Planned merger between Spirit Realty Capital, Cole Credit Property to create $7B REIT

 

“We cannot always build the future for our youth, but we can build our youth for the future.” -Franklin D. Roosevelt

 

 

 

 

 

 

Kristena HansenReporter- Phoenix Business Journal  Jan 23, 2013, 1:24pm MST

Scottsdale-based Spirit Realty Capital Inc. (NYSE: SRC) and Phoenix-based Cole Credit Property Trust II told shareholders on Tuesday they are planning to merge and create a new real estate investment trust worth a combined enterprise value of $7.1 billion.

The deal, according to a Reuters article, will make the merged company one of the largest publicly-traded triple-net-lease REITs in the country. Triple net leases are when building tenants — typically retailers, restaurants and grocers — pay property taxes and insurance and maintenance costs on top of rent, the article said.

The merger was disclosed on Tuesday when the two REITs filed 8-Ks with the U.S. Securities and Exchange Commission. The REITs then issued a joint statement that day saying the combined company will oversee more than 2,000 properties in 48 states, almost doubling Spirit Realty’s existing portfolio.

The merger is expected to close in the third quarter of 2013 but still is contingent on shareholder approval of both entities. Spirit Realty said its two largest shareholders — Macquarie and TPG-Axon, who together own about 15 percent of the company — have indicated in writing that they will vote in favor of the move, according to the filings.

Under terms of the deal, each Spirit share would be exchanged for 1.9 shares of Cole valued at about $17.95, the filings said. The merged company would be managed by and operated under the Spirit Realty name, but Cole Credit would maintain majority ownership at 56 percent.

“The merger further diversifies us both geographically and by industry, reduces our tenant concentration, improves the overall credit quality of our portfolio and increases operating efficiency,” Thomas Nolan Jr., chairman and CEO of Spirit Realty, said in the joint statement. “We also expect the merger to enhance our access to the capital markets and better position us to take advantage of consolidation opportunities in the net lease space.”

 

 

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Walter Unger CCIM, CCSS, CCLS

I am a successful Commercial Investment Real Estate Broker in Arizona now for 15 years and I worked with banks and their commercial REO properties for 3 years. I am also a commercial and  Landspecialist in Phoenix and a Landspecialist in Arizona.

1.

WHETHER YOU LEASE OR OWN

NOW IS THE TIME FOR YOU TO EXPAND, UPGRADE OR INVEST.

 

In my opinion we are at or near the bottom of the cycle in Commercial Real Estate in Phoenix and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix. The prices on deals I may get you will not be around forever.

 

2.

IF YOU OR ANYBODY YOU KNOW IS IN TROUBLE WITH YOUR BUSINESS, AS MANY AMERICANS ARE IN THE MOMENT, AND ARE ABOUT TO LOSE YOUR COMMERCIAL PROPERTY, PLEASE CONTACT ME.  IF YOUR BANK IS BEHAVING BADLY I MAY BE ABLE TO HELP YOU GET OUT OF SOME OR MAYBE A LOT OF FUTURE HEADACHES.

 

3.

WAITING TO SELL YOUR LAND ? TIMES CHANGE / IT’S TIME

  We barely could give land away the last few years, but times are changing.  Even in those meager years, I sold more land across the state than most other brokers. Before the real estate crash I was a land specialist in Arizona with millions of dollars of transactions, but then I had to change and also sell other commercial investment properties, which was fun, but I am a Commercial Landspecialist in Arizonal, a Commercial Land Specialist in Phoenix and love to sell land, one acre to thousands of acres.

Since I was a Land Specialist in Arizona and a Land Speciaost in Phoenix many of my clients, Sellers and Buyers remember me and now they are calling me again, so this is the time to get back into land and none of my clients, including future clients, will miss out on getting their best deal.

Also, if you are up-side down on your land, like many Americans, and the lender is giving you a hard time, now is the time to put your land on the market. Lenders are making deals now with short sales.  I have been working with banks for many years – I learned how to work with them.

 

If you have any questions about the 1 to  3 above, about Commercial Investment Properties in Phoenix or Commercial Investment Properties in Arizona,  I will gladly sit down with you and share my expertise and my professional opinion in Commercial Properties in Phoenix or Commercial Properties in Arizona with you.Obviously I am also in this to make money, but it could be a win-win situation for all of us.

 

Please reply by e-mail walterunger@ccim.net or call me 520-975-5207 (cell)  602-778-5110 (office direct).

 

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Thank You

Walter

 

Walter Unger CCIM

Associate Broker

Kasten Long Commercial

2821 E. Camelback Road, Suite 600

Phoenix,AZ85016

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