Realty Income Corp.
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Earnings Call Q3 2026
November 2, 2026 - AI Summary
Strong Q3 results + guidance raise (AFFO growth continuing)
- AFFO per share: $1.12, +3.7% YoY.
- 2026 guidance raised: to $4.45–$4.46 AFFO/share (raised $0.01 at midpoint).
- Investment volume unchanged: reaffirmed $10B target for 2026.
- Operating outlook upgrades (quality of portfolio execution):
- Occupancy guidance: >98.5%
- Nonreimbursable expense leakage: reduced to 1.3%–1.5% (midpoint 10 bps better)
- Credit loss expectation: reduced to ~30 bps (from 40 bps)
Capex/Investment engine working—spreads and funding efficiency are the key “good surprise”
- Q3 investments: ~$2.6B total; $2.2B pro rata at ~6.8% initial cash yield.
- Increases in rent: weighted avg contractual rent growth ~1.9%.
- Realized “leverage-neutral spread”: ~170 bps between investment yields and short-term weighted average cost of capital (financing done at attractive rates).
- Credit quality of counterparties: 53% of investment activity with investment-grade clients; 92% of activity relationship-driven with a 4.4% selectivity rate.
Europe + Industrial + Credit are the major opportunity themes (and why they’re working now)
- Europe investment ramp: ~$940M in Europe in Q3 = 42% of pro rata volume; ~7.1% initial cash yield.
- Europe industrial tilt: >85% of European volume was industrial, yielding ~6.9%, often with inflation/market-rent-linked growth and modern logistics in established hubs.
- Industrial remains largest bucket: ~$1.15B invested at ~6.5% yield; domestic weighted avg contractual rent growth ~2.5%; cited strong absorption and improving fundamentals (e.g., DFW-area logistics).
- Credit investments as a complement (not a replacement): ~$250M credit in Q3 = >10% of volume, used to secure higher risk-adjusted returns and potentially hedge refinancing pressure in higher-rate environments.
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Share Statistics
| Market cap | $53.99 Billion |
|---|---|
| Enterprise Value | $56.20 Billion |
| Annual dividend | $3.25 |
| Dividend yield | 5.70% |
| Earnings per Share | $1.17 |
| Beta | 0.7 |
| Outstanding Shares | 932,307,000 |
Return
| Return on Equity | 3.34% |
|---|---|
| Return on Assets | 1.73% |
| Return on Invested Capital | 2.60% |
Valuation & Multiples
| P/E Ratio | 41.55 |
|---|---|
| PEG | 40.88 |
| Price to Sales | 9.87 |
| Price to Book Ratio | 1.35 |
| Enterprise Value to Revenue | 9.28 |
| Enterprise Value to EBIT | 28.73 |
| Enterprise Value to Net Income | 42 |
| Total Debt to Enterprise | 0.05 |
| Debt to Equity | 0.07 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 2, 2026
EPS Estimate
$0.41
Consensus analyst estimateRevenue Estimate
$1.43 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 23, 2027
EPS Estimate
$0.42
Consensus analyst estimateRevenue Estimate
$1.46 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 64.88% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | 142,200▼ 95.85% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.58%▼ 77.69% |
|---|---|
| Total Invested | $1.82B▼ 96.12% |
| Investors Holding | 561▼ 956.00% |
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...