Defensive Realty Income Continues to Deliver Solid Growth; FVE Unchanged
No-moat Realty Income’s strategy of acquiring triple-net consumer defensive retail leases continues to show durability against e-commerce, and we are comfortable maintaining our $59 fair value estimate for the firm. Adjusted funds from operations came in at $0.80 per share, a penny less than our quarterly estimate of $0.81 per share. Although total AFFO slightly beat our estimates, the small AFFO miss was due to the company increasing the number of diluted shares outstanding through its dividend...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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