---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-112361"
form_type: "8-K"
ticker: "O"
cik: "0000726728"
company_name: "REALTY INCOME CORP"
filed_at: "2023-10-30T23:59:59+00:00"
generated_at: "2026-06-09T06:19:52.318693+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Realty Income to acquire Spirit Realty Capital in $9.3B all-stock merger

## Summary
- Exchange ratio: 0.762 Realty Income shares per Spirit share; Spirit shareholders will own ~13% of combined company.
- Transaction valued at ~$9.3B enterprise value; combined company ~$63B enterprise value.
- Expected >2.5% accretion to annualized AFFO per share; leverage neutral, no external capital needed.
- Expected close in Q1 2024, subject to Spirit shareholder approval and customary conditions.
- Termination fee of $173.97M (or $93.68M under certain conditions); expense reimbursement $25M.

## SEC filing metadata
- accession: 0001104659-23-112361
- form_type: 8-K
- ticker: O
- cik: 0000726728
- company_name: REALTY INCOME CORP
- filed_at: 2023-10-30T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/726728/000110465923112361/0001104659-23-112361-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/726728/000110465923112361/tm2329370d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-112361
- JSON: https://secwatch.observer/filing/0001104659-23-112361.json
- Plain text: https://secwatch.observer/filing/0001104659-23-112361.txt

## Key facts
- Material Agreements
  REALTY INCOME CORP entered into Agreement and Plan of Merger with Spirit Realty Capital, Inc. valued at 0.762 shares of Realty Income common stock per Spirit share (effective 2023-10-29).
  - Action: entry
  - Agreement: merger
  - Counterparty: Spirit Realty Capital, Inc.
  - Value: 0.762 shares of Realty Income common stock per Spirit share
  - Effective: 2023-10-29
  source text: On October 29, 2023, Realty Income Corporation, a Maryland corporation (“ Realty Income ”), entered into an Agreement and Plan of Merger (the “ Merger Agreement ”) with Saints MD Subsidiary, Inc., a Maryland corporation and a direct wholly owned subsidiary of Realty Income (“ Merger Sub ”), and Spirit Realty Capital, Inc., a Maryland corporation (“ Spirit ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/726728/000110465923112361/0001104659-23-112361-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.