San Diego Business Journal

Realty Income Reports Gains in Revenue, Income for Second Quarter

By Lou Hirsh Thursday, July 24, 2014

Escondido-based Realty Income Corp. saw revenue rise 22.6 percent from a year ago in its second quarter ending June 30, reaching $228.6 million.

Officials of the real estate investment trust reported net income available to common stockholders of $51.4 million, up from $46 million in the year-ago quarter.

Adjusted funds from operations available to common stockholders, an industry-recognized supplemental metric gauging the performance of real estate portfolios, totaled $141.2 million, an increase of 22.1 percent from a year ago.

CEO John P. Case said the company continued to see “healthy acquisition volumes” and positive performance in its portfolio during the quarter. The company’s commercial property portfolio was 98.3 percent occupied at the end of the second quarter, and year-to-date, same-store rents were up 1.4 percent from a year ago.

Realty Income (NYSE: O) invests in retail, industrial and related commercial properties, with a portfolio of more than 4,200 properties. As of June 30, officials said the REIT had paid 527 consecutive monthly dividends in its 45-year history.