Realty Income Provides Update On Rent Collection

Rhea-AI Summary

Realty Income Corporation (NYSE: O) reported its contractual rent collection rates up to November 30, 2020. The company achieved a collection rate of 93.6% across its total portfolio, with rates of 90.2% from its top 20 tenants and 99.9% from investment-grade tenants. Realty Income has entered deferral agreements with tenants responsible for most unpaid rent. The company continues to be a reliable source of monthly income, having declared 605 consecutive dividends with significant increases since going public in 1994.

Positive

• Contractual rent collection rate is 93.6% as of November 30, 2020.
• Collection from investment-grade tenants remains strong at 99.9%.
• Declared 605 consecutive monthly dividends since inception.

Negative

• Collection from top 20 tenants decreased to 90.2%.
• Deferral agreements in place for a majority of unpaid rents.

SAN DIEGO, Dec. 3, 2020 /PRNewswire/ -- Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company^®, today provided a business update regarding its contractual rent collection.

Percentages of Contractual Rent Collected as of November 30, 2020

	Quarter Ended September 30, 2020	Month Ended October 31, 2020	Month Ended November 30, 2020
Contractual rent collected(1) across     total portfolio	93.2%	93.3%	93.6%
Contractual rent collected(1) from     top 20 tenants(2)	91.2%	89.8%	90.2%
Contractual rent collected(1) from     investment grade tenants(3)	100.0%	99.9%	99.9%

(1) Collection rates are calculated as the aggregate cash rent collected for the applicable period from the beginning of that applicable period through November 30, 2020, 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 contractual base rents (excluding percentage rents and tenant reimbursements). Charged amounts have not been adjusted for any COVID-19 related rent relief granted and include contractual base rents from any tenants in bankruptcy. Due to differences in applicable foreign currency conversion rates and rent conventions, the percentages above may differ from percentages calculated utilizing our total portfolio annualized contractual revenue.

(2) We define top 20 tenants as our 20 largest tenants based on percentage of total portfolio annualized contractual rental revenue as of the most recent reported period.

(3) 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).

We have executed deferral agreements or maintain ongoing deferral discussions with tenants that account for a majority of the unpaid contractual rent for each of the periods referenced in the table above. Additional detail on rent collections can be found in our supplemental materials available on our corporate website at www.realtyincome.com/investors/investor-presentation.

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 605 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

FAQ

What is Realty Income's rent collection rate as of November 2020?

Realty Income's rent collection rate is 93.6% as of November 30, 2020.

How much rent did Realty Income collect from its top 20 tenants in November 2020?

In November 2020, Realty Income collected 90.2% of rent from its top 20 tenants.

What percentage of rent did Realty Income collect from investment-grade tenants?

Realty Income collected 99.9% of rent from investment-grade tenants as of November 2020.

How many consecutive monthly dividends has Realty Income declared?

Realty Income has declared 605 consecutive monthly dividends.