Realty Income(O) - 2024 Q4 - Annual Results

Financial Performance - For the three months ended December 31, 2024, net income available to common stockholders was $199.6 million, or $0.23 per share, compared to $218.4 million, or $0.30 per share for the same period in 2023[6]. - Total revenue for the year ended December 31, 2024, was $5,271.1 million, a 29.3% increase from $4,079.0 million in 2023[7]. - Net income attributable to the company for the year ended December 31, 2024, was $860.8 million, a decrease of 1.4% from $872.3 million in 2023[31]. - Total revenue for the three months ended December 31, 2024, was $1.34 billion, compared to $1.08 billion for the same period in 2023, reflecting a year-over-year increase of approximately 24.5%[31]. - For the three months ended December 31, 2024, net income available to common stockholders was $199,612,000, a decrease of 8.5% from $218,405,000 in the same period of 2023[34]. Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO) - Adjusted Funds from Operations (AFFO) per share increased 4.0% to $1.05 for the three months ended December 31, 2024, compared to $1.01 for the same period in 2023[6]. - Funds from operations (FFO) available to common stockholders for the year ended December 31, 2024, was $3.47 billion, up from $2.82 billion in 2023, representing a 23% increase[31]. - FFO available to common stockholders for Q4 2024 was $897,917,000, up 25.8% from $713,716,000 in Q4 2023[38]. - Normalized FFO available to common stockholders for the year ended December 31, 2024, increased to $3,563,951,000, up 25.8% from $2,836,602,000 in 2023[36]. - AFFO available to common stockholders for the year ended December 31, 2024, was $3,621,437,000, a 30.5% increase from $2,774,870,000 in 2023[36]. Revenue and Rental Growth - The same store rental revenue for the year ended December 31, 2024, was $3,319.1 million, reflecting a 0.5% increase from $3,302.4 million in 2023[15]. - The company reported a same-store rent growth of approximately 1.0% and maintained an occupancy rate of over 98%[20]. - The rent recapture rate on properties re-leased for the year ended December 31, 2024, was 105.6%[12]. Investments and Acquisitions - The company invested $3.9 billion in 2024 at an initial weighted average cash yield of 7.4%[6]. - The company completed 233 real estate acquisitions in the fourth quarter of 2024, totaling $1,316.2 million[14]. Dividends and Shareholder Returns - The annualized dividend amount as of December 31, 2024, was $3.168 per share, with a 2.5% increase in monthly dividends compared to 2023[8]. - The company has declared 656 consecutive monthly dividends and is a member of the S&P 500 Dividend Aristocrats index[26]. - Distributions paid to common stockholders for the three months ended December 31, 2024, totaled $691,861,000, compared to $556,114,000 in the same period of 2023, reflecting a 24.4% increase[36]. Liquidity and Capital Structure - As of December 31, 2024, the company had $3.7 billion in liquidity, including $445.0 million in cash and cash equivalents and $3.1 billion available under its $4.25 billion unsecured revolving credit facility[18]. - The company raised $1.8 billion from the sale of common stock in 2024, primarily through its At-The-Market (ATM) program, at a weighted average price of $58.33[6]. - The company raised $947.8 million from the sale of common stock at a weighted average price of $58.12 per share during the three months ended December 31, 2024[17]. - The company authorized a share repurchase program for up to $2.0 billion, set to expire in January 2028[19]. Balance Sheet and Asset Growth - Total assets increased to $68.84 billion as of December 31, 2024, up from $57.78 billion in 2023, representing a growth of approximately 19.5%[46]. - Real estate held for investment, net, rose to $50.91 billion, compared to $43.51 billion in the previous year, marking an increase of about 16.9%[46]. - Total liabilities grew to $29.78 billion, up from $24.67 billion, indicating an increase of around 20.5%[46]. - Stockholders' equity increased to $39.05 billion from $33.11 billion, representing a growth of approximately 18%[46]. Impairments and Costs - The company experienced a significant increase in provisions for impairment of real estate, which rose to $319,032,000 for the year ended December 31, 2024, compared to $82,208,000 in 2023[34]. - The merger, transaction, and other costs for the year ended December 31, 2024, included $86.7 million related to the Spirit merger[34].