Realty Income's Q4 AFFO Miss Estimates, Revenues Rise Y/Y

Core Insights - Realty Income Corporation's fourth-quarter 2024 adjusted funds from operations (AFFO) per share was $1.05, slightly missing the Zacks Consensus Estimate of $1.06, but showing an increase from $1.01 in the prior-year quarter [1][2] - Total revenues for the quarter were $1.34 billion, falling short of the Zacks Consensus Estimate of $1.35 billion, yet reflecting a year-over-year growth of 24.5% [2] - The company reported a same-store rental revenue of $992.8 million, which increased by 0.8% year-over-year, with portfolio occupancy remaining stable at 98.7% [4] Financial Performance - In 2024, Realty Income achieved an AFFO per share of $4.19, meeting the Zacks Consensus Estimate and up from $4.00 the previous year [3] - Revenues for the year totaled $5.27 billion, a 29.2% increase year-over-year, although it was below the consensus mark of $5.29 billion [3] - The company invested $1.72 billion in 308 properties and developments during the fourth quarter [5] Balance Sheet and Liquidity - Realty Income ended the fourth quarter of 2024 with $3.7 billion in liquidity, which included $445 million in cash and cash equivalents, $91.8 million in unsettled At-The-Market forward equity, and $3.1 billion available under its unsecured revolving credit facility [6] - The net debt to annualized pro-forma adjusted EBITDAre ratio was reported at 5.4X [6] 2025 Guidance - Management anticipates 2025 AFFO per share to be in the range of $4.22 to $4.28, while the Zacks Consensus Estimate is higher at $4.32 [7] - Projections for the full year include an expected same-store rent growth of approximately 1% and occupancy levels exceeding 98% [7] - The company plans for a full-year investment volume of around $4 billion [7]