Realty Income Corp. is putting a portfolio of nine Walmart Neighborhood Markets on the sales block while its tenant, the world’s largest retailer, looks to expand and evolve the scope of its business through both an acquisition and the shifting use of real estate.

Realty Income, a San Diego-based real estate investment trust, is looking to sell retail properties — all leased by Bentonville, Arkansas-based Walmart — that are located in Georgia, Louisiana and the Carolinas, according to CoStar data. The REIT is asking a combined $88.3 million for the nine locations.

Realty Income didn't immediately respond to a request to comment and Christopher Bosworth, vice chairman and managing director at CBRE representing Realty Income on the listings, and Walmart also didn't respond.

The retailer is in the midst of changes that include expanding its real estate. Walmart said it will build more than 150 stores in the United States over the next five years, including both its Supercenter and Neighborhood Market store formats. Walmart also plans to remodel 650 stores during the next 12 months. Two new Neighborhood Markets will open this year in Atlanta and Santa Rosa Beach, Florida. Each Neighborhood Market location covers about 38,000 square feet.

Walmart President and CEO Doug McMillon discussed the brick-and-mortar store rollout during a fourth-quarter earnings call Tuesday.

"Most of [the planned 150 new stores] are new-builds in locations where we need a new store," he said. "But a few of them will be discount-store conversions to a Supercenter where we're relocating in the same community."

Walmart also said it had reached an agreement to acquire Irvine, California-based TV manufacturer Vizio for roughly $2.3 billion, or $11.50 a share. The acquisition is meant to boost the retailer's media business, Walmart Connect, by "bringing together Vizio's advertising solutions business with Walmart’s reach and capabilities," the discount chain said in a statement.

"The acquisition of Vizio and its SmartCast Operating System would enable Walmart to connect with and serve its customers in new ways including innovative television and in-home entertainment and media experiences," the retailer said. "These benefits would be further strengthened by the growth of connected TV platforms and Walmart’s industry-leading TV panel sales."

Walmart's fourth-quarter revenue rose 5.7% to $173.4 billion, while comparable sales rose 4% for Walmart U.S.

The retail giant is one of Realty Income’s 15 largest tenants, representing about 1.4% of total annualized contractual rent as of Sept. 30, according to the REIT. The company has a large portfolio of single-tenant, net-leased properties in the supermarket, convenience store, dollar store and drugstore sectors.

The Walmart Neighborhood Markets locations Realty Income has listed for sale are:

• 300 S. Belair Road, Augusta, Georgia.
• 1435 Thompson Bridge Road, Gainesville, Georgia.
• 4430 Desiard St., Monroe, Louisiana.
• 2750 N.C. Highway 55, Cary, North Carolina.
• 5009 Old Buncombe Road, Greenville, South Carolina.
• 115 S.C. Highway 14, Simpsonville, South Carolina.
• 3685 Ladson Road, Ladson, South Carolina.
• 215 Saint James Ave., Goose Creek, South Carolina.
• 332 Stonewall Jackson Blvd., Orangeburg, South Carolina.

Marketing the portfolio on behalf of Realty Income in the portfolio sale from CBRE are Christopher Bosworth, Mike Burkard, Brian Pfohl, Thomas Carr, Leah Lindell, Kaitlyn Wolf, Ty Grenier and Abby Kelly.