Spirit Realty Doubles Size, Diversifies with Cole Credit Merger

Spirit Realty Capital Inc. (NYSE: SRC) and Cole Credit Property Trust II (CCPT II) announced a merger on Jan. 22 that would create what is expected to be the second-largest publicly traded triple-net lease REIT in the United States.

The Spirit Realty name and management team will be retained for the combined company. Additionally, Spirit will grow its board from seven to nine members with the addition of two directors from CCPT II. The transaction is intended to help accelerate Spirit Realty’s growth strategy while diversifying the company’s portfolio. Upon completion of the deal, Scottsdale-based Spirit Realty will own or have an interest in 2,012 properties in 48 states and have an estimated value of approximately $7.1 billion.

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