Realty Income Reports Q3 2026 Operating Results and Raises 2026 AFFO Guidance

Overview

On November 2, 2026, Realty Income Corporation (NYSE: O) filed a Form 8-K under Items 2.02 and 7.01 furnishing its third-quarter 2026 financial and operating results.

Key Financial Highlights

• Revenue: Total revenue for Q3 2026 increased to $1,621.6 million, compared to $1,470.6 million in Q3 2025.
• Net Income: Net income available to common stockholders reached $403.9 million ($0.43 per diluted share), compared to $315.8 million ($0.35 per diluted share) in the prior-year period.
• AFFO Performance: Adjusted Funds from Operations (AFFO) increased 3.7% to $1.12 per share ($1,061.1 million total) compared to $1.08 per share ($992.0 million) in Q3 2025.
• Guidance Update: Management raised full-year 2026 AFFO per share guidance to a range of $4.45 to $4.46 while maintaining its $10.0 billion investment volume target.

Portfolio and Operational Performance

• Portfolio Occupancy: Maintained solid occupancy of 98.8% across 15,536 properties as of September 30, 2026.
• Leasing Activity: Achieved a rent recapture rate of 103.5% on properties re-leased during the quarter.
• Investments & Partnerships: Invested $2.6 billion ($2.2 billion pro-rata share) at an initial weighted average cash yield of 6.8%. The company also launched a European private capital joint venture with KKR with an initial investment of €528.0 million.
• Balance Sheet & Leverage: Net Debt to Annualized Pro Forma Adjusted EBITDAre stood at 5.4x. Realty Income completed an offering of $1.0 billion in 3.750% convertible senior notes due August 2031.