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Spirit Realty Capital Inc. (SRC)
Q2 2013 Earnings Call
August 8, 2013 5:00 PM ET
Michael Bender – SVP and CFO
Tom Nolan – Chairman and CEO
Peter Mavoides – President and COO
Alexander Goldfarb – Sandler O’Neill
Rob Stevenson – Macquarie
Rich Moore – RBC Capital Markets
RJ Milligan – Raymond James & Associates
Previous Statements by SRC
» Spirit Realty Capital Inc's CEO Discusses Q1 2013 Earnings Results - Earnings Call Transcript
» Spirit Realty Capital's CEO Discusses Q4 2012 Results - Earnings Call Transcript
» Spirit Realty Capital's CEO Discusses Q3 2012 Results - Earnings Call Transcript
Additionally there will be an audio webcast available on Spirit Realty Capital’s website at www.spiritrealty.com an archive of which will be available for 30 days.
It is now my pleasure to turn the call over to Michael Bender, Senior Vice President and Chief Financial Officer of Spirit Realty Capital. Mr. Bender, please proceed.
Thank you, Katharine, and good afternoon everyone. Thank you for joining us today. The first half of this year was a very productive and exciting time for
Spirit Realty Capital and we are pleased with the progress we have made. Tom Nolan, our Chairman and Chief Executive Officer; and Pete Mavoides, our President and Chief Operating Officer with me today to talk about our pre-merger results through June 30, 2013 and discuss the post-merger Spirit Realty Capital and now that we have completed our transactions with Cole Credit Property Trust II or Cole II.
Tom will start with some introductory comments I’ll then provide color on our results for the first half of the year as pre-merged company and some pro forma highlights of the nearly combined company. Pete will then discuss our portfolio and investment program followed by Tom providing some summary remarks prior to the Q&A portion of the call.
Before I turn things over to Tom I’ll note that during this conference call we will make certain statements that may be considered to be forward-looking statements under federal security law. These statements are based on management’s current expectations and the company’s actual future results may differ significantly. In our periodic reports that are filed with the SEC we set forth certain factors that could cause our future results to vary from management’s forward-looking statements.
All information presented on this call as of today August 8, 2013 and Spirit is not intend and undertakes no duty to update forward-looking statements unless required by law. In addition reconciliations of non-GAAP financial measures presented on this call such as FFO and AFFO can be found on the company’s earnings release from earlier today which is available in the investor relation section of the website.
With that here is Tom.
Thank you Mike, and thank you, everyone who’s joined us today. We’d like to extend a special welcome to those of you who may be listening to our results call for the first time including shareholders of the former Cole II.
We thank you for your interest in Spirit Realty Capital and look forward to a successful and long-term relationship with you.
I’m very pleased with our results and with the performance of the Spirit team. We are sizeable to do with this year coming out of the IPO. And I’m happy to report that we’ve already accomplished a number of the important items on that list. We continue to deliver attractive and predictable portfolio performance to shareholders by pursuing a disciplined ownership strategy focused on single-tenant operationally essential real estate within the triple-net lease sector.
We also successfully completed the merger with Cole II. Taken together, we’ve made significant progress on the objectives we articulated at the time of our IPO less than one year ago. As I said at the time of the merger is closing three weeks ago, we remain essentially focused on continuing to approve a portfolio diversity and scale our business to deliver a steady and attractive total return to shareholders. We think our increased size of scale will enable us to continue to recover our leadership position which will allow us to pursue a wide range of future opportunities including both direct portfolio acquisitions and strategic transactions.
This is an exciting time to be at such a dynamic and growing sectors in the real estate industry. We recognized that this is somewhat of an unusual reporting quarter. And then our financial results show only the predecessor Spirit and you have clearly the company materially changed only a couple of weeks after the quarter end. In recognition of that, well we’ve intended to do in our release and what Michael further elaborate on is to build the bridge to the new Spirit to the inclusion of certain pro forma information on the combined entities.
As for the combination itself I’m happy to report that the integration of the two companies and portfolios as the great test plans and is continuing smoothly. As I noted we have provided you pro forma results for the combined company for 2012 and for the first six months ended June 30, 2013 as it gives you a good sense of the combined company’s financial position and operating results. One would have caution us that these are performance and not a forecast. And as such will not be a precise indicator of the actual financial performance or operating results of the combined companies going forward. As noted in our release, we do intend to provide guidance for the new company by the time we issue our third quarter report.