Summary by Futu AI
Realty Income Corporation reported strong Q3 2024 financial results, with total revenue increasing 27% to $1.33 billion and net income rising 16% to $271.1 million compared to Q3 2023. The company's FFO per share was $0.98, while AFFO per share grew 2.9% to $1.05. Total portfolio annualized contractual rent reached $4.93 billion, with 32.1% coming from investment-grade clients.The company maintained robust operational performance with a 98.7% occupancy rate across its 15,457-property portfolio spanning the U.S., U.K., and six European countries. During Q3, Realty Income invested $0.7 billion in new properties at an initial weighted average cash yield of 7.4%. The company also successfully raised $271 million through equity issuance at a weighted average price of $62.25 per share.Looking ahead, Realty Income maintains strong liquidity of $5.2 billion, including $397 million in cash and $3.8 billion available under its credit facility. The company continued its 55-year history of monthly dividends, declaring its 108th consecutive quarterly dividend increase, with the current monthly dividend at $0.2635 per share representing an annualized yield of 5.0%.
