Realty Income (O) Misses Q4 EPS by 2c, Revenues Miss; Offers FY19 EPS Guidance

Realty Income (NYSE: O) reported Q4 EPS of $0.29, $0.02 worse than the analyst estimate of $0.31. Revenue for the quarter came in at $342.6 million versus the consensus estimate of $343.84 million.

• Net income per share was $0.29
• AFFO per share increased 3.9% to $0.79, compared to the quarter ended December 31, 2017
• Invested $332.1 million in 180 new properties and properties under development or expansion
• Raised $538.7 million from the sale of common stock
• Closed on a new $3.25 billion unsecured credit facility to replace the previous $2.25 billion unsecured credit facility

"We completed another year of strong operating performance in 2018 which further positions the company for continued success in 2019," said Sumit Roy, Realty Income\'s President & Chief Executive Officer. "We invested $332 million in high-quality real estate during the fourth quarter, bringing us to approximately $1.8 billion in real estate investments for the year. Our portfolio continues to perform well with year-end occupancy of 98.6% and a rent recapture rate of 103% on re-leasing activity during the year. We remain conservatively capitalized, ending the year with a 5.3x Debt-to-EBITDA ratio, and we enter 2019 with ample liquidity and flexibility to continue growing earnings and dividends.

Our investment pipeline remains solid, and we anticipate completing between $1.5 and $2.0 billion in real estate investments during 2019. Based on the strength of our operations and financial position, we are introducing 2019 AFFO per share guidance of $3.25 to $3.31, representing annual growth of approximately 2% to 4%.\"

GUIDANCE:

Realty Income sees FY2019 EPS of $1.36-$1.42, versus the consensus of $1.38.

For earnings history and earnings-related data on Realty Income (O) click here.

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