Realty Income Corporation (O) has reported a 14.22 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $77.07 million, or $0.27 a share in the quarter, compared with $67.48 million, or $0.26 a share for the same period last year.
Revenue during the quarter grew 7.06 percent to $277.17 million from $258.89 million in the previous year period.
Total expenses were $203.41 million for the quarter, up 3.49 percent or $6.86 million from year-ago period. Operating margin for the quarter expanded 253 basis points over the previous year period to 26.61 percent.
Operating income for the quarter was $73.76 million, compared with $62.33 million in the previous year period.
Revenue from real estate activities during the quarter increased 7.06 percent or $18.28 million to $277.17 million.
Income from operating leases during the quarter rose 7.17 percent or $17.75 million to $265.33 million. Revenue from tenant reimbursements was $11.52 million for the quarter, up 13.12 percent or $1.34 million from year-ago period.
Revenue from other real estate activities during the quarter was $0.32 million, down 71.71 percent or $0.81 million from year-ago period.
“We are pleased with our continued success and the company’s position of strength as we enter the fourth quarter,” said John P. Case, Realty Income’s chief executive officer. “During the third quarter, we completed $410 million in high-quality acquisitions at attractive investment spreads to our cost of capital. Year-to-date, we have completed approximately $1.1 billion in acquisitions and we continue to see an active pipeline of investment opportunities. As a result, we are raising our 2016 acquisitions guidance to approximately $1.5 billion from our prior estimate of $1.25 billion. Our portfolio remains healthy with occupancy in excess of 98%. During the third quarter, we were quite active on the re-leasing front with 47 properties re-leased, recapturing 105% of expiring rent. Based on the positive results from our operating performance, we are tightening and raising the midpoint of our 2016 AFFO per share guidance from $2.85 - $2.90 to $2.87 - $2.89.”
Net receivables were at $94.50 million as on Sep. 30, 2016, up 26.04 percent or $19.52 million from year-ago.
Total assets grew 6.80 percent or $797.88 million to $12,536.45 million on Sep. 30, 2016. On the other hand, total liabilities were at $5,765.96 million as on Sep. 30, 2016, up 1.61 percent or $91.22 million from year-ago.
Return on assets moved down 51 basis points to 0.62 percent in the quarter. At the same time, return on equity moved up 4 basis points to 1.04 percent in the quarter.
Debt remains almost stable
Total debt was almost stable over the past one year at $5,250.70 million on Sep. 30, 2016. Shareholders equity stood at $6,770.50 million as on Sep. 30, 2016, up 11.65 percent or $706.66 million from year-ago. As a result, debt to equity ratio went down 9 basis points to 0.78 percent in the quarter.
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