Realty Income funds from operations up

Realty Income Corp. on Thursday said first-quarter funds from operations grew 27.3 percent as property occupancy rates and rents increased.

Funds from operations, a widely used measure of real estate investment trust performance, were $22.4 million, or 68 cents per share, in line with Wall StreetÂ's average estimate. That compares with $17.6 million, or 66 cents a share, the prior year.

Funds from operations exclude non-cash charges for the depreciation of real estate and gains on sales of investment properties.

Net income fell to $18.3 million, or 48 cents a share, compared with $18.5 million, or 60 cents a share.

Revenue rose 7.3 percent to $33.7 million, compared with $31.4 million for the same quarter in 2001.

(source: Realtry Income)

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