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
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
Category Company
Sector Real Estate
Employees418
Revenue 4.1B USD (2023)
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
2021-11-15 Orion Office REIT

Phoenix, Arizona, United States

Orion Office REIT specializes in the ownership, acquisition and management of a diversified portfolio of mission-critical and corporate headquarters office buildings in high-quality suburban markets across the U.S. The portfolio is leased primarily on a single-tenant net lease basis to creditworthy tenants. Orion Office REIT is based in Phoenix, Arizona.

Sell -
Mergr

Product

Company

Legal