M&A Deal Summary

Realty Income Acquires Spirit Realty Capital

On October 30, 2023, Realty Income acquired real estate company Spirit Realty Capital for 9.3B USD

Acquisition Highlights
  • This is Realty Income’s 5th transaction in the Real Estate sector.
  • This is Realty Income’s largest (disclosed) transaction.
  • This is Realty Income’s 6th transaction in the United States.
  • This is Realty Income’s 1st transaction in Texas.

M&A Deal Summary
Date 2023-10-30
Target Spirit Realty Capital
Sector Real Estate
Buyer(s) Realty Income
Deal Type Add-on Acquisition
Deal Value 9.3B USD
Advisor(s) J.P. Morgan Securities
Morgan Stanley (Financial)
Wachtell, Lipton, Rosen & Katz (Legal)

Target

Spirit Realty Capital

Dallas, Texas, United States
website
Spirit Realty Capital is a net-lease REIT that primarily invests in single-tenant, operationally essential real estate assets, subject to long-term leases. Its portfolio consists of retail, industrial and other properties. Spirit Realty Capital is based in Dallas, Texas.

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Buyer(S) 1

Buyer

Realty Income

San Diego, California, United States

website

Category Company
Sector Real Estate
Employees391
Revenue 3.3B USD (2022)
DESCRIPTION

Realty Income is a real estate investment trust (REIT). The Company is engaged in acquiring and owning freestanding retail and other properties that generate rental revenue under long-term lease agreements (primarily 10 to 20 years). Realty Income is based in San Diego, California.

DEAL STATS #
Overall 6 of 6
Sector (Real Estate) 5 of 5
Type (Add-on Acquisition) 3 of 3
State (Texas) 1 of 1
Country (United States) 6 of 6
Year (2023) 1 of 1
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-29 Vereit

Phoenix, Arizona, United States

Vereit is a full-service real estate operating company that owns and manages one of the largest portfolios of single-tenant commercial properties in the U.S. The Company has total real estate investments of $14.6 billion including approximately 3,800 properties and 89.5 million square feet. Vereit's business model provides equity capital to creditworthy corporations in return for long-term leases on their properties. Vereit was formed in 2015 and is based in Phoenix, Arizona.

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