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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 10/03/22 Realty Income Corp. 8-K:8 10/03/22 11:268K Toppan Merrill/FA |
Document/Exhibit Description Pages Size 1: 8-K Current Report HTML 43K 6: R1 Cover HTML 60K 9: XML IDEA XML File -- Filing Summary XML 12K 7: XML XBRL Instance -- tm2227092d2_8k_htm XML 28K 8: EXCEL IDEA Workbook of Financial Reports XLSX 8K 3: EX-101.DEF XBRL Definitions -- o-20221003_def XML 77K 4: EX-101.LAB XBRL Labels -- o-20221003_lab XML 114K 5: EX-101.PRE XBRL Presentations -- o-20221003_pre XML 74K 2: EX-101.SCH XBRL Schema -- o-20221003 XSD 16K 10: JSON XBRL Instance as JSON Data -- MetaLinks 28± 36K 11: ZIP XBRL Zipped Folder -- 0001104659-22-104947-xbrl Zip 24K
United States
Securities and Exchange Commission
Washington, D.C. 20549
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report: i October 3, 2022
(Date of Earliest Event Reported)
(Exact name of registrant as specified in its charter)
| i Maryland | i 1-13374 | i 33-0580106 | ||
| (State or Other Jurisdiction of Incorporation or Organization) |
(Commission File Number) | (IRS Employer Identification No.) |
i 11995 El Camino Real, i San
Diego, i California i 92130
(Address of principal executive offices)
( i 858) i 284-5000
(Registrant’s telephone number, including area code)
N/A
(former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
i ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
i ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
i ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
i ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 8.01. | Other Events. |
On October 3, 2022, Realty Income Corporation (the “Company,” “our,” “us” or “we,” which terms include, unless otherwise expressly stated or the context otherwise requires, its consolidated subsidiaries) provided certain updates with respect to its recent property investments and capital raising, as set forth below.
Unless as otherwise indicated or the context otherwise requires, for purposes of the following disclosures, (a) references to our “revolving credit facility” and similar references mean our $4.25 billion unsecured revolving credit facility (excluding a $1.0 billion expansion option, which is subject to obtaining lender commitments and other customary conditions) and references to our “commercial paper programs” and similar references mean, collectively, our $1.5 billion U.S. Dollar-denominated unsecured commercial paper program and our $1.5 billion Euro-denominated unsecured commercial paper program; (b) references to our “clients” mean our tenants, (c) references to “GBP,” “Sterling” and “£” are to the lawful currency of the United Kingdom; and (d) references to “Euro” and “€” are to the lawful currency of the European Union. For purposes of determining the aggregate amount of borrowings outstanding under our revolving credit facility as of any specified date, borrowings denominated in GBP and Euros are translated into U.S. dollars using the applicable exchange rates as in effect from time to time.
Acquisitions Update
During the three and nine months ended September 30, 2022, we invested approximately $1.8 billion and $5.0 billion, respectively, in properties and properties under development or expansion. These estimates are preliminary and are based on information that was available to management at the time this Current Report on Form 8-K was prepared.
Liquidity and Capital Markets
Equity Capital Raising
During the three months ended September 30, 2022, we raised approximately $0.7 billion of gross proceeds from the sale of common stock at a weighted average price of $73.05 per share, primarily through proceeds from the sale of approximately 9.5 million shares of common stock pursuant to forward sale agreements through our at-the-market (ATM) program. As of September 30, 2022, there were approximately 20.0 million shares of common stock subject to forward sale agreements through our ATM program, representing approximately $1.3 billion in gross proceeds (assuming full physical settlement of all outstanding shares of common stock subject to such forward sale agreements and certain assumptions made with respect to settlement dates), which have been executed but not settled.
Liquidity
As of September 30, 2022, we had a cash and cash equivalents balance of approximately $168.1 million, including £90.0 million denominated in Sterling and €9.2 million denominated in Euro. In addition, we had $1.2 billion of outstanding borrowings under our revolving credit facility, comprised entirely of €1.22 billion denominated in Euro, and $724.3 million of outstanding borrowings under our commercial paper programs, including €511.0 million of Euro-denominated borrowings, as of September 30, 2022.
C:
Forward-Looking Statements
This Current Report on Form 8-K may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which the Company operates and beliefs of and assumptions made by the Company’s management, involve uncertainties that could significantly affect the financial condition or operating results of the Company. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will,” and variations of such words and similar expressions are intended to identify such forward-looking statements. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. For example, these forward-looking statements could be affected by factors including, without limitation, potential liability for a failure to meet regulatory or tax-related requirements, including the maintenance of REIT status; other risks associated with the acquisition, development, expansion, leasing and management of properties; risks associated with our geographic concentration; risks associated with the industry concentration of clients (including those in the theater industry); costs related to uninsured losses, condemnation, or environmental issues; changes in local, national and international financial markets, insurance rates and interest rates; general adverse economic and local real estate conditions; the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business; foreign currency exchange rates; increases in operating costs and real estate taxes; changes in dividend policy or ability to pay dividends for the Company’s common stock; impairment charges; the impact of the COVID-19 pandemic; the impact of future pandemics on us, our business, our clients or the economy generally; and those additional risks and factors discussed in reports filed with the U.S. Securities and Exchange Commission (“SEC”) by the Company. Moreover, other risks and uncertainties of which the Company is not currently aware may also affect these forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements. The Company undertakes no obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made.
C:
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| REALTY INCOME CORPORATION | ||
| Date: October 3, 2022 | By: | /s/ Bianca Martinez |
| Bianca Martinez | ||
| Senior Vice President, Associate General Counsel and Assistant Secretary | ||
C:
C:
| This ‘8-K’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| Filed on / For Period end: | 10/3/22 | 424B5 | ||
| 9/30/22 | ||||
| List all Filings | ||||