Realty Income Corp 2024年度报告

2024 AN NUAL REPORT (1) The definition of AFFO, AFFO per share, and a reconciliation of net income available to stockholders can be found in our 2024 Form 10-K.(2) All per share amounts presented in this letter are on a diluted per common share basis unless stated otherwise.(3) Total shareholder return includes price appreciation and the reinvestment of dividends. Dividends areassumed to be reinvested at the closing price of the security on the ex-date of the dividend. DEAR FELLOW STOCKHOLDERS, In 2024, Realty Income delivered another year of consistent results. We remain steadfast in ourdedication to providing stockholders with stable returns across a variety of economic environments,which is reflected in the company’s recent operational performance. The strength of our platformsupported AFFO per share growth of 4.8%. This, in combination with a 5.4% dividend yield, resultedin a total operational return of 10.2% for investors who held our stock in 2024. This year, the Realty Income team was proud to celebrate 30 years listed on the New York StockExchange, which also represents the number of consecutive years of dividend increases we haveachieved. This significant accomplishment provided the opportunity to reflect on our meaningfuljourney over the last three decades and look forward to our path ahead. Although our missionhas remained consistent, Realty Income has undergone a profound evolution during this time,strengthening our platform and positioning us for long-term growth. A PLATFORM BUI LT ON H ISTORY When the company was first listed on theNYSE, our gross real estate book valuewas $451 million with a portfolio made upof 630 retail properties. In the span of30 years, we’ve grown to $58 billion ingross real estate book value with a portfolioof more than 15,600 commercial real estateproperties. Even as our portfolio has grown,we have continued to deliver dependable returns, benefiting from scale and increasing diversification across geography, industry, property typeand client. Our accomplishments are extensive, but they have the commonality of being built on asolid foundation that dates back to our origins. William and Joan Clark’s founding vision of creatinga platform that provides shareholders monthly dividends that increase over time has endured. These deep roots have allowed us to develop the differentiated platform for global growthRealty Income leverages today. Realty Income’s enduring 56-year history has created significant competitive advantages forour platform today, including: 1.Growth Optionality –Realty Income’s size, which has increased substantially since our founding,positions us to scale across new geographies, new property types and new avenues for expansion.Our ability to pursue multiple growth verticals is a distinctive benefit supported by our history. 2.Stability –The company’s strong balance sheet and diverse client base have been reinforcedover time, providing significant access to capital and supporting enhanced financial flexibility.In combination with low borrowing costs and the consistency of our cash flow, the stability ofour balance sheet contributes to our long track record of delivering monthly dividends thathave grown for the last 110 quarters. 3.Longstanding Relationships –Realty Income’s platform is further set apart through our roleas real estate partner to the world’s leading companies. We believe that fostering longstandingrelationships with clients who are leaders in their industries, some of whom have collaboratedwith Realty Income for more than half a century, creates value for our respective stakeholdersas our businesses grow. 4.Tenured Team –Realty Income’s experienced team of dedicated real estate professionals,who have deep institutional knowledge of the intricacies of the market and our portfolio, gives usa significant competitive advantage which we believe sets us apart in the industry. Our team hasexpertise sourcing and managing the operations of a large and granular real estate portfolio. 5.Proprietary Data –A vast and deep pool of property data dating back to our founding in 1969,coupled with market and economic metrics, drives our predictive analytics platform. This toolenhances our strategic decision-making abilities to maximize our investment underwritingand asset management capabilities. To celebrate 30 years of being publicly listed, I was joined by colleagues and members of the Board inringing the closing bell at the NYSE. Few companies listed on the NYSE today have Realty Income’sexpansive history, and I’m proud of our distinguished story. Since 1994, we have achieved a 13.4%compound annual total return with a 4.3% compound annual dividend growth rate. In this time,our annual average operational return, which we define as the dividend yield at the beginning of theyear plus the growth in AFFO per share, has remained approximately 11%, with zero years of negativereturns.These results reflect the multiple competitive advantages we posse