NYSE$O

Realty Income Corp · Q2 2022 earnings

Q2 2022 earnings · · Investor relations

Briefing

Realty Income's operating results were announced for the three and six months ended June 30, 2022.

Realty Income Corporation reported a strong second quarter in 2022, with net income per share of $0.37 and normalized FFO per share increasing 15.9% to $1.02 compared to the same period in 2021. The company invested $1.68 billion in 237 properties and properties under development or expansion, including $693.7 million in Europe. Realty Income also increased its 2022 acquisitions guidance to over $6 billion.

  • Net income per share was $0.37.
  • Normalized FFO per share increased 15.9% to $1.02, compared to the three months ended June 30, 2021.
  • AFFO per share increased 10.2% to $0.97, compared to the three months ended June 30, 2021.
  • Invested $1.68 billion in 237 properties and properties under development or expansion, including $693.7 million in Europe.

Headline financials

Total Revenue

$810M

Previous: $464M+74.6%
EPS (adj)

$0.97

Previous: $0.88+10.2%
Capital Expenditures

-$3.21B

Previous: -$2.12B-51.6%
Free Cash Flow

-$2.99B

Previous: -$1.99B-49.9%
Net Income

$223M

Previous: $124M+79.3%
Operating Income

$714M

Previous: $377M+89.5%
Gross Profit

$758M

Previous: $433M+75.3%
Cash & Equivalents

$173M

Previous: $231M-25.2%
Total Assets

$45B

Previous: $22B+104.5%
Stock-Based Comp

$6.64M

Previous: $4.47M+48.5%

Revenue & EPS history

Realty Income · Revenue · Quarterly

$810M

Q2 2022+74.6%vs Q2 2021
Beat estimate in 10 of 16 quarters(63%)
ActualEstimate

Forward guidance

Realty Income provided revised 2022 earnings guidance, with Normalized FFO per share expected to be $3.92 to $4.05 and AFFO per share expected to be $3.84 to $3.97. The company anticipates same-store rent growth of approximately 2.0% and occupancy over 98%. Acquisition volume is projected to be over $6.0 billion.

Tailwinds

  • Normalized FFO per share: $3.92 to $4.05
  • AFFO per share: $3.84 to $3.97
  • Same store rent growth: ~ 2.0%
  • Occupancy: Over 98%
  • Acquisition volume: Over $6.0 billion

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q2 2022

Historical avgQ2 2022

-0.3%

Avg return

Earnings day

+0.1%

Avg return

5 days after

-1.2%

Avg return

30 days after

38%

25 / 65 earnings

Positive

+6.7%

Q4 2015

Best reaction

-5.1%

Q3 2016

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+0.7%-2.5%-4.2%
Q4 2025+0.6%+1.6%-8.8%
Q3 2025-2.9%-2.3%+0.0%
Q2 2025+0.3%+1.3%+4.2%
Q1 2025-0.3%-0.4%-1.9%
Q4 2024-1.9%-0.5%-2.0%
Q3 2024-0.1%-2.3%-4.6%
Q2 2024+1.9%+2.1%+5.7%
Q1 2024-0.4%-0.5%-2.2%
Q4 2023+0.7%+1.2%+0.3%
Q3 2023-0.3%-1.6%+7.6%
Q2 2023-3.2%-1.1%-7.5%
Q1 2023+0.9%+2.2%-2.8%
Q4 2022-0.9%-1.7%-10.4%
Q3 2022-0.9%+1.5%+1.1%
Q2 2022-0.5%+0.6%-7.0%
Q1 2022-0.8%-4.6%-0.5%
Q4 2021-2.1%+1.2%+0.2%
Q3 2021+0.8%+0.5%-4.8%
Q2 2021+0.2%+0.5%+3.0%
Q1 2021-0.1%-1.5%+2.1%
Q4 2020+2.1%-1.4%+3.5%
Q3 2020+2.4%+0.2%+5.0%
Q2 2020+3.0%+4.4%+5.8%
Q1 2020+0.5%+5.9%+16.2%
Q4 2019+1.9%+2.2%-41.0%
Q3 2019-3.5%-5.9%-6.3%
Q2 2019-0.3%+3.8%+9.2%
Q1 2019+0.3%-0.1%+0.1%
Q4 2018-0.5%-0.7%+3.8%
Q3 2018-0.3%+0.1%+4.4%
Q2 2018+2.0%+3.3%+5.0%
Q1 2018+0.4%+0.6%+1.3%
Q4 2017-0.2%+2.4%-0.1%
Q3 2017-2.8%-1.4%+2.6%
Q2 2017+0.9%-0.6%+1.1%
Q1 2017-1.4%-2.9%-8.2%
Q4 2016+2.2%+2.6%-3.3%
Q3 2016-5.1%-4.9%-9.2%
Q2 2016+0.8%+2.9%-6.2%
Q1 2016-1.4%
Q4 2015+6.7%
Q3 2015-1.3%
Q2 2015+0.4%
Q1 2015-4.2%
Q4 2014+1.2%
Q3 2014+3.0%
Q2 2014-1.3%
Q1 2014-0.6%
Q4 2013+1.3%
Q3 2013-1.6%
Q2 2013-0.3%
Q1 2013+0.8%
Q4 2012-0.2%
Q3 2012-2.8%
Q2 2012-0.9%
Q1 2012-0.5%
Q4 2011-1.0%
Q3 2011-1.9%
Q2 2011-2.5%
Q1 2011-1.3%
Q4 2010-0.2%
Q3 2010-2.4%
Q2 2010-1.6%
Q1 2010-1.2%

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