SRC - Realty Income Drops Heavily Anticipated Q4 Results What Now?
2024-02-20 17:59:27 ET
Summary
- Realty Income Corporation reported mixed Q4 fiscal performance, exceeding revenue expectations and showing year-over-year expansion.
- Same-store rental revenue slightly below expectations, but occupancy remains strong.
- The company has provided questionable guidance for same-store rent growth and AFFO, but overall, the outlook for 2024 and beyond looks positive.
- Should you buy Realty Income Corporation here? Read on for our view.
Today we are honing in on the just-reported Q4 earnings out of Realty Income Corporation ( O ). When we last covered the company , we told you that the Spirit Realty Capital, Inc. (NYSE: SRC ) acquisition was a done deal as shareholders approved the deal. We discussed what that acquisition meant for Realty Income's portfolio long term. This transaction comes as we were short real estate investment trusts, or REITs, in 2023 up until the fall of 2023, where we turned bullish and specifically cited that we were going long on the stock in the $40s. Shares have appreciated some, but the sector should benefit when rates start to relax, which will ease the behemoth interest payments on new or refinanced debt....
Realty Income Drops Heavily Anticipated Q4 Results, What Now?