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): January 10, 2022

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 January 10, 2022, Spirit Realty Capital, Inc. (the “Company,” “we,” “us” or “our”), issued (i) a press release providing preliminary estimates for the quarter and year ended December 31, 2021 and guidance for fiscal year 2022, a copy of which is attached hereto as Exhibit 99.1 and (ii) an investor presentation titled “Spirit Guidance and Capital Deployment Update,” a copy of which is attached hereto as Exhibit 99.2.

The information set forth in Item 2.02 and in the attached Exhibits 99.1 and 99.2 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 8.01 OTHER INFORMATION

Based on our preliminary estimates for the quarter and year ended December 31, 2021, management expects to report the following:

• Expected adjusted funds from operations ("AFFO") per share of $0.84 to $0.85 for the fourth quarter and $3.30 to $3.31 for the year. Expected AFFO per share of $3.24 to $3.25 for the year, excluding out of period earnings.

• Invested $487.9 million in the fourth quarter and $1.3 billion in the year:

o Acquired 92 properties in the fourth quarter through 28 transactions for $463.9 million, comprised of 59.5% retail and 40.5% industrial assets.

o Acquired 166 properties in the year through 58 transactions for $1.2 billion, comprised of 40.0% industrial, 37.8% retail, 18.8% other and 3.4% office assets.

• Generated $4.8 million in gross proceeds in the fourth quarter from the disposition of four vacant properties and $100.0 million in gross proceeds in the year from the disposition of 23 properties.

• Generated $200.2 million in gross proceeds in the fourth quarter from the issuance of 4.2 million shares of common stock and $549.3 million in gross proceeds in the year from the issuance of 12.6 million shares of common stock.

• Issued $450.0 million of 2.10% Senior Unsecured Notes due 2028 and $350.0 million of 2.70% Senior Unsecured Notes due 2032 in the year.

• Had corporate liquidity of $532.1 million as of December 31, 2021, comprised of availability under our credit facility, cash and cash equivalents and available proceeds from unsettled forward equity contracts.

These preliminary estimates are subject to change upon completion of our financial statements for the year ended December 31, 2021, including all disclosures required by U.S. generally accepted accounting principles ("GAAP"). There can be no assurance that these preliminary estimates, including our preliminary estimated range of AFFO per share for the quarter and year ended December 31, 2021, will not change materially as a result of the completion of our financial closing procedures, final adjustments and other developments arising between now and the time that our financial results for the year ended December 31, 2021 are finalized.  Accordingly, you should not place undue reliance on these preliminary estimates. These preliminary estimates should not be viewed as a substitute for full financial statements prepared in accordance with GAAP. In addition, these preliminary estimates are not necessarily indicative of the results to be achieved in any future period.

We do not provide a reconciliation for our preliminary estimates range of AFFO per share to net income available to common stockholders per share, the most directly comparable forward looking financial measure under GAAP, due to the inherent variability in timing and/or amount of various items that could impact net income available to common stockholders per share, including, for example, gains/losses on debt extinguishment, impairments and other items that are outside the control of the Company.

Non-GAAP Financial Measures

AFFO is a non-GAAP financial measure of operating performance used by many companies in the real estate investment trusts (“REIT”) industry. We adjust  funds from operations (“FFO”), which we calculate in accordance with the standards established by NAREIT (i.e., net income (loss) attributable to common stockholders (computed in accordance with GAAP), excluding real estate-related depreciation and amortization, impairment charges and net (gains) losses from property dispositions) to eliminate the impact of certain items that we believe are not indicative of our core operating performance, such as debt extinguishment gains (losses), costs associated with termination of interest rate swaps, costs related to the COVID-19 pandemic and certain non-cash items. These certain non-cash items include non-cash revenues (comprised of straight-line rents net of bad debt expense and amortization of lease and loan receivable intangibles), non-cash interest expense (comprised of amortization of deferred financing costs and debt discounts/premiums) and non-cash compensation expense. Other equity REITs may not calculate FFO and AFFO as we do, and, accordingly, our AFFO may not be comparable to such other equity REITs’ AFFO. AFFO does not represent cash generated from operating activities determined in accordance with GAAP, is not necessarily indicative of cash available to fund cash needs and should only be considered a supplement, and not an alternative, to net income (loss) attributable to common stockholders (computed in accordance with GAAP) as a performance measure.

Special Note Regarding Forward-Looking Statements

This current report may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements can be identified by the use of words and phrases such as “preliminary,” “expect,” “plan,” “will,” “estimate,” “project,” “intend,” “believe,” “guidance,” “approximately,” “anticipate,” “may,” “should,” “seek” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate to historical matters but are meant to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions of management. These forward-looking statements are subject to known and unknown risks and uncertainties that you should not rely on as predictions of future events. Forward-looking statements depend on assumptions, data and/or methods which may be incorrect or imprecise and the Company may not be able to realize them. the Company does not guarantee that the 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 Consumer Price Index; the Company’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 the Company’s retail tenants and the demand for retail space, particularly with respect to challenges being experienced by general merchandise retailers; the Company’s ability to diversify its tenant base; the nature and extent of future competition; increases in the Company’s costs of borrowing as a result of changes in interest rates and other factors; the Company’s ability to access debt and equity capital markets; the Company’s ability to pay down, refinance, restructure and/or extend its indebtedness as it becomes due; the Company’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 the Company exercises its rights to replace existing tenants upon default; the impact of any financial, accounting, legal or regulatory issues or litigation that may affect the Company or its major tenants; the Company’s ability to manage its expanded operations; the Company’s ability and willingness to maintain its qualification as a REIT under the Internal Revenue Code of 1986, as amended; the impact on the Company’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 the Company’s most recent filings with the 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 are based on information that was available, and speak only, as of the date on which they were made. While forward-looking statements reflect the Company’s good faith beliefs, they are not guarantees of future performance. the Company expressly disclaims any responsibility to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.

99.1	Press Release, dated January 10, 2022
99.2	Spirit Guidance and Capital Deployment Update, dated January 10, 2022
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: January 10, 2022

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. Provides 2021 Preliminary Estimates and

Announces 2022 Guidance

Dallas, Texas, January 10, 2022 – Spirit Realty Capital, Inc. (NYSE: SRC) (“SRC” or “Spirit”), a premier net lease real estate investment trust (“REIT”) that invests in single-tenant, operationally essential real estate, provides 2021 preliminary estimates and announces 2022 guidance. An updated presentation, titled 'Spirit Guidance and Capital Deployment Update', has also been posted to the investor relations section of the Company's website.

“We are pleased with the strong execution that our acquisition, asset management and credit platforms delivered throughout 2021, particularly the high capital deployment volume produced in the fourth quarter. Given the team and systems we have in place at Spirit, and the visibility into our forward pipeline, we are accelerating the pace of our acquisitions and earnings growth in 2022,” stated Jackson Hsieh, President and Chief Executive Officer.

2021 PRELIMINARY ESTIMATES

• Expected AFFO per share of $0.84 to $0.85 for the fourth quarter and $3.30 to $3.31 for the fiscal year. Expected AFFO per share of $3.24 to $3.25 for the fiscal year, excluding out of period earnings.

• Invested $487.9 million in the fourth quarter at an initial weighted average cash yield of 6.38% and $1.3 billion in the fiscal year at an initial weighted average cash yield of 6.93%.

o Acquired 92 properties in the fourth quarter through 28 transactions for $463.9 million with a weighted average lease term of 15.2 years, comprised of 59.5% retail and 40.5% industrial assets.

o Acquired 166 properties in the fiscal year through 58 transactions for $1.2 billion with a weighted average lease term of 15.9 years, comprised of 40.0% industrial, 37.8% retail, 18.8% other and 3.4% office assets.

• Generated $4.8 million in gross proceeds in the fourth quarter from the disposition of four vacant properties and $100.0 million in gross proceeds in the fiscal year from the disposition of 23 properties, with a weighted average capitalization rate of 4.42% on eight income producing properties.

• Generated $200.2 million in gross proceeds in the fourth quarter from the issuance of 4.2 million shares of common stock and $549.3 million in gross proceeds in the fiscal year from the issuance of 12.6 million shares of common stock.

• Issued $450.0 million of 2.10% Senior Unsecured Notes due 2028 and $350.0 million of 2.70% Senior Unsecured Notes due 2032 in the fiscal year.

• Had corporate liquidity of $532.1 million as of December 31, 2021, comprised of availability under the 2019 Credit Facility, cash and cash equivalents and available proceeds from unsettled forward equity contracts.

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2022GUIDANCE

The Company announced guidance for fiscal year 2022:

• AFFO per share of $3.52 to $3.58

• Capital deployment of $1.3 billion to $1.5 billion (comprising acquisitions and revenue producing capital expenditures)

• Dispositions of approximately $100 million

The Company does not provide a reconciliation for its preliminary estimated ranges of AFFO per share for the fourth quarter or fiscal year ended December 31, 2021 or guidance range of AFFO per share for 2022 to net income available to common stockholders per share, the most directly comparable forward looking GAAP financial measure, due to the inherent variability in timing and/or amount of various items that could impact net income available to common stockholders per share, including, for example, gains/losses on debt extinguishment, impairments and other items that are outside the control of the Company.

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 of September 30, 2021, our diverse portfolio consisted of 1,915 owned properties across 48 states, with an aggregate leasable area of 46.7 million square feet within retail, industrial and other assets. Our properties were leased to 312 tenants operating in over 35 industries. More information about Spirit Realty Capital can be found on the investor relations page of the Company's website at www.spiritrealty.com.

INVESTOR CONTACT

Pierre Revol

(972) 476-1403
InvestorRelations@spiritrealty.com

FORWARD-LOOKING AND CAUTIONARY STATEMENTS

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements can be identified by the use of words and phrases such as “preliminary,” “expect,” “plan,” “will,” “estimate,” “project,” “intend,” “believe,” “guidance,” “approximately,” “anticipate,” “may,” “should,” “seek” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate to historical matters but are meant to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions of management. These forward-looking statements are subject to known and unknown risks and uncertainties that you should not rely on as predictions of future events. Forward-looking statements depend on assumptions, data and/or methods which may be incorrect or imprecise and Spirit may not be able to realize them. Spirit does not guarantee that the events

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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 Consumer Price Index; 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, particularly with respect to challenges being experienced by general merchandise retailers; 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 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 are based on information that was available, and speak only, as of the date on which they weremade. While forward-looking statements reflect Spirit’s good faith beliefs, they are not guarantees of future performance. Spirit expressly disclaims any responsibility to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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EX-99.2

Spirit Guidance and Capital Deployment Update January 10, 2022 Exhibit 99.2

2022 guidance update 1As of Q3 2021. 2As presented on slide 136 of Spirit’s 2019 Investor Day presentation. 32020 outlook as presented on slide 135 of Spirit’s 2019 Investor Day presentation. 2022 AFFO per share of $3.52 to $3.58 and capital deployment of $1.3 billion to $1.5 billion 4.0% CAGR 6.1% CAGR Capital Deployment3 $700M - $900M Capital Deployment $1,300M - $1,500M Implied Quarterly Capital Deployment $175M - $225M Implied Quarterly AFFO Per Share $0.83 - $0.88 per share Implied Quarterly Capital Deployment $325M - $375M Implied Quarterly AFFO Per Share $0.88 - $0.90 per share 6.1% CAGR 6.7% CAGR 2019 Investor Day Outlook2 December 5, 2019 2022 Guidance We originally provided 2022 AFFO per share guidance at our 2019 Investor Day. Our tenants, portfolio and acquisitions platform performed throughout the COVID-19 pandemic, enabling us to raise the midpoint of our projected 2022 AFFO per share guidance range by 3.8% Key Highlights:

Strong growth at a reasonable price Note: Dividend yield and AFFO per share multiples based on data as of January 5, 2022. 2021 and 2022 AFFO per share is based on Factset consensus estimates for peers and midpoint of guidance for Spirit. Our peers may not calculate AFFO as we do, and, accordingly, our AFFO may not be directly comparable to such peers’ AFFO. 1Year-over-year growth based on midpoint of preliminary 2021 AFFO per share range of $3.24 to $3.25, excluding $0.06 of out of period earnings. 22019 to 2022 CAGR for Spirit based on 2019 adjusted AFFO per share as presented on slide 136 of Spirit’s 2019 Investor Day presentation. 3Initial public offering completed in third quarter of 2020. 4Calculated using the most recent dividend announcement annualized over 2022 Factset consensus estimates for peers and midpoint of guidance for Spirit. Spirit’s Projections vs Net Lease Peers’ Estimates 2022 AFFO Per Share Growth AFFO CAGR from 2019 to 2022 N/A3 2022 Total Return 2022 AFFO Per Share Multiple Dividend Yield 2022 AFFO Per Share Growth 1 1 2

Capital deployment performance Gross Investment Activity Trailing 8-Quarter Totals Spirit has acquired approximately 27% of its total Real Estate Investments1 since 2020 15.0% 1Real Estate Investment as of December 31, 2021, excluding fourth quarter impairments.

2021 acquisition industry breakdown Note: Percentages based on Gross Investment of acquisitions. Retail industries reflect the underlying Tenant operations, and Industrial, Office and Other industries represent the underlying property use. Manufacturing: 43.5% Distribution: 6.8% Health and Fitness: 17.7% Warehouse Club and Supercenters: 10.0% Automotive Service: 7.2% Sporting Goods: 5.8% Entertainment: 0.8% Department Stores: 4.9% Dollar Stores: 3.3% Manufacturing: 21.3% Dealerships: 6.5% Home Décor: 5.8% Dollar Stores: 2.5% Home Improvement: 2.4% Car Washes: 1.1% Professional Office: 15.0% Distribution: 45.4% Manufacturing: 6.4% Car Washes: 5.1% Automotive Service: 3.0% Health and Fitness: 3.0% Early Education: 2.3% Country Clubs: 79.2% Manufacturing: 30.0% Distribution: 9.0% Automotive Service: 23.4% Car Washes: 21.2% Early Education: 5.5% Dollar Stores: 2.9% Home Furnishings: 2.7% Sporting Goods: 2.4% Other: 1.4% Dollar Stores: 1.0% Q1 2021 Q2 2021 Q3 2021 Q4 2021 Flex: 1.5%

Appendix

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.

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Document Information [Line Items]
Document Type	8-K
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Document Period End Date	Jan. 10, 2022
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Entity Tax Identification Number	20-1676382
Entity Address, Address Line One	2727 North Harwood Street
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Entity Address, State or Province	TX
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Local Phone Number	476-1900
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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