Maryland | 1-13374 | 33-0580106 | ||
(State or Other Jurisdiction of Incorporation or Organization) | (Commission File Number) | (IRS Employer Identification No.) |
Emerging growth company | o |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | o |
Exhibit No. | Description | |
99.1 | ||
99.2 |
Dated: August 1, 2018 | REALTY INCOME CORPORATION | |
By: | /s/ Michael R. Pfeiffer | |
Michael R. Pfeiffer | ||
Executive Vice President, General Counsel and Secretary |
Three Months | Three Months | Six Months | Six Months | |||||||||||||
Ended 6/30/18 | Ended 6/30/17 | Ended 6/30/18 | Ended 6/30/17 | |||||||||||||
REVENUE | ||||||||||||||||
Rental | $ | 313,870 | $ | 288,049 | $ | 620,418 | $ | 573,870 | ||||||||
Tenant reimbursements | 11,395 | 11,756 | 22,695 | 22,985 | ||||||||||||
Other | 3,621 | 365 | 4,068 | 1,340 | ||||||||||||
Total revenue | 328,886 | 300,170 | 647,181 | 598,195 | ||||||||||||
EXPENSES | ||||||||||||||||
Depreciation and amortization | 133,999 | 123,089 | 265,102 | 244,186 | ||||||||||||
Interest | 66,628 | 63,679 | 126,043 | 122,985 | ||||||||||||
General and administrative | 17,954 | 15,781 | 33,638 | 29,346 | ||||||||||||
Property (including reimbursable) | 16,236 | 16,486 | 32,788 | 35,561 | ||||||||||||
Income taxes | 1,208 | 441 | 2,431 | 1,488 | ||||||||||||
Provisions for impairment | 3,951 | 2,274 | 18,172 | 7,706 | ||||||||||||
Total expenses | 239,976 | 221,750 | 478,174 | 441,272 | ||||||||||||
Gain on sales of real estate | 7,787 | 2,839 | 11,005 | 13,371 | ||||||||||||
Net income | 96,697 | 81,259 | 180,012 | 170,294 | ||||||||||||
Net income attributable to noncontrolling interests | (317 | ) | (123 | ) | (469 | ) | (288 | ) | ||||||||
Net income attributable to the Company | 96,380 | 81,136 | 179,543 | 170,006 | ||||||||||||
Preferred stock dividends | — | — | — | (3,911 | ) | |||||||||||
Excess of redemption value over carrying value of preferred shares redeemed | — | — | — | (13,373 | ) | |||||||||||
Net income available to common stockholders | $ | 96,380 | $ | 81,136 | $ | 179,543 | $ | 152,722 | ||||||||
Funds from operations available to common stockholders (FFO) | $ | 226,082 | $ | 203,272 | $ | 450,964 | $ | 390,483 | ||||||||
Adjusted funds from operations available to common stockholders (AFFO) | $ | 226,988 | $ | 208,388 | $ | 451,549 | $ | 409,723 | ||||||||
Per share information for common stockholders: | ||||||||||||||||
Net income, basic and diluted | $ | 0.34 | $ | 0.30 | $ | 0.63 | $ | 0.57 | ||||||||
FFO: | ||||||||||||||||
Basic | $ | 0.79 | $ | 0.75 | $ | 1.59 | $ | 1.46 | ||||||||
Diluted | $ | 0.79 | $ | 0.75 | $ | 1.58 | $ | 1.46 | ||||||||
AFFO, basic and diluted | $ | 0.80 | $ | 0.76 | $ | 1.59 | $ | 1.53 | ||||||||
Cash dividends paid per common share | $ | 0.659 | $ | 0.633 | $ | 1.309 | $ | 1.257 |
Three Months | Three Months | Six Months | Six Months | |||||||||||||
Ended 6/30/18 | Ended 6/30/17 | Ended 6/30/18 | Ended 6/30/17 | |||||||||||||
Net income available to common stockholders | $ | 96,380 | $ | 81,136 | $ | 179,543 | $ | 152,722 | ||||||||
Depreciation and amortization | 133,999 | 123,089 | 265,102 | 244,186 | ||||||||||||
Depreciation of furniture, fixtures and equipment | (168 | ) | (150 | ) | (327 | ) | (307 | ) | ||||||||
Provisions for impairment | 3,951 | 2,274 | 18,172 | 7,706 | ||||||||||||
Gain on sales of real estate | (7,787 | ) | (2,839 | ) | (11,005 | ) | (13,371 | ) | ||||||||
FFO adjustments allocable to noncontrolling interests | (293 | ) | (238 | ) | (521 | ) | (453 | ) | ||||||||
FFO available to common stockholders | $ | 226,082 | $ | 203,272 | $ | 450,964 | $ | 390,483 | ||||||||
FFO allocable to dilutive noncontrolling interests | 232 | 282 | 450 | 438 | ||||||||||||
Diluted FFO | $ | 226,314 | $ | 203,554 | $ | 451,414 | $ | 390,921 | ||||||||
FFO per common share: | ||||||||||||||||
Basic | $ | 0.79 | $ | 0.75 | $ | 1.59 | $ | 1.46 | ||||||||
Diluted | $ | 0.79 | $ | 0.75 | $ | 1.58 | $ | 1.46 | ||||||||
Distributions paid to common stockholders | $ | 187,488 | $ | 172,874 | $ | 373,044 | $ | 335,380 | ||||||||
FFO available to common stockholders in excess of distributions paid to common stockholders | $ | 38,594 | $ | 30,398 | $ | 77,920 | $ | 55,103 | ||||||||
Weighted average number of common shares used for FFO: | ||||||||||||||||
Basic | 284,928,969 | 272,588,332 | 284,469,689 | 268,024,691 | ||||||||||||
Diluted | 285,372,256 | 273,187,669 | 284,924,336 | 268,569,855 |
Three Months | Three Months | Six Months | Six Months | |||||||||||||
Ended 6/30/18 | Ended 6/30/17 | Ended 6/30/18 | Ended 6/30/17 | |||||||||||||
Net income available to common stockholders | $ | 96,380 | $ | 81,136 | $ | 179,543 | $ | 152,722 | ||||||||
Cumulative adjustments to calculate FFO (1) | 129,702 | 122,136 | 271,421 | 237,761 | ||||||||||||
FFO available to common stockholders | 226,082 | 203,272 | 450,964 | 390,483 | ||||||||||||
Excess of redemption value over carrying value of Class F preferred share redemption | — | — | — | 13,373 | ||||||||||||
Amortization of share-based compensation | 4,995 | 4,462 | 8,657 | 7,215 | ||||||||||||
Amortization of deferred financing costs (2) | 1,014 | 1,317 | 1,858 | 2,804 | ||||||||||||
Amortization of net mortgage premiums | (354 | ) | (609 | ) | (813 | ) | (1,240 | ) | ||||||||
(Gain) loss on interest rate swaps | (792 | ) | 470 | (2,799 | ) | (859 | ) | |||||||||
Leasing costs and commissions | (1,536 | ) | (349 | ) | (2,452 | ) | (759 | ) | ||||||||
Recurring capital expenditures | (135 | ) | (24 | ) | (147 | ) | (365 | ) | ||||||||
Straight-line rent | (6,267 | ) | (4,271 | ) | (11,632 | ) | (7,554 | ) | ||||||||
Amortization of above and below-market leases | 3,907 | 4,049 | 7,771 | 6,481 | ||||||||||||
Other adjustments (3) | 74 | 71 | 142 | 144 | ||||||||||||
AFFO available to common stockholders | $ | 226,988 | $ | 208,388 | $ | 451,549 | $ | 409,723 | ||||||||
AFFO allocable to dilutive noncontrolling interests | 236 | 292 | 465 | 586 | ||||||||||||
Diluted AFFO | $ | 227,224 | $ | 208,680 | $ | 452,014 | $ | 410,309 | ||||||||
AFFO per common share, basic and diluted | $ | 0.80 | $ | 0.76 | $ | 1.59 | $ | 1.53 | ||||||||
Distributions paid to common stockholders | $ | 187,488 | $ | 172,874 | $ | 373,044 | $ | 335,380 | ||||||||
AFFO available to common stockholders in excess of distributions paid to common stockholders | $ | 39,500 | $ | 35,514 | $ | 78,505 | $ | 74,343 | ||||||||
Weighted average number of common shares used for AFFO: | ||||||||||||||||
Basic | 284,928,969 | 272,588,332 | 284,469,689 | 268,024,691 | ||||||||||||
Diluted | 285,372,256 | 273,187,669 | 284,924,336 | 268,658,037 |
(1) | See FFO calculation on page six for reconciling items. |
(2) | Includes the amortization of costs incurred and capitalized upon issuance of our notes payable, assumption of our mortgages payable and issuance of our term loans. The deferred financing costs are being amortized over the lives of the respective notes payable, mortgages and term loans. No costs associated with our credit facility agreements or annual fees paid to credit rating agencies have been included. |
(3) | Includes adjustments allocable to both noncontrolling interests and capital lease obligations. |
For the three months ended June 30, | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
Net income available to common stockholders | $ | 96,380 | $ | 81,136 | $ | 69,045 | $ | 59,317 | $ | 51,420 | ||||||||||
Depreciation and amortization | 133,831 | 122,939 | 110,147 | 100,861 | 92,790 | |||||||||||||||
Provisions for impairment | 3,951 | 2,274 | 6,269 | 3,230 | 499 | |||||||||||||||
Gain on sales of real estate | (7,787 | ) | (2,839 | ) | (8,658 | ) | (3,675 | ) | (1,964 | ) | ||||||||||
FFO adjustments allocable to noncontrolling interests | (293 | ) | (238 | ) | (155 | ) | (263 | ) | (336 | ) | ||||||||||
FFO | $ | 226,082 | $ | 203,272 | $ | 176,648 | $ | 159,470 | $ | 142,409 | ||||||||||
FFO per diluted share | $ | 0.79 | $ | 0.75 | $ | 0.70 | $ | 0.69 | $ | 0.64 | ||||||||||
AFFO | $ | 226,988 | $ | 208,388 | $ | 180,876 | $ | 159,060 | $ | 141,178 | ||||||||||
AFFO per diluted share | $ | 0.80 | $ | 0.76 | $ | 0.71 | $ | 0.68 | $ | 0.64 | ||||||||||
Cash dividends paid per share | $ | 0.659 | $ | 0.633 | $ | 0.597 | $ | 0.569 | $ | 0.547 | ||||||||||
Weighted average diluted shares outstanding - FFO | 285,372,256 | 273,187,669 | 254,254,243 | 232,886,185 | 221,043,619 | |||||||||||||||
Weighted average diluted shares outstanding - AFFO | 285,372,256 | 273,187,669 | 253,937,221 | 232,886,185 | 221,043,619 | |||||||||||||||
For the six months ended June 30, | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
Net income available to common stockholders | $ | 179,543 | $ | 152,722 | $ | 132,518 | $ | 119,810 | $ | 98,599 | ||||||||||
Depreciation and amortization | 264,775 | 243,879 | 217,887 | 198,713 | 182,668 | |||||||||||||||
Provisions for impairment | 18,172 | 7,706 | 8,192 | 5,317 | 2,182 | |||||||||||||||
Gain on sales of real estate | (11,005 | ) | (13,371 | ) | (10,948 | ) | (10,893 | ) | (5,843 | ) | ||||||||||
FFO adjustments allocable to noncontrolling interests | (521 | ) | (453 | ) | (373 | ) | (577 | ) | (696 | ) | ||||||||||
FFO | $ | 450,964 | $ | 390,483 | $ | 347,276 | $ | 312,370 | $ | 276,910 | ||||||||||
FFO per diluted share | $ | 1.58 | $ | 1.46 | $ | 1.38 | $ | 1.36 | $ | 1.29 | ||||||||||
AFFO | $ | 451,549 | $ | 409,723 | $ | 356,793 | $ | 311,184 | $ | 273,822 | ||||||||||
AFFO per diluted share | $ | 1.59 | $ | 1.53 | $ | 1.42 | $ | 1.36 | $ | 1.28 | ||||||||||
Cash dividends paid per share | $ | 1.309 | $ | 1.257 | $ | 1.185 | $ | 1.130 | $ | 1.094 | ||||||||||
Weighted average diluted shares outstanding - FFO | 284,924,336 | 268,569,855 | 252,073,685 | 229,061,762 | 214,089,629 | |||||||||||||||
Weighted average diluted shares outstanding - AFFO | 284,924,336 | 268,658,037 | 252,378,957 | 229,061,762 | 214,089,629 |
2018 | 2017 | |||||||
ASSETS | (unaudited) | |||||||
Real estate, at cost: | ||||||||
Land | $ | 4,355,454 | $ | 4,080,400 | ||||
Buildings and improvements | 11,313,624 | 10,936,069 | ||||||
Total real estate, at cost | 15,669,078 | 15,016,469 | ||||||
Less accumulated depreciation and amortization | (2,509,065 | ) | (2,346,644 | ) | ||||
Net real estate held for investment | 13,160,013 | 12,669,825 | ||||||
Real estate held for sale, net | 70,029 | 6,674 | ||||||
Net real estate | 13,230,042 | 12,676,499 | ||||||
Cash and cash equivalents | 30,717 | 6,898 | ||||||
Accounts receivable, net | 126,126 | 119,533 | ||||||
Acquired lease intangible assets, net | 1,228,580 | 1,194,930 | ||||||
Goodwill | 14,902 | 14,970 | ||||||
Other assets, net | 43,707 | 45,336 | ||||||
Total assets | $ | 14,674,074 | $ | 14,058,166 | ||||
LIABILITIES AND EQUITY | ||||||||
Distributions payable | $ | 64,399 | $ | 60,799 | ||||
Accounts payable and accrued expenses | 122,379 | 109,523 | ||||||
Acquired lease intangible liabilities, net | 311,043 | 268,796 | ||||||
Other liabilities | 123,582 | 116,869 | ||||||
Line of credit payable | 534,000 | 110,000 | ||||||
Term loans, net | 319,531 | 445,286 | ||||||
Mortgages payable, net | 311,708 | 325,941 | ||||||
Notes payable, net | 5,374,963 | 5,230,244 | ||||||
Total liabilities | 7,161,605 | 6,667,458 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity: | ||||||||
Common stock and paid in capital, par value $0.01 per share, 370,100,000 shares authorized, 290,024,275 shares issued and outstanding as of June 30, 2018 and 284,213,685 shares issued and outstanding as of December 31, 2017 | 9,925,543 | 9,624,264 | ||||||
Distributions in excess of net income | (2,449,793 | ) | (2,252,763 | ) | ||||
Total stockholders’ equity | 7,475,750 | 7,371,501 | ||||||
Noncontrolling interests | 36,719 | 19,207 | ||||||
Total equity | 7,512,469 | 7,390,708 | ||||||
Total liabilities and equity | $ | 14,674,074 | $ | 14,058,166 |
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% | |||||||||
YTD 2018 | 4.9% | (3.4%) | 4.0% | 1.3% | 2.3% | (0.7%) | 1.9% | 2.6% | 1.1% | 8.8% | |||||||||
Compound Average Annual Total Return (5) | 15.8% | 10.6% | 10.5% | 9.8% | 10.1% |
(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: from Realty Income’s NYSE listing on October 18, 1994 through June 30, 2018, and (except for NASDAQ) assuming 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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