O · Realty Income Corporation

Realty Income reported a strong first quarter of 2026, demonstrating resilience in its global investment and operating platforms. The company invested $2.8 billion during the quarter, with a pro-rata share of $2.6 billion at an initial weighted average cash yield of 7.1%. This robust investment activity, combined with a strategic partnership with Apollo involving a $1.0 billion investment in a retail portfolio, underscores the company's successful diversification of capital sources beyond public markets. CEO Sumit Roy highlighted that these private capital vehicles enhance financial returns and expand investment capabilities. Financially, AFFO per share grew 6.6% year-over-year to $1.13, supported by a 98.9% portfolio occupancy rate and a 103.4% rent recapture rate on re-leased properties. Same store rental revenue increased 0.8% on a constant currency basis. Reflecting this momentum, management raised full-year investment guidance to $9.5 billion from $8.0 billion and increased the 2026 AFFO per share guidance range to $4.41–$4.44, implying 3.0% to 3.7% annual growth. The company maintains a strong balance sheet with a Net Debt to Annualized Pro Forma Adjusted EBITDAre of 5.2x and $3.9 billion in total available liquidity. Subsequent to the quarter end, the company issued $800 million in senior unsecured notes and executed cross-currency swaps to optimize its debt structure.