Escondido-based Realty Income Corp. (NYSE: O) announced Tuesday it has concluded its $3.1 billion acquisition of American Realty Capital Trust approved by both Realty Income and ARCT shareholders at their shareholder meetings held on Jan. 16.
All of the required merger documents to complete the acquisition of ARCT have been filed, and the combined company will trade under RIC’s “O” ticker symbol.
Under the revised merger agreement, ARCT shareholders will receive a one-time cash payment of 35 cents per share in addition to the fixed exchange ratio of 0.2874 Realty Income shares for each share of ARCT common stock they own.
Former ARCT shareholders will receive RIC shares allocated according to the number of ARCT shares held on the Jan. 22, 2013 closing date.
A one-time cash payment will be distributed either by the investment firm where shares are held, or by Wells Fargo Shareowner Services, Realty Income’s transfer agent.
With the transaction completed, RIC now owns 3,528 properties in 49 states around the country comprising some 58 million square feet of space. While the REIT has been diversifying lately, more than 75 percent of these properties are single-tenant retail assets.