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Organization
9 Months Ended
Sep. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Organization

Note 1. Organization

Organization and Operations

Spirit MTA REIT ("SMTA" or the "Company") operates as an externally managed REIT formed in Maryland. The Company began operations through predecessor legal entities which were wholly-owned subsidiaries of Spirit Realty Capital, Inc. ("Spirit"). On May 31, 2018, Spirit completed the Spin-Off that resulted in the Company's establishment as an independent, publicly traded company. The Spin-Off was effected by means of a pro rata distribution of SMTA common shares to Spirit stockholders of record as of the close of business on the record date. In conjunction with the Spin-Off, SMTA and a wholly-owned subsidiary of Spirit (the "Manager") entered into an Asset Management Agreement under which the Manager provides external management of SMTA. Costs associated with the Spin-Off incurred in the three and nine months ended September 30, 2018 totaled $0.1 million and $8.6 million, respectively, and are reflected as transaction costs on the accompanying consolidated statements of operations and comprehensive loss.

On January 16, 2019, in connection with the Shopko bankruptcy filing, the Company announced that its Board of Trustees elected to accelerate its strategic plan and on June 2, 2019 announced a definitive agreement to sell its interests in Master Trust 2014 to HPT. Costs associated with the execution of strategic alternatives in the two and eight months ended August 31, 2019 totaled $1.3 million and $6.2 million, respectively, and are reflected as transaction costs on the accompanying consolidated statements of operations and comprehensive loss. On September 4, 2019, at a special meeting of the shareholders, the shareholders approved the Master Trust 2014 Sale, as well as the Plan of Voluntary Liquidation. As a result, the Company adopted the liquidation basis of accounting using a convenience date of September 1, 2019, as the difference in dates is not material to presentation of the financial results.

On September 20, 2019, the Company completed the Master Trust 2014 Sale and, as a result, the Asset Management Agreement was terminated, and the Interim Management Agreement went into effect. The Company will receive management services from its Manager under the Interim Management Agreement in connection with its wind down pursuant to the Plan of Voluntary Liquidation. As of September 30, 2019, the Company has a portfolio of 11 unencumbered properties.