While Escondido-based Realty Income Corp. (NYSE: O) saw a slight dip in its earnings in the third quarter, it continues to strengthen as it adds new single-tenant retail properties to its portfolio.
For the quarter ended Sept. 30, the REIT posted $37.45 million in net income on $120.23 million in revenues – compared to $40.78 million in net income on $106.23 million in revenues for the like period a year earlier.
For the nine months ended Sept. 30, RIC posted $120.13 million in net income on $349.93 million in revenues -- compared to $116.02 million in net income on $303.48 million in revenues for the like period in 2011.
RIC boasted some 2,838 properties leased to 144 commercial enterprises in 44 different industries as of the end of September. The REIT, which has an average remaining lease term of 11 years on its properties, has most of its assets under 10 to 20-year leases.
The Escondido REIT, which now has properties in 49 states, invested $496.1 million in 87 new properties and properties under development during the fourth quarter.
RIC’s stock price ended at $40.18 on Thursday -- down 57 cents or about 1.4 percent on the day. The stock price has ranged from $32.38 to $44.22 during the past 52 weeks.