Realty Income prices $800M senior unsecured notes offering

Realty Income has announced a public offering of $400 million in senior unsecured notes, divided into two issuances with different maturities and interest rates.

The first issuance consists of $400 million in notes with a 3.950% interest rate, maturing on February 1, 2029, while the second features $400 million in notes with a 4.500% interest rate, maturing on February 1, 2033.

The notes have effective yields to maturity of 4.143% for the 2029 notes and 4.685% for the 2033 notes, resulting in a combined weighted average yield to maturity of 4.414% and a weighted average maturity of approximately 5.3 years.

The completion of the offering is expected on October 6, 2025.

Recommendation Rating: Strong Investment Opportunity

Realty Income (NYSE: O) has successfully priced a public offering of $400 million in senior unsecured notes, which consist of two separate issuances. The first issuance includes $400 million of notes bearing a 3.950% interest rate, set to mature on February 1, 2029. The second issuance comprises $400 million of notes with a higher interest rate of 4.500%, maturing on February 1, 2033.

The offering price for the 2029 notes is set at 99.412% of their principal amount, yielding an effective return to maturity of 4.143%. Meanwhile, the 2033 notes are priced at 98.871% of their principal amount, offering an effective yield to maturity of 4.685%.

In aggregate, these notes exhibit a weighted average maturity of approximately 5.3 years and a combined weighted average yield to maturity of 4.414%. The completion of this offering is anticipated to occur on October 6, 2025.

Source: Press Release