ESCONDIDO,CA-Realty Income Corp. has signed purchase and sale agreements with Inland Diversified Real Estate Trust, Inc. and subsidiaries to acquire 84 single-tenant, 100% net-leased properties, for approximately $503 million. The acquisition will be financed with approximately $349 million in cash and the assumption of approximately $154 million of debt.

Inland Diversified's president, Barry Lazarus, says the deal “positions Inland Diversified's national portfolio of quality multi-tenant retail assets for the final stage of its liquidity event, which a special committee of independent directors continues to pursue. This sale is an important first step in our overall strategy designed to maximize the value of this portfolio on behalf of stockholders.”

The portfolio to be acquired consists of primarily retail, industrial and distribution properties leased to 16 tenants, in 12 different industries, located in 22 states, with an initial average lease term of 13.7 years. In addition, 68% of the rental revenue is generated by investment grade tenants. The transaction is expected to close during the first quarter of 2014.