Earnings summaries and quarterly performance for REALTY INCOME.
Executive leadership at REALTY INCOME.
Sumit Roy
Detailed
President and Chief Executive Officer
CEO
Gregory J. Whyte
Detailed
Executive Vice President, Chief Operating Officer
Jonathan Pong
Detailed
Executive Vice President, Chief Financial Officer, and Treasurer
Mark E. Hagan
Detailed
Executive Vice President, Chief Investment Officer
Michelle Bushore
Detailed
Executive Vice President, Chief Legal Officer, General Counsel, and Secretary
Neil M. Abraham
Detailed
Executive Vice President, Chief Strategy Officer and President, Realty Income International
Shannon Kehle
Detailed
Executive Vice President, Chief People Officer
Board of directors at REALTY INCOME.
A. Larry Chapman
Detailed
Director
Gerardo I. Lopez
Detailed
Director
Gregory T. McLaughlin
Detailed
Director
Jeff A. Jacobson
Detailed
Director
Kim Hourihan
Detailed
Director
Mary Hogan Preusse
Detailed
Director
Michael D. McKee
Detailed
Non-Executive Independent Chairman of the Board
Priscilla Almodovar
Detailed
Director
Priya Cherian Huskins
Detailed
Director
Reginald H. Gilyard
Detailed
Director
Research analysts who have asked questions during REALTY INCOME earnings calls.
Brad Heffern
RBC Capital Markets
4 questions for O
Also covers: ADC, AMH, AVB +15 more
Ronald Kamdem
Morgan Stanley
4 questions for O
Also covers: AAT, ADC, AHR +36 more
Upal Rana
KeyBanc Capital Markets
4 questions for O
Also covers: ADC, BDN, BNL +9 more
Greg McGinniss
Scotiabank
3 questions for O
Also covers: BRX, COLD, EPRT +14 more
Haendel St. Juste
Mizuho Financial Group
3 questions for O
Also covers: AAT, ADC, AIV +21 more
Jay Kornreich
Wedbush Securities
3 questions for O
Also covers: APLE, BNL, EPRT +6 more
Wesley Golladay
Robert W. Baird & Co.
3 questions for O
Also covers: ADC, AHR, ARE +23 more
Linda Tsai
Jefferies
2 questions for O
Also covers: ADC, AKR, AMH +31 more
Michael Goldsmith
UBS
2 questions for O
Also covers: ADC, AHR, AMH +33 more
Omotayo Okusanya
Deutsche Bank AG
2 questions for O
Also covers: AMH, ARE, BDN +40 more
Ryan Caviola
Green Street
2 questions for O
Also covers: BNL, EPRT, WPC
Alec Feygin
Robert W. Baird & Co. Incorporated
1 question for O
Also covers: CTRE, FCPT, GMRE +6 more
Anthony Paolone
JPMorgan Chase & Co.
1 question for O
Also covers: ARE, BDN, BNL +29 more
Bennett Rose
Citigroup
1 question for O
Also covers: ADC, DRH, EPR +8 more
Catherine Greg
UBS
1 question for O
Also covers: EPR
Daniel Byun
Bank of America
1 question for O
Also covers: GTY
Elmer Chang
Scotiabank
1 question for O
Also covers: NTST, SBRA, VTR
Eric Borden
BMO Capital Markets
1 question for O
Also covers: ADC, BNL, EGP +5 more
Jason Wayne
Barclays
1 question for O
Also covers: ELS, FCPT, SUI +1 more
Jason Wen
Barclays
1 question for O
John Kilichowski
Wells Fargo & Company
1 question for O
Also covers: ADC, CTRE, EPRT +15 more
Linda Yu Tsai
Jefferies Financial Group Inc.
1 question for O
Also covers: ADC, AKR, BRX +11 more
Matti Fares
Citigroup Inc.
1 question for O
Ravi Babin
Mizuho Financial Group
1 question for O
Rich Hightower
Barclays
1 question for O
Also covers: ADC, AMH, AVB +18 more
R.J. Milligan
Raymond James
1 question for O
Also covers: ADC, CTO, FCPT +5 more
Ryan Taboo
Green Street
1 question for O
Smedes Rose
Citigroup
1 question for O
Also covers: ADC, DRH, EPR +16 more
Spenser Allaway
Green Street
1 question for O
Also covers: ADC, BNL, CUBE +6 more
William John Kilichowski
Wells Fargo
1 question for O
Also covers: ADC, CTRE, EPR +14 more
Recent press releases and 8-K filings for O.
Realty Income announces $800 million preferred equity investment in CityCenter Las Vegas
O
New Projects/Investments
Guidance Update
- Realty Income entered a definitive agreement to make a $800 million perpetual preferred equity investment in CityCenter’s ARIA Resort & Casino and Vdara Hotel & Spa, with Blackstone Real Estate retaining common equity and MGM Resorts International continuing operations.
- The preferred equity carries an unlevered initial IRR of 7.4%, annual capped escalators from the fifth anniversary, early redemption premiums (3% before one year; 2% between years one and four), and a make-whole provision to secure an 8.325% IRR on redeemed amounts.
- The company increased its 2025 investment volume guidance to over $6.0 billion (from ~$5.5 billion), supported by $417 million of cash as of Q3 and $1.3 billion of unsettled forward equity; the transaction is expected to close December 9, 2025.
5 days ago
Realty Income makes $800M preferred equity investment in CityCenter Las Vegas
O
New Projects/Investments
Guidance Update
- Realty Income will invest $800 million of perpetual preferred equity in CityCenter’s ARIA Resort & Casino and Vdara Hotel & Spa, owned by Blackstone-affiliated funds and operated by MGM Resorts International.
- The investment carries an initial unlevered yield of 7.4%, with annual capped escalators from year five, early redemption premiums, and a make-whole mechanism to ensure an 8.325% unlevered IRR.
- Funding is fully equity-backed, comprising $417 million of cash as of Q3 2025 and $1.3 billion of unsettled forward equity, with closing expected on December 9, 2025.
- Realty Income raises its 2025 investment volume guidance to over $6.0 billion in conjunction with this transaction.
- The property is under a triple-net lease with approximately 26 years remaining initial term plus three 10-year extension options.
5 days ago
Realty Income announces £900 million sterling term loan
O
Debt Issuance
- Closed a £900 million unsecured sterling term loan maturing January 18, 2028, with one twelve-month extension option, to repay sterling borrowings on its $4.0 billion revolver and prefund its January 2026 term loan.
- Borrowings carry an Applicable Margin of 0.80% over SONIA based on the Company’s A3/A⁻ credit ratings.
- Executed two-year variable-to-fixed interest rate swaps to fix the weighted average interest rate at 4.3% per annum over the initial term.
- Facility includes the ability to increase total commitments up to $1.35 billion through up to three incremental tranches, subject to lender commitments and customary conditions.
- Toronto Dominion (Texas) LLC is the Administrative Agent, with joint bookrunners including TD Securities (USA), The Bank of Nova Scotia, BofA Securities, and JPMorgan Chase.
Nov 18, 2025, 9:12 PM
Realty Income closes £900M sterling term loan
O
Debt Issuance
- Closed a £900 million sterling-denominated unsecured term loan maturing January 2028 with a one-year extension option; proceeds will refinance the January 2026 sterling tranche and repay revolving credit facility borrowings
- Borrowing rate set at 80 bps over SONIA based on A3/A- credit ratings; executed two-year swaps to fix the weighted average interest rate at 4.3%
- Transaction lowers all-in fixed rate on upcoming sterling obligations and enhances the company’s international financial flexibility
Nov 18, 2025, 9:05 PM
Realty Income launches 150 million-share ATM equity program
O
- On November 7, 2025, Realty Income entered into a Sales Agreement with a syndicate of agents and forward sellers to offer and sell up to 150,000,000 shares of its common stock through an at-the-market (“ATM”) program.
- The new ATM program replaces the prior program (120,000,000 shares), under which 65,033,051 shares were sold, with the prior agreement terminated concurrently.
- Sales may occur via ordinary brokers’ transactions, at prevailing market or negotiated prices, including block trades, and the company may enter into forward sale agreements to hedge exposure, with physical, cash or net-share settlement options.
- Realty Income expects to use net proceeds for general corporate purposes, including debt repayment, property development and acquisitions, and hedging activities.
- Commissions payable to agents and forward sellers will not exceed 2.0% of the gross sales price, subject to agreed adjustments.
Nov 7, 2025, 1:48 PM
Orion Properties announces Q3 2025 results
O
Earnings
Dividends
Guidance Update
- Recorded total revenues of $37.1 million and a net loss of $(69.0) million (−$1.23 per share) in Q3 2025, versus $39.2 million and $(10.2) million in Q3 2024.
- Generated FFO of $6.6 million ($0.12 per share) and Core FFO of $11.0 million ($0.19 per share) for the quarter.
- Completed 303,000 sq ft of leasing in Q3 (YTD: 919,000 sq ft) and sold three properties for $21.8 million during the quarter.
- Declared a $0.02 per share dividend for Q4 2025 and raised 2025 guidance to $0.74–$0.76 Core FFO per share with a Net Debt/Adjusted EBITDA target of 6.7×–7.2×.
Nov 6, 2025, 9:15 PM
Realty Income reports Q3 2025 investment activity and raises guidance
O
Earnings
Guidance Update
Debt Issuance
- $1.4B invested globally in Q3 at a 7.7% initial yield (ytd volume > $3.9B); 2025 investment volume guidance increased to ~$5.5B (from $5B)
- Deployment by region: Europe led with $1B (72% of Q3 volume) at 8% yield; U.S. investments totaled $380M at 7% yield, reflecting continued selectivity
- Portfolio and operations: 15,500 properties in 92 industries; 98.7% occupancy; rent recapture of 103.5%; sold 140 assets for $215M; recognized $27.3M of lease termination income (~$0.03/share)
- Financial position: net debt/EBITDA at 5.4x, fixed charge coverage at 4.6x, $3.5B liquidity; closed $800M unsecured debt at 4.4% yield; $1B forward equity available
Nov 3, 2025, 10:00 PM
Realty Income reports Q3 2025 results
O
Earnings
Guidance Update
Debt Issuance
- $1.4 B Q3 investment at 7.7% weighted average initial cash yield (≈220 bps spread), bringing YTD volume to >$3.9 B; regional split: Europe $1 B at 8% (72% of Q3 volume) and U.S. $380 M at 7%
- Operational metrics: portfolio occupancy 98.7%, rent recapture 103.5% on 284 leases ($71 M new cash rents); sold 140 properties for $215 M net proceeds; recognized $27.3 M lease termination income ($0.03/share)
- Balance sheet: net debt/EBITDA 5.4×, fixed charge coverage 4.6×, $3.5 B liquidity; issued $800 M unsecured debt (5.3-year blended tenor, 4.4% yield) to redeem $550 M of higher-coupon notes; ~$1 B forward equity available
- 2025 outlook: raised investment volume guidance from $5 B to $5.5 B; AFFO/share guidance increased to $4.25–$4.27; credit watch list stable at 4.6% of annualized base rent (2 bps median), with 75 bps credit loss assumption
Nov 3, 2025, 10:00 PM
Realty Income reports Q3 2025 results
O
Earnings
Guidance Update
Debt Issuance
- Invested $1.4 billion in Q3 at a 7.7% initial cash yield (including $1 billion in Europe at 8.0% and $380 million in the U.S. at 7.0%)
- Sourced $97 billion of investment opportunities YTD—surpassing the prior high of $95 billion—with quarter-end occupancy at 98.7% and rent recapture of 103.5%
- Raised full-year AFFO/share guidance to $4.25–$4.27 and increased 2025 investment volume target to ~$5.5 billion
- Maintained strong leverage with net debt to annualized pro forma EBITDAre at 5.4×, fixed charge coverage at 4.6×, plus ~$1 billion of unsettled forward equity and $800 million of senior notes at 4.4% yield
Nov 3, 2025, 10:00 PM
Realty Income reports Q3 2025 results
O
Earnings
Guidance Update
Debt Issuance
- Global investment of $1.4 billion at a 7.7% weighted average initial cash yield in Q3, bringing year-to-date volume to north of $3.9 billion and prompting 2025 investment guidance raise to ~$5.5 billion
- Increased 2025 AFFO per share guidance to $4.25–$4.27, reflecting ~75 bp of expected credit losses
- Completed an $800 million dual-tranche unsecured debt offering post-quarter with a 5.3-year blended tenor and 4.4% yield, refinancing $550 million of higher-cost notes
- Maintained 98.7% portfolio occupancy with a 103.5% rent recapture rate, and executed dispositions of 140 properties for $215 million in net proceeds
Nov 3, 2025, 10:00 PM
Quarterly earnings call transcripts for REALTY INCOME.
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