SAN DIEGO, Oct. 2, 2020 /PRNewswire/ -- Realty Income
Corporation (Realty Income) (NYSE: O), The Monthly Dividend
Company®, today provided a business update regarding its
contractual rent collection.
|
For the
Quarter Ended
June 30,
2020
|
|
For the
Month
Ended
July
31,
2020
|
|
For the
Month
Ended
August 31,
2020
|
|
For the
Month
Ended
September 30,
2020
|
|
Through October 1,
2020:
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|
|
|
|
|
|
|
|
Contractual rent
collected(1) across total portfolio
|
88.3%
|
|
92.5%
|
|
93.6%
|
|
93.8%
|
|
Contractual rent
collected(1) from top 20
tenants(2)
|
82.9%
|
|
90.9%
|
|
91.7%
|
|
91.9%
|
|
Contractual rent
collected(1) from investment grade
tenants(3)
|
99.4%
|
|
100.0%
|
|
99.9%
|
|
100.0%
|
|
|
|
(1)
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Collection rates are
calculated as the aggregate cash rent collected divided by the
contractual cash rent charged for the applicable period. Cash rent
collected is defined as amounts received including amounts in
transit, where the tenant has confirmed payment is in process. Rent
collection percentages are calculated based on a denominator that
reflects pre-COVID-19 contractual base rents (excluding percentage
rents and tenant reimbursements). Charged amounts have not been
adjusted for any rent relief granted and include contractual base
rents from any tenants in bankruptcy.
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|
|
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(2)
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We define top 20
tenants for any period as our 20 largest tenants based on
percentage of total portfolio annualized rental revenue as of the
last day of such period.
|
|
|
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(3)
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We define investment
grade tenants as tenants with a credit rating, and tenants that are
subsidiaries or affiliates of companies with a credit rating, of
Baa3/BBB- or higher from one of the three major rating agencies
(Moody's/S&P/Fitch).
|
The company has either executed deferral agreements or maintains
ongoing deferral discussions with tenants that account for a
majority of the unpaid contractual rent for each of the periods
referenced above. Additional detail on rent collections,
including information regarding industry-specific collection, can
be found in Realty Income's institutional investor presentation
available at www.realtyincome.com/investors/investor-presentation.
The foregoing information does not purport to reflect our results
of operations or financial condition for the quarter ended
September 30, 2020.
The company will release its operating results for the quarter
ended September 30, 2020 after the
market closes on November 2, 2020.
The company will host its conference call on November 3, 2020 at 11:30 a.m. PT to discuss
the operating results.
To access the conference call, dial (877) 701-6180 (United States) or (647) 689-4069
(International). When prompted, provide the conference ID
3665185.
A telephone replay of the conference call can also be accessed
by calling (800) 585-8367 and entering the conference ID 3665185.
The telephone replay will be available through November 17, 2020.
A live webcast will be available in listen-only mode by clicking
on the webcast link on the company's home page or in the investors
section at www.realtyincome.com. A replay of the conference call
webcast will be available approximately one hour after the
conclusion of the live broadcast. No access code is required for
this replay.
About Realty Income
Realty Income, The Monthly Dividend Company®, is an
S&P 500 company dedicated to providing stockholders with
dependable monthly income. The company is structured as a REIT, and
its monthly dividends are supported by the cash flow from over
6,500 real estate properties owned under long-term lease agreements
with commercial tenants. To date, the company has declared 603
consecutive common stock monthly dividends throughout its 51-year
operating history and increased the dividend 108 times since Realty
Income's public listing in 1994 (NYSE: O). The company is a member
of the S&P 500 Dividend Aristocrats® index.
Additional information about the company can be obtained from the
corporate website at www.realtyincome.com.
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SOURCE Realty Income Corporation