Realty Income Sees Revenue Rise in First QuarterFriday, April 27, 2012
Realty Income Corp. saw its revenue rise 17.9 percent from a year ago in its recently completed first quarter, with funds from operations up 6.9 percent, the Escondido-based real estate investment firm reported April 26.
A company statement said revenue totaled $114.7 million for the quarter ending March 31. Funds from operations available to common stockholders, an industry-recognized gauge of the performance of real estate portfolios, came in at $60.7 million.
The real estate investment trust’s net income available to common stockholders was $26.1 million, down slightly from $29.9 million in the same quarter of 2011. The company said the decrease was due primarily to a one-time $3.7 million noncash redemption charge on its Class D preferred shares that were redeemed in March.
Realty Income Chief Executive Officer Tom A. Lewis said the company’s portfolio “continued to exhibit strong performance” during the quarter, with leasing occupancy holding at 96.6 percent at the end of the period, similar to the prior quarter.
Lewis said the company invested $10.7 million in two new portfolio properties during the quarter. Since the period ended, however, the company announced acquisitions totaling approximately $514 million, set to close during the second quarter subject to customary closing conditions.
“We continue to see a strong flow of acquisition opportunities,” Lewis said.
Realty Income invests primarily in retail and related commercial properties. It trades under the symbol O on the New York Stock Exchange.