Realty Income Q4 2021 Earnings Report
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).
Realty Income
Realty Income
Realty Income Revenue by Segment
Realty Income Revenue by Geographic Location
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
Revenue & Expenses
Visualization of income flow from segment revenue to net income