Realty Income Floating $582 Million Stock Issue

Realty Income (NYSE: O), the storied real estate investment trust (REIT) that specializes in retail properties, is bulking up its finances with a new secondary stock issue. The company has announced that it is floating 10.5 million shares of its common stock in a public flotation, at a price of $57.05 per share. The REIT estimates its net proceeds from the issue will be roughly $582.3 million.

Realty Income said that the underwriters of the issue -- the joint-book running managers for which are Bank of America Securities, Morgan Stanley, Wells Fargo Securities, and Citigroup -- have been granted a 30-day option to buy an additional 1.575 million shares.

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Source Fool.com