realty income corp (O) Key Developments
Realty Income Corporation Declares Monthly Dividend on Common Stock and Monthly Income Class F Preferred Stock, Payable on August 17, 2015
Jul 14 15
Realty Income Corporation announced that its Board of Directors has declared the 541st consecutive common stock monthly dividend. The dividend amount of $0.19 per share, representing an annualized amount of $2.28 per share, is payable on August 17, 2015 to shareholders of record as of August 3, 2015.
The Board of Directors also declared dividends on the company's monthly income class F preferred stock. The monthly dividend amount of $0.138021 on the class F preferred shares is payable on August 17, 2015 to shareholders of record as of August 1, 2015. The annualized dividend amount for the class F preferred shares is $1.65625 per share.
Realty Income Corporation Announces New and Expanded $2.25 Billion Unsecured Credit Facility
Jun 30 15
Realty Income Corporation announced that the company has closed a new $2.25 billion unsecured credit facility to replace its previous $1.5 billion unsecured credit facility. The new credit facility is comprised of a $2.0 billion unsecured revolving credit facility and a $250 million five-year unsecured term loan. Under the terms of the new revolving credit facility, total funds available are $2.0 billion, plus an additional $1.0 billion accordion expansion feature. The initial term of the new revolving credit facility is four years maturing in June 2019, plus two six-month extensions that can be exercised at the company's option. Under the new revolving credit facility, the company's current BBB+/Baa1 credit ratings provide for a borrowing rate of LIBOR (London Interbank Offered Rate) plus 90 basis points with a facility commitment fee of 15 basis points, for all-in drawn pricing of 105 basis points over LIBOR versus all-in drawn pricing of 125 basis points over LIBOR under the previous facility. The new $250 million unsecured term loan matures in June 2020. Borrowing under the term loan bears interest at LIBOR plus 95 basis points, based on current credit rating. In conjunction with this term loan, the company also entered into an interest rate swap which essentially fixes per annum interest rate on the term loan at 2.67%. A total of 21 lenders are participating in the new credit facility, including Wells Fargo Bank as the Joint-lead Arranger and Administrative Agent, Bank of America and Royal Bank of Canada as Joint-lead Arrangers and Co-Syndication Agents, Regions Bank as a Co-Syndication Agent, JPMorgan Chase Bank and U.S. Bank National Association as Co-Documentation Agents, and The Bank of New York Mellon, Branch Banking and Trust Company, MUFG Union Bank, PNC Bank, Barclays Bank, Citibank, Credit Suisse, Goldman Sachs, Mizuho, Morgan Stanley, RBS Citizens Bank, UBS AG, Raymond James, Associated Bank and Comerica Bank as additional participants in the facility.
Realty Income Corporation Amends and Restates Bylaws
Jun 17 15
Realty Income Corporation announced that on and effective June 16, 2015, the board of directors of the company amended and restated the company's bylaws. In addition to the amendments, the amended and restated Bylaws include certain changes to clarify language, comply with or conform to Maryland law and make various technical corrections and ministerial changes. The amended and restated bylaws are referred to herein as the amended bylaws. Article III. stockholders: Special stockholders meetings: the amended bylaws clarify that a special meeting of stockholders may be called by the chairman of the board. The amended Bylaws also clarify procedures for stockholders to call a special meeting of stockholders, including addressing issues relating to the contents of the notices from stockholders requesting a special meeting and revocation of requests for special stockholders meetings. Notice of stockholders meetings: The amended bylaws provide for notice of a meeting of stockholders by electronic transmission and clarify the power of the company to postpone or cancel a meeting by making a public announcement. Conduct of stockholders meetings: The amended bylaws update the list of the powers of the chairman over the conduct of the meeting, including concluding, recessing or adjourning a meeting, whether or not a quorum is present, and complying with any state or local laws and regulations concerning safety and security. Inspectors: The amended bylaws clarify the responsibilities of the inspectors of election and retain for the chairman of the meeting the responsibility for determining the existence of a quorum and the results of stockholder votes. Advance notice of director nominations and new business proposals from stockholders. The amended Bylaws expand the information required to be disclosed by a stockholder nominating an individual for election to the board of directors or making a proposal of other business. Article IV. board of directors: Resignation of directors. The amended bylaws clarify the procedures by which directors may resign from the board. Loss of deposits and surety bonds: The amended bylaws remove references to outdated provisions concerning loss of deposits and the giving of surety bonds by directors. Reliance: The amended bylaws clarify that directors and officers may rely on information prepared or presented by others whom the director or officer reasonably believes to be reliable and competent in the matters presented to more closely track certain related statutory provisions. subcommittees of the board. the amended bylaws clarify that any committee of the board may delegate some or all of its powers to one or more subcommittees. Article V. officers: Chairman of the board. The amended bylaws clarify that the chairman of the board may be designated as an executive or non-executive chairman. Treasurer: The amended bylaws remove references to outdated provisions concerning the giving of surety bonds by the treasurer of the company. Article X. indemnification: Indemnification and advance of expenses: The amended bylaws clarify that a present or former director or officer is entitled to indemnification and the advancement of expenses to the maximum extent permitted by Maryland law in the event such director or officer is a witness in a proceeding. The amended bylaws clarify that subsequent amendments to the bylaws do not alter a director's or officer's entitlement to indemnification and advance of expenses.
Realty Income Corporation Declares Common Stock Monthly Cash Dividend and Monthly Income Class F Preferred Dividend, Payable on July 15, 2015
Jun 16 15
Realty Income Corporation announced its Board of Directors has declared an increase in the company's common stock monthly cash dividend to $0.19 per share from $0.1895 per share. The dividend is payable on July 15, 2015 to shareholders of record as of July 1, 2015. The new monthly dividend amount represents an annualized dividend amount of $2.28 per share as compared to the previous annualized dividend amount of $2.274 per share. The Board of Directors also declared a dividend on the company's Monthly Income Class F preferred stock. The monthly dividend amount of $0.138021 on the Class F preferred shares is payable on July 15, 2015 to shareholders of record as of July 1, 2015. The annualized dividend amount for the Class F preferred shares is $1.65625 per share.
Realty Income Corporation Presents at REITWEEK 2015: NAREIT's Investor Forum, Jun-09-2015
May 21 15
Realty Income Corporation Presents at REITWEEK 2015: NAREIT's Investor Forum, Jun-09-2015 . Venue: New York Hilton Midtown, 1335 Avenue of the Americas, New York, NY 10019, United States.