Realty Income Corporation (NYSE:O) Q3 2024 Results Conference Call November 5, 2024 2:00 PM ET

Company Participants

Kelsey Mueller - Vice President, Investor Relations
Sumit Roy - President & Chief Executive Officer
Jonathan Pong - Chief Financial Officer & Treasurer

Conference Call Participants

John Kilichowski - Wells Fargo
Greg McGinniss - Scotiabank
Brad Heffern - RBC Capital Markets
Smedes Rose - Citigroup
Jay Kornreich - SMBC
Haendel St. Juste - Mizuho
Spenser Allaway - Green Street Advisors
Upal Rana - KeyBanc Capital Markets
Linda Tsai - Jefferies
Ronald Kamdem - Morgan Stanley
R.J. Milligan - Raymond James
Wes Golladay - Baird

Operator

Good day, and welcome to the Realty Income Third 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 now like to turn the conference over to Kelsey Mueller, Vice President, Investor Relations. Please go ahead.

Kelsey Mueller

Thank you all for joining us today for Realty Income's third 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-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 CEO, Sumit Roy.

Sumit Roy

Thank you, Kelsy. Welcome, everyone. Realty Income's third quarter results highlight our continued momentum, disciplined execution and the benefits of our global investment and operating platform.

Our value proposition to investors is simple, a real estate partner to the world's leading companies. We've created a defensive and diversified real estate portfolio consisting of top-tier clients to drive stable and predictable cash flow. As a result, we've delivered positive total operational returns each year since becoming a public company 30 years ago, successfully navigating a variety of economic environments.

Importantly, as we move through an improving external backdrop helped by a recent rate cut in the U.S., we've started to see a more attractive transaction landscape. Given this, we are pleased to increase our 2024 investment volume guidance to approximately $3.5 billion, underpinned by strong investment activity year-to-date as well as a robust pipeline for the fourth quarter.