Realty Income Q3 FFO Rises - Quick Facts

(RTTNews) - Realty Income Corp. (O) reported that its third-quarter 2013 funds from operations or FFO increased 82.8% to $115.9 million from $63.4 million in the same quarter in 2012. FFO per share for the quarter increased 22.9% to $0.59 as compared to $0.48 last year.

Normalized Funds from Operations, which is based on FFO adjusted to add back ARCT merger-related costs, increased 68.5% to $116.1 million as compared to $68.9 million, for the same quarter in 2012. Normalized FFO per share, for the quarter increased 13.5% to $0.59 as compared to $0.52, for the same quarter in 2012.

Adjusted Funds from Operations or AFFO for the quarter rose 72.1% to $117.9 million as compared to $68.5 million, for the same quarter in 2012. AFFO per share improved 15.4% to $0.60 from $0.52, last year.

Net income available to common stockholders for the third-quarter was $41.1 million up from $27.0 million for the same quarter in 2012. Net income per share, for the quarter increased to $0.21 from $0.20, for the same quarter in 2012.

Revenue for the quarter increased 70.2% to $199.3 million from $117.1 million in the same quarter in 2012.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.61 per share and revenues of $191.78 million for the quarter. Analysts' estimates typically exclude special items.

The company said it now believe 2013 estimated acquisitions will be approximately $1.5 billion versus its prior estimate of at least $1.25 billion, as acquisitions activity remains robust.

Normalized FFO per share for 2013 should range from $2.38 to $2.42 per share, an increase of 18% to 20% over the Normalized 2012 FFO per share of $2.02. Normalized FFO per share for 2013 is based on an estimated net income per share range of $0.94 to $0.98, plus estimated real estate depreciation of $1.65 per share, plus ARCT merger-related costs of $0.07 per share, and reduced by potential estimated gains on sales of investment properties of $0.28 per share.

AFFO per share for 2013 should range from $2.38 to $2.42 per share, an increase of 16% to 17% over the 2012 AFFO per share of $2.06. This represents an increase from the prior AFFO per share estimate of $2.35 to $2.41. Analysts project annual earnings per share of $2.43.

FFO per share for 2014 should range from $2.53 to $2.58 per share, an increase of 5% to 8% over the 2013 estimated FFO per share of $2.38 to $2.42. FFO per share for 2014 is based on an estimated net income per share range of $0.88 to $0.93, plus estimated real estate depreciation of $1.72 per share, and reduced by potential estimated gains on sales of investment properties of $0.07 per share. Analysts project earnings per share of $2.55 for fiscal 2014.

AFFO per share for 2014 should range from $2.53 to $2.58 per share, an increase of 5% to 8% over the 2013 estimated AFFO per share of $2.38 to $2.42.