The company said it closed its stock-for-stock merger with Spirit on January 23, 2024 and assumed the Spirit portfolio, which consisted of 49 U.S. retail, industrial and other properties across 2,018 states.

1. 01

   The company said it closed its stock-for-stock merger with Spirit on January 23, 2024 and assumed the Spirit portfolio, which consisted of 49 U.S. retail, industrial and other properties across 2,018 states.

2. 02

   Merger-related transaction costs for the quarter ended March 31, 2024 totaled $94.1 million, the company said, primarily consisting of employee severance, post-combination share-based compensation, transfer taxes and various professional fees.

3. 03

   The company said that as of March 31, 2024 its liquidity was $4.0 billion, consisting of cash and cash equivalents of $680.2 million, unsettled ATM forward equity of $62.9 million, and $4.25 billion of availability under its unsecured revolving credit facility, net of $3.2 billion of borrowings.

4. 04

   The company said it owned or held interests in 15,485 properties as of March 31, 2024, with total portfolio annualized contractual rent of $4.79 billion.

Key figures

Quarter ended March 31, 2024

Revenue

$1.3B

Net income

$132M

EPS

$0.16

Operating cash flow

$779M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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