Realty Income to redeem $750 million of 4.65% notes due 2023

By Wendy Van Sickle

Columbus, Ohio, Dec. 1 – Realty Income Corp. plans to redeem all $750 million of its outstanding 4.65% notes due Aug. 1, 2023 (Cusip: 756109AP9) on Dec. 31, according to a news release.

The redemption price will be determined on Dec. 28 but is expected to be $1,080.94 per $1,000 of notes, including $19.38 per $1,000 of notes of interest.

As a result of the redemption, Realty Income expects to incur a charge of $47.5 million, or $0.09 per diluted common share, to net income available to common stockholders and NAREIT-defined funds from operations in the first quarter of 2021. The charge will be excluded from adjusted funds from operations.

The Bank of New York Mellon Trust Co., NA is the trustee and paying agent.

The real estate investment trust for retail and commercial properties is based in Escondido, Calif.

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