Summary
Realty Income Corporation (O) provided an update on its recent investment and capital raising activities as of October 3, 2022. The company reported significant investment in properties, with approximately $1.8 billion invested in the third quarter of 2022 and $5.0 billion year-to-date. This activity was supported by substantial equity capital raising, including $0.7 billion in the third quarter through its at-the-market (ATM) program, with an additional $1.3 billion in gross proceeds anticipated from unsettled forward sale agreements. The company also provided a snapshot of its liquidity position as of September 30, 2022. Realty Income maintained a healthy cash balance of approximately $168.1 million, alongside access to its $4.25 billion revolving credit facility and commercial paper programs. However, it also reported outstanding borrowings of $1.2 billion under its revolving credit facility and $724.3 million under its commercial paper programs, indicating active use of its credit lines to fund its investment strategy.
Key Highlights
- 1Invested approximately $1.8 billion in properties and development/expansion projects during Q3 2022.
- 2Total property investments reached approximately $5.0 billion for the nine months ended September 30, 2022.
- 3Raised approximately $0.7 billion in gross equity proceeds during Q3 2022 via its ATM program.
- 4Approximately $1.3 billion in gross proceeds from unsettled forward sale agreements were pending as of September 30, 2022.
- 5Held $168.1 million in cash and cash equivalents as of September 30, 2022, including foreign currency holdings.
- 6Reported $1.2 billion in outstanding borrowings under its revolving credit facility and $724.3 million under its commercial paper programs as of September 30, 2022.