Realty Income (NYSE: O) reported Q3 EPS of $0.07, $0.28 worse than the analyst estimate of $0.35. Revenue for the quarter came in at $404.57 million versus the consensus estimate of $407.94 million.

• Net income per share was $0.07
• AFFO per share was $0.81
• Collected 93.1% of contractual rent
• Invested $658.6 million in 89 properties and properties under development or expansion, including $230.0 million in seven properties in the U.K.
• Issued $350.0 million of 3.250% senior unsecured notes due 2031
• Raised $348.6 million from the sale of common stock, primarily through our At-The-Market (ATM) program
• Established $1.0 billion U.S. dollar-denominated commercial paper program

CEO Comments

"I appreciate the continued commitment of our dedicated and talented team toward advancing the strategy and objectives of our company, as well as the support from our clients and partners," said Sumit Roy, Realty Income's President and Chief Executive Officer. "Our operating results during the third quarter demonstrate our commitment to judiciously managing through the COVID-19 pandemic while also proactively driving our business forward. During the third quarter, we invested $658.6 million, $230.0 million of which represents investments in the U.K., primarily in high-quality real estate leased to leading operators in essential and resilient industries, like the grocery, home improvement and convenience store industries."

"We continued to have excellent access to well-priced capital, as during the quarter we issued $350.0 million of senior unsecured notes due 2031 with an effective yield to maturity of 2.341% and raised approximately $348.6 million of equity; and we established a $1.0 billion commercial paper program which further enhances our financial flexibility. Subsequent to quarter-end, we completed our debut Sterling-denominated public debt offering, issuing £400.0 million of senior unsecured notes due 2030 at an effective yield to maturity of 1.712%. Given the strength of our financial position and the continued performance of our business, we are increasing our 2020 acquisition guidance to approximately $2.0 billion."

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