SAN DIEGO, July 2, 2020 /PRNewswire/ -- Realty Income
Corporation (Realty Income, NYSE: O), The Monthly Dividend
Company®, today provided a business update regarding its
contractual rent collection and financial position.
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For the
Month Ended
April 30, 2020
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For the
Month Ended
May 31, 2020
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For the
Month Ended
June 30, 2020
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|
For the
Quarter Ended
June 30, 2020
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Through July 1,
2020:
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|
|
|
|
|
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Contractual rent
collected(1) across total portfolio
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86.9%
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83.5%
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85.7%
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85.4%
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Contractual rent
collected(1) from top 20
tenants(2)
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83.0%
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82.1%
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82.5%
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82.5%
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Contractual rent
collected(1) from investment grade
tenants(3)
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100.0%
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98.4%
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98.9%
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99.1%
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(1)
Contractual rent is the aggregate cash amount charged to tenants
inclusive of monthly base rent receivables. U.K. rent (which is
payable in pounds Sterling) was converted at the exchange rate in
effect on May 1, 2020 for rents collected for the month of April
2020, on June 1, 2020 for rents collected for the month of May
2020, and on July 1, 2020 for rents collected for the month of June
2020.
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(2) We
define top 20 tenants for any period as our 20 largest tenants
based on percentage of total portfolio annualized rental revenue as
of the last day of such period.
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(3)
We define investment grade tenants as tenants with
a credit rating, and tenants that are subsidiaries or affiliates of
companies with a credit rating, of Baa3/BBB- or higher from one of
the three major rating agencies (Moody's/S&P/Fitch).
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The company has either executed deferral agreements or maintains
ongoing deferral discussions with tenants that account for a
majority of the unpaid contractual rent for each of the months of
April, May and June 2020. Additional detail on rent
collections, including information regarding industry-specific
collection, can be found in Realty Income's institutional investor
presentation available at
www.realtyincome.com/investors/investor-presentation.
Current financial position. As of July 1, 2020, the company had borrowings
outstanding under its revolving credit facility of approximately
$628.6 million (utilizing the
applicable exchange rate on June 30,
2020), including £329.5 million Sterling-denominated
borrowings. As of July 1, 2020, the
weighted average interest rate on borrowings under the revolving
credit facility was approximately 0.92%. Total liquidity available
to the company as of July 1, 2020 was
approximately $2.7 billion,
consisting of $2.4 billion of
remaining borrowing capacity available on the revolving credit
facility (excluding the $1.0 billion
expansion feature, which is subject to obtaining lender
commitments), approximately $74.0
million of cash on hand, and a $300.0
million term deposit which matures on July 24, 2020 and earns interest at a rate of
1.3% per annum.
The foregoing information does not purport to reflect our
results of operations or financial condition for the quarter ended
June 30, 2020. The company will
release its operating results for the quarter ended June 30, 2020 after the market closes on
August 3, 2020. The company will host
its conference call on August 4, 2020
at 11:30 a.m. PT to discuss the operating results.
To access the conference call, dial (877) 701-6180 (United States) or (647) 689-4069
(International). When prompted, provide the conference ID
4181696.
A telephone replay of the conference call can also be accessed
by calling (800) 585-8367 and entering the conference ID
4181696. The telephone replay will be available through
August 18, 2020.
A live webcast will be available in listen-only mode by clicking
on the webcast link on the company's home page or in the investors
section at www.realtyincome.com. A replay of the conference call
webcast will be available approximately one hour after the
conclusion of the live broadcast. No access code is required for
this replay.
About Realty Income
Realty Income, The Monthly Dividend Company®, is an
S&P 500 company dedicated to providing stockholders with
dependable monthly income. The company is structured as a REIT, and
its monthly dividends are supported by the cash flow from over
6,500 real estate properties owned under long-term lease agreements
with commercial tenants. To date, the company has declared 600
consecutive common stock monthly dividends throughout its 51-year
operating history and increased the dividend 107 times since Realty
Income's public listing in 1994 (NYSE: O). The company is a member
of the S&P 500 Dividend Aristocrats® index.
Additional information about the company can be obtained from the
corporate website at www.realtyincome.com.
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SOURCE Realty Income Corporation