A lot of dividend folks follow Realty Income (“O”). A similar company, though smaller and with far shorter a track record, is Spirit Capital SRC. I bought it a year or so ago after Morningstar recommended it as an alternative to O, which at that time was fully valued. SRC had done very well until the virus hit, and it has been taken to the woodshed with many/most other REITS. They have triple net leases with various companies. I just went through their top 10 holdings and it appears that 9 of the 10 companies are still open and operating and seemingly strong tenants (Church’s Chicken, Walgreen, Home Depot, Circle K, GPM - a convenience store/gas chain, At Home stores, Dollar Tree, CVS, and then the one that isn’t staying open during the virus, a Lifetime Fitness which comprises 1.9% of their tenant base).
The point of my post is that SRC is hosting an earnings call tomorrow. This is one of the first calls I’m aware of where actual results and revised earnings forecasts will be discussed. I think that earnings reporting for the next few weeks will be very informative for how various companies see themselves getting through this period.
I hope to listen to as many as I can.
GLTA
SPIRIT REALTY CAPITAL, INC. SCHEDULES PRELIMINARY FIRST QUARTER 2020 EARNINGS RELEASE, TENANT UPDATE AND CONFERENCE CALL
Company Release - 4/10/2020 4:57 PM ET
DALLAS--(BUSINESS WIRE)-- 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’s management team will be hosting a conference call with investors on Monday, April 13, 2020 at 8:30 a.m. Eastern Time, to provide preliminary first quarter 2020 earnings results and a tenant update. We will be announcing the preliminary first quarter financial and operating results in a press release on Monday morning, prior to the call, and posting a presentation titled ‘SRC Business Update - April 2020’ to the Investor Relations section of Spirit’s website.
“Given the economic disruption and uncertainty surrounding the COVID-19 pandemic, and our shareholders’ requests for information and transparency, we feel it is important to provide a timely update on our business,” said Jackson Hsieh, President and Chief Executive Officer. “As I communicated in my last open letter to shareholders, Spirit has the people, tools and processes to meet this challenge, and we look forward to updating you on our progress next week. In the meantime, on behalf of the entire Spirit family, I want to thank all of the first responders, health care workers, and other essential service professionals helping to keep our communities safe. We truly owe them a debt of gratitude.”
CONFERENCE CALL DETAILS
Spirit's management team will host a conference call and audio webcast on Monday, April 13, 2020, at 8:30 a.m. Eastern Time.
We will open the call for live Q&A following our comments.
Interested parties can listen to the call via the following:
INTERNET: Go to www.spiritrealty.com and select the investor relations page at least 15 minutes prior to the start time of the call, in order to register, download and install any necessary audio software. The webcast will be accessible for three months.
PHONE: No access code required.
(877) 407-9208 (Domestic) / (201) 493-6784 (International) |
