REALTY INCOME CORP Quarterly Report for Q1 Ended Mar 31, 2019

Summary

Realty Income Corporation (O) reported its first-quarter 2019 financial results, demonstrating continued operational strength and strategic growth. The company's revenue saw a significant increase driven by new property acquisitions and robust performance from its existing portfolio. Net income available to common stockholders rose to $110.9 million, or $0.37 per diluted share, compared to $83.2 million, or $0.29 per diluted share, in the prior year's quarter, reflecting successful execution of its investment strategy. Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO), key metrics for REITs, also showed healthy year-over-year growth, indicating strong operational cash flow generation. The company maintained a high occupancy rate of 98.3% across its diversified portfolio of 5,876 properties, leased to 261 commercial tenants across 48 industries. Realty Income continued its commitment to returning value to shareholders through consistent monthly dividends, which were increased multiple times in early 2019.

Key Highlights

• 1Total revenue increased by $36.1 million to $354.4 million for the three months ended March 31, 2019, compared to the same period in 2018.
• 2Net income available to common stockholders increased by $27.7 million to $110.9 million for the three months ended March 31, 2019.
• 3Diluted earnings per share (EPS) rose to $0.37 from $0.29 year-over-year.
• 4Funds From Operations (FFO) increased by 9.2% to $245.7 million, or $0.81 per diluted share.
• 5Adjusted Funds From Operations (AFFO) increased by 10.7% to $248.7 million, or $0.82 per diluted share.
• 6The company invested $519.5 million in 105 new properties and properties under development/expansion during Q1 2019.
• 7Occupancy rate remained strong at 98.3% across a diversified portfolio of 5,876 properties.

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