Realty Income(US:O) ZACKSยท2025-05-06 18:45Core Viewpoint - Realty Income Corporation reported strong first-quarter 2025 results, with adjusted funds from operations (AFFO) per share of $1.06, matching expectations and showing year-over-year growth from $1.03 per share [1][2]. Financial Performance - Total revenues reached $1.38 billion, exceeding the Zacks Consensus Estimate by 0.53% and reflecting a 9.5% increase year over year [2]. - Same-store rental revenues amounted to $1.15 billion from 14,702 properties, marking a 1.3% rise compared to the prior-year period [3]. - Interest expenses increased by 11.5% year over year to $268.4 million [3]. Investment Activity - The company invested $1.37 billion in 121 properties and properties under development or expansion during the quarter [4]. - Realty Income sold 55 properties, generating net sales proceeds of $92.6 million and a gain of $22.6 million on the sale of real estate [4]. Balance Sheet Strength - As of the end of the first quarter, Realty Income had $2.9 billion in liquidity, including $319 million in cash and cash equivalents, $69.1 million in unsettled At-The-Market forward equity, and $2.5 billion available under its unsecured revolving credit facility [5]. - The net debt to annualized pro-forma adjusted EBITDAre ratio stood at 5.4X [5]. Guidance for 2025 - Management maintained its AFFO per share guidance for 2025 in the range of $4.22-$4.28, aligning with the Zacks Consensus Estimate of $4.28 [6]. - Full-year projections include an expected same-store rent growth of approximately 1% and occupancy rates exceeding 98% [6]. - The company reaffirmed its full-year investment volume target of around $4 billion [6].