ESCONDIDO, Calif., Aug. 19 /PRNewswire/ -- Realty Income Corporation
(NYSE: O) (Realty Income), "The Monthly Dividend Company," today announced
that its Board of Directors declared a dividend of $0.1750 per share payable
on September 15, 1999 to shareholders of record as of September 1, 1999. The
dividend represents an annualized rate of $2.10 per share. The Company
continues its policy of declaring dividends on its common stock on a monthly,
not quarterly basis.
The Board of Directors also declared dividends on the Company's Class B
and C preferred stock which are payable on September 30, 1999 to shareholders
of record as of September 15, 1999. The monthly dividend on the Class C
preferred stock, is $0.1979 per share, which represents an annualized rate of
$2.38 per share. The quarterly dividend on the Class B preferred stock, is
$0.5859 per share, which represents an annualized rate of $2.34 per share.
The Company also announced that Richard J. VanDerhoff, President and Chief
Operating Officer, will be retiring from the Company and the Board of
Directors during the first quarter of 2000. Tom A. Lewis, Chief Executive
Officer, will assume the additional title of President and Mr. VanDerhoff's
responsibilities will be distributed among Mr. Lewis, Gary M. Malino, Senior
Vice President, Chief Financial Officer, and Michael R. Pfeiffer, Senior Vice
President, General Counsel.
Commenting on Mr. VanDerhoff's retirement, Tom A. Lewis, Chief Executive
Officer said, "Rich has been an integral part of building Realty Income's
business over the past 12 years. His considerable talent and judgment
contributed to the creation of efficient day-to-day systems and to the overall
success of the Company. We wish him well in the future."
Realty Income, "The Monthly Dividend Company," is a New York Stock
Exchange real estate company dedicated to providing shareholders with
dependable monthly income. The monthly dividend is supported by the cash
flows from over 1,037 retail properties owned under long-term lease agreements
with leading regional and national retail chains. The Company is an active
buyer of net-leased retail properties nationwide.
SOURCE Realty Income Corporation
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Related links:
http://www.realtyincome.com
CONTACT:
Tere Miller, Vice President, Investor
Relations of Realty Income Corporation, 760-741-2111, ext. 177
NOTE TO EDITORS: Realty Income press releases are available at no
charge by calling our toll-free investor hotline number:
888-811-2001, or through the internet at
http://www.realtyincome.com.
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