Four Springs Capital Trust, a single-tenant net lease REIT with a portfolio of 154 properties across 32 states, filed on Monday with the SEC to raise up to $100 million in an initial public offering. Four Springs had previously filed to raise $101 million in June 2017 but postponed, and then withdrew the following July.
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 November 15, 2021, the REIT wholly owned or had ownership interests in 154 properties across 32 states that were 99.8% leased (based on leasable square footage) to 68 tenants operating in 37 different industries.
The Lake Como, NJ-based company 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. No pricing terms were disclosed.
