Complete the spin-off of office assets into a new REIT

Delivered by the deadline

AI-confirmed · human review in progress Independent AI checks agreed on primary SEC or regulator evidence. Records are now being reviewed by hand, starting with those our customers order.

Announced: 30 Apr 2021
Due: 31 Dec 2021
Delivered: 12 Nov 2021

Deadline
Met
Late
Not met
Today

What the company said

“Expected to close Q4 2021 for both Merger and spin-off, subject to customary closing conditions, including shareholder approval from both Realty Income and VEREIT”

SourceRealty Income Form 8-K press release, 2021-04-30
FilingSEC filing index
Deadline as statedQ4 2021
Deadline used31 Dec 2021, the last day of the stated period
TypeTransaction
Permanent referenceKI-C-2021-O-016544
Cite as https://keptindex.org/c/KI-C-2021-O-016544/ — this address never changes.

What we found

Evidence strength A What the grades mean

Realty Income completed the spin-off of its office assets into Orion Office REIT Inc. on November 12, 2021, which occurred within the Q4 2021 deadline.

A
Realty Income 8-K filed 2022-02-16 Regulatory filing · published 16 Feb 2022 · retrieved 19 Oct 2026 · kept permanently by the SEC · fingerprint a44e75f6e90f
“the spin-off of the office properties to Orion Office REIT Inc. on November 12, 2021” ✓ confirmed on the page
A
Realty Income 10-K filed 2022-02-23 Regulatory filing · published 23 Feb 2022 · retrieved 19 Oct 2026 · kept permanently by the SEC · fingerprint b2777b4557a8
“On November 12, 2021, we distributed the outstanding shares of Orion common stock to our shareholders” ✓ confirmed on the page

Market reaction: the shares moved +2.0% against the S&P 500 over the three sessions around the disclosure (15 Feb 2022 to 18 Feb 2022). What this measures

Checked 19 Oct 2026.

Commitment lineage

Every time the company restated this commitment. The original is never changed, and the outcome is always measured against version 1.

Deadline drift -49 days
2 versions

Version 1 · original · stated 30 Apr 2021

Deadline 31 Dec 2021 (“Q4 2021”) · wording expected
Version 2 · stated 1 Nov 2021

Deadline 12 Nov 2021 (“November 12, 2021”) · wording expected

“The spin-off will be effected by a special dividend to all Realty Income stockholders, including legacy VEREIT stockholders, which is expected to occur on November 12, 2021”
Source for this version

Commitment DNA

The structured record of this commitment. Fields the company did not state are left blank rather than guessed.

Event type: Separation
Indicative materiality: Transformational rules
Action: Complete
Deliverable: Spin-off of office assets
Language: Expected (“expects”, “plans”)
In the company’s control: Medium
Specificity: High
Conditional: Yes: subject to customary closing conditions; shareholder approval from both Realty Income and VEREIT; continued planning and preparation for the spin-off
Depends on: Regulatory, Shareholder

How this entry was checked

Commitment recordedThe company's words were matched word for word against the filing.
First checkAn AI model, Gemini (Google), read the company's later filings and recorded the outcome with a quoted passage.
Second check: agreesA different AI model, Claude (Anthropic), re-read the evidence without being told the outcome and reached the same answer.

Confirmed. This outcome counts towards the company's Kept Score. How verification works

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