Realty Income Corporation (NYSE: O) reported significant financial growth in its latest 10-Q filing for the quarter ending September 30, 2024. The company’s total revenue reached $1,330.9 million, a substantial increase of $291.8 million compared to $1,039.1 million in the same quarter of 2023. For the nine months ended September 30, 2024, total revenue was $3,930.8 million, up from $3,002.7 million in the prior year, marking an increase of $928.1 million.
Rental revenue for the third quarter was $1,271.2 million, compared to $1,008.9 million in the previous year, reflecting a growth of $262.3 million. The nine-month rental revenue also saw a rise, reaching $3,536.4 million from $2,720.8 million, an increase of $815.6 million. The company attributed this growth to acquisitions and an increase in same-store rental revenue.
Total expenses for the quarter were $1,103.2 million, up from $805.9 million in Q3 2023, primarily due to increased depreciation and amortization expenses, which rose by $106.7 million. The merger with Spirit Realty Capital, completed in January 2024, contributed an additional $111.2 million in depreciation and amortization for the quarter. Net income for the third quarter was $271.1 million, compared to $233.9 million in the same period last year.
Realty Income's total assets increased to $68.5 billion as of September 30, 2024, up from $57.8 billion at the end of 2023. The company’s total liabilities also rose to $29.8 billion from $24.7 billion, while total stockholders’ equity increased to $38.5 billion from $32.9 billion.
The company completed the acquisition of 116 properties during the nine months ended September 30, 2024, with a total investment of $1.2 billion. Additionally, Realty Income sold 214 properties during the same period, generating net proceeds of $451.4 million.
Realty Income's cash and cash equivalents increased to $397.0 million from $344.1 million year-over-year. The company also reported a strong liquidity position with $5.2 billion available, including cash, unsettled ATM forward equity, and available credit under its revolving credit facility.
The company continues to focus on delivering dependable monthly dividends, having declared 652 consecutive monthly dividends and increased its dividend per share to $2.3350 for the nine months ended September 30, 2024, up from $2.2830 in the previous year. The current monthly dividend stands at $0.2635 per share, yielding approximately 5.0% based on a stock price of $63.42 as of September 30, 2024.
About REALTY INCOME CORP
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