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Realty Income to Acquire Properties from CIM Real Estate Finance Trust, Inc. for $894 Million, 7.1% Cash Cap Rate
SAN DIEGO, Dec. 30, 2022 /PRNewswire/ — Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today announced that it has signed a definitive agreement to acquire up to 185 single-tenant retail and industrial properties from subsidiaries of CIM Real Estate Finance Trust, Inc. (CMFT), a non-listed REIT which is sponsored by an affiliate of CIM Group, for approximately $894 million in cash. The portfolio composition may vary based upon the completion of our due diligence and the potential exercise of rights of first refusal related to certain properties. The transaction is expected to close in the first quarter of 2023, subject to customary closing conditions, approvals and completion…