Summary
Realty Income Corporation (O) announced its intention to redeem all outstanding shares of its 6.000% Series A Cumulative Redeemable Preferred Stock on September 30, 2024. This redemption will occur at a price of $25.00 per share, plus any accrued and unpaid dividends, resulting in a total payment of approximately $25.375 per share. Investors holding the Series A Preferred Stock as of the close of business on September 13, 2024, will be entitled to the final dividend payment on the redemption date. This action signals a strategic move by Realty Income to manage its capital structure, likely aimed at optimizing its cost of capital or simplifying its outstanding securities. Investors should evaluate the implications of this redemption on their portfolio and consider reinvestment strategies.
Key Highlights
- 1Realty Income (O) plans to redeem all 6,900,000 outstanding shares of its 6.000% Series A Cumulative Redeemable Preferred Stock.
- 2The redemption date is set for September 30, 2024.
- 3Each share will be redeemed at $25.00, plus accrued and unpaid dividends.
- 4The total payment per share is approximately $25.375, including dividends.
- 5Holders of record on September 13, 2024, will receive the final dividend payment.
- 6September 30, 2024, marks the final dividend payment date for this series of preferred stock.