As I mentioned, we’ll both file a joint proxy on the transaction. Both companies will then seek the approval of shareholders. And we’ll look to mail the proxy and the vote card probably some time in November, and that will be dependent on the SEC review and then look to close this in the fourth quarter or perhaps early in the first quarter of 2013. After doing such then, post the closing, Realty Income shareholders will own about 74% of the company and ARCT’s shareholders will own about 26% and that’s the transaction.
Let me talk for a minute about how we view this transaction from the Realty Income side and then we’ll turn it over to Nick and Bill to talk about from their side. For Realty Income, we’re a 43-year-old company and we’ve been listed on the New York Stock Exchange since 1994. And as you might imagine, during that time we’ve had really numerous opportunities to look at acquiring other public companies that might complement our company’s operations.
And I have to say, this is really the first time we’ve found an opportunity that is such a good fit strategically, operationally and that could be acquired at a price that was attractive to both the companies and accretive to our earnings and most importantly our dividend. And we think ARCT is just a great fit for the shareholders of the Realty Income.
And if you look to page four of the presentation, I will kind of walk through what we saw as the reasons for this transaction from our standpoint. From a strategic alignment standpoint, this fits exactly what we’ve been talking about on earnings calls over the last couple of years strategically, which is a couple of things: first, a desire to move up the credit curve with our portfolio and add additional tenants with investment grade ratings.