Realty Income Q2 2026: AFFO per Share Rises 3.8% to $1.09; $5.3B Invested in H1 at 7.2% Yield
O is trading near its 52-week low of $55.86 (15% above the low).
Summary
Realty Income posted Q2 2026 AFFO of $1.09 per share, up 3.8% year-over-year, on revenue growth of 9.7%. The company invested $5.3 billion in H1 at a 7.2% yield and raised its monthly dividend for the 115th consecutive quarter.
Key Events · Earnings and Guidance · O
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AFFO per Share Rises 3.8%
Driven by a 9.7% increase in total revenue to $1.55 billion, Q2 2026 AFFO per share reached $1.09, up from $1.05 in Q2 2025.
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$5.3B Invested at 7.2% Yield
In H1 2026, Realty Income deployed $5.3 billion (pro-rata share $4.7 billion) across 338 properties, developments, and loans, achieving an initial weighted average cash yield of 7.2%.
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Portfolio Occupancy at 98.8%
As of June 30, 2026, the portfolio comprised 15,588 properties with 98.8% occupancy and annualized base rent of $5.28 billion. Same-store rental revenue grew 1.0% in Q2.
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Balance Sheet Strengthened
Net Debt/Annualized Pro Forma Adjusted EBITDAre stood at 5.4x. In July 2026, the revolving credit facility was expanded to $5.5 billion and commercial paper programs to $5.5 billion combined capacity.
Analysis · O · Real Estate & Construction
A solid quarter for Realty Income saw AFFO per share climb 3.8% year-over-year to $1.09, fueled by a 9.7% revenue gain and disciplined capital deployment. The company put $5.3 billion to work in the first half at an initial cash yield of 7.2%, while occupancy held firm at 98.8%. The balance sheet remains well-capitalized with $5.5 billion in expanded credit facilities and net debt to EBITDAre of 5.4x. Marking the 115th consecutive quarterly increase, the monthly dividend now yields 5.2%. These results underscore the company's ability to grow earnings and dividends through accretive investments and active capital markets execution.
At the time of this filing, O was trading at $64.05 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $58.5B. The 52-week trading range was $55.86 to $67.94. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.