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Realty Income Announces Q1 2024 Results, Maintains Positive Outlook for Year
San Diego, California, May 6, 2024 - Realty Income Corporation (NYSE: O), also known as The Monthly Dividend Company®, has released its operating results for the first quarter ended March 31, 2024. Despite the volatile market, the company continues to exhibit strong financial health and strategic growth, particularly in its international operations.
Key Highlights from Q1 2024
Realty Income's first quarter of 2024 demonstrated robust activity and financial discipline:
- Net Income and Earnings: Realty Income reported a net income available to common stockholders of $129.7 million, or $0.16 per share.
- Adjusted Funds from Operations (AFFO): AFFO stood at $862.9 million, translating to $1.03 per share, showcasing the company's ability to generate substantial operational cash flow.
- Significant Investments: The company completed $598 million in investment volume with a weighted average cash yield of 7.8%. Investments outside the U.S., particularly in the U.K. and Europe, represented 54% of the total volume, achieving an 8.2% initial yield.
- Dividend Increase: In line with its reputation for providing consistent returns to shareholders, Realty Income announced its 124th common stock monthly dividend increase since its NYSE listing in 1994.
Strategic Developments and Financial Health
Realty Income's merger with Spirit Realty Capital, which closed on January 23, 2024, significantly bolstered its market presence and portfolio diversity. The merger has enhanced the company's adjusted free cash flow to approximately $825 million annually, further solidifying its financial base for self-funded growth.
Liquidity and Capital Management
The company remains in a strong liquidity position:
- Raised Capital: $550.1 million was raised from the sale of common stock, primarily through an At-The-Market (ATM) program.
- Debt Management: Realty Income issued $1.25 billion in senior unsecured notes, using the proceeds to repay existing debts, thereby optimizing its capital structure and reducing future financial risks.
Portfolio Performance
As of March 31, 2024, Realty Income's portfolio showed continued stability and growth:
- Occupancy Rates: The portfolio maintained a high occupancy rate of 98.6%.
- Lease Activities: The company achieved a rent recapture rate of 104.3% on re-leased properties, indicating strong demand and effective property management.
- Diversification: Realty Income's diversified portfolio spans 89 industries, reducing exposure to sector-specific risks and enhancing income stability.
Forward-Looking Statements and 2024 Guidance
Looking ahead to the rest of 2024, Realty Income expects:
- Earnings Guidance: Net income per share is projected to be between $1.23 and $1.35.
- Continued Growth: The company plans to maintain a strong acquisition volume of approximately $2.0 billion.
- Stable Operational Metrics: Same store rent growth is expected to be around 1.0%, with occupancy rates remaining over 98%.
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