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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.
At the special meeting of Spirit stockholders held today, approximately 99.8% of the votes cast were voted in favor of the merger, which represented approximately 86.4% of the outstanding shares of Spirit common stock.
The final voting results on the proposals voted on at the special meeting will be set forth in Spirit's Form 8-K filed with the U.S. Securities and Exchange Commission ("SEC") after certification by its inspector of election.
The merger is subject to customary closing conditions and is expected to close on January 23, 2024. Under the terms of the merger agreement, at the closing of the merger, Spirit common shareholders will receive 0.762 newly-issued Realty Income common shares for each Spirit common share they own immediately prior to the effective time of the merger. In addition, at the closing of the merger, all of Spirit's outstanding shares of Series A Cumulative Redeemable Preferred Stock will be exchanged for shares of Realty Income Series A Cumulative Redeemable Preferred Stock, which are expected trade under the symbol "O PR" on the New York Stock Exchange.
