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Mar 31, 2025
Realty Income Q1 2025 Earnings Report
Realty Income reported solid Q1 2025 results with stable earnings and consistent capital deployment.
Key Takeaways
Realty Income delivered stable performance in Q1 2025, with $1.38B in revenue, $249.8M in net income, and continued investment activity yielding strong returns.
Net income reached $249.8 million, reflecting resilient portfolio performance.
Adjusted EPS came in at $1.06, showing stable earnings quality.
Invested $1.4 billion at a 7.5% initial weighted average cash yield.
Achieved a rent recapture rate of 103.9% on re-leased properties.
Forward Guidance
Realty Income maintained its 2025 AFFO guidance, though it revised net income per share downward while reaffirming operational stability and investment capacity.
Positive Outlook
- AFFO per share guidance unchanged at $4.22 to $4.28.
- Same store rent growth of approx. 1.0%.
- Portfolio occupancy expected to stay over 98%.
- Investment volume target of approximately $4.0 billion.
- Cash G&A expenses projected at approx. 3.0% of total revenue.
Challenges Ahead
- Net income per share guidance lowered to $1.40–$1.46 from $1.52–$1.58.
- Interest expenses likely to remain elevated.
- Property expenses estimated at 1.4%–1.7% of total revenue.
- Income tax expenses projected at $80–$90 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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