Realty Income (NYSE: O) reported Q1 EPS of $0.37, $0.03 better than the analyst estimate of $0.34. Revenue for the quarter came in at $354.4 million versus the consensus estimate of $350.51 million.

• Net income per share was $0.37
• AFFO per share increased 3.8% to $0.82, compared to the quarter ended March 31, 2018
• Invested $519.5 million in 105 new properties and properties under development or expansion

CEO Comments

"We completed another strong quarter, investing $519.5 million in high quality real estate at investment spreads well above our historical average," said Sumit Roy, President and Chief Executive Officer. "Our domestic investment pipeline remains robust, as we reviewed $11.7 billion of acquisition opportunities during the quarter. Our portfolio continues to perform well, and we generated a rent recapture rate of 104.7% on properties re-leased during the quarter."

"Subsequent to quarter-end, we announced our company's expansion into international investments through a £429.0 million sale-leaseback transaction with Sainsbury's, a major UK supermarket chain, which represents a natural evolution of our company's strategy. We expect to establish and grow our international platform, and we are well-positioned to utilize our portable cost of capital, size, and scale advantages to pursue additional opportunities in the UK and mainland Europe."

2019 Earnings Guidance

We estimate AFFO per share for 2019 of $3.28 to $3.33. AFFO adjusts FFO for unique revenue and expense items, which are not as pertinent to the measurement of Realty Income's ongoing operating performance.

We estimate FFO per share for 2019 of $3.26 to $3.31. FFO per share for 2019 is based on a net income per share range of $1.39 to $1.44, plus estimated real estate depreciation and impairments of $1.92 per share, and reduced by potential estimated gains on sales of investment properties of $0.05 per share (in accordance with NAREIT's definition of FFO).

For earnings history and earnings-related data on Realty Income (O) click here.