Realty Income Announces Operating Results For The Three Months And Year Ended December 31, 2021

02.22.2022

	Three Months Ended December 31,		Year Ended December 31,
	2021	2020	2021	2020
Total revenue	$ 685.0	$ 417.6	$ 2,080.5	$ 1,647.1
Net income available to common stockholders ⁽¹⁾⁽²⁾	$ 4.0	$ 117.9	$ 359.5	$ 395.5
Net income per share	$ 0.01	$ 0.33	$ 0.87	$ 1.14
Funds from operations available to common stockholders (FFO) ⁽²⁾⁽³⁾	$ 326.2	$ 293.7	$ 1,240.6	$ 1,142.1
FFO per share	$ 0.63	$ 0.83	$ 2.99	$ 3.31
Normalized funds from operations available to common stockholders (Normalized FFO) ⁽³⁾	$ 463.5	$ 293.7	$ 1,408.0	$ 1,142.1
Normalized FFO per share	$ 0.89	$ 0.83	$ 3.39	$ 3.31
Adjusted funds from operations available to common stockholders (AFFO) ⁽³⁾	$ 486.0	$ 297.7	$ 1,488.8	$ 1,172.6
AFFO per share	$ 0.94	$ 0.84	$ 3.59	$ 3.39


⁽¹⁾	The calculation to determine net income attributable to common stockholders includes provisions for impairment, gains on sales of real estate, and foreign currency gains and losses. These items can vary from quarter to quarter and can significantly impact net income available to common stockholders and period to period comparisons.

⁽²⁾	Our financial results during the year ended December 31, 2021 were primarily impacted by the following transactions: (i) a $97.2 million loss on extinguishment of debt, which primarily includes $46.5 million related to the January 2021 early redemption of the 3.250% notes due October 2022 recorded in the three months ended March 31, 2021 and $46.4 million related to the December 2021 early redemption of the 4.650% notes due August 2023 recorded in the three months ended December 31, 2021, (ii) $167.4 million of merger and integration-related costs related to our merger with VEREIT and spin-off of office properties to Orion Office REIT Inc., of which $137.3 million related to the three months ended December 31, 2021, (iii) $39.0 million of provisions for impairment, of which $8.0 million related to the three months ended December 31, 2021, and (iv) $14.7 million in reserves, net of reserve reversals, recorded as a reduction of rental revenue, of which $827,000 related to the three months ended December 31, 2021. Our financial results during the year ended December 31, 2020 were primarily impacted by the following transactions: (i) $147.2 million of provisions for impairment, (ii) $52.5 million in reserves recorded as a reduction of rental revenue, (iii) a $9.8 million loss on extinguishment of debt due to the January 2020 early redemption of the 5.750% notes due January 2021, and (iv) a $3.5 million executive severance charge for our former CFO.

⁽³⁾	FFO, Normalized FFO, and AFFO are non-GAAP financial measures. Normalized FFO is based on FFO and adjusted to exclude merger and integration-related costs related to our merger with VEREIT and AFFO further adjusts Normalized FFO for unique revenue and expense items, such as losses on extinguishment of debt and executive severance costs. Please see the Glossary in the Supplemental Operating and Financial Data for the three months ended December 31, 2021 for our definitions and explanations of how we utilize these metrics. See pages 11 and 12 herein for reconciliations to the most directly comparable GAAP measure.

	Month Ended October 31, 2021	Month Ended November 30, 2021	Month Ended December 31, 2021	Quarter Ended December 31, 2021
	Month Ended October 31, 2021	Month Ended November 30, 2021	Month Ended December 31, 2021	Quarter Ended December 31, 2021
Contractual rent collected⁽¹⁾across total portfolio	99.7%	99.5%	99.4%	99.5%
Contractual rent collected⁽¹⁾ from our top 20 clients ⁽²⁾	99.9%	99.8%	99.8%	99.8%
Contractual rent collected⁽¹⁾ from our investment grade clients ⁽³⁾	99.9%	99.8%	99.8%	99.8%
Contractual rent collected from our theater clients	100.0%	100.0%	100.0%	100.0%
Contractual rent collected from our health and fitness clients	96.7%	96.7%	96.7%	96.7%


⁽¹⁾	Collection rates are calculated as the aggregate contractual rent collected for the applicable period from the beginning of that applicable period through December 31, 2021, divided by the contractual rent charged for the applicable period. Rent collection percentages are calculated based on contractual rent (excluding percentage rents and contractually obligated reimbursements by our clients). Charged amounts have not been adjusted for any COVID-19 related rent relief granted and include contractual rent from any clients in bankruptcy. Due to differences in applicable foreign currency conversion rates and rent conventions, the percentages above may differ from percentages calculated utilizing our total portfolio annualized contractual rent.

⁽²⁾	We define our top 20 clients as our 20 largest clients based on percentage of total portfolio annualized contractual rent as of December 31, 2021 for all periods.

⁽³⁾	Please see the Glossary in the Supplemental Operating and Financial Data for the three months ended December 31, 2021 for our definition of investment grade clients.

		Three Months Ended	Year Ended
		December 31, 2021	December 31, 2021
Rental revenue reserves (reserve reversals)
	Theater industry	$ (6.3)	$ 6.5
	Other	1.5	3.7
	Total rental revenue reserves	$ (4.8)	$ 10.2

Straight-line rent reserves (reserve reversals)
	Theater industry	$ 5.6	$ 5.8
	Other	—	(1.3)
	Total straight-line rent reserves	$ 5.6	$ 4.5

Total reserves (reserve reversals)
	Theater industry	$ (0.7)	$ 12.3
	Other	1.5	2.4
	Total reserves	$ 0.8	$ 14.7

Three months ended December 31, 2021
Properties available for lease at September 30, 2021	86
Lease expirations ⁽¹⁾⁽²⁾	354
Re-leases to same client	(210)
Re-leases to new client	(13)
Vacant dispositions	(53)
Properties available for lease at December 31, 2021	164

Year ended December 31, 2021
Properties available for lease at December 31, 2020	140
Lease expirations ⁽¹⁾⁽²⁾	529
Re-leases to same client	(336)
Re-leases to new client	(36)
Vacant dispositions	(133)
Properties available for lease at December 31, 2021	164


⁽¹⁾	Includes 103 net vacancies assumed from the combined effect of our merger with VEREIT and spin-off of office properties to Orion Office REIT Inc. in November 2021.

⁽²⁾	Includes scheduled and unscheduled expirations (including leases rejected in bankruptcy), as well as future expirations resolved in the periods indicated above.

	Number of Properties	Leasable Square Feet	Investment ($ in thousands)	Weighted Average Lease Term (Years)	Initial Weighted Average Cash Lease Yield ⁽¹⁾
Three months ended December 31, 2021
Acquisitions - U.S. (in 35 states)	299	5,500,972	$ 1,535,472	14.6	5.5%
Acquisitions - Europe (U.K. and Spain)	58	3,979,153	1,038,093	13.5	5.3%
Total acquisitions	357	9,480,125	2,573,565	14.2	5.4%
Properties under development ⁽²⁾	44	2,422,607	61,320	15.3	6.2%
Total ⁽³⁾	401	11,902,732	$ 2,634,885	14.2	5.4%


Year ended December 31, 2021
Acquisitions - U.S. (in 43 states)	714	14,727,335	$ 3,608,573	14.1	5.5%
Acquisitions - Europe (U.K. and Spain)	129	9,196,345	2,558,909	11.6	5.5%
Total acquisitions	843	23,923,680	$ 6,167,482	13.1	5.5%
Properties under development ⁽²⁾	68	2,681,676	243,278	15.7	6.0%
Total ⁽⁴⁾	911	26,605,356	$ 6,410,760	13.2	5.5%


⁽¹⁾	Initial weighted average cash lease yield is a supplemental operating measure. Please see the Glossary in the Supplemental Operating and Financial Data for the three months ended December 31, 2021 for our definition of this metric. Contractual net operating income used in the calculation of initial weighted average cash lease yield includes approximately $5.3 million received as settlement credits for six properties as reimbursement of free rent periods for the three months ended December 31, 2021 and approximately $8.5 million received as settlement credits for 41 properties as reimbursement of free rent periods for the year ended December 31, 2021.

⁽²⁾	The three months and year ended December 31, 2021 includes £2.3 million and £7.0 million, respectfully, of investments in U.K. development properties, converted at the applicable exchange rates on the funding dates.

⁽³⁾	Our clients occupying the new properties are 88.6% retail and 11.4% industrial, based on rental revenue. Approximately 35% of the rental revenue generated from acquisitions during the three months ended December 31, 2021 is from our investment grade rated clients, their subsidiaries or affiliated companies.

⁽⁴⁾	Our clients occupying the new properties are 83.6% retail and 16.4% industrial, based on rental revenue. Approximately 40% of the rental revenue generated from acquisitions during the year ended December 31, 2021 is from our investment grade rated clients, their subsidiaries or affiliated companies.

	Three Months Ended December 31,		Year Ended December 31,		Increase
	2021	2020	2021	2020	Three Months	Twelve Months
Rental revenue	$ 369.4	$ 352.2	$ 1,457.6	$ 1,418.5	4.9%	2.8%

	Three Months Ended December 31, 2021	Year Ended December 31, 2021
Properties sold	58	154
Net sales proceeds	$ 126.8	$ 250.3
Gain on sales of real estate	$ 20.4	$ 55.8

	2022 Guidance
Net income per share	$1.08 to $1.25
Real estate depreciation and impairments per share	$2.83
Gains on sales of properties per share	$(0.03)
Normalized FFO per share ⁽¹⁾	$3.88 to $4.05
AFFO per share ⁽¹⁾	$3.84 to $3.97
Same store rent growth ⁽²⁾	~ 1.5%
Occupancy	~ 98%
Cash G&A expenses (% of revenues) ⁽³⁾⁽⁴⁾	3.5% - 4.0%
Property expenses (non-reimbursable) (% of revenues) ⁽³⁾	1.5% - 2.0%
Income tax expenses	$45 to $50 million
Acquisition volume	Over $5.0 billion

⁽¹⁾ Normalized FFO per share and AFFO per share exclude merger and integration-related costs associated with our merger with VEREIT.

⁽²⁾ Includes rent deferred for future payment as a result of lease concessions we granted in response to the COVID-19 pandemic.

⁽³⁾ Revenue excludes contractually obligated reimbursements by our clients. Cash G&A excludes stock-based compensation expense.

⁽⁴⁾ G&A inclusive of stock-based compensation expense as a percentage of rental revenue, excluding reimbursements, is expected to be approximately 4.0% - 4.5% in 2022.

CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts) (unaudited)

	Three Months	Three Months	Year	Year
	Ended 12/31/21	Ended 12/31/20	Ended 12/31/21	Ended 12/31/20
REVENUE
Rental (including reimbursable) ⁽¹⁾	$ 679,000	$ 415,306	$ 2,064,958	$ 1,639,533
Other ⁽²⁾	6,019	2,322	15,505	7,554
Total revenue	685,019	417,628	2,080,463	1,647,087

EXPENSES
Depreciation and amortization	333,229	175,041	897,835	677,038
Interest	100,739	78,764	323,644	309,336
Property (including reimbursable)	43,710	27,135	133,605	104,603
General and administrative	30,522	16,674	96,980	73,215
Provisions for impairment	7,990	23,790	38,967	147,232
Merger and integration-related costs	137,332	—	167,413	—
Total expenses	653,522	321,404	1,658,444	1,311,424
Gain on sales of real estate	20,402	22,667	55,798	76,232
Foreign currency and derivative gains, net	1,880	3,311	710	4,585
Loss on extinguishment of debt	(46,722)	—	(97,178)	(9,819)
Equity in income of unconsolidated entities	1,106	—	1,106	—
Other income, net ⁽²⁾	6,432	448	9,949	4,538
Income before income taxes	14,595	122,650	392,404	411,199
Income taxes	(10,128)	(4,500)	(31,657)	(14,693)
Net income	4,467	118,150	360,747	396,506
Net income attributable to noncontrolling interests	(426)	(219)	(1,291)	(1,020)
Net income available to common stockholders	$ 4,041	$ 117,931	$ 359,456	$ 395,486

Funds from operations available to common stockholders (FFO)	$ 326,163	$ 293,700	$ 1,240,580	$ 1,142,119
Normalized funds from operations available to common stockholders (Normalized FFO)	$ 463,495	$ 293,700	$ 1,407,993	$ 1,142,119
Adjusted funds from operations available to common stockholders (AFFO)	$ 486,047	$ 297,654	$ 1,488,753	$ 1,172,626

Per share information for common stockholders:
Net income:
Basic	$ 0.01	$ 0.33	$ 0.87	$ 1.15
Diluted	$ 0.01	$ 0.33	$ 0.87	$ 1.14

FFO, basic and diluted	$ 0.63	$ 0.83	$ 2.99	$ 3.31

Normalized FFO:
Basic	$ 0.89	$ 0.83	$ 3.40	$ 3.31
Diluted	$ 0.89	$ 0.83	$ 3.39	$ 3.31

AFFO:
Basic	$ 0.94	$ 0.84	$ 3.59	$ 3.40
Diluted	$ 0.94	$ 0.84	$ 3.59	$ 3.39

Cash dividends paid per common share	$ 0.718	$ 0.702	$ 2.833	$ 2.794


⁽¹⁾	We recorded reserves to rental revenue of $827,000 (of which $5.6 million was related to straight-line rent receivables), net of reserve reversals of $(4.8) million, for the three months ended December 31, 2021, $18.1 million (of which $3.3 million was related to straight-line receivables) for the three months ended December 31, 2020, $14.7 million (of which $4.5 million was related to straight-line rent receivables) for the year ended December 31, 2021 and $52.5 million (of which $8.4 million was related to straight-line receivables) for the year ended December 31, 2020. Unless otherwise specified, references to reserves recorded as a reduction of rental revenue include amounts reserved for in the current period, as well as unrecognized contractual rental revenue and unrecognized straight-line rental revenue for leases accounted for on a cash basis. References to reserve reversals recorded as increases to rental revenue include amounts where the accounting for recognition of rental revenue and straight-line rental revenue has been moved from the cash to the accrual basis.

⁽²⁾	Certain miscellaneous non-recurring revenue has been reclassified from total revenue to "Other income, net" for the three months ended December 31, 2020 and year ended December 31, 2020.

REALTY INCOME CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except per share and share count data) (unaudited)
	December 31, 2021	December 31, 2020
ASSETS
Real estate held for investment, at cost:
Land	$ 10,753,750	$ 6,318,926
Buildings and improvements	25,155,178	14,696,712
Total real estate held for investment, at cost	35,908,928	21,015,638
Less accumulated depreciation and amortization	(3,949,798)	(3,549,486)
Real estate held for investment, net	31,959,130	17,466,152
Real estate and lease intangibles held for sale, net	30,470	19,004
Cash and cash equivalents	258,579	824,476
Accounts receivable, net	426,768	285,701
Lease intangible assets, net	5,275,304	1,710,655
Goodwill	3,676,705	14,180
Investment in unconsolidated entities	140,967	—
Other assets, net	1,369,579	420,117
Total assets	$ 43,137,502	$ 20,740,285

LIABILITIES AND EQUITY
Distributions payable	$ 146,919	$ 85,691
Accounts payable and accrued expenses	351,128	241,336
Lease intangible liabilities, net	1,308,221	321,198
Other liabilities	759,197	256,863
Line of credit payable and commercial paper	1,551,376	—
Term loan, net	249,557	249,358
Mortgages payable, net	1,141,995	300,360
Notes payable, net	12,499,709	8,267,749
Total liabilities	18,008,102	9,722,555

Commitments and contingencies

Stockholders' equity:
Common stock and paid in capital, par value $0.01 per share, 740,200,000 shares authorized, 591,261,991 and 361,303,445 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively	29,578,212	14,700,050
Distributions in excess of net income	(4,530,571)	(3,659,933)
Accumulated other comprehensive income (loss)	4,933	(54,634)
Total stockholders' equity	25,052,574	10,985,483
Noncontrolling interests	76,826	32,247
Total equity	25,129,400	11,017,730
Total liabilities and equity	$ 43,137,502	$ 20,740,285

Realty Income Performance vs. Major Stock Indices

			Equity						NASDAQ
	Realty Income		REIT Index⁽¹⁾		DJIA		S&P 500		Composite
	Dividend	Total	Dividend	Total	Dividend	Total	Dividend	Total	Dividend	Total
	yield	return ⁽²⁾	yield	return ⁽³⁾	yield	return ⁽³⁾	yield	return ⁽³⁾	yield	return ⁽⁴⁾

10/18 to 12/31/1994	10.5%	10.8%	7.7%	0.0%	2.9%	(1.6%)	2.9%	(1.2%)	0.5%	(1.7%)
1995	8.3%	42.0%	7.4%	15.3%	2.4%	36.9%	2.3%	37.6%	0.6%	39.9%
1996	7.9%	15.4%	6.1%	35.3%	2.2%	28.9%	2.0%	23.0%	0.2%	22.7%
1997	7.5%	14.5%	5.5%	20.3%	1.8%	24.9%	1.6%	33.4%	0.5%	21.6%
1998	8.2%	5.5%	7.5%	(17.5%)	1.7%	18.1%	1.3%	28.6%	0.3%	39.6%
1999	10.5%	(8.7%)	8.7%	(4.6%)	1.3%	27.2%	1.1%	21.0%	0.2%	85.6%
2000	8.9%	31.2%	7.5%	26.4%	1.5%	(4.7%)	1.2%	(9.1%)	0.3%	(39.3%)
2001	7.8%	27.2%	7.1%	13.9%	1.9%	(5.5%)	1.4%	(11.9%)	0.3%	(21.1%)
2002	6.7%	26.9%	7.1%	3.8%	2.6%	(15.0%)	1.9%	(22.1%)	0.5%	(31.5%)
2003	6.0%	21.0%	5.5%	37.1%	2.3%	28.3%	1.8%	28.7%	0.6%	50.0%
2004	5.2%	32.7%	4.7%	31.6%	2.2%	5.6%	1.8%	10.9%	0.6%	8.6%
2005	6.5%	(9.2%)	4.6%	12.2%	2.6%	1.7%	1.9%	4.9%	0.9%	1.4%
2006	5.5%	34.8%	3.7%	35.1%	2.5%	19.0%	1.9%	15.8%	0.8%	9.5%
2007	6.1%	3.2%	4.9%	(15.7%)	2.7%	8.8%	2.1%	5.5%	0.8%	9.8%
2008	7.3%	(8.2%)	7.6%	(37.7%)	3.6%	(31.8%)	3.2%	(37.0%)	1.3%	(40.5%)
2009	6.6%	19.3%	3.7%	28.0%	2.6%	22.6%	2.0%	26.5%	1.0%	43.9%
2010	5.1%	38.6%	3.5%	27.9%	2.6%	14.0%	1.9%	15.1%	1.2%	16.9%
2011	5.0%	7.3%	3.8%	8.3%	2.8%	8.3%	2.3%	2.1%	1.3%	(1.8%)
2012	4.5%	20.1%	3.5%	19.7%	3.0%	10.2%	2.5%	16.0%	2.6%	15.9%
2013	5.8%	(1.8%)	3.9%	2.9%	2.3%	29.6%	2.0%	32.4%	1.4%	38.3%
2014	4.6%	33.7%	3.6%	28.0%	2.3%	10.0%	2.0%	13.7%	1.3%	13.4%
2015	4.4%	13.0%	3.9%	2.8%	2.6%	0.2%	2.2%	1.4%	1.4%	5.7%
2016	4.2%	16.0%	4.0%	8.6%	2.5%	16.5%	2.1%	12.0%	1.4%	7.5%
2017	4.5%	3.6%	3.9%	8.7%	2.2%	28.1%	1.9%	21.8%	1.1%	28.2%
2018	4.2%	15.2%	4.4%	(4.0%)	2.5%	(3.5%)	2.2%	(4.4%)	1.4%	(3.9%)
2019	3.7%	21.1%	3.7%	28.7%	2.4%	25.3%	1.9%	31.5%	1.1%	35.2%
2020	4.5%	(11.8%)	3.6%	(5.1%)	1.9%	9.7%	1.5%	18.4%	0.9%	43.6%
2021	4.1%	23.0%	2.6%	41.3%	1.8%	20.9%	1.3%	28.7%	0.7%	21.4%

Compound Average Annual Total Return⁽⁵⁾		15.5%		11.2%		11.1%		11.0%		11.7%

Note: All of these dividend yields are calculated as annualized dividends based on the last dividend paid in applicable time period divided by the closing price as of period end. Dividend yield sources: Nareit website and Bloomberg, except for the 1994 NASDAQ dividend yield which was sourced from Datastream / Thomson Financial.

⁽¹⁾	FTSE Nareit US Equity REIT Index, as per Nareit website.

⁽²⁾	Calculated as the difference between the closing stock price as of period end less the closing stock price as of previous period, plus dividends paid in period, divided by closing stock price as of end of previous period. Does not include reinvestment of dividends for the annual percentages.

⁽³⁾	Includes reinvestment of dividends. Source: Nareit website and Factset.

⁽⁴⁾	Price only index, does not include dividends as NASDAQ did not report total return metrics for the entirety of the measurement period. Source: Factset.

⁽⁵⁾	All of these Compound Average Annual Total Return rates are calculated in the same manner for each period from Realty Income's NYSE listing on October 18, 1994 through December 31, 2021, and (except for NASDAQ) assume reinvestment of dividends. Past performance does not guarantee future performance. Realty Income presents this data for informational purposes only and makes no representation about its future performance or how it will compare in performance to other indices in the future.


⁽¹⁾	As of December 31, 2021, there was $58.7 million of uncollected rent deferred as a result of lease concessions we granted in response to the COVID-19 pandemic and recognized under the practical expedient provided by the Financial Accounting Standards Board (FASB) and $41.3 million of uncollected rent for which we have not granted a lease concession.

⁽²⁾	See Normalized FFO calculations on page 11 for reconciling items.

⁽³⁾	The executive severance charge represents the incremental costs incurred upon our former CFO's departure in March 2020, consisting of $1.6 million of cash, $1.8 million of share-based compensation expense and $58,000 of professional fees.

⁽⁴⁾	Includes the amortization of premiums and discounts on notes payable and assumption of our mortgages payable, which are being amortized over the life of the applicable debt, and costs incurred and capitalized upon issuance and exchange of our notes payable, assumption of our mortgages payable and issuance of our term loans, which are also being amortized over the lives of the applicable debt. No costs associated with our credit facility agreements or annual fees paid to credit rating agencies have been included.

⁽⁵⁾	Straight-line payments from cross-currency swaps represent quarterly payments in U.S. dollars received by us from counterparties in exchange for associated foreign currency payments. These USD payments are fixed and determinable for the duration of the associated hedging transaction.

⁽⁶⁾	Includes adjustments allocable to noncontrolling interests, obligations related to financing lease liabilities, mark-to-market adjustments on investments and derivatives that do not qualify for hedge accounting, and foreign currency gains and losses as a result of intercompany debt and remeasurement transactions.

HISTORICAL FFO AND AFFO (in thousands, except per share and share count data)

For the three months ended December 31,	2021	2020	2019	2018	2017

Net income available to common stockholders	$ 4,041	$ 117,931	$ 129,297	$ 85,072	$ 60,852
Depreciation and amortization, net of furniture , fixtures and equipment	332,877	174,888	156,467	137,553	126,915
Provisions for impairment	7,990	23,790	8,950	1,235	6,679
Gain on sales of real estate	(20,402)	(22,667)	(14,168)	(5,825)	(23,208)
Proportionate share of adjustments for unconsolidated entities	1,931	—	—	—	—
FFO adjustments allocable to noncontrolling interests	(274)	(242)	(150)	(292)	(250)

FFO available to common stockholders	$ 326,163	$ 293,700	$ 280,396	$ 217,743	$ 170,988
Merger and integration-related costs	137,332	—	—	—	—

Normalized FFO available to common stockholders	$ 463,495	$ 293,700	$ 280,396	$ 217,743	$ 170,988

FFO per diluted share	$ 0.63	$ 0.83	$ 0.85	$ 0.73	$ 0.61

Normalized FFO per diluted share	$ 0.89	$ 0.83	$ 0.85	$ 0.73	$ 0.61

AFFO available to common stockholders	$ 486,047	$ 297,654	$ 281,986	$ 236,813	$ 215,312

AFFO per diluted share	$ 0.94	$ 0.84	$ 0.86	$ 0.79	$ 0.76
			.
Cash dividends paid per share	$ 0.718	$ 0.702	$ 0.681	$ 0.662	$ 0.636

Weighted average diluted shares outstanding - FFO and Normalized FFO	519,438,347	355,050,977	329,364,027	298,609,734	282,023,488

Weighted average diluted shares outstanding - AFFO	519,438,347	355,050,977	329,364,027	298,609,734	282,428,692

For the year ended December 31,	2021	2020	2019	2018	2017

Net income available to common stockholders	$ 359,456	$ 395,486	$ 436,482	$ 363,614	$ 301,514
Depreciation and amortization, net of furniture, fixtures and equipment	896,809	676,450	593,396	539,130	498,231
Provisions for impairment	38,967	147,232	40,186	26,269	14,751
Gain on sales of real estate	(55,798)	(76,232)	(29,996)	(24,643)	(40,898)
Proportionate share of adjustments for unconsolidated entities	1,931	—	—	—	—
FFO adjustments allocable to noncontrolling interests	(785)	(817)	(477)	(1,113)	(933)

FFO available to common stockholders	$ 1,240,580	$ 1,142,119	$ 1,039,591	$ 903,257	$ 772,665
Merger and integration-related costs	167,413	—	—	—	—

Normalized FFO available to common stockholders	$ 1,407,993	$ 1,142,119	$ 1,039,591	$ 903,257	$ 772,665

FFO per diluted share	$ 2.99	$ 3.31	$ 3.29	$ 3.12	$ 2.82

Normalized FFO per diluted share	$ 3.39	$ 3.31	$ 3.29	$ 3.12	$ 2.82

AFFO available to common stockholders	$ 1,488,753	$ 1,172,626	$ 1,050,015	$ 924,558	$ 838,638

AFFO per diluted share	$ 3.59	$ 3.39	$ 3.32	$ 3.19	$ 3.06

Cash dividends paid per share	$ 2.833	$ 2.794	$ 2.711	$ 2.631	$ 2.527

Weighted average diluted shares outstanding - FFO	414,769,846	345,878,377	316,601,350	289,923,984	273,936,752

Weighted average diluted shares outstanding - Normalized FFO	415,270,063	345,878,377	316,601,350	289,923,984	273,936,752

Weighted average diluted shares outstanding - AFFO	415,270,063	345,878,377	316,601,350	289,923,984	274,024,934