8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 3, 2021

SPIRIT REALTY CAPITAL, INC. 

(Exact name of registrant as specified in its charter)

Maryland	001-36004	20-1676382
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

2727 North Harwood Street, Suite 300

Dallas, Texas 75201

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (972) 476-1900

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Registrant	Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Spirit Realty Capital, Inc.	Common stock, par value $0.05 per share	SRC	New York Stock Exchange
Spirit Realty Capital, Inc.	6.000% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share	SRC-A	New York Stock Exchange

 Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934

Emerging growth company ☐ 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On August 3, 2021, Spirit Realty Capital, Inc. (the “Company”), issued (i) a press release reporting its results of operations for the second fiscal quarter ended June 30, 2021, a copy of which is attached hereto as Exhibit 99.1, (ii) a supplemental report of financial and operating information of the Company for the second fiscal quarter ended June 30, 2021, a copy of which is attached hereto as Exhibit 99.2, and (iii) a Q2 2021 Investor Presentation, a copy of which is attached hereto as Exhibit 99.3.

The information set forth in Item 2.02 and in the attached Exhibits 99.1, 99.2 and 99.3 is being “furnished” and shall not be deemed “filed” for any purpose, including for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any of the Company’s filings, whether made before or after the date hereof, regardless of any general incorporation language in any such filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.

99.1	Earnings press release, dated August 3, 2021
99.2	Supplemental report of financial and operating information for the quarter ended June 30, 2021
99.3	Q2 2021 Investor Presentation
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 3, 2021

SPIRIT REALTY CAPITAL, INC.
By:	/s/ Michael Hughes
	Michael Hughes Chief Financial Officer and Executive Vice President (Principal Financial Officer)

EX-99.1

Exhibit 99.1

Press Release

Spirit Realty Capital, Inc.

Announces Second Quarter of2021

Financial and Operating Results

- Announces Increase in Common Stock Quarterly Dividend from $0.625 per Share to $0.638 per Share -

- Generated Net Income of$0.74 per Share, FFO of$1.00per Share and AFFO of$0.86per Share -

- Invested $283.7 Million in Acquisitions -

Dallas, TX— August 3, 2021—Spirit Realty Capital, Inc. (NYSE: SRC) ("Spirit" or the "Company"), a net-lease real estate investment trust ("REIT") that invests in single-tenant, operationally essential real estate, today reported its financial and operating results for the second quarter endedJune 30, 2021.

HIGHLIGHTS

• Announces that the Board of Directors declared an increase in the Company’s quarterly common stock cash dividend from $0.625 per share to $0.638 per share, an increase of 2%, representing a new annualized dividend of $2.552 per share. Stockholders of record as of Thursday, September 30, 2021 will receive the cash dividend on Friday, October 15, 2021.

• Generated net income of$0.74vs a net loss of $(0.03)per diluted share, FFO of$1.00vs$0.68per share and AFFO of $0.86 vs $0.71 per share, compared to the same quarter in 2020.

• Invested$283.7 millionin the second quarter for the acquisition of18properties, with an initial weighted average cash yield of 7.07% and an economic yield of 7.84%. Additionally, acquired 22 golf clubs in July 2021 for $230.8 million, with an initial cash yield of 7.40% and an economic yield of 8.88%.

• Generated $74.6 million in gross proceeds from the disposition of 11 properties, with a weighted average capitalization rate of 4.00% on four income producing properties.

• Issued 4.1 million shares of common stock to settle certain forward contracts, generating net proceeds of $145.5 million and entered into new forward contracts to issue 0.5 million shares of common stock at a weighted average forward price of $47.59. As of June 30, 2021, Spirit had unsettled forward contracts for 1.9 million shares of common stock.

• Extinguished the remaining $190.4 million of 2021 Convertible Notes in cash.

• Adjusted Debt to Annualized Adjusted EBITDAre of 5.0x or 4.9x assuming the settlement of the 1.9 million open forward equity contracts.

• Produced strong operational performance, with occupancy of 99.7%, Lost Rent of 0.9% (or 0.2% excluding movie theaters) and Property Cost Leakage of 1.9%.

• Had Corporate Liquidity of $0.9 billion as of June 30, 2021, comprised of availability under the 2019 Credit Facility, cash and cash equivalents and available proceeds from unsettled forward equity contracts.

CEO COMMENTS

“The second quarter marks a key milestone for Spirit as we return to dividend growth, supported by accelerating earnings, an outstanding portfolio and strong deal execution. As we continue to execute our strategy, harnessing a disciplined and transparent investment approach, I am confident that we can deliver the promises originally communicated at our Investor Day in 2019,” stated Jackson Hsieh, President and Chief Executive Officer.

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DIVIDEND

For the second quarter of 2021, the Board of Directors declared a quarterly cash dividend of$0.625per share of common stock, representing an annualized rate of$2.50per share. The Board of Directors also declared a quarterly cash dividend of$0.375per preferred share. The quarterly common dividend was paid onJuly 15, 2021to stockholders of record as ofJune 30, 2021and the preferred dividend was paid onJune 30, 2021to stockholders of record as ofJune 15, 2021.

For the third quarter of 2021, the Board of Directors declared a quarterly cash dividend of$0.638per share of common stock, representing an annualized rate of$2.552per share. The Board of Directors also declared a quarterly cash dividend of$0.375per preferred share. The quarterly common dividend will be paid onOctober 15, 2021to stockholders of record as ofSeptember 30, 2021and the preferred dividend will be paid onSeptember 30, 2021to stockholders of record as ofSeptember 15, 2021.

2021 GUIDANCE

The Company raised its guidance for fiscal year 2021:

• AFFO of $3.24 to $3.30 per share and

• Net capital deployment of $0.8 billion to $1.0 billion (comprising acquisitions, revenue producing capital expenditures and development deals, net of dispositions).

EARNINGS WEBCAST AND CONFERENCE CALL TIME

The Company's second quarter2021earnings conference call is scheduled for Wednesday, August 4, 2021 at 9:30am Eastern Time. Interested parties can listen to the call via the following:

Internet: Go to www.spiritrealty.com and select the investor relations page at least 15 minutes prior to the start time of the call in order to register, download and install any necessary audio software.

Phone: No access code required.

(877) 407-9208 (Domestic) / (201) 493-6784 (International)

Replay: Available through August 18, 2021 with access code 13721012.

(844) 512-2921 (Domestic) / (412) 317-6671 (International)

SUPPLEMENTAL PACKAGES

A supplemental financial and operating report and associated addenda that contain non-GAAP measures and other defined terms, along with this press release, have been posted to the investor relations page of the Company's website atwww.spiritrealty.com.

ABOUT SPIRIT REALTY

Spirit Realty Capital, Inc. (NYSE: SRC) is a premier net-lease REIT that primarily invests in single-tenant, operationally essential real estate assets, subject to long-term leases.

As ofJune 30, 2021,our diverse portfolio consisted of 1,887 ownedproperties across 48 states, with an aggregate leasable area of 45.3 million square feet within retail, industrial, office and other buildings. Our properties were leased to 306 tenants operating in over 28 industries. More information about Spirit Realty Capital can be found on the investor relations page of the Company's website atwww.spiritrealty.com.

INVESTOR CONTACT

Investor Relations

(972) 476-1403

InvestorRelations@spiritrealty.com

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FORWARD-LOOKING AND CAUTIONARY STATEMENTS

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. When used in this press release, the words “estimate,” “anticipate,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “seek,” “approximately” or “plan,” or the negative of these words or similar words or phrases that are predictions of or indicate future events or trends and which do not relate solely to historical matters are intended to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions of management. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise, and Spirit may not be able to realize them. Spirit does not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following risks and uncertainties, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: industry and economic conditions; volatility and uncertainty in the financial markets, including potential fluctuations in the CPI; Spirit's success in implementing its business strategy and its ability to identify, underwrite, finance, consummate, integrate and manage diversifying acquisitions or investments; the financial performance of Spirit's retail tenants and the demand for retail space; Spirit's ability to diversify its tenant base; the nature and extent of future competition; increases in Spirit's costs of borrowing as a result of changes in interest rates and other factors; Spirit's ability to access debt and equity capital markets; Spirit's ability to pay down, refinance, restructure and/or extend its indebtedness as it becomes due; Spirit's ability and willingness to renew its leases upon expiration and to reposition its properties on the same or better terms upon expiration in the event such properties are not renewed by tenants or Spirit exercises its rights to replace existing tenants upon default; the impact of any financial, accounting, legal or regulatory issues or litigation that may affect Spirit or its major tenants; Spirit's ability to manage its expanded operations; Spirit's ability and willingness to maintain its qualification as a REIT under the Internal Revenue Code of 1986, as amended; the impact on Spirit’s business and those of its tenants from epidemics, pandemics or other outbreaks of illness, disease or virus (such as the strain of coronavirus known as COVID-19); and other risks inherent in the real estate business, including tenant defaults, potential liability relating to environmental matters, illiquidity of real estate investments and potential damages from natural disasters discussed in Spirit's most recent filings with the Securities and Exchange Commission (“SEC”), including its Annual Report on Form 10-K for the year ended December 31, 2020 and subsequent Quarterly Reports on Form 10-Q. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. While forward-looking statements reflect Spirit's good faith beliefs, they are not guarantees of future performance. Spirit disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by law.

NOTICE REGARDING NON-GAAP FINANCIAL MEASURES

In addition to U.S. GAAP financial measures, this press release and the referenced supplemental financial and operating report and related addenda contain and may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Definitions of non-GAAP financial measures, reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are included in the supplemental financial and operating report, which can be found in the investor relations page of our website.

(SRC:ER)

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SPIRIT REALTY CAPITAL, INC.

Reconciliation of Non-GAAP Financial Measures

(In Thousands, Except Share and Per Share Data)

(Unaudited)

FFO and AFFO

(Unaudited)		Three Months Ended June 30,
		2021		2020
Net income (loss) attributable to common stockholders(1)	$	85,336	$	(3,001	)
Portfolio depreciation and amortization		59,933		53,014
Portfolio impairments		7,800		21,049
Gain on disposition of assets		(37,507)		(658	)
FFO attributable to common stockholders	$	115,562	$	70,404
Loss on debt extinguishment		10		—
Deal pursuit costs		257		14
Non-cash interest expense		2,344		3,400
Straight-line rent, net of uncollectible reserve		(21,428)		(4,392	)
Other amortization and non-cash charges		(761)		133
Non-cash compensation expense		3,614		3,308
Costs related to COVID-19(2)		274		738
AFFO attributable to common stockholders(3)	$	99,872	$	73,605
Dividends declared to common stockholders	$	74,436	$	64,402
Dividends declared as a percent of AFFO		75%		87%
Net income (loss) per share of common stock – Basic	$	0.74	$	(0.03	)
Net income (loss) per share of common stock – Diluted	$	0.74	$	(0.03	)
FFO per share of common stock – Diluted(4)	$	1.00	$	0.68
AFFO per share of common stock – Diluted(4)	$	0.86	$	0.71
Weighted average shares of common stock outstanding – Basic		115,005,740		102,678,967
Weighted average shares of common stock outstanding – Diluted		115,557,555		102,678,967
Weighted average shares of common stock outstanding for non-GAAP measures - Diluted(4)		115,557,555		102,762,592

⁽¹⁾ Net Income for the three months ended June 30, 2021 includes $7.0 million of recoveries related to prior period base cash rent not deemed probable of collection.

⁽²⁾ Costs related to COVID-19are included in general and administrative expense and primarily relate to legal fees for executing rent deferral or abatement agreements.

⁽³⁾ AFFO for the three months ended June 30, 2021 and 2020 includes $9.1 million and $22.3 million, respectively, of deferred rental income recognized in conjunction with the FASB’s relief for deferral agreements extended as a result of the COVID-19 pandemic.  

⁽⁴⁾ Weighted average shares of common stock for non-GAAP measures includes unvested market-based awards, which are dilutive for the non-GAAP calculations. Dividends paid and undistributed earnings allocated, if any, to unvested restricted stockholders are deducted from FFO and AFFO for the computation of the per share amounts. The following amounts were deducted:

	Three Months Ended June 30,
	2021	2020
FFO	$0.2 million	$0.2 million
AFFO	$0.2 million	$0.2 million

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SPIRIT REALTY CAPITAL, INC.

Reconciliation of Non-GAAP Financial Measures

(In Thousands, Except Share and Per Share Data)

(Unaudited)

Adjusted Debt, EBITDAre and Adjusted EBITDAre

Adjusted Debt	June 30, 2021
2019 Credit Facility	$	13,000
Senior Unsecured Notes, net		2,716,752
Mortgages payable, net		5,823
Total debt, net		2,735,575
Unamortized debt discount, net		11,441
Unamortized deferred financing costs		21,585
Cash and cash equivalents		(9,403)
Restricted cash		(58,154)
Adjusted Debt		2,701,044
Preferred Stock at liquidation value		172,500
Adjusted Debt + Preferred Stock	$	2,873,544

Annualized Adjusted EBITDAre	Quarter Ended June 30, 2021
Net income	$	87,924
Interest		26,170
Depreciation and amortization		60,074
Income tax expense		129
Gain on disposition of assets		(37,507)
Portfolio impairments		7,800
EBITDAre		144,590
Adjustments to revenue producing acquisitions and dispositions		1,564
Deal pursuit costs		257
Loss on debt extinguishment		10
Costs related to COVID-19(1)		274
Non-cash compensation expense		3,614
Adjusted EBITDAre		150,309
Adjustments related to straight-line rent(2)		(9,981)
Other adjustments for Annualized EBITDAre(3)		(5,272)
Annualized Adjusted EBITDAre	$	540,224

Adjusted Debt / Annualized Adjusted EBITDAre(4)	5.0	x
Adjusted Debt + Preferred / Annualized Adjusted EBITDAre	5.3	x

⁽¹⁾ Costs related to COVID-19 are included in general and administrative expense and primarily relate to legal fees for executing rent deferral or abatement agreements.

⁽²⁾ Adjustment relates to net recoveries related to prior period straight-line rent deemed not probable of collection.

⁽³⁾ Adjustment for amounts where annualization would not be appropriate is comprised of net recoveries related to prior period rent deemed not probable of collection and property costs.

⁽⁴⁾ Adjusted Debt / Annualized Adjusted EBITDAre would be 4.9x if all 1.9 million shares under open forward sales agreements had been settled on June 30, 2021.

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EX-99.2

Supplemental Financial & Operating Information SECOND QUARTER ENDED June 30, 2021 Exhibit 99.2

TABLE OF CONTENTS Corporate Headquarters 2727 N. Harwood St. Suite 300 Dallas, Texas 75201 Phone: 972-476-1900 www.spiritrealty.com Investor Relations 972-476-1903 InvestorRelations@spiritrealty.com Transfer Agent American Stock Transfer & Trust Company, LLC Phone: 866-703-9065 www.amstock.com Please see Appendix at the back of this supplement for Definitions and Explanations used throughout this supplement and a disclosure regarding Forward-Looking Statements.

Q2 2021 highlights Net income per share of $0.74, FFO per share of $1.00 and AFFO per share of $0.86 Operational Performance: Occupancy of 99.7%, Lost Rent of 0.9% (or 0.2% excluding movie theaters) and Property Cost Leakage of 1.9% Invested $283.7 million for the acquisition of 18 properties, with an initial weighted average cash yield of 7.07%, and generated gross proceeds of $74.6 million on the disposition of 11 properties Ending Corporate Liquidity of $0.9 billion and Adjusted Debt / Annualized Adjusted EBITDAre of 5.0x or 4.9x assuming the settlement of the 1.9 million open forward equity contracts Issued 4.1 million shares of common stock to settle certain forward contracts, generating net proceeds of $145.5 million, and extinguished the remaining $190.4 million of 2021 Convertible Notes Note: Data is as of or for the quarter ended June 30, 2021.

Q2 2021 Overview Portfolio Data Operational Data Balance Sheet Data $535.4M 36% Top 10 Tenant Concentration1 22% Investment Grade Rated Baa3 Moody’s Annualized Base Rent Top 20 Tenant Concentration1 5.0x / 4.9x2 Adjusted Debt / Annualized Adjusted EBITDAre 5.1x Fixed Charge Coverage Ratio Concepts 265 10.1 yrs WALT 99.8% Rent from Unencumbered Assets1 Unencumbered Assets / Unsecured Debt 2.7x Note: Data is as of or for the quarter ended June 30, 2021. 1As a percentage of ABR. 2Assuming the settlement of the 1.9 million open forward equity contracts. 1.1% / 2.1% Forward 12 Month Lease Escalations / Forward Same Store Sales 99.7% Occupancy 1.9% Property Cost Leakage 0.9% / 0.2% Lost Rent / Lost Rent Excluding Movie Theaters Stable outlook Positive outlook Stable outlook

CONSOLIDATED BALANCE SHEETS $ IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS

CONSOLIDATED STATEMENTS OF OPERATIONS $ IN THOUSANDS 1For the three and six months ended June 30, 2021, rental income included $137.8 million and $263.0 million of Base Cash Rent, respectively, and $3.9 million and $6.7 million of tenant reimbursable income, respectively. Base Cash Rent for the three months ended June 30, 2021 includes $7.0 million of recoveries related to prior period rent not deemed probable of collection. For the three and six months ended June 30, 2020, rental income included $110.2 million and $226.7 million of Base Cash Rent, respectively, and $2.4 million and $5.5 million of tenant reimbursable income, respectively.

1Costs related to COVID-19 are included in general and administrative expense and primarily relate to legal fees for executing rent deferral or abatement agreements. 2AFFO for the three and six months ended June 30, 2021 includes $9.1 million and $11.8 million, respectively, of deferred rental income recognized in conjunction with the FASB’s relief for deferral agreements extended as a result of the COVID-19 pandemic. AFFO for both the three and six months ended June 30, 2020 includes $22.3 million of deferred rental income recognized in conjunction with the FASB’s relief for deferral agreements extended as a result of the COVID-19 pandemic. 3Weighted average shares of common stock for non-GAAP measures includes unvested market-based awards, which are dilutive for the non-GAAP calculations. Dividends paid and undistributed earnings allocated, if any, to unvested restricted stockholders are deducted from FFO and AFFO for the computation of the per share amounts. The following amounts were deducted: FUNDS AND ADJUSTED FUNDS FROM OPERATIONS $ IN THOUSANDS, EXCEPT PER SHARE AMOUNTS

Other NON-GAAP RECONCILIATIONS $ in thousands 1Costs related to COVID-19 are included in general and administrative expense and primarily relate to legal fees for executing rent deferral or abatement agreements. 2Adjustment relates to net recoveries related to prior period straight-line rent deemed not probable of collection. 3Adjustment is comprised of net recoveries related to prior period rent deemed not probable of collection and property costs. 4Adjusted Debt / Annualized Adjusted EBITDAre would be 4.9x and Adjusted Debt + Preferred / Annualized Adjusted EBITDAre would be 5.2x if all 1.9 million shares under open forward sales agreements had been settled on June 30, 2021. 5Excludes costs related to COVID-19 and non-cash compensation expense, which are already included as add-backs to Adjusted EBITDAre. 6Adjustment is comprised of net recoveries related to prior period rent deemed not probable of collection and property costs.

Debt Summary and Market Capitalization Note: Data is as of June 30, 2021, unless otherwise noted. 1As of June 30, 2021, $787.0 million of borrowing capacity was available under the 2019 Credit Facility and borrowings bore interest at LIBOR plus an applicable margin of 0.90% per annum. 2Our secured debt is partially amortizing and requires a balloon payment at maturity. 3Based on the share price of $47.84 as of June 30, 2021 and the total outstanding shares of 118,869,757 as of June 30, 2021, which excludes 0.2 million unvested restricted shares. 4The Fixed Charge Coverage Ratio as defined in the Senior Unsecured Notes indenture includes other adjustments, including the exclusion of preferred stock dividends. Debt Type Fixed / Floating Rate Debt 36.8% Total Debt to Total Assets (Requirement ≤ 60%) Senior Unsecured Note Covenant Compliance 0.1% Total Secured Debt to Total Assets (Requirement ≤ 40%) 5.2x Fixed Charge Coverage Ratio4 (Requirement ≥ 1.5x) 2.7x Total Unencumbered Assets to Unsecured Debt (Requirement ≥ 1.5x) Well-Staggered Maturities $ In Millions

Net Asset Value (NAV) Components Market Value of Real Estate $3.0B Debt and Equity $107.3M Other Assets $163.4M Other Liabilities $535.4M Annualized Base Rent $12.9M Net Book Value for Vacant Assets $2.8B Debt Principal1 $172.5M Preferred Equity Liquidation Value $9.4M Cash and Cash Equivalents $39.7M Tangible Other Assets $76.1M Dividends Payable $87.3M Accounts Payable, Accrued Expenses, and Other Tangible Liabilities $529.6M Annualized Adjusted Cash NOI Note: Data is as of June 30, 2021. 1Debt principal outstanding of $2,768.6 million is comprised of $13.0 million under the 2019 Credit Facility, $2,750.0 million of Senior Unsecured Notes and $5.6 million of mortgages payable. 2Total outstanding shares as of June 30, 2021, less 0.2 million unvested restricted shares. Excludes 1.9 million shares of common stock issuable under open forward contracts. $58.2M Restricted Cash

NET INVESTMENT ACTIVITY Asset Type and Tenant Industries2 1Capitalization rates are calculated based only on income producing properties. 2Percentages based on Gross Investment. Retail industries reflect the underlying Tenant operations, and Industrial and Office industries represent the underlying property use.

Top 20 Tenants Asset Types and Tenant Industries1 RETAIL 75.1% INDUSTRIAL Top Tenancy and Portfolio Mix 17.9% 11.2% Distribution 6.7% Manufacturing OFFICE & OTHER 7.0% 2.9% Professional 2.3% Medical 1.2% Data Center 0.6% Hotel 1Percentages based on ABR. Retail industries reflect the underlying Tenant operations, and Industrial and Office & Other industries represent the underlying property use.

Portfolio Health % of ABR from Reporting Tenants Note: Percentages are weighted by ABR. 1Investment Grade Ratings represent the credit rating of our tenants, their subsidiaries or affiliated companies. Actual ratings based on S&P or Moody’s are used. Equivalent ratings (included in the chart), if available, based on shadow ratings from S&P Capital IQ are used if actuals are not available. 2Publicly owned represents ownership of our tenants or their affiliated companies. 3Represents corporate-level reporting of revenues of our tenants or their affiliated companies, excluding non-reporting tenants.

Granular and Liquid Portfolio

PORTFOLIO DIVERSIFICATION *Represent less than 0.1% of ABR. % of ABR State Southeast Mid-Atlantic Pacific Southwest Pacific Northwest 15.3% of ABR Southwest Midwest Northeast 8.1% of ABR 30.0% of ABR 14.6% of ABR 11.5% of ABR 3.0% of ABR 17.5% of ABR U.S. Virgin Islands

LEASE STRUCTURE, EXPIRATIONS AND ESCALATIONS $ in thousands 2.1% Forward Same Store Sales Occupancy Rates Forward 12 Month Lease Escalations 1.1% Lease Structure (% of ABR) 42.0% Master Lease Escalation Types (% of ABR) 1Vacant square feet includes unoccupied square footage on multi-tenant properties.

Appendix

NON-GAAP DEFINITIONS AND EXPLANATIONS

OTHER DEFINITIONS AND EXPLANATIONS

FORWARD-LOOKING STATEMENTS AND RISK FACTORS The information in this supplemental report should be read in conjunction with the accompanying earnings press release, as well as the Company's Annual Report on Form 10-K and other information filed with the Securities and Exchange Commission. This supplemental report is not incorporated into such filings. This document is not an offer to sell or a solicitation to buy securities of Spirit Realty Capital, Inc. Any offer or solicitation shall be made only by means of a prospectus approved for that purpose. This supplemental report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. When used in this supplemental report, the words “estimate,” “anticipate,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “seek,” “approximately” or “plan,” or the negative of these words or similar words or phrases that are predictions of or indicate future events or trends and which do not relate solely to historical matters are intended to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions of management. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise, and Spirit may not be able to realize them. Spirit does not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following risks and uncertainties, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: industry and economic conditions; volatility and uncertainty in the financial markets, including potential fluctuations in the CPI; Spirit's success in implementing its business strategy and its ability to identify, underwrite, finance, consummate, integrate and manage diversifying acquisitions or investments; the financial performance of Spirit's retail tenants and the demand for retail space; Spirit's ability to diversify its tenant base; the nature and extent of future competition; increases in Spirit's costs of borrowing as a result of changes in interest rates and other factors; Spirit's ability to access debt and equity capital markets; Spirit's ability to pay down, refinance, restructure and/or extend its indebtedness as it becomes due; Spirit's ability and willingness to renew its leases upon expiration and to reposition its properties on the same or better terms upon expiration in the event such properties are not renewed by tenants or Spirit exercises its rights to replace existing tenants upon default; the impact of any financial, accounting, legal or regulatory issues or litigation that may affect Spirit or its major tenants; Spirit's ability to manage its expanded operations; Spirit's ability and willingness to maintain its qualification as a REIT under the Internal Revenue Code of 1986, as amended; the impact on Spirit’s business and those of its tenants from epidemics, pandemics or other outbreaks of illness, disease or virus (such as the strain of coronavirus known as COVID-19); and other risks inherent in the real estate business, including tenant defaults, potential liability relating to environmental matters, illiquidity of real estate investments and potential damages from natural disasters discussed in Spirit's most recent filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this supplemental report. While forward-looking statements reflect Spirit's good faith beliefs, they are not guarantees of future performance. Spirit disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by law. In addition to U.S. GAAP financial measures, this presentation contains and may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are included in this Appendix if the reconciliation is not presented on the page in which the measure is published.

EX-99.3

Q2 2021 Investor Presentation August 2021 Exhibit 99.3

Q2 2021 Overview Portfolio Data Operational Data Balance Sheet Data $535.4M 36% Top 10 Tenant Concentration1 22% Investment Grade Rated Baa3 Moody’s Annualized Base Rent Top 20 Tenant Concentration1 5.0x / 4.9x2 Adjusted Debt / Annualized Adjusted EBITDAre 5.1x Fixed Charge Coverage Ratio Concepts 265 10.1 yrs WALT 99.8% Rent from Unencumbered Assets1 Unencumbered Assets / Unsecured Debt 2.7x Note: Data is as of or for the quarter ended June 30, 2021. 1As a percentage of ABR. 2Assuming the settlement of the 1.9 million open forward equity contracts. 1.1% / 2.1% Forward 12 Month Lease Escalations / Forward Same Store Sales 99.7% Occupancy 1.9% Property Cost Leakage 0.9% / 0.2% Lost Rent / Lost Rent Excluding Movie Theaters Stable outlook Positive outlook Stable outlook

Top 20 Tenants Asset Types and Tenant Industries1 RETAIL 75.1% INDUSTRIAL Top Tenancy and Portfolio Mix 17.9% 11.2% Distribution 6.7% Manufacturing OFFICE & OTHER 7.0% 2.9% Professional 2.3% Medical 1.2% Data Center 0.6% Hotel 1Percentages based on ABR. Retail industries reflect the underlying Tenant operations, and Industrial and Office & Other industries represent the underlying property use.

NET INVESTMENT ACTIVITY Asset Type and Tenant Industries2 1Capitalization rates are calculated based only on income producing properties. 2Percentages based on Gross Investment. Retail industries reflect the underlying Tenant operations, and Industrial and Office industries represent the underlying property use.

Industrial portfolio highlights Spirit has invested $1.3B in industrial assets, of which 81% were acquired after 2016 17.9% Industrial Breakdown1 11.2% Distribution 6.7% Manufacturing BlueLinx Whirlpool Distribution Center Note: As of June 30, 2021. 1Percentages based on June 2021 ABR of $535.4M. 2Includes Durable Goods, Food and Other. 3Includes Paper and Packaging, Durable Goods and Other.

Renewals Industrial case studies Spirit’s investment across industrial assets of $1.3B has meaningfully increased in value over time Assignment Sales Private Equity Owned Beverage Manufacturer and Distributor State: NJ Square Footage: 286K Asset Type: Manufacturing Unlevered IRR: 25.1% 1Credit Ratings represent the credit rating of our tenants, their subsidiaries or affiliated companies. Actual ratings based on S&P or Moody’s are used. Equivalent ratings (included in the chart), if available, based on shadow ratings from S&P Capital IQ are used if actuals are not available. 2New lease term for FedEx, Ferguson and DS Smith is 5, 10 and 7 years, respectively. 3Expected to be completed in Q3. Includes return on tenant improvement capital.

July Base Rent does not reflect rent from leases with new theater operators1 Spirit’s accrued rent and collections for theaters have increased as sales and credit quality have meaningfully improved Movie theater tenant Update Source: IMDbPro as of July 30, 2021. 1Spirit has entered into new leases with Emagine Entertainment and Look Cinemas to re-tenant the former Goodrich and California Studio Movie Grill locations, respectively. Base rent for the combined new leases will approximate $5.6 million after a period of percentage rent. 2Accrued rent includes the impact of lease modifications that ended in June. 3Excludes payments of deferred rent received. 4Collections include estimates based on prior month actuals and could increase as a result of July performance. U.S. box office trends have significantly improved with more blockbusters on the way Godzilla vs. Kong Major Q3 Releases Major Q4 Releases Mortal Kombat F9 A Quiet Place Part II Cruella Black Widow + 36.8% + 54.9% + 21.1% Accrued Rent2 Collected Rent3

PORTFOLIO DIVERSIFICATION % of ABR State Southeast Mid-Atlantic Pacific Southwest Pacific Northwest 15.3% of ABR Southwest Midwest Northeast 8.1% of ABR 30.0% of ABR 14.6% of ABR 11.5% of ABR 3.0% of ABR 17.5% of ABR U.S. Virgin Islands *Represent less than 0.1% of ABR. 1Experential Retail includes Health and Fitness, Restaurants – Casual Dining, Movie Theaters, Entertainment and Early Education.

Granular and Liquid Portfolio

LEASE STRUCTURE, EXPIRATIONS AND ESCALATIONS $ in thousands 2.1% Forward Same Store Sales Occupancy Rates Forward 12 Month Lease Escalations 1.1% Lease Structure (% of ABR) 42.0% Master Lease Escalation Types (% of ABR) 1Vacant square feet includes unoccupied square footage on multi-tenant properties.

Portfolio Health % of ABR from Reporting Tenants Note: Percentages are weighted by ABR. 1Investment Grade Ratings represent the credit rating of our tenants, their subsidiaries or affiliated companies. Actual ratings based on S&P or Moody’s are used. Equivalent ratings (included in the chart), if available, based on shadow ratings from S&P Capital IQ are used if actuals are not available. 2Publicly owned represents ownership of our tenants or their affiliated companies. 3Represents corporate-level reporting of revenues of our tenants or their affiliated companies, excluding non-reporting tenants.

Spirit tenant credit – top 20 public Tenants Source: FactSet; SNL. Note: Percentages based on ABR. Equity market cap as of July 30, 2021. Ratings may include ratings at the subsidiary level. 1At Home was taken private on July 23, 2021. Equity market cap and ratings as of July 22, 2021. 2Publicly owned represents ownership of our tenants or their affiliated companies. Percentages are weighted by ABR during such period. Top 20 Public Tenants Spirit’s public exposure has increased 5% from the end of 20192

Debt Summary and Market Capitalization Note: Data is as of June 30, 2021, unless otherwise noted. 1As of June 30, 2021, $787.0 million of borrowing capacity was available under the 2019 Credit Facility and borrowings bore interest at LIBOR plus an applicable margin of 0.90% per annum. 2Our secured debt is partially amortizing and requires a balloon payment at maturity. 3Based on the share price of $47.84 as of June 30, 2021 and the total outstanding shares of 118,869,757 as of June 30, 2021, which excludes 0.2 million unvested restricted shares. 4The Fixed Charge Coverage Ratio as defined in the Senior Unsecured Notes indenture includes other adjustments, including the exclusion of preferred stock dividends. Debt Type Fixed / Floating Rate Debt 36.8% Total Debt to Total Assets (Requirement ≤ 60%) Senior Unsecured Note Covenant Compliance 0.1% Total Secured Debt to Total Assets (Requirement ≤ 40%) 5.2x Fixed Charge Coverage Ratio4 (Requirement ≥ 1.5x) 2.7x Total Unencumbered Assets to Unsecured Debt (Requirement ≥ 1.5x) Well-Staggered Maturities $ In Millions

Subsequent Events

lifestyle investment Spirit-Owned ClubCorp Properties2 Strategic Rationale Aspen Glen Club Treesdale Golf & Country Club 1Weighted by ABR. 2Includes the metropolitan area the clubs are located in. Cleveland, OH Seattle, WA Los Angeles, CA San Diego, CA Aspen, CO Tucson, AZ Dallas, TX Austin, TX San Antonio, TX Houston, TX Ann Arbor, MI Pittsburgh, PA Tampa Bay, FL Hilton Head Island, SC Atlanta, GA Charlotte, NC Raleigh, NC

Golf industry tailwinds Source: National Golf Foundation. Industry Highlights Golf Participation by Segment (In Millions) Most Rounds Played Since 2007 (In Millions) Golf Course Rationalization Changes in Supply and Demand Drives Return to Equilibrium 18-hole equivalent (18-HEQ) is a measure of golf supply calculated by taking the total number of golf holes and dividing by 18. For example, one 18-hole golf course equals one 18-hole equivalent. Two 9-hole golf courses equal one 18-hole equivalent. 18-hole equivalent (18-HEQ) is a measure of golf supply calculated by taking the total number of golf holes and dividing by 18. For example, one 18-hole golf course equals one 18-hole equivalent. Two 9-hole golf courses equal one 18-hole equivalent. Net Change in U.S. Golf Course Supply (18HEQ) 1987-2020 +4,567 -1,645 -246 -169 -31% vs. 2019 1986 1,882 2020 1,856 U.S. Golfers per Golf Course (18HEQ) 1986-2020

Spirit’s Platform

Spirit’s platform Integrated approach optimizing existing portfolio and scalable underwriting systems Harnessing Data Through Technology Proprietary Portfolio Tools Organizational Structure Spirit’s Underwriting Approach

Proprietary portfolio tools Power BI Heat Map Efficient Frontier Return Framework Property Ranking Model Industry relevance Risk framework Economic capitalization rates Sharpe ratio Investment in category Risk return analysis Residual value Level setting capital decisions Research Credit and Underwriting Research Asset Management Asset Management Technology Research Acquisitions Credit and Underwriting What is it solving for Controlling team Tool

Spirit’s Updated Efficient frontier Note: Industry categories exclude multi-tenant properties. Manufacturing, Distribution and Professional Office are classified by asset type while other industries reflect underlying Tenant operations as of June 30, 2021. 1Medical Office comprised of Real Estate Investment of $31M and $133M from the Retail and Office & Other asset type, respectively. Spirit’s Real Estate Investment

Spirit’s heat map Note: Industry categories exclude multi-tenant properties. Manufacturing, Distribution and Professional Office are classified by asset type while other industries reflect underlying Tenant operations. Essential and durable industries matter and are key factors in our investment strategy 100 100 50 0 0 Worse Better Technological Disruption (25% eCommerce penetration, 25% growth trends in eCommerce in industry, 50% historical/forecasted impact to real estate demand) Porter’s Five Forces (25% competition, 25% essential impact, 20% barriers to entry, 10% suppliers, buyers and substitutions) Better Worse 50

property ranking model Asset level ranking of all properties using twelve criteria Contract/Replacement rent Real estate score and 5-mile population Lease term 5-mile household income Pre-overhead Unit Coverage, Pre-overhead Master Lease Coverage, Corporate Coverage, State Rent escalations Lease type Individual weightings applied to each criteria to arrive at overall ranking All rankings updated annually All acquisition candidates ranked; key ingredient in Investment Committee decision process Weightings favor real estate centric criteria Heavier weighting on objective criteria Incorporates Spirit Heat Map via industry criteria Ranking is loss given default oriented vs. expected default frequency Ranking is not a binary decision making metric Lease expirations: informs renewal and re-tenanting strategies Develop consistent view of real estate across organization Benchmarking across industries Acquisitions: benchmark acquisitions against existing assets to ensure accretive portfolio shaping Dispositions: important factor in identifying and pricing target assets Utilizing the Property Ranking Results

Spirit’s underwriting approach Industry Relevance SWOT Analysis Porter’s 5 Forces Total addressable market Industry lifecycle Revenue & profit volatility through lifecycles Tenant Underwriting Operation analysis: earnings potential, cash flow, historical trends, coverage Balance sheet analysis: leverage, FCCR, tangible net worth Other: comparison to industry average/ownership, regulatory exposure, ESG Real Estate Residual value analysis Replacement rent Real estate ranking Property ranking model

Commitment to Environmental Sustainability Environmental Responsibility Social Responsibility Corporate Governance Environmental considerations in our office Committed to reducing our environmental footprint Environmental considerations in our investments Committed to investing responsibly and managing environmental risks

Commitment to social responsibility Environmental Responsibility Social Responsibility Corporate Governance We are “All One Team” Diversity and Inclusion. Diversity, Equity & Inclusion Council formed in 2020 with goals to support Spirit’s leadership in developing strategies to foster a diverse and inclusive workforce, including deployment of mandatory diversity and inclusion training Employee development. Offer leadership training, coaching, and tuition reimbursement to support our employees in their professional development Employee initiatives. Includes annual health and wellness challenge and virtual coffee talks We are committed to being good corporate citizens Spirit One Committee. Dedicated to organizing civic involvement with non-profit organizations, including donations to 28 organizations in 2020 Employee gift matching program. Matches charitable contributions to eligible organizations We are subject to a Code of Business Ethics Labor. Committed to compensating employees at competitive rates Health and safety. “Return to Office” Committee researched best practices and safety measures IT Security. All employees are required to complete Information Technology Security Training

Commitment to strong governance practice Environmental Responsibility Social Responsibility Corporate Governance Our Board maintains a diversity of perspectives that support the oversight of the Company’s ongoing strategic objectives Best in class board practices 9 of 10 are independent Independent Chairman of the Board Annual elections for all directors Majority voting standard Third party annual board evaluations Conduct annual CEO performance reviews All committees are independent Committee chair rotation Opted out of MUTA 50% shareholder threshold to amend bylaws No poison pill Minimum stock ownership requirements Plurality voting standard in contested elections Clawback policy Anti-hedging/pledging policy 40% are women

Financial Presentation and Non-GAAP Reconciliations

CONSOLIDATED STATEMENTS OF OPERATIONS $ IN THOUSANDS 1For the three and six months ended June 30, 2021, rental income included $137.8 million and $263.0 million of Base Cash Rent, respectively, and $3.9 million and $6.7 million of tenant reimbursable income, respectively. Base Cash Rent for the three months ended June 30, 2021 includes $7.0 million of recoveries related to prior period rent not deemed probable of collection. For the three and six months ended June 30, 2020, rental income included $110.2 million and $226.7 million of Base Cash Rent, respectively, and $2.4 million and $5.5 million of tenant reimbursable income, respectively.

CONSOLIDATED BALANCE SHEETS $ IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS

1Costs related to COVID-19 are included in general and administrative expense and primarily relate to legal fees for executing rent deferral or abatement agreements. 2AFFO for the three and six months ended June 30, 2021 includes $9.1 million and $11.8 million, respectively, of deferred rental income recognized in conjunction with the FASB’s relief for deferral agreements extended as a result of the COVID-19 pandemic. AFFO for both the three and six months ended June 30, 2020 includes $22.3 million of deferred rental income recognized in conjunction with the FASB’s relief for deferral agreements extended as a result of the COVID-19 pandemic. 3Weighted average shares of common stock for non-GAAP measures includes unvested market-based awards, which are dilutive for the non-GAAP calculations. Dividends paid and undistributed earnings allocated, if any, to unvested restricted stockholders are deducted from FFO and AFFO for the computation of the per share amounts. The following amounts were deducted: FUNDS AND ADJUSTED FUNDS FROM OPERATIONS $ IN THOUSANDS, EXCEPT PER SHARE AMOUNTS

Other NON-GAAP RECONCILIATIONS $ in thousands 1Costs related to COVID-19 are included in general and administrative expense and primarily relate to legal fees for executing rent deferral or abatement agreements. 2Adjustment relates to net recoveries related to prior period straight-line rent deemed not probable of collection. 3Adjustment is comprised of net recoveries related to prior period rent deemed not probable of collection and property costs. 4Adjusted Debt / Annualized Adjusted EBITDAre would be 4.9x and Adjusted Debt + Preferred / Annualized Adjusted EBITDAre would be 5.2x if all 1.9 million shares under open forward sales agreements had been settled on June 30, 2021. 5Excludes costs related to COVID-19 and non-cash compensation expense, which are already included as add-backs to Adjusted EBITDAre. 6Adjustment is comprised of net recoveries related to prior period rent deemed not probable of collection and property costs.

Net Asset Value (NAV) Components Market Value of Real Estate $3.0B Debt and Equity $107.3M Other Assets $163.4M Other Liabilities $535.4M Annualized Base Rent $12.9M Net Book Value for Vacant Assets $2.8B Debt Principal1 $172.5M Preferred Equity Liquidation Value $9.4M Cash and Cash Equivalents $39.7M Tangible Other Assets $76.1M Dividends Payable $87.3M Accounts Payable, Accrued Expenses, and Other Tangible Liabilities $529.6M Annualized Adjusted Cash NOI Note: Data is as of June 30, 2021. 1Debt principal outstanding of $2,768.6 million is comprised of $13.0 million under the 2019 Credit Facility, $2,750.0 million of Senior Unsecured Notes and $5.6 million of mortgages payable. 2Total outstanding shares as of June 30, 2021, less 0.2 million unvested restricted shares. Excludes 1.9 million shares of common stock issuable under open forward contracts. $58.2M Restricted Cash

Appendix

NON-GAAP DEFINITIONS AND EXPLANATIONS

OTHER DEFINITIONS AND EXPLANATIONS

FORWARD-LOOKING STATEMENTS AND RISK FACTORS The information in this presentation should be read in conjunction with the accompanying earnings press release, as well as the Company's Annual Report on Form 10-K and other information filed with the Securities and Exchange Commission. This presentation is not incorporated into such filings. This document is not an offer to sell or a solicitation to buy securities of Spirit Realty Capital, Inc. Any offer or solicitation shall be made only by means of a prospectus approved for that purpose. This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. When used in this presentation, the words “estimate,” “anticipate,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “seek,” “approximately” or “plan,” or the negative of these words or similar words or phrases that are predictions of or indicate future events or trends and which do not relate solely to historical matters are intended to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions of management. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise, and Spirit may not be able to realize them. Spirit does not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following risks and uncertainties, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: industry and economic conditions; volatility and uncertainty in the financial markets, including potential fluctuations in the CPI; Spirit's success in implementing its business strategy and its ability to identify, underwrite, finance, consummate, integrate and manage diversifying acquisitions or investments; the financial performance of Spirit's retail tenants and the demand for retail space; Spirit's ability to diversify its tenant base; the nature and extent of future competition; increases in Spirit's costs of borrowing as a result of changes in interest rates and other factors; Spirit's ability to access debt and equity capital markets; Spirit's ability to pay down, refinance, restructure and/or extend its indebtedness as it becomes due; Spirit's ability and willingness to renew its leases upon expiration and to reposition its properties on the same or better terms upon expiration in the event such properties are not renewed by tenants or Spirit exercises its rights to replace existing tenants upon default; the impact of any financial, accounting, legal or regulatory issues or litigation that may affect Spirit or its major tenants; Spirit's ability to manage its expanded operations; Spirit's ability and willingness to maintain its qualification as a REIT under the Internal Revenue Code of 1986, as amended; the impact on Spirit’s business and those of its tenants from epidemics, pandemics or other outbreaks of illness, disease or virus (such as the strain of coronavirus known as COVID-19); and other risks inherent in the real estate business, including tenant defaults, potential liability relating to environmental matters, illiquidity of real estate investments and potential damages from natural disasters discussed in Spirit's most recent filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this presentation. While forward-looking statements reflect Spirit's good faith beliefs, they are not guarantees of future performance. Spirit disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by law. In addition to U.S. GAAP financial measures, this presentation contains and may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are included in this Appendix if the reconciliation is not presented on the page in which the measure is published.

XML

Document and Entity Information	Aug. 03, 2021
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 03, 2021
Entity Registrant Name	SPIRIT REALTY CAPITAL, INC.
Entity Central Index Key	0001308606
Entity Emerging Growth Company	false
Entity File Number	001-36004
Entity Incorporation State Country Code	MD
Entity Tax Identification Number	20-1676382
Entity Address, Address Line One	2727 North Harwood Street
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	972
Local Phone Number	476-1900
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Common Stock [Member]
Document Information [Line Items]
Security 12b Title	Common stock, par value $0.05 per share
Trading Symbol	SRC
Security Exchange Name	NYSE
Series A Preferred Stock [Member]
Document Information [Line Items]
Security 12b Title	6.000% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	SRC-A
Security Exchange Name	NYSE