SAN DIEGO, Dec. 11, 2019 /PRNewswire/ -- Realty Income
Corporation (Realty Income, NYSE: O), The Monthly Dividend
Company®, today announced that it intends to redeem all
$250 million in principal amount of
its outstanding 5.75% notes due January 15,
2021 (CUSIP No. 756109AL8) (the "Notes"). The redemption
date for the Notes will be January 10,
2020 (the "Redemption Date").
The estimated total redemption price for the Notes will be
$1,065.79 per $1,000 principal amount of the Notes,
representing 100% of the principal amount of the Notes being
redeemed, approximately $27.95 per
$1,000 principal amount of the Notes
of accrued and unpaid interest thereon to, but not including, the
Redemption Date, and approximately $37.84 per $1,000
principal amount of the Notes of "make-whole" amount calculated in
accordance with the indenture governing the Notes. The final
redemption price will be determined on January 7, 2020 in accordance with the
indenture.
As a result of the redemption, we expect to incur a charge of
approximately $9.8 million, or
approximately $0.03 per diluted
common share, to net income available to common stockholders and
NAREIT-defined Funds from Operations (FFO) in the first quarter of
2020. The charge will be excluded from Adjusted Funds from
Operations (AFFO).
Formal Notice of Redemption and Additional
Information
The Bank of New York Mellon Corporate Trust, the trustee and
paying agent for the Notes, is delivering a notice of redemption to
all registered holders of the Notes.
About Realty Income
Realty Income, The Monthly Dividend Company®, is an
S&P 500 company dedicated to providing stockholders with
dependable monthly income. The company is structured as a REIT, and
its monthly dividends are supported by the cash flow from over
5,900 real estate properties owned under long-term lease agreements
with commercial tenants. To date, the company has declared 594
consecutive common stock monthly dividends throughout its 50-year
operating history and increased the dividend 104 times since Realty
Income's public listing in 1994 (NYSE: O). Additional information
about the company can be obtained from the corporate website at
www.realtyincome.com.
Forward-Looking Statements
Statements in this press release that are not strictly
historical are "forward-looking" statements. Forward-looking
statements involve known and unknown risks, which may cause the
company's actual future results to differ materially from expected
results. These risks include, among others, general economic
conditions, local and foreign real estate conditions, tenant
financial health, the availability of capital to finance planned
growth, continued volatility and uncertainty in the credit markets
and broader financial markets, changes in foreign currency exchange
rates, property acquisitions (including the acquisitions described
herein), and the timing and completion of these acquisitions,
charges for property impairments, and the outcome of any legal
proceedings to which the company is a party, as described in the
company's filings with the Securities and Exchange Commission.
Consequently, forward-looking statements should be regarded solely
as reflections of the company's current operating plans and
estimates. Actual operating results may differ materially from what
is expressed or forecast in this press release. The company
undertakes no obligation to publicly release the results of
any revisions to these 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