Realty Income Corporation Reports Q1 2024 Financial Results

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Realty Income Corporation Q1 2024 Financial Highlights

Realty Income Corporation (NYSE: O) announced its operational results for the three months ending March 31, 2024. Approximately 54% of total investments were in the UK and Europe, with an initial weighted average cash yield of 8.2%. This international growth continues to be a distinctive factor in generating real estate income.

Key Highlights for the First Quarter

For the quarter ending March 31, 2024, Realty Income reported:

  • Net income available to common stockholders of $129.7 million, or $0.16 per share.
  • AFFO available to common stockholders of $862.9 million, or $1.03 per share.

Strategic Mergers and Investments

On January 23, 2024, Realty Income completed its previously announced merger with Spirit Realty Capital, Inc. Excluding this merger, the company invested $598.0 million at an initial weighted average cash yield of 7.8%.

Capital Raising and Debt Management

The company raised $550.1 million from the sale of common stock, primarily through its at-the-market (ATM) program, at an average price of $56.93 per share. The net debt and preferred equity to annualized pro forma adjusted EBITDA ratio was 5.5x.

Realty Income issued $450.0 million in unsecured bonds due in February 2029 with a 4.750% interest rate, and $800.0 million in unsecured bonds due in February 2034 with a 5.125% interest rate. The proceeds were used to repay $1.1 billion in unsecured bonds and mortgage loans.

Realty Income Dividends

As of March 31, 2024, the annualized dividend was $3.084 per share. The monthly dividend per share increased by 2.4% to $0.770 for the three months ending March 31, 2024, compared to $0.752 for the same period in 2023. This represents 74.8% of the company’s diluted AFFO per share of $1.03 for Q1 2024.

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