Realty Income Corporation

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Realty Income Corporation
Public company
Traded as NYSEO
S&P 500 Index component
Industry Real estate investment trust
Founded 1969; 49 years ago (1969)
Founder William E. Clark, Jr. & Evelyn J. Clark
Headquarters San Diego, California
Key people
John P. Case, CEO
Paul M. Meurer, CFO[1]
Revenue Increase $1.103 billion (2016)[1]
Increase $0.316 billion (2016)[1]
Total assets Increase $13.152 billion (2016)[1]
Total equity Increase $6.766 billion (2016)[1]
Number of employees
146 (2016)[1]
Website www.realtyincome.com

Realty Income Corporation is a real estate investment trust that invests in shopping centers in the United States and Puerto Rico that are subject to NNN Leases.

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

Investments[edit]

As of December 31, 2016, the company owned 4,944 properties totaling 83.0 million rentable square feet, with an average property size of 16,800 square feet.[1]

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

Rank Tenant  % of Total Revenue
1 Walgreens 7.0%
2 FedEx 5.5%
3 Dollar General 4.2%
4 LA Fitness 4.0%
5 Dollar Tree 3.8%
6 Circle K 2.6%
7 AMC Theatres 2.6%
8 BJ's Wholesale Club 2.4%
9 Diageo 2.4%
10 CVS Pharmacy 2.0%

History[edit]

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]

References[edit]

  1. ^ a b c d e f g h i Realty Income Corporation 2016 Form 10-K Annual Report
  2. ^ a b 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. ^ a b "Realty Income Names John P. Case to Succeed Tom A. Lewis As Chief Executive Officer" (Press release). PRNewswire. 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. 

External links[edit]