NYSE$O
Realty Income Corp · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Realty Income reported strong Q4 2023 results, marked by strategic investments and portfolio expansion.
Realty Income announced operating results for Q4 2023, featuring a net income available to common stockholders of $218.4 million, or $0.30 per share, and AFFO available to common stockholders of $731.0 million, or $1.01 per share. The company invested $2.7 billion at an initial weighted average cash yield of 7.6%, including expansion into new European markets. Subsequent to year end, Realty Income closed on the merger with Spirit Realty Capital, Inc.
- Net income available to common stockholders was $218.4 million, or $0.30 per share.
- AFFO available to common stockholders was $731.0 million, or $1.01 per share.
- Invested $2.7 billion at an initial weighted average cash yield of 7.6%.
- Portfolio occupancy was 98.6% at the end of 2023.
Headline financials
Revenue & EPS history
Realty Income · Revenue · Quarterly
$1.08B
Forward guidance
Realty Income provided 2024 earnings guidance, anticipating net income per share between $1.22 and $1.34 and AFFO per share between $4.13 and $4.21. Same store rent growth is expected to be approximately 1.0%, and occupancy is projected to be over 98%.
Tailwinds
- Net income per share (1) $1.22 - $1.34
- Normalized FFO per share (1)(3) $4.17 - $4.29
- AFFO per share (3) $4.13 - $4.21
- Same store rent growth (4) Approx 1.0%
- Occupancy Over 98%
Headwinds
- Net income per share and Normalized FFO per share include -$0.06 per share non-cash interest expense impact related to Spirit merger.
- Reserve reversals recognized in 2023 represent an approximately 30 basis point headwind to same store rent growth in 2024.
- Guidance excludes unidentified reserves for bad debt in excess of normalized run rate.
- Cash G&A expenses exclude stock-based compensation expense.
- Acquisition volume excludes merger with Spirit Realty, which closed January 23, 2024
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 Q4 2023
-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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