Earnings GrowthRealty Income's initial FY25 AFFO/sh guidance implies just 1.4% growth, falling short of consensus and peers' growth profiles.
Interest CostsInterest cost headwinds are limiting AFFO per share growth in 25e/26e.
Tenant DiversificationTenant concentrations are increasing, with Realty Income deriving more than a quarter of its rents from C-stores, grocers, and dollar stores, raising concerns about diversification.