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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Brad Heffern | RBC Capital Markets | 13 questions · 8% challenging |
| Upal Rana | KeyBanc Capital Markets | 12 questions · 8% challenging |
| Ron Kamdem | Morgan Stanley | 11 questions · 0% challenging |
| Jay Kornreich | Cantor Fitzgerald | 11 questions · 0% challenging |
| Smedes Rose | Citigroup | 10 questions · 40% challenging |
| Michael Goldsmith | UBS | 9 questions · 11% challenging |
| Greg McGinniss | Scotiabank | 9 questions · 11% challenging |
| Linda Tsai | Jefferies | 8 questions · 13% challenging |
| John Kilichowski | Wells Fargo | 8 questions · 25% challenging |
| Jason Wayne | Barclays | 8 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| RBC Capital Markets | 1 analyst | 13 questions · 8% challenging |
| UBS | 2 analysts | 13 questions · 8% challenging |
| KeyBanc Capital Markets | 1 analyst | 12 questions · 8% challenging |
| Citigroup | 2 analysts | 12 questions · 33% challenging |
| Bank of America | 3 analysts | 12 questions · 0% challenging |
| Morgan Stanley | 1 analyst | 11 questions · 0% challenging |
| Green Street | 3 analysts | 11 questions · 9% challenging |
| Cantor Fitzgerald | 1 analyst | 11 questions · 0% challenging |
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Calendar quarter Q1 2026Earnings call May 6, 2026
FY2026 Q1 in brief
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.
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for Realty Income (O), FY2026 Q1: 7/10. Scores: Realty Income’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: O daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
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.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Net margin | FCF |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $1.34B | +24.5% | $0.23 | -23.3% | 14.9% | $936M |
| FY2025 Q1 | $1.38B | +9.5% | $0.28 | +75.0% | 18.1% | $765M |
| FY2025 Q2 | $1.41B | +5.3% | $0.22 | -24.1% | 14.0% | $1.03B |
| FY2025 Q3 | $1.47B | +10.5% | $0.35 | +16.7% | 21.5% | $910M |
| FY2025 Q4 | $1.49B | +11.0% | $0.32 | +39.1% | 19.9% | $1.15B |
| FY2026 Q1Selected | $1.55B | +12.2% | $0.33 | +17.9% | 20.1% | $848M |
| FY2026 Q2 | $1.55B | +9.7% | $0.37 | +68.2% | 22.2% | $1.09B |
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).
GAAP revenue YoY +12.2% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
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 |
What O said about other companies on its FY2026 Q1 call, and what other companies said about O on their calls covering the same calendar quarter (Q1 2026). Each company's own fiscal quarter is shown next to its name. 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 signal 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 signal 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 signal 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; signal 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; signal on Apollo deploying perpetual capital into net-lease real estate.
| Company | Score | Trend | Rev YoY | Headline |
|---|---|---|---|---|
| ORealty Income | 7 | +12.2% | 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 | |
| FRTFederal Realty Investment Trust | 8 | +10.3% | Federal Realty delivered a blowout Q1 with FFO of $1.88/share, up 10.6% and $0.06 above the guidance midpoint, driven by better occupancy, expense savings from 2025 acquisitions, and timing pull-forwards | |
| KIMKimco Realty | 7 | +4.0% | FFO Guidance Tightened Higher on Strong Start | |
| REGRegency Centers | 6 | +4.5% | Same-property NOI growth of 4.4% with 3.5% base rent contribution | |
| SPGSimon Property Group | 8 | +19.3% | Strong FFO Growth Driven by Lease Income |
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
Federal Realty delivered a blowout Q1 with FFO of $1.88/share, up 10.6% and $0.06 above the guidance midpoint, driven by better occupancy, expense savings from 2025 acquisitions, and timing pull-forwards
Same-property NOI growth of 4.4% with 3.5% base rent contribution
| Company | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|---|
| O | 8 | 6 | 7 | 6 | 7 | 7 |
| FRT | 7 | 7 | 7 | 7 | 7 | 8 |
| KIM | 6 | 8 | 7 | 7 | 7 | 7 |
| REG | 7 | 6 | 7 | 7 | 7 | 6 |
| SPG | 7 | 5 | 6 | 8 | 7 | 8 |