Realty Income(US:O)2025-05-05 20:07Financial Performance - Net income available to common stockholders was $249.8 million, or $0.28 per share, compared to $129.7 million, or $0.16 per share in the same period last year[4]. - Adjusted Funds from Operations (AFFO) per share increased 2.9% to $1.06, compared to $1.03 in the same period last year[4]. - Total revenue for the three months ended March 31, 2025, was $1,380.5 million, up from $1,260.5 million in the same period last year, representing a 9.5% increase[5]. - Funds from operations (FFO) available to common stockholders for Q1 2025 was $937,655 thousand, compared to $785,683 thousand in Q1 2024, reflecting a year-over-year increase of about 19.4%[31]. - Adjusted funds from operations (AFFO) for Q1 2025 reached $949,716 thousand, up from $862,871 thousand in Q1 2024, indicating a growth of approximately 10.1%[31]. - Net income available to common stockholders for Q1 2025 was $249,815, a 92.6% increase from $129,696 in Q1 2024[33]. - Normalized FFO available to common stockholders increased to $937,934 in Q1 2025, up 6.5% from $879,787 in Q1 2024[33]. - AFFO available to common stockholders rose to $949,716 in Q1 2025, compared to $862,871 in Q1 2024, reflecting a growth of 10.1%[35]. - Diluted AFFO per share increased to $1.06 in Q1 2025, up from $1.03 in Q1 2024[35]. Investment and Capital Structure - The company invested $1.4 billion at an initial weighted average cash yield of 7.5% during the quarter[4]. - The company raised $635.1 million from the sale of common stock at a weighted average price of $56.26 per share during the quarter[13]. - In April 2025, the company issued $600.0 million of 5.125% senior unsecured notes due 2035[14]. - The company closed on the recast and expansion of its credit facilities totaling $5.38 billion, including a $1.38 billion credit facility for its private fund[15]. - Total debt as of March 31, 2025, was $27,296,346, an increase from $25,598,604 in the previous year[39]. Occupancy and Rent Metrics - As of March 31, 2025, the company owned or held interests in 15,627 properties, with a portfolio occupancy rate of 98.5%[7]. - The rent recapture rate on properties re-leased was 103.9%, with new annualized base rent on re-leases totaling $46.22 million compared to the previous annual rent of $44.48 million[8]. - Same store rent growth is estimated at approximately 1.0% for 2025, consistent with prior guidance[19]. - Occupancy rate is projected to remain over 98%, with a current rate of 98.5% as of March 31, 2025[19]. Dividends and Shareholder Returns - The annualized dividend amount as of March 31, 2025, was $3.222 per share, with a monthly dividend increase of 3.4% to $0.796 compared to the same period last year[6]. - The company has declared 658 consecutive monthly dividends and is a member of the S&P 500 Dividend Aristocrats index[24]. - Cash dividends paid per common share increased to $0.7960 in Q1 2025 from $0.7695 in Q1 2024[35]. Guidance and Projections - 2025 earnings guidance for net income per share is revised to $1.40 - $1.46, down from prior guidance of $1.52 - $1.58[19]. - Cash general and administrative expenses are expected to be approximately 3.0% of total revenue, consistent with prior guidance[19]. - Investment volume for 2025 is estimated at approximately $4.0 billion, unchanged from prior guidance[19]. - Income tax expenses for 2025 are projected to be between $80 million and $90 million[19]. Balance Sheet Highlights - Total assets increased to $69,757,696 from $68,835,039, reflecting a growth of approximately 1.34%[43]. - Real estate held for investment, net, rose to $51,658,972, up from $50,913,972, indicating an increase of about 1.46%[43]. - Total liabilities increased to $30,515,509 from $29,783,353, representing a rise of approximately 2.46%[43]. - Stockholders' equity grew to $39,242,187, up from $39,051,686, showing an increase of about 0.49%[43]. - Cash and cash equivalents decreased to $319,007 from $444,962, a decline of approximately 28.3%[43]. - Accounts receivable, net, increased to $952,410 from $877,668, reflecting a growth of about 8.5%[43]. - Distributions payable rose to $244,575 from $238,045, an increase of approximately 2.24%[43]. - The company reported a total of 903,062 shares issued and outstanding as of March 31, 2025, compared to 891,511 shares as of December 31, 2024[43]. - The accumulated other comprehensive income increased to $72,819 from $38,229, a growth of approximately 90.3%[43]. - The company maintained goodwill at $4,932,199, unchanged from the previous period[43].