Realty Income and Vereit merge completed

SAN DIEGO and PHOENIX, Nov. 1, 2021 /PRNewswire/ -- Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company^®, and VEREIT, Inc. (NYSE: VER) ("VEREIT") today announced the completion of their previously announced merger. The common stock of the combined company will trade under the symbol "O" on the NYSE, beginning today.

"We are pleased to announce the completion of our merger with VEREIT, strengthening our position as the leading net lease REIT and global consolidator of the net lease space," said Sumit Roy, Realty Income's President and Chief Executive Officer. "With the closing of the VEREIT merger, we believe our size, scale and diversification will further enhance many of our competitive advantages, accelerate our investment activities, and enhance shareholder value for years to come. I thank all of our employees for their tireless efforts to achieve this milestone and welcome our new colleagues to our 'One Team'."

As previously announced, Realty Income also expects to complete its spin-off of substantially all the office assets of the combined company into a new, publicly traded REIT named Orion Office REIT Inc. (NYSE: ONL) ("Orion"). The spin-off will be effected by a special dividend to all Realty Income stockholders, including legacy VEREIT stockholders, which is expected to occur on November 12, 2021 ("Distribution"). For every ten shares of Realty Income common stock held of record by Realty Income stockholders as of the close of business on November 2, 2021, the record date for the Distribution, such stockholder will receive one share of Orion common stock. Shares of Orion common stock are expected to commence trading on the New York Stock Exchange on November 15, 2021.