Some of the key characteristics of the 123-property portfolio include: 92% of rents escalate; 99% of rents are triple-net; 40% of rents are under master lease structures; 78 are restaurant properties; 71% of rents are from service retail tenants, and 29% are from traditional retail tenants.

In September 2019, Service Properties Trust completed the acquisition of a net lease portfolio of service-oriented retail properties from Spirit MTA REIT for $2.4 billion in cash. A month later, Service Properties Trust agreed to sell the 126-net lease property portfolio to Spirit Realty Capital.

As of Sept. 30, 2019, Spirit Realty Capital's portfolio was comprised of 1,623 owned properties and 43 properties securing mortgage loans. The firm's owned properties, with an aggregate gross leasable area of approximately 30.3 million square feet, were leased to 260 tenants across 48 states and 31 industries.

Service Properties Trust, formerly operating as Hospitality Properties Trust, notes that the sale is part of the firm's previously announced disposition plan to sell up to $500 million of net lease assets in connection with its acquisition of a net lease portfolio of service-oriented retail properties from Spirit.

John Murray, president and CEO of Service Properties Trust says, "Coupled with our other recent net lease sales and agreements to sell totaling $66 million, we have reached our target of $500 million in net lease asset sales, the proceeds of which will be used to reduce the company's leverage."

Three additional net lease properties that SVC has agreed to sell are subject to rights of first refusal to purchase those properties. SVC expects those rights of first refusal will be exercised. These sales are expected to close by the end of 2019 for an aggregate of approximately $3 million.