High Releasing Spreads and Large Acquisition Volumes Highlight Third Quarter for Realty Income
Realty Income saw some marginal operational improvements but the bottom line was consistent with our expectations, leading us to maintain our $60 fair value estimate and no-moat rating. Physical occupancy improved 10 basis points sequentially and 50 basis points year over year to 98.8%. Releasing spreads in the third quarter were 7.9%, up from both the first half of 2018 and all of 2017. However, contractual rent growth was only 1.0%, below our estimate of 1.25% growth, which kept revenue growth...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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