Realty Income Corporation (O - Free Report) announced that it has closed the offering of around 10.9 million of common shares. This is likely to add to the financial flexibility of this Diego, CA-based retail real estate investment trust (“REIT”).
Realty Income is a real estate company with in-house acquisition, leasing, legal, financial underwriting, portfolio management and capital markets expertise. The company has an excellent history of paying dividends to its shareholders. In fact, it has paid 559 consecutive monthly dividends. Nevertheless, with this latest closing of offering, Realty Income expects to generate monthly net proceeds of around $645.8 billion. The company also has plans of utilizing the net proceeds generated from the offering to partially repay outstanding borrowing under its $2 billion unsecured revolving credit facility. Also, the company intends to utilize the proceeds for funding potential investment opportunities and for other general corporate purposes.
Currently, Realty Income carries a Zacks Rank #3 (Hold). Shares of Realty Income outperformed the Zacks categorized REIT and Equity Trust – Retail industry over the past three months. During that time frame, shares of the company grew 9.9% whereas the industry lost 0.2%.
Investors interested in the REIT and Equity Trust – Retail industry, may consider stocks like Retail Properties of America, Inc. (RPAI - Free Report) , Urban Edge Properties (UE - Free Report) and Urstadt Biddle Properties Inc. (UBA - Free Report) . All these stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
Retail Properties of America’s first-quarter 2017 estimates for FFO remained stable at 25 cents per share over the past 30 days.
First-quarter 2017 estimates for FFO per share for Urban Edge Properties moved up 3.1% to 33 cents in the last 30 days.
Urstadt Biddle Properties’ first-quarter 2017 estimates for FFO remained stable at 33 cents per share in the last 30 days.
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