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Realty Income Announces Operating Results for the Three and Nine Months Ended September 30, 2022
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PR Newswire
SAN DIEGO, Nov. 2, 2022
SAN DIEGO, Nov. 2, 2022 /PRNewswire/ -- Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today announced operating results for the three and nine months ended September 30, 2022. All per share amounts presented in this press release are on a diluted per common share basis unless stated otherwise. Our financial results for the three and nine months ended September 30, 2021 do not reflect our merger with VEREIT, Inc. (VEREIT), which was completed on November 1, 2021.
COMPANY HIGHLIGHTS:
For the three months ended September 30, 2022:
- Net income available to common stockholders was $219.6 million, or $0.36 per share
- Normalized FFO per share increased 9.0% to $0.97, compared to the three months ended September 30, 2021
- AFFO per share increased 7.7% to $0.98, compared to the three months ended September 30, 2021
- Invested $1.87 billion in 375 properties and properties under development or expansion, including $613.0 million in Europe
- Net debt to annualized pro forma adjusted EBITDAre was 5.2x
- Raised $0.7 billion from the sale of common stock, primarily through our At-The-Market (ATM) program with a weighted average price of $73.05
- Declared the 100th consecutive quarterly dividend increase in September, representing a 5.1% increase compared to the amount declared one year ago
Event subsequent to September 30, 2022:
- In October 2022, we issued $750.0 million of senior unsecured notes due October 2032, realizing an effective semi-annual yield to maturity of approximately 3.93%.
CEO Comments
"I am pleased with another well-executed quarter by our team," said Sumit Roy, Realty Income's President and Chief Executive Officer. "We strive to be a judicious and disciplined capital allocator, investing in high-quality real estate leased to leading operators that can thrive in a variety of economic environments. During the quarter, we invested approximately $1.9 billion in real estate at a cash cap rate of 6.1%, bringing our total to $5.1 billion year to date."
"Additionally, we enhanced our financial flexibility by raising over $2.0 billion of equity during the quarter, $1.3 billion of which we intend to settle in the fourth quarter at $66.70 per share, while further de-risking the balance sheet with a $750 million 10-year bond offering in October."
"Finally, the operating fundamentals of our business remain healthy as we finished the quarter with occupancy of 98.9% while registering a rent recapture rate of 108.5% on properties re-leased. We are fortunate to manage a consistent business model that provides dependable results, and believe we are well-positioned to continue generating long-term value for shareholders."
Select Financial Results
The following summarizes our select financial results (dollars in millions, except per share data).
| | | Three Months Ended September 30, | | Nine Months Ended September 30, | ||||
| | | 2022 | | 2021 | | 2022 | | 2021 |
| Total revenue | | $ 837.3 | | $ 489.9 | | $ 2,455.0 | | $ 1,395.4 |
| Net income available to common stockholders (1)(2) | | $ 219.6 | | $ 135.0 | | $ 642.1 | | $ 355.4 |
| Net income per share | | $ 0.36 | | $ 0.34 | | $ 1.06 | | $ 0.94 |
| Funds from operations available to common stockholders (FFO) (2)(3) | | $ 597.2 | | $ 332.3 | | $ 1,807.4 | | $ 914.4 |
| FFO per share | | $ 0.97 | | $ 0.85 | | $ 2.99 | | $ 2.41 |
| Normalized funds from operations available to common stockholders (Normalized FFO) (3) | | $ 600.9 | | $ 349.1 | | $ 1,820.4 | | $ 944.5 |
| Normalized FFO per share | | $ 0.97 | | $ 0.89 | | $ 3.01 | | $ 2.49 |
| Adjusted funds from operations available to common stockholders (AFFO) (3) | | $ 603.6 | | $ 356.8 | | $ 1,767.4 | | $ 1,002.7 |
| AFFO per share | | $ 0.98 | | $ 0.91 | | $ 2.92 | | $ 2.64 |
| (1) | The calculation to determine net income attributable to common stockholders includes provisions for impairment, gain on sales of real estate, and foreign currency gain and loss. These items can vary from quarter to quarter and can significantly impact net income available to common stockholders and period to period comparisons. |
| (2) | Our financial results during the three and nine months ended September 30, 2022 were impacted by the following transactions: (i) merger and integration-related costs related to our merger with VEREIT of $3.7 million and $13.0 million, respectively, and (ii) $1.7 million and $16.4 million of provisions for impairment, respectively. Our financial results during the three and nine months ended September 30, 2021 were impacted by the following transactions: (i) $4.0 million and $50.5 million loss on extinguishment of debt, respectively, primarily due to the January 2021 early redemption of the 3.250% notes due October 2022 recorded in the three months ended March 31, 2021, (ii) merger and integration-related costs related to our merger with VEREIT of $16.8 million and $30.1 million, respectively, and (iii) $11.0 million and $31.0 million of provisions for impairment, respectively. |
| (3) | FFO, Normalized FFO, and AFFO are non-GAAP financial measures. Normalized FFO is based on FFO and adjusted to exclude merger and integration-related costs related to our merger with VEREIT and AFFO further adjusts Normalized FFO for unique revenue and expense items, such as gain (loss) on extinguishment of debt. Please see the Glossary in the Supplemental Operating and Financial Data for the three and nine months ended September 30, 2022 for our definitions and explanations of how we utilize these metrics. See pages 9 and 10 herein for reconciliations to the most directly comparable GAAP measure. |
Theater Industry Update
For the third quarter 2022, we collected approximately 85% of the contractual rent(1) across our theater portfolio as Cineworld Group plc ("Cineworld"), the parent entity of the entities that lease certain of our theater properties, including Regal Cinemas, commenced Chapter 11 reorganization proceedings during the month of September 2022 and, as is customary in this jurisdiction pursuant to the proceedings of the bankruptcy court, was not yet required to pay rent for the month of September. However, for the month of October 2022, we have collected all of the contractual rent across our theater portfolio.
As of September 2022, we had cumulative reserves of $23.5 million on properties leased to Cineworld and its affiliates. These reserves, representing a reduction of rental revenue, primarily relate to contractual rent and expense recoveries recorded during the COVID-19 pandemic in 2020 and exclude straight-line rent reserves. Total receivables from Cineworld and its affiliates were $31.0 million at September 30, 2022, net of reserves and excluding straight line rent receivables, and include both deferred contractual rent and deferred expense recoveries.
(1) We define contractual rent as the monthly aggregate cash amount charged to clients, inclusive of monthly base rent receivables. Charged amounts have not been adjusted for any COVID-19 related rent relief granted and includes contractual rent from any clients in bankruptcy.
Dividend Increases
In September 2022, we announced the 100th consecutive quarterly dividend increase, which is the 117th increase in the amount of the dividend since our listing on the New York Stock Exchange (NYSE) in 1994. The annualized dividend amount as of September 30, 2022 was $2.976 per share. The amount of monthly dividends paid per share increased 5.1% to $0.7425, as compared to $0.7065 for the three months ended September 30, 2021. We distributed $458.6 million in common stock dividends to stockholders during the three months ended September 30, 2022, representing 76.0% of our AFFO of $603.6 million.
Real Estate Portfolio Update
As of September 30, 2022, our portfolio consisted of 11,733 properties located in all 50 U.S. states, Puerto Rico, the U.K. and Spain, and leased to 1,147 clients doing business in 79 industries. We own an actively managed, diversified portfolio of commercial properties under long-term, net lease agreements with a weighted average remaining lease term of approximately 8.8 years. Our portfolio of commercial real estate has historically provided dependable rental revenue supporting the payment of monthly dividends. As of September 30, 2022, portfolio occupancy was 98.9% with 131 properties available for lease or sale, as compared to 98.9% as of June 30, 2022 and 98.8% as of September 30, 2021.
| Changes in Occupancy | |
| | |
| Three months ended September 30, 2022 | |
| Properties available for lease at June 30, 2022 | 132 |
| Lease expirations (1) | 181 |
| Re-leases to same client | (147) |
| Re-leases to new client | (8) |
| Vacant dispositions | (27) |
| Properties available for lease at September 30, 2022 | 131 |
| | |
| Nine months ended September 30, 2022 | |
| Properties available for lease at December 31, 2021 | 164 |
| Lease expirations (1) | 534 |
| Re-leases to same client | (420) |
| Re-leases to new client Werbung Mehr Nachrichten zur Realty Income Inc. Aktie kostenlos abonnieren
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