Realty Income's Q3 revenue beats; raises 2026 AFFO per share outlook
O•O•O•O•Realty Income reported Q3 revenue of $1.62 billion, above the $1.52 billion consensus, and raised its 2026 AFFO per share guidance to $4.45–$4.46. It reaffirmed its $10 billion investment target for 2026.
Q3 revenue rose and beat analyst expectations at $1.62 billion versus a $1.52 billion consensus. Adjusted FFO per share increased 3.7% from a year earlier to $1.12; FFO per share was $1.10.
Realty Income raised its 2026 AFFO per share guidance to $4.45–$4.46 and reaffirmed its $10 billion investment-volume target. The company expects occupancy above 98.5% in 2026.
Realty Income invested $2.6 billion in Q3, with a realized leverage-neutral spread of about 170 basis points, and achieved a 103.5% rent recapture rate on properties re-leased during the quarter. It also expanded its private capital platform into Europe through a joint venture with KKR, supported by an initial €528 million investment.
