Spirit Realty Capital Announces Effectiveness of SMTA REIT Form 10 Registration Statement

DALLAS, May 10, 2018 /PRNewswire/ — Spirit Realty Capital, Inc. (NYSE: SRC) (“Spirit” or the “Company”) announced today that the U.S. Securities and Exchange Commission (the “SEC”) has declared effective Spirit MTA REIT’s (“SMTA”) registration statement on Form 10, in connection with the previously announced spin-off of certain assets of the Company into SMTA and the subsequent distribution of SMTA’s common shares of beneficial interest to the Company’s common stockholders. A link to the filing can be found in the Investor Relations section of Spirit Realty Capital’s website at www.spiritrealty.com.

Prior to the distribution, SMTA will hold, directly or indirectly, the assets that collateralize Master Trust 2014 (part of Spirit’s asset-backed securitization program), substantially all the properties that Spirit leases to Shopko Retail Shops Holding Corp. (“Shopko”) and certain of its affiliates, as well as certain other assets. The spin-off is currently anticipated to be completed on or about May 31, 2018 and remains subject to certain customary conditions. Spirit may, at any time and for any reason until the proposed spin-off is complete, abandon the spin-off or modify or change its terms, including the assets contributed to SMTA.

ABOUT SPIRIT REALTY

Spirit Realty Capital, Inc. (NYSE: SRC) is a premier net-lease real estate investment trust that primarily invests in high-quality, operationally essential real estate, subject to long-term, net leases. Over the past decade, Spirit has become an industry leader and owner of income-producing, strategically located retail, industrial, office and data center properties providing steady dividend growth for our shareholders.

As of March 31, 2018, our diversified portfolio was comprised of 2,446 properties, including properties securing mortgage loans made by the Company. Our properties, with an aggregate gross leasable area of approximately 48.3 million square feet, are leased to approximately 417 tenants across 49 states and 32 industries.

Forward-looking and Cautionary Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements can be identified by the use of words such as “expect,” “plan,” “will,” “estimate,” “project,” “intend,” “believe,” “guidance,” and other similar expressions that do not relate to historical matters. These forward-looking statements are subject to known and unknown risks and uncertainties that can cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, Spirit’s continued ability to source new investments, risks associated with using debt to fund Spirit’s business activities (including refinancing and interest rate risks, changes in interest rates and/or credit spreads, changes in the price of our common stock, and conditions of the equity and debt capital markets, generally), unknown liabilities acquired in connection with acquired properties or interests in real-estate related entities, general risks affecting the real estate industry and local real estate markets (including, without limitation, the market value of our properties, the inability to enter into or renew leases at favorable rates, portfolio occupancy varying from our expectations, dependence on tenants’ financial condition and operating performance, and competition from other developers, owners and operators of real estate), the financial performance of our retail tenants and the demand for retail space, particularly with respect to challenges being experienced by general merchandise retailers, potential fluctuations in the consumer price index, risks associated with our failure to maintain our status as a REIT under the Internal Revenue Code of 1986, as amended, risks and uncertainties related to the completion and timing of Spirit’s proposed spin-off of assets that collateralize Master Trust 2014, substantially all the properties that Spirit leases to Shopko and certain of its affiliates, as well as certain other assets , and the impact of the spin-off on Spirit’s business, and other additional risks discussed in Spirit’s most recent filings with the SEC, including its Annual Report on Form 10-K, and in Spirit MTA REIT’s registration statement on Form 10, as amended. Spirit and Spirit MTA REIT expressly disclaim any responsibility to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.