Earnings summaries and quarterly performance for REALTY INCOME.
Executive leadership at REALTY INCOME.
Sumit Roy
Detailed
President and Chief Executive Officer
CEO
GJ
Gregory J. Whyte
Detailed
Executive Vice President, Chief Operating Officer
JP
Jonathan Pong
Detailed
Executive Vice President, Chief Financial Officer, and Treasurer
ME
Mark E. Hagan
Detailed
Executive Vice President, Chief Investment Officer
MB
Michelle Bushore
Detailed
Executive Vice President, Chief Legal Officer, General Counsel, and Secretary
NM
Neil M. Abraham
Detailed
Executive Vice President, Chief Strategy Officer and President, Realty Income International
SK
Shannon Kehle
Detailed
Executive Vice President, Chief People Officer
Board of directors at REALTY INCOME.
AL
A. Larry Chapman
Detailed
Director
GI
Gerardo I. Lopez
Detailed
Director
GT
Gregory T. McLaughlin
Detailed
Director
JA
Jeff A. Jacobson
Detailed
Director
KH
Kim Hourihan
Detailed
Director
MH
Mary Hogan Preusse
Detailed
Director
MD
Michael D. McKee
Detailed
Non-Executive Independent Chairman of the Board
PA
Priscilla Almodovar
Detailed
Director
PC
Priya Cherian Huskins
Detailed
Director
RH
Reginald H. Gilyard
Detailed
Director
Research analysts who have asked questions during REALTY INCOME earnings calls.
Brad Heffern
RBC Capital Markets
6 questions for O
Also covers: ADC, AMH, AVB +16 more
RK
Ronald Kamdem
Morgan Stanley
6 questions for O
Also covers: AAT, ADC, AHR +37 more
Upal Rana
KeyBanc Capital Markets
6 questions for O
Also covers: ADC, BDN, BNL +9 more
Greg McGinniss
Scotiabank
5 questions for O
Also covers: BRX, COLD, EPRT +14 more
HS
Haendel St. Juste
Mizuho Financial Group
5 questions for O
Also covers: AAT, ADC, AIV +21 more
Jay Kornreich
Wedbush Securities
5 questions for O
Also covers: APLE, BNL, CTO +10 more
Linda Tsai
Jefferies
4 questions for O
Also covers: ADC, AKR, AMH +32 more
Michael Goldsmith
UBS
4 questions for O
Also covers: ADC, AHR, AMH +39 more
OO
Omotayo Okusanya
Deutsche Bank AG
4 questions for O
Also covers: AMH, ARE, AVB +43 more
WG
Wesley Golladay
Robert W. Baird & Co.
4 questions for O
Also covers: ADC, AHR, ARE +25 more
Eric Borden
BMO Capital Markets
3 questions for O
Also covers: ADC, BNL, EGP +5 more
Jason Wayne
Barclays
3 questions for O
Also covers: AMH, ELS, FCPT +3 more
SR
Smedes Rose
Citigroup
3 questions for O
Also covers: ADC, ALX, DEA +19 more
JE
James Emmer
Evercore ISI
2 questions for O
JK
John Kaczynski
Wells Fargo
2 questions for O
JD
Joshua Dennerlein
BofA Securities
2 questions for O
Also covers: AHR, AMH, ARE +20 more
RC
Ryan Caviola
Green Street
2 questions for O
Also covers: BNL, EPRT, WPC
SG
Spenser Glimcher
Green Street Advisors, LLC
2 questions for O
Also covers: ADC, CUBE, EPR +4 more
Alec Feygin
Robert W. Baird & Co. Incorporated
1 question for O
Also covers: CTRE, FCPT, GMRE +6 more
AP
Anthony Paolone
JPMorgan Chase & Co.
1 question for O
Also covers: ALX, ARE, AVB +32 more
BR
Bennett Rose
Citigroup
1 question for O
Also covers: ADC, DRH, EPR +8 more
CG
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, OHI, SBRA +1 more
JW
Jason Wen
Barclays
1 question for O
John Kilichowski
Wells Fargo & Company
1 question for O
Also covers: ADC, CTRE, EPR +17 more
LY
Linda Yu Tsai
Jefferies Financial Group Inc.
1 question for O
Also covers: ADC, AKR, BRX +11 more
MF
Matti Fares
Citigroup Inc.
1 question for O
RB
Ravi Babin
Mizuho Financial Group
1 question for O
Rich Hightower
Barclays
1 question for O
Also covers: ADC, AMH, APLE +23 more
RM
R.J. Milligan
Raymond James
1 question for O
Also covers: ADC, CTO, FCPT +5 more
RT
Ryan Taboo
Green Street
1 question for O
SA
Spenser Allaway
Green Street
1 question for O
Also covers: ADC, BNL, CUBE +8 more
WG
Wes Golladay
Baird
1 question for O
Also covers: CTRE, DOC, ESS +6 more
WJ
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 reports Q4 2025 operational and financial results
O
Earnings
Dividends
- Portfolio scale: enterprise value of ~$82 billion, 15,511 properties across 10 countries, $5.3 billion in annualized base rent, and 98.9% occupancy rate.
- Net leverage: net debt of $29.3 billion with net debt to annualized adjusted EBITDAre of 5.5×, backed by A3/A- credit ratings.
- AFFO per share: diluted AFFO per share of $4.19 in 2025, up from $4.00 in 2024, representing approximately 4.8% year-over-year growth.
- Dividend profile: declared annualized dividend per share of $3.240, yielding ~5.7%, with 113 consecutive quarterly increases and a 31-year streak of annual dividend growth at a 4.2% CAGR.
3 days ago
Realty Income reports Q4 2025 results
O
Earnings
Guidance Update
New Projects/Investments
- Delivered AFFO per share of $1.08 in Q4 and $4.28 for FY 2025, with 98.9% occupancy and 103.9% rent recapture reinforcing portfolio stability.
- Deployed approximately $2.4 billion (pro rata $2.3 billion) in Q4 at a 7.1% initial cash yield; full-year acquisitions totaled $6.3 billion (pro rata $6.2 billion) at 7.3%, and 2026 investment guidance is $8 billion.
- Ended 2025 with $4.1 billion of pro rata liquidity, net debt/adjusted EBITDA of 5.4×, issued $862 million of 3.5% convertible notes and repurchased $102 million of stock.
- 2026 guidance includes AFFO per share of $4.38–$4.42 and credit-loss assumptions of 40–50 bps of rental revenue.
- Launched a $1.5 billion open-end perpetual fund, formed a programmatic $1.5 billion JV with GIC for build-to-suit industrial, and expanded into Mexico under a strategic partnership.
3 days ago
Realty Income reports Q4 2025 results
O
Earnings
Guidance Update
New Projects/Investments
- AFFO per share of $1.08 in Q4 and $4.28 for FY 2025; portfolio occupancy at 98.9% with 103.9% rent recapture.
- Q4 acquisitions of $2.4 billion gross ($2.3 billion pro rata) at a 7.1% initial cash yield; FY 2025 acquisitions of $6.3 billion gross ($6.2 billion pro rata) at 7.3% yield; sold 425 properties for $744 million.
- Ended year with over $4.1 billion pro rata liquidity and net debt/EBITDA of 5.4×; issued $862 million convertible note at 3.5%, using $102 million to repurchase shares and repaying a $500 million note.
- 2026 guidance: AFFO per share of $4.38–$4.42, $8 billion of investment capacity, and 40–50 bps of credit losses versus 70 bps in 2025.
- Entered Mexico industrial market and U.S. build-to-suit JV with GIC ($1.5 billion), closing first $58.5 million transaction in Dallas.
3 days ago
Realty Income reports Q4 2025 results
O
Earnings
Guidance Update
New Projects/Investments
- Realty Income delivered AFFO per share of $1.08 in Q4 and $4.28 for FY 2025, with 98.9% occupancy and 103.9% rent recapture.
- The company deployed $2.4 billion in Q4 (and $6.3 billion for FY 2025) at 7.1% (7.3% pro rata) initial cash yield, and sold 425 properties for $744 million to redeploy capital.
- Balance sheet strengthened with $4.1 billion of liquidity, net debt/adj. EBITDA of 5.4×, and a $862 million convertible note issuance at 3.5%, partially used to repurchase shares and refinance higher-cost debt.
- 2026 guidance includes AFFO per share of $4.38–$4.42, an $8 billion investment plan, credit-loss assumption of 40–50 bps, lease termination income of $30–40 million, and margin targets of 1.5% property expenses and 20–23 bps cash G&A.
- The firm launched a $1.5 billion U.S. open-end perpetual fund and entered strategic partnerships with GIC and Blackstone for industrial build-to-suit and preferred equity investments.
3 days ago
Realty Income reports Q4 2025 operating results
O
Earnings
Guidance Update
Debt Issuance
- Realty Income reported Q4 2025 net income of $296.1 million ( $0.32 per share ) and AFFO of $1.08 per share.
- For the year ended December 31, 2025, net income was $1.06 billion ( $1.17 per share ) and AFFO was $4.28 per share.
- Investment activity totaled $2.4 billion in Q4 2025 (pro-rata $2.3 billion at a 7.1% yield) and $6.3 billion for the full year (pro-rata $6.2 billion at 7.3%).
- Leverage remained at 5.4x Net Debt to annualized pro forma Adjusted EBITDAre, and the company settled 14.0 million ATM shares for $817.8 million in Q4.
- Subsequent to quarter end, issued $862.5 million of 3.50% convertible notes due 2029, raised $1.5 billion for its inaugural Open-End Core Plus Fund, and guided 2026 AFFO of $4.38–$4.42 per share.
3 days ago
Realty Income reports Q4 and FY2025 results
O
Earnings
Guidance Update
Debt Issuance
- In Q4 2025, Realty Income generated $296.1 million of net income available to common stockholders ( $0.32/share ) and $1.08 of AFFO per share; for the full year, net income was $1.1 billion ( $1.17/share ) and AFFO was $4.28 per share.
- The company invested $2.4 billion in Q4 (pro-rata share $2.3 billion) at a 7.1% initial cash yield; full-year investments totaled $6.3 billion (pro-rata $6.2 billion) at 7.3% yield.
- 2026 guidance includes AFFO per share of $4.38–$4.42, investment volume of ~$8.0 billion, and same-store rent growth of 1.0%–1.3%.
- As of December 31, 2025, the company had $4.1 billion of available liquidity on a pro-rata basis and in January 2026 issued $862.5 million of 3.500% convertible senior notes due 2029.
3 days ago
Realty Income raises 2025 guidance, eyes pivotal Q4 report
O
Guidance Update
New Projects/Investments
Dividends
- 2025 investment-volume guidance raised to $5.5 billion; full-year AFFO/share guidance also increased
- Strategic growth moves: logistics partnership with GIC targeting >$1.5 billion, $200 million industrial commitment in Mexico, and $862.5 million convertible note placement
- Q4 2025 results due Feb 24, 2026, with consensus EPS ~$0.66 and AFFO ~$1.08; analysts will watch for 2026 AFFO guidance and progress on the $5.5 billion target
- Stock near a 52-week high of $67, up ~19% YTD, with a monthly $0.27 dividend (≈4.9% yield; ex-dividend Feb 27, 2026)
4 days ago
Realty Income establishes strategic partnership with GIC
O
New Projects/Investments
- Realty Income and GIC form a $1.5 billion+ JV to develop build-to-suit U.S. logistics assets under long-term net leases to investment-grade tenants.
- Realty Income commits $200 million to finance and acquire a U.S. dollar-denominated industrial portfolio in Mexico City and Guadalajara—its first investment in Mexico.
- GIC closes as cornerstone investor in Realty Income’s U.S. Core Plus fund, advancing the company’s private capital initiative to diversify funding sources and expand its investable universe.
Jan 12, 2026, 12:30 PM
Realty Income closes $862.5M convertible senior notes offering
O
Debt Issuance
Share Buyback
- Realty Income closed its private offering of $862.5 million aggregate principal amount of 3.500% convertible senior notes due 2029, including full exercise of a $112.5 million option.
- Net proceeds were approximately $845.5 million, which Realty Income plans to use for general corporate purposes, including debt repayment, hedging, property development and acquisitions.
- Approximately $101.9 million of the net proceeds were used to repurchase 1.8 million shares of common stock concurrently with the offering.
- The notes are initially convertible into common stock at a rate of 14.4051 shares per $1,000 principal amount.
Jan 8, 2026, 9:17 PM
Realty Income closes $862.5 M convertible senior notes offering
O
Debt Issuance
- Realty Income closed a private offering of $862.5 million aggregate principal amount of 3.500% convertible senior notes due 2029, including full exercise of a $112.5 million additional-notes option.
- Net proceeds were approximately $845.5 million, of which $101.9 million funded the repurchase of ~1.8 million common shares concurrently with pricing.
- The company intends to use the majority of proceeds for general corporate purposes, including repayment of indebtedness (notably $500 million of 5.050% senior notes due January 13, 2026), borrowings under credit facilities, property development, acquisitions and hedging.
- The notes and any common shares issuable upon conversion are unregistered under the Securities Act and were sold to qualified institutional buyers under Rule 144A.
Jan 8, 2026, 9:05 PM
Quarterly earnings call transcripts for REALTY INCOME.
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