Realty Income Corporation (NYSE: O) is scheduled to report its first quarter FY 2011 earnings on Thursday. The company engages in the acquisition and ownership of commercial real estate properties in the United States
For Q4 FY 2010
- Revenue increased 13.4 percent to $92.2 million, compared with revenue of $81.3 million reported in the fourth quarter FY 2009.
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- Net income for the quarter was $31.8 million, or $0.28 per share, compared with net income of $29.3 million, or $0.28 per share, in the comparable quarter FY 2009.
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- Funds from operations (FFO) available to stock holders increased 8.5 percent to $52.5 million.
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- The company raised $235.7 million from a common stock offering.
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- Its monthly dividend increased for the 53rd consecutive quarter to an annualized amount of $1.731 per share.
For FY 2010
- Revenue increased 6.1 percent to $345 million as compared with $325 million in FY 2009.
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- Net income was $106.5 million as compared with $106.9 million for the same period in 2009. Net income per share for 2010 was $1.01 as compared with $1.03 in 2009.
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- FFO available to stockholders increased 1.7 percent to $193.7 million.
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- Raised $678.7 million in capital to permanently fund 2010 real estate acquisitions
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- Dividends paid per common share increased 0.9 percent.
In its regular guidance update for FY 2011, the company estimates that FFO per share for 2011 should range between $1.96 to $2.01 per share, or an increase of 7.1% to 9.8% in annual FFO growth, compared with its 2010 FFO of $1.83. FFO for 2011 is based on an estimated net income per share range of $1.10 to $1.15, plus estimated real estate depreciation of $0.89 and reduced by potential gains on sales of investment properties of $0.03 per share.
For the first quarter, analysts' EPS estimates range from a low of $0.46 to a high of $0.49 per share, compared with a consensus estimate of $0.45 per share or $0.48 per share in the year ago quarter. For this quarter, analysts' revenue estimates range from a low of $92 million to a high of $98.30 million, compared with a consensus estimate of $95.79 million or $83.26 million in the same quarter a year ago. For the quarter ended March, 2011, the consensus EPS forecast has remained unchanged for the last 90 days.
In the last 52 weeks, Realty Income Corp.'s stock has been trading in the range of $28.42 and $36.12. The last trading price of the stock was $35.51 on April 21. During the first quarter FY 2011, brokerage firm FBR Capital initiated the stock with a Market Perform rating.
