Fulton sells 40 branches for $55.4M to Blue Owl, leases back 15 yrs; restructures $345M securities

FULTON FINANCIAL CORP

Sold 40 financial center locations to Blue Owl affiliates for $55.4M in cash.
Properties in PA, NJ, DE, MD; leaseback for initial 15 years with renewal options.
Initial annual rent ~$4.4M; base rent escalates 2.25% annually after year one.
Expects pretax gain of ~$20.4M on sale, offset by pretax loss of ~$20.4M from securities restructuring.
Sold ~$345M in AFS securities and reinvested in higher-yielding securities of similar type/duration.

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