Summary by Moomoo AI
On May 6, 2024, Realty Income Corporation, known as 'The Monthly Dividend Company' and traded on the New York Stock Exchange under the symbol O, reported its financial results for the first quarter ending March 31, 2024. The company announced net income available to common stockholders of $129.7 million, or $0.16 per share, and Adjusted Funds From Operations (AFFO) of $862.9 million, or $1.03 per share. Realty Income also highlighted the completion of a stock-for-stock merger with Spirit Realty Capital, Inc. on January 23, 2024, and investments totaling $598 million at an average initial cash yield of 7.8%. The company raised $550.1 million through common stock sales, primarily via its At-The-Market (ATM) program. Additionally, Realty Income issued $450.0 million of 4.750% senior unsecured notes due 2029 and $800.0 million of 5.125% senior unsecured notes due 2034. The company's portfolio occupancy remained stable at 98.6%, and it announced its 124th common stock monthly dividend increase since its NYSE listing in 1994. The company's CEO, Sumit Roy, expressed confidence in Realty Income's balance sheet health, liquidity, and ability to self-fund its growth without new external capital.