8-KOther Events

REALTY INCOME CORP 8-K Report, Corporate Update (Jun 29, 2026)

Filed June 29, 2026For Securities:O

Summary

Realty Income Corporation (O) has provided an update on its capital raising, liquidity, and financing activities as of June 29, 2026. The company successfully issued $800.0 million in senior unsecured notes due April 2033 with a coupon rate of 4.750% and a yield to maturity of 5.047%. This issuance was complemented by a cross-currency swap, generating approximately €436 million in proceeds and a blended coupon rate of 4.16%. Furthermore, Realty Income has refreshed its at-the-market (ATM) program, allowing for the potential sale of up to 150.0 million shares of common stock to enhance financial flexibility. As of June 25, 2026, the company reported approximately $4.0 billion in total available liquidity, a substantial figure supported by cash, availability under credit facilities, and unsettled ATM forwards, partially offset by commercial paper borrowings. These actions collectively underscore the company's proactive approach to managing its capital structure and ensuring ample liquidity.

Key Highlights

  • 1Issued $800.0 million of 4.750% senior unsecured notes due April 2033.
  • 2Executed a $500 million U.S. Dollar-to-Euro cross currency swap, resulting in approximately €436 million in proceeds.
  • 3Blended coupon rate on the notes, after the swap, is 4.16%.
  • 4Replaced existing ATM program with a new one to potentially sell up to 150.0 million shares of common stock.
  • 5Reported approximately $4.0 billion in total available liquidity as of June 25, 2026.
  • 6Liquidity components include cash, credit facility availability, and unsettled ATM forwards, net of commercial paper borrowings.

Frequently Asked Questions

Realty Income recently issued $800.0 million of 4.750% senior unsecured notes due April 2033. They also entered into a $500 million U.S. Dollar-to-Euro cross currency swap, which effectively resulted in approximately €436 million in proceeds and a blended coupon rate of 4.16%. Additionally, the company has initiated a new at-the-market (ATM) program allowing for the potential sale of up to 150.0 million shares of common stock.

As of June 25, 2026, Realty Income reported approximately $4.0 billion in total available liquidity on a Pro-Rata Share basis. This includes cash and cash equivalents, availability under its credit facilities, and unsettled ATM forwards, less commercial paper borrowings.

The new at-the-market (ATM) program allows Realty Income to opportunistically offer and sell up to 150.0 million shares of its common stock. This provides financial flexibility by enabling the company to raise capital at prevailing market prices through its sales agents or forward sale arrangements, as needed.

In the context of this filing, 'Pro-Rata Share' refers to Realty Income's proportionate economic ownership of its joint ventures. When calculating liquidity figures like cash and credit facility availability, the company adjusts these amounts to reflect its share of these assets held within its joint ventures, ensuring a more accurate representation of its consolidated financial position.