Realty Income Announces Operating Results for the Three Months and Year Ended December 31, 2024

Core Insights - Realty Income Corporation reported a 4.8% increase in Adjusted Funds from Operations (AFFO) per share for 2024, marking the 14th consecutive year of growth in this metric [3][8] - The company achieved total revenue of $5.27 billion for the year ended December 31, 2024, up from$4.08 billion in 2023, reflecting a strong performance in its investment strategy [4][8] - A share repurchase program of up to $2.0 billion was authorized by the Board of Directors in February 2025, indicating confidence in the company's future growth [3][22] Financial Performance - For the three months ended December 31, 2024, total revenue was$1.34 billion, compared to $1.08 billion for the same period in 2023 [4] - Net income available to common stockholders for the year was$847.9 million, or $0.98 per share, down from$872.3 million, or $1.26 per share, in 2023 [4][8] - Funds from Operations (FFO) for the year increased to$3.47 billion, with FFO per share at $4.01, slightly down from$4.07 in 2023 [4][8] Investment Activity - The company invested $3.9 billion in real estate during 2024, achieving an initial weighted average cash yield of 7.4$3.168 per share [9] - The monthly dividend paid per share increased by 2.5% in 2024, reflecting a commitment to returning value to shareholders [9][10] Future Outlook - The company provided earnings guidance for 2025, projecting net income per share between $1.52 and$1.58 and AFFO per share between $4.22 and$4.28 [24] - Expected same-store rent growth is approximately 1.0%, with occupancy anticipated to remain over 98% [24][25]