San Diego San Diego

Realty Income has announced plans to acquire 454 single-tenant retail properties from CIM Real Estate Finance Trust. The deal is valued at $1.25 billion and is an all-cash transaction.

The sales price equates to a 7% cap rate and produces an investment spread relative to Realty Income's first-year weighted average cost of capital well above the company's historical average. The portfolio has a remaining lease term of 9.7 years and generates 58% of total rental revenue from investment-grade rated companies or their subsidiaries.

Upon completion of the transaction, Realty Income will assume existing mortgage debt totaling approximately $131 million at a weighted average interest rate of 4.5% and a weighted average remaining term to maturity of 5.3 years.

 

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.