Steve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.
Spirit Realty Capital Inc.’s stock was up by 7% in premarket trading 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.Realty Income has agreed to pay 0.762 newly issued Realty Income common shares for each Spirit Realty Capital SRC, -2.24% common share.Based on closing stock prices on Friday, the purchase price values Spirit Realty at $37.34 a share, a 15.4% premium over its closing price of $32.
Realty Income is buying Spirit Realty’s portfolio of 2,064 retail and industrial properties in 49 states. Spirit had a 99.8% occupied rate as of June 30. About 39% of Realty Income’s portfolio is in service retail, while about 26% is industrial and about 15% 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.
Realty Income said the deal will provide it with more than 2.5% accretion to its annualized adjusted funds from operations per share. Realty Income shareholders will own 87% of the combined company which will have a value of $63 billion. Spirit Realty shareholders will hold 13%.Also read: Blackstone sells Bellagio stake to Realty Income Corp. in post-COVID rebound
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Spirit Realty stock rallies on $9B buyout by Realty Income Corp.Steve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.
Baca lebih lajut »
Realty Income to buy Spirit Realty Capital in a $9.3 billion dealRealty Income to buy Spirit Realty Capital in a $9.3 billion deal
Baca lebih lajut »
Spirit in SessionA conversation about spirituality and psychotherapy.
Baca lebih lajut »
Houston will get into the spirit with 2 Dia de los Muertos paradesOver the next two weekends, thousands will gather to celebrate love and honor our beloved with parades and festivals in Downtown Houston and the East End for Dia de los Muertos.
Baca lebih lajut »
Opinion: We're related through place and spiritNPR's Scott Simon visited the Inn of Chicago this week, where migrants are now being housed. The building is the same one his father died in 55 years ago.
Baca lebih lajut »
Opinion: We're related through place and spiritNPR's Scott Simon visited the Inn of Chicago this week, where migrants are now being housed. The building is the same one his father died in 55 years ago.
Baca lebih lajut »