Portfolio Overview
Actively Managed Stability
Headquartered in Dallas, Texas, Spirit Realty Capital (NYSE: SRC) is a premier net-lease REIT, investing primarily in single-tenant, operationally essential real estate assets which are subject to long-term leases.
We continually work to improve our portfolio with strong, diversified tenants that consistently perform, and we seek investments that provide superior risk-adjusted returns for our stockholders – as well as growth and stability for our tenants.
As of September 30 2023, our diversified portfolio comprises 2,037 owned properties, with an aggregate leasable area of 61.6M square feet across 49 states and 37 industries.
By the Numbers
Data as of September 30, 2023
REAL ESTATE INVESTMENTS
Tenants
Properties
Industries
%
Occupied
%
Publicly Owned
Portfolio
Composition
Data as of September 30, 2023
Service Retail 39.5%
|
Health & Fitness |
7.6% |
|
Convenience Stores |
5.0% |
|
Car Washes |
4.6% |
|
Quick Service Restaurants |
4.3% |
|
Casual Dining |
4.2% |
|
Entertainment |
3.4% |
|
Movie Theaters |
3.4% |
|
Drug Stores |
2.9% |
|
Automotive Services |
2.7% |
|
Early Education |
1.4% |
Industrial 26.8%
|
Distribution |
11.6% |
|
Manufacturing |
11.3% |
|
Industrial Outdoor Storage |
3.1% |
|
Flex |
0.8% |
Discretionary Retail 13.5%
|
Home Décor |
2.5% |
|
Dealerships |
2.3% |
|
Home Furnishings |
2.0% |
|
Sporting Goods |
1.9% |
|
Department Stores |
1.8% |
|
Other |
1.5% |
|
Specialty Retail |
1.1% |
|
Discount Retail |
0.4% |
Non-Discretionary Retail 11.5%
|
Dollar Stores |
3.0% |
|
Home Improvement |
3.0% |
|
Supercenters & Clubs |
2.7% |
|
Grocery |
1.7% |
|
Automotive Parts |
0.8% |
|
Pet Supplies & Services |
0.3% |
Other 5.8%
|
Country Club |
3.1% |
|
Medical |
1.6% |
|
Data Center |
0.6% |
|
Hotel |
0.5% |
Office 2.9%
| Office | 2.9% |
Asset Composition
Northeast
21.7% of ABR
Sunbelt
44.7% of ABR
Southwest
11.9% of ABR
Northwest
2.5% of ABR
Midwest
19.2% of ABR
Regional Distribution
Top 5 States (% of ABR)
- TX 15.3%
- FL 6.6%
- OH 6.5%
- GA 5.9%
- MI 4.3%
Spirit’s Top 10 Tenants
Data as of September 30, 2023
Life Time Fitness
Life Time Fitness is changing the way America perceives fitness – a lifestyle instead of just a gym, and this has led to great success.
| 13 Properties | 4.3% of ABR | Publicly Traded |
Invited Clubs
Based in Dallas, Invited Clubs is the largest owner and operator of private golf and country clubs in the nation.
| 21 Properties | 3.1% of ABR | Privately Held |
BJ’s Wholesale Club
This membership-only warehouse club chain operates popular locations along the East Coast as well as in Ohio and Michigan, with plans for further expansion.
| 11 Properties | 2.3% of ABR | Publicly Traded |
At Home
Carrying a large variety of home décor and seasonal products, this Texas-based chain currently operates over 200 stores across the country.
| 16 Properties | 2.1% of ABR | Privately Held |
Dave & Buster’s/Main Event
These popular food and entertainment destinations have one important difference: Dave and Buster’s focuses on the adult crowd while Main Event seeks to attract the entire family.
| 15 Properties | 1.9% of ABR | Publicly Traded |
Church’s Chicken
Originally founded in San Antonio across the street from the Alamo, Church’s is one of the largest quick service restaurant chicken chains in the world, with more than 1,700 locations.
| 160 Properties | 1.9% of ABR | Privately Held |
Dollar Tree/Family Dollar
Dollar Tree operates both Dollar Tree and Family Dollar locations. Headquartered in Virginia, this Fortune 500 company has more than 15,000 locations.
| 133 Properties | 1.9% of ABR | Publicly Traded |
Circle K/Clean Freak
Owned by the multinational company Couche-Tard, Circle K is a chain of convenience stores with nearly 10,0000 locations in North America.
| 75 Properties | 1.8% of ABR | Publicly Traded |
Home Depot
Home Depot is the world’s largest home improvement retailer and has stores across the United States, Canada and Mexico.
| 8 Properties | 1.7% of ABR | Publicly Traded |
GPM
Based in Richmond, Virginia, GPM is a convenience store owner and operator with more than 1,300 locations across the United States.
| 105 Properties | 1.5% of ABR | Publicly Traded |
Portfolio Contacts
Alic Kelso
Vice President, Asset Management
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Alic Kelso joined Spirit in 2022 and serves as a Vice President of Asset Management, where he is primarily responsible for negotiating acquisitions, leases, and dispositions as well as special servicing, property management and workouts.
Prior to joining the Asset Management team, Alic served as the Director of Portfolio Management for Spaulding & Slye Investments based in Washington D.C., an asset manager at Spirit Realty Capital and an Officer in the United States Marine Corps with various command and staff assignments domestically and abroad.
Alic earned a Bachelor’s degree in Political Science and Government from St. Lawrence University, a Master’s degree in Real Estate Finance from Georgetown University and a Master’s degree in Finance & Investment from the University of Edinburgh. He also serves as a professor for courses in Finance, Structured Finance, Portfolio Management and Financial Modelling at Georgetown University.
Kayode Ola
Vice President, Asset Management
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Kayode Ola joined Spirit in 2016 and serves as Vice President of Asset Management, where he is primarily responsible for special servicing and property management of the portfolio including workouts, property dispositions, re-leasing and property management.
Prior to joining Spirit, Kayode served as an analyst with Admiral Capital Group, a real estate and private equity firm with offices in New York, San Antonio and Seattle.
Kayode earned a Bachelor’s degree in Real Estate from the University of Lagos, Nigeria, and a Master’s degree in Real Estate with a concentration in Finance and Investments from New York University.
Frank-Paul Sampino
Senior Director, Asset Management
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Frank-Paul Sampino joined Spirit in 2019 and serves as Senior Director of Asset Management, where he is primarily responsible for property transactions, diligence matters, and leases.
Frank-Paul has extensive asset management experience in the commercial real estate industry, previously on the debt side at Bank OZK in Dallas as well as on the principal side with Lordae Properties in New York.
Frank-Paul earned a Bachelor’s degree from the University of Pennsylvania and a Master of Business Administration from Southern Methodist University.
Matt Kuc
Director, Asset Management
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Matt Kuc joined Spirit in 2014 and serves as Director of Asset Management, where he is primarily responsible for special servicing and property management of the portfolio including workouts, property dispositions, re-leasing and property management.
Prior to joining the asset management team, Matt served on the credit and underwriting team where he was responsible for underwriting new investment opportunities, performing credit analysis on Spirit’s existing tenants and assisting in managing the overall health of Spirit’s portfolio. Prior to this, he served on the acquisitions team, where he was responsible for sourcing and underwriting new investment opportunities.
Matt earned a Bachelor’s degree in Business Administration with concentrations in Real Estate and Finance and a Master of Business Administration from the University of Missouri.
PATRICK REA
Vice President, Construction & Facilities
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Patrick Rea joined Spirit in 2016 and serves as Vice President of Construction and Facilities, where he is primarily responsible for managing the department’s daily duties associated with the operational aspects of commercial real estate.
Patrick has a wide variety of experience in property management and commercial real estate management, leasing, sales and site selection. Prior to joining Spirit, he served as head of the property management department at Realty Income Corporation, where he oversaw a team of 15 property managers and a portfolio of more than 4,300 properties across the United States and Puerto Rico.
Patrick earned a Bachelor’s degree in Business Administration from the University of San Diego.
Rayna Small
Vice President, Property Management
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Rayna Small joined Spirit in 2015 and serves as Vice President of Property Management, where she is primarily responsible for lease administration and tenant communications, including onboarding/offboarding, lease compliance and account management.
Rayna has extensive real estate management and accounting experience, including roles at Coldwell Banker Real Estate, Eagle Commercial Realty Services, and Nexus Development Corporation. Prior to joining Spirit, she held roles in property accounting and property management at Nexus Development Corporation, overseeing all aspects of property management and development for more than 500,000 square feet of retail space for two shopping centers located in Arizona and California.
Rayna earned a Bachelor’s degree in Business Administration from Eastern Michigan University and a Master’s degree in Accounting from Grand Canyon University.