Realty Income SEC Filings

Realty Income Corporation (NYSE: O) is offering $800.0 million of senior unsecured notes: $400.0 million 3.950% notes due February 1, 2029 and $400.0 million 4.500% notes due February 1, 2033, each accruing interest from October 6, 2025 and paying semiannually beginning February 1, 2026. Net proceeds are expected to be approximately $787.9 million to be used for general corporate purposes, including potential repayment of the outstanding $550.0 million 4.625% notes maturing November 1, 2025, repay borrowings, hedging, and property investment.

The supplement discloses covenant limits on incurrence of additional debt (total Debt ≤60% of Adjusted Total Assets; Secured Debt ≤40%; debt service coverage ≥1.5x; Total Unencumbered Assets ≥150% of Unsecured Debt) and pro forma covenant calculations for the four quarters ended June 30, 2025. As of September 23, 2025, liquidity was stated at $3.6 billion (cash $579.0m, unsettled ATM forward equity $1.1bn, $1.9bn availability under credit facilities net of borrowings).

Realty Income Corporation is offering two series of senior unsecured notes under a preliminary prospectus supplement dated September 25, 2025. The exact principal amounts and interest rates are redacted in this document. The notes will be senior unsecured obligations of Realty Income and may be optionally redeemed at specified prices prior to maturity. The offering is subject to covenants that limit incurrence of total Debt to 60% of Adjusted Total Assets, Secured Debt to 40% of Adjusted Total Assets, require a debt service coverage ratio of at least 1.5x on a four-quarter pro forma basis, and maintenance of Total Unencumbered Assets of at least 150% of Unsecured Debt.

As of June 30, 2025, Realty Income reported a portfolio of 15,606 properties totaling approximately 346.3 million square feet with total portfolio annualized base rent of $5.17 billion. As of September 23, 2025, the company reported $3.6 billion of liquidity comprised of $579.0 million cash, $1.1 billion unsettled ATM forward equity and $1.9 billion net availability under its $4.0 billion revolving credit facilities after borrowings and commercial paper deductions. Net proceeds are intended for general corporate purposes, including repayment of the approximately $550.0 million of 4.625% notes due November 1, 2025, borrowings under credit facilities or commercial paper, hedging, property investment and acquisitions. The prospectus highlights risks including indebtedness, variable interest rate exposure, subsidiary liabilities that effectively subordinate the notes, market liquidity risk for the new notes and general real estate and tenant concentration risks.

Realty Income Corporation submitted an 8-K entry dated September 25, 2025 that lists types of communications and securities covered by the filing. The filing references written communications under Rule 425 of the Securities Act and soliciting/pre-commencement communications under Rules 14a-12, 14d-2(b) and 13e-4(c) of the Exchange Act. The document enumerates the company’s equity and multiple outstanding note series by coupon and maturity, including Common Stock ($0.01 par) and note series such as 1.125% due 2027, 5.000% due 2029, 1.625% due 2030, 6.000% due 2039, among others. The filing content provided here is largely a header or exhibit list identifying the communication rules and security classes referenced.

Realty Income Corporation (O) filed an 8-K dated August 15, 2025, providing updated disclosure about United States federal income tax considerations and including an Interactive Data File formatted as Inline XBRL in Exhibit 101. The filing lists the company's common stock and multiple series of notes by coupon and maturity, and is signed by Bianca Martinez, Senior Vice President, Associate General Counsel and Assistant Secretary. The document appears to update tax-related disclosure for investors and provides machine-readable filing data.

Realty Income Corporation (NYSE: O) filed a Form 8-K detailing the execution of two amendments that update existing term-loan facilities.

Key details:

• Wells Fargo Term Loan Agreement Amendment (Exhibit 10.1): modifies the Amended & Restated Term Loan Agreement dated 22 Jan 2024, which includes (i) a $300 million USD tranche maturing 22 Aug 2025 and (ii) a $500 million USD tranche maturing 20 Aug 2027.
• TD Term Loan Agreement Amendment (Exhibit 10.2): updates the Term Loan Agreement dated 6 Jan 2023 that permits up to $1.5 billion of multi-currency borrowings maturing 5 Jan 2026.
• The amendments conform covenant and definitional terms in both term-loan facilities to the company’s recently closed Fourth Amended & Restated Credit Agreement dated 29 Apr 2025.
• No new debt is being incurred; the changes are administrative and legal in nature and are fully set forth in the attached exhibits.

Investor takeaway: Aligning loan documents under a uniform covenant structure should streamline compliance and could provide incremental flexibility, but the filing does not alter aggregate borrowing capacity or disclose new financial metrics. The event is therefore administratively important yet financially neutral in the near term.