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Shareholders Approve $50B Merger of Realty Income, VEREIT

Shareholders in Realty Income and VEREIT have approved the merger of the two companies, creating a net lease REIT with an enterprise value of approximately $50 billion. The combination was first announced in late April and is expected to close in the fourth quarter. 

Immediately following the closing, the companies expect to spin off their combined office holdings into a standalone REIT, with San Diego-based Realty Income as the surviving entity. Realty Income and former VEREIT shareholders are expected to own approximately 70% and 30%, respectively, of both the combined REIT and the spin-off. 

“Together, our company will enjoy increased size, scale and diversification, continuing to distance Realty Income as the leader in the net lease industry,” Realty Income CEO Sumit Roy said when the merger was announced. “VEREIT’s real estate portfolio is highly complementary to ours, which we expect to further enhance the consistency and durability of our cash flows.” 

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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 13-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 15-20 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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