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REALTY INCOME (O)

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Analyst Earnings Quarterly Reports

Earnings summaries and quarterly performance for REALTY INCOME.

Q3 2025

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Q2 2025

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Q1 2025

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Q4 2024

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Executives

Executive leadership at REALTY INCOME.

Sumit Roy

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 Members

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

Analyst Coverage

Research analysts who have asked questions during REALTY INCOME earnings calls.

Brad Heffern

Brad Heffern

RBC Capital Markets

4 questions for O

Also covers: ADC, AMH, AVB +15 more
RK

Ronald Kamdem

Morgan Stanley

4 questions for O

Also covers: AAT, ADC, AHR +37 more
Upal Rana

Upal Rana

KeyBanc Capital Markets

4 questions for O

Also covers: ADC, BDN, BNL +9 more
Greg McGinniss

Greg McGinniss

Scotiabank

3 questions for O

Also covers: BRX, COLD, EPRT +14 more
HS

Haendel St. Juste

Mizuho Financial Group

3 questions for O

Also covers: AAT, ADC, AIV +21 more
Jay Kornreich

Jay Kornreich

Wedbush Securities

3 questions for O

Also covers: APLE, BNL, EPRT +6 more
WG

Wesley Golladay

Robert W. Baird & Co.

3 questions for O

Also covers: ADC, AHR, ARE +23 more
Linda Tsai

Linda Tsai

Jefferies

2 questions for O

Also covers: ADC, AKR, AMH +31 more
Michael Goldsmith

Michael Goldsmith

UBS

2 questions for O

Also covers: ADC, AHR, AMH +34 more
OO

Omotayo Okusanya

Deutsche Bank AG

2 questions for O

Also covers: AMH, ARE, AVB +42 more
RC

Ryan Caviola

Green Street

2 questions for O

Also covers: BNL, EPRT, WPC
Alec Feygin

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: ARE, AVB, BDN +30 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

Daniel Byun

Bank of America

1 question for O

Also covers: GTY
Elmer Chang

Elmer Chang

Scotiabank

1 question for O

Also covers: NTST, OHI, SBRA +1 more
Eric Borden

Eric Borden

BMO Capital Markets

1 question for O

Also covers: ADC, BNL, EGP +5 more
Jason Wayne

Jason Wayne

Barclays

1 question for O

Also covers: ELS, FCPT, SUI +1 more
JW

Jason Wen

Barclays

1 question for O

John Kilichowski

John Kilichowski

Wells Fargo & Company

1 question for O

Also covers: ADC, CTRE, EPRT +15 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

Rich Hightower

Barclays

1 question for O

Also covers: ADC, AMH, AVB +19 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

SR

Smedes Rose

Citigroup

1 question for O

Also covers: ADC, DRH, EPR +16 more
SA

Spenser Allaway

Green Street

1 question for O

Also covers: ADC, BNL, CUBE +6 more
WJ

William John Kilichowski

Wells Fargo

1 question for O

Also covers: ADC, CTRE, EPR +14 more

Latest news

Recent press releases and 8-K filings for O.

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
Press Release
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
8-K
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
Press Release
Realty Income prices $750M convertible senior notes offering
O
Debt Issuance
Share Buyback
  • Realty Income priced a private offering of $750 million 3.500% convertible senior notes due 2029, with an option for an additional $112.5 million, scheduled to settle on January 8, 2026.
  • The notes accrue interest at 3.500% per annum, payable semi-annually on January 15 and July 15 (first payment July 15, 2026), and mature on January 15, 2029; initial conversion rate of 14.4051 shares per $1,000 (approximate conversion price $69.42, a 20% premium to the January 5 closing price).
  • Realty Income may redeem the notes prior to maturity as needed to preserve its REIT status, and noteholders have customary fundamental change repurchase rights.
  • Net proceeds are estimated at $735 million (or $845.5 million if the option is exercised) to be used for general corporate purposes, including repayment of debt and property investments.
  • Approximately $102.1 million of the proceeds will fund the repurchase of ~1.8 million shares of common stock concurrently with the offering.
Jan 6, 2026, 12:44 PM
8-K
Realty Income prices $750M convertible senior notes due 2029
O
Debt Issuance
Share Buyback
  • $750.0 million of 3.500% convertible senior notes due January 15, 2029, priced in a private offering and set to settle January 8, 2026, with an option for an additional $112.5 million.
  • 3.500% interest, payable semi-annually beginning July 15, 2026; initial conversion rate of 14.4051 shares per $1,000 (conversion price ~$69.42, ~20% premium to $57.85 market price).
  • Notes are senior, unsecured, redeemable at Realty Income’s option prior to maturity to maintain REIT status; convertible upon specified events and freely from October 15, 2028.
  • Net proceeds of ~$735.0 million (up to ~$845.5 million if option exercised) to fund general corporate purposes, including repayment of up to $500.0 million of 5.050% notes due 2026, development, acquisitions, hedging, and $102.1 million for share repurchases.
Jan 6, 2026, 12:00 PM
Press Release
Realty Income proposes convertible senior notes offering
O
Debt Issuance
Share Buyback
  • $750 million proposed private offering of convertible senior notes due 2029, with an option to increase by $112.5 million
  • Notes will be senior, unsecured obligations, accrue interest semi-annually, be convertible into cash and/or common stock, and include redemption rights to preserve REIT status
  • Holders may require mandatory repurchase for cash upon certain fundamental change events at principal plus accrued interest
  • Proceeds intended for general corporate purposes, including repayment of $500 million of 5.050% senior notes due January 13, 2026, borrowings under credit facilities, hedging, property investments, and concurrent share repurchases
Jan 5, 2026, 9:24 PM
8-K
Realty Income announces proposed convertible senior notes offering
O
Debt Issuance
  • Realty Income plans a private offering of $750 million aggregate principal amount of convertible senior notes due 2029, with a $112.5 million upsize option.
  • The senior unsecured notes will accrue interest semi-annually, mature on January 15, 2029, and are convertible for cash and/or common stock under specified conditions.
  • Net proceeds are earmarked for general corporate purposes, including repayment of debt (notably the $500 million 5.050% notes due 2026), property acquisitions, and common stock repurchases.
  • The notes and conversion shares will be sold in a private Rule 144A offering to qualified institutional buyers and remain unregistered.
Jan 5, 2026, 9:05 PM
Press Release
Realty Income closes $816.3 M in fund commitments, raising total to $1.5 B
O
New Projects/Investments
  • Realty Income closed an additional $816.3 million of third-party commitments for its U.S. Open-End Core Plus Fund, bringing the aggregate to $1.5 billion as of December 29, 2025.
  • The company expects to complete its cornerstone equity capital raise on or before March 31, 2026, capping total commitments in this round at $1.7 billion.
  • Assuming a full $1.7 billion raise and redemption of approx. $950 million in seed-portfolio units, Realty Income anticipates indirectly owning about 24% of the Fund’s limited partnership interests.
  • CBRE Investment Banking served as financial advisor for these closings.
Dec 29, 2025, 9:09 PM
8-K
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.
Dec 1, 2025, 10:46 PM
8-K
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.
Dec 1, 2025, 9:30 PM
Press Release

Earnings Transcripts

Quarterly earnings call transcripts for REALTY INCOME.

Q3 2025

Nov 3, 2025

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Q2 2025

Aug 6, 2025

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Q1 2025

May 5, 2025

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View All Transcripts
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