#United States #San Diego #Realty Income #Monthly Dividend Company #AFFO

Realty Income Corporation Reports Strong Operating Results for 2024

Realty Income Corporation (NYSE: O), known as The Monthly Dividend Company®, has recently announced its financial results for both the three-month and full-year periods ending December 31, 2024. These results highlight the company's robust performance and emphasize its strategic focus on growth and shareholder returns.

Key Financial Highlights

During the fourth quarter of 2024, Realty Income recorded a net income available to common stockholders totaling $199.6 million, equivalent to $0.23 per share. This demonstrates a solid financial footing compared to the previous year.

Adjusted Funds From Operations (AFFO) also saw significant growth, rising by 4% to $1.05 per share from $1.01 per share in the same quarter of 2023. The firm made substantial investments, totaling $1.7 billion at an initial weighted average cash yield of 7.1%. These investments reflect the company’s commitment to maintaining a diversified portfolio that supports its dividend strategy.

Annual Overview

For the entire year of 2024, Realty Income reported a net income available to common stockholders of $847.9 million, or $0.98 per share. The AFFO for the year reached $4.19 per share, which is an increase of 4.8% over the prior year. The company raised $1.8 billion through equity sales, primarily utilizing its At-The-Market (ATM) program, illustrating strong market confidence in Realty Income's future prospects.

The company also achieved a rent recapture rate of 105.6% on properties re-leased, over a larger period, further signaling effective management and operational efficacy.

Strategic Initiatives

In addition to solid financials, Realty Income announced a new share repurchase program authorized by its Board of Directors, allowing for up to $2.0 billion in share buybacks. This strategic move is aimed at enhancing shareholder value.

CEO Sumit Roy expressed his satisfaction with the year’s performance, emphasizing that the 4.8% growth in AFFO per share represented the company’s 14th consecutive year of annual growth in this metric. He credited the disciplined deployment of capital and a successful investment strategy for these achievements.

Looking Ahead

Realty Income's diversified portfolio consists of 15,621 properties leased to 1,565 clients across 89 industries, maintaining an impressive occupancy rate of 98.7% as of year-end. With a weighted average remaining lease term of approximately 9.3 years, the company seeks to continue providing reliable monthly dividends, having declared 656 consecutive monthly dividends since its founding.

Conclusion

As Realty Income prepares for 2025, it remains well-positioned for ongoing growth amid a challenging economic landscape. Investors can expect continued focus on strategic acquisitions, disciplined capital expenditures, and a commitment to enhancing long-term shareholder returns. Realty Income truly embodies its motto: investing in people and properties to deliver dependable monthly dividends over time.

For detailed financials and updates pertaining to Realty Income Corporation, interested parties are encouraged to visit their official website or consult further investor resources.