DALLAS, April 13, 2018 /PRNewswire/ -- Spirit Realty
Capital, Inc. (NYSE: SRC) ("Spirit" or the "Company") announced
today that its subsidiary, Spirit MTA REIT ("SMTA"), has publicly
filed with the U.S. Securities and Exchange Commission (the "SEC")
an amended registration statement on Form 10 in connection with the
previously announced spin-off of certain assets of the Company into
SMTA and the subsequent distribution of SMTA's common shares of
beneficial interest to the Company's common stockholders. A link to
the filing can be found in the Investor Relations section of Spirit
Realty Capital's website at www.spiritrealty.com.
Prior to the distribution, SMTA will hold, directly or
indirectly, the assets that collateralize Master Trust 2014 (part
of Spirit's asset-backed securitization program), all the
properties that Spirit leases to Shopko Retail Shops Holding Corp.
("Shopko") and certain of its affiliates, as well as certain other
assets. The spin-off is currently anticipated to be completed in
the first half of 2018. The spin-off is subject to certain
conditions, including declaration by the SEC that SMTA's
registration statement on Form 10 is effective, customary
third-party consents and final approval and declaration of the
distribution by Spirit's board of directors. Spirit may, at any
time and for any reason until the proposed spin-off is complete,
abandon the spin-off or modify or change its terms, including the
assets contributed to SMTA.
ABOUT SPIRIT REALTY
Spirit Realty Capital, Inc. (NYSE: SRC) is a premier net-lease
real estate investment trust (REIT) that primarily invests in
high-quality, operationally essential real estate, subject to
long-term, net leases. Over the past decade, Spirit has become an
industry leader and owner of income-producing, strategically
located retail, industrial and office properties providing superior
risk adjusted returns and steady dividend growth for our
shareholders.
As of December 31, 2017, our
diversified portfolio was comprised of 2,480 properties, including
properties securing mortgage loans. Our properties, with an
aggregate gross leasable area of approximately 49 million square
feet are leased to 419 tenants across 49 states and 30
industries.
Forward-looking and Cautionary Statements
This press
release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 and other
federal securities laws. These forward-looking statements can be
identified by the use of words such as "expect," "plan," "will,"
"estimate," "project," "intend," "believe," "guidance," and other
similar expressions that do not relate to historical matters. These
forward-looking statements are subject to known and unknown risks
and uncertainties that can cause actual results to differ
materially from those currently anticipated due to a number of
factors, which include, but are not limited to, Spirit's continued
ability to source new investments, risks associated with using debt
to fund Spirit's business activities (including refinancing and
interest rate risks, changes in interest rates and/or credit
spreads, changes in the price of our common stock, and conditions
of the equity and debt capital markets, generally), unknown
liabilities acquired in connection with acquired properties or
interests in real-estate related entities, general risks affecting
the real estate industry and local real estate markets (including,
without limitation, the market value of our properties, the
inability to enter into or renew leases at favorable rates,
portfolio occupancy varying from our expectations, dependence on
tenants' financial condition and operating performance, and
competition from other developers, owners and operators of real
estate), the financial performance of our retail tenants and the
demand for retail space, particularly with respect to challenges
being experienced by general merchandise retailers, potential
fluctuations in the consumer price index, risks associated with our
failure to maintain our status as a REIT under the Internal Revenue
Code of 1986, as amended, risks and uncertainties related to the
completion and timing of Spirit's proposed spin-off of assets that
collateralize Master Trust 2014, almost all the properties that
Spirit leases to Shopko and certain of its affiliates, as well as
certain other assets , and the impact of the spin-off on Spirit's
business, and other additional risks discussed in Spirit's most
recent filings with the SEC, including its Annual Report on Form
10-K. Spirit expressly disclaims any responsibility to update or
revise forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
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SOURCE Spirit Realty Capital, Inc.