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Spirit Realty to spin off Shopko properties

Spirit Realty Capital Inc. plans to spin off more than 925 properties leased to Shopko into a new real estate investment trust.

The REIT is expected to own more than $2.7 billion worth of gross real estate investments, while Spirit will own more than 1,540 properties valued at $5.4 billion.

Spirit shareholders will receive distributions of the spinoff's stock when the transaction closes, which is expected to occur in the first half of 2018.

More details to follow.