REALTY INCOME CORPORATION SAN DIEGO, July 29, 2015 /PRNewswire/ -- Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company(®), today announced record operating results for the second quarter and first six months ended June 30, 2015. All per share amounts presented in this press release are on a diluted per common share basis unless stated otherwise.
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COMPANY HIGHLIGHTS:
For the quarter ended June 30, 2015:
-- AFFO per share increased 6.3% to $0.68, compared to the quarter ended
June 30, 2014
-- Invested $721.3 million in 100 new properties and properties under
development or expansion
-- Raised equity capital net proceeds of $382 million
-- Added to the S&P 500 index
-- Increased the monthly dividend in June for the 81(st) time and for the
71(st) consecutive quarter
-- Dividends paid per common share increased 4.0%, compared to the quarter
ended June 30, 2014
-- Closed on a new $2.25 billion unsecured credit facility and term loan to
replace the previous $1.5 billion unsecured credit facility
CEO Comments
"We continue to experience excellent momentum in our business," said John P. Case, Realty Income's Chief Executive Officer. "During the second quarter, 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 per share of $0.68, an increase of 6.3% year-over-year."
"We completed $721.3 million in acquisitions during the second quarter, achieving our second-highest quarterly volume of property-level acquisitions in the company's history. This brings us to $931.2 million in acquisitions completed during the first half of the year. We largely funded our year-to-date acquisition activities by raising $483.5 million of attractively-priced equity capital early in the year and executing a $250 million term loan at a fixed rate of 2.67% that comes due in 2020 when we have no scheduled unsecured debt maturities. We also recast and expanded our revolving credit facility this quarter to $2.0 billion, decreasing our all-in drawn borrowing costs by 20 basis points to LIBOR plus 1.05%. We are well-positioned with approximately $1.6 billion available on the facility to fund our future acquisition activities. We now estimate completing approximately $1.25 billion in acquisitions in 2015, an increase from our previous estimate of $1 billion."
"With the backdrop of our positive performance during the first half of the year, and the continued scalability of our business, we are raising and tightening our earnings guidance for the year from our previous AFFO per share estimate of $2.66 - $2.71. We now expect AFFO per share for 2015 of $2.69 - $2.73, representing year-over-year growth of 4.7% - 6.2%."
Financial Results
Revenue
Revenue for the quarter ended June 30, 2015 increased 11.1% to $253.9 million, as compared to $228.6 million for the same quarter in 2014. Revenue for the six months ended June 30, 2015 increased 11.2% to $500.7 million, as compared to $450.2 million for the same period in 2014.
Net Income Available to Common Stockholders
Net income available to common stockholders for the quarter ended June 30, 2015 was $59.3 million, as compared to $51.4 million for the same quarter in 2014. Net income per share for the quarter ended June 30, 2015 was $0.25, as compared to $0.23 for the same quarter in 2014.
Net income available to common stockholders for the six months ended June 30, 2015 was $119.8 million, as compared to $98.6 million for the same period in 2014. Net income per share for the six months ended June 30, 2015 was $0.52, as compared to $0.46 for the same period in 2014.
The calculation to determine net income for a real estate company includes impairments and/or gains on property sales. Impairments and/or gains on property sales vary from quarter to quarter. This variance can significantly impact net income and period to period comparisons.
Funds From Operations (FFO) Available to Common Stockholders
FFO for the quarter ended June 30, 2015 increased 12.0% to $159.5 million, as compared to $142.4 million for the same quarter in 2014. FFO per share for the quarter ended June 30, 2015 increased 7.8% to $0.69, as compared to $0.64 for the same quarter in 2014.
FFO for the six months ended June 30, 2015 increased 12.8% to $312.4 million, as compared to $276.9 million for the same period in 2014. FFO per share for the six months ended June 30, 2015 increased 5.4% to $1.36, as compared to $1.29 for the same period in 2014.
Adjusted Funds From Operations (AFFO) Available to Common Stockholders
AFFO for the quarter ended June 30, 2015 increased 12.7% to $159.1 million, as compared to $141.2 million for the same quarter in 2014. AFFO per share for the quarter ended June 30, 2015 increased 6.3% to $0.68, as compared to $0.64 for the same quarter in 2014.
AFFO for the six months ended June 30, 2015 increased 13.7% to $311.2 million, as compared to $273.8 million for the same period in 2014. AFFO per share for the six months ended June 30, 2015 increased 6.3% to $1.36, as compared to $1.28 for the same period in 2014.
The company considers FFO and AFFO to be appropriate supplemental measures of a Real Estate Investment Trust's (REIT's) operating performance. Realty Income defines FFO consistent with the National Association of Real Estate Investment Trust's (NAREIT's) definition, as net income available to common stockholders, plus depreciation and amortization of real estate assets, plus impairments of real estate, reduced by gains on sales of investment properties and extraordinary items. AFFO further adjusts FFO for unique revenue and expense items, which the company believes are not as pertinent to the measurement of the company's ongoing operating performance. See the reconciliations of net income available to common stockholders to FFO and AFFO on page six.
Dividend Information
In June 2015, Realty Income announced the 71(st) consecutive quarterly dividend increase, which is the 81(st) increase in the amount of the dividend since the company's listing on the New York Stock Exchange in 1994. The annualized dividend amount as of June 30, 2015 was $2.28 per share. The amount of monthly dividends paid per share increased 4.0% to $0.569 in the second quarter of 2015 compared to $0.547 for the same period in 2014. Realty Income has a dividend reinvestment and stock purchase program that can be accessed at www.realtyincome.com. The program is administered by Wells Fargo Shareowner Services.
Real Estate Portfolio Update
As of June 30, 2015, Realty Income's portfolio of freestanding, single-tenant properties consisted of 4,452 properties located in 49 states and Puerto Rico, leased to 235 commercial tenants doing business in 47 industries. The properties are leased under long-term, net leases with a weighted average remaining lease term of approximately 10.3 years.
Portfolio Management Activities
The company's portfolio of commercial real estate, owned primarily under 10- to 20-year net leases, continues to perform well and provide dependable rental revenue supporting the payment of monthly dividends. As of June 30, 2015, portfolio occupancy was 98.2% with 81 properties available for lease out of a total of 4,452 properties in the portfolio, as compared to 98.3%, with 74 properties available for lease as of June 30, 2014. Economic occupancy, or occupancy as measured by rental revenue, was 99.2% as of June 30, 2015, as compared to 99.1% as of June 30, 2014.
Since March 31, 2015, when the company reported 86 properties available for lease, the company had 80 lease expirations, re-leased 81 properties and sold four vacant properties. Of the 81 properties re-leased during the second quarter of 2015, 73 properties were re-leased to existing tenants, one was re-leased to a new tenant without vacancy, and seven were re-leased to new tenants after a period of vacancy. The annual new rent on these re-leases was $12.8 million, as compared to the previous annual rent of $12.1 million on the same properties, representing a rent recapture rate of 105.7%.
Rent Increases
During the quarter ended June 30, 2015, same store rents on 3,681 properties under lease increased 1.5% to $200.2 million, as compared to $197.2 million for the same quarter in 2014. For the six months ended June 30, 2015, same store rents on 3,681 properties under lease increased 1.4% to $400.4 million, as compared to $394.9 million for the same period in 2014.
Investments in Real Estate
During the quarter ended June 30, 2015, Realty Income invested $721.3 million in 100 new properties and properties under development or expansion, located in 33 states. These properties are 100% leased with a weighted average lease term of approximately 18.2 years and an initial average lease yield of 6.3%. The tenants occupying the new properties operate in 13 industries, and the property types consist of 97.8% retail and 2.2% industrial, based on rental revenue. Approximately 49% of the rental revenue generated from acquisitions during the second quarter of 2015 is from investment grade-rated tenants.
During the six months ended June 30, 2015, Realty Income invested approximately $931.2 million in 166 new properties and properties under development or expansion, located in 35 states. These properties are 100% leased with a weighted average lease term of approximately 17.5 years and an initial average lease yield of 6.4%. The tenants occupying the new properties operate in 16 industries, and the property types consist of 92.1% retail and 7.9% industrial, based on rental revenue. Approximately 52% of the rental revenue generated from the year-to-date 2015 acquisitions is from investment grade-rated tenants.
Property Dispositions
During the quarter ended June 30, 2015, Realty Income sold five properties for $8.2 million, with a gain on sales of $3.7 million, as compared to six properties sold for $7.0 million, with a gain on sales of $2.0 million, during the same quarter in 2014. During the six months ended June 30, 2015, Realty Income sold 14 properties for $30.5 million, with a gain on sales of $10.9 million, as compared to 17 properties sold for $19.7 million, with a gain on sales of $5.8 million, during the same period in 2014.
Liquidity and Capital Markets
New Credit Facility
In June 2015, Realty Income closed on a $2.25 billion unsecured credit facility. This new credit facility is comprised of a $2.0 billion revolving credit facility and a $250 million five-year unsecured term loan. As of June 30, 2015, $1.57 billion was available on the revolving credit facility.
Issued 5.5 Million Shares in Common Stock Offering
In April 2015, Realty Income issued 5.5 million common shares. Net proceeds of $276.4 million were used to repay a portion of borrowings under the company's revolving credit facility.
Direct Stock Purchase and Dividend Reinvestment Plan Activities
During the quarter ended June 30, 2015, Realty Income issued 2,312,304 common shares via its Direct Stock Purchase Plan, generating net proceeds of $105.5 million. During the six months ended June 30, 2015, Realty Income issued 4,335,580 common shares via its Direct Stock Purchase Plan, generating net proceeds of $207.1 million.
2015 Earnings Guidance
FFO per share for 2015 should range from $2.72 to $2.77 per share, an increase of 5.4% to 7.4% over 2014 FFO per share of $2.58. FFO per share for 2015 is based on a net income per share range of $1.01 to $1.06, plus estimated real estate depreciation of $1.80 per share, and reduced by potential estimated gains on sales of investment properties of $0.09 per share (in accordance with NAREIT's definition of FFO).
AFFO per share for 2015 should range from $2.69 to $2.73 per share, an increase of 4.7% to 6.2% over the 2014 AFFO per share of $2.57. AFFO further adjusts FFO for unique revenue and expense items, which are not as pertinent to the measurement of the company's ongoing operating performance.
Additional earnings guidance detail can be found in the company's supplemental materials available on Realty Income's corporate website at http://investors.realtyincome.com/quarterly-results.
Conference Call Information
In conjunction with Realty Income's quarterly results, the company will host a conference call on July 30, 2015 at 11:30 a.m. PDT to discuss the operating results. To access the conference, dial (888) 504-7963. When prompted, provide the access code: 3578577.
Shareholders may also access a telephone replay of the conference call by calling (888) 203-1112 and entering the access code: 3578577. The telephone replay will be available through August 13, 2015. A live webcast will be available in listen-only mode by clicking on the webcast link at www.realtyincome.com. A replay of the conference call webcast will be available approximately two hours after the conclusion of the live broadcast. The webcast replay will be available through August 13, 2015. No access code is required for this replay.
Supplemental Materials and Website
Supplemental materials on the second quarter and year-to-date 2015 operating results are available on Realty Income's corporate website at http://investors.realtyincome.com/quarterly-results.
About Realty Income
Realty Income, The Monthly Dividend Company(®), is an S&P 500 company dedicated to providing shareholders with dependable monthly income. The company is structured as a REIT and its monthly dividends are supported by the cash flow from over 4,400 real estate properties owned under long-term lease agreements with regional and national commercial tenants. To date, the company has declared 541 consecutive common stock monthly dividends throughout its 46-year operating history and increased the dividend 81 times since Realty Income's public listing in 1994 (NYSE: O). The company is an active buyer of net-leased commercial properties nationwide. Additional information about the company can be obtained from the corporate website at www.realtyincome.com or www.twitter.com/realtyincome.
Forward-Looking Statements
Statements in this press release that are not strictly historical are "forward-looking" statements. Forward-looking statements involve known and unknown risks, which may cause the company's actual future results to differ materially from expected results. These risks include, among others, general economic conditions, local real estate conditions, tenant financial health, the availability of capital to finance planned growth, continued volatility and uncertainty in the credit markets and broader financial markets, property acquisitions and the timing of these acquisitions, charges for property impairments, and the outcome of any legal proceedings to which the company is a party, as described in the company's filings with the Securities and Exchange Commission. Consequently, forward-looking statements should be regarded solely as reflections of the company's current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release. The company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share amounts) (unaudited)
Three Months Three Months Six Months Six Months
Ended 6/30/15 Ended 6/30/14 Ended 6/30/15 Ended 6/30/14
------------- ------------- ------------- -------------
REVENUE
Rental $241,431 $221,868 $476,554 $435,989
Tenant reimbursements 11,607 6,169 21,570 12,597
Other 822 609 2,604 1,632
--- --- ----- -----
Total revenue 253,860 228,646 500,728 450,218
------- ------- ------- -------
EXPENSES
Depreciation and amortization 101,101 92,894 199,138 182,864
Interest 58,680 52,712 117,148 104,432
General and administrative 12,609 11,587 25,471 24,473
Property (including reimbursable) 14,937 10,127 28,914 20,704
Income taxes 628 570 1,702 1,661
Provisions for impairment 3,230 499 5,317 2,182
Total expenses 191,185 168,389 377,690 336,316
------- ------- ------- -------
Gain on sales of real estate 3,675 1,964 10,893 3,236
----- ----- ------ -----
Income from continuing operations 66,350 62,221 133,931 117,138
Income from discontinued operations - 20 - 3,097
--- --- --- -----
Net income 66,350 62,241 133,931 120,235
Net income attributable to noncontrolling interests (263) (339) (581) (671)
---- ---- ---- ----
Net income attributable to the Company 66,087 61,902 133,350 119,564
Preferred stock dividends (6,770) (10,482) (13,540) (20,965)
Net income available to common stockholders $59,317 $51,420 $119,810 $98,599
======= ======= ======== =======
Funds from operations (FFO) available to common stockholders
$159,470 $142,409 $312,370 $276,910
Adjusted funds from operations (AFFO) available to common stockholders
$159,060 $141,178 $311,184 $273,822
Per share information for common stockholders:
Income from continuing operations:
Basic $0.26 $0.23 $0.52 $0.45
Diluted $0.25 $0.23 $0.52 $0.45
Net income:
Basic $0.26 $0.23 $0.52 $0.46
Diluted $0.25 $0.23 $0.52 $0.46
FFO, basic and diluted $0.69 $0.64 $1.36 $1.29
AFFO, basic and diluted $0.68 $0.64 $1.36 $1.28
Cash dividends paid per common share $0.569 $0.547 $1.130 $1.094
FUNDS FROM OPERATIONS (FFO)
(dollars in thousands, except per share amounts)
We define FFO, a non-GAAP measure, consistent with NAREIT's definition, as net income available to common stockholders, plus depreciation and amortization of real estate assets, plus impairments of real estate assets, reduced by gains on sales of investment properties and extraordinary items.
Three Months Three Months Six Months Six Months
Ended 6/30/15 Ended 6/30/14 Ended 6/30/15 Ended 6/30/14
------------- ------------- ------------- -------------
Net income available to common stockholders $59,317 $51,420 $119,810 $98,599
Depreciation and amortization 101,101 92,894 199,138 182,864
Depreciation of furniture, fixtures and equipment (240) (104) (425) (196)
Provisions for impairment on investment properties 3,230 499 5,317 2,182
Gain on sale of investment properties:
Continuing operations (3,675) (1,964) (10,893) (3,236)
Discontinued operations - - - (2,607)
FFO adjustments allocable to noncontrolling interests (263) (336) (577) (696)
---- ---- ---- ----
FFO available to common stockholders $159,470 $142,409 $312,370 $276,910
======== ======== ======== ========
FFO per common share, basic and diluted $0.69 $0.64 $1.36 $1.29
Distributions paid to common stockholders $131,595 $121,229 $258,277 $234,643
FFO in excess of distributions paid to common stockholders
$27,875 $21,180 $54,093 $42,267
Weighted average number of common shares used for FFO:
Basic 232,403,586 220,979,955 228,932,782 214,039,692
Diluted 232,886,185 221,043,619 229,061,762 214,089,629
ADJUSTED FUNDS FROM OPERATIONS (AFFO)
(dollars in thousands, except per share amounts)
We define AFFO as FFO adjusted for unique revenue and expense items, which the company believes are not as pertinent to the measurement of the company's ongoing operating performance. Most companies in our industry use a similar measurement to AFFO, but they may use the term "CAD" (for Cash Available
for Distribution) or "FAD" (for Funds Available for Distribution).
Three Months Three Months Six Months Six Months
Ended 6/30/15 Ended 6/30/14 Ended 6/30/15 Ended 6/30/14
------------- ------------- ------------- -------------
Net income available to common stockholders $59,317 $51,420 $119,810 $98,599
Cumulative adjustments to calculate FFO (1) 100,153 90,989 192,560 178,311
------- ------ ------- -------
FFO available to common stockholders 159,470 142,409 312,370 276,910
Amortization of share-based compensation 2,811 2,752 5,362 5,449
Amortization of deferred financing costs (2) 1,281 1,165 2,575 2,241
Amortization of net mortgage premiums (1,745) (2,414) (3,629) (4,775)
Gain on early extinguishment of mortgage debt (117) (595) (195) (619)
Loss on interest rate swaps 899 984 1,958 1,042
Capitalized leasing costs and commissions (149) (275) (461) (467)
Capitalized building improvements (977) (1,090) (2,009) (2,267)
Straight-line rent (4,444) (3,977) (8,635) (7,913)
Amortization of above and below-market leases 1,954 2,213 3,696 4,207
Other adjustments (3) 77 6 152 14
AFFO available to common stockholders $159,060 $141,178 $311,184 $273,822
======== ======== ======== ========
AFFO per common share, basic and diluted $0.68 $0.64 $1.36 $1.28
Distributions paid to common stockholders $131,595 $121,229 $258,277 $234,643
AFFO in excess of distributions paid to common stockholders
$27,465 $19,949 $52,907 $39,179
Weighted average number of common shares used for AFFO:
Basic 232,403,586 220,979,955 228,932,782 214,039,692
Diluted 232,886,185 221,043,619 229,061,762 214,089,629
(1) See FFO
calculation
above for
reconciling
items.
(2) Includes the
amortization
of costs
incurred and
capitalized
upon
issuance of
our notes
payable,
assumption
of our
mortgages
payable and
upon
issuance of
our term
loans. The
deferred
financing
costs are
being
amortized
over the
lives of the
respective
mortgages
and term
loans. No
costs
associated
with our
credit
facility
agreements
or annual
fees paid to
credit
rating
agencies
have been
included.
(3) Includes
adjustments
allocable to
both
noncontrolling
interests
and capital
lease
obligations.
HISTORICAL FFO AND AFFO
(dollars in thousands, except per share amounts)
For the three months ended June 30, 2015 2014 2013 2012 2011
----------------------------------- ---- ---- ---- ---- ----
Net income available to common stockholders $59,317 $51,420 $45,957 $32,950 $33,185
Depreciation and amortization 100,861 92,790 74,471 35,571 29,000
Provisions for impairment on investment properties 3,230 499 2,496 - 10
Gain on sales of investment properties (3,675) (1,964) (5,744) (3,354) (1,251)
Merger-related costs - - 605 - -
FFO adjustments allocable to noncontrolling interests (263) (336) (220) - -
---- ---- ---- --- ---
FFO $159,470 $142,409 $117,565 $65,167 $60,944
FFO per diluted share $0.69 $0.64 $0.60 $0.49 $0.48
AFFO $159,060 $141,178 $115,584 $66,499 $62,370
AFFO per diluted share $0.68 $0.64 $0.59 $0.50 $0.49
Cash dividends paid per share $0.569 $0.547 $0.544 $0.437 $0.434
Weighted average diluted shares outstanding 232,886,185 221,043,619 195,759,091 132,828,540 126,202,047
For the six months ended June 30, 2015 2014 2013 2012 2011
--------------------------------- ---- ---- ---- ---- ----
Net income available to common stockholders $119,810 $98,599 $108,692 $59,022 $63,120
Depreciation and amortization 198,713 182,668 141,673 70,806 55,791
Provisions for impairment on investment properties 5,317 2,182 2,952 - 210
Gain on sales of investment properties (10,893) (5,843) (44,304) (3,965) (1,379)
Merger-related costs - - 12,635 - -
FFO adjustments allocable to noncontrolling interests (577) (696) (395) - -
---- ---- ---- --- ---
FFO $312,370 $276,910 $221,253 $125,863 $117,742
FFO per diluted share $1.36 $1.29 $1.20 $0.95 $0.96
AFFO $311,184 $273,822 $219,547 $132,793 $120,610
AFFO per diluted share $1.36 $1.28 $1.19 $1.00 $0.98
Cash dividends paid per share $1.130 $1.094 $1.057 $0.874 $0.866
Weighted average diluted shares outstanding 229,061,762 214,089,629 183,873,647 132,785,213 122,691,418
REALTY INCOME CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
---------------------------
June 30, 2015 and December 31, 2014
(dollars in thousands, except per share data)
2015 2014
---- ----
ASSETS (unaudited)
Real estate, at cost:
Land $3,222,805 $3,046,372
Buildings and improvements 8,792,676 8,107,199
-------------------------- --------- ---------
Total real estate, at cost 12,015,481 11,153,571
Less accumulated depreciation and amortization (1,534,780) (1,386,871)
---------------------------------------------- ---------- ----------
Net real estate held for investment 10,480,701 9,766,700
Real estate held for sale, net 8,965 14,840
------------------------------ ----- ------
Net real estate 10,489,666 9,781,540
Cash and cash equivalents 18,741 3,852
Accounts receivable, net 70,318 64,386
Acquired lease intangible assets, net 1,051,713 1,039,724
Goodwill 15,386 15,470
Other assets, net 82,490 107,650
-----------------
Total assets $11,728,314 $11,012,622
============ =========== ===========
LIABILITIES AND EQUITY
Distributions payable $47,089 $43,675
Accounts payable and accrued expenses 112,824 123,287
Acquired lease intangible liabilities, net 237,946 220,469
Other liabilities 40,458 53,145
Lines of credit payable 430,000 223,000
Term loans 320,000 70,000
Mortgages payable, net 769,461 852,575
Notes payable, net 3,786,063 3,785,372
Total liabilities 5,743,841 5,371,523
----------------- --------- ---------
Commitments and contingencies
Stockholders' equity:
Preferred stock and paid in capital, par value $0.01 per share, 69,900,000 shares authorized, 16,350,000
shares issued and outstanding as of June 30, 2015 and December 31, 2014 395,378 395,378
Common stock and paid in capital, par value $0.01 per share, 370,100,000 shares authorized, 234,857,578
shares issued and outstanding as of June 30, 2015 and 224,881,192 shares issued and outstanding as of
December 31, 2014 6,953,679 6,464,987
Distributions in excess of net income (1,388,854) (1,246,964)
------------------------------------- ---------- ----------
Total stockholders' equity 5,960,203 5,613,401
Noncontrolling interests 24,270 27,698
------------------------ ------ ------
Total equity 5,984,473 5,641,099
------------ --------- ---------
Total liabilities and equity $11,728,314 $11,012,622
============================ =========== ===========
Realty Income Performance vs. Major Stock Indices
Equity NASDAQ
Realty Income REIT Index (1) DJIA S&P 500 Composite
------------- ------------- ---- ------- ---------
Dividend Total Dividend Total Dividend Total Dividend Total Dividend Total
yield return (2) yield return (3) yield return (3) yield return (3) yield return (4)
----- --------- ----- --------- ----- --------- ----- --------- ----- ---------
10/18 to 12/31/1994 10.5% 10.8% 7.7% 0.0% 2.9% (1.6)% 2.9% (1.2)% 0.5% (1.7)%
1995 8.3% 42.0% 7.4% 15.3% 2.4% 36.9% 2.3% 37.6% 0.6% 39.9%
1996 7.9% 15.4% 6.1% 35.3% 2.2% 28.9% 2.0% 23.0% 0.2% 22.7%
1997 7.5% 14.5% 5.5% 20.3% 1.8% 24.9% 1.6% 33.4% 0.5% 21.6%
1998 8.2% 5.5% 7.5% (17.5)% 1.7% 18.1% 1.3% 28.6% 0.3% 39.6%
1999 10.5% (8.7)% 8.7% (4.6)% 1.3% 27.2% 1.1% 21.0% 0.2% 85.6%
2000 8.9% 31.2% 7.5% 26.4% 1.5% (4.7)% 1.2% (9.1)% 0.3% (39.3)%
2001 7.8% 27.2% 7.1% 13.9% 1.9% (5.5)% 1.4% (11.9)% 0.3% (21.1)%
2002 6.7% 26.9% 7.1% 3.8% 2.6% (15.0)% 1.9% (22.1)% 0.5% (31.5)%
2003 6.0% 21.0% 5.5% 37.1% 2.3% 28.3% 1.8% 28.7% 0.6% 50.0%
2004 5.2% 32.7% 4.7% 31.6% 2.2% 5.6% 1.8% 10.9% 0.6% 8.6%
2005 6.5% (9.2)% 4.6% 12.2% 2.6% 1.7% 1.9% 4.9% 0.9% 1.4%
2006 5.5% 34.8% 3.7% 35.1% 2.5% 19.0% 1.9% 15.8% 0.8% 9.5%
2007 6.1% 3.2% 4.9% (15.7)% 2.7% 8.8% 2.1% 5.5% 0.8% 9.8%
2008 7.3% (8.2)% 7.6% (37.7)% 3.6% (31.8)% 3.2% (37.0)% 1.3% (40.5)%
2009 6.6% 19.3% 3.7% 28.0% 2.6% 22.6% 2.0% 26.5% 1.0% 43.9%
2010 5.1% 38.6% 3.5% 27.9% 2.6% 14.0% 1.9% 15.1% 1.2% 16.9%
2011 5.0% 7.3% 3.8% 8.3% 2.8% 8.3% 2.3% 2.1% 1.3% (1.8)%
2012 4.5% 20.1% 3.5% 19.7% 3.0% 10.2% 2.5% 16.0% 2.6% 15.9%
2013 5.8% (1.8)% 3.9% 2.9% 2.3% 29.6% 2.0% 32.4% 1.4% 38.3%
2014 4.6% 33.7% 3.6% 28.0% 2.3% 10.0% 2.0% 13.7% 1.3% 13.4%
Q2 YTD 2015 5.1% (4.6)% 3.9% (5.4)% 2.4% 0.0% 2.1% 1.2% 1.2% 5.3%
Compound Average 16.4% 10.8% 10.0% 9.5% 9.5%
Annual Total Return (5)
Note: All of these dividend yields are
calculated as annualized dividends based on
the last dividend paid in applicable time
period divided by the closing price as of
period end. Dividend yield sources: NAREIT
website and Bloomberg, except for the 1994
NASDAQ dividend yield which was sourced from
Datastream /Thomson Financial.
(1) FTSE NAREIT US
Equity REIT
Index, as per
NAREIT
website.
(2) Calculated as
the
difference
between the
closing stock
price as of
period end
less the
closing stock
price as of
previous
period, plus
dividends
paid in
period,
divided by
closing stock
price as of
end of
previous
period. Does
not include
reinvestment
of dividends
for the
annual
percentages.
(3) Includes
reinvestment
of dividends.
Source:
NAREIT
website and
Factset.
(4) Price only
index, does
not include
dividends.
Source:
Factset.
(5) All of these
Compound
Average
Annual Total
Return rates
are
calculated in
the same
manner: from
Realty
Income's NYSE
listing on
October 18,
1994 through
June 30,
2015, and
(except for
NASDAQ)
assuming
reinvestment
of dividends.
Past
Performance
does not
guarantee
future
performance.
Realty Income
presents this
data for
informational
purposes only
and makes no
representation
about its
future
performance
or how it
will compare
in
performance
to other
indices in
the future.
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/realty-income-announces-record-operating-results-for-second-quarter-and-first-six-months-of-2015-300120730.html
SOURCE Realty Income Corporation
