, /PRNewswire/ -- Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today declared an increase in its common stock monthly cash dividend to $0.2715 per share from $0.2710 per share. The dividend is payable on October 15, 2026, to stockholders of record as of September 30, 2026. The new monthly dividend represents an annualized dividend amount of $3.258 per share as compared to the prior annualized dividend amount of $3.252 per share.
136th Common Stock Monthly Dividend Increase Declared by Realty Income "Today's announcement marks the 136th dividend increase since Realty Income's listing on the New York Stock Exchange in 1994," said Sumit Roy, Realty Income's President and Chief Executive Officer. "The consistency of our dividend is rooted in the strength of our platform, the diversification of our portfolio, and our disciplined approach to capital allocation. These attributes have enabled us to generate reliable cash flows through a variety of market environments and allowed us to continue delivering long-term value to our shareholders."
About Realty Income
Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies®. Founded in 1969, we serve our clients as a full-service real estate capital provider. As of June 30, 2026, we have a portfolio of over 15,500 properties in all 50 U.S. states, the U.K., and eight other countries in Europe. We are known as "The Monthly Dividend Company®" and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our founding, we have declared 675 consecutive monthly dividends and are a member of the S&P 500 Dividend Aristocrats® index for having increased our dividend for over 31 consecutive years. Additional information about the company can be found at www.realtyincome.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, the words "estimate," "anticipate," "assume," "expect," "believe," "intend," "continue," "should," "may," "likely," "plan," "seek," and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions of our business, strategy, portfolio, platform, plans, and the intentions of management including dividends and the amount, timing and payment thereof. Forward-looking statements are subject to risks, uncertainties, and assumptions about us which may cause our actual future results to differ materially from expected results. Some of the factors that could cause actual results to differ materially are, among others, our continued qualification as a real estate investment trust; general domestic and foreign business, economic, or financial conditions; competition; fluctuating interest and currency rates; inflation and its impact on our clients and us; access to debt and equity capital markets and other sources of funding (including the terms, structure and partners of such funding); volatility and uncertainty in the credit and financial markets; other risks inherent in real estate, private capital, credit and mezzanine investments, and joint ventures or co-investment ventures, including solvency, defaults under leases, bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments (including rights of first refusal or rights of first offer), and potential damages from natural disasters; impairments in the value of our real estate assets; volatility and changes in domestic and foreign laws and the application, enforcement or interpretation thereof (including with respect to tax laws and rates); property ownership through co-investment ventures, funds, joint ventures, partnerships and other arrangements which, among other things, may transfer or limit our control of the underlying investments; epidemics or pandemics; the loss of key personnel; the threat and outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism and war; and the anticipated benefits from mergers, acquisitions, co-investment ventures, funds, joint ventures, partnerships, and other arrangements; and those additional risks and factors discussed in our reports filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are not guarantees of future plans and performance and speak only as of the date of this press release. Past operating results and performance are provided for informational purposes and are not a guarantee of future results. There can be no assurance that historical trends will continue. Actual plans and results may differ materially from what is expressed or forecasted in this press release and forecasts made in the forward-looking statements discussed in this press release might not materialize. We do not undertake any obligation to update forward-looking statements or publicly release the results of any forward-looking statements that may be made to reflect events or circumstances after the date these statements were made or to reflect the occurrence of unanticipated events.
AXQ Capital LP ve 2. čtvrtletí zvýšil podíl v Realty Income o 131,2 % na 24 289 akcií po nákupu dalších 13 785 kusů. Hodnota podílu činila 1,505 milionu USD.
AXQ Capital LP grew its position in Realty Income Corporation (NYSE:O – Free Report) by 131.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,289 shares of the real estate investment trust’s stock after purchasing an additional 13,785 shares during the period. AXQ Capital LP’s holdings in Realty Income were worth $1,505,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in O. DGS Capital Management LLC grew its position in Realty Income by 4.3% in the 4th quarter. DGS Capital Management LLC now owns 3,836 shares of the real estate investment trust’s stock worth $216,000 after purchasing an additional 158 shares in the last quarter. Tactive Advisors LLC grew its holdings in shares of Realty Income by 1.8% in the second quarter. Tactive Advisors LLC now owns 9,239 shares of the real estate investment trust’s stock valued at $572,000 after acquiring an additional 163 shares in the last quarter. Patrick M Sweeney & Associates Inc. lifted its holdings in Realty Income by 4.5% during the fourth quarter. Patrick M Sweeney & Associates Inc. now owns 3,801 shares of the real estate investment trust’s stock worth $214,000 after acquiring an additional 164 shares during the period. CYBER HORNET ETFs LLC lifted its holdings in Realty Income by 7.4% during the fourth quarter. CYBER HORNET ETFs LLC now owns 2,417 shares of the real estate investment trust’s stock worth $136,000 after acquiring an additional 166 shares during the period. Finally, First National Trust Co boosted its position in Realty Income by 1.2% in the fourth quarter. First National Trust Co now owns 15,109 shares of the real estate investment trust’s stock worth $852,000 after purchasing an additional 180 shares during the last quarter. 70.81% of the stock is owned by institutional investors.
Analyst Ratings Changes O has been the subject of several research analyst reports. Robert W. Baird raised their target price on Realty Income from $64.00 to $65.00 and gave the company a “neutral” rating in a research report on Monday, July 6th. Royal Bank Of Canada reduced their price target on shares of Realty Income from $71.00 to $70.00 and set an “outperform” rating for the company in a research report on Friday, August 7th. Scotiabank decreased their price objective on shares of Realty Income from $72.00 to $67.00 and set a “sector outperform” rating for the company in a report on Thursday, June 18th. Jefferies Financial Group initiated coverage on shares of Realty Income in a research report on Monday, June 1st. They issued a “buy” rating and a $69.00 price objective on the stock. Finally, Weiss Ratings upgraded shares of Realty Income from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, August 20th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $67.23.
View Our Latest Research Report on Realty Income Realty Income Trading Down 0.8% Shares of O stock opened at $61.22 on Friday. The stock has a market capitalization of $57.93 billion, a price-to-earnings ratio of 44.69, a PEG ratio of 4.38 and a beta of 0.71. The company’s fifty day simple moving average is $63.27 and its two-hundred day simple moving average is $63.06. Realty Income Corporation has a 1 year low of $55.86 and a 1 year high of $67.93. The company has a debt-to-equity ratio of 0.73, a current ratio of 5.88 and a quick ratio of 5.88.
Realty Income (NYSE:O – Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The real estate investment trust reported $1.09 EPS for the quarter, hitting analysts’ consensus estimates of $1.09. The firm had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.40 billion. Realty Income had a return on equity of 3.12% and a net margin of 20.93%.The business’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period last year, the company earned $1.05 earnings per share. Realty Income has set its FY 2026 guidance at 4.440-4.450 EPS. As a group, analysts anticipate that Realty Income Corporation will post 4.43 earnings per share for the current year.
Realty Income Dividend Announcement The business also recently announced a monthly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be paid a $0.271 dividend. The ex-dividend date is Monday, August 31st. This represents a c) annualized dividend and a yield of 5.3%. Realty Income’s dividend payout ratio (DPR) is currently 237.23%.
More Realty Income News Here are the key news stories impacting Realty Income this week:
Positive Sentiment: Industrial expansion could improve long-term growth. Realty Income is increasing its investment in industrial properties, including warehouses, while benefiting from rent escalators and solid leasing activity. Greater exposure to industrial real estate could diversify the portfolio and support future adjusted funds from operations. Realty Income’s Industrial Expansion: Can it Lift Long-Term Returns? Positive Sentiment: The $10 billion investment plan provides a growth catalyst. Analysts point to Realty Income’s strong deal sourcing, ample liquidity, industrial exposure and potential data-center investments as factors that could help the company deploy capital and expand earnings over time. Realty Income’s $10B Investment Plan: Can Deployment Stay Strong? Neutral Sentiment: The dividend remains a key attraction. Realty Income is scheduled to pay a monthly dividend of $0.271 per share on September 15, its 674th consecutive monthly payment. However, investors are comparing that income stream with Treasury yields near 4.75%, making the dividend’s relative appeal an important consideration. Treasuries Yield 4.75%—Does Realty Income’s Monthly Dividend Still Make Sense? Negative Sentiment: Higher rates are pressuring the stock’s valuation and income appeal. Rising Treasury yields can make Realty Income’s dividend relatively less attractive while increasing financing costs for acquisitions. The broader rate-driven market pullback is likely contributing to investor caution toward the REIT. Negative Sentiment: Recent earnings have not yet provided a clear near-term catalyst. Realty Income met consensus earnings expectations in its latest report, while revenue exceeded estimates and rose year over year. Nevertheless, the stock has remained lower since that report, suggesting investors are focused more on interest-rate sensitivity, valuation and the pace of future capital deployment than on the earnings beat alone. Realty Income Corp. (O) Down Since Last Earnings Report: Can It Rebound? Realty Income Company Profile (Free Report)
Realty Income Corporation (NYSE: O) is a real estate investment trust (REIT) that acquires, owns and manages commercial properties subject primarily to long-term net lease agreements. The company’s business model focuses on generating predictable, contractual rental income by leasing properties to tenants under agreements that typically place responsibility for taxes, insurance and maintenance on the tenant. Realty Income is publicly traded on the New York Stock Exchange and markets itself as a reliable income-oriented REIT.
Realty Income’s portfolio is concentrated in single-tenant, retail and service-oriented properties such as drugstores, convenience stores, dollar and discount retailers, restaurants, and other essential-service businesses.
See Also Five stocks we like better than Realty Income Revolution Medicines Got Its Breakthrough—What Moves It Next? Retail Earnings Just Exposed a Bigger Divide in the U.S. Consumer Economy FB Financial’s Southern Expansion and Buybacks Drive Analyst Optimism AST SpaceMobile Stock Soared 12%—This Was the Catalyst Want to see what other hedge funds are holding O? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Realty Income Corporation (NYSE:O – Free Report).
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Realty Income zvýšila čtvrtletní dividendu a nová měsíční sazba 0,271 USD na akcii odpovídá výnosu 5,3 %. Management navíc zvedl výhled na AFFO na 4,44 až 4,45 USD na akcii.
Investors looking for a dividend-paying stock will find Realty Income (O -0.79%) a good choice. Many investors turn to real estate investment trusts (REITs) since the companies have to pay out at least 90% of their taxable income as dividends.
However, stock selection matters, and this REIT has a long history of raising dividends. More importantly, these appear safe, and the company's track record should continue for the foreseeable future. That's because Realty Income has plenty of cushion based on a key metric used for REITs.
It's time to look more closely at Realty Income to find out why investors should feel confident in future dividends.
Image source: Getty Images.
Sound business underlies strong dividend history REITs own or finance different types of properties. In the case of Realty Income, most of its rent, more than 78%, comes from the retail industry. This includes companies like Dollar General, Home Depot, and Walmart.
While some investors may worry about the threat of online competition, Realty Income continues to receive higher rents and maintain high levels of occupancy. It had a 98.6% occupancy rate as of June 30, and it received a 2.7% rent increase on renewed leases in the second quarter.
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With this kind of stability, Realty Income has built quite a track record of dividends. The board of directors raised dividends 135 times since 1994, including 115 straight quarters.
Affording the payouts Realty Income pays dividends monthly, but it has raised them every quarter for nearly three decades. That includes nudging up July's payout from $0.2705 to $0.271 per share.
Of course, most companies don't raise dividends only to cut them a short time later. Still, it's useful to make sure Realty Income can afford the higher payout.
For REITs, adjusted funds from operations (AFFO) is an appropriate metric to compare to dividends. That's because AFFO measures cash available for distribution.
Notably, management recently raised its AFFO-per-share guidance. It now expects $4.44 to $4.45 per share, up from its previous guidance of $4.41 to $4.43.
For the second quarter, dividends were 74.5% of AFFO. Annualizing the current $0.271 monthly dividend rate equates to $3.252. At the low end of the company's AFFO guidance, that works out to 73.7%.
Realty Income's shares have a 5.3% dividend yield. That's about 5 times the S&P 500 index's 1.1% yield.
For investors looking for passive income, Realty Income fits the bill with its high yield and ability to sustain and continue to increase dividend payments.
Realty Income ve 2. čtvrtletí směřovala asi 75 % svých amerických realitních investic do průmyslových aktiv. AFFO na akcii vzrostl o 3,8 % na 1,09 USD a výhled na rok 2026 se zvýšil na 4,44–4,45 USD.
Key Takeaways Realty Income put about 75% of U.S. real estate investments into industrial assets in the second quarter.Industrial deals generally carry 2-3.5% annual rent escalators and posted 105.8% rent recapture.O's second-quarter AFFO per share rose 3.8% to $1.09, while 2026 guidance increased to $4.44-$4.45. Realty Income (O - Free Report) is pushing harder into warehouses and logistics property, changing the mix of a portfolio still dominated by retail. Industrial assets represented about 65% of Realty Income’s global real estate investments in the second quarter, and 16.2% of annualized base rent as of June 30, 2026, across 604 properties.
The shift is already large in new spending. Realty Income invested about $2.6 billion in the second quarter, or $2.1 billion at its share, at a 7.3% initial cash yield. Management said roughly $800 million went into U.S. industrial assets, about 75% of U.S. real estate investments during the quarter.
Industrial also offers stronger contractual growth than much of the existing portfolio. Management said annual rent escalators on these deals generally run 2% to 3.5%. Industrial accounted for about one-third of second-quarter leasing activity and posted a 105.8% rent recapture rate, suggesting some room for internal growth alongside acquisitions.
Realty Income is accepting lower starting yields in its Core Plus Fund for stronger growth features. Second-quarter acquisitions generated a 6% weighted average cash yield, but came with strong-credit tenants and above-average rent escalators. Same-store revenue growth reached 2.9% through the first half of 2026, while management fees support shareholder accretion from the outset.
For shareholders, industrial expansion matters only if it improves per-share growth without stretching the balance sheet. Second-quarter AFFO per share rose 3.8% to $1.09, and 2026 guidance moved to $4.44-$4.45. Net debt was 5.4 times EBITDAre, so financing costs still matter for returns.
Realty Income Peers Take Different Paths to GrowthAgree Realty (ADC - Free Report) remains focused on retail net leases rather than following Realty Income into industrial assets. Agree Realty invested a record $502 million in the second quarter, while AFFO per share rose 7.4% to $1.14. Agree Realty also raised 2026 investment guidance to $1.6-$1.8 billion, supported by $1.9 billion of liquidity available.
NNN REIT, Inc. (NNN - Free Report) is also sticking to single-tenant net lease properties, giving investors a useful contrast to Realty Income’s industrial push. NNN REIT invested $291 million in the second quarter at a 7.3% initial cash cap rate. NNN REIT raised 2026 acquisition guidance to $700-$800 million and AFFO guidance to $3.55-$3.59 per share.
O’s Price Performance, Valuation and EstimatesShares of Realty Income have gained 1.5% in the past three months, outperforming the industry but lagging the S&P 500 composite.
Image Source: Zacks Investment Research
From a valuation standpoint, O trades at a forward 12-month price-to-FFO of 13.56, below the industry but ahead of its three-year median of 13.24. It carries a Value Score of D.
Image Source: Zacks Investment Research
Over the past 30 days, estimates for both 2026 and 2027 FFO per share have remained unchanged.
Realty Income zvýšila celoroční investiční výhled na 10 miliard USD z 9,5 miliardy USD po nasazení 5,34 miliardy USD do června. Průmyslová aktiva tvořila zhruba 65 % globálních realitních investic ve 2. čtvrtletí.
Key Takeaways Realty Income's $10B investment plan reflects a stronger pipeline after $5.34B was deployed through June.Industrial assets represented about 65% of O's global real estate investments in the second quarter.Realty Income has over $5.7B of pro forma liquidity, while sourcing topped $62B through early August. Realty Income (O - Free Report) has already put more than half of its 2026 investment target to work. Through June, the REIT invested $5.34 billion globally, including $4.69 billion at its pro-rata share. Management then lifted full-year investment guidance to $10 billion from $9.5 billion, pointing to a stronger pipeline.
The second quarter showed where that capital is going. Realty Income invested $2.57 billion during the period at a 7.3% initial weighted average cash yield. Real estate acquisitions totaled $1.80 billion, while other investments reached $629 million and carried a higher 9.2% initial cash yield.
Industrial assets have become a larger part of the mix. Management said industrial represented about 65% of global real estate investments in the quarter, helped by improving absorption and lower vacancy. Europe added roughly $400 million of second-quarter investment at a 7% weighted average yield, keeping geographic diversification active.
Data centers could add another route for deployment. Realty Income announced a $6 billion programmatic hyperscale data center joint venture with Cloud Capital and expects to invest up to $1.4 billion for its 45% equity interest. The company also said that since the beginning of the year through early August, sourcing topped $62 billion, giving it a broad pool of potential deals.
Funding capacity is another key part of the $10 billion plan. Realty Income ended June with about $3.5 billion of available liquidity, later increasing pro forma liquidity to more than $5.7 billion after financing actions. Public equity funded only 18% of investment volume through early August versus a 47% average over the prior three years.
Realty Income’s Peers Step Up Investment ActivityAgree Realty (ADC - Free Report) is also leaning into faster deployment, raising 2026 investment guidance to $1.6-$1.8 billion after a record $502 million of investment activity in the second quarter. Agree Realty invested about $925 million in the first half, while adjusted funds from operations (AFFO) per share rose 7.4% in the second quarter. Agree Realty ended June with $1.9 billion of available liquidity.
NNN REIT, Inc. (NNN - Free Report) is following a similar path, lifting 2026 acquisition guidance to $700-$800 million after investing $291 million in the second quarter. NNN REIT completed those investments at a 7.3% initial cash cap rate, while occupancy reached 99.1%. NNN REIT also raised AFFO guidance to $3.55-$3.59 per share for 2026.
O’s Price Performance, Valuation and EstimatesShares of Realty Income have gained 2.9% in the past three months, outperforming both the industry as well as the S&P 500 Composite.
Image Source: Zacks Investment Research
From a valuation standpoint, O trades at a forward 12-month price-to-FFO of 13.51, below the industry but ahead of its three-year median of 13.24. It carries a Value Score of D.
Image Source: Zacks Investment Research
Over the past 30 days, estimates for both 2026 and 2027 FFO per share have remained unchanged.
Realty Income vyplatí 0,271 USD na akcii a prodlouží sérii na 674. měsíční dividendu. Roční výnos 5,03 % je jen 28 bazických bodů nad 10letým výnosem státních dluhopisů USA 4,75 %.
With the risk-free rate sitting near its highest level in years, Realty Income's legendary monthly dividend streak now faces a pressure test that even 674 consecutive payments cannot automatically survive.
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Realty Income (NYSE:O | O Price Prediction) is set to pay shareholders again. The self-styled Monthly Dividend Company is distributing $0.271 per share on September 15, 2026, its 674th consecutive monthly dividend. That streak, combined with 115 consecutive quarterly increases and 133 total hikes since its 1994 NYSE listing, is the résumé investors buy into. The question for a scorecard: does the payout still deserve top marks with the 10-year Treasury at 4.75%?
Latest Payment and Yield Check The September check works out to an annualized forward dividend of $3.252, up in small monthly steps from $0.2695 as recently as October 2025. At a share price of $61.56, that pencils out to a 5.03% yield. Against a 4.75% risk-free rate, the income premium is just 28 basis points. Historically, O has offered a wider cushion, and that compression is the single biggest reason its grade is under pressure.
AFFO Backs the Payout GAAP optics look ugly: Q2 EPS of $0.37 missed the $0.42 estimate, and full-year net income guidance of $1.59 to $1.60 sits well below the dividend. For a REIT, though, AFFO is the right yardstick. AFFO per share grew 3.8% to $1.09 in Q2, and management raised the full-year midpoint to $4.44 to $4.45. That puts the AFFO payout ratio near 73%, leaving comfortable coverage and reinvestment capacity.
Portfolio and Balance Sheet Backing the Check The underlying real estate is doing its job. Portfolio occupancy stood at 98.8%, and 482 released units generated a blended rent recapture of 102.7%, with international recapture at 112.9%. Investment-grade tenants now account for 34% of annualized rent, up from 32% in Q1. On the balance sheet, net debt to EBITDAre sits at 5.4x, Fitch initiated with an A long-term issuer rating, and pro forma liquidity climbed to more than $5.7 billion. A $6 billion hyperscale data center joint venture with Cloud Capital adds a growth vector that pure retail net-lease peers cannot match.
Final Grade Grading on coverage, streak, portfolio quality, and credit, Realty Income still earns an A. Grading on relative yield, the picture softens: shares are up 12.67% year to date, which has trimmed the spread over Treasuries to a thin margin flagged in Barron’s recent look at the risks of the monthly income craze. Net grade: A-minus. Investors should watch cap rate trends and whether AFFO growth reaccelerates above 4% to justify paying up for the streak. If O’s thinner spread has you shopping the rest of the every-30-days aisle, we lined up seven of our favorite monthly payers in a free report: here.
Contact [email protected] for any questions or corrections.
Chris Lange
Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics. Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications. A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.
Great Lakes Advisors ve 2. čtvrtletí koupila nový podíl v Realty Income: 9 764 akcií za zhruba 605 000 USD. Institucionální investoři nyní drží 70,81 % akcií.
Great Lakes Advisors LLC purchased a new stake in Realty Income Corporation (NYSE:O – Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 9,764 shares of the real estate investment trust’s stock, valued at approximately $605,000.
Several other large investors have also recently bought and sold shares of O. DGS Capital Management LLC boosted its holdings in shares of Realty Income by 4.3% during the fourth quarter. DGS Capital Management LLC now owns 3,836 shares of the real estate investment trust’s stock worth $216,000 after acquiring an additional 158 shares during the period. Tactive Advisors LLC grew its position in shares of Realty Income by 1.8% in the second quarter. Tactive Advisors LLC now owns 9,239 shares of the real estate investment trust’s stock valued at $572,000 after purchasing an additional 163 shares during the last quarter. Patrick M Sweeney & Associates Inc. grew its position in shares of Realty Income by 4.5% in the fourth quarter. Patrick M Sweeney & Associates Inc. now owns 3,801 shares of the real estate investment trust’s stock valued at $214,000 after purchasing an additional 164 shares during the last quarter. CYBER HORNET ETFs LLC increased its stake in shares of Realty Income by 7.4% during the fourth quarter. CYBER HORNET ETFs LLC now owns 2,417 shares of the real estate investment trust’s stock worth $136,000 after purchasing an additional 166 shares during the period. Finally, First National Trust Co increased its stake in shares of Realty Income by 1.2% during the fourth quarter. First National Trust Co now owns 15,109 shares of the real estate investment trust’s stock worth $852,000 after purchasing an additional 180 shares during the period. 70.81% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades O has been the subject of several recent research reports. UBS Group set a $67.00 price target on Realty Income in a research note on Thursday, June 18th. Scotiabank lowered their price objective on Realty Income from $72.00 to $67.00 and set a “sector outperform” rating on the stock in a research report on Thursday, June 18th. Barclays dropped their target price on Realty Income from $68.00 to $67.00 and set an “equal weight” rating for the company in a report on Wednesday, July 22nd. Weiss Ratings raised shares of Realty Income from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday. Finally, Freedom Capital upgraded shares of Realty Income from a “hold” rating to a “strong-buy” rating in a research note on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.42.
View Our Latest Research Report on O Key Headlines Impacting Realty Income Here are the key news stories impacting Realty Income this week:
Positive Sentiment: Analysts at Yahoo Finance argue that Realty Income could be approximately 12% undervalued following its recent convertible-note activity. The company’s monthly dividend, supported by an indicated yield of roughly 5.2%, remains a key attraction for income-focused investors. Realty Income Could Be 12% Undervalued Following New Convertible Note Issues Positive Sentiment: Investment commentary continues to favor Realty Income as a dependable dividend stock because of its monthly payment schedule, relatively high yield, and recurring net-lease rental income. Other coverage also highlights its European expansion as a potential long-term growth engine. Why I Think the Best Dividend Stock Isn’t a Tech Name: It’s Realty Income Neutral Sentiment: Realty Income completed or announced offerings totaling approximately $1.625 billion of convertible senior notes due 2031, including notes carrying a 3.750% coupon. The financing could improve liquidity and support acquisitions, but its equity-linked structure may increase future share dilution and adds to the company’s financing obligations. Realty Income Adds $1.625 Billion of Convertible Notes Due 2031 Neutral Sentiment: Articles continue to list Realty Income among monthly dividend payers and emphasize that investors may need roughly $19,000 to $20,000 invested to generate $1,000 in annual dividends at current yield levels. These reports reinforce income demand but do not materially change company fundamentals. 5 Monthly Dividend Payers to Own Heading Into September Negative Sentiment: The new debt has likely contributed to near-term caution because investors must assess additional leverage, interest costs, and possible dilution from conversion. Realty Income’s recent short-term performance has also been weak, increasing pressure on the stock despite its dividend appeal. Realty Income Stock Up 0.0% NYSE O opened at $62.61 on Monday. The company has a current ratio of 5.88, a quick ratio of 5.88 and a debt-to-equity ratio of 0.73. Realty Income Corporation has a 1-year low of $55.86 and a 1-year high of $67.93. The company has a 50 day moving average of $63.18 and a 200-day moving average of $63.17. The company has a market cap of $59.24 billion, a price-to-earnings ratio of 45.70, a PEG ratio of 4.44 and a beta of 0.71.
Realty Income (NYSE:O – Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The real estate investment trust reported $1.09 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.09. Realty Income had a return on equity of 3.12% and a net margin of 20.93%.The business had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the business posted $1.05 earnings per share. The firm’s quarterly revenue was up 9.7% compared to the same quarter last year. Realty Income has set its FY 2026 guidance at 4.440-4.450 EPS. On average, equities research analysts expect that Realty Income Corporation will post 4.43 earnings per share for the current fiscal year.
Realty Income Announces Dividend The business also recently announced a monthly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be issued a dividend of $0.271 per share. This represents a c) annualized dividend and a dividend yield of 5.2%. The ex-dividend date of this dividend is Monday, August 31st. Realty Income’s dividend payout ratio is 237.23%.
Realty Income Profile (Free Report)
Realty Income Corporation (NYSE: O) is a real estate investment trust (REIT) that acquires, owns and manages commercial properties subject primarily to long-term net lease agreements. The company’s business model focuses on generating predictable, contractual rental income by leasing properties to tenants under agreements that typically place responsibility for taxes, insurance and maintenance on the tenant. Realty Income is publicly traded on the New York Stock Exchange and markets itself as a reliable income-oriented REIT.
Realty Income’s portfolio is concentrated in single-tenant, retail and service-oriented properties such as drugstores, convenience stores, dollar and discount retailers, restaurants, and other essential-service businesses.
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Altman Advisors ve 2. čtvrtletí nově nakoupila 31 185 akcií Realty Income za zhruba 1,932 mil. USD. Realty Income zároveň oznámila za čtvrtletí EPS 1,09 USD a výnosy 1,55 mld. USD, nad odhady.
Altman Advisors Inc. acquired a new position in shares of Realty Income Corporation (NYSE:O – Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 31,185 shares of the real estate investment trust’s stock, valued at approximately $1,932,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. EFG International AG bought a new stake in shares of Realty Income in the 4th quarter worth about $26,000. Dunhill Financial LLC acquired a new stake in shares of Realty Income during the 2nd quarter worth about $27,000. Evolution Wealth Management Inc. lifted its holdings in Realty Income by 257.1% during the 4th quarter. Evolution Wealth Management Inc. now owns 500 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 360 shares during the last quarter. Quattro Advisors LLC bought a new position in Realty Income during the 4th quarter valued at about $29,000. Finally, Sankala Group LLC acquired a new position in Realty Income in the fourth quarter valued at about $32,000. 70.81% of the stock is owned by institutional investors.
Analysts Set New Price Targets Several analysts have weighed in on O shares. Wells Fargo & Company upped their price objective on shares of Realty Income from $64.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 15th. Robert W. Baird boosted their target price on Realty Income from $64.00 to $65.00 and gave the stock a “neutral” rating in a report on Monday, July 6th. Scotiabank decreased their price target on Realty Income from $72.00 to $67.00 and set a “sector outperform” rating on the stock in a research report on Thursday, June 18th. UBS Group set a $67.00 price target on Realty Income in a report on Thursday, June 18th. Finally, Evercore set a $68.00 price objective on Realty Income in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $67.42.
View Our Latest Research Report on Realty Income Realty Income Trading Up 0.5% O opened at $63.27 on Friday. Realty Income Corporation has a 1-year low of $55.86 and a 1-year high of $67.93. The stock has a market capitalization of $59.87 billion, a PE ratio of 46.18, a PEG ratio of 4.47 and a beta of 0.71. The company has a current ratio of 5.88, a quick ratio of 5.88 and a debt-to-equity ratio of 0.73. The firm has a 50-day moving average price of $63.18 and a two-hundred day moving average price of $63.16.
Realty Income (NYSE:O – Get Free Report) last announced its earnings results on Wednesday, August 5th. The real estate investment trust reported $1.09 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.09. Realty Income had a net margin of 20.93% and a return on equity of 3.12%. The company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period in the prior year, the business earned $1.05 earnings per share. Realty Income’s quarterly revenue was up 9.7% on a year-over-year basis. Realty Income has set its FY 2026 guidance at 4.440-4.450 EPS. As a group, equities analysts anticipate that Realty Income Corporation will post 4.43 earnings per share for the current fiscal year.
Realty Income Dividend Announcement The company also recently disclosed a monthly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be issued a dividend of $0.271 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a c) annualized dividend and a yield of 5.1%. Realty Income’s dividend payout ratio is currently 237.23%.
Realty Income Profile (Free Report)
Realty Income Corporation (NYSE: O) is a real estate investment trust (REIT) that acquires, owns and manages commercial properties subject primarily to long-term net lease agreements. The company’s business model focuses on generating predictable, contractual rental income by leasing properties to tenants under agreements that typically place responsibility for taxes, insurance and maintenance on the tenant. Realty Income is publicly traded on the New York Stock Exchange and markets itself as a reliable income-oriented REIT.
Realty Income’s portfolio is concentrated in single-tenant, retail and service-oriented properties such as drugstores, convenience stores, dollar and discount retailers, restaurants, and other essential-service businesses.
Further Reading Five stocks we like better than Realty Income 3 Energy Stocks Raising Dividends as the Sector Surges 5 Reasons the S&P 500 Could Keep Rallying Through Year-End Walmart’s Post-Earnings Drop Could Be a Buying Opportunity The Trade Desk’s Earnings Miss Raises a Bigger Question About Its AI Future Want to see what other hedge funds are holding O? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Realty Income Corporation (NYSE:O – Free Report).
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Realty Income se dál odklání od retailu: průmyslové nemovitosti tvořily ve 2. čtvrtletí 65 % globálního investičního příjmu z nájemného. Firma zároveň rozšiřuje portfolio v Evropě, datových centrech a herních aktivech.
Key Takeaways Realty Income is diversifying beyond retail, with industrial now a key driver of investment cash income.Industrial properties contributed 65% of global investment cash income in the second quarter.Realty Income is expanding in Europe, data centers, industrial build-to-suits and gaming assets. Realty Income (O - Free Report) remains a retail-heavy REIT, but its growing diversification is becoming an increasingly important strength. Retail accounted for 78.3% of annualized base rent as of June 30, 2026, yet the company owned 15,588 properties leased to 1,798 clients across 92 industries. The company is actively expanding beyond its traditional U.S. retail base into industrial, international real estate, gaming and data centers.
Industrial is emerging as a key diversification driver. While industrial properties currently contribute 16.2% of ABR, they accounted for 65% of global investment cash income in the second quarter. For the first six months of 2026, industrial represented 47.8% of investment cash income compared with 50.3% for retail. This suggests that O’s new investments are becoming significantly less retail-focused than its existing portfolio.
Geographic diversification is also strengthening. The United States accounted for 79.5% of ABR, while the United Kingdom and Continental Europe contributed 15% and 5.5%, respectively. Realty Income has built a European portfolio spanning 671 properties across 44 industries. The company is also creating new diversification opportunities through hyperscale data centers, industrial build-to-suits and gaming assets, expanding its addressable market beyond traditional retail.
This broader strategy could gradually reduce Realty Income’s dependence on retail and U.S. consumer spending. Its retail exposure remains substantial, but the direction of capital deployment is more diversified. Combined with 98.8% occupancy, an 8.6-year weighted-average lease term and 102.7% second-quarter rent recapture, Realty Income’s expanding sector and geographic mix strengthens its defensive profile while preserving the stability of its core portfolio.
How Are Realty Income's Peers Diversifying?Federal Realty Investment Trust (FRT - Free Report) is adding residential development to existing retail properties. Its “Resi-Over-Retail” strategy has about $400 million of residential projects underway, creating mixed-use assets and a new source of growth beyond retail.
Kimco Realty (KIM - Free Report) is diversifying through residential entitlements, redevelopment and structured investments while maintaining its grocery-anchored retail base. Its strategy specifically includes increasing residential-use entitlements and unlocking higher-and-better uses of its real estate.
Realty Income’s Price Performance, Valuation and EstimatesShares of Realty Income have risen 1.2% over the past three months, outperforming the broader industry, but underperforming the S&P 500 Index.
Image Source: Zacks Investment Research
In terms of forward 12-month Price/Earnings (P/E), Realty Income is currently trading at 13.84X, which is at a discount to the industry average of 16.96X.
Image Source: Zacks Investment Research
Realty Income’s estimate revisions reflect a negative trend. The Zacks Consensus Estimate for fiscal 2026 EPS has been revised marginally downward over the past week. The consensus estimate calls for 4% growth year over year.
Image Source: Zacks Investment Research
Currently, Realty Income carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Realty Income oznámila 674. po sobě jdoucí měsíční dividendu na kmenové akcie ve výši 0,2710 USD na akcii. Ročním tempem to odpovídá 3,252 USD na akcii.
, /PRNewswire/ -- Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today declared its 674th consecutive common stock monthly dividend. The dividend amount of $0.2710 per share, representing an annualized amount of $3.252 per share, is payable on September 15, 2026 to stockholders of record as of August 31, 2026.
About Realty Income
Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies®. Founded in 1969, we serve our clients as a full-service real estate capital provider. As of June 30, 2026, we have a portfolio of over 15,500 properties in all 50 U.S. states, the U.K., and eight other countries in Europe. We are known as "The Monthly Dividend Company®" and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our founding, we have declared 674 consecutive monthly dividends and are a member of the S&P 500 Dividend Aristocrats® index for having increased our dividend for over 31 consecutive years. Additional information about the company can be found at www.realtyincome.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, the words "estimate," "anticipate," "assume," "expect," "believe," "intend," "continue," "should," "may," "likely," "plan," "seek," and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions of our business, strategy, plans, and the intentions of management including dividends and the amount, timing and payment thereof. Forward-looking statements are subject to risks, uncertainties, and assumptions about us which may cause our actual future results to differ materially from expected results. Some of the factors that could cause actual results to differ materially are, among others, our continued qualification as a real estate investment trust; general domestic and foreign business, economic, or financial conditions; competition; fluctuating interest and currency rates; inflation and its impact on our clients and us; access to debt and equity capital markets and other sources of funding (including the terms, structure and partners of such funding); volatility and uncertainty in the credit and financial markets; other risks inherent in real estate, private capital, credit and mezzanine investments, and joint ventures or co-investment ventures, including solvency, defaults under leases, bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments (including rights of first refusal or rights of first offer), and potential damages from natural disasters; impairments in the value of our real estate assets; volatility and changes in domestic and foreign laws and the application, enforcement or interpretation thereof (including with respect to tax laws and rates); property ownership through co-investment ventures, funds, joint ventures, partnerships and other arrangements which, among other things, may transfer or limit our control of the underlying investments; epidemics or pandemics; the loss of key personnel; the threat and outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism and war; and the anticipated benefits from mergers, acquisitions, co-investment ventures, funds, joint ventures, partnerships and other arrangements; and those additional risks and factors discussed in our reports filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are not guarantees of future plans and performance and speak only as of the date of this press release. Past operating results and performance are provided for informational purposes and are not a guarantee of future results. There can be no assurance that historical trends will continue. Actual plans and results may differ materially from what is expressed or forecasted in this press release and forecasts made in the forward-looking statements discussed in this press release may not materialize. We do not undertake any obligation to update forward-looking statements or publicly release the results of any forward-looking statements that may be made to reflect events or circumstances after the date these statements were made or to reflect the occurrence of unanticipated events.
Realty Income rozšiřuje svou strategii do datových center a prostřednictvím Cloud Capital chce investovat až 1,4 miliardy USD za 45% podíl na počátečním tříaktivovém portfoliu v Severní Virginii. Projekt má dlouhodobé 15–20leté triple-net nájemní smlouvy s bonitními hyperscale nájemci.
Key Takeaways Realty Income expands its data center strategy to broaden growth beyond traditional net-lease real estate.The strategy could support future hyperscale data-center investments across the U.S. and Europe.Long leases and investment-grade tenants provide predictable cash flows and broaden Realty Income's market. Realty Income’s (O - Free Report) push into data centers is beginning to take on greater strategic importance as the company looks to broaden its growth avenues beyond traditional net-lease real estate. A key component of that strategy is its existing partnership with Cloud Capital, under which Realty Income expects to invest up to $1.4 billion for a 45% stake in an initial three-asset Northern Virginia portfolio valued at more than $6 billion. The assets have less than 400 MW of capacity, are fully leased or pre-leased, and carry 15-20-year triple-net leases with investment-grade hyperscale tenants.
The partnership is designed to be more than a one-time transaction. Realty Income describes it as a programmatic platform that could support future hyperscale data center investments across the United States and Europe.
The Cloud Capital venture also builds on Realty Income’s existing data center relationship with Digital Realty. The company invested about $200 million in a build-to-suit data center joint venture in 2023 and held an 80% interest in two properties as of June 30, 2026.
The strategy gives Realty Income access to a global data center market estimated at more than $1 trillion in real estate value. For Realty Income, this could diversify its heavily retail-focused portfolio, broaden its addressable market and create a scalable source of long-term growth. The long-term leases and investment-grade tenants could also support predictable cash flows, while the partnership provides an avenue to deploy capital across the United States and Europe.
How Are Realty Income's Peers Adopting Data Center Strategy?Prologis (PLD - Free Report) is aggressively expanding beyond logistics into data centers. In second-quarter 2026, its data center power pipeline expanded to 5.8 GW. Prologis started $1.6 billion of development across logistics and data centers, highlighting its focus on leveraging its global land bank and infrastructure to capture growing demand for AI and digital infrastructure.
Iron Mountain (IRM - Free Report) has already made data centers a meaningful growth business. In second-quarter 2026, it signed 13 MW of data center leases, taking year-to-date leasing to 110 MW, including 75 MW signed in July. Data center, digital and ALM businesses collectively grew over 50% year over year.
Realty Income’s Price Performance, Valuation and EstimatesShares of Realty Income have risen 0.5% over the past three months, underperforming the broader industry and the S&P 500 Index.
Image Source: Zacks Investment Research
In terms of forward 12-month Price/Earnings (P/E), Realty Income is currently trading at 13.72X, which is at a discount to the industry average of 17.1X.
Image Source: Zacks Investment Research
Realty Income’s estimate revisions reflect a positive trend. The Zacks Consensus Estimate for fiscal 2026 EPS has been revised marginally upward over the past two months. The consensus estimate calls for 4% growth year over year.
Image Source: Zacks Investment Research
Currently, Realty Income carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
, /PRNewswire/ -- Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today announced the closing of its previously announced private offering of $1.0 billion aggregate principal amount of 3.750% convertible senior notes due 2031 (the "notes") in a private offering (the "offering") to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). The offering represents the aggregate of both the previously announced offering of $875.0 million, as well as the full exercise of the $125.0 million option to purchase additional notes granted by Realty Income to the initial purchasers of the notes.
In connection with the pricing of the notes and the exercise by the initial purchasers of their option to purchase additional notes, the Company entered into privately negotiated capped call transactions with certain financial institutions. The cap price of the capped call transactions was initially approximately $83.55 per share of Realty Income's common stock, which represented a premium of approximately 35.0% above the closing price of Realty Income's common stock of $61.89 per share on the New York Stock Exchange on August 11, 2026.
The net proceeds from the offering were approximately $981.9 million, after deducting the initial purchasers' discounts and commissions and Realty Income's estimated offering expenses. Realty Income used approximately $33.2 million of the net proceeds from the offering to pay the cost of the capped call transactions described above. Realty Income used approximately $188.7 million of the net proceeds from the offering to repurchase approximately 3.0 million shares of its common stock concurrently with the pricing of the offering in privately negotiated transactions effected through one of the initial purchasers of the notes or its affiliate, as Realty Income's agent. Realty Income intends to use the remainder of the net proceeds from the offering for general corporate purposes, which may include, among other things, the repayment or repurchase of certain indebtedness (including borrowings under Realty Income's revolving credit facilities and commercial paper programs), foreign currency swaps or other hedging instruments, the development, redevelopment and acquisition of additional properties, acquisition or business combination transactions, and the expansion and improvement of certain properties in Realty Income's portfolio.
Important Information
The offer and sale of the notes and any shares of Realty Income's common stock issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer or sale of, the notes (or any shares of Realty Income's common stock issuable upon conversion of the notes) in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any such state or jurisdiction.
About Realty Income
Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies®. Founded in 1969, we serve our clients as a full-service real estate capital provider. As of June 30, 2026, we have a portfolio of over 15,500 properties in all 50 U.S. states, the United Kingdom, and eight other countries in Europe. We are known as "The Monthly Dividend Company®" and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our founding, we have declared 673 consecutive monthly dividends and are a member of the S&P 500 Dividend Aristocrats® index for having increased our dividend for over 31 consecutive years.
Forward-Looking Statements
This press release includes forward-looking statements, including statements regarding the intended use of the net proceeds. Forward-looking statements represent Realty Income's current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, the satisfaction of the closing conditions related to the offering and risks relating to Realty Income's business, including those described in periodic reports that Realty Income files from time to time with the SEC. Realty Income may not consummate the offering described in this press release and, if the offering is consummated, cannot provide any assurances regarding its ability to effectively apply the net proceeds as described above. The forward-looking statements included in this press release speak only as of the date of this press release, and Realty Income does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law.
Realty Income oznámila plánovanou soukromou nabídku konvertibilních seniorních dluhopisů za 750 milionů USD splatných v roce 2031. Může přidat ještě 112,5 milionu USD.
, /PRNewswire/ -- Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today announced its intention to offer, subject to market and other conditions, $750.0 million aggregate principal amount of convertible senior notes due 2031 (the "notes") in a private offering (the "offering") to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). Realty Income also expects to grant the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional $112.5 million aggregate principal amount of notes.
The notes will be senior, unsecured obligations of Realty Income and interest will be payable semi-annually in arrears. Realty Income will settle conversions by paying cash up to the aggregate principal amount of the notes to be converted and paying or delivering, as the case may be, cash, shares of Realty Income's common stock or a combination of cash and shares of Realty Income's common stock, at Realty Income's election, in respect of the remainder, if any, of Realty Income's conversion obligation in excess of the aggregate principal amount of the notes being converted, based on the then applicable conversion rate. The interest rate, initial conversion rate and other terms of the notes are to be determined upon pricing of the offering.
Except in the event of a cleanup redemption or a REIT preservation redemption (each as defined below), Realty Income may not redeem the notes prior to August 20, 2029. Realty Income will have the right to redeem the notes, in whole or in part (subject to certain limitations), for cash at Realty Income's option at any time, and from time to time, on or after August 20, 2029 and on or before the 20th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Realty Income's common stock exceeds 130% of the conversion price for a specified period of time and certain other conditions are satisfied.
Realty Income may redeem for cash all, but not less than all, of the notes at any time if the aggregate principal amount of the notes that remains outstanding as of the redemption notice date is less than 10% of the aggregate principal amount of the notes initially issued under the indenture (including any notes issued pursuant to the initial purchasers' option to purchase additional notes) and certain other conditions are satisfied (a "cleanup redemption").
Realty Income will also have the right to redeem the notes, in whole or in part, at Realty Income's option at any time prior to maturity to the extent, and only to the extent, necessary to preserve its status as a real estate investment trust ("REIT") for U.S. federal income tax purposes (a "REIT preservation redemption").
In each case, the redemption price for any note called for redemption will be a cash amount equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.
If a "fundamental change" (as defined in the indenture for the notes) occurs, which includes certain business combination transactions involving Realty Income and certain de-listing events with respect to Realty Income's common stock, then, subject to a limited exception, noteholders may require Realty Income to repurchase their notes for cash. The repurchase price will be equal to the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.
Use of Proceeds and Concurrent Share Repurchases
Realty Income intends to use a portion of the net proceeds from this offering to pay the cost of the capped call transactions described below. Realty Income expects to use a portion of the net proceeds from this offering to repurchase shares of Realty Income's common stock concurrently with the pricing of this offering in privately negotiated transactions effected through one of the initial purchasers of the notes or its affiliate, as Realty Income's agent. These repurchases could increase (or reduce the size of any decrease in) the market price of Realty Income's common stock or the notes, and this activity could affect the market price of Realty Income's common stock prior to, concurrently with or shortly after the pricing of the notes, and could result in a higher initial conversion price for the notes. Realty Income intends to use the remainder of the net proceeds from this offering for general corporate purposes, which may include, among other things, the repayment or repurchase of certain indebtedness (including borrowings under Realty Income's revolving credit facilities and commercial paper programs), foreign currency swaps or other hedging instruments, the development, redevelopment and acquisition of additional properties, acquisition or business combination transactions, and the expansion and improvement of certain properties in Realty Income's portfolio.
Capped Call Transactions
In connection with the pricing of the notes, Realty Income expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers or their affiliates and/or one or more other financial institutions (the "option counterparties"). The capped call transactions are expected generally to reduce the potential dilution to Realty Income's common stock upon any conversion of the notes and/or offset any potential cash payments Realty Income is required to make in excess of the principal amount of the converted notes, as the case may be, with such reduction and/or offset subject to a cap. If, however, the market price per share of Realty Income's common stock, as measured under the terms of the capped call transactions, exceeds the cap price of the capped call transactions, there would nevertheless be dilution and/or there would not be an offset of such potential cash payments, in each case, to the extent that such market price exceeds the cap price of the capped call transactions. The capped call transactions are expected to cover, subject to anti-dilution adjustments substantially similar to those applicable to the notes, the number of shares of Realty Income's common stock that will initially underlie the notes. If the initial purchasers of the notes exercise their option to purchase additional notes, Realty Income expects to use a portion of the additional net proceeds to fund the cost of entering into additional capped call transactions with the option counterparties.
Realty Income expects that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to enter into various derivative transactions with respect to Realty Income's common stock and/or purchase shares of Realty Income's common stock concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of Realty Income's common stock or the notes at that time. In addition, Realty Income expects that the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Realty Income's common stock and/or by purchasing or selling shares of Realty Income's common stock or other securities of Realty Income in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so (x) during any observation period related to a conversion of notes or following any repurchase of notes by Realty Income in connection with any redemption or fundamental change, (y) following any repurchase of the notes by Realty Income other than in connection with any redemption or fundamental change if Realty Income elects to unwind a corresponding portion of the capped call transactions in connection with such repurchase and (z) if Realty Income otherwise unwinds all or a portion of the capped call transactions). This activity could also cause or avoid an increase or a decrease in the market price of Realty Income's common stock or the notes, which could affect the ability of holders of the notes to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of the notes, it could affect the number of shares of Realty Income's common stock, if any, and value of the consideration that holders of the notes will receive upon conversion of the notes.
Important Information
The offer and sale of the notes and any shares of Realty Income's common stock issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer or sale of, the notes (or any shares of Realty Income's common stock issuable upon conversion of the notes) in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any such state or jurisdiction.
About Realty Income
Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies®. Founded in 1969, we serve our clients as a full-service real estate capital provider. As of June 30, 2026, we have a portfolio of over 15,500 properties in all 50 U.S. states, the U.K., and eight other countries in Europe. We are known as "The Monthly Dividend Company®" and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our founding, we have declared 673 consecutive monthly dividends and are a member of the S&P 500 Dividend Aristocrats® index for having increased our dividend for over 31 consecutive years.
Forward-Looking Statements
This press release includes forward-looking statements, including statements regarding the anticipated terms of the notes being offered, the completion, timing and size of the proposed offering, the intended use of the net proceeds and the anticipated terms of, and effects of entering into, the capped call transactions described above. Forward-looking statements represent Realty Income's current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, including market interest rates, the trading price and volatility of Realty Income's common stock and risks relating to Realty Income's business, including those described in periodic reports that Realty Income files from time to time with the SEC. Realty Income may not consummate the proposed offering described in this press release and, if the proposed offering is consummated, cannot provide any assurances regarding the final terms of the offering or the notes or its ability to effectively apply the net proceeds as described above. The forward-looking statements included in this press release speak only as of the date of this press release, and Realty Income does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law.
Key Takeaways Realty Income raised 2026 investment guidance to $10 billion after solid Q2 AFFO growth.Realty Income invested $2.6 billion in Q2 as industrial, Europe and data centers broaden growth channels.Realty Income's strong liquidity and private capital support growth, while higher rates remain a risk. Realty Income Corporation (O - Free Report) entered the second half of 2026 with better earnings visibility after a solid second quarter. AFFO per share increased 3.8% year over year to $1.09, while first-half AFFO per share rose 5.2% to $2.22. Management also raised its full-year AFFO guidance and investment target, pointing to continued opportunities across its expanding property and capital platforms.
The stock reaction, however, was muted. Realty Income shares fell 0.54% to $62.36 on Aug. 6, the first trading session after the Aug. 5 results, and closed at $61.89 on Aug. 10 after another 0.99% decline.
So far this year, Realty Income stock has gained 9.8% but underperformed the Zacks REIT and Equity Trust - Retail industry. However, O stock has outpaced its close peers, like Agree Realty Corporation (ADC - Free Report) and Essential Properties Realty Trust, Inc. (EPRT - Free Report) .
Image Source: Zacks Investment Research
The question now is whether stronger investment activity, steady property fundamentals and an expanding funding platform can support further per-share growth. At the same time, interest rates, acquisition pricing and the valuation investors assign to dependable REIT income remain important considerations.
Realty Income’s Q2 Shows Steady Progress in Core OperationsRealty Income's underlying business remained healthy in the second quarter. Revenues increased to $1.55 billion from $1.41 billion a year ago, while AFFO available to common shareholders rose to $1.02 billion from $947.5 million. Portfolio occupancy was 98.8% compared with 98.9% at the end of the first quarter and 98.6% a year earlier.
The company also generated a 102.7% rent recapture rate on re-leased properties. Same-store rental revenues increased 1.2%, showing that organic growth remains modest but positive. Realty Income's portfolio included 15,588 properties across 92 industries at quarter-end, giving it a level of diversification that is difficult for smaller net-lease operators to match.
Agree Realty and Essential Properties offer similar exposure to long-duration net leases, but both operate with smaller portfolios and somewhat different tenant mixes. Realty Income’s larger scale gives it broader sourcing access across retail, industrial and international markets, while ADC remains more concentrated in high-quality retail properties and EPRT has built a strong position in service-oriented and middle-market tenants.
That scale can help Realty Income find more investment opportunities, although it also means the company needs a much larger volume of acquisitions to generate meaningful per-share growth.
Investment Activity Is the Main Growth Driver of OInvestment activity remains central to Realty Income's outlook. The company invested roughly $2.6 billion during the second quarter, or $2.1 billion at its pro-rata share, at a weighted average initial cash yield of 7.3%. First-half investments totaled about $5.34 billion. Management consequently raised 2026 investment guidance from $9.5 billion to $10 billion.
Industrial properties represented about 65% of second-quarter real estate investment activity. Realty Income is also expanding in Europe, private capital and data centers. Its $6 billion programmatic hyperscale data-center venture with Cloud Capital could involve up to $1.4 billion of equity from Realty Income over time. Management said its wider investment channels allow it to pursue opportunities across asset types, geographies and different parts of the capital structure.
The broader investment approach gives Realty Income more growth channels than either Agree Realty or Essential Properties. ADC remains focused largely on retail net lease, while EPRT continues to expand through a smaller and more targeted acquisition platform. Realty Income, by comparison, is deploying capital across industrial properties, Europe, private-capital vehicles and data centers. This diversification can support longer-term growth, but it also introduces more execution risk as management moves into areas that sit outside the traditional retail net-lease model.
Funding Strength Aids O’s Growth, Rates Remain a RiskRealty Income ended the second quarter with about $3.5 billion of available liquidity and net debt to annualized pro forma adjusted EBITDAre of 5.4 times. After quarter-end, the company expanded its revolving credit facilities to $5.5 billion, increased its commercial-paper capacity and issued €600 million of unsecured notes.
Private capital is also reducing Realty Income’s dependence on common-equity issuance. Management noted that public equity represented only 18% of year-to-date investment volume compared with an average of 47% during the prior three years. This broader funding base could strengthen Realty Income’s ability to compete with Agree Realty, Essential Properties and private-market buyers for attractive assets.
Still, higher Treasury yields remain a challenge for REIT valuations. The real-estate sector came under pressure again on Monday as long-term bond yields rose. Higher financing costs can narrow acquisition spreads and make income-oriented REIT shares less attractive relative to bonds.
Realty Income’s Estimate Revisions and ValuationOver the past 30 days, FFO per share estimates for both 2026 and 2027 have remained unchanged, though the figures suggest 3.97% and 3.47% growth year over year, indicating a balanced view of growth and cost pressures.
Image Source: Zacks Investment Research
Valuation-wise, Realty Income stock is trading at a forward 12-month price-to-FFO of 13.62X, below the retail REIT industry average of 16.75X but ahead of its three-year median of 13.24X. O stock is also currently trading at a reasonable discount compared with its industry peers, Agree Realty Corporation and Essential Properties Realty Trust. This valuation disparity might not be as favorable as it seems. Agree Realty is trading at a forward 12-month price-to-FFO of 15.80X, while Essential Properties Realty Trust is trading at 14.22X.
The Value Score of C suggests that Realty Income may not be a bargain at current levels. Still, the company’s strategic investments, consistent dividend growth, underpinned by predictable rental income, keep it appealing for long-term income-oriented investors.
Management's higher AFFO guidance is encouraging, yet the increase is modest. Realty Income now expects about 4% AFFO-per-share growth at the midpoint. This suggests investors should weigh the reliable income profile against a growth rate that remains measured.
Image Source: Zacks Investment Research
Conclusion: Hold Realty Income Stock for NowRealty Income's second-quarter results support the case for patience rather than a major change in positioning. The company is producing AFFO growth, maintaining high occupancy and finding enough investment opportunities to raise its 2026 deployment target. Its stronger liquidity position and broader access to private capital are additional upsides. However, the post-earnings share-price weakness, interest-rate sensitivity and modest internal growth argue against chasing the stock after its earlier gains.
For investors who already own Realty Income, maintaining the existing position appears appropriate while collecting the monthly dividend and monitoring whether the larger investment pipeline produces sustained per-share growth over the coming quarters. Check Realty Income’s dividend history here.
At present, Realty Income carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Realty Income ve 2. čtvrtletí zvýšila tržby na 1,55 miliardy USD, meziročně o 9,7 %, a EPS byl 1,09 USD při shodě s odhadem. Příjmy z nájemného také překonaly odhady.
For the quarter ended June 2026, Realty Income Corp. (O - Free Report) reported revenue of $1.55 billion, up 9.7% over the same period last year. EPS came in at $1.09, compared to $0.22 in the year-ago quarter.
The reported revenue represents a surprise of +0.69% over the Zacks Consensus Estimate of $1.54 billion. With the consensus EPS estimate being $1.09, the company has not delivered EPS surprise.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Realty Income Corp. performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Revenue- Rental (including reimbursable): $1.43 billion versus the three-analyst average estimate of $1.41 billion. The reported number represents a year-over-year change of +6.6%.Revenue- Rental (reimbursable): $91.13 million compared to the $92.94 million average estimate based on two analysts. The reported number represents a change of +4.2% year over year.Revenue- Rental (excluding reimbursable): $1.34 billion versus $1.31 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +6.8% change.Net Earnings Per Share (Diluted): $0.37 versus the two-analyst average estimate of $0.42.View all Key Company Metrics for Realty Income Corp. here>>>
Shares of Realty Income Corp. have returned -1.3% over the past month versus the Zacks S&P 500 composite's +2.3% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
Realty Income zvýšila čtvrtletní dividendu už po 115. v řadě a oznámila společný projekt hyperscale datového centra za 6 miliard USD s Cloud Capital. Zároveň zvýšila výhled upraveného FFO (AFFO) na rok 2026 na 4,44 až 4,45 USD na akcii.
Realty Income (NYSE:O | O Price Prediction) just notched its 115th consecutive quarterly dividend increase and announced a $6 billion hyperscale data center joint venture with Cloud Capital.
Shares trade at $62.70 and are up 14.62% YTD, yet the market treats this like a boring bond proxy. The question: can O reach $100 by 2027?
Why Realty Income Shares Are Stuck Despite a Guidance Raise The stock slipped 3.93% in the past week and is roughly flat over the last month (-0.35%). GAAP EPS of $0.37 came in below consensus, missing expectations, dragged by $54.19 million in real estate impairment provisions.
Net debt to EBITDAre ticked up to 5.4x from 5.2x. With a beta of 0.72, O doesn’t move fast in either direction. The market is punishing the headline miss while ignoring that revenue topped expectations and AFFO/share grew 3.8% YoY.
Wall Street Sees Modest Upside. Our Model Says 38% The Street consensus target is $68.01, built from 3 Strong Buy, 5 Buy, 15 Hold, and 1 Strong Sell ratings. Our base case is $86.79 for a 38.42% total return by August 2027, with a bull scenario of $95.15 and a bear of $75.27. Confidence sits at 0.9.
Only 33% of analysts are bullish, too low given quarterly earnings growth of 17.9% YoY and the fact O just became the only fourth U.S. REIT to receive an “A” rating from Fitch. The Street is anchored to the old retail net lease story. The data center pivot changes the growth algorithm.
The Path to $100 Per Share Reaching $100 from today’s price of $62.70 would require a gain of 59.5%. With forward EPS of $2.45, a $100 price implies a forward P/E of 41x. Our base case of $86.79 already implies roughly 29x, meaning the bold target needs about 12x of additional multiple expansion.
Two things are required. First, the market must re-rate O out of the “bond proxy” bucket and into a “hybrid infrastructure REIT” bucket. CEO Sumit Roy laid out the case directly: “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.”
Second, AFFO growth must accelerate. Management raised 2026 AFFO guidance to $4.44 to $4.45 and lifted investment volume to $10 billion, deploying capital at a 7.3% initial cash yield. The primary risk is a funding-cost spike that compresses spreads on the deals driving the story.
Where Realty Income Trades Today vs Its Earnings Power At $62.70, O trades at a forward P/E near 26x on the $2.45 forward EPS figure, though the more relevant REIT lens is roughly 14x forward AFFO on $4.44.
That is inexpensive for a name compounding AFFO in the mid-single digits with an “A” credit rating and a 5.14% yield. Shares sit between the 52-week low of $53.77 and high of $66.87. Over 10 years, the stock has returned 51.63% in price alone, before dividends.
$100 Is a Stretch, But Here’s Why It’s Possible Getting to $100 by 2027 requires a 59.5% gain and a re-rating to 41x forward earnings.
Three things need to go right: the Cloud Capital hyperscale JV must scale into a repeatable growth engine, AFFO growth needs to move from 4% toward high single digits, and the rate backdrop needs to cooperate enough to preserve investment-grade funding advantages.
A sharp move higher in long rates would derail it. The base case of $86.79 remains more probable. Returns at this level shouldn’t be expected every year, but the blueprint for reaching $100 in 2027 is clear.
Realty Income Corporation (O) Q2 2026 Earnings Call August 5, 2026 5:00 PM EDT
Company Participants
Alexander Waters - Vice President of Investor Relations
Sumit Roy - President, CEO & Director
Jonathan Pong - Executive VP, CFO & Treasurer
Neil Abraham - President of Realty Income International, Executive VP & Chief Strategy Officer
Mark Hagan - Executive VP & Chief Investment Officer
Conference Call Participants
Michael Goldsmith - UBS Investment Bank, Research Division
Brad Heffern - RBC Capital Markets, Research Division
Rob Stevenson
Bennett Rose - Citigroup Inc., Research Division
Haendel St. Juste - Mizuho Securities USA LLC, Research Division
Omotayo Okusanya - Deutsche Bank AG, Research Division
Alec Feygin - Robert W. Baird & Co. Incorporated, Research Division
Ronald Kamdem - Morgan Stanley, Research Division
James Kammert - Evercore ISI Institutional Equities, Research Division
Jason Wayne - Barclays Bank PLC, Research Division
Jana Galan - BofA Securities, Research Division
Anthony Paolone - JPMorgan Chase & Co, Research Division
Greg McGinniss - Scotiabank Global Banking and Markets, Research Division
Eric Borden - BMO Capital Markets Equity Research
Upal Rana - KeyBanc Capital Markets Inc., Research Division
Jay Kornreich - Cantor Fitzgerald & Co., Research Division
Spenser Allaway - Green Street Advisors, LLC, Research Division
Presentation
Operator
Good day, and welcome to the Realty Income Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note, today's event is being recorded.
I would now like to turn the conference over to Alex Waters, Vice President, Investor Relations. Please go ahead.
Alexander Waters
Vice President of Investor Relations
Thank you for joining Realty Income's second quarter 2026 results conference call. Joining us on the conference call today are Sumit Roy, President and Chief Executive Officer; Jonathan Pong, Chief Financial Officer and Treasurer; Neil Abraham, Chief Strategy Officer and President, Realty Income International; and Mark Hagan, Chief Investment Officer.
During this conference call, we will make certain statements that may be considered forward-looking
Realty Income zvýšila celoroční výhled AFFO na 4,44–4,45 USD na akcii po růstu AFFO na 1,09 USD ve 2. čtvrtletí. Tržby vzrostly na 1,5477 miliardy USD.
, /PRNewswire/ -- 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.
COMPANY HIGHLIGHTS:
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,
2026
2025
2026
2025
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.
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 revenue supporting the payment of monthly dividends. As of June 30, 2026, portfolio occupancy was 98.8% with 188 properties available for lease or sale, as compared to 98.9% as of March 31, 2026 and 98.6% as of June 30, 2025. Our property-level occupancy rates exclude properties with ancillary leases only, such as cell towers and billboards, and properties with possession pending, and include properties owned by unconsolidated joint ventures. Below is a summary of our portfolio activity for the periods indicated below:
Changes in Occupancy
Three months ended June 30, 2026
Properties available for lease as of March 31, 2026
172
Lease expirations (1)
480
Re-leases to same client
(385)
Re-leases to new client
(34)
Vacant dispositions
(45)
Properties available for lease as of June 30, 2026
188
Six months ended June 30, 2026
Properties available for lease as of December 31, 2025
173
Lease expirations (1)
800
Re-leases to same client
(605)
Re-leases to new client
(57)
Vacant dispositions
(123)
Properties available for lease as of June 30, 2026
188
(1)
Includes scheduled and unscheduled expirations (including leases rejected in bankruptcy), as well as future expirations resolved in the periods indicated above.
During the three months ended June 30, 2026, the new Annualized Base Rent on re-leased units was $110.3 million, as compared to the previous annual rent of $107.4 million on the same units, representing a rent recapture rate of 102.7% on the re-leased units. Please see the Glossary for our definition of Annualized Base Rent.
During the six months ended June 30, 2026, the new Annualized Base Rent on re-leased units was $183.5 million, as compared to the previous annual rent of $178.2 million on the same units, representing a rent recapture rate of 103.0% on the re-leased units.
Investment Summary
The following table summarizes our investments for the periods indicated below (dollars in millions):
Three months ended June 30, 2026
Six months ended June 30, 2026
Investment
Pro-Rata
Share(1)
Weighted
Average
Term
(Years) (1)
Number of
Properties
Investment
Pro-
Rata
Share (1)
Weighted
Average
Term
(Years) (1)
Number of
Properties
Acquisitions
U.S. wholly-owned
$ 887.3
$ 887.3
10.8
52
$ 1,259.7
$ 1,259.7
10.5
135
U.S. Core Plus Fund
672.5
180.1
12.2
37
843.9
246.0
11.6
58
Europe wholly-owned
243.9
243.9
9.7
5
1,000.0
1,000.0
6.7
47
Non-wholly owned(2)
—
—
—
—
280.1
238.5
14.1
6
Total real estate acquisitions(3)
$ 1,803.7
$ 1,311.3
10.7
94
$ 3,383.7
$ 2,744.2
9.4
246
Initial Weighted Average Cash
Yield(4)
6.4 %
6.5 %
Real estate properties under
development
U.S. wholly-owned
$ 44.2
$ 44.2
16.6
24
$ 74.5
$ 74.5
17.1
43
Europe wholly-owned
17.2
17.2
12.2
12
51.3
51.3
13.9
20
Non-wholly owned(2)
74.0
73.3
7.6
14
165.4
164.1
8.7
29
Total real estate properties
under development(3)
$ 135.4
$ 134.7
11.1
50
$ 291.2
$ 289.9
11.8
92
Initial Weighted Average Cash
Yield(4)
7.6 %
7.5 %
Other investments(5)
U.S. wholly-owned
$ 513.3
$ 513.3
4.0
—
$ 1,233.1
$ 1,233.1
3.8
—
Europe wholly-owned
93.4
93.4
2.8
—
345.1
345.1
3.5
—
Other wholly-owned
22.0
22.0
1.7
—
82.0
82.0
1.9
—
Total other investments
$ 628.7
$ 628.7
3.8
—
$ 1,660.2
$ 1,660.2
3.7
—
Initial Weighted Average Cash
Yield(4)
9.2 %
8.3 %
Total investments
$ 2,567.8
$ 2,074.7
8.1
144
$ 5,335.1
$ 4,694.3
7.2
338
Initial Weighted Average Cash
Yield(4)
7.3 %
7.2 %
Supplementary Information:
Total U.S. and other volume
$ 1,677.9
$ 3,011.4
Initial Weighted Average Cash
Yield(4)
7.4 %
7.4 %
Total Europe volume
$ 396.8
$ 1,682.9
Initial Weighted Average Cash
Yield(4)
7.0 %
7.0 %
Investment Grade Clients(6)
38 %
40 %
Initial Weighted Average Cash
Yield - U.S. Core Plus Fund(4)
6.0 %
5.8 %
Initial Weighted Average Cash
Yield - U.S. Wholly-owned(4)
7.5 %
7.5 %
(1)
Reflects adjustments for our Pro-Rata Share based on our proportionate economic ownership of our joint ventures (which adds our economic ownership percentage of unconsolidated entities and deducts noncontrolling interests). Please see the Glossary for our definition of Pro-Rata Share for more information.
(2)
Non-wholly owned represents U.S. and European investments not 100% owned by Realty Income, excluding the U.S. Core Plus Fund.
(3)
For the three months ended June 30, 2026, our clients occupying the new properties are 34.0% retail, 65.0% industrial, and 1.0% other property types based on Cash Income. For the six months ended June 30, 2026, our clients occupying the new properties are 50.3% retail, 47.8% industrial, and 1.9% other property types based on Cash Income. Please see the Glossary for our definition of Cash Income.
(4)
Initial Weighted Average Cash Yield is a supplemental operating measure. Cash Income used in the calculation of Initial Weighted Average Cash Yield for investments for the three and six months ended June 30, 2026 includes $1.4 million and $3.8 million, respectively, received as settlement credits as the reimbursement of free rent periods. Please see the Glossary for our definitions of Initial Weighted Average Cash Yield and Cash Income.
(5)
Represents various loans across the U.S. and Europe, including construction loans in Mexico related to Realty Income's strategic partnership with GIC, as well as loans associated with a data center joint venture.
(6)
Represents approximate percentage of annualized cash income generated by investments from Investment Grade Clients at the date of investment. Please see the Glossary for our definition of Investment Grade Clients.
Same Store Rental Revenue
The following summarizes our Same Store Rental Revenue for 14,619 properties under lease for the three and six months ended June 30, 2026 and 2025 (dollars in millions):
Three months ended
June 30,
Six months ended
June 30,
% Increase
2026
2025
2026
2025
Three Months
Six Months
Same Store Rental Revenue
$ 1,169.2
$ 1,155.5
$ 2,335.2
$ 2,311.7
1.2 %
1.0 %
For purposes of comparability, Same Store Rental Revenue is presented on a constant currency basis using the applicable exchange rate as of June 30, 2026. Same Store Rental Revenue also includes our Pro-Rata Share of rental revenue from properties owned by unconsolidated joint ventures and amounts attributable to noncontrolling interests based on their respective ownership percentages. Please see the Glossary to see definitions of our Same Store Pool and Same Store Rental Revenue.
Property Dispositions
The following summarizes our property dispositions (dollars in millions):
Three months ended June 30, 2026
Six months ended June 30, 2026
Properties sold
80
177
Net sales proceeds
$ 160.7
$ 348.6
Gain on sales of real estate
$ 38.3
$ 73.9
Liquidity and Capital Markets
Liquidity
As of June 30, 2026, we had $3.5 billion total available liquidity at our Pro-Rata Share(1), comprised of the components summarized below (dollars in millions):
Cash and cash equivalents (2)
$ 534.6
Availability under credit facilities (3)
3,152.7
Unsettled At-the-Market ("ATM") forwards (4)
1,228.3
Less: commercial paper borrowings
(1,441.4)
Total available liquidity at our Pro-Rata Share
$ 3,474.2
(1)
Please see the Glossary for our definition of Pro-Rata Share for more information.
(2)
Reflects adjustments based on our proportionate economic ownership of our joint ventures. Calculated as cash and cash equivalents per the consolidated balance sheet of $552.6 million, plus our Pro-Rata Share of unconsolidated entities cash of $23.4 million, less adjustments allocable to noncontrolling interests of $41.4 million.
(3)
Represents our availability under the $4.0 billion revolving credit facility and our Pro-Rata Share of availability under the $1.38 billion Fund credit facility, which includes a $1.0 billion revolving facility, and a $380.0 million term loan which was fully drawn as of June 30, 2026.
(4)
As of June 30, 2026, we had outstanding forward-sale agreements under our ATM program for a total of 21.1 million shares of common stock, which have been executed at a weighted average price of $58.34 per share (assuming full physical settlement of all outstanding shares of common stock, subject to such forward sale agreements and certain assumptions made with respect to settlement dates).
Capital Raising
During the three months ended June 30, 2026, we raised $843.0 million of proceeds from the sale of common stock at a weighted average price of $61.52 per share, primarily through the sale of 13.7 million shares of common stock pursuant to forward sale agreements under our ATM program. As of August 5, 2026, approximately 22.5 million shares of common stock subject to ATM forward sale agreements remain unsettled, of which 1.4 million shares were sold in July 2026, representing approximately $1.3 billion in expected net proceeds and a weighted average initial gross price of $60.34 per share. ATM net sale proceeds assume full physical settlement of all outstanding shares of common stock, subject to such forward sale agreements and certain assumptions made with respect to settlement dates.
On July 1, 2026, our U.S. Core Plus Fund called $265.7 million of capital from third-party investors, resulting in an indirect ownership of 23.6% in the Fund.
In July 2026, we issued €600.0 million of 3.625% senior unsecured notes due July 2032 (the "2032 Notes"). The public offering price for the 2032 Notes was 99.518% of the principal amount for an effective annual yield to maturity of 3.716%.
In April 2026, we issued $800.0 million of 4.750% senior unsecured notes due April 2033 (the "April 2033 Notes"). The public offering price for the April 2033 Notes was 98.261% of the principal amount for an effective yield to maturity of 5.047%. Interest is paid semi-annually. In connection with the issuance, we executed a $500 million U.S. Dollar-to-Euro 7-year cross currency swap, resulting in approximately €436 million of proceeds and an effective fixed-rate, Euro-denominated yield to maturity of approximately 4.07% and coupon rate of 3.81%. On a combined basis, the Notes and related swap resulted in an effective blended yield to maturity of approximately 4.44% and blended coupon rate of 4.16%.
Expanded Revolving Credit Facilities and Commercial Paper Programs
In July 2026, we closed on the recast and expansion of our $5.5 billion multicurrency unsecured revolving credit facilities, upsized from the prior $4.0 billion capacity. In addition, we also announced an expanded combined capacity of $5.5 billion for our global commercial paper programs, upsized from the prior $3.0 billion combined capacity.
'A' Credit Rating from Fitch Ratings
On August 3, 2026, Fitch Ratings assigned Realty Income a Long-Term Issuer Default Rating of 'A' with a Stable Outlook. In its press release, Fitch Ratings cited Realty Income's long operating history and cycle-tested performance, durable cash flow, portfolio diversification, and strong access to multiple sources of capital as key drivers supporting its 'A' rating.
Guidance
Summarized below are approximate estimates of the key components of our 2026 earnings guidance (with 2026 actual results for comparison):
Revised 2026
Guidance
Prior 2026
Guidance(1)
YTD Actuals at
June 30, 2026
Net income per share(2)
$1.59 - $1.60
$1.60 - $1.63
$0.70
Real estate depreciation per share
$2.66
$2.65
$1.36
Other adjustments per share(3)
$0.19
$0.16
$0.16
AFFO per share
$4.44 - $4.45
$4.41 - $4.44
$2.22
Same store rent growth
1.1% - 1.3%
1.0% - 1.3%
1.0 %
Occupancy
Approx 98.5%
Approx 98.5%
98.8 %
Cash G&A expenses (% of total Gross Asset Value)(4)(5)
21 - 22 bps
20 - 23 bps
11 bps
Property expenses (non-reimbursable) (% of total
revenue)(6)
Approx 1.5%
Approx 1.5%
1.4 %
Income tax expenses
$100 - $110 million
$100 - $110 million
$52 million
Investment volume (at 100%)
$10.0 billion
$9.5 billion
$5.3 billion
Lease termination income
$45 - $50 million
$45 - $50 million
$41 million
(1)
As issued on May 6, 2026.
(2)
Net income per share excludes future impairment and foreign currency or derivative gains or losses due to the inherent unpredictability of forecasting these items.
(3)
Includes net adjustments for gains or losses on sales of properties, impairments, and merger, transaction, and other non-recurring costs.
(4)
Cash G&A represents 'General and administrative' expenses as presented in our consolidated statements of income, less share-based compensation costs.
(5)
Please see the Glossary for our definition of Gross Asset Value.
(6)
Total revenue excludes client reimbursements.
Conference Call Information
In conjunction with the release of our operating results, we will host a conference call on August 5, 2026 at 2:00 p.m. PDT to discuss the operating results. To access the conference call, dial (833) 816-1264 (United States) or (412) 317-5632 (International). When prompted, please ask for the Realty Income conference call.
A telephone replay of the conference call can also be accessed by calling (855) 669-9658 (United States) or (412) 317-0088 (International) and entering the conference ID 5929348. The telephone replay will be available through August 12, 2026.
A live webcast will be available in listen-only mode by clicking on the webcast link on the company's home page at www.realtyincome.com. A replay of the conference call webcast will be available approximately one hour after the conclusion of the live broadcast. No access code is required for this replay.
Supplemental Materials
Supplemental Operating and Financial Data for the three and six months ended June 30, 2026 is available on our corporate website at www.realtyincome.com/investors/quarterly-and-annual-results.
About Realty Income
Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies®. Founded in 1969, we serve our clients as a full-service real estate capital provider. As of June 30, 2026, we have a portfolio of over 15,500 properties in all 50 U.S. states, the United Kingdom ("U.K."), and eight other countries in Europe. We are known as "The Monthly Dividend Company®" and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our founding, we have declared 673 consecutive monthly dividends and are a member of the S&P 500 Dividend Aristocrats® index for having increased our dividend for over 31 consecutive years. Additional information about the company can be found at www.realtyincome.com. Investors and others should note that we announce material financial and operational information to our investors using our investor relations website (www.realtyincome.com/investors), press releases, SEC filings and public conference calls and webcasts.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, the words "estimate," "anticipate," "assume," "expect," "believe," "intend," "continue," "should," "may," "likely," "plan," "seek," and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions of our business, strategy, plans, and the intentions of management; joint ventures, partnerships, and portfolio including management thereof; our platform; growth and capital strategies including our private capital business, investment pipeline and intentions to acquire or dispose of properties (including geographies, timing, partners, clients and terms); re-leases, re-development and speculative development of properties and expenditures related thereto; operations and results; guidance; our share repurchase program; settlement of shares of common stock sold pursuant to forward sale confirmations under our ATM program; dividends, including the amount, timing and payments of dividends; and macroeconomic and other business trends, including interest rates and trends in the market for long-term leases of freestanding, single-client properties. Forward-looking statements are subject to risks, uncertainties, and assumptions about us which may cause our actual future results to differ materially from expected results. Some of the factors that could cause actual results to differ materially are, among others, our continued qualification as a real estate investment trust; general domestic and foreign business, economic, or financial conditions; competition; fluctuating interest and currency rates; inflation and its impact on our clients and us; access to debt and equity capital markets and other sources of funding (including the terms, structure and partners of such funding); volatility and uncertainty in the credit and financial markets; other risks inherent in real estate, private capital, credit and mezzanine investments, and joint ventures or co-investment ventures, including solvency, defaults under leases, bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments (including rights of first refusal or rights of first offer), and potential damages from natural disasters; impairments in the value of our real estate assets; volatility and changes in domestic and foreign laws and the application, enforcement or interpretation thereof (including with respect to tax laws and rates); property ownership through co-investment ventures, funds, joint ventures, partnerships and other arrangements which, among other things, may transfer or limit our control of the underlying investments; epidemics or pandemics; the loss of key personnel; the threat and outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism and war; and the anticipated benefits from mergers, acquisitions, co-investment ventures, funds, joint ventures, partnerships and other arrangements; and those additional risks and factors discussed in our reports filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are not guarantees of future plans and performance and speak only as of the date of this press release. Past operating results and performance are provided for informational purposes and are not a guarantee of future results. There can be no assurance that historical trends will continue. Actual plans and results may differ materially from what is expressed or forecasted in this press release and forecasts made in the forward-looking statements discussed in this press release may not materialize. We do not undertake any obligation to update forward-looking statements or publicly release the results of any forward-looking statements that may be made to reflect events or circumstances after the date these statements were made or to reflect the occurrence of unanticipated events.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts) (unaudited)
Three months ended
June 30,
Six months ended
June 30,
2026
2025
2026
2025
REVENUE
Rental (including reimbursements) (1)
$ 1,426,467
$ 1,338,188
$ 2,867,284
$ 2,651,245
Interest income on financing receivables
32,024
32,382
64,154
65,017
Interest and dividend income on loans and preferred equity
investments
88,517
39,480
158,627
74,216
Other
703
328
6,373
405
Total revenue
1,547,711
1,410,378
3,096,438
2,790,883
EXPENSES
Depreciation and amortization
644,677
647,849
1,274,952
1,256,784
Interest
312,083
283,824
604,023
552,198
Property (including reimbursements)
112,439
107,422
229,282
214,103
General and administrative
57,605
49,329
116,490
93,373
Provisions for impairment of real estate
54,185
142,255
144,350
239,673
Provisions for credit losses on loans and financing receivables
7,258
1,108
46,361
20,279
Merger, transaction, and other costs, net
2,058
331
12,845
610
Total expenses
1,190,305
1,232,118
2,428,303
2,377,020
Gain on sales of real estate
38,260
38,566
73,902
61,103
Foreign currency and derivative loss, net
(8,824)
(4,388)
(25,844)
(6,933)
Equity in earnings of unconsolidated entities
2,204
3,269
4,873
7,626
Other income, net
7,275
7,369
22,385
14,536
Income before income taxes
396,321
223,076
743,451
490,195
Income taxes
(25,808)
(24,065)
(52,003)
(39,722)
Net income
370,513
199,011
691,448
450,473
Net income attributable to noncontrolling interests
(26,558)
(2,092)
(35,727)
(3,739)
Net income available to common stockholders
$ 343,955
$ 196,919
$ 655,721
$ 446,734
Funds from operations available to common stockholders (FFO)
$ 996,600
$ 955,748
$ 1,990,201
$ 1,893,403
Normalized funds from operations available to common
stockholders (Normalized FFO)
$ 998,658
$ 956,079
$ 2,003,046
$ 1,894,013
Adjusted funds from operations available to common
stockholders (AFFO)
$ 1,022,120
$ 947,491
$ 2,079,673
$ 1,897,207
Amounts available to common stockholders per common share:
Net income per common share, basic and diluted
$ 0.37
$ 0.22
$ 0.70
$ 0.50
FFO per common share:
Basic
$ 1.07
$ 1.06
$ 2.14
$ 2.11
Diluted
$ 1.07
$ 1.06
$ 2.13
$ 2.11
Normalized FFO per common share:
Basic
$ 1.07
$ 1.06
$ 2.15
$ 2.11
Diluted
$ 1.07
$ 1.06
$ 2.14
$ 2.11
AFFO per common share:
Basic
$ 1.10
$ 1.05
$ 2.23
$ 2.11
Diluted
$ 1.09
$ 1.05
$ 2.22
$ 2.11
Cash dividends paid per common share
$ 0.8115
$ 0.8055
$ 1.6215
$ 1.6015
(1)
Includes client reimbursements of $91.1 million and $87.4 million for the three months ended June 30, 2026 and 2025, respectively, and $188.6 million and $174.8 million for the six months ended June 30, 2026 and 2025, respectively. Additionally, includes reserves to rental revenue, exclusive of non-cash reserves, of $4.6 million and $10.9 million for the three months ended June 30, 2026 and 2025, respectively, and $11.0 million and $17.1 million for the six months ended June 30, 2026 and 2025, respectively.
FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FUNDS FROM OPERATIONS (Normalized FFO)
(in thousands, except per share amounts) (unaudited)
FFO and Normalized FFO are non-GAAP financial measures. Please see the Glossary for our definitions and
explanations of how we utilize these metrics.
Three months ended
June 30,
Six months ended
June 30,
2026
2025
2026
2025
Net income available to common stockholders
$ 343,955
$ 196,919
$ 655,721
$ 446,734
Depreciation and amortization
644,677
647,849
1,274,952
1,256,784
Depreciation of furniture, fixtures and equipment
(802)
(604)
(1,589)
(1,142)
Provisions for impairment of real estate
54,185
142,254
144,350
239,672
Gain on sales of real estate
(38,260)
(38,566)
(73,902)
(61,103)
Proportionate share of adjustments for unconsolidated entities
9,021
9,085
18,499
15,340
FFO adjustments allocable to noncontrolling interests
(16,176)
(1,189)
(27,830)
(2,882)
FFO available to common stockholders
$ 996,600
$ 955,748
$ 1,990,201
$ 1,893,403
FFO allocable to dilutive noncontrolling interests
2,344
2,417
4,377
4,842
Diluted FFO
$ 998,944
$ 958,165
$ 1,994,578
$ 1,898,245
FFO available to common stockholders
$ 996,600
$ 955,748
$ 1,990,201
$ 1,893,403
Merger, transaction, and other costs, net
2,058
331
12,845
610
Normalized FFO available to common stockholders
$ 998,658
$ 956,079
$ 2,003,046
$ 1,894,013
Normalized FFO allocable to dilutive noncontrolling interests
2,344
2,417
4,377
4,842
Diluted Normalized FFO
$ 1,001,002
$ 958,496
$ 2,007,423
$ 1,898,855
FFO per common share:
Basic
$ 1.07
$ 1.06
$ 2.14
$ 2.11
Diluted
$ 1.07
$ 1.06
$ 2.13
$ 2.11
Normalized FFO per common share:
Basic
$ 1.07
$ 1.06
$ 2.15
$ 2.11
Diluted
$ 1.07
$ 1.06
$ 2.14
$ 2.11
Distributions paid to common stockholders
$ 756,779
$ 727,450
$ 1,514,811
$ 1,439,274
FFO after distributions
$ 239,821
$ 228,298
$ 475,390
$ 454,129
Normalized FFO after distributions
$ 241,879
$ 228,629
$ 488,235
$ 454,739
Weighted average number of common shares used for FFO and
Normalized FFO:
Basic
932,307
902,966
932,133
897,338
Diluted
937,344
906,398
937,117
900,797
ADJUSTED FUNDS FROM OPERATIONS (AFFO)
(in thousands, except per share amounts) (unaudited)
AFFO is a non-GAAP financial measure. Please see the Glossary for our definition and an explanation of how we utilize
this metric.
Three months ended
June 30,
Six months ended
June 30,
2026
2025
2026
2025
Net income available to common stockholders
$ 343,955
$ 196,919
$ 655,721
$ 446,734
Cumulative adjustments to calculate Normalized FFO (1)
654,703
759,160
1,347,325
1,447,279
Normalized FFO available to common stockholders
998,658
956,079
2,003,046
1,894,013
Debt-related non-cash items:
Amortization of net debt discounts and deferred financing costs
17,696
8,257
33,074
14,890
Amortization of acquired interest rate swap value (2)
1,530
3,555
3,061
7,266
Capital expenditures from operating properties:
Leasing costs and commissions
(1,944)
(1,985)
(3,298)
(2,865)
Recurring capital expenditures
—
(221)
(170)
(240)
Other non-cash items:
Provisions for credit losses on loans and financing receivables
7,258
1,109
46,361
20,280
Amortization of share-based compensation
9,268
8,110
20,651
14,009
Straight-line rent and expenses, net
(39,536)
(30,226)
(79,046)
(74,038)
Amortization of above and below-market leases, net
16,883
6,287
30,763
21,613
Deferred tax expense
281
413
1,718
309
Proportionate share of adjustments for unconsolidated entities
(320)
(1,678)
(774)
(1,641)
Executive severance charge (3)
255
—
1,846
—
Other adjustments (4)
12,091
(2,209)
22,441
3,611
AFFO available to common stockholders
$ 1,022,120
$ 947,491
$ 2,079,673
$ 1,897,207
AFFO allocable to dilutive noncontrolling interests
2,338
2,401
4,772
4,802
Diluted AFFO
$ 1,024,458
$ 949,892
$ 2,084,445
$ 1,902,009
AFFO per common share:
Basic
$ 1.10
$ 1.05
$ 2.23
$ 2.11
Diluted
$ 1.09
$ 1.05
$ 2.22
$ 2.11
Distributions paid to common stockholders
$ 756,779
$ 727,450
$ 1,514,811
$ 1,439,274
AFFO after distributions
$ 265,341
$ 220,041
$ 564,862
$ 457,933
Weighted average number of common shares used for AFFO:
Basic
932,307
902,966
932,133
897,338
Diluted
937,344
906,398
937,117
900,797
(1)
See Normalized FFO calculations on page 10 for reconciling items.
(2)
Includes the amortization of the purchase price allocated to interest rate swaps acquired in our merger with Spirit Realty Capital, Inc.
(3)
The executive severance charge reflects certain benefits related to our Chief Legal Officer's expected departure in September 2026.
(4)
Includes primarily non-cash foreign currency losses (gains) from remeasurement to USD, mark-to-market adjustments on investments and derivatives that are non-cash in nature, obligations related to financing lease liabilities, and adjustments allocable to noncontrolling interests.
HISTORICAL FFO AND AFFO
(in thousands, except per share amounts) (unaudited)
For the three months ended June 30,
2026
2025
2024
2023
2022
Net income available to common stockholders
$ 343,955
$ 196,919
$ 256,804
$ 195,415
$ 223,207
Depreciation and amortization, net of furniture,
fixtures and equipment
643,875
647,245
604,960
471,981
408,948
Provisions for impairment of real estate
54,185
142,254
87,204
29,815
7,691
Gain on sales of real estate
(38,260)
(38,566)
(25,153)
(7,824)
(40,572)
Proportionate share of adjustments for unconsolidated
entities
9,021
9,085
6,380
(465)
9,860
FFO adjustments allocable to noncontrolling interests
(16,176)
(1,189)
(1,062)
(937)
(319)
FFO available to common stockholders
$ 996,600
$ 955,748
$ 929,133
$ 687,985
$ 608,815
Merger, transaction, and other costs, net
2,058
331
2,754
341
2,729
Normalized FFO available to common stockholders
$ 998,658
$ 956,079
$ 931,887
$ 688,326
$ 611,544
FFO per diluted share
$ 1.07
$ 1.06
$ 1.07
$ 1.02
$ 1.01
Normalized FFO per diluted share
$ 1.07
$ 1.06
$ 1.07
$ 1.02
$ 1.02
AFFO available to common stockholders
$ 1,022,120
$ 947,491
$ 921,074
$ 671,737
$ 583,728
AFFO per diluted share
$ 1.09
$ 1.05
$ 1.06
$ 1.00
$ 0.97
Cash dividends paid per common share
$ 0.8115
$ 0.8055
$ 0.7765
$ 0.7650
$ 0.7410
Weighted average diluted shares outstanding - FFO,
Normalized FFO, and AFFO
937,344
906,398
872,520
676,388
603,091
For the six months ended June 30,
2026
2025
2024
2023
2022
Net income available to common stockholders
$ 655,721
$ 446,734
$ 386,500
$ 420,431
$ 422,576
Depreciation and amortization, net of furniture,
fixtures and equipment
1,273,363
1,255,642
1,185,401
922,916
812,232
Provisions for impairment of real estate
144,350
239,672
175,401
42,993
14,729
Gain on sales of real estate
(73,902)
(61,103)
(41,727)
(12,103)
(50,728)
Proportionate share of adjustments for unconsolidated
entities
18,499
15,340
11,054
(465)
12,095
FFO adjustments allocable to noncontrolling interests
(27,830)
(2,882)
(1,813)
(1,496)
(673)
FFO available to common stockholders
$ 1,990,201
$ 1,893,403
$ 1,714,816
$ 1,372,276
$ 1,210,231
Merger, transaction, and other costs, net
12,845
610
96,858
1,648
9,248
Normalized FFO available to common stockholders
$ 2,003,046
$ 1,894,013
$ 1,811,674
$ 1,373,924
$ 1,219,479
FFO per diluted share
$ 2.13
$ 2.11
$ 2.01
$ 2.05
$ 2.02
Normalized FFO per diluted share
$ 2.14
$ 2.11
$ 2.12
$ 2.06
$ 2.04
AFFO available to common stockholders
$ 2,079,673
$ 1,897,207
$ 1,783,945
$ 1,322,466
$ 1,163,826
AFFO per diluted share
$ 2.22
$ 2.11
$ 2.09
$ 1.98
$ 1.94
Cash dividends paid per common share
$ 1.6215
$ 1.6015
$ 1.5460
$ 1.5165
$ 1.4805
Weighted average diluted shares outstanding - FFO,
Normalized FFO and AFFO
937,117
900,797
854,806
669,903
599,201
ADJUSTED EBITDAre
(dollars in thousands) (unaudited)
Three months ended
June 30, 2026
Net income
$ 370,513
Interest
312,083
Income taxes
25,808
Depreciation and amortization
644,677
Executive severance charge
255
Provisions for impairment of real estate
54,185
Provisions for credit losses on loans and financing receivables
7,258
Merger, transaction, and other costs, net
2,058
Gain on sales of real estate
(38,260)
Foreign currency and derivative loss, net
8,824
Equity in earnings of unconsolidated entities
(2,204)
Adjusted EBITDAre (1)
$ 1,385,197
Annualized Adjusted EBITDAre (1)
$ 5,540,788
Annualized Pro Forma Adjustments
$ 111,889
Annualized Pro Forma Adjusted EBITDAre (1)
$ 5,652,677
Total debt per the consolidated balance sheet, excluding deferred financing costs and net discounts
$ 30,990,552
Less: Cash and cash equivalents
(552,648)
Net Debt
$ 30,437,904
Less: Expected proceeds from unsettled forward equity (2)
(1,228,280)
Net Debt - Inclusive of Unsettled ATM Forward Equity
$ 29,209,624
Net Debt/Annualized Pro Forma Adjusted EBITDAre (1)
5.4x
Net Debt/Annualized Pro Forma Adjusted EBITDAre - Inclusive of Unsettled ATM Forward Equity(1)
5.2x
(1)
Adjusted EBITDAre, Annualized Adjusted EBITDAre, Annualized Pro Forma Adjusted EBITDAre, Net Debt/Annualized Pro Forma Adjusted EBITDAre, and Net Debt/Annualized Pro Forma Adjusted EBITDAre - Inclusive of Unsettled ATM Forward Equity are non-GAAP financial measures. Please see the Glossary for our definitions of these terms and an explanation of how we utilize these metrics.
(2)
As of June 30, 2026, we had outstanding forward sale agreements under our ATM program for a total of 21.1 million shares of common stock, which have been executed at a weighted average forward price of $58.34 per share (assuming full physical settlement of all outstanding shares of common stock, subject to such forward sale agreements and certain assumptions made with respect to settlement dates).
The Annualized Pro Forma Adjustments, which include transaction accounting adjustments in accordance with U.S. GAAP, consist of adjustments to incorporate Adjusted EBITDAre from investments we acquired or stabilized during the applicable quarter and Adjusted EBITDAre from investments we disposed of during the applicable quarter, giving pro forma effect to all transactions as if they occurred at the beginning of the applicable quarter. Our calculation includes all adjustments consistent with the requirements to present Adjusted EBITDAre on a pro forma basis in accordance with Article 11 of Regulation S-X. The following table summarizes our Annualized Pro Forma Adjustments related to our Annualized Pro Forma Adjusted EBITDAre calculation for the period indicated below (in thousands):
Three months ended
June 30, 2026
Annualized pro forma adjustments from investments acquired or stabilized
$ 121,946
Annualized pro forma adjustments from investments disposed
(10,057)
Annualized Pro Forma Adjustments
$ 111,889
Adjusted Free Cash Flow
(in thousands) (unaudited)
Adjusted Free Cash Flow and Annualized Adjusted Free Cash Flow are non-GAAP financial measures. Please see the
Glossary for our definition and an explanation of how we utilize these metrics.
Six months ended June 30,
2026
2025
Net cash provided by operating activities
$ 2,019,585
$ 1,848,185
Changes in net working capital
33,518
4,203
Capital expenditures (1)
(50,406)
(32,838)
Distributions paid to common stockholders
(1,514,811)
(1,439,274)
Distributions paid to noncontrolling interests
(17,750)
(5,976)
Merger, transaction, and other costs, net
12,845
610
Adjusted Free Cash Flow
$ 482,981
$ 374,910
Annualized Adjusted Free Cash Flow
$ 965,962
$ 749,820
(1)
Excludes capital expenditures which directly generate incremental rental revenue on our leases.
Reconciliation of Same Store Rental Revenue to Rental Revenue (Including Reimbursements)
(in thousands) (unaudited)
Same Store Rental Revenue is a non-GAAP financial measure. Please see the Glossary for our definition and an
explanation of how we utilize this metric.
Three months ended
June 30,
Six months ended
June 30,
2026
2025
2026
2025
Rental revenue (including reimbursements)
$ 1,426,467
$ 1,338,188
$ 2,867,284
$ 2,651,245
Constant currency adjustment (1)
(4,172)
(1,064)
(9,507)
10,213
Straight-line rent and other non-cash adjustments
4,017
570
4,237
(285)
Contractually obligated reimbursements by our clients
(88,423)
(86,236)
(181,715)
(171,379)
Revenue from excluded properties (2)
(138,254)
(71,273)
(250,242)
(133,590)
Other excluded revenue (3)
(1,780)
(9,503)
(42,110)
(10,769)
Revenue from unconsolidated entities (4)
27,347
29,111
54,119
54,870
Revenue attributable to noncontrolling interests (5)
(56,015)
(44,265)
(106,904)
(88,604)
Same Store Rental Revenue
$ 1,169,187
$ 1,155,528
$ 2,335,162
$ 2,311,701
(1)
For purposes of comparability, Same Store Rental Revenue is presented on a constant currency basis using the applicable exchange rate as of June 30, 2026.
(2)
Please see the Glossary for our definitions of Same Store Pool and Same Store Rental Revenue.
(3)
"Other excluded revenue" primarily consists of reimbursements related to lease termination fees and other settlement income.
(4)
Represents our Pro-Rata Share of rental revenue from properties owned by unconsolidated joint ventures.
(5)
Represents the portion of rental revenue attributable to noncontrolling interest based on their pro-rata ownership.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts) (unaudited)
June 30, 2026
December 31, 2025
ASSETS
Real estate held for investment, at cost:
Land
$ 18,906,217
$ 18,368,029
Buildings and improvements
45,672,483
43,824,410
Total real estate held for investment, at cost
64,578,700
62,192,439
Less accumulated depreciation and amortization
(9,466,261)
(8,778,536)
Real estate held for investment, net
55,112,439
53,413,903
Real estate and lease intangibles held for sale, net
153,134
91,784
Cash and cash equivalents
552,648
434,842
Accounts receivable, net
1,134,987
1,053,487
Lease intangible assets, net
5,616,706
5,717,241
Goodwill
4,932,199
4,932,199
Investment in loans and financing receivables, net
4,888,860
3,271,002
Investment in unconsolidated entities
1,348,453
1,256,456
Other assets, net
2,702,049
2,624,698
Total assets
$ 76,441,475
$ 72,795,612
LIABILITIES AND EQUITY
Distributions payable
$ 259,252
$ 255,171
Accounts payable and accrued expenses
1,119,132
1,060,969
Lease intangible liabilities, net
1,457,071
1,493,958
Other liabilities
1,020,290
1,066,809
Revolving credit facilities and commercial paper
2,762,585
2,023,414
Term loans, net
2,760,395
1,701,615
Mortgages payable, net
37,085
37,761
Notes payable, net
25,091,588
25,031,947
Total liabilities
$ 34,507,398
$ 32,671,644
Stockholders' equity:
Common stock and paid in capital, par value $0.01 per share,
1,300,000 shares authorized, 946,202 and 933,975 shares issued
and outstanding as of June 30, 2026 and December 31, 2025,
respectively
$ 50,845,906
$ 49,861,660
Distributions in excess of net income
(11,391,151)
(10,527,984)
Accumulated other comprehensive income
94,802
105,019
Total stockholders' equity
$ 39,549,557
$ 39,438,695
Noncontrolling interests
2,384,520
685,273
Total equity
$ 41,934,077
$ 40,123,968
Total liabilities and equity
$ 76,441,475
$ 72,795,612
GLOSSARY
Adjusted EBITDAre. The National Association of Real Estate Investment Trusts ("Nareit") established an EBITDA metric for real estate companies (i.e., EBITDA for real estate, or EBITDAre) it believed would provide investors with a consistent measure to help make investment decisions among certain REITs. Our definition of "Adjusted EBITDAre" is generally consistent with the Nareit definition, other than our adjustment to remove foreign currency and derivative gain and loss and merger, transaction, and other costs, net. We define Adjusted EBITDAre, a non-GAAP financial measure, for the most recent quarter as earnings (net income) before (i) interest expense, (ii) income taxes, (iii) depreciation and amortization, (iv) executive severance charge, (v) provisions for impairment of real estate, (vi) provisions for credit losses on loans and financing receivables, (vii) merger, transaction, and other costs, net, (viii) gain on sales of real estate, (ix) foreign currency and derivative gain and loss, net, and (x) equity in earnings of unconsolidated entities. Our Adjusted EBITDAre may not be comparable to Adjusted EBITDAre reported by other companies or as defined by Nareit, and other companies may interpret or define Adjusted EBITDAre differently than we do. Management believes Adjusted EBITDAre to be a meaningful measure of a REIT's performance because it provides a view of our operating performance, analyzes our ability to meet interest payment obligations before the effects of income tax, depreciation and amortization expense, provisions for impairment, provisions for credit losses on loans and financing receivables, gain on sales of real estate and other items, as defined above, that affect comparability, including the removal of non-recurring and non-cash items that industry observers believe are less relevant to evaluating the operating performance of a company. In addition, EBITDAre is widely followed by industry analysts, lenders, investors, rating agencies, and others as a means of evaluating the operating performance of business activities prior to servicing debt obligations. Adjusted EBITDAre should be considered along with, but not as an alternative to, net income as a measure of our operating performance.
Adjusted Free Cash Flow, a non-GAAP financial measure, is defined as net cash provided by operating activities, less certain capital expenditures, distributions paid to common stockholders and noncontrolling interests, merger, transaction, and other costs, net, and changes in net working capital. We believe adjusted free cash flow to be a useful liquidity measure for us and our investors by helping to evaluate our ability to generate cash beyond what is needed to fund capital expenditures, debt service and other obligations. Notwithstanding cash on hand and incremental borrowing capacity, adjusted free cash flow reflects our ability to grow our business through investments and acquisitions, as well as our ability to return cash to shareholders through dividends. Adjusted free cash flow is not considered under generally accepted accounting principles to be a primary measure of an entity's residual cash flow available for discretionary spending, and accordingly should not be considered an alternative to operating income, net income, or amounts shown in our consolidated statements of cash flows.
Adjusted Funds From Operations (AFFO), a non-GAAP financial measure, is defined as FFO adjusted for unique revenue and expense items, which we believe are not as pertinent to the measurement of our ongoing operating performance. Most companies in our industry use a similar measurement to AFFO, but they may use the term "CAD" (for Cash Available for Distribution) or "FAD" (for Funds Available for Distribution). We believe AFFO provides useful information to investors because it is a widely accepted industry measure of the operating performance of real estate companies used by the investment community. In particular, AFFO provides an additional measure to compare the operating performance of different REITs without having to account for differing depreciation assumptions and other unique revenue and expense items which are not pertinent to measuring a particular company's ongoing operating performance. Therefore, we believe that AFFO is an appropriate supplemental performance metric, and that the most appropriate GAAP performance metric to which AFFO should be reconciled is net income available to common stockholders.
Annualized Adjusted EBITDAre, a non-GAAP financial measure, is calculated by multiplying Adjusted EBITDAre for the applicable quarter by four. Management believes the use of an Annualized Adjusted EBITDAre metric is meaningful because it represents our run rate operating performance for the period presented.
Annualized Adjusted Free Cash Flow, a non-GAAP financial measure, is calculated by annualizing Adjusted Free Cash Flow.
Annualized Base Rent represents our Pro-Rata Share of contractual monthly base rent for all leases in place and exchange rates as of the balance sheet date, multiplied by 12, and excludes percentage rent and income on loans and preferred equity investments. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period. Total annualized base rent has not been reduced to reflect reserves recorded as reductions to GAAP rental revenue in the periods presented. We believe total annualized base rent is a useful supplemental operating measure, as it excludes properties that were no longer owned at the balance sheet date and includes the annualized rent from properties acquired during the quarter.
Annualized Pro Forma Adjusted EBITDAre, a non-GAAP financial measure, is defined as Annualized Adjusted EBITDAre, which includes transaction accounting adjustments in accordance with U.S. GAAP, adjusted to incorporate Adjusted EBITDAre from investments we acquired or stabilized during the applicable quarter and Adjusted EBITDAre from investments we disposed of during the applicable quarter, giving pro forma effect to all transactions as if they occurred at the beginning of the applicable quarter. Our calculation includes all adjustments consistent with the requirements to present Annualized Adjusted EBITDAre on a pro forma basis in accordance with Article 11 of Regulation S-X. The ratio of our net debt to our Annualized Pro Forma Adjusted EBITDAre is also used to determine the vesting of performance share awards granted to our executive officers.
Cash Income represents expected rent for real estate acquisitions as well as rent to be received upon completion of the properties under development. For unconsolidated entities and consolidated entities with noncontrolling interests, this represents our Pro-Rata Share of the cash income. For loans receivable and preferred equity investments, this represents earned interest income and preferred dividend income, respectively.
Funds From Operations (FFO), a non-GAAP financial measure, consistent with the Nareit definition, is net income available to common stockholders, plus depreciation and amortization of real estate assets, plus provisions for impairments of depreciable real estate assets, and reduced by gain on property sales. Presentation of the information regarding FFO and AFFO is intended to assist the reader in comparing the operating performance of different REITs, although it should be noted that not all REITs calculate FFO and AFFO in the same way, so comparisons with other REITs may not be meaningful. FFO and AFFO should not be considered alternatives to reviewing our cash flows from operating, investing, and financing activities. In addition, FFO and AFFO should not be considered measures of liquidity, of our ability to make cash distributions, or of our ability to pay interest payments. We consider FFO to be an appropriate supplemental measure of a REIT's operating performance as it is based on a net income analysis of property portfolio performance that adds back items such as depreciation and impairments for FFO. The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time. Since real estate values historically rise and fall with market conditions, presentations of operating results for a REIT using historical accounting for depreciation could be less informative. The use of FFO is recommended by the REIT industry as a supplemental performance measure. In addition, FFO is used as a measure of our compliance with the financial covenants of our credit facility.
Gross Asset Value is total assets before accumulated depreciation and amortization.
Initial Weighted Average Cash Yield for acquisitions and properties under development is computed as Cash Income for the first twelve months following the acquisition date, divided by the total cost of the property (including all expenses borne by us), and includes our Pro-Rata Share of Cash Income from unconsolidated joint ventures and consolidated entities with noncontrolling interests. Initial weighted average cash yield for loans receivable and preferred equity investments is computed using the Cash Income for the first twelve months following the acquisition date, divided by the total cost of the investment.
Investment Grade Clients are our clients, our clients that are subsidiaries or affiliates of companies, and credit investments secured with a real estate property leased to a tenant, that as of the balance sheet date, have a credit rating of Baa3/BBB- or higher from one of the three major rating agencies (Moody's/S&P/Fitch).
Net Debt/Annualized Pro Forma Adjusted EBITDAre, a ratio used by management as a measure of leverage, is calculated as net debt (which we define as total debt, excluding deferred financing costs and net discounts, less cash and cash equivalents), divided by Annualized Pro Forma Adjusted EBITDAre.
Net Debt/Annualized Pro Forma Adjusted EBITDAre - Inclusive of Unsettled ATM Forward Equity, a ratio used by management as a measure of leverage, is calculated as net debt inclusive of unsettled ATM forward equity (which we define as total debt, excluding deferred financing costs and net discounts, less cash and cash equivalents, less expected proceeds from unsettled ATM forward equity as of the balance sheet date), divided by Annualized Pro Forma Adjusted EBITDAre.
Normalized Funds from Operations Available to Common Stockholders (Normalized FFO), a non-GAAP financial measure, is FFO excluding merger, transaction, and other costs, net.
Pro-Rata Share represents our proportionate economic ownership of our joint ventures, which is derived by applying our economic ownership percentage of each such joint venture to calculate our proportionate share of the relevant line item information being presented, and aggregating that information for all such joint ventures. For balance sheet information and other capital-based metrics, we apply our economic ownership percentage as of the end of the applicable period being presented, and for activity- and earnings-based metrics, we apply our weighted average economic ownership percentage for the applicable period being presented, unless otherwise specified.
We believe this form of presentation offers insights into the financial performance and condition of our company as a whole, given the significance of our joint ventures that are accounted for either under the equity method or consolidated with the third parties' share included in noncontrolling interest, although the presentation of such information may not accurately depict the legal and economic implications of holding a noncontrolling interest in the joint venture. We do not control the unconsolidated joint ventures in which we are invested for purposes of GAAP and do not represent legal claim to such items.
The operating agreements of the joint ventures may contain provisions that would cause us to receive a different economic percentage of distributions from the joint venture under certain circumstances, such as the amount of capital contributed by each investor and whether any contributions are entitled to priority distributions. Similarly, upon a liquidation of any such joint venture, subject to the applicable terms of the operating agreement of such joint venture, we generally would be entitled to the applicable percentage of residual cash or other assets that remain only after repayment of all liabilities, priority distributions, and initial equity contributions. In addition, the economic interests in any joint venture may be different than our other legal interests or rights in such joint venture.
We provide pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our joint ventures when read in conjunction with our reported results under GAAP. Other companies may calculate their proportionate interest differently than we do, limiting the usefulness as a comparative measure. Due to these limitations, the non-GAAP pro-rata financial information should not be considered in isolation or as a substitute for our consolidated financial statements as reported under GAAP.
Same Store Pool, for purposes of determining the properties used to calculate our same store rental revenue, includes all properties that we owned for the entire year-to-date period, for both the current and prior year except for properties during the current or prior year that were: (i) vacant at any time, (ii) under development or redevelopment, or (iii) involved in eminent domain and rent was reduced.
Same Store Rental Revenue excludes straight-line rent, the amortization of above and below-market leases, and reimbursements from clients for recoverable real estate taxes and operating expenses. For purposes of comparability, same store rental revenue is presented on a constant currency basis by applying the exchange rate as of the balance sheet date to base currency rental revenue. We present same store rental revenue on a pro-rata basis to account for our share of same store rental revenue related to unconsolidated and consolidated joint ventures. For purposes of comparability, we calculate our Pro-Rata Share using our ownership percentage as of June 30, 2026 to same store rental revenue for the three and six months ended June 30, 2026 and 2025.
Coca-Cola, Verizon, Altria, Johnson & Johnson a Realty Income zdůrazňují stabilní dividendy a všechny letos zvýšily nebo potvrdily výhled. Johnson & Johnson navíc zvýšila dividendu na 1,34 USD a má 64 let nepřetržitého růstu.
Boomers heading into Fall 2026 are doing what disciplined income investors always do in August: rotating away from summer growth chasers and locking in reliable Q3 and Q4 cash flow. With Core PCE at 130.27 in June 2026, sitting in the 90.9th percentile of its trailing 12-month range, real yield still matters. The five names below share one trait every retiree cares about: multi-decade dividend records backed by durable cash flow. Each pays this quarter, each is US-listed, and each has raised or reaffirmed guidance in the last earnings cycle.
Coca-Cola (KO) Coca-Cola (NYSE:KO | KO Price Prediction) is the classic Boomer anchor, and the 2026 numbers back it up. Shares closed at $87.59 on July 31, 2026, up 26.97% year to date. The quarterly dividend is now $0.53, raised from $0.51 in early 2026, with the next $0.53 payment landing October 1 after the September 15 ex-date.
The bull case tightened in July. Q2 2026 adjusted EPS of $0.97 beat the $0.9323 consensus by 4.04%, revenue of $13.38B rose 6.7% year over year, and management raised FY2026 guidance to organic revenue growth of ~5% and comparable EPS growth of 9% to 10%. Operating margin expanded to 34.9%, and the FIFA World Cup 2026 marketing cycle sits directly in front of the stock.
Risk: Asia Pacific price/mix declined 9%, Q4 has six fewer selling days than Q4 2025, and IRS tax litigation remains unresolved. Analysts still carry a $94.70 average price target.
Verizon (VZ) Verizon (NYSE:VZ) is the yield workhorse of the group. At $46.81 (up 20.71% YTD through July 31), the $0.7075 quarterly dividend, most recently paid August 3, 2026, annualizes to roughly $2.83, putting the running yield in the 6% neighborhood.
The turnaround thesis has teeth now. Q2 2026 delivered 184,000 postpaid phone net adds versus a 9,000 loss the prior year, churn improved to 0.92%, fiber broadband grew 43.3% to 10.9M, and adjusted EBITDA rose 7.2% to $13.72B. Management raised FY2026 adjusted EPS guidance to $4.99-$5.04 and expanded the buyback to as much as $4.5B. CEO Dan Schulman called this the "strongest operating position we have seen in years".
Risk: Total unsecured debt of $136.5B and net unsecured debt/EBITDA at 2.5x keep balance sheet discipline on the watchlist.
Altria (MO) Altria (NYSE:MO) is the highest-yielding name on this list. Shares traded at $68.33 on July 31, up 22.31% YTD, with the dividend yield at 6.24% on a $4.24 annualized payout. The $1.06 quarterly dividend was last increased in Q3 2025 from $1.02.
The income record is the whole point. Altria has delivered 60 dividend increases in the past 56 years and paid out $7.0B in FY2025 dividends. FY2026 guidance was reaffirmed at $5.56-$5.72 in adjusted diluted EPS, with $720M remaining on the $2B buyback.
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Risk: Secular volume decline is real. Domestic cigarette volume fell 5%, Marlboro retail share slipped 1.4 points to 39.7%, and on! nicotine pouch share dropped 4.2 points to 13.4%. Boomers own MO for the check rather than the growth chart.
Johnson & Johnson (JNJ) Johnson & Johnson (NYSE:JNJ) is the Dividend King on the list. The quarterly dividend was raised to $1.34, with the next payment September 8, 2026 following the August 25 ex-date. That marks 64 consecutive years of dividend growth. Shares finished July at $256.35, up 25.25% YTD and 59.5% over the trailing year.
Growth is finally showing up alongside the income. Q1 2026 revenue of $24.06B grew 9.9% year over year, DARZALEX hit $3.96B (+22.5%), TREMFYA jumped 68.3%, and CARVYKTI grew 62.1%. FY2026 guidance was raised to $100.3B-$101.3B in sales and $11.45-$11.65 adjusted EPS.
Risk: STELARA biosimilar erosion of 59.7% created a roughly 920 basis point drag on Innovative Medicine, and litigation charges added $330M in Q1.
Realty Income (O) Realty Income (NYSE:O) is the monthly dividend anchor of the portfolio. Shares closed at $63.87 on July 31, up 16.76% YTD, and the dividend yield sits at 5.04%. The $0.271 monthly dividend pays August 14, 2026, extending a streak of 670 consecutive monthly dividends and 114 consecutive quarterly increases.
Fundamentals held up in Q1. AFFO rose 6.6% to $1.13/share on $1.55B revenue, portfolio occupancy stayed at 98.9%, and management deployed $2.8B at a 7.1% initial weighted average cash yield. FY2026 AFFO/share guidance was raised to $4.41-$4.44 with investment volume lifted to $9.5B.
Risk: Impairment provisions of $129.3M, a non-cash credit loss uptick of $39.1M, and Net Debt/EBITDA at 5.2x mean interest-rate sensitivity still drives the stock day to day. For Boomers building Q3 income, the monthly cadence remains the differentiator.
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Many investors would be satisfied with a dividend payout streak of 12, 20, or 30 consecutive disbursements. Keep in mind that the typical dividend is paid quarterly, so there would be a gap of several months between each payment.
Now imagine a stock that not only had a run stretching back to 1969, but one that's dispensed a dividend monthly instead of quarterly, for a hard-to-believe total of 673 distributions (including its time as a privately held business). Well, no imagination is needed because such a company exists -- veteran real estate investment trust (REIT) Realty Income (O -0.61%).
Image source: Getty Images.
Generous for good reason To be clear, Realty Income isn't constantly paying a dividend purely out of the goodness of its heart. In the U.S., since 1960, REITs have been required to distribute at least 90% of their taxable income as shareholder payouts (the requirement was raised to 95% in 1980 but returned to the original level in 2001).
This is why REITs tend to have high dividend yields, well above the current average of 1.1% for all S&P 500 index component stocks. These days, Realty Income's yield floats slightly above 5%; this crushes the S&P 500 index average and is in line with other large REITs of its type, although some specialty and distressed REITs have yields approaching or exceeding 10%.
But what investors are buying with Realty Income is a monster in the sector, with over 15,500 properties across 92 separate industries. The vast majority of these are in the company's native U.S., but at the end of the previous decade, it diversified overseas and now has assets in major European markets such as the U.K., Germany, and Spain.
The vast majority of these are rented under triple-net (NNN) lease contracts. These obligate the tenant to pay not only rent but also property taxes, insurance, and maintenance costs. Tenants are willing to accept such terms because the REIT's real estate tends to be in choice, high-traffic areas.
As a result, those tenants like to stick around. Realty Income's latest occupancy rate was a very lofty 98.9%. Not many of its properties are standing empty.
Today's Change
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Current Price
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Ever-expanding footprint With more than 15,500 revenue sources and new properties being added constantly, Realty Income is continually growing its business. In the first quarter alone, its revenue leaped 12% higher to almost $1.55 billion. Adjusted funds from operations (AFFO, widely considered to be the most accurate profitability gauge for REITs) gained 11% to $1.06 billion.
Zooming out some, thanks to growth in its legacy business and the acquisition of complementary assets, Realty Income's annual top line has nearly tripled over the past five years, from under $2.09 billion in 2021 to almost $5.76 billion last year. Not to be outdone, AFFO across that stretch advanced from $1.49 billion to $3.89 billion.
Realty Income offers the highly appealing combination of an immense, highly productive property portfolio and a dividend delivered every single month. It's more expensive on a valuation basis and has a lower yield than some other REITs, but there's a premium for size and performance. This is a very satisfying stock to own, particularly for income investors.
Fitch přidělila Realty Income dlouhodobý rating emitenta „A“ se stabilním výhledem. Je to první net lease REIT a teprve čtvrtý americký REIT s alespoň jedním ratingem „A“ od jedné z velké trojky agentur.
, /PRNewswire/ -- Realty Income Corporation (Realty Income) (NYSE: O) (the "Company"), The Monthly Dividend Company®, today announced that Fitch Ratings ("Fitch") has assigned the Company a Long-Term Issuer Default Rating of 'A' with a Stable Outlook. This rating makes Realty Income the first net lease REIT and only the fourth U.S. REIT to have at least one 'A' or equivalent rating from one of the three major rating agencies.
In its press release, Fitch cited Realty Income's long operating history and cycle-tested performance, durable cash flow, portfolio diversification, and strong access to multiple sources of capital as key drivers supporting its 'A' rating.
"We are pleased to receive an 'A' rating from Fitch, which reflects the strength of our differentiated net lease platform, disciplined financial management, and consistent execution," said Jonathan Pong, Executive Vice President, Chief Financial Officer and Treasurer. "Just as importantly, it recognizes our progress in diversifying capital sources across the public and private markets on a global scale, enhancing our financial flexibility and positioning Realty Income for sustainable long-term growth."
About Realty Income
Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies®. Founded in 1969, we serve our clients as a full-service real estate capital provider. As of March 31, 2026, we have a portfolio of over 15,500 properties in all 50 U.S. states, the U.K., and eight other countries in Europe. We are known as "The Monthly Dividend Company®" and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our founding, we have declared 673 consecutive monthly dividends and are a member of the S&P 500 Dividend Aristocrats® index for having increased our dividend for over 31 consecutive years. Additional information about the Company can be found at www.realtyincome.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, the words "estimate," "anticipate," "assume," "expect," "believe," "intend," "continue," "should," "may," "likely," "plan," "seek," and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions of our business, strategy, plans, and the intentions of management; our platform; growth and capital strategies including the diversification of capital sources; and financing activities. Forward-looking statements are subject to risks, uncertainties, and assumptions about us which may cause our actual future results to differ materially from expected results. Some of the factors that could cause actual results to differ materially are, among others, our continued qualification as a real estate investment trust; general domestic and foreign business, economic, or financial conditions; competition; fluctuating interest and currency rates; inflation and its impact on our clients and us; access to debt and equity capital markets and other sources of funding (including the terms, structure and partners of such funding); volatility and uncertainty in the credit and financial markets; other risks inherent in real estate, private capital, credit and mezzanine investments, and joint ventures or co-investment ventures including solvency, defaults under leases, bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments (including rights of first refusal or rights of first offer), and potential damages from natural disasters; impairments in the value of our real estate assets; volatility and changes in domestic and foreign laws and the application, enforcement or interpretation thereof (including with respect to tax laws and rates); property ownership through co-investment ventures, funds, joint ventures, partnerships and other arrangements which, among other things, may transfer or limit our control of the underlying investments; epidemics or pandemics; the loss of key personnel; the threat and outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism and war; the anticipated benefits from mergers, acquisitions, co-investment ventures, funds, joint ventures, partnerships, and other arrangements; and those additional risks and factors discussed in our reports filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are not guarantees of future plans and performance and speak only as of the date of this press release. Past operating results and performance are provided for informational purposes and are not a guarantee of future results. There can be no assurance that historical trends will continue. Actual plans and results may differ materially from what is expressed or forecasted in this press release and forecasts made in the forward-looking statements discussed in this press release might not materialize. We do not undertake any obligation to update forward-looking statements or publicly release the results of any forward-looking statements that may be made to reflect events or circumstances after the date these statements were made or to reflect the occurrence of unanticipated events.
Realty Income oznámila 135. zvýšení dividendy a výsledky za 2Q 2026 zveřejní po uzavření trhu 4. srpna 2026. Analytici čekají tržby kolem 1,43 mld. USD a FFO 1,09 USD na akcii.
Realty Income (O -0.45%), the real estate investment trust (REIT) known for paying a monthly dividend, next reports quarterly earnings post-market on Aug. 4, 2026. Despite concerns like the potential for higher interest rates, Realty Income's shares have held up quite well in recent months.
Recent positive developments, including the stock's latest dividend hike, may explain this. Yet while earnings should provide new insight into the REIT's long-term prospects, I wouldn't view this as a "buy before" earnings situation.
Image source: Getty Images.
Realty Income Q2 2026 earnings preview For Q2 2026, the quarter ending June 30, analysts expect Realty Income to report revenue of around $1.43 billion, and funds from operations (FFO), the REIT version of earnings, of $1.09 per share, representing 7% and 2.8% year-over-year increases, respectively.
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Beyond the results themselves, other factors could prompt a bullish response from investors. For instance, further news of the net lease REIT's continued move into the data center space could bode well for the stock post-earnings.
On the other hand, negative developments could materialize, such as management having to walk back its FFO guidance after raising it, whether due to interest rate trends or other macro factors.
Stay focused on the long-term picture Irrespective of Realty Income's pre-earnings and post-earnings price action, it's important to stay focused instead on the long-term picture. This REIT, which has paid a monthly dividend and raised its payout annually since going public in 1994, should continue to deliver solid returns if these trends hold.
Currently, Realty Income has a forward dividend yield of around 5%. Despite mixed payout growth in recent years, it could accelerate in the years ahead if efforts such as the data center pivot drive greater FFO growth.
If you're concerned about further rate hikes, hold off buying for now. However, if you believe rates will hold fairly steady from here, consider it a long-term buy, especially if shares encounter any post-earnings volatility.
Realty Income má po zveřejnění výsledků za 2. čtvrtletí očekávaný růst tržeb o 7 % na 1,45 miliardy USD a FFO na akcii na 1,09 USD. Forwardový dividendový výnos je těsně pod 5 %.
It's historically been one of the market's favorite real estate investment trusts, and for good reason. That's not likely to change when the company reports its second-quarter numbers after the closing bell rings on Aug. 5, either. If anything, in fact, investors' appreciation for Realty Income's (O -1.69%) track record is apt to continue improving in step with its fiscal results.
The kicker: With its yield already as high as it is, there's no waiting period for newcomers to start generating meaningful income from this stock.
But first things first.
Image source: Getty Images.
Continued progress in the cards As was noted, Realty Income is a real estate investment trust, or REIT. That just means it owns a portfolio of rental or revenue-bearing real estate, and as long as it passes the majority of its profits along to shareholders as they're generated, those profits aren't taxed at the corporate level first.
Even by REIT standards, though, Realty Income is something of a standout. See, its focus is brick-and-mortar retailing. Its top tenants include the industry's most resilient names, such as Walmart, Home Depot, Dollar General, and Tractor Supply. Their staying power is why this REIT's occupancy rate has consistently been above 98% and why Realty Income's not only been able to pay a monthly (yes, monthly) dividend like clockwork for nearly 56 years, but has also upped its annual dividend payment every year for the past 31 years.
This resiliency is likely to be confirmed again by Realty Income's upcoming Q2 numbers. Analysts expect reported revenue growth of 7% year over year, reaching $1.45 billion, pushing per-share funds from operations (a REIT's equivalent to profit) up from $1.05 in the comparable quarter a year ago to $1.09 this time.
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One quarter's results, however, don't mean much for anyone who owns or is eyeing this stock right now. This ticker's big selling point has been and remains its dividend.
Dividend income potential Cutting straight to the chase, Realty Income's forward-looking dividend yield currently stands at just under 5%. For perspective on the number, a $15,000 stake in the REIT -- roughly 229 shares -- would generate nearly $750 in annual dividend income. Just remember that it pays on a monthly basis, so you'd be getting on the order of $62 per month.
No, that's not a huge amount of money. You'd be hard-pressed to find a higher-yielding holding of similar risk, though. Also keep in mind that this dividend grows pretty quickly, at an average annualized rate of 4.1% since the stock was listed on the New York Stock Exchange.
These monthly payments are also likely to continue growing at a similar pace despite the retailing industry's saturation-driven headwind. In addition to serving the retail industry's most enduring names, Realty Income is easing into the data center business. Since cloud-based access to remote data centers' servers is often paid for monthly, they're also well suited to be REIT-owned, as this business structure is designed to cost-effectively pass this recurring rental income along to shareholders.
Keep your eyes and ears open for more information on that budding business on Aug. 5, too, which could move this ticker more than the rest of its results.
Realty Income rozšiřuje byznys do datových center a s partnery chystá počáteční investice přes 6 miliard USD do hyperscale projektů. Firma už dříve koupila 80% podíl ve dvou centrech ve Virginii.
Realty Income's (O -0.51%) developed a stellar reputation as a brick-and-mortar retailer REIT, defying the headwinds that are supposed to be destroying the retail industry. In fact, this landlord has raised its annual per-share dividend for nearly 29 consecutive years. And by no small amount either. Since listing itself on the NYSE in 1994, it's upped its dividend by an average of 4.1% per year.
Shareholders may see this growth pace perk up for the foreseeable future as this retail-focused real estate investment trust eases its way into the data center business. Here's what you need to know.
Yes, that Realty Income -- the retailer REIT It's true! The landlord to some of the retail industry's most resilient names, like Dollar General, Walmart, and Home Depot, is getting into the data center industry.
OK, it technically entered this business back in late 2023 by acquiring an 80% interest in two data centers then under construction in Northern Virginia that would ultimately be steered by AI infrastructure outfit Digital Realty.
That $800 million commitment was trumped in a big way just last month, however, when Realty Income formed a joint venture with Cloud Capital and an unnamed institutional investor. Together, they're initially committing over $6 billion to hyperscale data centers, leaving the door open to greater investment in the future.
Image source: Getty Images.
At first blush, it appears this REIT is moving into waters beyond its core proficiency. That's not quite the case. The business model here is essentially the same as its brick-and-mortar retailing operation -- Realty Income builds or buys a structure, and then converts it into a space that generates rental income.
In this case, the "renters" are simply companies leasing cloud-based access to computing servers. As Realty Income's CEO, Sumit Roy, commented on the agreement, the "announcement affirms the strength of our business model and its ability to translate across sectors, including digital infrastructure."
Accelerated income growth ahead One data center deal isn't necessarily game-changing for Realty Income. For that matter, neither is a small handful. For perspective on the amount of capital this real estate investment trust is actually putting into the business, the current net value of the company's real estate portfolio stands at $54 billion, which turned over $5.7 billion in revenue last year into nearly $4 billion worth of operating funds to pass along to shareholders, plus an additional $1.0 billion in net income. Its current data center efforts aren't likely to move the needle much just yet.
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Be patient, though. It's unlikely that Realty Income will back away from the hyperscale data center business now that it's proven it's comfortable with it. If anything, it's more likely than not to continue adding these projects to its portfolio. It matters simply because, according to Precedence Research, the worldwide data center market is poised to grow at an average yearly pace of nearly 27% through 2035. There's money to be made here.
Just don't lose perspective on this. While the opportunity for revenue growth is significant, hyperscale data centers also require a great deal of up-front capital and a somewhat slow payback period. It's still more of an income growth investment than a typical growth holding.
James Brumley has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Digital Realty Trust, Home Depot, Realty Income, and Walmart. The Motley Fool has a disclosure policy.
Realty Income letos vzrostla o více než 16,5 % a s dividendou přinesla celkový výnos přes 19,5 %, zatímco S&P 500 je letos asi +9 %. Tahounem je měsíční dividenda s výnosem kolem 4,9 % a budování soukromého kapitálového ekosystému.
The S&P 500 is up about 9% year-to-date, putting it on track for another year of double-digit gains. That strong return is a high hurdle for a dividend-paying stock to overcome. However, that's just what Realty Income (O 0.81%) has done this year. The real estate investment trust (REIT) has gained over 16.5%, while its dividend has driven the total return to more than 19.5%.
Here's what's driving this unstoppable dividend's stock's market-crushing total returns in 2026.
Image source: Getty Images.
135 times (and counting) Realty Income's main draw is its dividend income. The REIT pays a monthly dividend that currently yields about 4.9% (roughly four times the S&P 500's 1% dividend yield). That high-yielding dividend has proven unstoppable over the years. Realty Income has declared 673 consecutive monthly dividends throughout its history. The REIT has raised its payout 135 times since its public market listing in 1994, including for the past 115 consecutive quarters, growing it at a 4.1% compound annual rate.
The primary factor driving dividend growth is new investments. Realty Income buys billions of dollars in income-producing real estate each year, which grows its adjusted funds from operations (AFFO) per share. The REIT currently expects to invest about $9.5 billion this year (up from $6.2 billion last year), which should grow its AFFO to $4.41-$4.44 per share, a 3% to 3.7% increase from last year.
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Securing partners to enhance its growth Realty Income's unstoppable dividend isn't the main reason it's crushing the S&P 500 this year. The primary catalyst is its progress in building a private capital ecosystem. This strategy will enable it to accelerate AFFO per share growth with capital-light revenue, reduce its reliance on the public equity market, and expand its investment opportunities. This platform currently consists of four vehicles:
U.S. Core Plus Fund: The REIT launched a private capital fund to generate fee-based income, enhancing returns and increasing the amount of capital it can invest. GIC strategic partnership: Realty Income formed a strategic partnership with GIC. They will form a joint venture (JV) focused on high-quality build-to-suit logistics development projects. GIC also became a cornerstone investor in the U.S. Core Plus Fund. Meanwhile, Realty Income agreed to a construction financing and take-out purchase agreement of a $200 million build-to-suit industrial portfolio in Mexico (its first investment in the country). Apollo strategic partnership: Apollo-managed funds will invest $1 billion into a JV that will own a diversified portfolio of single-tenant retail properties. Cloud Capital joint venture: Realty Income is forming a JV with Cloud Capital to invest in hyperscale data centers. These partnerships provide Realty Income with additional capital to invest in real estate and new investment opportunities. These dual drivers position the REIT to grow AFFO per share faster going forward, which should support continued dividend increases.
Executing its acceleration strategy Realty Income has made significant progress in building a private capital ecosystem. This strategy should drive faster growth going forward. That's driving up the REIT's share price this year. Despite that higher valuation, it's still a very attractive income investment, given its high yield and unstoppable dividend growth.
Matt DiLallo has positions in Realty Income. The Motley Fool has positions in and recommends Realty Income. The Motley Fool has a disclosure policy.
Inflace v USA v červnu zpomalila na 3,5 % meziročně a trh snížil sázky na další zvýšení sazeb Fedu. To je pro Realty Income, citlivou na úroky, důležitá úleva.
Tuesday brought the kind of inflation report investors have been waiting on all year. The Consumer Price Index (CPI) rose 3.5% year over year in June, down sharply from 4.2% in May and below economists' expectations, as gasoline prices posted their biggest monthly drop in years. Core inflation, which excludes food and energy, cooled to 2.6% from 2.9%.
For most stocks, that's background news. For Realty Income (O +3.94%), one of the market's most rate-sensitive dividend stocks, it's closer to the main event. After a year in which hot inflation kept the threat of Federal Reserve rate hikes alive, the pressure on this real estate investment trust (REIT) may finally be easing.
Here's why I'd consider buying the stock now.
Image source: Getty Images.
A 5% yield, paid monthly Realty Income calls itself The Monthly Dividend Company, and the numbers back the branding. The company has declared more than 670 consecutive monthly dividends, and it has increased its payout for over 31 consecutive years, making it a member of the S&P 500 Dividend Aristocrats® index (the term Dividend Aristocrats® is a registered trademark of Standard & Poor's Financial Services LLC).
In March, the company announced its 114th consecutive quarterly dividend increase, and the monthly dividends it paid during the first quarter were up 1.8% year over year. At about $63 per share, the stock's annualized dividend of about $3.25 works out to a yield just over 5.1%.
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The business behind the payout is deliberately boring. Realty Income owns 15,571 properties leased to 1,786 clients across 92 industries, mostly under long-term net leases (agreements in which the tenant covers taxes, insurance, and maintenance). The weighted average lease has about 8.7 years remaining. And portfolio occupancy held steady at 98.9% at the end of the first quarter.
The dividend is well covered, too. Realty Income paid out about 72% of its first-quarter adjusted funds from operations (AFFO), a common measure of a REIT's cash earnings.
AFFO per share rose 6.6% year over year in the first quarter to $1.13, and management raised its full-year guidance to a range of $4.41 to $4.44 -- annual growth of 3% to 3.7%, with the first quarter running ahead of that pace. It's a modest trajectory. It's also exactly what income investors are here for.
Why Tuesday's report matters so much here Realty Income grows by raising money and buying more properties, pocketing the difference between its cost of capital and the rental yields on what it buys. In the first quarter, it invested $2.8 billion, with its $2.6 billion pro-rata share carrying an initial weighted average cash yield of 7.1%. Management also lifted its full-year investment guidance to $9.5 billion from $8 billion.
Interest rates sit on both sides of that equation. When rates rise, Realty Income's borrowing costs climb, and the spread on new deals narrows. Rising rates also give income investors a risk-free alternative, which tends to pull REIT share prices down until their yields look competitive again. Falling rate pressure eases both problems at once.
That's what makes June's inflation data such a welcome development. With inflation running hot this spring, traders had been pricing in meaningful odds that the Fed would raise rates again. After Tuesday's report, those bets faded fast. Market pricing now points to an 86% chance the central bank holds steady at its July 29 meeting, according to CME FedWatch data.
Of course, one good inflation print doesn't settle anything. Inflation at 3.5% remains well above the Fed's 2% target, and June's improvement leaned heavily on falling gas prices, which can reverse. If inflation reaccelerates, the rate threat comes right back, and Realty Income's stock would likely feel it.
There are business risks, too. Realty Income's tenants are heavily concentrated in retail, where struggling chains can hand back keys. And AFFO growth of 3% to 4% a year will never make this a growth stock.
But the stock's valuation may already reflect those limitations. At about $63 per share as of this writing, the stock trades at roughly 14 times the midpoint of this year's expected AFFO, and about 7% below its 52-week high.
So that's the case. An annual yield above 5% from a portfolio that stays nearly full in good markets and bad, with three decades of dividend increases behind it -- and the rate pressure that has weighed on the stock is finally easing. Overall, I'd consider buying Realty Income here and let the monthly checks do the compounding.
Realty Income navýšila své nezajištěné revolvingové úvěrové linky na 5,5 miliardy USD z 4,0 miliardy USD. Současně rozšířila globální programy komerčních papírů na 5,5 miliardy USD z 3,0 miliardy USD.
, /PRNewswire/ -- Realty Income Corporation (Realty Income, NYSE: O) (the "Company"), The Monthly Dividend Company®, announced that it has closed on the recast and expansion of its $5.5 billion multicurrency unsecured revolving credit facilities, upsized from the prior $4.0 billion capacity. In addition, the Company also announced an expanded combined capacity of $5.5 billion for its global commercial paper programs, upsized from the prior $3.0 billion combined capacity.
"Access to efficiently priced capital has long been a competitive advantage for Realty Income, and the increased borrowing capacity enhances our financial flexibility to execute on our strategy and pursue accretive growth opportunities. We are grateful for the continued support of our lending partners," said Jonathan Pong, Realty Income's Chief Financial Officer and Treasurer.
$5.5 Billion Revolving Credit Facilities
Realty Income's revolving credit facilities provide for updated capacity of $5.5 billion with an accordion expansion feature up to $6.5 billion, which is subject to obtaining lender commitments. The revolving credit facilities are bifurcated into two $2.75 billion tranches, which initially mature on April 29, 2029 and July 10, 2030 respectively, before giving effect to two six-month extension options for each facility. Pursuant to the terms of the revolving credit facilities, the Company's current A3 / A- credit ratings provide for a borrowing rate of 67.5 basis points over SOFR for U.S. Dollar borrowings, with a facility commitment fee of 12.5 basis points, for all-in drawn pricing of 80 basis points over SOFR, a reduction of 5.0 basis points from the prior revolving credit facilities.
A total of 26 lenders are participating in the Realty Income revolving credit facilities, including Wells Fargo Bank, National Association, as the Administrative Agent. Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., BofA Securities, Inc., Mizuho Bank, Ltd., and TD Bank, N.A. are serving as Joint Bookrunners.
$5.5 Billion Commercial Paper Programs
In conjunction with the closing of the updated revolving credit facilities, Realty Income also expanded its global unsecured commercial paper programs to a total combined capacity of $5.5 billion, including an upsized $2.75 billion U.S. commercial paper program and $2.75 billion European commercial paper program. The notes will be sold under customary terms in the United States and European commercial paper note markets, respectively, and will rank pari passu with all of the Company's other unsecured senior indebtedness, including the Company's outstanding senior notes and borrowings under the Company's multicurrency revolving credit facilities. The Company expects to use its $5.5 billion multicurrency revolving credit facilities as a liquidity backstop for the repayment of notes issued under the programs.
The notes to be offered under the U.S. and European commercial paper programs have not been and will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the notes under the Company's commercial paper programs.
About Realty Income
Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies®. Founded in 1969, we serve our clients as a full-service real estate capital provider. As of March 31, 2026, we have a portfolio of over 15,500 properties in all 50 U.S. states, the U.K., and eight other countries in Europe. We are known as "The Monthly Dividend Company®" and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our founding, we have declared 673 consecutive monthly dividends and are a member of the S&P 500 Dividend Aristocrats® index for having increased our dividend for over 31 consecutive years. Additional information about the Company can be found at www.realtyincome.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, the words "estimate," "anticipate," "assume," "expect," "believe," "intend," "continue," "should," "may," "likely," "plan," "seek," and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions of our business, strategy; liquidity and cash flows; plans, and the intentions of management; our platform; financing activities, including issuances under our commercial paper programs; and growth strategies. Forward-looking statements are subject to risks, uncertainties, and assumptions about us which may cause our actual future results to differ materially from expected results. Some of the factors that could cause actual results to differ materially are, among others, our continued qualification as a real estate investment trust; general domestic and foreign business, economic, or financial conditions; competition; fluctuating interest and currency rates; inflation and its impact on our clients and us; access to debt and equity capital markets and other sources of funding (including the terms, structure and partners of such funding); volatility and uncertainty in the credit and financial markets; other risks inherent in real estate, private capital, credit and mezzanine investments, and joint ventures or co-investment ventures including solvency, defaults under leases, bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments (including rights of first refusal or rights of first offer), and potential damages from natural disasters; impairments in the value of our real estate assets; volatility and changes in domestic and foreign laws and the application, enforcement or interpretation thereof (including with respect to tax laws and rates); property ownership through co-investment ventures, funds, joint ventures, partnerships and other arrangements which, among other things, may transfer or limit our control of the underlying investments; epidemics or pandemics; the loss of key personnel; the threat and outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism and war; the anticipated benefits from mergers, acquisitions, co-investment ventures, funds, joint ventures, partnerships, and other arrangements; and those additional risks and factors discussed in our reports filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are not guarantees of future plans and performance and speak only as of the date of this press release. Past operating results and performance are provided for informational purposes and are not a guarantee of future results. There can be no assurance that historical trends will continue. Actual plans and results may differ materially from what is expressed or forecasted in this press release and forecasts made in the forward-looking statements discussed in this press release might not materialize. We do not undertake any obligation to update forward-looking statements or publicly release the results of any forward-looking statements that may be made to reflect events or circumstances after the date these statements were made or to reflect the occurrence of unanticipated events.
Realty Income vidí Evropu jako trh za 8,5 bilionu USD a v prvním čtvrtletí roku 2026 do ní vložila téměř polovinu svých investic. Evropské nákupy přinesly počáteční hotovostní výnos kolem 7 %.
Key Takeaways Realty Income sees Europe as an $8.5T commercial real estate opportunity supporting long-term growth.Europe accounted for nearly half of first-quarter 2026 investments with a 7% initial cash yield.O benefits from euro-denominated financing costs that remain below acquisition yields, supporting spreads. Realty Income’s (O - Free Report) expansion across Europe is becoming an important long-term growth driver, supported by a vast addressable market, attractive acquisition yields and greater geographic diversification.
As of March 31, 2026, the company owned or held interests in 15,571 properties across the United States, the United Kingdom and eight additional European countries, with Europe contributing roughly 20% of the annualized base rent. Management estimates the region represents an $8.5 trillion commercial real estate opportunity, the largest part of its roughly $14 trillion addressable market.
Realty Income invested approximately $1.29 billion in Europe during the first quarter of 2026, nearly matching its U.S. and other market investments of $1.33 billion. European investments generated an initial weighted-average cash yield of about 7% compared with 7.3% in the United States, highlighting the region's ability to deliver competitive returns while accounting for nearly half of quarterly investment activity.
Europe also provides access to a large pipeline of corporate-owned real estate and sale-leaseback opportunities, enabling Realty Income to acquire income-producing assets while helping businesses unlock capital. The company's broad international footprint further diversifies rental income across economies, interest-rate cycles and property markets, supporting stable cash flows.
Realty Income is also expanding beyond traditional acquisitions through development projects, loans, structured investments and joint ventures, creating additional avenues for growth and higher returns. Euro-denominated financing costs remain below acquisition yields, supporting investment spreads. However, currency fluctuations, varying legal frameworks and competition for premium assets remain key challenges.
How Are Realty Income’s Competitors Expanding?Simon Property Group (SPG - Free Report) owns 22.2% of Klépierre, which operates more than 130 shopping centers across 13 European countries. Simon's October 2025 acquisition of the remaining 12% stake in TRG simplified ownership and strengthened its balance sheet. Recent acquisitions, including Phillips Place, Brickell City Centre and outlet assets in Italy, support its focus on high-quality, brand-accretive properties.
Federal Realty Investment Trust (FRT - Free Report) is expanding through acquisitions, redevelopment and joint ventures. FRT targets shopping centers in affluent, supply-constrained U.S. markets. FRT recently acquired properties in Maryland, Kansas, Nebraska and California.
Realty Income’s Price Performance, Valuation and EstimatesShares of Realty Income have fallen 0.8% over the past three months, underperforming the broader industry and the S&P 500 Index.
Image Source: Zacks Investment Research
In terms of forward 12-month Price/Earnings (P/E), Realty Income is currently trading at 13.98X, which is at a discount to the industry average of 16.9X.
Image Source: Zacks Investment Research
Realty Income’s estimate revisions reflect a positive trend. The Zacks Consensus Estimate for fiscal 2026 EPS has been revised marginally upward over the past month. The consensus estimate for 2026 calls for 4% growth year over year.
Image Source: Zacks Investment Research
Currently, Realty Income carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
, /PRNewswire/ -- Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today announced that it has declared its 673rd consecutive common stock monthly dividend. The dividend amount of $0.2710 per share, representing an annualized amount of $3.252 per share, is payable on August 14, 2026 to stockholders of record as of July 31, 2026.
About Realty Income
Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies®. Founded in 1969, we serve our clients as a full-service real estate capital provider. As of March 31, 2026, we have a portfolio of over 15,500 properties in all 50 U.S. states, the U.K., and eight other countries in Europe. We are known as "The Monthly Dividend Company®" and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our founding, we have declared 673 consecutive monthly dividends and are a member of the S&P 500 Dividend Aristocrats® index for having increased our dividend for over 31 consecutive years. Additional information about the company can be found at www.realtyincome.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, the words "estimate," "anticipate," "assume," "expect," "believe," "intend," "continue," "should," "may," "likely," "plan," "seek," and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions of our business, strategy, plans, and the intentions of management including dividends and the amount, timing and payment thereof. Forward-looking statements are subject to risks, uncertainties, and assumptions about us which may cause our actual future results to differ materially from expected results. Some of the factors that could cause actual results to differ materially are, among others, our continued qualification as a real estate investment trust; general domestic and foreign business, economic, or financial conditions; competition; fluctuating interest and currency rates; inflation and its impact on our clients and us; access to debt and equity capital markets and other sources of funding (including the terms, structure and partners of such funding); volatility and uncertainty in the credit and financial markets; other risks inherent in real estate, private capital, credit and mezzanine investments, and joint ventures or co-investment ventures, including solvency, defaults under leases, bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments (including rights of first refusal or rights of first offer), and potential damages from natural disasters; impairments in the value of our real estate assets; volatility and changes in domestic and foreign laws and the application, enforcement or interpretation thereof (including with respect to tax laws and rates); property ownership through co-investment ventures, funds, joint ventures, partnerships and other arrangements which, among other things, may transfer or limit our control of the underlying investments; epidemics or pandemics; the loss of key personnel; the threat and outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism and war; and the anticipated benefits from mergers, acquisitions, co-investment ventures, funds, joint ventures, partnerships and other arrangements; and those additional risks and factors discussed in our reports filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are not guarantees of future plans and performance and speak only as of the date of this press release. Past operating results and performance are provided for informational purposes and are not a guarantee of future results. There can be no assurance that historical trends will continue. Actual plans and results may differ materially from what is expressed or forecasted in this press release and forecasts made in the forward-looking statements discussed in this press release may not materialize. We do not undertake any obligation to update forward-looking statements or publicly release the results of any forward-looking statements that may be made to reflect events or circumstances after the date these statements were made or to reflect the occurrence of unanticipated events.
Realty Income vyplatila další měsíční dividendu ve výši 27 centů na akcii a prodloužila sérii na 670 po sobě jdoucích měsíčních výplat. Firma zároveň drží 99% obsazenost a zvýšila celoroční investiční výhled na 9,5 miliardy USD.
Realty Income (NYSE:O | O Price Prediction) just paid investors again. The monthly check dividend landed on schedule, the streak extended and the market continued treating shares like a melting ice cube. That disconnect is the opportunity.
Realty Income declared its latest monthly dividend of 27 cents per share with an ex-dividend date of June 30 and a payment date of July 15. That is the 670th consecutive monthly dividend and follows the 114th consecutive quarterly increase. The stock currently yields roughly 5%. The story the market is telling with that yield (retail REITs are toxic, net lease is broken, e-commerce wins) is the wrong story.
The 5% Yield Is a Verdict Income investors get conditioned to celebrate fat yields. They should not. A high yield is the market discounting the future cash stream, and for most of the past two years that discount has been aimed squarely at retail-anchored landlords. The 10-Year Treasury currently sits at 4%, leaving Realty Income’s payout at roughly a 1% spread over the risk-free rate.
That is a tight cushion for a company whose tenants the market apparently believes are one recession away from going dark. But the operating data does not support that thesis.
What the Operating Data Actually Says Q1 2026 AFFO per share came in at $1.13, up 7% year over year. Portfolio occupancy stood at 99%. The lease recapture rate hit 103%, meaning the company re-leased space at higher rents than it was getting before. Realty Income invested $2.8 billion in the quarter at a 7% initial cash yield, and management raised full-year investment guidance to $9.5 billion from $8.0 billion.
Those are the operating metrics of a healthy, productive asset class. The macro backdrop agrees: U.S. retail sales hit $763.7 billion in May 2026, the highest reading of the trailing 12 months and the 92nd percentile of the period. Consumers are spending. Realty Income’s tenants — including Dollar General, 7-Eleven, Walgreens and Wawa — sit on the receiving end of that spending.
The Payout Math the Doomsayers Ignore Detractors point to a P/E ratio of 52 and argue the dividend is uncovered. That is a misread of how REITs work. The relevant denominator is AFFO, not GAAP EPS. 2026 AFFO guidance of $4.41 to $4.44 against an annualized dividend of $3.246 works out to a payout ratio in the low 70s. That is comfortable. The forward P/E of 40 also accounts for the depreciation distortion that always inflates REIT trailing earnings multiples.
Net debt to annualized pro forma adjusted EBITDAre fell to 5.2x from 5.4x. Credit ratings sit at A3 from Moody’s and A- from S&P. The company just priced $800 million of 4.750% notes due 2033 and a €600 million Eurobond at 4%. Toxic borrowers do not get that paper at those prices.
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The Market Is Already Quietly Reversing While the “retail REITs are dead” narrative persists in headlines, the stock is voting differently. Realty Income is up 17% over the past year and 14% year to date. That outpaces the Real Estate Select Sector SPDR ETF (NYSEARCA:XLRE), which gained 13% over the same one-year window. Shares closed at $63.04 on June 29, 2026, after a 4% one-week move.
News sentiment is also turning. Of 50 recent articles, 48% scored somewhat-bullish and only 2% somewhat-bearish. Wall Street currently holds three Strong Buy ratings, five Buy ratings and 15 Hold ratings alongside an average price target of $67.90.
The Dividend Scorecard Grading this dividend the way an income investor should:
Yield: ~5%, with a 1% spread over the 10-Year Treasury. Adequate. Coverage: AFFO payout ratio in the low 70s against $4.41 to $4.44 guided AFFO. Strong. Growth streak: 114 consecutive quarterly increases and 670 consecutive monthly payments. Best in class. Growth rate: Monthly payout rose from 26 cents in June 2025 to 27 cents in June 2026. Modest but positive. Balance sheet: 5.2x net debt to EBITDAre, A-rated credit. Strong. Composite grade: A-
The only deduction is the modest dividend growth rate, which reflects deliberate capital allocation discipline rather than weakness.
What CEO Sumit Roy Is Actually Building CEO Sumit Roy used the Q1 call to reframe the business as a private-capital aggregator with a public dividend wrapper. The Apollo partnership put $1.0 billion of insurance capital into 492 retail properties. The GIC partnership added construction financing capacity. The U.S. Core Plus fund closed a $1.7 billion cornerstone capital raise.
Roy’s own framing: “Several years ago, we identified a potential concentration risk in relying primarily on public equity markets, where pricing, at times, can become disconnected from underlying operating performance and this discrepancy persists for prolonged periods.” Translation: management knows the stock is mispriced and is building around the public market rather than waiting for it to catch up.
What to Watch Next The next dividend declaration will likely tick higher again. The next earnings report will test whether the $9.5 billion investment pace is holding and whether the lease recapture rate stays above 100%. If 10-Year Treasury yields keep drifting lower from the recent 5% May peak, the discount the market applied to retail REITs starts to look even more anachronistic. The market called this dividend stream toxic. The check that just cleared says otherwise.
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Realty Income vytvořila s Cloud Capital a globálním institucionálním investorem společný podnik pro hyperscale datová centra. Firma plánuje investovat až 1,4 miliardy USD za 45% podíl v portfoliu tří aktiv.
- Realty Income, Global Institutional Investor, and Cloud Capital Form JV to Invest in Hyperscale Data Centers
- Realty Income Expects to Invest up to $1.4 Billion for 45% Equity Stake in a Three-Asset Northern Virginia Portfolio
- JV to Acquire One Stabilized Asset in the Third Quarter of 2026 and Two Assets Under Development at a Future Date
- 100% Leased or Pre-Leased Portfolio to Investment‑Grade Hyperscale Tenants Under Long‑Duration Leases
, /PRNewswire/ -- Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today announced a strategic joint venture with Cloud Capital and its affiliates ("Cloud Capital") and a global institutional investor (the "Global Investor"). The joint venture intends to invest in a diversified portfolio of stabilized hyperscale assets leased to investment-grade tenants under long-duration, triple-net leases. The joint venture has committed to acquire three data center assets which are in strategically located markets and leased to hyperscale tenants (the "Portfolio"). The programmatic nature of the joint venture will provide a platform for Realty Income to take advantage of future investments in qualifying data center developments and acquisitions within the United States and Europe.
"Today's announcement affirms the strength of our business model and its ability to translate across sectors, including digital infrastructure," said Sumit Roy, President and Chief Executive Officer of Realty Income. "We are pleased to advance a scaled digital infrastructure platform while deepening our programmatic relationship with Cloud Capital, which is vertically integrated with CloudHQ, a best-in-class developer and operator. The combination of high-quality data center assets leased to investment-grade tenants, long-duration triple-net leases, and an attractive return profile reflects our disciplined approach to capital allocation and value creation."
"Hyperscale customers need infrastructure delivered at unprecedented scale and pace," said Hossein Fateh, Founder and Chief Executive Officer of Cloud Capital and CloudHQ. "Partnering with Realty Income and the Global Investor brings together the capital and the operating expertise to meet that demand and to extend our leadership in the sector."
Realty Income expects to invest up to $1.4 billion that will be funded over time, with initial investments of approximately $700 million expected to be funded between the second and third quarter of 2026. As part of the transaction, Realty Income will acquire an initial 45% interest in the first Portfolio asset, a stabilized hyperscale data center asset located in Northern Virginia's "data center alley" that is fully leased to an investment-grade hyperscale tenant under a long-term triple-net lease. Realty Income has also agreed to acquire similar interests in two assets under development upon completion in the coming years, subject to certain conditions being satisfied. CloudHQ, a leading private global data center company, will provide property management and development management services to the Portfolio. Cloud Capital will hold a minority investment in the Portfolio.
The transaction is expected to generate an attractive cash-on-cash yield consistent with Realty Income's targets.
Transaction Highlights:
The assets in the Portfolio are in Northern Virginia's "data center alley," one of the world's largest and most important data center markets. The assets are underpinned by 15-year to 20-year triple‑net lease agreements with investment‑grade hyperscale tenants, featuring embedded annual rent escalators customary for these types of hyperscale data centers. The assets are expected to support the mega-trends of cloud computing and artificial intelligence, demonstrating the long-term strategic importance of the Portfolio. The joint venture is programmatic, allowing Realty Income to take advantage of future investments in qualifying data center developments and acquisitions within the United States and Europe. Moelis & Company LLC served as financial advisor and Latham & Watkins LLP served as legal counsel to Realty Income. Goldman Sachs & Co. LLC served as financial advisor and Jones Day served as legal counsel to Cloud Capital.
About Realty Income
Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies®. Founded in 1969, we serve our clients as a full-service real estate capital provider. As of March 31, 2026, we have a portfolio of over 15,500 properties in all 50 U.S. states, the U.K., and eight other countries in Europe. We are known as "The Monthly Dividend Company®" and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our founding, we have declared 672 consecutive monthly dividends and are a member of the S&P 500 Dividend Aristocrats® index for having increased our dividend for over 31 consecutive years. Additional information about the company can be found at www.realtyincome.com. Investors and others should note that we announce material financial and operational information to our investors using our investor relations website (www.realtyincome.com/investors), press releases, SEC filings and public conference calls and webcasts.
About Cloud Capital
Cloud Capital is a leading global specialized investment management firm focused on acquiring, managing and operating high-quality data centers. Since 2020, Cloud Capital has acquired a portfolio of 30 data center assets worldwide valued at over $12 billion, employing a rigorous and disciplined underwriting process for both proprietary and off-market data center transactions and active hands-on asset management. Cloud Capital has offices in Washington, D.C., San Francisco, CA, and London.
For more information, please visit: www.cloudcapital.com
About CloudHQ
CloudHQ is a global data center company that partners with the world's largest technology companies to provide reliable and secure power and operating infrastructure. CloudHQ's state-of-the-art facilities and expert team ensure its clients have the support to drive their businesses forward at the speed they need. With a focus on flexibility, scalability, and customer service, CloudHQ is the partner of choice for leading technology firms around the world.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, the words "estimate," "anticipate," "assume," "expect," "believe," "intend," "continue," "should," "may," "likely," "plan," "seek," and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions of the joint venture with Cloud Capital and the Global Investor; joint ventures, partnerships, and portfolio including management and ownership thereof; growth and capital strategies including our private capital business, investment pipeline and intentions to acquire or dispose of properties (including geographies, timing, partners, clients and terms); re-leases, re-development and speculative development of properties and expenditures related thereto; and macroeconomic and other business trends. Forward-looking statements are subject to risks, uncertainties, and assumptions about us, which may cause our actual future results to differ materially from expected results. Some of the factors that could cause actual results to differ materially are, among others, our continued qualification as a real estate investment trust; general domestic and foreign business, economic, or financial conditions; competition; fluctuating interest and currency rates; inflation and its impact on our clients and us; access to debt and equity capital markets and other sources of funding (including the terms, structure and partners of such funding); volatility and uncertainty in the credit and financial markets; other risks inherent in real estate, private capital, credit and mezzanine investments, and joint ventures or co-investment ventures, including solvency, defaults under leases, bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments (including rights of first refusal or rights of first offer), and potential damages from natural disasters; impairments in the value of our real estate assets; volatility and changes in domestic and foreign laws and the application, enforcement or interpretation thereof (including with respect to tax laws and rates); property ownership through co-investment ventures, funds, joint ventures, partnerships and other arrangements which, among other things, may transfer or limit our control of the underlying investments; epidemics or pandemics; the loss of key personnel; the threat and outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism and war; the anticipated benefits from mergers, acquisitions, co-investment ventures, funds, joint ventures, partnerships and other arrangements; and those additional risks and factors discussed in our reports filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are not guarantees of future plans and performance and speak only as of the date of this press release. Past operating results and performance are provided for informational purposes and are not a guarantee of future results. There can be no assurance that historical trends will continue. Actual plans and results may differ materially from what is expressed or forecasted in this press release and expectations and forecasts made in the forward-looking statements discussed in this press release may not materialize. We do not undertake any obligation to update forward-looking statements or publicly release the results of any forward-looking statements that may be made to reflect events or circumstances after the date these statements were made or to reflect the occurrence of unanticipated events.
Realty Income stanovila cenu emise seniorních nezajištěných dluhopisů v objemu 600 milionů EUR s kupónem 3,625 % a splatností v červenci 2032. Čistý výtěžek použije na obecné firemní účely.
, /PRNewswire/ -- Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today announced the pricing of a public offering of €600 million of 3.625% senior unsecured notes due July 30, 2032 (the "Notes"). The public offering price for the Notes was 99.518% of the principal amount for an effective annual yield to maturity of 3.716%.
The net proceeds from this offering will be used for general corporate purposes, which may include, among other things, the repayment or repurchase of our indebtedness, including borrowings under our revolving credit facilities and commercial paper programs, foreign currency swaps or other hedging instruments, the development, redevelopment and acquisition of additional properties, acquisition or business combination transactions, and the expansion and improvement of certain properties in our portfolio.
This offering is expected to close on July 7, 2026, subject to the satisfaction of customary closing conditions.
The active joint book-running managers for the offering are Barclays, BNP PARIBAS, RBC Capital Markets, Santander, and Wells Fargo Securities.
A copy of the prospectus supplement and prospectus, when available, related to this offering may be obtained by contacting: Barclays Bank PLC by telephone at 1-888-603-5847, BNP PARIBAS by telephone at +44 (0)20-7595-8222, RBC Europe Limited by telephone at +44 (0)20-7029-7031, Banco Santander, S.A. by telephone at +34-91-257-2029, and Wells Fargo Securities International Limited by telephone at 1-800-645-3751.
These securities are offered pursuant to a Registration Statement that has become effective under the Securities Act of 1933, as amended. These securities are only offered by means of the prospectus included in the Registration Statement and the prospectus supplement related to the offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer or sale of these securities in any state or other jurisdiction where, or to any person to whom, the offer, solicitation, or sale of these securities would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Realty Income
Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies®. Founded in 1969, we serve our clients as a full-service real estate capital provider. As of March 31, 2026, we have a portfolio of over 15,500 properties in all 50 U.S. states, the U.K., and eight other countries in Europe. We are known as "The Monthly Dividend Company®" and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our founding, we have declared 672 consecutive monthly dividends and are a member of the S&P 500 Dividend Aristocrats® index for having increased our dividend for over 31 consecutive years. Additional information about the company can be found at www.realtyincome.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, the words "estimate," "anticipate," "assume," "expect," "believe," "intend," "continue," "should," "may," "likely," "plan," "seek," and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions of our business, strategy, plans, and the intentions of management; joint ventures, partnerships and portfolio including management thereof; our platform; growth and capital strategies; and dividends, including the amount, timing and payments of dividends. Forward-looking statements are subject to risks, uncertainties, and assumptions about us which may cause our actual future results to differ materially from expected results. Some of the factors that could cause actual results to differ materially are, among others, our continued qualification as a real estate investment trust; general domestic and foreign business, economic, or financial conditions; competition; fluctuating interest and currency rates; inflation and its impact on our clients and us; access to debt and equity capital markets and other sources of funding (including the terms, structure and partners of such funding); volatility and uncertainty in the credit and financial markets; other risks inherent in real estate, private capital, credit and mezzanine investments, and joint ventures or co-investment ventures including solvency, defaults under leases, bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments (including rights of first refusal or rights of first offer), and potential damages from natural disasters; impairments in the value of our real estate assets; volatility and changes in domestic and foreign laws and the application, enforcement or interpretation thereof (including with respect to tax laws and rates); property ownership through co-investment ventures, funds, joint ventures, partnerships and other arrangements which, among other things, may transfer or limit our control of the underlying investments; epidemics or pandemics; the loss of key personnel; the threat and outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism and war; the anticipated benefits from mergers, acquisitions, co-investment ventures, funds, joint ventures, partnerships, and other arrangements; and those additional risks and factors discussed in our reports filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are not guarantees of future plans and performance and speak only as of the date of this press release. Past operating results and performance are provided for informational purposes and are not a guarantee of future results. There can be no assurance that historical trends will continue. Actual plans and results may differ materially from what is expressed or forecasted in this press release and forecasts made in the forward-looking statements discussed in this press release might not materialize. We do not undertake any obligation to update forward-looking statements or publicly release the results of any forward-looking statements that may be made to reflect events or circumstances after the date these statements were made or to reflect the occurrence of unanticipated events.
