Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

REIT Realty Income raises annual AFFO outlook on higher rental revenue

Published 11/06/2023, 05:02 PM
Updated 11/06/2023, 05:06 PM
© Reuters.

(Reuters) - Realty Income (NYSE:O) on Monday raised the lower end of its full-year outlook for adjusted funds from operations (AFFO) as the real estate investment trust (REIT) expects to benefit from higher rental revenue.

The commercial REIT forecast 2023 per-share AFFO between $3.98 and $4.01, compared with its previous outlook of $3.96 to $4.01.

The company's shares were up about 1% at $50.86 after the bell.

Realty Income, which operates commercial properties, also raised its annual net income outlook to between $1.25 per share and $1.32 per share, compared with its prior estimate of $1.20 to $1.28 per share.

The company said last week it would buy Spirit Realty Capital (NYSE:SRC) in a $9.3 billion deal to further expand its real estate portfolio.

Realty Income on Monday reported third-quarter revenue of $1.04 billion, compared with analysts' estimates of $998 million, according to LSEG data.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.