JR Research is an opportunistic investor. He was recognized by TipRanks as a Top Analyst. He was also recognized by Seeking Alpha as a "Top Analyst To Follow" for Technology, Software, and Internet, as well as for Growth and GARP. He identifies attractive risk/reward opportunities supported by robust price action to potentially generate alpha well above the S&P 500. He has also demonstrated outperformance with his picks. He focuses on identifying growth investing opportunities that present the most attracti ...

Realty Income (NYSE: O ) is one of the most popular (if not the most popular) REITs in the market. It is one of retail investors' favourites and a member of the highly valued S&P 500 Dividend Aristocrats. Thirty years ofWelcome to Cash Flow Venue, where dividends do the heavy lifting! Blending my financial chops with the timeless wisdom of value investing (and love for steady income), I’ve built a rock-solid pillar in my financial foundation through dividend investing. I believe it’s one of the most accessi ...

If you're looking for a way to boost your income stream while barely lifting a finger, high-yield dividend stocks are a great way to make it happen. While many investors are poring over every development in the artificial intelligence (AI) space, plenty of quality businesses that distribute steadily growing profits are being ignored.At the moment, you can get a yield of 5.6% from two extremely reliable real estate investment trusts (REITs). W.P. Carey (WPC 2.54%) and Realty Income (O -1.87%) own thousands o ...

Financial Data and Key Metrics Changes - Realty Income achieved AFFO per share growth of 4.8% in 2024, marking the fourteenth consecutive year of growth, with a total operational return of 10.2% for the year [5][6] - The fourth quarter AFFO per share was $1.05, representing a growth of 4% [10] - The company ended the year with a net debt to annualized pro forma adjusted EBITDA of 5.4 times and a fixed charge coverage ratio of 4.7 times [24][25] Business Line Data and Key Metrics Changes - In 2024, Realty Income invested $3.9 billion at a 7.4% weighted average initial cash yield, with 57% of annualized cash income generated from investment-grade clients [8][10] - The company completed 73 discrete transactions in the fourth quarter, with significant investments in both the US ($1.1 billion at a 6.4% yield) and Europe ($650 million at an 8.2% yield) [11][12] - The company sold 80 properties in the fourth quarter for total net proceeds of $138 million, contributing to $589 million from the sale of 294 properties for the full year [15] Market Data and Key Metrics Changes - Realty Income's portfolio occupancy rate remained stable at 98.7% [13] - The company anticipates approximately $4 billion in investment volume for 2025, with a focus on various property types and industries [16] Company Strategy and Development Direction - Realty Income aims to continue driving growth in its core business while exploring new avenues for value generation [6][16] - The company is expanding its private capital initiative to leverage its platform for further investment opportunities [22] - The company remains committed to maintaining a disciplined capital allocation strategy and enhancing its portfolio quality through strategic dispositions [15][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to navigate macroeconomic challenges and highlighted a robust pipeline of investment opportunities [16][31] - The company is cautious about tenant credit and potential impacts from economic volatility, particularly in the retail sector [117][121] - Management expects to achieve AFFO per share growth in the range of 1.4% for 2025, factoring in potential rent losses and impacts from tenant moves [17][18] Other Important Information - Realty Income remains one of the S&P 500 Dividend Aristocrats, having increased its dividend for thirty consecutive years [26] - The company has authorized a $2 billion common stock repurchase program, intended to be leverage neutral [28] Q&A Session Summary Question: Cap rates and expectations going forward - Management expects cap rates to trend around the average seen in 2024 based on the current pipeline [35] Question: Capital recycling and funding acquisitions - Management indicated it is early to provide complete guidance on capital recycling but suggested it would play a role in funding future acquisitions [36] Question: Share repurchase program thresholds - Management clarified that share repurchases will only be conducted on a leverage-neutral basis using free cash flow and proceeds from asset dispositions [43] Question: Health of the overall portfolio and bad debt provisions - Management noted an increase in non-reimbursable expenses and a conservative approach to bad debt provisions, primarily due to a few tenants [46][48] Question: Transaction market split between US and Europe - Management indicated a balanced split between US and European transactions, with a focus on maintaining a robust pipeline [54] Question: Updates on private capital fund - Management stated it is too early to determine the size of the private capital fund, having just opened the data room [126] Question: Tenant credit watch list - Management reported a watch list of 4.8% of tenants, reflecting increased caution due to economic uncertainty [137]

Realty Income Corporation (NYSE:O) Q4 2024 Results Conference Call February 25, 2025 2:00 PM ET Company Participants Kelsey Mueller - Vice President, Investor Relations Sumit Roy - President & Chief Executive Officer Jonathan Pong - Chief Financial Officer & Treasurer Conference Call Participants Farrell Granath - BoA John Kilichowski - Wells Fargo Greg McGinniss - Scotiabank Ronald Kamdem - Morgan Stanley Maddie Fargis - Citi Brad Heffern - RBC Capital Markets Jay Kornreich - Wedbush Ravi Vaidya - Mizuho U ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2024, or ☐ Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 1-13374 REALTY INCOME CORPORATION (Exact name of registrant as specified in its charter) Maryland 33-0580106 (State or Other Jurisdiction of Incorporation or Organiz ...

Core Insights - Realty Income Corporation's fourth-quarter 2024 adjusted funds from operations (AFFO) per share was $1.05, slightly missing the Zacks Consensus Estimate of $1.06, but showing an increase from $1.01 in the prior-year quarter [1][2] - Total revenues for the quarter were $1.34 billion, falling short of the Zacks Consensus Estimate of $1.35 billion, yet reflecting a year-over-year growth of 24.5% [2] - The company reported a same-store rental revenue of $992.8 million, which increased by 0.8% year-over-year, with portfolio occupancy remaining stable at 98.7% [4] Financial Performance - In 2024, Realty Income achieved an AFFO per share of $4.19, meeting the Zacks Consensus Estimate and up from $4.00 the previous year [3] - Revenues for the year totaled $5.27 billion, a 29.2% increase year-over-year, although it was below the consensus mark of $5.29 billion [3] - The company invested $1.72 billion in 308 properties and developments during the fourth quarter [5] Balance Sheet and Liquidity - Realty Income ended the fourth quarter of 2024 with $3.7 billion in liquidity, which included $445 million in cash and cash equivalents, $91.8 million in unsettled At-The-Market forward equity, and $3.1 billion available under its unsecured revolving credit facility [6] - The net debt to annualized pro-forma adjusted EBITDAre ratio was reported at 5.4X [6] 2025 Guidance - Management anticipates 2025 AFFO per share to be in the range of $4.22 to $4.28, while the Zacks Consensus Estimate is higher at $4.32 [7] - Projections for the full year include an expected same-store rent growth of approximately 1% and occupancy levels exceeding 98% [7] - The company plans for a full-year investment volume of around $4 billion [7]

Core Viewpoint - Realty Income's fourth-quarter earnings report showed adjusted funds from operations (AFFO) in line with expectations, but the guidance for future AFFO fell short of analyst estimates, leading to a decline in share price [1][2][3]. Financial Performance - Realty Income reported adjusted funds from operations (AFFO) of $1.05, matching consensus estimates [2] - The company's revenue for the quarter was $1.34 billion, exceeding consensus estimates [2] - The guidance for AFFO in 2025 is projected to be between $4.22 and $4.28, below the $4.30 average estimate from Wall Street analysts [3] Dividend Information - Realty Income increased its quarterly dividend for the 109th consecutive time, with a 2.5% increase to $3.126 [3] - The current dividend yield stands at 5.78% [3] Investment Strategy - The company focuses on investing in real estate leased to clients in non-discretionary, low-price, service-oriented, and non-retail businesses [4] - Realty Income is exploring opportunities in the growing data center and gaming markets [4] - The company's strategy allows investors to benefit from a strong and growing dividend while management executes its plans [4]

Even though they might not be everybody's cup of tea, I really do appreciate REITs. Admittedly, there are all sorts of REITs and not all of them are attractive. But many of them are, and they have a history of generating consistentHe runs Crude Value Insights , a value-oriented newsletter aimed at analyzing the cash flows and assessing the value of companies in the oil and gas space. His primary focus is on finding businesses that are trading at a significant discount to their intrinsic value by employing a ...

Core Insights - Realty Income Corp. reported revenue of $1.34 billion for the quarter ended December 2024, reflecting a year-over-year increase of 24.5% [1] - The earnings per share (EPS) for the quarter was $1.05, significantly higher than the $0.30 reported in the same quarter last year [1] - The reported revenue was slightly below the Zacks Consensus Estimate of $1.35 billion, resulting in a revenue surprise of -0.91% [1] - The EPS fell short of the consensus estimate of $1.06, leading to an EPS surprise of -0.94% [1] Revenue Breakdown - Rental revenue (including reimbursable) was reported at $1.28 billion, slightly below the average estimate of $1.29 billion, but still showing a year-over-year increase of 24.4% [4] - Other revenue amounted to $60.60 million, exceeding the average estimate of $56.19 million, with a year-over-year growth of 27.4% [4] Stock Performance - Realty Income Corp.'s shares have returned +5.1% over the past month, outperforming the Zacks S&P 500 composite, which saw a -0.5% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]