Spirit's Story & Values

Funding the Heart of American Business

At Spirit, we partner with businesses, providing the capital our tenants need to expand and evolve.

This not only creates economic growth benefiting communities across the country, but with our proprietary underwriting tools and analytics, it also provides strong returns for our stockholders.

Our objective is to maximize stockholder value

We aim to accomplish this through Spirit’s proprietary success formula. We maintain a high-quality portfolio of single-tenant commercial real estate facilities, where our tenants conduct activities essential to the generation of their sales and profits.

Spirit is a self-administered, self-managed REIT with numerous in-house capabilities:

  • Acquisitions
  • Credit and Underwriting
  • Asset Management
  • Portfolio Management
  • Real Estate Research
  • Legal
  • Finance
  • Accounting and Tax

Our Business & Growth Strategies

Fortress Balance Sheet | Spirit's Story and Values

A strong, robust balance sheet is vital to success, so our long-term financing strategy is to maintain a leverage profile that allows operational flexibility and generates superior, risk-adjusted returns for our stockholders. We finance our operations and investments using a variety of methods, such as:

  • Available unrestricted cash balances
  • Property operating revenue
  • Proceeds from property dispositions
  • Available borrowings under our credit facilities
  • Common and preferred stock issuances
  • Debt securities issuance, including senior unsecured debt, term loans and property level debt

Strong Operating Systems | Spirit's Story & Values

Spirit’s market-leading technology allows foresight and situational awareness to make timely and well-informed decisions. At Spirit, we take advantage of these integrated tools to streamline key processes for acquisitions, tenant monitoring and managing our capital structure, forecasts and records. Effective use of technology platforms informs portfolio management decisions and provides efficiency, depth and scalability to our processes while also allowing us to seamlessly execute our objectives.

Outstanding People of Spirit Realty | Spirit's Story & Values

We believe attracting, developing and retaining a team of highly talented and motivated employees is critical to reflecting our “All One Team” motto and delivering strong financial results. To that end, we have also implemented sound social, human capital management and environmental practices and policies throughout the operation of our business.

At Spirit, we demonstrate our solid commitment to being responsible and conscientious in everything that we do. These commitments are transparently set forth in our Environmental Management System, Human Rights Policy, Anti-Corruption Policy, Vendor Code of Conduct and our Code of Business Conduct and Ethics.

High-Quality Portfolio | Spirit Realty

We believe that portfolio diversification and lease structures aligned with our business and growth strategies are the cornerstones to managing the inherent risk associated with investing in real estate. We maintain certain lease qualities to ensure rental revenue stability and maximize long-term returns:

  • Diverse and granular portfolio
  • Leases for operationally essential real estate
  • Leases with contractual rental growth
  • Leases with relatively long terms
  • Leases with a master lease structure

At Spirit, we don’t just look to a single industry or channel for investment opportunities. Instead, we base decisions on our comprehensive assessments and source new deals from our extensive, diverse network of partnerships with tenants and brokers. This multi-channel approach drives acquisition volume and creates a balanced mix of opportunities from numerous sectors.

We target tenants that are publicly listed, because those tenants possess certain attractive characteristics, including continual access to capital, generally lower leverage, audited financial statements and governance scrutiny.

We believe extensive credit underwriting is crucial for minimizing tenant financial risk as well as protecting stockholder value. Our independent credit department underwrites all acquisition, disposition and capital investment opportunities and monitors the financial health of our existing portfolio. These underwriting capabilities help identify tenants with attractive credit characteristics and stable operating histories to build relationships and help identify tenants with weakening characteristics to dispose of.

Each acquisition opportunity is evaluated against our acquisition criteria, which includes, but is not limited to:

  • Accretive capitalization rate
  • Long-term lease structure containing rent escalations
  • Favorable tenant industries based on the Spirit Heat Map
  • Favorable Spirit property ranking
  • Attractive tenant credit characteristics
  • Overall portfolio diversification impact

Spirit’s Core Values


R.E.A.C.H. For the Stars

At Spirit, we are All One Team. Our growth and success depend on teamwork and the individual contribution of every member of the team.

We are committed to attracting the best and brightest talent in the industry and retaining them through a culture of collaboration and mutual respect. To that end, we strive to ensure each of our team members can “R.E.A.C.H. for the Stars” through the following values:


Individually we may be strong. Together we are unstoppable.


Strive for greatness in everything you do.

Act With

Do the right thing – and always do what you say.


Be hopeful and confident about the future.


Teams that play together stay together.

Portfolio Snapshot

As of September 30 2023, our diversified portfolio comprises 2,037 owned properties, with an aggregate leasable area of 61.6M square feet across 49 states and 37 industries.