Realty Income Updates Debt Securities on Jan 8, 2024 8-K

TL;DR

**Realty Income just updated its debt list, showing its current borrowing structure.**

AI Summary

Realty Income Corporation filed an 8-K on January 8, 2024, to update its list of outstanding debt securities, including notes due in 2027, 2030, 2031, 2033, 2034, 2039, and 2042 with various interest rates. This filing is a routine update of their financial instruments, indicating ongoing financial management. For investors, this matters because it provides transparency into the company's debt structure, which is crucial for assessing its financial health and ability to meet future obligations, especially for a REIT that relies on debt financing for property acquisitions.

Why It Matters

This filing provides a current snapshot of Realty Income's debt obligations, which is essential for investors to understand the company's financial leverage and risk profile. It's a routine update but important for due diligence.

Risk Assessment

Risk Level: low — This 8-K is a routine informational filing about existing debt instruments and does not indicate any new or elevated risks.

Analyst Insight

A smart investor would use this information to cross-reference with Realty Income's latest financial statements (10-K or 10-Q) to ensure consistency in reported debt obligations and to analyze the company's overall debt maturity schedule and interest rate exposure.

Key Players & Entities

• REALTY INCOME CORPORATION (company) — the registrant filing the 8-K
• January 8, 2024 (date) — date of earliest event reported and filing date
• 1.125% Notes due 2027 (dollar_amount) — a specific debt instrument
• 1.875% Notes due 2027 (dollar_amount) — a specific debt instrument
• 1.625% Notes due 2030 (dollar_amount) — a specific debt instrument
• 4.875% Notes due 2030 (dollar_amount) — a specific debt instrument
• 5.750% Notes due 2031 (dollar_amount) — a specific debt instrument
• 1.750% Notes due 2033 (dollar_amount) — a specific debt instrument
• 5.125% Notes due 2034 (dollar_amount) — a specific debt instrument
• 6.000% Notes due 2039 (dollar_amount) — a specific debt instrument

FAQ

Key Financial Figures

• $0.01 — e On Which Registered Common Stock, $0.01 Par Value O New York Stock Exchange
• $4.25 billion — cility" and similar references mean our $4.25 billion unsecured revolving credit facility (ex
• $1.0 billion — revolving credit facility (excluding a $1.0 billion expansion option, which is subject to o
• $1.5 billion — ilar references mean, collectively, our $1.5 billion U.S. Dollar-denominated unsecured comme
• $2.7 billion — ber 31, 2023, we invested approximately $2.7 billion and $9.5 billion, respectively, in prop
• $9.5 b — invested approximately $2.7 billion and $9.5 billion, respectively, in properties and
• $337.8 million — M") program, representing approximately $337.8 million in estimated net proceeds (assuming ful
• $5.4 billion — current ATM programs for approximately $5.4 billion of net proceeds. Under our current ATM
• $220.3 m — sh equivalents balance of approximately $220.3 million, including 46.0 million denominat
• $337.8 m — n Euro, unsettled ATM forward equity of $337.8 million, and approximately $3.5 billion o
• $3.5 billion — ty of $337.8 million, and approximately $3.5 billion of availability under our $4.25 billion
• $764.4 million — olving credit facility, after deducting $764.4 million in borrowings under our commercial pape

Filing Documents

• tm242248d3_8k.htm (8-K) — 59KB
• 0001104659-24-002078.txt ( ) — 325KB
• o-20240108.xsd (EX-101.SCH) — 5KB
• o-20240108_def.xml (EX-101.DEF) — 29KB
• o-20240108_lab.xml (EX-101.LAB) — 43KB
• o-20240108_pre.xml (EX-101.PRE) — 28KB
• tm242248d3_8k_htm.xml (XML) — 12KB

01 Other Events

Item 8.01 Other Events On January 8, 2024, Realty Income Corporation (the "Company," "Realty Income," "our," "us" or "we," which terms include, unless otherwise expressly stated or the context otherwise requires, its consolidated subsidiaries) provided certain updates with respect to its recent investments, capital raising, liquidity and litigation matters, as set forth below. Unless as otherwise indicated or the context otherwise requires, for purposes of the following disclosures, (a) references to our "revolving credit facility" and similar references mean our $4.25 billion unsecured revolving credit facility (excluding a $1.0 billion expansion option, which is subject to obtaining lender commitments and other customary conditions) and references to our "commercial paper programs" and similar references mean, collectively, our $1.5 billion U.S. Dollar-denominated unsecured commercial paper program and our $1.5 billion Euro-denominated unsecured commercial paper program; (b) references to our "clients" mean our tenants, (c) references to "GBP," "Sterling" and "" are to the lawful currency of the United Kingdom; and (d) references to "Euro" and "" are to the lawful currency of the European Union. For purposes of determining the aggregate amount of borrowings outstanding under our revolving credit facility as of any specified date, borrowings denominated in GBP and Euros are translated into U.S. dollars using the applicable exchange rates as in effect from time to time. Acquisitions Update During the three and twelve months ended December 31, 2023, we invested approximately $2.7 billion and $9.5 billion, respectively, in properties and properties under development, unconsolidated joint ventures, a preferred equity investment and loans at an initial weighted average cash yield of approximately 7.6% and 7.1%, respectively. The initial weighted average cash yield for acquisitions of properties and properties under development is computed as contractual cash net

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K contains forward-looking and Section 21E of the Exchange Act of 1934, as amended. When used herein, the words "estimated," "anticipated," "expect," "believe," "intend," "continue," "should," "may," "likely," "plans," and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions of our business and portfolio (including our growth strategies and our intention to acquire or dispose of properties including the timing and terms), re-leases, re-development and speculative development of properties and expenditures related thereto; future operations and results; the announcement of operating results, strategy, plans, and the intentions of management; trends in our business, including trends in the market for long-term leases of freestanding, single-client properties; and statements regarding the anticipated or projected impact of our proposed Merger, if consummated, on our business, results of operations, financial condition or prospects). Forward-looking statements regarding the anticipated or projected impact of the proposed Merger may include, without limitation, statements regarding potential impacts on our adjusted funds from operations, general and administrative and other corporate expenses, leverage ratios and other credit metrics if the Merger is consummated; potential changes in our interest expense from refinancing or repaying outstanding Spirit indebtedness or preferred equity subsequent to the Merger, if consummated, and potential interest rates at which such indebtedness and preferred equity could be refinanced; statements regarding the potential impact of the Merger, if consummated, on our cash flow and dividend coverage durability; and pro forma information regarding the combined company assuming

Forward-looking statements are subject to risks,

Forward-looking statements are subject to risks, uncertainties, and assumptions about us, which may cause our actual future results to differ materially from expected results. Some of the factors that could cause actual results to differ materially are, among others, our continued qualification as a real estate investment trust; general domestic and foreign business, economic, or financial conditions; competition; fluctuating interest and currency rates; inflation and its impact on our clients and us; access to debt and equity capital markets and other sources of funding; continued volatility and uncertainty in the credit markets and broader financial markets; other risks inherent in the real estate business including our clients' defaults under leases, increased client bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments, and potential damages from natural disasters; impairments in the value of our real estate assets; changes in domestic and foreign income tax laws and rates; our clients' solvency; property ownership through joint ventures and partnerships which may limit control of the underlying investments; current or future epidemics or pandemics, measures taken to limit their spread, the impacts on us, our business, our clients (including those in the theater and fitness industries), and the economy generally; the loss of key personnel; the outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism and war; the structure, timing and completion of the announced Merger between our subsidiary and Spirit and any effects of the announcement, pendency or completion of the announced Merger, including the anticipated benefits therefrom; 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. Those forward-looking statement

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