Spirit Realty Capital Inc. completed its previously announced 1-for-5 reverse stock split of its outstanding shares of common stock.
Under the split, every 5 issued and outstanding common shares were converted into 1 share, reducing the company's float to approximately 85,788,263 shares from 428,941,318 shares.
The single-tenant net-lease real estate investment trust noted that its previously disclosed fourth-quarter dividend of 12.5 cents per common share will now be 62.5 cents per common share, reflecting the reverse stock split.
Shares will begin trading on a reverse split-adjusted basis Dec. 13 under the company's current SRC ticker. The split did not affect any stockholder's percentage ownership interest in Spirit, except for de minimus changes due to the elimination of fractional shares.