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.
Vereit executives to exit
The combined company will focus mainly on single-tenant retail and industrial real estate in the U.S. and United Kingdom. Realty Income’s president and CEO, Sumit Roy, will lead the combined entity….