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- Invested $ 191.5 Million in Acquisitions - - Issued $ 450.0 Million of 2.10 % Senior Unsecured Notes Due 2028 and $ 350.0 Million of 2.70 % Senior Unsecured Notes Due 2032 - - Generated Net Loss of $ ( 0.04 ) per Share , FFO of $ 0.50 per Share and AFFO of $ 0.76 per Share - ● Dallas , TX- May 5 , 2021 -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 reported its financial and operating results for the first quarter ended March 31 , 2021 . ● SPIRIT REALTY FIRST QUARTER 2021 HIGHLIGHTS Invested $ 191.5 million for the acquisition of 25 properties , with an initial weighted average cash yield of 7.57 % and an economic yield of 8.44 % . Generated $ 12.9 million in gross proceeds from the disposition of five properties , of which one was vacant . ● Spirit Realty Capital , Inc. Announces First Quarter of 2021 Financial and Operating Results ● Press Release ● Generated net loss of $ ( 0.04 ) vs net loss of $ ( 0.18 ) per diluted share , FFO of $ 0.50 vs $ 0.72 per share and AFFO of $ 0.76 vs $ 0.78 per share , compared to the same quarter in 2020 . Issued $ 450.0 million of Spirit Realty , L.P.'s 2.10 % Senior Unsecured Notes due 2028 and $ 350.0 million of Spirit Realty , L.P.'s 2.70 % Senior Unsecured Notes due 2032. Extinguished remaining $ 178.0 million of 2020 Term Loans , with an interest rate of LIBOR plus 1.00 % , and $ 207.4 million of secured CMBS loans , with a weighted average interest rate of 5.46 % . Entered into new forward contracts to issue 1.4 million shares of common stock at a weighted average forward price of $ 41.13 . As of March 31 , 2021 , Spirit had unsettled forward contracts for 5.5 million shares of common stock . Adjusted Debt to Annualized Adjusted EBITDAre of 5.5x or 5.1x assuming the settlement of the 5.5 million open forward equity contracts . Produced strong operational performance , with occupancy of 99.5 % , Lost Rent of 2.2 % ( or 0.4 % excluding movie theaters ) and Property Cost Leakage of 2.1 % . Had Corporate Liquidity of $ 1.3 billion as of March 31 , 2021 , comprised of availability under the 2019 Credit Facility , cash and cash equivalents and available proceeds from unsettled forward equity contracts . CEO COMMENTS " As I mentioned in our last update , Spirit is a much stronger and better positioned company than just a year ago , and this quarter demonstrated that assertion . Our tenant health continued to improve , as measured by lower lost rent and high occupancy , we again accessed the debt markets , issuing unsecured bonds with credit spreads and all - in yields that are the lowest in our company's history , and our platform delivered accretive acquisitions that were approximately 70 % sourced through existing relationships . Our outlook for 2021 has grown incrementally more positive and we are pleased to meaningfully raise our earnings guidance for the remainder of the year , " stated Jackson Hsieh , President and Chief Executive Officer . 1 | Page