(State or Other Jurisdiction of Incorporation or Organization) | (Commission File Number) | (IRS Employer Identification No.) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange On Which Registered |
Emerging growth company | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Dated: February 19, 2020 | REALTY INCOME CORPORATION | |
By: | /s/ MICHAEL R. PFEIFFER | |
Michael R. Pfeiffer | ||
Executive Vice President, Chief Administrative Officer, General Counsel and Secretary |
• | Net income per share was $1.38 |
• | AFFO per share increased 4.1% to $3.32, compared to 2018 |
• | Invested $3.7 billion in 789 properties and properties under development or expansion, including $797.8 million in 18 properties in the United Kingdom (U.K.) |
• | Generated a rent recapture rate of 102.6% on re-leasing activity |
• | Dividends paid per common share increased 3.0%, compared to 2018 |
• | Raised $2.2 billion from the sale of common stock |
• | Net income per share was $0.39 |
• | AFFO per share increased 8.9% to $0.86, compared to the quarter ended December 31, 2018 |
• | Invested $1.7 billion in 556 properties and properties under development or expansion, including $221.0 million in five properties in the U.K. |
• | Generated a rent recapture rate of 106.2% on re-leasing activity |
• | Raised $582.2 million from the sale of common stock |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Total revenue | $ | 397.5 | $ | 342.6 | $ | 1,491.6 | $ | 1,327.8 | |||||||
Net income available to common stockholders (1)(2) | $ | 129.3 | $ | 85.1 | $ | 436.5 | $ | 363.6 | |||||||
Net income per share (2) | $ | 0.39 | $ | 0.29 | $ | 1.38 | $ | 1.26 | |||||||
Funds from operations (FFO) available to common stockholders (2)(3) | $ | 280.4 | $ | 217.7 | $ | 1,039.6 | $ | 903.3 | |||||||
FFO per share (2) | $ | 0.85 | $ | 0.73 | $ | 3.29 | $ | 3.12 | |||||||
Adjusted funds from operations (AFFO) available to common stockholders (3) | $ | 282.0 | $ | 236.8 | $ | 1,050.0 | $ | 924.6 | |||||||
AFFO per share | $ | 0.86 | $ | 0.79 | $ | 3.32 | $ | 3.19 |
Properties available for lease at September 30, 2019 | 102 | |
Lease expirations | 44 | |
Re-leases to same tenant (1) | (25 | ) |
Re-leases to new tenant (1)(2) | (3 | ) |
Dispositions | (24 | ) |
Properties available for lease at December 31, 2019 | 94 |
(1) | The annual new rent on these re-leases was $6.457 million, as compared to the previous annual rent of $6.079 million on the same properties, representing a rent recapture rate of 106.2% on the properties re-leased during the quarter ended December 31, 2019. |
(2) | Re-leased to two new tenants after a period of vacancy, and one new tenant without vacancy. |
Properties available for lease at December 31, 2018 | 80 | |
Lease expirations | 304 | |
Re-leases to same tenant (1) | (199 | ) |
Re-leases to new tenant (1)(2) | (15 | ) |
Dispositions | (76 | ) |
Properties available for lease at December 31, 2019 | 94 |
(1) | The annual new rent on these re-leases was $54.978 million, as compared to the previous annual rent of $53.605 million on the same properties, representing a rent recapture rate of 102.6% on the properties re-leased during the year ended December 31, 2019. |
(2) | Re-leased to eight new tenants after a period of vacancy, and seven new tenants without vacancy. |
Number of Properties | Square Feet (in millions) | Investment ($ in millions) | Weighted Average Lease Term (Years) | Initial Average Cash Lease Yield | |||||||||||
Three months ended December 31, 2019 | |||||||||||||||
Acquisitions - U.S. (in 42 states) | 539 | 5.4 | $ | 1,447.9 | 10.5 | 7.0 | % | ||||||||
Acquisitions - U.K. (1) | 5 | 0.4 | 221.0 | 17.1 | 5.2 | % | |||||||||
Total Acquisitions | 544 | 5.8 | 1,668.9 | 11.2 | 6.8 | % | |||||||||
Properties under Development - U.S. | 12 | 0.3 | 20.6 | 13.5 | 7.1 | % | |||||||||
Total (2) | 556 | 6.1 | $ | 1,689.5 | 11.2 | 6.8 | % | ||||||||
Year ended December 31, 2019 | |||||||||||||||
Acquisitions - U.S. (in 45 states) | 753 | 11.6 | $ | 2,860.8 | 13.0 | 6.8 | % | ||||||||
Acquisitions - U.K. (1) | 18 | 1.6 | 797.8 | 15.6 | 5.2 | % | |||||||||
Total Acquisitions | 771 | 13.2 | 3,658.6 | 13.4 | 6.4 | % | |||||||||
Properties under Development - U.S. | 18 | 0.5 | 56.6 | 15.1 | 7.3 | % | |||||||||
Total (3) | 789 | 13.7 | $ | 3,715.2 | 13.5 | 6.4 | % | ||||||||
(1) | Represents investments of £169.7 million Sterling during the quarter ended December 31, 2019 and £625.8 million Sterling during the year ended December 31, 2019 converted at the applicable exchange rate on the date of acquisition. |
(2) | The tenants occupying the new properties operate in 26 industries, and are 100.0% retail, based on rental revenue. Approximately 47% of the rental revenue generated from acquisitions during the fourth quarter of 2019 is from investment grade rated tenants, their subsidiaries or affiliated companies. |
(3) | The tenants occupying the new properties operate in 31 industries, and are 94.6% retail and 5.4% industrial, based on rental revenue. Approximately 36% of the rental revenue generated from acquisitions during 2019 is from investment grade rated tenants, their subsidiaries or affiliated companies. |
Quarter Ended December 31, | Year Ended December 31, | Increase | |||||||||||||||||||
2019 | 2018 | 2019 | 2018 | Three months | Twelve months | ||||||||||||||||
Rental Revenue | $ | 296.5 | $ | 290.8 | $ | 1,175.6 | $ | 1,157.6 | 2.0 | % | 1.6 | % |
Quarter Ended December 31, 2019 | Year Ended December 31, 2019 | ||||||
Properties sold | 29 | 93 | |||||
Net sales proceeds | $ | 36.3 | $ | 108.9 | |||
Gain on sales of real estate | $ | 14.2 | $ | 30.0 |
Three Months | Three Months | Year Ended | Year Ended | |||||||||||||
Ended 12/31/19 | Ended 12/31/18 | 12/31/19 | 12/31/18 | |||||||||||||
REVENUE | ||||||||||||||||
Rental (including reimbursable) | $ | 394,217 | $ | 341,181 | $ | 1,484,818 | $ | 1,321,546 | ||||||||
Other | 3,312 | 1,395 | 6,773 | 6,292 | ||||||||||||
Total revenue | 397,529 | 342,576 | 1,491,591 | 1,327,838 | ||||||||||||
EXPENSES | ||||||||||||||||
Depreciation and amortization | 156,594 | 137,711 | 593,961 | 539,780 | ||||||||||||
Interest | 75,073 | 70,635 | 290,991 | 266,020 | ||||||||||||
General and administrative | 16,330 | 34,178 | 66,483 | 84,148 | ||||||||||||
Property (including reimbursable) | 25,253 | 17,732 | 88,585 | 66,326 | ||||||||||||
Income taxes | 1,736 | 1,607 | 6,158 | 5,340 | ||||||||||||
Provisions for impairment | 8,950 | 1,235 | 40,186 | 26,269 | ||||||||||||
Total expenses | 283,936 | 263,098 | 1,086,364 | 987,883 | ||||||||||||
Gain on sales of real estate | 14,168 | 5,825 | 29,996 | 24,643 | ||||||||||||
Foreign currency and derivative gains, net | 1,792 | — | 2,255 | — | ||||||||||||
Net income | 129,553 | 85,303 | 437,478 | 364,598 | ||||||||||||
Net income attributable to noncontrolling interests | (256 | ) | (231 | ) | (996 | ) | (984 | ) | ||||||||
Net income available to common stockholders | $ | 129,297 | $ | 85,072 | $ | 436,482 | $ | 363,614 | ||||||||
Funds from operations available to common stockholders (FFO) | $ | 280,396 | $ | 217,743 | $ | 1,039,591 | $ | 903,257 | ||||||||
Adjusted funds from operations available to common stockholders (AFFO) | $ | 281,986 | $ | 236,813 | $ | 1,050,015 | $ | 924,558 | ||||||||
Per share information for common stockholders: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic and Diluted | $ | 0.39 | $ | 0.29 | $ | 1.38 | $ | 1.26 | ||||||||
FFO: | ||||||||||||||||
Basic and Diluted | $ | 0.85 | $ | 0.73 | $ | 3.29 | $ | 3.12 | ||||||||
AFFO: | ||||||||||||||||
Basic | $ | 0.86 | $ | 0.80 | $ | 3.32 | $ | 3.19 | ||||||||
Diluted | $ | 0.86 | $ | 0.79 | $ | 3.32 | $ | 3.19 | ||||||||
Cash dividends paid per common share | $ | 0.681 | $ | 0.662 | $ | 2.711 | $ | 2.631 |
Three Months | Three Months | Year Ended | Year Ended | |||||||||||||
Ended 12/31/19 | Ended 12/31/18 | 12/31/19 | 12/31/18 | |||||||||||||
Net income available to common stockholders | $ | 129,297 | $ | 85,072 | $ | 436,482 | $ | 363,614 | ||||||||
Depreciation and amortization | 156,594 | 137,711 | 593,961 | 539,780 | ||||||||||||
Depreciation of furniture, fixtures and equipment | (127 | ) | (158 | ) | (565 | ) | (650 | ) | ||||||||
Provisions for impairment | 8,950 | 1,235 | 40,186 | 26,269 | ||||||||||||
Gain on sales of real estate | (14,168 | ) | (5,825 | ) | (29,996 | ) | (24,643 | ) | ||||||||
FFO adjustments allocable to noncontrolling interests | (150 | ) | (292 | ) | (477 | ) | (1,113 | ) | ||||||||
FFO available to common stockholders | $ | 280,396 | $ | 217,743 | $ | 1,039,591 | $ | 903,257 | ||||||||
FFO allocable to dilutive noncontrolling interests | 372 | 473 | 1,403 | 867 | ||||||||||||
Diluted FFO | $ | 280,768 | $ | 218,216 | $ | 1,040,994 | $ | 904,124 | ||||||||
FFO per common share: | ||||||||||||||||
Basic and Diluted | $ | 0.85 | $ | 0.73 | $ | 3.29 | $ | 3.12 | ||||||||
Distributions paid to common stockholders | $ | 222,476 | $ | 196,834 | $ | 852,134 | $ | 761,582 | ||||||||
FFO available to common stockholders in excess of distributions paid to common stockholders | $ | 57,920 | $ | 20,909 | $ | 187,457 | $ | 141,675 | ||||||||
Weighted average number of common shares used for FFO: | ||||||||||||||||
Basic | 328,565,734 | 297,730,206 | 315,837,012 | 289,427,430 | ||||||||||||
Diluted | 329,364,027 | 298,609,734 | 316,601,350 | 289,923,984 |
Three Months | Three Months | Year Ended | Year Ended | |||||||||||||
Ended 12/31/19 | Ended 12/31/18 | 12/31/19 | 12/31/18 | |||||||||||||
Net income available to common stockholders | $ | 129,297 | $ | 85,072 | $ | 436,482 | $ | 363,614 | ||||||||
Cumulative adjustments to calculate FFO (1) | 151,099 | 132,671 | 603,109 | 539,643 | ||||||||||||
FFO available to common stockholders | 280,396 | 217,743 | 1,039,591 | 903,257 | ||||||||||||
Executive severance charge (2) | — | 18,651 | — | 18,651 | ||||||||||||
Amortization of share-based compensation | 3,184 | 2,943 | 13,662 | 15,470 | ||||||||||||
Amortization of deferred financing costs (3) | 1,283 | 1,119 | 4,754 | 3,991 | ||||||||||||
Amortization of net mortgage premiums | (354 | ) | (354 | ) | (1,415 | ) | (1,520 | ) | ||||||||
Loss (gain) on interest rate swaps | 694 | 331 | 2,752 | (2,733 | ) | |||||||||||
Straight-line payments from cross-currency swaps (4) | 1,762 | — | 4,316 | — | ||||||||||||
Leasing costs and commissions | (222 | ) | (1,076 | ) | (2,102 | ) | (3,907 | ) | ||||||||
Recurring capital expenditures | (224 | ) | (555 | ) | (801 | ) | (1,084 | ) | ||||||||
Straight-line rent | (8,940 | ) | (6,480 | ) | (28,674 | ) | (24,687 | ) | ||||||||
Amortization of above and below-market leases | 6,109 | 4,427 | 19,336 | 16,852 | ||||||||||||
Other adjustments (5) | (1,702 | ) | 64 | (1,404 | ) | 268 | ||||||||||
AFFO available to common stockholders | $ | 281,986 | $ | 236,813 | $ | 1,050,015 | $ | 924,558 | ||||||||
AFFO allocable to dilutive noncontrolling interests | 378 | 487 | 1,442 | 901 | ||||||||||||
Diluted AFFO | $ | 282,364 | $ | 237,300 | $ | 1,051,457 | $ | 925,459 | ||||||||
AFFO per common share: | ||||||||||||||||
Basic | $ | 0.86 | $ | 0.80 | $ | 3.32 | $ | 3.19 | ||||||||
Diluted | $ | 0.86 | $ | 0.79 | $ | 3.32 | $ | 3.19 | ||||||||
Distributions paid to common stockholders | $ | 222,476 | $ | 196,834 | $ | 852,134 | $ | 761,582 | ||||||||
AFFO available to common stockholders in excess of distributions paid to common stockholders | $ | 59,510 | $ | 39,979 | $ | 197,881 | $ | 162,976 | ||||||||
Weighted average number of common shares used for AFFO: | ||||||||||||||||
Basic | 328,565,734 | 297,730,206 | 315,837,012 | 289,427,430 | ||||||||||||
Diluted | 329,364,027 | 298,609,734 | 316,601,350 | 289,923,984 |
(1) | See FFO calculation on page seven for reconciling items. |
(2) | The executive severance charge represents the incremental costs incurred upon our former CEO's departure in October 2018 per the reconciliation below: |
Cash | $ | 9,817 | |
Stock compensation | 17,902 | ||
Professional fees | 574 | ||
Total value of severance | 28,293 | ||
Amount accrued for CEO compensation prior to separation | (9,642 | ) | |
Incremental severance | $ | 18,651 |
(3) | Includes the amortization of costs incurred and capitalized upon issuance of our notes payable, assumption of our mortgages payable and issuance of our term loans. The deferred financing costs are being amortized over the lives of the respective notes payable, mortgages and term loans. No costs associated with our credit facility agreements or annual fees paid to credit rating agencies have been included. |
(4) | Straight-line payments from cross-currency swaps represent quarterly payments in U.S. dollars received by us from counterparties in exchange for associated foreign currency payments. These USD payments are fixed and determinable for the duration of the associated hedging transaction. |
(5) | Includes adjustments allocable to noncontrolling interests, obligations related to financing lease liabilities, and foreign currency gains and losses as a result of intercompany debt and remeasurement transactions. |
For the three months ended December 31, | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Net income available to common stockholders | $ | 129,297 | $ | 85,072 | $ | 60,852 | $ | 85,671 | $ | 76,171 | ||||||||||
Depreciation and amortization, net of furniture, fixtures and equipment | 156,467 | 137,553 | 126,915 | 117,580 | 105,537 | |||||||||||||||
Provisions for impairment | 8,950 | 1,235 | 6,679 | 3,709 | 1,378 | |||||||||||||||
Gain on sales of real estate | (14,168 | ) | (5,825 | ) | (23,208 | ) | (6,696 | ) | (5,126 | ) | ||||||||||
FFO adjustments allocable to noncontrolling interests | (150 | ) | (292 | ) | (250 | ) | (431 | ) | (52 | ) | ||||||||||
FFO | $ | 280,396 | $ | 217,743 | $ | 170,988 | $ | 199,833 | $ | 177,908 | ||||||||||
FFO per diluted share | $ | 0.85 | $ | 0.73 | $ | 0.61 | $ | 0.77 | $ | 0.71 | ||||||||||
AFFO | $ | 281,986 | $ | 236,813 | $ | 215,312 | $ | 192,964 | $ | 170,023 | ||||||||||
AFFO per diluted share | $ | 0.86 | $ | 0.79 | $ | 0.76 | $ | 0.75 | $ | 0.68 | ||||||||||
Cash dividends paid per share | $ | 0.681 | $ | 0.662 | $ | 0.636 | $ | 0.606 | $ | 0.572 | ||||||||||
Weighted average diluted shares outstanding - FFO | 329,364,027 | 298,609,734 | 282,023,488 | 259,010,432 | 249,508,956 | |||||||||||||||
Weighted average diluted shares outstanding - AFFO | 329,364,027 | 298,609,734 | 282,428,692 | 259,010,432 | 249,508,956 |
For the year ended December 31, | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Net income available to common stockholders | $ | 436,482 | $ | 363,614 | $ | 301,514 | $ | 288,491 | $ | 256,686 | ||||||||||
Depreciation and amortization, net of furniture, fixtures and equipment | 593,396 | 539,130 | 498,231 | 449,196 | 408,404 | |||||||||||||||
Provisions for impairment | 40,186 | 26,269 | 14,751 | 20,664 | 10,560 | |||||||||||||||
Gain on sales of real estate | (29,996 | ) | (24,643 | ) | (40,898 | ) | (21,979 | ) | (22,243 | ) | ||||||||||
FFO adjustments allocable to noncontrolling interests | (477 | ) | (1,113 | ) | (933 | ) | (977 | ) | (970 | ) | ||||||||||
FFO | $ | 1,039,591 | $ | 903,257 | $ | 772,665 | $ | 735,395 | $ | 652,437 | ||||||||||
FFO per diluted share | $ | 3.29 | $ | 3.12 | $ | 2.82 | $ | 2.88 | $ | 2.77 | ||||||||||
AFFO | $ | 1,050,015 | $ | 924,558 | $ | 838,638 | $ | 736,374 | $ | 647,028 | ||||||||||
AFFO per diluted share | $ | 3.32 | $ | 3.19 | $ | 3.06 | $ | 2.88 | $ | 2.74 | ||||||||||
Cash dividends paid per share | $ | 2.711 | $ | 2.631 | $ | 2.527 | $ | 2.392 | $ | 2.271 | ||||||||||
Weighted average diluted shares outstanding - FFO | 316,601,350 | 289,923,984 | 273,936,752 | 255,822,679 | 235,891,368 | |||||||||||||||
Weighted average diluted shares outstanding - AFFO | 316,601,350 | 289,923,984 | 274,024,934 | 255,822,679 | 235,891,368 |
December 31, 2019 | December 31, 2018 | |||||||
ASSETS | ||||||||
Real estate, at cost: | ||||||||
Land | $ | 5,684,034 | $ | 4,682,660 | ||||
Buildings and improvements | 13,833,882 | 11,858,806 | ||||||
Total real estate, at cost | 19,517,916 | 16,541,466 | ||||||
Less accumulated depreciation and amortization | (3,117,919 | ) | (2,714,534 | ) | ||||
Net real estate held for investment | 16,399,997 | 13,826,932 | ||||||
Real estate held for sale, net | 96,775 | 16,585 | ||||||
Net real estate | 16,496,772 | 13,843,517 | ||||||
Cash and cash equivalents | 54,011 | 10,387 | ||||||
Accounts receivable | 181,969 | 144,991 | ||||||
Lease intangible assets, net | 1,493,383 | 1,199,597 | ||||||
Other assets, net | 328,661 | 61,991 | ||||||
Total assets | $ | 18,554,796 | $ | 15,260,483 | ||||
LIABILITIES AND EQUITY | ||||||||
Distributions payable | $ | 76,728 | $ | 67,789 | ||||
Accounts payable and accrued expenses | 177,039 | 133,765 | ||||||
Lease intangible liabilities, net | 333,103 | 310,866 | ||||||
Other liabilities | 262,221 | 127,109 | ||||||
Line of credit payable | 704,335 | 252,000 | ||||||
Term loans, net | 499,044 | 568,610 | ||||||
Mortgages payable, net | 410,119 | 302,569 | ||||||
Notes payable, net | 6,288,049 | 5,376,797 | ||||||
Total liabilities | 8,750,638 | 7,139,505 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity: | ||||||||
Common stock and paid in capital, par value $0.01 per share, 740,200,000 shares authorized, 333,619,106 shares issued and outstanding as of December 31, 2019 and 370,100,000 shares authorized, 303,742,090 shares issued and outstanding as of December 31, 2018 | 12,873,849 | 10,754,495 | ||||||
Distributions in excess of net income | (3,082,291 | ) | (2,657,655 | ) | ||||
Accumulated other comprehensive loss | (17,102 | ) | (8,098 | ) | ||||
Total stockholders’ equity | 9,774,456 | 8,088,742 | ||||||
Noncontrolling interests | 29,702 | 32,236 | ||||||
Total equity | 9,804,158 | 8,120,978 | ||||||
Total liabilities and equity | $ | 18,554,796 | $ | 15,260,483 |
Equity | NASDAQ | ||||||||||||||||||
Realty Income | REIT Index (1) | DJIA | S&P 500 | Composite | |||||||||||||||
Dividend | Total | Dividend | Total | Dividend | Total | Dividend | Total | Dividend | Total | ||||||||||
yield | return (2) | yield | return (3) | yield | return (3) | yield | return (3) | yield | return (4) | ||||||||||
10/18 to 12/31/1994 | 10.5% | 10.8% | 7.7% | 0.0% | 2.9% | (1.6%) | 2.9% | (1.2%) | 0.5% | (1.7%) | |||||||||
1995 | 8.3% | 42.0% | 7.4% | 15.3% | 2.4% | 36.9% | 2.3% | 37.6% | 0.6% | 39.9% | |||||||||
1996 | 7.9% | 15.4% | 6.1% | 35.3% | 2.2% | 28.9% | 2.0% | 23.0% | 0.2% | 22.7% | |||||||||
1997 | 7.5% | 14.5% | 5.5% | 20.3% | 1.8% | 24.9% | 1.6% | 33.4% | 0.5% | 21.6% | |||||||||
1998 | 8.2% | 5.5% | 7.5% | (17.5%) | 1.7% | 18.1% | 1.3% | 28.6% | 0.3% | 39.6% | |||||||||
1999 | 10.5% | (8.7%) | 8.7% | (4.6%) | 1.3% | 27.2% | 1.1% | 21.0% | 0.2% | 85.6% | |||||||||
2000 | 8.9% | 31.2% | 7.5% | 26.4% | 1.5% | (4.7%) | 1.2% | (9.1%) | 0.3% | (39.3%) | |||||||||
2001 | 7.8% | 27.2% | 7.1% | 13.9% | 1.9% | (5.5%) | 1.4% | (11.9%) | 0.3% | (21.1%) | |||||||||
2002 | 6.7% | 26.9% | 7.1% | 3.8% | 2.6% | (15.0%) | 1.9% | (22.1%) | 0.5% | (31.5%) | |||||||||
2003 | 6.0% | 21.0% | 5.5% | 37.1% | 2.3% | 28.3% | 1.8% | 28.7% | 0.6% | 50.0% | |||||||||
2004 | 5.2% | 32.7% | 4.7% | 31.6% | 2.2% | 5.6% | 1.8% | 10.9% | 0.6% | 8.6% | |||||||||
2005 | 6.5% | (9.2%) | 4.6% | 12.2% | 2.6% | 1.7% | 1.9% | 4.9% | 0.9% | 1.4% | |||||||||
2006 | 5.5% | 34.8% | 3.7% | 35.1% | 2.5% | 19.0% | 1.9% | 15.8% | 0.8% | 9.5% | |||||||||
2007 | 6.1% | 3.2% | 4.9% | (15.7%) | 2.7% | 8.8% | 2.1% | 5.5% | 0.8% | 9.8% | |||||||||
2008 | 7.3% | (8.2%) | 7.6% | (37.7%) | 3.6% | (31.8%) | 3.2% | (37.0%) | 1.3% | (40.5%) | |||||||||
2009 | 6.6% | 19.3% | 3.7% | 28.0% | 2.6% | 22.6% | 2.0% | 26.5% | 1.0% | 43.9% | |||||||||
2010 | 5.1% | 38.6% | 3.5% | 27.9% | 2.6% | 14.0% | 1.9% | 15.1% | 1.2% | 16.9% | |||||||||
2011 | 5.0% | 7.3% | 3.8% | 8.3% | 2.8% | 8.3% | 2.3% | 2.1% | 1.3% | (1.8%) | |||||||||
2012 | 4.5% | 20.1% | 3.5% | 19.7% | 3.0% | 10.2% | 2.5% | 16.0% | 2.6% | 15.9% | |||||||||
2013 | 5.8% | (1.8%) | 3.9% | 2.9% | 2.3% | 29.6% | 2.0% | 32.4% | 1.4% | 38.3% | |||||||||
2014 | 4.6% | 33.7% | 3.6% | 28.0% | 2.3% | 10.0% | 2.0% | 13.7% | 1.3% | 13.4% | |||||||||
2015 | 4.4% | 13.0% | 3.9% | 2.8% | 2.6% | 0.2% | 2.2% | 1.4% | 1.4% | 5.7% | |||||||||
2016 | 4.2% | 16.0% | 4.0% | 8.6% | 2.5% | 16.5% | 2.1% | 12.0% | 1.4% | 7.5% | |||||||||
2017 | 4.5% | 3.6% | 3.9% | 8.7% | 2.2% | 28.1% | 1.9% | 21.8% | 1.1% | 28.2% | |||||||||
2018 | 4.2% | 15.2% | 4.4% | (4.0%) | 2.5% | (3.5%) | 2.2% | (4.4%) | 1.4% | (3.9%) | |||||||||
2019 | 3.7% | 21.1% | 3.7% | 28.7% | 2.4% | 25.3% | 1.9% | 31.5% | 1.1% | 35.2% | |||||||||
Compound Average Annual Total Return (5) | 16.5% | 10.8% | 10.7% | 10.1% | 10.3% |
(1) | FTSE Nareit US Equity REIT Index, as per Nareit website. |
(2) | Calculated as the difference between the closing stock price as of period end less the closing stock price as of previous period, plus dividends paid in period, divided by closing stock price as of end of previous period. Does not include reinvestment of dividends for the annual percentages. |
(3) | Includes reinvestment of dividends. Source: Nareit website and Factset. |
(4) | Price only index, does not include dividends as NASDAQ did not report total return metrics for the entirety of the measurement period. Source: Factset. |
(5) | The Compound Average Annual Total Return rates are calculated in the same manner for each period from Realty Income’s NYSE listing on October 18, 1994 through December 31, 2019, and (except for NASDAQ) assume reinvestment of dividends. Past performance does not guarantee future performance. Realty Income presents this data for informational purposes only and makes no representation about its future performance or how it will compare in performance to other indices in the future. |
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