Realty Income Corporation's Stock Analysis

Realty Income Issues $862.5 Million in Convertible Senior Notes

Realty Income Corporation has issued $862.5 million in 3.500% Convertible Senior Notes due 2029, including an additional $112.5 million from the exercise of an option by initial purchasers. The notes are senior, unsecured obligations and will accrue interest payable semi-annually, starting July 15, 2026. Noteholders can convert their notes into shares of common stock under specified conditions, with an initial conversion rate of 14.4051 shares per $1,000 principal amount, subject to adjustments. The company may redeem the notes early to maintain its REIT status or if certain corporate events occur.

The net proceeds from the offering are approximately $845.5 million, intended for general corporate purposes, including debt repayment and property acquisitions. Realty Income also repurchased around 1.8 million shares of its common stock using part of these proceeds. The notes were sold in a private offering to qualified institutional buyers and are not registered under the Securities Act, limiting their resale options. The company continues to maintain a diverse portfolio of over 15,500 properties across various locations.

Jan 08, 2026 16:17:29

Realty Income Announces $750 Million Convertible Senior Notes Offering

Realty Income Corporation has priced an offering of $750 million in 3.500% convertible senior notes due 2029, aimed at qualified institutional buyers. The offering is set to settle on January 8, 2026, and includes an option for initial purchasers to buy an additional $112.5 million in notes. Interest on the notes will be paid semi-annually, and the initial conversion price is approximately $69.42 per share, representing a premium over the current stock price.

The company plans to use the estimated net proceeds of around $735 million for various corporate purposes, including repaying existing debt and acquiring additional properties. Notably, Realty Income intends to allocate about $102.1 million of these proceeds to repurchase approximately 1.8 million shares of its common stock. The notes will not be registered under the Securities Act and cannot be offered or sold except under specific exemptions.

Jan 06, 2026 07:44:11

Realty Income Updates on Acquisitions and Convertible Notes Offering

Realty Income Corporation reported an investment of approximately $2.4 billion in properties and related assets during the last quarter of 2025, achieving an initial weighted average cash yield of around 7%. As of January 2, 2026, the company holds $3.7 billion in liquidity, which includes cash, unsettled equity, and available credit under revolving facilities. This liquidity is crucial for supporting ongoing operations and future investments.

On January 5, 2026, Realty Income announced a proposed private offering of $750 million in convertible senior notes due 2029, aimed at qualified institutional buyers. The proceeds from this offering are intended for various corporate purposes, including potential debt repayment and property acquisitions. The notes will be unsecured and will accrue interest payable semi-annually. Additionally, Realty Income plans to use part of the proceeds for share repurchases, which may influence the trading price of its common stock.

Jan 05, 2026 16:24:27

Realty Income Secures $1.5 Billion in Investor Commitments

Realty Income Corporation announced the closing of $816.3 million in commitments from third-party investors for its U.S. Open-End Core Plus Fund, bringing the total commitments to approximately $1.5 billion. This capital raise is expected to conclude by March 31, 2026, with a cap of $1.7 billion. The investor base includes various institutional investors, such as pension funds and asset managers, indicating a diversified interest in the Fund.

Assuming the full capital raise, Realty Income anticipates owning about 24% of the limited partnership interests in the Fund after redeeming approximately $950 million in its seed portfolio. The company plans to hold additional closings during the Fund's life, which could further influence its market position and investment strategy.

Dec 29, 2025 16:09:53

Realty Income Revises 2025 Investment Volume to Over $6 Billion

Realty Income Corporation has updated its investment volume guidance for the year ending December 31, 2025, now expecting to exceed $6.0 billion, up from the previous estimate of approximately $5.5 billion. This adjustment comes alongside the announcement of a definitive agreement with Blackstone Real Estate for an $800 million preferred equity investment in the CityCenter real estate in Las Vegas, which includes the ARIA Resort & Casino and Vdara Hotel & Spa. The investment is expected to yield an initial return of 7.4% with annual escalators starting after five years.

The preferred equity investment will allow Realty Income to retain a right of first offer on future sales of common equity interests by Blackstone. The transaction is anticipated to close on December 9, 2025, pending customary conditions. Realty Income, known for its monthly dividends, has a diverse portfolio of over 15,500 properties across various locations, and this investment is viewed as a strategic move to enhance its operational profile and financial stability.

Dec 01, 2025 17:46:32

Realty Income Secures £900 Million Sterling-Denominated Term Loan

Realty Income Corporation has entered into an Amended and Restated Term Loan Agreement, securing a £900 million Sterling-denominated term loan facility that matures on January 18, 2028. This loan can be extended for an additional 12 months and allows for further borrowings, up to a total of $1.35 billion, subject to lender commitments. The loan carries an interest rate of 0.800% over the Sterling Overnight Index Average, based on the company's current investment-grade credit ratings.

The proceeds from this loan will be utilized to repay existing Sterling-denominated borrowings as part of the company's refinancing strategy. Realty Income's CFO highlighted that this term loan provides financial flexibility and addresses upcoming loan maturities, while also fixing the interest rate at an average of 4.3% through interest rate swaps. The loan involves multiple financial institutions, indicating strong lender support for Realty Income's operations.

Nov 18, 2025 16:12:02

Realty Income Announces Sales Agreement for 150 Million Shares

Realty Income Corporation has entered into a Sales Agreement with multiple financial institutions, allowing for the offer and sale of up to 150 million shares of its common stock. The sales can occur through ordinary transactions on the New York Stock Exchange or via negotiated prices, with proceeds intended for general corporate purposes, including debt repayment and property acquisitions. The Company also has the option to enter into Forward Sale Agreements, enabling additional sales through Forward Sellers.

The existing sales agreement from February 2024 was terminated, having sold 65,033,051 of the 120 million shares initially available under the prior program. The commissions for sales through Agents or Forward Sellers will not exceed 2.0% of the gross sales price, and the Company may also engage in other sales methods that could involve higher commissions. The details of the Sales Agreement and related documents have been filed as exhibits.

Nov 07, 2025 08:48:10

Realty Income Reports Q3 2025 Financial Results and Updates

Realty Income Corporation reported its financial results for the three and nine months ended September 30, 2025, highlighting a net income of $315.8 million, or $0.35 per share, and an Adjusted Funds from Operations (AFFO) of $1.08 per share. The company invested $1.4 billion during the quarter at a weighted average cash yield of 7.7%, and achieved a rent recapture rate of 103.5% on re-leased properties. As of September 30, 2025, Realty Income maintained a portfolio occupancy rate of 98.7% across 15,542 properties leased to 1,647 clients in 92 industries.

In addition, Realty Income raised $322.7 million from the sale of common stock and reported $3.5 billion in liquidity, including cash and available credit. The company issued $400 million in senior unsecured notes in October 2025, with proceeds aimed at supporting ongoing investment activities. The annualized dividend amount as of September 30, 2025, was $3.234 per share, reflecting a 2.3% increase compared to the same period in 2024. Realty Income has a history of consistent dividend increases, marking its 112th consecutive quarterly dividend increase.

Nov 03, 2025 16:11:08

Realty Income Appoints Kim Hourihan to Board of Directors

Realty Income Corporation has appointed Kim Hourihan to its Board of Directors, effective October 14, 2025. Ms. Hourihan is recognized for her extensive experience in real estate investment and portfolio management, currently serving as Managing Director and Global Head of Strategy at Invesco Real Estate. Her appointment increases the Board's total number of directors to eleven, and she will also serve on the Compensation and Talent Committee. Hourihan will receive an initial grant of restricted shares valued at $200,000, with additional annual equity awards and cash retainers for her service on the Board and committee.

Hourihan's previous roles include Chief Investment Officer positions at CBRE Investment Management, where she managed substantial real assets globally. Her background is expected to enhance Realty Income's strategic direction and capital diversification efforts. Realty Income is known for its monthly dividend payments and has a significant portfolio of over 15,600 properties across the U.S. and several international markets. The company continues to focus on delivering dependable dividends to its shareholders.

Oct 14, 2025 16:34:13

Realty Income Closes $800 Million Notes Offering

The transaction is part of Realty Income's financing strategy, allowing the company to raise capital through debt issuance. The notes will mature in 2029 and 2033, providing the company with additional resources for its operations and potential investments.

Oct 06, 2025 16:05:26