Spirit Realty Capital Inc, a premiere net-lease real estate investment trust (REIT), has announced that the relocation plan of its headquarters from Scottsdale, Arizona to Dallas, Texas, has been approved by its Board of Directors.
"This move is an investment in our future," said Thomas H. Nolan, Jr., Chairman and Chief Executive Officer. "We believe this is an important step in positioning our executive talent and infrastructure where we believe we can most efficiently and effectively operate."
According to Globe Newswire, the company is expected to start moving in to their new headquarters in the summer of 2016, and will finish the relocation by the end of 2016.
Spirit Realty Capital Inc was founded in 2003. They invest in and manage a portfolio primarily of single-tenant, operationally essential real estate assets throughout the United States. These single-tenants, operationally essential assets include free-standing, commercial real estate facilities where the tenants conduct business activities that are essential to the generation of their sales and profits.
The Spirit Realty Capital Inc is an established net-lease REIT with a proven growth strategy and a seasoned management team focused on producing superior risk adjusted returns.
The company also has a proven track record of creating value through various economic cycles by applying disciplined underwriting and risk management expertise. These enhance the quality of their real estate portfolio, as well as broaden their tenant, industry and geographic diversity.
The undercoated gross real estate investment portfolio of Spirit Realty Capital Inc as of Sep. 30 of this year was approximately $8.3 billion, representing investments in 2,634 properties, including 145 properties securing mortgage loans made by the company.
Their properties are frequently acquired through strategic sale-lease back transactions and are predominantly leased on a long-term, triple-net basis to high-quality tenants.
At present, the company's properties are being leased to approximately 435 tenants who represent 27 diverse industries across 49 states.
