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Miss

Earnings Call

Aug 5, 2026

Q2 FY2026

EPS Estimate

0.40

EPS Actual

0.37

Post-Earnings Close

$62.36

Earnings Reaction

-0.5%

Overview

Realty Income's second quarter 2026 results reflected disciplined execution across an increasingly diversified platform, with AFFO per share of $1.09 representing 3.8% year-over-year growth and year-to-date AFFO per share of $2.22 up 5.2%, a meaningful acceleration from the comparable 2025 period. Management raised full-year AFFO per share guidance by $0.02 at the midpoint to a new range of $4.44, $4.45, implying approximately 4% growth, while simultaneously lifting investment volume guidance from $9.5 billion to $10 billion on the strength of a robust pipeline. Portfolio fundamentals remained firm, with occupancy at 98.8% and a blended rent recapture rate of 102.7% across 482 re-leased units.

Key Themes

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Notable Quotes

“We are confident in the trajectory of the business and the investments we are making across the portfolio, and we expect the momentum we saw this quarter to carry into the back half of the year.”

Chief Executive Officer

“We are confident in the trajectory of the business and the investments we are making across the portfolio, and we expect the momentum we saw this quarter to carry into the back half of the year.”

Report generated on Aug 6, 2026

AI-generated earnings analysis. Not investment advice.

Q&A Summary

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.

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Overview

Q&A Summary