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.