{"id":7503,"date":"2023-10-31T09:20:13","date_gmt":"2023-10-31T09:20:13","guid":{"rendered":"https:\/\/inbudgetalerts.com\/investment\/spirit-realtys-stock-rallies-on-9-billion-buyout-by-realty-income-corp\/"},"modified":"2023-10-31T09:20:14","modified_gmt":"2023-10-31T09:20:14","slug":"spirit-realtys-stock-rallies-on-9-billion-buyout-by-realty-income-corp","status":"publish","type":"post","link":"https:\/\/inbudgetalerts.com\/?p=7503","title":{"rendered":"Spirit Realty\u2019s stock rallies on $9 billion buyout by Realty Income Corp."},"content":{"rendered":"
\n

Spirit Realty Capital Inc.\u2019s stock was up by 8% on Monday after it agreed to be acquired by Realty Income Corp. in a deal that values the Dallas-based real-estate-investment company at $9.3 billion. <\/p>\n

The deal comes one trading day after Spirit Realty\u2019s stock closed at a three-year low. <\/p>\n

\n

Realty Income\u2019s stock
\n O,
\n -5.70%<\/bg-quote>
\n was down 5.5% to $46.40 in regular trading. The stock is on track for its lowest close since April 6, 2020, when it closed at $45.33 a share, according to Dow Jones Market Data. The stock is on pace for the largest percent decrease since June 11, 2020, when it fell 6.84%.<\/p>\n

Realty Income has agreed to pay 0.762 newly issued Realty Income common shares for each Spirit Realty Capital
\n SRC,
\n +7.85%<\/bg-quote>
\n common share. <\/p>\n

The buyout price for the company values Spirit Realty at $37.34 a share, a 15.4% premium over its $32.35-a-share close on Friday. <\/p>\n

Realty Income is buying Spirit Realty\u2019s portfolio of 2,064 retail and industrial properties in 49 states. Spirit had a 99.8% occupied rate as of June 30. <\/p>\n

About 39% of Realty Income\u2019s portfolio is in service retail, while about 26% is industrial and about 15% is in discretionary retail space. About 3% of its portfolio is office space, which has been impacted by lower demand due to employees working from home in the wake of the COVID-19 pandemic.<\/p>\n

Realty Income said the deal will provide it with more than 2.5% accretion to its annualized adjusted funds from operations, or AFFO, per share. <\/p>\n

Realty Income shareholders will own 87% of the combined company which will have a value of $63 billion. Spirit Realty shareholders will hold 13%. <\/p>\n

The two real-estate companies expect the deal to close during the first quarter.<\/p>\n

Also read: <\/strong>Blackstone sells Bellagio stake to Realty Income Corp. in post-COVID rebound<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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