ESCONDIDO, Calif., Dec. 16 /PRNewswire/ -- Realty Income Corporation
(Realty Income), "The Monthly Dividend Company," (NYSE: O) today announced
that its Board of Directors has declared an increase in the amount of the
monthly dividend on its common stock to $0.1800 per share from $0.1775 per
share. This is the ninth consecutive quarter in which the Company has
increased the amount of its monthly dividend. The dividend is payable on
January 17, 2000 to stockholders of record as of January 3, 2000. The new
dividend amount represents an increase in the annualized rate to $2.16 per
share from $2.13 per share. The Company continues its policy of declaring
common stock dividends on a monthly, not quarterly, basis.
Tom A. Lewis, Chief Executive Officer of Realty Income, commented, "We
are very pleased to have been able to increase the amount of our monthly
dividend again this quarter. A primary goal of our Company is to produce
consistent ongoing results for our shareholders. Increasing the amount of the
dividend on a regular basis is the best evidence we can give our shareholders
of our progress towards this goal."
The Board of Directors also declared the monthly dividend on the Company's
Class C preferred stock which is payable on January 31, 2000 to shareholders
of record as of January 15, 2000. The monthly dividend on the preferred
C stock is $0.1979 per share, which represents an annualized rate of
$2.375 per share.
New Credit Facility
The Company also announced the closing of a new, three-year acquisition
credit facility, to replace its current facility. The facility has been
expanded to $200 million from $170 million. The Bank of New York remains the
lead agent for the credit facility and is joined by First Union National Bank
as the Syndication Agent, Wells Fargo Bank N.A., as the Documentation Agent,
and the Bank of Montreal as Co-Agent. Others participating in the credit
facility include AmSouth Bank, Sanwa Bank California and Citizens Bank of
Rhode Island.
Management Update
The Board of Directors also announced several promotions for members of
Realty Income's senior management team. Gary M. Malino is promoted to
Executive Vice President and Chief Financial Officer from Senior Vice
President and Chief Financial Officer. Michael R. Pfeiffer is promoted to
Executive Vice President and General Counsel from Senior Vice President and
General Counsel. Kim S. Kundrak is promoted to Senior Vice President,
Acquisitions from Vice President, Acquisitions and Mark G. Selman is promoted
to Senior Vice President, Portfolio Management from Vice President, Portfolio
Management. As previously announced Tom A. Lewis, Chief Executive Officer, is
assuming the additional title of President.
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 the cash flows from
1,075 retail properties 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, 760-760-2111
NOTE TO EDITORS: Realty Income, "The Monthly Dividend Company,"
press releases are available at no charge by calling our
toll-free investor hotline number: 1-888-811-2001, or through the
internet at the website below.
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