Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 REALTY INCOME CORPORATION (Exact name of registrant as specified in its charter) ☐ Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 1-13374 Maryland 33-0580106 For the quarterly period ended March 31, 2025, or | | Trading | Name of Each Exchange On | | --- | -- ...

Realty Income Corporation (O) reported first-quarter 2025 adjusted funds from operations (AFFO) per share of $1.06, which was in line with the Zacks Consensus Estimate. The reported figure compared favorably with the prior-year quarter’s AFFO of $1.03 per share.Results display year-over-year growth in the top line. The company benefited from expansionary effects and a healthy pipeline of opportunities globally. However, a rise in interest expenses affected the results to some extent.Total revenues were $1.3 ...

Core Viewpoint - Realty Income remains a reliable investment in a volatile market, offering stability and growth potential despite broader economic uncertainties [1][2]. Group 1: Company Overview - Realty Income is a retail REIT that acquires and leases properties, distributing rental income to investors while adhering to a requirement to pay out at least 90% of taxable income as dividends [4]. - The company has a diversified portfolio, leasing 15,621 properties to 1,565 clients across over 89 industries, which mitigates risks associated with economic downturns [5]. Group 2: Tenant Quality and Occupancy - Realty Income focuses on recession-resistant retailers, with top tenants including Walgreens, 7-Eleven, Dollar General, and Dollar Tree, ensuring no single tenant exceeds 3.5% of annualized rent [7]. - The occupancy rate has consistently remained above 96%, increasing from 98.6% in 2023 to 98.7% in 2024, indicating strong demand for its properties [8]. Group 3: Financial Performance - The company has a history of increasing monthly dividends, having raised its payout 130 times since its IPO, with a forward yield of 5.6% compared to the 10-year Treasury's 4.3% [9]. - Adjusted funds from operations (AFFO) rose 4.8% to $4.19 per share in 2024, with expectations for further growth to $4.22-$4.28 per share in 2025, comfortably covering the annual dividend rate of $3.22 per share [9]. Group 4: Valuation and Market Position - Realty Income trades at $57 per share, which is 13 times the midpoint of its AFFO estimate for 2025, positioning it as a cheaper option compared to peers like Vici Properties and Agree Realty [10]. Group 5: Interest Rate Impact - The company is expected to benefit from declining interest rates, which could attract more income-seeking investors and facilitate expansion, as the Federal Reserve has cut benchmark rates three times in 2024 [11][12].

Quarterly Investor Presentation REAL ESTATE PARTNER TO THE WORLD'S LEADING COMPANIES® May 2025 Safe Harbor For Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. When used in this presentation, the words "estimated," "anticipated," "expect," "believe," "intend," "continue," "should," "may," "l ...

Core Insights - Realty Income Corp. reported $1.38 billion in revenue for the quarter ended March 2025, marking a year-over-year increase of 9.5% [1] - The company's EPS for the same period was $1.06, compared to $0.16 a year ago, with no EPS surprise against the consensus estimate [1] - The reported revenue exceeded the Zacks Consensus Estimate of $1.37 billion by 0.53% [1] Revenue Breakdown - Rental revenue (including reimbursable) was $1.31 billion, matching the average estimate from four analysts, and reflecting an 8.7% increase year-over-year [4] - Other revenue amounted to $67.45 million, surpassing the three-analyst average estimate of $57.70 million, with a year-over-year change of 28.9% [4] Stock Performance - Realty Income Corp.'s shares returned +3.3% over the past month, outperforming the Zacks S&P 500 composite's +0.4% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Realty Income Corp. (O) came out with quarterly funds from operations (FFO) of $1.06 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $1.03 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this real estate investment trust would post FFO of $1.06 per share when it actually produced FFO of $1.05, delivering a surprise of -0.94%.Over the last four quarters, the company has surpassed consensus FFO estimates just once.Realt ...

Realty Income (O) Q1 2025 Earnings Call May 05, 2025 05:00 PM ET Speaker0 Good day, and welcome to the Realty Income First Quarter twenty twenty five Earnings Conference Call. All participants will be in listen only mode. Please note this event is being recorded. I would now like to turn the conference over to Kelsey Mueller, Vice President, Investor Relations. Please go ahead. Speaker1 Thank you for joining us today for Realty Income's twenty twenty five first quarter operating results conference call. Dis ...

Realty Income (O) Q1 2025 Earnings Call May 05, 2025 05:00 PM ET Company Participants Kelsey Mueller - VP - Investor RelationsSumit Roy - President and CEOJonathan Pong - Executive VP, CFO & TreasurerBrad Heffern - DirectorRyan Caviola - AssociateHaendel St. Juste - Managing DirectorRonald Kamdem - Managing Director & Head of US REITs and CRE ResearchGreg Mcginniss - DirectorRich Hightower - Managing Director, U.S. REIT ResearchJana Galan - DirectorJay Kornreich - VP - Equity ResearchAnthony Paolone - Execu ...

CEO Comments "Realty Income's ability to deliver reliable and stable performance through varying market conditions continues to be a hallmark of our platform," said Sumit Roy, Realty Income's President and CEO. "Throughout our history, we have strategically expanded and diversified our portfolio across geographies, asset classes, and investment types. This, combined with our high-quality tenant base, ensures the predictability and durability of our cash flows, which has proven to be especially valuable duri ...

SAN DIEGO, May 5, 2025 /PRNewswire/ -- Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today announced operating results for the three months ended March 31, 2025. All per share amounts presented in this press release are on a diluted per common share basis unless stated otherwise.COMPANY HIGHLIGHTS:For the three months ended March 31, 2025: Net income available to common stockholders was $249.8 million, or $0.28 per share Adjusted Funds from Operations ("AFFO") per share ...