Realty Income Corp. announced Jan. 31 that a planned public offering of 13 million shares of preferred stock has been priced at $25 per share. A statement from the Escondido-based real estate investment trust said the offering is expected to close Feb. 7.
The offering involves the firm’s Monthly Income Class F cumulative redeemable preferred stock, which is not convertible into any other security of the company.
Realty Income plans to use net proceeds from the offering to redeem all outstanding shares of its Class D preferred stock, with any remaining funds used to repay borrowings on the company’s unsecured acquisition credit facility and other general corporate purposes.
The statement lists 16 underwriters for the offering, including Citigroup, Morgan Stanley, RBC Capital Markets, UBS Investment Bank, Credit Suisse and Raymond James.
Realty Income invests primarily in retail and related commercial real estate. The company’s stock trades under the symbol O on the New York Stock Exchange.
-- Lou Hirsh