SAN
DIEGO, Aug. 27, 2024 /PRNewswire/ -- Realty
Income Corporation (Realty Income, NYSE: O), The Monthly Dividend
Company®, today announced the pricing of a public
offering of £350 million of 5.000% senior unsecured notes due 2029
(the "2029 Notes") and £350 million of 5.250% senior unsecured
notes due 2041 (the "2041 Notes"). The public offering price for
the 2029 Notes was 99.139% of the principal amount for an effective
annual yield to maturity of 5.199% and the public offering price
for the 2041 Notes was 96.211% of the principal amount for an
effective annual yield to maturity of 5.601%. Combined, the notes
have a weighted average tenor of approximately 11.1 years, a
weighted average annual yield to maturity of 5.400%, and a weighted
average coupon rate of 5.125%.
The net proceeds from this offering will be used for general
corporate purposes, which may include, among other things, the
repayment or repurchase of Realty Income's indebtedness (including
borrowings under Realty Income's revolving credit facility),
foreign currency swaps or other hedging instruments, the
development, redevelopment and acquisition of additional properties
and other acquisition or business combination transactions, and the
expansion and improvement of certain properties in Realty Income's
portfolio.
This offering is expected to close on September 4, 2024, subject to the satisfaction of
customary closing conditions.
The active joint book-running managers for the offering are
Barclays, BNP PARIBAS, BofA Securities, Goldman Sachs & Co.
LLC, and Wells Fargo Securities.
A copy of the prospectus supplement and prospectus, when
available, related to this offering may be obtained by contacting:
Barclays Bank PLC by telephone at 1-888-603-5847, BNP Paribas by
telephone at 1-800-854-5674, Merrill Lynch International by
telephone at 1-800-294-1322, Goldman Sachs & Co. LLC by
telephone at 1-866-471-2526 or Wells Fargo Securities International
Limited by telephone at +44 20 3942 8530.
These securities are offered pursuant to a Registration
Statement that has become effective under the Securities Act of
1933, as amended. These securities are only offered by means of the
prospectus included in the Registration Statement and the
prospectus supplement related to the offering. This press release
shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any offer or sale of these
securities in any state or other jurisdiction where, or to any
person to whom, the offer, solicitation, or sale of these
securities would be unlawful prior to the registration or
qualification under the securities laws of any such state or other
jurisdiction.
About Realty Income
Realty Income (NYSE: O), an
S&P 500 company, is real estate partner to the world's leading
companies. Founded in 1969, we invest in diversified commercial
real estate and have a portfolio of 15,450 properties in all 50
U.S. states, the U.K., and six other countries in Europe. We are known as "The Monthly Dividend
Company®," and have a mission to deliver stockholders
dependable monthly dividends that grow over time. Since our
founding, we have declared 650 consecutive monthly dividends and
are a member of the S&P 500 Dividend Aristocrats®
index, having increased our dividend for the last 30 consecutive
years.
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Exchange
Act of 1934, as amended. When used in this press release, the words
"estimated," "anticipated," "expect," "believe," "intend,"
"continue," "should," "may," "likely," "plans," and similar
expressions are intended to identify forward-looking statements.
Forward-looking statements include discussions of our business and
portfolio (including our growth strategies and our intention to
acquire or dispose of properties including geographies, timing,
partners, clients and terms); re-leases, re-development and
speculative development of properties and expenditures related
thereto; future operations and results; the announcement of
operating results, strategy, plans, and the intentions of
management; settlement of shares of common stock sold pursuant to
forward sale confirmations under our at-the-market program;
dividends, including the amount, timing and payment of dividends
related thereto; and trends in our business, including trends in
the market for long-term leases of freestanding, single-client
properties. Forward-looking statements are subject to risks,
uncertainties, and assumptions about us, which may cause our actual
future results to differ materially from expected results. Some of
the factors that could cause actual results to differ materially
are, among others, our continued qualification as a real estate
investment trust; general domestic and foreign business, economic,
or financial conditions; competition; fluctuating interest and
currency rates; inflation and its impact on our clients and us;
access to debt and equity capital markets and other sources of
funding (including the terms and partners of such funding);
continued volatility and uncertainty in the credit markets and
broader financial markets; other risks inherent in the real estate
business including our clients' defaults under leases, increased
client bankruptcies, potential liability relating to environmental
matters, illiquidity of real estate investments, and potential
damages from natural disasters; impairments in the value of our
real estate assets; changes in domestic and foreign income tax laws
and rates; our clients' solvency; property ownership through joint
ventures, partnerships and other arrangements which may limit
control of the underlying investments; epidemics or pandemics,
measures taken to limit their spread, the impacts on us, our
business, our clients, and the economy generally; the loss of key
personnel; the outcome of any legal proceedings to which we are a
party or which may occur in the future; acts of terrorism and war;
the anticipated benefits as a result of our merger with Spirit
Realty Capital, Inc.; and those additional risks and factors
discussed in our reports filed with the U.S. Securities
and Exchange Commission. Readers are cautioned not to place undue
reliance on forward-looking statements. Forward-looking statements
are not guarantees of future plans and performance and speak only
as of the date of this press release. Actual plans and operating
results may differ materially from what is expressed or forecasted
in this press release. We do not undertake any obligation to update
forward-looking statements or publicly release the results of any
forward-looking statements that may be made to reflect events or
circumstances after the date these statements were made.
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SOURCE Realty Income Corporation