Monitor Realty Income's next earnings release for updated leverage and debt-service-coverage metrics following this issuance and any repayment of revolving credit/commercial paper. The notes' NYSE listing timeline (30 days post-issuance) may affect secondary liquidity for bondholders but is immaterial for common equity. Track any subsequent property acquisition announcements funded from proceeds.
Price Chart
Executive Summary
Realty Income Corporation is issuing €600 million of 3.625% senior unsecured notes due 2032. Net proceeds of approximately €593.2 million will be used for general corporate purposes including repayment of revolving credit facility and commercial paper borrowings, property acquisitions, and other corporate needs. The offering is a routine debt capital markets transaction for a well-capitalized REIT with ample liquidity ($4.0B available) and conservative credit metrics (41.4% debt-to-adjusted total assets, 4.7x debt service coverage, 242.5% unencumbered assets coverage).
Key Facts
- €600,000,000 aggregate principal amount of 3.625% notes due 2032
- Public offering price: 99.518% of principal; net proceeds to issuer: ~€593,208,000 after underwriting discount
- Maturity: July 30, 2032; interest payable annually on July 30, commencing July 30, 2026
- Senior unsecured obligations; rank equally with existing unsecured debt; effectively subordinated to $1.1B subsidiary liabilities and $37.5M secured debt
- Use of proceeds: general corporate purposes including repayment of revolving credit ($720.5M drawn) and commercial paper ($1.76B outstanding)
- As of March 31, 2026: total portfolio annualized base rent $5.23B; debt/assets 41.4% (covenant ≤60%); debt service coverage 4.7x (covenant ≥1.5x); unencumbered assets 242.5% of unsecured debt (covenant ≥150%)
- As of June 25, 2026: total available liquidity ~$4.0B at pro-rata share
- Listing application to NYSE expected within 30 days of issuance, but no obligation to maintain listing
Financial Impact
€600M debt issuance adds ~€688.2M USD-equivalent (at €1=$1.1470) of senior unsecured debt to $25.4B existing unsecured senior debt balance; net proceeds ~€593.2M; offering does not change dividend policy or REIT status
Risk Factors
- Notes are effectively subordinated to $1.1B of subsidiary liabilities and $37.5M secured debt — no subsidiary guarantees
- No established trading market; NYSE listing not assured and may be delisted at issuer's option
- Euro-denominated — FX risk for USD-based holders if Euro depreciates
- Cross-default triggers at $200M aggregate indebtedness threshold (or lower thresholds of $25M/$150M for ~$18.3B of existing notes)
- Interest rate risk — notes may be redeemed early at issuer's option at make-whole premium if rates decline
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001104659-26-079392 |
| Document: tm2613710d4_ex-filingfees.htm | 0001104659-26-079392 |
| Document: 0001104659-26-079392-index-headers.html | 0001104659-26-079392 |
| Document: 0001104659-26-079392-index.html | 0001104659-26-079392 |
| Document: 0001104659-26-079392.txt | 0001104659-26-079392 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 25, 2026 5w ago | 8-K | $62.26 $55.41 | ▼ −11.00% | ▼ −11.15% | $54.13 (−13.06%) |
Jul 7, 2026 12w ago | 8-K | $64.01 $63.48 | ▼ −0.83% | ▼ −2.16% | $54.13 (−15.44%) |
Jun 30, 2026 13w ago | 424B5 | $61.82 $65.54 | ▲ +6.02% | ▲ +8.20% | $54.13 (−12.44%) |
Jun 30, 2026 13w ago | 8-K | $61.96 $65.50 | ▲ +5.71% | ▲ +6.74% | $54.13 (−12.64%) |
Jun 29, 2026 13w ago | 424B5 | $63.04 $65.60 | ▲ +4.06% | ▲ +4.34% | $54.13 (−14.13%) |
Jun 29, 2026 13w ago | 8-K | $63.04 $65.60 | ▲ +4.06% | ▲ +4.34% | $54.13 (−14.13%) |
May 8, 2026 21w ago | 8-K | $61.90 $60.84 | ▼ −1.71% | ▼ −1.73% | $54.13 (−12.55%) |
May 8, 2026 21w ago | 424B5 | $61.90 $60.84 | ▼ −1.71% | ▼ −1.73% | $54.13 (−12.55%) |
May 6, 2026 21w ago | 8-K | $61.84 $59.72 | ▼ −3.42% | ▼ −6.56% | $54.13 (−12.46%) |
Apr 7, 2026 25w ago | 8-K | $62.79 $63.57 | ▲ +1.25% | ▼ −7.30% | $54.13 (−13.79%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access