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Spirit Realty Capital Spinoff To Form New REIT Worth $2.7B, Industrial Logistics Files IPO

As Spirit Realty Capital Inc. moves forward with plans to spin off real estate assets into a separate REIT,  Industrial Logistics Properties Trust has filed paperwork for an initial public offering.


Spirit Realty's new REIT, called Spirit MTA REIT, will own 925 properties valued at an estimated $2.7B. Approximately 115 of these properties are Shopko stores. The new REIT's portfolio will also include 800 properties from Spirit Realty’s Master Trust 2014, CoStar reports.

Spirit Realty had initially announced plans to spin off assets in August. At the time, the new REIT was to be called SpinCo and would have included more than 100 properties leased by Shopko. These plans were discarded in favor of Spirit MTA REIT.

Once the latest transaction is complete, Spirit Realty will own more than 1,540 properties across the U.S. with a gross real estate investment of $5.4B.

At the same time, Industrial Logistics Properties Trust, a subsidiary of Select Income REIT, has filed plans for an IPO in an attempt to take advantage of increased industrial and logistics real estate demand thanks to e-commerce growth.

The REIT will own all but three Select Income properties in Hawaii, bringing its asset total to 226 properties. It will also possess 40 industrial and logistics properties in 24 other states, CoStar reports.

It will be traded on Nasdaq under the symbol ILPT.