With Spirit Realty Capital (NYSE:SRC) set to merge with Cole Credit Property Trust II in the third quarter, the commercial real estate REIT announced yesterday it would pay a pro-rated dividend for the third quarter based on a quarterly payout of $0.3125 per share, the same rate it paid last quarter. Spirit only went public last September and began paying dividends in January.

The board of directors said the quarterly dividend is payable to shareholders of record as of 5:00 p.m. New York time on the day before the merger. They will receive $0.0034 per share per day from July 1, the first day of the third quarter, through the day before the merger. Payment of the pro-rated dividend is contingent upon the closing of the deal.

Spirit Realty Capital anticipates that the surviving corporation will declare a dividend for the remainder of the third quarter following the closing of the merger. The full quarterly payout would equate to a $1.25-per-share annual dividend, yielding 7% based on the closing price of Spirit Realty Capital's stock on July 1.