SAN DIEGO, Aug. 5, 2026 /PRNewswire/ -- Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today announced operating results for the three and six months ended June 30, 2026. All per share amounts presented in this press release are on a diluted per common share basis unless stated otherwise.
COMPANY HIGHLIGHTS:
For the three months ended June 30, 2026:
Net income available to common stockholders was $344.0 million, or $0.37 per share
Adjusted Funds from Operations ("AFFO") per share increased 3.8% to $1.09 per share, compared to the three months ended June 30, 2025
Invested $2.6 billion; our Pro-Rata Share was $2.1 billion at an Initial Weighted Average Cash Yield of 7.3%
Net Debt to Annualized Pro Forma Adjusted EBITDAre was 5.4x
Achieved a rent recapture rate of 102.7% on properties re-leased
Events subsequent to June 30, 2026:
In July 2026, issued €600.0 million of 3.625% senior unsecured notes due July 2032
In July 2026, amended and restated our unsecured revolving credit facility to $5.5 billion and commercial paper programs to $5.5 billion
In August 2026, assigned a Long-Term Issuer Default Rating of 'A' with a Stable Outlook from Fitch Ratings
CEO Comments
"Our results reflect the strength of Realty Income's diversified platform and our disciplined approach to capital allocation," said Sumit Roy, Realty Income's Chief Executive Officer. "As demonstrated by our recently announced $6 billion hyperscale data center joint venture and the continued expansion of our Realty Income Investment Management platform, we are leveraging our scale, relationships, and track record to access new sources of growth while maintaining the same disciplined underwriting standards that have defined Realty Income for decades."
"Supported by the resilience of our core portfolio and contributions from these complementary growth channels, we delivered another quarter of solid AFFO per share growth and invested approximately $2.6 billion, or $2.1 billion at our share, during the quarter. As a result, we are pleased to raise our 2026 AFFO per share guidance to $4.44 - $4.45, reflecting approximately 4% growth rate at the midpoint."
Select Financial Results
The following summarizes our select financial results (dollars in millions, except per share data):
Three months ended June 30, | Six months ended June 30, | |||||||
2026 | 2025 | 2026 | 2025 | |||||
Total revenue | $ 1,547.7 | $ 1,410.4 | $ 3,096.4 | $ 2,790.9 | ||||
Net income available to common stockholders (1) | $ 344.0 | $ 196.9 | $ 655.7 | $ 446.7 | ||||
Net income per share | $ 0.37 | $ 0.22 | $ 0.70 | $ 0.50 | ||||
Funds from operations available to common stockholders (FFO) (2) | $ 996.6 | $ 955.7 | $ 1,990.2 | $ 1,893.4 | ||||
FFO per share | $ 1.07 | $ 1.06 | $ 2.13 | $ 2.11 | ||||
Normalized funds from operations available to common | $ 998.7 | $ 956.1 | $ 2,003.0 | $ 1,894.0 | ||||
Normalized FFO per share | $ 1.07 | $ 1.06 | $ 2.14 | $ 2.11 | ||||
Adjusted funds from operations available to common stockholders | $ 1,022.1 | $ 947.5 | $ 2,079.7 | $ 1,897.2 | ||||
AFFO per share | $ 1.09 | $ 1.05 | $ 2.22 | $ 2.11 |
(1) | The calculation to determine net income available to common stockholders includes provisions for impairment of real estate, provisions for credit losses on loans and financing receivables, gain on sales of real estate, and foreign currency gain and loss. These items can vary from quarter to quarter and can significantly impact net income available to common stockholders and period to period comparisons. |
(2) | FFO, Normalized FFO, and AFFO are non-GAAP financial measures. Normalized FFO is based on FFO and adjusted to exclude merger, transaction, and other costs, net and AFFO further adjusts Normalized FFO for unique revenue and expense items. Please see the Glossary for our definitions and explanations of how we utilize these metrics. Please see pages 10 and 11 herein for reconciliations to the most directly comparable GAAP measure. |
Dividend Increases
In June 2026, we announced the 115th consecutive quarterly dividend increase, which is the 135th increase since our listing on the New York Stock Exchange ("NYSE") in 1994. The annualized dividend amount as of June 30, 2026 was $3.252 per share. The amount of monthly dividends paid per share increased 0.7% to $0.812 in the three months ended June 30, 2026, as compared to $0.806 during the three months ended June 30, 2025, representing 74.5% of our diluted AFFO per share of $1.09 during the three months ended June 30, 2026.
Real Estate Portfolio Update
As of June 30, 2026, we owned or held interests in 15,588 properties, which were leased to 1,798 clients doing business in 92 industries. Our diversified portfolio of commercial properties under long-term, net lease agreements is actively managed with a weighted average remaining lease term of approximately 8.6 years. Our portfolio of commercial real estate has historically provided dependable rental revenue supporting the payment of monthly dividends. As of June 30, 2026, portfolio occupancy was 98.8% with 188 properties available for lease or sale, as compared to 98.9% as of March 31, 2026 and 98.6% as of June 30, 2025. Our property-level occupancy rates exclude properties with ancillary leases only, such as cell towers and billboards, and properties with possession pending, and include properties owned by unconsolidated joint ventures. Below is a summary of our portfolio activity for the periods indicated below:
Changes in Occupancy
Three months ended June 30, 2026 | |
Properties available for lease as of March 31, 2026 | 172 |
Lease expirations (1) | 480 |
Re-leases to same client | (385) |
Re-leases to new client | (34) |
Vacant dispositions | (45) |
Properties available for lease as of June 30, 2026 | 188 |
Six months ended June 30, 2026 | |
Properties available for lease as of December 31, 2025 | 173 |
Lease expirations (1) | 800 |
Re-leases to same client | (605) |
Re-leases to new client | (57) |
Vacant dispositions | (123) |
Properties available for lease as of June 30, 2026 | 188 |
(1) | Includes scheduled and unscheduled expirations (including leases rejected in bankruptcy), as well as future expirations resolved in the periods indicated above. |
During the three months ended June 30, 2026, the new Annualized Base Rent on re-leased units was $110.3 million, as compared to the previous annual rent of $107.4 million on the same units, representing a rent recapture rate of 102.7% on the re-leased units. Please see the Glossary for our definition of Annualized Base Rent.
During the six months ended June 30, 2026, the new Annualized Base Rent on re-leased units was $183.5 million, as compared to the previous annual rent of $178.2 million on the same units, representing a rent recapture rate of 103.0% on the re-leased units.
Investment Summary
The following table summarizes our investments for the periods indicated below (dollars in millions):
Three months ended June 30, 2026 | Six months ended June 30, 2026 | |||||||||||||
Investment | Pro-Rata | Weighted | Number of | Investment | Pro- | Weighted | Number of | |||||||
Acquisitions | ||||||||||||||
U.S. wholly-owned | $ 887.3 | $ 887.3 | 10.8 | 52 | $ 1,259.7 | $ 1,259.7 | 10.5 | 135 | ||||||
U.S. Core Plus Fund | 672.5 | 180.1 | 12.2 | 37 | 843.9 | 246.0 | 11.6 | 58 | ||||||
Europe wholly-owned | 243.9 | 243.9 | 9.7 | 5 | 1,000.0 | 1,000.0 | 6.7 | 47 | ||||||
Non-wholly owned(2) | — | — | — | — | 280.1 | 238.5 | 14.1 | 6 | ||||||
Total real estate acquisitions(3) | $ 1,803.7 | $ 1,311.3 | 10.7 | 94 | $ 3,383.7 | $ 2,744.2 | 9.4 | 246 | ||||||
Initial Weighted Average Cash | 6.4 % | 6.5 % | ||||||||||||
Real estate properties under | ||||||||||||||
U.S. wholly-owned | $ 44.2 | $ 44.2 | 16.6 | 24 | $ 74.5 | $ 74.5 | 17.1 | 43 | ||||||
Europe wholly-owned | 17.2 | 17.2 | 12.2 | 12 | 51.3 | 51.3 | 13.9 | 20 | ||||||
Non-wholly owned(2) | 74.0 | 73.3 | 7.6 | 14 | 165.4 | 164.1 | 8.7 | 29 | ||||||
Total real estate properties | $ 135.4 | $ 134.7 | 11.1 | 50 | $ 291.2 | $ 289.9 | 11.8 | 92 | ||||||
Initial Weighted Average Cash | 7.6 % | 7.5 % | ||||||||||||
Other investments(5) | ||||||||||||||
U.S. wholly-owned | $ 513.3 | $ 513.3 | 4.0 | — | $ 1,233.1 | $ 1,233.1 | 3.8 | — | ||||||
Europe wholly-owned | 93.4 | 93.4 | 2.8 | — | 345.1 | 345.1 | 3.5 | — | ||||||
Other wholly-owned | 22.0 | 22.0 | 1.7 | — | 82.0 | 82.0 | 1.9 | — | ||||||
Total other investments | $ 628.7 | $ 628.7 | 3.8 | — | $ 1,660.2 | $ 1,660.2 | 3.7 | — | ||||||
Initial Weighted Average Cash | 9.2 % | 8.3 % | ||||||||||||
Total investments | $ 2,567.8 | $ 2,074.7 | 8.1 | 144 | $ 5,335.1 | $ 4,694.3 | 7.2 | 338 | ||||||
Initial Weighted Average Cash | 7.3 % | 7.2 % | ||||||||||||
Supplementary Information: | ||||||||||||||
Total U.S. and other volume | $ 1,677.9 | $ 3,011.4 | ||||||||||||
Initial Weighted Average Cash | 7.4 % | 7.4 % | ||||||||||||
Total Europe volume | $ 396.8 | $ 1,682.9 | ||||||||||||
Initial Weighted Average Cash | 7.0 % | 7.0 % | ||||||||||||
Investment Grade Clients(6) | 38 % | 40 % | ||||||||||||
Initial Weighted Average Cash | 6.0 % | 5.8 % | ||||||||||||
Initial Weighted Average Cash | 7.5 % | 7.5 % | ||||||||||||
(1) | Reflects adjustments for our Pro-Rata Share based on our proportionate economic ownership of our joint ventures (which adds our economic ownership percentage of unconsolidated entities and deducts noncontrolling interests). Please see the Glossary for our definition of Pro-Rata Share for more information. |
(2) | Non-wholly owned represents U.S. and European investments not 100% owned by Realty Income, excluding the U.S. Core Plus Fund. |
(3) | For the three months ended June 30, 2026, our clients occupying the new properties are 34.0% retail, 65.0% industrial, and 1.0% other property types based on Cash Income. For the six months ended June 30, 2026, our clients occupying the new properties are 50.3% retail, 47.8% industrial, and 1.9% other property types based on Cash Income. Please see the Glossary for our definition of Cash Income. |
(4) | Initial Weighted Average Cash Yield is a supplemental operating measure. Cash Income used in the calculation of Initial Weighted Average Cash Yield for investments for the three and six months ended June 30, 2026 includes $1.4 million and $3.8 million, respectively, received as settlement credits as the reimbursement of free rent periods. Please see the Glossary for our definitions of Initial Weighted Average Cash Yield and Cash Income. |
(5) | Represents various loans across the U.S. and Europe, including construction loans in Mexico related to Realty Income's strategic partnership with GIC, as well as loans associated with a data center joint venture. |
(6) | Represents approximate percentage of annualized cash income generated by investments from Investment Grade Clients at the date of investment. Please see the Glossary for our definition of Investment Grade Clients. |
Same Store Rental Revenue
The following summarizes our Same Store Rental Revenue for 14,619 properties under lease for the three and six months ended June 30, 2026 and 2025 (dollars in millions):
Three months ended June 30, | Six months ended June 30, | % Increase | |||||||||
2026 | 2025 | 2026 | 2025 | Three Months | Six Months | ||||||
Same Store Rental Revenue | $ 1,169.2 | $ 1,155.5 | $ 2,335.2 | $ 2,311.7 | 1.2 % | 1.0 % |
For purposes of comparability, Same Store Rental Revenue is presented on a constant currency basis using the applicable exchange rate as of June 30, 2026. Same Store Rental Revenue also includes our Pro-Rata Share of rental revenue from properties owned by unconsolidated joint ventures and amounts attributable to noncontrolling interests based on their respective ownership percentages. Please see the Glossary to see definitions of our Same Store Pool and Same Store Rental Revenue.
Property Dispositions
The following summarizes our property dispositions (dollars in millions):
Three months ended June 30, 2026 | Six months ended June 30, 2026 | ||
Properties sold | 80 | 177 | |
Net sales proceeds | $ 160.7 | $ 348.6 | |
Gain on sales of real estate | $ 38.3 | $ 73.9 |
Liquidity and Capital Markets
Liquidity
As of June 30, 2026, we had $3.5 billion total available liquidity at our Pro-Rata Share(1), comprised of the components summarized below (dollars in millions):
Cash and cash equivalents (2) | $ 534.6 |
Availability under credit facilities (3) | 3,152.7 |
Unsettled At-the-Market ("ATM") forwards (4) | 1,228.3 |
Less: commercial paper borrowings | (1,441.4) |
Total available liquidity at our Pro-Rata Share | $ 3,474.2 |
(1) | Please see the Glossary for our definition of Pro-Rata Share for more information. |
(2) | Reflects adjustments based on our proportionate economic ownership of our joint ventures. Calculated as cash and cash equivalents per the consolidated balance sheet of $552.6 million, plus our Pro-Rata Share of unconsolidated entities cash of $23.4 million, less adjustments allocable to noncontrolling interests of $41.4 million. |
(3) | Represents our availability under the $4.0 billion revolving credit facility and our Pro-Rata Share of availability under the $1.38 billion Fund credit facility, which includes a $1.0 billion revolving facility, and a $380.0 million term loan which was fully drawn as of June 30, 2026. |
(4) | As of June 30, 2026, we had outstanding forward-sale agreements under our ATM program for a total of 21.1 million shares of common stock, which have been executed at a weighted average price of $58.34 per share (assuming full physical settlement of all outstanding shares of common stock, subject to such forward sale agreements and certain assumptions made with respect to settlement dates). |
Capital Raising
During the three months ended June 30, 2026, we raised $843.0 million of proceeds from the sale of common stock at a weighted average price of $61.52 per share, primarily through the sale of 13.7 million shares of common stock pursuant to forward sale agreements under our ATM program. As of August 5, 2026, approximately 22.5 million shares of common stock subject to ATM forward sale agreements remain unsettled, of which 1.4 million shares were sold in July 2026, representing approximately $1.3 billion in expected net proceeds and a weighted average initial gross price of $60.34 per share. ATM net sale proceeds assume full physical settlement of all outstanding shares of common stock, subject to such forward sale agreements and certain assumptions made with respect to settlement dates.
On July 1, 2026, our U.S. Core Plus Fund called $265.7 million of capital from third-party investors, resulting in an indirect ownership of 23.6% in the Fund.
In July 2026, we issued €600.0 million of 3.625% senior unsecured notes due July 2032 (the "2032 Notes"). The public offering price for the 2032 Notes was 99.518% of the principal amount for an effective annual yield to maturity of 3.716%.
In April 2026, we issued $800.0 million of 4.750% senior unsecured notes due April 2033 (the "April 2033 Notes"). The public offering price for the April 2033 Notes was 98.261% of the principal amount for an effective yield to maturity of 5.047%. Interest is paid semi-annually. In connection with the issuance, we executed a $500 million U.S. Dollar-to-Euro 7-year cross currency swap, resulting in approximately €436 million of proceeds and an effective fixed-rate, Euro-denominated yield to maturity of approximately 4.07% and coupon rate of 3.81%. On a combined basis, the Notes and related swap resulted in an effective blended yield to maturity of approximately 4.44% and blended coupon rate of 4.16%.
Expanded Revolving Credit Facilities and Commercial Paper Programs
In July 2026, we closed on the recast and expansion of our $5.5 billion multicurrency unsecured revolving credit facilities, upsized from the prior $4.0 billion capacity. In addition, we also announced an expanded combined capacity of $5.5 billion for our global commercial paper programs, upsized from the prior $3.0 billion combined capacity.
'A' Credit Rating from Fitch Ratings
On August 3, 2026, Fitch Ratings assigned Realty Income a Long-Term Issuer Default Rating of 'A' with a Stable Outlook. In its press release, Fitch Ratings cited Realty Income's long operating history and cycle-tested performance, durable cash flow, portfolio diversification, and strong access to multiple sources of capital as key drivers supporting its 'A' rating.
Guidance
Summarized below are approximate estimates of the key components of our 2026 earnings guidance (with 2026 actual results for comparison):
Revised 2026 | Prior 2026 | YTD Actuals at | |||
Net income per share(2) | $1.59 - $1.60 | $1.60 - $1.63 | $0.70 | ||
Real estate depreciation per share | $2.66 | $2.65 | $1.36 | ||
Other adjustments per share(3) | $0.19 | $0.16 | $0.16 | ||
AFFO per share | $4.44 - $4.45 | $4.41 - $4.44 | $2.22 | ||
Same store rent growth | 1.1% - 1.3% | 1.0% - 1.3% | 1.0 % | ||
Occupancy | Approx 98.5% | Approx 98.5% | 98.8 % | ||
Cash G&A expenses (% of total Gross Asset Value)(4)(5) | 21 - 22 bps | 20 - 23 bps | 11 bps | ||
Property expenses (non-reimbursable) (% of total | Approx 1.5% | Approx 1.5% | 1.4 % | ||
Income tax expenses | $100 - $110 million | $100 - $110 million | $52 million | ||
Investment volume (at 100%) | $10.0 billion | $9.5 billion | $5.3 billion | ||
Lease termination income | $45 - $50 million | $45 - $50 million | $41 million | ||
(1) | As issued on May 6, 2026. |
(2) | Net income per share excludes future impairment and foreign currency or derivative gains or losses due to the inherent unpredictability of forecasting these items. |
(3) | Includes net adjustments for gains or losses on sales of properties, impairments, and merger, transaction, and other non-recurring costs. |
(4) | Cash G&A represents 'General and administrative' expenses as presented in our consolidated statements of income, less share-based compensation costs. |
(5) | Please see the Glossary for our definition of Gross Asset Value. |
(6) | Total revenue excludes client reimbursements. |
Conference Call Information
In conjunction with the release of our operating results, we will host a conference call on August 5, 2026 at 2:00 p.m. PDT to discuss the operating results. To access the conference call, dial (833) 816-1264 (United States) or (412) 317-5632 (International). When prompted, please ask for the Realty Income conference call.
A telephone replay of the conference call can also be accessed by calling (855) 669-9658 (United States) or (412) 317-0088 (International) and entering the conference ID 5929348. The telephone replay will be available through August 12, 2026.
A live webcast will be available in listen-only mode by clicking on the webcast link on the company's home page at www.realtyincome.com. A replay of the conference call webcast will be available approximately one hour after the conclusion of the live broadcast. No access code is required for this replay.
Supplemental Materials
Supplemental Operating and Financial Data for the three and six months ended June 30, 2026 is available on our corporate website at www.realtyincome.com/investors/quarterly-and-annual-results.
About Realty Income
Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies®. Founded in 1969, we serve our clients as a full-service real estate capital provider. As of June 30, 2026, we have a portfolio of over 15,500 properties in all 50 U.S. states, the United Kingdom ("U.K."), and eight other countries in Europe. We are known as "The Monthly Dividend Company®" and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our founding, we have declared 673 consecutive monthly dividends and are a member of the S&P 500 Dividend Aristocrats® index for having increased our dividend for over 31 consecutive years. Additional information about the company can be found at www.realtyincome.com. Investors and others should note that we announce material financial and operational information to our investors using our investor relations website (www.realtyincome.com/investors), press releases, SEC filings and public conference calls and webcasts.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, the words "estimate," "anticipate," "assume," "expect," "believe," "intend," "continue," "should," "may," "likely," "plan," "seek," and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions of our business, strategy, plans, and the intentions of management; joint ventures, partnerships, and portfolio including management thereof; our platform; growth and capital strategies including our private capital business, investment pipeline and intentions to acquire or dispose of properties (including geographies, timing, partners, clients and terms); re-leases, re-development and speculative development of properties and expenditures related thereto; operations and results; guidance; our share repurchase program; settlement of shares of common stock sold pursuant to forward sale confirmations under our ATM program; dividends, including the amount, timing and payments of dividends; and macroeconomic and other business trends, including interest rates and trends in the market for long-term leases of freestanding, single-client properties. Forward-looking statements are subject to risks, uncertainties, and assumptions about us which may cause our actual future results to differ materially from expected results. Some of the factors that could cause actual results to differ materially are, among others, our continued qualification as a real estate investment trust; general domestic and foreign business, economic, or financial conditions; competition; fluctuating interest and currency rates; inflation and its impact on our clients and us; access to debt and equity capital markets and other sources of funding (including the terms, structure and partners of such funding); volatility and uncertainty in the credit and financial markets; other risks inherent in real estate, private capital, credit and mezzanine investments, and joint ventures or co-investment ventures, including solvency, defaults under leases, bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments (including rights of first refusal or rights of first offer), and potential damages from natural disasters; impairments in the value of our real estate assets; volatility and changes in domestic and foreign laws and the application, enforcement or interpretation thereof (including with respect to tax laws and rates); property ownership through co-investment ventures, funds, joint ventures, partnerships and other arrangements which, among other things, may transfer or limit our control of the underlying investments; epidemics or pandemics; the loss of key personnel; the threat and outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism and war; and the anticipated benefits from mergers, acquisitions, co-investment ventures, funds, joint ventures, partnerships and other arrangements; and those additional risks and factors discussed in our reports filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are not guarantees of future plans and performance and speak only as of the date of this press release. Past operating results and performance are provided for informational purposes and are not a guarantee of future results. There can be no assurance that historical trends will continue. Actual plans and results may differ materially from what is expressed or forecasted in this press release and forecasts made in the forward-looking statements discussed in this press release may not materialize. We do not undertake any obligation to update forward-looking statements or publicly release the results of any forward-looking statements that may be made to reflect events or circumstances after the date these statements were made or to reflect the occurrence of unanticipated events.
CONSOLIDATED STATEMENTS OF INCOME | ||||||||
Three months ended June 30, | Six months ended June 30, | |||||||
2026 | 2025 | 2026 | 2025 | |||||
REVENUE | ||||||||
Rental (including reimbursements) (1) | $ 1,426,467 | $ 1,338,188 | $ 2,867,284 | $ 2,651,245 | ||||
Interest income on financing receivables | 32,024 | 32,382 | 64,154 | 65,017 | ||||
Interest and dividend income on loans and preferred equity | 88,517 | 39,480 | 158,627 | 74,216 | ||||
Other | 703 | 328 | 6,373 | 405 | ||||
Total revenue | 1,547,711 | 1,410,378 | 3,096,438 | 2,790,883 | ||||
EXPENSES | ||||||||
Depreciation and amortization | 644,677 | 647,849 | 1,274,952 | 1,256,784 | ||||
Interest | 312,083 | 283,824 | 604,023 | 552,198 | ||||
Property (including reimbursements) | 112,439 | 107,422 | 229,282 | 214,103 | ||||
General and administrative | 57,605 | 49,329 | 116,490 | 93,373 | ||||
Provisions for impairment of real estate | 54,185 | 142,255 | 144,350 | 239,673 | ||||
Provisions for credit losses on loans and financing receivables | 7,258 | 1,108 | 46,361 | 20,279 | ||||
Merger, transaction, and other costs, net | 2,058 | 331 | 12,845 | 610 | ||||
Total expenses | 1,190,305 | 1,232,118 | 2,428,303 | 2,377,020 | ||||
Gain on sales of real estate | 38,260 | 38,566 | 73,902 | 61,103 | ||||
Foreign currency and derivative loss, net | (8,824) | (4,388) | (25,844) | (6,933) | ||||
Equity in earnings of unconsolidated entities | 2,204 | 3,269 | 4,873 | 7,626 | ||||
Other income, net | 7,275 | 7,369 | 22,385 | 14,536 | ||||
Income before income taxes | 396,321 | 223,076 | 743,451 | 490,195 | ||||
Income taxes | (25,808) | (24,065) | (52,003) | (39,722) | ||||
Net income | 370,513 | 199,011 | 691,448 | 450,473 | ||||
Net income attributable to noncontrolling interests | (26,558) | (2,092) | (35,727) | (3,739) | ||||
Net income available to common stockholders | $ 343,955 | $ 196,919 | $ 655,721 | $ 446,734 | ||||
Funds from operations available to common stockholders (FFO) | $ 996,600 | $ 955,748 | $ 1,990,201 | $ 1,893,403 | ||||
Normalized funds from operations available to common | $ 998,658 | $ 956,079 | $ 2,003,046 | $ 1,894,013 | ||||
Adjusted funds from operations available to common | $ 1,022,120 | $ 947,491 | $ 2,079,673 | $ 1,897,207 | ||||
Amounts available to common stockholders per common share: | ||||||||
Net income per common share, basic and diluted | $ 0.37 | $ 0.22 | $ 0.70 | $ 0.50 | ||||
FFO per common share: | ||||||||
Basic | $ 1.07 | $ 1.06 | $ 2.14 | $ 2.11 | ||||
Diluted | $ 1.07 | $ 1.06 | $ 2.13 | $ 2.11 | ||||
Normalized FFO per common share: | ||||||||
Basic | $ 1.07 | $ 1.06 | $ 2.15 | $ 2.11 | ||||
Diluted | $ 1.07 | $ 1.06 | $ 2.14 | $ 2.11 | ||||
AFFO per common share: | ||||||||
Basic | $ 1.10 | $ 1.05 | $ 2.23 | $ 2.11 | ||||
Diluted | $ 1.09 | $ 1.05 | $ 2.22 | $ 2.11 | ||||
Cash dividends paid per common share | $ 0.8115 | $ 0.8055 | $ 1.6215 | $ 1.6015 |
(1) | Includes client reimbursements of $91.1 million and $87.4 million for the three months ended June 30, 2026 and 2025, respectively, and $188.6 million and $174.8 million for the six months ended June 30, 2026 and 2025, respectively. Additionally, includes reserves to rental revenue, exclusive of non-cash reserves, of $4.6 million and $10.9 million for the three months ended June 30, 2026 and 2025, respectively, and $11.0 million and $17.1 million for the six months ended June 30, 2026 and 2025, respectively. |
FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FUNDS FROM OPERATIONS (Normalized FFO) | ||||||||
FFO and Normalized FFO are non-GAAP financial measures. Please see the Glossary for our definitions and | ||||||||
Three months ended June 30, | Six months ended June 30, | |||||||
2026 | 2025 | 2026 | 2025 | |||||
Net income available to common stockholders | $ 343,955 | $ 196,919 | $ 655,721 | $ 446,734 | ||||
Depreciation and amortization | 644,677 | 647,849 | 1,274,952 | 1,256,784 | ||||
Depreciation of furniture, fixtures and equipment | (802) | (604) | (1,589) | (1,142) | ||||
Provisions for impairment of real estate | 54,185 | 142,254 | 144,350 | 239,672 | ||||
Gain on sales of real estate | (38,260) | (38,566) | (73,902) | (61,103) | ||||
Proportionate share of adjustments for unconsolidated entities | 9,021 | 9,085 | 18,499 | 15,340 | ||||
FFO adjustments allocable to noncontrolling interests | (16,176) | (1,189) | (27,830) | (2,882) | ||||
FFO available to common stockholders | $ 996,600 | $ 955,748 | $ 1,990,201 | $ 1,893,403 | ||||
FFO allocable to dilutive noncontrolling interests | 2,344 | 2,417 | 4,377 | 4,842 | ||||
Diluted FFO | $ 998,944 | $ 958,165 | $ 1,994,578 | $ 1,898,245 | ||||
FFO available to common stockholders | $ 996,600 | $ 955,748 | $ 1,990,201 | $ 1,893,403 | ||||
Merger, transaction, and other costs, net | 2,058 | 331 | 12,845 | 610 | ||||
Normalized FFO available to common stockholders | $ 998,658 | $... |