Realty Income Corp Updates on Debt and Preferred Stock

TL;DR

**Realty Income Corp just dropped an 8-K detailing its various debt notes and preferred stock, looks like a routine capital structure update.**

AI Summary

Realty Income Corp filed an 8-K on February 23, 2024, reporting 'Other Events' and 'Financial Statements and Exhibits' as of February 22, 2024. The filing details various notes and preferred stock, including 1.125% Notes Due 2027, 1.875% Notes Due 2027, 1.625% Notes Due 2030, 4.875% Notes Due 2030, 5.750% Notes Due 2031, 1.750% Notes Due 2033, 5.125% Notes Due 2034, 6.000% Notes Due 2039, and 2.500% Notes Due 2042, along with Series 6.000% A Cumulative Redeemable Preferred Stock. This filing appears to be a routine update regarding its outstanding securities.

Why It Matters

This filing provides transparency on Realty Income Corp's capital structure, specifically its outstanding debt and preferred equity, which is crucial for investors assessing the company's financial health and obligations.

Risk Assessment

Risk Level: low — The filing appears to be a routine disclosure of existing securities, not indicating new, significant financial events or risks.

Key Numbers

• 1.125% — Notes Interest Rate (Interest rate for Notes Due 2027)
• 1.875% — Notes Interest Rate (Interest rate for other Notes Due 2027)
• 1.625% — Notes Interest Rate (Interest rate for Notes Due 2030)
• 4.875% — Notes Interest Rate (Interest rate for other Notes Due 2030)
• 6.000% — Preferred Stock Dividend Rate (Dividend rate for Series A Cumulative Redeemable Preferred Stock)

Key Players & Entities

• REALTY INCOME CORP (company) — Filer of the 8-K
• 001-13374 (dollar_amount) — SEC File Number
• 1.125% (dollar_amount) — Interest rate for Notes Due 2027
• 2027 (dollar_amount) — Maturity year for two series of notes
• 6.000% (dollar_amount) — Interest rate for Series A Cumulative Redeemable Preferred Stock and Notes Due 2039

FAQ

Key Financial Figures

• $0.01 — e On Which Registered Common Stock, $0.01 Par Value O New York Stock Exchange

Filing Documents

• tm247028d1_8k.htm (8-K) — 57KB
• tm247028d1_ex1-1.htm (EX-1.1) — 804KB
• 0001104659-24-026850.txt ( ) — 1274KB
• o-20240222.xsd (EX-101.SCH) — 5KB
• o-20240222_def.xml (EX-101.DEF) — 30KB
• o-20240222_lab.xml (EX-101.LAB) — 41KB
• o-20240222_pre.xml (EX-101.PRE) — 28KB
• tm247028d1_8k_htm.xml (XML) — 14KB

01 Other Events

Item 8.01 Other Events. On February 22, 2024, Realty Income Corporation (the "Company") entered into a sales agreement (the "Sales Agreement") with Robert W. Baird & Co. Incorporated, Barclays Capital Inc., BBVA Securities Inc., BMO Capital Markets Corp., BNP Paribas Securities Corp., BNY Mellon Capital Markets, LLC, BofA Securities, Inc., BTIG, LLC, Citigroup Global Markets Inc., Citizens JMP Securities, LLC, Goldman Sachs & Co. LLC, Jefferies LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, Regions Securities LLC, Santander US Capital Markets LLC, Scotia Capital (USA) Inc., Stifel, Nicolaus & Company, Incorporated, TD Securities (USA) LLC, Truist Securities, Inc., UBS Securities LLC and Wells Fargo Securities, LLC (each, an "Agent" and together, the Agents''), the Forward Sellers (as defined below) and the Forward Purchasers (as defined below) providing for the offer and sale of up to 120,000,000 shares of the Company's common stock, par value $0.01 per share, from time to time (a) by the Company through the Agents, acting as the Company's sales agents, or directly to one or more of the Agents, acting as principal, and (b) by the Forward Sellers, acting as sales agents for the relevant Forward Purchasers. Sales of shares of the Company's common stock, if any, as contemplated by the Sales Agreement made through the Agents, as the Company's sales agents, or the Forward Sellers on behalf of the Forward Purchasers will be made by means of ordinary brokers' transactions on the New York Stock Exchange or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices, by privately negotiated transactions (including block sales) or by any other methods permitted by applicable law. The Sales Agreement contemplates that, in addition to the issuance and sale by the Company of shares of the Company's common stock to or through the Agents, the Co

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits 1.1 Sales Agreement, dated February 22, 2024, by and among the Company, the Agents, the Forward Sellers and the Forward Purchasers (including the forms of Terms Agreement and Forward Sale Agreement) 5.1 Opinion of Venable LLP 23.1 Consent of Venable LLP (contained in the opinion filed as Exhibit 5.1 hereto) 104 The Form 8-K cover page, formatted in Inline Extensible Business Reporting Language and included as Exhibit 101 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: February 23, 2024 REALTY INCOME CORPORATION By: /s/ BIANCA MARTINEZ Bianca Martinez Senior Vice President, Associate General Counsel and Assistant Secretary

View Full Filing

View this 8-K filing on SEC EDGAR