O: Realty Income Corporation Instablogs

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Thursday, May 23, 6:31 AM Goldman drops a Sell rating on Realty Income (O): "We believe upside earnings surprise risk is larger in small-cap healthcare and traditional net lease REITs due to their smaller asset bases. Additionally, O trades at a 38% premium to our net lease and healthcare names on a 2013E AFFO multiple basis. Although we believe O's record of a sustainable and growing dividend will continue, we also think material dividend increases are more likely across the REIT sector (average AFFO payout of 77%) than for O (92%)." O fell 4.8% yesterday and is off 1.3% premarket. 4 Comments [Quick Ideas, On the Move]
Monday, May 13, 1:56 PM The NAREIT U.S. REIT Index (IYR, VNQ) had a pretty good year just in April, rising 5.8% vs. the S&P up 1.9%. YTD through April, the index was up 15.44% vs. 12.74% for the S&P. Y/Y, REITs are up 22.2% vs. the S&P at 16.89% The best performers in April were the retail REITs (SPG, TCO, GGP, O, ARCP, PEI), gaining 9.9%. Taking a break were the timber REITs (PCH, PCL), down 1.6% in April after rising 7.3% the previous month. YTD, the leading REIT performer is Health Care (VTR, HCP, HCN HTA), +23.7%. Comment! [Financials]
Wednesday, May 8, 9:05 AM Realty Income (O) declares $0.1812/share monthly dividend, in line with previous. Forward yield 4.17%. For shareholders of record June 03. Payable June 17. Ex-div date May 30. (PR) Comment! [Dividends]
Tuesday, May 7, 3:25 PM Gramercy Property Trust (GPT +1%) moves about 3% off the session low as the earnings call/business plan update reveals a management focused and executing on its plan to turn the company into a pure play equity REIT. The implied cap rate (pg. 27-31) of net lease companies (O, WPC, NNN, LXP, EPR, SRC, ARCP,GTY) of 5%-6.5% is far below the 7.5%-8.5% Gramercy is closing deals at - "(the) widest arbitrage in our experience." 4 Comments [Financials, On the Move]
Thursday, April 25, 10:04 AM More on Realty Income (O) Q1 earnings: AFFO of $104M, up 56% Y/Y. AFFO/share of $0.60, up 20%, with share issuance of 17.25M in Q1. Same store rents up 1.5% Y/Y. $128M invested to acquire 27 new properties. ARCT acquisition closed, adding 515 properties for $3.2B to portfolio. FY2013 guidance for AFFO of $2.33-$2.39/share vs. consensus $2.37. Conference call at 4:30 ET. (PR) Comment! [Earnings, Financials]
Thursday, April 25, 9:56 AM Realty Income (O): Q1 FFO of $0.60 beats by $0.02. Revenue of $171.7M beats by $4.6M. (PR) Comment! [Earnings, Breaking News]
Wednesday, April 17, 6:47 AM Realty Income Corp (O) declares $0.1812/share monthly dividend, in line with previous. Forward yield 4.53%. For shareholders of record May 01. Payable May 15. Ex-div date Apr. 29. (PR) 1 Comment [Dividends]
Thursday, March 14, 6:38 AM Realty Income (O) declares $0.1812/share monthly dividend. Forward yield 4.89%. For shareholders of record Apr. 01. Payable Apr. 15. Ex-div date Mar. 27. (PR) Comment! [Dividends]
Monday, March 11, 11:50 AM Realty Income (O -1.3%) closes its upsized to 15M share stock offering, with the underwriters exercising their option to buy, pushing the total size to 17.225M shares and net proceeds to $756M. The company will use the money to pay down a $1B credit line. (PR) Comment! [Financials]
Tuesday, March 5, 12:25 PM Bullish on the entire REIT sector, RBC believes triple net lease REITs - O, EPR, NNN - offer the best value thanks to the high level of earnings-accretive acquisitions. Next in line are the community centers - DDR, FRT - whose operating metrics are an improvement over regional mall REITs like SPG, MAC, and CBL. 1 Comment [Financials]
Thursday, February 14, 9:25 AM Realty Income (O): Q4 Adj. FFO of $0.55 beats by $0.01. Revenue of $130.1M (+16.4% Y/Y) beats by $5.2M. (PR) Comment! [Earnings, Breaking News]
Thursday, February 14, 12:05 AM Notable earnings before Thursday’s open: ABB, ABX, ALXN, ANR, APA, BGCP, BWA, CAB, CRIS, CVE, DISCA, DTV, DVA, DWRE, ECA, GELG, GM, GNC, GNRC, INCY, JAH, LNT, LUFK, MFA, NGLS, NRF, O, OAK, PDS, PEP, PPL, REGN, SHPG, STRA, TAP, UTHR, VMC, WM, ZIP Comment! [Earnings]
Wednesday, February 13, 5:30 PM Notable earnings before Thursday’s open: ABB, ABX, ALXN, ANR, APA, BGCP, BWA, CAB, CRIS, CVE, DISCA, DTV, DVA, DWRE, ECA, GELG, GM, GNC, GNRC, INCY, JAH, LNT, LUFK, MFA, NGLS, NRF, O, OAK, PDS, PEP, PPL, REGN, SHPG, STRA, TAP, UTHR, VMC, WM, ZIP Comment! [Earnings]
Tuesday, February 12, 5:31 PM Realty Income Corp (O) declares $0.1809/share monthly dividend, in line with previous. Forward yield 4.88%. For shareholders of record Mar. 01. Payable Mar. 15. Ex-div date Feb. 27. (PR) Comment! [Dividends]
Wednesday, January 23, 5:18 AM Realty Income Corp (O) declares $0.1809/share monthly dividend, 19.2% increase from prior dividend of $0.151. Forward yield 4.90%. For shareholders of record Feb. 01. Payable Feb. 15. Ex-div date Jan. 30. (PR) Comment! [Dividends]
Wednesday, January 16, 12:06 PM American Realty Capital Trust (ARCT) shareholders approve the merger with Realty Income (O). There had been some question about approval and Realty Income's sweetening of the deal last week - with ARCT executives putting their skin in - no doubt helped smooth passage. (PR) Comment! [Financials, M&A]

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Realty Income Corporation