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Realty Income

O is a registered REIT with an operating portfolio of U.S. commercial real estate properties focused on single-tenant retail properties with long term, net lease structures. At 3Q18, O's portfolio was comprised of 5,694 properties, of which 99.5% were single-tenant. The portfolio had an occupancy rate of 98.8%. O's leased, single-tenant properties have a weighted average remaining lease term of approximately 9.3 years. O is mainly exposed to retail properties (~81% of rental revenue at 3Q18), with industrial (~12%), office (~4%), and agriculture (~2%) comprising the balance. O's portfolio is diversified across a number of retail industries, with a primary concentration in convenience stores (12.1% of rental revenue at 3Q18), drug stores (9.9%), health/fitness (7.3%), and dollar stores (7.4%). The top tenant is Walgreens, accounting for 6.4% of annualized rental revenue at 3Q18. (21 Nov 2018)

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Focused

Realty Income: 3Q18 Earnings Quick Cuts

Worth Watching: 01 Nov 2018, 9:46 PM ET - Realty Income (O) reported a solid 3Q18 as FFO came in ahead of consensus estimates with highlights including higher occupancy of 98.9% (+10 bp sequentially) and solid same store rental revenue growth of 1% in line with the expected 2018 run rate. ..
Focused

Realty Income: President/COO Sumit Roy Named CEO

Worth Watching: 16 Oct 2018, 10:40 PM ET - Realty Income (A3/A-/BBB+) announced that current President and COO Sumit Roy, 49, has been appointed CEO effective immediately, succeeding John Case, 54, who held that role for ~5 years. Roy has served as company president since 2015 and as COO s ..
Focused

Retail REITs: Sears Bankruptcy as Opportunity

Worth Watching: 15 Oct 2018, 1:28 PM ET - Retail REITs: With the news that Sears is (finally?) filing for bankruptcy, we size REIT exposures to the long-struggling retailer and see the impacts as broadly manageable. From an operating performance perspective, the vast majority of REITs see ..
Focused

REIT/CRE 3Q18 Preview: What We're Watching

Sector Analysis: 12 Oct 2018, 5:57 AM ET - We lay out what we're watching as we head into 3Q18 earnings, for property types, individual credits, and with a macro component given the breadth and depth of economic touch points for U.S. real estate.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.
Focused

REITs/CRE 2Q18: How Are Property Types Performing?

Sector Analysis: 22 Aug 2018, 5:10 AM ET - In Part 2 of our REITs/CRE 2Q18 review, we delve into the recent trends—both operating fundamentals and capital markets—across the five major property types as we take the pulse of the different underlying asset classes.
Focused

Realty Income: S&P Upgrades to A-

Worth Watching: 16 Aug 2018, 9:08 PM ET - Realty Income (A3/A-/BBB+) had its ratings upgraded one notch to A- by S&P (outlook stable). The ratings agency attributed the upgrade to its view that Realty Income will continue to demonstrate "strong and steady operating performance that will s ..

REITs/CRE 2Q18: Themes, Trends and Takeaways

Sector Analysis: 13 Aug 2018, 5:32 AM ET - In part 1 of our REITs/CRE 2Q18 review, we discuss key themes emerging from earnings, including sector relative value, overall market conditions, the continue run-up in construction costs and more.

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.
Focused

Realty Income: 2Q18 Earnings Quick Cuts

Worth Watching: 03 Aug 2018, 3:31 PM ET - Realty Income (O) reported a solid 2Q18 as FFO came in line with consensus estimates with highlights including higher occupancy of 98.8% (+20 bp sequentially) and solid same store rental revenue growth of 1%, in line with the expected 2018 run ..

CA Goes to the Polls: A Rent Control Primer

Sector Analysis: 11 Jul 2018, 9:42 PM ET - In November, Californians will vote on a ballot initiative that seeks to repeal Costa-Hawkins, a 1995-era law restricting municipalities' ability to institute rent control policies, with implications for multifamily REITs in particular.

US Banks: Update to 2018 Debt Supply Forecast

Sector Analysis: 09 Jul 2018, 5:49 AM ET - Following a review of 1H18 debt supply, we are increasing our supply forecast for the full year for the banks in our coverage universe. The majority of the increase reflects increased expectations for OpCo debt from the GSIBs.

REITweek 2018: Cool, Calm, and Collected

Sector Analysis: 08 Jun 2018, 5:22 AM ET - We attended NAREIT's REITweek 2018 convention, providing our top level thoughts on the overall sector tone and analysis on individual company presentations.

REITs/CRE 1Q18: How Are Property Types Performing?

Sector Analysis: 17 May 2018, 4:27 AM ET - In Part 2 of our REITs/CRE 1Q18 review, we delve into the recent trends--both operating fundamentals and capital markets--across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 1Q18: Themes, Trends and Takeaways

Sector Analysis: 14 May 2018, 4:40 AM ET - In part 1 of our REITs/CRE 1Q18 review, we discuss key themes emerging from earnings, including construction cost overruns, public/private market valuation disconnect, sector relative value, and more.
Focused

Realty Income: 1Q18 Earnings Quick Cuts

Worth Watching: 09 May 2018, 10:46 PM ET - Realty Income (O) reported a solid 1Q18 as FFO came in slightly ahead of consensus estimates. Quarterly results were highlighted by still-strong occupancy of 98.6% (+20 bp sequentially) and solid same store rental revenue growth of 1%, in line ..

March 2018 US Company Recommendation Changes

US Company Recommendation Changes: 01 Apr 2018, 9:44 PM ET - Our monthly report provides executive summaries for the twenty-two company recommendation changes made on North American companies during the month of March.
Focused

Realty Income: Prices (Upsized) $500 mn Issuance

Worth Watching: 27 Mar 2018, 10:17 PM ET - Realty Income (A3/BBB+/BBB+) issued $500 mn of 7Y notes (upsized from $350 mn) to fund repayments on its $2 bn revolver and for other GCP. The notes priced at $99.50 to yield 125 bp over Treasuries, coming in ~15 bp from IPT and pricing in line wi ..
Focused

IG Note: Realty Income Issuing 7Y Paper

IG Note: 27 Mar 2018, 10:13 AM ET - Realty Income is in the market with $350 mn of 7Y paper; we would be buyers through +125 bp.

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