REAL ESTATE INVESTMENT

Realty Income and VEREIT® Stockholders Approve Merger

Realty Income Corporation; VEREIT | August 16, 2021

Realty Income Corporation (NYSE: O) ("Realty Income"), The Monthly Dividend Company®, and VEREIT, Inc. (NYSE: VER) ("VEREIT") today announced that Realty Income stockholders and VEREIT stockholders approved all of the proposals necessary for the closing of the previously announced merger pursuant to which Realty Income will acquire VEREIT.

At the special meeting of Realty Income stockholders held, approximately 98.9% of the votes cast were voted in favor of the issuance of new shares of Realty Income common stock to VEREIT stockholders as consideration in the merger, which votes represented approximately 66.0% of the outstanding shares of Realty Income common stock.

At the special meeting of VEREIT stockholders held today, approximately 99.7% of the votes cast were voted in favor of the merger, which represented approximately 80.9% of the outstanding shares of VEREIT common stock.

The final voting results on the proposals voted on at the special meetings will be set forth in each company's separate Form 8-Ks filed with the U.S. Securities and Exchange Commission after certification by its inspector of election.

The merger is subject to customary closing conditions and is expected to close during the fourth quarter of 2021. Under the terms of the merger agreement, VEREIT shareholders will receive 0.705 shares of Realty Income stock for every share of VEREIT stock they own immediately prior to the effective time of the merger.

About Realty Income

Realty Income, The Monthly Dividend Company®, is an S&P 500 company and member of the S&P 500 Dividend Aristocrats® index. We invest in people and places to deliver dependable monthly dividends that increase over time. The company is structured as a REIT, and its monthly dividends are supported by the cash flow from over 6,700 real estate properties owned under long-term lease agreements with our commercial clients. To date, the company has declared 613 consecutive common stock monthly dividends throughout its 52-year operating history and increased the dividend 111 times since Realty Income's public listing in 1994 (NYSE: O).

About VEREIT

VEREIT is a full-service real estate operating company which owns and manages one of the largest portfolios of single-tenant commercial properties in the U.S.  The Company has total real estate investments of $14.5 billion including approximately 3,900 properties and 88.9 million square feet. VEREIT's business model provides equity capital to creditworthy corporations in return for long-term leases on their properties. VEREIT is a publicly traded Maryland corporation listed on the New York Stock Exchange. VEREIT uses, and intends to continue to use, its Investor Relations website, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD.

Spotlight

Realtor.com has released its Winter Home Buyer Report, indicating that this winter season won’t see the slow down it has in years past. Check out the helpful infograph below outlining the results of the survey.

Spotlight

Realtor.com has released its Winter Home Buyer Report, indicating that this winter season won’t see the slow down it has in years past. Check out the helpful infograph below outlining the results of the survey.

Related News

REAL ESTATE INVESTMENT

MG Properties Group Acquires Martinez Multifamily Community

MG Properties Group | November 24, 2021

MG Properties Group, a private San Diego-based real estate investor and operator, is further expanding its presence in the Bay Area, today announcing the acquisition of Maris at Martinez, formerly known as Terra Martinez. Located in the East Bay hills, this 168-unit community offers an ideal location off State Route 4, connecting it to endless shopping, dining, and recreation options. The increasingly strengthened hybrid work environment allows Martinez to flourish as a viable option for Bay Area commuters. "We are pleased to be further growing our long-term presence in the Bay Area, This is a market that has strong opportunity due to its economic growth, affordability, and convenience." - Mark Gleiberman, MG Properties Group's Founder & CEO. This class "B" property was constructed in 1985 and has continued to be an increasingly popular destination for Bay Area residents to call home. The sellers were represented by Salvatore Saglimbeni, Stanford Jones, Philip Saglimbeni, and Alexander Tartaglia from Institutional Property Advisors. Mortgage financing for the acquisition was provided by institutional investors advised by JP Morgan Asset Management and arranged by Bryan Frazier, Andrew Schoene and Blake Hockenbury at Walker & Dunlop. Rebranded as Maris at Martinez, this community is the 19th acquisition in the last year for the company overall – totaling over $1.6 billion in combined value. MG Properties is continuing to target further acquisitions in Washington, Oregon, California, Arizona, Nevada, Utah, Colorado, and Texas.  About MG Properties Group MG Properties Group is a privately owned, fully integrated real estate company specializing in the investment, redevelopment, and management of multi-family assets. Headquartered in San Diego, California, MG was founded in 1992 by Mark Gleiberman with the mission to enrich communities. MG's current portfolio is comprised of over 23,000 rental homes in California, Washington, Arizona, Nevada, Colorado, and Oregon, including 79 communities.

Read More

REAL ESTATE INVESTMENT

NAS Investment Solutions Acquires New Class-A, Indiana Office Property

NAS Investment Solutions | December 22, 2021

NAS Investment Solutions (NASIS), a national sponsor of high-quality real estate investment properties with a nationwide reputation for acquiring elite commercial real estate with investment grade tenants, has acquired a prime Class-A, office property in South Bend, IN. Newly constructed in 2021, the 82,064 square-foot office building serves as the national headquarters for Press Ganey, the area's fifth largest employer and a leading provider of performance measurement and improvement services to U.S. healthcare providers. The company currently has 1600+ employees in 23 locations across the U.S. and over 41,000 customers, including over 80% of the largest U.S. hospitals and medical service providers. Press Ganey has a 98% customer-retention rating. Assuming responsibilities for asset management and property management for the newly acquired investment is National Asset Services (NAS), one of the Nation's leading commercial real estate companies. Since 2008, NAS has served over 2,500 investment clients and has established an impressive track record for investment property management. The track record includes generating over $585 million in cash distributions to property investors and managing a commercial real estate portfolio of 169 diverse commercial properties, comprised of 24.422 million square-feet, in 30 states. The overall value of NAS' managed portfolio in the company's 12-year history, totals over $3.325 billion. We are extremely proud to have delivered an elite, trophy-class property to our investment clients while expeditiously closing the transaction for our 1031 Exchange investors, This property acquisition is the direct result of our tenacious acquisitions team, our exhaustive underwriting process and our transactions management expertise." Karen E. Kennedy, President and Founder of NAS Investment Solutions and National Asset Services. NASIS was represented by Paul D. Rubenstein, Attorney in Los Angeles, CA for the acquisition of the property. Located less than two miles southwest of downtown South Bend, the Press Ganey property's structure and design were recognized by the Indiana Kentucky Associated Builders and Contractors with the 2021 Award of Excellence in Construction. The 6.8-acre site consists of approximately 408 surface parking spaces and features a unique 4,800 square-foot rooftop employee patio lounge. About NAS Investment Solutions (NASIS) NAS Investment Solutions was established to leverage National Asset Services' vast experience in investment property management by identifying, acquiring, and enhancing commercial real estate investments across all sectors of the real estate industry. About National Asset Services (NAS) Headquartered in Los Angeles, California, NAS manages a wide range of diverse commercial real estate: Office, medical office, multifamily, retail, student housing, assisted living and industrial flex properties. The company manages sole-owned and multi-owner properties. NAS offers a wide range of asset management capabilities. They include property management; project management; lease administration; acquisition and disposition services; real estate strategy analysis; long-range business objectives; monitoring changing market conditions; investor relations; real estate and investor accounting; loan modification and workout solutions; exit and hold strategies; leasing & marketing; tenant retention plans; research studies; site selections; feasibility studies; insurance risk management; capital improvement planning and tracking; property tax appeal services and cost segregation services.

Read More

INVESTMENTS

Bascom Group Extends Buying Spree Into 2022 With 140 Unit California Multifamily Acquisition

Bascom Group | January 18, 2022

The Bascom Group, LLC ("Bascom") has acquired a two-property, 140-unit multifamily portfolio located in the Northridge neighborhood of the City of Los Angeles. The properties, NMS Northridge and NMS Superior, boast large floorplans consisting of mostly two- and three-bedrooms with each unit receiving a private 2-car garage or two spaces of structured parking. The properties are centrally-located within the San Fernando Valley and sit adjacent to California State University – Northridge ("CSUN"). CSUN has an enrollment of 38,000 students and provides significant resident demand. Bascom purchased the 140-unit property for $52,500,000, or $375,000 per unit. Brightspire Capital (fka Colony Capital) provided the debt financing for the acquisition and was arranged by Mark Strauss and Rob Quarton of Walker Dunlop Capital Markets. Apartment Management Consultants (AMC) will provide property management services. NMS Northridge and NMS Superior represent compelling acquisitions in a high-barrier-to-entry market. Market occupancies have been exceptionally high over the last decade and only a limited amount of new supply is currently under construction. Despite the pandemic-related challenges for many universities and the communities serving them over the past two years, we believe the Northridge submarket will see strong fundamental growth over the next several years driven by limited new housing supply and continued population growth." Bascom Sr. Principal, Chad Sanderson. The properties are located adjacent to California State University – Northridge, a 38,000-student university within California State University system. Although the properties' residents are not all students or university affiliates, the properties' proximity to the university provides consistent demand from a highly educated resident base of students, faculty, and other university affiliates and non-affiliates. Bascom's Senior Vice President of Operations. The properties are just a short walk across the street from the CSUN student recreation center, which will be an incredible complement to our planned amenity upgrades on the properties. Other property upgrades will include unit interior renovations and a rebrand to appeal to a younger, tech-savvy resident base." Julie Schoenbachler. The Bascom Group has been one of the most active apartment buyers in Southern California since its inception in 1996, partnering with institutional and private capital. To date, Bascom has acquired 95 multifamily properties and 15,808 units in Southern California, with 39 of those properties and 5,952 units located in Los Angeles County. Over the past year, Bascom has completed over $1.85 billion in multifamily transactions. About Bascom: Bascom is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $20.5 billion in multifamily value-added transactions encompassing 349 multifamily properties and over 90,000 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom's subsidiaries and joint ventures include the Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures, and Realm Group. Bascom's subsidiaries also include Premier Workspaces, one of the largest privately held executive suite, coworking and shared workspace companies in the U.S.

Read More