Realty Income Corporation. (NYSE:O) Q2 2024 Earnings Conference Call August 6, 2024 2:00 PM ET

Company Participants

Steve Bakke - Senior Vice President of Corporate Finance
Sumit Roy - President & Chief Executive Officer
Jonathan Pong - Chief Financial Officer & Treasurer

Conference Call Participants

Michael Goldsmith - UBS
Joshua Dennerlein - Bank of America
John Kilichowski - Wells Fargo
Haendel St. Juste - Mizuho
Smedes Rose - Citi
Greg McGinniss - Scotiabank
Upal Rana - KeyBanc Capital Markets
Linda Tsai - Jefferies
Spenser Allaway - Green Street Advisors
Ronald Kamdem - Morgan Stanley

Operator

Good day, and welcome to the Realty Income Second Quarter 2024 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, this event is being recorded.

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

Steve Bakke

Thank you all for joining us today for Realty Income's first 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 law. The company's actual future results may differ significantly from the matters discussed in any forward-looking statements. You'll disclose in greater detail the factors that may cause such differences in the company's Form 10-Q.

We will 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 President and CEO, Sumit Roy.

Sumit Roy

Thank you, Steve. Welcome, everyone. In the second quarter, I am pleased we were able to deliver strong results of the economy as well as the transaction market, navigate today’s rate environment. We see to be real estate partners to the world’s leading companies and the diligent efforts of our dedicated team resulted in AFFO per share of $1.06 representing a robust 6% growth compared to last year.

Combined with our annualized dividend yield in excess of 5% our shareholders owned a total operational return of over 11%. The power of our global sourcing and acquisition platform was on display this quarter as we deployed capital in the U.S. and Europe across retail, industrial and data center real estate, and the real estate-backed credit opportunities.