– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
SAN DIEGO, May 4, 2022 /PRNewswire/ -- Realty Income Corporation (Realty Income,NYSE: O), The Monthly Dividend Company®, today announced operating results for the three months ended March 31, 2022. All per share amounts presented in this press release are on a diluted per common share basis unless stated otherwise.
COMPANY HIGHLIGHTS:
For the three months ended March 31, 2022:
Events subsequent to March 31, 2022:
"We are pleased with the continued momentum across all facets of our business and are proud of our team's accomplishments to start the year," said Sumit Roy, Realty Income's President and Chief Executive Officer. "Operations remain strong, and our business is, by design, well-positioned to excel amidst a variety of macroeconomic climates. During the quarter, we invested approximately $1.6 billion in high-quality real estate and are encouraged by a healthy pipeline of opportunities globally. In addition, our continued cost of capital advantage allows us to maintain accretive investment spreads while closing on transactions offering favorable risk-adjusted return profiles. I am energized by the collective talents of our Realty Income "One Team" and believe we are well-situated to continue generating value for our stakeholders."
Select Financial Results
The following summarizes our select financial results (dollars in millions, except per share data):
Three Months Ended March 31, |
||||
2022 |
2021 |
|||
Total revenue |
$ 807.3 |
$ 442.3 |
||
Net income available to common stockholders (1)(2) |
$ 199.4 |
$ 95.9 |
||
Net income per share |
$ 0.34 |
$ 0.26 |
||
Funds from operations available to common stockholders (FFO) (2)(3) |
$ 601.4 |
$ 267.7 |
||
FFO per share |
$ 1.01 |
$ 0.72 |
||
Normalized funds from operations available to common stockholders (Normalized FFO) (3) |
$ 607.9 |
$ 267.7 |
||
Normalized FFO per share |
$ 1.02 |
$ 0.72 |
||
Adjusted funds from operations available to common stockholders (AFFO) (3) |
$ 580.1 |
$ 318.2 |
||
AFFO per share
|
$ 0.98 |
$ 0.86 |
||
(1) |
The calculation to determine net income attributable to common stockholders includes provisions for impairment, gains on sales of real estate, and |
(2) |
Our financial results during the three months ended March 31, 2021 were impacted by a $46.5 million loss on extinguishment of debt due to the January |
(3) |
FFO, Normalized FFO, and AFFO are non-GAAP financial measures. Normalized FFO is based on FFO and adjusted to exclude merger and |
Dividend Increases
In March 2022, we announced the 98th consecutive quarterly dividend increase, which is the 115th increase in the amount of the dividend since our listing on the New York Stock Exchange (NYSE) in 1994. The annualized dividend amount as of March 31, 2022 was $2.964 per share. The amount of monthly dividends paid per share increased 5.1% to $0.7395 in 2022, as compared to $0.7035 in 2021. We distributed $438.3 million in common dividends to stockholders in 2022, representing 75.6% of our AFFO of $580.1 million.
Real Estate Portfolio Update
As of March 31, 2022, our portfolio consisted of 11,288 properties located in all 50 U.S. states, Puerto Rico, the U.K. and Spain, and leased to approximately 1,090 clients doing business in 70 separate industries. We own an actively managed, diversified portfolio of commercial properties under long-term, net lease agreements with a weighted average remaining lease term of approximately 8.9 years. Our portfolio of commercial real estate has historically provided dependable rental revenue supporting the payment of monthly dividends. As of March 31, 2022, portfolio occupancy was 98.6% with 156 properties available for lease or sale, as compared to 98.5% as of December 31, 2021 and 98.0% as of March 31, 2021.
Changes in Occupancy
Three months ended March 31, 2022 |
|
Properties available for lease at December 31, 2021 |
164 |
Lease expirations (1) |
133 |
Re-leases to same client |
(99) |
Re-leases to new client |
(11) |
Vacant dispositions |
(31) |
Properties available for lease at March 31, 2022 |
156 |
(1) Includes scheduled and unscheduled expirations (including leases rejected in bankruptcy), as well as future expirations resolved in the periods indicated above. |
|
During the three months ended March 31, 2022, the annual new rent on re-leases was $31.69 million, as compared to the previous annual rent of $29.84 million on the same units, representing a rent recapture rate of 106.2% on the units re-leased. We re-leased three units to new clients without a period of vacancy, and 12 units to new clients after a period of vacancy.
Investments in Real EstateThe following table summarizes our acquisitions in the U.S. and Europe for the periods indicated below:
Number of Properties |
Leasable Square Feet (in thousands) |
Investment ($ in millions) |
Weighted Average Lease Term (Years) |
Initial Weighted Average Cash Lease Yield (1) |
|||||
Three months ended March 31, 2022 |
|||||||||
Acquisitions - U.S. |
139 |
2,627 |
$ 629.8 |
15.0 |
5.7 % |
||||
Acquisitions - Europe |
21 |
2,772 |
794.2 |
8.9 |
5.5 % |
||||
Total acquisitions |
160 |
5,399 |
1,424.0 |
11.8 |
5.6 % |
||||
Properties under development (2) |
53 |
1,868 |
131.3 |
17.3 |
5.7 % |
||||
Total (3) |
213 |
7,267 |
$ 1,555.3 |
12.3 |
5.6 % |
(1) |
Initial weighted average cash lease yield is a supplemental operating measure. Please see the Glossary in the Supplemental Operating and |
(2) |
The three months ended March 31, 2022 includes £1.7 million of investments in one U.K. development property, converted at the applicable |
(3) |
Our clients occupying the new properties are 85.4% retail and 14.6% industrial, based on rental revenue. Approximately 26% of the rental |
Same Store Rental RevenueThe following summarizes our same store rental revenue on 9,728 properties under lease (dollars in millions):
Three Months Ended March 31, |
% Increase |
|||||
2022 |
2021 |
|||||
Rental revenue |
$ 629.9 |
$ 605.3 |
4.1 % |
|||
For purposes of comparability, same store rental revenue is presented on a constant currency basis using the exchange rate as of March 31, 2022 of 1.31 GBP/USD. None of the properties in Spain met our same store pool definition for the periods presented.
Beginning with the first quarter of 2022, properties acquired through the merger with VEREIT were considered under each element of our Same Store Pool criterion, except for the requirement that the property be owned for the full comparative period. If the property was owned by VEREIT for the full comparative period and each of the other criterion were met, the property was included in our same store property pool. Please see the Glossary to our Supplemental Operating and Financial Data for the three months ended March 31, 2022, which is available on our corporate website at www.realtyincome.com/investors/financial-information/quarterly-results, for the definition of our Same Store Pool.
Our calculation of same store rental revenue includes 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). Same store rental income was impacted by reserve reversals to rental revenue of $9.4 million for the three months ended March 31, 2022 compared to reserves to rental revenue of $(8.0) million for the three months ended March 31, 2021. Our calculation of same store rental revenue also includes uncollected rent for which 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 increase for the three months ended March 31, 2022 relative to the comparable period for 2021 would have been 4.4%.
Property DispositionsThe following summarizes our property dispositions (dollars in millions):
Three Months Ended March 31, 2022 |
||
Properties sold |
34 |
|
Net sales proceeds |
$ 122.2 |
|
Gain on sales of real estate |
$ 10.2 |
Liquidity and Capital Markets
Capital RaisingDuring the three months ended March 31, 2022, we raised $663.0 million from the sale of common stock at a weighted average price of $65.55 per share, primarily through our At-The-Market-Program.
In January 2022, we issued £250.0 million of 1.875% senior unsecured notes due January 2027 (the "January 2027 Notes") and £250.0 million of 2.500% senior unsecured notes due January 2042 (the "January 2042 Notes"). The public offering price for the January 2027 Notes was 99.487% of the principal amount, for an effective semi-annual yield to maturity of 1.974%, and the public offering price for the January 2042 Notes was 98.445% of the principal amount, for an effective semi-annual yield to maturity of 2.584%. Combined, the new issues of the January 2027 Notes and the January 2042 Notes have a weighted average term of approximately 12.5 years and a weighted average effective semi-annual yield to maturity of approximately 2.28%.
In April 2022, we entered into a definitive agreement for the private placement of £140 million of senior unsecured notes due 2030, £345 million of senior unsecured notes due 2032, and £115 million of senior unsecured notes due 2037. The combined notes, if issued, are expected to have a weighted average tenor of approximately 10.5 years, and a weighted average fixed interest rate of 3.22%. We currently anticipate closing to occur during the second quarter of 2022.
New, Expanded Revolving Credit FacilityIn April 2022, we entered a new $4.25 billion unsecured credit facility to amend and restate our previous $3.0 billion unsecured credit facility, which was due to expire in March 2023. The new revolving credit facility matures in June 2026 and includes two six-month extensions that can be exercised at our option. Similar to our previous revolving credit facility, the new revolving credit facility also has a $1.0 billion expansion feature, which is subject to obtaining lender commitments. As of March 31, 2022, the balance of borrowings outstanding under our previous revolving credit facility was $569.6 million, and we had a cash balance of $151.6 million.
Commercial Paper ProgramWe have a U.S. dollar-denominated unsecured commercial paper program, under which we may issue unsecured commercial paper notes up to a maximum aggregate amount outstanding of $1.0 billion, with proceeds used for general corporate purposes. We use our unsecured revolving credit facility as a liquidity backstop for the repayment of the notes issued under this program. As of March 31, 2022, we had $950.0 million in commercial paper borrowings.
Announcement of Transaction with Wynn ResortsIn February 2022, we announced that we had signed a definitive agreement with Wynn Resorts, Limited to acquire the Encore Boston Harbor Resort and Casino for $1.7 billion under a long-term net lease agreement. This sale-leaseback transaction, which is expected to close in the fourth quarter of 2022, is expected to be executed at a 5.9% initial weighted average cash lease yield and includes an initial lease term of 30 years with annual rent growth of 1.75% for the first ten years and the greater of 1.75% or CPI (capped at 2.5%) over the remaining lease term. The lease also includes an additional 30-year option to renew upon expiration. This transaction is subject to numerous uncertainties, including various closing conditions, and there can be no assurance that the transaction will be consummated on the terms or timetable currently contemplated, or at all. If completed, this property will be our first casino property.
Earnings Guidance
Summarized below are approximate estimates of the key components of our 2022 earnings guidance:
2022 Guidance |
|
Net income per share |
$1.08 to $1.25 |
Real estate depreciation and impairments per share |
$2.83 |
Gains on sales of properties per share |
$(0.03) |
Normalized FFO per share (1) |
$3.88 to $4.05 |
AFFO per share (1) |
$3.84 to $3.97 |
Same store rent growth |
~ 1.5% |
Occupancy |
~ 98% |
Cash G&A expenses (% of revenues) (2)(3) |
3.5% - 4.0% |
Property expenses (non-reimbursable) (% of revenues) (2) |
1.5% - 2.0% |
Income tax expenses |
$45 to $50 million |
Acquisition volume |
Over $5.0 billion |
(1) Normalized FFO per share and AFFO per share exclude merger and integration-related costs associated with our merger with VEREIT. |
|
(2) Revenue excludes contractually obligated reimbursements by our clients. Cash G&A excludes stock-based compensation expense. |
|
(3) G&A inclusive of stock-based compensation expense as a percentage of rental revenue, excluding reimbursements, is expected to be approximately 4.0% - 4.5% in 2022. |
|
Conference Call Information
In conjunction with the release of our operating results, we will host a conference call on May 5, 2022 at 11:30 a.m. PT to discuss the results. To access the conference call, dial (888) 440-5675 (United States) or (646) 960-0268 (International). When prompted, provide the conference ID 9982808.
A telephone replay of the conference call can also be accessed by calling (800) 770-2030 and entering the conference ID 9982808. The telephone replay will be available through May 19, 2022.
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 and Sustainability Report
Supplemental Operating and Financial Data for the three months ended March 31, 2022, including reconciliations for non-GAAP measures within the Glossary, are available on our corporate website at www.realtyincome.com/investors/financial-information/quarterly-results.
The Sustainability Report for the year ended December 31, 2021 is available on our corporate website at www.realtyincome.com/corporate-responsibility. During June 2021, we established our Green Financing Framework, which is also available on our corporate website at www.realtyincome.com/corporate-responsibility/Green-Financing-Framework.
About Realty Income
Realty Income, The Monthly Dividend Company®, is an S&P 500 company and member of the S&P 500 Dividend Aristocrats® index. We invest in people and places to deliver dependable monthly dividends that increase over time. The company is structured as a REIT, and its monthly dividends are supported by the cash flow from over 11,200 real estate properties owned under long-term net lease agreements with commercial clients. To date, the company has declared 622 consecutive common stock monthly dividends throughout its 53-year operating history and increased the dividend 115 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
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. When used in this press release, the words "estimated," "anticipated," "expect," "believe," "intend," and similar expressions are intended to identify forward-looking statements. Forward-looking statements also include discussions of future operations and results, strategy, plans, intentions of management, and the anticipated consummation of pending transactions. Forward-looking statements are subject to risks, uncertainties, and assumptions about us, which may cause our actual future results to differ materially from expected results. Some of the factors that could cause actual results to differ materially are, among others, our continued qualification as a real estate investment trust; general domestic and foreign business and economic conditions; competition; fluctuating interest and currency rates; access to debt and equity capital markets; continued volatility and uncertainty in the credit markets and broader financial markets; other risks inherent in the real estate business including our clients' defaults under leases, potential liability relating to environmental matters, illiquidity of real estate investments, and potential damages from natural disasters; impairments in the value of our real estate assets; changes in income tax laws and rates; the continued evolution of the COVID-19 pandemic and the measures taken to limit its spread, and its impacts on us, our business, our clients, or the economy generally; the timing and pace of reopening efforts at the local, state and national level in response to the COVID-19 pandemic and developments, such as the unexpected surges in COVID-19 cases, that cause a delay in or postponement of reopenings; the outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism and war; any effects of uncertainties regarding whether the anticipated benefits or results of our merger with VEREIT, Inc. will be achieved; and those additional risks and factors discussed in our reports filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements. Those forward-looking statements are not guarantees of future plans and performance and speak only as of the date that this press release. Actual plans and operating results may differ materially from what is expressed or forecasted in this press release. Realty Income does not undertake any 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 (in thousands, except per share amounts) (unaudited) |
||||
Three Months |
Three Months |
|||
Ended 3/31/22 |
Ended 3/31/21 |
|||
REVENUE |
||||
Rental (including reimbursable) |
$ 799,565 |
$ 439,365 |
||
Other (1) |
7,778 |
2,889 |
||
Total revenue |
807,343 |
442,254 |
||
EXPENSES |
||||
Depreciation and amortization |
403,762 |
177,985 |
||
Interest |
106,403 |
73,075 |
||
Property (including reimbursable) |
52,342 |
28,499 |
||
General and administrative |
32,699 |
20,796 |
||
Provisions for impairment |
7,038 |
2,720 |
||
Merger and integration-related costs |
6,519 |
— |
||
Total expenses |
608,763 |
303,075 |
||
Gain on sales of real estate |
10,156 |
8,401 |
||
Foreign currency and derivative gains (losses), net |
(590) |
804 |
||
Loss on extinguishment of debt |
— |
(46,473) |
||
Equity in income of unconsolidated entities |
954 |
— |
||
Other income, net (1) |
1,852 |
550 |
||
Income before income taxes |
210,952 |
102,461 |
||
Income taxes |
(10,981) |
(6,225) |
||
Net income |
199,971 |
96,236 |
||
Net income attributable to noncontrolling interests |
(602) |
(296) |
||
Net income available to common stockholders |
$ 199,369 |
$ 95,940 |
||
Funds from operations available to common stockholders (FFO) |
$ 601,416 |
$ 267,707 |
||
Normalized funds from operations available to common stockholders (Normalized FFO) |
$ 607,935 |
$ 267,707 |
||
Adjusted funds from operations available to common stockholders (AFFO) |
$ 580,098 |
$ 318,222 |
||
Per share information for common stockholders: |
||||
Net income, basic and diluted |
$ 0.34 |
$ 0.26 |
||
FFO, basic and diluted |
$ 1.01 |
$ 0.72 |
||
Normalized FFO, basic and diluted |
$ 1.02 |
$ 0.72 |
||
AFFO, basic and diluted |
$ 0.98 |
$ 0.86 |
||
Cash dividends paid per common share |
$ 0.7395 |
$ 0.7035 |
||
(1) Certain miscellaneous non-recurring revenue has been reclassified from total revenue to "Other income, net" for the three months ended March 31, 2021. |
||||
FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FUNDS FROM OPERATIONS (Normalized FFO) (in thousands, except per share and share count data) |
||||
FFO and Normalized FFO are non-GAAP financial measures. Please see the Glossary in the Supplemental Operating and Financial Data for the three |
||||
Three Months |
Three Months |
|||
Ended 3/31/22 |
Ended 3/31/21 |
|||
Net income available to common stockholders |
$ 199,369 |
$ 95,940 |
||
Depreciation and amortization |
403,762 |
177,985 |
||
Depreciation of furniture, fixtures and equipment |
(478) |
(371) |
||
Provisions for impairment |
7,038 |
2,720 |
||
Gain on sales of real estate |
(10,156) |
(8,401) |
||
Proportionate share of adjustments for unconsolidated entities |
2,235 |
— |
||
FFO adjustments allocable to noncontrolling interests |
(354) |
(166) |
||
FFO available to common stockholders |
$ 601,416 |
$ 267,707 |
||
FFO allocable to dilutive noncontrolling interests |
808 |
— |
||
Diluted FFO |
$ 602,224 |
$ 267,707 |
||
FFO available to common stockholders |
$ 601,416 |
$ 267,707 |
||
Merger and integration-related costs |
6,519 |
— |
||
Normalized FFO available to common stockholders |
$ 607,935 |
$ 267,707 |
||
Normalized FFO allocable to dilutive noncontrolling interests |
808 |
— |
||
Diluted Normalized FFO |
$ 608,743 |
$ 267,707 |
||
FFO per common share, basic and diluted |
$ 1.01 |
$ 0.72 |
||
Normalized FFO per common share, basic and diluted |
$ 1.02 |
$ 0.72 |
||
Distributions paid to common stockholders |
$ 438,280 |
$ 260,697 |
||
FFO available to common stockholders in excess of distributions paid to common |
$ 163,136 |
$ 7,010 |
||
Normalized FFO available to common stockholders in excess of distributions paid to |
$ 169,655 |
$ 7,010 |
||
Weighted average number of common shares used for FFO and normalized FFO: |
||||
Basic |
593,827,299 |
371,522,607 |
||
Diluted |
595,102,548 |
371,601,901 |
||
ADJUSTED FUNDS FROM OPERATIONS (AFFO) (in thousands, except per share and share count data) |
||||
AFFO is a non-GAAP financial measure. Please see the Glossary in the Supplemental Operating and Financial Data for the three months ended March |
||||
Three Months |
Three Months |
|||
Ended 3/31/22 |
Ended 3/31/21 |
|||
Net income available to common stockholders |
$ 199,369 |
$ 95,940 |
||
Cumulative adjustments to calculate Normalized FFO (1) |
408,566 |
171,767 |
||
Normalized FFO available to common stockholders |
607,935 |
267,707 |
||
Loss on extinguishment of debt |
— |
46,473 |
||
Amortization of share-based compensation |
5,002 |
3,697 |
||
Amortization of net debt premiums and deferred financing costs (2) |
(17,096) |
1,385 |
||
Loss on interest rate swaps |
722 |
722 |
||
Straight-line payments from cross-currency swaps (3) |
517 |
618 |
||
Leasing costs and commissions |
(2,373) |
(706) |
||
Recurring capital expenditures |
(13) |
(23) |
||
Straight-line rent and expenses |
(27,822) |
(10,463) |
||
Amortization of above and below-market leases, net |
13,642 |
9,300 |
||
Proportionate share of adjustments for unconsolidated entities |
(2,064) |
— |
||
Other adjustments (4) |
1,648 |
(488) |
||
AFFO available to common stockholders |
$ 580,098 |
$ 318,222 |
||
AFFO allocable to dilutive noncontrolling interests |
820 |
351 |
||
Diluted AFFO |
$ 580,918 |
$ 318,573 |
||
AFFO per common share, basic and diluted |
$ 0.98 |
$ 0.86 |
||
Distributions paid to common stockholders |
$ 438,280 |
$ 260,697 |
||
AFFO available to common stockholders in excess of distributions paid to common |
$ 141,818 |
$ 57,525 |
||
Weighted average number of common shares used for AFFO: |
||||
Basic |
593,827,299 |
371,522,607 |
||
Diluted |
595,102,548 |
372,065,020 |
||
(1) See Normalized FFO calculations on page 8 for reconciling items. |
||||
(2) Includes the amortization of premiums and discounts on notes payable and assumption of our mortgages payable, which are being amortized over |
||||
(3) Straight-line payments from cross-currency swaps represent quarterly payments in U.S. dollars received by us from counterparties in exchange for |
||||
(4) Includes adjustments allocable to noncontrolling interests, obligations related to financing lease liabilities, mark-to-market adjustments on investments |
||||
HISTORICAL FFO AND AFFO (in thousands, except per share and share count data) |
||||||||||
For the three months ended March 31, |
2022 |
2021 |
2020 |
2019 |
2018 |
|||||
Net income available to common stockholders |
$ 199,369 |
$ 95,940 |
$ 146,827 |
$ 110,942 |
$ 83,163 |
|||||
Depreciation and amortization, net of furniture, fixtures and equipment |
403,284 |
177,614 |
164,459 |
137,362 |
130,944 |
|||||
Provisions for impairment |
7,038 |
2,720 |
4,478 |
4,672 |
14,221 |
|||||
Gain on sales of real estate |
(10,156) |
(8,401) |
(38,506) |
(7,263) |
(3,218) |
|||||
Proportionate share of adjustments for unconsolidated entities |
2,235 |
— |
— |
— |
— |
|||||
FFO adjustments allocable to noncontrolling interests |
(354) |
(166) |
(154) |
(38) |
(228) |
|||||
FFO available to common stockholders |
$ 601,416 |
$ 267,707 |
$ 277,104 |
$ 245,675 |
$ 224,882 |
|||||
Merger and integration-related costs |
6,519 |
— |
— |
— |
— |
|||||
Normalized FFO available to common stockholders |
$ 607,935 |
$ 267,707 |
$ 277,104 |
$ 245,675 |
$ 224,882 |
|||||
FFO per diluted share |
$ 1.01 |
0.72 |
0.82 |
0.81 |
0.79 |
|||||
Normalized FFO per diluted share |
$ 1.02 |
$ 0.72 |
$ 0.82 |
$ 0.81 |
$ 0.79 |
|||||
AFFO available to common stockholders |
$ 580,098 |
$ 318,222 |
$ 297,223 |
$ 248,734 |
$ 224,560 |
|||||
AFFO per diluted share |
$ 0.98 |
$ 0.86 |
$ 0.88 |
$ 0.82 |
$ 0.79 |
|||||
. |
||||||||||
Cash dividends paid per share |
$ 0.7395 |
$ 0.7035 |
$ 0.6925 |
$ 0.6720 |
$ 0.6505 |
|||||
Weighted average diluted shares outstanding - FFO and Normalized FFO |
595,102,548 |
371,601,901 |
337,439,634 |
303,819,878 |
284,345,328 |
|||||
Weighted average diluted shares outstanding - AFFO |
595,102,548 |
372,065,020 |
337,439,634 |
303,819,878 |
284,345,328 |
|||||
REALTY INCOME CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except per share and share count data) (unaudited) |
||||
March 31, 2022 |
December 31, 2021 |
|||
ASSETS |
||||
Real estate held for investment, at cost: |
||||
Land |
$ 11,158,545 |
$ 10,753,750 |
||
Buildings and improvements |
25,648,515 |
25,155,178 |
||
Total real estate held for investment, at cost |
36,807,060 |
35,908,928 |
||
Less accumulated depreciation and amortization |
(4,169,539) |
(3,949,798) |
||
Real estate held for investment, net |
32,637,521 |
31,959,130 |
||
Real estate and lease intangibles held for sale, net |
84,446 |
30,470 |
||
Cash and cash equivalents |
151,624 |
258,579 |
||
Accounts receivable, net |
468,165 |
426,768 |
||
Lease intangible assets, net |
5,187,280 |
5,275,304 |
||
Goodwill |
3,711,981 |
3,676,705 |
||
Investment in unconsolidated entities |
141,191 |
140,967 |
||
Other assets, net |
1,679,809 |
1,369,579 |
||
Total assets |
$ 44,062,017 |
$ 43,137,502 |
||
LIABILITIES AND EQUITY |
||||
Distributions payable |
$ 149,549 |
$ 146,919 |
||
Accounts payable and accrued expenses |
305,574 |
351,128 |
||
Lease intangible liabilities, net |
1,350,370 |
1,308,221 |
||
Other liabilities |
746,304 |
759,197 |
||
Line of credit payable and commercial paper |
1,519,625 |
1,551,376 |
||
Term loan, net |
249,606 |
249,557 |
||
Mortgages payable, net |
1,093,599 |
1,141,995 |
||
Notes payable, net |
13,068,665 |
12,499,709 |
||
Total liabilities |
18,483,292 |
18,008,102 |
||
Commitments and contingencies |
||||
Stockholders' equity: |
||||
Common stock and paid in capital, par value $0.01 per share, |
30,236,374 |
29,578,212 |
||
Distributions in excess of net income |
(4,772,112) |
(4,530,571) |
||
Accumulated other comprehensive income |
37,917 |
4,933 |
||
Total stockholders' equity |
25,502,179 |
25,052,574 |
||
Noncontrolling interests |
76,546 |
76,826 |
||
Total equity |
25,578,725 |
25,129,400 |
||
Total liabilities and equity |
$ 44,062,017 |
$ 43,137,502 |
||
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% |
|||||||||
2020 |
4.5% |
(11.8%) |
3.6% |
(5.1%) |
1.9% |
9.7% |
1.5% |
18.4% |
0.9% |
43.6% |
|||||||||
2021 |
4.1% |
23.0% |
2.6% |
41.3% |
1.8% |
20.9% |
1.3% |
28.7% |
0.7% |
21.4% |
|||||||||
YTD 2022 |
4.3% |
(2.2%) |
2.9% |
(5.3%) |
1.9% |
(4.1%) |
1.4% |
(4.6%) |
0.7% |
(9.1%) |
|||||||||
Compound Average Annual Total Return (5) |
15.3% |
10.8% |
10.8% |
10.7% |
11.2% |
||||||||||||||
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 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 March 31, 2022, 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. |
SOURCE Realty Income Corporation
САН-ДИЕГО, 4 мая 2022 г. /PRNewswire/ -- Корпорация Realty Income (Realty Income,NYSE: O), Ежемесячная дивидендная компания®, сегодня объявила операционные результаты за три месяца, закончившихся 31 марта 2022 года. Все суммы на акцию, представленные в данном пресс-релизе, рассчитаны на основе разводненной прибыли на одну обыкновенную акцию, если не указано иное.
основные моменты компании:
За три месяца, закончившихся 31 марта 2022 г.:
События, произошедшие после 31 марта 2022 года:
"Мы довольны продолжающейся динамикой во всех сферах нашего бизнеса и гордимся достижениями нашей команды в начале года", - сказал Сумит Рой, президент и главный исполнительный директор Realty Income. "Операции остаются сильными, и наш бизнес, по замыслу, имеет хорошие возможности для достижения успеха в различных макроэкономических условиях. В течение квартала мы инвестировали около 1,6 миллиарда долларов в высококачественную недвижимость и воодушевлены широким спектром возможностей по всему миру. Кроме того, наше постоянное преимущество в стоимости капитала позволяет нам поддерживать увеличивающиеся инвестиционные спреды при закрытии сделок, предлагающих выгодные профили доходности с поправкой на риск. Я воодушевлен коллективными талантами нашей Realty Income "Единой команды" и считаю, что мы находимся в хорошем положении, чтобы продолжать приносить пользу нашим заинтересованным сторонам".
Выберите Финансовые результаты
Ниже приводится краткая информация о наших отдельных финансовых результатах (в миллионах долларов, за исключением данных на акцию).:
Three Months Ended March 31, |
||||
2022 |
2021 |
|||
Total revenue |
$ 807.3 |
$ 442.3 |
||
Net income available to common stockholders (1)(2) |
$ 199.4 |
$ 95.9 |
||
Net income per share |
$ 0.34 |
$ 0.26 |
||
Funds from operations available to common stockholders (FFO) (2)(3) |
$ 601.4 |
$ 267.7 |
||
FFO per share |
$ 1.01 |
$ 0.72 |
||
Normalized funds from operations available to common stockholders (Normalized FFO) (3) |
$ 607.9 |
$ 267.7 |
||
Normalized FFO per share |
$ 1.02 |
$ 0.72 |
||
Adjusted funds from operations available to common stockholders (AFFO) (3) |
$ 580.1 |
$ 318.2 |
||
AFFO per share
|
$ 0.98 |
$ 0.86 |
||
(1) |
The calculation to determine net income attributable to common stockholders includes provisions for impairment, gains on sales of real estate, and |
(2) |
Our financial results during the three months ended March 31, 2021 were impacted by a $46.5 million loss on extinguishment of debt due to the January |
(3) |
FFO, Normalized FFO, and AFFO are non-GAAP financial measures. Normalized FFO is based on FFO and adjusted to exclude merger and |
Увеличение дивидендов
В марте 2022 года мы объявили о 98-м последовательном ежеквартальном увеличении дивидендов, что является 115-м увеличением размера дивидендов с момента нашего листинга на Нью-Йоркской фондовой бирже (NYSE) в 1994 году. Годовая сумма дивидендов по состоянию на 31 марта 2022 года составила 2,964 доллара на акцию. Сумма ежемесячных дивидендов, выплачиваемых на акцию, увеличилась на 5,1% до $0,7395 в 2022 году по сравнению с $0,7035 в 2021 году. В 2022 году мы распределили акционерам дивиденды на общую сумму 438,3 миллиона долларов, что составляет 75,6% от нашего AFFO в размере 580,1 миллиона долларов.
Обновление портфеля недвижимости
По состоянию на 31 марта 2022 года наш портфель состоял из 11 288 объектов недвижимости, расположенных во всех 50 штатах США, Пуэрто-Рико, Великобритании и Испании, и сданных в аренду примерно 1090 клиентам, ведущим бизнес в 70 отдельных отраслях. Мы владеем активно управляемым диверсифицированным портфелем коммерческой недвижимости по долгосрочным договорам чистой аренды со средневзвешенным оставшимся сроком аренды около 8,9 лет. Наш портфель коммерческой недвижимости исторически обеспечивал надежный доход от аренды, поддерживающий выплату ежемесячных дивидендов. По состоянию на 31 марта 2022 года заполняемость портфеля составила 98,6% с 156 объектами недвижимости, доступными для аренды или продажи, по сравнению с 98,5% по состоянию на 31 декабря 2021 года и 98,0% по состоянию на 31 марта 2021 года.
Изменения в заполняемости
Three months ended March 31, 2022 |
|
Properties available for lease at December 31, 2021 |
164 |
Lease expirations (1) |
133 |
Re-leases to same client |
(99) |
Re-leases to new client |
(11) |
Vacant dispositions |
(31) |
Properties available for lease at March 31, 2022 |
156 |
(1) Includes scheduled and unscheduled expirations (including leases rejected in bankruptcy), as well as future expirations resolved in the periods indicated above. |
|
В течение трех месяцев, закончившихся 31 марта 2022 года, годовая новая арендная плата при повторной аренде составила 31,69 млн долларов США по сравнению с предыдущей годовой арендной платой в размере 29,84 млн долларов США за те же объекты, что представляет собой ставку возврата арендной платы в размере 106,2% для объектов, переданных в повторную аренду. Мы повторно сдали в аренду три единицы новым клиентам без периода вакантности и 12 единиц новым клиентам после периода вакантности.
Инвестиции в недвижимость В следующей таблице представлены данные о наших приобретениях в США и Европе за указанные ниже периоды:
Number of Properties |
Leasable Square Feet (in thousands) |
Investment ($ in millions) |
Weighted Average Lease Term (Years) |
Initial Weighted Average Cash Lease Yield (1) |
|||||
Three months ended March 31, 2022 |
|||||||||
Acquisitions - U.S. |
139 |
2,627 |
$ 629.8 |
15.0 |
5.7 % |
||||
Acquisitions - Europe |
21 |
2,772 |
794.2 |
8.9 |
5.5 % |
||||
Total acquisitions |
160 |
5,399 |
1,424.0 |
11.8 |
5.6 % |
||||
Properties under development (2) |
53 |
1,868 |
131.3 |
17.3 |
5.7 % |
||||
Total (3) |
213 |
7,267 |
$ 1,555.3 |
12.3 |
5.6 % |
(1) |
Initial weighted average cash lease yield is a supplemental operating measure. Please see the Glossary in the Supplemental Operating and |
(2) |
The three months ended March 31, 2022 includes £1.7 million of investments in one U.K. development property, converted at the applicable |
(3) |
Our clients occupying the new properties are 85.4% retail and 14.6% industrial, based on rental revenue. Approximately 26% of the rental |
Доход от аренды того же магазина Ниже приводится сводная информация о наших доходах от аренды того же магазина по 9 728 объектам недвижимости, находящимся в аренде (в миллионах долларов).:
Three Months Ended March 31, |
% Increase |
|||||
2022 |
2021 |
|||||
Rental revenue |
$ 629.9 |
$ 605.3 |
4.1 % |
|||
Для целей сравнения доход от аренды одного и того же магазина представлен в постоянной валюте с использованием обменного курса по состоянию на 31 марта 2022 года, равного 1,31 GBP/USD. Ни одно из объектов недвижимости в Испании не соответствовало нашему определению того же пула магазинов за представленные периоды.
Начиная с первого квартала 2022 года объекты недвижимости, приобретенные в результате слияния с VEREIT, рассматривались по каждому элементу нашего одного и того же критерия Пула магазинов, за исключением требования о том, чтобы недвижимость находилась в собственности в течение всего сравнительного периода. Если недвижимость принадлежала VEREIT в течение всего сравнительного периода и все остальные критерии были выполнены, недвижимость была включена в наш пул недвижимости того же магазина. Пожалуйста, ознакомьтесь с Глоссарием наших Дополнительных операционных и финансовых данных за три месяца, закончившихся 31 марта 2022 года, который доступен на нашем корпоративном веб-сайте по адресу: www.realtyincome.com/investors/financial-information/quarterly-results , для определения нашего же пула хранилищ.
Наш расчет дохода от аренды того же магазина включает арендную плату, отложенную для будущих платежей в результате концессий на аренду, которые мы предоставили в ответ на пандемию COVID-19 и признали в соответствии с практической целесообразностью, предусмотренной Советом по стандартам финансовой отчетности (FASB). На доход от аренды того же магазина повлияло восстановление резервов на доход от аренды в размере 9,4 млн долларов США за три месяца, закончившихся 31 марта 2022 года, по сравнению с резервами на доход от аренды в размере (8,0) млн долларов США за три месяца, закончившихся 31 марта 2021 года. Наш расчет дохода от аренды того же магазина также включает в себя неуплаченную арендную плату, на которую мы не предоставили концессию на аренду. Если бы эти применимые суммы отсрочки арендной платы и невыплаченной арендной платы были исключены из нашего расчета дохода от аренды того же магазина, увеличение за три месяца, закончившихся 31 марта 2022 года, по сравнению с аналогичным периодом 2021 года составило бы 4,4%.
Распределение собственности Ниже приводится краткая информация о нашем распределении собственности (в миллионах долларов):
Three Months Ended March 31, 2022 |
||
Properties sold |
34 |
|
Net sales proceeds |
$ 122.2 |
|
Gain on sales of real estate |
$ 10.2 |
Ликвидность и Рынки капитала
Привлечение капитала За три месяца, закончившихся 31 марта 2022 года, мы привлекли $663,0 млн от продажи обыкновенных акций по средневзвешенной цене $65,55 за акцию, в основном через нашу Рыночную программу.
В январе 2022 года мы выпустили 250,0 млн фунтов стерлингов необеспеченных облигаций со сроком погашения 1,875% годовых с погашением в январе 2027 года ("Банкноты января 2027 года") и 250,0 млн фунтов стерлингов необеспеченных облигаций со сроком погашения 2,500% годовых с погашением в январе 2042 года ("Банкноты января 2042 года"). Цена публичного размещения Облигаций за январь 2027 года составила 99,487% от основной суммы при эффективной полугодовой доходности к погашению 1,974%, а цена публичного размещения Облигаций за январь 2042 года составила 98,445% от основной суммы при эффективной полугодовой доходности к погашению 2,584%.. В совокупности новые выпуски Облигаций от января 2027 года и Облигаций от января 2042 года имеют средневзвешенный срок погашения примерно 12,5 лет и средневзвешенную эффективную полугодовую доходность к погашению примерно 2,28%.
В апреле 2022 года мы заключили окончательное соглашение о частном размещении старших необеспеченных нот на сумму 140 миллионов фунтов стерлингов со сроком погашения до 2030 года, старших необеспеченных нот на сумму 345 миллионов фунтов стерлингов со сроком погашения до 2032 года и старших необеспеченных нот на сумму 115 миллионов фунтов стерлингов со сроком погашения до 2037 года. Ожидается, что объединенные облигации, если они будут выпущены, будут иметь средневзвешенный срок действия примерно 10,5 лет, а средневзвешенная фиксированная процентная ставка составит 3,22%. В настоящее время мы ожидаем, что закрытие произойдет во втором квартале 2022 года.
Новая расширенная возобновляемая кредитная линия В апреле 2022 года мы ввели новую необеспеченную кредитную линию на сумму 4,25 миллиарда долларов, чтобы изменить и пересмотреть нашу предыдущую необеспеченную кредитную линию на сумму 3,0 миллиарда долларов, срок действия которой истекал в марте 2023 года. Срок действия новой возобновляемой кредитной линии истекает в июне 2026 года и включает в себя два продления на шесть месяцев, которые могут быть осуществлены по нашему усмотрению. Как и в случае с нашей предыдущей возобновляемой кредитной линией, новая возобновляемая кредитная линия также имеет функцию расширения на сумму 1,0 миллиарда долларов, которая зависит от получения обязательств кредитора. По состоянию на 31 марта 2022 года остаток непогашенных займов по нашей предыдущей возобновляемой кредитной линии составлял 569,6 миллиона долларов, а остаток денежных средств составлял 151,6 миллиона долларов.
Программа коммерческих бумаг У нас есть программа необеспеченных коммерческих бумаг, деноминированных в долларах США, в рамках которой мы можем выпускать необеспеченные коммерческие облигации на общую сумму до 1,0 миллиарда долларов США, а вырученные средства используются на общие корпоративные цели. Мы используем нашу необеспеченную возобновляемую кредитную линию в качестве резерва ликвидности для погашения облигаций, выпущенных в рамках этой программы. По состоянию на 31 марта 2022 года у нас было заимствований в коммерческих бумагах на сумму 950,0 млн. долл.
Объявление о сделке с Wynn Resorts В феврале 2022 года мы объявили, что подписали окончательное соглашение с Wynn Resorts, Limited о приобретении курорта и казино Encore Boston Harbor Resort and Casino за 1,7 миллиарда долларов в рамках долгосрочного соглашения о чистой аренде. Ожидается, что эта сделка по продаже с обратной арендой, которая, как ожидается, завершится в четвертом квартале 2022 года, будет осуществлена с начальной средневзвешенной доходностью аренды наличными в размере 5,9% и включает первоначальный срок аренды в 30 лет с ежегодным ростом арендной платы на 1,75% в течение первых десяти лет и более 1,75%. или ИПЦ (не более 2,5%) в течение оставшегося срока аренды. Договор аренды также включает в себя дополнительный 30-летний опцион на продление по истечении срока действия. Эта сделка подвержена многочисленным неопределенностям, включая различные условия закрытия, и не может быть никакой гарантии, что сделка будет завершена на условиях или в сроки, предусмотренные в настоящее время, или вообще. Если строительство будет завершено, это свойство станет нашим первым объектом недвижимости для казино.
Руководство по доходам
Ниже приведены приблизительные оценки ключевых компонентов нашего прогноза по доходам на 2022 год:
2022 Guidance |
|
Net income per share |
$1.08 to $1.25 |
Real estate depreciation and impairments per share |
$2.83 |
Gains on sales of properties per share |
$(0.03) |
Normalized FFO per share (1) |
$3.88 to $4.05 |
AFFO per share (1) |
$3.84 to $3.97 |
Same store rent growth |
~ 1.5% |
Occupancy |
~ 98% |
Cash G&A expenses (% of revenues) (2)(3) |
3.5% - 4.0% |
Property expenses (non-reimbursable) (% of revenues) (2) |
1.5% - 2.0% |
Income tax expenses |
$45 to $50 million |
Acquisition volume |
Over $5.0 billion |
(1) Normalized FFO per share and AFFO per share exclude merger and integration-related costs associated with our merger with VEREIT. |
|
(2) Revenue excludes contractually obligated reimbursements by our clients. Cash G&A excludes stock-based compensation expense. |
|
(3) G&A inclusive of stock-based compensation expense as a percentage of rental revenue, excluding reimbursements, is expected to be approximately 4.0% - 4.5% in 2022. |
|
Информация о конференц-звонке
В связи с публикацией наших операционных результатов мы проведем телефонную конференцию 5 мая 2022 года в 11:30 утра по североамериканскому времени, чтобы обсудить результаты. Чтобы получить доступ к конференц-звонку, наберите (888) 440-5675 (Соединенные Штаты) или (646) 960-0268 (международный). При появлении запроса введите идентификатор конференции 9982808.
Телефонное воспроизведение конференц-звонка также можно получить, позвонив по телефону (800) 770-2030 и введя идентификатор конференции 9982808. Повтор по телефону будет доступен до 19 мая 2022 года.
Прямая веб-трансляция будет доступна только для прослушивания, нажав на ссылку веб-трансляции на домашней странице компании или в разделе "Инвесторы" по адресу www.realtyincome.com . Повтор веб-трансляции телефонной конференции будет доступен примерно через час после завершения прямой трансляции. Для этого воспроизведения код доступа не требуется.
Дополнительные материалы и Отчет об устойчивом развитии
Дополнительные операционные и финансовые данные за три месяца, закончившихся 31 марта 2022 года, включая выверку показателей, не относящихся к GAAP, в Глоссарии, доступны на нашем корпоративном веб-сайте по адресу: www.realtyincome.com/investors/financial-information/quarterly-results .
Отчет об устойчивом развитии за год, закончившийся 31 декабря 2021 года, доступен на нашем корпоративном веб-сайте по адресу www.realtyincome.com/corporate-responsibility . В июне 2021 года мы создали нашу Систему зеленого финансирования, которая также доступна на нашем корпоративном веб-сайте по адресу www.realtyincome.com/corporate-responsibility/Green-Financing-Framework .
О Realty Income
Realty Income, Ежемесячная дивидендная компания®, является компанией S&P 500 и членом индекса S&P 500 Dividend Aristocrats®. Мы инвестируем в людей и места, чтобы получать надежные ежемесячные дивиденды, которые со временем увеличиваются. Компания структурирована как REIT, и ее ежемесячные дивиденды поддерживаются денежным потоком от более чем 11 200 объектов недвижимости, принадлежащих по долгосрочным договорам чистой аренды с коммерческими клиентами. На сегодняшний день компания объявила 622 последовательных ежемесячных дивидендов по обыкновенным акциям за свою 53-летнюю историю деятельности и увеличила дивиденды в 115 раз с момента публичного листинга Realty Income в 1994 году (NYSE: O). Дополнительную информацию о компании можно получить на корпоративном сайте по адресу www.realtyincome.com .
Прогнозные заявления
Настоящий пресс-релиз содержит прогнозные заявления по смыслу Закона о реформе судопроизводства по частным ценным бумагам 1995 года, Раздела 27A Закона о ценных бумагах 1933 года с поправками и Раздела 21E Закона о биржах 1934 года с поправками. Используемые в настоящем пресс-релизе слова "предполагаемый", "предполагаемый", "ожидать", "полагать", "намереваться" и аналогичные выражения предназначены для обозначения прогнозных заявлений. Прогнозные заявления также включают обсуждение будущих операций и результатов, стратегии, планов, намерений руководства и ожидаемого завершения незавершенных сделок. Прогнозные заявления подвержены рискам, неопределенностям и предположениям о нас, которые могут привести к тому, что наши фактические будущие результаты будут существенно отличаться от ожидаемых результатов. Некоторые из факторов, которые могут вызвать фактические результаты будут существенно отличаться, в частности, нашей постоянной его квалификации в качестве инвестиционных фондов недвижимости; общие отечественных и зарубежных деловых и экономических условий; конкуренция; колебания процентных ставок и курсов валют; доступ к долгового и долевого рынков капитала; продолжение волатильности и неопределенности на кредитных рынках и финансовых рынков; других рисков, присущих бизнес-недвижимости, включая наших клиентов по умолчанию по договорам аренды, потенциальный ограниченной ответственностью вопросам, касающимся окружающей среды, неликвидность инвестиции в недвижимость, и потенциальные убытки от стихийных бедствий; нарушения в стоимость нашей недвижимости; изменения в налоговые законы и цены; постоянное развитие COVID-19 пандемией и меры по ограничению его распространения, и его воздействия на нас, наш бизнес, наши клиенты, или экономики в целом; сроки и темпы возобновления усилий на местном, государственном и национальном уровнях в ответ на COVID-19 пандемией и события, такие как неожиданные всплески COVID-19 случаев, что причиной задержки или переноса reopenings; исход любого судебного разбирательства, которому мы являемся участником или могут произойти в будущем; террористические акты и войны, и любые последствия неопределенности в отношении того, является ли ожидаемые выгоды или результаты нашего слияния с VEREIT, Inc. в будет достигнуто; и те дополнительные риски и факторы, рассмотренные в наших отчетах, поданных в Комиссию США по ценным бумагам и биржам. Читателей предостерегают от чрезмерного доверия к прогнозным заявлениям. Эти прогнозные заявления не являются гарантией будущих планов и результатов и относятся только к дате публикации настоящего пресс-релиза. Фактические планы и операционные результаты могут существенно отличаться от того, что указано или прогнозируется в данном пресс-релизе. Realty Income не берет на себя никаких обязательств по публичному обнародованию результатов любых изменений в этих прогнозных заявлениях, которые могут быть сделаны для отражения событий или обстоятельств после даты, когда были сделаны эти заявления.
CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts) (unaudited) |
||||
Three Months |
Three Months |
|||
Ended 3/31/22 |
Ended 3/31/21 |
|||
REVENUE |
||||
Rental (including reimbursable) |
$ 799,565 |
$ 439,365 |
||
Other (1) |
7,778 |
2,889 |
||
Total revenue |
807,343 |
442,254 |
||
EXPENSES |
||||
Depreciation and amortization |
403,762 |
177,985 |
||
Interest |
106,403 |
73,075 |
||
Property (including reimbursable) |
52,342 |
28,499 |
||
General and administrative |
32,699 |
20,796 |
||
Provisions for impairment |
7,038 |
2,720 |
||
Merger and integration-related costs |
6,519 |
— |
||
Total expenses |
608,763 |
303,075 |
||
Gain on sales of real estate |
10,156 |
8,401 |
||
Foreign currency and derivative gains (losses), net |
(590) |
804 |
||
Loss on extinguishment of debt |
— |
(46,473) |
||
Equity in income of unconsolidated entities |
954 |
— |
||
Other income, net (1) |
1,852 |
550 |
||
Income before income taxes |
210,952 |
102,461 |
||
Income taxes |
(10,981) |
(6,225) |
||
Net income |
199,971 |
96,236 |
||
Net income attributable to noncontrolling interests |
(602) |
(296) |
||
Net income available to common stockholders |
$ 199,369 |
$ 95,940 |
||
Funds from operations available to common stockholders (FFO) |
$ 601,416 |
$ 267,707 |
||
Normalized funds from operations available to common stockholders (Normalized FFO) |
$ 607,935 |
$ 267,707 |
||
Adjusted funds from operations available to common stockholders (AFFO) |
$ 580,098 |
$ 318,222 |
||
Per share information for common stockholders: |
||||
Net income, basic and diluted |
$ 0.34 |
$ 0.26 |
||
FFO, basic and diluted |
$ 1.01 |
$ 0.72 |
||
Normalized FFO, basic and diluted |
$ 1.02 |
$ 0.72 |
||
AFFO, basic and diluted |
$ 0.98 |
$ 0.86 |
||
Cash dividends paid per common share |
$ 0.7395 |
$ 0.7035 |
||
(1) Certain miscellaneous non-recurring revenue has been reclassified from total revenue to "Other income, net" for the three months ended March 31, 2021. |
||||
FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FUNDS FROM OPERATIONS (Normalized FFO) (in thousands, except per share and share count data) |
||||
FFO and Normalized FFO are non-GAAP financial measures. Please see the Glossary in the Supplemental Operating and Financial Data for the three |
||||
Three Months |
Three Months |
|||
Ended 3/31/22 |
Ended 3/31/21 |
|||
Net income available to common stockholders |
$ 199,369 |
$ 95,940 |
||
Depreciation and amortization |
403,762 |
177,985 |
||
Depreciation of furniture, fixtures and equipment |
(478) |
(371) |
||
Provisions for impairment |
7,038 |
2,720 |
||
Gain on sales of real estate |
(10,156) |
(8,401) |
||
Proportionate share of adjustments for unconsolidated entities |
2,235 |
— |
||
FFO adjustments allocable to noncontrolling interests |
(354) |
(166) |
||
FFO available to common stockholders |
$ 601,416 |
$ 267,707 |
||
FFO allocable to dilutive noncontrolling interests |
808 |
— |
||
Diluted FFO |
$ 602,224 |
$ 267,707 |
||
FFO available to common stockholders |
$ 601,416 |
$ 267,707 |
||
Merger and integration-related costs |
6,519 |
— |
||
Normalized FFO available to common stockholders |
$ 607,935 |
$ 267,707 |
||
Normalized FFO allocable to dilutive noncontrolling interests |
808 |
— |
||
Diluted Normalized FFO |
$ 608,743 |
$ 267,707 |
||
FFO per common share, basic and diluted |
$ 1.01 |
$ 0.72 |
||
Normalized FFO per common share, basic and diluted |
$ 1.02 |
$ 0.72 |
||
Distributions paid to common stockholders |
$ 438,280 |
$ 260,697 |
||
FFO available to common stockholders in excess of distributions paid to common |
$ 163,136 |
$ 7,010 |
||
Normalized FFO available to common stockholders in excess of distributions paid to |
$ 169,655 |
$ 7,010 |
||
Weighted average number of common shares used for FFO and normalized FFO: |
||||
Basic |
593,827,299 |
371,522,607 |
||
Diluted |
595,102,548 |
371,601,901 |
||
ADJUSTED FUNDS FROM OPERATIONS (AFFO) (in thousands, except per share and share count data) |
||||
AFFO is a non-GAAP financial measure. Please see the Glossary in the Supplemental Operating and Financial Data for the three months ended March |
||||
Three Months |
Three Months |
|||
Ended 3/31/22 |
Ended 3/31/21 |
|||
Net income available to common stockholders |
$ 199,369 |
$ 95,940 |
||
Cumulative adjustments to calculate Normalized FFO (1) |
408,566 |
171,767 |
||
Normalized FFO available to common stockholders |
607,935 |
267,707 |
||
Loss on extinguishment of debt |
— |
46,473 |
||
Amortization of share-based compensation |
5,002 |
3,697 |
||
Amortization of net debt premiums and deferred financing costs (2) |
(17,096) |
1,385 |
||
Loss on interest rate swaps |
722 |
722 |
||
Straight-line payments from cross-currency swaps (3) |
517 |
618 |
||
Leasing costs and commissions |
(2,373) |
(706) |
||
Recurring capital expenditures |
(13) |
(23) |
||
Straight-line rent and expenses |
(27,822) |
(10,463) |
||
Amortization of above and below-market leases, net |
13,642 |
9,300 |
||
Proportionate share of adjustments for unconsolidated entities |
(2,064) |
— |
||
Other adjustments (4) |
1,648 |
(488) |
||
AFFO available to common stockholders |
$ 580,098 |
$ 318,222 |
||
AFFO allocable to dilutive noncontrolling interests |
820 |
351 |
||
Diluted AFFO |
$ 580,918 |
$ 318,573 |
||
AFFO per common share, basic and diluted |
$ 0.98 |
$ 0.86 |
||
Distributions paid to common stockholders |
$ 438,280 |
$ 260,697 |
||
AFFO available to common stockholders in excess of distributions paid to common |
$ 141,818 |
$ 57,525 |
||
Weighted average number of common shares used for AFFO: |
||||
Basic |
593,827,299 |
371,522,607 |
||
Diluted |
595,102,548 |
372,065,020 |
||
(1) See Normalized FFO calculations on page 8 for reconciling items. |
||||
(2) Includes the amortization of premiums and discounts on notes payable and assumption of our mortgages payable, which are being amortized over |
||||
(3) Straight-line payments from cross-currency swaps represent quarterly payments in U.S. dollars received by us from counterparties in exchange for |
||||
(4) Includes adjustments allocable to noncontrolling interests, obligations related to financing lease liabilities, mark-to-market adjustments on investments |
||||
HISTORICAL FFO AND AFFO (in thousands, except per share and share count data) |
||||||||||
For the three months ended March 31, |
2022 |
2021 |
2020 |
2019 |
2018 |
|||||
Net income available to common stockholders |
$ 199,369 |
$ 95,940 |
$ 146,827 |
$ 110,942 |
$ 83,163 |
|||||
Depreciation and amortization, net of furniture, fixtures and equipment |
403,284 |
177,614 |
164,459 |
137,362 |
130,944 |
|||||
Provisions for impairment |
7,038 |
2,720 |
4,478 |
4,672 |
14,221 |
|||||
Gain on sales of real estate |
(10,156) |
(8,401) |
(38,506) |
(7,263) |
(3,218) |
|||||
Proportionate share of adjustments for unconsolidated entities |
2,235 |
— |
— |
— |
— |
|||||
FFO adjustments allocable to noncontrolling interests |
(354) |
(166) |
(154) |
(38) |
(228) |
|||||
FFO available to common stockholders |
$ 601,416 |
$ 267,707 |
$ 277,104 |
$ 245,675 |
$ 224,882 |
|||||
Merger and integration-related costs |
6,519 |
— |
— |
— |
— |
|||||
Normalized FFO available to common stockholders |
$ 607,935 |
$ 267,707 |
$ 277,104 |
$ 245,675 |
$ 224,882 |
|||||
FFO per diluted share |
$ 1.01 |
0.72 |
0.82 |
0.81 |
0.79 |
|||||
Normalized FFO per diluted share |
$ 1.02 |
$ 0.72 |
$ 0.82 |
$ 0.81 |
$ 0.79 |
|||||
AFFO available to common stockholders |
$ 580,098 |
$ 318,222 |
$ 297,223 |
$ 248,734 |
$ 224,560 |
|||||
AFFO per diluted share |
$ 0.98 |
$ 0.86 |
$ 0.88 |
$ 0.82 |
$ 0.79 |
|||||
. |
||||||||||
Cash dividends paid per share |
$ 0.7395 |
$ 0.7035 |
$ 0.6925 |
$ 0.6720 |
$ 0.6505 |
|||||
Weighted average diluted shares outstanding - FFO and Normalized FFO |
595,102,548 |
371,601,901 |
337,439,634 |
303,819,878 |
284,345,328 |
|||||
Weighted average diluted shares outstanding - AFFO |
595,102,548 |
372,065,020 |
337,439,634 |
303,819,878 |
284,345,328 |
|||||
Realty Income CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except per share and share count data) (unaudited) |
||||
March 31, 2022 |
December 31, 2021 |
|||
ASSETS |
||||
Real estate held for investment, at cost: |
||||
Land |
$ 11,158,545 |
$ 10,753,750 |
||
Buildings and improvements |
25,648,515 |
25,155,178 |
||
Total real estate held for investment, at cost |
36,807,060 |
35,908,928 |
||
Less accumulated depreciation and amortization |
(4,169,539) |
(3,949,798) |
||
Real estate held for investment, net |
32,637,521 |
31,959,130 |
||
Real estate and lease intangibles held for sale, net |
84,446 |
30,470 |
||
Cash and cash equivalents |
151,624 |
258,579 |
||
Accounts receivable, net |
468,165 |
426,768 |
||
Lease intangible assets, net |
5,187,280 |
5,275,304 |
||
Goodwill |
3,711,981 |
3,676,705 |
||
Investment in unconsolidated entities |
141,191 |
140,967 |
||
Other assets, net |
1,679,809 |
1,369,579 |
||
Total assets |
$ 44,062,017 |
$ 43,137,502 |
||
LIABILITIES AND EQUITY |
||||
Distributions payable |
$ 149,549 |
$ 146,919 |
||
Accounts payable and accrued expenses |
305,574 |
351,128 |
||
Lease intangible liabilities, net |
1,350,370 |
1,308,221 |
||
Other liabilities |
746,304 |
759,197 |
||
Line of credit payable and commercial paper |
1,519,625 |
1,551,376 |
||
Term loan, net |
249,606 |
249,557 |
||
Mortgages payable, net |
1,093,599 |
1,141,995 |
||
Notes payable, net |
13,068,665 |
12,499,709 |
||
Total liabilities |
18,483,292 |
18,008,102 |
||
Commitments and contingencies |
||||
Stockholders' equity: |
||||
Common stock and paid in capital, par value $0.01 per share, |
30,236,374 |
29,578,212 |
||
Distributions in excess of net income |
(4,772,112) |
(4,530,571) |
||
Accumulated other comprehensive income |
37,917 |
4,933 |
||
Total stockholders' equity |
25,502,179 |
25,052,574 |
||
Noncontrolling interests |
76,546 |
76,826 |
||
Total equity |
25,578,725 |
25,129,400 |
||
Total liabilities and equity |
$ 44,062,017 |
$ 43,137,502 |
||
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% |
|||||||||
2020 |
4.5% |
(11.8%) |
3.6% |
(5.1%) |
1.9% |
9.7% |
1.5% |
18.4% |
0.9% |
43.6% |
|||||||||
2021 |
4.1% |
23.0% |
2.6% |
41.3% |
1.8% |
20.9% |
1.3% |
28.7% |
0.7% |
21.4% |
|||||||||
YTD 2022 |
4.3% |
(2.2%) |
2.9% |
(5.3%) |
1.9% |
(4.1%) |
1.4% |
(4.6%) |
0.7% |
(9.1%) |
|||||||||
Compound Average Annual Total Return (5) |
15.3% |
10.8% |
10.8% |
10.7% |
11.2% |
||||||||||||||
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 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 March 31, 2022, 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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