Preguntas frecuentes España
- Principalmente somos propietarios de propiedades que se alquilan a empresas minoristas. Los ejemplos incluyen supermercados, tiendas de conveniencia, tiendas de dólar y mejoras para el hogar.
- También poseemos propiedades no comerciales, con edificios industriales que representan aproximadamente el 12,7% de los ingresos.
- Nuestras propiedades suelen ser estructuras independientes (no unidas a otro edificio como en un centro comercial o un centro comercial)
- Estas propiedades se poseen bajo arrendamientos triples netos donde el cliente paga los gastos operativos de la propiedad, incluidos impuestos, mantenimiento y seguros.
- Al 31/12/23, nuestra tasa de ocupación fue del 98.6%
- Históricamente, la ocupación de nuestro portafolio nunca ha estado por debajo del 96,6%.
- Generalmente buscamos adquirir propiedades con contratos de arrendamiento iniciales de 10 a 20 años.
- Al 31/12/23, nuestras propiedades arrendadas para un solo cliente tienen un plazo de arrendamiento restante promedio ponderado de aproximadamente 9,8 años.
- Poseíamos 15,450 propiedades al 31/12/23
- Las propiedades están ubicadas en los 50 estados, así como en Puerto Rico, Reino Unido, España, Italia, Irlanda, Francia, Alemania y Portugal.
Mantenemos relaciones con clientes, desarrolladores inmobiliarios, propietarios, corredores, firmas de capital privado y bancos de inversión para descubrir oportunidades de adquisición de carteras y activos únicos.
La “tasa de capitalización” es la abreviatura de tasa de capitalización del arrendamiento y es lo mismo que el rendimiento del arrendamiento. Esta es una medida que se utiliza para determinar el rendimiento anual generado por los pagos de arrendamiento en relación con el precio de compra de una propiedad.
Como parte de nuestros criterios de inversión, nos enfocamos en adquirir propiedades con muchos de los siguientes atributos:
- Clientes con flujo de caja confiable y sostenible;
- Clientes con ingresos y flujo de caja de múltiples fuentes;
- Clientes que estén dispuestos a firmar un contrato de arrendamiento a largo plazo (10 o más años);
- Clientes que sean grandes propietarios y usuarios de bienes inmuebles;
- Bienes inmuebles que son fundamentales para la capacidad del cliente de generar ingresos (es decir, necesitan la propiedad en la que operan para realizar sus negocios);
- Bienes inmuebles con valoraciones de propiedad que se aproximan al costo de reposición; y
- Bienes inmuebles con pagos de alquiler o arrendamiento que se aproximan a los alquileres del mercado
- Para cerrar transacciones de manera oportuna, compramos propiedades en efectivo utilizando nuestra línea de crédito para adquisiciones de $4,250 millones, que también tiene una función de expansión en acordeón de $3,000 millones. También tenemos un programa de papel comercial estadounidense por valor de 1.500 millones de dólares y un programa de papel comercial por valor de 1.500 millones de dólares en euros. Utilizamos nuestra línea de crédito renovable sin garantía como respaldo de liquidez para el pago de los pagarés emitidos bajo estos programas de papel comercial.
- En última instancia, buscamos financiar adquisiciones de forma permanente mediante la emisión de acciones ordinarias, acciones preferentes o bonos a largo plazo.
- El tipo de financiación que utilizamos para financiar adquisiciones de forma permanente se determina en función de nuestros índices de apalancamiento específicos y las condiciones del mercado.
- Sí, la mayoría de nuestros arrendamientos tienen algún tipo de aumento de alquiler.
- Los aumentos de alquiler se negocian en el momento en que se acuerda el contrato de arrendamiento.
- Los aumentos de alquiler pueden variar según el negocio del cliente y el contrato de arrendamiento.
Preguntas sobre dividendos
- Dividends are declared when and if the Board of Directors approves the dividend during its regularly scheduled monthly meetings
- Dividend payments have historically occurred on the 15th of the month (or the next business day if the 15th is a weekend or holiday)
Increases in the amount of the dividend are at the discretion of the Board of Directors and are generally determined by increases in the company’s cash flow, or adjusted funds from operations
- Our Board of Directors declares the dividend “record” date and “payable” date at its monthly Board meetings
- The “record” date is the deadline for being on record as an owner of Realty Income shares in order to receive that month’s dividend
- For example: if you wanted to be a shareholder of “record” to receive a dividend that is payable on the 15th of the next month, you would need to purchase shares at least three business days prior to the record date, which is typically the 1st of each month
- The term that is used to describe the last day you can purchase shares to be a shareholder of record on the record date, is the “ex div” date
There are some additional administrative costs associated with paying dividends monthly, rather than quarterly. However, we believe the benefits to our shareholders outweigh these additional costs.
We pay dividends monthly because we believe our shareholders desire monthly income to pay for monthly expenses
- Monthly dividends. Realty Income pays cash dividends monthly, rather than quarterly. The predictability of our business model’s underlying revenue stream affords us the ability to deliver more frequent dividend payments to shareholders.
- Growth. Since our public listing in 1994, our dividend has grown at a compound average annual growth rate of approximately 4.3%. We have increased our cash dividend for 106 consecutive quarters.
- Stability. Dividend income we provide to our shareholders tends to be reliable since it is supported by long-term leases with tenants we have determined can be relied upon to make lease payments. Throughout our operating history, we have never decreased the amount of our regular monthly dividend payment.
Increases in the amount of the dividend are at the discretion of the Board of Directors and are generally determined by increases in the company’s cash flow, or adjusted funds from operations
Typically, investors look at a company’s dividend payout ratio to determine the sustainability of the dividend payment. This ratio is usually calculated based on net income. As a real estate company, there is a supplemental measure called “adjusted funds from operations”, or “AFFO”, that better reflects the company’s ability to generate cash flow to pay the dividend. Most research analysts use AFFO to assess dividend-paying ability. The AFFO calculation removes the non-cash impact of real estate depreciation and amortization and property sale gains or losses to net income, while adjusting for other unique revenue and expense items that are not pertinent to measuring ongoing operating performance.
Why net income is an improper measure to determine dividend-paying capacity:
- If net income is the only measure used to assess operating performance and dividend-paying ability for a real estate company, it appears that most of these companies pay out more in dividends than they earn. This is because depreciation expense is a significant non-cash charge for companies whose assets are primarily real estate.
- The net income calculation also includes non-recurring gains or losses from the sale of properties, which can cause net income to vary materially.
How depreciation works:
- Companies are typically required to estimate the “life” of their buildings and equipment and depreciate them over their estimated useful lives. Based on these estimated lives, they are required to record depreciation charges each period.
- Real estate assets, on the other hand, are long-lived, income-producing assets and, in many cases, may actually appreciate in value over time.
- This depreciation charge is usually the largest expense on the REIT income statement, particularly if the REIT (such as Realty Income) owns a very large real estate portfolio.
Financial Performance Questions
As of 12/31/23, our debt to total market capitalization was 33.80%. Total debt outstanding of approximately $22.14 billion included:
- $20.72 billion in long-term notes, bonds, mortgages, and a term loan
- $764 million of borrowings on our revolving credit facility and commercial paper program
Realty Income’s capital structure consists primarily of common stock, or equity. It is our goal to maintain a conservative balance sheet and keep the use of debt at a manageable level.
- Utilizing modest amounts of leverage reduces overall financial risk and the potential volatility in our long-term cash flow and stock price
- In general, when raising capital to permanently fund acquisitions, we consider market conditions to determine the optimal mix of capital that offers both a cost-effective and a conservative funding option
- The net income calculation includes a significant deduction for depreciation expense, may include a non-cash loss from the sales of properties and other one-time charges
- Since Realty Income’s primary asset is real estate, the depreciation deduction is significant. Thus, net income does not reflect the recurring cash generating ability of our business from which we pay dividends
- The calculation most commonly used to determine a real estate company’s operating performance is “adjusted funds from operations,” or “AFFO”, which adds back the depreciation expense and adjusts for the accounting impact of gains or losses from property sales. It also adjusts for unique revenue and expense items that are not pertinent to ongoing operating performance
