Spirit Realty Capital announced the spin-off of Spirit MTA REIT has been completed. Shares of Spirit MTA REIT will begin regular trading today on the New York Stock Exchange under the ticker “SMTA.”
“SMTA offers investors a differentiated opportunity to invest in a pre-eminent net-lease master trust portfolio, with a highly focused strategy to monetize noncore assets, optimize and grow the value of the master trust, and maximize cash flow distributions to stockholders. SMTA will also benefit from an experienced, aligned asset and property manager in Spirit, and our experienced independent board of directors,” said Ricardo Rodriguez, interim CEO, CFO and treasurer of Spirit MTA REIT.
As a result of the spin-off, Spirit MTA REIT is now a separate and independent publicly traded real estate investment trust. Spirit MTA REIT owns, directly and indirectly, the assets that collateralize Master Trust 2014 (previously part of Spirit’s asset-backed securitization program), all the properties leased by Shopko Retail Shops Holding Corp. and certain of its affiliates, as well as certain other assets. Spirit will continue to provide asset and property management services to Spirit MTA REIT.
