Escondido-based Realty Income Corp. has signed agreements to purchase 84 commercial properties from Inland Diversified Real Estate Trust Inc., for approximately $503 million.

Realty Income representatives said the acquisitions are subject to closing conditions. The real estate investment trust plans to finance the acquisitions with approximately $349 million in cash and the assumption of approximately $154 million of debt.

The portfolio consists of retail, industrial and distribution facility properties in 22 states, leased to 16 tenants in 12 industries. The transaction is expected to close in the first quarter of 2014.

In its own statement, Illinois-based Inland Diversified said the deal was expected to close in several phases, with the first closing expected in January. The REIT owns more than 12 million square feet of real estate and is a division of Inland Real Estate Investment Corp. of Oak Brook, Ill.

Realty Income (NYSE: O) owns a nationwide commercial portfolio of more than 3,800 properties, under long-term lease agreements.