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Realty Income

O · Real Estate

Last earnings Aug 5, 2026  ·  Next earnings Nov 2, 2026

Key results

Capexquarter

$ 1,848,185

Six months ended June 30, 2025 2024 Net cash provided by operating activities $ 1,848,185 $ 1,759,845 Changes in net working capital 4,203 (37,219) Capital expenditures (1) (32,838) (33,014) Distributions paid to common stockholders (1,439,274) (1,312,714) Distributions paid to preferred stockholders (5,175) Merger, transaction, and other costs, net (2) 610 72,107 Adjusted Free Cash Flow $ 380,886 $ 443,830 Annualized Adjusted Free Cash Flow $ 761,772 $ 887,660 (1) Excludes capital expenditures which directly generate incremental rental revenue on our leases.

SEC original ↗Realty Income — Earnings release (8-K exhibit)EX-99Aug 6, 2025

Adjusted free cash flowquarter

$ 380,886

Six months ended June 30, 2025 2024 Net cash provided by operating activities $ 1,848,185 $ 1,759,845 Changes in net working capital 4,203 (37,219) Capital expenditures (1) (32,838) (33,014) Distributions paid to common stockholders (1,439,274) (1,312,714) Distributions paid to preferred stockholders (5,175) Merger, transaction, and other costs, net (2) 610 72,107 Adjusted Free Cash Flow $ 380,886 $ 443,830 Annualized Adjusted Free Cash Flow $ 761,772 $ 887,660 (1) Excludes capital expenditures which directly generate incremental rental revenue on our leases.

SEC original ↗Realty Income — Earnings release (8-K exhibit)EX-99Aug 6, 2025

Annualized Adjusted free cash flowquarter

$ 761,772

Six months ended June 30, 2025 2024 Net cash provided by operating activities $ 1,848,185 $ 1,759,845 Changes in net working capital 4,203 (37,219) Capital expenditures (1) (32,838) (33,014) Distributions paid to common stockholders (1,439,274) (1,312,714) Distributions paid to preferred stockholders (5,175) Merger, transaction, and other costs, net (2) 610 72,107 Adjusted Free Cash Flow $ 380,886 $ 443,830 Annualized Adjusted Free Cash Flow $ 761,772 $ 887,660 (1) Excludes capital expenditures which directly generate incremental rental revenue on our leases.

SEC original ↗Realty Income — Earnings release (8-K exhibit)EX-99Aug 6, 2025

RevenueQ2 2025

93.6%

Current quarter Domestic Q2 2025 Supplemental Operating & Financial Data 8 Highlights (Continued) Operational Metrics Adjusted EBITDA Margin (Adjusted EBITDA as % of total revenue) 93.6% 94.3% 95.1% 94.9% 94.9% 2021 2022 2023 2024 YTD 2025 Cash G&A Margin (Cash G&A as % of total revenue) 4.1% 3.7% 3.1% 2.9% 3.0% 2021 2022 2023 2024 YTD 2025 Property Expenses (non-reimbursements) (% of total revenue) 1.5% 1.3% 1.1% 1.5% 1.5% 2021 2022 2023 2024 YTD 2025 (1) Adjusted EBITDA Margin is a non-GAAP financial measure.

SEC original ↗Realty Income — Presentation / slide deck (8-K exhibit)EX-99Aug 6, 2025

Revenueytd

4.1%

Current quarter Domestic Q2 2025 Supplemental Operating & Financial Data 8 Highlights (Continued) Operational Metrics Adjusted EBITDA Margin (Adjusted EBITDA as % of total revenue) 93.6% 94.3% 95.1% 94.9% 94.9% 2021 2022 2023 2024 YTD 2025 Cash G&A Margin (Cash G&A as % of total revenue) 4.1% 3.7% 3.1% 2.9% 3.0% 2021 2022 2023 2024 YTD 2025 Property Expenses (non-reimbursements) (% of total revenue) 1.5% 1.3% 1.1% 1.5% 1.5% 2021 2022 2023 2024 YTD 2025 (1) Adjusted EBITDA Margin is a non-GAAP financial measure.

SEC original ↗Realty Income — Presentation / slide deck (8-K exhibit)EX-99Aug 6, 2025

AI analysis

Q2 2025 · reported Aug 6, 2025

Based on: Earnings release + Q2 2025 deck + parent 8-K + 10-Q — transcript not held

Capex · Q2 2025
$ 1,848,185
EX-99 · Aug 6, 2025
Adjusted free cash flow · Q2 2025
$ 380,886
EX-99 · Aug 6, 2025
Annualized Adjusted free cash flow · Q2 2025
$ 761,772
EX-99 · Aug 6, 2025

Headline figures

MetricQ2 2025Prior qtrYear ago
Capex$ 1,848,185——
Adjusted free cash flow$ 380,886——
Annualized Adjusted free cash flow$ 761,772——
Revenue93.6%——

EX-99 · Aug 6, 2025

Guidance · company-stated

No guidance located in the held release

Outlook statement

“As a result, we are pleased to raise our 2026 AFFO per share guidance to $4.”

Next earningsNov 2, 2026Verified from the company’s own announcement

Cash flow & capex

Capex$ 1,848,185
Adjusted free cash flow$ 380,886
Annualized Adjusted free cash flow$ 761,772

Capital allocation

Dividend3.7%

Realty Income Corporation (Realty Income, NYSE O), The Monthly Dividend Company , today announced operating results for the three and six months ended June 30, 2025.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

All per share amounts presented in this press release are on a diluted per common share basis unless stated otherwise

Based on: Earnings release + Q2 2025 deck + parent 8-K + 10-Q — transcript not held

Guidance & outlook

No guidance located in the held release

Capital allocation

Realty Income Corporation (Realty Income, NYSE O), The Monthly Dividend Company , today announced operating results for the three and six months ended June 30, 2025.

SEC original ↗Realty Income — Earnings release (8-K exhibit)EX-99Aug 6, 2025

Dividend Increases In June 2025, we announced the 111 th consecutive quarterly dividend increase, which is the 131 st increase since our listing on the New York Stock Exchange ( NYSE ) in 1994.

SEC original ↗Realty Income — Earnings release (8-K exhibit)EX-99Aug 6, 2025

The annualized dividend amount as of June 30, 2025 was $3.228 per share.

SEC original ↗Realty Income — Earnings release (8-K exhibit)EX-99Aug 6, 2025

The amount of monthly dividends paid per share increased 3.7% to $0.806 in the three months ended June 30, 2025 , as compared to $0.777 for the same period in 2024 , representing 76.8% of our diluted AFFO per share of $1.05 during the three months ended June 30, 2025.

SEC original ↗Realty Income — Earnings release (8-K exhibit)EX-99Aug 6, 2025

Our portfolio of commercial real estate has historically provided dependable rental revenue supporting the payment of monthly dividends.

SEC original ↗Realty Income — Earnings release (8-K exhibit)EX-99Aug 6, 2025

In June 2025, we issued 650.0 million of 3.375% senior unsecured notes due June 2031 (the 2031 notes ), and 650.0 million of 3.875% senior unsecured notes due June 2035 (the 2035 notes ).

SEC original ↗Realty Income — Earnings release (8-K exhibit)EX-99Aug 6, 2025

Strategy & priorities

Looking ahead, we remain focused on generating favorable risk-adjusted returns and delivering consistent, long-term value to our shareholders.

SEC original ↗Realty Income — Earnings release (8-K exhibit)EX-99Aug 6, 2025

The Realty Income revolving credit facility was upsized to $4.0 billion with an accordion expansion feature up to $5.0 billion, while the Fund Facilities include a $1.0 billion revolving credit facility and a $380.0 million delayed draw term loan, expandable to $2.0 billion.

SEC original ↗Realty Income — Earnings release (8-K exhibit)EX-99Aug 6, 2025

Abraham EVP, Chief Strategy Officer and President, Realty Income International Michelle Bushore EVP, Chief Legal Officer, General Counsel and Secretary Mark E.

SEC original ↗Realty Income — Presentation / slide deck (8-K exhibit)EX-99Aug 6, 2025

Core Plus Fund (the "Fund"), our strategic joint venture with Apollo Global Management, Inc.

SEC original ↗Realty Income — 10-Q Quarterly report10-QAug 6, 2026

Merger, transaction, and other costs, net , includes (i) expensed acquisition costs, including certain costs incurred for credit investment loans, (ii) organization costs for potential strategic ventures and business lines, (iii) placement fees incurred in fundraising of the Fund, (iv) merger-related transaction costs, and (v) other costs that do not align with the ongoing operations of our business.

SEC original ↗Realty Income — 10-Q Quarterly report10-QAug 6, 2026

Risks & headwinds

Forward-looking statements are subject to risks, uncertainties, and assumptions about us, which may cause our actual future results to differ materially from expected results.

SEC original ↗Realty Income — Earnings release (8-K exhibit)EX-99Aug 6, 2025

Such pro forma ratio has been prepared on the basis required by that debt service covenant, reflects various estimates and assumptions and is subject to other uncertainties, and therefore does not purport to reflect what our actual debt service coverage ratio would have been had transactions referred to in clauses (i), (ii) and (iii) of the preceding sentence occurred as of the first date of the four-quarter period nor does it purport to reflect our debt service coverage ratio for any future period.

SEC original ↗Realty Income — Presentation / slide deck (8-K exhibit)EX-99Aug 6, 2025

Such pro forma ratio has been prepared on the basis required by that debt service covenant, reflects various estimates and assumptions and is subject to other uncertainties, and therefore does not purport to reflect what our actual debt service coverage ratio would have been had transactions referred to in clauses (i), (ii) and (iii) of the preceding sentence occurred as of the first day of four-quarter period, nor does it purport to reflect our debt service coverage ratio for any future period.

SEC original ↗Realty Income — Presentation / slide deck (8-K exhibit)EX-99Aug 6, 2025

Documents

Earnings deck slides

0 decks with slide view

Realty Income — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Realty Income — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Realty Income — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Realty Income — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Realty Income — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Realty Income — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

KE Holdings (BEKE) Real EstateInvitation Homes (INVH) Real EstateEquinix (EQIX) Real EstateAlexandria Real Estate Equities (ARE) Real EstateIron Mountain (IRM) Real EstateVici Properties (VICI) Real EstateMid-America Apartment Communities (MAA) Real EstateVivmark Residential (VMRK) Real Estate

Filings

68 documents

Earnings releases

15 documents

Presentations

6 documents

Transcripts

0 documents

No transcripts for Realty Income are held in this edition of the library.

Mentioned by

3 companies

Other tracked companies whose held documents mention Realty Income by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.