Realty Income Corp. (O) announced that its third-quarter net income available to common stockholders was $27.1 million, compared to $28.6 million for the same quarter in 2008. Net income per share for the quarter was $0.26 as compared to $0.29 for the same quarter in 2008.
FFO for the quarter increased 5.5% to $48.2 million, compared to $45.7 million for the same quarter in 2008. FFO per share for the quarter increased 2.2% to $0.47 as compared to $0.46 for the same quarter in 2008.
Realty Income's revenue, for the quarter was $82.0 million as compared to $82.2 million for the same quarter in 2008.
For 2009, the company now expects FFO per share to be in the range of $1.83 to $1.84. while reporting the second-quarter result, the company had expected funds from operations per share to be in the range of $1.83 - $1.86.
The company estimates that FFO per share for 2010 should range from $1.86 to $1.92, which represents annual FFO per share growth of approximately 1.1% to 4.9%, as compared to an estimated 2009 FFO per share range of $1.83 to $1.84. FFO for 2010 is based on an estimated net income per share range of $0.99 to $1.05, adjusted for estimated real estate depreciation of $0.92 and potential gain on sales of investment properties of $0.05 per share.
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