Nov 6
Current report
8-K
Events of Nov 3
Director or officer change, or executive pay
O · Realty Income Corp
$58.82
-0.44 (-0.74%)
At close · Nov 13
Return incl. dividend (before tax)
Market Cap
$55.94B
Shares
951.00M
Volume · Nov 13
5.81M
Avg daily vol (3M)
7.32M
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Price & Indicators
20d MA
50d MA
200d MA
Earnings
Filing
Insider
Congress
Investor day
Close$58.82
Open$59.35
Day$58.78–59.47
52W close$53.35–67.56
Avg vol 30d7.4M
Short int42.3M · 4.4% of shares · 5.8d
Short vol44%
Last earningsNov 2, 2026
DataJan 2020–Nov 2026
Filing10-Q · Nov 3
Up next
Feb 23, 2027
Est · unconfirmed
· in 14 wks
Latest documents
2026
Nov 3
Quarterly report
10-Q
FY2026 Q3, ended Sep 30
Dividend raised four times alongside $7.9 billion of investments
Realty Income increased its monthly dividend four times during 2026 and invested $7.9 billion during the nine months ended September 30, 2026, at an initial weighted average cash yield of 7.1%.
Revenue $1.62B
▲ 10.3%
Net income $432.14M
▲ 36.0%
Diluted EPS $0.43
▲ 22.9%
Nov 2
Earnings call
Q3 2026 earnings call
Realty Income reported third-quarter AFFO per share of $1.12, up 3.7% year-over-year, raised 2026 AFFO per share guidance to 445 to 446, and reaffirmed its $10 billion investment volume target.
Nov 2
Current report
8-K
Financial results, Regulation FD disclosure
Realty Income reported AFFO per share of $1.12 for the three months ended September 30, 2026, raised 2026 AFFO guidance to $4.45–$4.46 and reaffirmed a $10.0 billion investment target.
Sep 15
Metrics snapshot
Useful current figures from the complete screener profile.
Revenue (TTM)
$6.21B
Trailing 12 months
Net income (TTM)
$1.41B
Trailing 12 months
Revenue growth YoY
+10.3%
Year over year
Operating margin
—
Trailing 12 months
P / FFO
13.8×
Company-stated · TTM · reciprocal yield 7.2%
P / AFFO
13.7×
Company-stated · TTM · reciprocal yield 7.3%
P / E (TTM)
40.6
Trailing earnings · reciprocal yield 2.5%
Net cash
—
Latest balance sheet
Dividend yield
5.5%
Trailing 12 months
Shares change YoY
+3.4%
Year over year · more shares
Price change (1Y)
+3.9%
Trailing year
Short interest
4.4%
Latest settlement · 5.8 days to cover
Quarterly results
* Q4 derived as the full year minus Q1 to Q3.
AI Brief
Q3 FY26 earnings call · Nov 2, 2026
Q3 FY26
TL;DR. Q3 AFFO and net income per share grew, AFFO guidance was raised, the dividend increased, and the company expanded industrial and European investment with a roughly 170-basis-point leverage-neutral spread. The company also expanded its private-capital platform with KKR, expected elevated dispositions, reduced reliance on public equity, and entered Q4 with $5.4 billion of liquidity and equity needs prefunded. Risks include lower net-income guidance, $2.9 billion of 2027 debt maturities, higher-rate refinancing headwinds, U.S. retail's lower internal growth, data-center constraints, and European political turmoil.
Bullish
- + Occupancy guidance increased, non-reimbursable expense leakage guidance was reduced, and expected credit losses were lowered. new
- + The company entered Q4 with $5.4 billion of available liquidity and had fully prefunded its remaining equity investment needs for 2026. new
- + Investment sourcing reached a record of approximately $59 billion in Q3 and more than $120 billion year to date, with 92% of investment activity relationship-driven. new
Bearish
- − 2026 net-income-per-share guidance was lowered to $1.55-$1.56 from $1.59-$1.60. new
- − Approximately $2.9 billion of debt matures in 2027 at a 2.9% interest rate. new
- − Higher interest rates create refinancing headwinds for the business. new
- − U.S. retail generally provides less inherent internal growth than the newer investment markets. new
- − Data-center opportunities face increasing power constraints and community concerns about power costs and water usage. new
- − Political turmoil in Europe has spread from France to Italy and the Benelux countries. new
From the call
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceOverall
Buy
SellHoldBuy
Technical
Buy
Momentum
Neutral
Sentiment
Neutral
Fundamentals
Strong
Quant / Vol
Very Low
Market backdrop
VIX 19.3 · elevated
Equity put/call 0.63
Technical
price trend
50 / 200-day cross
No cross
Price vs 200-day avg
−4%
below
Price vs 50-day avg
+3%
above
RSI (14)
58
neutral
MACD trend
Positive
52-week position
38%
mid-range
Momentum
relative strength
1-month return
+5%
trailing
6-month return
−6%
trailing
YTD return
+4%
this year
Relative strength
−6%
vs S&P · 6-mo
Sentiment
smart money
Trend (MA cross)
No cross
50d $57 › 200d $62 — 200d above 50d
Institutional flow
Accumulating
1,344 of 1,485 funds reported for Sep 30 · net +24.8M sh shares · +74 new
Insider flow
Distributing
Net -$209.0K over 90 days · 100% sells
Short interest
Rising
4.45% of shares out · ▲ +10.1% MoM · 5.8 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Multi-yr high
1,485 holders — near 3-yr high, broad support
Squeeze score
70
elevated · 0–100
Fundamentals
Revenue growth
+9%
Y/Y
EPS growth
+19%
Y/Y
Valuation
P/E 40.6
rich
Quant / Vol
risk profile
Volatility
17%
annualized · 1-yr
Max drawdown
−21%
past year
ATR
1.6%
of price · 14-day
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Latest guidance
· from the Earnings Call filed Nov 2, 2026
2026
Investment volume target
Initiated
$10B
Occupancy guidance
at least 98.5%
Non-reimbursable expense leakage guidance
Initiated
1.3% – 1.5%
$10 billion investment
$10B
going forward in 2027
Lease termination income run rate
$45M – $50M
next three and a half years
45% mark-to-market
100%
2027
Lease termination income
Initiated
$45M – $50M
Previous outlook
earlier release
· from the 8-K filed Aug 5, 2026
Still-open targets the latest release did not restate under the same label.
Real estate depreciation per share
· 2026
$2.66
Other adjustments per share
· 2026
$0.19
Occupancy
· 2026
98.5%
Same store rent growth
· 2026
1.1% – 1.3%
Guided vs delivered
· last 1 settled
Net income per share
2025
guided $1.27 – $1.29
$1.17
Miss −8.6%
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Buy
50 / 200-day cross
No cross
Neutral
Price vs 200-day avg
−4%
Neutral
Price vs 50-day avg
+3%
Bullish
RSI (14)
58
Neutral
MACD trend
Positive
Bullish
52-week position
38%
Neutral
Market signals — smart money & positioning
Mixed
Trend (MA cross)
No cross
50d $57 › 200d $62 — 200d above 50d
Institutional flow
Accumulating
1,344 of 1,485 funds reported for Sep 30 · net +24.8M sh shares · +74 new
Insider flow
Distributing
Net -$209.0K over 90 days · 100% sells
Short interest
Rising
4.45% of shares out · ▲ +10.1% MoM · 5.8 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Multi-yr high
1,485 holders — near 3-yr high, broad support
Price context
position in its 52-week range
Range low $53
Now $59 · 38%
Range high $68
vs 200-day avg -4%
vs 50-day avg +3%
Illustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Initial weighted average cash yield (three months) | 7.3% | the three months ended June 30, 2026 filing | — |
| Investment volume (pro-rata share) | $2.1B | the three months ended June 30, 2026 filing | — |
| Adjusted EBITDA non-GAAP | $1.38B | Q2 2026 | — |
GAAP → non-GAAP reconciliationGAAP Net income $370.51M
+$312.08M Interest
+$25.81M Income taxes
+$644.68M Depreciation and amortization
+$255K Executive severance charge
+$54.19M Provisions for impairment of real estate
+$7.26M Provisions for credit losses on loans and financing receivables
+$2.06M Merger, transaction, and other costs, net
-$38.26M Gain on sales of real estate
+$8.82M Foreign currency and derivative loss (gain), net
-$7.28M Other income, net
-$2.2M Equity in earnings of unconsolidated entities
= Adjusted EBITDA $1.38B
|
|||
| Adjusted EBITDA Margin non-GAAP | 94.6% | Q2 2026 | — |
| Adjusted EBITDAre non-GAAP | $1.39B | Q2 2026 | — |
GAAP → non-GAAP reconciliationGAAP Net income $370.51M
+$312.08M Interest
+$25.81M Income taxes
+$644.68M Depreciation and amortization
+$255K Executive severance charge
+$54.19M Provisions for impairment of real estate
+$7.26M Provisions for credit losses on loans and financing receivables
+$2.06M Merger, transaction, and other costs, net
-$38.26M Gain on sales of real estate
+$8.82M Foreign currency and derivative loss, net
-$2.2M Equity in earnings of unconsolidated entities
= Adjusted EBITDAre $1.39B
|
|||
| AFFO available to common stockholders non-GAAP | $2.08B | Six months ended June 30, 2026 | — |
| AFFO per share non-GAAP | $1.09 | Q2 2026 | — |
| AFFO per Share (Diluted) non-GAAP | $1.09 | Q2 2026 | — |
| Annualized Adjusted EBITDAre non-GAAP | $5.54B | Q2 2026 | — |
| Annualized Base Rent | $5.3B | As of June 30, 2026 | — |
| Annualized dividend amount | $3.25 | As of June 30, 2026 | — |
| Annualized Pro Forma Adjusted EBITDAre non-GAAP | $5.65B | Q2 2026 | — |
| Annualized Pro Forma Cash NOI non-GAAP | $5.63B | Q2 2026 | — |
| Annualized Pro Forma Cash NOI, Excluding Lease Termination Income non-GAAP | $5.63B | Q2 2026 | — |
| Cash G&A as % of GAV non-GAAP | 6 | Q2 2026 | — |
| Cash G&A expenses non-GAAP | $48.34M | Q2 2026 | — |
GAAP → non-GAAP reconciliationGAAP General and administrative $57.61M
-$9.27M Share-based compensation
= Cash G&A expenses $48.34M
|
|||
| Diluted AFFO non-GAAP | $1.02B | Q2 2026 | — |
GAAP → non-GAAP reconciliationAFFO available to common stockholders $1.02B (non-GAAP)
+$2.34M AFFO allocable to dilutive noncontrolling interests
= Diluted AFFO $1.02B
|
|||
| Enterprise value | $89B | As of June 30, 2026 | — |
| FFO available to common stockholders non-GAAP | $1.99B | Six months ended June 30, 2026 | — |
| FFO per share non-GAAP | $1.07 | Q2 2026 | — |
| Gross asset value (GAV) | $85.91B | Q2 2026 | — |
| Initial Weighted Average Cash Yield (Total investments) | 7.3% | Q2 2026 | — |
| Initial Weighted Average Cash Yield (Total real estate acquisitions) | 6.4% | Q2 2026 | — |
| Initial weighted average cash yield - other investments | 9.2% | Q2 2026 | — |
| Initial weighted average cash yield - real estate properties under development | 7.6% | Q2 2026 | — |
| Leasing Recapture Rates | 103% | YTD 2026 | — |
| Loans - Number of Investments | 23 | as of June 30, 2026 | — |
| Loans - Principal Balance | $3.36B | as of June 30, 2026 | — |
| Loans - Total Commitments | $3.74B | as of June 30, 2026 | — |
| Loans - Weighted Average Yield/Return | 8.6% | as of June 30, 2026 | — |
| Managed Insurance and Retirement Annuity AUM non-GAAP | $2.04B | Q2 2026 | — |
| Management Fee Income | $3.2M | Q2 2026 | — |
| Net Cash Capitalization Rate | 7.8% | YTD 2026 | — |
| Net Debt | $30.44B | Q2 2026 | — |
| Normalized FFO available to common stockholders non-GAAP | $2B | Six months ended June 30, 2026 | — |
| Normalized FFO per share non-GAAP | $1.07 | Q2 2026 | — |
| Number of clients | 1,798 | As of June 30, 2026 | — |
| Number of IG Leases | 5,475 | Q2 2026 | — |
| Number of in-place leases | 17,440 | as of June 30, 2026 | — |
| Number of industries | 92 | As of June 30, 2026 | — |
| Number of leases re-leased | 482 | Q2 2026 | — |
| Number of properties | 15,588 | As of June 30, 2026 | — |
| Occupancy | 98.8% | YTD at June 30, 2026 | — |
| Occupancy - by number of properties | 98.8% | Q2 2026 | — |
| Percentage of ABR from IG Clients | 34.3% | Q2 2026 | — |
| Portfolio occupancy | 98.8% | As of June 30, 2026 | — |
| Preferred Equity - Number of Investments | 2 | as of June 30, 2026 | — |
| Preferred Equity - Total Commitments | $1.46B | as of June 30, 2026 | — |
| Preferred Equity - Weighted Average Yield/Return | 7.7% | as of June 30, 2026 | — |
| Pro Forma Cash NOI non-GAAP | $1.41B | Q2 2026 | — |
| Pro Forma Cash NOI, Excluding Lease Termination Income non-GAAP | $1.41B | Q2 2026 | — |
| Pro-Rata Cash NOI non-GAAP | $1.38B | Q2 2026 | — |
GAAP → non-GAAP reconciliationConsolidated NOI $1.43B (the result of another reconciliation in this filing)
-$40.95M Straight-line rental revenue
+$16.88M Amortization of above and below-market leases, net
+$1.03M Other non-cash adjustments
+$20.31M Pro-Rata Share of unconsolidated cash revenues
-$50.16M Noncontrolling interests' share of cash revenues
+$0K Pro-Rata Share of unconsolidated non-reimbursable expenses
-$42K Noncontrolling interests share of non-reimbursable expenses
= Pro-Rata Cash NOI $1.38B
|
|||
| Properties sold | 177 | Six months ended June 30, 2026 | — |
| Realty Income Investment Management Third-Party AUM | $3.5B | As of June 30, 2026 | — |
| Rent recapture rate | 102.7% | Q2 2026 | — |
| Same Store Rental Revenue | $1.17B | Q2 2026 | — |
GAAP → non-GAAP reconciliationGAAP Rental revenue (including reimbursements) 1.43B
-4.17M Constant currency adjustment
+4.02M Straight-line rent and other non-cash adjustments
-88.42M Contractually obligated reimbursements by our clients
-138.25M Revenue from excluded properties
-1.78M Other excluded revenue
+27.35M Revenue from unconsolidated entities
-56.02M Revenue attributable to noncontrolling interests
= Same Store Rental Revenue 1.17B
|
|||
| Same Store Rental Revenue % Increase (Three Months) | 1.2% | Q2 2026 | — |
| Same Store Rental Revenue growth | 1.2% | Q2 2026 | — |
| Total available liquidity at our Pro-Rata Share | $3.47B | As of June 30, 2026 | — |
| Total Commitments | $5.2B | as of June 30, 2026 | — |
| Total investment activity | $2.08B | Q2 2026 | — |
| Total investments | $2.57B | Q2 2026 | — |
| Total investments Pro-Rata Share | $2.07B | Q2 2026 | — |
| Total other investments | $628.7M | Q2 2026 | — |
| Total real estate acquisitions | $1.8B | Q2 2026 | — |
| Total real estate acquisitions Pro-Rata Share | $1.31B | Q2 2026 | — |
| Total real estate dispositions | $122.4M | Q2 2026 | — |
| Total real estate properties under development | $135.4M | Q2 2026 | — |
| U.S. Core Plus Fund AUM non-GAAP | $2.5B | Q2 2026 | — |
| Weighted average remaining lease term | 8.6 | As of June 30, 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
REIT - Retail — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
O
this stock
Realty Income Corp
|
$55.94B | +4.3% | +9.1% | 40.6 | 4.4% |
|
SPG
Simon Property Group Inc.
|
$75.13B | +25.9% | +6.7% | 16.8 | 3.1% |
|
KIM
Kimco Realty Corp
|
$17.14B | +26.0% | +5.1% | 23.8 | 5.1% |
|
UNBLF
Unibail-Rodamco SE
|
$14.60B | -7.4% | — | — | 0.0% |
|
REG
Regency Centers Corp
|
$13.94B | +10.3% | +6.9% | 27.2 | 3.9% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionOwnership
Short & Settlement
Smart Money
Financials
Filings
Performance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| O | -0.4% | +4.9% | -5.8% | +3.3% | +4.4% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | -3.0% | +6.1% | -6.3% | +3.5% | -6.3% |
Capital returns
Latest dividend
$0.272
/ share · ex Oct 30, 2026
Declared · upcoming
$0.274
/ share · ex Nov 30, 2026
Paid (TTM)
$3.25
/ share · 12 payouts
Dividend yield (TTM, derived)
5.53%
Buyback program
· as of Feb 25, 2025
Authorized
shares 2.00B
Spent (derived)
—
Remaining
—
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.
Key facts
CIK
726728
CUSIP
756109104
13F (30d)
1162 filings
1086 filers
Visit website
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