Realty Income Announces Additional Transaction with Carrefour in Spain

Rhea-AI Summary

Realty Income Corporation (NYSE: O) announced the closing of a €64 million portfolio transaction in Spain, acquiring three properties leased to Carrefour under long-term agreements. This brings Realty Income's total investment in Spain to approximately €157 million. CEO Sumit Roy emphasized the company's strategic expansion into Continental Europe and the importance of partnerships with key operators like Carrefour, which holds a significant market share in Spain's grocery sector.

Positive

• Completed a €64 million acquisition in Spain, increasing total investment to €157 million.
• Strategic expansion into Continental Europe indicates growth potential.
• Partnership with Carrefour enhances stability and market presence in Spain.

Negative

• None.

SAN DIEGO, Oct. 14, 2021 /PRNewswire/ -- Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company^®, today announced the closing of a €64 million portfolio transaction in Spain consisting of three properties leased to Carrefour under long-term net lease agreements. Combined with the previously announced transaction with Carrefour, Realty Income has now invested approximately €157 million in high-quality real estate in Spain.

"Our strategic expansion into Continental Europe continues to build momentum," said Sumit Roy, President and Chief Executive Officer of Realty Income. "We deeply value our partnerships with leading global operators like Carrefour as we establish our foundation in Spain, and we look forward to strengthening this relationship and building others as we continue to expand internationally."

Carrefour Profile:

• Carrefour (XPAR: CA) has the second-highest grocery market share in Spain and is the eighth-largest retailer in the world operating over 13,000 stores with various formats across more than 30 countries.
• Carrefour's non-discretionary business model includes an omni-channel strategy with proven resiliency through various economic cycles, exemplified by same-store sales increasing +7.8% in FY2020.

About Realty Income

Realty Income, The Monthly Dividend Company^®, is an S&P 500 company and member of the S&P 500 Dividend Aristocrats^® index. We invest in people and places to deliver dependable monthly dividends that increase over time. The company is structured as a REIT, and its monthly dividends are supported by the cash flow from over 6,700 real estate properties owned under long-term lease agreements with our commercial clients. To date, the company has declared 615 consecutive common stock monthly dividends throughout its 52-year operating history and increased the dividend 112 times since Realty Income's public listing in 1994 (NYSE: O). Additional information about the company can be obtained from the corporate website at www.realtyincome.com.

Forward-Looking Statements

Statements in this press release that are not strictly historical are "forward-looking" statements. Forward-looking statements involve known and unknown risks, which may cause our actual future results to differ materially from expected results. These risks include, among others, general economic conditions, domestic and foreign real estate conditions, client financial health, the availability of capital to finance planned growth, volatility and uncertainty in the credit markets and broader financial markets, changes in foreign currency exchange rates, property acquisitions and the timing of these acquisitions, the structure, timing and completion of the announced mergers between us and VEREIT, Inc. and any effects of the announcement, pendency or completion of the announced mergers, including the anticipated benefits therefrom, charges for property impairments, the effects of the COVID-19 pandemic and the measures taken to limit its impact, the effects of pandemics or global outbreaks of contagious diseases or fear of such outbreaks, our clients' ability to adequately manage their properties and fulfill their respective lease obligations to us, and the outcome of any legal proceedings to which the we are a party, as described in our filings with the Securities and Exchange Commission. Consequently, forward-looking statements should be regarded solely as reflections of our current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made. 

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SOURCE Realty Income Corporation

FAQ

What recent transaction did Realty Income complete in Spain?

Realty Income announced the closing of a €64 million portfolio transaction in Spain, acquiring three properties leased to Carrefour.

How much has Realty Income invested in Spain so far?

Realty Income has invested approximately €157 million in real estate in Spain.

What is the significance of the partnership with Carrefour for Realty Income?

The partnership with Carrefour is crucial as it strengthens Realty Income's foundation in Spain, benefiting from Carrefour's strong market position.