Spirit Realty Capital Prices $450 Million of 2.100% Senior Unsecured Notes due 2028 and $350 Million of 2.700% Senior Unsecured Notes due 2032

Spirit Realty Capital, Inc. (NYSE: SRC) (“Spirit” or the “Company”) announced today that its operating partnership, Spirit Realty, L.P. (the “operating partnership”), has priced a public offering of $450 million aggregate principal amount of 2.100% senior notes due 2028 (the “2028 Notes”) and $350 million aggregate principal amount of 2.700% senior notes due 2032 (the “2032 Notes” and, together with the 2028 Notes, the “Notes”). The 2028 Notes priced at 99.364% of the principal amount and will mature on March 15, 2028. The 2032 Notes priced at 99.344% of the principal amount and will mature on February 15, 2032. The offering is expected to settle on March 3, 2021, subject to the satisfaction of customary closing conditions. The Notes will be fully and unconditionally guaranteed by the Company.

BofA Securities, Inc., RBC Capital Markets, LLC, Wells Fargo Securities, LLC, Capital One Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc. and Truist Securities, Inc. acted as joint book-running managers for the offering.

The operating partnership intends to use the net proceeds from the offering to repay or repurchase indebtedness, including repaying the Company’s 3.75% convertible notes due 2021 at maturity, repaying certain CMBS loans (plus the yield maintenance amounts) and temporarily repaying borrowings outstanding under the operating partnership’s revolving credit facility, and for general corporate purposes, which may include repaying or repurchasing other indebtedness, working capital, acquisitions and capital expenditures.

The offering is being made under the Company’s effective shelf registration statement filed with the Securities and Exchange Commission (“SEC”). A final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website. When available, a copy of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained from BofA Securities, Inc., 200 North College Street, NC1-004-03-43, Charlotte, NC 28255-0001, Attention: Prospectus Department, email: [e-mail], by calling toll-free at [phone]; from RBC Capital Markets, LLC, 200 Vesey Street, New York, New York 10281, Attention: DCM Transaction Management, by calling toll-free at [phone]; from Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attention: WFS Customer Service, by telephone at 1-800-645-3751 or by email at [e-mail]; or by visiting the EDGAR database on the SEC's web site at www.sec.gov.