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Realty Income Announces Operating Results For Fourth Quarter And 2019
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PR Newswire
SAN DIEGO, Feb. 19, 2020
SAN DIEGO, Feb. 19, 2020 /PRNewswire/ -- Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today announced operating results for the fourth quarter and year ended December 31, 2019. All per share amounts presented in this press release are on a diluted per common share basis unless stated otherwise.
COMPANY HIGHLIGHTS:
For the year ended December 31, 2019:
- Net income per share was $1.38
- AFFO per share increased 4.1% to $3.32, compared to 2018
- Invested $3.7 billion in 789 properties and properties under development or expansion, including $797.8 million in 18 properties in the United Kingdom (U.K.)
- Generated a rent recapture rate of 102.6% on re-leasing activity
- Dividends paid per common share increased 3.0%, compared to 2018
- Raised $2.2 billion from the sale of common stock
For the quarter ended December 31, 2019:
- Net income per share was $0.39
- AFFO per share increased 8.9% to $0.86, compared to the quarter ended December 31, 2018
- Invested $1.7 billion in 556 properties and properties under development or expansion, including $221.0 million in five properties in the U.K.
- Generated a rent recapture rate of 106.2% on re-leasing activity
- Raised $582.2 million from the sale of common stock
CEO Comments
"We are pleased to complete another year of strong operating results and favorable risk-adjusted returns for our shareholders, particularly in a year that marked the 50th anniversary of our company's founding and the 25th anniversary of our public listing," said Sumit Roy, Realty Income's President and Chief Executive Officer. "We successfully executed our strategy across all areas of the business, and I would like to thank our talented team for their hard work and dedication in pursuing our mission. We invested approximately $3.7 billion in high-quality real estate during 2019, a record year for property-level acquisitions, including $1.7 billion during the fourth quarter. We ended 2019 with portfolio occupancy of 98.6% while generating a rent recapture rate of approximately 103% on re-leasing activity during the year. To finance our investment activity, we raised over $3.0 billion of capital during 2019 at favorable pricing, including approximately $2.2 billion of equity. This month, we were added to the exclusive S&P 500 Dividend Aristocrats® index as an S&P 500 constituent that has raised its dividend every year for the last 25 consecutive years."
"Our investment pipeline, both domestic and international, remains robust, and we believe we will continue to enjoy excellent access to well-priced capital. Accordingly, we expect to invest $2.25 billion to $2.75 billion in 2020 based on current market conditions. Combined with the continued strength of our portfolio, we are introducing 2020 AFFO per share guidance of $3.50 to $3.56, representing annual growth of 5.4% to 7.2%."
Select Financial Results
The following summarizes our select financial results (dollars in millions, except per share data):
| | Three Months Ended | | Year Ended December 31, | ||||||||||||
| | 2019 | | 2018 | | 2019 | | 2018 | ||||||||
| Total revenue | $ | 397.5 | | | $ | 342.6 | | | $ | 1,491.6 | | | $ | 1,327.8 | |
| Net income available to common stockholders (1)(2) | $ | 129.3 | | | $ | 85.1 | | | $ | 436.5 | | | $ | 363.6 | |
| Net income per share (2) | $ | 0.39 | | | $ | 0.29 | | | $ | 1.38 | | | $ | 1.26 | |
| Funds from operations (FFO) available to common stockholders (2)(3) | $ | 280.4 | | | $ | 217.7 | | | $ | 1,039.6 | | | $ | 903.3 | |
| FFO per share (2) | $ | 0.85 | | | $ | 0.73 | | | $ | 3.29 | | | $ | 3.12 | |
| Adjusted funds from operations (AFFO) available to common stockholders (3) | $ | 282.0 | | | $ | 236.8 | | | $ | 1,050.0 | | | $ | 924.6 | |
| AFFO per share | $ | 0.86 | | | $ | 0.79 | | | $ | 3.32 | | | $ | 3.19 | |
| | | | | | | | | | | | | | | | |
| (1) | The calculation to determine net income for a real estate company includes provisions for impairment, gains on sales of real estate, and foreign currency gains and losses. These items can vary from quarter to quarter and can significantly impact net income and period to period comparisons. |
| (2) | Net income available to common stockholders and FFO in 2018 were impacted by a severance payment made to our former chief executive officer (CEO) in October 2018. The total value of cash, stock compensation and professional fees incurred as a result of this severance was $28.3 million; however, the net amount, after incorporating accruals for the CEO compensation previous to this severance, was $18.7 million, equivalent to $0.06 per share. |
| (3) | The company considers FFO and AFFO to be appropriate supplemental measures of a Real Estate Investment Trust's (REIT's) operating performance. Realty Income defines FFO, a non-GAAP measure, consistent with the National Association of Real Estate Investment Trusts' (Nareit's) definition, as net income available to common stockholders, plus depreciation and amortization of real estate assets, plus impairments of real estate assets, and reduced by gains on property sales. AFFO further adjusts FFO for unique revenue and expense items, which the company believes are not as pertinent to the measurement of the company's ongoing operating performance. Presentation of the information regarding FFO and AFFO is intended to assist the reader in comparing the operating performance of different REITs, although it should be noted that not all REITs calculate FFO and AFFO in the same way, so comparisons with other REITs may not be meaningful. FFO and AFFO should not be considered as alternatives to reviewing our cash flows from operating, investing, and financing activities. In addition, FFO and AFFO should not be considered as measures of liquidity, our ability to make cash distributions, or our ability to pay interest payments. See the reconciliations of net income available to common stockholders to FFO and AFFO on pages seven and eight of this press release. |
Dividend Increases
In December 2019, Realty Income announced the 89th consecutive quarterly dividend increase, which is the 104th increase in the amount of the dividend since the company's listing on the New York Stock Exchange (NYSE) in 1994. The annualized dividend amount as of December 31, 2019 was $2.73 per share. The amount of monthly dividends paid per share increased 3.0% to $2.711 in 2019, as compared to $2.631 in 2018. The company distributed $852.1 million in common dividends to shareholders in 2019, representing 81.2% of its AFFO of $1.05 billion.
In January 2020, Realty Income announced an increase of the February 2020 annualized dividend to $2.79 per share, as compared to the February 2019 annualized dividend amount of $2.706, which represents an increase of 3.1%. The new monthly dividend amount of $0.2325 per share was paid on February 14, 2020.
Real Estate Portfolio Update
As of December 31, 2019, Realty Income's portfolio consisted of 6,483 properties located in 49 U.S. states, Puerto Rico and the U.K., leased to 301 different commercial tenants doing business in 50 industries. The properties are primarily freestanding and leased under long-term, net lease agreements with a weighted average remaining lease term of 9.2 years. The company's portfolio of commercial real estate continues to perform well and provides dependable rental revenue supporting the payment of monthly dividends. As of December 31, 2019, portfolio occupancy was 98.6% with 94 properties available for lease out of the 6,483, as compared to 98.3% as of September 30, 2019 and 98.6% as of December 31, 2018.
Changes in Occupancy
| Properties available for lease at September 30, 2019 | 102 |
| Lease expirations | 44 |
| Re-leases to same tenant (1) | (25) |
| Re-leases to new tenant (1)(2) Werbung Mehr Nachrichten zur Realty Income Inc. Aktie kostenlos abonnieren
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