Realty Income (O) Q3 2026 earnings summary

Executive summary

• Q3 diluted AFFO/share was $1.12, up 3.7% YoY; 2026 AFFO/share guidance rose to $4.45-$4.46 and the $10.0B investment target was reaffirmed.

• Q3 revenue was $1,621.6M and net income available to common stockholders was $403.9M, or $0.43/share, versus $1,470.6M and $315.8M a year earlier.

• Portfolio comprised 15,536 properties across 10 countries, with 98.8% occupancy, 1,842 clients and an 8.5-year weighted average remaining lease term.

• Nine-month investments totaled $7,901.5M gross, or $6,924.6M pro rata, at a 7.1% initial weighted average cash yield.

Financial highlights

• Q3 total revenue rose $151.0M YoY to $1,621.6M; nine-month revenue increased $456.6M to $4,718.0M.

• Q3 net income available to common stockholders increased to $403.9M from $315.8M; diluted EPS was $0.43 versus $0.35.

• Q3 diluted AFFO/share was $1.12 versus $1.08 a year earlier; diluted FFO/share was $1.10 versus $1.07 and Normalized FFO/share was $1.10 versus $1.09.

• Nine-month net income available to common stockholders was $1,059.7M versus $762.5M; diluted EPS was $1.13 versus $0.84.

• Q3 Adjusted EBITDA was $1.446B, with a 95.4% margin; revenue excluding reimbursements was $1.517B.

Outlook and guidance

• FY2026 AFFO/share guidance increased from $4.44-$4.45 to $4.45-$4.46; net income/share guidance was $1.55-$1.56.

• FY2026 investment-volume target remained $10.0B; same-store rent growth guidance was 1.1%-1.3% and occupancy guidance rose to above 98.5%.

• Non-reimbursable property expense guidance was 1.3%-1.5% of revenue; credit-loss guidance declined to ~30 bps from 40 bps.

• Remaining 2026 equity needs were fully prefunded; investments generated a ~170 bps leverage-neutral spread to short-term weighted average cost of capital.

• Q4 investment activity was expected to remain healthy, equity-prefunded and spread-accretive, with elevated dispositions; 2027 credit losses were expected at 20-30 bps.