Summary
Realty Income Corporation (O) has announced its intention to redeem all outstanding shares of its 6.000% Series A Cumulative Redeemable Preferred Stock on September 30, 2024. This redemption involves approximately 6.9 million shares, which will be repurchased at a price of $25.00 per share, plus any accrued and unpaid dividends up to the redemption date. This action suggests a strategic financial maneuver by the company, potentially to optimize its capital structure or refinance at more favorable terms. Investors holding the Series A Preferred Stock will receive a total payment of approximately $25.375 per share. The final dividend payment date for these shares will be September 30, 2024, with a record date for dividend entitlement set for September 12, 2024. Shareholders should ensure their holdings are recorded by this date to receive the final dividend.
Key Highlights
- 1Realty Income Corp (O) to redeem all outstanding 6.000% Series A Cumulative Redeemable Preferred Stock.
- 2Redemption date is set for September 30, 2024.
- 3Redemption price is $25.00 per share, plus accrued and unpaid dividends.
- 4Total approximate payment per share will be $25.375.
- 5Approximately 6,900,000 shares of Series A Preferred Stock are outstanding.
- 6Final dividend payment date is September 30, 2024.
- 7Dividend record date for entitlement is September 12, 2024.