ESCONDIDO, Calif., Dec. 17 /PRNewswire/ -- Realty Income Corporation
(Realty Income), "The Monthly Dividend Company," (NYSE: O) today announced
that the Board of Directors has declared an increase in the amount of the
monthly dividend to $0.1700 per share from $0.1675 per share. This is the
fifth consecutive quarter in which the Company has increased the amount of its
monthly dividend. The dividend is payable on January 18, 1999 to stockholders
of record as of January 4, 1999. The new dividend amount represents an
increase in the annualized rate from $2.01 per share to $2.04 per share. The
Company continues its policy of declaring dividends on a monthly, not
quarterly basis.
Tom A. Lewis, Chief Executive Officer of Realty Income, offered the
following comment on the monthly dividend increase: "We are very pleased to
have been able to increase 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 monthly dividend on a regular
basis is the best evidence we can give our shareholders of our progress
towards this goal."
The Company also announced an increase in the amount of its unsecured
acquisition credit facility to $170 million from $150 million. The pricing of
the facility remained unchanged at 85 basis points (.85%) over LIBOR (the
London Interbank Offer Rate) with a facility fee of 15 basis points. The
current average borrowing rate on the unsecured credit facility is 6.34%. The
Company currently has a balance of $42.6 million on the acquisition credit
facility, which leaves $127.4 million available for new investments.
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 928
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 of Investor
Relations 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 through the internet at
http://www.realtyincome.com.
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