Financing ·
Realty Income priced an upsized $875 million offering of 3.750% Convertible Senior Notes due 2031, increasing from the…
ORealty Income Corp
Realty Income priced an upsized $875 million offering of 3.750% Convertible Senior Notes due 2031, increasing from the previously announced $750 million size. The notes settle on August 14, 2026, and carry an initial conversion price of approximately $72.72 per share, representing a 17.5% premium to the stock's closing price of $61.89 on August 11, 2026. The company concurrently repurchased approximately 3.0 million shares using roughly $188.7 million of net proceeds and entered into capped call transactions with an initial cap price of approximately $83.55 per share to mitigate potential dilution. Net proceeds are estimated at $859 million for general corporate purposes, including property acquisitions and debt repayment. Realty Income is a real estate investment trust that owns and operates a portfolio of over 15,500 commercial properties.