Realty Income Announces Operating Results For The Three And Nine Months Ended September 30, 2021

11.01.2021

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Total revenue	$	491.9	$	404.6	$	1,399.0	$	1,233.5
Net income available to common stockholders ⁽¹⁾⁽²⁾	$	135.0	$	22.9	$	355.4	$	277.6
Net income per share	$	0.34	$	0.07	$	0.94	$	0.81
Funds from operations available to common stockholders (FFO) ⁽²⁾⁽³⁾	$	332.3	$	283.0	$	914.4	$	848.4
FFO per share	$	0.85	$	0.82	$	2.41	$	2.48
Normalized funds from operations available to common stockholders (Normalized FFO) ⁽³⁾	$	349.1	$	283.0	$	944.5	$	848.4
Normalized FFO per share	$	0.89	$	0.82	$	2.49	$	2.48
Adjusted funds from operations available to common stockholders (AFFO) ⁽³⁾	$	356.8	$	282.5	$	1,002.7	$	875.0
AFFO per share	$	0.91	$	0.81	$	2.64	$	2.55


⁽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 nine months ended September 30, 2021 were impacted by the following transactions: (i) a $50.5 million loss on extinguishment of debt, primarily due to the January 2021 early redemption of the 3.250% notes due October 2022 recorded in the three months ended March 31, 2021, (ii) $30.1 million of merger-related costs related to our merger with VEREIT, of which $16.8 million related to the three months ended September 30, 2021, (iii) $31.0 million of provisions for impairment, of which $11.0 million related to the three months ended September 30, 2021, and (iv) $13.9 million in reserves, net of reserve reversals, recorded as a reduction of rental revenue. Our financial results during the nine months ended September 30, 2020 were impacted by the following transactions: (i) $123.4 million of provisions for impairment, of which $105.1 million related to the three months ended September 30, 2020, (ii) $34.4 million in reserves recorded as a reduction of rental revenue, of which $24.1 million related to the three months ended September 30, 2020, (iii) a $9.8 million loss on extinguishment of debt due to the January 2020 early redemption of the 5.750% notes due 2021 recorded in the three months ended March 31, 2020, and (iv) a $3.5 million executive severance charge for our former chief financial officer also recorded in the three months ended March 31, 2020.
⁽³⁾	FFO, Normalized FFO, and AFFO are non-GAAP financial measures. Normalized FFO is based on FFO and adjusted to exclude merger-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 September 30, 2021 for our definitions and explanations of how we utilize these metrics. See pages 10 and 11 herein for reconciliations to the most directly comparable GAAP measure.

	Month Ended July 31, 2021	Month Ended August 31, 2021	Month Ended September 30, 2021	Quarter Ended September 30, 2021
	Month Ended July 31, 2021	Month Ended August 31, 2021	Month Ended September 30, 2021	Quarter Ended September 30, 2021
Contractual rent collected⁽¹⁾across total portfolio	99.4%	99.5%	99.7%	99.5%
Contractual rent collected⁽¹⁾ from our top 20 clients ⁽²⁾	99.6%	99.8%	99.9%	99.8%
Contractual rent collected⁽¹⁾from our investment grade clients ⁽³⁾	100.0%	100.0%	100.0%	100.0%
Contractual rent collected from our theater clients	99.6%	99.6%	99.6%	99.6%
Contractual rent collected from our health and fitness clients	92.4%	95.9%	96.6%	95.0%


⁽¹⁾	Collection rates are calculated as the aggregate contractual rent collected for the applicable period from the beginning of that applicable period through September 30, 2021, divided by the contractual rent charged for the applicable period. Rent collection percentages are calculated based on contractual rents (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 rents 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 September 30, 2021 for all periods.
⁽³⁾	Please see the Glossary in the Supplemental Operating and Financial Data for the three months ended September 30, 2021 for our definition of investment grade clients.

		Three Months Ended		Nine Months Ended
		September 30, 2021		September 30, 2021
Rental revenue reserves (reserve reversals)
	Theater industry	$	(1.0)	$	12.8
	Other	0.2		2.2
	Total rental revenue reserves	$	(0.8)	$	15.0

Straight-line rent reserves (reserve reversals)
	Theater industry	$	—	$	0.2
	Other	(2.3)		(1.3)
	Total straight-line rent reserves	$	(2.3)	$	(1.1)

Total reserves (reserve reversals)
	Theater industry	$	(1.0)	$	13.0
	Other	(2.1)		0.9
	Total reserves	$	(3.1)	$	13.9

Three months ended September 30, 2021
Properties available for lease at June 30, 2021	103
Lease expirations ⁽¹⁾	49
Re-leases to same client	(35)
Re-leases to new client	(8)
Vacant dispositions	(23)
Properties available for lease at September 30, 2021	86


Nine months ended September 30, 2021
Properties available for lease at December 31, 2020	140
Lease expirations ⁽¹⁾	175
Re-leases to same client	(126)
Re-leases to new client	(23)
Vacant dispositions	(80)
Properties available for lease at September 30, 2021	86


⁽¹⁾	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 Average Cash Lease Yield ⁽¹⁾
Three months ended September 30, 2021
Acquisitions - U.S.(in 32 states)	242	4,741,648	$	1,020,768	13.9	5.5	%
Acquisitions - Europe (U.K. and Spain)	30	2,083,732	526,033		11.9	5.4	%
Total acquisitions	272	6,825,380	1,546,801		13.2	5.5	%
Properties under development ⁽²⁾	36	1,983,960	67,160		16.2	6.1	%
Total ⁽³⁾	308	8,809,340	$	1,613,961	13.4	5.5	%

Nine months ended September 30, 2021
Acquisitions - U.S.(in 38 states)	415	9,226,363	$	2,073,101	13.8	5.5	%
Acquisitions - Europe(U.K. and Spain)	71	5,217,192	1,520,816		10.5	5.5	%
Total acquisitions	486	14,443,555	$	3,593,917	12.4	5.5	%
Properties under development ⁽²⁾	50	2,126,955	181,957		15.8	5.9	%
Total ⁽⁴⁾	536	16,570,510	$	3,775,874	12.6	5.5	%


⁽¹⁾	Initial 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 September 30, 2021 for our definition of this metric. Contractual net operating income used in the calculation of initial average cash yield includes approximately $2.4 million received as settlement credits for 31 properties as reimbursement of free rent periods for the three months ended September 30, 2021 and approximately $3.2 million received as settlement credits for 35 properties as reimbursement of free rent periods for the nine months ended September 30, 2021.
⁽²⁾	Includes one U.K. development property that represents an investment of £4.7 million Sterling during the three and nine months ended September 30, 2021, converted at the applicable exchange rate on the funding date.
⁽³⁾	Our clients occupying the new properties are 86.2% retail and 13.8% industrial, based on rental revenue. Approximately 38% of the rental revenue generated from acquisitions during the three months ended September 30, 2021 is from our investment grade rated clients, their subsidiaries or affiliated companies.
⁽⁴⁾	Our clients occupying the new properties are 80.2% retail and 19.8% industrial, based on rental revenue. Approximately 43% of the rental revenue generated from acquisitions during the nine months ended September 30, 2021 is from our investment grade rated clients, their subsidiaries or affiliated companies.

	Three Months Ended September 30,				Nine Months Ended September 30,				Increase
	2021		2020		2021		2020		Three Months		Nine Months
Rental revenue	$	380.3	$	358.9	$	1,127.3	$	1,105.3	6.0	%	2.0	%

	Three Months Ended September 30, 2021		Nine Months Ended September 30, 2021
Properties sold	27		96
Net sales proceeds	$	31.9	$	123.5
Gain on sales of real estate	$	12.1	$	35.4

	Prior 2021 Guidance	Revised 2021 Guidance
	(Excluding VEREIT merger)	(Including VEREIT merger)
Net income per share ⁽¹⁾	$1.32 to $1.41	$1.39 to $1.44
Real estate depreciation and impairments per share	$2.11	$2.06
Gains on sales of properties per share	$(0.09)	$(0.10)
Merger-related costs (actual) ⁽¹⁾	$0.03	$0.08
Normalized FFO per share	$3.37 to $3.46	$3.43 to $3.48
AFFO per share	$3.53 to $3.59	$3.55 to $3.60
Same store rent growth ⁽²⁾	1.5% - 2.0%	~ 2.0%
Occupancy	Over 98%	Over 98%
Cash G&A expenses (% of revenues) ⁽³⁾⁽⁴⁾	~ 4.5%	4.0% - 4.5%
Property expenses (non-reimbursable) (% of revenues) ⁽³⁾	1.5% - 1.8%	1.5% - 1.8%
Income tax expenses	~ $25 million	~ $30 million
Acquisition volume	~ $4.5 billion	Over $5.0 billion

		Preliminary 2022 Guidance
AFFO per share		$3.84 to $3.97
Cash G&A expenses (% of revenues) ⁽³⁾		3.5% - 4.0%
Acquisition volume		Over $5.0 billion


⁽¹⁾	Does not include any estimated merger-related costs for the remainder of 2021.
⁽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 5.0% in 2021 and 4.0% - 4.5% in 2022.

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

	Three Months		Three Months		Nine Months		Nine Months
	Ended 9/30/21		Ended 9/30/20		Ended 9/30/21		Ended 9/30/20
REVENUE
Rental (including reimbursable) ⁽¹⁾	$	486,337	$	401,869	$	1,385,958	$	1,224,227
Other	5,538		2,703		13,003		9,322
Total revenue	491,875		404,572		1,398,961		1,233,549

EXPENSES
Depreciation and amortization	198,832		169,084		564,606		501,997
Interest	76,156		76,806		222,905		230,572
Property (including reimbursable)	29,662		25,410		89,895		77,468
General and administrative	23,813		16,514		66,458		56,541
Provisions for impairment	11,011		105,095		30,977		123,442
Merger-related costs	16,783		—		30,081		—
Total expenses	356,257		392,909		1,004,922		990,020
Gain on sales of real estate	12,094		13,736		35,396		53,565
Foreign currency and derivative gains (losses), net	(2,374)		2,336		(1,170)		1,274
Loss on extinguishment of debt	(3,983)		—		(50,456)		(9,819)
Income before income taxes	141,355		27,735		377,809		288,549
Income taxes	(6,079)		(4,592)		(21,529)		(10,193)
Net income	135,276		23,143		356,280		278,356
Net income attributable to noncontrolling interests	(280)		(239)		(865)		(801)
Net income available to common stockholders	$	134,996	$	22,904	$	355,415	$	277,555

Funds from operations available to common stockholders (FFO)	$	332,335	$	282,978	$	914,417	$	848,419
Normalized funds from operations available to common stockholders (Normalized FFO)	$	349,118	$	282,978	$	944,498	$	848,419
Adjusted funds from operations available to common stockholders (AFFO)	$	356,837	$	282,509	$	1,002,706	$	874,972

Per share information for common stockholders:
Net income, basic and diluted	$	0.34	$	0.07	$	0.94	$	0.81

FFO, basic and diluted	$	0.85	$	0.82	$	2.41	$	2.48

Normalized FFO, basic and diluted	$	0.89	$	0.82	$	2.49	$	2.48

AFFO:
Basic	$	0.91	$	0.82	$	2.64	$	2.56
Diluted	$	0.91	$	0.81	$	2.64	$	2.55

Cash dividends paid per common share	$	0.707	$	0.701	$	2.115	$	2.092

REALTY INCOME CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share and share count data) (unaudited)

	September 30, 2021		December 31, 2020
ASSETS
Real estate held for investment, at cost:
Land	$	7,308,046	$	6,318,926
Buildings and improvements	16,374,061		14,696,712
Total real estate held for investment, at cost	23,682,107		21,015,638
Less accumulated depreciation and amortization	(3,904,327)		(3,549,486)
Real estate held for investment, net	19,777,780		17,466,152
Real estate and lease intangibles held for sale, net	44,939		19,004
Cash and cash equivalents	516,983		824,476
Accounts receivable, net	341,729		285,701
Lease intangible assets, net	2,156,008		1,710,655
Other assets, net	873,655		434,297
Total assets	$	23,711,094	$	20,740,285

LIABILITIES AND EQUITY
Distributions payable	$	96,280	$	85,691
Accounts payable and accrued expenses	269,587		241,336
Lease intangible liabilities, net	341,675		321,198
Other liabilities	385,077		256,863
Line of credit payable and commercial paper	405,000		—
Term loan, net	249,507		249,358
Mortgages payable, net	285,617		300,360
Notes payable, net	8,309,238		8,267,749
Total liabilities	10,341,981		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, 404,206,076 and 361,303,445 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	17,449,122		14,700,050
Distributions in excess of net income	(4,112,953)		(3,659,933)
Accumulated other comprehensive loss	(1,076)		(54,634)
Total stockholders' equity	13,335,093		10,985,483
Noncontrolling interests	34,020		32,247
Total equity	13,369,113		11,017,730
Total liabilities and equity	$	23,711,094	$	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%
YTD 2021	4.4%	7.7%	2.9%	21.6%	1.9%	12.1%	1.4%	15.9%	0.7%	12.1%

Compound Average Annual Total Return⁽⁵⁾		15.1%		10.7%		10.9%		10.7%		11.5%


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 September 30, 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 September 30, 2021, there was $35.2 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 $62.0 million of uncollected rent for which we have not granted a lease concession.
⁽²⁾	See Normalized FFO calculations on page ten 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 costs incurred and capitalized upon issuance of our notes payable, assumption of our mortgages payable and issuance of our current and previous term loans. The deferred financing costs are being amortized over the lives of the respective notes payable, mortgages and term loan. 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 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
(dollars in thousands, except per share amounts)

For the three months ended September 30,	2021		2020		2019		2018		2017

Net income available to common stockholders	$	134,996	$	22,904	$	101,049	$	98,999	$	87,940
Depreciation and amortization, net of furniture, fixtures and equipment	198,602		168,927		149,288		136,801		127,436
Provisions for impairment	11,011		105,095		13,503		6,862		365
Gain on sales of real estate	(12,094)		(13,736)		(1,674)		(7,813)		(4,319)
FFO adjustments allocable to noncontrolling interests	(180)		(212)		(135)		(299)		(230)

FFO available to common stockholders	$	332,335	$	282,978	$	262,031	$	234,550	$	211,192
Merger-related costs	16,783		—		—		—		—

Normalized FFO available to common stockholders	$	349,118	$	282,978	$	262,031	$	234,550	$	211,192

FFO per diluted share	$	0.85	$	0.82	$	0.82	$	0.81	$	0.77

Normalized FFO per diluted share	$	0.89	$	0.82	$	0.82	$	0.81	$	0.77

AFFO available to common stockholders	$	356,837	$	282,509	$	265,355	$	236,195	$	213,601

AFFO per diluted share	$	0.91	$	0.81	$	0.83	$	0.81	$	0.77
			.
Cash dividends paid per share	$	0.707	$	0.701	$	0.680	$	0.660	$	0.635

Weighted average diluted shares outstanding - FFO and Normalized FFO	392,513,520		347,212,593		320,726,136		291,207,186		276,050,671

Weighted average diluted shares outstanding - AFFO	392,513,520		347,212,593		320,726,136		291,207,186		276,138,853

For the nine months ended September 30,	2021		2020		2019		2018		2017

Net income available to common stockholders	$	355,415	$	277,555	$	307,185	$	278,542	$	240,662
Depreciation and amortization, net of furniture, fixtures and equipment	563,932		501,562		436,929		401,576		371,315
Provisions for impairment	30,977		123,442		31,236		25,034		8,072
Gain on sales of real estate	(35,396)		(53,565)		(15,828)		(18,818)		(17,689)
FFO adjustments allocable to noncontrolling interests	(511)		(575)		(327)		(820)		(683)

FFO available to common stockholders	$	914,417	$	848,419	$	759,195	$	685,514	$	601,677
Merger-related costs	30,081		—		—		—		—

Normalized FFO available to common stockholders	$	944,498	$	848,419	$	759,195	$	685,514	$	601,677

FFO per diluted share	$	2.41	$	2.48	$	2.43	$	2.39	$	2.22

Normalized FFO per diluted share	$	2.49	$	2.48	$	2.43	$	2.39	$	2.22

AFFO available to common stockholders	$	1,002,706	$	874,972	$	768,026	$	687,744	$	623,327

AFFO per diluted share	$	2.64	$	2.55	$	2.46	$	2.40	$	2.30
			.
Cash dividends paid per share	$	2.115	$	2.092	$	2.030	$	1.969	$	1.891

Weighted average diluted shares outstanding - FFO and Normalized FFO	379,872,546		342,946,337		312,300,391		287,105,285		271,126,114

Weighted average diluted shares outstanding - AFFO	379,872,546		342,946,337		312,300,391		287,105,285		271,214,296