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Realty Income Reports Highs in Re-Leasing Spreads and Acquisition Volume in Q3

Kevin Brown, CFA Senior Analyst

Analyst Note

| Kevin Brown, CFA |

Realty Income reported third-quarter results that were in line with our estimates, leading us to reaffirm our $78 fair value estimate for the no-moat company. Economic occupancy remained flat at 99.2% for the third straight quarter. Realty Income reported re-leasing spreads of 8.5%, which beat our estimate of 4.7% for the third quarter and is the best single quarter the company has reported since 2017. Despite the strong re-leasing spreads, same-store net operating income growth was only 1.0% in the third quarter, below our estimate of 2.3% for the quarter. The miss comes from Cineworld Group not paying September rent as it goes through Chapter 11 bankruptcy proceedings, though the tenant did fully pay October rent. Adjusted funds from operations came in at $0.98 per share in the third quarter, which is only a penny below our $0.99 estimate and is 7 cents better than the $0.91 figure reported in the third quarter of 2021.

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Company Profile O

Business Description

Realty Income owns roughly 11,400 properties, most of which are freestanding, single-tenant, triple-net-leased retail properties. Its properties are located in 49 states and Puerto Rico and are leased to 250 tenants from 47 industries. Recent acquisitions have added industrial, office, manufacturing, and distribution properties, which make up roughly 17% of revenue.

11995 El Camino Real
San Diego, CA, 92130
T +1 858 284-5000
Industry REIT - Retail
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 371

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