Vereit, a Phoenix-based owner of offices, restaurants, stores and other commercial properties, will be acquired by Realty Income Corp. of San Diego, with the companies planning to spin-off nearly all of their office properties.

The announcement on Thursday morning means Arizona will lose one of its larger, locally headquartered public corporations as a result, though the combined entity will retain Vereit’s current office at 2325 E. Camelback Rd.

Vereit’s stock was worth about $11 billion prior to the announcement. The company earned $201 million in net income on nearly $1.2 billion in revenue in 2020. Its portfolio of 3,800 properties is focused on retail, restaurant, office and industrial locations.

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