ESCONDIDO, Calif., July 19 /PRNewswire-FirstCall/ -- Realty Income
Corporation (Realty Income), The Monthly Dividend Company(TM), (NYSE: O) today
announced that a public offering of 1,550,000 shares of the Company's common
stock has been priced at $33.40 per share and is expected to close on July 24,
2002. All of the shares are being sold by the Company. A copy of the
prospectus relating to the offering may be obtained from the following
managing underwriters: Merrill Lynch & Co., (book running manager), Salomon
Smith Barney, Inc., (co-lead manager), A.G. Edwards & Sons, Inc., and Wachovia
Securities.
The proceeds from this offering will be used to repay a portion of the
amount outstanding on the Company's $200 million unsecured acquisition credit
facility, which was used to fund the acquisition of over $86 million in
additional properties during the first six months of 2002.
Commenting on the offering, Tom A. Lewis, Chief Executive Officer stated,
"We are pleased to have been able to access the capital markets with this
offering of common stock. The additional capital will allow us to continue to
increase the size of our real estate portfolio and the revenues supporting the
payment of monthly dividends while maintaining one of the most conservative
balance sheets in our industry."
The shares of common stock will be issued pursuant to a Registration
Statement that has been declared effective by the Securities and Exchange
Commission. The shares are only offered by means of the prospectus included
in the Registration Statement and the prospectus supplement related to this
offering. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale would be
unlawful.
Realty Income, The Monthly Dividend Company(TM), is a New York Stock
Exchange real estate company dedicated to providing shareholders with
dependable monthly income. To date the Company has paid 384 consecutive
monthly dividend payments throughout its 33-year operating history and has
increased the monthly dividend for 19 consecutive quarters. The monthly
dividend is supported by the cash flow from over 1,100 retail 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.
Note to Editors:
Realty Income press releases are available at no charge by calling our
toll-free investor hotline number: 888-811-2001, or through the Internet at
http://www.realtyincome.com/Investing/News.html .
SOURCE Realty Income Corporation
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Related links:
http://www.realtyincome.com
CONTACT:
Tere Miller, Vice President, Investor
Relations, Realty Income Corporation, +1-760-741-2111 ext. 177
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