Spirit Realty Capital : Investor Presentation Q1 2022

UNDERWRITING VALUE

Rigorous underwriting platform, high-quality diversified portfolio and well capitalized balance sheet delivering strong earnings growth

Underwriting Methodology, Tools & Outcomes

SPIRIT'S UNDERWRITING APPROACH

Utilizing proprietary tools and underwriting expertise to invest in high-quality, single-tenant, operationally essential real estate across a wide spectrum of opportunities

Industry Relevance

• • Porter's 5 Forces

• • Total addressable market

• • Macro economic factors

• • Financial trends and analysis

• • Industry lifecycle and profitability

• • Portfolio weighting and benchmarking

• • Technological disruption

Tenant Credit Quality

• • Operational analysis

• • Lease quality and structure

• • Balance sheet analysis

• • Management track record

• • Pricing and expected returns

Real Estate Strength

• • Bifurcated multi-factor property rankings for industrial and retail assets

  • • Ownership consideration

  • • Comparisons to industry and peers

  • • Regulation and ESG considerations

  • • Corporate health

  • • Unit level performance

• • Asset manager evaluation of building score, real estate score and replacement rent

• • Market absorption, household income, five-mile population and proximity to transportation hubs or retail corridors

CAPITAL DEPLOYMENT PERFORMANCE

Spirit has acquired approximately 31% of its total Real Estate Investments1 since 2019

Acquisitions ($ in 000s)

Total Capital Deployment Since 2019

Gross Investment

$2,646.8MQuarterly Avg. Gross Investment $330.9M

Wtd. Avg. Cash Capitalization Rate 6.79%

Wtd. Avg. Economic Yield on Acquisitions 7.62%

Number of Transactions Number of Properties Gross Investment Purchase Price Per Property Cash Capitalization Rate Economic Yield

1H 2020

9

29

$218,879

$7,319

6.74%

7.47%Weighted Avg. Lease Term (Years) 14.7

Average Annual Escalators

Revenue Producing CapEx ($ in 000s)

Gross Investment

Cash Capitalization Rate Total Gross Investment

Total Cash Capitalization Rate

Q3 2020

Q4 2020

8

18

$214,313

$11,851

7.06%

7.69%

14.8

$7,579 7.27% $226,458 6.76%

1.8%Industrial 44.1%

Retail 41.8%

Other 9.4%

Office 1.9%

Revenue Producing CapEx 2.8%Q1 2021

15

99

$434,959

$4,377

6.70%

7.45%

15.2

Q2 2021

9

25

$191,508

$7,622

7.57%

8.44%

17.7

1.2% $1,018 7.25% $215,331 7.06%

1.5% $1,373 7.66% $436,332 6.70%

1.5%

11

18

$283,676

$15,670

7.07%

7.84%

13.0

1.8%Q3 2021

Q4 2021

Q1 2022

10

28 29

31

92 41

$291,788

$463,871 $474,227

$9,373

$5,017 $11,515

7.27%

6.27% 6.41%

8.62%

7.22% 7.15%

18.4

15.2 13.3

1.9% $2,412 7.31% $294,200 7.27%

1.8% 1.6%

- - $191,508 7.57%

- - $283,676 7.07%

$24,019 8.52% $487,890 6.38%

$37,200 6.50% $511,427 6.42%

1Real Estate Investment as of March 31, 2022.