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Realty Income Announces Operating Results for the Three and Nine Months Ended September 30, 2025
SAN DIEGO, Nov. 3, 2025 /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, 2025. All per share amounts presented in this press release are on a diluted per common share basis unless stated otherwise.
COMPANY HIGHLIGHTS :
For the three months ended September 30, 2025:
- Net income available to common stockholders was $315.8 million, or $0.35 per share
- Adjusted Funds from Operations ("AFFO") was $1.08 per share
- Invested $1.4 billion at an initial weighted average cash yield of 7.7%
- Net Debt to Annualized Pro Forma Adjusted EBITDAre was 5.4x
- Settled 5.6 million shares of outstanding forward sale agreements through our At-The-Market ("ATM") program for gross proceeds of $319.7 million
- ATM forward agreements for a total of 17.7 million shares remain unsettled with total expected net proceeds of approximately $1.0 billion, of which 2.6 million shares were sold in October 2025
- Achieved a rent recapture rate of 103.5% on properties re-leased
Events subsequent to September 30, 2025:
- In October 2025, issued $400.0 million of 3.950% senior unsecured notes due 2029, and $400.0 million of 4.500% senior unsecured notes due 2033
CEO Comments
"Realty Income has built a durable and diversified engine for income, which is illustrated in our third quarter results," said Sumit Roy, Realty Income's President and Chief Executive Officer. "With expanded access to diverse sources of equity and favorable investment yields across geographies, our platform continues to demonstrate differentiation in the industry. European investments remain a significant portion of our executed volume, with approximately $1.0 billion closed internationally and $380.0 million invested domestically during the quarter. Furthermore, internal portfolio growth remains steady. A 103.5% rent recapture rate on re-leased properties is a testament to Realty Income's data-driven asset management process and the stability of our well-diversified real estate portfolio."
"Given the momentum in our business, we are updating our 2025 AFFO per share guidance to $4.25 - $4.27 and our 2025 investment volume guidance to approximately $5.5 billion. As we wrap up 2025 and look forward, flexibility remains a competitive advantage for Realty Income, poised for expansion across location, property type, industry or capital source."
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, | ||||
| | | 2025 | | 2024 | | 2025 | | 2024 |
| Total revenue | | $ 1,470.6 | | $ 1,330.9 | | $ 4,261.4 | | $ 3,930.8 |
| Net income available to common stockholders (1) (2) | | $ 315.8 | | $ 261.8 | | $ 762.5 | | $ 648.3 |
| Net income per share | | $ 0.35 | | $ 0.30 | | $ 0.84 | | $ 0.75 |
| Funds from operations available to common | | $ 981.1 | | $ 854.9 | | $ 2,874.5 | | $ 2,569.7 |
| FFO per share | | $ 1.07 | | $ 0.98 | | $ 3.18 | | $ 2.99 |
| Normalized funds from operations available to | | $ 994.4 | | $ 863.5 | | $ 2,888.4 | | $ 2,675.2 |
| Normalized FFO per share | | $ 1.09 | | $ 0.99 | | $ 3.19 | | $ 3.11 |
| Adjusted funds from operations available to common | | $ 992.0 | | $ 915.6 | | $ 2,889.2 | | $ 2,699.5 |
| AFFO per share | | $ 1.08 | | $ 1.05 | | $ 3.19 | | $ 3.14 |
| | |
| (1) | The calculation to determine net income available 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 for the three and nine months ended September 30, 2025 and 2024 were impacted by (i) provisions for impairment of $87.0 million and $346.9 million for the three and nine months ended September 30, 2025, respectively, and $96.9 million and $282.9 million for the corresponding periods in 2024; and (ii) merger, transaction, and other costs, net, of $13.3 million and $14.0 million for the three and nine months ended September 30, 2025, respectively, and $8.6 million and $105.5 million for the corresponding periods in 2024. |
| (3) | FFO, Normalized FFO, and AFFO are non-GAAP financial measures. Normalized FFO is based on FFO and adjusted to exclude merger, transaction, and other costs, net and AFFO further adjusts Normalized FFO for unique revenue and expense items. Please see the Glossary for our definitions and explanations of how we utilize these metrics. Please see pages 10 and 11 herein for reconciliations to the most directly comparable GAAP measure. |
Dividend Increases
In September 2025, we announced the 112th consecutive quarterly dividend increase, which is the 132nd increase since our listing on the New York Stock Exchange ("NYSE") in 1994. The annualized dividend amount as of September 30, 2025 was $3.234 per share. The amount of monthly dividends paid per share increased 2.3% to $0.807 in the three months ended September 30, 2025, as compared to $0.789 for the same period in 2024, representing 74.7% of our diluted AFFO per share of $1.08 during the three months ended September 30, 2025.
Real Estate Portfolio Update
As of September 30, 2025, we owned or held interests in 15,542 properties, which were leased to 1,647 clients doing business in 92 industries. Our diversified portfolio of commercial properties under long-term, net lease agreements is actively managed with a weighted average remaining lease term of approximately 8.9 years. Our portfolio of commercial real estate has historically provided dependable rental revenue supporting the payment of monthly dividends. As of September 30, 2025, portfolio occupancy was 98.7% with 204 properties available for lease or sale, as compared to 98.6% as of June 30, 2025, and 98.7% as of September 30, 2024. Our property-level occupancy rates exclude properties with ancillary leases only, such as cell towers and billboards, and properties with possession pending, and include properties owned by unconsolidated joint ventures. Below is a summary of our portfolio activity for the periods indicated below:
Changes in Occupancy
| Three months ended September 30, 2025 | |
| Properties available for lease as of June 30, 2025 | 212 |
| Lease expirations (1) | 340 |
| Re-leases to same client | (225) |
| Re-leases to new client | (17) |
| Vacant dispositions | (106) |
| Properties available for lease as of September 30, 2025 | 204 |
| | |
| Nine months ended September 30, 2025 | |
| Properties available for lease as of December 31, 2024 | 205 |
| Lease expirations (1) | 939 |
| Re-leases to same client | (678) |
| Re-leases to new client | (43) |
| Vacant dispositions | (219) |
| Properties available for lease as of September 30, 2025 | 204 |
| | |
| (1) | Includes scheduled and unscheduled expirations (including leases rejected in bankruptcy), as well as future expirations resolved in the periods indicated above. |
During the three months ended September 30, 2025, the new annualized base rent on re-leased units was $70.65 million, as compared to the previous annual rent of $68.29 million on the same units, representing a rent recapture rate of 103.5% on the re-leased units. Please see the Glossary for our definition of annualized base rent.
During the nine months ended September 30, 2025, the new annualized base rent on re-leased units was $213.70 million, as compared to the previous annual rent of $206.40 million on the same units, representing a rent recapture rate of 103.5% on the re-leased units.
Investment Summary
The following table summarizes our investments in the U.S. and Europe for the periods indicated below (dollars in millions):
| | Three months ended September 30, 2025 | | Nine months ended September 30, 2025 | ||||||||
| | Investment | Pro-Rata Share (1) | | Weighted | Number Properties | | Investment | Pro-Rata Share (1) | | Weighted | Number Properties |
| | | | | ||||||||
| Acquisitions | | | | | | | | | | | |
| U.S. wholly-owned | $ 200.0 | $ 200.0 | | 12.2 | 47 | | $ 623.2 | $ 623.2 | | 15.3 | 105 |
| U.S. Private Fund Business | 80.1 | 80.1 | | 16.2 | 3 | | 80.1 | 80.1 | | 16.2 | 3 |
| Europe wholly-owned | 550.2 | 550.2 | | 10.0 | 15 | | 2,024.0 | 2,024.0 | | 8.6 | 46 |
| Total real estate acquisitions(2) | $ 830.3 | $ 830.3 | | 11.1 | 65 | | $ 2,727.3 | $ 2,727.3 | | 10.3 | 154 |
| Initial weighted average cash | | 7.1 % | | | | | | 7.1 % | | | |
| Real estate properties under | | | | | | | | | | | |
| U.S. wholly-owned | $ 86.1 | $ 86.1 | | 15.8 | 44 | | $ 213.7 | $ 213.7 | | 16.6 | 81 |
| Europe wholly-owned | 19.3 | 19.3 | | 15.0 | 4 | | 32.8 | 32.8 | | 15.5 | 7 |
| Non-wholly owned(4) | 43.6 | 42.9 | | 14.0 | 10 | | 126.1 | 123.8 | | 11.9 | 10 |
| Total real estate properties | $ 149.0 | $ 148.3 | | 15.2 | 58 | | $ 372.6 | $ 370.3 | | 14.9 | 98 |
| Initial weighted average cash | | 7.4 % | | | | | | 7.4 % | | | |
| Other investments | | | | | | | | | | | |
| U.S. wholly-owned(5) | $ — | $ — | | — | — | | $ 200.9 | $ 200.9 | | 3.8 | — |
| Europe wholly-owned(6) | 384.2 | 384.2 | | 3.9 | — | | 606.5 | 606.5 | | 4.1 | — |
| Total other investments | $ 384.2 | $ 384.2 | | 3.9 | — | | $ 807.4 | $ 807.4 | | 4.0 | — |
| Initial weighted average cash | | 9.0 % | | | | | | 8.9 % | | | |
| | | | | | | | | | | | |
| Total investments | $ 1,363.5 | $ 1,362.8 | | 9.2 | 123 | | $ 3,907.3 | $ 3,905.0 | | 9.2 | 252 |
| Initial weighted average cash | | 7.7 % | | | | | | 7.5 % | | | |
| | | | | | | | | | | | |
| Supplementary Information: | | | | | | | | | | | |
| Total U.S. volume | | $ 380.0 | | | | | | $ 1,141.5 | | | |
| Initial weighted average cash | | 7.0 % | | | | | | 7.6 % | | | |
| Total Europe volume | | $ 982.8 | | | | | | $ 2,763.5 | | | |
| Initial weighted average cash | | 8.0 % | | | | | | 7.4 % | | | |
| Investment Grade Clients(7) | | 27 % | | | | | | 26 % | | | |
| | |
| (1) | Reflects adjustments for our share based on our proportionate economic ownership of our joint ventures. Please see the Glossary for our definition of Pro-Rata Share for more information. |
| (2) | For the three months ended September 30, 2025, our clients occupying the new properties are 78.6% retail and 21.4% industrial property types based on Cash Income. For the nine months ended September 30, 2025, our clients occupying the new properties are 76.8% retail and 23.2% industrial property types based on Cash Income. Please see the Glossary for our definition of Cash Income. |
| (3) | Initial Weighted Average Cash Yield is a supplemental operating measure. Cash Income used in the calculation of Initial Weighted Average Cash Yield for investments for the three and nine months ended September 30, 2025 includes $0.1 million and $3.6 million, respectively, received as settlement credits as reimbursement of free rent periods. Please see the Glossary for our definitions of Initial Weighted Average Cash Yield and Cash Income. |
| (4) | Non-wholly owned represents investments not 100% owned by Realty Income. |
| (5) | For the nine months ended September 30, 2025, includes an investment in a loan for a development project. |
| (6) | For the three months ended September 30, 2025, includes investments in senior secured notes issued by existing clients. For the nine months ended September 30, 2025, includes two mortgage loans in addition to those senior secured notes. |
| (7) | Represents approximate percentage of annualized cash income generated by investments from Investment Grade Clients at the date of acquisition. Please see the Glossary for our definition of Investment Grade Clients. |
Same Store Rental Revenue
The following summarizes our same store rental revenue for 14,482 properties under lease for the three and nine months ended September 30, 2025, respectively (dollars in millions):
| | Three months ended September 30, | | Nine months ended September 30, | | % Increase | ||||||
| | 2025 | | 2024 | | 2025 | | 2024 | | Three Months | | Nine Months |
| Same Store Rental Revenue | $ 1,162.3 | | $ 1,146.9 | | $ 3,477.3 | | $ 3,432.7 | | 1.3 % | | 1.3 % |
For purposes of comparability, Same Store Rental Revenue is presented on a constant currency basis using the applicable exchange rate as of September 30, 2025. Same Store Rental Revenue also includes our pro-rata share of rental revenue from properties owned by unconsolidated joint ventures and amounts attributable to noncontrolling interests based on their respective ownership percentages. Beginning with the second quarter of 2024, properties acquired through our merger with Spirit Realty Capital, Inc. ("Spirit") were considered under each element of our Same Store Pool criteria, except for the requirement that the property be owned for the full comparative period. If the property was owned by Spirit or Realty Income for the full comparative period and each of the other criteria were met, the property was included in our Same Store Pool. Please see the Glossary to see definitions of our Same Store Pool and Same Store Rental Revenue.
Property Dispositions
The following summarizes our property dispositions (dollars in millions):
| | Three months ended September 30, 2025 | | Nine months ended September 30, 2025 |
| Properties sold | 140 | | 268 |
| Net sales proceeds | $ 214.8 | | $ 424.2 |
| Gain on sales of real estate | $ 49.1 | | $ 110.2 |
Liquidity and Capital Markets
Liquidity
As of September 30, 2025, we had $3.5 billion of liquidity, which consists of cash and cash equivalents of $417.2 million, unsettled ATM forward equity of $864.2 million, and $2.2 billion of availability under our $4.0 billion revolving credit facilities (excluding availability under our $1.38 billion fund credit facility), net of $1.3 billion of borrowing on the revolving credit facilities and after deducting $469.4 million in borrowings under our commercial paper programs. We use our revolving credit facilities as a liquidity backstop for the repayment of the notes issued under our commercial paper programs.
Capital Raising
During the three months ended September 30, 2025, we raised $322.7 million of proceeds from the sale of common stock at a weighted average price of $57.54 per share, primarily through the sale of approximately 5.6 million shares of common stock pursuant to forward sale agreements through our ATM program. As of November 3, 2025, there were approximately 17.7 million shares of unsettled common stock subject to forward sale agreements through our ATM program, representing approximately $1.0 billion in expected net proceeds and a weighted average initial gross price of $58.27 per share. ATM net sale proceed amounts assume full physical settlement of all outstanding shares of common stock, subject to such forward sale agreements and certain assumptions made with respect to settlement dates.
In October 2025, we issued $400.0 million of 3.950% senior unsecured notes due February 2029, and $400.0 million of 4.500% senior unsecured notes due February 2033. Combined, the notes have a weighted average tenor of approximately 5.3 years and a weighted average yield to maturity of 4.414%.
Guidance
Summarized below are approximate estimates of the key components of our 2025 earnings guidance:
| | Revised 2025 | | Prior 2025 | | YTD Actuals at September 30, 2025 |
| Net income per share(2) | $1.27 - $1.29 | | $1.29 - $1.33 | | $0.84 |
| Real estate depreciation per share | $2.71 | | $2.72 | | $2.09 |
| Other adjustments per share(3) | $0.27 | | $0.23 | | $0.26 |
| AFFO per share(4) | $4.25 - $4.27 | | $4.24 - $4.28 | | $3.19 |
| Same store rent growth | Approx 1.0% | | Approx 1.0% | | 1.3 % |
| Occupancy | Approx 98.5% | | Over 98% | | 98.7 % |
| Cash G&A expenses (% of total revenue)(5)(6) | 3.1% - 3.3% | | Approx 3.0% | | 3.2 % |
| Property expenses (non-reimbursements) (% of total | Approx 1.5% | | 1.4% - 1.7% | | 1.6 % |
| Income tax expenses | $80 - $90 million | | $80 - $90 million | | $64 million |
| Investment volume | Approx $5.5 billion | | Approx $5.0 billion | | $3.9 billion |
| | | | | | |
| (1) As issued on August 6, 2025. | |||||
| (2) Net income per share excludes future impairment and foreign currency or derivative gains or losses due to the inherent | |||||
| (3) Includes net adjustments for gains or losses on sales of properties, impairments, and merger, transaction, and other non- | |||||
| (4) AFFO per share excludes merger, transaction, and other costs, net. | |||||
| (5) Cash G&A represents 'General and administrative' expenses as presented in our consolidated statements of income and | |||||
| (6) G&A expenses inclusive of stock-based compensation expense as a percentage of rental revenue, excluding reimbursements, is | |||||
Conference Call Information
In conjunction with the release of our operating results, we will host a conference call on November 3, 2025 at 2:00 p.m. PST to discuss the operating results. To access the conference call, dial (833) 816-1264 (United States) or (412) 317-5632 (International). When prompted, please ask for the Realty Income conference call.
A telephone replay of the conference call can also be accessed by calling (877) 344-7529 (United States) or (412) 317-0088 (International) and entering the conference ID 8824762. The telephone replay will be available through November 10, 2025.
A live webcast will be available in listen-only mode by clicking on the webcast link on the company's home page at www.realtyincome.com. A replay of the conference call webcast will be available approximately one hour after the conclusion of the live broadcast. No access code is required for this replay.
Supplemental Materials
Supplemental Operating and Financial Data for the three and nine months ended September 30, 2025 is available on our corporate website at www.realtyincome.com/investors/quarterly-and-annual-results.
About Realty Income
Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies®. Founded in 1969, we serve our clients as a full-service real estate capital provider. As of September 30, 2025, we have a portfolio of over 15,500 properties in all 50 U.S. states, the U.K., and seven other countries in Europe. We are known as "The Monthly Dividend Company®" and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our founding, we have declared 664 consecutive monthly dividends and are a member of the S&P 500 Dividend Aristocrats® index for having increased our dividend for over 30 consecutive years. Additional information about the company can be found at www.realtyincome.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, the words "estimated," "anticipated," "expect," "believe," "intend," "continue," "should," "may," "likely," "plans," and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions of our business and portfolio including management thereof; our platform; growth strategies, investment pipeline and intentions to acquire or dispose of properties (including geographies, timing, partners, clients and terms); re-leases, re-development and speculative development of properties and expenditures related thereto; operations and results; the announcement of operating results, strategy, plans, and the intentions of management; guidance; our share repurchase program; settlement of shares of common stock sold pursuant to forward sale confirmations under our ATM program; dividends, including the amount, timing and payments of dividends; and macroeconomic and other business trends, including interest rates and trends in the market for long-term leases of freestanding, single-client properties. Forward-looking statements are subject to risks, uncertainties, and assumptions about us, which may cause our actual future results to differ materially from expected results. Some of the factors that could cause actual results to differ materially are, among others, our continued qualification as a real estate investment trust; general domestic and foreign business, economic, or financial conditions; competition; fluctuating interest and currency rates; inflation and its impact on our clients and us; access to debt and equity capital markets and other sources of funding (including the terms and partners of such funding); volatility and uncertainty in the credit and financial markets; other risks inherent in the real estate business including our clients' solvency, client defaults under leases, increased client bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments (including rights of first refusal or rights of first offer), and potential damages from natural disasters; impairments in the value of our real estate assets; volatility and changes in domestic and foreign laws and the application, enforcement or interpretation thereof (including with respect to tax laws and rates); property ownership through co-investment ventures, funds, joint ventures, partnerships and other arrangements which, among other things, may transfer or limit our control of the underlying investments; epidemics or pandemics; the loss of key personnel; the outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism and war; and the anticipated benefits from mergers, acquisitions, co-investment ventures, funds, joint ventures, partnerships and other arrangements; and those additional risks and factors discussed in our reports filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are not guarantees of future plans and performance and speak only as of the date of this press release. Past operating results and performance are provided for informational purposes and are not a guarantee of future results. There can be no assurance that historical trends will continue. Actual plans and operating results may differ materially from what is expressed or forecasted in this press release and forecasts made in the forward-looking statements discussed in this press release might not materialize. We do not undertake any obligation to update forward-looking statements or publicly release the results of any forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||
| | ||||||||
| | | Three months ended September 30, | | Nine months ended September 30, | ||||
| | | 2025 | | 2024 | | 2025 | | 2024 |
| REVENUE | | | | | | | | |
| Rental (including reimbursements) (1) | | $ 1,386,502 | | $ 1,271,153 | | $ 4,037,747 | | $ 3,764,050 |
| Other | | 84,050 | | 59,762 | | 223,688 | | 166,793 |
| Total revenue | | 1,470,552 | | 1,330,915 | | 4,261,435 | | 3,930,843 |
| EXPENSES | | | | | | | | |
| Depreciation and amortization | | 631,981 | | 602,339 | | 1,888,765 | | 1,788,973 |
| Interest | | 294,482 | | 261,261 | | 846,680 | | 748,806 |
| Property (including reimbursements) | | 106,621 | | 92,154 | | 320,724 | | 281,366 |
| General and administrative | | 55,039 | | 41,869 | | 148,412 | | 127,781 |
| Provisions for impairment | | 86,972 | | 96,920 | | 346,924 | | 282,867 |
| Merger, transaction, and other costs, net | | 13,343 | | 8,610 | | 13,953 | | 105,468 |
| Total expenses | | 1,188,438 | | 1,103,153 | | 3,565,458 | | 3,335,261 |
| Gain on sales of real estate | | 49,107 | | 50,563 | | 110,210 | | 92,290 |
| Foreign currency and derivative (loss) gain, net | | (2,818) | | (1,672) | | (9,751) | | 2,885 |
| Equity in earnings of unconsolidated entities | | 3,080 | | 5,087 | | 10,706 | | 5,440 |
| Other income, net | | 10,015 | | 4,739 | | 24,551 | | 16,293 |
| Income before income taxes | | 341,498 | | 286,479 | | 831,693 | | 712,490 |
| Income taxes | | (23,824) | | (15,355) | | (63,546) | | (46,499) |
| Net income | | 317,674 | | 271,124 | | 768,147 | | 665,991 |
| Net income attributable to noncontrolling interests | | (1,903) | | (1,639) | | (5,642) | | (4,831) |
| Net income attributable to the Company | | 315,771 | | 269,485 | | 762,505 | | 661,160 |
| Preferred stock dividends | | — | | (2,588) | | — | | (7,763) |
| Excess of redemption value over carrying value of preferred | | — | | (5,116) | | — | | (5,116) |
| Net income available to common stockholders | | $ 315,771 | | $ 261,781 | | $ 762,505 | | $ 648,281 |
| Funds from operations available to common stockholders (FFO) | | $ 981,050 | | $ 854,926 | | $ 2,874,453 | | $ 2,569,742 |
| Normalized funds from operations available to common | | $ 994,393 | | $ 863,536 | | $ 2,888,406 | | $ 2,675,210 |
| Adjusted funds from operations available to common | | $ 991,988 | | $ 915,572 | | $ 2,889,195 | | $ 2,699,517 |
| Amounts available to common stockholders per common share: | | | | | | | | |
| Net income per common share, basic and diluted | | $ 0.35 | | $ 0.30 | | $ 0.84 | | $ 0.75 |
| FFO per common share, basic and diluted | | $ 1.07 | | $ 0.98 | | $ 3.18 | | $ 2.99 |
| Normalized FFO per common share: | | | | | | | | |
| Basic | | $ 1.09 | | $ 0.99 | | $ 3.20 | | $ 3.12 |
| Diluted | | $ 1.09 | | $ 0.99 | | $ 3.19 | | $ 3.11 |
| AFFO per common share: | | | | | | | | |
| Basic | | $ 1.09 | | $ 1.05 | | $ 3.20 | | $ 3.14 |
| Diluted | | $ 1.08 | | $ 1.05 | | $ 3.19 | | $ 3.14 |
| Cash dividends paid per common share | | $ 0.8070 | | $ 0.7890 | | $ 2.4085 | | $ 2.3350 |
| | |
| (1) | Includes client reimbursements of $82.5 million and $74.3 million for the three months ended September 30, 2025 and 2024, respectively, and $257.3 million and $227.6 million for the nine months ended September 30, 2025 and 2024, respectively; reserves to rental revenue, exclusive of non-cash reserves, of $4.0 million and $7.0 million for the three months ended September 30, 2025 and 2024, respectively, and $21.1 million and $16.2 million for the nine months ended September 30, 2025 and 2024, respectively. |
| FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FUNDS FROM OPERATIONS (Normalized FFO) | ||||||||
| | ||||||||
| FFO and Normalized FFO are non-GAAP financial measures. Please see the Glossary for our definitions and explanations of how we utilize these metrics. | ||||||||
| | ||||||||
| | | Three months ended September 30, | | Nine months ended September 30, | ||||
| | | 2025 | | 2024 | | 2025 | | 2024 |
| | | | | | | | | |
| Net income available to common stockholders | | $ 315,771 | | $ 261,781 | | $ 762,505 | | $ 648,281 |
| Depreciation and amortization | | 631,981 | | 602,339 | | 1,888,765 | | 1,788,973 |
| Depreciation of furniture, fixtures and equipment | | (711) | | (672) | | (1,853) | | (1,905) |
| Provisions for impairment of real estate | | 75,391 | | 33,151 | | 315,063 | | 208,552 |
| Gain on sales of real estate | | (49,107) | | (50,563) | | (110,210) | | (92,290) |
| Proportionate share of adjustments for unconsolidated | | 9,003 | | 9,652 | | 24,343 | | 20,706 |
| FFO adjustments allocable to noncontrolling interests | | (1,278) | | (762) | | (4,160) | | (2,575) |
| FFO available to common stockholders | | $ 981,050 | | $ 854,926 | | $ 2,874,453 | | $ 2,569,742 |
| FFO allocable to dilutive noncontrolling interests | | 2,346 | | 1,467 | | 7,188 | | 4,402 |
| Diluted FFO | | $ 983,396 | | $ 856,393 | | $ 2,881,641 | | $ 2,574,144 |
| | | | | | | | | |
| FFO available to common stockholders | | $ 981,050 | | $ 854,926 | | $ 2,874,453 | | $ 2,569,742 |
| Merger, transaction, and other costs, net (1) | | 13,343 | | 8,610 | | 13,953 | | 105,468 |
| Normalized FFO available to common stockholders | | $ 994,393 | | $ 863,536 | | $ 2,888,406 | | $ 2,675,210 |
| Normalized FFO allocable to dilutive noncontrolling interests | | 2,346 | | 1,467 | | 7,188 | | 4,402 |
| Diluted Normalized FFO | | $ 996,739 | | $ 865,003 | | $ 2,895,594 | | $ 2,679,612 |
| | | | | | | | | |
| FFO per common share, basic and diluted | | $ 1.07 | | $ 0.98 | | $ 3.18 | | $ 2.99 |
| Normalized FFO per common share: | | | | | | | | |
| Basic | | $ 1.09 | | $ 0.99 | | $ 3.20 | | $ 3.12 |
| Diluted | | $ 1.09 | | $ 0.99 | | $ 3.19 | | $ 3.11 |
| Distributions paid to common stockholders | | $ 737,859 | | $ 687,144 | | $ 2,177,133 | | $ 1,999,858 |
| FFO after distributions | | $ 243,191 | | $ 167,782 | | $ 697,320 | | $ 569,884 |
| Normalized FFO after distributions | | $ 256,534 | | $ 176,392 | | $ 711,273 | | $ 675,352 |
| Weighted average number of common shares used for FFO | | | | | | | | |
| Basic | | 913,949 | | 870,665 | | 902,935 | | 858,679 |
| Diluted | | 917,869 | | 873,974 | | 906,692 | | 861,300 |
| | |
| (1) | During the three and nine months ended September 30, 2025, we incurred $13.3 million and $14.0 million, respectively, of merger, transaction, and other costs, consisting primarily of placement fees incurred in fundraising for the U.S. Private Fund Business. |
| ADJUSTED FUNDS FROM OPERATIONS (AFFO) | ||||||||
| | ||||||||
| AFFO is a non-GAAP financial measure. Please see the Glossary for our definition and an explanation of how we utilize this metric. | ||||||||
| | ||||||||
| | | Three months ended September 30, | | Nine months ended September 30, | ||||
| | | 2025 | | 2024 | | 2025 | | 2024 |
| Net income available to common stockholders | | $ 315,771 | | $ 261,781 | | $ 762,505 | | $ 648,281 |
| Cumulative adjustments to calculate Normalized FFO (1) | | 678,622 | | 601,755 | | 2,125,901 | | 2,026,929 |
| Normalized FFO available to common stockholders | | 994,393 | | 863,536 | | 2,888,406 | | 2,675,210 |
| Debt-related non-cash items: | | | | | | | | |
| Amortization of net debt discounts and deferred financing | | 9,138 | | 4,861 | | 24,028 | | 9,861 |
| Amortization of acquired interest rate swap value (2) | | 2,251 | | 3,711 | | 9,517 | | 10,225 |
| Capital expenditures from operating properties: | | | | | | | | |
| Leasing costs and commissions | | (1,754) | | (2,841) | | (4,619) | | (5,897) |
| Recurring capital expenditures | | (42) | | (151) | | (282) | | (203) |
| Other non-cash items: | | | | | | | | |
| Non-cash change in allowance for credit losses | | 11,581 | | 63,769 | | 31,861 | | 74,315 |
| Amortization of share-based compensation | | 7,719 | | 6,401 | | 21,728 | | 22,920 |
| Straight-line rent and expenses, net | | (43,474) | | (43,930) | | (117,512) | | (136,377) |
| Amortization of above and below-market leases, net | | 10,462 | | 12,973 | | 32,075 | | 41,053 |
| Deferred tax expense | | 3,829 | | — | | 4,138 | | — |
| Proportionate share of adjustments for unconsolidated | | (650) | | (2,152) | | (2,291) | | (1,770) |
| Excess of redemption value over carrying value of preferred | | — | | 5,116 | | — | | 5,116 |
| Other adjustments (3) | | (1,465) | | 4,279 | | 2,146 | | 5,064 |
| AFFO available to common stockholders | | $ 991,988 | | $ 915,572 | | $ 2,889,195 | | $ 2,699,517 |
| AFFO allocable to dilutive noncontrolling interests | | 2,331 | | 1,467 | | 7,133 | | 4,413 |
| Diluted AFFO | | $ 994,319 | | $ 917,039 | | $ 2,896,328 | | $ 2,703,930 |
| AFFO per common share: | | | | | | | | |
| Basic | | $ 1.09 | | $ 1.05 | | $ 3.20 | | $ 3.14 |
| Diluted | | $ 1.08 | | $ 1.05 | | $ 3.19 | | $ 3.14 |
| Distributions paid to common stockholders | | $ 737,859 | | $ 687,144 | | $ 2,177,133 | | $ 1,999,858 |
| AFFO after distributions | | $ 254,129 | | $ 228,428 | | $ 712,062 | | $ 699,659 |
| Weighted average number of common shares used for AFFO: | | | | | | | | |
| Basic | | 913,949 | | 870,665 | | 902,935 | | 858,679 |
| Diluted | | 917,869 | | 873,974 | | 906,692 | | 861,300 |
| | |
| (1) | See Normalized FFO calculations on page 10 for reconciling items. |
| (2) | Includes the amortization of the purchase price allocated to interest rate swaps acquired in the Spirit merger. |
| (3) | Includes non-cash foreign currency losses (gains) from remeasurement to USD, mark-to-market adjustments on investments and derivatives that are non-cash in nature, obligations related to financing lease liabilities, and adjustments allocable to noncontrolling interests. |
| HISTORICAL FFO AND AFFO | ||||||||||
| | ||||||||||
| For the three months ended September 30, | | 2025 | | 2024 | | 2023 | | 2022 | | 2021 |
| Net income available to common stockholders | | $ 315,771 | | $ 261,781 | | $ 233,473 | | $ 219,567 | | $ 134,996 |
| Depreciation and amortization, net of furniture, fixtures | | 631,270 | | 601,667 | | 494,749 | | 418,505 | | 198,602 |
| Provisions for impairment of real estate | | 75,391 | | 33,151 | | 16,808 | | 1,650 | | 11,011 |
| Gain on sales of real estate | | (49,107) | | (50,563) | | (7,572) | | (42,883) | | (12,094) |
| Proportionate share of adjustments for unconsolidated | | 9,003 | | 9,652 | | — | | 717 | | — |
| FFO adjustments allocable to noncontrolling interests | | (1,278) | | (762) | | (1,312) | | (402) | | (180) |
| FFO available to common stockholders | | $ 981,050 | | $ 854,926 | | $ 736,146 | | $ 597,154 | | $ 332,335 |
| Merger, transaction, and other costs, net | | 13,343 | | 8,610 | | 2,884 | | 3,746 | | 16,783 |
| Normalized FFO available to common stockholders | | $ 994,393 | | $ 863,536 | | $ 739,030 | | $ 600,900 | | $ 349,118 |
| FFO per diluted share | | $ 1.07 | | $ 0.98 | | $ 1.04 | | $ 0.97 | | $ 0.85 |
| Normalized FFO per diluted share | | $ 1.09 | | $ 0.99 | | $ 1.04 | | $ 0.97 | | $ 0.89 |
| AFFO available to common stockholders | | $ 991,988 | | $ 915,572 | | $ 721,370 | | $ 603,566 | | $ 356,837 |
| AFFO per diluted share | | $ 1.08 | | $ 1.05 | | $ 1.02 | | $ 0.98 | | $ 0.91 |
| Cash dividends paid per common share | | $ 0.8070 | | $ 0.7890 | | $ 0.7665 | | $ 0.7425 | | $ 0.7065 |
| Weighted average diluted shares outstanding - FFO, | | 917,869 | | 873,974 | | 711,338 | | 619,201 | | 392,514 |
| | | | | | | | | | | |
| | | | | | | | | | | |
| For the nine months ended September 30, | | 2025 | | 2024 | | 2023 | | 2022 | | 2021 |
| Net income available to common stockholders | | $ 762,505 | | $ 648,281 | | $ 653,904 | | $ 642,143 | | $ 355,415 |
| Depreciation and amortization, net of furniture, fixtures | | 1,886,912 | | 1,787,068 | | 1,417,665 | | 1,230,737 | | 563,932 |
| Provisions for impairment of real estate | | 315,063 | | 208,552 | | 59,801 | | 16,379 | | 30,977 |
| Gain on sales of real estate | | (110,210) | | (92,290) | | (19,675) | | (93,611) | | (35,396) |
| Proportionate share of adjustments for unconsolidated | | 24,343 | | 20,706 | | (465) | | 12,812 | | — |
| FFO adjustments allocable to noncontrolling interests | | (4,160) | | (2,575) | | (2,808) | | (1,075) | | (511) |
| FFO available to common stockholders | | $ 2,874,453 | | $ 2,569,742 | | $ 2,108,422 | | $ 1,807,385 | | $ 914,417 |
| Merger, transaction, and other costs, net | | 13,953 | | 105,468 | | 4,532 | | 12,994 | | 30,081 |
| Normalized FFO available to common stockholders | | $ 2,888,406 | | $ 2,675,210 | | $ 2,112,954 | | $ 1,820,379 | | $ 944,498 |
| FFO per diluted share | | $ 3.18 | | $ 2.99 | | $ 3.09 | | $ 2.99 | | $ 2.41 |
| Normalized FFO per diluted share | | $ 3.19 | | $ 3.11 | | $ 3.10 | | $ 3.01 | | $ 2.49 |
| AFFO available to common stockholders | | $ 2,889,195 | | $ 2,699,517 | | $ 2,043,836 | | $ 1,767,392 | | $ 1,002,706 |
| AFFO per diluted share | | $ 3.19 Für dich aus unserer Redaktion zusammengestelltDein Kommentar zum Artikel im Forum Jetzt anmelden und diskutieren
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