Realty Income (O) Research | Aerarium Research

Forward Estimates

EPS Estimates

Current Qtr

$0.40

$0.40$0.40

vs $0.22+85.2%

1 analyst

Next Qtr

$0.41

$0.41$0.41

vs $0.36+14.7%

1 analyst

Current Yr

$1.57

$1.37$1.75

vs $1.17+34.3%

8 analysts

Next Yr

$1.72

$1.59$1.85

vs $1.58+8.8%

3 analysts

Revenue Estimates

Current Qtr

$1.43B

$1.31B$1.49B

vs $1.34B+7.1%

9 analysts

Next Qtr

$1.45B

$1.35B$1.54B

vs $1.39B+4.8%

9 analysts

Current Yr

$5.80B

$5.36B$6.06B

vs $5.44B+6.7%

9 analysts

Next Yr

$6.16B

$5.68B$6.93B

vs $5.80B+6.2%

8 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for O on EDGAR.

O filing events and research context
Filed	Item	Context
May 7, 2026	mda_quarterly	Realty Income (NYSE: O) maintains a robust portfolio of 15,571 properties across the U.S., U.K., and Europe, with a 98.9% occupancy rate as of March 31, 2026. The company’s strategy centers on net lease agreements, which mitigate exposure to rising property expenses, though inflationary pressures remain a risk to client solvency and financing costs. Annualized base rent stands at $5.23 billion, with 32% derived from investment-grade clients. Financial performance remains strong, with Q1 2026 diluted AFFO per share reaching $1.13, an 6.6% increase year-over-year. The company continues to diversify its capital sources, notably through a $1.0 billion joint venture with Apollo and a $1.5 billion build-to-suit development partnership with GIC. Capital structure management included $2.8 billion in investments, the issuance of $862.5 million in convertible notes, and $800 million in senior unsecured notes. Key risks include potential volatility in global capital markets, interest rate fluctuations, and the inherent illiquidity of real estate assets. While the company maintains a strong balance sheet with a 5.2x Net Debt/Annualized Pro Forma Adjusted EBITDAre ratio, it remains sensitive to the creditworthiness of its top 20 clients, who account for 35.3% of annualized base rent.
Feb 25, 2026	business	Realty Income is a global real estate capital provider and S&P 500 Dividend Aristocrat specializing in single-tenant net lease properties. As of December 31, 2025, its portfolio comprises 15,511 properties across the U.S., U.K., and Europe, totaling 355 million square feet of leasable space. The company generates $5.31 billion in annualized base rent from 1,761 clients across 92 industries, with 91% of retail rent derived from service, non-discretionary, or low-price point businesses. The portfolio maintains a weighted average remaining lease term of 8.8 years, with 32.2% of rent coming from investment-grade clients. Recent strategic expansions include the launch of a perpetual life private fund with approximately $1.5 billion in commitments, a $1.5 billion build-to-suit joint venture with GIC, and an $800 million preferred equity investment in CityCenter Las Vegas. Key financial risks include inflationary pressures that may impair client rent-payment capabilities and global capital market volatility affecting the cost of capital. To mitigate interest rate risk, the company maintains a conservative capital structure; as of year-end 2025, 93% of its $29.7 billion in total borrowings are at fixed rates.
Feb 25, 2026	mda	Realty Income manages a portfolio of 15,511 properties across the U.S., U.K., and Europe, maintaining a 98.9% occupancy rate and $5.31 billion in annualized base rent. In 2025, the company invested $6.3 billion at an initial weighted average cash yield of 7.3% and disposed of 425 properties for $744 million. Strategic expansions include an $800 million preferred equity investment in CityCenter Las Vegas and a $1.5 billion build-to-suit joint venture with GIC. Total capitalization is $82.5 billion, comprising $52.8 billion in equity and $29.1 billion in debt; notably, 93% of debt is fixed-rate with a weighted average maturity of 5.5 years. Liquidity was bolstered by $2.4 billion in common stock sales and the launch of a private fund with $1.5 billion in commitments. Adjusted Funds from Operations (AFFO) available to common stockholders reached $3.89 billion. The company faces primary risks from inflationary pressures on tenant operating costs and volatility in global capital markets. Dividends remain a central priority, with 2025 distributions totaling $3.22 per share, representing 75.2% of diluted AFFO.

Filed

Item

Context

May 7, 2026

mda_quarterly

Realty Income (NYSE: O) maintains a robust portfolio of 15,571 properties across the U.S., U.K., and Europe, with a 98.9% occupancy rate as of March 31, 2026. The company’s strategy centers on net lease agreements, which mitigate exposure to rising property expenses, though inflationary pressures remain a risk to client solvency and financing costs. Annualized base rent stands at $5.23 billion, with 32% derived from investment-grade clients. Financial performance remains strong, with Q1 2026 diluted AFFO per share reaching $1.13, an 6.6% increase year-over-year. The company continues to diversify its capital sources, notably through a $1.0 billion joint venture with Apollo and a $1.5 billion build-to-suit development partnership with GIC. Capital structure management included $2.8 billion in investments, the issuance of $862.5 million in convertible notes, and $800 million in senior unsecured notes. Key risks include potential volatility in global capital markets, interest rate fluctuations, and the inherent illiquidity of real estate assets. While the company maintains a strong balance sheet with a 5.2x Net Debt/Annualized Pro Forma Adjusted EBITDAre ratio, it remains sensitive to the creditworthiness of its top 20 clients, who account for 35.3% of annualized base rent.

Feb 25, 2026

business

Realty Income is a global real estate capital provider and S&P 500 Dividend Aristocrat specializing in single-tenant net lease properties. As of December 31, 2025, its portfolio comprises 15,511 properties across the U.S., U.K., and Europe, totaling 355 million square feet of leasable space. The company generates $5.31 billion in annualized base rent from 1,761 clients across 92 industries, with 91% of retail rent derived from service, non-discretionary, or low-price point businesses. The portfolio maintains a weighted average remaining lease term of 8.8 years, with 32.2% of rent coming from investment-grade clients. Recent strategic expansions include the launch of a perpetual life private fund with approximately $1.5 billion in commitments, a $1.5 billion build-to-suit joint venture with GIC, and an $800 million preferred equity investment in CityCenter Las Vegas. Key financial risks include inflationary pressures that may impair client rent-payment capabilities and global capital market volatility affecting the cost of capital. To mitigate interest rate risk, the company maintains a conservative capital structure; as of year-end 2025, 93% of its $29.7 billion in total borrowings are at fixed rates.

Feb 25, 2026

mda

Realty Income manages a portfolio of 15,511 properties across the U.S., U.K., and Europe, maintaining a 98.9% occupancy rate and $5.31 billion in annualized base rent. In 2025, the company invested $6.3 billion at an initial weighted average cash yield of 7.3% and disposed of 425 properties for $744 million. Strategic expansions include an $800 million preferred equity investment in CityCenter Las Vegas and a $1.5 billion build-to-suit joint venture with GIC. Total capitalization is $82.5 billion, comprising $52.8 billion in equity and $29.1 billion in debt; notably, 93% of debt is fixed-rate with a weighted average maturity of 5.5 years. Liquidity was bolstered by $2.4 billion in common stock sales and the launch of a private fund with $1.5 billion in commitments. Adjusted Funds from Operations (AFFO) available to common stockholders reached $3.89 billion. The company faces primary risks from inflationary pressures on tenant operating costs and volatility in global capital markets. Dividends remain a central priority, with 2025 distributions totaling $3.22 per share, representing 75.2% of diluted AFFO.

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O filing events and research context

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