Spirit Realty Capital Inc. conducted its IPO this morning issuing 29 million shares at $15.00 per share. It raised approximately $435 million.
The company is a self-administered and self-managed real estate company. It listed its shares on the New York Stock Exchange under the ticker symbol “SRC.” The offering is expected to close on September 25. Spirit Realty Capital has granted the underwriters a 30-day option to purchase up to 4.35 million additional shares of common stock at the initial public offering price, less underwriting discounts and commissions, to cover over-allotments, if any. All shares are being sold by Spirit Realty Capital.
Morgan Stanley, Macquarie Capital, UBS Investment Bank, Deutsche Bank Securities and RBC Capital Markets acted as joint book-running managers of the offering and Raymond James, Sandler O’Neill + Partners, L.P. and Stifel Nicolaus Weisel acted as co-managers.
Excluding fees, Spirit Realty expects to generate about $418 million from the IPO and of that, $399 million will be used to pay debts.
Spirit owns 1,096 properties. Most are freestanding triple-net lease properties. It also has a small portfolio of commercial mortgages and equipment loans. Overall, it has $3.6 billion in real estate assets.
Its properties are located in 47 states and are leased to approximately 165 tenants.
SRC was formed in 2003 under the name Spirit Finance Corp. and in May changed its name to Spirit Realty Capital. It went public originally in 2004 and was taken private in August 2007.