Nastassia Samal
Realty Earnings (NYSE:O) stated on Monday that three Spirit Realty Capital (NYSE:SRC) stockholders filed lawsuits difficult its settlement to accumulate Spirit. Recall that in October, Realty Earnings agreed to accumulate Spirit in an all-stock deal valued at ~$9.3B on the time.
Two of the lawsuits named Spirit (SRC) and SRC’s board as defendants, with the third naming Spirit, the Spirit board, and Realty Earnings (O) as defendants. All three search to forestall Spirit (SRC) from holding its stockholder vote to approve the merger and/or block the merger, damages if the merger is accomplished, and an award of the plaintiffs’ prices, Realty Earnings disclosed in a submitting.
Along with these complaints, some purported stockholders of Spirit (SRC) despatched demand letters that allege deficiencies concerning disclosures made within the merger settlement’s prospectus.
“The entire defendants imagine that the issues are with out benefit,” Realty Earnings stated.
Realty Earnings (O) additionally offered a enterprise replace, disclosing that the REIT invested ~$2.7B in This autumn 2023 and $9.5B for the total yr 2023 in properties and properties underneath growth, unconsolidated joint ventures, a most well-liked fairness funding, and loans at an preliminary common money yield of ~7.6% in This autumn and seven.1% for the total yr.
As of Dec. 31, the corporate had money and money equivalents of ~$220.3M, unsettled at-the-market providing fairness of $337.8M, and ~$3.5B of availability underneath its $4.25B unsecured revolving credit score facility.
In 2023, Realty Earnings (O) settled ~91.7M shares of frequent inventory beforehand offered underneath ahead sale agreements for ~$5.4B of web proceeds. As of Dec. 31, 2023, it had 81.3M shares remaining accessible for future issuance underneath its present ATM program.
Realty Earnings (O) inventory rose 0.7% in Monday morning buying and selling.