Realty Income to Redeem All Outstanding 4.65% Notes Due 2023
SAN DIEGO, CA (STL.News) Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today announced that it intends to redeem all $750 million in principal amount of its outstanding 4.65% notes due August 1, 2023 (CUSIP No. 756109AP9) (the “Notes”). The company expects the redemption date for the Notes to be December 31, 2021 (the “Redemption Date”).
The total redemption price for the Notes will be calculated in accordance with the Notes and the indenture governing the Notes, which the company currently estimates will be $1,080.94 per $1,000 principal amount of the Notes, which includes approximately $19.38 per $1,000 principal amount of the Notes of accrued and unpaid interest thereon to, but not including, the Redemption Date. The final redemption price will be determined on December 28, 2021, in accordance with the Notes and the indenture.
As a result of the redemption, the company expects to incur a charge of approximately $47.5 million, or approximately $0.09 per diluted common share, to net income available to common stockholders and NAREIT-defined Funds from Operations (FFO) in the fourth quarter of 2021. The charge will be excluded from Adjusted Funds from Operations (AFFO).
Formal Notice of Redemption and Additional Information
The Bank of New York Mellon Trust Company, N.A., the trustee and paying agent for the Notes, delivers 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 and member of the S&P 500 Dividend Aristocrats® index. They invest in people and places to deliver dependable monthly dividends that increase over time. The company is structured as a REIT, and its monthly dividends are supported by the cash flow from almost 11,000 real estate properties owned under long-term lease agreements with our commercial clients. To date, the company has declared 617 consecutive common stock monthly dividends throughout its 52-year operating history and increased the dividend 113 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.