Investment firm Realty Income Corp. reported record operating results for its first quarter ending March 31, with revenue rising 52.9 percent from the same period a year ago, to $171.7 million.
Net income available to common stockholders was $61.3 million, compared with $26.1 million in 2012, according to a statement from the Escondido-based real estate investment trust.
Normalized funds from operations, an industry-recognized metric gauging real estate portfolio performance with recent merger-related costs factored in, increased 72.8 percent, to $104.9 million.
CEO Tom Lewis called the period “the best quarter for operations in our 44-year history.” Results were driven by factors including new rental revenues stemming from its recent $3.2 billion acquisition of American Realty Capital Trust Inc. of New York, and its $1.16 billion in other acquisitions completed during 2012, Lewis said.
As of March 31, Realty Income’s portfolio included 3,525 commercial properties in 49 states, leased to 195 companies in 46 industries. The company trades under the symbol O on the New York Stock Exchange.
— SDBJ Staff Report