{"id":1004114500,"date":"2015-03-02T06:54:54","date_gmt":"2015-03-02T14:54:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004114500"},"modified":"2022-12-09T02:18:07","modified_gmt":"2022-12-09T10:18:07","slug":"spirits-president-coo-exit-hits-nnn-lease-sector","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/spirits-president-coo-exit-hits-nnn-lease-sector\/","title":{"rendered":"Spirit’s President & COO Exit Hits NNN Lease Sector"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/i><\/p>\n

\"Peter<\/a>

Peter Mavoides<\/p><\/div>\n

Peter Mavoides, president & COO of Spirit Realty Capital Inc., has left his position, the REIT announced Thursday. His departure was \u201cby mutual agreement,\u201d according to a brief statement from Spirit, which is based in Scottsdale, and focuses on \u201csingle-tenant, operationally essential real estate.\u201d<\/p>\n

While Spirit conducts a search to fill Mavoides\u2019 role, Thomas Nolan, the REIT\u2019s chairman & CEO, will assume those responsibilities on an interim basis.<\/p>\n

\u201cOn behalf of our Board and management team, I want to thank Pete for his contributions to Spirit’s success over the past four years,\u201d Nolan said in a release. \u201cGoing forward, Spirit is equipped with a deep and seasoned management team with decades of experience in the triple-net-lease industry.\u201d<\/p>\n

Also on Thursday, Spirit reported its fourth-quarter and 2014 operating results. Net income attributable to common stockholders in the fourth quarter was $0.08 per diluted share, compared to $0.12 per diluted share for the quarter that ended 12 months previously. For 2014, Spirit had a net loss of $0.09 per share, compared to break-even earnings per share on net income of $1.7 million for 2013.<\/p>\n

Spirit estimates its enterprise value as $9.1 billion, based on a portfolio of 2,509 properties in 49 states. The REIT was founded in 2003 and completed an IPO in September 2012.<\/p>\n

According to Spirit\u2019s website, Mavoides joined the company in September 2011 after serving for more than seven years as president & CEO of Sovereign Investment Co., a private equity firm. He had previously worked at Eastdil Realty and at Citigroup, where he focused on the structuring of sale-leaseback transactions. He is a graduate of the U.S. Military Academy, at West Point, N.Y., and earned an MBA from the University of Michigan.<\/p>\n

Nolan joined Spirit the same month as Mavoides after having been president\/COO and a director at General Growth Properties Inc., where he was part of the senior management team that led the company\u2019s reorganization following bankruptcy.<\/p>\n

\u201cPete is a seasoned C-level exec in the net-lease industry,\u201d Jonathan Hipp, president & CEO of Calkain Cos., told Commercial Property Executive<\/i>. \u201cIf he chooses to stay in the industry, he should have plenty of opportunities.\u201d<\/p>\n

Brad Thomas, editor of Forbes Real Estate Investor and a long-time REIT watcher, noted that Mavoides\u2019 departure from Spirit adds to the recent turmoil in the C-suites of several major NNN lease REITs.<\/p>\n

In November, Jack Cuneo, president\/CEO of Chambers Street Properties since its founding in 2004, announced his retirement, pending the appointment of a successor.<\/p>\n

The departure of Nick Schorsch from ARCP has, of course, been covered plentifully here at CPE<\/a> <\/i>and elsewhere.<\/p>\n

And last Tuesday, EPR Properties, of Kansas City, announced that president\/CEO David Brain will be retiring effective March 31 and that Gregory K. Silvers, the REIT\u2019s COO and executive vice president, has been named the new CEO.<\/p>\n","protected":false},"excerpt":{"rendered":"

As Spirit Realty’s president & COO bids farewell, analysts ponder the ramifications for the industry.<\/p>\n","protected":false},"author":952,"featured_media":1004108576,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21742],"tags":[],"class_list":["post-1004114500","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-latest"],"acf":[],"yoast_head":"\nSpirit's President & COO Exit Hits NNN Lease Sector - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/spirits-president-coo-exit-hits-nnn-lease-sector\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Spirit's President & COO Exit Hits NNN Lease Sector\" \/>\n<meta property=\"og:description\" content=\"As Spirit Realty's president & COO bids farewell, analysts ponder the ramifications for the industry.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/spirits-president-coo-exit-hits-nnn-lease-sector\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-03-02T14:54:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:18:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/12\/Peter-Mavoides.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"336\" \/>\n\t<meta property=\"og:image:height\" content=\"410\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anna Spiewak\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/spirits-president-coo-exit-hits-nnn-lease-sector\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/spirits-president-coo-exit-hits-nnn-lease-sector\/\",\"name\":\"Spirit's President & COO Exit Hits NNN Lease Sector - 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