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Realty Income Q4 FFO Rises - Quick Facts

Realty Income Corp. (O) reported that its fourth-quarter Funds from Operations or FFO increased 5.1% to $71.6 million from $68.1 million for the same quarter in 2011. FFO per share, for the quarter ended December 31, 2012, increased 5.9% to $0.54 as compared to $0.51 for the same quarter in 2011. Analysts polled by Thomson Reuters expected the company to report earnings of $0.54 per share for the quarter. Analysts' estimates typically exclude special items.

Adjusted Funds from Operations or AFFO, for the quarter ended December 31, 2012, increased 6.4% to $72.9 million as compared to $68.5 million for the same quarter in 2011. AFFO per share, for the quarter ended December 31, 2012, increased 5.8% to $0.55 as compared to $0.52 for the same quarter in 2011.

Normalized Funds from Operations, which is based on FFO adjusted to add back ARCT merger-related costs, for the quarter ended December 31, 2012, increased 8.7% to $74.0 million as compared to $68.1 million for the same quarter in 2011. Normalized FFO per share, for the quarter ended December 31, 2012, increased 9.8% to $0.56 as compared to $0.51 for the same quarter in 2011.

Net income available to common stockholders for the quarter was $28.5 million as compared to $34.9 million for the same quarter in 2011. Net income per share was $0.21 compared to $0.26 for the same quarter in 2011. The decrease in net income available to common stockholders included $2.4 million of ARCT merger-related costs.

Revenue for the quarter increased 16.4% to $130.1 million as compared to $111.8 million for the same quarter in 2011. Nine analysts had consensus revenue estimate of $124.90 million for the quarter.

Normalized FFO per share for 2013 is expected to be in the range of $2.32 to $2.38 per share, an increase of 14.9% to 17.8% over the Normalized 2012 FFO per share of $2.02. Normalized FFO per share for 2013 is based on an estimated net income per share range of $1.05 to $1.11, plus estimated real estate depreciation of $1.50 and reduced by potential estimated gains on sales of investment properties of $0.23 per share. Analysts expect the company to report earnings of $2.37 per share for fiscal 2013.

AFFO per share for 2013 is anticipated to be in the range of $2.33 to $2.39 per share, an increase of 13.1% to 16.0% over the 2012 AFFO per share of $2.06.

by RTT Staff Writer

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