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Spirit Finance Files for $300M IPO

SCOTTSDALE, AZ-The net-lease REIT, formed in August 2003 by two former GE Commercial Finance executives, makes a public run with a portfolio of 180 properties in 29 states and binding agreements to buy another $47.1 million of real estate.

By Jennifer D. Duell | Updated on October 19, 2004

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SCOTTSDALE, AZ-Spirit Finance Corp. has filed with the Securities and Exchange Commission for a proposed $300-million initial public offering of shares of its common stock.

The locally based REIT, which focuses on single-tenant, net-leased real estate, was formed in August 2003 by Morton H. Fleischer and Christopher H. Volk, two senior executive officers of Franchise Finance Corp. of America, which was later sold to GE Capital Commercial Equipment Financing in August 2001 for $2.1 billion. Fleischer now holds the chairman and CEO position while Volk is president and COO.

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