San Diego Business Journal

Realty Income Boosts Revenue, Net Income in Second Quarter

Friday, July 26, 2013

Realty Income Corp. reported record results for its second quarter ending June 30, with revenue up 63 percent and adjusted funds from operations rising 73.8 percent from the year-ago period.

A statement from the Escondido-based real estate investment trust said revenue totaled $184.3 million in the latest quarter. Adjusted funds from operations, an industry-accepted supplemental metric gauging the performance of real estate portfolios, totaled $115.6 million.

Net income available to common stockholders for the quarter was $44.2 million, up from $33 million for the same period of 2012.

During the second quarter, Realty Income invested $738.1 million in property acquisitions in 32 states, bringing its portfolio to 3,681 properties leased to 194 commercial enterprises as of June 30. The portfolio was 97.3 percent occupied at the end of the second quarter.

CEO Tom A. Lewis said the company is on track to reach $1.25 billion in new acquisitions by the end of 2013, surpassing its prior estimate of $1 billion.

Realty Income invests in industrial, retail and related commercial properties. It trades under the symbol O on the New York Stock Exchange.

— Lou Hirsh