리얼티 인컴(Realty Income; O) - 유상증자

2021년 1월 11일 리얼티 인컴(O)의 유상증자 발표

 

Source: My file

 

On January 11, 2021, Realty Income Corporation (the “Company”) entered into a purchase agreement with BofA Securities, Inc., Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC and Citigroup Global Markets Inc., as representatives of the underwriters listed therein (the “Underwriters”), pursuant to which the Company agreed to issue and sell to the Underwriters 10,500,000 shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), plus up to an additional 1,575,000 shares of Common Stock if the Underwriters exercise their option to purchase additional shares of Common Stock in full. The public offering price for the shares was $57.05 per share. On January 13, 2021, the Underwriters exercised their option to purchase additional shares of Common Stock in full.

리얼티 인컴이 10.5백만 주의 유상증자를 발표 했다. 추가적으로 1.57백만주의 유상증자 역시 Underwritier의 옵션 행사 여부에 따라 가능하다.

Offering Price는 USD 57.05. Underwriter는 추가 유상증자 옵션 역시 행사하였다.

The transaction closed on January 14, 2021. Total net proceeds of the offering (after deducting the underwriting discount and before deducting other estimated expenses) were approximately $669.6 million. The Company intends to use net proceeds from the offering, along with available cash and borrowings as necessary, to fund property acquisitions. As of January 8, 2021, the Company had entered into agreements or letters of intent to acquire additional U.S. and U.K. properties with an aggregate estimated purchase price of approximately $676.8 million. Any remaining net proceeds will be used for general corporate purposes and working capital, which may include additional acquisitions, developments or expansions and/or repayment of borrowings under the Company’s $3.0 billion revolving credit facility and/or its $1.0 billion commercial paper program.

The acquisition of properties is subject to numerous uncertainties, including various closing conditions, and there can be no assurance that the properties for which the Company has entered into letters of intent (which are non-binding and therefore can be terminated by the buyer or the seller) or acquisition agreements will be acquired at the prices or on the timetable or other terms currently contemplated, or at all, or that the Company will enter into binding agreements to acquire properties as to which it has entered into letters of intent.

유상증자로부터 획득한 금원 약 USD 669.6mn은 현재 보유 현금 및 차입금과 더불어 미국과 영국의 약 USD 676.8m 규모의 추가 자산 매입에 사용될 예정이며, 남은 금원은 General corporate, working capital, 추가 매입, 개발, 금원상환(현재 revolving credit facility USD 3.0bn 또는 USD 1bn commercial paper) 등에 사용될 예정이다.

정리

 

- 유상 증자는 주로 사업확장에 이용될 예정이며, 남은 금원은 기타 상환, 비용 등에 사용될 예정임

- 최근 리얼티 인컴(O)는 607번째 월배당을 달성하였음. 언제나 블랙스완은 존재하지만 607번째 연속배당은 신뢰를 주기에 더할 나위 없는 지표임

 

Source: Finviz

 

- 리얼티 인컴의 리테일 자산은 NNN 구조이기 때문에 Margin 자체가 굉장히 좋은 편이다. 또한 코로나의 영향에 따라 연체율 또한 높지 않았기 때문에, 같은 구조로 점포들을 확장해나간다면 충분히 계속적인 외형 확장은 가능할 것으로 보인다. 다만 포스트 코로나 시대에, 점포 규모는 어디까지 stable하게 남아있을 수 있을까?

 

 

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