SCOTTSDALE, AZ-Spirit Realty Capital Inc.'s shareholders overwhelmingly approved an already announced merger with Cole Credit Property Trust II. The agreement, announced during the earlier part of this year, would combine both companies into one of the largest publicly traded triple-net lease REITs in the United States.
According to a press release announcing the results of the June 12 special shareholder's meeting, approximately 86% of the outstanding shares of Spirit Realty Capital common stock voted at the meeting. Approximately 96% voted in favor of the merger.
When the merger closes, Spirit Realty Capital shareholders will receive a fixed exchange ratio of 1.9048 shares of common stock of the combined company for each share of Spirit Realty Capital common stock owned.
The combined company will retain the Spirit Realty Capital name and is expected to trade on the New York Stock Exchange under the ticker symbol “SRC” The REIT will own approximately 1,900 properties in 48 states. The current management team of Spirit Realty Capital will lead the combined company. The closing of the merger remains subject to the satisfaction of other conditions but is expected to be completed in the third quarter of this year.
“I would like to thank our shareholders for their overwhelming support throughout this process and their recognition of the opportunity the combined company creates to accelerate Spirit Realty Capital's business strategy,” says Thomas H. Nolan, chairman and CEO of Spirit Realty Capital in a prepared statement. “We look forward to completing the transaction and beginning to realize the value of this combination for our shareholders.”
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