Realty Income Corp. recently announced that Standard & Poor’s Rating Services upgraded the company’s senior unsecured debt ratings to BBB+ from BBB, and its preferred stock ratings to BBB- from BB+, with a stable outlook.
It its own statement, Standard & Poor’s, a division of McGraw-Hill Companies Inc., cited the Escondido-based company’s moves to expand its portfolio, improve diversification by tenant and industry, and increase exposure to investment grade-rated tenants.
Standard & Poor’s anticipates that Realty Income’s portfolio cash flow “will continue to exhibit low earnings volatility over the next two years,” supported by long-term leases and management’s focus on investment grade tenants while maintaining “moderate leverage.”
Realty Income also recently announced the 72nd increase in its monthly dividend since going public in 1994, taking it from just over $0.1812 per share to just over $0.1815 per share, payable on July 15 to shareholders of record as of July 1.
Realty Income is a real estate investment trust that invests in retail, industrial and related commercial properties. The company trades under the symbol O on the New York Stock Exchange.
— SDBJ Staff Report