Spirit MTA REIT said it will transfer its remaining assets to a liquidating trust Jan. 1, 2020, in line with its voluntary liquidation plan approved in September.
The Spirit Realty Capital Inc. unit expects Dec. 31 to be the last day for its shares to trade on the NYSE, after which the company will be terminated and dissolved.
All the shareholders of the single-tenant net-lease real estate investment trust will receive 1 liquidating trust unit for each common share they hold, while the liquidating trust will sell the assets of the company as soon as practical.
Spirit MTA REIT also received a notice from the NYSE for being below its compliance standards as the average closing price of the company's shares fell below $1.00 over a consecutive 30 trading-day period. The company said it notified the NYSE to allow its shares to be listed through Dec. 31.