October 29, 2015
Realty Income, the San Diego-based owner of net lease properties around the country, had a very strong third quarter.
Net income during the third quarter hit $60.7 million, a jump from $57.9 million during the same year-ago period. Revenues for Realty Income also saw a bump, increasing 9.8 percent, to $258.9 million. Funds from operations (FFO) were also strong, rising 14 percent, to $162.2 million.
Meanwhile, the company is on a spending spree. Realty Income acquired $1.1 billion in properties year to date, and executives expect that number to hit $1.25 billion by year’s end.
Realty Income owns about 4,400 commercial real estate properties around the country, many of them leased to credit tenants such as Walgreens.