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Spirit Realty Capital completes Spirit MTA REIT spinoff

Spirit Realty Capital Inc. has completed the spinoff of Spirit MTA REIT into a separate and independent publicly traded real estate investment trust.

The new entity is expected to begin trading on the New York Stock Exchange June 1 under the ticker SMTA.

Spirit Realty shareholders on record as of May 18 received one share of Spirit MTA common stock for every 10 shares they own in Spirit Realty, according to a release.

Spirit MTA owns a diversified commercial real estate backed by master funding vehicles, as well as the properties leased to Shopko Retail Shops Holding Corp. and certain affiliates.

Single-tenant net-lease real estate investment trust Spirit Realty will remain as Spirit MTA's manager.