Spirit Realty Capital, Inc. Completes One for Five Reverse Stock Split
13 December 2018 - 8:15AM
Business Wire
-Previously Announced Fourth Quarter 2018
Dividend of $0.125 Per Common Share Will Now Be $0.625 Per Common
Share-
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 announced that the Company has completed its previously
announced one-for-five reverse stock split of its outstanding
shares of common stock.
Pursuant to the reverse split, every five (5) issued and
outstanding shares of common stock of the Company were converted
into one (1) share of common stock of the Company, and the par
value of each share of common stock was increased from $0.01 to
$0.05 per share. Accordingly, the previously announced quarterly
dividend of $0.125 per common share for stockholders of record as
of December 31, 2018 will now be $0.625 per common share,
reflecting the 1-for-5 reverse stock split. The shares will begin
trading on a reverse split-adjusted basis on the NYSE at the
opening of trading on December 13, 2018 under the same ticker “SRC”
and with a new CUSIP number (84860W 300).
The Reverse Stock Split affected all record holders of the
Company’s common stock uniformly and did not affect any record
holder’s percentage ownership interest in the Company, except for
de minimus changes as a result of the elimination of fractional
shares. The Reverse Stock Split reduced the number of shares of
common stock outstanding from approximately 428,941,318 shares to
approximately 85,788,263 shares. The Reverse Stock Split did not
affect the number of the Company’s authorized shares of common
stock.
Holders of common stock who hold in “street name” in their
brokerage accounts do not have to take any action as a result of
the Reverse Stock Split. Their accounts will be automatically
adjusted to reflect the number of shares owned. A letter of
transmittal relating to the Reverse Stock Split will be sent to
record holders of certificates of common stock within twenty days
of the Effective Time. Stockholders who receive this letter of
transmittal should follow the instructions in that letter.
ABOUT SPIRIT REALTY
Spirit Realty Capital, Inc. (NYSE: SRC) is a premier net-lease
REIT that primarily invests in high-quality, operationally
essential real estate, subject to long-term net leases. Over the
past decade, Spirit has become an industry leader and owner of
income-producing, strategically located retail, industrial, office
and data center properties.
As of September 30, 2018, our diversified portfolio was
comprised of 1,523 properties, including properties securing
mortgage loans made by the Company. Our properties, with an
aggregate gross leasable area of approximately 28.7 million square
feet, are leased to approximately 252 tenants across 49 states and
32 industries.
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