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California  + San Diego  + Net Lease  | 

Realty Income Completes Merger with Spirit Realty Capital

San Diego-based net lease REIT Realty Income Corporation has closed on the previously announced merger with Spirit Realty Capital, Inc. in an all-stock transaction valued at $9.3 billion. The common stock of the combined company, which has an enterprise value of approximately $63 billion, will trade under the symbol “O” on the New York Stock Exchange.

“With the acquisition of this highly complementary portfolio, we believe we are well placed to deliver on our growth objectives in 2024,” said Sumit Roy, Realty Income’s president and CEO. “As we continue on our path of thoughtful growth, we intend to utilize our leading platform and strong balance sheet to deliver on our mission of providing shareholders a dependable monthly dividend that grows over time.”

When the merger was announced last October, Realty Income said the combined portfolio is expected to result in reduced rent concentration for nine of its current top 10 industries and 18 of its current top 20 clients, while increasing the combined portfolio’s annualized contractual rent from $3.8 billion to $4.5 billion. Convenience stores are expected to remain the combined company’s largest industry. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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