Realty Income Corp. has closed on its recently announced public offering of common stock, which garnered net proceeds of approximately $756 million.
A statement from the Escondido-based company said the firm sold 15 million common stock shares, along with 2.25 million shares purchased by underwriters exercising their over-allotment option.
Net proceeds will be used to repay borrowings under the company’s $1 billion acquisition credit facility, with any remaining proceeds going toward other general corporate purposes and working capital. Those purposes may include additional acquisitions and repayment of other debt, officials said.
The real estate investment trust holds a portfolio of retail, industrial and related commercial properties. It trades under the symbol O on the New York Stock Exchange.
— SDBJ Staff Report