Realty Income Announces $1.5 Billion Euro Commercial Paper Program

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Jul 28, 2022, 16:05 ET

SAN DIEGO, July 28, 2022 /PRNewswire/ -- Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company^®, today announced that it has established a $1.5 billion European commercial paper program (the "program"). The company now has a combined $3.0 billion of commercial paper capacity, including its recently upsized $1.5 billion U.S. commercial paper program.

Under the terms of the program, the company may issue and have outstanding at any time unsecured commercial paper notes, issuable in U.S. Dollars or other foreign currencies, up to a maximum aggregate amount outstanding of $1.5 billion (or its foreign currency equivalent). The notes will be sold under customary terms in the European commercial paper note market and will rank pari passu with all of the company's other unsecured senior indebtedness, including the company's outstanding senior notes and its U.S. commercial paper program, borrowings under the company's multicurrency revolving credit facility and term loan. The company intends to use proceeds from notes issued pursuant to the program for general corporate purposes. The company expects to use its $4.25 billion multicurrency revolving credit facility as a liquidity backstop for the repayment of the notes issued under the program and the U.S. commercial paper program.

The notes to be offered under the European commercial paper program have not been and will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the notes under the company's European commercial paper note program.

About Realty Income
Realty Income, The Monthly Dividend Company^®, is an S&P 500 company and member of the S&P 500 Dividend Aristocrats^® index. We invest in people and places to deliver dependable monthly dividends that increase over time. The company is structured as a REIT, and its monthly dividends are supported by the cash flow from over 11,200 real estate properties owned under long-term net lease agreements with commercial clients. To date, the company has declared 625 consecutive common stock monthly dividends throughout its 53-year operating history and increased the dividend 116 times since Realty Income's public listing in 1994 (NYSE: O). Additional information about the company can be obtained from the corporate website at www.realtyincome.com.

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. When used in this press release, the words "estimated," "anticipated," "expect," "believe," "intend," and similar expressions are intended to identify forward-looking statements. Forward-looking statements also include discussions of future operations and results, strategy, plans, or intentions of management and the program. 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 and economic conditions; competition; fluctuating interest and currency rates; access to debt and equity capital markets; 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, 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 income tax laws and rates; the continued evolution of the COVID-19 pandemic and the measures taken to limit its spread, and its impacts on us, our business, our clients, or the economy generally; the timing and pace of reopening efforts at the local, state and national level in response to the COVID-19 pandemic and developments, such as the unexpected surges in COVID-19 cases, that cause a delay in or postponement of reopenings; the outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism and war; any effects of uncertainties regarding whether the anticipated benefits or results of our merger with VEREIT, Inc. will be achieved; 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 statements are not guarantees of future plans and performance and speak only as of the date of this press release. Actual plans and operating results may differ materially from what is expressed or forecasted in this press release. We do not undertake any obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.

SOURCE Realty Income Corporation