O Realty Income (O) Q2 FY26 earnings call
Realty Income delivered a strong second quarter, marked by robust investment activity across diverse asset classes and geographies, including a significant hyperscale data center joint venture. The company raised its full-year AFFO per share and investment volume guidance, reflecting confidence in its pipeline and diversified capital strategy. Management emphasized leveraging its platform to access various private capital sources, aiming to reduce reliance on public equity and expand its investment 'buy box' for long-term accretive growth.
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O operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | This call Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Properties | 15.6K+We have built a diversified portfolio of over 15,600 properties with high-quality clients that have proven resilient through various economic cycles, and continue to deliver stable returns.Source: earnings call transcript | 15.6K+As of quarter end, our portfolio comprised over 15,600 properties spanning 91 industries and more than 1,600 clients.Source: earnings call transcript | — | 15.5K+We're humbled by the investor reception to our values, performance track record as a public company, the best-in-class human capital and unmatched access to proprietary data and insights across a seasoned real estate portfolio of over 15,500 properties globally.Source: earnings call transcript | — | — |
| Occupancy rate | 98.7%We ended the quarter with 98.7% portfolio occupancy in line with the prior quarter.Source: earnings call transcript | 98.6%We ended the quarter with 98.6% portfolio occupancy, approximately 10 basis points ahead of the prior quarter and above the historical median of 98.2% from 2010 to 2024.Source: earnings call transcript | 98.7%We ended the quarter with 98.7% portfolio occupancy, approximately 10 basis points ahead of the prior quarter.Source: earnings call transcript | — | 98.8%Portfolio fundamentals remained strong with occupancy of 98.8% and 482 re-leased units generating a blended rent recapture rate of 102.7% with renewals at 104.6%.Source: earnings call transcript | — |
| Rent recapture rate | 107.4%Our rent recapture rate on 266 lease renewals was 107.4%, generating approximately $52 million in new annualized cash rent.Source: earnings call transcript | 103.4%During the quarter, our rent recapture rate across 346 leases was 103.4%, representing $97 million of annual cash from prior cash rents with 93% of leasing activity generated from renewals by existing clients and we remained active in our approach to optimize the portfolio.Source: earnings call transcript | 103.5%During the quarter, our rent recapture rate across 284 leases was 103.5%, representing $71 million in new cash rents, with 87% of leasing activity generated from renewals by existing clients.Source: earnings call transcript | — | 102.7%Portfolio fundamentals remained strong with occupancy of 98.8% and 482 re-leased units generating a blended rent recapture rate of 102.7% with renewals at 104.6%.Source: earnings call transcript | — |
| Properties sold | 80To that end, in the fourth quarter, we sold 80 properties for total net proceeds of $138 million of which $50 million was related to vacant properties.Source: earnings call transcript | 73In the quarter, we sold 73 properties for total net proceeds of $117 million, of which $100 million was related to vacant properties.Source: earnings call transcript | 140In the quarter, we sold 140 properties for total net proceeds of $215 million.Source: earnings call transcript | — | — | +91.8% |
| Employees | <500We'd be remiss without also acknowledging the talent, experience and commitment of almost 500 professionals globally, who dedicate themselves to growing and protecting dividends.Source: earnings call transcript | — | — | ~544End of 2025, we're about 544.Source: earnings call transcript | — | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
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