Realty Income Prices $800 Million Offering of Senior Notes due 2033

Rhea-AI Summary

Realty Income (NYSE: O) priced an $800 million offering of 4.750% senior unsecured notes due April 15, 2033 at 98.261% of par, giving an effective yield to maturity of 5.047%.

Realty Income executed a $500 million 7-year USD-to-euro cross-currency swap, receiving about €436 million, producing an effective blended yield to maturity of ~4.44% and blended coupon of ~4.16%. Proceeds will fund general corporate purposes; closing is expected April 7, 2026.

Positive

• $800 million senior notes offering priced
• Notes carry a 4.750% coupon due April 15, 2033
• Effective yield to maturity of 5.047%
• Executed $500 million 7-year cross-currency swap
• Anticipated receipt of €436 million from swap
• Effective blended yield of 4.44%

Negative

• Public offering priced below par at 98.261%
• Offering increases nominal debt maturing in 2033
• Use of proceeds may include repayment of existing debt, diluting cash for other uses

News Market Reaction – O

+0.05%

+0.05% Session close to close

In the Mar 31 session, O gained 0.05%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details a new $800 million 4.750% senior unsecured notes offering due 2033, paired...

Analysis

This announcement details a new $800 million 4.750% senior unsecured notes offering due 2033, paired with a $500 million cross currency swap into Euros to optimize funding costs. The structure produces blended yields and coupons in both dollars and euros, supporting general corporate purposes and potential debt repayment. Compared with prior offerings in 2025–2026, it continues Realty Income’s pattern of using long-term debt markets to support acquisitions, development, and balance sheet flexibility while maintaining covenant discipline.

Key Figures

Senior notes size: $800 million Coupon rate: 4.750% Offering price: 98.261% +5 more

8 metrics

Senior notes size $800 million Public offering of 4.750% senior unsecured notes due 2033

Coupon rate 4.750% Senior unsecured notes due April 15, 2033

Offering price 98.261% Public offering price as percentage of principal

Yield to maturity 5.047% Effective yield to maturity on USD notes

Cross currency swap notional $500 million U.S. Dollar-to-Euro 7-year cross currency swap

Euro proceeds €436 million Anticipated proceeds after USD-to-EUR swap

Blended yield to maturity 4.44% Effective blended yield after cross currency swap

Blended coupon rate 4.16% Effective blended coupon after cross currency swap

Previous Offering Reports

5 past events · Latest: Jan 08 (Neutral)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jan 08	Convertible notes closing	Neutral	-0.2%	Closed $862.5M 3.500% convertible senior notes due 2029.
Jan 06	Convertible notes pricing	Neutral	-0.7%	Priced $750M 3.500% convertible senior notes due 2029.
Jan 05	Convertible notes proposal	Neutral	-0.7%	Announced proposed $750M convertible senior notes due 2029.
Sep 25	Dual-tranche bond deal	Neutral	+0.9%	Priced $800M dual-tranche senior unsecured notes due 2029 and 2033.
Apr 01	2035 notes pricing	Neutral	-0.1%	Announced $600M 5.125% senior unsecured notes due 2035.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Offering-related announcements have historically led to very small average next-day moves around -0.17%, with no consistent directional pattern.

Recent Company History

Recent history shows Realty Income repeatedly accessing capital markets through senior and convertible note offerings while maintaining balance sheet flexibility. Over five prior offering-tagged events since April 2025, reactions clustered around flat, with moves from about -0.74% to +0.89%. The current $800 million senior notes due 2033 continue this pattern of terming out debt and funding general corporate purposes, broadly consistent with earlier unsecured note deals and convertible issuances aimed at refinancing and growth.

Key Terms

senior unsecured notes, cross currency swap, prospectus supplement, Registration Statement

4 terms

senior unsecured notes financial

"public offering of $800 million of 4.750% senior unsecured notes due April 15, 2033"

Senior unsecured notes are a type of loan a company borrows from investors, promising to pay back with interest. They are called "unsecured" because they aren’t backed by specific assets like buildings or equipment, but "senior" because they are paid back before other debts if the company gets into trouble. Investors see them as a relatively safer way for companies to raise money.

cross currency swap financial

"executed a $500 million U.S. Dollar-to-Euro 7-year cross currency swap"

A cross currency swap is a contract where two parties trade cash flows in different currencies, typically exchanging both the initial amounts and ongoing interest payments, then reversing the exchange at a set date. For investors it matters because it lets borrowers and asset holders lock in funding costs or protect the value of foreign-currency cash flows—like temporarily swapping loans with someone who has the currency you need—while introducing counterparty and exchange-rate risks that can affect returns.

prospectus supplement regulatory

"A copy of the prospectus supplement and prospectus, when available, related to this offering"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

Registration Statement regulatory

"These securities are offered pursuant to a Registration Statement that has become effective"

A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.

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SAN DIEGO, March 30, 2026 /PRNewswire/ -- Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company^®, today announced the pricing of a public offering of $800 million of 4.750% senior unsecured notes due April 15, 2033 (the "Notes"). The public offering price for the Notes was 98.261% of the principal amount for an effective yield to maturity of 5.047%. In conjunction with the pricing of this offering, Realty Income executed a $500 million U.S. Dollar-to-Euro 7-year cross currency swap, resulting in an anticipated receipt of approximately €436 million in proceeds and an effective fixed-rate, Euro-denominated yield to maturity of approximately 4.07% and coupon rate of 3.81%. As a result of the swap, Realty Income achieved an effective blended yield to maturity of approximately 4.44% and blended coupon rate of 4.16%.

The net proceeds from this offering will be used for general corporate purposes, which may include, among other things, the repayment or repurchase of our indebtedness (including borrowings under our revolving credit facilities and commercial paper programs), foreign currency swaps or other hedging instruments, the development, redevelopment and acquisition of additional properties, acquisition or business combination transactions, and the expansion and improvement of certain properties in our portfolio.

This offering is expected to close on April 7, 2026, subject to the satisfaction of customary closing conditions.

The active joint book-running managers for the offering are Wells Fargo Securities, BBVA, BofA Securities, J.P. Morgan, and TD Securities.

A copy of the prospectus supplement and prospectus, when available, related to this offering may be obtained by contacting: Wells Fargo Securities, LLC by telephone (toll-free) at 1-800-645-3751; BBVA Securities Inc. by telephone (toll-free) at 1-800-422-8692; BofA Securities, Inc. by telephone (toll-free) at 1-800-294-1322; J.P. Morgan Securities LLC by telephone (collect) at 1-212-834-4533; and TD Securities (USA) LLC by telephone (toll-free) at 1-855-495-9846.

These securities are offered pursuant to a Registration Statement that has become effective under the Securities Act of 1933, as amended. These securities are only offered by means of the prospectus included in the Registration Statement and the prospectus supplement related to the offering. 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.

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 serve our clients as a full-service real estate capital provider. As of December 31, 2025, we have a portfolio of over 15,500 properties in all 50 U.S. states, the U.K., and eight other countries in Europe. We are known as "The Monthly Dividend Company^®" and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our founding, we have declared 669 consecutive monthly dividends and are a member of the S&P 500 Dividend Aristocrats^® index for having increased our dividend for over 31 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 Securities 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 and are subject to risks, uncertainties, and assumptions about us, which may cause our actual future results to differ materially from expected results. 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); volatility and uncertainty in the credit and financial markets; other risks inherent in real estate, credit investments, and joint ventures or co-investment ventures, including our clients' solvency, client defaults under leases, increased client bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments (including rights of first refusal or rights of first offer), and potential damages from natural disasters; impairments in the value of our real estate assets; volatility and changes in domestic and foreign laws and the application, enforcement or interpretation thereof (including with respect to tax laws and rates); property ownership through co-investment ventures, funds, joint ventures, partnerships and other arrangements which, among other things, may transfer or limit our control of the underlying investments; epidemics or pandemics; 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 from mergers, acquisitions, co-investment ventures, funds, joint ventures, partnerships and other arrangements; 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 results may differ materially from what is expressed or forecasted and expectations and forecasts made in the forward-looking statements may not materialize. We do not undertake any obligation to update forward-looking statements or to 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 or to reflect the occurrence of unanticipated events.

Investor Relations:
Jonathan Pong
Executive Vice President, CFO and Treasurer
+1 858 284 5177
jpong@realtyincome.com

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SOURCE Realty Income Corporation

FAQ

What are the terms of Realty Income's $800 million senior notes offering (O) dated March 31, 2026?

The offering is for $800 million of 4.750% senior unsecured notes due April 15, 2033, priced at 98.261% of par. According to the company, the effective yield to maturity on the notes is 5.047%.

How does Realty Income's $500 million cross-currency swap affect proceeds and currency exposure for O?

Realty Income executed a 7-year USD-to-euro swap, resulting in an anticipated receipt of about €436 million. According to the company, the swap yields an effective fixed-rate euro yield near 4.07% and reduces USD exposure.

What is the combined or blended yield after Realty Income's note sale and swap (NYSE: O)?

The company achieved an effective blended yield to maturity of approximately 4.44% and a blended coupon of ~4.16%. According to the company, this reflects the note pricing plus the cross-currency swap.

When will Realty Income (O) close the $800 million notes offering and what are proceeds used for?

The offering is expected to close on April 7, 2026, subject to customary conditions. According to the company, net proceeds will fund general corporate purposes, including debt repayment, development, and acquisitions.

Who are the joint book-running managers for Realty Income's March 2026 note offering (O)?

The active joint book-running managers are Wells Fargo Securities, BBVA, BofA Securities, J.P. Morgan, and TD Securities. According to the company, these firms managed the public offering process.

Did Realty Income offer the notes under a registered shelf and are investor prospectuses available for O's offering?

Yes, the securities are offered under an effective Registration Statement and by prospectus and prospectus supplement. According to the company, copies will be available from the listed book-running managers.