Realty Income Corporation (NYSE:O) Q4 2023 Results Conference Call February 21, 2024 2:00 PM ET

Company Participants

Steve Bakke - Senior Vice President of Corporate Finance

Sumit Roy - President and Chief Executive Officer

Jonathan Pong - Chief Financial Officer and Treasurer

Conference Call Participants

Michael Goldsmith - UBS

Joshua Dennerlein - BoA Merrill Lynch

Nate Crossett - BNP

Brad Heffern - RBC Capital Markets

Haendel St. Juste - Mizuho

Spenser Allaway - Green Street Advisors

Smedes Rose - Citi

Eric Borden - BMO Capital Markets

Linda Tsai - Jefferies

Alec Feygin - Baird

Operator

Good day, and welcome to the Realty Income Fourth Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, today's event is being recorded.

I would now like to turn the conference over to Steve Bakke, Senior Vice President of Corporate Finance. Please go ahead, sir.

Steve Bakke

Thank you all for joining us today for Realty Income's fourth quarter operating results conference call. Discussing our results will be Sumit Roy, President and Chief Executive Officer; and Jonathan Pong, Chief Financial Officer and Treasurer.

During this conference call, we will make statements that may be considered forward-looking statements under federal securities laws. The Company's actual future results may differ significantly from the matters discussed in any forward-looking statements. We will disclose in greater detail the factors that may cause such differences in the Company's Form 10-K. We'll be observing a two-question limit during the Q&A portion of the call in order to give everyone the opportunity to participate. If you would like to ask additional questions, you may reenter the queue.

I will now turn the call over to our CEO, Sumit Roy.

Sumit Roy

Thank you, Steve, and welcome, everyone. Our fourth quarter and 2023 full-year results demonstrate the unique platform value that Realty Income has built, which differentiates us as a real estate partner to the world's leading companies. During the year, we accomplished several milestones, which illustrate the benefits bestowed to us by our size, scale and relationships.

First, we set an annual high in property level investment volume closing on over $9.5 billion in high-quality diversified investments across eight different countries and through 271 discrete transactions at a weighted average cash yield of 7.1%. The year was punctuated with a particularly active fourth quarter as we closed on $2.7 billion of investments at a weighted average cash yield of 7.6%.