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Spirit Realty unit publicly files for proposed spinoff

Spirit Realty Capital Inc. unit Spirit MTA REIT publicly filed with the SEC its plan to separate from the single-tenant net-lease real estate investment trust.

Under the plan, Spirit Realty's assets that collateralize Master Trust 2014, virtually all properties that the company leases to Shopko Retail Shops Holding Corp. and its affiliates, and certain other assets will be spun off into Spirit MTA.

After the spinoff, Spirit MTA common shares of beneficial interest will be distributed to Spirit Realty's common stockholders. Spirit Realty common stockholders will own 100% of the spinoff's common shares.

Spirit MTA will hold investments in a portfolio of about 901 properties, comprising 895 owned properties and mortgage loans receivable secured by six properties. It plans to apply to list its common shares on the NYSE under the ticker SMTA and will elect to become a REIT, starting with the 2018 taxable year, according to a filing.

Pending SEC clearance and other conditions, the spinoff is expected to be finalized during the first half.