Spirit MTA REIT: Classic So-Called Bad Bank, Spun from Spirit Realty

Chris McIntyre of McIntyre Partnerships presented his in-depth investment thesis on Spirit MTA REIT (NYSE: SMTA) at Wide-Moat Investing Summit 2018.

Thesis summary:

Spirit MTA REIT is a classic “bad bank” recently spun from Spirit Realty. While the market views SMTA as an overlevered, “too difficult” stock, properly analyzed, Chris views SMTA as a simple story: a portfolio of high-quality (aka “wide-moat”) real estate assets, with minimal recourse leverage, that is likely to be liquidated and the cash returned to shareholders in the next three years at nearly $30 per share, a 200% return. Chris believes the recent spin dynamics and a lack of investor familiarity with the ABS structure of SMTA’s largest asset provide a favorable entry point. Compensation incentives strongly align the board and management with shareholders.

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About the instructor:

Chris McIntyre is the founder of McIntyre Partnerships, a concentrated value fund located in New York City. He employees a selective-contrarian strategy focused on event driven, GARP, and distressed investments. Prior to founding McIntyre Partnerships, he was a Managing Director at MAK Capital, a value focused equity and credit fund, where he managed investments in consumer, telecom, and special situations. Prior to that, he was an analyst at several funds including Cobalt Capital and MDR Capital. Chris is a CFA charterholder. He is a University of Virginia graduate with degrees in Economics and Government.