Why Net-Lease REIT Spirit Realty Capital's Shares Jumping Today
Portfolio Pulse from Shivani Kumaresan
Spirit Realty Capital, Inc (NYSE:SRC) is set to be acquired by Realty Income Corp (NYSE:O) in an all-stock transaction valued at $9.3 billion. The merger is expected to deliver over 2.5% accretion to Realty Income's annualized Adjusted Funds from Operations (AFFO) per share. The transaction is expected to close during the first quarter of 2024.

October 30, 2023 | 11:55 am
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POSITIVE IMPACT
Realty Income Corp's shares are expected to be positively impacted by the merger announcement with Spirit Realty Capital.
The merger with Spirit Realty Capital is expected to deliver over 2.5% accretion to Realty Income's annualized Adjusted Funds from Operations (AFFO) per share. This is likely to have a positive impact on Realty Income's share price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Spirit Realty Capital's shares are expected to be positively impacted by the merger announcement with Realty Income Corp.
The merger announcement has led to a surge in Spirit Realty Capital's share price. The all-stock deal is expected to be beneficial for Spirit's shareholders as they will receive 0.762 newly-issued Realty Income common shares for each Spirit common share they own.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100