Realty Income Closes $517M Stock Offering

San Diego-based Realty Income Corp. has closed an 11.5-million share offering of the company’s common stock priced at $46.88 each. The net-lease owner, which owns about 4,400 properties across the country, most of them with retail tenants, reportedly raised $517 million from the endeavor.

Officials say Realty Income will use the funds to pay off part of its $2-billion unsecured revolving credit facility, as well as to make acquisitions.

The company’s top-five tenants are Walgreens, FedEx, Dollar General, LA Fitness and Family Dollar.