Realty Income Corp.saw AFFO per share rise 4.5% year over year in the first quarter and maintainedits full-year earnings guidance.

FFO totaled $170.6 million, or 68 cents per share, compared to$152.9 million, or 68 cents per share, in the 2015 period, representing a year-over-yearrise of 11.6% on an aggregate basis. The company noted that its first-quarter FFOwas impacted by a noncash loss of $5.8 million, or 2 cents per share, resultingfrom fair-value adjustments on its interest-rate swaps.

AFFO clocked in at $175.9 million, or 70 cents per share, versus$152.1 million, or 67 cents per share, in the prior-year quarter, representing ayear-over-year increase of 15.6% on an aggregate basis.

The S&P Capital IQ consensus estimates for first-quarterFFO per share and AFFO per share were 71 cents and 70 cents, respectively.

During the quarter, Realty Income invested $352.6 million in103 new properties and properties under development or expansion in 31 states andsold 11 properties for $11.0 million, with a gain on sales of $2.3 million.

The company issued 500,000 shares of common stock under its 12million-share at-the-market equity distribution program, generating net proceedsof $30.1 million.

The company continues to expect full-year FFO per share and AFFOper share of $2.82 to $2.89 and $2.85 to $2.90, respectively.

The S&P Capital IQ consensus FFO-per-share and AFFO-per-shareestimates for 2016 are $2.87 and $2.83, respectively.