Realty Income Raises $800M with 4.75% Senior Notes Priced at 5.05% Yield
Realty Income priced an $800 million offering of 4.75% senior unsecured notes due April 15, 2033 at 98.261% of par for an effective yield of 5.047%. A $500 million seven-year USD/EUR swap provided €436 million and helped achieve a blended 4.44% yield, with proceeds directed to debt, acquisitions and development.
1. Debt Offering Details
Realty Income issued $800 million of 4.75% senior unsecured notes maturing April 15, 2033, at 98.261% of par, resulting in an effective yield to maturity of 5.047%. This marks a significant debt raise to support its capital structure and financing needs.
2. Currency Swap Terms
Concurrently, the company executed a $500 million, seven-year U.S. Dollar-to-Euro cross-currency swap, receiving approximately €436 million. The swap produces a fixed Euro-denominated yield of about 4.07% and contributes to a blended yield of 4.44% and coupon rate of 4.16%.
3. Use of Proceeds
Net proceeds will support general corporate purposes, including repayment or repurchase of existing indebtedness, development and redevelopment of properties, strategic acquisitions, and portfolio improvements. The transaction is expected to close on April 7, 2026, subject to customary conditions.