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Sunday, Sep 25, 2022
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Realty Income Begins $385.8 Million Stock Offering

Realty Income Corp. has commenced an offering of common stock expected to raise approximately $385.8 million in gross proceeds, the San Diego-based company announced.

A company statement said the real estate investment trust has launched an underwritten public offering of 6.5 million shares of common stock, expected to close on May 24 subject to customary conditions.

Officials said Realty Income expects to use net proceeds – after underwriting and related expenses – to repay borrowings under its $2 billion unsecured revolving credit facility, and also to fund potential future investments or address other general corporate purposes.

Credit Suisse, Morgan Stanley and UBS Investment Bank are acting as joint book-running managers and underwriters for the offering.

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Realty Income shares closed at $60.87 on May 18, but a specific price-per-share figure was not announced for the offering in the May 19 statement. Realty Income officials said the underwriters may offer shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at prevailing market prices.

Headquartered in Carmel Valley, Realty Income (NYSE: O) oversees a nationwide portfolio of retail, industrial and related commercial properties.

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