This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
Dec. 17, 2013 /PRNewswire/ -- Realty Income Corporation (Realty Income), the Monthly Dividend Company
®, (NYSE: O), announced today that the company has signed purchase and sale agreements with Inland Diversified Real Estate Trust, Inc. ("Inland") and certain subsidiaries of Inland, to acquire 84 single-tenant, 100% net-leased properties, for approximately $503 million. The acquisition will be financed with approximately
$349 million in cash and the assumption of approximately
$154 million of debt. The portfolio to be acquired consists of primarily retail, industrial and distribution properties leased to 16 tenants, in 12 different industries, located in 22 states, with an initial average lease term of 13.7 years. In addition, 68% of the rental revenue is generated by investment grade tenants. The transaction is expected to close during the first quarter of 2014. However, the acquisition of these properties is subject to certain closing conditions, and it is possible that the company will not acquire some or all of these properties, or that the timing of the closing will be delayed.
About the CompanyRealty Income is The Monthly Dividend Company
®, a New York Stock Exchange real estate company dedicated to providing shareholders with dependable monthly income. To date, the company has paid 521 consecutive monthly dividend payments throughout its 44-year operating history. The monthly income is supported by the cash flow from over 3,800 properties owned under long-term lease agreements with 200 leading regional and national commercial enterprises. The company is an active buyer of commercial properties nationwide. Additional information about the company can be obtained from the corporate website at
Forward-Looking StatementsStatements in this press release that are not strictly historical are "forward-looking" statements. Forward-looking statements involve known and unknown risks, which may cause the company's actual future results to differ materially from expected results. These risks include, among others, general economic conditions, local real estate conditions, tenant financial health, the availability of capital to finance planned growth, continued volatility and uncertainty in the credit and broader financial markets, property acquisitions and the timing of these acquisitions, charges for property impairments, and the outcome of any legal proceedings to which the company is a party, as described in the company's filings with the Securities and Exchange Commission. Consequently, forward-looking statements should be regarded solely as reflections of the company's current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release. The company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.
Note to Editors: Realty Income press releases are available through the Internet at
SOURCE Realty Income Corporation