O · 8-K · 20260805PR000044
Interest Rate and Refinancing Exposure
REALTY INCOME CORP · 2026-08-05 · Importance 44 · Surprise 42 · In source text
In July 2026, Realty Income issued €600.0 million of 3.625% senior unsecured notes due July 2032, with an effective annual yield to maturity of 3.716%. The company also issued $800.0 million of 4.750% senior unsecured notes due April 2033, and a related $500 million U.S. dollar-to-Euro seven-year cross-currency swap produced an effective Euro-denominated yield to maturity of approximately 4.07%. In July 2026, Realty Income expanded its multicurrency unsecured revolving credit facilities to $5.5 billion from $4.0 billion and its global commercial paper programs to $5.5 billion from $3.0 billion, increasing available refinancing capacity amid debt-market exposure.
Key facts
- Executed a $500 million USD-to-Euro 7-year cross currency swap in connection with April 2033 issuance, resulting in approximately €436 million of proceeds and effective fixed-rate Euro-denominated yield to maturity approx 4.07% and coupon rate 3.81% source
- Combined April notes and swap resulted in effective blended yield to maturity approximately 4.44% and blended coupon rate 4.16% source
- Foreign currency and derivative loss, net for the three months ended June 30, 2026: $(8,824) thousand source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | — | Executed a $500 million USD-to-Euro 7-year cross currency swap in connection with April 2033 issuance, resulting in approximately €436… |
| net_income | positive | realized | — | Combined April notes and swap resulted in effective blended yield to maturity approximately 4.44% and blended coupon rate 4.16% |