8-KMaterial AgreementsFinancial EventsRegulation FD+1

REALTY INCOME CORP 8-K Report, Material Agreement (Nov 18, 2025)

Filed November 18, 2025For Securities:O

Summary

Realty Income Corporation (O) has entered into an Amended and Restated Term Loan Agreement (A&R Term Loan Agreement) on November 18, 2025, replacing its existing loan facility. This new agreement introduces a £900 million Sterling-denominated term loan facility maturing in January 2028, with an option for a 12-month extension. The Company also retains the flexibility to increase borrowings by up to an aggregate of $1,350 million through new tranches, subject to lender commitments and customary conditions. The interest rates for borrowings under the A&R Term Loan Agreement will be based on benchmark rates such as SONIA for Sterling and SOFR for U.S. Dollar borrowings, plus an Applicable Margin. Currently, this margin is set at 0.800% per annum, reflecting the Company's investment-grade credit ratings. The agreement includes standard affirmative and negative covenants, as well as events of default, to ensure prudent financial management and operational stability.

Key Highlights

  • 1Entry into an Amended and Restated Term Loan Agreement on November 18, 2025.
  • 2Establishment of a £900 million Sterling-denominated term loan facility.
  • 3Maturity date of the Term Loan Facility is January 18, 2028, with a potential 12-month extension.
  • 4Option to increase total borrowings up to an aggregate of $1,350 million across new tranches.
  • 5Interest rates tied to benchmark rates (SONIA for Sterling, SOFR for USD) plus an Applicable Margin.
  • 6Current Applicable Margin is 0.800% per annum, reflecting investment-grade credit.
  • 7Agreement includes customary affirmative and negative covenants, and events of default.

Frequently Asked Questions

This 8-K filing announces Realty Income Corporation's entry into an Amended and Restated Term Loan Agreement, which modifies and replaces its existing loan facility. It provides details on the new loan terms, including facility size, maturity, interest rates, and borrowing flexibility.

The new term loan facility is denominated in Sterling (£900 million). Additionally, the Company has the ability to increase total borrowings under the agreement up to an aggregate of $1,350 million through one or more new tranches.

Borrowings will bear interest based on benchmark rates: SONIA for Sterling-denominated loans and SOFR for U.S. Dollar loans. This benchmark rate is then subject to an Applicable Margin, which is currently set at 0.800% per annum and is determined by Realty Income's credit ratings.

The Sterling-denominated term loan facility matures on January 18, 2028. Realty Income has the option to extend this maturity by 12 months under specified terms outlined in the agreement.