SPIRIT REALTY CAPITAL, INC.

SRC

Market cap $5.99B

Spirit Realty Capital shareholders have approved the merger deal. The deal is expected to be positive for Realty Income and will result in sizable AFFO per share accretion. The merger will diversify Realty Income's portfolio and lower rent concentration for top industries and clients.

SAN DIEGO & DALLAS--(BUSINESS WIRE)--Spirit Realty Capital Shareholders Approve Realty Income Merger.

SAN DIEGO and DALLAS , Jan. 19, 2024 /PRNewswire/ -- Realty Income Corporation (NYSE: O) ("Realty Income"), The Monthly Dividend Company®, and Spirit Realty Capital, Inc. (NYSE: SRC) ("Spirit"), today announced that Spirit stockholders approved all of the proposals necessary for the closing of the previously announced merger pursuant to which Realty Income will acquire Spirit. No approval of Realty Income shareholders is required in connection with the merger.

NEW YORK, Jan. 17, 2024 /PRNewswire/ -- e.l.f. Beauty Inc. (NYSE: ELF) will replace Spirit Realty Capital Inc. (NYSE: SRC) in the S&P MidCap 400, and Peabody Energy Corp. (NYSE:BTU) will replace e.l.f. Beauty in the S&P SmallCap 600 effective prior to the opening of trading on Tuesday, January 23. S&P 500 constituent Realty Income Corp. (NYSE: O) is acquiring Spirit Realty Capital in a transaction expected to be completed on or about that date pending final conditions.

Investing in REITs primarily for high income can be risky as higher yields often correspond with higher risk. REITs with a low cost of capital can buy higher quality properties, while those with a higher cost of capital are often caught in a vicious cycle of declining quality. Several net lease REITs show the dangers of getting caught in the Vicious Cycle as well as the rewards that flow from achieving the Virtuous Cycle.

NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Spirit Realty Capital, Inc. (NYSE: SRC) to Realty Income Corporation (NYSE: O). Under the terms of the proposed transaction, shareholders of Spirit will receive 0.762 newly-issued Realty Income common shares for each share of Spirit that they own. KSF is seeking to determine whether this consideration and the.

REITs faced challenges in 2023 but rebounded late in the year. The bull thesis for REITs includes attractive valuations, fading interest rate headwinds, and a moderately strong macro environment. We disagree on all three fronts and hence are downgrading both Realty Income Corporation and Spirit Realty Capital, Inc. stock.

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REIT stock prices have been struggling, but I believe a REIT rally is on the horizon. Some experts speculate that the Santa Claus rally has already happened. In this article, I will reveal three of my largest positions and why I own them.