Realty Income (DE:RY6)
FRANKFURT:RY6
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Earnings Data
Report Date
Aug 10, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.35Last Year’s EPS
0.19Same Quarter Last Year
Moderate Buy
Based on 15 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong operational execution, material growth in AFFO per share (+6.6% YoY), expanded investment activity ($2.8B deployed in Q1) and deliberate scaling of a new private capital ecosystem (Perpetual Life fund $1.7B cornerstone, Apollo $1B, GIC JV), enabling the company to raise investment guidance and slightly lift AFFO guidance. Liquidity and diversified debt sources were highlighted as strengths, and credit loss guidance was reduced. Offsetting these positives are pockets of sector weakness (theaters -10% same-store), an episodic nature of lease termination income that may not recur, ongoing rate and cap-rate uncertainty, and selectivity-driven passivity on many sourced deals. On balance the positive operating results, strategic capital partnerships, raised guidance and strong liquidity materially outweigh the noted challenges, but execution risk on credit-to-equity conversions and interest-rate/cap-rate volatility remain key watch items.Company Guidance
AFFO Per Share Growth and Guidance Raise
AFFO per share of $1.13 in Q1, up 6.6% year-over-year. Company raised the midpoint of full-year AFFO per share guidance by $0.025 (≈60 bps) and now expects AFFO per share of $4.41–$4.44 for 2026.
Strong Investment Activity and Yield
Deployed approximately $2.8 billion in the quarter (≈$2.6 billion pro rata) at a 7.1% initial weighted average cash yield; increased full-year investment volume guidance to $9.5 billion (100% ownership), up from prior guidance (~$8.0 billion).
Private Capital Platform Expansion
Completed $1.7 billion cornerstone raise for Perpetual Life U.S. Core+ fund; formed build-to-suit JV with GIC (initial GIC contribution cited as $1.5 billion in Q&A); secured $1.0 billion equity from Apollo to acquire ~500 single-tenant properties off-balance-sheet, with a call option capping cost of equity at 6.875% between years 7–15.
Credit & Structured Investments Deployment
Deployed ≈$1.0 billion into credit and structured investments, including a $375 million loan secured by logistics assets and a $190 million loan supporting a pre-leased data center development in Virginia; credit investments designed as short-duration, path-to-ownership transactions.
Improved Operating Metrics and Asset Management
Robust occupancy and strong renewal/recapture execution (team cited combined renewal and re-leasing results north of ~102–103% historically); outsized lease termination income of $40.2 million in Q1 and raised full-year lease termination income outlook to $45 million–$50 million.
Strong Liquidity and Diversified Debt Access
Pro rata liquidity of ~$3.9 billion at quarter end; subsequent $174 million forward equity raised (ATM unsettled balance ~$1.4 billion). Issued $800 million of 4.75% senior unsecured notes due 2033 (blended yield 4.44% after € swap on $500M). Established a new 10-year unsecured term loan via a municipal prepay structure ($694M) at fixed 4.91% (subsequent € swap produced a 4.34% blended cost).
Lowered Credit Loss Outlook
Lowered expected credit loss to ~40 basis points of rental revenue, reflecting improved portfolio visibility and performance.
Sourcing Advantage
Sourced approximately $31 billion of investment opportunities in Q1 and remained highly selective, closing roughly 9% of opportunities; ~94% of opportunities were relationship-driven, underscoring origination strength.
Fee Income Visibility from New Fund
Perpetual Life U.S. Core+ fund expected to generate base management fees a little over $10 million annually once fully drawn (excludes potential promote/profit-sharing).
DE:RY6 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
DE:RY6 Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 06, 2026 | €54.45 | €52.65 | -3.31% |
Feb 24, 2026 | €55.72 | €55.16 | -0.99% |
Nov 03, 2025 | €49.09 | €47.58 | -3.08% |
Aug 06, 2025 | €46.97 | €47.12 | +0.33% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Realty Income (DE:RY6) report earnings?
Realty Income (DE:RY6) is schdueled to report earning on Aug 10, 2026, After Close (Confirmed).
What is Realty Income (DE:RY6) earnings time?
Realty Income (DE:RY6) earnings time is at Aug 10, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is the P/E ratio of Realty Income stock?
The P/E ratio of Realty Income is N/A.
What is DE:RY6 EPS forecast?
DE:RY6 EPS forecast for the fiscal quarter 2026 (Q2) is 0.35.
