Realty Income Q1 2023 Earnings Report
Key Takeaways
Realty Income announced strong Q1 2023 results, featuring a net income of $225.0 million, or $0.34 per share, and a normalized FFO per share increase of 2.0% to $1.04. The company invested $1.7 billion in 339 properties and updated its 2023 AFFO per share guidance to $3.94 to $4.03.
Net income available to common stockholders was $225.0 million, or $0.34 per share.
Normalized FFO per share increased 2.0% to $1.04, compared to the three months ended March 31, 2022.
Invested $1.7 billion in 339 properties and properties under development or expansion at an initial weighted average cash lease yield of 7.0%.
Updated 2023 AFFO per share guidance range to $3.94 to $4.03, representing 1.7% annual growth at the midpoint.
Realty Income
Realty Income
Realty Income Revenue by Segment
Forward Guidance
Realty Income updated its 2023 AFFO per share guidance range to $3.94 to $4.03 and anticipates acquisition volume to be over $6.0 billion.
Positive Outlook
- Net income per share is projected to be between $1.22 and $1.32.
- Normalized FFO per share is expected to be between $4.05 and $4.15.
- AFFO per share is guided to be between $3.94 and $4.03.
- Same store rent growth is anticipated to be over 1.25%.
- Occupancy is expected to remain over 98%.
Challenges Ahead
- Real estate depreciation and impairments per share are estimated at $2.87.
- Other adjustments per share are projected to be $(0.03).
- Income tax expenses are expected to be between $55 and $65 million.
- Cash G&A expenses (% of revenues) will be 2.9% - 3.4%.
- Property expenses (non-reimbursable) (% of revenues) will be 1.0% - 1.4%
Revenue & Expenses
Visualization of income flow from segment revenue to net income