Realty Income Corporation (Realty Income), The Monthly Dividend Company® (NYSE:O), today announced operating results for the fourth quarter ended December 31, 2011. Access to this document is available at www.realtyincome.com. All per share amounts presented in this press release are on a diluted per common share basis, unless stated otherwise.
COMPANY HIGHLIGHTS:
For the quarter ended December 31, 2011 (as compared to the same quarterly period in 2010):
For the year ended December 31, 2011 (as compared to 2010):
Financial Results
Revenue
Revenue, for the quarter ended December 31, 2011, increased 23.6% to $114.0 million as compared to $92.2 million for the same quarter in 2010. Revenue for 2011 increased 22.6% to $421.1 million as compared to $343.5 million in 2010.
Net Income Available to Common Stockholders
Net income available to common stockholders, for the quarter ended December 31, 2011, was $34.9 million as compared to $31.8 million for the same quarter in 2010. Net income per share for the quarter ended December 31, 2011, was $0.26 as compared to $0.28 for the same quarter in 2010.
Net income available to common stockholders, in 2011, was $132.8 million as compared to $106.5 million in 2010. Net income per share, in 2011, was $1.05 as compared to $1.01 in 2010.
The calculation to determine net income for a real estate company includes impairments and/or gains from the sales of investment properties. Impairments and/or gains on property sales vary from quarter to quarter. This variance can significantly impact net income.
During the fourth quarter of 2011, income from continuing operations available to common stockholders was $0.26 per share as compared to $0.24 per share for the same quarter in 2010.
During 2011, income from continuing operations available to common stockholders was $1.01 per share as compared to $0.91 in 2010.
FFO Available to Common Stockholders
Funds from Operations (FFO), for the quarter ended December 31, 2011, increased 29.7% to $68.1 million as compared to $52.5 million for the same quarter in 2010. FFO per share, for the quarter ended December 31, 2011, increased 8.5% to $0.51 as compared to $0.47 for the same quarter in 2010. FFO per share, before Crest’s contribution, increased 27.9% to $67.9 million as compared to $53.1 million. FFO per share, before Crest’s contribution, increased 8.5% to $0.51 as compared to $0.47 for the same quarter.
FFO, in 2011, increased 28.6% to $249.4 million as compared to $193.9 million in 2010. FFO per share, in 2011, increased 8.2% to $1.98 as compared to $1.83 in 2010. FFO, before Crest’s contribution, increased 28.3% to $248.7 million as compared to $193.9 million. FFO per share, before Crest’s contribution, increased 7.7% to $1.97 from $1.83 in 2010.
AFFO Available to Common Stockholders
Adjusted Funds from Operations (AFFO), for the quarter ended December 31, 2011, increased 28.5% to $68.5 million as compared to $53.3 million for the same quarter in 2010. AFFO per share, for the quarter ended December 31, 2011, increased 8.3% to $0.52 as compared to $0.48 for the same quarter in 2010.
AFFO, for 2011, increased 28.4% to $253.4 million as compared to $197.3 million for 2010. AFFO per share, for 2011, increased 8.1% to $2.01 as compared to $1.86 for 2010.
The Company considers FFO and AFFO to be appropriate supplemental measures of a Real Estate Investment Trust’s (REIT’s) operating performance. Realty Income defines FFO consistent with the National Association of Real Estate Investment Trust’s (NAREIT’s) definition as net income available to common stockholders plus depreciation and amortization of real estate assets, plus impairments of real estate, reduced by gains on sales of investment properties and extraordinary items. AFFO further adjusts FFO for unique revenue and expense items which are not pertinent to the measurement of our ongoing operating performance. See our reconciliation of net income available to common stockholders to FFO and AFFO on page seven.
Dividend Information
In December 2011, Realty Income announced the 57th consecutive quarterly dividend increase, which is the 64th increase in the amount of the dividend since the Company’s listing on the New York Stock Exchange in 1994. The annualized dividend amount, as of December 31, 2011, was $1.746 per share. The total amount of the monthly dividends paid in 2011, increased 0.9% to $1.737 per share from $1.722 per share in 2010. Through December 31, 2011, the Company has paid 497 consecutive monthly dividends, and over $2.1 billion in monthly dividends since 1969. Realty Income has a dividend reinvestment and stock purchase program that can be accessed at www.realtyincome.com. The program is administered by Wells Fargo Shareowner Services.
Real Estate Portfolio Update
As of December 31, 2011, Realty Income’s portfolio of freestanding, single-tenant properties consisted of 2,634 properties located in 49 states, leased to 136 retail chains and other commercial enterprises doing business in 38 industries. The properties are leased under long-term, net leases with a weighted average remaining lease term of approximately 11.3 years. Crest Net Lease, a subsidiary company of Realty Income, had an inventory of three properties at December 31, 2011, with a carrying value of $3.0 million. Crest contributed FFO of $0.01 per share to Realty Income’s FFO in 2011.
Portfolio Management Activities
The Company’s portfolio of commercial real estate, owned primarily under 15- to 20-year net leases, continues to perform well and provide dependable lease revenue supporting the payment of monthly dividends. As of December 31, 2011, portfolio occupancy was 96.7% with 87 properties available for lease out of a total of 2,634 properties in the portfolio, as compared to 97.7% portfolio occupancy as of September 30, 2011 and 96.6% as of December 31, 2010.
Rent Increases
During the quarter ended December 31, 2011, same store rents on 2,116 properties under lease increased 1.1% to $80.3 million, as compared to $79.4 million for the same quarter in 2010. During 2011, same store rents on 2,116 properties under lease increased 1.3% to $319.86 million, as compared to $315.61 million in 2010.
Property Acquisitions
During the fourth quarter of 2011, Realty Income invested $189.8 million in 39 new properties and properties under development. The new properties are located in seven states and are 100% leased with an initial average lease term of 20.0 years and an initial average lease yield of 7.5%.
During 2011, Realty Income invested $1.0 billion in 164 new properties and properties under development. The new properties are located in 26 states and are 100% leased with an initial average lease term of 13.4 years and an initial average lease yield of 7.8%.
Realty Income maintains a $425 million unsecured acquisition credit facility, which is used to fund property acquisitions in the near term. As of December 31, 2011, outstanding borrowings on the Company’s acquisition credit facility were $237.4 million.
Property Dispositions
Realty Income continued to successfully execute its asset disposition program in the third quarter of 2011. The objective of this program is to sell assets when the Company believes the reinvestment of the sales proceeds will generate higher returns, enhance the credit quality of the Company’s real estate portfolio, increase the average lease length, or decrease tenant or industry concentration.
During the quarter ended December 31, 2011, Realty Income sold five properties for $11.7 million, which resulted in gain on sales of $1.2 million. During 2011, Realty Income sold 26 properties for $24.1 million, which resulted in gain on sales of $5.7 million.
Other Activities
Direct Stock Purchase and Dividend Reinvestment Plan (the “Stock Plan”)
During the fourth quarter of 2011, Realty Income issued 20,962 common shares via its Stock Plan at an average price of $33.19 per share. The Plan generated gross proceeds of $696,000 during the quarter. For 2011, the Company issued 59,605 common shares via the Stock Plan, at an average price of $34.09 per share, raising gross proceeds of $2.0 million.
CEO Comments on Operating Results
Commenting on Realty Income’s financial results and real estate operations, Chief Executive Officer, Tom A. Lewis said, “We are pleased to report that, in 2011, we substantially increased our rental revenue and funds from operations, as well as raising the dividend every quarter. Our real estate portfolio has grown to 2,634 properties and occupancy increased to 96.7% as compared to the end of 2010. Same store rents on 2,116 properties under lease also increased 1.1% during the fourth quarter, and 1.3% for the year ended December 31, 2011.”
“We had a record year for new property acquisitions, investing over $1.0 billion in 164 new properties at a lease yield of 7.8%. This is the highest level of property acquisitions in our operating history for our core portfolio. We continue to see substantial flow of acquisition opportunities for review and believe 2012 should be a year where we are able to add attractive acquisitions to our existing portfolio.”
“We also had a successful year in permanently funding the majority of 2011 acquisitions, raising gross proceeds through a common stock offering of $214.2 million in September 2011, a common stock offering of $300.2 million in March 2011, and a $150 million re-opening of our 30-year bonds in June 2011, which were originally issued in 2005. In addition, an offering of 14.95 million shares of Class F Preferred stock was completed on February 7, 2012, raising approximately $373.8 million in gross proceeds. This offering allowed us to further reduce our corporate expenses by redeeming the Preferred D shares that carried a higher dividend rate than the newly issued Preferred F shares and pay off a significant portion of our acquisitions credit facility. The generation of a total of $1.04 billion of permanent capital provides us with excellent liquidity to pursue acquisition opportunities that will arise in 2012.”
“Finally, our solid operating performance allowed us to increase the amount of the dividend every quarter. Providing monthly dividends that increase over time is our mission, so we remain focused on operating the business in a manner that supports the payment of monthly dividends that increase over time to our shareholders.”
FFO Commentary
Realty Income’s FFO per share has historically tended to be stable and fairly predictable because of the long-term leases that are the primary source of the Company’s revenue. There are, however, several factors that can cause FFO per share to vary from levels that have been anticipated by the Company. These factors include, but are not limited to, changes in interest rates and occupancy rates, periodically accessing the capital markets, the level and timing of property acquisitions and dispositions, lease rollovers, the general real estate market and the economy.
2012 Estimates
The Company estimates that 2012 FFO per share should range from $2.01 to $2.05 per share, an increase of 1.5% to 3.5% over 2011 FFO per share of $1.98. This 2012 FFO estimate has been reduced from prior guidance by $0.02 due to a one-time non-cash redemption charge of $3.7 million associated with the planned redemption of the Class D preferred stock. The FFO per share estimates for 2012 are based on an estimated net income per share range of $1.00 to $1.04, plus estimated real estate depreciation of $1.11, and reduced by potential gains on sales of investment properties of $0.10 per share (in accordance with NAREIT’s definition of FFO).
The Company estimates that 2012 Adjusted Funds from Operations (AFFO) should range from $2.07 to $2.12 per share, an increase of 3.0% to 5.5% over 2011 AFFO per share of $2.01. The AFFO per share estimates for 2012 are based on adding back items to FFO totaling $0.10 to $0.11 that reduce net income, and deducting capitalized expenditures and straight-line rent revenue items totaling approximately $0.04, for a net increase of $0.06 to $0.07 over FFO.
About Realty Income
Realty Income is The Monthly Dividend Company®, a New York Stock Exchange real estate company dedicated to providing shareholders with dependable monthly income. As of December 31, 2011, the Company had paid 497 consecutive monthly dividends throughout its 43-year operating history. The monthly income is supported by the cash flows from over 2,600 properties owned under long-term lease agreements with 136 leading regional and national retail chains and other commercial enterprises. The Company is an active buyer of net-leased properties nationwide. Additional information about the Company can be obtained from the corporate website at www.realtyincome.com.
Forward-Looking Statements
Statements in this press release that are not strictly historical are “forward-looking” statements. Forward-looking statements involve known and unknown risks, which may cause the Company’s actual future results to differ materially from expected results. These risks include, among others, general economic conditions, local real estate conditions, tenant financial health, the availability of capital to finance planned growth, continued volatility and uncertainty in the credit markets and broader financial markets, property acquisitions and the timing of these acquisitions, charges for property impairments, the outcome of any legal proceedings to which the Company is a party, as described in the Company’s filings with the Securities and Exchange Commission. Consequently, forward-looking statements should be regarded solely as reflections of the Company’s current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.
Note to Editors: Realty Income press releases are available at no charge by calling our toll-free investor hotline number: 888-811-2001, or via the internet at http://www.realtyincome.com/invest/newsroom-library/press-releases.shtml.
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CONSOLIDATED STATEMENTS OF INCOME |
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For the three months and years ended December 31, 2011 and 2010 |
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(dollars in thousands, except per share amounts – unaudited) |
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Three Months |
Three Months |
Year Ended |
Year Ended |
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| REVENUE | ||||||||||||||||||||||||
| Rental | $ | 113,230 | $ | 91,974 | $ | 419,396 | $ | 342,835 | ||||||||||||||||
| Other | 777 | 271 | 1,663 | 657 | ||||||||||||||||||||
| Total revenue | 114,007 | 92,245 | 421,059 |
343,492 |
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| EXPENSES | ||||||||||||||||||||||||
| Depreciation and amortization | 34,346 | 24,894 | 121,751 | 94,907 | ||||||||||||||||||||
| Interest | 28,983 | 25,131 | 108,301 | 93,237 | ||||||||||||||||||||
| General and administrative | 7,953 | 5,785 | 30,954 | 25,311 | ||||||||||||||||||||
| Property | 2,384 | 1,769 | 7,436 | 7,061 | ||||||||||||||||||||
| Income taxes | 367 | 503 | 1,470 | 1,393 | ||||||||||||||||||||
| Provisions for impairment | — | 849 | 10 | 849 | ||||||||||||||||||||
| Total expenses | 74,033 | 58,931 | 269,922 | 222,758 | ||||||||||||||||||||
| Income from continuing operations | 39,974 | 33,314 | 151,137 | 120,734 | ||||||||||||||||||||
| Income from discontinued operations | 1,030 | 4,563 | 5,895 | 10,050 | ||||||||||||||||||||
| Net income | 41,004 | 37,877 | 157,032 | 130,784 | ||||||||||||||||||||
| Preferred stock cash dividends | (6,063 | ) | (6,063 | ) | (24,253 | ) | (24,253 | ) | ||||||||||||||||
| Net income available to common stockholders | $ | 34,941 | $ | 31,814 | $ | 132,779 | $ | 106,531 | ||||||||||||||||
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Funds from operations available to |
$ | 68,077 | $ | 52,509 | $ | 249,392 | $ | 193,926 | ||||||||||||||||
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Adjusted funds from operations available to |
$ | 68,524 | $ | 53,327 | $ | 253,372 | $ | 197,256 | ||||||||||||||||
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Per share information for common stockholders: |
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| Income from continuing operations,
basic and diluted |
$ | 0.26 | $ | 0.24 | $ | 1.01 | $ | 0.91 | ||||||||||||||||
| Net income, basic and diluted | $ | 0.26 | $ | 0.28 | $ | 1.05 | $ | 1.01 | ||||||||||||||||
| FFO, basic and diluted | $ | 0.51 | $ | 0.47 | $ | 1.98 | $ | 1.83 | ||||||||||||||||
| AFFO, basic and diluted | $ | 0.52 | $ | 0.48 | $ | 2.01 | $ | 1.86 | ||||||||||||||||
| Cash dividends paid per share | $ | 0.436 | $ | 0.432 | $ | 1.737 | $ | 1.722 | ||||||||||||||||
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FUNDS FROM OPERATIONS (FFO) |
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(dollars in thousands, except per share amounts) |
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| Three Months
Ended 12/31/11 |
Three Months
Ended 12/31/10 |
Year Ended
12/31/11 |
Year Ended 12/31/10 |
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| Net income available to common stockholders | $ | 34,941 | $ | 31,814 | $ | 132,779 | $ | 106,531 | ||||||||||||||||
| Depreciation and amortization: | ||||||||||||||||||||||||
| Continuing operations | 34,346 | 24,894 | 121,751 | 94,907 | ||||||||||||||||||||
| Discontinued operations | 27 | 218 | 428 | 1,242 | ||||||||||||||||||||
| Depreciation of furniture, fixtures & equipment | (59 | ) | (67 | ) | (238 | ) | (291 | ) | ||||||||||||||||
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Provisions for impairment on Realty Income investment |
27 | 42 | 405 | 213 | ||||||||||||||||||||
| Gain on sales of investment properties: | ||||||||||||||||||||||||
| Continuing operations | (330 | ) | — | (540 | ) | — | ||||||||||||||||||
| Discontinued operations | (875 | ) | (4,392 | ) | (5,193 | ) | (8,676 | ) | ||||||||||||||||
| Funds from operations available to common stockholders | $ | 68,077 | $ | 52,509 | $ | 249,392 | $ | 193,926 | ||||||||||||||||
| FFO per common share, basic and diluted | $ | 0.51 | $ | 0.47 | $ | 1.98 | $ | 1.83 | ||||||||||||||||
| Dividends paid to common stockholders | $ | 58,021 | $ | 47,800 | $ | 219,297 | $ | 182,500 | ||||||||||||||||
| FFO in excess of dividends paid to common stockholders | $ | 10,056 | $ | 4,709 | $ | 30,095 | $ | 11,426 | ||||||||||||||||
| Weighted average number of common shares used for computation per share: | ||||||||||||||||||||||||
| Basic | 132,353,040 | 111,746,935 | 126,142,696 | 105,869,637 | ||||||||||||||||||||
| Diluted | 132,609,319 | 112,067,874 | 126,189,399 | 105,942,721 | ||||||||||||||||||||
We define FFO, a non-GAAP measure, consistent with the National Association of Real Estate Investment Trust ’s definition, as net income available to common stockholders, plus depreciation and amortization of real estate assets, plus impairments of real estate assets, reduced by gains on sales of investment properties and extraordinary items.
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ADJUSTED FUNDS FROM OPERATIONS (AFFO) |
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(dollars in thousands, except per share amounts) |
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| Most companies in our industry use a similar measurement to AFFO, but they may use the term “CAD” (for Cash Available for Distribution) or “FAD” (for Funds Available for Distribution). | ||||||||||||||||||||||||
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Three Months Ended 12/31/11 |
Three Months Ended 12/31/10 |
Year Ended 12/31/11 |
Year Ended 12/31/10 |
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| Net income available to common stockholders | $ | 34,941 | $ | 31,814 | $ | 132,779 | $ | 106,531 | ||||||||||||||||
| Cumulative adjustments to calculate FFO(1) | 33,136 | 20,695 | 116,613 | 87,395 | ||||||||||||||||||||
| FFO available to common stockholders | $ | 68,077 | 52,509 | $ | 249,392 | 193,926 | ||||||||||||||||||
| Amortization of share-based compensation | 1,775 | 1,343 | 7,873 | 6,166 | ||||||||||||||||||||
| Amortization of deferred financing costs(2) | 546 | 433 | 1,881 | 1,548 | ||||||||||||||||||||
| Provisions for impairment on real estate acquired for resale by Crest | — | 807 | — | 807 | ||||||||||||||||||||
| Capitalized leasing costs and commissions | (478 | ) | (627 | ) | (1,722 | ) | (1,501 | ) | ||||||||||||||||
| Capitalized building improvements | (714 | ) | (673 | ) | (2,450 | ) | (2,077 | ) | ||||||||||||||||
| Other adjustments(3) | (682 | ) | (465 | ) | (1,602 | ) | (1,613 | ) | ||||||||||||||||
| Total AFFO available to common stockholders | $ | 68,524 | $ | 53,327 | $ | 253,372 | $ | 197,256 | ||||||||||||||||
| AFFO per common share, basic and diluted | $ | 0.52 | $ | 0.48 | $ | 2.01 | $ | 1.86 | ||||||||||||||||
| Dividends paid to common stockholders | $ | 58,021 | $ | 47,800 | $ | 219,297 | $ | 182,500 | ||||||||||||||||
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AFFO in excess of dividends paid to common stockholders |
$ | 10,503 | $ | 5,527 | $ | 34,075 | $ | 14,756 | ||||||||||||||||
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(1) See FFO calculation above for reconciling items. |
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(2) Includes the amortization of costs incurred and capitalized when our senior notes were issued in March 2003, November 2003, March 2005, September 2005, September 2006, September 2007, June 2010 and June 2011. Additionally, this includes the amortization of deferred financing costs incurred and capitalized in connection with our assumption of the mortgages payable in 2011. These costs are being amortized over the lives of the respective mortgages. No costs associated with our credit facility agreements or annual fees paid to credit rating agencies have been included. |
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(3) Includes straight-line rent revenue, and the amortization of above and below-market leases. |
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HISTORICAL FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS |
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(dollars in thousands, except per share amounts) |
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| For the three months ended December 31, | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
| Net income available to common stockholders | $ | 34,941 | $ | 31,814 | $ | 29,268 | $ | 28,269 | $ | 27,113 | |||||||||||||||
| Depreciation and amortization | 34,314 | 25,045 | 22,916 | 22,869 | 21,007 | ||||||||||||||||||||
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Provisions for impairment on Realty Income investment properties |
27 |
42 |
110 |
— |
— |
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| Gain on sales of investment properties | (1,205 | ) | (4,392 | ) | (3,809 | ) | (4,111 | ) | (370 | ) | |||||||||||||||
| Total FFO | $ | 68,077 | $ | 52,509 | $ | 48,485 | $ | 47,027 | $ | 47,750 | |||||||||||||||
| Total FFO per diluted share | $ | 0.51 | $ | 0.47 | $ | 0.47 | $ | 0.46 | $ | 0.48 | |||||||||||||||
| Total FFO | $ | 68,077 | $ | 52,509 | $ | 48,485 | $ | 47,027 | $ | 47,750 | |||||||||||||||
| Add (less) FFO contributed by Crest | (176 | ) | 551 | (649 | ) | (8 | ) | (2,735 | ) | ||||||||||||||||
| FFO before Crest contribution | $ | 67,901 | $ | 53,060 | $ | 47,836 | $ | 47,019 | $ | 45,015 | |||||||||||||||
| FFO components, per diluted share: | |||||||||||||||||||||||||
| FFO before Crest contribution | $ | 0.51 | $ | 0.47 | $ | 0.46 | $ | 0.46 | $ | 0.45 | |||||||||||||||
| Crest FFO contribution | $ | 0.00 | $ | 0.00 | $ | 0.01 | $ | 0.00 | $ | 0.03 | |||||||||||||||
| Total FFO | $ | 0.51 | $ | 0.47 | $ | 0.47 | $ | 0.46 | $ | 0.48 | |||||||||||||||
| AFFO | $ | 68,524 | $ | 53,327 | $ | 48,622 | $ | 47,399 | $ | 48,312 | |||||||||||||||
| AFFO per diluted share | $ | 0.52 | $ | 0.48 | $ | 0.47 | $ | 0.46 | $ | 0.48 | |||||||||||||||
| Cash dividends paid per share | $ | 0.436 | $ | 0.432 | $ | 0.428 | $ | 0.423 | $ | 0.408 | |||||||||||||||
| Weighted average diluted shares outstanding | 132,609,319 | 112,067,874 | 103,491,891 | 103,266,636 | 100,315,360 | ||||||||||||||||||||
| For the years ended December 31, | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
| Net income available to common stockholders | $ | 132,779 | $ | 106,531 | $ | 106,874 | $ | 107,588 | $ | 116,156 | |||||||||||||||
| Depreciation and amortization | 121,941 | 95,858 | 91,629 | 91,486 | 77,078 | ||||||||||||||||||||
| Provisions for impairment on Realty Income investment properties |
405 |
213 |
110 |
— |
272 |
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| Gain on sales of investment properties | (5,733 | ) | (8,676 | ) | (8,059 | ) | (13,550 | ) | (3,559 | ) | |||||||||||||||
| Total FFO | $ | 249,392 | $ | 193,926 | $ | 190,554 | $ | 185,524 | $ | 189,947 | |||||||||||||||
| Total FFO per diluted share | $ | 1.98 | $ | 1.83 | $ | 1.84 | $ | 1.83 | $ | 1.89 | |||||||||||||||
| Total FFO | $ | 249,392 | $ | 193,926 | $ | 190,554 | $ | 185,524 | $ | 189,947 | |||||||||||||||
| Less FFO contributed by Crest | (736 | ) | (35 | ) | (958 | ) | (1,346 | ) | (10,703 | ) | |||||||||||||||
| FFO before Crest contribution | $ | 248,656 | $ | 193,891 | $ | 189,596 | $ | 184,178 | $ | 179,244 | |||||||||||||||
| FFO components, per diluted share(1): | |||||||||||||||||||||||||
| FFO before Crest contribution | $ | 1.97 | $ | 1.83 | $ | 1.83 | $ | 1.82 | $ | 1.79 | |||||||||||||||
| Crest FFO contribution | $ | 0.01 | $ | 0.00 | $ | 0.01 | $ | 0.01 | $ | 0.11 | |||||||||||||||
| Total FFO | $ | 1.98 | $ | 1.83 | $ | 1.84 | $ | 1.83 | $ | 1.89 | |||||||||||||||
| AFFO | $ | 253,372 | $ | 197,256 | $ | 192,739 | $ | 192,003 | $ | 193,079 | |||||||||||||||
| AFFO per diluted share | $ | 2.01 | $ | 1.86 | $ | 1.86 | $ | 1.90 | $ | 1.92 | |||||||||||||||
| Cash dividends paid per share | $ | 1.737 | $ | 1.722 | $ | 1.707 | $ | 1.662 | $ | 1.560 | |||||||||||||||
| Weighted average diluted shares outstanding | 126,189,399 | 105,942,721 | 103,581,053 | 101,209,883 | 100,333,966 | ||||||||||||||||||||
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(1) The above FFO per share amounts have been rounded to the nearest two decimals and, as such, the individual amounts may not add up to the “Total FFO” amount. |
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CONSOLIDATED BALANCE SHEETS |
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As of December 31, 2011 and December 31, 2010 |
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(dollars in thousands, except per share amounts – unaudited) |
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| 2011 | 2010 | |||||||||||
| ASSETS | ||||||||||||
| Real estate, at cost: | ||||||||||||
| Land | $ | 1,749,378 | $ | 1,520,413 | ||||||||
| Buildings and improvements | 3,222,603 | 2,592,449 | ||||||||||
| Total real estate, at cost | 4,971,981 | 4,112,862 | ||||||||||
| Less accumulated depreciation and amortization | (814,126 | ) | (711,615 | ) | ||||||||
| Net real estate held for investment | 4,157,855 | 3,401,247 | ||||||||||
| Real estate held for sale, net | 2,153 | 3,631 | ||||||||||
| Net real estate | 4,160,008 | 3,404,878 | ||||||||||
| Cash and cash equivalents | 4,165 | 17,607 | ||||||||||
| Accounts receivable, net | 15,375 | 11,301 | ||||||||||
| Goodwill | 17,206 | 17,206 | ||||||||||
| Other assets, net | 222,635 | 84,598 | ||||||||||
| Total assets | $ | 4,419,389 | $ | 3,535,590 | ||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
| Distributions payable | $ | 21,405 | $ | 19,051 | ||||||||
| Accounts payable and accrued expenses | 58,770 | 47,019 | ||||||||||
| Other liabilities | 29,179 | 22,555 | ||||||||||
| Line of credit payable | 237,400 | — | ||||||||||
| Mortgages payable, net | 67,781 | — | ||||||||||
| Notes payable | 1,750,000 | 1,600,000 | ||||||||||
| Total liabilities | 2,164,535 | 1,688,625 | ||||||||||
| Stockholders’ equity: | ||||||||||||
|
Preferred stock and paid in capital, par value $0.01 per share |
337,790 |
337,790 |
||||||||||
|
Common stock and paid in capital, par value $0.01 per share |
2,563,048 |
2,066,287 |
||||||||||
| Distributions in excess of net income | (645,984 | ) | (557,112 | ) | ||||||||
| Total stockholders’ equity | 2,254,854 | 1,846,965 | ||||||||||
| Total liabilities and stockholders’ equity | $ | 4,419,389 | $ | 3,535,590 | ||||||||
|
Realty Income Performance vs. Major Stock Indices |
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| Equity | NASDAQ | ||||||||||||||||||||||||||||||||||||||||||
| Realty Income | REIT Index(1) | DJIA | S&P 500 | Composite | |||||||||||||||||||||||||||||||||||||||
| Dividend | Total | Dividend | Total | Dividend | Total | Dividend | Total | Dividend | Total | ||||||||||||||||||||||||||||||||||
| Yield | Return(2) | Yield | Return(3) | Yield | Return(3) | Yield | Return(3) | Yield | Return(4) | ||||||||||||||||||||||||||||||||||
| 1995 | 8.3 | % | 42.0 | % | 7.4 | % | 15.3 | % | 2.4 | % | 36.9 | % | 2.3 | % | 37.6 | % | 0.6 | % | 39.9 | % | |||||||||||||||||||||||
| 1996 | 7.9 | % | 15.4 | % | 6.1 | % | 35.3 | % | 2.2 | % | 28.9 | % | 2.0 | % | 23.0 | % | 0.2 | % | 22.7 | % | |||||||||||||||||||||||
| 1997 | 7.5 | % | 14.5 | % | 5.5 | % | 20.3 | % | 1.8 | % | 24.9 | % | 1.6 | % | 33.4 | % | 0.5 | % | 21.6 | % | |||||||||||||||||||||||
| 1998 | 8.2 | % | 5.5 | % | 7.5 | % | (17.5 | %) | 1.7 | % | 18.1 | % | 1.3 | % | 28.6 | % | 0.3 | % | 39.6 | % | |||||||||||||||||||||||
| 1999 | 10.5 | % | (8.7 | %) | 8.7 | % | (4.6 | %) | 1.3 | % | 27.2 | % | 1.1 | % | 21.0 | % | 0.2 | % | 85.6 | % | |||||||||||||||||||||||
| 2000 | 8.9 | % | 31.2 | % | 7.5 | % | 26.4 | % | 1.5 | % | (4.7 | %) | 1.2 | % | (9.1 | %) | 0.3 | % | (39.3 | %) | |||||||||||||||||||||||
| 2001 | 7.8 | % | 27.2 | % | 7.1 | % | 13.9 | % | 1.9 | % | (5.5 | %) | 1.4 | % | (11.9 | %) | 0.3 | % | (21.1 | %) | |||||||||||||||||||||||
| 2002 | 6.7 | % | 26.9 | % | 7.1 | % | 3.8 | % | 2.6 | % | (15.0 | %) | 1.9 | % | (22.1 | %) | 0.5 | % | (31.5 | %) | |||||||||||||||||||||||
| 2003 | 6.0 | % | 21.0 | % | 5.5 | % | 37.1 | % | 2.3 | % | 28.3 | % | 1.8 | % | 28.7 | % | 0.6 | % | 50.0 | % | |||||||||||||||||||||||
| 2004 | 5.2 | % | 32.7 | % | 4.7 | % | 31.6 | % | 2.2 | % | 5.6 | % | 1.8 | % | 10.9 | % | 0.6 | % | 8.6 | % | |||||||||||||||||||||||
| 2005 | 6.5 | % | (9.2 | %) | 4.6 | % | 12.2 | % | 2.6 | % | 1.7 | % | 1.9 | % | 4.9 | % | 0.9 | % | 1.4 | % | |||||||||||||||||||||||
| 2006 | 5.5 | % | 34.8 | % | 3.7 | % | 35.1 | % | 2.5 | % | 19.0 | % | 1.9 | % | 15.8 | % | 0.8 | % | 9.5 | % | |||||||||||||||||||||||
| 2007 | 6.1 | % | 3.2 | % | 4.9 | % | (15.7 | %) | 2.7 | % | 8.8 | % | 2.1 | % | 5.5 | % | 0.8 | % | 9.8 | % | |||||||||||||||||||||||
| 2008 | 7.3 | % | (8.2 | %) | 7.6 | % | (37.7 | %) | 3.6 | % | (31.8 | %) | 3.2 | % | (37.0 | %) | 1.3 | % | (40.5 | %) | |||||||||||||||||||||||
| 2009 | 6.6 | % | 19.3 | % | 3.7 | % | 28.0 | % | 2.6 | % | 22.6 | % | 2.0 | % | 26.5 | % | 1.0 | % | 43.9 | % | |||||||||||||||||||||||
| 2010 | 5.1 | % | 38.6 | % | 3.5 | % | 27.9 | % | 2.6 | % | 14.0 | % | 1.9 | % | 15.1 | % | 1.2 | % | 16.9 | % | |||||||||||||||||||||||
| 2011 | 5.0 | % | 7.3 | % | 3.8 | % | 8.3 | % | 2.8 | % | 8.3 | % | 2.3 | % | 2.1 | % | 1.3 | % | (1.8 | %) | |||||||||||||||||||||||
|
Compounded |
17.3 | % | 10.5 | % | 9.3 | % | 7.9 | % | 7.4 | % | |||||||||||||||||||||||||||||||||
|
Note: All of these Dividend Yields are calculated as annualized dividend based on last dividend paid in applicable time period divided by closing price as of period end. Dividend Yield sources: NAREIT website and Bloomberg. |
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|
(1) |
FTSE NAREIT US Equity REIT Index, as per NAREIT website. |
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|
(2) |
Calculated as the difference between the closing stock price as of period end less the closing stock price as of previous period, plus dividends paid in period, divided by closing stock price as of end of previous period. Does not include reinvestment of dividends. |
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|
(3) |
Includes reinvestment of dividends. Sources: NAREIT website and Factset. |
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|
(4) |
Price only index, does not include dividends. Source: Factset. |
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|
(5) |
All of these Compounded Average Annual Total Return rates are calculated in the same manner: from Realty Income’s NYSE listing on October 18, 1994 through December 31, 2011, and assuming reinvestment of dividends, except for NASDAQ. Past performance does not guarantee future performance. Realty Income presents this data for informational purposes only and makes no representation about its future performance or how it will compare in performance to other indices in the future. |
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|
Property Type Diversification |
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|
The following table sets forth certain property type information regarding Realty Income’s property portfolio as of December 31, 2011 (dollars in thousands): |
||||||||||||||||||
| Approximate | Rental Revenue for | Percentage of | ||||||||||||||||
| Number of | Leasable | the Quarter Ended | Rental | |||||||||||||||
| Property Type | Properties | Square Feet | December 31, 2011(1) | Revenue | ||||||||||||||
| Retail | 2,577 | 22,109,800 | $ | 97,841 | 86.4 | % | ||||||||||||
| Agriculture | 15 | 184,500 | 4,961 | 4.4 | ||||||||||||||
| Distribution | 13 | 2,027,100 | 3,520 | 3.1 | ||||||||||||||
| Manufacturing | 6 | 1,418,600 | 2,509 | 2.2 | ||||||||||||||
| Office | 8 | 778,500 | 2,897 | 2.6 | ||||||||||||||
| Industrial | 15 | 850,500 | 1,531 | 1.3 | ||||||||||||||
| Totals | 2,634 | 27,369,000 | $ | 113,259 | 100.0 | % | ||||||||||||
|
(1) Includes rental revenue for all properties owned by Realty Income at December 31, 2011, including revenue from properties reclassified to discontinued operations of $52. Excludes revenue of $23 from properties owned by Crest. |
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|
Industry Diversification |
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|
The following table sets forth certain information regarding Realty Income’s property portfolio classified according to the business of the respective tenants, expressed as a percentage of our total rental revenue: |
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| Percentage of Rental Revenue(1) | ||||||||||||||||||||||||||||
| For the Quarter | For the Years Ended | |||||||||||||||||||||||||||
|
Industries |
Ended
December 31, 2011 |
Dec 31, 2011 |
Dec 31, 2010 |
Dec 31, 2009 |
Dec 31, 2008 |
Dec 31, 2007 |
Dec 31, 2006 |
|||||||||||||||||||||
| Apparel stores |
1.3% |
|
1.4 | % | 1.2 | % | 1.1 | % | 1.1 | % | 1.2 | % | 1.7 | % | ||||||||||||||
| Automotive collision services | 0.9 | 0.9 | 1.0 | 1.1 | 1.0 | 1.1 | 1.3 | |||||||||||||||||||||
| Automotive parts | 1.3 | 1.2 | 1.4 | 1.5 | 1.6 | 2.1 | 2.8 | |||||||||||||||||||||
| Automotive service | 3.4 | 3.7 | 4.7 | 4.8 | 4.8 | 5.2 | 6.9 | |||||||||||||||||||||
| Automotive tire services | 4.9 | 5.6 | 6.4 | 6.9 | 6.7 | 7.3 | 6.1 | |||||||||||||||||||||
| Aviation | 0.8 | 0.5 | — | — | — | — | — | |||||||||||||||||||||
| Beverages | 5.3 | 5.6 | 3.0 | — | — | — | — | |||||||||||||||||||||
| Book stores | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | |||||||||||||||||||||
| Business services | * | * | * | * | * | 0.1 | 0.1 | |||||||||||||||||||||
| Child care | 4.7 | 5.2 | 6.5 | 7.3 | 7.6 | 8.4 | 10.3 | |||||||||||||||||||||
| Consumer electronics | 0.5 | 0.5 | 0.6 | 0.7 | 0.8 | 0.9 | 1.1 | |||||||||||||||||||||
| Convenience stores | 17.2 | 18.5 | 17.1 | 16.9 | 15.8 | 14.0 | 16.1 | |||||||||||||||||||||
| Crafts and novelties | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.4 | |||||||||||||||||||||
| Drug stores | 3.6 | 3.8 | 4.1 | 4.3 | 4.1 | 2.7 | 2.9 | |||||||||||||||||||||
| Education | 0.7 | 0.7 | 0.8 | 0.9 | 0.8 | 0.8 | 0.8 | |||||||||||||||||||||
| Entertainment | 0.9 | 1.0 | 1.2 | 1.3 | 1.2 | 1.4 | 1.6 | |||||||||||||||||||||
| Equipment services | 0.4 | 0.4 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | |||||||||||||||||||||
| Financial services | 0.6 | 0.5 | 0.2 | 0.2 | 0.2 | 0.2 | 0.1 | |||||||||||||||||||||
| Food processing | 1.2 | 0.7 | — | — | — | — | — | |||||||||||||||||||||
| General merchandise | 0.6 | 0.6 | 0.8 | 0.8 | 0.8 | 0.7 | 0.6 | |||||||||||||||||||||
| Grocery stores | 1.7 | 1.6 | 0.9 | 0.7 | 0.7 | 0.7 | 0.7 | |||||||||||||||||||||
| Health and fitness | 6.9 | 6.4 | 6.9 | 5.9 | 5.6 | 5.1 | 4.3 | |||||||||||||||||||||
| Home furnishings | 1.0 | 1.1 | 1.3 | 1.3 | 2.4 | 2.6 | 3.1 | |||||||||||||||||||||
| Home improvement | 1.6 | 1.7 | 2.0 | 2.2 | 2.1 | 2.4 | 3.4 | |||||||||||||||||||||
| Motor vehicle dealerships | 2.1 | 2.2 | 2.6 | 2.7 | 3.2 | 3.1 | 3.4 | |||||||||||||||||||||
| Office supplies | 0.8 | 0.9 | 0.9 | 1.0 | 1.0 | 1.1 | 1.3 | |||||||||||||||||||||
| Packaging | 0.6 | 0.4 | — | — | — | — | — | |||||||||||||||||||||
| Paper | 0.2 | 0.1 | — | — | — | — | — | |||||||||||||||||||||
| Pet supplies and services | 0.7 | 0.7 | 0.9 | 0.9 | 0.8 | 0.9 | 1.1 | |||||||||||||||||||||
| Restaurants – casual dining | 9.8 | 10.9 | 13.4 | 13.7 | 14.3 | 14.9 | 7.0 | |||||||||||||||||||||
| Restaurants – quick service | 6.6 | 6.6 | 7.7 | 8.3 | 8.2 | 6.6 | 4.9 | |||||||||||||||||||||
| Shoe stores | 0.1 | 0.2 | 0.1 | — | — | — | — | |||||||||||||||||||||
| Sporting goods | 2.5 | 2.7 | 2.7 | 2.6 | 2.3 | 2.6 | 2.9 | |||||||||||||||||||||
| Telecommunications | 0.9 | 0.7 | — | — | — | — | — | |||||||||||||||||||||
| Theaters | 9.8 | 8.8 | 8.9 | 9.2 | 9.0 | 9.0 | 9.6 | |||||||||||||||||||||
| Transportation services | 2.2 | 1.8 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | |||||||||||||||||||||
| Video rental | 0.0 | 0.0 | 0.2 | 1.0 | 1.1 | 1.7 | 2.1 | |||||||||||||||||||||
| Wholesale clubs | 2.7 | 0.7 | — | — | — | — | — | |||||||||||||||||||||
| Other | 1.2 | 1.4 | 1.7 | 1.8 | 1.9 | 2.3 | 2.7 | |||||||||||||||||||||
| Totals |
100.0% |
|
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||
|
* Less than 0.1% |
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|
(1) Includes rental revenue for all properties owned by Realty Income at the end of each period presented, including revenue from properties reclassified as discontinued operations. Excludes revenue from properties owned by Crest. |
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|
Tenant Diversification |
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| Largest Tenants based on Percentage of Total Portfolio Rental Revenue at December 31, 2011 | |||||||||||||||
| AMC Theatres | 5.3 | % | NPC International/Pizza Hut | 2.7 | % | ||||||||||
| Diageo | 5.0 | % | BJ’s Wholesale Club | 2.6 | % | ||||||||||
| L.A. Fitness | 4.6 | % | Rite Aid | 2.6 | % | ||||||||||
| Northern Tier Energy/Super America | 4.4 | % | Smart & Final | 2.4 | % | ||||||||||
| Hometown Buffet | 3.9 | % | FreedomRoads/Camping World | 2.2 | % | ||||||||||
| Regal Cinemas | 3.4 | % | TBC Corporation | 2.2 | % | ||||||||||
| Friendly’s Ice Cream | 3.2 | % | La Petite Academy | 2.2 | % | ||||||||||
| The Pantry | 3.1 | % | |||||||||||||
|
Lease Expirations |
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|
The following table sets forth certain information regarding Realty Income’s property portfolio regarding the timing of the lease term expirations (excluding rights to extend a lease at the option of the tenant) on our 2,533 net leased, single-tenant properties as of December 31, 2011 (dollars in thousands): |
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|
Total Portfolio |
Initial Expirations(3) |
Subsequent Expirations(4) |
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|
Year |
Number of Leases Expiring(1) |
Approx. Leasable Sq. Feet |
Rental
Revenue for the Quarter Ended Dec. 31, 2011(2) |
% of Total Rental Revenue |
Number of Leases Expiring |
Rental Revenue
for the Quarter Ended Dec. 31, 2011 |
% of Total Rental Revenue |
Number of Leases Expiring |
Rental Revenue
for the Quarter Ended Dec. 31, 2011 |
% of Total Rental Revenue |
||||||||||||||||||||||||||
| 2012 | 161 | 1,079,800 | $ | 3,700 | 3.3 | % | 39 | $ | 1,134 | 1.0 | % | 122 | $ | 2,566 | 2.3 | % | ||||||||||||||||||||
| 2013 | 162 | 1,348,000 | 4,968 | 4.5 | 64 | 2,658 | 2.4 | 98 | 2,310 | 2.1 | ||||||||||||||||||||||||||
| 2014 | 127 | 959,700 | 3,478 | 3.1 | 30 | 1,465 | 1.3 | 97 | 2,013 | 1.8 | ||||||||||||||||||||||||||
| 2015 | 157 | 888,800 | 4,283 | 3.9 | 79 | 2,537 | 2.3 | 78 | 1,746 | 1.6 | ||||||||||||||||||||||||||
| 2016 | 170 | 852,400 | 3,630 | 3.3 | 113 | 2,325 | 2.1 | 57 | 1,305 | 1.2 | ||||||||||||||||||||||||||
| 2017 | 70 | 842,400 | 2,890 | 2.6 | 41 | 2,341 | 2.1 | 29 | 549 | 0.5 | ||||||||||||||||||||||||||
| 2018 | 84 | 1,243,500 | 3,985 | 3.6 | 74 | 3,730 | 3.4 | 10 | 255 | 0.2 | ||||||||||||||||||||||||||
| 2019 | 140 | 1,520,700 | 7,303 | 6.6 | 132 | 6,878 | 6.2 | 8 | 425 | 0.4 | ||||||||||||||||||||||||||
| 2020 | 85 | 1,597,400 | 5,009 | 4.5 | 75 | 4,664 | 4.2 | 10 | 345 | 0.3 | ||||||||||||||||||||||||||
| 2021 | 186 | 1,975,600 | 8,761 | 7.9 | 178 | 8,257 | 7.4 | 8 | 504 | 0.5 | ||||||||||||||||||||||||||
| 2022 | 106 | 890,200 | 4,652 | 4.2 | 105 | 4,619 | 4.2 | 1 | 33 | * | ||||||||||||||||||||||||||
| 2023 | 252 | 2,094,000 | 10,000 | 9.0 | 250 | 9,926 | 8.9 | 2 | 74 | 0.1 | ||||||||||||||||||||||||||
| 2024 | 61 | 549,500 | 2,271 | 2.0 | 60 | 2,209 | 2.0 | 1 | 62 | * | ||||||||||||||||||||||||||
| 2025-2043 | 772 | 9,914,500 | 46,162 | 41.5 | 756 | 45,787 | 41.3 | 16 | 375 | 0.2 | ||||||||||||||||||||||||||
| Totals | 2,533 | 25,756,500 | $ | 111,092 | 100.0 | % | 1,996 | $ | 98,530 | 88.8 | % | 537 | $ | 12,562 | 11.2 | % | ||||||||||||||||||||
|
*Less than 0.1% |
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|
(1) Excludes 14 multi-tenant properties and 87 vacant unleased properties, one of which is a multi-tenant property. The lease expirations for properties under construction are based on the estimated date of completion of those properties. |
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|
(2) Includes rental revenue of $52 from properties reclassified as discontinued operations and excludes revenue of $2,167 from 14 multi-tenant properties and from 87 vacant and unleased properties at December 31, 2011. Excludes revenue of $23 from three properties owned by Crest. |
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|
(3) Represents leases to the initial tenant of the property that are expiring for the first time. |
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|
(4) Represents lease expirations on properties in the portfolio, which have previously been renewed, extended or re-tenanted. |
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|
Geographic Diversification |
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|
The following table sets forth certain state-by-state information regarding Realty Income’s property portfolio as of December 31, 2011 (dollars in thousands): |
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| State | Number of
Properties |
Percent
Leased |
Approximate
Leasable Square Feet |
Rental Revenue for
the Quarter Ended December 31, 2011(1) |
Percentage of
Rental Revenue |
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| Alabama | 62 | 95 | % | 420,200 | $ | 1,784 | 1.6 | % | |||||||||||||||
| Alaska | 2 | 100 | 128,500 | 300 277 | 0.3 | ||||||||||||||||||
| Arizona | 87 | 98 | 619,500 | 2,879 | 2.5 | ||||||||||||||||||
| Arkansas | 17 | 88 | 92,400 | 315 | 0.3 | ||||||||||||||||||
| California | 123 | 99 | 2,670,100 | 13,054 | 11.5 | ||||||||||||||||||
| Colorado | 58 | 95 | 485,900 | 1,854 | 1.6 | ||||||||||||||||||
| Connecticut | 23 | 87 | 269,100 | 1,153 | 1.0 | ||||||||||||||||||
| Delaware | 17 | 100 | 33,300 | 433 | 0.4 | ||||||||||||||||||
| Florida | 184 | 95 | 1,881,000 | 7,839 | 6.9 | ||||||||||||||||||
| Georgia | 143 | 95 | 1,242,900 | 5,077 | 4.5 | ||||||||||||||||||
| Hawaii | — | — | — | — | — | ||||||||||||||||||
| Idaho | 12 | 83 | 80,700 | 324 | 0.3 | ||||||||||||||||||
| Illinois | 101 | 98 | 1,335,900 | 6,170 | 5.5 | ||||||||||||||||||
| Indiana | 81 | 96 | 799,000 | 3,633 | 3.2 | ||||||||||||||||||
| Iowa | 21 | 100 | 290,600 | 1,024 | 0.9 | ||||||||||||||||||
| Kansas | 37 | 92 | 642,900 | 1,397 | 1.2 | ||||||||||||||||||
| Kentucky | 23 | 100 | 134,700 | 709 | 0.6 | ||||||||||||||||||
| Louisiana | 34 | 100 | 344,200 | 1,183 | 1.1 | ||||||||||||||||||
| Maine | 3 | 100 | 22,500 | 163 | 0.1 | ||||||||||||||||||
| Maryland | 29 | 100 | 384,000 | 2,182 | 1.9 | ||||||||||||||||||
| Massachusetts | 64 | 91 | 575,400 | 2,517 | 2.2 | ||||||||||||||||||
| Michigan | 54 | 96 | 287,200 | 1,278 | 1.1 | ||||||||||||||||||
| Minnesota | 150 | 100 | 1,003,600 | 6,774 | 6.0 | ||||||||||||||||||
| Mississippi | 72 | 99 | 360,700 | 1,605 | 1.4 | ||||||||||||||||||
| Missouri | 76 | 96 | 1,027,500 | 3,848 | 3.4 | ||||||||||||||||||
| Montana | 2 | 100 | 30,000 | 77 | 0.1 | ||||||||||||||||||
| Nebraska | 19 | 95 | 196,300 | 492 | 0.4 | ||||||||||||||||||
| Nevada | 15 | 100 | 325,800 | 1,007 | 0.9 | ||||||||||||||||||
| New Hampshire | 15 | 93 | 217,200 | 974 | 0.9 | ||||||||||||||||||
| New Jersey | 33 | 91 | 260,400 | 1,948 | 1.7 | ||||||||||||||||||
| New Mexico | 9 | 100 | 58,400 | 212 | 0.2 | ||||||||||||||||||
| New York | 42 | 93 | 776,200 | 4,272 | 3.8 | ||||||||||||||||||
| North Carolina | 94 | 100 | 572,400 | 2,968 | 2.6 | ||||||||||||||||||
| North Dakota | 6 | 100 | 36,600 | 74 | 0.1 | ||||||||||||||||||
| Ohio | 134 | 96 | 1,124,800 | 3,973 | 3.5 | ||||||||||||||||||
| Oklahoma | 35 | 100 | 752,400 | 1,505 | 1.3 | ||||||||||||||||||
| Oregon | 20 | 100 | 384,200 | 1,305 | 1.2 | ||||||||||||||||||
| Pennsylvania | 103 | 99 | 905,800 | 4,207 | 3.7 | ||||||||||||||||||
| Rhode Island | 3 | 100 | 11,000 | 60 | 0.1 | ||||||||||||||||||
| South Carolina | 98 | 99 | 371,400 | 2,268 | 2.0 | ||||||||||||||||||
| South Dakota | 10 | 100 | 89,800 | 186 | 0.2 | ||||||||||||||||||
| Tennessee | 128 | 98 | 740,200 | 2,983 | 2.6 | ||||||||||||||||||
| Texas | 215 | 96 | 3,134,800 | 10,130 | 9.0 | ||||||||||||||||||
| Utah | 6 | 100 | 121,700 | 251 | 0.2 | ||||||||||||||||||
| Vermont | 4 | 100 | 12,700 | 131 | 0.1 | ||||||||||||||||||
| Virginia | 105 | 95 | 1,519,400 | 4,649 | 4.1 | ||||||||||||||||||
| Washington | 35 | 97 | 298,100 | 1,048 | 0.9 | ||||||||||||||||||
| West Virginia | 2 | 100 | 23,000 | 101 | 0.1 | ||||||||||||||||||
| Wisconsin | 27 | 93 | 269,200 | 943 | 0.8 | ||||||||||||||||||
| Wyoming | 1 | 0 | 5,400 | 0 | 0.0 | ||||||||||||||||||
| Totals/Average | 2,634 | 97 | % | 27,369,000 | $ | 113,259 | 100.0 | % | |||||||||||||||
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(1) Includes rental revenue for all properties owned by Realty Income at December 31, 2011, including revenue from properties reclassified as discontinued operations of $52. Excludes revenue of $23 from properties owned by Crest. |
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