San Diego-based Realty Income Corp. on Wednesday reported double-digit increases in revenue and income for the first quarter.
The real estate investment trust said it earned $60.5 million, or 27 cents per share, on revenue of $246.9 million in the first quarter, compared to $47.2 million, or 23 cents per share, on revenue of $221.6 million a year ago.
The company said that during the quarter it invested $209.9 million in 83 new properties and properties under development or expansion
“We achieved solid financial results for the quarter with healthy earnings and dividend growth,” said John P. Case, Realty Income’s chief executive officer. “Additionally, our company reached two very significant milestones this year. First, in January, we were recognized for increasing our dividend for 20 consecutive years by being added to the exclusive S&P High Yield Dividend Aristocrats index. Then, in April, we were added to the S&P 500 index, joining this group of premier, large-cap, publicly traded companies.”
The results were released after markets closed in New York, but the company’s stock jumped 2.5% in after-hours trading.
The company owns over 4,300 properties with long-term lease agreements with regional and national retail chains and other commercial tenants. It had annual revenue of nearly $1 billion in 2014.
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