San Diego Business Journal

Revenue, Net Income Rise at Realty Income

Monday, May 2, 2011

Escondido-based Realty Income Corp., which invests in retail and related commercial properties, saw revenue during the first quarter rise 18.4 percent from the year-ago period, to $97.8 million.

A company statement issued April 28 said net income available to common shareholders for the period ending March 31 was $29.9 million, an increase of 24 percent from the first quarter of 2010.

The real estate investment trust’s monthly dividend increased for the 54th consecutive quarter, to an annualized amount of just over $1.73 per share.

Chief Executive Officer Tom A. Lewis said the company invested $150.7 million in 26 new properties during the quarter, including some properties that were part of a recently announced $544 million transaction that will eventually involve a total of 33 properties in 17 states.

Realty Income trades on the New York Stock Exchange under the symbol O. Shares closed May 2 at $35.55, near the high end of their 52-week range of $28.42 to $36.35.

— Lou Hirsh