Philo
real estate income (NYSE:O) reported stronger-than-expected revenue in the first quarter of 2023 after completing a $598 million investment, and its earnings were slightly above expectations as occupancy rates remained stable.
Wangzhao REIT reiterates its 2024 normalization guidance FFO 4.17-4.29 US dollars, same-store rent growth of approximately 1.0%. Acquisition volume is still expected to be ~$2.0B.
First-quarter normalized FFO of $1.05 per share was 1 cent higher than the average analyst estimate and up from $1.00 in the fourth quarter of 2023 and $1.04 in the first quarter of 2023.
Revenue was $1.26B, beating the $1.10B consensus and climbing from $1.08B last quarter and $944M a year ago.
Total expenses increased to $1.14B from $841.3 million last quarter and $723.7 million a year ago. Impairment provisions jumped to $89.5 million from $27.3 million in the fourth quarter of 2023 and $13.2 million in the first quarter of 2023. The U.S. dollar soared to $94.1 million.
The portfolio’s occupancy rate was 98.6% as of March 31, 2024, even though its occupancy rate as of December 31, 2024 was still low.
Realty Income (O) completed its previously announced merger with Spirit Realty Capital on January 23, 2024.
“During the quarter, we completed $598 million in investments with an initial weighted average cash return of 7.8%,” said Sumit Roy, President and CEO of Realty Income. “Approximately 54% of total investments were located in the UK and Europe, with an initial weighted average cash return of 7.8%.” Average cash yield is 8.2%. International growth continues to be Realty Income’s differentiated path to generating accretive earnings growth as our unique platform allows us to connect with best-in-class clients in the highly fragmented net lease market.
A conference call will be held on May 7 at 2:00 pm ET.
Earlier, real estate revenue FFO was $1.05, $0.01 higher, and revenue was $1.26B, $1.60M higher
