SMTA Liquidating Trust (SMTA)

[Enterprising Investor]

Spirit MTA REIT Announces Quarterly Cash Dividend and Special Dividend for Common Stock and Authorization of $50 Million Stock Repurchase Program (12/05/18)

DALLAS--(BUSINESS WIRE)--Spirit MTA REIT (NYSE:SMTA) (“SMTA” or the “Company”) announced today that its Board of Trustees (“Board”) has declared a quarterly cash dividend of $0.33 per common share for the fourth quarter of 2018. In addition, the Board declared a special cash dividend of $1.00 per common share. Both dividends will be paid on January 15, 2019, to stockholders of record as of December 31, 2018. Pro forma for these dividend payments, SMTA’s liquidity position remains strong with approximately $105 million of unrestricted cash, approximately $13 million in the Master Trust 2014 Release Account and over $30 million of availability under the Master Trust 2014 variable funding note facility.

The Board has also authorized a stock repurchase program, under which the Company may repurchase up to $50.0 million of its outstanding common stock.

“Given the recent execution of the $165 million non-recourse loan which served to de-risk our Shopko portfolio, and consistent with our stated strategy to return capital to shareholders, our Board has elected to declare a special dividend in addition to a quarterly dividend. The Board has chosen to further demonstrate its commitment to shareholder value creation by authorizing a repurchase program,” stated SMTA Chief Executive Officer, Chief Financial Officer and Treasurer Ricardo Rodriguez.

Repurchases under the stock repurchase program may be made in open market transactions from time to time, in privately negotiated transactions or otherwise, in accordance with applicable securities laws and other restrictions, with the amount and timing of repurchases depending on management's ongoing assessment of the capital needs of the business, prevailing market prices, general economic and market conditions and other considerations. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under the stock repurchase program.

The stock repurchase program does not obligate the Company to acquire any particular amount of common stock, or any at all, and may be extended, modified, suspended or discontinued at any time at the Company's discretion.

About Spirit MTA REIT

Spirit MTA REIT (NYSE:SMTA) is a net-lease REIT headquartered in Dallas, Texas. SMTA owns one of the largest, most diversified and seasoned commercial real estate backed master funding vehicles. Our strategy relies on the disposition of non-core properties, disciplined acquisitions, and proactive portfolio management. SMTA is managed by Spirit Realty Capital, L.P., a wholly-owned subsidiary of Spirit (NYSE:SRC), one of the largest publicly traded triple net-lease REITs.
As of September 30, 2018, our diversified portfolio was comprised of 884 properties, including properties securing mortgage loans made by the Company. Our properties, with an aggregate gross leasable area of approximately 20.0 million square feet, are leased to approximately 205 tenants across 45 states and 23 industries.

https://www.businesswire.com/news/home/20181205005862/en/Spirit-MTA-REIT-Announces-Quarterly-Cash-Dividend