Four Springs Capital Trust, a single-tenant net lease REIT with 156 commercial properties across 32 states, postponed its IPO on Thursday, citing market conditions. It had filed to raise $252 million by offering 18 million shares at a price range of $13 to $15.
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.
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 had planned 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 were set to be the joint bookrunners on the deal.
