Realty Income to Acquire Spirit Realty Capital for $5.3 Billion

Realty Income Corp., an owner of convenience stores, warehouses and other commercial real estate, agreed to acquire Spirit Realty Capital Inc. for $5.3 billion in an all-stock transaction.

Spirit shareholders will receive 0.762 newly issued shares of Realty Income for each share that they own, according to a statement Monday. The deal is expected to close in the first quarter of 2024.

The transaction is expected to diversify Realty Income’s tenant base, create $50 million in annualized synergies and build a real estate investment trust with an enterprise value of $63 billion, according to the statement. The agreement follows ...