Realty Income (NYSE: O) reported Q2 EPS of $0.31, $0.10 worse than the analyst estimate of $0.41. Revenue for the quarter came in at $414.6 million versus the consensus estimate of $391.95 million.

For the quarter ended June 30, 2020:

• Net income per share was $0.31
• AFFO per share increased 4.9% to $0.86, compared to the quarter ended June 30, 2019
• Collected 86.5% of contractual rent across our total portfolio
• Invested $154.2 million in 32 properties and properties under development or expansion, including $58.2 million in two properties in the U.K.
• Raised $593.9 million through the issuance of 3.250% senior unsecured notes due in 2031
• Raised $98.1 million from the sale of common stock, primarily through our At -The-Market (ATM) program

CEO Comments

"First and foremost, I appreciate my colleagues' seamless transition to a remote work environment, recognize our team's outstanding dedication and contributions that continue to drive our business, and empathize with individuals and businesses impacted by the COVID-19 pandemic," said Sumit Roy, Realty Income's President and Chief Executive Officer. "While economic and public health considerations remain due to the COVID-19 pandemic, our operating results for the second quarter continue to demonstrate the stability and resiliency of our business. Our diversified and high-quality real estate portfolio, which is primarily leased to tenants providing non-discretionary and/or low price point goods or services, was 98.5% occupied at quarter-end, and we achieved a 101% rent recapture rate on re-leasing activity during the quarter. Additionally, our financial position remains strong, as we ended the quarter with a net debt to EBITDAre ratio of 5.1x and a fixed charge coverage ratio of 5.4x. As of July 31st, we had total liquidity of $2.9 billion, including approximately $400 million of cash on hand and $2.5 billion remaining borrowing capacity available on our $3.0 billion revolving credit facility (excluding the $1.0 billion accordion feature, which is subject to obtaining lender commitments), which we believe provides us significant financial flexibility."

"Through July 31st, we have collected 86.5% of contractual rent for the second quarter and 91.5% of contractual rent for the month of July, which represented the second consecutive month of improving rent collection trends and the highest monthly rent collection reported since April 2020. We are pleased with these positive trends, and we continue to manage the business with a focus on generating long-term value for our stakeholders. Given the increased visibility to our business, we are providing 2020 acquisition guidance of $1.25 billion to $1.75 billion."

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