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Sep 30, 2025
Realty Income Q3 2025 Earnings Report
Realty Income reported solid third quarter performance with increased revenue, investment activity, and reaffirmed its operational stability.
Key Takeaways
Realty Income delivered steady Q3 results with strong investment volume and net income. The company raised AFFO guidance and maintained high occupancy and rent recapture rates.
Revenue reached $1.4706 billion, reflecting strong rental activity.
Net income available to common stockholders totaled $315.8 million.
AFFO per share was $1.08, supporting a dividend of $0.807 per share.
Realty Income invested $1.4 billion in the quarter with a 7.7% cash yield.
Revenue by Geographic Location
Forward Guidance
Realty Income raised its 2025 AFFO guidance and expects investment volume to reach $5.5 billion by year-end, highlighting business momentum and flexibility.
Positive Outlook
- AFFO per share guidance raised to $4.25–$4.27.
- Investment volume forecast increased to approximately $5.5 billion.
- Occupancy expected to remain around 98.5%.
- Continued favorable investment yields across geographies.
- Strong European investment pipeline.
Challenges Ahead
- Net income per share guidance slightly reduced at the lower end.
- AFFO growth limited by recurring capital expenditures and leasing costs.
- Continued exposure to foreign currency risks.
- Increase in property-level expenses and G&A.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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