Spirit MTA REIT Announces 2018 Dividend Tax Allocation

Spirit MTA REIT SMTA ("SMTA" or the "Company") announced today the calculation of the tax status of its 2018 common stock (CUSIP #84861U105) dividends.

The following is an allocation of the 2018 common stock (CUSIP #84861U105) dividends for United States federal income tax purposes:

The remaining common stock dividend of $0.313074 per share and the remaining common stock special dividend of $0.948709 per share that were paid on January 15, 2019, with a record date of December 31, 2018, will be treated as a 2019 distribution for federal tax purposes and will not be included on the 2018 Form 1099-DIV.

Shareholders are encouraged to consult with their tax advisors as to their specific tax treatment related to SMTA's common stock dividends.

Additional dividend information can be obtained through the Investor Relations section of SMTA's website at www.spiritmastertrust.com. For inquiries related to your SMTA dividends, please contact SMTA's transfer agent, American Stock Transfer & Company, LLC at (866) 703-9065.

About Spirit MTA REIT

Spirit MTA REIT SMTA is a net-lease REIT headquartered in Dallas, Texas. SMTA owns one of the largest, most diversified and seasoned commercial real estate backed master funding vehicles. Our strategy relies on the disposition of non-core properties, disciplined acquisitions, and proactive portfolio management. SMTA is managed by Spirit Realty, L.P., a wholly-owned subsidiary of Spirit Realty Capital, Inc. SRC, one of the largest publicly traded triple net-lease REITs.

As of September 30, 2018, our diversified portfolio was comprised of 884 properties, including properties securing mortgage loans made by the Company. Our properties, with an aggregate gross leasable area of approximately 20.0 million square feet, are leased to approximately 205 tenants across 45 states and 23 industries. More information about Spirit MTA REIT can be found on the investor relations page of the Company's website at www.spiritmastertrust.com.

FORWARD-LOOKING AND CAUTIONARY STATEMENTS

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements can be identified by the use of words such as "expect," "plan," "will," "estimate," "project," "intend," "believe," "guidance," "approximately," "anticipate," "may," "should," "seek" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions of management. These forward-looking statements are subject to known and unknown risks and uncertainties that you should not rely on as predictions of future events. Forward-looking statements depend on assumptions, data and/or methods which may be incorrect or imprecise and we may not be able to realize them. The following risks and uncertainties, among others, could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to: industry and economic conditions; SMTA's ability to realize its asset disposition plan by selling down assets leased to Shopko; SMTA's significant leverage which may expose it to the risk of default under its debt obligations; risks associated with using debt to fund SMTA's business activities (including its ability to use Master Trust 2014, an asset-backed securitization trust, as its main financing vehicle, changes in interest rates and conditions of the debt capital markets, generally); SMTA's dependence on its external manager, Spirit Realty, L.P., to conduct its business and achieve its investment objectives; SMTA's continued ability to source new investments; unknown liabilities acquired in connection with acquired properties or interests in real-estate related entities; general risks affecting the real estate industry and local real estate markets (including, without limitation, the market value of SMTA's properties, the inability to enter into or renew leases at favorable rates, portfolio occupancy varying from SMTA's expectations, dependence on tenants' financial condition and operating performance, competition from other developers, owners and operators of real estate tenant defaults, potential liability relating to environmental matters, potential illiquidity of real estate investments, condemnations, and potential damage from natural disasters); the financial performance of SMTA's tenants and the demand for traditional retail and restaurant space particularly with respect to challenges being experienced by general merchandise retailers; SMTA's ability to pay down, refinance, restructure and/or extend its indebtedness as it becomes due; SMTA's or its manager's ability to identify, underwrite, finance, consummate, integrate and manage diversifying acquisitions or investments; SMTA's ability to diversify its tenant base; the impact of any financial, accounting, legal or regulatory issues or litigation that may affect SMTA or its major tenants; volatility and uncertainty in the financial markets, including potential fluctuations in the consumer price index; risks associated with its failure or unwillingness to maintain SMTA's status as a REIT under the Internal Revenue Code of 1986, as amended, and other additional risks discussed in its most recent filings with the SEC, including its registration statement on Form 10, as amended and subsequent Quarterly Reports on Form 10-Q. SMTA expressly disclaims any responsibility to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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