San Diego-based net lease REIT Realty Income Corporation has closed on the previously announced merger with Spirit Realty Capital, Inc. in an all-stock transaction valued at $9.3 billion. The common stock of the combined company, which has an enterprise value of approximately $63 billion, will trade under the symbol “O” on the New York Stock Exchange.

“With the acquisition of this highly complementary portfolio, we believe we are well placed to deliver on our growth objectives in 2024,” said Sumit Roy, Realty Income’s president and CEO. “As we continue on our path of thoughtful growth, we intend to utilize our leading platform and strong balance sheet to deliver on our mission of providing shareholders a dependable monthly dividend that grows over time.”

When the merger was announced last October, Realty Income said the combined portfolio is expected to result in reduced rent concentration for nine of its current top 10 industries and 18 of its current top 20 clients, while increasing the combined portfolio’s annualized contractual rent from $3.8 billion to $4.5 billion. Convenience stores are expected to remain the combined company’s largest industry. 

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