Realty Income Corporation (ticker “o” NYSE) recently merged with another REIT (VERREIT) and they spun off a entity called Orion Office REIT (“ONL” NYSE). Shareholders of Realty Income Corporation received a stock dividend of shares in this new entity “ONL”.
How does one record this? Is this a “special” dividend of Realty Income Corporation, so manually add the value of this dividend to their distributions, then set-up a new security to start tracking this new security?
Thank you for any input!