Why Realty Income Stock Fell 6% in the First Half of 2023
Shares of Realty Income (NYSE: O) dipped 6% in the first half of 2023, according to data provided by S&P Global Market Intelligence. There wasn't any news specific to the company, but there were a variety of market and economic factors that led to this dip.
Realty Income is a top real estate investment trust (REIT). It's one of the largest REITs in the world, with 12,400 properties in 84 industries, and leases them to essentials companies like 7-Eleven and Walgreens. Occupancy is 99% right now, which is usual.
The REIT is posting excellent performance, with revenue up 17% year over year, funds from operations up from $1.01 last year to $1.03 this year, and adjusted funds from operations steady at $0.98. It has a strong pipeline of new properties under construction to lease and sees a large market opportunity.
Source Fool.com
