NYSE$O
Realty Income Corp · Q3 2021 earnings
Q3 2021 earnings · · Investor relations
Briefing
Realty Income reported strong Q3 2021 results, marked by growth in net income, normalized FFO, and AFFO per share. The company invested significantly in properties, including a debut transaction in Continental Europe, and completed the merger with VEREIT, Inc.
Realty Income announced positive operating results for Q3 2021. Net income per share increased to $0.34, normalized FFO per share increased to $0.89, and AFFO per share increased to $0.91. The company invested $1.61 billion in 308 properties and completed the merger with VEREIT, Inc.
- Net income per share increased to $0.34, compared to $0.07 for the three months ended September 30, 2020.
- Normalized FFO per share increased 8.5% to $0.89, compared to the three months ended September 30, 2020.
- AFFO per share increased 12.3% to $0.91, compared to the three months ended September 30, 2020.
- Invested $1.61 billion in 308 properties and properties under development or expansion, including $532.5 million in Europe.
Headline financials
Revenue & EPS history
Realty Income · Revenue · Quarterly
$492M
Forward guidance
Realty Income is increasing its 2021 AFFO per share guidance to $3.55 - $3.60 and introducing 2022 AFFO per share guidance of $3.84 - $3.97, assuming the consummation of the spin-off as anticipated on November 12th.
Tailwinds
- Increased 2021 AFFO per share guidance to $3.55 - $3.60, representing 5.5% annual growth based on the midpoint.
- Increased acquisition guidance of over $5 billion.
- Introducing 2022 AFFO per share guidance of $3.84 - $3.97, representing 9.2% annual growth based on the midpoint.
- Same store rent growth ~ 2.0%
- Occupancy over 98%
Headwinds
- Net income and Normalized FFO guidance does not include any one-time charges associated with future debt redemptions.
- Cash G&A expenses (% of revenues) 4.0% - 4.5%
- Property expenses (non-reimbursable) (% of revenues) 1.5% - 1.8%
- Income tax expenses ~ $30 million
- Does not include any estimated merger-related costs for the remainder of 2021.
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 Q3 2021
-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
| Quarter | Report date | Reaction (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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