ESCONDIDO, Calif., Jan. 13 /PRNewswire/ -- Realty Income Corporation
(Realty Income), "The Monthly Dividend Company," (NYSE: O) today announced
that the Board of Directors has authorized the repurchase of up to an
aggregate of $10 million of common, preferred stock (Series B and C) and
senior debt securities.
The Company may make periodic purchases on the open market at prevailing
prices or in privately negotiated transactions. The stock repurchase program
may begin immediately and additional repurchases could be made from time to
time on or prior to January 13, 2001. The program will be funded using
available working capital which consists primarily of cash flow from
operations.
Tom A. Lewis, President and Chief Executive Officer, said, "We believe the
repurchase of our common and preferred stock represents an attractive
investment opportunity for the Company. The repurchase program is consistent
with our business strategy of making investments that will enhance returns to
our shareholders."
Realty Income is "The Monthly Dividend Company," a New York Stock Exchange
real estate company dedicated to providing shareholders with dependable
monthly income. The monthly dividend is supported by cash flows from
1,076 properties owned under long-term lease agreements with leading regional
and national retail chains. The Company is an active buyer of net-leased
retail properties nationwide.
SOURCE Realty Income Corporation
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Related links:
http://www.realtyincome.com
CONTACT:
Tere Miller, Vice President, Corporate
Communications of Realty Income Corporation, 760-741-2111 ext.
177
NOTE TO EDITORS: Realty Income press releases are available at no
charge by calling our toll-free investor hotline number:
888-811-2001, or by visiting the Company's web site at
http://www.realtyincome.com.
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