Realty Income Corp. (O) said Tuesday that it has commenced an underwritten public offering of 10 million shares of common stock.
The company also plans to grant the underwriters a 30-day option to purchase up to 1.5 million additional shares of common stock to cover overallotments, if any.
The company said it expects to use the net proceeds from the offering to repay borrowings under its $1.0 billion acquisition credit facility, which were, and will be, used to fund real estate acquisitions.
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