SAN DIEGO, Aug. 3, 2020 /PRNewswire/ -- Realty Income
Corporation (Realty Income, NYSE: O), The Monthly Dividend
Company®, today announced operating results for the
second quarter and six months ended June 30,
2020. All per share amounts presented in this press release
are on a diluted per common share basis unless stated
otherwise.
COMPANY HIGHLIGHTS:
For the quarter ended June 30,
2020:
- Net income per share was $0.31
- AFFO per share increased 4.9% to $0.86, compared to the quarter ended June 30, 2019
- Collected 86.5% of contractual rent across our total
portfolio
- Invested $154.2 million in 32
properties and properties under development or expansion, including
$58.2 million in two properties in
the U.K.
- Raised $593.9 million through the
issuance of 3.250% senior unsecured notes due in 2031
- Raised $98.1 million from the
sale of common stock, primarily through our At -The-Market (ATM)
program
For the month ended July 31,
2020:
- Collected 91.5% of contractual rent due for the month of
July 2020 across our total
portfolio
- Raised $378.8 million through the
issuance of 3.250% senior unsecured notes due 2031
CEO Comments
"First and foremost, I appreciate my colleagues' seamless
transition to a remote work environment, recognize our team's
outstanding dedication and contributions that continue to drive our
business, and empathize with individuals and businesses impacted by
the COVID-19 pandemic," said Sumit
Roy, Realty Income's President and Chief Executive Officer.
"While economic and public health considerations remain due to the
COVID-19 pandemic, our operating results for the second quarter
continue to demonstrate the stability and resiliency of our
business. Our diversified and high-quality real estate portfolio,
which is primarily leased to tenants providing non-discretionary
and/or low price point goods or services, was 98.5% occupied at
quarter-end, and we achieved a 101% rent recapture rate on
re-leasing activity during the quarter. Additionally, our financial
position remains strong, as we ended the quarter with a net debt to
EBITDAre ratio of 5.1x and a fixed charge coverage ratio of 5.4x.
As of July 31st, we had total
liquidity of $2.9 billion, including
approximately $400 million of cash on
hand and $2.5 billion remaining
borrowing capacity available on our $3.0
billion revolving credit facility (excluding the
$1.0 billion accordion feature, which
is subject to obtaining lender commitments), which we believe
provides us significant financial flexibility."
"Through July 31st, we have
collected 86.5% of contractual rent for the second quarter and
91.5% of contractual rent for the month of July, which represented
the second consecutive month of improving rent collection trends
and the highest monthly rent collection reported since April 2020. We are pleased with these positive
trends, and we continue to manage the business with a focus on
generating long-term value for our stakeholders. Given the
increased visibility to our business, we are providing 2020
acquisition guidance of $1.25 billion
to $1.75 billion."
Summarized Financial Results
The following summarizes our select financial results (dollars
in millions, except per share data):
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
Total
revenue
|
$
|
414.6
|
|
|
$
|
365.5
|
|
|
$
|
829.0
|
|
|
$
|
719.8
|
|
|
Net income available to
common stockholders (1)(2)
|
$
|
107.8
|
|
|
$
|
95.2
|
|
|
$
|
254.7
|
|
|
$
|
206.1
|
|
|
Net income per
share
|
$
|
0.31
|
|
|
$
|
0.31
|
|
|
$
|
0.75
|
|
|
$
|
0.67
|
|
|
Funds from operations
available to common stockholders
(FFO) (2)(3)
|
$
|
288.3
|
|
|
$
|
251.5
|
|
|
$
|
565.4
|
|
|
$
|
497.2
|
|
|
FFO per
share
|
$
|
0.84
|
|
|
$
|
0.81
|
|
|
$
|
1.66
|
|
|
$
|
1.62
|
|
|
Adjusted funds from
operations available to common stockholders (AFFO) (3)
|
$
|
295.2
|
|
|
$
|
253.9
|
|
|
$
|
592.5
|
|
|
$
|
502.7
|
|
|
AFFO per
share
|
$
|
0.86
|
|
|
$
|
0.82
|
|
|
$
|
1.74
|
|
|
$
|
1.63
|
|
|
|
|
(1)
|
The calculation to
determine net income attributable to common stockholders 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 the first six months of 2020 were
impacted by the following transactions recorded in the first
quarter of 2020: (i) a $9.8 million loss on extinguishment of debt
due to the January 2020 early redemption of the 5.750% notes due
2021, and (ii) a $3.5 million executive severance charge for our
former chief financial officer (CFO).
|
|
(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 eight and nine of this press
release.
|
Impact of COVID-19
Percentages of Contractual Rent Collected as of
July 31, 2020
|
Month
Ended
April 30, 2020
|
|
Month
Ended
May 31, 2020
|
|
Month Ended
June 30,
2020
|
|
Quarter
Ended
June 30, 2020
|
|
Month
Ended
July 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contractual rent
collected(1) across total portfolio
|
88.4%
|
|
84.9%
|
|
86.1%
|
|
86.5%
|
|
91.5%
|
|
Contractual rent
collected(1) from top 20
tenants(2)
|
83.0%
|
|
82.1%
|
|
82.5%
|
|
82.5%
|
|
90.7%
|
|
Contractual rent
collected(1) from investment
grade tenants(3)
|
100.0%
|
|
98.4%
|
|
98.9%
|
|
99.1%
|
|
100.0%
|
|
|
|
(1)
|
Contractual rent is
the aggregate cash amount charged to tenants inclusive of monthly
base rent receivables. U.K. rent (which is payable in pounds
Sterling) was converted at the exchange rate in effect on May 1,
2020 for rents collected for the month of April 2020, on June 1,
2020 for rents collected for the month of May 2020, on July 1, 2020
for rents collected for the month of June 2020, and on July 31,
2020 for rents collected for the month of July 2020.
|
|
(2)
|
We define top 20
tenants as our 20 largest tenants based on percentage of total
portfolio annualized contractual rental revenue as of the last day
of such period.
|
|
(3)
|
We define investment
grade tenants as tenants with a credit rating, and tenants that are
subsidiaries or affiliates of companies with a credit rating, of
Baa3/BBB- or higher from one of the three major rating agencies
(Moody's/S&P/Fitch).
|
We have executed deferral agreements or maintain ongoing
deferral discussions with tenants that account for a majority of
the unpaid contractual rent for the months of April, May, June, and
July 2020. Additional detail on rent
collections can be found in our supplemental materials available on
our corporate website at
www.realtyincome.com/investors/financial-information/quarterly-results.
Dividend Increases
In June 2020, we announced the
91st consecutive quarterly dividend increase, which is
the 107th 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 June 30, 2020 was $2.802 per share. The amount of monthly dividends
paid per share increased 3.1% to $0.699 in the second quarter of 2020, as compared
to $0.678 in the second quarter of
2019. During the second quarter of 2020, the company distributed
$240.5 million in common dividends to
shareholders, representing 81.5% of its AFFO of $295.2 million.
Real Estate Portfolio Update
As of June 30, 2020, our portfolio
consisted of 6,541 properties located in 49 U.S. states,
Puerto Rico and the U.K., and
leased to approximately 600 different 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 9.0 years. The company's portfolio of
commercial real estate has historically provided dependable rental
revenue supporting the payment of monthly dividends. As of
June 30, 2020, portfolio occupancy
was 98.5% with 101 properties available for lease or sale out of
the 6,541, as compared to 98.5% as of March
31, 2020 and 98.3% as of June 30,
2019.
Changes in Occupancy
|
Three months ended
June 30, 2020
|
|
|
Properties available
for lease at March 31, 2020
|
97
|
|
|
Lease
expirations
|
81
|
|
|
Re-leases to same
tenant (1)
|
(60)
|
|
|
Re-leases to new
tenant (1)(2)
|
(5)
|
|
|
Vacant
dispositions
|
(12)
|
|
|
Properties available
for lease at June 30, 2020
|
101
|
|
|
|
|
(1)
|
The annual new rent
on these re-leases was $15.334 million, as compared to the previous
annual rent of $15.128 million on the same properties, representing
a rent recapture rate of 101.4% on the properties re-leased during
the quarter ended June 30, 2020.
|
|
(2)
|
Re-leased two
properties to new tenants without a period of vacancy, and three
properties to new tenants after a period of vacancy.
|
|
Six months ended
June 30, 2020
|
|
|
Properties available
for lease at December 31, 2019
|
94
|
|
|
Lease
expirations
|
190
|
|
|
Re-leases to same
tenant (1)
|
(150)
|
|
|
Re-leases to new
tenant (1)(2)
|
(8)
|
|
|
Vacant
dispositions
|
(25)
|
|
|
Properties available
for lease at June 30, 2020
|
101
|
|
|
|
|
(1)
|
The annual new rent
on these re-leases was $33.152 million, as compared to the previous
annual rent of $33.124 million on the same properties, representing
a rent recapture rate of 100.1% on the properties re-leased during
the first six months of 2020.
|
|
(2)
|
Re-leased three
properties to new tenants without a period of vacancy, and five
properties to new tenants after a period of vacancy.
|
Investments in Real Estate
The following table
summarizes our acquisitions in the U.S. and U.K. for the periods
indicated below:
|
Number of
Properties
|
|
Leasable
Square Feet
(in millions)
|
|
Investment
($ in millions)
|
|
Weighted
Average
Lease Term
(Years)
|
|
Initial Average
Cash Lease
Yield
|
|
Three months ended
June 30, 2020
|
|
|
|
|
|
|
|
|
|
|
Acquisitions - U.S.
(in 15 states)
|
26
|
|
|
0.4
|
|
|
$
|
94.3
|
|
|
12.9
|
|
|
6.4
|
%
|
|
Acquisitions - U.K.
(1)
|
2
|
|
|
0.1
|
|
|
58.2
|
|
|
9.9
|
|
|
6.1
|
%
|
|
Total
Acquisitions
|
28
|
|
|
0.5
|
|
|
152.5
|
|
|
11.8
|
|
|
6.3
|
%
|
|
Properties under
Development - U.S.
|
4
|
|
|
0.1
|
|
|
1.7
|
|
|
10.4
|
|
|
10.3
|
%
|
|
Total
(2)
|
32
|
|
|
0.6
|
|
|
$
|
154.2
|
|
|
11.8
|
|
|
6.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended
June 30, 2020
|
|
|
|
|
|
|
|
|
|
|
Acquisitions - U.S.
(in 25 states)
|
80
|
|
|
1.8
|
|
|
$
|
412.6
|
|
|
14.4
|
|
|
6.5
|
%
|
|
Acquisitions - U.K.
(1)
|
6
|
|
|
0.5
|
|
|
223.7
|
|
|
11.8
|
|
|
5.3
|
%
|
|
Total
Acquisitions
|
86
|
|
|
2.3
|
|
|
636.3
|
|
|
13.6
|
|
|
6.1
|
%
|
|
Properties under
Development - U.S.
|
8
|
|
|
0.2
|
|
|
3.9
|
|
|
10.5
|
|
|
8.8
|
%
|
|
Total
(3)
|
94
|
|
|
2.5
|
|
|
$
|
640.2
|
|
|
13.6
|
|
|
6.1
|
%
|
|
|
|
(1)
|
Represents
investments of £46.8 million Sterling during the quarter ended June
30, 2020 and £180.1 million during the six months ended June
30, 2020 converted at the applicable exchange rate on the date of
acquisition.
|
|
(2)
|
The tenants occupying
the new properties operate in 8 industries, and are 100% retail,
based on rental revenue. Approximately 41% of the rental revenue
generated from acquisitions during the second quarter of 2020 is
from investment grade rated tenants, their subsidiaries or
affiliated companies.
|
|
(3)
|
The tenants occupying
the new properties operate in 17 industries, and are 96.5% retail
and 3.5% industrial, based on rental revenue. Approximately 37% of
the rental revenue generated from acquisitions during the first six
months of 2020 is from investment grade rated tenants, their
subsidiaries or affiliated companies.
|
Same Store Rental Revenue
The following
summarizes our same store rental revenue on 5,539 properties under
lease (dollars in millions):
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
Decrease
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
Three
months
|
|
Six
months
|
|
Rental
Revenue
|
$
|
315.7
|
|
|
$
|
317.0
|
|
|
$
|
635.6
|
|
|
$
|
636.7
|
|
|
(0.4)
|
%
|
|
(0.2)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Our calculation of same store rental revenue includes
$12.9 million of rent deferred for
future payment as a result of lease concessions we granted in
response to the COVID-19 pandemic and recognized under the
practical expedient provided by the Financial Accounting Standards
Board (FASB). Our calculation of same store rental revenue also
includes $35.9 million of uncollected
rent from the second quarter of 2020 where we have not granted a
lease concession. If these applicable amounts of rent deferrals and
uncollected rent were excluded from our calculation of same store
rental revenue, the decreases for the second quarter and first six
months of 2020 would have been (14.1)% and (6.5)%,
respectively.
Property Dispositions
The following summarizes
our property dispositions (dollars in millions):
|
Three Months
Ended
June 30,
2020
|
|
Six Months
Ended
June 30,
2020
|
|
Properties
sold
|
12
|
|
|
29
|
|
|
Net sales
proceeds
|
$
|
7.4
|
|
|
$
|
133.6
|
|
|
Gain on sales of real
estate
|
$
|
1.3
|
|
|
$
|
39.8
|
|
Liquidity and Capital Markets
Capital Raising
In May
2020, we issued $600 million of 3.250% senior unsecured
notes due January 2031. The public
offering price for these notes was 98.987% of the principal amount,
for an effective yield to maturity of 3.364%.
During the quarter ended June 30,
2020, we raised $98.1 million from the sale of common
stock at a weighted average price of $63.07 per share, primarily through our
At-The-Market-Program.
In July 2020, we issued
$350 million of 3.250% senior
unsecured notes due January 2031,
which constituted a further issuance of, and formed a single series
with, the $600 million senior notes
issued in May 2020. The public
offering price was 108.241% of the principal amount, for an
effective yield to maturity of 2.341%.
Credit Facility
We have a $3.0 billion unsecured revolving credit facility,
with an initial term that expires in March
2023 (subject to two six-month options to extend). The
revolving credit facility also has a $1.0
billion accordion feature, which is subject to obtaining
lender commitments. As of June 30,
2020, the balance of borrowings outstanding under our
revolving credit facility was $628.6
million, and we had a cash balance of $35.3 million.
Repayment of Term Loan
In June 2020, we repaid one of the $250.0 million senior term loans in full upon
maturity.
2020 Acquisitions Guidance
On April 9, 2020 we withdrew our
2020 guidance that was provided on February
19, 2020 due the ongoing uncertainty regarding the impact of
the COVID-19 pandemic and measures taken to limit its spread. We
are reinstating guidance relating to our acquisition volume, which
we currently estimate at $1.25 -
$1.75 billion for 2020. We continue
to evaluate the impacts of the COVID-19 pandemic on our business as
the situation continues to evolve.
Conference Call Information
In conjunction with the release of our operating results, we
will host a conference call on August 4,
2020 at 11:30 a.m. PT to
discuss the results. To access the conference, dial (877) 701-6180
(United States) or (647) 689-4069
(International). When prompted, provide the conference ID
4181696.
A telephone replay of the conference call can also be accessed
by calling (800) 585-8367 and entering the passcode 4181696.
The telephone replay will be available through August 18,
2020. 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 one hour after the conclusion of the live broadcast.
No access code is required for this replay.
Supplemental Materials
Supplemental materials on second quarter and year-to-date 2020
operating results, including reconciliations for non-GAAP measures,
are available on our corporate website at
www.realtyincome.com/investors/financial-information/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
6,500 real estate properties owned under long-term lease agreements
with commercial tenants. To date, the company has declared 601
consecutive common stock monthly dividends throughout its 51-year
operating history and increased the dividend 107 times since Realty
Income's public listing in 1994 (NYSE: O). The company is a member
of the S&P 500 Dividend Aristocrats® index.
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, domestic and foreign real estate conditions, tenant
financial health, the availability of capital to finance planned
growth, volatility and uncertainty in the credit markets and
broader financial markets, changes in foreign currency exchange
rates, property acquisitions and the timing of these acquisitions,
charges for property impairments, the effects of the COVID-19
pandemic and the measures taken to limit its impact, the effects of
pandemics or global outbreaks of contagious diseases or fear of
such outbreaks, the company's tenants' ability to adequately manage
its properties and fulfill their respective lease obligations to
the company, 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
|
|
Six Months
|
|
Six Months
|
|
|
Ended
6/30/20
|
|
Ended
6/30/19
|
|
Ended
6/30/20
|
|
Ended
6/30/19
|
|
REVENUE
|
|
|
|
|
|
|
|
|
|
Rental (including
reimbursable) (1)
|
|
$
|
410,201
|
|
|
$
|
364,252
|
|
|
$
|
822,358
|
|
|
$
|
718,289
|
|
|
Other
(2)
|
|
4,435
|
|
|
1,198
|
|
|
6,619
|
|
|
1,526
|
|
|
Total
revenue
|
|
414,636
|
|
|
365,450
|
|
|
828,977
|
|
|
719,815
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
168,328
|
|
|
150,426
|
|
|
332,913
|
|
|
287,943
|
|
|
Interest
|
|
77,841
|
|
|
72,488
|
|
|
153,766
|
|
|
142,508
|
|
|
Property (including
reimbursable)
|
|
26,452
|
|
|
21,342
|
|
|
52,058
|
|
|
42,978
|
|
|
General and
administrative
|
|
19,063
|
|
|
18,585
|
|
|
40,027
|
|
|
33,693
|
|
|
Income taxes
|
|
2,838
|
|
|
1,155
|
|
|
5,601
|
|
|
2,600
|
|
|
Provisions for
impairment
|
|
13,869
|
|
|
13,061
|
|
|
18,347
|
|
|
17,733
|
|
|
Total
expenses
|
|
308,391
|
|
|
277,057
|
|
|
602,712
|
|
|
527,455
|
|
|
Gain on sales of real
estate
|
|
1,323
|
|
|
6,891
|
|
|
39,829
|
|
|
14,154
|
|
|
Foreign currency and
derivative gains (losses), net
|
|
502
|
|
|
136
|
|
|
(1,062)
|
|
|
136
|
|
|
Loss on extinguishment
of debt
|
|
—
|
|
|
—
|
|
|
(9,819)
|
|
|
—
|
|
|
Net income
|
|
108,070
|
|
|
95,420
|
|
|
255,213
|
|
|
206,650
|
|
|
Net income attributable
to noncontrolling interests
|
|
(246)
|
|
|
(226)
|
|
|
(562)
|
|
|
(514)
|
|
|
Net income available to
common stockholders
|
|
$
|
107,824
|
|
|
$
|
95,194
|
|
|
$
|
254,651
|
|
|
$
|
206,136
|
|
|
|
|
|
|
|
|
|
|
|
Funds from operations
available to common stockholders (FFO)
|
|
$
|
288,338
|
|
|
$
|
251,489
|
|
|
$
|
565,441
|
|
|
$
|
497,164
|
|
|
Adjusted funds from
operations available to common stockholders (AFFO)
|
|
$
|
295,241
|
|
|
$
|
253,935
|
|
|
$
|
592,463
|
|
|
$
|
502,669
|
|
|
|
|
|
|
|
|
|
|
|
Per share information
for common stockholders:
|
|
|
|
|
|
|
|
|
|
Net income:
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
$
|
0.31
|
|
|
$
|
0.31
|
|
|
$
|
0.75
|
|
|
$
|
0.67
|
|
|
|
|
|
|
|
|
|
|
|
FFO:
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
$
|
0.84
|
|
|
$
|
0.81
|
|
|
$
|
1.66
|
|
|
$
|
1.62
|
|
|
|
|
|
|
|
|
|
|
|
AFFO:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.86
|
|
|
$
|
0.82
|
|
|
$
|
1.74
|
|
|
$
|
1.64
|
|
|
Diluted
|
|
$
|
0.86
|
|
|
$
|
0.82
|
|
|
$
|
1.74
|
|
|
$
|
1.63
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends paid per
common share
|
|
$
|
0.699
|
|
|
$
|
0.678
|
|
|
$
|
1.392
|
|
|
$
|
1.350
|
|
|
|
|
(1)
|
We recorded reserves
as a reduction of rental revenue of $8.5 million (of which $2.1
million was related to straight-line rent receivables) for the
second quarter of 2020, $417,000 for the second quarter of 2019,
$10.2 million (of which $2.8 million was related to
straight-line rent receivables) for the six months ended June 30,
2020, and $2.4 million (of which $1.4 million was related to
straight-line receivables) for the six months ended June 30,
2019.
|
|
(2)
|
The three and six
months ended June 30, 2020 includes $1.4 million and $1.5 million,
respectively, of interest income from short-term investments and
money market funds. The three and six months ended June 30, 2019
includes $166,000 and $296,000, respectively, of interest income
from money market funds. There were no short-term investments in
the three or six months ended June 30, 2019.
|
|
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 real estate sales.
|
|
|
|
Three
Months
|
|
Three
Months
|
|
Six Months
|
|
Six Months
|
|
|
Ended
6/30/20
|
|
Ended
6/30/19
|
|
Ended
6/30/20
|
|
Ended
6/30/19
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common stockholders
|
|
$
|
107,824
|
|
|
$
|
95,194
|
|
|
$
|
254,651
|
|
|
$
|
206,136
|
|
|
Depreciation and
amortization
|
|
168,328
|
|
|
150,426
|
|
|
332,913
|
|
|
287,943
|
|
|
Depreciation of
furniture, fixtures and equipment
|
|
(152)
|
|
|
(147)
|
|
|
(278)
|
|
|
(302)
|
|
|
Provisions for
impairment
|
|
13,869
|
|
|
13,061
|
|
|
18,347
|
|
|
17,733
|
|
|
Gain on sales of real
estate
|
|
(1,323)
|
|
|
(6,891)
|
|
|
(39,829)
|
|
|
(14,154)
|
|
|
FFO adjustments
allocable to noncontrolling interests
|
|
(208)
|
|
|
(154)
|
|
|
(363)
|
|
|
(192)
|
|
|
FFO available to common
stockholders
|
|
$
|
288,338
|
|
|
$
|
251,489
|
|
|
$
|
565,441
|
|
|
$
|
497,164
|
|
|
FFO allocable to
dilutive noncontrolling interests
|
|
348
|
|
|
362
|
|
|
717
|
|
|
670
|
|
|
Diluted FFO
|
|
$
|
288,686
|
|
|
$
|
251,851
|
|
|
$
|
566,158
|
|
|
$
|
497,834
|
|
|
|
|
|
|
|
|
|
|
|
FFO per common share,
basic and diluted
|
|
$
|
0.84
|
|
|
$
|
0.81
|
|
|
$
|
1.66
|
|
|
$
|
1.62
|
|
|
|
|
|
|
|
|
|
|
|
Distributions paid to
common stockholders
|
|
$
|
240,470
|
|
|
$
|
208,864
|
|
|
$
|
474,294
|
|
|
$
|
413,410
|
|
|
|
|
|
|
|
|
|
|
|
FFO available to common
stockholders in excess of distributions paid to common
stockholders
|
|
$
|
47,868
|
|
|
$
|
42,625
|
|
|
$
|
91,147
|
|
|
$
|
83,754
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares used for FFO:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
343,515,406
|
|
|
311,032,972
|
|
|
340,061,487
|
|
|
307,293,949
|
|
|
Diluted
|
|
344,148,378
|
|
|
311,785,281
|
|
|
340,744,384
|
|
|
308,000,806
|
|
|
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
|
|
Six Months
|
|
Six Months
|
|
|
Ended
6/30/20
|
|
Ended
6/30/19
|
|
Ended
6/30/20
|
|
Ended
6/30/19
|
|
Net income available to
common stockholders (1)
|
|
$
|
107,824
|
|
|
$
|
95,194
|
|
|
$
|
254,651
|
|
|
$
|
206,136
|
|
|
Cumulative adjustments
to calculate FFO (2)
|
|
180,514
|
|
|
156,295
|
|
|
310,790
|
|
|
291,028
|
|
|
FFO available to common
stockholders
|
|
288,338
|
|
|
251,489
|
|
|
565,441
|
|
|
497,164
|
|
|
Executive
severance charge (3)
|
|
—
|
|
|
—
|
|
|
3,463
|
|
|
—
|
|
|
Loss on
extinguishment of debt
|
|
—
|
|
|
—
|
|
|
9,819
|
|
|
—
|
|
|
Amortization of
share-based compensation
|
|
4,882
|
|
|
4,527
|
|
|
8,624
|
|
|
7,291
|
|
|
Amortization of
deferred financing costs (4)
|
|
1,476
|
|
|
1,133
|
|
|
2,836
|
|
|
2,173
|
|
|
Amortization of net
mortgage premiums
|
|
(356)
|
|
|
(354)
|
|
|
(710)
|
|
|
(708)
|
|
|
Loss on interest rate
swaps
|
|
1,306
|
|
|
686
|
|
|
1,992
|
|
|
1,364
|
|
|
Straight-line payments
from cross-currency swaps (5)
|
|
623
|
|
|
799
|
|
|
1,346
|
|
|
799
|
|
|
Leasing costs and
commissions
|
|
(973)
|
|
|
(707)
|
|
|
(1,111)
|
|
|
(1,030)
|
|
|
Recurring capital
expenditures
|
|
(21)
|
|
|
(116)
|
|
|
(21)
|
|
|
(172)
|
|
|
Straight-line
rent
|
|
(6,242)
|
|
|
(7,230)
|
|
|
(14,024)
|
|
|
(12,092)
|
|
|
Amortization of above
and below-market leases, net
|
|
6,087
|
|
|
3,627
|
|
|
12,517
|
|
|
7,741
|
|
|
Other adjustments
(6)
|
|
121
|
|
|
81
|
|
|
2,291
|
|
|
139
|
|
|
AFFO available to
common stockholders
|
|
$
|
295,241
|
|
|
$
|
253,935
|
|
|
$
|
592,463
|
|
|
$
|
502,669
|
|
|
AFFO allocable to
dilutive noncontrolling interests
|
|
356
|
|
|
368
|
|
|
732
|
|
|
—
|
|
|
Diluted AFFO
|
|
$
|
295,597
|
|
|
$
|
254,303
|
|
|
$
|
593,195
|
|
|
$
|
502,669
|
|
|
|
|
|
|
|
|
|
|
|
AFFO per common
share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.86
|
|
|
$
|
0.82
|
|
|
$
|
1.74
|
|
|
$
|
1.64
|
|
|
Diluted
|
|
$
|
0.86
|
|
|
$
|
0.82
|
|
|
$
|
1.74
|
|
|
$
|
1.63
|
|
|
|
|
|
|
|
|
|
|
|
Distributions paid to
common stockholders
|
|
$
|
240,470
|
|
|
$
|
208,864
|
|
|
$
|
474,294
|
|
|
$
|
413,410
|
|
|
|
|
|
|
|
|
|
|
|
AFFO available to
common stockholders in excess of distributions paid to common
stockholders
|
|
$
|
54,771
|
|
|
$
|
45,071
|
|
|
$
|
118,169
|
|
|
$
|
89,259
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares used for AFFO:
|
|
|
|
|
|
|
|
Basic
|
|
343,515,406
|
|
|
311,032,972
|
|
|
340,061,487
|
|
|
307,293,949
|
|
|
Diluted
|
|
344,148,378
|
|
|
311,785,281
|
|
|
340,744,384
|
|
|
307,580,127
|
|
|
|
|
(1)
|
The three and six
months ended June 30, 2020 includes $14.1 million of rent deferred
as a result of lease concessions we granted in response to the
COVID-19 pandemic and recognized under the practical expedient
provided by the FASB and $46.1 million of uncollected rent from the
second quarter for which we have not granted a lease concession. As
of June 30, 2020, collection of the $60.2 million of unpaid rent is
probable. Deferrals accounted for as modifications totaling
$161,000 for the three and six months ended June 30, 2020 have not
been added back to AFFO.
|
|
(2)
|
See FFO calculation
on page eight for reconciling items.
|
|
(3)
|
The executive
severance charge represents the incremental costs incurred upon our
former CFO's departure in March 2020, consisting of $1.6 million of
cash, $1.8 million of share-based compensation expense and $58,000
of professional fees.
|
|
(4)
|
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 notes payable, mortgages and term
loans. No costs associated with our credit facility agreements
or annual fees paid to credit rating agencies have been
included.
|
|
(5)
|
Straight-line
payments from cross-currency swaps represent quarterly payments in
U.S. dollars received by us from counterparties in exchange for
associated foreign currency payments. These USD payments are fixed
and determinable for the duration of the associated hedging
transaction.
|
|
(6)
|
Includes adjustments
allocable to noncontrolling interests, obligations related to
financing lease liabilities, and foreign currency gains and losses
as a result of intercompany debt and remeasurement
transactions.
|
|
HISTORICAL FFO AND
AFFO
(dollars in
thousands, except per share amounts)
|
|
|
For the three months
ended June 30,
|
|
2020
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common stockholders
|
|
$
|
107,824
|
|
|
$
|
95,194
|
|
|
$
|
96,380
|
|
|
$
|
81,136
|
|
|
$
|
69,045
|
|
|
Depreciation and
amortization, net of furniture, fixtures and equipment
|
|
168,176
|
|
|
150,279
|
|
|
133,831
|
|
|
122,939
|
|
|
110,147
|
|
|
Provisions for
impairment
|
|
13,869
|
|
|
13,061
|
|
|
3,951
|
|
|
2,274
|
|
|
6,269
|
|
|
Gain on sales of real
estate
|
|
(1,323)
|
|
|
(6,891)
|
|
|
(7,787)
|
|
|
(2,839)
|
|
|
(8,658)
|
|
|
FFO adjustments
allocable to noncontrolling interests
|
|
(208)
|
|
|
(154)
|
|
|
(293)
|
|
|
(238)
|
|
|
(155)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO
|
|
$
|
288,338
|
|
|
$
|
251,489
|
|
|
$
|
226,082
|
|
|
$
|
203,272
|
|
|
$
|
176,648
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per diluted
share
|
|
$
|
0.84
|
|
|
$
|
0.81
|
|
|
$
|
0.79
|
|
|
$
|
0.75
|
|
|
$
|
0.70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFFO
|
|
$
|
295,241
|
|
|
$
|
253,935
|
|
|
$
|
226,988
|
|
|
$
|
208,388
|
|
|
$
|
180,876
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFFO per diluted
share
|
|
$
|
0.86
|
|
|
$
|
0.82
|
|
|
$
|
0.80
|
|
|
$
|
0.76
|
|
|
$
|
0.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends paid per
share
|
|
$
|
0.699
|
|
|
$
|
0.678
|
|
|
$
|
0.659
|
|
|
$
|
0.633
|
|
|
$
|
0.597
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding - FFO
|
|
344,148,378
|
|
|
311,785,281
|
|
|
285,372,256
|
|
|
273,187,669
|
|
|
254,254,243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding - AFFO
|
|
344,148,378
|
|
|
311,785,281
|
|
|
285,372,256
|
|
|
273,187,669
|
|
|
253,937,221
|
|
|
|
For the six months
ended June 30,
|
|
2020
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common stockholders
|
|
$
|
254,651
|
|
|
$
|
206,136
|
|
|
$
|
179,543
|
|
|
$
|
152,722
|
|
|
$
|
132,518
|
|
|
Depreciation and
amortization, net of furniture, fixtures and equipment
|
|
332,635
|
|
|
287,641
|
|
|
264,775
|
|
|
243,879
|
|
|
217,887
|
|
|
Provisions for
impairment
|
|
18,347
|
|
|
17,733
|
|
|
18,172
|
|
|
7,706
|
|
|
8,192
|
|
|
Gain on sales of real
estate
|
|
(39,829)
|
|
|
(14,154)
|
|
|
(11,005)
|
|
|
(13,371)
|
|
|
(10,948)
|
|
|
FFO adjustments
allocable to noncontrolling interests
|
|
(363)
|
|
|
(192)
|
|
|
(521)
|
|
|
(453)
|
|
|
(373)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO
|
|
$
|
565,441
|
|
|
$
|
497,164
|
|
|
$
|
450,964
|
|
|
$
|
390,483
|
|
|
$
|
347,276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per diluted
share
|
|
$
|
1.66
|
|
|
$
|
1.62
|
|
|
$
|
1.58
|
|
|
$
|
1.46
|
|
|
$
|
1.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFFO
|
|
$
|
592,463
|
|
|
$
|
502,669
|
|
|
$
|
451,549
|
|
|
$
|
409,723
|
|
|
$
|
356,793
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFFO per diluted
share
|
|
$
|
1.74
|
|
|
$
|
1.63
|
|
|
$
|
1.59
|
|
|
$
|
1.53
|
|
|
$
|
1.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends paid per
share
|
|
$
|
1.392
|
|
|
$
|
1.350
|
|
|
$
|
1.309
|
|
|
$
|
1.257
|
|
|
$
|
1.185
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding - FFO
|
|
340,744,384
|
|
|
308,000,806
|
|
|
284,924,336
|
|
|
268,569,855
|
|
|
252,073,685
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding - AFFO
|
|
340,744,384
|
|
|
307,580,127
|
|
|
284,924,336
|
|
|
268,658,037
|
|
|
252,378,957
|
|
|
REALTY INCOME
CORPORATION AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
(dollars in
thousands, except per share data) (unaudited)
|
|
|
|
June 30,
2020
|
|
December 31,
2019
|
|
ASSETS
|
|
|
|
|
|
Real estate held for
investment, at cost:
|
|
|
|
|
|
Land
|
|
$
|
5,772,734
|
|
|
$
|
5,684,034
|
|
|
Buildings and
improvements
|
|
14,096,997
|
|
|
13,833,882
|
|
|
Total real estate held
for investment, at cost
|
|
19,869,731
|
|
|
19,517,916
|
|
|
Less accumulated
depreciation and amortization
|
|
(3,367,420)
|
|
|
(3,117,919)
|
|
|
Real estate held for
investment, net
|
|
16,502,311
|
|
|
16,399,997
|
|
|
Real estate and lease
intangibles held for sale, net
|
|
40,551
|
|
|
96,775
|
|
|
Cash and cash
equivalents
|
|
35,345
|
|
|
54,011
|
|
|
Short-term
investment
|
|
300,000
|
|
|
—
|
|
|
Accounts
receivable
|
|
255,609
|
|
|
181,969
|
|
|
Lease intangible
assets, net
|
|
1,508,177
|
|
|
1,493,383
|
|
|
Other assets,
net
|
|
460,554
|
|
|
328,661
|
|
|
Total
assets
|
|
$
|
19,102,547
|
|
|
$
|
18,554,796
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
Distributions
payable
|
|
$
|
81,384
|
|
|
$
|
76,728
|
|
|
Accounts payable and
accrued expenses
|
|
201,176
|
|
|
177,039
|
|
|
Lease intangible
liabilities, net
|
|
322,744
|
|
|
333,103
|
|
|
Other
liabilities
|
|
248,547
|
|
|
262,221
|
|
|
Line of credit
payable
|
|
628,551
|
|
|
704,335
|
|
|
Term loans,
net
|
|
249,258
|
|
|
499,044
|
|
|
Mortgages payable,
net
|
|
394,816
|
|
|
410,119
|
|
|
Notes payable,
net
|
|
6,602,152
|
|
|
6,288,049
|
|
|
Total
liabilities
|
|
8,728,628
|
|
|
8,750,638
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
Common stock and paid
in capital, par value $0.01 per share, 740,200,000 shares
authorized, 345,023,421 and 333,619,106 shares issued and
outstanding as of June 30, 2020 and December 31, 2019,
respectively
|
|
13,704,121
|
|
|
12,873,849
|
|
|
Distributions in excess
of net income
|
|
(3,306,588)
|
|
|
(3,082,291)
|
|
|
Accumulated other
comprehensive loss
|
|
(53,084)
|
|
|
(17,102)
|
|
|
Total stockholders'
equity
|
|
10,344,449
|
|
|
9,774,456
|
|
|
Noncontrolling
interests
|
|
29,470
|
|
|
29,702
|
|
|
Total
equity
|
|
10,373,919
|
|
|
9,804,158
|
|
|
Total liabilities and
equity
|
|
$
|
19,102,547
|
|
|
$
|
18,554,796
|
|
|
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%
|
|
2017
|
4.5%
|
|
3.6%
|
|
3.9%
|
|
8.7%
|
|
2.2%
|
|
28.1%
|
|
1.9%
|
|
21.8%
|
|
1.1%
|
|
28.2%
|
|
2018
|
4.2%
|
|
15.2%
|
|
4.4%
|
|
(4.0%)
|
|
2.5%
|
|
(3.5%)
|
|
2.2%
|
|
(4.4%)
|
|
1.4%
|
|
(3.9%)
|
|
2019
|
3.7%
|
|
21.1%
|
|
3.7%
|
|
28.7%
|
|
2.4%
|
|
25.3%
|
|
1.9%
|
|
31.5%
|
|
1.1%
|
|
35.2%
|
|
Q2 2020
|
4.7%
|
|
(17.3%)
|
|
4.0%
|
|
(13.3%)
|
|
2.4%
|
|
(8.4%)
|
|
1.9%
|
|
(3.1%)
|
|
0.9%
|
|
12.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compound
Average
Annual Total
Return (5)
|
|
15.3%
|
|
|
|
10.0%
|
|
|
|
10.1%
|
|
|
|
9.7%
|
|
|
|
10.5%
|
|
|
|
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 as NASDAQ did not report total return
metrics for the entirety of the measurement period. Source:
Factset.
|
|
(5)
|
All of these Compound
Average Annual Total Return rates are calculated in the same manner
for each period from Realty Income's NYSE listing on October 18,
1994 through June 30, 2020, and (except for NASDAQ) assume
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.
|
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SOURCE Realty Income Corporation