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Realty Income Reenters Acquisitions Market

The company, which hasn't purchased a single property during the first half of the year, is beginning to dip its toes back into the acquisitions waters.

By Michelle Napoli | Updated on August 06, 2009

ESCONDIDO, CA-Is the virtual stalemate in the net lease market—as least as far as retail properties are concerned—close to coming to an end?

Realty Income Corp., which hasn’t purchased a single property during the first half of the year, is beginning to dip its toes back into the acquisitions waters. Chief executive officer Tom Lewis, speaking on the Escondido, CA-based REIT’s July 30 second quarter earnings call, notes that the company has been “waiting for property prices to adjust downward and cap rates up. I think it’s been about 20 months since we put out an LOI on a property.”

But, “I know there will be some modest acquisitions in the third quarter, and I’ll define that as a trickle, and we’ll see where it goes from there,” Lewis says. “We are out looking at transactions and buying again.”

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