Spirit Realty Capital 8-K Results of Operations and Financial Condition

ADDENDUM TO Q1 2017 SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION

Statements contained in these slides by Spirit Realty Capital, Inc. (“Spirit,” the “Company,” “we,” “us,” or “our”) that are not strictly historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements can be identified by the use of words such as “expects,” “plans,” “targets,” “estimates,” “projects,” “intends,” “believes,” “guidance,” and other similar expressions that do not relate to historical matters. These forward-looking statements are subject to known and unknown risks and uncertainties that can cause actual results to differ materially from those currently anticipated due to a number of factors which include, but are not limited to, Spirit’s continued ability to source new investments, risks associated with using debt and equity financing to fund Spirit’s business activities (including refinancing and interest rate risks, changes in interest rates and/or credit spreads, changes in the price of our common stock, conditions of the debt and equity capital markets generally, and changes in the real estate markets), unknown liabilities acquired in connection with acquired properties, portfolios of properties or interests in real-estate related entities, general risks affecting the real estate industry and local real estate markets (including, without limitation, the market value of our properties, the inability to enter into or renew leases at favorable rates, portfolio occupancy varying from our expectations, dependence on our tenants’ financial condition and operating performance (particularly our main tenant, ShopKo), and competition from other developers, owners and operators of real estate), potential fluctuations in the consumer price index, risks associated with our failure to maintain our status as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended, and additional risks discussed in Spirit’s most recent filings with the Securities and Exchange Commission from time to time, including Spirit’s Annual Report on Form 10-K for the year ended December 31, 2016. Spirit expressly disclaims any responsibility to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. FORWARD LOOKING STATEMENTS

TABLE OF CONTENTS Page Net Asset Value Components 4 Top 100 Tenants 5 Asset Type Diversification Portfolio Diversification 7 Asset Type Diversification— Retail 8 Asset Type Diversification— Industrial 11 Asset Type Diversification— Office 12 Appendix 13 Reporting Definitions 14

NET ASSET VALUE COMPONENTS $ in thousands Please see Appendix at the back of this addendum for Reporting Definitions. All data as of March 31, 2017, except as otherwise indicated. Real Estate Annualized Wtd. Avg. Lease Owned Properties Investment Net Book Value Cash Rents Term (Years) ShopKo (1) 111 $ 614,676 $ 427,527 $ 51,102 15.8 Master Trust A (net of ShopKo, Vacant and Vacant Deed-in-Lieu)(2) (3) 809 1,930,656 1,527,550 152,919 9.3 Master Trust B (net of Vacant and Vacant Deed-in-Lieu) (4) 223 429,870 374,082 34,855 11.0 Vacant and Vacant Deed-in-Lieu (5) 57 95,677 85,887 - - Remainder (6) 1,314 5,037,408 4,506,647 365,479 10.3 Total Owned Properties 2,514 $ 8,108,287 $ 6,921,693 $ 604,355 10.5 Other Assets Net Book Value Cash and Equivalents $ 9,309 Restricted Cash 43,374 Accounts Receivable, Prepaid Assets and Other Tangible Assets, net 25,082 Total Other Assets $ 77,765 Principal Wtd. Avg. Stated Wtd. Avg. Outstanding Int. Rate Maturity (Years) Loans Receivable 74 $ 61,212 9.55% 3.9 Principal Wtd. Avg. Stated Wtd. Avg. Debt Outstanding Int. Rate Maturity (Years) Revolving Credit Facility $ 129,000 2.14% 2.0 Term Loan 420,000 2.33% 1.6 Senior Unsecured Notes 300,000 4.45% 9.5 Master Trust A 1,351,441 5.10% 6.3 Master Trust B 316,238 4.72% 4.7 CMBS 478,687 5.60% 3.9 Convertible Notes 747,500 3.28% 3.0 Total Debt $ 3,742,866 4.31% 4.8 Net Book Value Accounts Payable, Accrued Expenses and Other Tangible Liabilities $ 146,836 Shares of Common Stock Outstanding 484,026,824 Real Estate Annualized Notes: # of Properties Investment Net Book Value Sale Proceeds Cash Rents (1) ShopKo properties sold subsequent to March 31, 2017 5 $ 23,252 $ 17,492 $ 25,500 $ 2,011 (2) Master Trust A properties included in ShopKo 4 $ 8,720 $ 6,902 $ 820 (3) Master Trust A properties included in Vacant and Vacant Deed-in-Lieu 23 $ 26,088 $ 24,079 - (4) Master Trust B properties included in Vacant and Vacant Deed-in-Lieu 4 $ 4,880 $ 4,655 - (5) CMBS properties included in Vacant and Vacant Deed-in-Lieu 3 $ 12,936 $ 8,717 - (6) CMBS properties included in Remainder 124 $ 768,889 $ 675,532 $ 56,729 Number of Properties Number of Properties

Concept (Tenant) Number of Properties Master Lease Rent Escalators Tenant Level Reporting Percent of Normalized Rental Revenue Concept (Tenant) Number of Properties Master Lease Rent Escalators Tenant Level Reporting Percent of Normalized Rental Revenue 1 ShopKo 111    8.1% 26 Buehler's Food Market 5    0.9% 2 Walgreens 47  2.6% 27 Crème De La Crème 9    0.9% 3 AMC Theatres/Carmike Cinemas 17   2.3% 28 Applebee's 22    0.9% 4 Church's Chicken 190    2.1% 29 Lowe's 7 * 0.8% 5 Circle K 83  Public 1.9% 30 FedEx 5  Public 0.8% 6 Academy Sports 6  Corp 1.9% 31 At Home 7  Public 0.8% 7 Albertsons 23   1.8% 32 Casual Male 1  Public 0.8% 8 CVS 36 * * 1.5% 33 Main Event Entertainment 6    0.7% 9 C-Store (GPM Investments, LLC) 105    1.5% 34 Sportsman's Warehouse 10    0.7% 10 Regal Cinemas 15  * 1.5% 35 Heartland Dental 59    0.7% 11 CarMax 8  Public 1.4% 36 Pep Boys 12    0.6% 12 Home Depot 6  Public 1.4% 37 Taco Bueno 38    0.6% 13 Mister Car Wash 23    1.1% 38 Specialists in Urology (21st Century Oncology Holdings, Inc.) 9    0.6% 14 Ferguson Enterprises 8  Public 1.1% 39 Kohl's 6 * Public 0.6% 15 Dollar General 69  Public 1.1% 40 C-Store (White Oak Station, LLC) 24    0.6% 16 The Great Escape 14    1.0% 41 Emagine Theaters 8    0.6% 17 Advance Auto Parts 56    1.0% 42 Georgia Theatre 4    0.6% 18 Goodrich Quality Theaters 5    1.0% 43 Gander Mountain 6  Corp 0.5% 19 Rite Aid 25 * * 1.0% 44 Norms 10    0.5% 20 Red Lobster Restaurants 29    1.0% 45 Station Casinos 1  Public 0.5% 21 BJ's Wholesale Club 4  1.0% 46 South Carolina Oncology Associates 1   0.5% 22 PetSmart 6  Corp 1.0% 47 Express Oil Change 23    0.5% 23 Tractor Supply 26  Public 1.0% 48 Smokey Bones Bar & Fire Grill 13    0.5% 24 Smart & Final 5   0.9% 49 Courthouse Athletic Club 5    0.5% 25 LA Fitness 7  Corp 0.9% 50 Aaron's, Inc. 26    0.5% Top 50 Tenants 1,241 57.3% TOP 100 TENANTS Top 100 tenants generate 76% of total Normalized Rental Revenue We receive financial information for tenants generating 95% of our total Normalized Rental Revenue Please see Appendix at the back of this addendum for Reporting Definitions. All data as of March 31, 2017, except as otherwise indicated.  Indicates all or a majority of the Tenant's Normalized Rental Revenue is subject to the respective characteristic (i.e., master lease, rent escalators or tenant reporting). * Indicates less than a majority of the Tenant's Normalized Rental Revenue is subject to rent escalators or tenant reporting. Public - Publicly listed companies w ith publicly available f inancials. Corp - Includes corporate level f inancials provided directly to Spirit.

TOP 100 TENANTS (CONTINUED) Please see Appendix at the back of this addendum for Reporting Definitions. All data as of March 31, 2017, except as otherwise indicated.  Indicates all or a majority of the Tenant's Normalized Rental Revenue is subject to the respective characteristic (i.e., master lease, rent escalators or tenant reporting). * Indicates less than a majority of the Tenant's Normalized Rental Revenue is subject to rent escalators or tenant reporting. Public - Publicly listed companies w ith publicly available f inancials. Corp - Includes corporate level f inancials provided directly to Spirit. Top 100 tenants generate 76% of total Normalized Rental Revenue We receive financial information for tenants generating 95% of our total Normalized Rental Revenue Concept (Tenant) Number of Properties Master Lease Rent Escalators Tenant Level Reporting Percent of Normalized Rental Revenue Concept (Tenant) Number of Properties Master Lease Rent Escalators Tenant Level Reporting Percent of Normalized Rental Revenue 51 Camping World 7   0.5% 76 Big Sandy Furniture 7    0.3% 52 C-Store (Supermesa Fuel & Merc, LLC) 6    0.5% 77 Crunch Fitness 4   0.3% 53 Best Buy 5  Public 0.5% 78 AT&T 2  Public 0.3% 54 Flying J Travel Plaza 3    0.5% 79 PwC 1  0.3% 55 C-Store (Irving Oil Marketing, Inc.) 37   0.5% 80 Curacao 1  Corp 0.3% 56 Dave & Buster's 3  Public 0.5% 81 Old Time Pottery 3   0.3% 57 Pine Creek Medical Center 2    0.5% 82 Wal-Mart 4 Public 0.3% 58 Mealey's Furniture 4    0.5% 83 24 Hour Fitness 2  Corp 0.3% 59 Defined Fitness 5    0.5% 84 Martin's 16    0.3% 60 B&B Theatres 4    0.4% 85 Children's Learning Adventure 3    0.3% 61 J. Jill 1  Public 0.4% 86 Raymour & Flanigan Furniture 2  0.3% 62 Office Depot 11 * Public 0.4% 87 Gold's Gym 3  0.3% 63 HOM Furniture 3   0.4% 88 Church's Chicken 35    0.3% 64 America's Auto Auction 6    0.4% 89 HD Supply 27  Public 0.3% 65 Hardee's 24    0.4% 90 C-Store (Mountain Express Oil Company Southeast, LLC) 13    0.3% 66 C-Store (Town Star Holdings, LLC) 12    0.4% 91 CircusTrix 7    0.3% 67 Arby's 25   0.4% 92 Golden Corral 7    0.3% 68 C-Store (US Investment Group, Inc.) 13    0.4% 93 Ladybird Academy 6    0.3% 69 Big Al's 2    0.4% 94 KFC 17   0.3% 70 American Lubefast 29    0.4% 95 Malibu Boats 2    0.3% 71 Mills Fleet Farm 1   0.4% 96 Southern Theatres 2   0.3% 72 Children's Network 20   0.4% 97 Brookshire Brothers 12  0.3% 73 Universal Tax Systems 1 0.4% 98 Food City 3   0.3% 74 Zips Car Wash 12    0.4% 99 Emergency Centers (Exceptional Health Care, Inc.) 3    0.3% 75 Sunny Delight 1  Corp 0.3% 100 Staples 6 * Public 0.3% Top 100 Tenants 1,666 75.6%

$8.1 Billion Real Estate Investment 3.0x Unit Level Rent Coverage (2.5x Median) 86% NNN Leases Organic Growth: Contractual Rent Increases PORTFOLIO DIVERSIFICATION Focus on Service Retail One of Highest Diversified Amongst Peers Please see Appendix at the back of this addendum for Reporting Definitions. All data as of March 31, 2017, except as otherwise indicated. Percent of Normalized Rental Revenue Restaurants - Casual Dining 8.4 % Restaurants - Quick Service 8.0 % Movie Theaters 7.2 % Convenience Stores 7.1 % Drug Stores / Pharmacies 5.2 % Health and Fitness 4.2 % Automotive Service 2.7 % Education 2.6 % Entertainment 2.2 % Automotive Dealers 2.2 % Car Washes 1.7 % Medical / Other Office 0.7 % Pet Supplies & Service 0.3 % Service Retail 52.5 % General Merchandise 9.7 % Grocery 6.0 % Specialty Retail 2.9 % Home Furnishings 2.7 % Home Improvement 2.4 % Other Retail 9.4 % Traditional Retail 33.1 % Industrial 7.9 % Office 6.5 % Predominately Service Retail Focus

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% Restaurants - Casual Dining Restaurants - Quick Service Movie Theaters Convenience Stores Drug Stores / Pharmacies Health and Fitness Automotive service Education Entertainment Automotive dealers Car washes Medical / Other Office Pet Supplies & Service General Merchandise Grocery Specialty Retail Home Furnishings Home Improvement Sporting Goods Building Materials Dollar Stores Wholesale Clubs Apparel Automotive parts Office Supplies Consumer Electronics Other ASSET TYPE DIVERSIFICATION— RETAIL Organic Growth and Retail Profile 2,322 Properties 39.1 Million Square Feet 97.8% Occupancy $7.0 Billion Real Estate Investment 85.6% of Normalized Rental Revenue 84% NNN Leases Predominately Service Retail Diversification > Concentration Service Retail Traditional Retail % of Normalized Rental Revenue Please see Appendix at the back of this addendum for Reporting Definitions. All data as of March 31, 2017, except as otherwise indicated.

SERVICE RETAIL Service Retail tenants account for 61% of our total Retail Normalized Rental Revenue Please see Appendix at the back of this addendum for Reporting Definitions. All data as of March 31, 2017, except as otherwise indicated. Service Retail: Restaurants - Casual Dining Red Lobster Restaurants 1.0% AMC Theatres/Carmike Cinemas 2.3% Applebee's 0.9% Regal Cinemas 1.5% Norms 0.5% Goodrich Quality Theaters 1.0% Smokey Bones Bar & Fire Grill 0.5% Emagine Theatres 0.6% Golden Corral 0.3% Georgia Theatre 0.6% Joe's Crab Shack 0.2% B&B Theatres 0.4% Buffalo Wild Wings/Bagger Dave's 0.2% Southern Theatres 0.3% Sonny's BBQ 0.2% Cinemark 0.2% Sirloin Stockade 0.2% AMC Theatres 0.2% Pizza Hut 0.2% Service Retail: Restaurants - Quick Service Circle K 1.9% Church's Chicken 2.1% C-Store (GPM Investments, LLC) 1.5% Taco Bueno 0.6% C-Store (White Oak Station, LLC) 0.6% Hardee's 0.4% C-Store (Supermesa Fuel & Merc, LLC) 0.5% Arby's 0.4% Flying J Travel Plaza 0.5% Martin's 0.3% C-Store (Irving Oil Marketing, Inc.) 0.5% Church's Chicken 0.3% C-Store (Town Star Holdings, LLC) 0.4% KFC 0.3% C-Store (US Investment Group, Inc.) 0.4% Red Mesa Grill 0.2% C-Store (Mountain Express Oil Company Southeast, LLC) 0.3% Burger King 0.2% C-Store (Jordan Oil Company of the Carolinas, Inc.) 0.2% Sonic 0.2% LA Fitness 0.9% Walgreens 2.6% Courthouse Athletic Club 0.5% CVS 1.5% Defined Fitness 0.5% Rite Aid 1.0% Crunch Fitness 0.3% 24 Hour Fitness 0.3% Gold's Gym 0.3% Crème De La Crème 0.9% Gold's Gym 0.3% Children's Network 0.4% In-Shape 0.2% Children's Learning Adventure 0.3% Ladybird Academy 0.3% Childtime 0.2% Service Retail: Education Service Retail: Drug Stores / Pharmacies Service Retail: Movie Theaters Service Retail: Convenience Stores Service Retail: Health and Fitness

SERVICE AND TRADITIONAL RETAIL Traditional Retail tenants account for 39% of our total Retail Normalized Rental Revenue Please see Appendix at the back of this addendum for Reporting Definitions. All data as of March 31, 2017, except as otherwise indicated. Service Retail: Automotive Service Pep Boys 0.6% Mealey's Furniture 0.5% Express Oil Change 0.5% HOM Furniture 0.4% American Lubefast 0.4% Big Sandy Furniture 0.3% Uncle Ed's Oil Shoppe 0.2% Raymour & Flanigan Furniture 0.3% Caliber Collision 0.2% Jo-Ann's 0.2% Hobby Lobby 0.2% Service Retail: Entertainment La-Z-Boy 0.2% Main Event Entertainment 0.7% Dave & Buster's 0.5% Big Al's 0.4% Home Depot 1.4% CircusTrix 0.3% CarMax 1.3% Mister Car Wash 1.1% Traditional Retail: General Merchandise Dollar General 1.1% ShopKo 8.1% Advance Auto Parts 1.0% Aaron's, Inc. 0.5% BJ's Wholesale Club 1.0% Curacao 0.3% Tractor Supply 0.9% Old Time Pottery 0.3% Lowe's 0.8% Wal-Mart 0.3% Sportsman's Warehouse 0.7% Kohl's 0.6% Traditional Retail: Grocery Ferguson Enterprises 0.6% Albertsons 1.8% Gander Mountain 0.5% Smart & Final 0.9% Best Buy 0.5% Buehler's Food Market 0.9% Office Depot 0.4% Brookshire Brothers 0.3% America's Auto Auction 0.4% Food City 0.3% Mills Fleet Farm 0.4% Gelson's Markets 0.2% Zips Car Wash 0.4% Missoula Fresh Market 0.2% Academy Sports 0.3% WinCo Grocery 0.2% PetSmart 0.3% Marsh Supermarket 0.2% Emergency Centers (Exceptional Health Care, Inc.) 0.3% Family Fare Supermarket 0.2% Staples 0.3% Neighbor's Emergency Center 0.2% Traditional Retail: Specialty Retail Clean Freak 0.2% The Great Escape 1.0% Family Dollar 0.2% At Home 0.8% *Includes all remaining industries for retail asset types. Camping World 0.5% Pike Nursery 0.3% Traditional Retail: Home Furnishings Retail: Other *

ASSET TYPE DIVERSIFICATION— INDUSTRIAL 73 Properties 10.7 Million Square Feet 94.5% Occupancy $645.9 Million Real Estate Investment 7.9% of Normalized Rental Revenue 75% NNN Leases Industry Diversification Top 10 Tenant Diversification 0.0% 5.0% 10.0% Sporting Goods Distribution Manufacturing Apparel Building Materials Other Pet Supplies & Service Drug Stores / Pharmacies Home Furnishings Lease Escalation (1) Includes 1.5mm sqf. distribution center in Katy, Texas. % of Normalized Rental Revenue Please see Appendix at the back of this addendum for Reporting Definitions. All data as of March 31, 2017, except as otherwise indicated.

ASSET TYPE DIVERSIFICATION— OFFICE 119 Properties 2.2 Million Square Feet 98.3% Occupancy $474.3 Million Real Estate Investment 6.5% of Normalized Rental Revenue 68% NNN Leases Industry Diversification Top 10 Tenant Diversification Lease Escalation 0.0% 2.0% 4.0% 6.0% Medical / Other Office Financial Services Entertainment Consumer Electronics Automotive Parts Other Automotive Dealers % of Normalized Rental Revenue Please see Appendix at the back of this addendum for Reporting Definitions. All data as of March 31, 2017, except as otherwise indicated.

APPENDIX

REPORTING DEFINITIONS Annualized Cash Rent represents the annualized monthly contractual cash rent, less any rent reserved for, multiplied by twelve. CMBS are those notes secured by commercial real estate and rents therefrom under which certain indirect wholly-owned special purpose entity subsidiaries of the Company are the borrowers. These liabilities are discussed in greater detail in our financial statements and the notes thereto included in our periodic reports filed with the SEC. GAAP are the Generally Accepted Accounting Principles in the United States. Gross Investment represents the gross acquisition cost including the contracted purchase price and related capitalized transaction costs. Master Trust A and Master Trust B (collectively, Master Trust Notes) are net-lease mortgage notes issued under the Spirit Master Funding Program and the securitization trusts established thereunder. Indirect special purpose entity subsidiaries of the Company are the borrowers. These liabilities are discussed in greater detail in our financial statements and the notes thereto included in our periodic reports filed with the SEC. Net Asset Value (NAV) We believe disclosing information frequently used in the calculation of NAV is useful to investors and because it enables and facilitates calculation of a metric frequently used by our management as one method to estimate the fair value of our business. The assessment of the fair value of our business is subjective in that it involves estimates and assumptions and can be calculated using various methods. Therefore, we have presented certain information regarding our financial and operating results, as well as our assets and liabilities that we believe are important in calculating our NAV, but have not presented any specific methodology nor provided any guidance on the assumptions or estimates that should be used in the calculation of NAV. The components of NAV do not consider the potential changes in the value of assets, the collectability of rents or other receivable obligations, or the value associated with our operating platform. Net Book Value represents the Real Estate Investment value net of accumulated depreciation. Normalized Rental Revenue Represents monthly GAAP rentals and earned income from direct financing leases from our Owned Properties recognized during the final month of the reporting period, adjusted to exclude GAAP rentals and earned income from direct financing leases contributed from properties sold during that period and adjusted to include a full month of GAAP rentals for properties acquired during that period. We use Normalized Rental Revenue when calculating certain metrics that are useful to evaluate portfolio credit, asset type, industry and geographic diversity and to manage risk. Occupancy is calculated by dividing the number of economically yielding Owned Properties in the portfolio as of the measurement date by the number of total Owned Properties on said date. Owned Properties refers to properties owned fee- simple or ground leased by Company subsidiaries as lessee. Real Estate Investment represents the Gross Investment plus improvements less impairment charges. Senior Unsecured Notes refers to the $300 million aggregate principal amount of 4.450% senior unsecured notes due 2026. Tenant represents the legal entity ultimately responsible for obligations under the lease agreement or an affiliated entity. Other tenants may operate the same or similar business concept or brand. Tenant Reporting consists of one or more of sales, income statement or similar data generated by the leased property. We either receive property level financials with varied frequency or we receive corporate level financials. Includes publicly listed companies with publicly available financial statements. Term Loan refers to a $420.0 million unsecured term facility which includes an accordion feature which allows the facility to be increased to up to $600.0 million, subject to obtaining additional lender commitments. Borrowings may be repaid without premium or penalty, and may be re-borrowed within 30 days up to the then available loan commitment. Unit Level Rent Coverage is used as an indicator of individual asset profitability, as well as signaling the property’s importance to our tenants’ financial viability. We calculate this ratio by dividing our reporting tenants’ trailing 12-month EBITDAR (earnings before interest, tax, depreciation, amortization and rent) by annual contractual rent. Weighted Average Stated Interest Rate is calculated by dividing the sum product of (a) coupon interest rate of each note and (b) the principal balance outstanding of each note by (c) the sum of the total principal balances outstanding for all notes in the sample. 2015 Credit Facility refers to the $800 million unsecured credit facility which matures on March 31, 2019. The 2015 Credit Facility includes sublimits for swingline loans and letter of credit issuances. Swingline loans and letters of credit reduce availability under the 2015 Credit Facility. The ability to borrow under the 2015 Credit Facility is subject to the ongoing compliance with customary financial covenants.