Realty Income (O) Q2 2026 earnings summary

Executive summary

• Delivered strong Q2 2026 results with net income of $344.0 million, AFFO per share up 3.8% to $1.09, and total revenue of $1.55 billion, supported by a diversified global portfolio of 15,588 properties and 98.8% occupancy.

• Raised full-year AFFO per share guidance to $4.44–$4.45, reflecting approximately 4% growth at the midpoint, and increased 2026 investment volume guidance to $10 billion.

• Expanded capital platform with major joint ventures, including a $6 billion hyperscale data center JV with Cloud Capital and new partnerships with Apollo and GIC.

• Maintained 98.8% occupancy and a weighted average lease term of 8.6 years, with 115 consecutive quarterly dividend increases and a 4.1% compound annual dividend growth rate.

• Diversified funding sources and expanded credit facilities to $5.5 billion, supporting robust liquidity and reduced reliance on public equity.

Financial highlights

• Q2 2026 net income available to common stockholders was $344.0 million, with diluted AFFO per share at $1.09 and total AFFO at $1,022.1 million.

• Total revenue for Q2 2026 was $1.55 billion, up 9.7% year-over-year; six-month revenue reached $3.10 billion.

• Global investments in Q2 totaled $2.6 billion ($2.1 billion pro-rata) at a 7.3% initial weighted average cash yield.

• Adjusted EBITDAre for Q2 2026 was $1.39 billion, with net debt to annualized pro forma adjusted EBITDAre at 5.4x.

• Declared monthly dividends totaling $1.62 per share for the first half, a 1.2% increase year-over-year.

Outlook and guidance

• Raised 2026 AFFO per share guidance to $4.44–$4.45, reflecting ~4% growth at the midpoint.

• Increased full-year acquisitions guidance to $10 billion, with $9 billion expected to be on balance sheet.

• Management expects continued portfolio growth through acquisitions, joint ventures, and development projects, with a focus on high occupancy and stable cash flows.

• Liquidity is supported by expanded credit facilities and strong access to capital markets.

• Same store rent growth expected at 1.1%–1.3% for 2026, with occupancy projected at approximately 98.5%.