Raised AFFO guidance and Apollo partnership signal accelerating growth; watch for further private capital inflows and continued investment volume execution. The stock may see positive momentum from the guidance raise and strategic diversification.
Price Chart
Executive Summary
Realty Income reported Q1 2026 AFFO per share of $1.13, beating consensus of $1.10, and raised full-year AFFO guidance to $4.41-$4.44 from $4.38-$4.42. Revenue grew 12.2% YoY to $1.55B. The company also formed a $1B strategic partnership with Apollo and raised investment volume guidance to $9.5B, signaling strong pipeline and private capital momentum.
Key Financial Metrics
Key Facts
- AFFO per diluted share $1.13 vs consensus $1.10, 2.7% beat
- Revenue $1.55B, up 12.2% YoY
- Raised 2026 AFFO guidance to $4.41-$4.44 (prior $4.38-$4.42)
- Raised 2026 investment volume guidance to $9.5B from $8.0B
- Formed strategic partnership with Apollo: $1.0B investment for 49% stake in retail JV
- Net debt to annualized pro forma EBITDAre improved to 5.2x from 5.4x
- Same-store rental revenue growth 0.8%
- Portfolio occupancy stable at 98.9%
Financial Impact
AFFO per share beat by $0.03 (2.7%); raised guidance implies ~3.3% annual AFFO growth at midpoint
Risk Factors
- Higher interest rates could pressure cap rates and financing costs
- Currency fluctuations impact European revenue (37% of debt is non-USD)
- Tenant credit risk in retail and industrial portfolios
- Execution risk on elevated $9.5B investment target
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000726728-26-000028 |
| Document: o-20260506.htm | 0000726728-26-000028 |
| Document: 0000726728-26-000028-index-headers.html | 0000726728-26-000028 |
| Document: 0000726728-26-000028-index.html | 0000726728-26-000028 |
| Document: 0000726728-26-000028.txt | 0000726728-26-000028 |
| 8-K Data (Synthetic) | 0000726728-26-000028 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 25, 2026 5w ago | 8-K | $62.26 $55.41 | ▼ −11.00% | ▼ −11.15% | $53.92 (−13.40%) |
Jul 7, 2026 12w ago | 8-K | $64.01 $63.48 | ▼ −0.83% | ▼ −2.16% | $53.92 (−15.76%) |
Jun 30, 2026 13w ago | 424B5 | $61.82 $65.54 | ▲ +6.02% | ▲ +8.20% | $53.92 (−12.78%) |
Jun 30, 2026 13w ago | 8-K | $61.96 $65.50 | ▲ +5.71% | ▲ +6.74% | $53.92 (−12.98%) |
Jun 29, 2026 13w ago | 424B5 | $63.04 $65.60 | ▲ +4.06% | ▲ +4.34% | $53.92 (−14.47%) |
Jun 29, 2026 13w ago | 8-K | $63.04 $65.60 | ▲ +4.06% | ▲ +4.34% | $53.92 (−14.47%) |
May 8, 2026 21w ago | 8-K | $61.90 $60.84 | ▼ −1.71% | ▼ −1.73% | $53.92 (−12.89%) |
May 8, 2026 21w ago | 424B5 | $61.90 $60.84 | ▼ −1.71% | ▼ −1.73% | $53.92 (−12.89%) |
May 6, 2026 21w ago | 8-K | $61.84 $59.72 | ▼ −3.42% | ▼ −6.56% | $53.92 (−12.80%) |
Apr 7, 2026 25w ago | 8-K | $62.79 $63.57 | ▲ +1.25% | ▼ −7.30% | $53.92 (−14.12%) |
US Market Status
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