Realty Income Corp. netted $361.7 million in proceeds from a public offering of preferred stock, the real estate investment trust announced Feb. 7 with the close of the offering.
The company sold 14.95 million shares of Class F preferred stock, including 1.95 million shares purchased by underwriters through their over-allotment option, according to a statement. The Escondido firm recently announced plans for the sale of 13 million shares at $25 per share, not including over-allotments.
Net proceeds from the offering will be used to redeem all outstanding shares of the company’s Class D preferred stock, with the remaining proceeds used to repay borrowings on its unsecured acquisition credit facility or for other corporate purposes.
Realty Income invests primarily in retail and related commercial real estate. It trades under the symbol O on the New York Stock Exchange.
-- Lou Hirsh