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Thursday, Mar 28, 2024
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Realty Income Gets More Credit for Acquisitions

Realty Income Corp. has expanded its credit facility for acquisitions under a new banking partnership, effective May 15.

Under the three-year deal, the Escondido-based company’s credit for acquisitions is increased by $55 million to $355 million.

A credit facility is a loan pool cross-collateralized among several lenders.

The lead arranger administrative agent on the credit facility is Wells Fargo Bank. Co-syndication agents are Bank of America and Regions Bank. Co-documentation agents are Bank of New York and Wachovia Bank. Additional participants include Raymond James Bank and Chevy Chase Bank.

Realty Income has full access to the credit for new property acquisitions. It also comes with an additional $100 million expansion feature.

“We also appreciate the important relationships we have with our bank lenders, most of whom we have done business with for several years,” said Paul M. Meurer, chief financial officer. “This facility will provide us with the funds to continue to increase the size of our real estate portfolio, which is fundamental to our goal of regularly increasing the amount of the monthly dividend we pay to our shareholders.”

Realty owns 2,300 retail properties owned under long-term lease agreements with leading regional and national retailers.

Company stock, traded on the New York Stock Exchange under the symbol O, was at $24.83 at midday May 16, down 21 cents from the previous day’s closing price.

, Ned Randolph

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