Morningstar Rating
Stock XNYS Rating as of
$60.44 +1.26(2.13%)
View Full ChartAs of Delayed Price Closed
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Company Report
Company Report
Realty Income Earnings: Strong FFO Growth Even Though Acquisition Volume Slowing
Kevin Brown
Second-quarter results for no-moat Realty Income were slightly better than we anticipated, giving us confidence in our $75 per share fair value estimate. Economic occupancy improved 10 basis points sequentially to 98.9%, better than our estimate of a 30-basis-point decline to 98.5%. Re-leasing spreads were 5.7% for the second quarter, slightly above our estimate of new rent terms being 3.1% compared with expiring rent. However, same-store revenue grew only 0.2% in the quarter, below our estimate of 1.4% growth, as revenue for retail tenants fell 0.3%. Still, Realty Income reported adjusted funds from operations of $1.06 per share for the second quarter, which was 2 cents better than our $1.04 estimate and 6.3% higher than the $1.00 figure the company reported in the second quarter of 2023.
O is trading at a 527% premium.
Price
$60.44
Fair Value
$29.00
Uncertainty
Low
- 1-Star Price
- $99.48
- 5-Star Price
- $45.00
- Economic Moat
- Qyrn
- Capital Allocation
- Kmgpkjmvl
Bulls Say, Bears Say
Bulls Say, Bears Say
Bulls
Realty Income provides a reliable, albeit slow-growing, monthly dividend built on a steadily performing underlying portfolio through various market conditions.
Bears
It will take an increasingly greater volume of attractive risk-adjusted acquisitions to create meaningful shareholder value growth, possibly pushing Realty Income to take more risk as competition expands for its traditionally targeted assets.
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News
News
- Realty Income Announces Operating Results for the Three and Six Months Ended June 30, 2024
- 649th Consecutive Common Stock Monthly Dividend Declared by Realty Income
- Realty Income Announces Second Quarter 2024 Earnings Release Date
- 126th Common Stock Monthly Dividend Increase Declared by Realty Income
- Realty Income Raises 2024 Earnings and Investment Guidance
- Realty Income Announces Common Stock Dividend Increase of 2.1% and Declares Preferred Stock Quarterly Dividend
- Spirit Realty's stock rallies on $9 billion buyout by Realty Income Corp.
- Blackstone sells Bellagio stake to Realty Income Corp. in post-COVID rebound
Trading Information
Trading Information
- Previous Close Price
- $59.18
- Day Range
$58.56–61.35
- 52-Week Range
$45.04–61.35
- Bid/Ask
- $60.05/$60.30
- Market Cap
- $52.63 Bil
- Volume/Avg
- 9.1 Mil/5.3 Mil
Key Statistics
Key Statistics
- Price/Earnings (Normalized)
- 43.92
- Price/Sales
- 10.07
- Dividend Yield (Trailing)
- 5.12%
- Dividend Yield (Forward)
- 5.22%
- Total Yield
- 5.12%
Company Profile
Company Profile
Realty Income owns roughly 15,400 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, gaming, office, manufacturing, and distribution properties, which make up roughly 20% of revenue.
- Sector
- Real Estate
- Industry
- REIT - Retail
- Stock Style Box
- Mid Core
- Total Number of Employees
- 418
- Website
- https://www.realtyincome.com
Competitors
Competitors
- Regency Centers Corp REG
- Kimco Realty Corp KIM
- Federal Realty Investment Trust FRT
Valuation
Valuation
| Metric | O | REG | KIM |
|---|---|---|---|
Price/Earnings (Normalized) | 43.92 | 34.90 | 40.82 |
Price/Book Value | 1.36 | 1.93 | 1.39 |
Price/Sales | 10.07 | 9.04 | 7.36 |
Price/Cash Flow | 14.91 | 16.21 | 15.21 |
Price/Earnings
O
REG
KIM
Financial Strength
Financial Strength
| Metric | O | REG | KIM |
|---|---|---|---|
Quick Ratio | 1.40 | 0.91 | 1.68 |
Current Ratio | 1.51 | 0.93 | 1.69 |
Interest Coverage | 1.98 | 3.26 | 2.31 |
Quick Ratio
O
REG
KIM
Profitability
Profitability
| Metric | O | REG | KIM |
|---|---|---|---|
Return on Assets (Normalized) | 2.06% | 3.43% | 2.41% |
Return on Equity (Normalized) | 3.61% | 6.30% | 4.49% |
Return on Invested Capital (Normalized) | 3.55% | 4.68% | 3.77% |
Return on Assets
O
REG
KIM
See how this stock stacks up to its competitors with Morningstar Investor
REIT - Retail Industry Comparables
REIT - Retail Industry Comparables
| 1-Day Chart | Name | Price | Morningstar Rating for Stocks | Capital Allocation | Economic Moat | Market Cap |
|---|---|---|---|---|---|---|
| Simon Property Group Inc SPG | Qhwkdzfn | Vncv | $50.7 Bil | |||
| Kimco Realty Corp KIM | Vzhsfvll | Jzxbs | $14.7 Bil | |||
| Regency Centers Corp REG | Nvrrjqgf | Tjn | $12.7 Bil | |||
| Link Real Estate Investment Trust LKREF | — | Dwx | $11.3 Bil | |||
| Scentre Group STGPF | — | Jqhtn | $11.2 Bil | |||
| CapitaLand Integrated Commercial Trust CPAMF | — | Hfhcsq | $10.4 Bil | |||
| Unibail-Rodamco-Westfield Act. SIIC ET STES FONC.EUROP. UNBLF | — | Nlqd | $10.1 Bil | |||
| Federal Realty Investment Trust FRT | Lsrbfkwqmx | Gdnx | $9.4 Bil | |||
| Macerich Co MAC | Xnbqzdyg | Yynxm | $3.2 Bil |
