2/9/2012 3:26 PM ET
(RTTNews) - Realty Income Corp. (O: News ) Thursday reported a rise in Funds from operations or FFO for the fourth quarter, with improved occupancy and same-store rents. Adjusted FFO were in line with Street estimates, while revenues topped estimates.
FFO available to common stockholders for the quarter increased 29.7 percent to $68.1 million from $52.5 million in the year-ago quarter. FFO per share increased 8.5 percent to $0.51 from $0.47 last year. Outstanding shares increased from the year-ago period.
On average, 14 analysts polled by Thomson Reuters expected earnings of $0.52 per share for the quarter. Analysts' estimates typically exclude special items.
FFO excludes depreciation and amortization charges and gains from sale of properties. During the quarter, Realty Income sold five properties for $11.7 million, which resulted in gain on sales of $1.2 million.
Adjusted FFO available to common stockholders increased 28.5 percent to $68.5 million from $53.3 million last year. AFFO per share increased to $0.52 from $0.48 last year.
Net income available to common stockholders for the quarter rose to $34.9 million from $31.8 million in the year-ago quarter. Earnings per share were $0.26 versus $0.28 last year.
Revenue for the quarter grew 23.6 percent to $114 million from $92.2 million in the year-ago quarter. Twelve Street analysts expected revenues of $111.1 million for the quarter.
Portfolio occupancy for commercial real estate increased to 96.7 percent from 96.6 percent last year.
Same store rents for the quarter increased 1.1 percent to $80.3 million from $79.4 million last year.
Full-year revenue increased 22.6 percent to $421.1 million from $343.5 million in 2010.
Crest Net Lease, a subsidiary company of Realty Income, contributed FFO of $0.01 per share to Realty Income's FFO in 2011.
For 2012, the Escondido, California-based company expects FFO in a range of $2.01 to $2.05 per share, an increase of 1.5 to 3.5 percent over 2011 FFO per share of $1.98. Street expects earnings for 2012 of $2.05 per share.
The current guidance represents a lowering of $0.02 from the prior guidance due to a one-time non-cash redemption charge of $3.7 million associated with the planned redemption of the Class D preferred stock.
AFFO is expected to range from $2.07 to $2.12 per share, an increase of 3 to 5.5 percent over 2011 AFFO per share of $2.01.
O is currently trading at $37.22, down $0.14 or 0.37%, on the NYSE. Over the past year, the stock traded in a range of $27.93 - $37.49.
 | | To receive FREE breaking news email alerts for Realty Income Corp. and others in your portfolio |
|
by RTT Staff Writer
For comments and feedback: contact editorial@rttnews.com