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Realty Income reports 11.6% YOY increase in AFFO in Q4'17

Realty Income Corp. disclosed funds from operations available to common stockholders for the fourth quarter of $171.0 million, or 61 cents per share, a 14.4% decline in the aggregate from $199.8 million, or 77 cents per share, in the 2016 fourth quarter.

For the fourth quarter, adjusted funds from operations available to common stockholders grew 11.6% from the year-ago period to $215.3 million, or 76 cents per share, from $193.0 million, or 75 cents per share. AFFO adjusts for unique revenue expense items that the company believes are not as pertinent to its ongoing performance.

Total revenue for the fourth quarter came in at $310.7 million, a 7.9% increase year over year from $287.8 million.

For the full year, the company disclosed a 5.1% year-over-year gain in FFO available to common stockholders. In the aggregate, results totaled $772.7 million, or $2.82 per share, compared with $735.4 million, or $2.88 per share.

AFFO available to common stockholders for the full year amounted to $838.6 million, or $3.06 per share, a 13.9% increase from $736.4 million, or $2.88 per share, in 2016.

Total revenue for the full year came in at $1.22 billion for the year, a 9.26% increase from the prior year's total of $1.10 billion.

The S&P Capital IQ consensus FFO estimate for the fourth quarter was 65 cents per share. For the full year, the S&P Capital IQ consensus estimate for FFO was $2.88 per share.

In reporting results, Realty Income said it forecasts FFO per share in the range of $3.11 to $3.19 for the 2018 full year. The company also expects AFFO for the 2018 full year at between $3.14 and $3.20 per share.

The S&P Capital IQ consensus FFO-per-share estimate for the 2018 full year is $3.17.