Realty Income
Type | Public company |
---|---|
NYSE: O S&P 500 Index component | |
Industry | Real estate investment trust |
Founded | 1969 |
Founder | William E. Clark, Jr. Evelyn J. Clark |
Headquarters | San Diego, California |
Key people | Michael D. McKee, Chairman Sumit Roy, CEO Paul M. Meurer, CFO |
Products | Free-standing, single-tenant commercial properties |
Revenue | $1.491 billion (2019) |
$436 million (2019) | |
Total assets | $18.554 billion (2019) |
Total equity | $9.804 billion (2019) |
Number of employees | 194 (2019) |
Website | realtyincome |
Footnotes / references [1] |
Realty Income Corporation is a real estate investment trust that invests in free-standing, single-tenant commercial properties in the United States, Spain and the United Kingdom that are subject to NNN Leases. The company is organized in Maryland with its headquarters in San Diego, California.
The company is one of a few real estate investment trusts that pays dividends monthly, rather than quarterly and has registered a trademark for the phrase The Monthly Dividend Company.[2]
Investments[]
As of December 31, 2019, the company owned 6,483 properties totaling 106.3 million rentable square feet, with an average property size of 11,800 square feet per retail property and 237,668 square feet per industrial property.[1]
The company's largest tenants are as follows:[1]
Rank | Tenant | % of 2019 Revenue |
---|---|---|
1 | Walgreens | 6.1% |
2 | 7-Eleven | 4.8% |
3 | Dollar General | 4.4% |
4 | FedEx | 4.0% |
5 | Dollar Tree/Family Dollar | 3.5% |
6 | LA Fitness | 3.4% |
7 | AMC Theatres | 3.0% |
8 | Regal Cinemas | 2.9% |
9 | Walmart/Sam's Club | 2.6% |
10 | Sainsbury's | 2.4% |
History[]
Realty Income Corporation was founded in 1969 by William E. Clark and Evelyn J. Clark.[3] Its first acquisition was a Taco Bell restaurant in early 1970.[3]
The company used cash to purchase land needed for stores that required real estate to run, and then leased the property to the stores long term.[4]
In 1994, the company became a public company via an initial public offering.[1]
In 1997, William E. Clark, Jr., retired as CEO and was succeeded by Thomas A. Lewis. In 2013, John P. Case succeeded Mr. Lewis as CEO of the company.[5] In 2009, Clark retired as chairman.[6]
In 2013, the company acquired American Realty Capital Trust, founded by Nicholas Schorsch, in a $2.95 billion transaction.[7][8]
In 2015, the company was added to the S&P 500 Index[9] and the S&P High Yield Dividend Aristocrats index.[10]
In 2018, Sumit Roy became the company's CEO.[11]
In 2019, the company completed a sale-leaseback transaction for 12 properties of the United Kingdom supermarket chain Sainsbury's. This was the company's first purchase of property outside the United States.[12]
In 2021, the company announced its intention to acquire VEREIT. Following the closing, the companies intend to spin off most of their office properties into a new publicly traded company.[13]
References[]
- ^ a b c d "Realty Income Corporation 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ "Registered trademark for The Monthly Dividend Company". United States Patent and Trademark Office.
- ^ a b Frankel, Matthew (June 3, 2015). "Realty Income Corporation: How a Taco Bell Evolved Into a $10 Billion REIT". The Motley Fool.
- ^ WOLFF, ERIC (December 8, 2010). "REAL ESTATE: Local company ready to reap the bubble's remains". The San Diego Union-Tribune.
- ^ "Realty Income Names John P. Case to Succeed Tom A. Lewis As Chief Executive Officer" (Press release). PR Newswire. September 3, 2013.
- ^ "William E. Clark to Retire as Realty Income Chairman" (Press release). Business Wire. September 3, 2013.
- ^ "Realty Income To Acquire American Realty Capital Trust In $2.95 Billion Transaction" (Press release). PR Newswire. September 6, 2012.
- ^ "Realty Income Closes American Realty Capital Trust Acquisition" (Press release). Business Wire. January 22, 2013.
- ^ "Realty Income Set to Join S&P 500; Windstream, Douglas Emmett to Join the S&P MidCap 400; Gentherm, Echo Global Logistics to Join the S&P SmallCap 600" (Press release). PR Newswire. March 27, 2015.
- ^ "Realty Income is Reaping Triple-Net Lease Rewards".
- ^ "The Briefcase: Walmart campus off Kester Mill Road sells for $20.8M".
- ^ Brad Thomas (2019-04-23). "The Monthly Dividend Company Goes Global". Forbes. Retrieved 2019-07-06.
{{cite magazine}}
: CS1 maint: url-status (link) - ^ "Realty Income To Merge With VEREIT® In All-Stock Transaction". www.realtyincome.com. Retrieved 2021-05-28.
External links[]
- Business data for Realty Income Corporation:
- 1969 establishments in California
- Companies based in San Diego County, California
- Real estate companies established in 1969
- Companies listed on the New York Stock Exchange
- Real estate investment trusts of the United States