REALTY INCOME CORPORATION

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Real-time Estimate Cboe BZX  -  10:42 2022-08-09 am EDT
73.49 USD   +0.31%
08/05UBS Adjusts Realty Income Price Target to $80 From $78, Maintains Buy Rating
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08/04REALTY INCOME CORP Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)
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08/04TRANSCRIPT : Realty Income Corporation, Q2 2022 Earnings Call, Aug 04, 2022
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REALTY INCOME CORP : Entry into a Material Definitive Agreement, Termination of a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

04/28/2022 | 04:27pm EDT

Item 1.01 Entry into a Material Definitive Agreement

On April 28, 2022, Realty Income Corporation (the "Company") entered into a Third Amended and Restated Credit Agreement (the "Credit Agreement"), among the Company, as Borrower, the lenders party thereto, Wells Fargo Bank, National Association, as Administrative Agent, and the other parties named therein. The Credit Agreement amends and restates, in its entirety, that certain Second Amended and Restated Credit Agreement, dated as of August 7, 2019 (as amended, the "Prior Credit Agreement"), among the Company, as Borrower, the lenders party thereto, Wells Fargo Bank, National Association, as Administrative Agent, and the other parties named therein.

The Credit Agreement amends and restates the Prior Credit Agreement in order to, among other things, increase the total available borrowings under the unsecured revolving credit facility to up to $4.25 billion, which consists of two multicurrency revolving facility tranches (collectively, the "Revolving Credit Facility") and extend the initial maturity of the Revolving Credit Facility to June 2026. The Revolving Credit Facility permits the Company to borrow in up to four currencies (including U.S. Dollars) under the $3.25 billion tranche and in up to 14 currencies (including U.S. Dollars) under the $1.00 billion tranche. The capacity of the Revolving Credit Facility can be increased to $5.25 billion pursuant to an accordion expansion feature, which is subject to obtaining lender commitments. The Revolving Credit Facility also includes two six-month extensions that can be exercised at the Company's option on the terms as set forth in the Credit Agreement.

Borrowings under the Revolving Credit Facility bear interest at different benchmark rates based on the currency of the borrowings, including SONIA (the Sterling Overnight Index Average) for borrowings denominated in Sterling, EURIBOR for borrowings denominated in Euros, and SOFR (the secured overnight financing rate as administered by the Federal Reserve Bank of New York) for borrowings denominated in U.S. Dollars, in each case, as defined and subject to certain adjustments specified in the Credit Agreement, as applicable, plus an Applicable Margin, as defined in the Credit Agreement, based on the Company's credit ratings. The current Applicable Margin for the Revolving Credit Facility equals 0.725% per annum, as defined in the Credit Agreement, based on the Company's current investment grade credit ratings. An applicable commitment fee is payable on the amount of the Revolving Commitments, as defined in the Credit Agreement, based on the Company's credit ratings. The current applicable commitment fee for the Revolving Credit Facility equals 0.125% per annum based on the Company's current investment grade credit ratings. The Credit Agreement also permits the Company to request that the Tranche 1 Revolving Lenders, as defined in the Credit Agreement, make Tranche 1 Revolving Loans, as defined in the Credit Agreement, in the form of Bid Rate Loans as further described in the Credit Agreement.

Borrowings under the existing $250.0 million senior unsecured term loan maturing March 24, 2024 bear interest at SOFR plus certain adjustments specified in the Credit Agreement, plus 0.85%, in each case, based on the Company's current investment grade credit ratings.

The Credit Agreement contains customary and other affirmative covenants, including financial reporting requirements, negative covenants, including maintenance of certain financial requirements, and other customary events of default.

The foregoing description of the Credit Agreement is not, and does not purport to be, complete and is qualified in its entirety by reference to a copy of the Credit Agreement filed as Exhibit 10.1 hereto and incorporated herein by reference.

Item 1.02 Termination of a Material Definitive Agreement

The information set forth in Item 1.01 regarding the termination of the Prior Credit Agreement is incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

The information set forth in Item 1.01 is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits




(d) Exhibits



  10.1       Third Amended and Restated Credit Agreement among the Company, as
           Borrower, the lenders party thereto, Wells Fargo Bank, National
           Association, as Administrative Agent, and the other parties named
           therein.

104        Cover Page Interactive Data File (formatted as inline XBRL and contained
           in Exhibit 101)

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Financials (USD)
Sales 2022 3 319 M - -
Net income 2022 853 M - -
Net Debt 2022 17 110 M - -
P/E ratio 2022 52,7x
Yield 2022 4,06%
Capitalization 45 244 M 45 244 M -
EV / Sales 2022 18,8x
EV / Sales 2023 18,0x
Nbr of Employees 380
Free-Float 99,9%
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Number of Analysts 20
Last Close Price 73,26 $
Average target price 75,65 $
Spread / Average Target 3,26%
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Managers and Directors
Sumit Roy President, Chief Executive Officer & Director
Christie B. Kelly Chief Financial Officer, Treasurer & Executive VP
Michael Dale McKee Independent Director
Joseph Stewart Vice President-Information Technology
Mark E. Hagan Chief Investment Officer & Executive VP
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