Spirit Realty 6% cumulative preferreds to convert with merger

By William Gullotti

Buffalo, N.Y., Dec. 19 – Spirit Realty Capital Inc.’s 6% series A cumulative redeemable preferred stock will convert into Realty Income Corp. 6% series A cumulative redeemable preferred stock upon consummation of the companies’ agreement and plan of merger dated Oct. 29, according to a 424B3 filing with the Securities and Exchange commission.

The preferreds will convert on a one-to-one basis with the terms materially unchanged.

Going forward, they will trade on the New York Stock Exchange under the symbol “OA.”

Spirit issued $172.5 million of the preferreds in 2017, which are presently listed on the New York Stock Exchange under the ticker symbol “SRCPrA.”

Spirit is a Dallas-based real estate investment trust. Realty Income is a San Diego-based REIT.

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