The REIT, which focuses on single-tenant, net-leased realestate, was formed in August 2003 by Morton H. Fleischer andChristopher H. Volk, two senior executive officers of FranchiseFinance Corp. of America, which was later sold to GE CapitalCommercial Equipment Financing in August 2001 for $2.1 billion.Fleischer now holds the chairman and CEO position while Volk ispresident and COO.

According to SEC documents, the REIT intends "to be one of thelimited sources of capital that provides comprehensive, customizedreal estate financing solutions in significant dollar amounts (inexcess of $25 million)…real estate financing solutions take theform of sale-leaseback transactions and, to a lesser extent,mortgage loans and will, to a limited extent, include construction,equipment and corporate loans."

Spirit Finance, which posted revenue of $5.9 million for thefirst half of the year, boasts a portfolio of real estate andmortgage and equipment loans for 180 properties in 29 states in theUS. The portfolio was valued at roughly $341 million as of Aug. 31.The real estate assets include restaurants, interstate travelplazas, movie theaters, automotive parts stores, electronicsretailers, educational facilities and specialty retailers.