Realty Income (O) Prices 10.5M Share Common Offering at $57.05/Sh

Realty Income Corporation (NYSE: O), The Monthly Dividend Company®, today announced that a public offering of 10,500,000 shares of the company's common stock has been priced at a public offering price of $57.05 per share and is expected to close January 14, 2021. Net proceeds from the offering, after underwriting discounts and commissions, but before deducting other offering expenses, will be approximately $582.3 million. The company also granted the underwriters a 30-day option to purchase up to 1,575,000 additional shares of common stock. The joint book-running managers for the offering are BofA Securities, Morgan Stanley, Wells Fargo Securities and Citigroup.

The company intends to use net proceeds from the offering, along with available cash and additional borrowings as necessary, to fund property acquisitions. As of January 8, 2021, the company had entered into agreements or letters of intent to acquire additional U.S. and U.K. properties with an aggregate estimated purchase price of approximately $676.8 million. Moreover, from January 1 through January 8, 2021, the company has acquired properties with an aggregate purchase price of approximately $130.7 million, which, when combined with the properties under agreement or letter of intent as of January 8, 2021, equals an aggregate estimated purchase price of approximately $807.5 million.

Any remaining net proceeds will be used for general corporate purposes and working capital, which may include additional acquisitions, developments or expansions and/or repayment of borrowings under the company's $3.0 billion revolving credit facility and/or the company's $1.0 billion commercial paper program. Acquisitions are subject to uncertainties and there can be no assurance that these planned property acquisitions will be completed at the prices or on the timetable or other terms currently contemplated, or at all, or that the company will enter into binding agreements to acquire properties as to which the company has entered into letters of intent.

A prospectus supplement and accompanying prospectus related to the public offering of these securities will be filed with the Securities and Exchange Commission.

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