Realty Income earnings date and guidance
Realty Income’s next results are expected on November 2, 2026. Watch whether investment volume is on pace and AFFO is tracking guidance.
What has Realty Income guided for the year?
Management’s August 2026 outlook calls for AFFO per share of $4.44–$4.45 and $10 billion of investment in 2026. It also targets same-store rent growth of 1.1%–1.3% and 98.5% occupancy.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Net income per share | Year to Dec 2026 | 1.59 | 1.60 | Aug 5, 2026 |
| AFFO per share | Year to Dec 2026 | 4.44 | 4.45 | Aug 5, 2026 |
| Same store rent growth | Year to Dec 2026 | 1.1% | 1.3% | Aug 5, 2026 |
| Occupancy | Year to Dec 2026 | 98.5% | 98.5% | Aug 5, 2026 |
| Investment volume (at 100%) | Year to Dec 2026 | 10.0 | 10.0 | Aug 5, 2026 |
| Lease termination income | Year to Dec 2026 | 45 | 50 | Aug 5, 2026 |
Has Realty Income kept its past promises?
The company achieved the maximum payout on each company-performance objective for 2025. Roy received a 190% score on his individual-performance component. That means he earned 190% of the target for that part of the bonus, not 190% of all compensation. The independent committee made the final decision after considering his recommendations for other executives.
What have Realty Income’s last eight quarters shown?
In the second quarter of 2026, Realty Income reported higher revenue and NOI than in the comparable quarter. FFO per share and AFFO per share also improved, while occupancy remained high. That combination suggests that the business expanded without losing its basic operating stability, although acquisitions and other investments contributed to the larger base.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,547,711 | 1,548,727 | 1,487,942 | 1,470,552 | 1,410,378 | 1,380,505 | 1,340,299 | 1,330,915 |
| Net operating income | 1,381,635 | 1,393,993 | 1,291,509 | 1,279,881 | 1,230,766 | 1,206,376 | 1,183,389 | 1,178,999 |
| FFO per share | 1.07 | 1.06 | 1.07 | 1.07 | 1.06 | 1.05 | 1.02 | 0.98 |
| AFFO per share (company's measure) | 1.09 | 1.13 | 1.08 | 1.08 | 1.05 | 1.06 | 1.05 | 1.05 |
| Dividend per share | 0.81 | 0.81 | 0.81 | 0.81 | 0.81 | 0.80 | 0.79 | 0.79 |
| AFFO payout ratio | 74.5% | 71.7% | 74.9% | 74.7% | 76.8% | 75.1% | 75.3% | 75.1% |
What this means. The net operating income numbers are not fully comparable because the two newest quarters include financing and credit-investment income, while earlier quarters mainly subtract property costs from rental income.
What should I watch in Realty Income’s next release?
The first checkpoint is the third-quarter 2026 report, scheduled after the market closes on November 2. It should show whether investment volume is on pace, AFFO is tracking guidance, and how much earnings still depends on termination receipts. It should also update occupancy, same-store rent growth, credit losses, and cash remaining after dividends.