Realty Income Corporation announced it has closed on the acquisition of 411 properties for approximately $1.035 billion, representing the first tranche of the previously announced transaction with CIM Real Estate Finance Trust, Inc. (CMFT).
The acquisition of the remaining properties in the CMFT portfolio are expected to close in late 2019 and/or early 2020 for approximately $207 million, subject to customary closing conditions.
Upon closing of the acquisition of the remaining properties, Realty Income expects to assume existing mortgage debt totaling approximately $131 million at a weighted average interest rate of 4.5% and a weighted average remaining term to maturity of approximately 5 years.
The total portfolio transaction with CMFT, which was previously announced in September 2019, is valued at approximately $1.25 billion and is expected to be executed at an approximate 7% cash cap rate.
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