Realty Income goes global

Apr. 23, 2019 1:04 PM ETJ Sainsbury plc (JSNSF), JSAIY, OBy: Stephen Alpher, SA News Editor22 Comments
  • The company last night announced a sale-leaseback deal with J Sainsbury (OTCQX:JSNSF, OTCQX:JSAIY) to acquire 12 properties in the U.K. for £429M. The purchase is being done at a 5.31% initial cap rate, with annual rent increases over the 15-year term of the lease.
  • It is Realty Income's (NYSE:O) first international transaction. Closing is seen in late May.
  • Alongside, The Monthly Dividend Company lifts its full-year AFFO per share guidance to $3.28-$3.33 from $3.25-$3.31. Acquisition guidance is raised to $2B-$2.5B from $1.5B-$2B.
  • "I expect to see Realty Income become a dominant consolidator," says a bullish Brad Thomas.
  • Shares are up 1% today.
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