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Realty Income to redeem $250M of 5.75% notes

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Capital Markets View – January 2021


Realty Income to redeem $250M of 5.75% notes

Realty Income Corp. aims to redeem all $250 million of its outstanding 5.75% notes due Jan. 15, 2021.

The redemption date is set at Jan. 10, 2020, and the estimated total redemption price is $1,065.79 per $1,000 principal amount of the notes.

As a result of the planned redemption, the single-tenant real estate investment trust expects to incur a charge of about $9.8 million, or 3 cents per common share, to net income available to common stockholders and Nareit-defined funds from operations in the first quarter of 2020.

Nareit is the U.S.-based trade association for REITs and publicly traded real estate companies.

The Bank of New York Mellon Corporate Trust is the trustee and paying agent for the notes.