Spirit Realty and Cole Become Partners

PHOENIX-Local companies Spirit Realty Capital Inc. and Cole Credit Property Trust II have signed a definitive agreement to merge. Once the final dotted lines are signed during Q3, 2013, the result will be the second-largest publicly traded triple-net REIT in the U.S., offering a pro forma enterprise value of approximately $7.1 billion.

According to a press release dealing with the agreed-upon merger, the combined company will retain the Spirit Realty name and trade on the New York Stock Exchange under the ticker symbol “SRC.” It will own or have an interest in 2,012 properties in 48 states as well as enhanced asset to capital and a more broadly diversified portfolio of high-quality real estate assets.  Spirit Realty’s management will lead the company.