Spirit Realty Capital Plunges 26% on Retail Woes; Peers Take Hits

``Shares of retail REIT Spirit Realty Capital, Inc.are trading down by about 23% as of 11:30 a.m. EDT after the company reported that it experienced an "abnormally high credit loss" due to weakness in the retail sector in its first-quarter earnings report.''

More from a Bloomberg article (no link):

Retail landlords are struggling with store bankruptcies and closures as e-commerce and changing consumer preferences erode brick-and-mortar sales. Lower-end suburban shopping centers are are being hit hard even as some high-end properties catering to wealthy shoppers and tourists continue to thrive.

... Spirit Realty, which has more than 2,500 properties, suffered from "an abnormally high credit loss" in the first quarter and is coping with "the record number of bankruptcies in consumer and retail related companies thus far in 2017," Chief Executive Officer Thomas H. Nolan Jr. said in the company's statement Wednesday afternoon. The firm lowered its projections for funds from operations, a REIT cash flow measure, for the rest of the year.