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Realty Income Corp. Announces 2Q Results

ESCONDIDO, CA-The Escondido-based firm reports second quarter revenue as $36.5 million and funds from operations as $23.9 million. The figures reflect an 8% jump in revenue and a 3.9% increase in FFO as compared with the same quarter last year.

By Erin Cassin | Updated on July 31, 2003

ESCONDIDO, CA-The locally based retail REIT known as Realty Income Corp. has announced its second quarter 2003 and mid-year operating results, which point to an increase reflective of the company’s steady growth.

According to Realty Income’s report, revenue for this year’s second quarter has jumped 8% from the same period in 2002, rising from $33.8 million to $36.5 million. Revenue for the six months ended June 30, 2003 has shown an even greater increase, shooting up 8.3% from $66.5 million in the first half of 2002 to $72 million in the first half of 2003. Funds from operations, meanwhile, has risen 3.9% from $23 million in the second quarter of last year to $23.9 million in the second quarter of this year. On a diluted common share basis, however, FFO has dipped 1.4% to $0.68 per share from $0.69 per share. When it comes to the first six months of this year, FFO on a diluted per common share basis has remained unchanged at $1.37 per share for both periods. FFO for the six months ended June 30, 2003 jumped 5.5% to $47.9 million from $45.4 million for the first six months of 2002. According to a statement released by Realty Income Corp., “the company considers FFO to be an appropriate supplemental measure of a REIT’s operating performance, as it is based on net income analyses of property portfolio performance that excludes non-cash items such as depreciation.

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