Spirit Realty Capital
Market Cap
US$4.4b
Last Updated
2019/10/23 00:22 UTC
Data Sources
Company Financials +
Executive Summary
Spirit Realty Capital, Inc. (NYSE: SRC) is a premier net-lease REIT that primarily invests in high-quality, operationally essential real estate, subject to long-term, net leases.
Snowflake
Fundamentals
Good value with proven track record and pays a dividend.
Similar Companies
Share Price & News
How has Spirit Realty Capital's share price performed over time and what events caused price changes?
Latest Share Price and Events
Market Performance
7 Day Return
1.7%
SRC
0.9%
US REITs
0.07%
US Market
1 Year Return
24.3%
SRC
21.8%
US REITs
8.9%
US Market
Return vs Industry: SRC exceeded the US REITs industry which returned 21.8% over the past year.
Return vs Market: SRC exceeded the US Market which returned 8.9% over the past year.
Shareholder returns
| SRC | Industry | Market | |
|---|---|---|---|
| 7 Day | 1.7% | 0.9% | 0.07% |
| 30 Day | 2.3% | 2.2% | -0.3% |
| 90 Day | 12.6% | 7.9% | -1.6% |
| 1 Year | 32.2%24.3% | 27.0%21.8% | 11.3%8.9% |
| 3 Year | 12.2%-19.8% | 37.5%20.2% | 46.3%36.8% |
| 5 Year | 34.5%-15.1% | 65.5%30.4% | 62.1%44.3% |
Price Volatility Vs. Market
How volatile is Spirit Realty Capital's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 week ago | Simply Wall St
Introducing Spirit Realty Capital (NYSE:SRC), A Stock That Climbed 28% In The Last Year1 month ago | Simply Wall St
Spirit Realty Capital, Inc. (NYSE:SRC) Stock Goes Ex-Dividend In Just 4 Days1 month ago | Simply Wall St
Does Spirit Realty Capital, Inc. (NYSE:SRC) Have A Place In Your Dividend Portfolio?Valuation
Is Spirit Realty Capital undervalued compared to its fair value and its price relative to the market?
41.3%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: SRC ($49.23) is trading below our estimate of fair value ($83.8)
Significantly Below Fair Value: SRC is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: SRC is good value based on its PE Ratio (25.8x) compared to the REITs industry average (37.3x).
PE vs Market: SRC is poor value based on its PE Ratio (25.8x) compared to the US market (17.8x).
Price to Earnings Growth Ratio
PEG Ratio: SRC's earnings are forecast to decline next year, so we can't calculate its PEG ratio.
Price to Book Ratio
PB vs Industry: SRC is good value based on its PB Ratio (1.6x) compared to the US REITs industry average (2.1x).
Next Steps
Future Growth
How is Spirit Realty Capital forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?
-7.4%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: SRC's earnings are forecast to decline over the next 3 years (-7.4% per year).
Earnings vs Market: SRC's earnings are forecast to decline over the next 3 years (-7.4% per year).
High Growth Earnings: SRC's earnings are forecast to decline over the next 3 years.
Revenue vs Market: SRC's revenue (6.6% per year) is forecast to grow slower than the US market (7.2% per year).
High Growth Revenue: SRC's revenue (6.6% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: SRC's Return on Equity is forecast to be low in 3 years time (3.6%).
Next Steps
Past Performance
How has Spirit Realty Capital performed over the past 5 years?
37.9%
Historical annual earnings growth
Earnings and Revenue History
Past Earnings Growth Analysis
Earnings Trend: SRC has become profitable over the past 5 years, growing earnings by 37.9% per year.
Accelerating Growth: SRC's earnings growth over the past year (67.9%) exceeds its 5-year average (37.9% per year).
Earnings vs Industry: SRC earnings growth over the past year (67.9%) exceeded the REITs industry 16.9%.
Return on Equity
High ROE: SRC's Return on Equity (6%) is considered low.
Return on Assets
ROA vs Industry: SRC has a higher Return on Assets than the REITs industry average last year.
Return on Capital Employed
ROCE Improving: SRC's Return on Capital Employed has declined over the past 3 years.
Next Steps
Financial Health
How is Spirit Realty Capital's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Inventory Level: SRC has a high level of physical assets or inventory.
Debt Coverage by Assets: SRC's debt is not covered by short term assets (assets are 0.1x debt).
Financial Institutions Analysis
Asset Level: SRC's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if SRC has a sufficient allowance for bad loans.
Low Risk Liabilities: SRC reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if SRC has an acceptable proportion of non-loan assets held.
Low Risk Deposits: SRC has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if SRC has an appropriate level of bad loans.
Next Steps
Dividend
What is Spirit Realty Capital's current dividend yield, its reliability and sustainability?
5.08%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Stability and Growth of Payments
Notable Dividend: SRC's dividend (5.08%) is higher than the bottom 25% of dividend payers in the US market (1.45%).
High Dividend: SRC's dividend (5.08%) is in the top 25% of dividend payers in the US market (3.68%)
Stable Dividend: SRC has been paying a dividend for less than 10 years and during this time payments have been volatile.
Growing Dividend: SRC has only been paying a dividend for 6 years, and since then payments have fallen.
Current Payout to Shareholders
Dividend Coverage: At its current payout ratio (87.8%), SRC's payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: SRC's dividends in 3 years are forecast to be thoroughly covered by earnings (0.7% payout ratio).
Next Steps
Management
What is the CEO of Spirit Realty Capital's salary, the management and board of directors tenure and is there insider trading?
2.6yrs
Average management tenure
CEO
Jackson Hsieh (58yo)
2.4yrs
Tenure
US$12,103,234
Compensation
Mr. Jackson Hsieh has been the President, Chief Executive Officer & Director of Spirit Realty Capital since 2019. Mr. Hsieh has been the President and Chief Executive Officer of Spirit Realty Capital, Inc. ...
CEO Compensation Analysis
Compensation vs. Market: Jackson has recently become CEO, making it difficult to compare their total compensation against companies of similar size in the US market.
Compensation vs Earnings: Jackson's compensation has been consistent with company performance over the past year.
Management Age and Tenure
2.6yrs
Average Tenure
46.5yo
Average Age
Experienced Management: SRC's management team is considered experienced (2.6 years average tenure).
Board Age and Tenure
6.3yrs
Average Tenure
60yo
Average Age
Experienced Board: SRC's board of directors are considered experienced (6.3 years average tenure).
Insider Trading
Insider Buying: SRC insiders have only sold shares in the past 3 months.
Recent Insider Transactions
| Entity | Individual |
| Role | Chief Legal Officer Executive VP |
| Shares | 10,648 |
| Max Price | US$45.79 |
| Entity | Individual |
| Role | Chief Financial Officer Executive VP & CFO |
| Shares | 2,721 |
| Max Price | US$36.75 |
| Entity | Individual |
| Role | Chief Executive Officer President |
| Shares | 42,957.4 |
| Max Price | US$40.50 |
Ownership Breakdown
Management Team
Michael Hughes (44yo)
Executive VP & CFO
- Tenure: 1.5yrs
- Compensation: US$2.88m
Jackson Hsieh (58yo)
President
- Tenure: 2.4yrs
- Compensation: US$12.10m
Daniel Rosenberg (41yo)
Senior VP & Head of Acquisitions
- Tenure: 2.8yrs
Jay Young (49yo)
Executive VP
- Tenure: 3.5yrs
- Compensation: US$2.20m
Prakash Parag (44yo)
Senior VP & Chief Accounting Officer
- Tenure: 3.4yrs
Pierre Revol
Senior VP and Head of Strategic Planning & Investor Relations
- Tenure: 0yrs
Ken Heimlich (53yo)
Executive VP & Head of Asset Management
- Tenure: 2.6yrs
- Compensation: US$2.15m
Rochelle Thomas
Senior VP & Deputy General Counsel
- Tenure: 0.8yrs
Board Members
Sheli Rosenberg (77yo)
Independent Director
- Tenure: 6.3yrs
- Compensation: US$184.25k
Kevin Charlton (53yo)
Independent Director
- Tenure: 10.8yrs
- Compensation: US$189.25k
Tom Senkbeil (69yo)
Independent Director
- Tenure: 6.3yrs
- Compensation: US$179.25k
Rick Gilchrist (73yo)
Chairman of the Board & Lead Independent Director
- Tenure: 2.4yrs
- Compensation: US$308.00k
Nick Shepherd (60yo)
Independent Director
- Tenure: 7.1yrs
- Compensation: US$183.00k
Todd Dunn (56yo)
Independent Director
- Tenure: 7.1yrs
- Compensation: US$189.25k
Diana Laing (64yo)
Independent Director
- Tenure: 1.2yrs
- Compensation: US$157.50k
Jackson Hsieh (58yo)
President
- Tenure: 2.4yrs
- Compensation: US$12.10m
Elizabeth Frank (50yo)
Independent Director
- Tenure: 0.7yrs
Company Information
Spirit Realty Capital, Inc.'s company bio, employee growth, exchange listings and data sources
Key Information
- Name: Spirit Realty Capital, Inc.
- Ticker: SRC
- Exchange: NYSE
- Founded: 2003
- Industry: Retail REITs
- Sector: Real Estate
- Market Cap: US$4.436b
- Shares outstanding: 90.11m
- Website: https://www.spiritrealty.com
Number of Employees
Location
- Spirit Realty Capital, Inc.
- 2727 North Harwood Street
- Suite 300
- Dallas
- Texas
- 75201
- United States
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| SRC | NYSE (New York Stock Exchange) | Yes | New Common stock | US | USD | Jul 2013 |
| 21S1 | DB (Deutsche Boerse AG) | Yes | New Common stock | DE | EUR | Jul 2013 |
| 0A1M | LSE (London Stock Exchange) | Yes | New Common stock | GB | EUR | Jul 2013 |
| SRC.PRA | NYSE (New York Stock Exchange) | 6% PFD SER A | US | USD | Sep 2017 |
Biography
Spirit Realty Capital, Inc. (NYSE: SRC) is a premier net-lease REIT that primarily invests in high-quality, operationally essential real estate, subject to long-term, net leases. Over the past decade, Spir ...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2019/10/23 00:22 |
| End of Day Share Price | 2019/10/22 00:00 |
| Earnings | 2019/06/30 |
| Annual Earnings | 2018/12/31 |
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.