Realty Income (NYSE: O) reported Q1 EPS of $0.44, $0.01 worse than the analyst estimate of $0.45. Revenue for the quarter came in at $414.3 million versus the consensus estimate of $409.74 million.

For the quarter ended March 31, 2020:

• Net income per share was $0.44
• AFFO per share increased 7.3% to $0.88, compared to the quarter ended March 31, 2019
• Invested $486.0 million in 65 properties and properties under development or expansion, including $165.6 million in four properties in the U.K.
• Raised $752.4 million from the sale of common stock
• Completed the early redemption on all $250.0 million in principal amount of the 5.750% Notes due 2021

CEO Comments

"First and foremost, our thoughts remain with everyone impacted by the COVID-19 pandemic. As we navigate through the current state of economic volatility and uncertainty, I want to thank my colleagues for their hard work and dedication to help maintain the strength of our business operations," said Sumit Roy, Realty Income's President and Chief Executive Officer. "We continued the positive momentum into a strong first quarter of 2020, investing $486 million in property acquisitions and ending the quarter well-positioned with a modest net debt to EBITDAre ratio of 5.0x and a fixed charge coverage ratio of 5.5x, which represents an all-time high. As of May 1st, we had approximately $1.2 billion of cash on hand and $1.1 billion available on our $3.0 billion revolving credit facility, excluding the $1.0 billion accordion feature, which we believe provides us significant financial flexibility through the duration of the year."

"We have constructed our real estate portfolio, the majority of which is leased to leading national or multi-national operators, with a focus on economic resiliency. In April 2020, we collected approximately 83% of expected contractual rent, with substantially all the non-collected rent attributed to tenants in the theater, health and fitness, restaurant and child care industries, each of which have been disproportionately impacted by government-mandated closures. We will continue to partner with our tenants to achieve mutually beneficial outcomes during these challenging circumstances and remain committed to creating long-term value for our shareholders."

Impact of COVID-19

On April 9, 2020 we withdrew our 2020 guidance that was provided on February 19, 2020 due to the ongoing uncertainty regarding the impact of the COVID-19 pandemic and the measures taken to limit its spread. We are continuing to evaluate these impacts on our business as the situation continues to evolve and feel it is not prudent to provide revised guidance at this time.

As of May 1, 2020:

• We have collected 82.9% of contractual rent(1) due for the month of April 2020 across our total portfolio;
• We are in rent deferral discussions with tenants that account for a majority of the unpaid contractual rent for the month of April 2020, as well as certain tenants that did pay April contractual rent;
• We have collected 82.9% of contractual rent due for the month of April 2020 from our top 20 tenants(2); and
• We have collected 99.9% of contractual rent due for the month of April from 2020 our investment grade tenants(3).

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