Discontinued Operations
 6 Months Ended
Jun. 30, 2019
Discontinued Operations And Disposal Groups [Abstract]  
Discontinued Operations

Note 12. Discontinued Operations

On May 31, 2018, the Company completed the Spin-Off of SMTA by means of a pro rata distribution of one share of SMTA common stock for every ten shares of Spirit common stock held by each of Spirit's stockholders of record as of May 18, 2018. The Company determined that the Spin-Off represented a strategic shift that has a major effect on the Company's results and, therefore, SMTA 's operations qualify as discontinued operations. Accordingly, for periods prior to the Spin-Off, the historical financial results of SMTA are reflected in our consolidated financial statements as discontinued operations for all periods presented. The discontinued operations have been classified as loss from discontinued operations on the

consolidated statement of operations for the three and six months ended June 30, 2018. The consolidated statement of cash flows for the six months ended June 30, 2018 and all other notes herein include the results of both continuing operations and discontinued operations.

The table below provides information about income and expenses related to the Company's discontinued operations reported in its consolidated statements of operations (in thousands):

 

 

 

Three Months Ended

June 30, 2018

 

 

Six Months Ended

June 30, 2018

 

Revenues:

 

 

 

 

 

 

 

 

Rental income

 

$

40,149

 

 

$

100,672

 

Interest income on loans receivable

 

 

663

 

 

 

1,495

 

Other income

 

 

392

 

 

 

776

 

Total revenues

 

 

41,204

 

 

 

102,943

 

Expenses:

 

 

 

 

 

 

 

 

General and administrative

 

 

112

 

 

 

264

 

Transaction costs

 

 

16,033

 

 

 

19,965

 

Property costs (including reimbursable)

 

 

1,405

 

 

 

3,711

 

Deal pursuit costs

 

 

338

 

 

 

339

 

Interest

 

 

18,508

 

 

 

46,521

 

Depreciation and amortization

 

 

14,038

 

 

 

35,461

 

Impairments

 

 

(129

)

 

 

10,943

 

Total expenses

 

 

50,305

 

 

 

117,204

 

Other gain (loss):

 

 

 

 

 

 

 

 

Loss on debt extinguishment

 

 

(108

)

 

 

(363

)

Gain (loss) on disposition of assets

 

 

1,582

 

 

 

(274

)

Total other gain (loss)

 

 

1,474

 

 

 

(637

)

Loss from discontinued operations before income tax expense

 

 

(7,627

)

 

 

(14,898

)

Income tax expense

 

 

(26

)

 

 

(115

)

Loss from discontinued operations

 

$

(7,653

)

 

$

(15,013

)

 

There were no discontinued operations included in the consolidated statement of operations or balance sheet presented herein for the three and six months ended June 30, 2019 and as of June 30, 2019, respectively.

 

The table below provides information about operating and investing cash flows related to the Company's discontinued operations reported in its consolidated statements of cash flows (in thousands):

 

 

 

Six Months Ended

June 30, 2018

 

Net cash provided by operating activities

 

$

36,589

 

Net cash used in investing activities

 

 

(31,452

)

 

Continuing Involvement

Subsequent to the Spin-Off, the Company has continuing involvement with SMTA through the terms of the Asset Management Agreement and Property Management and Servicing Agreement. See Note 11 for further detail. The Company had cash inflows from SMTA of $22.7 million and cash outflows to SMTA of $22.7 million for the six months ended June 30, 2019.