SCOTTSDALE, Ariz.–(BUSINESS WIRE)–Spirit Finance Corporation (“Spirit Finance”) today announced the appointment of Thomas Nolan as Chairman and Chief Executive Officer, succeeding Chuck Cremens as CEO.

With over 25 years of REIT and capital markets experience, Mr. Nolan brings significant strategic and operational experience and will play a critical role as the Company continues its industry leadership position in the triple net sector. Spirit Finance has a consistent track record of strong and stable cash flows and steady and prudent growth.

“We are extremely pleased to have Tom join the team at Spirit,” said Kevin Charlton, outgoing Chairman of Spirit Finance. “He is a highly regarded executive in the real estate industry and his capital markets experience will be extremely beneficial to the company as it looks to build upon its exceptional triple net platform. Our ability to attract a seasoned professional like Tom speaks to the potential of the Spirit Finance business.”

Mr. Nolan has previously served as Chief Operating Officer at General Growth Properties (GGP) from 2009 to 2010, becoming President in 2008 and was a Director of the Company from 2005 to 2010. During his tenure at GGP, he was a member of the Senior Management team that led one of the most successful recapitalizations in the real estate industry.

Mr. Nolan has held several other senior management roles, including President of the AEW’s Private Equity Group and a member of its Management and Investment Committees. He earned a BBA in Business Administration from the University of Massachusetts.

“We want to thank Chuck for his dedication and leadership, and his support for this planned transition. Under his guidance the business has maintained its strong and stable performance despite the economic environment, and he leaves a solid foundation upon which Tom and the rest of the management team can build. We wish Chuck all the best,” said Mr. Charlton.