Realty Income Corp., based in Escondido, Calif., has signed definitive purchase agreements to acquire up to 33 single-tenant, retail, distribution, office and manufacturing properties under long-term, net-lease agreements for approximately $544 million. Realty Income anticipates that the majority of the properties will close during the first half of this year.
The properties to be acquired are located in 17 different states and consist of approximately 3.8 million square feet of leasable space. The majority of the lease revenue from these single-tenant properties is generated from investment-grade tenants, or their operating subsidiaries, in 11 different industries.
‘We are very pleased to add these properties to our growing portfolio of net-leased real estate,’ says Tom A. Lewis, CEO. ‘[This] will add to the diversity of our rental revenue stream generated by 134 commercial enterprises doing business in 38 different industries.’
SOURCE: Realty Income Corp.
