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Jun 30, 2021
Realty Income Q2 2021 Earnings Report
Realty Income reported operating results for the second quarter of 2021.
Key Takeaways
Realty Income announced operating results for the three months ended June 30, 2021, with net income per share of $0.33 and normalized FFO and AFFO per share of $0.88. The company invested $1.13 billion in 156 properties and properties under development or expansion, including $591.8 million in United Kingdom (U.K.) properties.
Net income per share was $0.33.
Normalized FFO and AFFO per share were $0.88.
Invested $1.13 billion in 156 properties and properties under development or expansion, including $591.8 million in United Kingdom (U.K.) properties.
Raised $457.5 million from the sale of common stock, primarily through our At-The-Market (ATM) program.
Forward Guidance
Realty Income estimates Normalized FFO per share for 2021 of $3.37 to $3.46 and AFFO per share for 2021 of $3.53 to $3.59. They also anticipate acquisition volume to be around $4.5 billion with occupancy over 98%.
Positive Outlook
- Same store rent growth 1.5% - 2.0%
- Occupancy over 98%
- Acquisition volume ~ $4.5 billion
- Net income per share $1.32 to $1.41
- AFFO per share $3.53 to $3.59
Challenges Ahead
- Real estate depreciation and impairments per share $2.11
- Gains on sales of properties per share $(0.09)
- Merger-related costs (actual) $0.03
- Cash G&A expenses (% of revenues) ~ 4.5%
- Property expenses (non-reimbursable) (% of revenues) 1.5% - 1.8%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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