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Thursday, Mar 28, 2024
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Realty Income Closes on New $2.25 Billion Credit Facility

San Diego-based Realty Income Corp. has closed on a new $2.25 billion unsecured credit facility, to replace a previous $1.5 billion unsecured credit facility.

Officials of the real estate investment trust said the new credit facility is comprised of a $2 billion unsecured revolving credit line and a $250 million, five-year unsecured term loan. Officials said the credit facility has an additional $1 billion “accordion expansion feature,” allowing access to more funds if needed.

The credit facility has an initial four-year term maturing in June 2019, with two optional six-month extensions, and the unsecured term loan matures in June 2020. A total of 21 lenders participated in the new credit facility.

Realty Income CEO John P. Case said the new and expanded credit facility will reduce the company’s borrowing costs and enhance liquidity and flexibility, as it expands its real estate portfolio.

The company also announced that it will report its second-quarter operating results on July 29, following the close of stock markets, with a conference call scheduled for July 30 at 11:30 a.m. Pacific time.

Realty Income (NYSE: O) is an S&P 500 company that invests in retail, industrial and related commercial properties. Founded in 1969 and publicly traded since 1994, the company last year moved its headquarters from Escondido to Carmel Valley.

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