Realty Income (O) announces $894 million portfolio acquisition.

Realty Income Corp. (O) announced today that it has signed an agreement to acquire a portfolio of 185 net-lease properties for $894 million. The portfolio is being purchased at an approximate 7.1% cash cap rate and has a remaining lease term of 9.2 years. Realty Income said that approximately 95% of the portfolio is leased to existing clients, with 5% of the portfolio leased to industrial tenants. The transaction is expected to close in 1Q 2023.