Realty Income (O) Q2 2026 earnings summary

Executive summary

• Delivered strong Q2 2026 results with net income available to common stockholders of $344.0 million, a 74.7% year-over-year increase, and total revenue of $1.55 billion, up 9.7% year-over-year.

• Portfolio expanded to 15,588 properties across the U.S., U.K., and Europe, with 98.8% occupancy and a weighted average lease term of 8.6 years.

• AFFO per share grew 3.8% to $1.09 for Q2 2026 and 5.2% year-to-date, supporting a raised full-year AFFO guidance midpoint to $4.44–$4.45.

• Announced a $6 billion hyperscale data center joint venture with Cloud Capital and established major JVs with Apollo and GIC.

• Maintained 98.8% occupancy and a 5.2% dividend yield, with 673 consecutive monthly dividends and a 4.1% compound annual dividend growth rate.

Financial highlights

• Q2 2026 rental revenue (excluding reimbursements) rose to $1.34 billion, up $84.6 million year-over-year.

• Adjusted EBITDAre for Q2 2026 was $1.39 billion, with net debt to annualized pro forma adjusted EBITDAre at 5.4x.

• AFFO per share for the first half of 2026 was $2.22, up 5.2% year-over-year.

• Declared monthly dividends totaling $1.62 per share for the first half, a 1.2% increase year-over-year.

• Annualized base rent reached ~$5.3 billion, with portfolio occupancy at 98.8%.

Outlook and guidance

• Raised full-year AFFO per share guidance to $4.44–$4.45, reflecting approximately 4% growth at the midpoint.

• Increased 2026 investment volume guidance to $10 billion, with $9 billion expected to be on balance sheet.

• Management expects continued portfolio growth through acquisitions, joint ventures, and development projects.

• Same store rent growth expected at 1.1%–1.3% for 2026, with occupancy projected at approximately 98.5%.

• Liquidity is supported by expanded credit facilities and strong access to capital markets.