SAN DIEGO, May 1, 2019 /PRNewswire/ -- Realty Income
Corporation (Realty Income, NYSE: O), The Monthly Dividend
Company®, today announced operating results for the
first quarter ended March 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 quarter ended March 31,
2019:
- Net income per share was $0.37
- AFFO per share increased 3.8% to $0.82, compared to the quarter ended March 31, 2018
- Invested $519.5 million in 105
new properties and properties under development or expansion
CEO Comments
"We completed another strong quarter, investing $519.5 million in high quality real estate at
investment spreads well above our historical average," said
Sumit Roy, President and Chief
Executive Officer. "Our domestic investment pipeline remains
robust, as we reviewed $11.7 billion
of acquisition opportunities during the quarter. Our portfolio
continues to perform well, and we generated a rent recapture rate
of 104.7% on properties re-leased during the quarter."
"Subsequent to quarter-end, we announced our company's expansion
into international investments through a £429.0 million
sale-leaseback transaction with Sainsbury's, a major UK supermarket
chain, which represents a natural evolution of our company's
strategy. We expect to establish and grow our international
platform, and we are well-positioned to utilize our portable cost
of capital, size, and scale advantages to pursue additional
opportunities in the UK and mainland Europe."
Financial Results
Revenue
Revenue for the quarter ended
March 31, 2019, increased 11.3% to
$354.4 million, as compared to
$318.3 million for the same quarter
in 2018.
Net Income Available to Common Stockholders
Net
income available to common stockholders for the quarter ended
March 31, 2019, was $110.9 million, as compared to $83.2 million for the same quarter in 2018. Net
income per share for the quarter ended March
31, 2019, was $0.37, as
compared to $0.29 for the same
quarter in 2018.
The calculation to determine net income for a real estate
company includes impairments and gains on property sales. 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 March 31, 2019, increased to $245.7 million, as compared to $224.9 million for the same quarter in 2018. FFO
per share for the quarter ended March 31,
2019, increased to $0.81, as
compared to $0.79 for the same
quarter in 2018.
Adjusted Funds From Operations Available to Common
Stockholders (AFFO)
AFFO for the quarter ended
March 31, 2019, increased 10.7% to
$248.7 million, as compared to
$224.6 million for the same quarter
in 2018. AFFO per share for the quarter ended March 31, 2019, increased 3.8% to $0.82, as compared to $0.79 for the same quarter in 2018.
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 March 2019, Realty Income announced the
86th consecutive quarterly dividend increase, which is
the 101st 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 March 31, 2019 was $2.712 per share. The amount of monthly dividends
paid per share increased 3.2% to $0.672 in the first quarter of 2019, as compared
to $0.651 for the same quarter of
2018. During the first quarter of 2019, the company distributed
$204.5 million in common dividends to
shareholders, representing 82.2% of its AFFO of $248.7 million.
Real Estate Portfolio Update
As of March 31, 2019, Realty Income's portfolio of
freestanding, single-tenant properties consisted of 5,876
properties located in 49 states and Puerto Rico, leased to 261 different
commercial tenants, and doing business in 48 industries. The
properties are leased under long-term, net lease agreements with a
weighted average remaining lease term of 9.2 years.
Asset Management Activities
The company's
portfolio of commercial real estate, owned primarily under
long-term net leases, continues to perform well and provides
dependable rental revenue supporting the payment of monthly
dividends. As of March 31, 2019,
portfolio occupancy was 98.3% with 102 properties available for
lease out of a total of 5,876 properties in the portfolio, as
compared to 98.6% as of December 31,
2018 and March 31, 2018. Economic occupancy, or
occupancy as measured by rental revenue, was 98.8% as of
March 31, 2019, as compared to 99.0% as of December 31, 2018 and 98.8% as of March 31,
2018.
Since December 31, 2018, when the
company reported 80 properties available for lease, the company had
108 lease expirations, re-leased 71 properties and sold 15 vacant
properties during the quarter ended March 31, 2019. Of the 71
properties re-leased during the first quarter of 2019, 66
properties were re-leased to the same tenants, four were re-leased
to new tenants without vacancy, and one was re-leased to a new
tenant after a period of vacancy. The annual new rent on these
re-leases was $17.8 million, as
compared to the previous annual rent of $17.0 million on the same properties,
representing a rent recapture rate of 104.7% on the properties
re-leased during the quarter ended March 31, 2019.
Rent Increases
During the quarter ended
March 31, 2019, same store rents on 4,891 properties under
lease increased 1.5% to $298.6
million, as compared to $294.1
million for the same quarter in 2018.
Investments in Real Estate
During the quarter
ended March 31, 2019, Realty Income invested $519.5 million in 105 new properties and
properties under development or expansion, located in 25 states.
These properties are 100% leased with a weighted average lease term
of approximately 17.0 years and an initial average cash lease yield
of 6.7%. The tenants occupying the new properties operate in 14
industries, and are 98.7% retail and 1.3% industrial, based on
rental revenue. Approximately 31% of the rental revenue generated
from acquisitions during the first quarter of 2019 is from
investment grade rated tenants and their subsidiaries.
On April 22, 2019, we announced
that we have signed a definitive agreement to acquire, from a joint
venture of affiliates of J Sainsbury PLC ("Sainsbury's") and
British Land PLC, 12 properties located in the United Kingdom for £429.0 million, or
approximately $557.0 million as of
April 22, 2019 using a conversion
rate of 1.2982, under long-term net lease agreements with
Sainsbury's, which represents our first international real estate
investment. The sale-leaseback transaction with Sainsbury's is
executed at a 5.31% GBP initial cap rate, includes annual rent
increases over the duration of the lease term, and carries a
weighted average lease term of approximately 15 years. As
previously announced, we have increased our 2019 AFFO guidance to
$3.28 - $3.33 from $3.25 -
$3.31. The transaction is expected to
close on or around May 22, 2019,
subject to customary closing conditions.
Property Dispositions
During the quarter ended
March 31, 2019, Realty Income sold 19
properties for $22.5 million, with a
gain on sales of $7.3 million.
Liquidity and Capital Markets
Capital Raising
During the quarter ended
March 31, 2019, Realty Income raised
$2.2 million from the sale of common
stock at a weighted average price of $67.85 per share.
Credit Facility
Realty Income has a
$3.25 billion unsecured credit
facility, which is comprised of a $3.0
billion revolving credit facility, with an initial term that
expires in March 2023 (subject to two
six-month options to extend), and a $250.0
million term loan due March
2024. The revolving credit facility also has a $1.0 billion expansion feature. As of
March 31, 2019, we had a borrowing
capacity of $2.2 billion available on
our revolving credit facility.
2019 Earnings Guidance
We estimate AFFO per share for 2019 of $3.28 to $3.33.
AFFO adjusts FFO for unique revenue and expense items, which are
not as pertinent to the measurement of Realty Income's ongoing
operating performance.
We estimate FFO per share for 2019 of $3.26 to $3.31. FFO
per share for 2019 is based on a net income per share range of
$1.39 to $1.44, plus estimated real estate depreciation
and impairments of $1.92 per share,
and reduced by potential estimated gains on sales of investment
properties of $0.05 per share (in
accordance with NAREIT's definition of FFO).
Additional earnings guidance detail can be found in Realty
Income's supplemental materials available on Realty Income's
corporate website at
www.realtyincome.com/investors/financial-information/quarterly-results.
Conference Call Information
In conjunction with the release of Realty Income's operating
results, the company will host a conference call on May 2, 2019 at 11:30 a.m.
PT to discuss the results. To access the conference, dial
(888) 220-8451. When prompted, provide the conference ID
3828213.
A telephone replay of the conference call can also be accessed
by calling (888) 203-1112 and entering the passcode 3828213. The
telephone replay will be available through May 16, 2019. 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 May 16, 2019. No access code is required for this
replay.
Supplemental Materials
Supplemental materials on first quarter 2019 operating results
are available on Realty Income's 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
5,800 real estate properties owned under long-term lease agreements
with regional and national commercial tenants. To date, the company
has declared 586 consecutive common stock monthly dividends
throughout its 50-year operating history and increased the dividend
101 times since Realty Income's public listing in 1994 (NYSE: O).
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 and foreign 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
|
|
|
Ended
3/31/19
|
|
Ended
3/31/18
|
|
REVENUE
|
|
|
|
|
|
Rental (including
reimbursable)
|
|
$
|
354,037
|
|
|
$
|
317,848
|
|
|
Other
|
|
328
|
|
|
447
|
|
|
Total
revenue
|
|
354,365
|
|
|
318,295
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
Depreciation and
amortization
|
|
137,517
|
|
|
131,103
|
|
|
Interest
|
|
70,020
|
|
|
59,415
|
|
|
General and
administrative
|
|
15,108
|
|
|
15,684
|
|
|
Property (including
reimbursable)
|
|
21,636
|
|
|
16,552
|
|
|
Income
taxes
|
|
1,445
|
|
|
1,223
|
|
|
Provisions for
impairment
|
|
4,672
|
|
|
14,221
|
|
|
Total
expenses
|
|
250,398
|
|
|
238,198
|
|
|
Gain on sales of real
estate
|
|
7,263
|
|
|
3,218
|
|
|
Net income
|
|
111,230
|
|
|
83,315
|
|
|
Net income
attributable to noncontrolling interests
|
|
(288)
|
|
|
(152)
|
|
|
Net income available
to common stockholders
|
|
$
|
110,942
|
|
|
$
|
83,163
|
|
|
|
|
|
|
|
Funds from operations
available to common stockholders (FFO)
|
|
$
|
245,675
|
|
|
$
|
224,882
|
|
|
Adjusted funds from
operations available to common stockholders (AFFO)
|
|
$
|
248,734
|
|
|
$
|
224,560
|
|
|
|
|
|
|
|
Per share information
for common stockholders:
|
|
|
|
|
|
Net income, basic and
diluted
|
|
$
|
0.37
|
|
|
$
|
0.29
|
|
|
|
|
|
|
|
FFO, basic and
diluted
|
|
$
|
0.81
|
|
|
$
|
0.79
|
|
|
|
|
|
|
|
AFFO, basic and
diluted
|
|
$
|
0.82
|
|
|
$
|
0.79
|
|
|
|
|
|
|
|
Cash dividends paid
per common share
|
|
$
|
0.672
|
|
|
$
|
0.651
|
|
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
|
|
|
Ended
3/31/19
|
|
Ended
3/31/18
|
|
|
|
|
|
|
Net income available
to common stockholders
|
|
$
|
110,942
|
|
|
$
|
83,163
|
|
|
Depreciation and
amortization
|
|
137,517
|
|
|
131,103
|
|
|
Depreciation of
furniture, fixtures and equipment
|
|
(155)
|
|
|
(159)
|
|
|
Provisions for
impairment
|
|
4,672
|
|
|
14,221
|
|
|
Gain on sales of real
estate
|
|
(7,263)
|
|
|
(3,218)
|
|
|
FFO adjustments
allocable to noncontrolling interests
|
|
(38)
|
|
|
(228)
|
|
|
FFO available to
common stockholders
|
|
$
|
245,675
|
|
|
$
|
224,882
|
|
|
FFO allocable to
dilutive noncontrolling interests
|
|
—
|
|
|
218
|
|
|
Diluted
FFO
|
|
$
|
245,675
|
|
|
$
|
225,100
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per common share,
basic and diluted
|
|
$
|
0.81
|
|
|
$
|
0.79
|
|
|
|
|
|
|
|
Distributions paid to
common stockholders
|
|
$
|
204,546
|
|
|
$
|
185,556
|
|
|
|
|
|
|
|
FFO available to
common stockholders in excess of distributions paid to common
stockholders
|
|
$
|
41,129
|
|
|
$
|
39,326
|
|
|
|
|
|
|
|
Weighted average
number of common shares used for FFO:
|
|
|
|
Basic
|
|
303,528,336
|
|
|
283,917,418
|
|
|
Diluted
|
|
303,819,878
|
|
|
284,345,328
|
|
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
|
|
|
Ended
3/31/19
|
|
Ended
3/31/18
|
|
Net income available
to common stockholders
|
|
$
|
110,942
|
|
|
$
|
83,163
|
|
|
Cumulative
adjustments to calculate FFO (1)
|
|
134,733
|
|
|
141,719
|
|
|
FFO available to
common stockholders
|
|
245,675
|
|
|
224,882
|
|
|
Amortization of
share-based compensation
|
|
2,764
|
|
|
3,662
|
|
|
Amortization of
deferred financing costs (2)
|
|
1,040
|
|
|
844
|
|
|
Amortization of net
mortgage premiums
|
|
(354)
|
|
|
(459)
|
|
|
Loss (gain) on
interest rate swaps
|
|
678
|
|
|
(2,007)
|
|
|
Leasing costs and
commissions
|
|
(323)
|
|
|
(917)
|
|
|
Recurring capital
expenditures
|
|
(56)
|
|
|
(11)
|
|
|
Straight-line
rent
|
|
(4,862)
|
|
|
(5,365)
|
|
|
Amortization of above
and below-market leases
|
|
4,114
|
|
|
3,864
|
|
|
Other adjustments
(3)
|
|
58
|
|
|
67
|
|
|
AFFO available to
common stockholders
|
|
$
|
248,734
|
|
|
$
|
224,560
|
|
|
AFFO allocable to
dilutive noncontrolling interests
|
|
—
|
|
|
229
|
|
|
Diluted
AFFO
|
|
$
|
248,734
|
|
|
$
|
224,789
|
|
|
|
|
|
|
|
AFFO per common
share, basic and diluted
|
|
$
|
0.82
|
|
|
$
|
0.79
|
|
|
|
|
|
|
|
Distributions paid to
common stockholders
|
|
$
|
204,546
|
|
|
$
|
185,556
|
|
|
|
|
|
|
|
AFFO available to
common stockholders in excess of distributions paid to common
stockholders
|
|
$
|
44,188
|
|
|
$
|
39,004
|
|
|
|
|
|
|
|
Weighted average
number of common shares used for AFFO:
|
|
|
|
Basic
|
|
303,528,336
|
|
|
283,917,418
|
|
|
Diluted
|
|
303,819,878
|
|
|
284,345,328
|
|
|
|
|
(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 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.
|
|
(3)
|
Includes adjustments
allocable to both noncontrolling interests and obligations related
to financing lease liabilities.
|
|
HISTORICAL FFO AND
AFFO
(dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended March 31,
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common stockholders
|
|
$
|
110,942
|
|
|
$
|
83,163
|
|
|
$
|
71,586
|
|
|
$
|
63,473
|
|
|
$
|
60,494
|
|
|
Depreciation and
amortization, net of furniture, fixtures and equipment
|
|
137,362
|
|
|
130,944
|
|
|
120,940
|
|
|
107,740
|
|
|
97,852
|
|
|
Provisions for
impairment
|
|
4,672
|
|
|
14,221
|
|
|
5,433
|
|
|
1,923
|
|
|
2,087
|
|
|
Gain on sales of real
estate
|
|
(7,263)
|
|
|
(3,218)
|
|
|
(10,532)
|
|
|
(2,289)
|
|
|
(7,218)
|
|
|
FFO adjustments
allocable to noncontrolling interests
|
|
(38)
|
|
|
(228)
|
|
|
(214)
|
|
|
(218)
|
|
|
(315)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO
|
|
$
|
245,675
|
|
|
$
|
224,882
|
|
|
$
|
187,213
|
|
|
$
|
170,629
|
|
|
$
|
152,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per diluted
share
|
|
$
|
0.81
|
|
|
$
|
0.79
|
|
|
$
|
0.71
|
|
|
$
|
0.68
|
|
|
$
|
0.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFFO
|
|
$
|
248,734
|
|
|
$
|
224,560
|
|
|
$
|
201,336
|
|
|
$
|
175,918
|
|
|
$
|
152,121
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFFO per diluted
share
|
|
$
|
0.82
|
|
|
$
|
0.79
|
|
|
$
|
0.76
|
|
|
$
|
0.70
|
|
|
$
|
0.67
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends paid
per share
|
|
$
|
0.672
|
|
|
$
|
0.651
|
|
|
$
|
0.624
|
|
|
$
|
0.588
|
|
|
$
|
0.561
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding - FFO
|
|
303,819,878
|
|
|
284,345,328
|
|
|
263,934,304
|
|
|
250,381,001
|
|
|
225,508,832
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding - AFFO
|
|
303,819,878
|
|
|
284,345,328
|
|
|
264,022,486
|
|
|
250,381,001
|
|
|
225,508,832
|
|
|
REALTY INCOME
CORPORATION AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
(dollars in
thousands, except per share data)
|
|
.
|
|
|
March 31,
2019
|
|
December 31,
2018
|
|
ASSETS
|
|
(unaudited)
|
|
|
|
Real estate, at
cost:
|
|
|
|
|
|
Land
|
|
$
|
4,751,091
|
|
|
$
|
4,682,660
|
|
|
Buildings and
improvements
|
|
12,178,429
|
|
|
11,858,806
|
|
|
Total real estate, at
cost
|
|
16,929,520
|
|
|
16,541,466
|
|
|
Less accumulated
depreciation and amortization
|
|
(2,809,690)
|
|
|
(2,714,534)
|
|
|
Net real estate held
for investment
|
|
14,119,830
|
|
|
13,826,932
|
|
|
Real estate held for
sale, net
|
|
22,064
|
|
|
16,585
|
|
|
Net real
estate
|
|
14,141,894
|
|
|
13,843,517
|
|
|
Cash and cash
equivalents
|
|
2,997
|
|
|
10,387
|
|
|
Accounts
receivable
|
|
151,341
|
|
|
144,991
|
|
|
Lease intangible
assets, net
|
|
1,205,147
|
|
|
1,199,597
|
|
|
Goodwill
|
|
14,597
|
|
|
14,630
|
|
|
Other assets,
net
|
|
246,932
|
|
|
47,361
|
|
|
Total
assets
|
|
$
|
15,762,908
|
|
|
$
|
15,260,483
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
Distributions
payable
|
|
$
|
69,258
|
|
|
$
|
67,789
|
|
|
Accounts payable and
accrued expenses
|
|
114,225
|
|
|
133,765
|
|
|
Lease intangible
liabilities, net
|
|
311,331
|
|
|
310,866
|
|
|
Other
liabilities
|
|
243,591
|
|
|
127,109
|
|
|
Line of credit
payable
|
|
838,000
|
|
|
252,000
|
|
|
Term loans,
net
|
|
498,722
|
|
|
568,610
|
|
|
Mortgages payable,
net
|
|
300,993
|
|
|
302,569
|
|
|
Notes payable,
net
|
|
5,377,712
|
|
|
5,376,797
|
|
|
Total
liabilities
|
|
7,753,832
|
|
|
7,139,505
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
Common stock and paid
in capital, par value $0.01 per share, 370,100,000 shares
authorized, 303,807,421 shares issued and outstanding as of March
31, 2019 and 303,742,090 shares issued and outstanding as of
December 31, 2018
|
|
10,748,467
|
|
|
10,754,495
|
|
|
Distributions in
excess of net income
|
|
(2,752,775)
|
|
|
(2,657,655)
|
|
|
Accumulated other
comprehensive loss
|
|
(11,797)
|
|
|
(8,098)
|
|
|
Total stockholders'
equity
|
|
7,983,895
|
|
|
8,088,742
|
|
|
Noncontrolling
interests
|
|
25,181
|
|
|
32,236
|
|
|
Total
equity
|
|
8,009,076
|
|
|
8,120,978
|
|
|
Total liabilities and
equity
|
|
$
|
15,762,908
|
|
|
$
|
15,260,483
|
|
|
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%)
|
|
Q1 2019
|
3.7%
|
|
17.8%
|
|
3.7%
|
|
17.2%
|
|
2.3%
|
|
11.8%
|
|
2.0%
|
|
13.6%
|
|
1.0%
|
|
16.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compound
Average
Annual Total
Return (5)
|
|
16.9%
|
|
|
|
10.7%
|
|
|
|
10.6%
|
|
|
|
9.7%
|
|
|
|
9.9%
|
|
|
Note: The
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)
|
The Compound Average
Annual Total Return rates are calculated in the same manner: from
Realty Income's NYSE listing on October 18, 1994 through March
31, 2019, 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.
|
View original content to download
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SOURCE Realty Income Corporation