Real estate investment trust Realty Income Corp. is being be added to the S&P 500 index.
S&P Dow Jones Indices said Friday that Realty Income, which owns 4,300 properties in 49 U.S. states and Puerto Rico, will join the broad stock market index the close of trading on April 6.
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Realty Income, which had been in the S&P MidCap 400, is replacing Windstream Holdings Inc., which is preparing to complete a spinoff. The broadband and communications company is moving its fiber and copper network and some real estate assets into a real estate investment trust, which it will then spin off into a separate company. It expects to complete that process on April 24.
Windstream Holdings will be placed in S&P MidCap 400, along with another REIT, Douglas Emmett Inc.
International Game Technology, a company that makes slot machines, is also being removed from the S&P MidCap 400 because it is being acquired by Italian lottery operator Gtech SpA.