Business

Realty Income Announces Operating Results for the Three Months and Year Ended December 31, 2025

Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today announced operating results for the three months and year ended December 31, 2025. All per share amounts presented in this press release are on a diluted per common share basis unless stated otherwise.

Realty Income CorporationFebruary 24, 202624
Realty Income Announces Operating Results for the Three Months and Year Ended December 31, 2025

About this update from Realty Income Corporation

[{"type":"text","content":" SAN DIEGO , Feb. 24, 2026 /PRNewswire/ -- Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company ® , today announced operating results for the three months and year ended December 31, 2025. All per share amounts presented in this press release are on a diluted per common share basis unless stated otherwise.","length":331,"tagName":"p"},{"type":"image","alt":"Realty Income Corporation - The Monthly Dividend Company. (PRNewsFoto/Realty Income Corporation) (PRNewsfoto/Realty Income Corporation)","displaySize":"","headline":null,"caption":"Realty Income Corporation - The Monthly Dividend Company. (PRNewsFoto/Realty Income Corporation) (PRNewsfoto/Realty Income Corporation)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":109,"url":"https://media.zenfs.com/en/prnewswire.com/c6afb52e5b77caee4e02b4173512f61a"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/AzPLYwOBpoy_BkIhYxacVQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTE5MjtjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/c6afb52e5b77caee4e02b4173512f61a","width":400,"height":109}},"href":"https://mma.prnewswire.com/media/122541/Realty_Income_Logo.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":" COMPANY HIGHLIGHTS : ","length":19,"tagName":"p","attribs":{}},{"type":"text","content":" For the three months ended December 31, 2025: ","length":45,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Net income available to common stockholders was $296.1 million, or $0.32 per share","length":82,"tagName":"p"}]},{"val":[{"type":"text","content":"Adjusted Funds from Operations ("AFFO") was $1.08 per share","length":69,"tagName":"p"}]},{"val":[{"type":"text","content":"Invested $2.4 billion; our pro-rata share was $2.3 billion at an initial weighted average cash yield of 7.1%","length":108,"tagName":"p"}]},{"val":[{"type":"text","content":"Net Debt to Annualized Pro Forma Adjusted EBITDA re was 5.4x","length":59,"tagName":"p"}]},{"val":[{"type":"text","content":"Settled 14.0 million shares of outstanding forward sale agreements through our At-The-Market ("ATM") program for gross proceeds of $817.8 million","length":155,"tagName":"p"}]},{"val":[{"type":"text","content":"Achieved a rent recapture rate of 104.9% on properties re-leased","length":64,"tagName":"p"}]},{"val":[{"type":"text","content":"Successfully launched our inaugural perpetual life U.S. Open-End Core Plus Fund, raising $1.5 billion in total commitments through year end","length":139,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":676,"olType":false},{"type":"text","content":" For the year ended December 31, 2025: ","length":37,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Net income available to common stockholders was $1.1 billion, or $1.17 per share","length":80,"tagName":"p"}]},{"val":[{"type":"text","content":"AFFO was $4.28 per share","length":24,"tagName":"p"}]},{"val":[{"type":"text","content":"Invested $6.3 billion; our pro-rata share was $6.2 billion at an initial weighted average cash yield of 7.3%","length":108,"tagName":"p"}]},{"val":[{"type":"text","content":"Settled 42.0 million shares of outstanding forward sale agreements through our ATM program for gross proceeds of $2.4 billion","length":125,"tagName":"p"}]},{"val":[{"type":"text","content":"Achieved a rent recapture rate of 103.9% on properties re-leased","length":64,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":401,"olType":false},{"type":"text","content":" Events subsequent to December 31, 2025: ","length":39,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"In January 2026, issued $862.5 million aggregate principal amount of 3.500% convertible senior notes due January 2029","length":117,"tagName":"p"}]},{"val":[{"type":"text","content":"In January 2026, announced the establishment of a strategic relationship with GIC, including the establishment of a build-to-suit development joint venture with total combined commitments of over $1.5 billion","length":208,"tagName":"p"}]},{"val":[{"type":"text","content":"Expanded to Mexico in scale with a $200.0 million takeout commitment for USD-denominated, long-term leased industrial portfolio, representing our first investment in Mexico","length":172,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":497,"olType":false},{"type":"text","content":" CEO Comments ","length":12,"tagName":"p"},{"type":"text","content":""2025 represented another year of consistent returns and deliberate execution of strategic initiatives that will amplify our competitive strengths," said Sumit Roy, Realty Income's President and Chief Executive Officer. "The momentum in our business is palpable. Our fourth quarter investment volume of $2.4 billion represents a meaningful acceleration in activity, and our active pipeline for 2026 is reflected in our initial investment volume guidance of approximately $8.0 billion. In concert with healthy portfolio occupancy and underlying tenant credit, we are introducing 2026 AFFO per share guidance of $4.38 - $4.42, representing annual growth of approximately 2.8% at the midpoint and approximately 9% total operational return."","length":761,"tagName":"p"},{"type":"readMore"},{"type":"text","content":""Our growth outlook is supported by an ever-expanding global addressable market. Our unique platform now benefits from additional sources of private capital, including our U.S. Core Plus fund and GIC partnership. We are honored by the trust we have established with these investors and are energized by the opportunity to deliver reliable long-term value for all stakeholders."","length":387,"tagName":"p"},{"type":"text","content":" Select Financial Results ","length":24,"tagName":"p"},{"type":"text","content":"The following summarizes our select financial results (dollars in millions, except per share data):","length":99,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" ","length":0,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" ","length":0,"tagName":"p","attribs":{}}]},{"colspan":"3","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:CENTER;","val":[{"type":"text","content":" Three months ended ","length":18,"tagName":"p","attribs":{}},{"type":"text","content":" December 31, ","length":12,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:CENTER;","val":[{"type":"text","content":" ","length":0,"tagName":"p","attribs":{}}]},{"colspan":"3","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:CENTER;","val":[{"type":"text","content":" Years ended ","length":11,"tagName":"p","attribs":{}},{"type":"text","content":" December 31, ","length":12,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" 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","length":0,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:CENTER;","val":[{"type":"text","content":" 2025 ","length":4,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:CENTER;","val":[{"type":"text","content":" ","length":0,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:CENTER;","val":[{"type":"text","content":" 2024 ","length":4,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;","val":[{"type":"text","content":" Total revenue 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