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Realty Income, a net lease REIT headquartered in San Diego, has closed on a $1-billion, multicurrency term loan

Realty Income Wraps Up $1B Term Loan from Nine Lenders

Net lease REIT Realty Income Corporation said Friday it had closed on a $1-billion multicurrency unsecured term loan. The loan initially matures in January 2024 and includes two 12-month extension options. 

A total of nine lenders are participating in the loan. Toronto Dominion (Texas) LLC is acting as the administrative agent. TD Securities (USA), The Bank of Nova Scotia, BofA Securities, JPMorgan Chase Bank and Mizuho Bank, Ltd. are serving as joint bookrunners.  

TD Securities (USA), The Bank of Nova Scotia, BofA Securities,  JPMorgan Chase Bank, Mizuho Bank, Regions Capital Markets, Truist Securities and Banco Bilbao Vizcaya Argentaria are serving as joint lead arrangers. Bank of America and JPMorgan Chase Bank are serving as syndication agents.  

The Bank of Nova Scotia, Mizuho Bank, Regions Bank, Truist Bank and Banco Bilbao Vizcaya Argentaria are serving as documentation agents. Affiliates of the foregoing financial institutions and Wells Fargo Bank are serving as lenders. 

“We value our longstanding partnership with our lenders, and we are appreciative of the continued support represented by this financing,” said Christie Kelly, EVP, CFO and treasurer of San Diego-based Realty Income. “This term loan bolsters our financial flexibility and liquidity profile, supporting our capacity to be disciplined capital allocators in the near term.” 

The company agreed just before New Year’s to acquire up to 185 properties from CIM Real Estate Finance Trust for $894 million. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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