Realty Income Corporation Announces \$800 Million Senior Notes Offering Due 2033

Key Points for Investors

• Issuer: Realty Income Corporation (a Maryland corporation, NYSE: O)
• Security: \$800,000,000 aggregate principal amount of 4.750% Notes due 2033
• Pricing Date: March 30, 2026
• Trade Settlement: Notes constitute a new series of senior debt securities
• Use of Proceeds: General corporate purposes, including repayment or repurchase of existing indebtedness, acquisitions, development, and possible business combinations
• Credit Ratings: The notes are to have ratings from Moody’s and S&P, required to be as good as or better than those listed in the official Pricing Term Sheet
• Lead Underwriters: Wells Fargo Securities, BBVA Securities, BofA Securities, J.P. Morgan Securities, and TD Securities (USA)
• Offering Price: 98.261% of principal amount (yield to investors: 5.047%)
• Underwriting Discount: 0.650% of principal amount; net proceeds to Realty Income are approximately \$780.9 million (before expenses)
• Benchmark Treasury: 4.250% UST due March 31, 2033; spread to benchmark: +88 basis points
• Listing: The notes will be listed on the New York Stock Exchange

Details of the Offering

Realty Income Corporation has executed and announced the pricing of a significant new debt offering, issuing \$800 million in aggregate principal amount of 4.750% Notes due 2033. The offering is being made under an automatic shelf registration statement on Form S-3 (No. 333-277150) previously filed with the U.S. Securities and Exchange Commission (SEC).

The notes are priced at 98.261% of the principal amount, resulting in a yield to investors of 5.047%. The spread to the benchmark 10-year Treasury is 88 basis points, indicating strong demand and market confidence in Realty Income’s credit quality and business prospects. The offering is expected to close subject to customary conditions.

Use of Proceeds

The Company intends to use the net proceeds, estimated at approximately \$780.9 million (after deducting underwriting discounts and before expenses), for a range of general corporate purposes. This may include:

• Repayment or repurchase of existing debt, including borrowings under revolving credit facilities and commercial paper programs
• Foreign currency swaps or other hedging instruments
• Development, redevelopment, or acquisition of additional properties
• Potential acquisition or business combination transactions
• Expansion and improvement of existing properties in the company’s portfolio

The company notes that the use of proceeds to repay borrowings under its revolving credit facilities or commercial paper program could raise potential conflicts of interest, as some underwriters or their affiliates may be lenders under these programs.

Underwriting and Distribution

The notes will be underwritten by a syndicate led by Wells Fargo Securities, BBVA Securities, BofA Securities, J.P. Morgan Securities, and TD Securities (USA). The underwriting discount is 0.650%, and the purchase price to underwriters is 97.611% of principal amount. The offering was made pursuant to a firm commitment underwriting agreement.

The notes are expected to be listed on the New York Stock Exchange, providing liquidity and transparency for investors.

Material Disclosures and Forward-Looking Information

• The Company affirms that, as of the date of the offering documents, there has been no material adverse change in its financial condition, results of operations, or business prospects, except as disclosed.
• No material defaults, pending legal proceedings, or regulatory concerns were disclosed, and the Company remains in good standing in all relevant jurisdictions.
• The offering documents include extensive risk disclosures, including interest rate risk, credit market volatility, real estate market risks, counterparty and client risks, and macroeconomic factors.
• Realty Income is not classified as an investment company under the 1940 Act as a result of this offering and its intended use of proceeds.

Shareholder and Market Impact

Potential Share Price Sensitivity: This \$800 million debt issuance is a material financing event for Realty Income Corporation. The proceeds will enhance liquidity, support growth initiatives, and may be used to retire higher-cost debt, which could improve profitability and interest coverage. The relatively low spread to Treasuries reflects confidence in the company’s creditworthiness.

Risk Factors: Investors should note the forward-looking statements and the risks described in the offering documents. Actual results may differ due to market volatility, real estate market conditions, and other factors outside the company’s control. There can be no assurance that the intended use of proceeds will yield anticipated benefits.

No Emerging Growth Company Status: Realty Income is not considered an emerging growth company, and has not opted for any extended transition periods for accounting standards, signaling mature reporting standards and transparency.

Underwriters and Legal Details

• Underwriting syndicate includes major global and regional banks. An affiliate of BNY Mellon Capital Markets, LLC, one of the underwriters, is the trustee under the indenture governing the notes.
• Associated Investment Services, Inc., a FINRA member and subsidiary of Associated Banc-Corp, is receiving a referral fee in connection with the offering.
• The official purchase agreement, legal opinions, and other material contracts are available for further review by investors and regulators.

How to Obtain More Information

Investors are encouraged to review the complete prospectus, preliminary prospectus supplement, and all documents incorporated by reference, available for free at the SEC’s EDGAR website (www.sec.gov), or by contacting the lead underwriters.

No PRIIPs or UK PRIIPs Key Information Document (KID) has been prepared for this offering as the notes are not available to retail investors in the EEA or UK.

Disclaimer: This article is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Investors should consult the official prospectus and their financial advisors before making any investment decisions. Realty Income Corporation’s forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those described. The company disclaims any obligation to update these statements except as required by law.

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