Realty Income reports Q1 AFFO $1.13, consensus $1.10

Reports Q1 revenue $1.55B, consensus $1.39B. “Our Q1 results underscore the strength and resiliency of our global investment and operating platforms. Importantly, we demonstrated significant progress towards a key strategic goal of diversifying our sources of permanent equity beyond the public markets. These new private capital vehicles allow us to grow with deep and stable pockets of capital, enhancing our financial returns for shareholders and expanding our ability to invest in an ever-broadening range of high-quality net lease opportunities and geographies,” said CEO Sumit Roy. “The partnerships with Apollo and GIC, together with the completion of the $1.7 billion cornerstone capital raise for our U.S. Core Plus fund during the quarter, represent very meaningful advancements in our private capital strategy and establish new programmatic capital relationships with leading institutions. During the quarter, we invested approximately $2.8B, $2.6B of which was our share, and our pipeline remains very active. As a result, we are increasing our full-year investment guidance to $9.5B from $8B. Given the strong momentum across the business, we are increasing our 2026 AFFO per share guidance range to $4.41-$4.44, reflecting projected annual per share growth of 3.0% to 3.7%. Our outlook is a testament to the unmatched scale, track record and operating capabilities of our global net lease enterprise.”