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Spirit Realty Files with SEC on Spin-off Plan

The spin-off will enable “separating financing approaches” for what currently are two investment strategies under one roof, Spirit Realty Capital's Jackson Hsieh said in August.

By Paul Bubny | Updated on November 21, 2017

The spinoff will “remove and isolate certain structural impediments that have been present” since Spirit Realty’s 2012 IPO, Hsieh said in August.

DALLAS—Spirit Realty Capital (SRC) said Tuesday it had filed confidentially with the SEC to register its planned spin-off, Spirit MTA REIT (SMTA). The plan was originally announced this past August, and would spin off substantially all of SRC’s properties leased to Shopko Stores.

Prior to a distribution of SMTA’s common shares to SRC shareholders, the spin-off REIT will hold, directly or indirectly, the assets that collateralize SRC’s Master Trust 2014, almost all the properties that Spirit leases to Shopko and certain of its affiliates, as well as certain other assets. SRC said in August that SMTA was initially expected to have about $2.7 billion in gross real estate investments. A completion date in the first half of 2018 is currently expected for the spin-off.

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