SAN DIEGO AND BALTIMORE — Realty Income Corp. (NYSE: O) has completed the spin-off of substantially all of its office assets into Orion Office REIT Inc. (NYSE: ONL), a new, independent, publicly traded REIT.
Orion Office REIT specializes in the ownership, acquisition and management of a diversified portfolio of mission-critical and corporate headquarters office buildings in high-quality suburban markets across the United States. The portfolio is leased primarily on a single-tenant, net-lease basis to creditworthy tenants.
Under the terms of the spin-off, Realty Income stockholders received one share of Orion common stock for every 10 shares of Realty Income common stock held as of the record date of Nov. 2, 2021.
Wells Fargo Securities served as lead financial advisor, Moelis & Co. served as financial advisor and Latham & Watkins LLP acted as legal advisor to Realty Income in connection with the spin-off.
Realty Income is based in San Diego, while the spin-off, according to SEC filings, is based in Baltimore.