Business & Finance
Business and Finance
Business and Finance
Thu, January 22, 2009 Realty Income Retires $20 Million, 8.0% Senior Notes Due January 2009
ESCONDIDO, Calif.--([ BUSINESS WIRE ])--Realty Income Corporation (Realty Income), The Monthly Dividend Company®, (NYSE:O) today announced that it retired all of its outstanding $20 million, 8.0% Senior Notes, due January 2009.
The 2009 Notes were retired at a price equal to 100% of the principal amount of the 2009 Notes, plus accrued interest.
Commenting on the retirement of the Notes, Chief Executive Officer, Tom A. Lewis said, "We are pleased to be able to pay off the $20 million in Notes with cash on hand. With the repayment of these Notes, Realty Income has no additional debt maturing for four years, or until 2013. In addition, we have no borrowings on our $355 million credit facility, providing us with excellent liquidity, during a difficult credit market, and no exposure to variable rate debt. Our balance sheet also features very low leverage and no mortgages on any of our more than 2,300 properties, which is precisely the conservative position we want to be in during these recessionary times"
Forward-Looking Statement
Statements in this press release that are not strictly historical are "forward-looking" statements. Forward-looking statements involve known and unknown risks, which may cause the Company's actual future results to differ materially from expected results. These risks include, among others, general economic conditions, local real estate conditions, the availability of capital to finance planned growth, property acquisitions and the timing of these acquisitions, charges for property impairments, the outcome of any legal proceedings to which the Company is a party, and the profitability of the Company's subsidiary, Crest Net Lease, as described in the Company's filings with the Securities and Exchange Commission. Consequently, such forward-looking statements should be regarded solely as reflections of the Company's current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.
Realty Income, The Monthly Dividend Company®, is a New York Stock Exchange real estate company dedicated to providing shareholders with dependable monthly income. To date the Company has paid 462 consecutive monthly dividend payments throughout its 39-year operating history. The monthly dividend is supported by the cash flow from over 2,300 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 ].
