Realty Income Corp. is expected to close Oct. 7 on a public offering of common stock with net proceeds of approximately $450 million, the San Diego-based company announced.
Announced Oct. 1, the offering calls for the sale of 10 million shares at $46.88 per share. A company statement said the real estate investment trust has granted underwriters a 30-day option to purchase up to 1.5 million additional shares.
Officials said Realty Income expects to use net proceeds from the offering to repay borrowings under its $2 billion unsecured revolving credit facility and for other general corporate purposes and working capital, which may include acquisitions.
Headquartered in Carmel Valley, Realty Income Corp. (NYSE: O) invests in retail, industrial and related commercial properties.