Realty Income Q3 2024 Earnings Report
Key Takeaways
Realty Income Corporation reported net income available to common stockholders of $261.8 million, or $0.30 per share, and AFFO of $915.6 million, or $1.05 per share. The company invested $740.1 million at an initial weighted average cash yield of 7.4% and increased its 2024 investment volume guidance to approximately $3.5 billion and raised the low-end of its AFFO per share guidance to a range of $4.17 to $4.21 per share.
Net income available to common stockholders was $261.8 million, or $0.30 per share.
AFFO available to common shareholders was $915.6 million, or $1.05 per share.
Invested $740.1 million at an initial weighted average cash yield of 7.4%.
Achieved a rent recapture rate of 105.0% on properties re-leased.
Realty Income
Realty Income
Realty Income Revenue by Segment
Forward Guidance
Realty Income revised its 2024 earnings guidance, expecting net income per share between $1.15 and $1.20, Normalized FFO per share between $4.16 and $4.21, and AFFO per share between $4.17 and $4.21. The company anticipates same-store rent growth of approximately 1.0%, occupancy over 98%, and investment volume of approximately $3.5 billion.
Positive Outlook
- Same store rent growth approximately 1.0%
- Occupancy over 98%
- Cash G&A expenses (% of revenues) approximately 3.0%
- Income tax expenses $65 - $75 million
- Investment volume approximately $3.5 billion
Challenges Ahead
- Net income per share $1.15 - $1.20
- Real estate depreciation and impairments per share $2.96
- Other adjustments per share $0.05
- Normalized FFO per share $4.16 - $4.21
- AFFO per share $4.17 - $4.21
Revenue & Expenses
Visualization of income flow from segment revenue to net income