Three Months Ended June 30,

Six Months Ended June 30,

2021

2020

2021

2020

Total revenue

$

464.3

$

414.6

$

907.1

$

829.0

Net income available to common stockholders (1)(2)

$

124.5

$

107.8

$

220.4

$

254.7

Net income per share

$

0.33

$

0.31

$

0.59

$

0.75

Funds from operations available to common stockholders (FFO) (2)(3)

$

314.4

$

288.3

$

582.1

$

565.4

FFO per share

$

0.84

$

0.84

$

1.56

$

1.66

Normalized funds from operations available to common stockholders (Normalized FFO) (3)

$

327.7

$

288.3

$

595.4

$

565.4

Normalized FFO per share

$

0.88

$

0.84

$

1.60

$

1.66

Adjusted funds from operations available to common stockholders (AFFO) (3)

$

327.6

$

295.2

$

645.9

$

592.5

AFFO per share

$

0.88

$

0.86

$

1.73

$

1.74

(1)

The calculation to determine net income attributable to common stockholders includes provisions for impairment, gains on sales of real estate, and foreign currency gains and losses. These items can vary from quarter to quarter and can significantly impact net income available to common stockholders and period to period comparisons.

(2) 

Our financial results during the six months ended June 30, 2021 were impacted by a $46.5 million loss on extinguishment of debt due to the January 2021 early redemption of the 3.250% notes due October 2022 recorded in the three months ended March 31, 2021, and $13.3 million of merger-related costs related to our proposed merger with VEREIT. Our financial results during the six months ended June 30, 2020 were impacted by a $9.8 million loss on extinguishment of debt due to the January 2020 early redemption of the 5.750% notes due 2021, and a $3.5 million executive severance charge for our former chief financial officer. 

(3)

FFO, Normalized FFO, and AFFO are non-GAAP financial measures. Normalized FFO is based on FFO and adjusted to exclude merger-related costs related to our proposed merger with VEREIT and AFFO further adjusts Normalized FFO for unique revenue and expense items, such as losses on extinguishment of debt and executive severance costs. Please see the Glossary in the Supplemental Operating and Financial Data for the three months ended June 30, 2021 for our definitions and explanations of how we utilize these metrics. See pages 10 and 11 herein for reconciliations to the most directly comparable GAAP measure.

Month Ended

April 30, 2021

Month Ended

May 31, 2021

Month Ended

June 30, 2021

Quarter Ended

June 30, 2021

Contractual rent collected(1) across total portfolio

95.5%

95.5%

96.7%

95.9%

Contractual rent collected(1) from our top 20 clients (2)

92.7%

92.7%

94.8%

93.4%

Contractual rent collected(1) from our investment grade clients (3)

100.0%

100.0%

100.0%

100.0%

Contractual rent collected from our theater clients

32.3%

31.5%

51.0%

38.3%

Contractual rent collected from our health and fitness clients

94.8%

94.5%

93.9%

94.4%

(1)

Collection rates are calculated as the aggregate contractual rent collected for the applicable period from the beginning of that applicable period through June 30, 2021, divided by the contractual rent charged for the applicable period. Rent collection percentages are calculated based on contractual rents (excluding percentage rents and contractually obligated reimbursements by our clients). Charged amounts have not been adjusted for any COVID-19 related rent relief granted and include contractual rents from any clients in bankruptcy. Due to differences in applicable foreign currency conversion rates and rent conventions, the percentages above may differ from percentages calculated utilizing our total portfolio annualized contractual rent.

(2)

We define our top 20 clients as our 20 largest clients based on percentage of total portfolio annualized contractual rent as of June 30, 2021 for all periods.

(3)

Please see the Glossary in the Supplemental Operating and Financial Data for the three months ended June 30, 2021 for our definition of investment grade clients.

Three Months Ended

Six Months Ended

June 30, 2021

June 30, 2021

Rental revenue reserves

Theater industry

$

6.5

$

13.8

Other

1.0

2.0

Total rental revenue reserves

$

7.5

$

15.8

Straight-line rent reserves

Theater industry

$

0.1

$

0.2

Other

0.6

1.0

Total straight-line rent reserves

$

0.7

$

1.2

Total reserves

Theater industry

$

6.6

$

14.0

Other

1.6

3.0

Total reserves

$

8.2

$

17.0

(1)

Unless otherwise specified, references to reserves recorded as a reduction of rental revenue include amounts reserved for in the current period, as well as unrecognized contractual rental revenue and unrecognized straight-line rental revenue for leases accounted for on a cash basis.

Three months ended June 30, 2021

Properties available for lease at March 31, 2021

131

Lease expirations (1)

66

Re-leases to same client

(54)

Re-leases to new client

(2)

Vacant dispositions

(38)

Properties available for lease at June 30, 2021

103

Six months ended June 30, 2021

Properties available for lease at December 31, 2020

140

Lease expirations (1)

126

Re-leases to same client

(91)

Re-leases to new client

(15)

Vacant dispositions

(57)

Properties available for lease at June 30, 2021

103

(1) 

Includes scheduled and unscheduled expirations (including leases rejected in bankruptcy), as well as future expirations resolved in the periods indicated above.

Number of

Properties

Leasable

Square Feet

Investment

($ in thousands)

Weighted

Average

Lease Term

(Years)

Initial Average

Cash Lease

Yield (1)

Three months ended June 30, 2021

Acquisitions - U.S. (in 24 states)

96

2,186,109

$

485,424

13.9

5.3

%

Acquisitions - U.K. (2)

29

2,200,493

591,821

9.3

6.1

%

Total acquisitions

125

4,386,602

$

1,077,245

11.2

5.7

%

Properties under development - U.S.

31

1,898,893

56,867

15.6

5.9

%

Total (3)

156

6,285,495

$

1,134,112

11.5

5.7

%

Six months ended June 30, 2021

Acquisitions - U.S. (in 29 states)

173

4,484,715

$

1,052,333

13.7

5.5

%

Acquisitions - U.K. (2)

41

3,133,460

994,783

9.8

5.6

%

Total acquisitions

214

7,618,175

$

2,047,116

11.8

5.5

%

Properties under development - U.S.

40

2,015,992

114,798

15.6

5.7

%

Total (4)

254

9,634,167

$

2,161,914

12.0

5.5

%

(1) 

Initial average cash lease yield is a supplemental operating measure. Please see the Glossary in the Supplemental Operating and Financial Data for the three months ended June 30, 2021 for our definition of this metric. Contractual net operating income used in the calculation of initial average cash yield for the three and six months ended June 30, 2021 includes approximately $850,000 received as settlement credits for four properties acquired as reimbursement of free rent periods.

(2) 

Represents investments of £424.9 million Sterling during the three months ended June 30, 2021 and £715.1 million Sterling during the six months ended June 30, 2021, converted at the applicable exchange rate on the date of acquisition.

(3)

Our clients occupying the new properties operate in 19 industries and are 85.1% retail and 14.9% industrial, based on rental revenue. Approximately 54% of the rental revenue generated from acquisitions during the three months ended June 30, 2021 is from our investment grade rated clients, their subsidiaries or affiliated companies.

(4)

Our clients occupying the new properties operate in 28 industries and are 75.8% retail and 24.2% industrial, based on rental revenue. Approximately 47% of the rental revenue generated from acquisitions during the six months ended June 30, 2021 is from our investment grade rated clients, their subsidiaries or affiliated companies.

Three Months Ended June 30,

Six Months Ended June 30,

Increase

2021

2020

2021

2020

Three Months

Six Months

Rental revenue

$

373.8

$

371.8

$

747.7

$

747.0

0.5

%

0.1

%

Three Months Ended

June 30, 2021

Six Months Ended

June 30, 2021

Properties sold

42

69

Net sales proceeds

$

56.9

$

91.6

Gain on sales of real estate

$

14.9

$

23.3

Prior 2021 Guidance

Revised 2021 Guidance

Net income per share (1)

$1.19 to $1.27

$1.32 to $1.41

Real estate depreciation and impairments per share

$2.13

$2.11

Gains on sales of properties per share

$(0.06)

$(0.09)

Merger-related costs (actual) (1)

$—

$0.03

Normalized FFO per share

$3.26 to $3.34

$3.37 to $3.46

AFFO per share

$3.44 to $3.49

$3.53 to $3.59

Same store rent growth (2)

0.5% - 1.0%

1.5% - 2.0%

Occupancy

~ 98%

Over 98%

Cash G&A expenses (% of revenues) (3)(4)

~ 4.5%

~ 4.5%

Property expenses (non-reimbursable) (% of revenues) (3)

1.5% - 2.0%

1.5% - 1.8%

Income tax expenses

~ $20 million

~ $25 million

Acquisition volume

Over $3.25 billion

~ $4.5 billion

(1) Does not include any estimated merger-related costs for the remainder of 2021.

(2) Includes rent deferred for future payment as a result of lease concessions we granted in response to the COVID-19 pandemic.

(3) Revenue excludes contractually obligated reimbursements by our clients. Cash G&A excludes stock-based compensation expense.

(4) G&A inclusive of stock-based compensation expense as a percentage of rental revenue, excluding reimbursements, is expected to be approximately 5% in 2021.

CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands, except per share amounts) (unaudited)

Three Months

Three Months

Six Months

Six Months

Ended 6/30/21

Ended 6/30/20

Ended 6/30/21

Ended 6/30/20

REVENUE

Rental (including reimbursable) (1)

$

460,256

$

410,201

$

899,621

$

822,358

Other

4,026

4,435

7,465

6,619

Total revenue

464,282

414,636

907,086

828,977

EXPENSES

Depreciation and amortization

187,789

168,328

365,774

332,913

Interest

73,674

77,841

146,749

153,766

Property (including reimbursable)

31,734

26,452

60,233

52,058

General and administrative

21,849

19,063

42,645

40,027

Provisions for impairment

17,246

13,869

19,966

18,347

Merger-related costs

13,298

—

13,298

—

Total expenses

345,590

305,553

648,665

597,111

Gain on sales of real estate

14,901

1,323

23,302

39,829

Foreign currency and derivative gains      (losses), net

400

502

1,204

(1,062)

Loss on extinguishment of debt

—

—

(46,473)

(9,819)

Income before income taxes

133,993

110,908

236,454

260,814

Income taxes

(9,225)

(2,838)

(15,450)

(5,601)

Net income

124,768

108,070

221,004

255,213

Net income attributable to noncontrolling interests

(289)

(246)

(585)

(562)

Net income available to common stockholders

$

124,479

$

107,824

$

220,419

$

254,651

Funds from operations available to common      stockholders (FFO)

$

314,375

$

288,338

$

582,082

$

565,441

Normalized funds from operations available to      common stockholders (Normalized FFO)

$

327,673

$

288,338

$

595,380

$

565,441

Adjusted funds from operations available to      common stockholders (AFFO)

$

327,647

$

295,241

$

645,869

$

592,463

Per share information for common stockholders:

Net income, basic and diluted

$

0.33

$

0.31

$

0.59

$

0.75

FFO, basic and diluted

$

0.84

$

0.84

$

1.56

$

1.66

Normalized FFO, basic and diluted

$

0.88

$

0.84

$

1.60

$

1.66

AFFO, basic and diluted

$

0.88

$

0.86

$

1.73

$

1.74

Cash dividends paid per common share

$

0.705

$

0.699

$

1.409

$

1.392

(1)       

We recorded reserves as a reduction of rental revenue of $8.2 million (of which $723,000 was related to straight-line rent receivables) for the three months ended June 30, 2021 and $8.5 million (of which $2.1 million was related to straight-line receivables) for the three months ended June 30, 2020, $17.0 million (of which $1.2 million was related to straight-line rent receivables) for the six months ended June 30, 2021 and $10.2 million (of which $2.8 million was related to straight-line receivables) for the six months ended June 30, 2020. Unless otherwise specified, references to reserves recorded as a reduction of rental revenue include amounts reserved for in the current period, as well as unrecognized contractual rental revenue and unrecognized straight-line rental revenue for leases accounted for on a cash basis.

FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FUNDS FROM OPERATIONS (Normalized FFO)

(dollars in thousands, except per share amounts)

FFO and Normalized FFO are non-GAAP financial measures. Please see the Glossary in the Supplemental Operating and Financial Data for the three months ended June 30, 2021 for our definitions and explanations of how we utilize these metrics.

Three Months

Three Months

Six Months

Six Months

Ended 6/30/21

Ended 6/30/20

Ended 6/30/21

Ended 6/30/20

Net income available to common stockholders

$

124,479

$

107,824

$

220,419

$

254,651

Depreciation and amortization

187,789

168,328

365,774

332,913

Depreciation of furniture, fixtures and equipment

(73)

(152)

(444)

(278)

Provisions for impairment

17,246

13,869

19,966

18,347

Gain on sales of real estate

(14,901)

(1,323)

(23,302)

(39,829)

FFO adjustments allocable to noncontrolling      interests

(165)

(208)

(331)

(363)

FFO available to common stockholders

$

314,375

$

288,338

$

582,082

$

565,441

FFO allocable to dilutive noncontrolling interests

348

348

705

717

Diluted FFO

$

314,723

$

288,686

$

582,787

$

566,158

FFO available to common stockholders

$

314,375

$

288,338

$

582,082

$

565,441

Merger-related costs

13,298

—

13,298

—

Normalized FFO available to common stockholders

$

327,673

$

288,338

$

595,380

$

565,441

Normalized FFO allocable to dilutive noncontrolling interests

348

348

705

717

Diluted Normalized FFO

$

328,021

$

288,686

$

596,085

$

566,158

FFO per common share, basic and diluted

$

0.84

$

0.84

$

1.56

$

1.66

Normalized FFO per common share, basic and diluted

$

0.88

$

0.84

$

1.60

$

1.66

Distributions paid to common stockholders

$

263,358

$

240,470

$

524,056

$

474,294

FFO available to common stockholders in excess of distributions paid to common stockholders

$

51,017

$

47,868

$

58,026

$

91,147

Normalized FFO available to common stockholders in excess of distributions paid to common stockholders

$

64,315

$

47,868

$

71,324

$

91,147

Weighted average number of common shares used for FFO and Normalized FFO:

Basic

374,236,424

343,515,406

372,879,165

340,061,487

Diluted

374,804,142

344,148,378

373,434,863

340,744,384

ADJUSTED FUNDS FROM OPERATIONS (AFFO)

(dollars in thousands, except per share amounts) 

AFFO is a non-GAAP financial measure. Please see the Glossary in the Supplemental Operating and Financial Data for the three months ended June 30, 2021 for our definition and an explanation of how we utilize this metric.

Three Months

Three Months

Six Months

Six Months

Ended 6/30/21

Ended 6/30/20

Ended 6/30/21

Ended 6/30/20

Net income available to common stockholders (1)

$

124,479

$

107,824

$

220,419

$

254,651

Cumulative adjustments to calculate Normalized FFO (2)

203,194

180,514

374,961

310,790

Normalized FFO available to common stockholders

327,673

288,338

595,380

565,441

 Executive severance charge (3)

—

—

—

3,463

 Loss on extinguishment of debt

—

—

46,473

9,819

Amortization of share-based compensation

4,472

4,882

8,169

8,624

Amortization of deferred financing costs (4)

1,710

1,476

3,375

2,836

Amortization of net mortgage premiums

(205)

(356)

(485)

(710)

Loss on interest rate swaps

724

1,306

1,446

1,992

Straight-line payments from cross-currency swaps (5)

584

623

1,202

1,346

Leasing costs and commissions

(121)

(973)

(827)

(1,111)

Recurring capital expenditures

(27)

(21)

(50)

(21)

Straight-line rent

(11,004)

(6,242)

(21,467)

(14,024)

Amortization of above and below-market leases, net

3,934

6,087

13,234

12,517

Other adjustments (6)

(93)

121

(581)

2,291

AFFO available to common stockholders

$

327,647

$

295,241

$

645,869

$

592,463

AFFO allocable to dilutive noncontrolling interests

344

356

695

732

Diluted AFFO

$

327,991

$

295,597

$

646,564

$

593,195

AFFO per common share, basic and diluted

$

0.88

$

0.86

$

1.73

$

1.74

Distributions paid to common stockholders

$

263,358

$

240,470

$

524,056

$

474,294

AFFO available to common stockholders in excess of      distributions paid to common stockholders

$

64,289

$

54,771

$

121,813

$

118,169

Weighted average number of common shares used for AFFO:

Basic

374,236,424

343,515,406

372,879,165

340,061,487

Diluted

374,804,142

344,148,378

373,434,863

340,744,384

(1)        

As of June 30, 2021, there was $40.5 million of uncollected rent deferred as a result of lease concessions we granted in response to the COVID-19 pandemic and recognized under the practical expedient provided by the Financial Accounting Standards Board (FASB) and $61.2 million of uncollected rent for which we have not granted a lease concession.

(2)        

See Normalized FFO calculations on page ten for reconciling items.

(3)        

The executive severance charge represents the incremental costs incurred upon our former CFO's departure in March 2020, consisting of $1.6 million of cash, $1.8 million of share-based compensation expense and $58,000 of professional fees.

(4)        

Includes the amortization of costs incurred and capitalized upon issuance of our notes payable, assumption of our mortgages payable and issuance of our current and previous term loans. The deferred financing costs are being amortized over the lives of the respective notes payable, mortgages and term loan. No costs associated with our credit facility agreements or annual fees paid to credit rating agencies have been included.

(5)        

Straight-line payments from cross-currency swaps represent quarterly payments in U.S. dollars received by us from counterparties in exchange for associated foreign currency payments. These USD payments are fixed and determinable for the duration of the associated hedging transaction.

(6)        

Includes adjustments allocable to noncontrolling interests, obligations related to financing lease liabilities, and foreign currency gains and losses as a result of intercompany debt and remeasurement transactions.

HISTORICAL FFO AND AFFO

(dollars in thousands, except per share amounts)

For the three months ended June 30,

2021

2020

2019

2018

2017

Net income available to common stockholders

$

124,479

$

107,824

$

95,194

$

96,380

$

81,136

Depreciation and amortization, net of furniture,      fixtures and equipment

187,716

168,176

150,279

133,831

122,939

Provisions for impairment

17,246

13,869

13,061

3,951

2,274

Gain on sales of real estate

(14,901)

(1,323)

(6,891)

(7,787)

(2,839)

FFO adjustments allocable to noncontrolling interests

(165)

(208)

(154)

(293)

(238)

FFO available to common stockholders

$

314,375

$

288,338

$

251,489

$

226,082

$

203,272

Merger-related costs

13,298

—

—

—

—

Normalized FFO available to common stockholders

$

327,673

$

288,338

$

251,489

$

226,082

$

203,272

FFO per diluted share

$

0.84

$

0.84

$

0.81

$

0.79

$

0.75

Normalized FFO per diluted share

$

0.88

$

0.84

$

0.81

$

0.79

$

0.75

AFFO available to common stockholders

$

327,647

$

295,241

$

253,935

$

226,988

$

208,388

AFFO per diluted share

$

0.88

$

0.86

$

0.82

$

0.80

$

0.76

.

Cash dividends paid per share

$

0.705

$

0.699

$

0.678

$

0.659

$

0.633

Weighted average diluted shares outstanding - FFO,      Normalized FFO, and AFFO

374,804,142

344,148,378

311,785,281

285,372,256

273,187,669

For the six months ended June 30,

2021

2020

2019

2018

2017

Net income available to common stockholders

$

220,419

$

254,651

$

206,136

$

179,543

$

152,722

Depreciation and amortization, net of furniture, fixtures and equipment

365,330

332,635

287,641

264,775

243,879

Provisions for impairment

19,966

18,347

17,733

18,172

7,706

Gain on sales of real estate

(23,302)

(39,829)

(14,154)

(11,005)

(13,371)

FFO adjustments allocable to noncontrolling interests

(331)

(363)

(192)

(521)

(453)

FFO available to common stockholders

$

582,082

$

565,441

$

497,164

$

450,964

$

390,483

Merger-related costs

13,298

—

—

—

—

Normalized FFO available to common stockholders

$

595,380

$

565,441

$

497,164

$

450,964

$

390,483

FFO per diluted share

$

1.56

$

1.66

$

1.62

$

1.58

$

1.46

Normalized FFO per diluted share

$

1.60

$

1.66

$

1.62

$

1.58

$

1.46

AFFO available to common stockholders

$

645,869

$

592,463

$

502,669

$

451,549

$

409,723

AFFO per diluted share

$

1.73

$

1.74

$

1.63

$

1.59

$

1.53

.

Cash dividends paid per share

$

1.409

$

1.392

$

1.350

$

1.309

$

1.257

Weighted average diluted shares outstanding - FFO, Normalized FFO, and AFFO

373,434,863

340,744,384

308,000,806

284,924,336

268,569,855

REALTY INCOME CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share and share count data) (unaudited)

June 30, 2021

December 31, 2020

ASSETS

Real estate held for investment, at cost:

Land

$

6,975,008

$

6,318,926

Buildings and improvements

15,700,846

14,696,712

Total real estate held for investment, at cost

22,675,854

21,015,638

Less accumulated depreciation and amortization

(3,775,540)

(3,549,486)

Real estate held for investment, net

18,900,314

17,466,152

Real estate and lease intangibles held for sale, net

39,540

19,004

Cash and cash equivalents

231,164

824,476

Accounts receivable, net

327,920

285,701

Lease intangible assets, net

1,969,793

1,710,655

Other assets, net

516,210

434,297

Total assets

$

21,984,941

$

20,740,285

LIABILITIES AND EQUITY

Distributions payable

$

90,455

$

85,691

Accounts payable and accrued expenses

259,805

241,336

Lease intangible liabilities, net

319,495

321,198

Other liabilities

276,120

256,863

Line of credit payable and commercial paper

1,285,306

—

Term loan, net

249,457

249,358

Mortgages payable, net

300,574

300,360

Notes payable, net

7,330,050

8,267,749

Total liabilities

10,111,262

9,722,555

Commitments and contingencies

Stockholders' equity:

   Common stock and paid in capital, par value $0.01 per share,      740,200,000 shares authorized, 380,174,042 and 361,303,445      shares issued and outstanding as of June 30, 2021 and      December 31, 2020, respectively

15,827,231

14,700,050

Distributions in excess of net income

(3,968,333)

(3,659,933)

Accumulated other comprehensive loss

(19,366)

(54,634)

Total stockholders' equity

11,839,532

10,985,483

Noncontrolling interests

34,147

32,247

Total equity

11,873,679

11,017,730

Total liabilities and equity

$

21,984,941

$

20,740,285

Realty Income Performance vs. Major Stock Indices

Equity

NASDAQ

Realty Income

REIT Index (1)

DJIA

S&P 500

Composite

Dividend

Total

Dividend

Total

Dividend

Total

Dividend

Total

Dividend

Total

yield

return (2)

yield

return (3)

yield

return (3)

yield

return (3)

yield

return (4)

10/18 to 12/31/1994

10.5%

10.8%

7.7%

0.0%

2.9%

(1.6%)

2.9%

(1.2%)

0.5%

(1.7%)

1995

8.3%

42.0%

7.4%

15.3%

2.4%

36.9%

2.3%

37.6%

0.6%

39.9%

1996

7.9%

15.4%

6.1%

35.3%

2.2%

28.9%

2.0%

23.0%

0.2%

22.7%

1997

7.5%

14.5%

5.5%

20.3%

1.8%

24.9%

1.6%

33.4%

0.5%

21.6%

1998

8.2%

5.5%

7.5%

(17.5%)

1.7%

18.1%

1.3%

28.6%

0.3%

39.6%

1999

10.5%

(8.7%)

8.7%

(4.6%)

1.3%

27.2%

1.1%

21.0%

0.2%

85.6%

2000

8.9%

31.2%

7.5%

26.4%

1.5%

(4.7%)

1.2%

(9.1%)

0.3%

(39.3%)

2001

7.8%

27.2%

7.1%

13.9%

1.9%

(5.5%)

1.4%

(11.9%)

0.3%

(21.1%)

2002

6.7%

26.9%

7.1%

3.8%

2.6%

(15.0%)

1.9%

(22.1%)

0.5%

(31.5%)

2003

6.0%

21.0%

5.5%

37.1%

2.3%

28.3%

1.8%

28.7%

0.6%

50.0%

2004

5.2%

32.7%

4.7%

31.6%

2.2%

5.6%

1.8%

10.9%

0.6%

8.6%

2005

6.5%

(9.2%)

4.6%

12.2%

2.6%

1.7%

1.9%

4.9%

0.9%

1.4%

2006

5.5%

34.8%

3.7%

35.1%

2.5%

19.0%

1.9%

15.8%

0.8%

9.5%

2007

6.1%

3.2%

4.9%

(15.7%)

2.7%

8.8%

2.1%

5.5%

0.8%

9.8%

2008

7.3%

(8.2%)

7.6%

(37.7%)

3.6%

(31.8%)

3.2%

(37.0%)

1.3%

(40.5%)

2009

6.6%

19.3%

3.7%

28.0%

2.6%

22.6%

2.0%

26.5%

1.0%

43.9%

2010

5.1%

38.6%

3.5%

27.9%

2.6%

14.0%

1.9%

15.1%

1.2%

16.9%

2011

5.0%

7.3%

3.8%

8.3%

2.8%

8.3%

2.3%

2.1%

1.3%

(1.8%)

2012

4.5%

20.1%

3.5%

19.7%

3.0%

10.2%

2.5%

16.0%

2.6%

15.9%

2013

5.8%

(1.8%)

3.9%

2.9%

2.3%

29.6%

2.0%

32.4%

1.4%

38.3%

2014

4.6%

33.7%

3.6%

28.0%

2.3%

10.0%

2.0%

13.7%

1.3%

13.4%

2015

4.4%

13.0%

3.9%

2.8%

2.6%

0.2%

2.2%

1.4%

1.4%

5.7%

2016

4.2%

16.0%

4.0%

8.6%

2.5%

16.5%

2.1%

12.0%

1.4%

7.5%

2017

4.5%

3.6%

3.9%

8.7%

2.2%

28.1%

1.9%

21.8%

1.1%

28.2%

2018

4.2%

15.2%

4.4%

(4.0%)

2.5%

(3.5%)

2.2%

(4.4%)

1.4%

(3.9%)

2019

3.7%

21.1%

3.7%

28.7%

2.4%

25.3%

1.9%

31.5%

1.1%

35.2%

2020

4.5%

(11.8%)

3.6%

(5.1%)

1.9%

9.7%

1.5%

18.4%

0.9%

43.6%

YTD 2021

4.2%

9.6%

2.9%

21.3%

1.8%

13.8%

1.4%

15.3%

0.7%

12.5%

Compound Average

Annual Total Return (5)

15.3%

10.8%

11.0%

10.8%

11.7%

Note:  All of these dividend yields are calculated as annualized dividends based on the last dividend paid in applicable time period divided by the closing price as of period end. Dividend yield sources: Nareit website and Bloomberg, except for the 1994 NASDAQ dividend yield which was sourced from Datastream / Thomson Financial.

(1)        

FTSE Nareit US Equity REIT Index, as per Nareit website.

(2)        

Calculated as the difference between the closing stock price as of period end less the closing stock price as of previous period, plus dividends paid in period, divided by closing stock price as of end of previous period. Does not include reinvestment of dividends for the annual percentages.

(3)        

Includes reinvestment of dividends. Source: Nareit website and Factset.

(4)        

Price only index, does not include dividends as NASDAQ did not report total return metrics for the entirety of the measurement period. Source: Factset.

(5)        

All of these Compound Average Annual Total Return rates are calculated in the same manner for each period from Realty Income's NYSE listing on October 18, 1994 through June 30, 2021, and (except for NASDAQ) assume reinvestment of dividends. Past performance does not guarantee future performance.  Realty Income presents this data for informational purposes only and makes no representation about its future performance or how it will compare in performance to other indices in the future.