Analyst Consensus ?
ConsensusHold33 ratings
Bullish1236.4%
Neutral1854.5%
Bearish39.1%
Realty Income Corporation · O · FY2025 Q1 · Calendar Q2 2025
Realty Income keeps guidance as investment shifts toward Europe
The supplied analysis supports a cautiously constructive view of Realty Income's growth trajectory: management maintained AFFO guidance while deploying capital into European retail parks, expanding private-capital channels, and pursuing higher-yielding credit opportunities. The case remains dependent on execution, tenant credit, vacancy control, and funding conditions.
Reported After market closeNYSEReal Estate
$50.52B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $0.99
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $1.30B
Revenue surprise
—
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-0.3%
Event window
SPY move
-0.8%
Same window
Abnormal move
+0.6%
Stock minus SPY
Volume
0.9×
Versus trailing sessions
Subsequent drift
-1.5%
Up to 20 sessions
OSPY benchmark
Ask FN2 about O FY2025 Q1
Transcript, numbers and history already loaded
What drove O's -0.3% move after FY2025 Q1 earnings?What changed in O's guidance and outlook in FY2025 Q1?Give me the bull and bear case for O after FY2025 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Investment activity shifted heavily toward Europe: 65% of the $1.4bn deployed in Q1 went to retail parks and other assets. Management also highlighted a US Core Plus Fund, a Virginia data-center loan, and continued selective US activity, while maintaining guidance.
Guidance delta
Maintained: 2025 AFFO per share guidance remained $4.22-$4.28 in the supplied analysis.
Key takeaways
- Management reported Q1 AFFO per share growth of 2.9% year over year to $1.06 in the supplied analysis.
- The company deployed $1.4bn in Q1, with 65% directed to Europe-focused retail parks and other assets.
- Management maintained 2025 AFFO per share guidance of $4.22-$4.28.
- The balance sheet actions highlighted included a $600m bond, an expanded credit facility, and potential equity raising.
- The strategy is broadening through a US Core Plus Fund and data-center lending.
Management priorities
- Deploy the full $4bn 2025 investment guidance
- Continue European retail-park investment, including potential Poland expansion
- Grow the US Core Plus Fund with institutional investors
- Raise equity if needed to fund acquisitions
- Pursue data-center loans and additional credit opportunities
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Analyst 52W Price Targets
$54.18Previous close
$59Low
$66.28Average
$84High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 12, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Scotiabank | Sector Perform | Sector Outperform | Downgrade | Sep 24, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Sep 21, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Sep 17, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Sep 4, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Sep 1, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Aug 7, 2026 |
| Baird | Neutral | Neutral | Maintain | Jul 6, 2026 |
| Freedom Broker | Buy | Neutral | Upgrade | May 11, 2026 |
| UBS | Buy | Buy | Maintain | Mar 9, 2026 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Feb 27, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Dec 24, 2025 |
| JP Morgan | Underweight | Neutral | Downgrade | Dec 18, 2025 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jul 15, 2025 |
| Wedbush | Neutral | Neutral | Maintain | May 7, 2025 |
| Stifel | Buy | Buy | Maintain | May 6, 2025 |
| Exane BNP Paribas | Outperform | Neutral | Upgrade | Dec 13, 2023 |
| B of A Securities | Neutral | Buy | Downgrade | Oct 10, 2023 |
| Citigroup | Neutral | Neutral | Maintain | Aug 29, 2023 |
| Raymond James | Market Perform | Outperform | Downgrade | Jan 9, 2023 |
| Deutsche Bank | Buy | Buy | Maintain | Jul 27, 2020 |
| Edward Jones | Buy | Hold | Upgrade | Feb 28, 2020 |
| Stifel Nicolaus | Buy | Buy | Maintain | Sep 4, 2019 |
| Capital One Financial | Equal Weight | Underweight | Upgrade | May 8, 2019 |
| Capital One | Equal Weight | Underweight | Upgrade | May 8, 2019 |
| Bank of America | Buy | Neutral | Upgrade | Nov 15, 2018 |
| Janney Montgomery Scott | Neutral | Buy | Downgrade | Aug 29, 2018 |
| Janney Capital | Neutral | Buy | Downgrade | Aug 29, 2018 |
| Mitsubishi UFJ | Overweight | Neutral | Upgrade | Jul 10, 2018 |
| DA Davidson | Buy | Neutral | Upgrade | Mar 29, 2018 |
| Oppenheimer | Outperform | Outperform | Maintain | Jul 28, 2016 |
| Wunderlich Securities | Sell | Hold | Downgrade | Feb 16, 2016 |
| Wunderlich | Sell | Hold | Downgrade | Feb 16, 2016 |
| Goldman Sachs | Hold | Neutral | Maintain | May 23, 2013 |
Named analyst price targets
Upside is calculated against the persisted previous close $54.18. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Stifel Nicolaus | Analyst unavailable | $63.75 | $54.17 | +17.7% | Oct 9, 2026 |
| Truist Financial | Linda Tsai | $60 | $53.53 | +10.7% | Oct 1, 2026 |
| Scotiabank | Analyst unavailable | $59 | $55.61 | +8.9% | Sep 24, 2026 |
| Evercore ISI | Analyst unavailable | $65 | $56.84 | +20.0% | Sep 21, 2026 |
| Mizuho Securities | Analyst unavailable | $61 | $57.15 | +12.6% | Sep 17, 2026 |
| Barclays | Richard Hightower | $65 | $61.74 | +20.0% | Sep 4, 2026 |
| Wells Fargo | Analyst unavailable | $64 | $61.28 | +18.1% | Sep 1, 2026 |
| Evercore ISI | Analyst unavailable | $68 | $62.79 | +25.5% | Aug 7, 2026 |
| Barclays | Analyst unavailable | $67 | $64.99 | +23.7% | Jul 22, 2026 |
| Wells Fargo | Analyst unavailable | $65 | $63.77 | +20.0% | Jul 15, 2026 |
| Robert W. Baird | Wesley Golladay | $65 | $63.84 | +20.0% | Jul 6, 2026 |
| Stifel Nicolaus | Analyst unavailable | $70.75 | $63.04 | +30.6% | Jun 30, 2026 |
| UBS | Analyst unavailable | $67 | $60.57 | +23.7% | Jun 18, 2026 |
| Jefferies | Joe Dickstein | $69 | $61.28 | +27.4% | Jun 1, 2026 |
| Mizuho Securities | Analyst unavailable | $66 | $62.53 | +21.8% | May 13, 2026 |
| Morgan Stanley | Analyst unavailable | $67 | $63.62 | +23.7% | Apr 27, 2026 |
| Barclays | Richard Hightower | $68 | $64.92 | +25.5% | Apr 21, 2026 |
| Scotiabank | Analyst unavailable | $69 | $64.71 | +27.4% | Mar 11, 2026 |
| Loop Capital Markets | Zhiger Kurmet | $69 | $67.38 | +27.4% | Mar 2, 2026 |
| Scotiabank | Nicholas Yulico | $67 | $60.56 | +23.7% | Jan 30, 2026 |
| Deutsche Bank | Omotayo Okusanya | $69 | $61.42 | +27.4% | Jan 20, 2026 |
| Morgan Stanley | Analyst unavailable | $65 | $55.93 | +20.0% | Dec 24, 2025 |
| Mizuho Securities | Analyst unavailable | $60 | $57.44 | +10.7% | Dec 17, 2025 |
| Barclays | Analyst unavailable | $64 | $57.5 | +18.1% | Dec 3, 2025 |
| Wells Fargo | John Kilichowski | $60 | $56.74 | +10.7% | Nov 25, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $60 | $56.22 | +10.7% | Nov 6, 2025 |
| Barclays | Richard Hightower | $63 | $59.94 | +16.3% | Oct 20, 2025 |
| Evercore ISI | Analyst unavailable | $62 | $60.64 | +14.4% | Oct 1, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $64 | $60.79 | +18.1% | Oct 1, 2025 |
| Scotiabank | Nicholas Yulico | $60 | $57.92 | +10.7% | Aug 28, 2025 |
| Barclays | Richard Hightower | $58 | $58.52 | +7.1% | Apr 22, 2025 |
| Barclays | Analyst unavailable | $59 | $57.76 | +8.9% | Mar 4, 2025 |
| Jefferies | Linda Tsai | $64 | $53.41 | +18.1% | Jan 1, 2025 |
| Scotiabank | Nicholas Yulico | $64 | $62.98 | +18.1% | Sep 17, 2024 |
| Stifel Nicolaus | Simon Yarmak | $70.25 | $61.83 | +29.7% | Aug 28, 2024 |
| Scotiabank | Greg McGinniss | $61 | $61.59 | +12.6% | Aug 26, 2024 |
| Wedbush | Jay Kornreich | $64 | $60.5 | +18.1% | Aug 19, 2024 |
| Stifel Nicolaus | Simon Yarmak | $67.5 | $59.18 | +24.6% | Aug 6, 2024 |
| Robert W. Baird | Wesley Golladay | $58 | $59.18 | +7.1% | Aug 6, 2024 |
| Morgan Stanley | Ronald Kamdem | $62 | $59.18 | +14.4% | Aug 6, 2024 |
| Scotiabank | Greg McGinniss | $56 | $55.1 | +3.4% | May 16, 2024 |
| Stifel Nicolaus | Simon Yarmak | $71 | $59.59 | +31.0% | Jun 30, 2023 |
| Wolfe Research | Andrew Rosivach | $84 | $72.61 | +55.0% | Apr 15, 2022 |
| Stifel Nicolaus | Simon Yarmak | $80 | $70.86 | +47.7% | Jan 10, 2022 |
| Citigroup | Michael Bilerman | $74 | $67.2 | +36.6% | Dec 13, 2021 |
| Jefferies | Jonathan Petersen | $80 | $65.03 | +47.7% | Jul 15, 2021 |
Track every rating change on O the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationKnown as "The Monthly Dividend Company," Realty Income is an S&P 500 corporation committed to delivering reliable monthly income to its shareholders. Operating as a Real Estate Investment Trust (REIT), its monthly payouts are generated from the consistent cash flow of over 6,500 commercial properties, which are leased to various businesses under long-term contracts. With a remarkable 52-year operational history, the firm (NYSE: O) has announced 608 uninterrupted monthly dividends for its common stock and has increased its dividend payout 109 times since going public in 1994. It also holds a distinguished position within the S&P 500 Dividend Aristocrats index. For additional details, please visit the company's official website at www.realtyincome.com.
Historical context
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-04-21T00:03:31.337707+00:00
- Polygon adjusted daily market bars · 2026-10-12T10:20:42.044724+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-12T10:20:42.041845+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-12. For educational purposes only; not investment advice.