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Realty Income Corp (O) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

SEC Filings

Realty Income Corp

CIK: 726728 Ticker: O

Exhibit 99.1

 

 

REALTY INCOME ANNOUNCES OPERATING RESULTS FOR

FOURTH QUARTER AND 2016

 

SAN DIEGO, CALIFORNIA, February 22, 2017....Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company

®, today announced operating results for the fourth quarter and year ended December 31, 2016.  All per share amounts presented in this press release are on a diluted per common share basis unless stated otherwise.

 

COMPANY HIGHLIGHTS:

 

For the year ended December 31, 2016:

 

·                  Net income per share was $1.13

·                  AFFO per share increased 5.1% to $2.88, compared to the year ended December 31, 2015

·                  Invested $1.86 billion in 505 new properties and properties under development or expansion

 

For the quarter ended December 31, 2016:

 

·                  Net income per share was $0.33

·                  AFFO per share increased 10.3% to $0.75, compared to the quarter ended December 31, 2015

·                  Invested $785.6 million in 279 new properties and properties under development or expansion

·                  Increased the monthly dividend in December for the 89th time and for the 77th consecutive quarter

·                  Issued $600 million of 3.000% senior unsecured notes due 2027, generating net proceeds of $586.7 million

 

Event subsequent to December 31, 2016:

 

·                  In January 2017, increased the amount of the annualized dividend to $2.526 per share, as compared to the February 2016 annualized dividend amount of $2.382 per share, which represents an increase of 6%

 

CEO Comments

 

“We are pleased with another year of solid results as our company continues to execute across all areas of the business,” said John P. Case, Realty Income’s Chief Executive Officer. “In 2016, we surpassed $1 billion in rental revenue by completing a record-high volume of property acquisitions and actively managing our portfolio to maximize value. These activities contributed to healthy AFFO per share growth of 5.1% to $2.88, which supported the payment of multiple dividend increases throughout 2016.  Given the strong momentum we are seeing in our business, we increased the dividend at the beginning of 2017 by 6% compared to one year ago. For 2017, we are introducing AFFO per share guidance of $3.00 - $3.06, representing earnings growth of 4.2% - 6.3%.”

 

“During 2016, we completed $1.86 billion in acquisitions, of which $786 million was completed during the fourth quarter, representing our most active year and quarter for property acquisitions in our company’s history. We achieved this volume while maintaining investment spreads well above our historical average. Our portfolio occupancy at the end of the fourth quarter was 98.3%, unchanged from the end of the prior quarter. We maintained this high level of occupancy while recapturing approximately 105% of expiring rent on 186 properties re-leased to existing or new tenants in 2016.”

 

“Our balance sheet continues to be in excellent shape with approximately 72% of our market capitalization represented by equity. Additionally, our credit rating remains the highest in the net lease industry, providing us with outstanding financial flexibility and contributing to our distinct cost of capital advantage.”

 

Financial Results

 

Revenue

Revenue for the quarter ended December 31, 2016 increased 9.1% to $287.8 million, as compared to $263.7 million for the same quarter in 2015. Revenue for 2016 increased 7.8% to $1.103 billion, as compared to $1.023 billion for 2015.

 

 


The following information was filed by Realty Income Corp (O) on Wednesday, February 22, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Realty Income Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Equity
Consolidated Statements Of Income
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Common Stock Incentive Plan
Common Stock Incentive Plan (details)
Common Stock Incentive Plan (tables)
Credit Facility
Credit Facility (details)
Distributions Paid And Payable
Distributions Paid And Payable (details)
Distributions Paid And Payable (tables)
Employee Benefit Plan
Employee Benefit Plan (details)
Equity
Equity - At-the-market (atm) Program (details)
Equity - Dividend Reinvestment And Stock Purchase Plan (details)
Equity - Issuance Of Common Stock (details)
Equity - Redemption Of Preferred Stock (details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (details)
Fair Value Of Financial Instruments (tables)
Gain On Sales Of Real Estate
Gain On Sales Of Real Estate (details)
Investments In Real Estate
Investments In Real Estate (details)
Investments In Real Estate (tables)
Mortgages Payable
Mortgages Payable (details)
Mortgages Payable (tables)
Noncontrolling Interests
Noncontrolling Interests (details)
Noncontrolling Interests (tables)
Noncontrolling Interests - Variable Interest Entity (details)
Notes Payable
Notes Payable (details)
Notes Payable (tables)
Operating Leases
Operating Leases (details)
Operating Leases (tables)
Organization And Operation
Organization And Operation (details)
Schedule Iii Real Estate And Accumulated Depreciation
Schedule Iii Real Estate And Accumulated Depreciation - Properties (details)
Schedule Iii Real Estate And Accumulated Depreciation - Summary Of Activity (details)
Segment Information
Segment Information (tables)
Segment Information - Assets (details)
Segment Information - Rental Revenue (details)
Subsequent Events
Subsequent Events (details)
Summary Of Significant Accounting Policies And Procedures And Recent Accounting Pronouncements
Summary Of Significant Accounting Policies And Procedures And Recent Accounting Pronouncements (policies)
Summary Of Significant Accounting Policies And Procedures And Recent Accounting Pronouncements (tables)
Summary Of Significant Accounting Policies And Procedures And Recent Accounting Pronouncements - Discontinued Operations, Revenue Recognition, Accounts Receivable (details)
Summary Of Significant Accounting Policies And Procedures And Recent Accounting Pronouncements - Net Income Per Common Share (details)
Summary Of Significant Accounting Policies And Procedures And Recent Accounting Pronouncements - Pp&e (details)
Summary Of Significant Accounting Policies And Procedures And Recent Accounting Pronouncements - Provision For Impairment (details)
Supplemental Detail For Certain Components Of Consolidated Balance Sheets
Supplemental Detail For Certain Components Of Consolidated Balance Sheets (tables)
Supplemental Detail For Certain Components Of Consolidated Balance Sheets - Accounts Payable, Acquired Lease Intangibles, And Other Liabilities (details)
Supplemental Detail For Certain Components Of Consolidated Balance Sheets - Acquired Lease Intangible Assets (details)
Supplemental Detail For Certain Components Of Consolidated Balance Sheets - Distributions Payable (details)
Supplemental Detail For Certain Components Of Consolidated Balance Sheets - Other Assets (details)
Supplemental Disclosures Of Cash Flow Information
Supplemental Disclosures Of Cash Flow Information (details)
Term Loans
Term Loans (details)
Ticker: O
CIK: 726728
Form Type: 10-K Annual Report
Accession Number: 0001104659-17-011170
Submitted to the SEC: Thu Feb 23 2017 4:13:19 PM EST
Accepted by the SEC: Thu Feb 23 2017
Period: Saturday, December 31, 2016
Industry: Real Estate Investment Trusts

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