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Jun 30, 2023
Realty Income Q2 2023 Earnings Report
Realty Income reported operating results, demonstrating strong performance driven by a diverse and high-quality portfolio.
Key Takeaways
Realty Income announced its Q2 2023 operating results, with key highlights including a net income of $195.4 million, normalized FFO of $688.3 million, and AFFO of $671.7 million. The company invested $3.1 billion in 710 properties and raised $2.2 billion from the sale of common stock. Realty Income also increased its acquisitions guidance to over $7 billion.
Net income available to common stockholders was $195.4 million, or $0.29 per share.
Normalized FFO available to common stockholders was $688.3 million, or $1.02 per share.
AFFO available to common stockholders was $671.7 million, or $1.00 per share.
Invested $3.1 billion in 710 properties at an initial weighted average cash lease yield of 6.9%.
Realty Income
Realty Income
Forward Guidance
Realty Income provided revised 2023 earnings guidance, expecting normalized FFO per share between $4.07 and $4.15 and AFFO per share between $3.96 and $4.01. The company anticipates same-store rent growth over 1.25%, occupancy over 98%, and acquisition volume over $7.0 billion.
Positive Outlook
- Normalized FFO per share is expected to be between $4.07 and $4.15.
- AFFO per share is projected to be between $3.96 and $4.01.
- Same-store rent growth is anticipated to be over 1.25%.
- Occupancy is expected to remain over 98%.
- Acquisition volume is projected to exceed $7.0 billion.
Challenges Ahead
- Net income per share is expected to be between $1.20 and $1.28.
- Real estate depreciation and impairments per share are estimated at $2.90.
- Other adjustments per share are projected at $(0.03).
- Income tax expenses are estimated between $55 to $65 million.
- Cash G&A expenses (% of revenues) 2.9% - 3.4%