Summary by Moomoo AI
Realty Income Corporation reported strong financial results for Q2 2024, with total revenue increasing 31.4% to $1.34 billion, compared to $1.02 billion in Q2 2023. Net income available to common stockholders rose to $256.8 million, while FFO per share grew 4.9% to $1.07. The quarter's performance was significantly impacted by the completed merger with Spirit Realty Capital in January 2024.The company's portfolio expanded to 15,450 properties with approximately 335.3 million square feet of leasable space across all 50 U.S. states, the U.K., and six other European countries. The portfolio maintained a high occupancy rate of 98.8%, with investment grade clients representing 36% of annualized contractual rent. During the quarter, the company invested $0.8 billion in new properties at an initial weighted average cash yield of 7.9%.Looking ahead, Realty Income maintains a strong liquidity position of $3.8 billion, including $442.8 million in cash and $3.1 billion available under its credit facility. The company increased its monthly dividend for the fourth time in 2024 to $0.2630 per share, marking its 107th consecutive quarterly dividend increase and reinforcing its position as a member of the S&P 500 Dividend Aristocrats index.
