Spirit Realty Capital : Investor Presentation Q4 2020

Q4 2020 OVERVIEW

Portfolio Data

Operational Data

Balance Sheet Data

Note: Data is as of or for the quarter ended December 31, 2020. 1As a percentage of ABR.

2Assuming the settlement of the 4.1 million open forward equity contracts.

Investment Grade Rated

TOP TENANCY AND PORTFOLIO MIX

Top 20 Tenants

Tenant Concept

Life Time Fitness

Church's Chicken

BJ's Wholesale Club

Home Depot

At Home

Circle K

Walgreens

GPM Investments, LLC

Dollar Tree / Family Dollar

CVS

Party City

CarMax

Bank of America

FedEx

Kohl's

Main Event

Mac Papers

LA Fitness

Ferguson Enterprises

Sportsman's Warehouse

Numberof PropertiesPercent of

ABR

7 3.0%

163 2.5%

8 2.2%

7 2.2%

13 2.2%

76 2.1%

34 2.0%

110 2.0%

106 1.9%

33 1.7%

3 1.7%

7 1.6%

2 1.6%

6 1.5%

12 1.5%

8 1.5%

18 1.4%

8 1.4%

7 1.3%

10 1.3%

Total Top 20 638 36.6%

1Percentages based on ABR.

Asset Types and Tenant Industries1

RETAIL 77.9%

Health and Fitness7.7% Convenience Stores

7.6%Restaurants - Quick Service Restaurants - Casual Dining

6.4%

5.8%

Movie Theaters

5.1%

Dealerships

4.4%

Drug Stores / Pharmacies

4.4%

Entertainment

3.4%

Car Washes Dollar Stores

3.2%

3.1%

Grocery

3.0%

Home Improvement

2.9%

Warehouse Club and Supercenters

2.8%

Home Décor Specialty Retail Sporting Goods Automotive Service Department Stores Home Furnishings

2.7%

2.3%

2.2%

2.2%

1.9%

1.7%

Early Education Automotive Parts

1.5%

1.1%

Office Supplies

0.7%

Other

0.7%

Medical Office Pet Supplies and Service

0.5%

0.4%

Apparel

0.2%

PORTFOLIO DIVERSIFICATION

Northeast

% of ABR	Southeast	Midwest	Southwest	Mid-Atlantic	Pacific Southwest	Northeast	Pacific Northwest	TOTAL
Non-Experiential Retail 17.1% 9.6% 10.5% 7.0% 5.9% 3.3% 1.1% 54.5%
Experiential Retail1 5.6% 5.5% 3.6% 2.4% 4.3%2 0.3% 1.7% 23.4%
Industrial 4.2% 2.5% 1.8% 1.8% 1.1% 3.3% 0.2% 14.9%
Office & Other 2.9% 0.3% 0.0% 2.3% 0.8% 0.8% 0.1% 7.2%
TOTAL 29.8% 17.9% 15.9% 13.5% 12.1% 7.7% 3.1% 100.0%

State % of ABR
TX	11.1%	TN	4.0%	AZ	2.9%	MD	2.4%	IN	1.9%	NJ	1.3%	WI	0.9%	WA	0.4%	MA	0.4%	SD	0.2%
FL	8.8%	MI	3.9%	SC	2.9%	MN	2.2%	NM	1.8%	UT	1.2%	ID	0.9%	WV	0.4%	IA	0.3%	WY	0.1%
GA	6.8%	IL	3.8%	NC	2.7%	CO	2.0%	KY	1.6%	PA	1.1%	KS	0.8%	DE	0.4%	ND	0.3%	US V.I.	0.1%
OH	5.1%	NY	3.5%	AL	2.5%	OK	2.0%	AR	1.4%	AK	1.0%	CT	0.7%	NE	0.4%	RI	0.3%	VT	*
CA	4.2%	MO	3.2%	VA	2.5%	MS	2.0%	LA	1.4%	NH	1.0%	ME	0.5%	MT	0.4%	OR	0.3%

1Experential Retail includes Health and Fitness, Restaurants - Casual Dining, Movie Theaters, Entertainment and Early Education. 2Includes 1.5% of total ABR from California.

*Represent less than 0.1% of ABR.