Finance History | Realty Income — One Northridge Taco Bell Bought from Glen Bell
· 1969-1
Unreviewed contributionBy kevin · · Report an issue
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Finance History | Realty Income — One Northridge Taco Bell Bought from Glen Bell
kevin
People treat Realty Income as a San Diego listing that always paid a monthly dividend from a glass campus and a ticker that is just the letter O.
The first book was one freestanding taco stand.
In 1969 William E. Clark Jr. and Evelyn Joan Clark formed Realty Income to buy commercial lots and lease them back to operators who needed the land more than they needed to own it.
Their first acquisition was a Northridge, California, Taco Bell taken directly from founder Glen Bell.
The sale-leaseback gave Bell expansion cash and gave the Clarks a long net lease at about eight percent, with the tenant carrying tax, insurance, and maintenance.
They bought for cash and did not mortgage the lot.
In 1975 the Clarks moved the office to an Escondido storefront on Fifth; later they remodeled the old Home Federal building at Grand and Maple.
The firm listed on the New York Stock Exchange in 1994 under the ticker O and kept the monthly check as the product.
The mechanism is still the Northridge one.
A chain that must open rooms cannot tie its cash in dirt, and an investor who buys the dirt for cash can live on the rent if the tenant cannot leave the corner.
A visitor in Northridge still drives the valley grid where that first taco lot sat before Escondido and San Diego took the headquarters.
The REIT outgrew the stand.
The stand is where the book started.
Photo: Looking southwest across Escondido, via Wikimedia Commons.
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