as of 08-31-2026 3:46pm EST
Realty Income owns roughly 15,500 properties, most of which are freestanding, single-tenant, triple-net-leased retail properties. Its properties are located in 49 states and Puerto Rico and are leased to 250 tenants from 47 industries. Recent acquisitions have added industrial, gaming, office, manufacturing, and distribution properties, which make up roughly 20% of revenue.
| Founded: | 1969 | Country: | United States |
| Employees: | N/A | City: | SAN DIEGO |
| Market Cap: | 59.0B | IPO Year: | 1995 |
| Target Price: | $66.86 | AVG Volume (30 days): | 4.7M |
| Analyst Decision: | Hold | Number of Analysts: | 15 |
| Dividend Yield: | Dividend Payout Frequency: | annual | |
| EPS: | 0.70 | EPS Growth: | 19.39 |
| 52 Week Low/High: | $55.86 - $67.94 | Next Earning Date: | 05-06-2026 |
| Revenue: | $5,749,377,000 | Revenue Growth: | 9.07% |
| Revenue Growth (this year): | 5.63% | Revenue Growth (next year): | 7.57% |
| P/E Ratio: | 88.56 | Index: | |
| Free Cash Flow: | N/A | FCF Growth: | N/A |
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SEC 8-K filings with transcript text
Aug 5, 2026 · 100% conf.
1D
-1.10%
$62.01
Act: -0.54%
5D
-1.82%
$61.56
Act: -0.76%
20D
-2.14%
$61.36
2 o-991q22026.htm
Document
Exhibit 99.1
SAN DIEGO, CALIFORNIA, August 5, 2026...Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today announced operating results for the three and six months ended June 30, 2026. All per share amounts presented in this press release are on a diluted per common share basis unless stated otherwise.
For the three months ended June 30, 2026:
•Net income available to common stockholders was $344.0 million, or $0.37 per share
•Adjusted Funds from Operations ("AFFO") per share increased 3.8% to $1.09 per share, compared to the three months ended June 30, 2025
•Invested $2.6 billion; our Pro-Rata Share was $2.1 billion at an Initial Weighted Average Cash Yield of 7.3%
•Net Debt to Annualized Pro Forma Adjusted EBITDAre was 5.4x
•Achieved a rent recapture rate of 102.7% on properties re-leased
Events subsequent to June 30, 2026:
•In July 2026, issued €600.0 million of 3.625% senior unsecured notes due July 2032
•In July 2026, amended and restated our unsecured revolving credit facility to $5.5 billion and commercial paper programs to $5.5 billion
•In August 2026, assigned a Long-Term Issuer Default Rating of 'A' with a Stable Outlook from Fitch Ratings
CEO Comments
“Our results reflect the strength of Realty Income's diversified platform and our disciplined approach to capital allocation,” said Sumit Roy, Realty Income's Chief Executive Officer. “As demonstrated by our recently announced $6 billion hyperscale data center joint venture and the continued expansion of our Realty Income Investment Management platform, we are leveraging our scale, relationships, and track record to access new sources of growth while maintaining the same disciplined underwriting standards that have defined Realty Income for decades.”
“Supported by the resilience of our core portfolio and contributions from these complementary growth channels, we delivered another quarter of solid AFFO per share growth and invested approximately $2.6 billion, or $2.1 billion at our share, during the quarter. As a result, we are pleased to raise our 2026 AFFO per share guidance to $4.44 - $4.45, reflecting approximately 4% growth rate at the midpoint.”
Select Financial Results
The following summarizes our select financial results (dollars in millions, except per share data):
Three months ended June 30,Six months ended June 30,
2026202520262025
Total revenue $1,547.7$1,410.4$3,096.4$2,790.9
Net income available to common stockholders (1) $344.0$196.9$655.7$446.7
Net income per share $0.37$0.22$0.70$0.50
Funds from operations available to common stockholders (FFO) (2) $996.6$955.7$1,990.2$1,893.4
FFO per share $1.07$1.06$2.13$2.11
Normalized funds from operations available to common stockholders (Normalized FFO) (2) $998.7$956.1$2,003.0$1,894.0
Normalized FFO per share $1.07$1.06$2.14$2.11
Adjusted funds from operations available to common stockholders (AFFO) (2) $1,022.1$947.5$2,079.7$1,897.2
AFFO per share $1.09$1.05$2.22$2.11
(1) The calculation to determine net income available to common stockholders includes provisions for impairment of real estate, provisions for credit losses on loans and financing receivables, gain on sales of real estate, and foreign currency gain and loss. These items can vary from quarter to quarter and can significantly impact net income available to common stockholders and period to period comparisons.
(2) FFO, Normalized FFO, and AFFO are non-GAAP financial measures. Normalized FFO is based on FFO and adjusted to exclude merger, transaction, and other costs, net and AFFO further adjusts Normalized FFO for unique revenue and expense items. Please see the Glossary for our definitions and explanations of how we utilize these metrics. Please see pages 10 and 11 herein for reconciliations to the most directly comparable GAAP measure.
Dividend Increases
In June 2026, we announced the 115th consecutive quarterly dividend increase, which is the 135th increase since our listing on the New York Stock Exchange ("NYSE") in 1994. The annualized dividend amount as of June 30, 2026 was $3.252 per share. The amount of monthly dividends paid per share increased 0.7% to $0.812 in the three months ended June 30, 2026, as compared to $0.806 during the three months ended June 30, 2025, representing 74.5% of our diluted AFFO per share of $1.09 during the three months ended June 30, 2026.
- 2 -
Real Estate Portfolio Update
As of June 30, 2026, we owned or held interests in 15,588 properties, which were leased to 1,798 clients doing business in 92 industries. Our diversified portfolio of commercial properties under long-term, net lease agreements is actively managed with a weighted average remaining lease term of approximately 8.6 years. Our portfolio of commercial real estate has historically provided dependable rental re
May 6, 2026
2 o-991q12026.htm
Document
Exhibit 99.1
SAN DIEGO, CALIFORNIA, May 6, 2026....Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today announced operating results for the three months ended March 31, 2026. All per share amounts presented in this press release are on a diluted per common share basis unless stated otherwise.
For the three months ended March 31, 2026:
•Net income available to common stockholders was $311.8 million, or $0.33 per share
•Adjusted Funds from Operations ("AFFO") per share increased 6.6% to $1.13 per share, compared to the three months ended March 31, 2025
•Invested $2.8 billion; our Pro-Rata Share was $2.6 billion at an initial weighted average cash yield of 7.1%
•Net Debt to Annualized Pro Forma Adjusted EBITDAre was 5.2x
•Achieved a rent recapture rate of 103.4% on properties re-leased
•Formed a strategic partnership with Apollo, with initial investment of $1.0 billion in existing portfolio of retail assets
Events subsequent to March 31, 2026:
•In April 2026, issued $800 million of 4.750% senior unsecured notes due April 2033. In connection with the offering, we executed a $500 million U.S. Dollar-to-Euro 7-year cross currency swap, resulting in approximately €436 million of proceeds and a blended coupon rate of 4.16%.
CEO Comments
“Our first quarter results underscore the strength and resiliency of our global investment and operating platforms. Importantly, we demonstrated significant progress towards a key strategic goal of diversifying our sources of permanent equity beyond the public markets. These new private capital vehicles allow us to grow with deep and stable pockets of capital, enhancing our financial returns for shareholders and expanding our ability to invest in an ever-broadening range of high‑quality net lease opportunities and geographies,” said Sumit Roy, Realty Income’s Chief Executive Officer. “The partnerships with Apollo and GIC, together with the completion of the $1.7 billion cornerstone capital raise for our U.S. Core Plus fund during the quarter, represent very meaningful advancements in our private capital strategy and establish new programmatic capital relationships with leading institutions.
During the quarter, we invested approximately $2.8 billion, $2.6 billion of which was our share, and our pipeline remains very active. As a result, we are increasing our full‑year investment guidance to $9.5 billion from $8 billion.
Given the strong momentum across the business, we are increasing our 2026 AFFO per share guidance range to $4.41 to $4.44, reflecting projected annual per share growth of 3.0% to 3.7%. Our outlook is a testament to the unmatched scale, track record and operating capabilities of our global net lease enterprise.”
Select Financial Results
The following summarizes our select financial results (dollars in millions, except per share data):
Three months ended March 31,
20262025
Total revenue $1,548.7$1,380.5
Net income available to common stockholders (1) $311.8$249.8
Net income per share $0.33$0.28
Funds from operations available to common stockholders (FFO) (2) $993.6$937.7
FFO per share $1.06$1.05
Normalized funds from operations available to common stockholders (Normalized FFO) (2) $1,004.4$937.9
Normalized FFO per share $1.07$1.05
Adjusted funds from operations available to common stockholders (AFFO) (2) $1,057.6$949.7
AFFO per share $1.13$1.06
(1) The calculation to determine net income available to common stockholders includes provisions for impairment, gain on sales of real estate, and foreign currency gain and loss. These items can vary from quarter to quarter and can significantly impact net income available to common stockholders and period to period comparisons.
(2) FFO, Normalized FFO, and AFFO are non-GAAP financial measures. Normalized FFO is based on FFO and adjusted to exclude merger, transaction, and other costs, net and AFFO further adjusts Normalized FFO for unique revenue and expense items. Please see the Glossary for our definitions and explanations of how we utilize these metrics. Please see pages 9 and 10 herein for reconciliations to the most directly comparable GAAP measure.
Dividend Increases
In March 2026, we announced the 114th consecutive quarterly dividend increase, which is the 134th increase since our listing on the New York Stock Exchange ("NYSE") in 1994. The annualized dividend amount as of March 31, 2026 was $3.246 per share. The amount of monthly dividends paid per share increased 1.8% to $0.810 in the three months ended March 31, 2026, as compared to $0.796 during the three months ended March 31, 2025, representing 71.7% of our diluted AFFO per share of $1.13 during the three months ended March 31, 2026.
Real Estate Portfolio Update
As of March 31, 2026, we owned or held interests in 15,571 properties, which were leased
Feb 24, 2026
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