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Spirit MTA REIT signs deal to finalize spinoff from Spirit Realty

Spirit MTA REIT signed a separation and distribution deal to effect its spinoff from single-tenant net-lease real estate investment trust Spirit Realty Capital Inc.

Under the May 21 deal, the REIT spinoff will own the assets that collateralize a stand-alone asset-backed securitization program called Master Trust 2014, virtually all the properties leased to Shopko Retail Shops Holding Corp. and certain of its affiliates, and certain other assets.

At or before the spinoff, Spirit Realty's operating partnership will make a cash contribution of $3.0 million to Spirit MTA, which will in turn distribute all other cash held by it or its affiliates to Spirit Realty. Spirit MTA will also reimburse Spirit Realty for certain related expenses, asset sales, rents and fees.

Additionally, Spirit MTA expanded the size of its board to two members with the election of Steven Shepsman as an independent trustee, effective immediately. The board also removed Jackson Hsieh as president and Ken Heimlich as treasurer and named Ricardo Rodriguez as new CEO, president, CFO and treasurer.

The removals were not tied to any disagreement with Spirit MTA, according to a filing.