SMTA Liquidating Trust (SMTA)

[Enterprising Investor]

Spirit MTA REIT Closes on Sale of Academy Sports Distribution Center (9/30/19)

Jackson Hsieh Steps Down from the Board of Trustees

DALLAS--(BUSINESS WIRE)--Spirit MTA REIT (NYSE: SMTA) (“SMTA” or the “Company”) announced today that on September 27, 2019, the Company closed on its previously-announced sale of a distribution center located in Katy, Texas leased to Academy Sports + Outdoors. In connection with the closing, the buyer assumed the outstanding CMBS debt; after closing costs, and the receipt of October rent, the Company received net proceeds of approximately $6.9 million.

“We are very pleased to announce the closing of the sale of the Academy Sports property, which provided approximately seven million of net proceeds to SMTA, after the transfer of $84 million of debt,” stated Ricardo Rodriguez, President and Chief Executive Officer of SMTA. “We will continue to market our remaining assets for sale, and thereafter in conjunction with our board will make distributions and begin our liquidation process. We will continue to communicate important milestones as they are reached in this ongoing process.”

Additionally, the Company announced that Jackson Hsieh has stepped down from the Board of Trustees, effective September 27, 2019.

“Since the completion of the spin-off of SMTA, I am pleased with the manner in which the Board of Trustees of SMTA, and Spirit Realty as Asset Manager, worked together to generate a good result for shareholders,” stated Jackson Hsieh, Chief Executive Officer of Spirit Realty Capital. “The completion of the sales of the Master Trust A and the Academy Sports facility were the remaining complex transactions, and now that they are completed, I determined that this was the best time for me to step off the board and focus my efforts on Spirit Realty.”

Steven G. Panagos, Chairperson of the Nominating and Corporate Governance Committee stated, “We thank Jackson for his focused and tireless effort as our Chairman since the inception of Spirit MTA. The Board and executive team will continue its efforts to sell the remaining assets, and return capital to shareholders.”

ABOUT SPIRIT MTA REIT

Spirit MTA REIT (NYSE:SMTA) is a net-lease REIT headquartered in Dallas, Texas. SMTA is managed by a wholly-owned subsidiary of Spirit Realty Capital, Inc. (NYSE:SRC), one of the largest publicly traded triple net-lease REITs.

More information about Spirit MTA REIT can be found on the investor relations page of the Company's website at www.spiritmastertrust.com.

https://www.businesswire.com/news/home/20190930005253/en/Spirit-MTA-REIT-Closes-Sale-Academy-Sports