Realty Income reports Q1 AFFO $1.98 , consensus $1.02

Reports Q1 revenue $944.4M, consensus $907.67M. "Our Q1 results represent continued momentum in our business and are a testament to the unique platform we have curated," said CEO Sumit Roy. "During the quarter, we invested approximately $1.7B in high quality real estate at a cap rate of 7.0%. Given the active start to the year, we are increasing our 2023 acquisitions guidance to over $6B." "With an attractive opportunity set of potential investments, our balance sheet is well-positioned for us to remain opportunistic on the capital allocation front. In addition, our diversified real estate portfolio continues to perform, contributing to the stability of our income-oriented business model. During the first quarter, we achieved a rent recapture rate of 101.7% on properties re-leased and ended the quarter with an occupancy rate of 99.0%. Supported by the stability of our portfolio and investment activity to date, we are updating 2023 AFFO per share guidance range to $3.94 to $4.03, representing 1.7% annual growth at the midpoint."