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Realty Income Corporation has thrown a curveball in acquiring Spirit Realty Capital, Inc., diluting current shareholders, but this is expected to be accretive on a leverage-neutral basis. The merger will result in increased diversification and lower rent concentration for Realty Income. Following the merger, Realty Income will become the 4th largest REIT in the S&P 500 by enterprise value.

High-quality REITs at deep discounts are excellent buys for a rate-agonistic income portfolio. Spirit Realty Capital, Inc. has no near-term debt maturities, ample liquidity, and a solid portfolio composition, making it an attractive investment opportunity. The safest dividend is the one that was just raised.

Net lease REIT sector is down 13.6% in 2023 with a dividend yield average of 7.3%. I have avoided Gladstone Commercial and Global Net Lease due to unsustainable dividends. Spirit Realty is down 15% year-to-date and trading at a cheap valuation of 9.4x, making it a potential M&A target.

DALLAS--(BUSINESS WIRE)--Spirit Realty Capital, Inc. Schedules Third Quarter 2023 Earnings Release and Conference Call.

Spirit Realty offers investors a safe, and secure 7% yield currently. I have a price target of $45.50 offering investors more than 25% upside from current price. SRC's portfolio is geographically diversified with most of its properties in two of the fastest growing states in the U.S.

Spirit Realty Capital had a scintillating run-up post our late 2021 article, but has since given back all gains. The diverse portfolio with long lease terms is offset by a lower quality tenant profile. Applying last 10-year valuation metrics is a recipe for disaster as Elvis has left the ZIRP building.

Spirit Realty Capital is a sizeable REIT with a yield of nearly 7.4% and a fundamentally healthy business model. The company owns and leases out single tenant real estate under long-term, triple net leases, with a 99.8% occupancy rate. Spirit Realty Capital has diverse industry exposure and geographic distribution, and has shown growth in revenue and profitability metrics.

Net Lease REITs have sold off this year, creating significant bargains. Several Net Lease REITs offer investors high safe yield at low prices, with strong balance sheets and double-digit upside in share price. This article examines growth, balance sheet, dividend, and valuation metrics for three such companies.

This mid-cap REIT specializes in sale-leasebacks. The 6.9% dividend is attractive, but recent increases are small. The portfolio is diversified by geography and building type, but only 19.3% of tenants are rated investment grade.

Spirit Realty Capital, Inc. (NYSE:SRC ) Q2 2023 Results Conference Call August 8, 2023 9:30 AM ET Company Participants Pierre Revol - SVP, Corporate Finance & IR Jackson Hsieh - President, CEO Michael Hughes - CFO Ken Heimlich - CIO Conference Call Participants Anthony Paolone - JP Morgan Greg McGinniss - Scotiabank Haendel St. Juste - Mizuho Joshua Dennerlein - Bank of America Ki Bin Kim - Truist Linda Tsai - Jefferies Michael Goldsmith - UBS Michael Gorman - BTIG Rob Stevenson - Janney Wes Golladay - Baird Ronald Kamdem - Morgan Stanley Operator Good day, and welcome to the Spirit Realty Capital Second Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.