The deal, one of the largest in REIT circles this year, closes in the fourth quarter. Directors at both firms approved the transaction.
The merger creates the largest owner of triple net leased, free-standing retail properties in the country. Total assets will be $1 billion, according to separately prepared statements from CNLR and Captec.
Captec shareholders will be receiving a total $12.1 million in cash; 4.35 million shares in newly-issued CNLR common; and two million shares of newly-issued CNLR's 9% class A, non-voting preferred. In a prepared statement, Captec's directors value the total 7.35 million shares at $13.05 per share or an aggregate $95.9 million.
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