According to the company's recently released report, revenue increased to $37.3 million in the fourth quarter of 2002, which reflects a 12.3% increase from the $33.2 million recorded in the same period last year. For the year 2002 overall, revenue jumped 13.8% to $141 million.
Meanwhile, funds from operations for last year's fourth quarter rose 13.5% from the same period in 2002, jumping from $22.3 million to $25.3 million. Overall results for 2002 showed a 22.2% increase in funds from operations to $95.1 million
At the close of last year, Realty Income Corp. owned 1,197 freestanding, single-tenant retail properties and its portfolio occupancy stood at 97.7%. The REIT acquired 108 assets in 2002, which have a combined worth of $133 million. In addition, the company's subsidiary Crest Net Lease Inc. purchased three properties for a total of $6.1 million.
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