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Section 1: 10-Q (10-Q)

smta-10q_20190930.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2019

OR

 

 

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to             

Commission file number 001-38414

 

SPIRIT MTA REIT

(Exact name of registrant as specified in its charter)

 

 

Maryland

 

82-6712510

(State or other Jurisdiction of Incorporation)

 

(IRS Employer Identification No.)

 

 

 

2727 North Harwood Street, Suite 300

Dallas, Texas

 

75201  

(Address of principal executive offices)

 

(zip code)

 

(972) 476-1409

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common shares of beneficial interest,

par value $0.01 per share

SMTA

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," “accelerated filer,” "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No  

Indicate the number of shares outstanding of each of the Issuer’s classes of common stock, as of the latest practicable date.

As of November 11, 2019, there were 43,177,966 common shares, par value $0.01, of Spirit MTA REIT outstanding.

 



EXPLANATORY NOTE

This quarterly report of Spirit MTA REIT (the "Company" or "SMTA") on Form 10-Q includes the financial information of the Company as of September 30, 2019 and December 31, 2018 and for the three and nine months ended September 30, 2019 and 2018.

On May 31, 2018, Spirit Realty Capital, Inc. completed the spin-off of the assets that collateralize Master Trust 2014, all of its properties leased to Shopko, and certain other assets into an independent, publicly traded REIT, SMTA (the "Spin-Off"). The Spin-Off was effected by means of a pro rata distribution of one SMTA common share for every ten shares of Spirit common stock held by each of Spirit's stockholders as of May 18, 2018, the record date for the Spin-Off.

The accompanying financial statements include the consolidated accounts of the Company and its wholly-owned subsidiaries for the period subsequent to the Spin-Off on May 31, 2018. The pre-spin financial statements were prepared on a carve-out basis and reflect the combined net assets and operations of the predecessor legal entities which formed the Company at the time of the Spin-Off. Accordingly, the results of operations for the nine months ended September 30, 2018 reflect the aggregate operations and changes in cash flows and equity on a combined basis for the period prior to May 31, 2018 and on a consolidated basis for the period subsequent to May 31, 2018.

On June 2, 2019, we announced a definitive agreement to sell our interests in Master Trust 2014 to HPT, subject to certain conditions, including shareholder approval. We filed a definitive proxy statement on August 5, 2019 and, on September 4, 2019 at a special meeting of shareholders, shareholders approved the Master Trust 2014 Sale, as well as the Plan of Voluntary Liquidation. As a result, we adopted the liquidation basis of accounting as of September 1, 2019. Accordingly, the financial results and disclosures presented for the period prior to August 31, 2019 use the going concern basis presentation consistent with the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. On September 1, 2019, assets and liabilities were adjusted to their estimated net realizable value, or liquidation value, which represents the estimated amount of cash that the Company will collect or pay, respectively, as it carries out its Plan of Voluntary Liquidation. Financial results and disclosures presented for the period subsequent to August 31, 2019 use the liquidation basis of accounting.

 

 

 


INDEX

 

 

 

 

Glossary

3

PART I — FINANCIAL INFORMATION

 

Item 1. Spirit MTA REIT Financial Statements (Unaudited)

5

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

31

Item 3. Quantitative and Qualitative Disclosures About Market Risk

37

Item 4. Controls and Procedures

37

PART II — OTHER INFORMATION

 

Item 1. Legal Proceedings

38

Item 1A. Risk Factors

38

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

38

Item 3. Defaults Upon Senior Securities

38

Item 4. Mine Safety Disclosures

38

Item 5. Other Information

38

Item 6. Exhibits

39

Signatures

40

 

 

 


GLOSSARY

 

 

 

 

 

2018 Incentive Award Plan

Spirit MTA REIT and Spirit MTA REIT, L.P. 2018 Incentive Award Plan

Annualized Cash Rent

Annualized Contractual Rent, less any rent reserved for

Annualized Contractual Rent

Contractual Rent multiplied by twelve

ASC

Accounting Standards Codification

Asset Management Agreement

Asset Management Agreement between a wholly-owned subsidiary of Spirit Realty, L.P. and Spirit MTA REIT

ASU

Accounting Standards Update

CMBS

Commercial Mortgage-Backed Securities

Code

Internal Revenue Code of 1986, as amended

Collateral Pool

Pool of collateral assets that are pledged to the indenture trustee for the benefit of the noteholders and secure obligations of issuers under Master Trust 2014

Contractual Rent

Monthly contractual cash rent, excluding percentage rents, from properties owned fee-simple or ground leased, recognized during the final month of the reporting period

CPI

Consumer Price Index

Exchange Act

Securities Exchange Act of 1934, as amended

FASB

Financial Accounting Standards Board

GAAP

Generally Accepted Accounting Principles in the United States

HPT

Hospitality Properties Trust

Interim Management Agreement

Interim Management Agreement between Spirit MTA REIT and a wholly-owned subsidiary of Spirit Realty, L.P. dated June 2, 2019 and effective September 20, 2019

LIBOR

London Interbank Offered Rate

Liquidity Reserve

Cash held on deposit until there is a cashflow shortfall as defined in the Master Trust 2014 agreements or a liquidation of Master Trust 2014 occurs

Manager

A wholly-owned subsidiary of Spirit

Master Trust 2014

The asset-backed securitization trust established in 2005, and amended and restated in 2014, which issued non-recourse net-lease mortgage notes collateralized by commercial real estate, net-leases and mortgage loans from time to time.

Master Trust 2014 Sale

The sale of the entities comprising Master Trust 2014 to HPT completed September 20, 2019

Other Properties

One of two reportable segments consisting of all properties not included in the Master Trust 2014 Collateral Pool

 

 

 

Plan of Voluntary Liquidation

Plan providing for the winding-up and complete liquidation of SMTA, and the dissolution and termination of SMTA or the conversion of SMTA to another liquidating entity, following the closing of the Master Trust 2014 Sale

Property Management and Servicing Agreement

Second amended and restated agreement governing the management services and special services provided to Master Trust 2014 by Spirit Realty, L.P., dated as of May 20, 2014, as amended, supplemented, amended and restated or otherwise modified

Real Estate Investment Value

The gross acquisition cost, including capitalized transaction costs, plus improvements and less impairments, if any

REIT

Real Estate Investment Trust

Release Account

Proceeds from the sale of assets securing Master Trust 2014 held in a restricted account until a qualifying substitution is made or the funds are applied as prepayment of principal

Separation and Distribution Agreement

Separation and Distribution Agreement between Spirit Realty Capital, Inc. and Spirit MTA REIT dated May 21, 2018

SEC

Securities and Exchange Commission

Shopko

Specialty Retail Shops Holding Corp. and certain of its affiliates

Shopko B-1 Term Loan

The secured loan made to Shopko in the initial principal amount of $35.0 million

3


Shopko CMBS Loan Agreements

The combination of the non-recourse mortgage loan agreement, establishing an aggregate loan amount of $125.0 million, and the mezzanine loan agreement, establishing an aggregate loan amount of $40.0 million

Shopko Lenders

An institutional lender and certain other lenders from time to time party to the Shopko CMBS Loan Agreements

SMTA

Spirit MTA REIT

Spin-Off

Creation of an independent, publicly traded REIT, SMTA, through a pro rata distribution of one SMTA common share for every ten shares of Spirit common stock held by each of Spirit's stockholders as of May 18, 2018, the record date

Spirit

Spirit Realty Capital, Inc.

SubREIT

Spirit MTA SubREIT, Inc., a wholly-owned subsidiary of SMTA

U.S.

United States of America

Vacant

Owned properties that are not economically yielding

 

Unless otherwise indicated or unless the context requires otherwise, all references to the "Company," "Spirit MTA

REIT," “SMTA,” "we," "us" or "our" refer to Spirit MTA REIT and its wholly-owned subsidiaries.

 

 

 

 

4


PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

SPIRIT MTA REIT

Consolidated Statement of Net Assets

(In Thousands)

(Liquidation Basis)

(Unaudited)

 

 

 

September 30, 2019

 

Assets

 

 

 

 

Real estate assets, net

 

$

25,731

 

Cash and cash equivalents

 

 

371,360

 

Restricted cash

 

 

2,687

 

Other assets

 

 

6,156

 

Total assets

 

$

405,934

 

Liabilities

 

 

 

 

Liability for estimated expense in excess of estimated income during liquidation

 

$

14,706

 

Obligation to redeem preferred shares

 

 

7,989

 

Accounts payable and other liabilities

 

 

6,013

 

Total liabilities

 

 

28,708

 

Commitments and contingencies (see Note 9)

 

 

 

 

Net assets in liquidation

 

$

377,226

 

 

See accompanying notes.

5


SPIRIT MTA REIT

Consolidated Balance Sheet

(In Thousands, Except Share and Per Share Data)

(Going Concern Basis)

(Unaudited)

 

 

 

December 31, 2018

 

Assets

 

 

 

 

Investments:

 

 

 

 

Real estate investments:

 

 

 

 

Land and improvements

 

$

870,549

 

Buildings and improvements

 

 

1,526,933

 

Total real estate investments

 

 

2,397,482

 

Less: accumulated depreciation

 

 

(459,615

)

 

 

 

1,937,867

 

Loans receivable, net

 

 

30,093

 

Intangible lease assets, net

 

 

79,314

 

Real estate assets held for sale, net

 

 

7,263

 

Net investments

 

 

2,054,537

 

Cash and cash equivalents

 

 

161,013

 

Deferred costs and other assets, net

 

 

83,087

 

Goodwill

 

 

7,012

 

Total assets

 

$

2,305,649

 

Liabilities and deficit

 

 

 

 

Liabilities:

 

 

 

 

Mortgages and notes payable, net

 

$

2,138,804

 

Intangible lease liabilities, net

 

 

17,676

 

Accounts payable, accrued expenses and other liabilities

 

 

83,629

 

Total liabilities

 

 

2,240,109

 

Commitments and contingencies (see Note 6)

 

 

 

 

Redeemable preferred equity:

 

 

 

 

SMTA Preferred Shares, $0.01 par value, $25 per share liquidation preference, 20,000,000 shares authorized: 6,000,000 shares issued and outstanding at December 31, 2018

 

 

150,000

 

SubREIT Preferred Shares, $0.01 par value, $1,000 per share liquidation preference, 50,000,000 shares authorized: 5,125 shares issued and outstanding at December 31, 2018

 

 

5,125

 

Total redeemable preferred equity

 

 

155,125

 

Shareholders' deficit:

 

 

 

 

Common shares, $0.01 par value, 750,000,000 shares authorized; 43,000,862 shares issued and outstanding at December 31, 2018.

 

 

430

 

Capital in excess of common share par value

 

 

201,056

 

Accumulated deficit

 

 

(291,071

)

Total shareholders' deficit

 

 

(89,585

)

Total liabilities and deficit

 

$

2,305,649

 

 

See accompanying notes.

 

 

 

6


SPIRIT MTA REIT

Consolidated Statement of Changes in Net Assets

(In Thousands)

(Liquidation Basis)

(Unaudited)

 

 

 

Period from September 1, 2019 through September 30, 2019

 

Net assets in liquidation, beginning of period

 

$

377,226

 

Liquidating distributions to common shareholders

 

 

 

Net assets in liquidation, end of period

 

$

377,226

 

 

See accompanying notes.

7


 

SPIRIT MTA REIT

Consolidated Statements of Operations and Comprehensive Loss

(In Thousands, Except Share and Per Share Data)

(Going Concern Basis)

(Unaudited)

 

 

 

Two Months Ended August 31,

 

 

Three Months Ended September 30,

 

 

Eight Months Ended August 31,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

31,247

 

 

$

60,287

 

 

$

132,812

 

 

$

179,539

 

Interest income on loans receivable

 

 

540

 

 

 

1,131

 

 

 

2,669

 

 

 

1,964

 

Other income

 

 

794

 

 

 

993

 

 

 

2,916

 

 

 

1,934

 

Total revenues

 

 

32,581

 

 

 

62,411

 

 

 

138,397

 

 

 

183,437

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

930

 

 

 

1,795

 

 

 

5,703

 

 

 

11,017

 

Related party fees

 

 

4,715

 

 

 

8,369

 

 

 

18,057

 

 

 

13,450

 

Transaction costs

 

 

1,263

 

 

 

78

 

 

 

6,223

 

 

 

8,620

 

Shopko-related (recoveries) expenses

 

 

(2,997

)

 

 

 

 

 

10,116

 

 

 

 

Property costs (including reimbursable)

 

 

1,426

 

 

 

1,909

 

 

 

4,887

 

 

 

5,573

 

Interest

 

 

18,344

 

 

 

27,672

 

 

 

78,254

 

 

 

83,427

 

Depreciation and amortization

 

 

10,682

 

 

 

20,969

 

 

 

47,378

 

 

 

63,071

 

Impairment, net of recoveries for loan losses

 

 

295

 

 

 

9,343

 

 

 

4,869

 

 

 

15,415

 

Total expenses

 

 

34,658

 

 

 

70,135

 

 

 

175,487

 

 

 

200,573

 

Other income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss on debt extinguishment

 

 

(144

)

 

 

 

 

 

(21,411

)

 

 

(363

)

Gain on disposition of real estate assets

 

 

221

 

 

 

4,210

 

 

 

1,740

 

 

 

7,464

 

Total other income (loss)

 

 

77

 

 

 

4,210

 

 

 

(19,671

)

 

 

7,101

 

Loss before income tax expense

 

 

(2,000

)

 

 

(3,514

)

 

 

(56,761

)

 

 

(10,035

)

Income tax expense

 

 

(11

)

 

 

(60

)

 

 

(86

)

 

 

(139

)

Net loss and total comprehensive loss

 

 

(2,011

)

 

 

(3,574

)

 

 

(56,847

)

 

 

(10,174

)

Preferred dividends

 

 

(2,653

)

 

 

(3,975

)

 

 

(10,611

)

 

 

(5,300

)

Net loss attributable to common shareholders

 

$

(4,664

)

 

$

(7,549

)

 

$

(67,458

)

 

$

(15,474

)

Net loss per share attributable to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.11

)

 

$

(0.18

)

 

$

(1.57

)

 

$

(0.36

)

Diluted

 

$

(0.11

)

 

$

(0.18

)

 

$

(1.57

)

 

$

(0.36

)

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

43,015,227

 

 

 

42,851,010

 

 

 

42,938,777

 

 

 

42,851,010

 

Diluted

 

 

43,015,227

 

 

 

42,851,010

 

 

 

42,938,777

 

 

 

42,851,010

 

Dividends declared per common share issued

 

$

 

 

$

0.33

 

 

$

0.66

 

 

$

0.33

 

 

See accompanying notes.

 

 

 

8


SPIRIT MTA REIT

Consolidated Statements of Changes in Equity

(In Thousands, Except Share and Per Share Data)

(Going Concern Basis)

(Unaudited)

 

 

 

Redeemable Preferred Equity

 

 

Shareholders' Equity (Deficit) and Parent Company Equity

 

 

 

SMTA Preferred Shares

 

 

SubREIT Preferred Shares

 

 

 

 

 

 

Common Shares

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par

Value

and

Capital

in Excess

of Par

Value

 

 

Shares

 

 

Par

Value

and

Capital

in Excess

of Par

Value

 

 

Total

Redeemable

Preferred

Equity

 

 

Shares

 

 

Par

Value

 

 

Capital

in

Excess of

Par

Value

 

 

Accumulated

Deficit

 

 

Net Parent

Investment

 

 

Total

Shareholders'

Equity and

Parent

Company

Equity

(Deficit)

 

Eight Months Ended
August 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances, December 31, 2018

 

 

6,000,000

 

 

$

150,000

 

 

 

5,125

 

 

$

5,125

 

 

$

155,125

 

 

 

43,000,862

 

 

$

430

 

 

$

201,056

 

 

$

(291,071

)

 

$

 

 

$

(89,585

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(38,270

)

 

 

 

 

 

(38,270

)

Issuance of preferred shares, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25

)

 

 

 

 

 

 

 

 

(25

)

Dividends declared on common shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,218

)

 

 

 

 

 

(14,218

)

Dividends declared on preferred shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,975

)

 

 

 

 

 

(3,975

)

Share-based compensation, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

89,513

 

 

 

1

 

 

 

793

 

 

 

(9

)

 

 

 

 

 

785

 

Tax withholdings related to net stock settlements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,624

)

 

 

 

 

 

 

 

 

(36

)

 

 

 

 

 

(36

)

Balances, March 31, 2019

 

 

6,000,000

 

 

$

150,000

 

 

 

5,125

 

 

$

5,125

 

 

$

155,125

 

 

 

43,085,751

 

 

$

431

 

 

$

201,824

 

 

$

(347,579

)

 

$

 

 

$

(145,324

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16,566

)

 

 

 

 

 

(16,566

)

Dividends declared on common shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,243

)

 

 

 

 

 

(14,243

)

Dividends declared on preferred shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,983

)

 

 

 

 

 

(3,983

)

Share-based compensation, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

74,180

 

 

 

1

 

 

 

440

 

 

 

(9

)

 

 

 

 

 

432

 

Balances, June 30, 2019

 

 

6,000,000

 

 

$

150,000

 

 

 

5,125

 

 

$

5,125

 

 

$

155,125

 

 

 

43,159,931

 

 

$

432

 

 

$

202,264

 

 

$

(382,380

)

 

$

 

 

$

(179,684

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,011

)

 

 

 

 

 

(2,011

)

Dividends declared on preferred shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,653

)

 

 

 

 

 

(2,653

)

Share-based compensation, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

170

 

 

 

 

 

 

 

 

 

170

 

Balances, August 31, 2019

 

 

6,000,000

 

 

$

150,000

 

 

 

5,125

 

 

$

5,125

 

 

$

155,125

 

 

 

43,159,931

 

 

$

432

 

 

$

202,434

 

 

$

(387,044

)

 

$

 

 

$

(184,178

)

 


9


SPIRIT MTA REIT

Consolidated Statements of Changes in Equity

(In Thousands, Except Share and Per Share Data)

(Going Concern Basis)

(Unaudited)

 

 

 

Redeemable Preferred Equity

 

 

Shareholders' Equity (Deficit) and Parent Company Equity

 

 

 

SMTA Preferred Shares

 

 

SubREIT Preferred Shares

 

 

 

 

 

 

Common Shares

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par

Value

and

Capital

in Excess

of Par

Value

 

 

Shares

 

 

Par

Value

and

Capital

in Excess

of Par

Value

 

 

Total

Redeemable

Preferred

Equity

 

 

Shares

 

 

Par

Value

 

 

Capital

in

Excess of

Par

Value

 

 

Accumulated

Deficit

 

 

Net Parent

Investment

 

 

Total

Shareholders'

Equity and

Parent

Company

Equity

(Deficit)

 

Nine Months Ended September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances, December 31, 2017

 

 

 

 

$

 

 

 

 

 

$

 

 

$

 

 

 

 

 

$

 

 

$