Realty Income Corp. (O) updates 2Q'20 rent collection.

Realty Income Corp. (O) announced today that has received an aggregate of 85.4% of contractual rent due for the second quarter of 2020.  The company noted that movie theater, restaurant, fitness center, and auto service tenants represent the majority of unpaid rent, and that it has either executed or is in discussion to execute deferral agreements for most of the unpaid rent.  Based on the 85% collection rate, REIT/BASE estimates that Realty Income's dividend payout ratio will increase from 80% of AFFO for 1Q'20 to approximately 100% for the second quarter.

Realty Income is a large-cap equity REIT focusing on the acquisition and ownership of net-lease retail (84%) and commercial (16%) properties.  The company was added to the S&P 500 in 2015 and has a current market capitalization of approximately $25 billion.