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Real Estate Realty Income, as well as subsidiary, report profit



Architect of Market Creek Plaza Honored/Wins Award

Realty Income Corp. managed to increase its monthly dividend last year by 2.8 percent, as the company continued to buy single-tenant retail properties across the United States.

Tom Lewis, CEO of the REIT, said in addition to improving fundamentals at the company, its new marketing subsidiary, Crest Net Lease, turned a profit for the first time.

Realty Income also repurchased $871,000 worth of its common stock at an average price of $22.98 a share in the last three months of the year.

The company, which owns more than 1,060 properties in 48 states, has a market capitalization of $706 million and is traded on the New York Stock Exchange under the symbol “O.”

On Feb. 8, the shares were selling for about $26.50 each.

Realty Income shareholders weren’t the only ones getting good news recently. Pan Pacific Retail Properties of Vista, which owns more than 100 strip shopping centers in the western United States, raised its quarterly dividend 8.3 percent Jan. 30 to 45 cents per share.

Stuart Tanz, president and CEO, said the dividend increase was the fourth in four years.

Standard & Poor’s on Jan. 31 said it was adding Pan Pacific, which trades on the New York Stock Exchange under the symbol PNP, to its REIT index. Last week, the company’s shares were trading at about $23.25 each.

The company has a market capitalization of about $741 million.

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Kudos Delivered: The American Institute of Architects San Diego Chapter has named Hector A. Reyes, associate senior designer at the San Diego architectural firm of Fehlman LaBarre, “Young Architect of the Year.”

He won the award for his design of Market Creek Plaza, a $55 million, 377,000-square-foot mixed-use project near Euclid Avenue in Southeast San Diego.

“Hector’s ability to work with a wide diversity of community residents and incorporate their ideas into an overall plan has been key to the success of the project,” said Jennifer Vanicam, executive director of the Jacobs Center for NonProfit Innovation.

The center is the developer of Market Creek Plaza.

More Kudos: T.B. Penick & Sons Inc. of San Diego has won an award for its concrete work to preserve an eight-acre stretch of beachfront land in San Luis Obispo.

The Southern California chapter of the American Concrete Institute made the award Jan. 19, said Carol McCabe, a company spokeswoman.

The concrete work included a pedestrian promenade, plaza, tidal fountains and a 15-foot-high sea wall, she said.

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McMillin Honored: The Chula Vista Elementary School District will name its newest school, now under construction in Otay Ranch, after National City-based developer Corky McMillin.

Sandy Perlatti, vice president of sales for the builder, said the announcement was made recently at a party honoring the builder’s 40th year in the construction business.

San Diego County supervisors in December set Dec. 15 as Corky McMillin Day. First District Supervisor Greg Cox said the award was a result of McMillin’s lifetime dedication to growth and development in the county.

Send real estate and construction news to Grupe at agrupe@sdbj.com.

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