Realty Income Q3 Profit Increases

(RTTNews) - Realty Income Corp.'s (O) net income available to common stockholders for the third-quarter ended September 30, 2014 was $57.9 million, up from $41.1 million for the same quarter in 2013. Net income per share for the quarter was $0.26, compared to $0.21 for the same quarter in 2013.

FFO for the quarter increased 22.6% to $142.3 million, as compared to $116.1 million for the same quarter in 2013. FFO per share for the quarter increased 8.5% to $0.64, as 1compared to $0.59 for the same quarter in 2013.

Revenue for the quarter rose 16.6% to $235.7 million, from to $202.1 million last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.65 per share and revenues of $232.09 million. Analysts' estimates typically exclude special items.

FFO per share for 2014 should range from $2.57 to $2.60, an increase of 6.6% to 7.9% over 2013 FFO (normalized to exclude 2013 ARCT merger-related costs) per share of $2.41. FFO per share for 2014 is based on a net income per share range of $0.90 to $0.93, plus estimated real estate depreciation of $1.75 per share, and reduced by potential estimated gains on sales of investment properties of $0.08 per share.

AFFO per share for 2014 should range from $2.55 to $2.57, an increase of 5.8% to 6.6% over the 2013 AFFO per share of $2.41. Analysts expect earnings of $2.61 per share for fiscal 2014.

FFO per share for 2015 should range from $2.67 to $2.72, an increase of 3% to 5% over the midpoint of the 2014 estimated FFO per share projection. FFO per share for 2015 is based on a net income per share range of $0.94 to $0.99, plus estimated real estate depreciation of $1.79 per share, and reduced by potential estimated gains on sales of investment properties of $0.06 per share.