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Dec 31, 2021
Realty Income Q4 2021 Earnings Report
Realty Income reported operating results for Q4 2021.
Key Takeaways
Realty Income announced operating results for the three months and year ended December 31, 2021, featuring a record $2.6 billion invested in high-quality real estate during the fourth quarter and $6.4 billion for the year. Portfolio occupancy ended the year strong at 98.5%.
Net income per share was $0.01.
Normalized FFO per share increased 7.2% to $0.89.
AFFO per share increased 11.9% to $0.94.
Invested $2.63 billion in 401 properties and properties under development or expansion, including $1.04 billion in Europe (excluding merger with VEREIT).
Forward Guidance
Realty Income provided 2022 earnings guidance with net income per share expected to be between $1.08 and $1.25 and normalized FFO per share between $3.88 and $4.05.
Positive Outlook
- Net income per share between $1.08 and $1.25
- Normalized FFO per share between $3.88 and $4.05
- AFFO per share between $3.84 and $3.97
- Same store rent growth ~ 1.5%
- Acquisition volume over $5.0 billion
Challenges Ahead
- Occupancy ~ 98%
- Cash G&A expenses (% of revenues) 3.5% - 4.0%
- Property expenses (non-reimbursable) (% of revenues) 1.5% - 2.0%
- Income tax expenses $45 to $50 million
- Real estate depreciation and impairments per share $2.83
Historical Earnings Impact
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Avg. Return Before/After Earnings
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