Earnings Review and Free Research Report: Spirit Realty Capital Reported Better Than Expected Results
Research Desk Line-up: One Liberty Properties Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 23, 2017 /Pro-Trader Daily has just published a free post-earnings coverage on Spirit Realty Capital, Inc. (NYSE: SRC), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=SRC, following the Company's release of its financial results on August 03, 2017, for the second quarter fiscal 2017. The Company saw same store sales growth of 1.1%. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the REIT - Diversified industry. Pro-TD has currently selected One Liberty Properties, Inc. (NYSE: OLP) for due-diligence and potential coverage as the Company announced on August 07, 2017, its operating results for Q2 2017 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on One Liberty Properties when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on SRC; also brushing on OLP. With the links below you can directly download the report of your stock of interest free of charge at:
For three months ended June 30, 2017, Spirit Realty Capital's total revenue decreased 1.8% to $168.64 million on a y-o-y basis from $171.73 million in Q2 FY16. The decrease was due to moderate net acquisition activity and lower fee-related income. Total revenue surpassed analysts' expectations of $163.19 million.
During Q2 FY17, Spirit Realty Capital's general and administrative expenses (G&A) increased 65% to $22.86 million from $13.85 million in Q2 FY16. For the reported quarter, the Company's depreciation and amortization expenses (D&A) were $64.22 million compared to $64.26 million in Q2 FY16.
During Q2 FY17, the Company sold 48 properties totaling $109.6 million and acquired 9 properties for $92.8 million. For the reported quarter, the Company's same store rent growth was 1.1% compared to negative 0.5% in Q1 FY17.
During Q2 FY17, Spirit Realty Capital's EBIT decreased 62.2% to $8.19 million from $21.67 million in the same quarter last year. For the reported quarter, the Company's net income decreased 49.5% to $23.21 million on a y-o-y basis from $45.96 million in Q2 FY16. During Q2 FY17, the Company's diluted EPS decreased 50% to $0.05 on a y-o-y basis from $0.10 in Q2 FY16.
For the reported quarter, Spirit Realty Capital's funds from operations (FFO) were $88.01 million compared to $112.38 million in Q2 FY16. During Q2 FY17, the Company's FFO diluted EPS decreased 25% points to $0.18 from $0.24 in the same quarter last year.
During Q2 FY17, Spirit Realty Capital's adjusted funds from operation (AFFO) were $99.1 million compared to $104.4 million in Q2 FY16. During Q2 FY17, the Company's AFFO diluted EPS decreased 4.5% to $0.21 from $0.22 in the same quarter last year. The AFFO diluted EPS surpassed analysts' expectations of $0.20.
During Q2 FY17, the Company appointed Morgan Stanley, Moelis and Company, and legal adviser Latham & Watkins LLP to advise on capital structure, asset optimization, and validation of its Path Forward plan.
On August 03, 2017, Spirit Realty Capital announced the planned spin-off of a separate publicly traded REIT, SpinCo. The Company plans to spin-off the properties leased to Shopko and assets that collateralize Master Trust 2014.
As on June 30, 2017, Spirit Realty Capital's cash and cash equivalents increased 11.8% to $11.25 million from $10.06 million in Q4 FY16. For the reported quarter, Spirit Realty Capital's total debt was $3.85 billion compared to $3.66 billion in Q4 FY16.
For the reported quarter, Spirit Realty Capital's adjusted debt to annualized adjusted EBITDA ratio was 7.1x compared to 6x in Q2 FY16.
During Q2 FY17, the Company repurchased $200 million of common stock totaling 26.3 million shares.
On August 14, 2017, the Company's Board of Directors authorized stock purchase program for up to $250 million of common stock which is to be undertaken within 18 months from the date of authorization.
For FY17, the Company expects AFFO diluted EPS to be in the range of $0.80-$0.84.
On Tuesday, August 22, 2017, the stock closed the trading session at $8.48, falling 1.51% from its previous closing price of $8.61. A total volume of 11.24 million shares have exchanged hands. Spirit Realty Capital's stock price surged 7.89% in the last one month and 17.45% in the past three months. The stock is trading at a PE ratio of 4240.00 and has a dividend yield of 8.49%. The stock currently has a market cap of $3.98 billion.
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