Realty Income Corp. (O)

Realty Income Corp Stock (O) dropped by 5.67% from $49.00 to $46.22 in the trading on Monday October 30, 2023. The reason why O stock down today is due to an acquisition announcement. Realty Income said it would buy another REIT, Spirit Realty Capital, for $9.3 billion in an all-stock deal. The agreement gives Spirit shareholders 0.762 share of newly issued Realty Income shares for each Spirit share they own. The merger is expected to create an enterprise value of approximately $63 billion for the combined company.