Realty Income Announces Operating Results for the Three Months Ended March 31, 2025

Company Highlights - Realty Income Corporation reported total revenue of $1,380.5 million for the three months ended March 31, 2025, an increase from $1,260.5 million in the same period of 2024, representing a growth of 9.5% [3] - 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 prior year, indicating a significant increase of 92.7% [3][10] - Funds from operations (FFO) available to common stockholders reached $937.7 million, up from $785.7 million year-over-year, with FFO per share increasing to $1.05 from $0.94 [3][10] Dividend Information - The company announced its 110th consecutive quarterly dividend increase, with an annualized dividend amount of $3.222 per share as of March 31, 2025 [6] - Monthly dividends paid per share increased by 3.4% to $0.796 compared to $0.770 in the same period of 2024, representing 75.1% of diluted AFFO per share of $1.06 [6] Real Estate Portfolio - As of March 31, 2025, Realty Income owned or held interests in 15,627 properties leased to 1,598 clients across 91 industries, with a portfolio occupancy rate of 98.5% [7] - The weighted average remaining lease term for the portfolio was approximately 9.1 years, indicating stability in rental income [7] Investment Activity - The company invested $1.4 billion in real estate during the first quarter of 2025, achieving an initial weighted average cash yield of 7.5% [10] - A total of 50 properties were acquired, with 34 in the U.S. and 16 in Europe, contributing to a diversified investment strategy [11] Financial Metrics - Adjusted funds from operations (AFFO) available to common stockholders was $949.7 million, with AFFO per share increasing to $1.06 from $1.03 year-over-year [3][10] - The net debt to annualized pro forma adjusted EBITDA ratio was reported at 5.4x, indicating a manageable level of leverage [10][38] Earnings Guidance - The revised earnings guidance for 2025 estimates net income per share to be between $1.40 and $1.46, with AFFO per share projected between $4.22 and $4.28 [21][22]