Spirit Finance Corporation Completes $75 Million Sale/Leaseback Transaction with National Envelope Corporation

Business Wire, Jan 12, 2007

SCOTTSDALE, Ariz. -- Spirit Finance Corporation (NYSE: SFC), a real estate investment trust focused on single tenant, operationally essential real estate, today announced that it completed a $75 million sale/leaseback transaction with National Envelope Corporation ("NEC"), the world's largest envelope manufacturer, on December 28, 2006. Spirit purchased nine of NEC's manufacturing facilities which also include warehousing and distribution space. NEC has agreed to lease the buildings for an initial period of 20 years, subject to a master lease with multiple renewal options.

Nathan Moser, Chief Executive Officer of NEC, stated, "The sale-leaseback transaction executed with Spirit was part of an overall strategy of positioning the company for continued long-term growth and profitability. Spirit delivered very favorable economic terms, and we were very pleased with Spirit's professional execution throughout the process."

Christopher H. Volk, President and CEO of Spirit Finance, stated, "National Envelope Corporation has a proven track record of success having evolved, over 50 years, into the largest envelope manufacturer in the world. We are proud of our ability to add value to NEC through our tailored and efficient investment structure. We are pleased to support NEC's real estate needs and look forward to the mutual benefits of maintaining a long term relationship."

About National Envelope Corporation

Founded in 1952, National Envelope Corporation manufactures a wide variety of envelopes. The Company's primary markets are domestic paper merchants, envelope imprinters and direct mailers located primarily throughout North America. NEC currently has 21 manufacturing facilities and two administrative offices in the United States, as well as one distribution center in Canada. For more information, access the National Envelope Corporation website at www.nationalenvelope.com.

About Spirit Finance Corporation

Spirit Finance Corporation provides customized, flexible sale/leaseback financing solutions for single tenant, operationally essential real estate assets that are vital to the operations of retail, service and distribution companies. The Company's core markets include free-standing automotive, drugstores, educational facilities, movie theaters, restaurants, supermarkets, and other retail, distribution and service businesses. Additional information about Spirit Finance Corporation is available on its website at www.spiritfinance.com.