O · 8-K · 20260805PR000044
Liquidity and Debt Position
REALTY INCOME CORP · 2026-08-05 · Importance 37 · Surprise 6 · Contradicted
At June 30, 2026, Realty Income had $3.5 billion of total available liquidity on a pro-rata basis, including $534.6 million of cash, $3.2 billion of credit-facility availability, $1.2 billion of unsettled ATM forwards, and $1.4 billion of commercial paper borrowings. Consolidated total debt was $31.0 billion, while net debt to annualized pro forma adjusted EBITDA was 5.4x, or 5.2x including expected unsettled ATM proceeds. In July 2026, the company expanded its multicurrency unsecured revolving credit facilities to $5.5 billion from $4.0 billion and its combined commercial paper programs to $5.5 billion from $3.0 billion.
Key facts
- In July 2026 amended and restated unsecured revolving credit facility to $5.5 billion and commercial paper programs to $5.5 billion (upsized from prior $4.0 billion facility and prior $3.0 billion combined commercial paper capacity) source
- In July 2026 closed on recast and expansion of $5.5 billion multicurrency unsecured revolving credit facilities, upsized from prior $4.0 billion capacity, and announced expanded combined commercial paper capacity $5.5 billion, upsized from prior $3.0 billion source
- Total available liquidity at Pro-Rata Share as of June 30, 2026: $3.4742 billion composed of cash and cash equivalents $534.6 million, availability under credit facilities $3,152.7 million, unsettled ATM forwards $1,228.3 million, less commercial paper borrowings $(1,441.4) million source
- In July 2026 issued €600.0 million of 3.625% senior unsecured notes due July 2032 (2032 Notes) with public offering price 99.518% and effective annual yield to maturity 3.716% source
- In April 2026 issued $800.0 million of 4.750% senior unsecured notes due April 2033 with public offering price 98.261% and effective yield to maturity 5.047% source
- Net Debt to Annualized Pro Forma Adjusted EBITDAre was 5.4x (Net Debt/Annualized Pro Forma Adjusted EBITDAre 5.4x) as of three months ended June 30, 2026 source
- Net Debt (consolidated) as of three months ended June 30, 2026: $30,437,904 thousand (i.e., $30,437.904 million) and Net Debt inclusive of unsettled ATM forward equity $29,209,624 thousand source
- Adjusted EBITDAre for the three months ended June 30, 2026: $1,385,197 thousand and Annualized Adjusted EBITDAre $5,540,788 thousand and Annualized Pro Forma Adjusted EBITDAre $5,652,677 thousand source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | positive | realized | +396.3% | Adjusted EBITDAre for the three months ended June 30, 2026: $1,385,197 thousand and Annualized Adjusted EBITDAre $5,540,788 thousand and… |
| operating_income | positive | realized | +388.4% | Adjusted EBITDAre for the three months ended June 30, 2026: $1,385,197 thousand and Annualized Adjusted EBITDAre $5,540,788 thousand and… |
| operating_income | positive | realized | +97.1% | Adjusted EBITDAre for the three months ended June 30, 2026: $1,385,197 thousand and Annualized Adjusted EBITDAre $5,540,788 thousand and… |
| cash | positive | realized | +2.6% | Net cash provided by operating activities for six months ended June 30, 2026: $2,019,585 thousand |
| cash | positive | realized | +1.3% | Adjusted Free Cash Flow for six months ended June 30, 2026: $482,981 thousand and Annualized Adjusted Free Cash Flow $965,962 thousand |
| cash | positive | realized | +0.6% | Adjusted Free Cash Flow for six months ended June 30, 2026: $482,981 thousand and Annualized Adjusted Free Cash Flow $965,962 thousand |
| liability | negative | realized | — | In July 2026 issued €600.0 million of 3.625% senior unsecured notes due July 2032 (2032 Notes) with public offering price 99.518% and… |
| liability | negative | realized | — | In April 2026 issued $800.0 million of 4.750% senior unsecured notes due April 2033 with public offering price 98.261% and effective yield… |
| cash | positive | realized | — | In April 2026 issued $800.0 million of 4.750% senior unsecured notes due April 2033 with public offering price 98.261% and effective yield… |
| liability | negative | realized | — | Net Debt to Annualized Pro Forma Adjusted EBITDAre was 5.4x (Net Debt/Annualized Pro Forma Adjusted EBITDAre 5.4x) as of three months… |
| liability | negative | realized | — | Net Debt (consolidated) as of three months ended June 30, 2026: $30,437,904 thousand (i.e., $30,437.904 million) and Net Debt inclusive of… |
| net_income | positive | probable | — | Assigned Long-Term Issuer Default Rating of 'A' with a Stable Outlook from Fitch Ratings on August 3, 2026 |