REALTY INCOME CORP 8-K

What Happened
On July 10, 2026 Realty Income Corporation entered into a Fifth Amended and Restated Credit Agreement (the "Fifth A&R Credit Agreement"), replacing its prior credit agreement and increasing unsecured multicurrency revolving credit capacity to $5.5 billion (up from $4.0 billion). The facility is structured as two $2.75 billion tranches maturing April 29, 2029 and July 10, 2030 (each with two company‑option six‑month extensions) and adds two wholly owned indirect subsidiaries (RI UK Finance Ltd. and Realty Income Euro Finance B.V.) as joint borrowers. Borrowings can be in multiple currencies (including USD, GBP, EUR) and use benchmark rates such as SOFR, SONIA and EURIBOR plus an Applicable Margin.

Key Details

• Total unsecured revolver capacity: $5.5 billion (upsized from $4.0 billion); accordion option to increase to $6.5 billion with lender commitments.
• Two tranches: $2.75B each; initial maturities Apr 29, 2029 and Jul 10, 2030; each tranche has up to two six‑month extensions at the Company’s option.
• Pricing: current Applicable Margin = 0.675% p.a.; current commitment fee = 0.125% p.a., based on the Company’s investment‑grade ratings.
• Commercial paper programs increased July 10, 2026: U.S. Notes cap raised from $1.5B to $2.75B (maturities ≤360 days); Euro Notes cap raised from $1.5B to $2.75B (maturities ≤183 days). Notes are private placements for general corporate purposes.

Why It Matters
The amended credit agreement and larger commercial paper capacity increase Realty Income’s liquidity and short‑ and medium‑term financing flexibility, including multicurrency borrowing for its international operations. The extended maturities and extension options reduce near‑term refinancing pressure, while the current low Applicable Margin and commitment fee reflect the company’s investment‑grade credit standing. These changes are financing and liquidity actions (not operational or earnings announcements) and affect how the company funds growth, acquisitions and general corporate needs.