PHOENIX-A little more than six weeks after shares of Cole Real Estate Investments Inc. began trading on the New York Stock Exchanges, the REIT released Q2 2013 earnings with numbers in positive territory. The good news featured consolidated revenue of $250.3 million (a 91% increase from the same time, the year before); net income of $29.1 million (an increase of 26% year over year) and consolidated adjusted funds from operations at $0.23 per diluted share, a 44% year-over-year increase.

Real estate investment segment highlights included:

• Revenue and net income of $167.6 million and $19.9 million, respectively.
• AFFO of $0.20 per diluted share, an increase of 25% over the second quarter of 2012.
• Normalized EBITDA of $139.3 million, an increase of 27% over the second quarter of 2012.
• Acquisition of six properties with a weighted average annual lease yield of 7.7% and generation of an 18% net gain on five properties sold at a weighted average annual lease yield of 7.5%.
• An increase in the unsecured credit facility to $1.4 billion from $858 million, extension of the term of the revolving loans to June 2017 and the term loan to June 2018 and decreased of the weighted average interest rate from 3% to 2.9%.

The news prompted CREI's managers to increase AFFO guidance during the remainder of 2013 by 10%, to the range of $0.42 to $0.47 per diluted share. Also increased are dividends.

The REIT had a total portfolio occupancy of 99.1%, investment grade tenancy of 55% and a weighted average remaining lease term of 12.1 years (as of June 30).