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Sep 30, 2023
Realty Income Q3 2023 Earnings Report
Realty Income's operating results for Q3 2023 were announced.
Key Takeaways
Realty Income reported strong Q3 2023 results, including net income of $233.5 million, normalized FFO of $739.0 million, and AFFO of $721.4 million. The company invested $2.0 billion in 289 properties and increased its investment outlook for 2023 to approximately $9.0 billion. Additionally, they raised the bottom end of AFFO per share guidance to an updated range of $3.98 to $4.01.
Net income available to common stockholders was $233.5 million, or $0.33 per share.
Normalized FFO available to common stockholders was $739.0 million, or $1.04 per share.
AFFO available to common stockholders was $721.4 million, or $1.02 per share.
Invested $2.0 billion in 289 properties and properties under development or expansion at an initial weighted average cash lease yield of 6.9%.
Forward Guidance
Realty Income provided 2023 earnings guidance, anticipating net income per share between $1.25 and $1.32, normalized FFO per share between $4.08 and $4.15, and AFFO per share between $3.98 and $4.01. The company expects same store rent growth to be approximately 1.5% and occupancy to remain over 98%. Acquisition volume is projected to be approximately $9.0 billion.
Positive Outlook
- Net income per share: $1.25 to $1.32
- Normalized FFO per share: $4.08 to $4.15
- AFFO per share: $3.98 to $4.01
- Same store rent growth: Approx 1.5%
- Occupancy: Over 98%
Challenges Ahead
- Real estate depreciation and impairments per share: $2.87
- Other adjustments per share: $(0.04)
- Cash G&A expenses (% of revenues): 2.9% - 3.2%
- Property expenses (non-reimbursable) (% of revenues): 1.0% - 1.2%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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