Realty Income prices £700 million dual-tranche senior sterling notes offering

SAN DIEGO, 27 August 2024 /PRNewswire/ — Realty Income Corporation (Realty Income, NYSE: O), the monthly dividend company^®today announced the pricing of a public offering of £350 million (5.000%) senior unsecured notes due 2029 (the “2029 Notes”) and £350 million (5.250%) senior unsecured notes due 2041 (the “2041 Notes”). The public offering price for the 2029 Notes was 99.139% of the principal amount at an effective annual yield to maturity of 5.199% and the public offering price for the 2041 Notes was 96.211% of the principal amount at an effective annual yield to maturity of 5.601%. Together, the Notes have a weighted average maturity of approximately 11.1 years, a weighted average annual yield to maturity of 5.400% and a weighted average coupon rate of 5.125%.

The net proceeds from this offering will be used for general corporate purposes, which may include, among other things, the repayment or repurchase of Realty Income's indebtedness (including borrowings under Realty Income's revolving credit facility), foreign exchange swaps or other hedging instruments, the development, redevelopment and acquisition of additional properties and other acquisition or business combination transactions, and the expansion and enhancement of certain properties in Realty Income's portfolio.

The offer is expected to be 4 September 2024subject to the satisfaction of customary closing conditions.

The active joint bookrunners for the offering are Barclays, BNP PARIBAS, BofA Securities, Goldman Sachs & Co. LLC and Wells Fargo Securities.

A copy of the prospectus supplement and prospectus relating to this offering may be obtained, when available, by contacting Barclays Bank PLC by telephone at 1-888-603-5847, BNP Paribas by telephone at 1-800-854-5674, Merrill Lynch International by telephone at 1-800-294-1322, Goldman Sachs & Co. LLC by telephone at 1-866-471-2526 or Wells Fargo Securities International Limited by telephone at +44 20 3942 8530.

These securities are being offered pursuant to a registration statement that has been made effective under the Securities Act of 1933, as amended. These securities are being offered only by means of the prospectus included in the registration statement and the prospectus supplement accompanying the offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer or sale of these securities in any state or other jurisdiction in or to any person to whom the offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Realty Income
Realty Income (NYSE: O), an S&P 500 company, is a real estate partner to the world's leading companies. Founded in 1969, we invest in diversified commercial real estate and have a portfolio of 15,450 properties in all 50 U.S. states, the United Kingdom and six other countries in EuropeWe are known as “The monthly dividend company^®,” and have a mission to pay shareholders reliable monthly dividends that grow over time. Since our inception, we have paid 650 consecutive monthly dividends and are a member of the S&P 500 Dividend Aristocrats^® Index after increasing our dividend for the last 30 consecutive years.

Forward-looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. In this press release, the words “estimated,” “anticipated,” “expect,” “believe,” “intend,” “continue,” “should,” “could,” “likely,” “plans” and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions about our business and portfolio (including our growth strategies and our intention to acquire or dispose of properties, including geographic location, timing, partners, customers and terms); re-leasing, redevelopment and speculative development of properties and related expenditures; future operations and results; the announcement of operating results, strategies, plans and intentions of management; settlement of common stock sold pursuant to forward sale confirmations under our at-the-market program; dividends, including the amount, timing and payment of related dividends; and trends in our business, including trends in the market for long-term leases of freestanding properties owned by a single customer. Forward-looking statements are subject to risks, uncertainties and assumptions about us that could cause our actual future results to differ materially from those anticipated. Some of the factors that could cause actual results to differ materially include, among others, our continued qualification as a real estate investment trust; general domestic and foreign business, economic or financial conditions; competition; fluctuating interest and exchange rates; inflation and its impact on our customers and us; access to debt and equity markets and other sources of financing (including the terms and partners of such financing); continued volatility and uncertainty in the credit markets and the broader financial markets; other risks inherent in the real estate business, including defaults by our clients on leases, increasing client bankruptcies, potential liability related to environmental matters, illiquidity of real estate investments and potential damage from natural disasters; declines in the value of our real estate investments; changes in domestic and foreign income tax laws and rates; the ability of our clients to pay; ownership of real estate through joint ventures, partnerships and other arrangements that may limit control over the underlying investments; epidemics or pandemics, measures to limit their spread, the impact on us, our business, our clients and the economy generally; the loss of key personnel; the outcome of litigation in which we are involved or which may occur in the future; acts of terrorism and war; the expected benefits resulting from our merger with Spirit Realty Capital, Inc.; and those additional risks and factors discussed in our reports filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are not guarantees of future plans or performance and speak only as of the date of this press release. Actual plans and operating results may differ materially from those expressed or projected in this press release. We undertake no obligation to update any forward-looking statements or to publicly announce the results of any forward-looking statements that may reflect events or circumstances that occur after the date of such statements.

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