{"id":1004088667,"date":"2013-12-18T08:03:55","date_gmt":"2013-12-18T16:03:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004088667"},"modified":"2022-12-05T16:14:10","modified_gmt":"2022-12-06T00:14:10","slug":"realty-income-to-buy-half-billion-dollar-net-lease-portfolio-from-inland-diversified","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/realty-income-to-buy-half-billion-dollar-net-lease-portfolio-from-inland-diversified\/","title":{"rendered":"Realty Income to Buy Half-Billion-Dollar Net-Lease Portfolio from Inland Diversified"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/em><\/p>\n

Realty Income Corp. is closing the year with a bang. The company just announced that it has entered into a definitive agreement to acquire an 84-property portfolio of single-tenant net-leased retail and industrial real estate assets from Inland Diversified Real Estate Trust Inc. The price tag: $503 million.<\/p>\n

The group of properties is 100 percent leased to 16 tenants and spans 22 states. In addition to assuming approximately $154 million of existing debt, Realty Income will shell out $349 million in cash for the assets.<\/p>\n

It’s not every real estate company that can make that payment, but Realty Income is well-equipped. In October, the company expanded its unsecured acquisition credit facility by 50 percent, taking it from $1 billion to $1.5 billion.<\/p>\n

Buying big has been a bit of a theme for Realty Income in 2013. At the beginning of the year, the company completed the $3 billion acquisition of American Realty Capital Trust.\u00a0<\/a><\/p>\n

For Inland Diversified, the disposition of the collection of net-lease properties paves the way for the final stage of the company’s national retail portfolio liquidity event.<\/p>\n

If all goes as planned, the transaction will close in a series tranches during the first quarter of 2014. The first closing is on schedule for January.<\/p>\n

As for the net-lease investment arena in general, it’s been a year of change.<\/p>\n

“In a nutshell, the net-lease market in 2013 saw cap rate compression halt around mid-year and begin to slide upward,” Winston Orzechowski, research director with commercial real estate services firm Calkain Cos., told Commercial Property Executive<\/em>. “And we expect cap rates to continue to increase in 2014 as higher interest rates come into play.”<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Realty Income Corp. is closing the year with a bang. The company has entered into a definitive agreement to acquire an 84-property portfolio of single-tenant net-leased retail and industrial real estate assets from Inland Diversified Real Estate Trust.<\/p>\n","protected":false},"author":969,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,21742,21749],"tags":[],"class_list":["post-1004088667","post","type-post","status-publish","format-standard","hentry","category-industrial","category-investment","category-latest","category-retail"],"acf":[],"yoast_head":"\nRealty Income to Buy Half-Billion-Dollar Net-Lease Portfolio from Inland Diversified - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/realty-income-to-buy-half-billion-dollar-net-lease-portfolio-from-inland-diversified\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Realty Income to Buy Half-Billion-Dollar Net-Lease Portfolio from Inland Diversified\" \/>\n<meta property=\"og:description\" content=\"Realty Income Corp. is closing the year with a bang. 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