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O

Realty Income

$75.45

1.68 (2.28%)

16:14
09/03/19
09/03
16:14
09/03/19
16:14

Realty Income to buy 454 single-tenant retail properties from CMFT for $1.25B

Realty Income announced that it has signed a definitive agreement to acquire 454 single-tenant retail properties from CIM Real Estate Finance Trust, or CMFT, a non-listed REIT which is sponsored by an affiliate of CIM Group, for approximately $1.25B in cash. The transaction is expected to close in various tranches with the acquisition of most of the properties in the portfolio expected to close in 2019, subject to customary closing conditions. The transaction is expected to be executed at an approximate 7% cash cap rate, resulting in an investment spread relative to its first-year weighted average cost of capital well above the company's historical average. The portfolio carries a weighted average remaining lease term of 9.7 years and generates 58% of total rental revenue from investment-grade rated companies or their subsidiaries. The portfolio being acquired from CMFT consists of 454 properties with approximately 5.1M leasable square feet. The properties in the portfolio are currently leased to 59 different tenants across 20 industries, with Texas and California. Based on the tenant and industry concentrations for this portfolio, Realty Income does not expect the acquisition, once completed, to have a meaningful impact on its existing tenant and industry concentrations.

  • 10

    Sep

O Realty Income
$75.45

1.68 (2.28%)

05/08/19
SOCO
05/08/19
UPGRADE
SOCO
Equalweight
Realty Income upgraded to Equalweight from Underweight at Capital One
08/13/19
MUFG
08/13/19
NO CHANGE
MUFG
MUFG raises REIT price targets after 'reasonably good' Q2 results
MUFG analyst Karin Ford says the Real Estate Investment Trusts she covers reported "reasonably good" results in Q2. Following the reporting season, the analyst raises her price target for Neutral-rated Alexandria Real Estate (ARE) to $143 from $137, for Overweight-rated Brixmor (BRX) to $22 from $21, for Overweight-rated Camden Property Trust (CPT) to $117 from $112, for Overweight-rated Essex Property Trust (ESS) to $332 from $308, for Overweight-rated HCP (HCP) to $33 from $31, for Neutral-rated LTC Properties (LTC) to $46 from $43, for Overweight-rated Omega Healthcare (OHI) to $42 from $41, for Overweight-rated Realty Income (O) to $80 from $74, for Overweight-rated Welltower (WELL) to $91 from $83, and for Neutral-rated W.P. Carey (WPC) to $83 from $77. Ford also reduced her price target for Neutral-rated Pennsylvania REIT (PEI) to $6 from $7.
08/27/19
DBAB
08/27/19
INITIATION
DBAB
Hold
Realty Income initiated with a Hold at Deutsche Bank
08/27/19
DBAB
08/27/19
INITIATION
DBAB
Hold
Realty Income initiated with a Hold at Deutsche Bank
Deutsche Bank analyst Shivani Sood initiated coverage of Realty Income with a Hold rating and $73 price target.

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CRON

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CE

Celanese

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STI

SunTrust

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0.48 (0.70%)

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WBS

Webster Financial

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HSBC

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Hess Corp.

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CSCO

Cisco

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