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Jun 30
Realty Income Q2 2025 Earnings Report
Realty Income reported its Q2 2025 operating results.
Key Takeaways
Realty Income delivered solid second-quarter performance with total revenue of $1.41 billion, net income of $196.9 million and AFFO per share of $1.05, driven by 1.1% same-store rental revenue growth and strong capital deployment; the company raised its 2025 investment guidance to ~$5.0 billion and increased AFFO per share guidance to $4.24–$4.28.
Total revenue was $1,410.4 million for Q2 2025 :contentReference[oaicite:0]{index=0}
Net income available to common stockholders was $196.9 million, or $0.22 per share :contentReference[oaicite:1]{index=1}
Same-store rental revenue grew 1.1% year-over-year to $1,166.7 million :contentReference[oaicite:2]{index=2}
AFFO per share was $1.05, and FFO per share was $1.06 :contentReference[oaicite:3]{index=3}
Realty Income
Realty Income
Forward Guidance
For full-year 2025, the company expects continued strong execution, with guidance reflecting higher capital deployment and resilient operating metrics.
Positive Outlook
- Net income per share of $1.29–$1.33 :contentReference[oaicite:4]{index=4}
- AFFO per share of $4.24–$4.28 :contentReference[oaicite:5]{index=5}
- Same-store rent growth of ~1.0% :contentReference[oaicite:6]{index=6}
- Portfolio occupancy over 98% :contentReference[oaicite:7]{index=7}
- Investment volume of ~$5.0 billion :contentReference[oaicite:8]{index=8}
Challenges Ahead
- Real estate depreciation per share of $2.72 :contentReference[oaicite:9]{index=9}
- Other adjustments per share of $0.23 :contentReference[oaicite:10]{index=10}
- Cash G&A expenses ~3.0% of revenue :contentReference[oaicite:11]{index=11}
- Property expenses (non-reimbursements) 1.4%–1.7% of revenue :contentReference[oaicite:12]{index=12}
- Income tax expenses of $80–$90 million :contentReference[oaicite:13]{index=13}