Realty Income Raises 2024 Outlook

Realty Income Corporation (NYSE: O) has revised its 2024 outlook, with adjusted funds from operations (AFFO) now expected to be in the range of $4.15 to $4.21 per diluted share, up from the previous guidance of $4.13 to $4.21 per diluted share. Additionally, the company has increased its 2024 investment volume to approximately $3.0 billion from the previous guidance of $2.0 billion.

The key components of the 2024 earnings guidance have also been updated. Net income per share is now expected to be in the range of $1.26 to $1.35, up from the previous guidance of $1.23 to $1.35. Normalized FFO per share is projected to be in the range of $4.19 to $4.28, compared to the prior guidance of $4.17 to $4.29. AFFO per share is now expected to be in the range of $4.15 to $4.21, up from the previous range of $4.13 to $4.21.

The company's same store rent growth remains approximately 1.0%, and occupancy is expected to be over 98%. Cash general and administrative expenses are projected to be approximately 3.0% of revenues, while property expenses (non-reimbursable) are forecasted to be in the range of 1.0% to 1.5% of revenues.

Realty Income President and CEO, Sumit Roy, attributes these increases to an improving investment environment, particularly in Europe, and stable operating performance in the company's high-quality, diversified global real estate portfolio. The company's size and scale are seen as positioning it uniquely to capitalize on the current market environment.

Realty Income, founded in 1969, has a portfolio of over 15,450 properties in all 50 U.S. states, the U.K., and six other countries in Europe. As "the monthly dividend company®," it has declared 647 consecutive monthly dividends and is a member of the S&P 500 Dividend Aristocrats® index for having increased its dividend for the last 25 consecutive years. Today the company's shares have moved 1.8% to a price of $54.25. For more information, read the company's full 8-K submission here.

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