San Diego Business Journal

Realty Income Reports Revenue, Earnings Up in Q2

Monday, August 1, 2011

Escondido-based Realty Income Corp., which invests in retail and related commercial properties, posted revenue of $102.6 million for its second quarter ending June 30, up 24.5 percent from the same period a year ago.

Net income available to common stockholders was $33.2 million, up 32 percent from a year ago, the company reported July 28.

In a statement, Chief Executive Officer Tom A. Lewis said the company’s net-leased property portfolio “exhibited strong performance,” with occupancy rising to 97.3 percent from 96.8 percent at the end of the first quarter. Same-store rents on 2,165 properties under lease increased 1.8 percent from a year ago.

During the second quarter, Realty Income invested $213.5 million in 10 new properties, which included several that were part of a $544 million transaction announced this year, Lewis said.

Realty Income trades under the symbol O on the New York Stock Exchange.

— Lou Hirsh