Realty Income Prices Upsized $875 Million Convertible Notes Offering

Realty Income priced $875.0 million of 3.750% convertible senior notes due August 15, 2031, up from the previously announced $750.0 million, with settlement scheduled for August 14, 2026. The company expects net proceeds of approximately $859.0 million, plans to spend $188.7 million to repurchase about 3.0 million shares and $29.1 million on capped-call transactions, with the remainder for general corporate purposes; the notes have an initial conversion price of approximately $72.72 per share, a 17.5% premium to Realty Income’s August 11 closing price.