Realty Income Corporation

Realty Income Corporation
Public company
Traded as NYSE: O
S&P 500 Index component
Industry Real estate investment trust
Founded 1969 (1969)
Founder William E. Clark, Jr.
Evelyn J. Clark
Headquarters San Diego, California
Key people
 Michael D. McKee, Chairman
John P. Case, CEO
Paul M. Meurer, CFO
Products Free-standing, single-tenant commercial properties
Revenue Increase $1.215 billion (2017)
Increase $0.319 billion (2017)
Total assets Increase $14.058 billion (2017)
Total equity Increase $7.390 billion (2017)
Number of employees
 152 (2017)
Website www.realtyincome.com
Footnotes / references
[1]

Realty Income Corporation is a real estate investment trust that invests in free-standing, single-tenant commercial properties in the United States and Puerto Rico that are subject to NNN Leases. The company is organized in Maryland with its headquarters in San Diego, California.

The company is one of a few real estate investment trusts that pays dividends monthly, rather than quarterly.

Investments

As of December 31, 2017, the company owned 5,172 properties totaling 89.6 million rentable square feet, with an average property size of 12,060 square feet per retail property and 224,340 square feet per industrial property.[1]

The company's largest tenants are as follows:[1]

Rank Tenant % of Total Revenue
1 Walgreens 6.5%
2 FedEx 5.1%
3 LA Fitness 4.0%
4 Dollar General 3.9%
5 Dollar Tree 3.6%
6 AMC Theatres 3.6%
7 Walmart 3.0%
8 Circle K 2.5%
9 BJ's Wholesale Club 2.2%
10 Treasury Wine Estates 2.1%

History

Realty Income Corporation was founded in 1969 by William E. Clark and Evelyn J. Clark.[2]

Its first acquisition was a Taco Bell restaurant in early 1970.[2]

The company used cash to purchase land needed for stores that required real estate to run, and then leased the property to the stores long term.[3]

In 1994, the company became a public company via an initial public offering.[1]

In 1997, William E. Clark, Jr., retired as CEO and was succeeded by Thomas A. Lewis.[4]

In 2003, the company acquired 86 retail locations of TBC Corporation for $135 million in a leaseback transaction.[5]

In 2004, the company acquired 112 Circle K stores for $110.5 million.[6]

In 2006, the company acquired 144 properties leased to Buffets/Ryan's restaurant for $348 million.[7]

In 2009, Clark retired as chairman.[8]

In 2010, the company acquired wineries in Napa Valley for $269 million in a leaseback transaction.[9] The company also acquired 135 SuperAmerica convenience stores for $248 million.[10]

In 2011, the company acquired 33 properties for $544 million.[11]

In 2012, Michael D. McKee was named non-executive chairman.[12]

In 2013, the company acquired American Realty Capital Trust, founded by Nicholas Schorsch, in a $2.95 billion transaction.[13][14]

In 2013, John Case became CEO of the company.[4]

In 2014, the company acquired a property in Greenwood, Indiana leased to Gander Mountain for $8.1 million[15] and acquired a property in El Cajon, California for $20.1 million.[16]

In 2015, the company was added to the S&P 500 Index[17] and the S&P High Yield Dividend Aristocrats index.[18]

References

  1. 1 2 3 4 "Realty Income Corporation 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. 1 2 Frankel, Matthew (June 3, 2015). "Realty Income Corporation: How a Taco Bell Evolved Into a $10 Billion REIT". The Motley Fool.
  3. ↑ WOLFF, ERIC (December 8, 2010). "REAL ESTATE: Local company ready to reap the bubble's remains". The San Diego Union-Tribune.
  4. 1 2 "Realty Income Names John P. Case to Succeed Tom A. Lewis As Chief Executive Officer" (Press release). PR Newswire. September 3, 2013.
  5. ↑ "Realty Income Acquires $135 Million Property Portfolio of 86 Retail Tire Stores" (Press release). Business Wire. December 1, 2003.
  6. ↑ "Realty Income buys 112 Circle K stores". American City Business Journals. March 17, 2004.
  7. ↑ Forbes, Laurie (November 8, 2006). "Realty Income Enters $348M Sale-Leaseback with Buffets/Ryan's Restaurants". CoStar Group.
  8. ↑ "William E. Clark to Retire as Realty Income Chairman" (Press release). Business Wire. September 3, 2013.
  9. ↑ "Realty Income to Acquire $269 Million of Diageo Chateau & Estate Wines Properties in Sale-Leaseback Transaction" (Press release). Business Wire. June 24, 2010.
  10. ↑ Heschmeyer, Mark (December 15, 2010). "Realty Income Acquires 135 SuperAmerica Stations". CoStar Group.
  11. ↑ "Realty Income to Acquire up to $544 Million of Net Lease Properties" (Press release). Business Wire. March 7, 2011.
  12. ↑ "Realty Income Names Michael D. McKee Non-Executive Chairman" (Press release). Business Wire. February 21, 2012.
  13. ↑ "Realty Income To Acquire American Realty Capital Trust In $2.95 Billion Transaction" (Press release). PR Newswire. September 6, 2012.
  14. ↑ "Realty Income Closes American Realty Capital Trust Acquisition" (Press release). Business Wire. January 22, 2013.
  15. ↑ Sprague, Thomas (May 21, 2014). "Realty Income Corp Acquires Greenwood Springs for $8.1M". CoStar Group.
  16. ↑ HIRSH, LOU (July 6, 2014). "Realty Income Corp. Buys El Cajon Retail Center for $20.1 Million". American City Business Journals.
  17. ↑ "Realty Income Set to Join S&P 500; Windstream, Douglas Emmett to Join the S&P MidCap 400; Gentherm, Echo Global Logistics to Join the S&P SmallCap 600" (Press release). PR Newswire. March 27, 2015.
  18. ↑ https://www.reit.com/news/reit-magazine/march-april-2016/realty-income-reaping-triple-net-lease-rewards
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.