Analyst Consensus ?
ConsensusHold33 ratings
Bullish1339.4%
Neutral1751.5%
Bearish39.1%
Realty Income Corporation · O · FY2026 Q1 · Calendar Q2 2026
Realty Income Raises 2026 AFFO Outlook as Private-Capital Platform Expands
Realty Income's Q1 2026 results highlight a strategic pivot from a purely public-equity-funded net-lease acquirer to a diversified capital platform. AFFO per share rose 6.6% YoY to $1.13, full-year AFFO guidance was raised to $4.41-$4.44, and the investment volume target was lifted to $9.5 billion. Private-capital vehicles -- an Apollo partnership, a $1.7 billion Core+ fund, and the GIC build-to-suit alliance -- are diversifying equity sources and generating fee income. A growing ~$1 billion credit book adds data-center and logistics loan exposure as a new return vector. Despite the raised outlook, the market reacted negatively: the stock fell 3.5% on the report with 2.8x normal volume and drifted a further 1.5% lower in the following sessions. Revenue beat estimates by 3.3%, though reported EPS missed consensus -- a common REIT accounting dynamic where AFFO is the more relevant…
Reported After market closeNYSEReal Estate
$61.29B market cap
100quality score
Company 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.
Earnings scorecard
Reported versus consensus
Reported EPS
$0.33
Consensus $0
EPS surprise
-18.0%
Reported versus consensus
Reported revenue
$1.44B
Consensus $1.39B
Revenue surprise
+3.3%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$65.4Current
$60Low
$67.5Average
$84High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 29, 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 |
|---|---|---|---|---|
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 22, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 15, 2026 |
| Baird | Neutral | Neutral | Maintain | Jul 6, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Jun 18, 2026 |
| Mizuho | Neutral | Neutral | Maintain | May 13, 2026 |
| Freedom Broker | Buy | Neutral | Upgrade | May 11, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | May 7, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Mar 17, 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 current price $65.4. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Analyst unavailable | $67 | $64.99 | +2.4% | Jul 22, 2026 |
| Wells Fargo | Analyst unavailable | $65 | $63.77 | -0.6% | Jul 15, 2026 |
| Robert W. Baird | Wesley Golladay | $65 | $63.84 | -0.6% | Jul 6, 2026 |
| Stifel Nicolaus | Analyst unavailable | $70.75 | $63.04 | +8.2% | Jun 30, 2026 |
| UBS | Analyst unavailable | $67 | $60.57 | +2.4% | Jun 18, 2026 |
| Jefferies | Joe Dickstein | $69 | $61.28 | +5.5% | Jun 1, 2026 |
| Mizuho Securities | Analyst unavailable | $66 | $62.53 | +0.9% | May 13, 2026 |
| Morgan Stanley | Analyst unavailable | $67 | $63.62 | +2.4% | Apr 27, 2026 |
| Barclays | Richard Hightower | $68 | $64.92 | +4.0% | Apr 21, 2026 |
| Scotiabank | Analyst unavailable | $69 | $64.71 | +5.5% | Mar 11, 2026 |
| Loop Capital Markets | Zhiger Kurmet | $69 | $67.38 | +5.5% | Mar 2, 2026 |
| Scotiabank | Nicholas Yulico | $67 | $60.56 | +2.4% | Jan 30, 2026 |
| Deutsche Bank | Omotayo Okusanya | $69 | $61.42 | +5.5% | Jan 20, 2026 |
| Morgan Stanley | Analyst unavailable | $65 | $55.93 | -0.6% | Dec 24, 2025 |
| Mizuho Securities | Analyst unavailable | $60 | $57.44 | -8.3% | Dec 17, 2025 |
| Barclays | Analyst unavailable | $64 | $57.5 | -2.1% | Dec 3, 2025 |
| Wells Fargo | John Kilichowski | $60 | $56.74 | -8.3% | Nov 25, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $60 | $56.22 | -8.3% | Nov 6, 2025 |
| Barclays | Richard Hightower | $63 | $59.94 | -3.7% | Oct 20, 2025 |
| Evercore ISI | Analyst unavailable | $62 | $60.64 | -5.2% | Oct 1, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $64 | $60.79 | -2.1% | Oct 1, 2025 |
| Scotiabank | Nicholas Yulico | $60 | $57.92 | -8.3% | Aug 28, 2025 |
| Barclays | Richard Hightower | $58 | $58.52 | -11.3% | Apr 22, 2025 |
| Barclays | Analyst unavailable | $59 | $57.76 | -9.8% | Mar 4, 2025 |
| Jefferies | Linda Tsai | $64 | $53.41 | -2.1% | Jan 1, 2025 |
| Scotiabank | Nicholas Yulico | $64 | $62.98 | -2.1% | Sep 17, 2024 |
| Stifel Nicolaus | Simon Yarmak | $70.25 | $61.83 | +7.4% | Aug 28, 2024 |
| Scotiabank | Greg McGinniss | $61 | $61.59 | -6.7% | Aug 26, 2024 |
| Wedbush | Jay Kornreich | $64 | $60.5 | -2.1% | Aug 19, 2024 |
| Stifel Nicolaus | Simon Yarmak | $67.5 | $59.18 | +3.2% | Aug 6, 2024 |
| Robert W. Baird | Wesley Golladay | $58 | $59.18 | -11.3% | Aug 6, 2024 |
| Morgan Stanley | Ronald Kamdem | $62 | $59.18 | -5.2% | Aug 6, 2024 |
| Scotiabank | Greg McGinniss | $56 | $55.1 | -14.4% | May 16, 2024 |
| Stifel Nicolaus | Simon Yarmak | $71 | $59.59 | +8.6% | Jun 30, 2023 |
| Wolfe Research | Andrew Rosivach | $84 | $72.61 | +28.4% | Apr 15, 2022 |
| Stifel Nicolaus | Simon Yarmak | $80 | $70.86 | +22.3% | Jan 10, 2022 |
| Citigroup | Michael Bilerman | $74 | $67.2 | +13.1% | Dec 13, 2021 |
| Jefferies | Jonathan Petersen | $80 | $65.03 | +22.3% | Jul 15, 2021 |
Track every rating change on O the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
-3.5%
Event window
SPY move
-0.3%
Same window
Abnormal move
-3.2%
Stock minus SPY
Volume
2.8×
Versus trailing sessions
Subsequent drift
-1.5%
Up to 20 sessions
OSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Q1 2026 AFFO per share was $1.13, up 6.6% YoY. Revenue of $1.44 billion beat consensus of $1.39 billion by 3.3%, while reported EPS of $0.33 missed the $0.40 consensus. Versus the prior quarter (Q4 2025), management raised full-year AFFO guidance from $4.38-$4.42 to $4.41-$4.44 and lifted the 2026 investment volume target from $8 billion to $9.5 billion. New this quarter: an Apollo equity partnership, a $1.7 billion cornerstone raise for the U.S. Core+ fund (expected ~$10 million annual fee revenue), a $694 million Goldman Sachs 10-year term loan at ~4.9% tied to a San Diego Community Power municipal pre-pay structure, and $1 billion in credit investments including a $190 million data-center loan in Virginia and a $375 million logistics loan. Lease-termination income reached $40.2 million with the full-year outlook raised to $45-$50 million. Liquidity stands at $3.9 billion with net debt at 5.2x annualized EBITDA.
Guidance delta
Full-year 2026 AFFO guidance raised from $4.38-$4.42 to $4.41-$4.44 per share. 2026 investment volume target lifted from $8 billion to $9.5 billion. Lease-termination income outlook raised to $45-$50 million. Liquidity at $3.9 billion; net debt at 5.2x annualized EBITDA.
Key takeaways
- Full-year AFFO guidance raised to $4.41-$4.44 per share and investment volume guidance lifted to $9.5 billion.
- Private-capital ecosystem expanded through Apollo, GIC and the Core+ fund, diversifying equity sources and generating fee income.
- Q1 AFFO per share up 6.6% YoY; lease-termination income increased to $40.2 million, with outlook raised to $45-$50 million.
- Credit loan book grew to ~$1 billion, focusing on short-duration, ownership-path loans such as data-center and logistics assets.
- Liquidity remains strong at $3.9 billion with net debt at 5.2x annualized EBITDA.
Management priorities
- Deploy the full $9.5 billion investment volume target for 2026.
- Fully deploy the $1.7 billion U.S. Core+ fund with expected $10 million annual fee revenue.
- Scale the Apollo equity partnership and pursue additional retail and industrial assets.
- Continue short-duration credit investments with a view to converting to ownership.
- Explore further geographic expansion, notably in Mexico and additional European markets.
Related earnings events
Real EstateSources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-29T17:23:56.117027+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T17:23:56.114105+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 . For educational purposes only; not investment advice.