Realty Income Corp Prices $800M Senior Notes Offering for General Corporate Purposes

Realty Income Corp (NYSE: O) has priced a public offering of $800 million in 4.750% senior unsecured notes due April 15, 2033, the company announced March 31, 2026. The notes were priced at 98.261% of principal, yielding an effective yield to maturity of 5.047% in U.S. dollar terms. Proceeds are designated for general corporate purposes, which may include real estate acquisition, real estate development, debt repayment, and portfolio expansion.

Offering Terms and Euro Swap Structure

In conjunction with the notes pricing, Realty Income executed a $500 million U.S. dollar-to-euro seven-year cross-currency swap, through which the company anticipates receiving approximately €436 million in proceeds. The swap produces an effective fixed-rate, euro-denominated yield to maturity of approximately 4.07% and a coupon rate of 3.81%. Combined with the U.S. dollar tranche, the transaction results in a blended effective yield to maturity of approximately 4.44% and a blended coupon rate of 4.16%.

The offering is expected to close on April 7, 2026, subject to customary closing conditions. Wells Fargo, BBVA, BofA Securities, J.P. Morgan, and TD Securities are serving as active joint book-running managers for the transaction.

Use of Proceeds

According to the company's announcement, net proceeds may be applied to repayment or repurchase of existing indebtedness — including borrowings under revolving credit facilities and commercial paper programs — as well as foreign currency swaps or other hedging instruments. The company also cited the development, redevelopment, and acquisition of additional properties, acquisition or business combination transactions, and the expansion and improvement of existing portfolio assets as potential uses.

Portfolio Scale and Financial Context

As of December 31, 2025, Realty Income's portfolio comprised more than 15,500 properties across all 50 U.S. states, the United Kingdom, and eight other European countries.

The euro-denominated swap component reflects the company's expanding European footprint. By converting a portion of the U.S. dollar proceeds into euros, Realty Income hedges currency exposure associated with its non-U.S. investments, achieving a lower blended borrowing cost than the standalone U.S. dollar yield would provide.

Dividend Track Record and Market Position

Realty Income, which markets itself as "The Monthly Dividend Company," has declared 669 consecutive monthly dividends since its founding in 1969 and is a member of the S&P 500 Dividend Aristocrats index, having increased its dividend for more than 31 consecutive years. The company is structured as a real estate investment trust (REIT) and is listed on the S&P 500.

Jonathan Pong, Executive Vice President, Chief Financial Officer, and Treasurer, is the listed investor relations contact for the offering. The securities are offered pursuant to a registration statement effective under the Securities Act of 1933, as amended.

Investors seeking copies of the prospectus supplement and prospectus may contact Wells Fargo Securities at 1-800-645-3751, BBVA Securities at 1-800-422-8692, BofA Securities at 1-800-294-1322, J.P. Morgan Securities at 1-212-834-4533, or TD Securities at 1-855-495-9846.