Local company finds stability dodging bubbles
In a state notorious for asset bubbles, quick money and grand dreams, Bill and Joan Clark are decidedly out of place. Masters of discipline, they built a real estate empire over decades, focusing on safety and income —- and using almost no debt.
Bill Clark will retire next week as chairman of the board for Realty Income, an Escondido company the Clarks founded 40 years ago that is one of the region’s most successful businesses; traded on the New York Stock Exchange and valued at more than $2 billion.
The couple grew the company slowly. It stuck to its principles, ignored the booms and spurned leverage even as much of Wall Street gorged.
The company’s conservative balance sheet means that while other firms struggle to survive and unload assets at fire-sale prices, Realty Income is sitting on a pile of money, eyeing expansion.