SAN DIEGO, Feb. 22, 2017 /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, 2016. 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,
2016:
- Net income per share was $1.13
- AFFO per share increased 5.1% to $2.88, compared to the year ended December 31, 2015
- Invested $1.86 billion in 505 new
properties and properties under development or expansion
For the quarter ended December 31,
2016:
- Net income per share was $0.33
- AFFO per share increased 10.3% to $0.75, compared to the quarter ended December 31, 2015
- Invested $785.6 million in 279
new properties and properties under development or expansion
- Increased the monthly dividend in December for the
89th time and for the 77th consecutive
quarter
- Issued $600 million of 3.000%
senior unsecured notes due 2027, generating net proceeds of
$586.7 million
Event subsequent to December 31,
2016:
- In January 2017, increased the
amount of the annualized dividend to $2.526 per share, as compared to the February 2016 annualized dividend amount of
$2.382 per share, which represents an
increase of 6%
CEO Comments
"We are pleased with another year of solid results as our
company continues to execute across all areas of the business,"
said John P. Case, Realty Income's
Chief Executive Officer. "In 2016, we surpassed $1 billion in rental revenue by completing a
record-high volume of property acquisitions and actively managing
our portfolio to maximize value. These activities contributed to
healthy AFFO per share growth of 5.1% to $2.88, which supported the payment of multiple
dividend increases throughout 2016. Given the strong momentum we
are seeing in our business, we increased the dividend at the
beginning of 2017 by 6% compared to one year ago. For 2017, we are
introducing AFFO per share guidance of $3.00 - $3.06,
representing earnings growth of 4.2% - 6.3%."
"During 2016, we completed $1.86
billion in acquisitions, of which $786 million was completed during the fourth
quarter, representing our most active year and quarter for property
acquisitions in our company's history. We achieved this volume
while maintaining investment spreads well above our historical
average. Our portfolio occupancy at the end of the fourth quarter
was 98.3%, unchanged from the end of the prior quarter. We
maintained this high level of occupancy while recapturing
approximately 105% of expiring rent on 186 properties re-leased to
existing or new tenants in 2016."
"Our balance sheet continues to be in excellent shape with
approximately 72% of our market capitalization represented by
equity. Additionally, our credit rating remains the highest in the
net lease industry, providing us with outstanding financial
flexibility and contributing to our distinct cost of capital
advantage."
Financial Results
Revenue
Revenue for the quarter ended December 31,
2016 increased 9.1% to $287.8
million, as compared to $263.7 million for the same quarter in 2015.
Revenue for 2016 increased 7.8% to $1.103
billion, as compared to $1.023
billion for 2015.
Net Income Available to Common Stockholders
Net income available to common stockholders for the quarter ended
December 31, 2016 was $85.7 million, as compared to $76.2 million for the same quarter in 2015. Net
income per share for the quarter ended December 31, 2016 was $0.33, as compared to $0.31 for the same quarter in 2015.
Net income available to common stockholders for 2016 was
$288.5 million, as compared to
$256.7 million for 2015. Net income
per share for 2016 was $1.13, as
compared to $1.09 for 2015.
The calculation to determine net income for a real estate
company includes impairments, gains on property sales and/or fair
value adjustments on interest rate swaps. These items can vary from
quarter to quarter and can significantly impact net income and
period to period comparisons.
Funds From Operations Available to Common Stockholders
(FFO)
FFO for the quarter ended December 31,
2016 increased 12.3% to $199.8
million, as compared to $177.9
million for the same quarter in 2015. FFO per share for the
quarter ended December 31, 2016
increased 8.5% to $0.77, as compared
to $0.71 for the same quarter in
2015.
FFO for 2016 increased 12.7% to $735.4
million, as compared to $652.4
million for 2015. FFO per share for 2016 increased 4.0% to
$2.88, as compared to $2.77 for 2015.
Adjusted Funds From Operations Available to Common
Stockholders (AFFO)
AFFO for the quarter ended December 31,
2016 increased 13.5% to $193.0
million, as compared to $170.0
million for the same quarter in 2015. AFFO per share for the
quarter ended December 31, 2016
increased 10.3% to $0.75, as compared
to $0.68 for the same quarter in
2015.
AFFO for 2016 increased 13.8% to $736.4
million, as compared to $647.0
million for 2015. AFFO per share for 2016 increased 5.1% to
$2.88, as compared to $2.74 for 2015.
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 six and
seven of this press release.
Dividend Increases
In December 2016, Realty Income
announced the 77th consecutive quarterly dividend
increase, which is the 89th 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, 2016 was $2.43 per share. The amount of monthly dividends
paid per share increased 5.3% to $2.392 in 2016 from $2.271 in 2015.
In January 2017, Realty Income
increased the amount of the annualized dividend to $2.526 per share, as compared to the February 2016 annualized dividend amount of
$2.382 per share, which represents an
increase of 6%. The new monthly dividend amount of $0.2105 per share was paid on February 15, 2017 to shareholders of record on
February 1, 2017.
Real Estate Portfolio Update
As of December 31, 2016, Realty
Income's portfolio of freestanding, single-tenant properties
consisted of 4,944 properties located in 49 states and Puerto Rico, leased to 248 different
commercial tenants doing business in 47 industries. The properties
are leased under long-term, net lease agreements with a weighted
average remaining lease term of 9.8 years.
Portfolio Management Activities
The company's portfolio of commercial real estate, owned primarily
under 10- to 20-year net leases, continues to perform well and
provides dependable rental revenue supporting the payment of
monthly dividends. As of December 31,
2016, portfolio occupancy was 98.3% with 84 properties
available for lease out of a total of 4,944 properties in the
portfolio, as compared to 98.3% as of September 30, 2016, and 98.4% as of December 31, 2015. Economic occupancy, or
occupancy as measured by rental revenue, was 98.9% as of
December 31, 2016, as compared to
98.8% as of September 30, 2016, and
99.2% as of December 31, 2015.
Since September 30, 2016, when the
company reported 82 properties available for lease, the company had
82 lease expirations, re-leased 64 properties and sold 16 vacant
properties during the quarter ended December
31, 2016. Of the 64 properties re-leased during the fourth
quarter of 2016, 48 properties were re-leased to the same tenants,
ten were re-leased to new tenants without vacancy, and six were
re-leased to new tenants after a period of vacancy. The annual
new rent on these re-leases was $11,594,000, as compared to the previous annual
rent of $11,012,000 on the same
properties, representing a rent recapture rate of 105.3% on the
properties re-leased for the quarter ended December 31, 2016.
Since December 31, 2015, when the
company reported 71 properties available for lease, the company had
256 lease expirations, re-leased 186 properties and sold 57 vacant
properties during 2016. Of the 186 properties re-leased during
2016, 144 properties were re-leased to the same tenants, 21 were
re-leased to new tenants without vacancy, and 21 were re-leased to
new tenants after a period of vacancy. The annual new rent on
these re-leases was $28,571,000, as
compared to the previous annual rent of $27,332,000 on the same properties, representing
a rent recapture rate of 104.5% on the properties re-leased during
2016.
Rent Increases
During the quarter ended December 31,
2016, same store rents on 4,045 properties under lease
increased 0.9% to $223.67 million, as compared to $221.66 million for the same quarter in 2015.
During 2016, same store rents on 4,045 properties under lease
increased 1.2% to $888.51 million, as
compared to $878.36 million for
2015.
Investments in Real Estate
During the quarter ended December 31,
2016, Realty Income invested $785.6
million in 279 new properties and properties under
development or expansion, located in 27 states. These properties
are 100% leased with a weighted average lease term of approximately
14.3 years and an initial average cash lease yield of 6.1%. The
tenants occupying the new properties operate in 21 industries, and
the property types are 94.5% retail and 5.5% industrial, based on
rental revenue. Approximately 84% of the rental revenue generated
from acquisitions during the fourth quarter of 2016 is from
investment grade rated tenants.
During 2016, Realty Income invested approximately $1.86 billion in 505 new properties and
properties under development or expansion, located in 40 states.
These properties are 100% leased with a weighted average lease term
of approximately 14.7 years and an initial average cash lease yield
of 6.3%. The tenants occupying the new properties operate in 28
industries, and the property types are 86.4% retail and 13.6%
industrial, based on rental revenue. Approximately 64% of the
rental revenue generated from acquisitions during 2016 is from
investment grade rated tenants.
Property Dispositions
During the quarter ended December 31,
2016, Realty Income sold 26 properties for $35.4 million, with a gain on sales of
$6.7 million, as compared to 16
properties sold for $13.9 million,
with a gain on sales of $5.1 million,
during the same quarter in 2015.
During 2016, Realty Income sold 77 properties for $90.5 million, with a gain on sales of
$22.0 million, as compared to 38
properties sold for $65.8 million,
with a gain on sales of $22.2
million, during 2015.
Liquidity and Capital Markets
Capital Raising
In October 2016, Realty Income issued
$600 million of 3.000% senior
unsecured notes due January 2027. The
public offering price for the notes was 98.671% of the principal
amount for an effective yield to maturity of 3.153%. The net
proceeds of approximately $586.7
million from the offering were used to repay borrowings
outstanding under the company's revolving credit facility.
During the quarter ended December 31,
2016, Realty Income raised $83.1
million from the sale of common stock at a weighted average
price of $55.26 per
share. During the year ended December
31, 2016, Realty Income raised $572.7 million from the sale of common stock
at a weighted average price of $60.61
per share.
Credit Facility
Realty Income has a $2.25 billion
unsecured credit facility. This credit facility is comprised of a
$2.0 billion revolving credit
facility and a $250 million five-year
unsecured term loan. The credit facility also has a $1.0 billion expansion feature. As of
December 31, 2016, Realty Income had
a borrowing capacity of $880.0
million available on its revolving credit facility.
2017 Earnings Guidance
We estimate FFO per share for 2017 of $3.00 to $3.06, an increase of 4.2% to 6.3%,
respectively, over 2016 FFO per share of $2.88. FFO per share for 2017 is based on a net
income per share range of $1.27 to
$1.33, plus estimated real estate depreciation of
$1.80 per share, and reduced by
potential estimated gains on sales of investment properties of
$0.07 per share (in accordance with
NAREIT's definition of FFO).
We estimate AFFO per share for 2017 of $3.00 to $3.06, an increase of 4.2% to 6.3%,
respectively, over 2016 AFFO per share of $2.88. AFFO further adjusts FFO for unique
revenue and expense items, which are not as pertinent to the
measurement of Realty Income's ongoing operating performance.
Additional earnings guidance detail can be found in Realty
Income's supplemental materials available on Realty Income's
corporate website at
http://investors.realtyincome.com/quarterly-results.
Conference Call Information
In conjunction with the release of Realty Income's operating
results, the company will host a conference call on
February 23, 2017 at 11:30 a.m.
PT to discuss the results. To access the conference, dial
(877) 723-9520. When prompted, provide the access code:
8192870.
A telephone replay of the conference call can also be accessed
by calling (888) 203-1112 and entering the access code: 8192870.
The telephone replay will be available through March 9, 2017. A live webcast will be available
in listen-only mode by clicking on the webcast link on the
company's home page or in the investors section at
www.realtyincome.com. A replay of the conference call webcast will
be available approximately two hours after the conclusion of the
live broadcast. The webcast replay will be available through
March 9, 2017. No access code is
required for this replay.
Supplemental Materials
Supplemental materials on the fourth quarter and 2016 operating
results are available on Realty Income's corporate website at
http://investors.realtyincome.com/quarterly-results.
About Realty Income
Realty Income, The Monthly Dividend Company®, is an
S&P 500 company dedicated to providing stockholders with
dependable monthly income. The company is structured as a REIT, and
its monthly dividends are supported by the cash flow from over
4,900 real estate properties owned under long-term lease agreements
with regional and national commercial tenants. To date, the company
has declared 560 consecutive common stock monthly dividends
throughout its 48-year operating history and increased the dividend
90 times since Realty Income's public listing in 1994 (NYSE: O).
The company has in-house acquisition, portfolio management, asset
management, credit research, real estate research, legal, finance
and accounting, information technology, and capital markets
capabilities. Additional information about the company can be
obtained from the corporate website at www.realtyincome.com.
Forward-Looking Statements
Statements in this press release that are not strictly
historical are "forward-looking" statements. Forward-looking
statements involve known and unknown risks, which may cause the
company's actual future results to differ materially from expected
results. These risks include, among others, general economic
conditions, local real estate conditions, tenant financial health,
the availability of capital to finance planned growth, continued
volatility and uncertainty in the credit markets and broader
financial markets, property acquisitions and the timing of these
acquisitions, charges for property impairments, and the outcome of
any legal proceedings to which the company is a party, as described
in the company's filings with the Securities and Exchange
Commission. Consequently, forward-looking statements should be
regarded solely as reflections of the company's current operating
plans and estimates. Actual operating results may differ materially
from what is expressed or forecast in this press release. The
company undertakes no obligation to publicly release the results of
any revisions to these forward-looking statements that may be made
to reflect events or circumstances after the date these statements
were made.
CONSOLIDATED
STATEMENTS OF INCOME
|
(dollars in
thousands, except per share amounts) (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
|
|
Three
Months
|
|
|
|
Year
|
|
|
|
Year
|
|
|
|
Ended
12/31/16
|
|
|
|
Ended
12/31/15
|
|
|
|
Ended 12/31/16
|
|
|
|
Ended 12/31/15
|
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental
|
|
$
|
275,224
|
|
|
|
$
|
252,733
|
|
|
|
$
|
1,057,413
|
|
|
|
$
|
976,865
|
|
Tenant
reimbursements
|
|
|
11,363
|
|
|
|
|
10,259
|
|
|
|
|
43,104
|
|
|
|
|
42,015
|
|
Other
|
|
|
1,256
|
|
|
|
|
676
|
|
|
|
|
2,655
|
|
|
|
|
4,405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
|
287,843
|
|
|
|
|
263,668
|
|
|
|
|
1,103,172
|
|
|
|
|
1,023,285
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
117,752
|
|
|
|
|
105,739
|
|
|
|
|
449,943
|
|
|
|
|
409,215
|
|
Interest
|
|
|
48,935
|
|
|
|
|
51,982
|
|
|
|
|
219,974
|
|
|
|
|
233,079
|
|
General and
administrative
|
|
|
13,559
|
|
|
|
|
12,966
|
|
|
|
|
51,966
|
|
|
|
|
49,298
|
|
Property (including
reimbursable)
|
|
|
17,411
|
|
|
|
|
12,897
|
|
|
|
|
62,865
|
|
|
|
|
55,352
|
|
Income
taxes
|
|
|
449
|
|
|
|
|
721
|
|
|
|
|
3,262
|
|
|
|
|
3,169
|
|
Provisions for
impairment
|
|
|
3,709
|
|
|
|
|
1,378
|
|
|
|
|
20,664
|
|
|
|
|
10,560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
expenses
|
|
|
201,815
|
|
|
|
|
185,683
|
|
|
|
|
808,674
|
|
|
|
|
760,673
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sales of real
estate
|
|
|
6,696
|
|
|
|
|
5,126
|
|
|
|
|
21,979
|
|
|
|
|
22,243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
92,724
|
|
|
|
|
83,111
|
|
|
|
|
316,477
|
|
|
|
|
284,855
|
|
Net income
attributable to noncontrolling interests
|
|
(283)
|
|
|
|
|
(170)
|
|
|
|
|
(906)
|
|
|
|
|
(1,089)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to the Company
|
92,441
|
|
|
|
|
82,941
|
|
|
|
|
315,571
|
|
|
|
|
283,766
|
|
Preferred stock
dividends
|
|
|
(6,770)
|
|
|
|
|
(6,770)
|
|
|
|
|
(27,080)
|
|
|
|
|
(27,080)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common stockholders
|
$
|
85,671
|
|
|
|
$
|
76,171
|
|
|
|
$
|
288,491
|
|
|
|
$
|
256,686
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds from operations
available to common stockholders (FFO)
|
|
$
|
199,833
|
|
|
|
$
|
177,908
|
|
|
|
$
|
735,395
|
|
|
|
$
|
652,437
|
|
Adjusted funds from
operations available to common stockholders (AFFO)
|
|
$
|
192,964
|
|
|
|
$
|
170,023
|
|
|
|
$
|
736,374
|
|
|
|
$
|
647,028
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share information
for common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income, basic and
diluted
|
|
$
|
0.33
|
|
|
|
$
|
0.31
|
|
|
|
$
|
1.13
|
|
|
|
$
|
1.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.77
|
|
|
|
$
|
0.72
|
|
|
|
$
|
2.88
|
|
|
|
$
|
2.77
|
|
Diluted
|
|
$
|
0.77
|
|
|
|
$
|
0.71
|
|
|
|
$
|
2.88
|
|
|
|
$
|
2.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFFO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.75
|
|
|
|
$
|
0.68
|
|
|
|
$
|
2.89
|
|
|
|
$
|
2.74
|
|
Diluted
|
|
$
|
0.75
|
|
|
|
$
|
0.68
|
|
|
|
$
|
2.88
|
|
|
|
$
|
2.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends paid
per common share
|
$
|
0.606
|
|
|
|
$
|
0.572
|
|
|
|
$
|
2.392
|
|
|
|
$
|
2.271
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUNDS FROM
OPERATIONS (FFO)
|
(dollars in
thousands, except per share amounts)
|
|
We define FFO, a
non-GAAP measure, consistent with NAREIT's definition, as net
income available to common stockholders, plus depreciation and
amortization of real estate assets, plus impairments of real estate
assets, reduced by gains on property sales.
|
|
|
|
|
Three
Months
|
|
|
|
Three
Months
|
|
|
|
Year
|
|
|
Year
|
|
|
|
|
Ended
12/31/16
|
|
|
|
Ended
12/31/15
|
|
|
|
Ended
12/31/16
|
|
|
Ended
12/31/15
|
|
Net income available
to common stockholders
|
|
$
|
85,671
|
|
|
$
|
76,171
|
|
|
$
|
288,491
|
|
|
$
|
256,686
|
|
Depreciation and
amortization
|
|
|
117,752
|
|
|
|
105,739
|
|
|
|
449,943
|
|
|
|
409,215
|
|
Depreciation of
furniture, fixtures and equipment
|
|
|
(172)
|
|
|
|
(202)
|
|
|
|
(747)
|
|
|
(811)
|
|
Provisions for
impairment
|
|
|
3,709
|
|
|
|
1,378
|
|
|
|
20,664
|
|
|
|
10,560
|
|
Gain on sales of real
estate
|
|
|
(6,696)
|
|
|
|
(5,126)
|
|
|
|
(21,979)
|
|
|
(22,243)
|
|
FFO adjustments
allocable to noncontrolling interests
|
|
|
(431)
|
|
|
|
(52)
|
|
|
|
|
(977)
|
|
|
(970)
|
|
FFO available to
common stockholders
|
|
$
|
199,833
|
|
|
$
|
177,908
|
|
|
$
|
735,395
|
|
|
$
|
652,437
|
|
FFO allocable to
dilutive noncontrolling interests
|
|
|
266
|
|
|
|
221
|
|
|
|
1,435
|
|
|
|
-
|
|
Diluted FFO
(1)
|
|
$
|
200,099
|
|
|
$
|
178,129
|
|
|
$
|
736,830
|
|
|
$
|
652,437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.77
|
|
|
|
$
|
|
0.72
|
|
|
|
$
|
|
2.88
|
|
|
$
|
2.77
|
|
Diluted
|
|
$
|
0.77
|
|
|
|
$
|
|
0.71
|
|
|
|
$
|
|
2.88
|
|
|
$
|
2.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions paid to
common stockholders
|
|
$
|
156,741
|
|
|
$
|
140,471
|
|
|
$
|
610,516
|
|
|
$
|
533,238
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO available to
common stockholders in excess of distributions paid to
common stockholders
|
|
$
|
43,092
|
|
|
$
|
37,437
|
|
|
$
|
124,879
|
|
|
$
|
119,199
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares used for FFO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
258,373,179
|
|
|
|
248,515,893
|
|
|
|
255,066,500
|
|
|
235,767,932
|
|
Diluted
|
|
|
259,010,432
|
|
|
|
249,508,956
|
|
|
|
255,822,679
|
|
|
235,891,368
|
|
|
|
|
(1)
|
Diluted FFO for the
quarters ended December 31, 2016 and 2015, and the year ended
December 31, 2016 includes FFO allocable to dilutive noncontrolling
interests. Noncontrolling interests were anti-dilutive for all
other periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED FUNDS
FROM OPERATIONS (AFFO)
|
(dollars in
thousands, except per share amounts)
|
|
We define AFFO as FFO
adjusted for unique revenue and expense items, which the company
believes are not as pertinent to the measurement of the company's
ongoing operating performance. Most companies in our industry use a
similar measurement to AFFO, but they may use the term "CAD" (for
Cash Available for Distribution) or "FAD" (for Funds Available for
Distribution).
|
|
|
|
|
Three
Months
|
|
|
|
Three
Months
|
|
|
|
Year
|
|
|
Year
|
|
|
|
|
|
Ended
12/31/16
|
|
|
|
Ended
12/31/15
|
|
|
|
Ended
12/31/16
|
|
|
Ended
12/31/15
|
|
|
Net income available
to common stockholders
|
|
$
|
85,671
|
|
|
$
|
76,171
|
|
|
$
|
288,491
|
|
|
$
|
256,686
|
|
|
Cumulative
adjustments to calculate FFO (1)
|
|
|
114,162
|
|
|
|
101,737
|
|
|
|
446,904
|
|
|
|
395,751
|
|
|
FFO available to
common stockholders
|
|
|
199,833
|
|
|
|
177,908
|
|
|
|
735,395
|
|
|
|
652,437
|
|
|
Amortization of
share-based compensation
|
|
|
2,803
|
|
|
|
2,793
|
|
|
|
12,007
|
|
|
|
10,391
|
|
|
Amortization of
deferred financing costs (2)
|
|
|
1,492
|
|
|
|
1,334
|
|
|
|
5,352
|
|
|
|
5,294
|
|
|
Amortization of net
mortgage premiums
|
|
|
(745)
|
|
|
|
(1,725)
|
|
|
|
(3,414)
|
|
|
(6,978)
|
|
|
Gain on early
extinguishment of debt
|
|
|
-
|
|
|
|
(148)
|
|
|
|
-
|
|
|
(504)
|
|
|
(Gain) loss on
interest rate swaps
|
|
|
(7,474)
|
|
|
|
(4,094)
|
|
|
|
(1,639)
|
|
|
3,043
|
|
|
Leasing costs and
commissions
|
|
|
(233)
|
|
|
|
(193)
|
|
|
|
(797)
|
|
|
(748)
|
|
|
Recurring capital
expenditures
|
|
|
(193)
|
|
|
|
(3,786)
|
|
|
|
(679)
|
|
|
(7,606)
|
|
|
Straight-line
rent
|
|
|
(5,239)
|
|
|
|
(4,185)
|
|
|
|
(19,451)
|
|
|
(16,468)
|
|
|
Amortization of above
and below-market leases
|
|
|
2,627
|
|
|
|
2,040
|
|
|
|
9,297
|
|
|
|
7,861
|
|
|
Other adjustments
(3)
|
|
|
93
|
|
|
|
79
|
|
|
|
303
|
|
|
|
306
|
|
|
AFFO available to
common stockholders
|
|
$
|
192,964
|
|
|
$
|
170,023
|
|
|
$
|
736,374
|
|
|
$
|
647,028
|
|
|
AFFO allocable to
dilutive noncontrolling interests
|
|
|
262
|
|
|
|
219
|
|
|
|
1,455
|
|
|
|
-
|
|
|
Diluted AFFO
(4)
|
|
$
|
193,226
|
|
|
$
|
170,242
|
|
|
$
|
737,829
|
|
|
$
|
647,028
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFFO per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
|
0.75
|
|
|
|
$
|
|
0.68
|
|
|
|
$
|
2.89
|
|
|
$
|
2.74
|
|
|
|
Diluted
|
|
$
|
|
0.75
|
|
|
|
$
|
|
0.68
|
|
|
|
$
|
2.88
|
|
|
$
|
2.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions paid to
common stockholders
|
|
$
|
156,741
|
|
|
$
|
140,471
|
|
|
$
|
610,516
|
|
|
$
|
533,238
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFFO available to
common stockholders in excess of distributions paid to common stockholders
|
|
$
|
36,223
|
|
|
$
|
29,552
|
|
|
$
|
125,858
|
|
|
$
|
113,790
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares used for AFFO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
258,373,179
|
|
|
|
248,515,893
|
|
|
|
255,066,500
|
|
|
235,767,932
|
|
|
|
Diluted
|
|
259,010,432
|
|
|
|
249,508,956
|
|
|
|
255,822,679
|
|
|
235,891,368
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
See FFO calculation
on page six for reconciling items.
|
|
(2)
|
Includes the
amortization of costs incurred and capitalized upon issuance of our
notes payable, assumption of our mortgages payable and issuance of
our term loans. The deferred financing costs are being amortized
over the lives of the respective mortgages and term loans. No costs
associated with our credit facility agreements or annual fees paid
to credit rating agencies have been included.
|
|
(3)
|
Includes adjustments
allocable to both noncontrolling interests and capital lease
obligations.
|
|
(4)
|
Diluted AFFO for the
quarters ended December 31, 2016 and 2015, and the year ended
December 31, 2016 includes AFFO allocable to dilutive
noncontrolling interests. Noncontrolling interests were
anti-dilutive for all other periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HISTORICAL FFO AND
AFFO
|
|
(dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended December 31,
|
2016
|
|
|
2015
|
|
|
2014
|
|
|
2013
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common stockholders
|
$
|
85,671
|
|
$
|
76,171
|
|
$
|
71,018
|
|
$
|
53,854
|
|
$
|
28,542
|
|
|
Depreciation and
amortization
|
|
117,580
|
|
|
105,537
|
|
|
96,376
|
|
|
85,243
|
|
|
42,428
|
|
|
Provisions for
impairment
|
3,709
|
|
|
1,378
|
|
|
1,960
|
|
|
-
|
|
|
4,472
|
|
|
Gain on sales real
estate
|
(6,696)
|
|
|
(5,126)
|
|
|
(25,270)
|
|
|
(14,276)
|
|
|
(3,863)
|
|
|
Merger-related
costs
|
|
-
|
|
|
-
|
|
|
-
|
|
|
138
|
|
|
2,404
|
|
|
FFO adjustments
allocable to noncontrolling interests
|
|
(431)
|
|
|
(52)
|
|
|
(378)
|
|
|
(329)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO
|
$
|
199,833
|
|
$
|
177,908
|
|
$
|
143,706
|
|
$
|
124,630
|
|
$
|
73,983
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per diluted
share
|
$
|
0.77
|
|
$
|
0.71
|
|
$
|
0.64
|
|
$
|
0.61
|
|
$
|
0.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFFO
|
$
|
192,964
|
|
$
|
170,023
|
|
$
|
145,394
|
|
$
|
125,700
|
|
$
|
72,892
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFFO per diluted
share
|
$
|
0.75
|
|
$
|
0.68
|
|
$
|
0.65
|
|
$
|
0.62
|
|
$
|
0.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends paid
per share
|
$
|
0.606
|
|
$
|
0.572
|
|
$
|
0.549
|
|
$
|
0.546
|
|
$
|
0.454
|
|
|
Weighted average
diluted shares outstanding
|
259,010,432
|
|
249,508,956
|
|
223,262,633
|
|
203,326,838
|
|
132,979,552
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended
December 31,
|
|
2016
|
|
|
2015
|
|
|
2014
|
|
|
2013
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common stockholders
|
$
|
288,491
|
|
$
|
256,686
|
|
$
|
227,558
|
|
$
|
203,634
|
|
$
|
114,538
|
|
|
Depreciation and
amortization
|
|
449,196
|
|
|
408,404
|
|
|
374,179
|
|
|
308,107
|
|
|
151,058
|
|
|
Provisions for
impairment
|
20,664
|
|
|
10,560
|
|
|
4,636
|
|
|
3,028
|
|
|
5,139
|
|
|
Gain on sales of real
estate
|
(21,979)
|
|
|
(22,243)
|
|
|
(42,088)
|
|
|
(64,743)
|
|
|
(9,873)
|
|
|
Merger-related
costs
|
|
-
|
|
|
-
|
|
|
-
|
|
|
13,013
|
|
|
7,899
|
|
|
FFO adjustments
allocable to noncontrolling interests
|
|
(977)
|
|
|
(970)
|
|
|
(1,396)
|
|
|
(1,009)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO
|
$
|
735,395
|
|
$
|
652,437
|
|
$
|
562,889
|
|
$
|
462,030
|
|
$
|
268,761
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per diluted
share
|
$
|
2.88
|
|
$
|
2.77
|
|
$
|
2.58
|
|
$
|
2.41
|
|
$
|
2.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFFO
|
$
|
736,374
|
|
$
|
647,028
|
|
$
|
561,661
|
|
$
|
463,139
|
|
$
|
274,183
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFFO per diluted
share
|
$
|
2.88
|
|
$
|
2.74
|
|
$
|
2.57
|
|
$
|
2.41
|
|
$
|
2.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends paid
per share
|
$
|
2.392
|
|
$
|
2.271
|
|
$
|
2.192
|
|
$
|
2.147
|
|
$
|
1.772
|
|
|
Weighted average
diluted shares outstanding - FFO
|
255,822,679
|
|
235,891,368
|
|
|
218,450,863
|
|
|
|
191,781,622
|
|
|
132,884,933
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REALTY INCOME
CORPORATION AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
December 31, 2016 and
2015
|
(dollars in
thousands, except per share data) (unaudited)
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
2015(1)
|
|
ASSETS
|
|
|
|
|
|
|
Real estate, at
cost:
|
|
|
|
|
|
|
Land
|
$
|
3,752,204
|
|
$
|
3,286,004
|
|
Buildings and
improvements
|
|
10,112,212
|
|
|
9,010,778
|
|
Total real estate, at
cost
|
|
13,864,416
|
|
|
12,296,782
|
|
Less accumulated
depreciation and amortization
|
|
(1,987,200)
|
|
|
(1,687,665)
|
|
Net real estate held
for investment
|
|
11,877,216
|
|
|
10,609,117
|
|
Real estate held for
sale, net
|
|
26,575
|
|
|
9,767
|
|
Net real
estate
|
|
11,903,791
|
|
|
10,618,884
|
|
Cash and cash
equivalents
|
|
9,420
|
|
|
40,294
|
|
Accounts receivable,
net
|
|
104,584
|
|
|
81,678
|
|
Acquired lease
intangible assets, net
|
|
1,082,320
|
|
|
1,034,417
|
|
Goodwill
|
|
15,067
|
|
|
15,321
|
|
Other assets,
net
|
|
37,689
|
|
|
54,785
|
|
Total
assets
|
$
|
13,152,871
|
|
$
|
11,845,379
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Distributions
payable
|
$
|
55,235
|
|
$
|
50,344
|
|
Accounts payable and
accrued expenses
|
|
121,156
|
|
|
115,826
|
|
Acquired lease
intangible liabilities, net
|
|
264,206
|
|
|
250,916
|
|
Other
liabilities
|
|
85,616
|
|
|
53,965
|
|
Line of credit
payable
|
|
1,120,000
|
|
|
238,000
|
|
Term loans,
net
|
|
319,127
|
|
|
318,835
|
|
Mortgages payable,
net
|
|
466,045
|
|
|
646,187
|
|
Notes payable,
net
|
|
3,934,433
|
|
|
3,617,973
|
|
Total
liabilities
|
|
6,365,818
|
|
|
5,292,046
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
Preferred stock and
paid in capital, par value $0.01 per share,
|
|
|
|
|
|
|
69,900,000 shares
authorized, 16,350,000 shares issued and
|
|
|
|
|
|
|
outstanding as of
December 31, 2016 and December 31, 2015,
|
|
|
|
|
|
|
liquidation preference
$25.00 per share
|
|
395,378
|
|
|
395,378
|
|
Common stock and paid
in capital, par value $0.01 per share,
|
|
|
|
|
|
|
370,100,000 shares
authorized, 260,168,259 shares issued and
|
|
|
|
|
|
|
outstanding as of
December 31, 2016 and 250,416,757 shares issued
|
|
|
|
|
|
|
and outstanding as of
December 31, 2015
|
|
8,228,594
|
|
|
7,666,428
|
|
Distributions in
excess of net income
|
|
(1,857,168)
|
|
|
(1,530,210)
|
|
Total stockholders'
equity
|
|
6,766,804
|
|
|
6,531,596
|
|
Noncontrolling
interests
|
|
20,249
|
|
|
21,737
|
|
Total
equity
|
|
6,787,053
|
|
|
6,553,333
|
|
Total liabilities and
equity
|
$
|
13,152,871
|
|
$
|
11,845,379
|
|
|
|
(1)
|
During the first
quarter of 2016, we adopted ASU 2015-03, which requires that debt
issuance costs be reported on the balance sheet as a direct
reduction to the face amount of the associated debt instrument. As
a result, we have reclassified certain items on the December
31, 2015 balance sheet within the following financial
statement captions: Other assets, net, Term loans, net, Mortgages
payable, net, and Notes payable, net.
|
Realty Income
Performance vs. Major Stock Indices
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NASDAQ
|
|
|
Realty
Income
|
|
REIT Index
(1)
|
|
DJIA
|
|
S&P
500
|
|
Composite
|
|
|
Dividend
|
|
Total
|
|
Dividend
|
|
Total
|
|
Dividend
|
|
Total
|
|
Dividend
|
|
Total
|
|
Dividend
|
|
Total
|
|
|
yield
|
|
return
(2)
|
|
yield
|
|
return
(3)
|
|
yield
|
|
return
(3)
|
|
yield
|
|
return
(3)
|
|
yield
|
|
return
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/18 to
12/31/1994
|
10.5
|
%
|
|
10.8
|
%
|
|
7.7
|
%
|
|
0.0
|
%
|
|
2.9
|
%
|
|
(1.6)
|
%
|
|
2.9
|
%
|
|
(1.2)
|
%
|
|
0.5
|
%
|
|
(1.7)
|
%
|
1995
|
8.3
|
%
|
|
42.0
|
%
|
|
7.4
|
%
|
|
15.3
|
%
|
|
2.4
|
%
|
|
36.9
|
%
|
|
2.3
|
%
|
|
37.6
|
%
|
|
0.6
|
%
|
|
39.9
|
%
|
1996
|
7.9
|
%
|
|
15.4
|
%
|
|
6.1
|
%
|
|
35.3
|
%
|
|
2.2
|
%
|
|
28.9
|
%
|
|
2.0
|
%
|
|
23.0
|
%
|
|
0.2
|
%
|
|
22.7
|
%
|
1997
|
7.5
|
%
|
|
14.5
|
%
|
|
5.5
|
%
|
|
20.3
|
%
|
|
1.8
|
%
|
|
24.9
|
%
|
|
1.6
|
%
|
|
33.4
|
%
|
|
0.5
|
%
|
|
21.6
|
%
|
1998
|
8.2
|
%
|
|
5.5
|
%
|
|
7.5
|
%
|
|
(17.5)
|
%
|
|
1.7
|
%
|
|
18.1
|
%
|
|
1.3
|
%
|
|
28.6
|
%
|
|
0.3
|
%
|
|
39.6
|
%
|
1999
|
10.5
|
%
|
|
(8.7)
|
%
|
|
8.7
|
%
|
|
(4.6)
|
%
|
|
1.3
|
%
|
|
27.2
|
%
|
|
1.1
|
%
|
|
21.0
|
%
|
|
0.2
|
%
|
|
85.6
|
%
|
2000
|
8.9
|
%
|
|
31.2
|
%
|
|
7.5
|
%
|
|
26.4
|
%
|
|
1.5
|
%
|
|
(4.7)
|
%
|
|
1.2
|
%
|
|
(9.1)
|
%
|
|
0.3
|
%
|
|
(39.3)
|
%
|
2001
|
7.8
|
%
|
|
27.2
|
%
|
|
7.1
|
%
|
|
13.9
|
%
|
|
1.9
|
%
|
|
(5.5)
|
%
|
|
1.4
|
%
|
|
(11.9)
|
%
|
|
0.3
|
%
|
|
(21.1)
|
%
|
2002
|
6.7
|
%
|
|
26.9
|
%
|
|
7.1
|
%
|
|
3.8
|
%
|
|
2.6
|
%
|
|
(15.0)
|
%
|
|
1.9
|
%
|
|
(22.1)
|
%
|
|
0.5
|
%
|
|
(31.5)
|
%
|
2003
|
6.0
|
%
|
|
21.0
|
%
|
|
5.5
|
%
|
|
37.1
|
%
|
|
2.3
|
%
|
|
28.3
|
%
|
|
1.8
|
%
|
|
28.7
|
%
|
|
0.6
|
%
|
|
50.0
|
%
|
2004
|
5.2
|
%
|
|
32.7
|
%
|
|
4.7
|
%
|
|
31.6
|
%
|
|
2.2
|
%
|
|
5.6
|
%
|
|
1.8
|
%
|
|
10.9
|
%
|
|
0.6
|
%
|
|
8.6
|
%
|
2005
|
6.5
|
%
|
|
(9.2)
|
%
|
|
4.6
|
%
|
|
12.2
|
%
|
|
2.6
|
%
|
|
1.7
|
%
|
|
1.9
|
%
|
|
4.9
|
%
|
|
0.9
|
%
|
|
1.4
|
%
|
2006
|
5.5
|
%
|
|
34.8
|
%
|
|
3.7
|
%
|
|
35.1
|
%
|
|
2.5
|
%
|
|
19.0
|
%
|
|
1.9
|
%
|
|
15.8
|
%
|
|
0.8
|
%
|
|
9.5
|
%
|
2007
|
6.1
|
%
|
|
3.2
|
%
|
|
4.9
|
%
|
|
(15.7)
|
%
|
|
2.7
|
%
|
|
8.8
|
%
|
|
2.1
|
%
|
|
5.5
|
%
|
|
0.8
|
%
|
|
9.8
|
%
|
2008
|
7.3
|
%
|
|
(8.2)
|
%
|
|
7.6
|
%
|
|
(37.7)
|
%
|
|
3.6
|
%
|
|
(31.8)
|
%
|
|
3.2
|
%
|
|
(37.0)
|
%
|
|
1.3
|
%
|
|
(40.5)
|
%
|
2009
|
6.6
|
%
|
|
19.3
|
%
|
|
3.7
|
%
|
|
28.0
|
%
|
|
2.6
|
%
|
|
22.6
|
%
|
|
2.0
|
%
|
|
26.5
|
%
|
|
1.0
|
%
|
|
43.9
|
%
|
2010
|
5.1
|
%
|
|
38.6
|
%
|
|
3.5
|
%
|
|
27.9
|
%
|
|
2.6
|
%
|
|
14.0
|
%
|
|
1.9
|
%
|
|
15.1
|
%
|
|
1.2
|
%
|
|
16.9
|
%
|
2011
|
5.0
|
%
|
|
7.3
|
%
|
|
3.8
|
%
|
|
8.3
|
%
|
|
2.8
|
%
|
|
8.3
|
%
|
|
2.3
|
%
|
|
2.1
|
%
|
|
1.3
|
%
|
|
(1.8)
|
%
|
2012
|
4.5
|
%
|
|
20.1
|
%
|
|
3.5
|
%
|
|
19.7
|
%
|
|
3.0
|
%
|
|
10.2
|
%
|
|
2.5
|
%
|
|
16.0
|
%
|
|
2.6
|
%
|
|
15.9
|
%
|
2013
|
5.8
|
%
|
|
(1.8)
|
%
|
|
3.9
|
%
|
|
2.9
|
%
|
|
2.3
|
%
|
|
29.6
|
%
|
|
2.0
|
%
|
|
32.4
|
%
|
|
1.4
|
%
|
|
38.3
|
%
|
2014
|
4.6
|
%
|
|
33.7
|
%
|
|
3.6
|
%
|
|
28.0
|
%
|
|
2.3
|
%
|
|
10.0
|
%
|
|
2.0
|
%
|
|
13.7
|
%
|
|
1.3
|
%
|
|
13.4
|
%
|
2015
|
4.4
|
%
|
|
13.0
|
%
|
|
3.9
|
%
|
|
2.8
|
%
|
|
2.6
|
%
|
|
0.2
|
%
|
|
2.2
|
%
|
|
1.4
|
%
|
|
1.4
|
%
|
|
5.7
|
%
|
2016
|
4.2
|
%
|
|
16.0
|
%
|
|
4.0
|
%
|
|
8.6
|
%
|
|
2.5
|
%
|
|
16.5
|
%
|
|
2.1
|
%
|
|
12.0
|
%
|
|
1.4
|
%
|
|
7.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compound
Average
Annual Total Return (5)
|
16.9
|
%
|
|
|
|
|
10.9
|
%
|
|
|
|
|
10.1
|
%
|
|
|
|
|
9.4
|
%
|
|
|
|
|
9.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: All
of these dividend yields are calculated as annualized dividends
based on the last dividend paid in applicable time period divided
by the closing price as of period end. Dividend yield sources:
NAREIT website and Bloomberg, except for the 1994 NASDAQ dividend
yield which was sourced from Datastream / Thomson
Financial.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
FTSE NAREIT US Equity
REIT Index, as per NAREIT website.
|
(2)
|
Calculated as the
difference between the closing stock price as of period end less
the closing stock price as of previous period, plus dividends paid
in period, divided by closing stock price as of end of previous
period. Does not include reinvestment of dividends for the annual
percentages.
|
(3)
|
Includes reinvestment
of dividends. Source: NAREIT website and Factset.
|
(4)
|
Price only index,
does not include dividends. Source: Factset.
|
(5)
|
All of these Compound
Average Annual Total Return rates are calculated in the same
manner: from Realty Income's NYSE listing on October 18, 1994
through December 31, 2016, and (except for NASDAQ) assuming
reinvestment of dividends. Past performance does not guarantee
future performance. Realty Income presents this data for
informational purposes only and makes no representation about its
future performance or how it will compare in performance to other
indices in the future.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/realty-income-announces-operating-results-for-fourth-quarter-and-2016-300412013.html
SOURCE Realty Income Corporation