Maryland
|
1-13374
|
33-0580106
|
(State or Other Jurisdiction of Incorporation or Organization)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
Item 2.02
|
Results of Operations and Financial Condition
|
Item 9.01
|
Financial Statements and Exhibits
|
|
(d) Exhibits
|
Dated: April 28, 2011
|
REALTY INCOME CORPORATION
|
|||
By:
|
/s/ MICHAEL R. PFEIFFER
|
|||
Michael R. Pfeiffer
|
||||
Executive Vice President, General Counsel and Secretary
|
2011
|
2010
|
|||||||
REVENUE
|
||||||||
Rental
|
$ | 97,616 | $ | 82,512 | ||||
Other
|
140 | 106 | ||||||
Total revenue
|
97,756 | 82,618 | ||||||
EXPENSES
|
||||||||
Depreciation and amortization
|
26,810 | 23,041 | ||||||
Interest
|
25,122 | 21,395 | ||||||
General and administrative
|
7,870 | 6,711 | ||||||
Property
|
1,983 | 1,971 | ||||||
Income taxes
|
368 | 277 | ||||||
Total expenses
|
62,153 | 53,395 | ||||||
Income from continuing operations
|
35,603 | 29,223 | ||||||
Income from discontinued operations:
|
||||||||
Real estate acquired for resale by Crest
|
222 | 211 | ||||||
Real estate held for investment
|
174 | 771 | ||||||
Total income from discontinued operations
|
396 | 982 | ||||||
Net income
|
35,999 | 30,205 | ||||||
Preferred stock cash dividends
|
(6,063 | ) | (6,063 | ) | ||||
Net income available to common stockholders
|
$ | 29,936 | $ | 24,142 | ||||
Funds from operations available to common stockholders (FFO)
|
$ | 56,598 | $ | 46,652 | ||||
Adjusted funds from operations available to common stockholders (AFFO)
|
$ | 58,239 | $ | 47,615 | ||||
Per share information for common stockholders:
|
||||||||
Income from continuing operations, basic and diluted
|
$ | 0.25 | $ | 0.22 | ||||
Net income, basic and diluted
|
$ | 0.25 | $ | 0.23 | ||||
FFO, basic and diluted(1)
|
||||||||
FFO before Crest contribution
|
$ | 0.47 | $ | 0.45 | ||||
Crest Net Lease
|
$ | 0.00 | $ | 0.00 | ||||
Total FFO
|
$ | 0.48 | $ | 0.45 | ||||
AFFO, basic and diluted
|
$ | 0.49 | $ | 0.46 | ||||
Cash dividends paid per share
|
$ | 0.433 | $ | 0.429 | ||||
(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.
|
Three Months
Ended 3/31/11
|
Three Months
Ended 3/31/10
|
|||||||
Net income available to common stockholders
|
$ | 29,936 | $ | 24,142 | ||||
Depreciation and amortization:
|
||||||||
Continuing operations
|
26,810 | 23,041 | ||||||
Discontinued operations
|
43 | 250 | ||||||
Depreciation of furniture, fixtures & equipment
|
(62 | ) | (78 | ) | ||||
Gain on sales of investment properties, discontinued operations
|
(129 | ) | (703 | ) | ||||
Funds from operations available to common stockholders
|
$ | 56,598 | $ | 46,652 | ||||
FFO per common share, basic and diluted
|
$ | 0.48 | $ | 0.45 | ||||
Dividends paid to common stockholders
|
$ | 51,123 | $ | 44,764 | ||||
FFO in excess of dividends paid to common stockholders
|
$ | 5,475 | $ | 1,888 | ||||
Weighted average number of common shares used for computation per share:
|
||||||||
Basic
|
118,960,878 | 103,606,241 | ||||||
Diluted
|
119,109,044 | 103,686,440 | ||||||
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).
|
||||||||
Three Months
Ended 3/31/11
|
Three Months
Ended 3/31/10
|
|||||||
Net income available to common stockholders
|
$ | 29,936 | $ | 24,142 | ||||
Cumulative adjustments to calculate FFO(1)
|
26,662 | 22,510 | ||||||
FFO available to common stockholders
|
56,598 | 46,652 | ||||||
Amortization of share-based compensation
|
2,180 | 1,761 | ||||||
Amortization of deferred note financing costs(2)
|
376 | 341 | ||||||
Provisions for impairment
|
200 | 34 | ||||||
Capitalized leasing costs and commissions
|
(269 | ) | (292 | ) | ||||
Capitalized building improvements
|
(674 | ) | (643 | ) | ||||
Straight-line rent revenue(3)
|
(172 | ) | (238 | ) | ||||
Total AFFO available to common stockholders
|
$ | 58,239 | $ | 47,615 | ||||
AFFO per common share, basic and diluted
|
$ | 0.49 | $ | 0.46 | ||||
Dividends paid to common stockholders
|
$ | 51,123 | $ | 44,764 | ||||
AFFO in excess of dividends paid to common stockholders
|
$ | 7,116 | $ | 2,851 |
(1)
|
See FFO calculation above for reconciling items.
|
(2)
|
Amortization of deferred note financing costs includes the amortization of costs incurred and capitalized when our notes were issued in March 2003, November 2003, March 2005, September 2005, September 2006, September 2007 and June 2010. These costs are being amortized over the lives of these notes. No costs associated with our credit facility agreements or annual fees paid to credit rating agencies have been included.
|
(3)
|
A negative amount indicates that our straight-line rent revenue was greater than our actual cash rent collected.
|
For the three months ended March 31,
|
2011
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||
Net income available to common stockholders
|
$ | 29,936 | $ | 24,142 | $ | 24,021 | $ | 23,698 | $ | 30,260 | ||||||||||
Depreciation and amortization
|
26,791 | 23,213 | 22,911 | 22,896 | 18,085 | |||||||||||||||
Gain on sales of investment properties
|
(129 | ) | (703 | ) | (198 | ) | (657 | ) | (1,806 | ) | ||||||||||
Total FFO
|
$ | 56,598 | $ | 46,652 | $ | 46,734 | $ | 45,937 | $ | 46,539 | ||||||||||
Total FFO per diluted share
|
$ | 0.48 | $ | 0.45 | $ | 0.45 | $ | 0.46 | $ | 0.46 | ||||||||||
Total FFO
|
$ | 56,598 | $ | 46,652 | $ | 46,734 | $ | 45,937 | $ | 46,539 | ||||||||||
Add (less) FFO contributed by Crest
|
(180 | ) | (206 | ) | 125 | 194 | (1,748 | ) | ||||||||||||
FFO before Crest contribution
|
$ | 56,418 | $ | 46,446 | $ | 46,859 | $ | 46,131 | $ | 44,791 | ||||||||||
FFO components, per diluted share(1):
|
||||||||||||||||||||
FFO before Crest contribution
|
$ | 0.47 | $ | 0.45 | $ | 0.45 | $ | 0.46 | $ | 0.45 | ||||||||||
Crest FFO contribution
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.02 | ||||||||||
Total FFO
|
$ | 0.48 | $ | 0.45 | $ | 0.45 | $ | 0.46 | $ | 0.46 | ||||||||||
AFFO
|
$ | 58,239 | $ | 47,615 | $ | 47,675 | $ | 48,707 | $ | 47,068 | ||||||||||
AFFO per diluted share
|
$ | 0.49 | $ | 0.46 | $ | 0.46 | $ | 0.49 | $ | 0.47 | ||||||||||
Cash dividends paid per share
|
$ | 0.433 | $ | 0.429 | $ | 0.425 | $ | 0.410 | $ | 0.380 | ||||||||||
Diluted shares outstanding
|
119,109,044 | 103,686,440 | 103,445,044 | 100,365,576 | 100,276,300 | |||||||||||||||
(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.
|
2011
|
2010
|
|||||||
ASSETS
|
||||||||
Real estate, at cost:
|
||||||||
Land
|
$ | 1,547,899 | $ | 1,520,413 | ||||
Buildings and improvements
|
2,681,780 | 2,592,449 | ||||||
Total real estate, at cost
|
4,229,679 | 4,112,862 | ||||||
Less accumulated depreciation and amortization
|
(736,770 | ) | (711,615 | ) | ||||
Net real estate held for investment
|
3,492,909 | 3,401,247 | ||||||
Real estate held for sale, net
|
4,064 | 3,631 | ||||||
Net real estate
|
3,496,973 | 3,404,878 | ||||||
Cash and cash equivalents
|
129,707 | 17,607 | ||||||
Accounts receivable, net
|
10,506 | 11,301 | ||||||
Goodwill
|
17,206 | 17,206 | ||||||
Other assets, net
|
116,164 | 84,598 | ||||||
Total assets
|
$ | 3,770,556 | $ | 3,535,590 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Distributions payable
|
$ | 20,356 | $ | 19,051 | ||||
Accounts payable and accrued expenses
|
23,804 | 47,019 | ||||||
Other liabilities
|
16,248 | 22,555 | ||||||
Line of credit payable
|
-- | -- | ||||||
Notes payable
|
1,600,000 | 1,600,000 | ||||||
Total liabilities
|
1,660,408 | 1,688,625 | ||||||
Stockholders’ equity:
|
||||||||
Preferred stock and paid in capital, par value $1.00 per share,
20,000,000 shares authorized, 13,900,000 issued and
outstanding in 2011 and 2010
|
337,790 | 337,790 | ||||||
Common stock and paid in capital, par value $1.00 per share,
200,000,000 shares authorized, 126,828,609 and
118,058,988 shares issued and outstanding as of
March 31, 2011 and December 31, 2010, respectively
|
2,351,962 | 2,066,287 | ||||||
Distributions in excess of net income
|
(579,604 | ) | (557,112 | ) | ||||
Total stockholders’ equity
|
2,110,148 | 1,846,965 | ||||||
Total liabilities and stockholders’ equity
|
$ | 3,770,556 | $ | 3,535,590 |
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%
|
|||
YTD Q1 2011
|
5.0%
|
3.5%
|
3.5%
|
7.5%
|
2.4%
|
7.1%
|
1.9%
|
5.9%
|
0.8%
|
4.8%
|
|||
Compounded Average Annual Total Return(5)
|
17.8%
|
11.0%
|
9.6%
|
8.5%
|
8.2%
|
||||||||
Approximate
|
Rental Revenue for
|
Percentage of
|
||||||||||||||
Number of
|
Leasable
|
the Quarter Ended
|
Rental
|
|||||||||||||
Property Type
|
Properties
|
Square Feet
|
March 31, 2011(1)
|
Revenue
|
||||||||||||
Retail
|
2,475 | 19,788,400 | $ | 89,185 | 91.2 | % | ||||||||||
Agriculture
|
14 | 184,500 | 4,883 | 5.0 | ||||||||||||
Industrial
|
15 | 782,400 | 1,535 | 1.6 | ||||||||||||
Manufacturing
|
4 | 572,500 | 1,531 | 1.6 | ||||||||||||
Distribution
|
8 | 1,003,300 | 494 | 0.5 | ||||||||||||
Office
|
3 | 218,000 | 115 | 0.1 | ||||||||||||
Totals
|
2,519 | 22,549,100 | $ | 97,743 | 100.0 | % |
(1)
|
Includes rental revenue for all properties owned by Realty Income at March 31, 2011, including revenue from properties reclassified as discontinued operations of $127.
|
Percentage of Rental Revenue(1)
|
||||||||||||||||||||||||||||
For the Quarter
|
For the Years Ended
|
|||||||||||||||||||||||||||
Industries
|
Ended
March 31,
2011
|
Dec 31,
2010
|
Dec 31,
2009
|
Dec 31,
2008
|
Dec 31,
2007
|
Dec 31,
2006
|
Dec 31,
2005
|
|||||||||||||||||||||
Apparel stores
|
1.5 | % | 1.2 | % | 1.1 | % | 1.1 | % | 1.2 | % | 1.7 | % | 1.6 | % | ||||||||||||||
Automotive collision services
|
0.9 | 1.0 | 1.1 | 1.0 | 1.1 | 1.3 | 1.3 | |||||||||||||||||||||
Automotive parts
|
1.2 | 1.4 | 1.5 | 1.6 | 2.1 | 2.8 | 3.4 | |||||||||||||||||||||
Automotive service
|
4.2 | 4.7 | 4.8 | 4.8 | 5.2 | 6.9 | 7.6 | |||||||||||||||||||||
Automotive tire services
|
5.6 | 6.4 | 6.9 | 6.7 | 7.3 | 6.1 | 7.2 | |||||||||||||||||||||
Beverages
|
5.8 | 3.0 | -- | -- | -- | -- | -- | |||||||||||||||||||||
Book stores
|
0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | |||||||||||||||||||||
Business services
|
* | * | * | * | 0.1 | 0.1 | 0.1 | |||||||||||||||||||||
Child care
|
5.8 | 6.5 | 7.3 | 7.6 | 8.4 | 10.3 | 12.7 | |||||||||||||||||||||
Consumer electronics
|
0.6 | 0.6 | 0.7 | 0.8 | 0.9 | 1.1 | 1.3 | |||||||||||||||||||||
Convenience stores
|
19.9 | 17.1 | 16.9 | 15.8 | 14.0 | 16.1 | 18.7 | |||||||||||||||||||||
Crafts and novelties
|
0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.4 | 0.4 | |||||||||||||||||||||
Drug stores
|
3.8 | 4.1 | 4.3 | 4.1 | 2.7 | 2.9 | 2.8 | |||||||||||||||||||||
Entertainment
|
1.1 | 1.2 | 1.3 | 1.2 | 1.4 | 1.6 | 2.1 | |||||||||||||||||||||
Equipment services
|
0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.4 | |||||||||||||||||||||
Financial services
|
0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | |||||||||||||||||||||
General merchandise
|
0.7 | 0.8 | 0.8 | 0.8 | 0.7 | 0.6 | 0.5 | |||||||||||||||||||||
Grocery stores
|
1.7 | 0.9 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | |||||||||||||||||||||
Health and fitness
|
6.4 | 6.9 | 5.9 | 5.6 | 5.1 | 4.3 | 3.7 | |||||||||||||||||||||
Home furnishings
|
1.2 | 1.3 | 1.3 | 2.4 | 2.6 | 3.1 | 3.7 | |||||||||||||||||||||
Home improvement
|
1.8 | 2.0 | 2.2 | 2.1 | 2.4 | 3.4 | 1.1 | |||||||||||||||||||||
Motor vehicle dealerships
|
2.5 | 2.6 | 2.7 | 3.2 | 3.1 | 3.4 | 2.6 | |||||||||||||||||||||
Office supplies
|
0.9 | 0.9 | 1.0 | 1.0 | 1.1 | 1.3 | 1.5 | |||||||||||||||||||||
Pet supplies and services
|
0.7 | 0.9 | 0.9 | 0.8 | 0.9 | 1.1 | 1.3 | |||||||||||||||||||||
Private education
|
0.8 | 0.8 | 0.9 | 0.8 | 0.8 | 0.8 | 0.8 | |||||||||||||||||||||
Restaurants
|
18.9 | 21.1 | 22.0 | 22.5 | 21.5 | 11.9 | 9.4 | |||||||||||||||||||||
Shoe stores
|
0.2 | 0.1 | -- | -- | -- | -- | 0.3 | |||||||||||||||||||||
Sporting goods
|
2.8 | 2.7 | 2.6 | 2.3 | 2.6 | 2.9 | 3.4 | |||||||||||||||||||||
Theaters
|
8.1 | 8.9 | 9.2 | 9.0 | 9.0 | 9.6 | 5.2 | |||||||||||||||||||||
Transportation services
|
0.7 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | |||||||||||||||||||||
Video rental
|
0.0 | 0.2 | 1.0 | 1.1 | 1.7 | 2.1 | 2.5 | |||||||||||||||||||||
Other
|
1.5 | 1.7 | 1.8 | 1.9 | 2.3 | 2.7 | 3.0 | |||||||||||||||||||||
Totals
|
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
* Less than 0.1%
|
(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.
|
Largest Tenants based on Percentage of Total Portfolio Rental Revenue at March 31, 2011
|
||||
Diageo
|
5.7%
|
FreedomRoads/Camping World
|
2.7%
|
|
AMC Theatres
|
5.3%
|
La Petite Academy
|
2.6%
|
|
Northern Tier Energy/Super America
|
5.1%
|
TBC Corporation
|
2.6%
|
|
L.A. Fitness
|
5.0%
|
Couche-Tard/Circle K
|
2.5%
|
|
Hometown Buffet
|
5.0%
|
Sports Authority
|
2.3%
|
|
Friendly’s Ice Cream
|
4.0%
|
Boston Market
|
2.2%
|
|
The Pantry
|
3.6%
|
NPC International/Pizza Hut
|
2.2%
|
|
Rite Aid
|
3.0%
|
Total Portfolio
|
Initial Expirations(3)
|
Subsequent Expirations(4)
|
||||||||||||||||||||||||||||||||||||||
Year
|
Number
of Leases Expiring(1)
|
Approximate
Leasable
Square Feet
|
Rental
Revenue
for the
Quarter
Ended
March 31, 2011(2)
|
% of
Total
Rental Revenue
|
Number
of Leases Expiring
|
Rental Revenue
for the
Quarter Ended
March 31,
2011
|
% of
Total
Rental Revenue
|
Number
of Leases Expiring
|
Rental Revenue
for the
Quarter
Ended
March 31,
2011
|
% of
Total
Rental Revenue
|
||||||||||||||||||||||||||||||
2011
|
144 | 1,029,900 | $ | 3,987 | 4.2 | % | 48 | $ | 2,003 | 2.1 | % | 96 | $ | 1,984 | 2.1 | % | ||||||||||||||||||||||||
2012
|
129 | 890,100 | 2,984 | 3.1 | 37 | 1,212 | 1.3 | 92 | 1,772 | 1.8 | ||||||||||||||||||||||||||||||
2013
|
148 | 1,246,200 | 4,835 | 5.0 | 65 | 2,944 | 3.0 | 83 | 1,891 | 2.0 | ||||||||||||||||||||||||||||||
2014
|
116 | 906,700 | 3,486 | 3.6 | 41 | 1,866 | 1.9 | 75 | 1,620 | 1.7 | ||||||||||||||||||||||||||||||
2015
|
148 | 766,900 | 3,900 | 4.1 | 78 | 2,407 | 2.5 | 70 | 1,493 | 1.6 | ||||||||||||||||||||||||||||||
2016
|
138 | 569,100 | 2,741 | 2.9 | 111 | 2,116 | 2.2 | 27 | 625 | 0.7 | ||||||||||||||||||||||||||||||
2017
|
52 | 644,900 | 1,959 | 2.0 | 41 | 1,735 | 1.8 | 11 | 224 | 0.2 | ||||||||||||||||||||||||||||||
2018
|
50 | 1,220,300 | 2,403 | 2.5 | 42 | 2,193 | 2.3 | 8 | 210 | 0.2 | ||||||||||||||||||||||||||||||
2019
|
100 | 1,154,900 | 5,142 | 5.4 | 92 | 4,704 | 4.9 | 8 | 438 | 0.5 | ||||||||||||||||||||||||||||||
2020
|
85 | 1,032,700 | 3,952 | 4.1 | 75 | 3,678 | 3.8 | 10 | 274 | 0.3 | ||||||||||||||||||||||||||||||
2021
|
180 | 1,851,200 | 7,804 | 8.1 | 176 | 7,557 | 7.9 | 4 | 247 | 0.2 | ||||||||||||||||||||||||||||||
2022
|
100 | 553,700 | 3,115 | 3.2 | 99 | 3,067 | 3.2 | 1 | 48 | * | ||||||||||||||||||||||||||||||
2023
|
253 | 1,800,300 | 8,892 | 9.3 | 251 | 8,818 | 9.2 | 2 | 74 | 0.1 | ||||||||||||||||||||||||||||||
2024
|
63 | 570,000 | 2,413 | 2.5 | 63 | 2,413 | 2.5 | -- | -- | -- | ||||||||||||||||||||||||||||||
2025-2043
|
722 | 6,950,800 | 38,451 | 40.0 | 704 | 38,123 | 39.7 | 18 | 328 | 0.3 | ||||||||||||||||||||||||||||||
Totals
|
2,428 | 21,187,700 | $ | 96,064 | 100.0 | % | 1,923 | $ | 84,836 | 88.3 | % | 505 | $ | 11,228 | 11.7 | % |
(1)
|
Excludes ten multi-tenant properties and 81 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.
|
(2)
|
Includes rental revenue of $127 from properties reclassified as discontinued operations and excludes revenue of $1,679 from ten multi-tenant properties and from 81 vacant and unleased properties at March 31, 2011.
|
(3)
|
Represents leases to the initial tenant of the property that are expiring for the first time.
|
(4)
|
Represents lease expirations on properties in the portfolio, which have previously been renewed, extended or re-tenanted.
|
Approximate
|
Rental Revenue for
|
Percentage of
|
||||||||||||||||||
Number of
|
Percent
|
Leasable
|
the Quarter Ended
|
Rental
|
||||||||||||||||
State
|
Properties
|
Leased
|
Square Feet
|
March 31, 2011(1)
|
Revenue
|
|||||||||||||||
Alabama
|
62 | 97 | % | 420,200 | $ | 1,836 | 1.9 | % | ||||||||||||
Alaska
|
2 | 100 | 128,500 | 287 | 0.3 | |||||||||||||||
Arizona
|
82 | 98 | 510,200 | 2,837 | 2.9 | |||||||||||||||
Arkansas
|
17 | 94 | 92,400 | 381 | 0.4 | |||||||||||||||
California
|
82 | 99 | 1,675,500 | 10,608 | 10.9 | |||||||||||||||
Colorado
|
51 | 94 | 471,400 | 1,826 | 1.9 | |||||||||||||||
Connecticut
|
23 | 96 | 269,100 | 1,163 | 1.2 | |||||||||||||||
Delaware
|
17 | 100 | 33,300 | 432 | 0.4 | |||||||||||||||
Florida
|
170 | 95 | 1,769,900 | 7,063 | 7.2 | |||||||||||||||
Georgia
|
132 | 95 | 948,000 | 3,886 | 4.0 | |||||||||||||||
Hawaii
|
-- | -- | -- | -- | -- | |||||||||||||||
Idaho
|
12 | 83 | 80,700 | 318 | 0.3 | |||||||||||||||
Illinois
|
87 | 99 | 1,067,400 | 5,241 | 5.4 | |||||||||||||||
Indiana
|
81 | 95 | 729,900 | 3,525 | 3.6 | |||||||||||||||
Iowa
|
21 | 100 | 290,600 | 1,020 | 1.0 | |||||||||||||||
Kansas
|
32 | 91 | 631,900 | 1,212 | 1.2 | |||||||||||||||
Kentucky
|
23 | 100 | 127,900 | 693 | 0.7 | |||||||||||||||
Louisiana
|
32 | 100 | 184,900 | 906 | 0.9 | |||||||||||||||
Maine
|
3 | 100 | 22,500 | 162 | 0.2 | |||||||||||||||
Maryland
|
28 | 100 | 266,600 | 1,583 | 1.6 | |||||||||||||||
Massachusetts
|
64 | 98 | 575,400 | 2,549 | 2.6 | |||||||||||||||
Michigan
|
54 | 98 | 285,800 | 1,301 | 1.3 | |||||||||||||||
Minnesota
|
151 | 99 | 1,010,900 | 6,560 | 6.7 | |||||||||||||||
Mississippi
|
72 | 99 | 360,700 | 1,540 | 1.6 | |||||||||||||||
Missouri
|
64 | 95 | 679,600 | 2,198 | 2.2 | |||||||||||||||
Montana
|
2 | 100 | 30,000 | 77 | 0.1 | |||||||||||||||
Nebraska
|
19 | 95 | 196,300 | 492 | 0.5 | |||||||||||||||
Nevada
|
15 | 93 | 315,400 | 772 | 0.8 | |||||||||||||||
New Hampshire
|
14 | 100 | 109,300 | 587 | 0.6 | |||||||||||||||
New Jersey
|
33 | 100 | 261,300 | 1,943 | 2.0 | |||||||||||||||
New Mexico
|
9 | 100 | 58,400 | 198 | 0.2 | |||||||||||||||
New York
|
39 | 97 | 495,000 | 2,550 | 2.6 | |||||||||||||||
North Carolina
|
95 | 99 | 582,500 | 2,942 | 3.0 | |||||||||||||||
North Dakota
|
6 | 100 | 36,600 | 60 | 0.1 | |||||||||||||||
Ohio
|
137 | 93 | 1,083,600 | 3,327 | 3.4 | |||||||||||||||
Oklahoma
|
35 | 100 | 755,300 | 1,490 | 1.5 | |||||||||||||||
Oregon
|
18 | 94 | 297,300 | 863 | 0.9 | |||||||||||||||
Pennsylvania
|
102 | 99 | 774,200 | 3,599 | 3.7 | |||||||||||||||
Rhode Island
|
3 | 100 | 11,000 | 59 | 0.1 | |||||||||||||||
South Carolina
|
99 | 100 | 372,500 | 2,307 | 2.4 | |||||||||||||||
South Dakota
|
10 | 100 | 89,800 | 186 | 0.2 | |||||||||||||||
Tennessee
|
130 | 95 | 755,200 | 2,751 | 2.8 | |||||||||||||||
Texas
|
214 | 96 | 2,376,700 | 8,669 | 8.9 | |||||||||||||||
Utah
|
5 | 100 | 92,100 | 120 | 0.1 | |||||||||||||||
Vermont
|
4 | 100 | 12,700 | 128 | 0.1 | |||||||||||||||
Virginia
|
104 | 95 | 636,500 | 3,471 | 3.5 | |||||||||||||||
Washington
|
34 | 94 | 276,500 | 951 | 1.0 | |||||||||||||||
West Virginia
|
2 | 100 | 23,000 | 121 | 0.1 | |||||||||||||||
Wisconsin
|
27 | 93 | 269,200 | 953 | 1.0 | |||||||||||||||
Wyoming
|
1 | 0 | 5,400 | 0 | 0.0 | |||||||||||||||
Totals/Average
|
2,519 | 97 | % | 22,549,100 | $ | 97,743 | 100.0 | % |
(1)
|
Includes rental revenue for all properties owned by Realty Income at March 31, 2011, including revenue from properties reclassified as discontinued operations of $127.
|