Realty Income Corp.: 3Q Earnings Snapshot
SAN DIEGO (AP) _ Realty Income Corp. (O) on Monday reported a key measure of profitability in its third quarter. The results matched Wall Street expectations.
The San Diego-based real estate investment trust said it had funds from operations of $265.4 million, or 83 cents per share, in the period.
The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of 83 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 $101 million, or 32 cents per share.
The real estate investment trust posted revenue of $374.2 million in the period, which did not meet Street forecasts. Eight analysts surveyed by Zacks expected $375.8 million.
Realty Income Corp. expects full-year funds from operations in the range of $3.29 to $3.34 per share.
The company’s shares have risen 27% since the beginning of the year. In the final minutes of trading on Monday, shares hit $80.16, an increase of 33% in the last 12 months.