Realty Income Corp. (NYSE: O) announced that a common stock offering was closed Tuesday with the sale of 13.8 million shares. The total net proceeds from the offering, after underwriting discounts and offering expenses payable by the company, is approximately $528.5 million.
Escondido-based Realty Income announced 1.8 million additional shares were purchased by the underwriters upon the exercise of their over-allotment option. This is in addition to the already upsized 12 million share common stock offering.
The net proceeds from the offering will be used to repay borrowings under the company's $1.5 billion acquisition credit facility, which were, and will be, used to fund real estate acquisitions.