Spirit Realty Capital, Inc. Comments on Recent Events Regarding SMTA

Spirit Realty Capital, Inc. (NYSE:SRC) (“Spirit” or the “Company”), a net-lease real estate investment trust (REIT) that invests in single-tenant, operationally essential real estate, today commented on the anticipated impact of the announcement by Spirit MTA REIT, (NYSE: SMTA), currently externally managed by Spirit, that its Board intends to accelerate their strategic plan. A presentation titled, ‘SRC Business Update, January 2019’, has also been posted to the Investor Relations section of Spirit’s website.

“In light of the recent news, we feel strongly that our hard work over the past two years has positioned Spirit well. At this time, SMTA has ample liquidity and capacity to meet its obligations to Spirit and we believe the acceleration of their strategic plan meaningfully benefits Spirit in several ways,” said Jackson Hsieh, President and Chief Executive Officer. “This accelerated timeline allows Spirit to pull forward significant proceeds, which can be redeployed into triple net assets and / or to strengthen the balance sheet by reducing leverage. Further, we expect that a nearer term expiration of Spirit’s three-year management contract with SMTA will improve our organic growth by removing a flat income stream and removing the uncertainty around the duration of that income stream. Finally, and most importantly, the permanent separation of SRC and SMTA should benefit SRC’s cost of capital as Spirit completes its transition to a simplified, pure play net lease REIT.”

CONFERENCE CALL DETAILS

Spirit's management team will host a conference call and audio webcast today Wednesday, January 16, 2019, at 10:30 AM Eastern Time.

Interested parties can listen to the call via the following:

INTERNET: Go to www.spiritrealty.com and select the investor relations page at least 15 minutes prior to the start time of the call in order to register, download and install any necessary audio software. The webcast will be accessible for three months.

PHONE: No access code required.
[phone] (Domestic) / [phone] (International)

REPLAY: Available through January 30, 2019 with access code 13686727
[phone] (Domestic) / [phone] (International)

ABOUT SPIRIT REALTY

Spirit Realty Capital, Inc. (NYSE: SRC) is a premier net-lease REIT 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.