Realty Income Corp., an owner of convenience stores, warehouses and other commercial real estate, is acquiring Spirit Realty Capital Inc. for $5.3 billion in an all-stock transaction.

The transaction is expected to diversify Realty Income’s tenant base, create $50 million in annualized synergies and build a real estate investment trust with an enterprise value of $63 billion, Bloomberg News reported. The agreement follows Realty Income’s 2021 acquisition of Vereit Inc.

“The merger with Spirit is yet another example of how our size, scale, and unique platform value continue to create substantial value for our shareholders,” said Realty Income Chief Executive Officer Sumit Roy.