Spirit Realty Capital Q2 FFO Declines; Net Loss Widens; Lifts FY AFFO View

(RTTNews) - Spirit Realty Capital, Inc. (SRC) reported second-quarter funds from operations, or FFO were $0.9 million or less than $0.01 per share, compared to $21.4 million or $0.13 per share in the prior year

Adjusted FFO totaled $78.7 million or $0.20 per share, compared to $37.0 million or $0.24 per share in the previous year. On average, nine analysts polled by Thomson Reuters expected the company to report FFO of $0.17 per share for the quarter. Analysts' estimates typically exclude special items.

Net loss for the quarter was $89.8 million or $0.24 per share, compared to the net loss of $11.7 million, or $0.08 per share in the prior year. Adjusted earnings for the quarter were $15.53 million or $0.04 per share.

Quarterly total revenues more than doubled to $151.8 million, compared to $72.4 million last year. Analysts expected revenues of $142.84 million.

Looking ahead to fiscal 2014, Spirit Realty Capital is improving its 2014 AFFO guidance to range between $0.80 to $0.83 per share from the prior range of $0.77 to $0.82 per share. Analysts currently expect full-year FFO of $0.79 per share.