Realty Income Corp Raises FY 2013 FFO Guidance

Realty Income Corp announced that for fiscal 2013, it expects normalized FFO per share in the range from $2.32-$2.38 per share, which is based on an estimated net income per share range of $1.05-$1.11, plus estimated real estate depreciation of $1.50 and reduced by potential estimated gains on sales of investment properties of $0.23 per share (in accordance with NAREIT's definition of FFO). AFFO per share for fiscal 2013 in the range from $2.33-$2.39 per share, which is based on adding back items to FFO, that reduce net income, totaling approximately $0.10, and deducting capitalized expenditures and straight-line rent revenue items totaling approximately $0.08, for a net increase of $0.01-$0.02 over Normalized FFO. According to I/B/E/S Estimates, analysts were expecting the Company to report FFO of $2.37 for fiscal 2013.