348 ABR ($M) $279 +$84 $363 +$332 $695 Top 5 Tenants2 43.8% (27.7)% 16.1% (2.8)% 13.3% ABR % of Current Portfolio3 4.5% 39.8% 44.3% 55.7% 100.0% Balance Sheet Adjusted Debt / Annualized Adjusted EBITDAre 7.6x (4.0)x 3.6x +1.7x 5.3x Secured Debt / Total Debt 100%4 (75)% 25% (25)% 0%5 Rating (S&P / Moody’s / Fitch) No Rating — BBB- / Baa3 / BBB- — BBB / Baa2 / BBB Top 5 Tenants2 Top 5 Industries2 Over time, Spirit has recycled capital prudently, growing its asset base significantly and building a diversified tenant/industry base with a well positioned balance sheet Note: Certain defined terms, and their methodologies for calculation, have been modified since the IPO and, thus, amounts may not be directly comparable. 1Metrics as of September 30, 2012 per SRC filings after IPO completion on September 25, 2012. 2Based on ABR for the respective period. 3Represents percentage of June 30, 2023 ABR from properties retained, based on properties which have been continuously owned since the IPO and Spin-Off, respectively. 4Due to rounding. Actual percentage is 99.9%. 5Due to rounding. Actual percentage is 0.1%.

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Capital Deployment Highlights

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1Includes a $33.0 million loan provided as financing in conjunction with the sale of four movie theaters. Capital deployment Activity Moderating capital deployment volumes to maximize spreads and maintain conservative balance sheet Gross Investment Activity $294.2M Acquisitions ($ in thousands) Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Number of Transactions 10 28 29 38 26 16 4 5 Number of Properties 31 92 41 56 51 24 7 11 Gross Investment $291,788 $463,871 $474,227 $398,964 $247,922 $312,394 $183,853 $138,464 Purchase Price $290,567 $461,547 $472,113 $396,461 $244,556 $308,825 $182,658 $137,768 Cash Capitalization Rate 7.27% 6.27% 6.41% 6.34% 6.91% 7.27% 7.57% 7.63% Economic Yield 8.62% 7.22% 7.15% 7.08% 7.76% 7.98% 9.41% 8.88% Weighted Avg. Lease Term (Years) 18.4 15.2 13.3 14.4 14.8 15.6 19.1 15.3 Average Annual Escalators 1.9% 1.8% 1.6% 1.6% 1.8% 2.0% 2.4% 2.1% Revenue Producing Expenditures ($ in thousands) Gross Investment $2,412 $24,019 $37,200 $17,661 $20,459 $38,455 $55,0541 $30,143 Cash Capitalization Rate 7.31% 8.52% 6.50% 6.96% 6.24% 6.17% 9.04% 9.87% Total Gross Investment $294,200 $487,890 $511,427 $416,625 $268,381 $350,849 $238,907 $168,607 Total Cash Capitalization Rate 7.27% 6.38% 6.42% 6.37% 6.86% 7.15% 7.91% 8.03% $511.4M $487.9M $416.6M Retail Industrial Other Office Revenue Producing Expenditures $268.4M $350.8M $238.9M $168.6M

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Trailing four-quarter capital deployment Note: Percentages based on Gross Investment of acquisitions. Retail industries reflect the underlying Tenant operations, and Industrial and Other industries represent the underlying property use. 1Revenue Producing Expenditures include a $33.0 million loan provided as financing in conjunction with the sale of four movie theaters. Q3 2022 | $268.4M Gross Investment Q1 2023 | $238.9M Gross Investment Q4 2022 | $350.8M Gross Investment Q2 2023 | $168.6M Gross Investment

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1Includes the sale of four movie theaters for $44.0 million, of which $33.0 million relates to a loan provided as financing. Excluding this movie theater sale, the Disposition Capitalization Rate is 6.13%. DISPOSITION activity Improving portfolio diversification and increasing returns on capital through targeted dispositions Dispositions ($ in thousands) Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Number of Vacant Properties 3 4 4 7 1 6 — 12 Number of Leased Properties — — 1 10 10 21 39 18 Gross Proceeds on Leased Properties — — $1,850 $93,363 $72,673 $110,202 $151,817 $41,198 Total Gross Proceeds $7,648 $4,830 $11,328 $103,271 $74,323 $134,802 $151,817 $66,946 Disposition Capitalization Rate On Leased Properties — — 6.47% 4.38% 5.70% 6.22% 6.62% / 6.13%1 6.27% Gross Proceeds from Dispositions $11.3M Retail Industrial Other Office Vacant $7.6M $4.8M $11.3M $74.3M $134.8M $151.8M $66.9M $103.3M

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Portfolio Composition

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Tenant Concept Number of
Properties % of
ABR Life Time Fitness 13 4.2% Invited Clubs 21 2.8% BJ's Wholesale Club 11 2.3% At Home 16 2.1% Dave & Buster’s / Main Event 15 1.9% Church’s Chicken 160 1.9% Dollar Tree / Family Dollar 133 1.8% Circle K / Clean Freak 76 1.8% Home Depot 8 1.7% GPM 105 1.5% Zips Car Wash 39 1.4% CarMax 8 1.4% Walgreens 32 1.4% Kohl’s 15 1.4% Party City 3 1.3% BlueLinx 3 1.3% Ann Taylor / LOFT 2 1.2% Dollar General 84 1.1% Off Lease Only 5 1.1% CVS 30 1.1% Total Top 20 779 34.7% Top 20 Tenants Note: Data as of June 30, 2023. 1Based on ABR. Retail industries, indicated by blue, reflect the underlying Tenant operations and non-retail industries, indicated by green, represent the underlying property use. 2Other includes hotel, country club, medical and data center assets. Current Portfolio composition Non-Discretionary Retail
11.4% Industrial
25.7% DiscretionaryRetail
14.6% Other2
5.6% Office
2.9% Service Retail
39.8% NON-RETAIL RETAIL Asset Composition1 Industry Composition1 Service Retail Discretionary Retail Non-Discretionary Retail Industrial Other2 Office

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Industrial portfolio highlights Note: Data as of June 30, 2023. 1Based on ABR. Represents corporate-level reporting of revenues of our tenants or their affiliated companies.   Number of Properties Square Feet(000s) % of ABR % Public Distribution 141 14,287 11.6% 62.1% Manufacturing 80 12,771 11.2% 27.9% Industrial Outdoor Storage 22 1,166 2.1% 73.7% Flex 14 511 0.8% 37.5% Total Industrial 257 28,735 25.7% 47.3% 12.4 yrs Average WALT $6.23 Average Rent PSF $9.7M Average RE Investment 111.8K Average SQF Representative Tenants $2.5B RE Investment Our industrial assets are mission-critical properties leased at low rents to sophisticated operators, with 88.6% generating over $100 million in revenue1 Representative Tenants

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Retail portfolio highlights Our retail assets are granular properties leased to sophisticated operators, with 81.3% generating over $100 million in revenue1, located in markets with strong demand drivers Note: Data as of June 30, 2023. 1Based on ABR. Represents corporate-level reporting of revenues of our tenants or their affiliated companies.   Number of Properties Square Feet(000s) % of ABR % Public Service 1,201 11,449 39.8% 44.4% Discretionary Retail 183 9,478 14.6% 54.8% Non-Discretionary Retail 357 8,042 11.4% 89.1% Total Retail 1,741 28,969 65.8% 54.4% 9.5 yrs Average WALT $15.77 Average Rent PSF $3.5M Average RE Investment 16.6K Average SQF Representative Tenants $6.1B RE Investment

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19.3% Actual Investment Grade Rated1 Note: Data as of June 30, 2023. Percentages are based on ABR. 1Investment Grade Ratings represent the credit rating of our tenants, their subsidiaries or affiliated companies. Actual ratings based on S&P or Moody’s are used. 2Represents corporate-level reporting of revenues of our tenants or their affiliated companies, excluding non-reporting tenants. Portfolio Health 13 45.2% Master Lease 51.2% Public Ownership Ownership 30.7% Private Equity Ownership 18.1% Other Tenant Revenue Distribution2 % of ABR from Reporting Tenants Over 85% is $100M or Greater Weighted Average Unit Level Coverage 2.8x Combined Unit Level and Corporate Coverage 3.1x Unit Reporting 51.2% Unit and/or Corporate Reporting 96.4% Across 345 tenants, Spirit reported 0.2% Lost Rent in Q2 2023

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LEASE STRUCTURE, EXPIRATIONS AND ESCALATIONS$ in thousands Year Number of Owned Properties Square Feet (in thousands) Annualized Base Rent Contractual Rent Annualized (1) % of ABR Remainder of 2023 35 522 $ 6,927 1.0% 2024 38 1,384 15,048 2.2 2025 51 2,437 21,954 3.2 2026 115 4,946 44,414 6.4 2027 149 4,186 57,326 8.3 2028 157 3,846 49,842 7.2 2029 320 3,005 44,826 6.5 2030 69 2,507 24,331 3.5 2031 77 3,675 36,285 5.2 2032 158 3,810 37,097 5.3 Thereafter 890 30,341 356,544 51.2 Vacant1 5 435 — — Total owned properties 2,064 61,094 $ 694,594 100.0% Occupancy Rates 1.6% Forward Same Store Sales Escalation Types2 Note: Data as of June 30, 2023. 1Vacant square feet includes unoccupied square footage on multi-tenant properties. 2Based on ABR. 14

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Note: Data as of June 30, 2023. *Represent less than 0.1% of ABR. PORTFOLIO DIVERSIFICATION Pacific Northwest
2.5%of ABR Mid Atlantic
14.8% of ABR Southeast
26.5%of ABR Midwest
19.0%of ABR Southwest
18.9% of ABR Northeast
6.8%of ABR Pacific Southwest
11.5%of ABR State % of ABR TX 14.9% TN 3.7% AL 2.6% SC 2.4% OK 1.7% MA 1.5% NH 0.8% IA 0.6% RI 0.3% SD 0.1% FL 7.6% CA 3.6% NY 2.4% VA 2.2% PA 1.6% UT 1.5% AK 0.8% WA 0.5% DE 0.3% WY 0.1% OH 6.5% IL 3.1% CO 2.4% MD 2.2% NM 1.6% LA 1.2% NJ 0.7% ME 0.4% ND 0.3% U.S. VI 0.1% GA 5.8% IN 2.9% MO 2.4% MN 2.2% MS 1.6% AR 1.1% CT 0.7% WV 0.4% MT 0.3% NV * MI 4.3% NC 2.7% AZ 2.4% WI 1.8% KY 1.6% KS 0.9% ID 0.6% NE 0.4% OR 0.2% VT * U.S. Virgin Islands

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Financial Informationand Non-GAAP Reconciliations

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(Unaudited) June 30, 2023 March 31, 2019 December 31, 2022 December 31, 2018 Assets: Real estate assets held for investment: Land and improvements $ 2,759,425 $ 2,740,250 Buildings and improvements 6,050,616 5,892,117 Less: accumulated depreciation (1,310,816 ) (1,211,061 ) Total real estate assets held for investment, net 7,499,225 7,421,306 Intangible lease assets, net 403,509 423,870 Real estate assets under direct financing leases, net 7,412 7,427 Real estate assets held for sale, net 40,321 49,148 Loans receivable, net 68,308 23,023 Net investments 8,018,775 7,924,774 Cash and cash equivalents 174,557 8,770 Deferred costs and other assets, net 276,424 313,722 Goodwill 225,600 225,600 Total assets $ 8,695,356 $ 8,472,866 Liabilities and stockholders’ equity: Liabilities: Revolving credit facilities $ — $ 55,500 Term loans, net 1,089,146 792,309 Senior Unsecured Notes, net 2,724,500 2,722,514 Mortgages payable, net 4,694 4,986 Total debt, net 3,818,340 3,575,309 Intangible lease liabilities, net 110,623 118,077 Accounts payable, accrued expenses and other liabilities 225,931 218,164 Total liabilities 4,154,894 3,911,550 Stockholders’ equity: Preferred stock and paid in capital, $0.01 par value, 20,000,000 shares authorized: 6,900,000 shares issued and outstanding at both June 30, 2023 and December 31, 2022 166,177 166,177 Common stock, $0.05 par value, 350,000,000 shares authorized: 141,331,358 and 141,231,219 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively 7,067 7,062 Capital in excess of common stock par value 7,295,822 7,285,629 Accumulated deficit (2,975,640 ) (2,931,640 ) Accumulated other comprehensive income 47,036 34,088 Total stockholders’ equity 4,540,462 4,561,316 Total liabilities and stockholders’ equity $ 8,695,356 $ 8,472,866 CONSOLIDATED BALANCE SHEETS$ IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS

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CONSOLIDATED STATEMENTS OF OPERATIONS$ IN THOUSANDS (Unaudited) Three Months Ended June 30, Three Months Ended March 31, Six Months Ended June 30, Three Months Ended March 31, 2023 2019 2022 2018 2023 2019 2022 2018 Revenues: Rental income1 $ 104,067 186,266 $ 98,236 173,559 $ 104,067 373,560 $ 98,236 340,634 Interest income on loans receivable 986 1,596 294 522 986 2,413 294 841 Earned income from direct financing leases 396 131 465 131 396 262 465 262 Other operating income 217 1,308 1,245 723 217 1,355 1,245 1,594 Total revenues 112,593 189,301 102,459 174,935 112,593 377,590 102,459 343,331 Expenses: General and administrative 15,075 13,421 30,954 28,095 Property costs (including reimbursable) 8,082 6,950 15,695 15,205 Deal pursuit costs 259 655 832 1,020 Interest 34,527 27,594 68,074 53,617 Depreciation and amortization 78,944 72,898 157,157 142,006 Impairments 11,539 9,398 16,794 9,525 Total expenses 148,426 130,916 289,506 249,468 Other income: Loss on debt extinguishment — — — (172) Gain on disposition of assets 13,602 38,928 62,789 39,805 Other income — — — 5,679 Total other income 13,602 38,928 62,789 45,312 Income before income tax expense 54,477 82,947 150,873 139,175 Income tax expense (296) (207) (519) (379) Net income 54,181 82,740 150,354 138,796 Dividends paid to preferred shareholders (2,588) (2,588) (5,176) (5,176) Net income attributable to common stockholders $ 51,593 $ 80,152 $ 145,178 $ 133,620 1For the three and six months ended June 30, 2023, rental income included $171.7 million and $342.9 million of Base Cash Rent, respectively, and $5.1 million and $10.1 million of tenant reimbursable income, respectively. For the three and six months ended June 30, 2022, rental income included $158.0 million and $308.6 million of Base Cash Rent, respectively, and $4.9 million and $11.1 million of tenant reimbursable income, respectively.

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1Costs related to COVID-19 are included in general and administrative expense and primarily relate to legal fees for executing rent deferral or abatement agreements. 2Dividends paid and undistributed earnings allocated, if any, to unvested restricted stockholders are deducted from FFO and AFFO for the computation of the per share amounts. The following amounts were deducted: FUNDS AND ADJUSTED FUNDS FROM OPERATIONS $ IN THOUSANDS, EXCEPT PER SHARE AMOUNTS  (Unaudited)   Three Months Ended June 30,   Six Months Ended June 30,   2023   2022   2023   2022 Net income attributable to common stockholders   $ 51,593   $ 80,152   $ 145,178   $ 133,620 Portfolio depreciation and amortization   78,799   72,755   156,868   141,720 Portfolio impairments 11,539 9,398 16,794 9,525 Gain on disposition of assets   (13,602)   (38,928)   (62,789) (39,805) FFO attributable to common stockholders   $ 128,329   $ 123,377   $ 256,051 $ 245,060 Loss on debt extinguishment — — — 172 Deal pursuit costs 259 655 832 1,020 Non-cash interest expense, excluding capitalized interest 2,895 2,258 5,675 4,195 Straight-line rent, net of uncollectible reserve (7,980) (9,015) (17,900) (17,590) Other amortization and non-cash charges (340) (578) (689) (1,225) Non-cash compensation expense 4,970 4,387 10,200 8,412 Costs related to COVID-191 — — — 6 Other income — — — (5,679) AFFO attributable to common stockholders   $ 128,133   $ 121,084   $ 254,169   $ 234,371 Dividends declared to common stockholders $ 93,700 $ 86,987 $ 187,375 $ 172,675 Dividends declared as a percent of AFFO 73% 72% 74% 74% Net income per share of common stock – Basic $ 0.36 $ 0.60 $ 1.03 $ 1.02 Net income per share of common stock – Diluted $ 0.36 $ 0.60 $ 1.03 $ 1.02 FFO per share of common stock – Diluted 2 $ 0.91 $ 0.92 $ 1.81 $ 1.86 AFFO per share of common stock – Diluted 2 $ $ 0.91 $ 0.90 $ 1.80 $ 1.78 Weighted average shares of common stock outstanding – Basic 141,103,715 134,147,541 141,079,915 131,066,799 Weighted average shares of common stock outstanding – Diluted 141,103,715 134,219,450 141,079,915 131,307,057 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 FFO $0.2 million $0.2 million $0.4 million $0.4 million AFFO $0.2 million $0.2 million $0.4 million $0.4 million

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Annualized Adjusted EBITDAre Q2 2023 Q1 2019 Net income $ 54,181 Interest 34,527 Depreciation and amortization 78,944 Income tax expense 296 Gain on disposition of assets (13,602) Portfolio impairments 11,539 EBITDAre 165,885 Adjustments to revenue producing acquisitions and dispositions 2,170 Construction rent collected, not yet recognized in earnings 129 Deal pursuit costs 259 Non-cash compensation expense 4,970 Adjusted EBITDAre 173,413 Adjustments related to straight-line rent1 1,493 Other adjustments for Annualized Adjusted EBITDAre2 (48) Annualized Adjusted EBITDAre $ 699,432 Fixed Charge Coverage Ratio (FCCR) Q2 2023 Q1 2019 Interest expense $ 34,527 Less: Non-cash interest (2,635) Preferred Stock dividends 2,588 Fixed charges $ 34,480 Annualized fixed charges $ 137,920 Net income / Interest expense 1.6x Annualized Adjusted EBITDAre / Annualized fixed charges 5.1x Annualized Adjusted Cash NOI Q2 2023 Q1 2019 Adjusted EBITDAre $ 173,413 General and administrative4 10,105 Other adjustments for Adjusted NOI2 (48) Adjusted NOI 183,470 Straight-line rental revenue, net5 (8,386) Other amortization and non-cash charges (340) Adjusted Cash NOI $ 174,744 Annualized Adjusted NOI $ 733,880 Annualized Adjusted Cash NOI $ 698,976 Leverage Ratio Q2 2023 Q1 2019 Total debt, net / Annualized net income3 17.6 x Adjusted Debt / Annualized Adjusted EBITDAre 5.3 x Adjusted Debt + Preferred / Annualized Adjusted EBITDAre 5.5 x Other NON-GAAP RECONCILIATIONS $ in thousands Adjusted Debt Q2 2023 Q1 2019 2019 Credit Facility $ — Term loans, net 1,089,146 Senior Unsecured Notes, net 2,724,500 Mortgages payable, net 4,694 Total debt, net 3,818,340 Unamortized debt discount, net 8,903 Unamortized deferred financing costs 27,308 Cash and cash equivalents (174,557) Adjusted Debt 3,679,994 Preferred Stock at liquidation value 172,500 Adjusted Debt + Preferred Stock $ 3,852,494 1Current period amounts deemed not probable of collection related to straight-line rent recognized in prior periods. 2Comprised of prior period rent and prior period property costs recognized in the current period 3Represents net income for the three months ended June 30, 2023 annualized. 4Excludes non-cash compensation expense, which is already an add-back to Adjusted EBITDAre. 5Includes straight-line rent included in the “Adjustments to revenue producing acquisitions and dispositions” for Adjusted EBITDAre.

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Note: Data as of June 30, 2023. 1Borrowings bear interest at a 1-Month adjusted SOFR rate plus an applicable margin of 0.775% per annum. As of June 30, 2023, $1.2 billion of borrowing capacity was available. 2Includes the impact of the Company’s interest rate swaps. The stated rate as of June 30, 2023, excluding the effect of the interest rate swaps, was 6.06%. 3As of June 30, 2023, the $200.0 million of borrowing capacity under the 2023 Term Loans was undrawn. 4Our CMBS debt is partially amortizing and requires a balloon payment at maturity. 5Based on the share price of $39.38 as of June 30, 2023 and the total outstanding shares of 141,124,401 as of June 30, 2023, which excludes 0.2 million unvested restricted shares. 6Actual amount less than 0.0%. 7The Fixed Charge Coverage Ratio as defined in the Senior Unsecured Notes indenture includes other adjustments, including the exclusion of preferred stock dividends. Debt Summary and Market Capitalization $ In Thousands June 30, 2023 Interest Rate Weighted Avg. Years to Maturity 2019 Credit Facility1 $ — —% 2.8 Term Loans2,3 1,100,000 3.86% 2.5 Unamortized deferred financing costs (10,854) Carrying amount 1,089,146 Senior Unsecured Notes Senior Notes due 2026 300,000 4.45% 3.2 Senior Notes due 2027 300,000 3.20% 3.5 Senior Notes due 2028 450,000 2.10% 4.7 Senior Notes due 2029 400,000 4.00% 6.0 Senior Notes due 2030 500,000 3.40% 6.5 Senior Notes due 2031 450,000 3.20% 7.6 Senior Notes due 2032 350,000 2.70% 8.6 Unamortized net discount and deferred financing costs (25,500) Carrying amount 2,724,500 CMBS4 2 CMBS loans on 2 properties 4,551 5.82% 7.6 Unamortized net premiums 143 Carrying amount 4,694 Total Debt, net $ 3,818,340 3.42% 5.1 Enterprise Value Adjusted Debt $ 3,679,994 Preferred stock at liquidation value 172,500 Common market equity5 5,557,479 Total Enterprise Value $ 9,409,973 39.0% Total Debt to Total Assets (Requirement ≤ 60%) Senior Unsecured Note Covenant Compliance 0.0%6 Total Secured Debt to Total Assets (Requirement ≤ 40%) 5.2x Fixed Charge Coverage Ratio7 (Requirement ≥ 1.5x) 2.6x Total Unencumbered Assets to Unsecured Debt (Requirement ≥ 1.5x) Well-Staggered Maturities $ In Millions Debt Type Fixed / Floating Rate Debt

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Net Asset Value (NAV) Components Note: Data as of June 30, 2023. Market Value of Real Estate $4.0B Debt and Equity $318.0M Other Assets $212.9M Other Liabilities $694.6M Annualized Base Rent $11.0M Net Book Value for Vacant Assets $3.8B Debt Principal Outstanding $172.5M Preferred Equity Liquidation Value $174.6M Cash and Cash Equivalents $70.3M Tangible Other Assets $96.6M Dividends Payable $116.3M Accounts Payable, Accrued Expenses, and Other Tangible Liabilities $699.0M Annualized Adjusted Cash NOI $72.5M Loan Receivable Principal Outstanding $0.6M Restricted Cash

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Appendix

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Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO) FFO is calculated in accordance with the standards established by NAREIT as net income (loss) attributable to common stockholders (computed in accordance with GAAP), excluding real estate-related depreciation and amortization, impairment charges and net (gains) losses from property dispositions. By excluding amounts which do not relate to or are not indicative of operating performance, we believe FFO provides a performance measure that captures trends in occupancy rates, rental rates and operating costs when compared year-over-year. We also believe that, as a widely recognized measure of the performance of equity REITs, FFO will be used by investors as a basis to compare our performance with that of other equity REITs. However, because FFO excludes depreciation and amortization and does not capture the changes in the value of our properties that result from use or market conditions, all of which have real economic effects and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. AFFO is an operating performance measure used by many companies in the REIT industry. We adjust FFO to eliminate the impact of certain items that we believe are not indicative of our core operating performance, such as net gains (losses) on debt extinguishment, deal pursuit costs, costs related to the COVID-19 pandemic, income associated with expiration of a contingent liability related to a guarantee of a former tenant's debt and certain non-cash items. These certain non-cash items include non-cash interest expenses (comprised of amortization of deferred financing costs, amortization of net debt discount/premium, and amortization of interest rate swap losses), non-cash revenues (comprised of straight-line rents net of bad debt expense, amortization of lease intangibles, and amortization of net premium/discount on loans receivable), and non-cash compensation expense. Other equity REITs may not calculate FFO and AFFO as we do, and, accordingly, our FFO and AFFO may not be comparable to such other equity REITs’ FFO and AFFO. FFO and AFFO do not represent cash generated from operating activities determined in accordance with GAAP, are not necessarily indicative of cash available to fund cash needs and should only be considered a supplement, and not an alternative, to net income (loss) attributable to common stockholders (computed in accordance with GAAP) as a performance measure. Adjusted Debt represents interest bearing debt (reported in accordance with GAAP) adjusted to exclude unamortized debt discount/premium and deferred financing costs and reduced by cash and cash equivalents and 1031 Exchange proceeds. By excluding these amounts, the result provides an estimate of the contractual amount of borrowed capital to be repaid, net of cash available to repay it. We believe this calculation constitutes a beneficial supplemental non-GAAP financial disclosure to investors in understanding our financial condition. EBITDAre, Adjusted EBITDAre and Annualized Adjusted EBITDAre EBITDAre is computed in accordance with the standards established by NAREIT as net income (loss) (computed in accordance with GAAP), excluding interest expense, income tax expense, depreciation and amortization, net (gains) losses from property dispositions, and impairment charges. Adjusted EBITDAre represents EBITDAre as adjusted for revenue producing acquisitions, capital expenditures and dispositions for the quarter (as if such acquisitions and dispositions had occurred as of the beginning of the quarter), construction rent collected, not yet recognized in earnings, and for other certain items that we believe are not indicative of our core operating performance. These other certain items include deal pursuit costs, net (gains) losses on debt extinguishment, costs related to the COVID-19 pandemic, and non-cash compensation expense. We believe that excluding these items, which are not key drivers of our investment decisions and may cause short-term fluctuations in net income (loss), provides a useful supplemental measure to investors in assessing the net earnings contribution of our real estate portfolio. Because these measures do not represent net income (loss) that is computed in accordance with GAAP, they should only be considered a supplement, and not an alternative, to net income (loss) (computed in accordance with GAAP) as a performance measure. Annualized Adjusted EBITDAre is calculated as Adjusted EBITDAre, adjusted for straight-line rent related to prior periods, including amounts deemed not probable of collection (recoveries), and items where annualization would not be appropriate, multiplied by four. Our computation of Adjusted EBITDAre and Annualized Adjusted EBITDAre may differ from the methodology used by other equity REITs to calculate these measures and, therefore, may not be comparable to such other REITs. Adjusted Debt to Annualized Adjusted EBITDAre is used to evaluate the level of borrowed capital being used to increase the potential return of our real estate investments, and a proxy for a measure we believe is used by many lenders and ratings agencies to evaluate our ability to repay and service our debt obligations. We believe the ratio is a beneficial disclosure to investors as a supplemental means of evaluating our ability to meet obligations senior to those of our equity holders. Our computation of this ratio may differ from the methodology used by other equity REITs, and, therefore, may not be comparable to such other REITs. Fixed Charge Coverage Ratio (FCCR) Fixed charges consist of interest expense, reported in accordance with GAAP, less non-cash interest expense (including capitalized interest) and plus preferred dividends. Annualized Fixed Charges is calculated by multiplying fixed charges for the quarter by four. The Fixed Charge Coverage Ratio is the ratio of Annualized Adjusted EBITDAre to Annualized Fixed Charges and is used to evaluate our liquidity and ability to obtain financing. Adjusted NOI, Annualized Adjusted NOI, Adjusted Cash NOI and Annualized Adjusted Cash NOI Adjusted NOI is calculated as Adjusted EBITDAre for the quarter less general and administrative costs, plus (minus) items where annualization would not be appropriate. Annualized Adjusted NOI is Adjusted NOI multiplied by four. Adjusted Cash NOI is calculated as Adjusted NOI less certain non-cash items, including straight-line rents net of bad debt expense, amortization of lease intangibles, and amortization of net premium/discount on loans receivable. Annualized Adjusted Cash NOI is Adjusted Cash NOI multiplied by four. We believe these metrics provide useful information because they reflect only those income and expenses incurred at the property level. We believe this calculation constitutes a beneficial supplemental non-GAAP financial disclosure to investors in understanding our financial results. NON-GAAP DEFINITIONS AND EXPLANATIONS

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2019 Credit Facility refers to the $1.2 billion unsecured credit facility which matures on March 31, 2026. 2022 Term Loans refers to the $800.0 million senior unsecured term loan facility, comprised of a $300.0 million tranche which matures on August 22, 2025 and a $500.0 million tranche which matures on August 20, 2027. 2023 Term Loans refers to the $500.0 million senior unsecured delayed-draw term loan facility, which matures on June 16, 2025. Annualized Base Rent (ABR) represents Base Rent plus earned income from direct financing leases and deferred revenue from development deals for the final month of the reporting period. It is adjusted to reflect acquisitions and dispositions for that month as if such acquisitions and dispositions had occurred as of the beginning of the month. The total is then multiplied by 12. We use ABR when calculating certain metrics to evaluate portfolio credit and diversification and to manage risk. Average Annual Escalators are the weighted average contractual escalation per year under the terms of the in-place leases, weighted by ABR. Base Rent represents contractual rental income for the period, prior to deferral or abatement agreements, and excluding contingent rents. We use Base Rent to monitor cash collection and to evaluate past due receivables. Base Cash Rent represents Base Rent adjusted for contractual rental income abated, deemed not probable of collection, or recovered from prior period reserves. Cash Capitalization Rate is a measure of the contractual cash rent expected to be earned on an acquired property or Revenue Producing Expenditures in the first year and is calculated by dividing the first twelve months of contractual cash rent (excluding any contingent rent) by the purchase price of the related property or capital expenditure amount. Because it excludes any contingent rent that may be contractually provided for in the lease, as well as any other income or fees that may be earned from lease modifications or asset dispositions, Cash Capitalization Rate does not represent the annualized investment rate of return. Additionally, the actual rate earned may differ from the Cash Capitalization Rate based on other factors, including difficulties collecting contractual rent owed and unanticipated expenses at these properties that we cannot pass on to tenants. CMBS are notes secured by owned properties and rents therefrom under which certain indirect wholly-owned special purpose subsidiaries of the Company are the borrowers. Corporate Liquidity is comprised of availability under the 2019 Credit Facility, 2023 Term Loans, cash and cash equivalents, 1031 Exchange proceeds and available proceeds from unsettled forward equity contracts. Disposition Capitalization Rate represents the ABR on the date of a leased property disposition divided by the gross sales price. For multi-tenant properties, non-reimbursable property costs are deducted from the ABR prior to computing the Disposition Capitalization Rate. Economic Yield is calculated by dividing the contractual cash rent, including fixed rent escalations and/or cash increases determined by CPI (increases calculated using CPI as of the end of the reporting period) by the initial lease term, expressed as a percentage of the Gross Investment. FASB is the Financial Accounting Standards Board. Forward Same Store Sales represents the expected change in ABR as of the reporting period as compared to the projected ABR at the end of the next 12 months. For properties where rent escalations are fixed, actual contractual escalations over the next 12 months are used. For properties where rent escalations are CPI-related, a growth rate of 2% has been assumed. For properties whose leases expire (or renewal options have not yet been exercised) in the next 12 months, a 100% renewal rate has been assumed. GAAP are the Generally Accepted Accounting Principles in the United States. Gross Investment represents the gross acquisition cost including the contracted purchase price and related capitalized transaction costs. Lost Rent is calculated as rent deemed not probable of collection for the quarterly period. This amount is divided by Base Rent for the quarterly period, reduced for amounts abated. Net Book Value represents the Real Estate Investment value, less impairment charges and net of accumulated depreciation. Public Ownership represents ownership of our tenants or their affiliated companies. Purchase Price represents the contracted acquisition purchase price, excluding any related capitalized transaction costs. Real Estate Investment represents the Gross Investment plus improvements less impairment charges. Revenue Producing Expenditures represent expenditures for development transactions, tenant property improvements, and investments in tenant loans, debt securities or similar instruments that provide a return on investment. Senior Unsecured Notes refers to the $300 million aggregate principal amount of 4.450% notes due 2026, the $300 million aggregate principal amount of 3.200% notes due 2027, the $450 million aggregate principal amount of 2.100% notes due 2028, the $400 million aggregate principal amount of 4.000% notes due 2029, the $500 million aggregate principal amount of 3.400% notes due 2030, the $450 million aggregate principal amount of 3.200% notes due 2031, and the $350 million aggregate principal amount of 2.700% notes due 2032. Tenant represents the legal entity ultimately responsible for obligations under the lease agreement or an affiliated entity. Other tenants may operate under the same or similar brand or trade name. Tenant Concept represents the brand or trade name under which our tenant operates. Term Loans refers to the 2022 Term Loans and 2023 Term Loans. WALT represents the weighted average remaining lease term of our in-place leases at period end. Weighted Average Unit Coverage is used as an indicator of individual asset profitability, as well as signaling the property’s importance to our tenants’ financial viability. We calculate Unit Coverage by dividing our reporting tenants’ trailing 12-month EBITDAR (earnings before interest, tax, depreciation, amortization and rent) by annual contractual rent. These are then weighted based on the tenant’s ABR. Tenants in the manufacturing industry are excluded from the calculation. OTHER DEFINITIONS AND EXPLANATIONS

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FORWARD-LOOKING STATEMENTS AND RISK FACTORS The information in this presentation should be read in conjunction with the accompanying earnings press release, as well as the Company's Annual Report on Form 10-K and other information filed with the Securities and Exchange Commission. This presentation is not incorporated into such filings. This document is not an offer to sell or a solicitation to buy securities of Spirit Realty Capital, Inc. Any offer or solicitation shall be made only by meansof a prospectus approved for that purpose. This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act, as amended, Section 21E of the Exchange Act, as amended, 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 and phrases such as “preliminary,” “expect,” “plan,” “will,” “estimate,” “project,” “intend,” “believe,” “guidance,” “approximately,” “anticipate,” “may,” “should,” “seek,” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate to historical matters but are meant to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions of management. These forward-looking statements are subject to known and unknown risks and uncertainties that you should not rely on as predictions of 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 happen as described (or that they will happen 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; volatility and uncertainty in the financial markets, including potential fluctuations in the Consumer Price Index; Spirit's success in implementing its business strategy and its ability to identify, underwrite, finance, consummate, integrate and manage diversified acquisitions or investments; the financial performance of Spirit's retail tenants and the demand for retail space; Spirit's ability to diversify its tenant base; the nature and extent of future competition; increases in Spirit's costs of borrowing as a result of changes in interest rates and other factors; Spirit's ability to access debt and equity capital markets; Spirit's ability to pay down, 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 Spirit exercises its rights to replace existing tenants upon default; the impact of any financial, accounting, legal or regulatory issues or litigation 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 Internal Revenue Code of 1986, as amended; the impact on Spirit’s business and those of its tenants from epidemics, pandemics or other outbreaks of illness, disease or virus; and other risks inherent in the real estate business, including tenant defaults, potential liability relating to environmental matters, illiquidity of real estate investments and potential damages from natural disasters discussed in Spirit's most recent filings with 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 information that was available, and speak only, as of the date on which they were made. While 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 forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. Forward-Looking and Cautionary Statements Notice Regarding Non-GAAP Financial Measures In addition to U.S. GAAP financial measures, this presentation contains and may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are included in this Appendix if the reconciliation is not presented on the page in which the measure is published.

v3.23.2

Document And Entity Information	Aug. 07, 2023
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 07, 2023
Entity Registrant Name	SPIRIT REALTY CAPITAL, INC.
Entity Central Index Key	0001308606
Entity Emerging Growth Company	false
Securities Act File Number	001-36004
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-1676382
Entity Address, Address Line One	2727 North Harwood Street
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	(972)
Local Phone Number	476-1900
Entity Information, Former Legal or Registered Name	Not Applicable
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.05 par value per share
Trading Symbol	SRC
Security Exchange Name	NYSE
Six Percentage Series A Cumulative Redeemable Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	6.000% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share
Trading Symbol	SRC-A
Security Exchange Name	NYSE

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