Realty Income Corp.

Realty Income Corp.

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Market Cap$57.14B
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Compare to Similar Companies

P/E RatioDividendsReturn on EquityPrice-to-SalesDebt-to-Equity
Realty Income Corp.Realty Income Corp.49.55.72%3%100.8

Earnings Call Q1 2026

May 6, 2026 - AI Summary

Strong Q1 operating/cashflow momentum + AFFO guidance raised - AFFO per share: $1.13, +6.6% YoY - Invested: ~$2.8B total (or $2.6B pro rata) at ~7.1% initial weighted average cash yield - Lease termination income: $40.2M in Q1 (management says it’s not concentrated in one tenant; driven by proactive asset/tenant recapture/repositioning) - Full-year guidance raised: AFFO per share midpoint increased by $0.025 (≈ +60 bps at the midpoint) - Revised lease termination outlook: now $45M–$50M (previously guided lower)
Investment activity is scaling with a higher full-year deployment target - Pipeline execution: Sourced ~$31B opportunities in Q1; ~9% of reviewed opportunities were closed (≈high selectivity) - Investment volume guidance increased: to $9.5B at 100% ownership - Geography split: roughly even U.S./Europe in Q1, with U.S. momentum improving vs prior quarters (Europe still a key contributor) - Opportunities remain strong in Europe (more fragmented/less crowded); U.S. competition more intense especially for small one-off assets, while larger/structured deals are where they see advantage
Balance sheet/liquidity and cost of debt optimized; leverage remains within target - Liquidity: ~$3.9B on a pro rata basis at quarter end - ATM activity: $174M raised after quarter end; unsettled ATM balance ~ $1.4B - Leverage: Net debt / annualized pro forma adj. EBITDA = 5.2x (within target); incl. forward equity ~4.9x - Debt issuance/swap: $800M 4.75% unsecured notes due 2033, swapping $500M into euros; blended yield ~4.44% - New “muni prepay” style debt structure: Goldman Sachs affiliate 10-year term loan linked to San Diego Community Power; ~4.91% fixed, swapped to euros resulting in ~4.34% all-in blended cost of debt - Credit losses guidance lowered: to about 40 bps of rental revenue (better visibility/performance)

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$67.80

Target Price by Analysts

13.5% upsideRealty Income Target Price DetailsTarget Price
$69.70

Current Fair Value

16.7% upside

Undervalued by 16.7% based on the discounted cash flow analysis.

Share Statistics

Market cap$57.14 Billion
Enterprise Value$87.88 Billion
Dividend Yield$3.23 (5.72%)
Earnings per Share$1.17
Beta0.76
Outstanding Shares904,786,324

Return

Return on Equity2.86%ROE
Return on Assets1.50%
Return on Invested Capital2.39%

Valuation & Multiples

P/E Ratio49.48P/E Ratio
PEG199.53PEG
Price to Sales9.95Price to Sales
Price to Book Ratio1.33Price to Book Ratio
Enterprise Value to Revenue14.85
Enterprise Value to EBIT49.28
Enterprise Value to Net Income78
Total Debt to Enterprise0.35
Debt to Equity0.79Debt to Equity

Revenue Sources

No data

Insider Trades

Last Earnings Call

Report Date
May 6, 2026
EPS Estimate
$0.40
Average shareholder expectation
Revenue Estimate
$1.39 B
Average shareholder expectation

Next Earnings Call

Expected Date
August 5, 2026
EPS Estimate
$0.41
Average shareholder expectation
Revenue Estimate
$1.40 B
Average shareholder expectation

Institutional Put/Call Ratio

Market sentiment based on institutional option activity.

Put/Call Ratio0.6333▲ 3.96%
Total Calls5,654,050▲ 2.45%
Total Puts3,580,663▲ 9.28%

Institutional Ownership

Holdings and activity of institutional investors.

Ownership %78.41%▼ 1.31%
Total Invested$43.44B▲ 5.62%
Investors Holding1,474▲ 60.00%

ESG Score

No data

About Realty Income Corp.

194 employees
CEO: Sumit Roy

Realty Income, The Monthly Dividend Company®, is an S&P 500 company dedicated to providing stockholders with dependable monthly income. The company is structured as a REIT, and its monthly dividends are supported by the cash flow from ov...

Relevant Senate Committees

Joint Committee on Taxation

This committee provides the official revenue estimates and technical analysis for all tax legislation. Given that tax policy is a critical determinant of REIT profitability and structure, this committee's input directly influences the legislative changes that could profoundly affect Realty Income.

Finance

This is the most powerful economic committee, controlling taxation and trade. Tax policy is paramount for REITs, as their structure and dividend distributions are heavily influenced by tax laws. Changes in corporate tax rates or specific REIT regulations would directly and significantly impact Realty Income.

Banking, Housing, and Urban Affairs

This committee directly regulates the financial system, including the SEC (relevant for publicly traded REITs), and critically, 'real estate markets.' Its actions on bank capital requirements and real estate regulation directly influence commercial property values and financing costs for Realty Income.