Escondido-based Realty Income Corp., which invests in retail and related commercial properties, saw revenue rise 13.4 percent from a year ago in the final quarter of 2010, reaching $92.2 million.
Revenue for the full year increased 6.1 percent, to $345 million, the company reported Feb. 10. Net income available to common stockholders was on par with prior-year figures, reaching $31.8 million for the quarter ending Dec. 31 (up from $29.3 million a year ago); and $106.5 million for the year (down from $106.9 million in 2009).
Funds from operations, a supplementary measure used to gauge real estate performance, rose 8.5 percent for the quarter, to $52.5 million, and increased 1.7 percent for the year, to $193.7 million. Adjusted funds from operations, accounting for factors including depreciation and amortization, were up 9.7 percent for the quarter and 2.4 percent for the year.
In a statement, Chief Executive Officer Tom Lewis said the real estate investment trust was able to grow rental revenue in 2010 while raising its dividend paid to shareholders every quarter, passing $1.9 billion in dividends paid to date in the company’s history.
Lewis said the firm’s national real estate portfolio has grown to 2,500 properties. Acquisitions in 2010 totaled 186 properties, for a company annual record of $713.5 million.
Shares of Realty Income trade on the New York Stock Exchange under the symbol O. As of Feb. 11 the stock has a 52-week range of $25.28 to $35.97.
— Lou Hirsh