Realty Income Corp.: 2Q Earnings Snapshot
SAN DIEGO (AP) _ Realty Income Corp. (O) on Monday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in San Diego, said it had funds from operations of $253.9 million, or 82 cents per share, in the period.
The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of 81 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $95.2 million, or 31 cents per share.
The real estate investment trust posted revenue of $365.5 million in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $360.9 million.
Realty Income Corp. expects full-year funds from operations in the range of $3.28 to $3.33 per share.
The company’s shares have climbed slightly more than 9% since the beginning of the year. In the final minutes of trading on Monday, shares hit $68.94, a climb of 20% in the last 12 months.