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$O announced Benjamin N. Fox has been promoted to EVP, Portfolio & Asset Management from his prior role as SVP, Portfolio & Asset Management, effective January 1, 2018. Mr. Fox will continue to report to the company's President and COO, Sumit Roy.
Real Estate firm $O reported 25% jump in 3Q17 earnings to $87.9MM, riding on a revenue hike of 11% during the quarter. On a per share basis, earnings rose 19% to $0.32. Revenue for the quarter improved to $306.9MM, compared to $277.2MM in the same quarter last year. Meanwhile, AFFO per share, a key metric for the sector, rose 6.9% to $0.77.
$O declared a dividend of $0.2115 per share, which represents an annualized amount of $2.538 per share, payable on September 15, 2017 to shareholders of record as of September 1, 2017. The ex-dividend date for September's dividend is August 30, 2017.
$O declared a monthly dividend of $0.2115 per common share, representing an annualized amount of $2.538 per share, payable on August 15, 2017 to shareholders of record as of August 1, 2017. The ex-dividend date for August's dividend is July 28, 2017.
In terms of lease expiration, $O spent about $2.5MM in capital expenditures during 1Q17 to retenanting those leases. The company said most of the leases were an expansion for industrial tenants where the company received a 11% yield on the incremental invested capital.
$O expects FFO per share for 2017 to be in the range of $3.00 to $3.06, up 4.2% to 6.3%, respectively, over 2016 FFO per share of $2.88. AFFO per share for 2017 is also expected in the range of $3.00 to $3.06, up 4.2% to 6.3%, respectively, over 2016 AFFO per share of $2.88.
REIT $O posted a rise in 1Q17 earnings, driven by higher revenue and higher AFFO per share. Net income rose 12.9% to $71.58MM or $0.27 per share from $63.4MM or $0.25 per share a year ago. Revenue grew 11.57% to $298.02MM. AFFO per share increased 8.6% YoY to $0.76 from $0.70, while FFO per share increased 4.4% to $0.71 in 1Q17.
$O said net proceeds from its offering of 2026 notes and 2047 notes will be used to repay outstanding borrowings under its $2.0Bil revolving credit facility and to redeem its outstanding shares. The offering will also be used to fund investment opportunities and for general corporate purposes. The offering is expected to close on March 15, 2017.
$O announced the pricing of $300MM of senior unsecured notes due 2047 and $400MM of senior unsecured notes due 2026. The public offering price for 2047 notes was 99.96% of the principal amount for an effective yield to maturity of 4.65%, and that for the 2026 notes was 102.97% of the principal amount for an effective yield to maturity of 3.75%.