Spirit Realty slips after pricing upsized $390 mln stock offering

Spirit Realty Capital

14/01/2022 12:49

** Spirit Realty Capital  SRC.N  shares down ~4% premarket
after follow-on prices
    ** Net lease retail REIT late Thurs announced 8.2 mln shares
at $47.60 for gross raise of ~$390.3 mln  urn:newsml:reuters.com:*:nBwlkqC2a
    ** Offering prices at 3.9% discount to stock's last sale
    ** Co entered into 18-month forward sale agreements with
Morgan Stanley and BofA; upon settlement of such agreements, co
to use proceeds to fund potential property acquisitions
    ** SRC has ~123.3 mln shares outstanding for $6.1 bln market
cap, per Refinitiv data
    ** Shares up 2.8% YTD and have risen 32% over the past year
    ** Avg rating among 16 analysts covering SRC is 'buy' and
median PT is $53 - Refinitiv

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))