Summary
Realty Income Corporation (O) provided an update on its recent investment and capital-raising activities for the period between October 1, 2021, and December 1, 2021. During this time, the Company significantly expanded its property portfolio by acquiring assets worth approximately $1.1 billion and entered into agreements for additional acquisitions estimated at over $1.1 billion, with expected closings in the fourth quarter of 2021. These investments include properties under development or expansion, though the completion and terms of these pending acquisitions are subject to various closing conditions and potential adjustments. In parallel, Realty Income successfully raised approximately $1.55 billion in capital. This was achieved through its at-the-market (ATM) Program, which generated about $950 million in net proceeds from share sales, and a $595 million cash distribution received from Orion Office REIT Inc. (Orion) following its spin-off. A portion of this distribution, approximately $170 million, served as reimbursement for mortgages the Company had previously repaid on properties contributed to Orion. Investors should note the forward-looking nature of some of these statements and the inherent risks and uncertainties involved in property acquisitions and capital markets.
Key Highlights
- 1Acquired approximately $1.1 billion in properties from October 1 to December 1, 2021.
- 2Entered into agreements for over $1.1 billion in additional property acquisitions, expected to close in Q4 2021.
- 3Raised approximately $1.55 billion in capital during the same period.
- 4Generated approximately $950 million in net proceeds from its at-the-market (ATM) common stock program.
- 5Received a $595 million cash distribution from the spin-off of Orion Office REIT Inc.
- 6The Orion distribution included a $170 million reimbursement for repaid mortgages on contributed properties.
- 7The Company acknowledges risks and uncertainties associated with property acquisitions and capital raising.