Realty Income – Commencement of Common Stock Public Offering

Realty Income – Commencement of Common Stock Public Offering

SAN DIEGO, CA (STL.News) Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today announced that it has commenced an underwritten public offering of 10,500,000 shares of common stock.  The company also plans to grant the underwriters a 30-day option to purchase up to 1,575,000 additional shares of common stock.  The joint book-running managers for the offering are BofA Securities, Morgan Stanley, Wells Fargo Securities and Citigroup.

The company intends to use net proceeds from the offering, along with available cash and additional borrowings as necessary, to fund property acquisitions.  As of January 8, 2021, the company had entered into agreements or letters of intent to acquire additional U.S. and U.K. properties with an aggregate estimated purchase price of approximately $676.8 million.  Moreover, from January 1 through January 8, 2021, the company has acquired properties with an aggregate purchase price of approximately $130.7 million, which, when combined with the properties under agreement or letter of intent as of January 8, 2021, equals an aggregate estimated purchase price of approximately $807.5 million.

Any remaining net proceeds will be used for general corporate purposes and working capital, which may include additional acquisitions, developments or expansions and/or repayment of borrowings under the company’s $3.0 billion revolving credit facility and/or the company’s $1.0 billion commercial paper program. 

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