Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today announced that it has declared its 659th consecutive common stock monthly dividend. The dividend amount of $0.2685 per share, representing an annualized amount of $3.222 per share, is payable on June 13, 2025 to stockholders of record as of June 2, 2025.

Realty Income Q1 2025 Results: AFFO Rises, Dividend Growth Continues

Realty Income (NYSE: O) reported solid results for the quarter ended March 31, 2025, demonstrating consistent performance and stable cash flow. Net income available to common stockholders was $249.8 million ($0.28 per share), up from $129.7 million ($0.16 per share) in the prior year. Adjusted Funds from Operations (AFFO) per share rose 2.9% year-over-year to $1.06.

The company invested $1.4 billion during the quarter with an initial cash yield of 7.5%, and raised $635 million in equity through its ATM program. It also issued $600 million of 5.125% senior unsecured notes due 2035 and expanded credit facilities totaling $5.38 billion.

Portfolio occupancy remained strong at 98.5%. Realty Income re-leased properties at a rent recapture rate of 103.9% and grew same-store rental revenue by 1.3%. The company now owns or holds interests in 15,627 properties across the U.S. and Europe.

The quarterly dividend was raised for the 110th consecutive time, reaching an annualized amount of $3.222 per share. AFFO payout ratio stood at 75.1%.

Full-year 2025 AFFO guidance was reaffirmed at $4.22 to $4.28 per share, while net income per share guidance was slightly lowered to $1.40 to $1.46. Investment volume for the year remains projected at approximately $4 billion.

Realty Income Corporation Enters $4 Billion Credit Agreement and Launches $1.38 Billion Fund Facility

SAN DIEGO — Realty Income Corporation (NYSE: O), a real estate investment trust specializing in net lease retail and commercial properties, has executed two significant financing transactions to enhance its financial flexibility and support strategic growth initiatives.

$4 Billion Unsecured Revolving Credit Facilities
The company entered into a Fourth Amended and Restated Credit Agreement, replacing its previous credit agreement in full. The newly arranged facility includes:

$4.0 billion total capacity, divided into:

A $2.0 billion two-year unsecured multicurrency revolving facility

A $2.0 billion four-year unsecured multicurrency revolving facility

Borrowings permitted in up to 15 currencies

Two six-month extension options for each tranche

Accordion feature allowing expansion to $5.0 billion

Interest rates benchmarked to SOFR, EURIBOR, or SONIA, plus an applicable margin

Current interest margin: 0.725%

Commitment fee: 0.125%

$1.38 Billion Fund Credit Agreement
Realty Income U.S. Core Plus Aggregator II, LP, a subsidiary within the company’s new open-end private capital vehicle, also entered into a separate credit agreement comprising:

A $1.0 billion unsecured revolving credit facility (four-year maturity)

A $380 million unsecured delayed draw term loan (three-year maturity; available for 12 months)

Two six-month extensions for both components

Accordion expansion option up to $2.0 billion

Initial guaranty by Realty Income, subject to release upon third-party capital participation

Interest benchmarked to SOFR, plus an applicable margin based on credit ratings or leverage ratio

Initial interest margin: 0.725%, commitment fee: 0.125%, and delayed draw fee: 0.20% (after 90 days)

Both facilities include customary covenants, financial maintenance requirements, and default provisions. The transactions further strengthen the company’s capital structure and funding capacity.

Realty Income Corporation Completes $600 Million Debt Offering

SAN DIEGO — Realty Income Corporation has officially closed its public offering of $600 million aggregate principal amount of 5.125% Notes due 2035. The offering was completed under a purchase agreement executed on April 1, 2025, with a syndicate of underwriters led by Wells Fargo Securities, BofA Securities, J.P. Morgan Securities, Mizuho Securities USA, and TD Securities (USA).

The notes were issued under the Company’s existing indenture dated October 28, 1998, and further established by an Officers’ Certificate dated April 10, 2025. The issuance supports Realty Income's strategy to bolster its financial flexibility and fund general corporate purposes, which may include property acquisitions and debt refinancing.

Key Terms of the Offering:

Issuer: Realty Income Corporation

Principal Amount: $600,000,000

Coupon Rate: 5.125%

Maturity: 2035

Legal opinions related to the issuance were provided by Venable LLP and Latham & Watkins LLP. Additional documentation, including the form of the notes and related consents, has been filed with the Securities and Exchange Commission.

Realty Income Corporation, a member of the S&P 500, is known for its consistent monthly dividend payments and its diversified portfolio of high-quality real estate under long-term net lease agreements.

- Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today announced that it has declared its 658th consecutive common stock monthly dividend. The dividend amount of $0.2685 per share, representing an annualized amount of $3.222 per share, is payable on May 15, 2025 to stockholders of record as of May 1, 2025.

Realty Income to Issue $600 Million in 5.125% Notes Due 2035
San Diego, CA – April 1, 2025 – Realty Income Corporation (NYSE: O) announced that it has entered into a purchase agreement to issue and sell $600 million in 5.125% Notes due 2035. The offering is expected to close on April 10, 2025, subject to customary conditions.

The agreement was made with a group of underwriters led by Wells Fargo Securities, BofA Securities, J.P. Morgan, Mizuho, and TD Securities.

The update was disclosed under Item 8.01 of a Form 8-K filed with the SEC, which also included cautionary forward-looking statements regarding market risks, funding, and economic conditions.