Realty Income Corporation (O) Q4 2024 Earnings Call Transcript

For the period ending December 31, 2024

February 25, 2025 2:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, and welcome to the Realty Income Fourth 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. Please note today's 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 for joining us today for Realty Income's 2024 fourth quarter and full year 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. We will disclose in greater detail the factors that may cause such differences in the company's filing on Form 10-K.

During the Q&A portion of the call, we will be observing a two question limit. 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, Kelsey. Welcome, everyone.

In 2024, Realty Income achieved AFFO per share growth of 4.8%, marking our 14 consecutive year of growth. This combined with our 5.4% dividend yield for investors who held our stock in 2024, resulted in a total operational return of 10.2% for the year. Over our 30 year history as a public company, our annual total operational return has averaged approximately 11%, with no year posting a negative return as we remain true to our commitment to deliver steady, reliable returns to our shareholders.

For today's call, we will move through three key themes that we believe define our ongoing long term success. First, our proven track record of results and returns. Second, our confidence in continuing to drive growth in our core business over time. And third, the opportunities our platform provides to enter new avenues to generate further value for our shareholders.

Moving to our first theme, our proven track record. Our 2024 results are a testament to the platform we have built. One that is able to deliver against a variety of macroeconomic backdrops. Underscored by positive AFFO per share increases every year in our third year history as a public company save one.