VER - Realty Income closes on Vereit acquisition office REIT spinoff expected Nov. 12

Realty Income (O -2.7%) completes its acquisition of Vereit (NYSE:VER) and says the spinoff of its office assets as Orion Office REIT (ONL) is expected to occur on Nov. 12. For every 10 shares of Realty Income common stock held of record at the close of Nov. 2, one share of Orion common stock will be issued to Realty Income (NYSE:O) stockholders. Shares of Orion common stock are expected to start trading on the New York Stock Exchange on Nov. 15, 2021. Due to the merger of Vereit into Realty Income (O), Priscilla Almodovar and Mary Hogan Preusse, both of whom were on Vereit's board, are named to Realty Income's board. Realty Income (O) and Vereit (VER) originally announced the merger and planned office REIT spinoff in April. On Friday, Vereit's Q3 earnings topped consensus for its last quarter as a stand-alone company

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Realty Income closes on Vereit acquisition, office REIT spinoff expected Nov. 12