Realty Income Prices $750 Million Convertible Senior Notes

An update from Realty Income ( (O) ) is now available.

On January 6, 2026, Realty Income Corporation announced it had priced a private offering of $750 million in 3.500% convertible senior notes due 2029 to qualified institutional buyers under Rule 144A, with settlement expected on January 8, 2026 and an option for initial purchasers to buy up to an additional $112.5 million of notes. The notes, which are senior unsecured obligations, carry a conversion premium of about 20% over Realty Income’s January 5, 2026 share price, include limited conversion and redemption features, and provide protections for noteholders in the event of certain fundamental changes. Realty Income expects to generate approximately $735 million in net proceeds (or about $845.5 million if the option is fully exercised) and plans to use the majority for general corporate purposes such as refinancing existing debt, funding property development and acquisitions, and potential business combinations, while allocating around $102.1 million to repurchase roughly 1.8 million shares of its common stock in concurrent privately negotiated transactions, which could influence the stock’s trading dynamics and the economics of the notes.

The most recent analyst rating on (O) stock is a Hold with a $65.00 price target. To see the full list of analyst forecasts on Realty Income stock, see the O Stock Forecast page.

Spark’s Take on O Stock

According to Spark, TipRanks’ AI Analyst, O is a Outperform.

The score is primarily supported by strong financial performance (high profitability and solid cash generation) and a constructive earnings outlook with raised investment and AFFO guidance plus very high occupancy. Offsetting factors are a rich valuation (high P/E despite the strong yield) and a largely neutral technical picture with slightly negative MACD.

To see Spark’s full report on O stock, click here.

More about Realty Income

Realty Income Corporation (NYSE: O) is an S&P 500 real estate investment trust that serves as a full-service real estate capital provider and partner to leading global companies. Founded in 1969, the company owns a portfolio of more than 15,500 properties across all 50 U.S. states, the U.K., and seven other European countries, and is known as “The Monthly Dividend Company®” for its long track record of delivering and growing dependable monthly dividends, including over 30 consecutive years of dividend increases as a member of the S&P 500 Dividend Aristocrats index.

Average Trading Volume: 5,956,893

Technical Sentiment Signal: Buy

Current Market Cap: $53.22B

For an in-depth examination of O stock, go to TipRanks’ Overview page.