"After 20-plus months of not buying property and waiting to see if prices would adjust and cap rates get a little better, we have started acquiring again, pretty much on a modest basis," said Tom Lewis, CEO of the Escondido, CA-based REIT, during its quarterly earnings call last Thursday.

The new additions to Realty Income's portfolio were purchased at a cap rate of more than 10%, from what is a new tenant for the company. The tenant is a chain in the health and fitness industry, Lewis said, and is a good company that had some capital needs a sale-leaseback took care of.

"That transaction was one where a tenant had some immediate cash needs, and we were able to go in and help them solve their problem at a pretty good rate of return, and was really us getting started again in acquisitions," Lewis said.

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