Business · January 11, 2021

Realty Income – Commencement of Common Stock Public Offering

SAN DIEGO, CA (STL.News) Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today announced that it has commenced an underwritten public offering of 10,500,000 shares of common stock.  The company also plans to grant the underwriters a 30-day option to purchase up to 1,575,000 additional shares of common stock.  The joint book-running managers for the offering are BofA Securities, Morgan Stanley, Wells Fargo Securities and Citigroup.

The company intends to use net proceeds from the offering, along with available cash and additional borrowings as necessary, to fund property acquisitions.  As of January 8, 2021, the company had entered into agreements or letters of intent to acquire additional U.S. and U.K. properties with an aggregate estimated purchase price of approximately $676.8 million.  Moreover, from January 1 through January 8, 2021, the company has acquired properties with an aggregate purchase price of approximately $130.7 million, which, when combined with the properties under agreement or letter of intent as of January 8, 2021, equals an aggregate estimated purchase price of approximately $807.5 million.

Any remaining net proceeds will be used for general corporate purposes and working capital, which may include additional acquisitions, developments or expansions and/or repayment of borrowings under the company’s $3.0 billion revolving credit facility and/or the company’s $1.0 billion commercial paper program.  Acquisitions are subject to uncertainties and there can be no assurance that these planned property acquisitions will be completed at the prices or on the timetable or other terms currently contemplated, or at all, or that the company will enter into binding agreements to acquire properties as to which the company has entered into letters of intent.

A preliminary prospectus supplement and accompanying prospectus related to the public offering of these securities have been or will be filed with the Securities and Exchange Commission.  Copies of the preliminary prospectus supplement and the accompanying prospectus, when available, may be obtained from BofA Securities, Attn: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001 or email: [email protected]; or Morgan Stanley, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; or Wells Fargo Securities, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, New York, 10001, at (800) 326-5897 or email: [email protected]; or Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, at (800) 831-9146 or email: [email protected]

These securities are offered pursuant to a Registration Statement that has become effective under the Securities Act.  These securities are only offered by means of the preliminary prospectus supplement related to the offering and the related prospectus.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer or sale of these securities, in any state or other jurisdiction where, or to any person to whom, the offer, solicitation, or sale of these securities would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.