Realty Income logs higher Q2 AFFO per share YOY

Realty Income Corp. disclosed second-quarter adjusted funds from operations available to common stockholders of $327.6 million, or 88 cents per share, an increase on a per-share basis from $295.2 million, or 86 cents per share, in the prior-year period.

Normalized FFO came to $327.7 million, or 88 cents per share, an increase on a per-share basis from $288.3 million, or 84 cents per share, in the 2020 second quarter.

The S&P Capital IQ consensus FFO estimate for the second quarter was 87 cents per share.

Total revenue for the quarter came to $464.3 million, a 12.0% increase year over year from $414.6 million.

In reporting results, the single-tenant real estate investment trust forecast AFFO per share of $3.53 to $3.59 for the full year, compared with previous guidance of $3.44 to $3.49. It also forecast normalized FFO for the full year at between $3.37 and $3.46 per share. The company previously offered guidance of $3.26 to $3.34 per share.

The S&P Capital IQ consensus FFO-per-share estimate for the full year is $3.39.

The REIT collected 95.9% of contractual rent for the quarter ended June 30 across its total portfolio. Its April and May rent collections both came to 95.5%, its June rent collection reached 96.7%, while its July rent collection came to 99.4%.

As of June 30, the theater industry represented 5.4% of annualized contractual rental revenue. The company is fully reserved for the outstanding receivable balances for 37 theater properties. The receivables outstanding for its 79 theater properties totaled $77.9 million.

At June 30, receivables outstanding across the portfolio totaled $327.9 million, net of $60.0 million of reserves.

In the second quarter, the REIT also sold 42 properties for net sales proceeds of $56.9 million.

During the same period, it received $457.5 million from the sale of its common stock at a weighted average price of $69.01 apiece mainly through its at-the-market equity offering program.