Q3 2023

Q3 2023

@PrinceBR
em 29/11/2023 19:11
https://www.realtyincome.com/investors/press-releases/realty-income-announces-operating-results-three-and-nine-months-ended-1

Realty Income Announces Operating Results for the Three and Nine Months Ended September 30, 2023

11.06.2023

SAN DIEGO, Nov. 6, 2023 /PRNewswire/ -- Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today announced operating results for the three and nine months ended September 30, 2023. All per share amounts presented in this press release are on a diluted per common share basis unless stated otherwise.

COMPANY HIGHLIGHTS:



For the three months ended September 30, 2023:


    Net income available to common stockholders was $233.5 million, or $0.33 per share
    Normalized FFO available to common stockholders was $739.0 million, or $1.04 per share
    AFFO available to common stockholders was $721.4 million, or $1.02 per share
    Achieved same store rental revenue growth of 2.2% and a rent recapture rate of 106.9% on properties re-leased
    Invested $2.0 billion in 289 properties and properties under development or expansion at an initial weighted average cash lease yield of 6.9%
    Raised $885.9 million from the sale of common stock, primarily through our At-The-Market (ATM) program, with a weighted average price of $58.58
    Issued €550.0 million of 4.875% senior unsecured notes due July 2030, and €550.0 million of 5.125% senior unsecured notes due July 2034
    Net Debt to Annualized Pro Forma Adjusted EBITDAre was 5.2x

    Events subsequent to September 30, 2023


      On October 29, 2023, entered into a definitive merger agreement to acquire Spirit Realty Capital, Inc. ("Spirit") in an all-stock transaction that is expected to close in the first quarter of 2024, subject to the approval of Spirit's stockholders and satisfaction of other customary closing conditions.
      CEO Comments

      "Our Realty Income One Team continues to deliver strong results on behalf of all of whom we serve. Our pending merger with Spirit represents an exciting component of our future growth plans," said Sumit Roy, Realty Income's President and Chief Executive Officer. "We believe the transaction, which is expected to be immediately accretive once closed and will not be reliant on external funding, will create a solid foundation for growth in the coming year, during which we intend to be disciplined and patient capital allocators. As we look further to the future, we believe the enhanced scale and diversification afforded by Spirit's complementary portfolio will support and expand our future growth runway."

      "Our third quarter results demonstrate again the consistency of our earnings profile and the attractive internal growth of our high-quality real estate portfolio while highlighting the capabilities of our One Team and platform. During the quarter, we invested $2.0 billion in high quality real estate at a cash cap rate of 6.9%, generated same store rental revenue growth of an attractive 2.2%, and delivered a rent recapture rate of 106.9% on properties re-leased. Our investment efforts, in conjunction with the strength of our balance sheet and access to diverse capital sources globally, enabled us to realize an investment spread of over 100 basis points, using the cost of equity and debt raised in the quarter on a leverage neutral basis."

      "We ended the third quarter in a solid financial position, with $3.4 billion of unused capacity on our $4.25 billion multi-currency revolving credit facility after giving effect to commercial paper borrowings, which are fully backstopped by the facility. In addition, we had access to approximately $750 million of equity from unsettled forward sales of our common stock, resulting in $4.5 billion of liquidity to support our future growth plans. Given the transaction volume we have achieved year to date, we are increasing our outlook for investments to be approximately $9.0 billion for 2023 and raised the bottom end of our AFFO per share guidance to an updated range of $3.98 to $4.01."

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