Realty Income Q2 2021 Earnings Report
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.
Realty Income
Realty Income
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%