Maryland
|
1-13374
|
33-0580106
|
(State or Other Jurisdiction of Incorporation or Organization)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
Item 9.01
|
Financial Statements and Exhibits
|
|
(d) Exhibits
|
Dated: October 27, 2011
|
REALTY INCOME CORPORATION
|
|||
By:
|
/s/ MICHAEL R. PFEIFFER
|
|||
Michael R. Pfeiffer
|
||||
Executive Vice President, General Counsel and Secretary
|
Three Months
Ended 9/30/11
|
Three Months
Ended 9/30/10
|
Nine Months
Ended 9/30/11
|
Nine Months
Ended 9/30/10
|
|||||||||||||
REVENUE
|
||||||||||||||||
Rental
|
$ | 106,808 | $ | 86,749 | $ | 306,746 | $ | 251,237 | ||||||||
Other
|
488 | 84 | 886 | 385 | ||||||||||||
Total revenue
|
107,296 | 86,833 | 307,632 | 251,622 | ||||||||||||
EXPENSES
|
||||||||||||||||
Depreciation and amortization
|
31,869 | 23,941 | 87,542 | 70,145 | ||||||||||||
Interest
|
28,550 | 25,135 | 79,318 | 68,106 | ||||||||||||
General and administrative
|
7,143 | 6,165 | 23,001 | 19,526 | ||||||||||||
Property
|
1,698 | 1,742 | 5,102 | 5,324 | ||||||||||||
Income taxes
|
367 | 335 | 1,102 | 890 | ||||||||||||
Total expenses
|
69,627 | 57,318 | 196,065 | 163,991 | ||||||||||||
Income from continuing operations
|
37,669 | 29,515 | 111,567 | 87,631 | ||||||||||||
Income from discontinued operations
|
3,111 | 2,139 | 4,460 | 5,276 | ||||||||||||
Net income
|
40,780 | 31,654 | 116,027 | 92,907 | ||||||||||||
Preferred stock cash dividends
|
(6,063 | ) | (6,063 | ) | (18,190 | ) | (18,190 | ) | ||||||||
Net income available to common stockholders
|
$ | 34,717 | $ | 25,591 | $ | 97,837 | $ | 74,717 | ||||||||
Funds from operations available to common stockholders (FFO)
|
$ | 63,405 | $ | 47,804 | $ | 180,936 | $ | 141,247 | ||||||||
Adjusted funds from operations available to common stockholders (AFFO)
|
$ | 64,239 | $ | 48,585 | $ | 184,847 | $ | 143,930 | ||||||||
Per share information for common stockholders:
|
||||||||||||||||
Income from continuing operations, basic and diluted
|
$ | 0.25 | $ | 0.23 | $ | 0.75 | $ | 0.67 | ||||||||
Net income, basic and diluted
|
$ | 0.27 | $ | 0.25 | $ | 0.79 | $ | 0.72 | ||||||||
FFO, basic and diluted
|
$ | 0.50 | $ | 0.46 | $ | 1.46 | $ | 1.36 | ||||||||
AFFO, basic and diluted
|
$ | 0.51 | $ | 0.47 | $ | 1.49 | $ | 1.39 | ||||||||
Cash dividends paid per share
|
$ | 0.435 | $ | 0.431 | $ | 1.301 | $ | 1.290 | ||||||||
Three Months
Ended 9/30/11
|
Three Months
Ended 9/30/10
|
Nine Months
Ended 9/30/11
|
Nine Months
Ended 9/30/10
|
|||||||||||||
Net income available to common stockholders
|
$ | 34,717 | $ | 25,591 | $ | 97,837 | $ | 74,717 | ||||||||
Depreciation and amortization:
|
||||||||||||||||
Continuing operations
|
31,869 | 23,941 | 87,542 | 70,145 | ||||||||||||
Discontinued operations
|
26 | 260 | 264 | 892 | ||||||||||||
Depreciation of furniture, fixtures & equipment
|
(58 | ) | (69 | ) | (178 | ) | (223 | ) | ||||||||
Gain on sales of investment properties:
|
||||||||||||||||
Continuing operations
|
(55 | ) | -- | (210 | ) | -- | ||||||||||
Discontinued operations
|
(3,094 | ) | (1,919 | ) | (4,319 | ) | (4,284 | ) | ||||||||
Funds from operations available to common stockholders
|
$ | 63,405 | $ | 47,804 | $ | 180,936 | $ | 141,247 | ||||||||
FFO per common share, basic and diluted
|
$ | 0.50 | $ | 0.46 | $ | 1.46 | $ | 1.36 | ||||||||
Dividends paid to common stockholders
|
$ | 55,145 | $ | 45,026 | $ | 161,276 | $ | 134,700 | ||||||||
FFO in excess of dividends paid to common stockholders
|
$ | 8,260 | $ | 2,778 | $ | 19,660 | $ | 6,547 | ||||||||
Weighted average number of common shares used for computation per share:
|
||||||||||||||||
Basic
|
126,376,201 | 103,830,029 | 123,921,317 | 103,781,108 | ||||||||||||
Diluted
|
126,582,609 | 103,977,023 | 124,013,142 | 103,887,679 | ||||||||||||
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 9/30/11
|
Three Months
Ended 9/30/10
|
Nine Months
Ended 9/30/11
|
Nine Months
Ended 9/30/10
|
|||||||||||||
Net income available to common stockholders
|
$ | 34,717 | $ | 25,591 | $ | 97,837 | $ | 74,717 | ||||||||
Cumulative adjustments to calculate FFO(1)
|
28,688 | 22,213 | 83,099 | 66,530 | ||||||||||||
FFO available to common stockholders
|
$ | 63,405 | 47,804 | $ | 180,936 | 141,247 | ||||||||||
Amortization of share-based compensation
|
1,751 | 1,347 | 6,098 | 4,824 | ||||||||||||
Amortization of deferred financing costs(2)
|
486 | 431 | 1,335 | 1,114 | ||||||||||||
Provisions for impairment
|
169 | 84 | 378 | 171 | ||||||||||||
Capitalized leasing costs and commissions
|
(595 | ) | (238 | ) | (1,243 | ) | (874 | ) | ||||||||
Capitalized building improvements
|
(528 | ) | (438 | ) | (1,737 | ) | (1,404 | ) | ||||||||
Other adjustments(3)
|
(449 | ) | (405 | ) | (920 | ) | (1,148 | ) | ||||||||
Total AFFO available to common stockholders
|
$ | 64,239 | $ | 48,585 | $ | 184,847 | $ | 143,930 | ||||||||
AFFO per common share, basic and diluted
|
$ | 0.51 | $ | 0.47 | $ | 1.49 | $ | 1.39 | ||||||||
Dividends paid to common stockholders
|
$ | 55,145 | $ | 45,026 | $ | 161,276 | $ | 134,700 | ||||||||
AFFO in excess of dividends paid to common stockholders
|
$ | 9,094 | $ | 3,559 | $ | 23,571 | $ | 9,230 |
(1)
|
See FFO calculation above for reconciling items.
|
(2)
|
Includes the amortization of costs incurred and capitalized when our senior notes were issued in March 2003, November 2003, March 2005, September 2005, September 2006, September 2007, June 2010 and June 2011. Additionally, this includes the amortization of deferred financing costs incurred and capitalized in connection with our assumption of the mortgages payable in 2011. These costs are being amortized over the lives of the respective mortgages. No costs associated with our credit facility agreements or annual fees paid to credit rating agencies have been included.
|
(3)
|
Includes straight-line rent revenue, and the amortization of above and below-market leases.
|
For the three months ended September 30,
|
2011
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||
Net income available to common stockholders
|
$ | 34,717 | $ | 25,591 | $ | 27,089 | $ | 28,634 | $ | 27,910 | ||||||||||
Depreciation and amortization
|
31,837 | 24,132 | 22,879 | 22,844 | 19,514 | |||||||||||||||
Gain on sales of investment properties
|
(3,149 | ) | (1,919 | ) | (1,814 | ) | (5,730 | ) | (799 | ) | ||||||||||
Total FFO
|
$ | 63,405 | $ | 47,804 | $ | 48,154 | $ | 45,748 | $ | 46,625 | ||||||||||
Total FFO per diluted share
|
$ | 0.50 | $ | 0.46 | $ | 0.47 | $ | 0.46 | $ | 0.47 | ||||||||||
Total FFO
|
$ | 63,405 | $ | 47,804 | $ | 48,154 | $ | 45,748 | $ | 46,625 | ||||||||||
Less FFO contributed by Crest
|
(190 | ) | (221 | ) | (207 | ) | (238 | ) | (1,937 | ) | ||||||||||
FFO before Crest contribution
|
$ | 63,215 | $ | 47,583 | $ | 47,947 | $ | 45,510 | $ | 44,688 | ||||||||||
FFO components, per diluted share(1):
|
||||||||||||||||||||
FFO before Crest contribution
|
$ | 0.50 | $ | 0.46 | $ | 0.46 | $ | 0.45 | $ | 0.45 | ||||||||||
Crest FFO contribution
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.02 | ||||||||||
Total FFO
|
$ | 0.50 | $ | 0.46 | $ | 0.47 | $ | 0.46 | $ | 0.47 | ||||||||||
AFFO
|
$ | 64,239 | $ | 48,585 | $ | 48,499 | $ | 46,696 | $ | 47,571 | ||||||||||
AFFO per diluted share
|
$ | 0.51 | $ | 0.47 | $ | 0.47 | $ | 0.47 | $ | 0.47 | ||||||||||
Cash dividends paid per share
|
$ | 0.435 | $ | 0.431 | $ | 0.427 | $ | 0.417 | $ | 0.391 | ||||||||||
Weighted average diluted shares outstanding
|
126,582,609 | 103,977,023 | 103,481,892 | 100,420,070 | 100,252,953 | |||||||||||||||
For the nine months ended September 30,
|
2011
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||
Net income available to common stockholders
|
$ | 97,837 | $ | 74,717 | $ | 77,606 | $ | 79,320 | $ | 89,043 | ||||||||||
Depreciation and amortization
|
87,628 | 70,814 | 68,713 | 68,616 | 56,071 | |||||||||||||||
Gain on sales of investment properties
|
(4,529 | ) | (4,284 | ) | (4,250 | ) | (9,439 | ) | (3,190 | ) | ||||||||||
Total FFO
|
$ | 180,936 | $ | 141,247 | $ | 142,069 | $ | 138,497 | $ | 141,924 | ||||||||||
Total FFO per diluted share
|
$ | 1.46 | $ | 1.36 | $ | 1.37 | $ | 1.38 | $ | 1.41 | ||||||||||
Total FFO
|
$ | 180,936 | $ | 141,247 | $ | 142,069 | $ | 138,497 | $ | 141,924 | ||||||||||
Less FFO contributed by Crest
|
(559 | ) | (585 | ) | (308 | ) | (1,338 | ) | (7,967 | ) | ||||||||||
FFO before Crest contribution
|
$ | 180,377 | $ | 140,662 | $ | 141,761 | $ | 137,159 | $ | 133,957 | ||||||||||
FFO components, per diluted share(1):
|
||||||||||||||||||||
FFO before Crest contribution
|
$ | 1.45 | $ | 1.35 | $ | 1.37 | $ | 1.37 | $ | 1.34 | ||||||||||
Crest FFO contribution
|
$ | 0.00 | $ | 0.01 | $ | 0.00 | $ | 0.01 | $ | 0.08 | ||||||||||
Total FFO
|
$ | 1.46 | $ | 1.36 | $ | 1.37 | $ | 1.38 | $ | 1.41 | ||||||||||
AFFO
|
$ | 184,847 | $ | 143,930 | $ | 144,118 | $ | 144,604 | $ | 144,768 | ||||||||||
AFFO per diluted share
|
$ | 1.49 | $ | 1.39 | $ | 1.39 | $ | 1.44 | $ | 1.44 | ||||||||||
Cash dividends paid per share
|
$ | 1.301 | $ | 1.290 | $ | 1.279 | $ | 1.239 | $ | 1.152 | ||||||||||
Weighted average diluted shares outstanding
|
124,013,142 | 103,887,679 | 103,532,894 | 100,462,396 | 100,326,859 |
(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
|
$ | 1,689,523 | $ | 1,520,413 | ||||
Buildings and improvements
|
3,111,258 | 2,592,449 | ||||||
Total real estate, at cost
|
4,800,781 | 4,112,862 | ||||||
Less accumulated depreciation and amortization
|
(786,863 | ) | (711,615 | ) | ||||
Net real estate held for investment
|
4,013,918 | 3,401,247 | ||||||
Real estate held for sale, net
|
4,158 | 3,631 | ||||||
Net real estate
|
4,018,076 | 3,404,878 | ||||||
Cash and cash equivalents
|
5,543 | 17,607 | ||||||
Accounts receivable, net
|
12,065 | 11,301 | ||||||
Goodwill
|
17,206 | 17,206 | ||||||
Other assets, net
|
221,884 | 84,598 | ||||||
Total assets
|
$ | 4,274,774 | $ | 3,535,590 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Distributions payable
|
$ | 21,360 | $ | 19,051 | ||||
Accounts payable and accrued expenses
|
34,538 | 47,019 | ||||||
Other liabilities
|
28,584 | 22,555 | ||||||
Line of credit payable
|
96,600 | -- | ||||||
Mortgages payable, net
|
68,150 | -- | ||||||
Notes payable
|
1,750,000 | 1,600,000 | ||||||
Total liabilities
|
1,999,232 | 1,688,625 | ||||||
Stockholders’ equity:
|
||||||||
Preferred stock and paid in capital, par value $0.01 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 $0.01 per share,
200,000,000 shares authorized, 133,202,323 and
118,058,988 shares issued and outstanding as of
September 30, 2011 and December 31, 2010, respectively
|
2,560,612 | 2,066,287 | ||||||
Distributions in excess of net income
|
(622,860 | ) | (557,112 | ) | ||||
Total stockholders’ equity
|
2,275,542 | 1,846,965 | ||||||
Total liabilities and stockholders’ equity
|
$ | 4,274,774 | $ | 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 Q3 2011
|
5.4%
|
(1.9%)
|
4.1%
|
(6.0%)
|
2.9%
|
(3.9%)
|
2.3%
|
(8.7%)
|
1.1%
|
(9.0%)
|
|||
Compounded Average Annual Total Return(5)
|
16.9%
|
9.8%
|
8.6%
|
7.3%
|
7.0%
|
||||||||
(1)
|
FTSE NAREIT US Equity REIT Index, as per NAREIT website.
|
(2)
|
Calculated as the difference between the closing stock price as of period end less the closing stock price as of previous period, plus dividends paid in period, divided by closing stock price as of end of previous period. Does not include reinvestment of dividends.
|
(3)
|
Includes reinvestment of dividends. Sources: NAREIT website and Factset.
|
(4)
|
Price only index, does not include dividends. Source: Factset.
|
(5)
|
All of these Compounded Average Annual Total Return rates are calculated in the same manner: from Realty Income's NYSE listing on October 18, 1994 through September 30, 2011, and assuming reinvestment of dividends, except for NASDAQ. Past performance does not guarantee future performance. Realty Income presents this data for informational purposes only and makes no representation about its future performance or how it will compare in performance to other indices in the future.
|
Approximate
|
Rental Revenue for
|
Percentage of
|
||||||||||||||
Number of
|
Leasable
|
the Quarter Ended
|
Rental
|
|||||||||||||
Property Type
|
Properties
|
Square Feet
|
September 30, 2011(1)
|
Revenue
|
||||||||||||
Retail
|
2,545 | 21,602,900 | $ | 91,710 | 85.8 | % | ||||||||||
Agriculture
|
14 | 184,500 | 4,937 | 4.6 | ||||||||||||
Distribution
|
12 | 1,979,300 | 3,378 | 3.2 | ||||||||||||
Manufacturing
|
6 | 1,418,600 | 2,492 | 2.3 | ||||||||||||
Office
|
8 | 778,500 | 2,786 | 2.6 | ||||||||||||
Industrial
|
15 | 850,500 | 1,543 | 1.5 | ||||||||||||
Totals
|
2,600 | 26,814,300 | $ | 106,846 | 100.0 | % |
(1)
|
Includes rental revenue for all properties owned by Realty Income at September 30, 2011, including revenue from properties reclassified to discontinued operations of $56. Excludes revenue of $18 from properties owned by Crest.
|
Percentage of Rental Revenue(1)
|
||||||||||||||||||||||||||||
For the Quarter
|
For the Years Ended
|
|||||||||||||||||||||||||||
Industries
|
Ended
September 30,
2011
|
Dec 31,
2010
|
Dec 31,
2009
|
Dec 31,
2008
|
Dec 31,
2007
|
Dec 31,
2006
|
Dec 31,
2005
|
|||||||||||||||||||||
Apparel stores
|
1.4 | % | 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
|
1.1 | 1.4 | 1.5 | 1.6 | 2.1 | 2.8 | 3.4 | |||||||||||||||||||||
Automotive service
|
3.7 | 4.7 | 4.8 | 4.8 | 5.2 | 6.9 | 7.6 | |||||||||||||||||||||
Automotive tire services
|
5.2 | 6.4 | 6.9 | 6.7 | 7.3 | 6.1 | 7.2 | |||||||||||||||||||||
Aviation
|
0.8 | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||
Beverages
|
5.6 | 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
|
5.2 | 6.5 | 7.3 | 7.6 | 8.4 | 10.3 | 12.7 | |||||||||||||||||||||
Consumer electronics
|
0.5 | 0.6 | 0.7 | 0.8 | 0.9 | 1.1 | 1.3 | |||||||||||||||||||||
Convenience stores
|
18.3 | 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 | |||||||||||||||||||||
Education
|
0.7 | 0.8 | 0.9 | 0.8 | 0.8 | 0.8 | 0.8 | |||||||||||||||||||||
Entertainment
|
1.0 | 1.2 | 1.3 | 1.2 | 1.4 | 1.6 | 2.1 | |||||||||||||||||||||
Equipment services
|
0.4 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.4 | |||||||||||||||||||||
Financial services
|
0.6 | 0.2 | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | |||||||||||||||||||||
Food processing
|
1.1 | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||
General merchandise
|
0.6 | 0.8 | 0.8 | 0.8 | 0.7 | 0.6 | 0.5 | |||||||||||||||||||||
Grocery stores
|
1.5 | 0.9 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | |||||||||||||||||||||
Health and fitness
|
6.1 | 6.9 | 5.9 | 5.6 | 5.1 | 4.3 | 3.7 | |||||||||||||||||||||
Home furnishings
|
1.1 | 1.3 | 1.3 | 2.4 | 2.6 | 3.1 | 3.7 | |||||||||||||||||||||
Home improvement
|
1.6 | 2.0 | 2.2 | 2.1 | 2.4 | 3.4 | 1.1 | |||||||||||||||||||||
Motor vehicle dealerships
|
2.4 | 2.6 | 2.7 | 3.2 | 3.1 | 3.4 | 2.6 | |||||||||||||||||||||
Office supplies
|
0.8 | 0.9 | 1.0 | 1.0 | 1.1 | 1.3 | 1.5 | |||||||||||||||||||||
Packaging
|
0.7 | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||
Paper
|
0.2 | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||
Pet supplies and services
|
0.7 | 0.9 | 0.9 | 0.8 | 0.9 | 1.1 | 1.3 | |||||||||||||||||||||
Restaurants - casual dining
|
10.9 | 13.4 | 13.7 | 14.3 | 14.9 | 7.0 | 5.5 | |||||||||||||||||||||
Restaurants - quick service
|
6.4 | 7.7 | 8.3 | 8.2 | 6.6 | 4.9 | 3.9 | |||||||||||||||||||||
Shoe stores
|
0.2 | 0.1 | -- | -- | -- | -- | 0.3 | |||||||||||||||||||||
Sporting goods
|
2.6 | 2.7 | 2.6 | 2.3 | 2.6 | 2.9 | 3.4 | |||||||||||||||||||||
Telecommunications
|
0.9 | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||
Theaters
|
9.2 | 8.9 | 9.2 | 9.0 | 9.0 | 9.6 | 5.2 | |||||||||||||||||||||
Transportation services
|
2.1 | 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 | |||||||||||||||||||||
Wholesale clubs
|
* | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||
Other
|
1.4 | 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 | % |
|
(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. Excludes revenue from properties owned by Crest.
|
Largest Tenants based on Percentage of Total Portfolio Rental Revenue at September 30, 2011
|
||||
AMC Theatres
|
5.4%
|
NPC International/Pizza Hut
|
2.7%
|
|
Diageo
|
5.0%
|
BJ’s Wholesale Club
|
2.7%
|
|
L.A. Fitness
|
4.7%
|
Rite Aid
|
2.7%
|
|
Northern Tier Energy/Super America
|
4.5%
|
FreedomRoads/Camping World
|
2.4%
|
|
Hometown Buffet
|
4.3%
|
La Petite Academy
|
2.3%
|
|
Friendly’s Ice Cream
|
3.6%
|
TBC Corporation
|
2.3%
|
|
Regal Cinemas
|
3.5%
|
Couche-Tard/Circle K
|
2.2%
|
|
The Pantry
|
3.2%
|
Total Portfolio
|
Initial Expirations(3)
|
Subsequent Expirations(4)
|
||||||||||||||||||||||||||||||||||||||
Year
|
Number
of Leases Expiring(1)
|
Approx.
Leasable
Sq. Feet
|
Rental
Revenue
for the
Quarter
Ended
Sept. 30, 2011(2)
|
% of
Total
Rental Revenue
|
Number
of Leases Expiring
|
Rental Revenue
for the
Quarter Ended
Sept. 30,
2011
|
% of
Total
Rental Revenue
|
Number
of Leases Expiring
|
Rental Revenue
for the
Quarter
Ended
Sept. 30,
2011
|
% of
Total
Rental Revenue
|
||||||||||||||||||||||||||||||
2011
|
44 | 319,800 | $ | 1,143 | 1.1 | % | 18 | $ | 513 | 0.5 | % | 26 | $ | 630 | 0.6 | % | ||||||||||||||||||||||||
2012
|
155 | 1,093,400 | 3,440 | 3.3 | 43 | 1,350 | 1.3 | 112 | 2,090 | 2.0 | ||||||||||||||||||||||||||||||
2013
|
162 | 1,367,500 | 5,325 | 5.1 | 65 | 2,976 | 2.8 | 97 | 2,349 | 2.3 | ||||||||||||||||||||||||||||||
2014
|
126 | 990,600 | 3,694 | 3.5 | 31 | 1,641 | 1.6 | 95 | 2,053 | 1.9 | ||||||||||||||||||||||||||||||
2015
|
158 | 891,800 | 4,059 | 3.9 | 79 | 2,391 | 2.3 | 79 | 1,668 | 1.6 | ||||||||||||||||||||||||||||||
2016
|
162 | 839,200 | 3,442 | 3.3 | 113 | 2,296 | 2.2 | 49 | 1,146 | 1.1 | ||||||||||||||||||||||||||||||
2017
|
58 | 722,200 | 2,493 | 2.4 | 41 | 2,141 | 2.1 | 17 | 352 | 0.3 | ||||||||||||||||||||||||||||||
2018
|
84 | 1,242,900 | 3,307 | 3.2 | 74 | 3,040 | 2.9 | 10 | 267 | 0.3 | ||||||||||||||||||||||||||||||
2019
|
140 | 1,565,700 | 6,643 | 6.3 | 132 | 6,220 | 5.9 | 8 | 423 | 0.4 | ||||||||||||||||||||||||||||||
2020
|
85 | 1,597,400 | 4,889 | 4.7 | 75 | 4,544 | 4.4 | 10 | 345 | 0.3 | ||||||||||||||||||||||||||||||
2021
|
186 | 1,975,600 | 8,502 | 8.1 | 178 | 7,934 | 7.6 | 8 | 568 | 0.5 | ||||||||||||||||||||||||||||||
2022
|
105 | 879,400 | 4,457 | 4.3 | 104 | 4,409 | 4.3 | 1 | 48 | * | ||||||||||||||||||||||||||||||
2023
|
252 | 2,094,000 | 9,887 | 9.4 | 250 | 9,814 | 9.3 | 2 | 73 | 0.1 | ||||||||||||||||||||||||||||||
2024
|
63 | 565,000 | 2,448 | 2.3 | 63 | 2,448 | 2.3 | -- | -- | -- | ||||||||||||||||||||||||||||||
2025-2043
|
746 | 9,163,500 | 41,073 | 39.1 | 730 | 40,717 | 38.8 | 16 | 356 | 0.3 | ||||||||||||||||||||||||||||||
Totals
|
2,526 | 25,308,000 | $ | 104,802 | 100.0 | % | 1,996 | $ | 92,434 | 88.3 | % | 530 | $ | 12,368 | 11.7 | % |
(1)
|
Excludes 15 multi-tenant properties and 59 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 $56 from properties reclassified as discontinued operations and excludes revenue of $2,044 from 15 multi-tenant properties and from 59 vacant and unleased properties at September 30, 2011. Excludes revenue of $18 from three properties owned by Crest.
|
(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.
|
State
|
Number of
Properties
|
Percent
Leased
|
Approximate
Leasable
Square Feet
|
Rental Revenue for
the Quarter Ended
September 30, 2011(1)
|
Percentage of
Rental
Revenue
|
|||||||||||||||
Alabama
|
62 | 97 | % | 420,200 | $ | 1,851 | 1.7 | % | ||||||||||||
Alaska
|
2 | 100 | 128,500 | 287 | 0.3 | |||||||||||||||
Arizona
|
83 | 98 | 561,700 | 2,845 | 2.7 | |||||||||||||||
Arkansas
|
17 | 100 | 92,400 | 383 | 0.4 | |||||||||||||||
California
|
93 | 100 | 2,159,400 | 11,186 | 10.5 | |||||||||||||||
Colorado
|
59 | 97 | 499,000 | 1,913 | 1.8 | |||||||||||||||
Connecticut
|
23 | 96 | 269,100 | 1,185 | 1.1 | |||||||||||||||
Delaware
|
17 | 100 | 33,300 | 431 | 0.4 | |||||||||||||||
Florida
|
184 | 97 | 1,926,000 | 7,642 | 7.2 | |||||||||||||||
Georgia
|
144 | 97 | 1,273,300 | 4,750 | 4.4 | |||||||||||||||
Hawaii
|
-- | -- | -- | -- | -- | |||||||||||||||
Idaho
|
12 | 83 | 80,700 | 316 | 0.3 | |||||||||||||||
Illinois
|
101 | 99 | 1,335,900 | 5,995 | 5.6 | |||||||||||||||
Indiana
|
81 | 96 | 799,000 | 3,555 | 3.3 | |||||||||||||||
Iowa
|
21 | 100 | 290,600 | 1,021 | 1.0 | |||||||||||||||
Kansas
|
37 | 92 | 642,900 | 1,330 | 1.2 | |||||||||||||||
Kentucky
|
23 | 100 | 134,700 | 707 | 0.7 | |||||||||||||||
Louisiana
|
33 | 100 | 296,300 | 1,199 | 1.1 | |||||||||||||||
Maine
|
3 | 100 | 22,500 | 162 | 0.1 | |||||||||||||||
Maryland
|
29 | 100 | 384,000 | 1,611 | 1.5 | |||||||||||||||
Massachusetts
|
64 | 98 | 575,400 | 2,551 | 2.4 | |||||||||||||||
Michigan
|
54 | 100 | 287,200 | 1,326 | 1.2 | |||||||||||||||
Minnesota
|
150 | 100 | 1,003,600 | 6,755 | 6.3 | |||||||||||||||
Mississippi
|
72 | 97 | 360,700 | 1,588 | 1.5 | |||||||||||||||
Missouri
|
76 | 96 | 1,027,500 | 3,642 | 3.4 | |||||||||||||||
Montana
|
2 | 100 | 30,000 | 77 | 0.1 | |||||||||||||||
Nebraska
|
19 | 95 | 196,300 | 491 | 0.5 | |||||||||||||||
Nevada
|
14 | 100 | 308,800 | 1,002 | 0.9 | |||||||||||||||
New Hampshire
|
15 | 100 | 217,200 | 592 | 0.6 | |||||||||||||||
New Jersey
|
33 | 100 | 260,400 | 1,945 | 1.8 | |||||||||||||||
New Mexico
|
9 | 100 | 58,400 | 198 | 0.2 | |||||||||||||||
New York
|
42 | 98 | 776,200 | 2,820 | 2.6 | |||||||||||||||
North Carolina
|
94 | 100 | 572,400 | 3,007 | 2.8 | |||||||||||||||
North Dakota
|
6 | 100 | 36,600 | 59 | 0.1 | |||||||||||||||
Ohio
|
135 | 96 | 1,127,400 | 3,841 | 3.6 | |||||||||||||||
Oklahoma
|
35 | 100 | 752,400 | 1,505 | 1.4 | |||||||||||||||
Oregon
|
19 | 100 | 373,500 | 1,160 | 1.1 | |||||||||||||||
Pennsylvania
|
103 | 99 | 905,800 | 3,646 | 3.4 | |||||||||||||||
Rhode Island
|
3 | 100 | 11,000 | 59 | 0.1 | |||||||||||||||
South Carolina
|
98 | 100 | 371,400 | 2,314 | 2.2 | |||||||||||||||
South Dakota
|
10 | 100 | 89,800 | 186 | 0.2 | |||||||||||||||
Tennessee
|
129 | 97 | 747,800 | 2,980 | 2.8 | |||||||||||||||
Texas
|
216 | 97 | 3,176,700 | 9,958 | 9.3 | |||||||||||||||
Utah
|
5 | 100 | 92,100 | 251 | 0.2 | |||||||||||||||
Vermont
|
4 | 100 | 12,700 | 128 | 0.1 | |||||||||||||||
Virginia
|
105 | 98 | 1,519,400 | 4,328 | 4.0 | |||||||||||||||
Washington
|
34 | 94 | 276,500 | 997 | 0.9 | |||||||||||||||
West Virginia
|
2 | 100 | 23,000 | 121 | 0.1 | |||||||||||||||
Wisconsin
|
27 | 93 | 269,200 | 950 | 0.9 | |||||||||||||||
Wyoming
|
1 | 0 | 5,400 | 0 | 0.0 | |||||||||||||||
Totals/Average
|
2,600 | 98 | % | 26,814,300 | $ | 106,846 | 100.0 | % |
(1)
|
Includes rental revenue for all properties owned by Realty Income at September 30, 2011, including revenue from properties reclassified as discontinued operations of $56. Excludes revenue of $18 from properties owned by Crest.
|