Research Desk Line-up: Tanger Factory Outlet Centers Post Earnings Coverage

LONDON, UK / ACCESSWIRE / November 14, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Realty Income Corp. (NYSE: O), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=O, following the Company's release of its financial results on October 25, 2017, for the third quarter of the fiscal year 2017. The Company reported the highest fixed charge coverage ratio in its history. The real estate investment trust's total revenue and adjusted funds from operations (AFFO) surpassed analysts' expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the REIT - Retail industry. Pro-TD has currently selected Tanger Factory Outlet Centers, Inc. (NYSE: SKT) for due-diligence and potential coverage as the Company reported on November 02, 2017, its financial and operating results for Q3 2017 which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Tanger Factory Outlet Centers when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on O; also brushing on SKT. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=O

http://protraderdaily.com/optin/?symbol=SKT

Earnings Reviewed

For the three months ended September 30, 2017, Realty Income's total revenue increased 10.7% to $306.92 million from $277.17 million in Q3 FY16. For the reported quarter, the Company's rental revenues increased 10.5% to $293.46 million from $265.33 million in the third quarter of 2016. The total revenue figures surpassed analysts' expectations of $299 million.

For the reported quarter, the Company's same-store rents on 4,272 properties under lease increased 1.0% to $244.87 million from $242.56 million in Q3 FY16.

During Q3 FY17, Realty Income's portfolio occupancy was 98.3% compared to 98.3% in the same period of last year. For the reported quarter, the Company's economic occupancy was 98.5% compared to 98.8% in Q3 FY16.

During Q3 FY17, Realty Income sold 17 properties for $25.5 million with a gain on sales of $4.3 million compared to 24 properties sold for $19.6 million with a gain on sales of $4.3 million during the comparable period of last year.

For the reported quarter, Realty Income's D&A expenses increased 11.9% to $127.57 million from $113.92 million in Q3 FY16. During Q3 FY17, the Company's G&A expenses increased 14.6% to $13.88 million from $12.10 million in the corresponding period of last year. For the reported quarter, the Company's total expenses increased 9.2% to $223.17 million from $204.31 million in the third quarter of 2016.

For the reported quarter, Realty Income's net income increased 14% to $87.94 million on a y-o-y basis from $70.30 million in Q3 FY16. For the reported quarter, the Company's diluted earnings per share (EPS) increased 18.5% to $0.32 on a y-o-y basis from $0.27 in Q3 FY16.

For the reported quarter, Realty Income's funds from operations (FFO) increased 12.2% to $211.19 million on a y-o-y basis from $188.29 million in Q3 FY16. During Q3 FY17, the Company's FFO per share increased 5.4% to $0.77 on a y-o-y basis from $0.73 in the same period of last year. For the reported quarter, Realty Income's AFFO increased 14.5% to $213.60 million on a y-o-y basis from $186.58 million in Q3 FY16. During Q3 FY17, the Company's AFFO per share increased 6.9% to $0.77 on a y-o-y basis from $0.72 in Q3 FY16. The AFFO per share surpassed analysts' expectations of $0.76.

Balance Sheet

As on September 30, 2017, Realty Income's cash and cash equivalents decreased 66% to $3.20 million from $9.42 million as on December 31, 2016. For the reported quarter, the Company's net term loan was $319.35 million compared to $319.13 million in Q4 FY16.

During Q3 FY17, the Company's net accounts receivable increased 8.7% to $113.72 million from $104.58 million in the fourth quarter of last year. For the reported quarter, the Company's accounts payable and accrued expenses decreased 23.2% to $92.95 million from $121.16 million in Q4 FY16.

During Q3 FY17, the Company raised $443.7 million from the sale of common stock at a weighted average price of $57.53 per share. During Q3 FY17, Realty Income invested $264.9 million in 56 new properties and properties under development or expansion.

For the reported quarter, the Company's fixed charge coverage ratio was 4.7x compared to 4.4x in Q3 FY16.

Outlook

For FY17, Realty Income expects same-store rent growth to be 1% and occupancy growth to be 98%. The Company expects FFO per share to be in the range of $2.96 - $3.01 and estimates AFFO per share to be in the band of $3.03 - $3.07 for the fiscal year 2017.

Stock Performance

Realty Income's share price finished yesterday's trading session at $56.67, slightly up 0.71%. A total volume of 1.56 million shares have exchanged hands. The Company's stock price advanced 6.50% in the past six months and 4.19% in the previous twelve months. Shares of the Company have a PE ratio of 46.53 and have a dividend yield of 4.48%. The stock currently has a market cap of $15.97 billion.

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