Acquisitions Lead to a First-Quarter Beat for Realty Income
First-quarter results for Realty Income came in slightly ahead of our expectations due to the company executing more external growth at higher-than-anticipated cap rates in the quarter. While our bottom-line estimates for 2019 might come up, we don't anticipate making any material changes to our $59 fair value estimate for the no-moat rated company, given that we don't think that it can sustain economic profits from external growth over the long term. Occupancy dipped 30 basis points sequentiall...Realty Income is a real estate investment trust. The company invests in commercial real estate. The company owns a portfolio of properties located in various states, Puerto Rico and United Kingdom.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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