Spirit’s approach to credit and underwriting has remained consistent, while our focus has become refined based on our time-tested strategy.

Our credit and underwriting team conducts in-depth research and analysis to support Spirit’s investment policy. We analyze several credit risk factors including financial statements, unit-level economics, corporate credit, real estate fundamentals, property and environmental risk, along with several other risk factors. Our bottom-up approach begins with analyzing unit-level profitability: 

Unit-level Profitability.  

Property-level cash flows are the primary source of repayment and a key measure of risk, both in terms of default probability and long-term real estate value; if units are profitable, the likelihood of default or relocation is minimized.

Real Estate Fundamentals.

We evaluate and monitor value by assessing if new acquisition rents and purchase price are at or below market rent and replacement costs. We focus on operationally essential real estate which minimizes a tenant’s decision to relocate from “profitable” locations, especially if replacement cost and rent increases significantly. 

Industry Expertise.

We evaluate past performance to understand future industry trends, in addition to utilizing our time-tested strategy and expertise of understanding the risk profiles of each sector.

Corporate Credit.

Our team performs credit reviews to evaluate financial flexibility and capacity to service a lease. 

Travis Carter
Travis Carter
Travis Carter Vice President, Credit and Underwriting
(972) 476-1968

Travis Carter serves as Vice President of Credit and Underwriting at Spirit. In this role, Mr. Carter is responsible for supporting Spirit’s investment policy through in-depth research and risk analysis of Spirit’s investments. Prior to his role in credit and underwriting, Mr. Carter was Vice President of Asset Management where he was responsible for special servicing and property management for the portfolio, including workouts, property sales, re-leasing, and property management for vacant properties. Mr. Carter joined Spirit in June 2013. Prior to joining Spirit, Mr. Carter served as Vice President of Real Estate Development at Community By Design, Inc., a mixed-use developer. Mr. Carter earned a BS in real estate and finance, and an MBA in real estate from the University of Wisconsin – Madison.

Matt Kuc
Matt Kuc
Matt Kuc Associate, Credit & Underwriting
(972) 476-1931

Matt Kuc joined Spirit in 2014 as part of the acquisitions team. Mr. Kuc now serves on the credit & underwriting team where he underwrites new investment opportunities, performs credit analysis on existing tenants, and assists in managing the overall health of Spirit’s portfolio. Prior to joining Spirit, Mr. Kuc received his BSBA and MBA, both with concentrations in Real Estate and Finance, from the University of Missouri.

Kevin Mooney
Kevin Mooney
Kevin Mooney Associate, Credit & Underwriting
(972) 476-1966

Kevin Mooney serves as an Associate on the Credit and Underwriting team at Spirit. In this role, Mr. Mooney is responsible for underwriting new investment opportunities, performing credit analysis on Spirit’s existing tenants, and assisting in managing the overall health of Spirit’s portfolio. Prior to his role in credit and underwriting, Mr. Mooney served on the acquisitions team where he was responsible for sourcing and underwriting new investment opportunities.

Prior to joining Spirit, Mr. Mooney was an analyst at Goldman Sachs. He graduated with a B.S. in Business Administration with a concentration in Financial Analysis from the University at Buffalo.