San Diego-based real estate investment trust, Realty Income Corp., released its Q2 financial report which showed an 11 percent increase in both company revenue and earnings.
The report was released Wednesday, July 27, reports Times of San Diego, wherein the company cited a revenue increase of $253.9 million from $228.6 million in the same quarter period last year. Realty Income also reported a net income of $59.3 million which is higher than the previous year's quarter period of $51.4 million. For the company's common stockholders, this translates to a 25 cents per share rate.
In a statement, Realty Income's Chief Executive Officer John P. Case mentioned how the company continued to experience "excellent momentum in business" in the second quarter of 2015, reports PRNewswire. Case added, "We completed a near-record volume of acquisitions, executed attractively-priced capital markets transactions, and grew our portfolio occupancy from the first quarter. These activities contributed to record quarterly AFFO (Adjusted Funds From Operations) per share of $0.68, an increase of 6.3% year-over-year."
The PRNewswire report also listed the highlights of Realty Income's Q2 accomplishments, such as a $721.3 million investment in 100 new properties and properties under development or expansion. Aside from property investments, the company was also able to raise equity capital net proceeds of $382 million, as well as increased the monthly dividend for the month of June. The June increase marked the 81st time this happened, as well as the 71st consecutive quarter growth. The dividends paid per common share also increased to 4 percent compared to the same quarter period last year.
Meanwhile, Realty Income Corp. shares climbed up slightly to 0.86 percent during the midday trading Wednesday, stated Sleek Money. The shares hit $47.83 which marked a 7 percent increase over the past 12 months. The company's reported $253.90 million Q2 revenue even surpassed industry experts' initial estimates of $244.30 million.
