SAN DIEGO, Dec. 3, 2019 /PRNewswire/ -- Realty Income
Corporation (Realty Income, NYSE: O), The Monthly Dividend
Company®, today announced it has closed on the
acquisition of 411 properties for approximately $1.035 billion, representing the first tranche of
the previously announced transaction with CIM Real Estate Finance
Trust, Inc. ("CMFT"). The acquisition of the remaining properties
in the CMFT portfolio are expected to close in late 2019 and/or
early 2020 for approximately $207
million, subject to customary closing conditions. Upon
closing of the acquisition of the remaining properties, Realty
Income expects to assume existing mortgage debt totaling
approximately $131 million at a
weighted average interest rate of 4.5% and a weighted average
remaining term to maturity of approximately 5 years.
The total portfolio transaction with CMFT, which was previously
announced in September 2019, is
valued at approximately $1.25 billion
and is expected to be executed at an approximate 7% cash cap
rate.
About Realty Income
Realty Income, The Monthly Dividend Company®, is an
S&P 500 company dedicated to providing stockholders with
dependable monthly income. The company is structured as a REIT, and
its monthly dividends are supported by the cash flow from over
5,900 real estate properties owned under long-term lease agreements
with commercial tenants. To date, the company has declared 593
consecutive common stock monthly dividends throughout its 50-year
operating history and increased the dividend 103 times since Realty
Income's public listing in 1994 (NYSE: O). Additional information
about the company can be obtained from the corporate website at
www.realtyincome.com.
Forward-Looking Statements
Statements 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 and foreign real estate conditions, tenant
financial health, the availability of capital to finance planned
growth, continued volatility and uncertainty in the credit markets
and broader financial markets, changes in foreign currency exchange
rates, property acquisitions (including the acquisitions described
herein), and the timing and completion 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.
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SOURCE Realty Income Corporation