Realty Income demonstrated strong investment activity, especially in Europe, and increased its investment guidance for 2025. The company maintained high occupancy and rent recapture rates, and effectively managed its capital markets activities. However, it anticipates higher credit losses and passed on significant transactions due to yield concerns.

Company Guidance

During the Realty Income Second Quarter of 2025 Earnings Conference Call, the company provided updated guidance, reflecting increased confidence in their acquisition pipeline. Realty Income raised their 2025 investment volume guidance to approximately $5 billion, up from previous estimates, due to strong momentum in sourcing and closing deals. They also adjusted the lower end of their AFFO per share guidance to a range of $4.24 to $4.28. The company highlighted a 7.2% weighted average initial cash yield on $1.2 billion of investments and a 98.6% portfolio occupancy rate, which is 10 basis points higher than the previous quarter. Additionally, Realty Income's international presence expanded, with 76% of the investment volume this quarter occurring in Europe, driven by a favorable debt market and competitive advantages in the region. The company remains focused on diversification and leveraging its robust platform to deliver consistent, long-term income for investors.

Record Sourcing Volume

Realty Income sourced $43 billion in volumes, the highest quarterly volume in its history, with a selectivity ratio of less than 3%.

Strong Investment Activity in Europe

Invested $889 million in Europe at a 7.3% weighted average initial cash yield, accounting for 76% of total investment volume.

Increased 2025 Investment Volume Guidance

Raised 2025 investment volume guidance to approximately $5 billion, reflecting confidence in acquisition pipeline.

Portfolio Occupancy and Rent Recapture

Ended the quarter with 98.6% portfolio occupancy and a rent recapture rate of 103.4% across 346 leases.

Strong Capital Markets Activity

Raised $632 million of equity through ATM, with $654 million of unsettled forward equity, providing solid runway for investment activities.

Realty Income (O) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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O Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 10, 2025	2025 (Q3)	0.36 / -	0.3	―	―	―
Aug 06, 2025	2025 (Q2)	0.34 / 0.22	0.29	-24.14% (-0.07)
May 05, 2025	2025 (Q1)	0.36 / 0.28	0.16	75.00% (+0.12)
Feb 24, 2025	2024 (Q4)	0.37 / 0.23	0.3	-23.33% (-0.07)
Nov 04, 2024	2024 (Q3)	0.35 / 0.30	0.33	-9.09% (-0.03)
Aug 05, 2024	2024 (Q2)	0.36 / 0.29	0.29	0.00% (0.00)
May 06, 2024	2024 (Q1)	0.39 / 0.16	0.34	-52.94% (-0.18)
Feb 20, 2024	2023 (Q4)	0.33 / 0.30	0.36	-16.67% (-0.06)
Nov 06, 2023	2023 (Q3)	0.32 / 0.33	0.36	-8.33% (-0.03)
Aug 02, 2023	2023 (Q2)	0.34 / 0.29	0.37	-21.62% (-0.08)

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
Aug 06, 2025	$56.91	$57.09	+0.32%
May 05, 2025	$56.14	$55.99	-0.27%
Feb 24, 2025	$55.71	$54.67	-1.87%
Nov 04, 2024	$56.82	$56.37	-0.79%

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.