SAN
DIEGO, Aug. 28, 2024 /PRNewswire/ -- Realty
Income Corporation ("Realty Income"), The Monthly Dividend
Company®, (NYSE: O), today announced that it intends to
redeem all 6,900,000 shares outstanding of the company's 6.000%
Series A Cumulative Redeemable Preferred Stock (NYSE: O PR) (the
"Series A Preferred Stock"), which was converted from Spirit Realty
Capital, Inc.'s outstanding preferred stock in connection with the
merger, on September 30, 2024.
The shares will be redeemed at $25.00 per share, plus
accrued and unpaid dividends to September 30, 2024 in an
amount equal to approximately $0.3750 per share, for a
total payment of approximately $25.375 per share. The
final dividend payment date will be September 30, 2024, with a record date of
September 13, 2024. Accordingly, the
redemption price of $25.00 per
depositary share does not include any accrued and unpaid
dividends.
The redemption announced today is consistent with Realty
Income's capital management strategy and reflects its ongoing
efforts to enhance the efficiency of its funding and balance sheet
structure.
The redemption agent will be Computershare, Inc.
Attention: Corporate Actions Department, 150 Royall Street,
Suite V, Canton, MA 02021. Further
details regarding the redemption will be included in the notice of
redemption that the company will send to the record holders of the
Series A Preferred Stock.
About Realty Income
Realty Income (NYSE: O), an S&P 500 company, is 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 U.K., and six other
countries in Europe. We are known
as "The Monthly Dividend Company®," and have a mission
to deliver stockholders dependable monthly dividends that grow over
time. Since our founding, we have declared 650 consecutive monthly
dividends and are a member of the S&P 500 Dividend
Aristocrats® index, having increased 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. When used in
this press release, the words "estimated," "anticipated," "expect,"
"believe," "intend," "continue," "should," "may," "likely,"
"plans," and similar expressions are intended to identify
forward-looking statements. Forward-looking statements include
discussions of our business and portfolio (including our growth
strategies and our intention to acquire or dispose of properties
including geographies, timing, partners, clients and terms);
re-leases, re-development and speculative development of properties
and expenditures related thereto; future operations and results;
the announcement of operating results, strategy, plans, and the
intentions of management; settlement of shares of common stock sold
pursuant to forward sale confirmations under our at-the-market
program; dividends, including the amount, timing and payment of
dividends related thereto; and trends in our business, including
trends in the market for long-term leases of freestanding,
single-client properties. 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, economic, or financial conditions;
competition; fluctuating interest and currency rates; inflation and
its impact on our clients and us; access to debt and equity capital
markets and other sources of funding (including the terms and
partners of such funding); 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, increased client bankruptcies, 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
domestic and foreign income tax laws and rates; our clients'
solvency; property ownership through joint ventures, partnerships
and other arrangements which may limit control of the underlying
investments; epidemics or pandemics, measures taken to limit their
spread, the impacts on us, our business, our clients, and the
economy generally; the loss of key personnel; the outcome of any
legal proceedings to which we are a party or which may occur in the
future; acts of terrorism and war; the anticipated benefits as a
result of 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 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 update forward-looking statements
or publicly release the results of any forward-looking statements
that may be made to reflect events or circumstances after the date
these statements were made.
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SOURCE Realty Income Corporation