The following is a summary of the Realty Income Corporation (O) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Realty Income reported Q3 2024 AFFO per share of $1.05, representing a 2.9% growth compared to last year.

• Increased 2024 investment volume guidance to approximately $3.5 billion, underpinned by strong investment activity year-to-date and a robust pipeline for fourth quarter.

• Raised the lower end of AFFO per share guidance for 2024 to a range of $4.17 to $4.21.

Business Progress:

• Investments made in Q3 totaled $740 million at a blended initial cash yield of 7.4%.

• Completed 70 discrete transactions, including four over $50 million, showcasing the breadth of the investment platform.

• Sold 92 properties for total net proceeds of $249 million in the third quarter, with a year-to-date total of $451 million.

• Expect further momentum with an implied fourth quarter investment outlook of approximately $1.3 billion, which is fully funded.

Opportunities:

• Realty Income plans to leverage its private capital fund to access deeper pools of institutional capital and expand its investment opportunities.

• Diversification into data center investments and potential development projects could offer higher yields and growth prospects.

Risks:

• Recent volatility driven by exogenous factors could impact the capital costs and investment rates.

• The U.S. and European markets might experience differing momentum, affecting investment distributions and focus.

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