Realty Income Corporation (O), also known as The Monthly Dividend Company, is a real estate investment trust (REIT) that owns over 6,500 real estate properties under long-term lease agreements with commercial clients.
The company generated 84.4% of its total annualized contractual rent from retailers, 10.9% from industrial, 3.1% from industrial and 1.6% from agriculture in 2020. Its properties are spread out across the United States, along with Puerto Rico and the United Kingdom, with only Texas accounting for more than 10% of annualized contractual rents. The company’s largest tenants include Walgreens (5.7%), 7-Eleven (4.8%) and Dollar General (4.3%).
Better than Expected Results
Realty Income reported fourth quarter revenue that rose 5.2% to $418.1 million, beating consensus estimates by $19.83 million, and FFO of $0.84 per share, beating consensus estimates by one cent. The company also invested over $1 billion in properties and properties under development or expansion, including $467.2 million in U.K. properties.
The company raised its monthly dividend by 0.2% to $0.235 per share, which represents a 4.46% forward yield. The dividend is payable on April 15, 2021, to shareholders on record as of April 1, 2020.
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