Spirit Realty Capital, Inc. functioned as a prominent net-lease real estate investment trust, specializing in single-tenant, essential commercial properties secured by long-term leases. By the end of June 2023, the firm managed a diverse portfolio comprising 2,064 retail, industrial, and various other properties spread across 49 states. These assets were leased to 345 different tenants operating within 37 distinct industries, maintaining an occupancy rate nearing 99.8%. This strategic investment approach aimed at generating stable rental income. On January 23, 2024, Spirit Realty Capital was acquired by Realty Income Corporation in an all-stock transaction.