Realty Income Q4 2022 Earnings Report
Key Takeaways
Realty Income announced operating results for Q4 2022, featuring a net income of $227.3 million, or $0.36 per share, and normalized FFO increasing by 18.0% to $1.05 per share. The company completed the acquisition of Encore Boston Harbor Resort and Casino for $1.7 billion and invested $3.9 billion in 578 properties. Portfolio occupancy remained high at 99.0%.
Net income available to common stockholders was $227.3 million, or $0.36 per share.
Normalized FFO increased 18.0% to $1.05 per share.
Completed the acquisition of the land and real estate assets of Encore Boston Harbor Resort and Casino from Wynn Resorts, Limited for $1.7 billion.
Achieved property-level occupancy of 99.0%.
Realty Income
Realty Income
Realty Income Revenue by Segment
Forward Guidance
Realty Income provided 2023 earnings guidance, including net income per share of $1.20 to $1.32, Normalized FFO per share of $4.01 to $4.13, and AFFO per share of $3.93 to $4.03. The company anticipates same store rent growth over 1.25% and occupancy over 98%.
Positive Outlook
- Net income per share: $1.20 to $1.32
- Normalized FFO per share: $4.01 to $4.13
- AFFO per share: $3.93 to $4.03
- Same store rent growth: Over 1.25%
- Occupancy: Over 98%
Challenges Ahead
- Real estate depreciation and impairments per share: $2.84
- Other adjustments per share: $(0.03)
- Cash G&A expenses (% of revenues): 3.0% - 3.5%
- Property expenses (non-reimbursable) (% of revenues): 1.0% - 1.5%
- Income tax expenses: $55 to $65 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income