SAN
DIEGO, Jan. 8, 2024 /PRNewswire/ -- Realty Income
Corporation (Realty Income, NYSE: O), The Monthly Dividend
Company®, today announced the pricing of a public
offering of $450 million of 4.750%
senior unsecured notes due February 15,
2029 (the "2029 Notes"), and $800
million of 5.125% senior unsecured notes due February 15, 2034 (the "2034 Notes" and, together
with the 2029 Notes, the "notes"). The public offering price for
the 2029 Notes was 99.225% of the principal amount for an effective
semi-annual yield to maturity of 4.923%, and the public offering
price for the 2034 Notes was 98.910% of the principal amount for an
effective semi-annual yield to maturity of 5.265%. Combined, the
notes have a weighted average tenor of approximately 8.3 years, a
weighted average semi-annual yield to maturity of 5.142%, and
weighted average coupon rate of 4.990%.
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 and
commercial paper programs), foreign currency swaps or other hedging
instruments, the development, redevelopment and acquisition of
additional properties, acquisition or business combination
transactions, and the expansion and improvement of certain
properties in our portfolio.
This offering is expected to close on January 16, 2024, subject to the satisfaction of
customary closing conditions.
The active joint book-running managers for the offering are
Wells Fargo Securities, BBVA, Citigroup, Mizuho and TD
Securities.
A copy of the prospectus supplement and prospectus, when
available, related to this offering may be obtained by contacting:
Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000,
Minneapolis, MN 55402, Attn: WFS
Customer Service, Email: wfscustomerservice@wellsfargo.com, by
telephone (toll free) at 1-800-645-3751; BBVA Securities Inc., 1345
Avenue of the Americas, 44th Floor, New
York, New York 10105, Attention: US Debt Capital Markets, by
telephone: 1-800-422-8692; Citigroup Global Markets Inc., c/o
Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, New York 11717, by
telephone: 1-800-831-9146 or email: prospectus@citi.com; Mizuho
Securities USA LLC, 1271 Avenue of
the Americas, New York, New York
10020, Attention: Debt Capital Markets, by telephone:
1-866-271-7403; and TD Securities (USA) LLC, 1 Vanderbilt Avenue, 11th Floor,
New York, New York 10017, Attn:
Transaction Advisory, by telephone (toll free) at
1-855-495-9846.
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, The Monthly
Dividend Company®, is an S&P 500 company and member
of the S&P 500 Dividend Aristocrats® index. We
invest in people and places to deliver dependable monthly dividends
that increase over time. The company is structured as a real estate
investment trust ("REIT"), and its monthly dividends are supported
by the cash flow from over 13,250 real estate properties primarily
owned under long-term net lease agreements with commercial clients.
To date, the company has declared 642 consecutive common stock
monthly dividends throughout its 55-year operating history and
increased the dividend 123 times since Realty Income's public
listing in 1994 (NYSE: O).
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 the timing 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; trends in our business, including trends
in the market for long-term leases of freestanding, single-client
properties; and statements regarding the anticipated or projected
impact of our proposed merger with Spirit Realty Capital, Inc.
("Spirit"), if consummated, on our business, results of operations,
financial condition or prospects. 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 REIT; 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; 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 and partnerships which may limit control of
the underlying investments; current or future epidemics or
pandemics, measures taken to limit their spread, the impacts on us,
our business, our clients (including those in the theater and
fitness industries), 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 structure, timing and completion of the announced merger
between our subsidiary and Spirit and any effects of the
announcement, pendency or completion of the announced merger with
Spirit, including the anticipated benefits therefrom; 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