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Realty Income (O)
NYSE:O
Earnings Data
Report Date
May 06, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.38Last Year’s EPS
0.28Same Quarter Last Year
Moderate Buy
Based on 12 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized multiple operational and capital-markets strengths: resilient occupancy and rent recapture, heavy 2025 investment activity at mid-7% yields, new capital channels (open-end fund, GIC and Blackstone partnerships), strong liquidity and balance-sheet positioning, and disciplined asset management (e.g., proactive At Home dispositions). Management provided constructive 2026 guidance (AFFO $4.38–$4.42) and expects an $8B investment program while forecasting lower credit loss rates (40–50 bps vs 70 bps in 2025). Noted risks include still-elevated credit watch-list exposure (~4.8%), modest near-term AFFO growth versus historical norms, fundraising execution required to fully scale new vehicles, and selective caution in higher-return adjacencies. Overall, positives around capital diversification, liquidity, and proactive risk management outweigh the headwinds and conservative guidance.Company Guidance
AFFO and Quarterly/Full-Year Results
AFFO per share of $1.08 in Q4 2025 and $4.28 for full year 2025; company noted this supports stability and positions business for growth.
High Occupancy and Strong Rent Recapture
Physical occupancy at 98.9% and rent recapture of 103.9%, demonstrating portfolio resilience and re-leasing strength.
Robust 2025 Investment Activity
Deployed ~ $6.3B (or $6.2B pro rata) for the full year at a 7.3% initial cash yield; Q4 deployments approx. $2.4B ($2.3B pro rata) at a 7.1% initial cash yield.
Capital Partnerships and New Markets
Launched U.S. open-end Core Plus fund raising > $1.5B from 40+ institutional investors; established programmatic JV with GIC for ~$1.5B industrial build-to-suit pipeline and expanded into Mexico alongside GIC and Hines.
Balance Sheet and Liquidity Strength
Pro rata liquidity > $4.1B; net debt to pro forma adjusted EBITDA ~5.4x; cash and unsettled forward equity ~ $1.1B plus > $900M annualized free cash flow giving > $2B equity ($3B fully levered) of deployable capital.
Capital Markets Execution
Raised gross proceeds just north of $862M via a 3-year convertible note at 3.5%; used $102M to repurchase 1.8M shares and repaid a $500M note at 5.05%, creating immediate earnings accretion.
Active Asset Management and Risk Mitigation (At Home Example)
Proactively sold 8 At Home properties for nearly $80M over 18 months before Chapter 11, reducing exposure and realizing blended recapture of ~80% across remaining 31 stores with only one rejection that was resolved in Q4.
Disposition and Portfolio Optimization
Sold 425 properties for approximately $744M in 2025 to enhance portfolio quality and redeploy capital; company expects a similar disposition cadence (~$740M) in 2026.
Operational Efficiency and Scale
Cash G&A margin of 3.2% in 2025 while expanding headcount to ~550 employees (up ~76 employees from prior year); guiding cash G&A to 20-23 basis points of GAV for 2026.
2026 Guidance and Improved Credit Outlook
AFFO per share guidance of $4.38–$4.42 for 2026 (midpoint ~$4.40, ~2.8% above 2025 $4.28), investment guidance of $8B, and expected credit-related loss of 40–50 bps of revenue (improvement from 70 bps in 2025).
O 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
O Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 24, 2026 | $66.52 | $65.99 | -0.80% |
Nov 03, 2025 | $57.40 | $55.36 | -3.54% |
Aug 06, 2025 | $55.36 | $55.53 | +0.32% |
May 05, 2025 | $54.60 | $54.46 | -0.26% |
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 (O) report earnings?
Realty Income (O) is schdueled to report earning on May 06, 2026, After Close (Confirmed).
What is Realty Income (O) earnings time?
Realty Income (O) earnings time is at May 06, 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 O EPS forecast?
O EPS forecast for the fiscal quarter 2026 (Q1) is 0.38.
