Spirit Realty Capital Inc (NYSE:SRC) has completed the spin-off of Spirit MTA REIT (NYSE:SMTA). The separated company will trade under the ticker SMTA on New York Stock Exchange.
The exchange is fixed at one share of SMTA for 10 shares of Spirit Realty Capital. Accordingly, the shareholders of SRC has received one common share of SMTA for every 10 shares of the Spirit Realty Capital on May 18, 2018.
Chief Executive Officer and President of Spirit expressed happiness over the completion of the spin-off. He said the deal will benefit all of the shareholders of Spirit. He has thanked everyone mainly in legal, accounting departments and board of directors, who worked very hard to make this deal happen. Spirit has diversified and strongest single tenant portfolios together with sector lending and is poised for a long term growth.
Following the spin-off, the real estate investment trust Spirit MTA REIT is a publicly traded entity. The property and asset management services will be provided by Spirit to Spirit MTA REIT.
The investors of Spirit MTA REIT is now provided with an option to invest in net-lease master trust portfolio. Interim Chief Executive Officer, Treasurer and Chief Financial Officer of Spirit MTA REIT, Ricardo Rodriguez said the experienced board of directors and property and asset manager of Spirit will greatly benefit Spirit MTA REIT.
Brief Information about Spirit Realty Capital Inc
The net-lease real estate investment trust Spirit Realty Capital Inc is engaged in investing in good quality real estate and net leases. The company has been a leading player and the owner of strategically located and income producing office, industrial, retail, and data center properties.
The diversified portfolio of SRC as on March 31, 2018 consists of 2,446 properties. Around 417 tenants spanning 49 states in the nation have obtained the properties on lease from SRC.
Brief Information about Spirit MTA REIT
The headquarters of Spirit MTA REIT is situated in Dallas, Texas. The company owns seasoned and diversified commercial real estate backed funding vehicles. The company increases value to the shareholders through disciplined acquisitions, the sale of non-core properties, and proactive portfolio management.