Strategic Investments
What We Look For
At Spirit Realty, we invest in high-quality, operationally essential real estate across a wide spectrum of industries and markets.
We create partnerships with our tenants through our shared passion in their business outlook. While we source and underwrite opportunities nationwide across a vast variety of industries, we focus on characteristics that adhere to our core values.
Investment Criteria
Free Standing, Single Tenant Properties
To ensure performance and streamlined tenancy, we prefer each asset to comprise one tenant in one building.
Operationally Essential
We invest in facilities and operations crucial to the tenant’s success.
15+ Year Lease Term
We value long-term partnerships and leases for each of our tenants.
Net Lease Structure
Triple net lease structures insulate our investments from tax, utility and other local market fluctuations.
Sophisticated Operator
Our goal is returns for our investors, so we only partner with proven performers.
Why Partner with Spirit
There are numerous benefits to partnering with a company that values long-term partnerships and performance – and one with multiple options for structuring partnerships.
Competitive Pricing
Certainty of Close
Ease of Business
Flexibility
Spirit Realty creates thriving long-term partnerships with companies and their advisors by successfully monetizing their real estate holdings. Spirit's partners can maximize the total proceeds from their real estate and maintain operational control by selling their property at market value and leasing it back through a lease that may be fully tax-deductible.
As an alternative to bank, mezzanine and mortgage financing, a sale-leaseback can unlock your company’s full real estate value and free up cash in exchange for executing a long-term lease.
Benefits of a sale-leaseback include:
- Paying down debt
- Gaining a capital partner for future expansion funding, build-to-suits and M&A financing
- Reducing effective tax rate through fully-tax deductible rental payments
- Creating greater shareholder wealth
- Lower your cost of capital, thereby enhancing returns on invested capital and increasing cash flow
Get capital for fee development and forward takeout commitments.
- Open new, custom facilities with 100% real estate financing
- Develop multiple ground-up units utilizing one capital source
Financing for operators entering into M&A transactions that include fee-simple real estate.
- Reduce required investment with Spirit contribution
- Maximize return on equity
- Opportunity to scale
You can receive a tenant improvement allowance to accommodate needs such as remodels, renovations and conversions.
- Retrofit vacant assets into concept prototype
- Attractive financing option for remodels and upgrades
Spirit’s Acquisitions
Overview
During the third quarter of 2023, Spirit completed the acquisition of 12 properties for $96.9M, with a cash capitalization rate of 7.74%, an economic yield of 9.33% and a weighted average lease term of 18.3 years.
Of the deals we closed in the second quarter, 91% were sale-leaseback transactions and all represent a diverse section of the market:
%
Retail
Dealerships, Entertainment
%
Industrial
Industrial Outdoor Storage
Acquisition Contacts
KEITH GRIFFIN
Vice President, Industrial
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Keith Griffin joined Spirit in February 2022 and serves as Vice President of Acquisitions, where he is primarily responsible for sourcing, marketing, analyzing and overseeing the acquisition of new investment real estate opportunities, with a primary focus in the industrial sector.
Keith has more than a decade of experience in commercial real estate, spanning various asset classes and disciplines, including valuation, research, debt origination, acquisitions and dispositions. Throughout his career, he has completed over $1 billion in transactions across the country. Prior to joining Spirit, his experience included roles at MetLife Investment Management, AIC Ventures, Regions Financial and Morgan Stanley.
Keith earned a Bachelor’s degree in Economics, with additional coursework in statistics, at North Carolina State University and a Master of Business Administration from Duke University.
Stephen Wolff
Vice President, Industrial
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Stephen Wolff joined Spirit in 2020 and serves as Vice President of Acquisitions, where he is responsible for sourcing, marketing, analyzing and overseeing the acquisition of new investment real estate opportunities, with a primary focus in the industrial sector.
Stephen has extensive commercial real estate experience, specializing primarily in the industrial sector. Throughout his career, he has completed over $6 billion in transactions across the country. His previous experience included roles at Westmount Realty Capital, Pacific Century Holdings, NAI Global and Staubach Capital Markets.
Stephen attended the University of Arkansas and Southern Methodist University.
ALEX THOMAS
Vice President, Retail & Other
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Alex Thomas joined Spirit in January 2022 and serves as Vice President of Acquisitions. He is primarily responsible for sourcing, marketing, analyzing and overseeing the acquisition of new investment real estate opportunities, with a primary focus in the retail, office and entertainment sectors.
Alex has extensive experience in the net lease REIT space. Throughout his career, he has completed over $1 billion in transactions across the country. Prior to joining the Acquisition team, he served as Director of Acquisitions at NetSTREIT Corp and an asset manager at Spirit.
Alex earned a Bachelor’s degree in Business Administration from Texas Christian University.