Item 8.01 Other Events.

On July 28, 2022, Realty Income Corporation (the "Company") entered into a European unsecured commercial paper program (the "Program"). Under the terms of the Program, the Company may issue, from time to time, unsecured commercial paper notes with varying maturities not in excess of 183 days from the date of issue (the "Notes"). Amounts available under the Program may be borrowed, repaid and re-borrowed from time to time, with the maximum aggregate face or principal amount of Notes outstanding at any one time not exceeding $1.5 billion (or the equivalent in foreign currency). Pursuant to the terms of the Program, the Notes may be issued in U.S. Dollars or various other foreign currencies, including but not limited to, Euros, Sterling, Swiss Francs, Yen, Canadian Dollars, and Australian Dollars, in each case, pursuant to customary terms in the European commercial paper note market. The Notes will rank pari passu with all of the Company's other unsecured senior indebtedness, including borrowings under the Company's revolving credit facility and the Company's term loan, the Company's outstanding senior unsecured notes, and any outstanding notes under the Company's $1.5 billion U.S. Dollar-denominated commercial paper program (the "U.S. Program"). The Company intends to use proceeds from the Notes issued pursuant to the Program for general corporate purposes. The Company expects to use its $4.25 billion revolving credit facility as a liquidity backstop for the repayment of the notes issued under the Program and the U.S. Program.

The Notes to be offered under the Program have not been and will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The information contained in this Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy the Notes under the Program.

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