Stockholder Rights Plan Announced
ESCONDIDO, Calif., June 11 /PRNewswire/ -- Realty Income Corporation
(Realty Income) (NYSE: O) today announced that the Company's board of
directors has declared that the amount of its monthly dividend will be raised
to $0.1650 from $0.1625 per share. This is the third consecutive quarter in
which Realty Income has raised its monthly dividend. The dividend is payable
on July 15, 1998 to shareholders of record as of July 1, 1998. The increased
dividend amount represents an annualized rate of $1.98 per share. The Company
continues its policy of declaring dividends on a monthly, not quarterly basis.
The Company also announced the implementation of a stockholder rights
plan. In implementing the plan, the board of directors has declared a
dividend distribution of one preferred share purchase right (a "Right") for
each outstanding share of Realty Income common stock. The Rights, which have
a ten year life, will become exercisable, among other events, if more than 15%
of the Company's outstanding common stock is acquired by any person or group
or if a tender offer to purchase more than 15% of the Company's stock is made
by any person or group, subject to limited exceptions. The Rights are
intended to enable all stockholders to realize the long-term value of their
investment in the Company. The stockholder rights plan is not being adopted
in response to any current merger or acquisition activity but is intended to
provide the Board with sufficient time to consider any and all alternatives
under such circumstances. The rights dividend distribution will be paid to
shareholders of record on July 1, 1998.
Realty Income owns and actively manages a portfolio of 856 commercial
properties in 43 states. By purchasing the freestanding retail store
locations of regional and national chain store operators and then leasing the
locations back to them, Realty Income provides retailers with the opportunity
to free up financial resources for expansion. The Company's acquisition and
investment activities are concentrated in highly specific target markets and
focus primarily on middle- and upper-market retailers providing goods and
services which satisfy basic consumer needs.
SOURCE Realty Income Corporation
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Related links:
http://www.realtyincome.com
CONTACT:
Richard J. VanDerhoff, President and COO of
Realty Income, 760-741-2111, ext. 159
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 accessing the Company's website on the world
wide web at http://www.realtyincome.com
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