[O] Realty Income: Q3 2026 Earnings Test the Spread on Its $10 Billion Investment Plan

Realty Income (NYSE: O) is a net lease real estate investment trust: it buys freestanding commercial properties and leases them on long-term net leases to retail, industrial and other tenants, who pay property taxes, insurance and maintenance while the company collects contractual rent, much of it with built-in escalators[1]. Third quarter 2026 (three months ended September 30, 2026) results are scheduled for 2026-11-02, according to the Drillr earnings calendar[2]. In the latest disclosed quarter, the second quarter of 2026, total revenue was $1.548 billion (versus $1.410 billion a year earlier), net income available to common stockholders was $344.0 million, or $0.37 per share, and adjusted funds from operations (AFFO) were $1.022 billion, or $1.09 per share, up 3.8%; the company invested $2.1 billion on a pro-rata basis at an initial weighted average cash yield of 7.3%, and net debt to annualized adjusted EBITDAre stood at 5.4x[3]. The company guides only for the full year: on August 5 it raised 2026 AFFO per share guidance from $4.41-$4.44 to $4.44-$4.45, lifted same-store rent growth guidance from 1.0%-1.3% to 1.1%-1.3%, raised investment volume guidance (at 100%) from $9.5 billion to $10.0 billion and kept occupancy at about 98.5%; with $2.22 of AFFO per share already earned in the first half, the second half needs $2.22-$2.23[4]. Analyst estimates compiled by Drillr put third-quarter consensus GAAP net income at about $0.41 per share (four analysts, against $0.35 a year earlier) and revenue at about $1.431 billion (five analysts); that data source recorded second-quarter "actual revenue" equal to rental revenue including reimbursements of $1.426 billion rather than total revenue of $1.548 billion, so its revenue estimate should be compared with rental revenue only[5][6][7].

Three things matter most in Realty Income's Q3 2026 earnings. The first is organic rent growth on the existing portfolio: same-store rent rose about 1.2% year over year in the second quarter alone, but only 1.0% for the first half, and the company has lifted its full-year floor to 1.1%, so the second half must run faster or per-share growth will lean even more on external investment[7][4]. The second is the spread on new investment: the acquisition yield fell to 6.4% in the second quarter, the lowest in five quarters, and the blended yield held at 7.3% only because other investments yielded 9.2%, so third-quarter volume, yields and credit loss provisions will show whether the $10 billion investment plan is adding to or diluting per-share results[6]. The third is funding cost and partner profit sharing: second-quarter interest expense rose 10.0% year over year and net income attributable to noncontrolling interests jumped from $2.1 million to $26.56 million, so whether third-quarter AFFO per share reaches $1.10 will test how well the raised full-year guidance is supported[7].

Company Background and Business Structure

Realty Income runs a highly focused business: it owns and actively manages freestanding commercial properties leased under long-term net leases, and it funds itself with long-term debt, equity, retained cash flow and capital recycled from property sales[1]. As of June 30, 2026, the company held 15,588 properties with 353 million square feet of leasable space, 1,798 clients across 92 industries, $5.3 billion of annualized base rent and an enterprise value of about $89 billion; by annualized base rent, retail made up 78.3%, industrial 16.2% and gaming 3.1%[8]. The weighted average remaining lease term was 8.6 years, and 13,918 of 17,440 in-place leases, or 79.8%, provide for rent increases[8][7].

Revenue comes almost entirely from rent, while credit investments are the fastest-growing second line. Of second-quarter total revenue of $1.548 billion, rental revenue including tenant reimbursements was $1.426 billion and interest and dividend income on loans and preferred equity was $88.5 million, up from $39.5 million a year earlier; tenant reimbursements for property taxes and operating expenses were $91.1 million and largely offset the matching property costs[7]. On the cost side, the main items were $312 million of interest, $645 million of depreciation and amortization and $57.6 million of general and administrative expense, with depreciation and amortization involving no cash[7].

Tenant and geographic concentration is modest, but some of the largest tenants are retailers shrinking their store bases. The top 20 clients account for 34.8% of annualized base rent, led by Dollar General (3.3%), 7-Eleven (3.1%), Walgreens (3.0%) and Family Dollar (2.6%); by geography, the United States contributes 79.5%, the United Kingdom 15.0% and continental Europe 5.5%[8]. About 91% of annualized retail base rent comes from clients with a service, non-discretionary or low-price-point component[7]. The company is also building a third-party capital platform: in March 2026 Apollo paid $1.0 billion for a 49% interest in a retail property joint venture, on July 1 the perpetual fund called another $265.7 million from third-party investors, cutting the company's indirect interest in the fund to 23.6%, third-party assets under management reached $3.5 billion, and the company announced a $6 billion hyperscale data center joint venture[9][8][3].

Financial History and Current Position

The 2025 annual figures show profit and cash flow expanding, but mainly through scale rather than unit efficiency. In 2025, net income available to common stockholders was $1.059 billion (versus $848 million in 2024), AFFO was $3.886 billion (versus $3.621 billion) and AFFO per share was $4.28 (versus $4.19); the company paid $3.22 per share in dividends, 75.2% of AFFO per share, for total common cash distributions of $2.921 billion[10]. In the same year, operating cash flow was $3.995 billion, real estate investment $4.648 billion, investment in loans and preferred equity $1.613 billion, proceeds from property sales $744 million and real estate impairments $471 million[11].

On the balance sheet, both interest expense and credit investment balances rose sharply in 2025. Interest expense reached $1.135 billion, up $118 million from 2024, on average debt of $28.32 billion, while the weighted average interest rate fell from 4.07% to 3.93%[12]. Same-store rent grew 1.3% for the year[13]; at year-end the company held 15,511 properties, 173 of them available for lease or sale, and recognized about $48.9 million of lease termination income during the year[1]; loans and preferred equity totaled $3.1 billion, double the $1.5 billion at the end of 2024[14].

In 2026, the quarterly figures show AFFO per share growth slowing, with part of the first quarter's strength coming from one-time income. First-quarter AFFO per share was $1.13, up 6.6%, year-to-date lease termination income was about $40 million, net income available to common stockholders was $311.8 million, or $0.33 per share, the company invested $2.6 billion on a pro-rata basis at a 7.1% yield, and leverage was 5.2x[15]. In the second quarter, total AFFO grew 7.9% while AFFO per share rose 3.8% to $1.09; interest expense was $312 million, up 10.0%; real estate impairments were $54.2 million versus $142 million a year earlier; occupancy was 98.8% at June 30 and leverage rose to 5.4x[3][7][6]. First-half operating cash flow was $2.020 billion against common cash distributions of $1.515 billion, and the company also received $1.875 billion of contributions from noncontrolling interests[7].

Operating Model

Revenue can be broken into four drivers: organic rent growth, new investment, credit investments and tenant reimbursements. Put simply, revenue roughly equals existing property rent times (1 plus same-store growth), plus new investment times its initial cash yield, plus loan and preferred equity income and reimbursements. Second-quarter same-store rent was $1.194 billion, up about 1.2% from $1.180 billion a year earlier, newly acquired properties contributed $113 million, and rent from sold properties fell from $20.6 million to $2.1 million[7]. Same-store growth is driven mainly by contractual escalators and recapture rates on renewals and shows up in rent almost immediately; new investment takes roughly one quarter to contribute its full income, and credit investment income rises as balances expand[7][6].

AFFO is the most important profit measure for this company, and its gap with GAAP net income comes mainly from depreciation. AFFO roughly equals cash rent plus credit investment income and management fees, minus interest, cash G&A, non-reimbursable property expenses, income taxes and the noncontrolling interests' share; depreciation and amortization, real estate impairments and credit loss provisions are non-cash and excluded[3][7]. Second-quarter GAAP net income was $344 million while AFFO was $1.022 billion, with $645 million of depreciation and amortization as the largest difference; the $54.2 million impairment and $7.26 million credit loss provision reduced GAAP profit but did not enter AFFO[3][7]. As a result, interest, share count and joint venture sharing change AFFO per share directly, while weaker tenant credit hits GAAP profit first through impairments and reaches AFFO only through rent lost to vacancies.

The core of the cash model is that operating cash flow roughly covers the dividend, while expansion depends almost entirely on outside capital. First-half operating cash flow of $2.020 billion covered $1.515 billion of common cash distributions and left about $500 million, while net cash used in investing activities was $5.027 billion[7]. That investment was funded mainly by $1.663 billion of new notes, $1.074 billion of term loans, $824 million of stock offerings, $1.875 billion of noncontrolling interest contributions and $349 million of property sale proceeds[7]. In 2025, the company's cash distributions equaled about 159.0% of estimated taxable income, so retained cash is limited and capital market conditions and partner funding pace directly determine investment volume[10].

Industry and Competitive Position

Realty Income is one of the largest net lease REITs, and scale and credit standing are its clearest advantages. At the end of the second quarter its enterprise value was about $89 billion, with properties in the United States, the United Kingdom and continental Europe[8]; in August 2026 Fitch assigned the company an 'A' long-term issuer default rating with a stable outlook[3]. In acquiring, developing and operating properties, the company competes with other REITs, businesses and other entities[1]. Compared with peers that hold only US retail stores, its differences are its European business, credit investments and third-party capital management platform.

Returns on these differentiated businesses are not all higher than on the US wholly owned book. In the second quarter, US wholly owned investments carried a 7.5% initial cash yield, Europe 7.0% and the US Core Plus Fund only 6.0%, while other investments, including credit investments, reached 9.2%[6]. Management said credit investments are mainly a relationship channel for reaching development-phase real estate, that the higher yields reflect development-phase risk, and that they are not meant to become a large balance sheet holding[16]. The available materials do not give peers' yields or rent growth on a comparable basis, so the company's spread advantage over competitors cannot be quantified and can only be judged from its own yield mix.

Core Debates

Can Realty Income keep same-store rent growth above 1% in the third quarter despite pressure from retail tenants?

Same-store rent is the only source of organic growth outside external investment, and its pace determines how much new investment the company needs each year to keep growing per share. Second-quarter same-store rent of $1.194 billion was about three quarters of total revenue of $1.548 billion[7]. Same-store growth was 1.3% for 2025, slowed to 0.8% year to date in the first quarter of 2026 and 1.0% for the first half, yet the company raised its full-year floor to 1.1% in the second quarter, implying growth of about 1.2% in the second half[13][15][4].

The current evidence shows the existing portfolio improving in the second quarter, but there are two explanations for where that improvement came from. Same-store growth was about 1.2% in the quarter, occupancy was 98.8% at June 30 (versus 98.6% a year earlier), properties available for lease or sale fell from 212 to 188, and real estate impairments were $54.2 million, far below $142 million a year earlier[7]. During the quarter the company renewed or re-leased 482 leases at a recapture rate of 102.7%, with 104.6% on renewals with the same client and only 86.2% on leases to new clients; it also disposed of 45 vacant properties[8]. The alternative explanation is that lower impairments and higher occupancy partly reflect sales of vacant properties rather than a broad improvement in tenant credit; management still put its watch list at about 5.5%, concentrated in home furnishings and casual dining, and Walgreens and Family Dollar remain among the top four tenants[16][8].

The financial transmission of this debate runs through two layers that affect GAAP profit and AFFO differently. Contractual escalators and renewals raise same-store rent, while tenant bankruptcies or store closures bring vacancies, rent cuts and impairments, and vacant properties drop out of the same-store pool and lose rent[7]. Impairments hit only GAAP net income and stay out of AFFO, but rent lost to vacancies lowers both rental revenue and AFFO; on second-quarter same-store rent of $1.194 billion, each 0.1 percentage point less growth means about $1.2 million less quarterly rent[7]. What remains unresolved is whether the second quarter's 1.2% is a new steady level or a temporary improvement after vacant properties were sold.

Four measures matter in the third quarter: whether quarterly same-store rent growth is at least 1.0% and the year-to-date figure moves toward the 1.1%-1.3% guidance range; whether occupancy holds above 98.5% and properties available for lease rise above 188; whether the recapture rate stays above 100% and the new-client portion recovers from 86.2%; and whether real estate impairments climb back above $100 million, along with management's latest comments on the roughly 5.5% watch list[4][8][16]. Same-store growth below 1.0% would show contractual escalators being offset by tenant rent cuts or vacancies; occupancy below 98.5% or quarterly impairments back above $100 million would show tenant credit pressure rising again.

With acquisition yields down to 6.4%, can Realty Income keep its spread on a $10 billion investment plan?

As a net lease REIT, the company grows mainly by continually buying new assets at yields above its cost of capital, so the yield on new investment directly determines the quality of growth. It raised 2026 investment volume guidance (at 100%) from $9.5 billion to $10.0 billion, with its own share at about $9 billion, and almost all new investment will go onto the balance sheet because the Core Plus Fund has fully deployed its initial cornerstone equity and has only leverage capacity left[4][16]. Yet the second-quarter acquisition yield was the lowest in five quarters, and the blended yield increasingly depends on riskier credit investments[6].

The current evidence shows investment volume growing while the yield mix tilts toward credit investments. Second-quarter pro-rata investment was $2.075 billion (about $2.6 billion at 100%) at a blended initial cash yield of 7.3%, with acquisitions at 6.4% and other investments at 9.2%; in the third quarter of 2025, investment was $1.362 billion at a blended 7.7% and acquisitions at 7.1%[6][3]. Management said the 6.4% was by design: more than $600 million of lower-yielding assets went into the Core Plus Fund, and the portion kept on balance sheet still met the historical 150 basis point spread target at a 7.4% yield[16]. Loan and preferred equity income was $88.5 million, up 124%, and total credit investment commitments were $5.2 billion at June 30; the alternative explanation is that acquisition competition has pushed yields down and the blended yield increasingly relies on development loans and preferred equity, which earn more but concentrate default losses, with the first-quarter credit loss provision already at $39.1 million[7][6].

This debate reaches per-share results through the difference among volume, yield and funding cost. Pro-rata investment times initial cash yield produces new rent and interest income, which reaches its full run rate with roughly a one-quarter lag; subtracting interest on new debt and dilution from new equity gives the net contribution to AFFO per share[6][7]. Credit investments lift the blended yield, but borrower defaults would cut income directly through credit loss provisions and non-accruals; management kept its 2026 credit loss guidance at about 40 basis points of rental revenue[16]. What remains unresolved is how much of the decline in acquisition yields reflects the structural allocation to the fund and how much reflects market competition.

Four measures matter in the third quarter: whether pro-rata investment is at least $2 billion and the full-year $10 billion guidance holds; whether the blended yield stays above 7.0% and the wholly owned acquisition yield returns above 6.5%; whether loan and preferred equity income keeps growing and credit loss provisions stay below $12 million; and whether the share of other investments in quarterly volume falls from about 30% in the second quarter ($629 million of $2.075 billion), along with the deployment pace of the $6 billion data center joint venture[4][6][3]. A blended yield below 7.0% would show the spread narrowing; credit loss provisions above $20 million would show credit investment risk starting to materialize.

With interest costs rising and partners taking a share of profit, can Realty Income deliver its raised AFFO per share guidance?

AFFO per share is the source of the company's dividend, so whether it meets guidance bears directly on dividend coverage. In 2025 the company paid $3.22 per share, 75.2% of AFFO per share of $4.28[10]. The 2026 guidance of $4.44-$4.45 implies growth of about 4%, but $41 million of lease termination income was already recognized in the first half against full-year guidance of only $45-$50 million, leaving at most about $9 million of such one-time income for the second half, so growth must come from new investment and cheaper funding[4]. Any overrun in interest, share count or joint venture sharing would push per-share results down directly.

The current evidence shows part of the growth in total AFFO being absorbed by share issuance and rising interest. Second-quarter total AFFO grew 7.9%, but diluted shares rose from 903.7 million to 934.7 million, about 3.4%, so AFFO per share grew only 3.8% to $1.09; interest expense rose 10.0%, faster than the roughly 5.2% increase in average debt, the weighted average interest rate climbed from 3.88% to 3.97%, and leverage was 5.4x[3][7][9]. In July the company issued €600 million of 3.625% notes due 2032, in August it priced 3.750% convertible notes due 2031 and received an 'A' issuer default rating from Fitch; at June 30 about 21.1 million shares under forward sale agreements, with expected net proceeds of about $1.2 billion, remained unsettled[3][17][9]. The alternative explanation is that private capital has reduced public share issuance (just 18% of year-to-date investment volume versus a 47% three-year average), but Apollo's 49% joint venture interest and third-party fund stakes move part of the profit to noncontrolling interests, $26.56 million in the second quarter, while management fee income is only about $3.2 million a quarter, so private capital's net contribution per share is not yet proven[16][9][7][6].

The transmission chain for this debate is the most direct, and every link can be observed in the quarterly report. New investment income minus interest on new debt (average balance times rate), minus the joint venture and fund third-party shares, plus management fee income gives total AFFO; dividing by diluted shares gives AFFO per share, and forward share settlements raise the share count[9][6]. Management guided to about $10 million of full-year fund management fees and $2-$3 million from the insurance joint venture, and a leverage target held at 5.5x[16]. What remains unresolved is whether the reduced share issuance enabled by private capital can offset the profit taken by noncontrolling interests.

Four measures matter in the third quarter: whether AFFO per share is at least $1.10 and the full-year $4.44-$4.45 guidance holds; whether interest expense growth falls back toward the growth in average debt and the weighted average rate stays at or below 4.05%; whether leverage holds around 5.5x, along with the pace of forward share settlement and changes in diluted shares; and whether management fee income holds around $3 million a quarter and the profit taken by noncontrolling interests keeps expanding[4][9][6]. AFFO per share below $1.10 would show growth slowing once one-time income fades in the second half; a weighted average rate above 4.05% or leverage above 5.7x would show funding costs eroding the spread.

Risks and Falsifiers

Interest rate and cap rate risk would hit both investment spreads and asset values at once. Management noted that if 10-year Treasury yields stay between 4.6% and 5%, cap rates will eventually need to move up[16]; higher rates raise the cost of capital and push property values down, while the company relies on continuous debt and equity issuance to expand. A higher cost of capital would compress spreads on new investment, reduce volume and hit AFFO directly through interest expense, and lower property values would raise impairments and disposal losses. If the third-quarter blended yield is at least 7.2%, the weighted average interest rate is no higher than 3.97% and full-year investment guidance holds, this risk has not materialized[6][9].

Currency and international risk shows up mainly in reported revenue, derivative gains and losses and lower European yields. The United Kingdom and continental Europe together make up about 20.5% of annualized base rent, and debt denominated in sterling and euros partly hedges the currency exposure[8]. The second quarter had a net foreign currency and derivative loss of $8.8 million, versus $4.4 million a year earlier[7]; the European investment yield was 7.0%, below 7.5% for US wholly owned investments[6]. If third-quarter foreign currency and derivative results stay within $10 million and the European investment yield is at least 7.0%, the current understanding holds.

Retail tenant credit risk acts directly on same-store rent, occupancy and impairments. Among the top four tenants, Walgreens (3.0%) and Family Dollar (2.6%) are shrinking their store bases, and the roughly 5.5% watch list is concentrated in home furnishings and casual dining; bankruptcies or closures would bring vacancies, rent cuts and impairments[8][16]. Each 0.1 percentage point less same-store growth means about $1.2 million less quarterly rent on $1.194 billion of quarterly same-store rent, vacant properties leave the company carrying taxes and maintenance, and impairments flow into GAAP net income[7]. If third-quarter same-store growth is at least 1.2%, occupancy at least 98.7% and quarterly impairments no more than $75 million, tenant credit pressure remains contained.

The risk in credit investments and new asset classes is that income depends on borrowers performing. Loans and preferred equity are concentrated in development-phase projects, and the data center joint venture adds tenant concentration and technological obsolescence risk[16][3]. At June 30, loans outstanding were $3.36 billion at an 8.6% yield and preferred equity was $1.458 billion at 7.7%, so roughly $400 million of annualized income depends on borrowers paying, and defaults would cut income directly through credit loss provisions and non-accruals[6]. If third-quarter credit loss provisions are no higher than $12 million and the company discloses no non-accrual or extended loans, this risk has not yet appeared.

Funding cost and dilution risk comes from refinancing low-rate legacy debt and relying on equity funding. Maturing low-rate debt must be refinanced at higher rates, and the company also depends on ATM forward equity and convertible notes, so a falling share price would raise its cost of equity[9][17]. Average second-quarter debt was about $30.3 billion, so each 10 basis point rise in rates adds about $7.6 million of interest a quarter; a 1 percentage point change in rates on variable-rate debt changes annual interest cost by about $27.6 million[9]. If the third-quarter weighted average interest rate is no higher than 3.97%, leverage no higher than 5.5x and AFFO per share at least $1.12, funding costs have not yet eroded per-share results.

What to Watch Next

• Same-store rent: second-quarter growth was about 1.2%, first-half 1.0% and 2025 1.3%; at least 1.0% in the third quarter with year-to-date moving toward 1.1%-1.3% would confirm the current view, while growth below 1.0% would falsify it.
• Occupancy and available properties: 98.8% and 188 properties at June 30; holding at or above 98.5% confirms, while a drop below 98.5% signals rising credit pressure.
• Recapture and impairments: 102.7% recapture (86.2% for new clients) and $54.2 million of impairments; recapture above 100% confirms, while impairments above $100 million falsify.
• Investment volume: $2.075 billion pro-rata in the second quarter and $10.0 billion full-year guidance at 100%; at least $2 billion with guidance maintained confirms.
• Yields: 7.3% blended and 6.4% on acquisitions; a blended yield of at least 7.0% and acquisitions back above 6.5% confirm, while a blended yield below 7.0% falsifies.
• Credit loss provisions: $7.26 million in the second quarter and $39.1 million in the first; below $12 million confirms, above $20 million falsifies.
• AFFO per share: $1.09 in the second quarter against $4.44-$4.45 full-year guidance; at least $1.10 with guidance maintained confirms, below $1.10 falsifies.
• Rate and leverage: 3.97% and 5.4x; a rate at or below 4.05% and leverage near 5.5x confirm, while a rate above 4.05% or leverage above 5.7x falsifies.
• Fees and partner share: $3.2 million of management fees and $26.56 million to noncontrolling interests; fees holding around $3 million with the partner share no longer expanding confirms.

Conclusion

Realty Income's business model is to lock in existing rent with long-term net leases and use continuous outside funding to buy new assets yielding more than its cost of capital. In the second quarter it reported total revenue of $1.548 billion, AFFO of $1.09 per share, 98.8% occupancy and 5.4x leverage, and it raised full-year AFFO per share guidance to $4.44-$4.45[3][4]. The relationship that remains unresolved is whether three things can hold at once: organic rent growing above 1% while retail tenants are under pressure, new investment keeping its spread after acquisition yields fell to 6.4%, and per-share results keeping pace with total AFFO as interest, share count and partner sharing rise[6][7].

Among independent commentary published after August 5, 2026, this article includes only one piece, on the payout ratio and funding mix; the other search results were mostly rating roundups or recaps of results, so coverage is limited. In a September 11 article for TIKR, Gian Estrada argued that a GAAP payout ratio above 200% looks dangerous, but that dividend coverage is not tight when measured against management's raised AFFO guidance, and that what matters more for the dividend is how growth gets funded; the author noted that the company increasingly uses private capital rather than public equity, limiting per-share dilution, that liquidity is ample and leverage within target, and that the $6 billion data center joint venture is mainly fee-based[18]. That view bears directly on the third debate, but it emphasizes how private capital reduces dilution without addressing the profit taken by noncontrolling interests or the risk in credit investments, so it serves only as an outside interpretation and cannot replace the quarterly data.

Going forward, the current understanding would be materially strengthened if third-quarter same-store growth is at least 1.0%, occupancy holds above 98.5%, the blended yield is at least 7.0%, credit loss provisions stay below $12 million, AFFO per share reaches at least $1.10 and the weighted average interest rate is no higher than 4.05%[4][6][9]. Conversely, same-store growth below 1.0%, impairments back above $100 million, credit loss provisions above $20 million or AFFO per share below $1.10 would show that at least one of organic growth, investment spread or funding cost is weakening the company's per-share growth path.

Sources

[1] O FY2025 10-K filed 2026-02-25 · 2026-02-25 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000726728&type=10-K&dateb=&owner=include&count=40

[2] O earnings calendar updated 2026-10-28 · 2026-10-28 · Drillr earnings calendar

[3] O Q2 2026 8-K filed 2026-08-05 · 2026-08-05 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000726728&type=8-K&dateb=&owner=include&count=40

[4] O Q2 2026 8-K filed 2026-08-05 (2026 guidance) · 2026-08-05 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000726728&type=8-K&dateb=&owner=include&count=40

[5] Drillr analyst consensus O Q3 2026 retrieved 2026-10-28 · 2026-10-28 · Drillr analyst estimates · https://gateway.drillr.ai/mcp/private

[6] O Q2 2026 supplemental filed 2026-08-05 (five-quarter summary) · 2026-08-05 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000726728&type=8-K&dateb=&owner=include&count=40

[7] O Q2 2026 10-Q filed 2026-08-06 · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/0000726728/000072672826000048/o-20260630.htm

[8] O Q2 2026 supplemental filed 2026-08-05 (portfolio and leasing) · 2026-08-05 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000726728&type=8-K&dateb=&owner=include&count=40

[9] O Q2 2026 10-Q filed 2026-08-06 (interest, ATM and private capital) · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/0000726728/000072672826000048/o-20260630.htm

[10] O FY2025 10-K filed 2026-02-25 (AFFO and dividends) · 2026-02-25 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000726728&type=10-K&dateb=&owner=include&count=40

[11] O FY2025 10-K filed 2026-02-25 (cash flows) · 2026-02-25 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000726728&type=10-K&dateb=&owner=include&count=40

[12] O FY2025 10-K filed 2026-02-25 (interest expense) · 2026-02-25 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000726728&type=10-K&dateb=&owner=include&count=40

[13] O FY2025 10-K filed 2026-02-25 (same store rent) · 2026-02-25 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000726728&type=10-K&dateb=&owner=include&count=40

[14] O FY2025 10-K filed 2026-02-25 (credit investments) · 2026-02-25 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000726728&type=10-K&dateb=&owner=include&count=40

[15] O Q1 2026 8-K filed 2026-05-06 · 2026-05-06 · 8-K · https://www.sec.gov/Archives/edgar/data/0000726728/000072672826000028/realtyincomeq12026supple.htm

[16] O Q2 2026 earnings call 2026-08-05 · 2026-08-05 · earnings-call · https://gateway.drillr.ai/mcp/private

[17] O 8-K filed 2026-08-11 · 2026-08-11 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000726728&type=8-K&dateb=&owner=include&count=40

[18] TIKR view on Realty Income 2026-09-11 · 2026-09-11 · TIKR · https://www.tikr.com/blog/realty-income-stocks-payout-ratio-tops-200-even-as-affo-guidance-gets-raised-heres-what-it-could-be-worth