Four Springs Capital Trust, a single-tenant net lease REIT with 156 commercial properties across 32 states, announced terms for its IPO on Monday.
The Lake Como, NJ-based company plans to raise $252 million by offering 18 million shares at a price range of $13 to $15. At the midpoint of the proposed range, Four Springs Capital Trust would command a fully diluted market value of $603 million. The company plans to offer a 3.5% yield at the midpoint.
Four Springs is an internally managed REIT focused on single-tenant, income producing industrial, medical, service/necessity retail, and office properties throughout the US that are subject to long-term net leases. As of December 15, 2021, the REIT wholly owned or had ownership interests in 156 properties across 32 states that were 99.8% leased (based on leasable square footage) to 68 tenants operating in 37 different industries.
Four Springs Capital Trust was founded in 2012 and booked $49 million in revenue for the 12 months ended September 30, 2021. It plans to list on the NYSE under the symbol FSPR. Morgan Stanley, Goldman Sachs, Wells Fargo Securities, Mizuho Securities, Scotia Capital, Wolfe Research Securities, Nomura Securities, and Berenberg are the joint bookrunners on the deal. It is expected to price during the week of January 17, 2022.
