Spirit Realty Capital, INC.: directors' dealings · United States · SEC (Form 4)

About Spirit Realty Capital, INC.

Spirit Realty Capital, Inc. (SRC) was a United States real estate investment trust listed on the NYSE and focused on net-lease commercial real estate. In practical terms, the company’s business model centered on owning single-tenant or otherwise income-producing properties leased to operating businesses under long-term contracts, typically with a structure that shifts much of the operating expense burden to the tenant. Before its combination with Realty Income, Spirit’s headquarters were in Dallas, Texas, giving it a base in one of the key U.S. real estate and financial hubs. The company was built to provide investors with exposure to contract-driven property income rather than speculative development. From a business-line perspective, Spirit’s core activity was not selling products in the consumer sense, but acquiring, managing, and leasing commercial real estate assets. Its portfolio was associated with net-lease properties, a segment of the REIT market that tends to appeal to income-oriented investors because of long lease terms and recurring rental cash flows. In this competitive landscape, Spirit operated alongside other large U.S. net-lease REITs that benefit from scale, access to capital markets, and the ability to diversify tenants, industries, and geographies. Spirit’s competitive emphasis historically was on disciplined underwriting, tenant credit evaluation, and portfolio diversification across sectors and states. Geographically, the company was predominantly U.S.-focused, with assets spread across multiple states rather than being concentrated in one local market. For French-speaking investors, an important point is that Spirit is no longer an independent listed company. Realty Income Corporation announced and completed its merger with Spirit, closing the transaction on January 23, 2024; Spirit shareholders received Realty Income shares, and SRC ceased trading as a standalone equity. That transaction materially changed the investment case and is the most important recent corporate event in Spirit’s history. Spirit was therefore an NYSE-listed U.S. REIT whose standalone public-market story ended with the completion of the merger. In terms of recent developments, the defining event was the all-stock acquisition by Realty Income, one of the most prominent net-lease REITs in the United States. This deal reflected the ongoing consolidation of the sector and underscored Spirit’s historical value as a sizeable net-lease platform. Before the merger, Spirit’s appeal rested on rental income visibility, long-duration lease structures, and the relative defensiveness of its asset base, while still remaining exposed to interest-rate sensitivity, tenant credit risk, and refinancing conditions. Overall, SRC should be viewed as a former U.S. NYSE-listed net-lease REIT that was absorbed into Realty Income in 2024, rather than as an active standalone issuer today.