ESCONDIDO, Calif. (AP) — Real estate company Realty Income is buying 84 single-tenant properties from Inland Diversified Real Estate Trust Inc. and some of its subsidiaries for about $503 million.
The portfolio includes mostly retail, industrial and distribution properties leased to 16 tenants located in 22 states, with an initial average lease term of 13.7 years. The tenants are in 12 different industries.
Realty Income Corp. said that it will finance the deal with approximately $349 million in cash and will assume about $154 million in debt.
The transaction is expected to close in 2014's first quarter.
The stock added 44 cents, or 1.1 percent, to $38.65 in morning trading Tuesday. Its shares had been down about 5 percent so far in 2013.