SAN DIEGO, 28 August 2024 /PRNewswire/ — Realty Income Corporation (“Realty Income”), the monthly dividend company®(NYSE: O), today announced that it intends to repurchase all 6,900,000 outstanding shares of the Company’s 6.000% Cumulative Redeemable Series A Preferred Stock (NYSE: O PR) (the “Series A Preferred Stock”) converted from the outstanding preferred stock of Spirit Realty Capital, Inc. in connection with the Merger on September 30, 2024.
The shares will be redeemed at a price of $25.00 per share, plus accrued and unpaid dividends through September 30, 2024 of approximately $0.3750 per share, for a total payment of approximately $25.375 per share. The last dividend payment date is 30 September 2024with a cut-off date of 13 September 2024. Accordingly, the redemption price of 25,00 € No accrued and unpaid dividends are included per depositary share.
The repayment announced today is consistent with Realty Income’s capital management strategy and reflects the Company’s ongoing efforts to improve the efficiency of its financing and balance sheet structure.
The return agent is Computershare, Inc. Attention: Corporate Actions Department, 150 Royall Street, Suite V, Canton, Massachusetts 02021. Further details regarding the redemption will be included in the redemption notice that the Company will send to the registered holders of the Series A Preferred Stock.
About Realty Income
Realty Income (NYSE: O), an S&P 500 company, is a real estate partner to the world’s leading companies. Founded in 1969, we invest in diversified commercial real estate and have a portfolio of 15,450 properties in all 50 U.S. states, the United Kingdom and six other countries in EuropeWe are known as “The monthly dividend company®,” and have a mission to pay shareholders reliable monthly dividends that grow over time. Since our inception, we have paid 650 consecutive monthly dividends and are a member of the S&P 500 Dividend Aristocrats® Index after increasing our dividend for the last 30 consecutive years.
Forward-looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. In this press release, the words “estimated,” “anticipated,” “expect,” “believe,” “intend,” “continue,” “should,” “could,” “likely,” “plans” and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions about our business and portfolio (including our growth strategies and our intention to acquire or dispose of properties, including geographic location, timing, partners, customers and terms); re-leasing, redevelopment and speculative development of properties and related expenditures; future operations and results; the announcement of operating results, strategies, plans and intentions of management; settlement of common stock sold pursuant to forward sale confirmations under our at-the-market program; dividends, including the amount, timing and payment of related dividends; and trends in our business, including trends in the market for long-term leases of freestanding properties owned by a single customer. Forward-looking statements are subject to risks, uncertainties and assumptions about us that could cause our actual future results to differ materially from those anticipated. Some of the factors that could cause actual results to differ materially include, among others, our continued qualification as a real estate investment trust; general domestic and foreign business, economic or financial conditions; competition; fluctuating interest and exchange rates; inflation and its impact on our customers and us; access to debt and equity markets and other sources of financing (including the terms and partners of such financing); continued volatility and uncertainty in the credit markets and the broader financial markets; other risks inherent in the real estate business, including defaults by our clients on leases, increasing client bankruptcies, potential liability related to environmental matters, illiquidity of real estate investments and potential damage from natural disasters; declines in the value of our real estate investments; changes in domestic and foreign income tax laws and rates; the ability of our clients to pay; ownership of real estate through joint ventures, partnerships and other arrangements that may limit control over the underlying investments; epidemics or pandemics, measures to limit their spread, the impact on us, our business, our clients and the economy generally; the loss of key personnel; the outcome of litigation in which we are involved or which may occur in the future; acts of terrorism and war; the expected benefits resulting from our merger with Spirit Realty Capital, Inc.; 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. Forward-looking statements are not guarantees of future plans or performance and speak only as of the date of this press release. Actual plans and operating results may differ materially from those expressed or projected in this press release. We undertake no obligation to update any forward-looking statements or to publicly announce the results of any forward-looking statements that may reflect events or circumstances that occur after the date of such statements.
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