Spirit MTA REIT (SMTA) Reports Q3 Loss of $0.18

Spirit MTA REIT (NYSE: SMTA) reported Q3 EPS of ($0.18). Revenue for the quarter came in at $62.41 million.

“In our first quarter as a standalone public Company, we continued to make progress as we seek to maximize shareholder value through the monetization of a portfolio of non-core assets and the growth of our seasoned master funding vehicle. Our diverse portfolio of predominantly triple-net leased properties continues to steadily perform. During the quarter, we utilized our Master Trust 2014 release account cash, along with proceeds from the monetization of non-core assets, to complete the acquisition of five high quality assets for a total of $97.4 million with a weighted-average initial cash yield of 6.44% and an economic yield of 7.60%. We also disposed of a total of $31.6 million of properties, including five properties leased to Shopko. Further, we are pleased to announce that SMTA secured two key financings post quarter-end. First, we have closed on a $165 million non-recourse financing secured by our remaining 85 Shopko assets held in the Other Properties portfolio, which we believe has substantially reduced our Shopko risk exposure and provided immediate incremental capital, while allowing for continued disposition activity. Additionally, SMTA further augmented its liquidity position by raising a $50 million variable funding note that will allow the Company more flexibility with respect to capital for acquisitions as well as liability management. With these financings, we believe we have fortified SMTA’s foundation from a capital perspective while allowing for continued execution of the Company’s strategy,” stated SMTA Chief Executive Officer, Chief Financial Officer and Treasurer Ricardo Rodriguez.

For earnings history and earnings-related data on Spirit MTA REIT (SMTA) click here.

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