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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Brad Heffern | RBC Capital Markets | 13 (8%) |
| Upal Rana | KeyBanc Capital Markets | 12 (8%) |
| Ron Kamdem | Morgan Stanley | 11 (0%) |
| Jay Kornreich | Cantor Fitzgerald | 11 (0%) |
| Smedes Rose | Citigroup | 10 (40%) |
| Michael Goldsmith | UBS | 9 (11%) |
| Greg McGinniss | Scotiabank | 9 (11%) |
| Linda Tsai | Jefferies | 8 (13%) |
| John Kilichowski | Wells Fargo | 8 (25%) |
| Jason Wayne | Barclays | 8 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| RBC Capital Markets | 1 | 13 (8%) |
| UBS | 2 | 13 (8%) |
| KeyBanc Capital Markets | 1 | 12 (8%) |
| Citigroup | 2 |
| 12 (33%) |
| Bank of America | 3 | 12 (0%) |
| Morgan Stanley | 1 | 11 (0%) |
| Green Street | 3 | 11 (9%) |
| Cantor Fitzgerald | 1 | 11 (0%) |
Realty Income delivered Q1 AFFO per share of $1.13, up 6.6% year-over-year, and invested approximately $2.8 billion at a 7.1% initial cash yield. The private capital platform expansion continued driving growth. Management raised AFFO per share guidance to $4.41-$4.44 on strong performance. Credit and structured investments expanded the opportunity set, and European expansion continued targeting fragmented markets. Proactive asset management drove termination income, though the theater portfolio faced headwinds on a same-store basis.
Capital Allocation | Demand | Competitive Dynamics | Credit | Geographic Expansion | Pricing | Capex Investment | Guidance Reliability | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 9 | 6 | 2 | 7 | 4 | 4 | 3 | 1 |
| 2025Q1 | 9 | 7 | 6 | 8 | 4 | 5 | 3 | 1 |
| 2025Q2 | 13 | 3 | 6 | 4 | 7 | 2 | 2 | 1 |
| 2025Q3 | 10 | 5 | 4 | 2 | 7 | 1 | 5 | |
| 2025Q4 | 18 | 4 | 6 | 2 | 1 | 4 | 5 | |
| 2026Q1 | 12 | 6 | 6 | 4 | 4 | 3 | 5 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Capital Allocation | 9 | 9 | 13 | 10 | 18 | 12 |
| Demand | 6 | 7 | 3 | 5 | 4 | 6 |
| Competitive Dynamics | 2 | 6 | 6 | 4 | 6 | 6 |
| Credit | 7 | 8 | 4 | 2 | 2 | 4 |
| Geographic Expansion | 4 | 4 | 7 | 7 | 1 | 4 |
| Pricing | 4 | 5 | 2 | 1 | 4 | 3 |
| Capex Investment | 3 | 3 | 2 | 5 | ||
| Guidance Reliability | 1 | 1 | 1 | 5 | 5 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $1.34B | +24.5% | $0.23 | -23.3% | 43.9% | 14.9% | $936M |
| FY2025 Q1 | $1.38B | +9.5% | $0.28 | +75.0% | 45.0% | 18.1% | $788M |
| FY2025 Q2 | $1.41B | +5.3% | $0.22 | -24.1% | 42.9% | 14.0% | $1.06B |
| FY2025 Q3 | $1.47B | +10.5% | $0.35 | +16.7% | 45.8% | 21.5% | $943M |
| FY2025 Q4 | $1.49B | +11.0% | $0.32 | +39.1% | -18.3% | 19.9% | $1.20B |
| FY2026 Q1 | $1.55B | +12.2% | $0.33 | +17.9% | 46.9% | 20.1% | $848M |
| FY2026 Q2 | $1.55B | +9.7% | $0.37 | +68.2% | 23.1% | 25.7% | $-813M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What O and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“having a very close relationship with both MGM and Wynn, one could argue 2 of the best operators in the space should yield more transactions for us.”
Wynn operates the Boston gaming asset Realty Income owns; management calls it one of the best operators, a positive read-through on Wynn.
“having a very close relationship with both MGM and Wynn, one could argue 2 of the best operators in the space should yield more transactions for us.”
MGM operates Realty Income's gaming assets (CityCenter, Bellagio) as a key tenant; management calls it one of the best operators, a positive read-through on MGM.
“when Regal came out of their Chapter 11 situation.”
Theater tenant Regal's emergence from Chapter 11 drove rent adjustments in Realty Income's theater portfolio; negative read-through on Regal's cinema-operator credit.
“You obviously did the deal with Digital a few years back, hasn't been a ton of consistent investment in data centers.”
An analyst references Realty Income's prior data-center transaction with Digital Realty while asking about its current data-center strategy.
“The capital raise provided Realty Income the opportunity to partner with the local community via San Diego Community Power, supporting its long-term energy procurement objectives for San Diego residents.”
San Diego Community Power partnered with Realty Income in a municipal prepay debt structure supporting its energy procurement.
“Second, we formed a strategic partnership with GIC focused primarily on construction financing and takeout commitments for build-to-suit industrial in the U.S. and Mexico.”
GIC formed a $1.5B build-to-suit industrial JV with Realty Income across the U.S. and Mexico.
“we established a new form of debt financing through a 10-year unsecured term loan with an affiliate of Goldman Sachs.”
Realty Income established a 10-year unsecured term loan via a Goldman Sachs affiliate as part of a municipal prepay structure; read-through on Goldman's structured-financing role.
“Lastly, we raised $1 billion in equity from Apollo as part of a programmatic venture that strives to ultimately deliver Realty Income's dependable income to the massive insurance and annuity market.”
Apollo committed $1B of equity into a programmatic JV with Realty Income targeting insurance/annuity capital; read-through on Apollo deploying perpetual capital into net-lease real estate.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
O Realty Income | 7 | +12.2% | |
| FRT Federal Realty Investment Trust | 8 | +10.3% | |
| KIM Kimco Realty | 7 | +4.0% | |
| REG Regency Centers | 6 | +4.5% | |
| SPG Simon Property Group | 8 | +19.3% |