Realty Income Stock: A Buy for Q4 2023 After Q3 Beat?

Ladder Capital's Stock Weakens Despite Positive Signals
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Realty Income Stock (O:NYE) is a commercial real estate investment trust (REIT) that owns and operates over 11,000 properties in the United States and Canada. The company’s tenants are primarily retail businesses but also include other industries such as office, industrial, and healthcare.

Realty Income raised its annual outlook for adjusted funds from operations (AFFO) on higher rental revenue. The company now expects AFFO per share to be between $3.98 and $4.01, up from its previous outlook of $3.96 to $4.01.

 

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The increase in outlook is due to higher rental revenue from the company’s existing portfolio, as well as from the recent acquisition of Spirit Realty Capital. Realty Income expects to acquire Spirit Realty Capital in a $9.3 billion deal that is expected to close in the fourth quarter of 2023.

 

Realty Income Stock Q3 Key Takeaways:

  • Realty Income Stock raised its annual AFFO outlook on higher rental revenue.
  • The company now expects AFFO per share to be between $3.98 and $4.01, up from its previous outlook of $3.96 to $4.01.
  • The increase in outlook is due to higher rental revenue from the company’s existing portfolio, as well as from the recent acquisition of Spirit Realty Capital.
  • It expects to acquire Spirit Realty Capital in a $9.3 billion deal that is expected to close in the fourth quarter of 2023.
  • The acquisition of Spirit Realty Capital is expected to boost Realty Income Stock’s AFFO per share by $0.04 to $0.06 in 2023.

 

Conclusion:

Realty Income Stock is a well-established REIT with a long history of dividend growth. The company has a diversified portfolio of properties and is expected to benefit from the acquisition of Spirit Realty Capital. Investors who are looking for a reliable source of income and potential for capital appreciation should consider adding Realty Income Stock to their portfolio.

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