Realty Income CorporationNYSE: O
Real Estate · Retail REITs
$60.41
-0.26%
Vol: 5.2M
Research Digest
Friday, June 19, 2026
No significant overnight updates
No material news in the last 48 hours.
Previous Market Intelligence
13 daysJun 18No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 17No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 16No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 15No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 14No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 21Realty Income raised 2026 AFFO guidance to $4.41-$4.44 and full-year investment guidance to $9.5B after Q1 AFFO grew 6.6% to $1.13; declared 671st consecutive monthly dividend on May 14.Positive▶
Realty Income reported Q1 2026 net income of $311.8M ($0.33/share) and AFFO per share of $1.13 (up 6.6% YoY) on May 6, with $2.8B of Q1 investment activity. Management raised full-year 2026 AFFO guidance to $4.41-$4.44 and lifted total investment guidance to $9.5B, supported by a new $1.0B joint venture with Apollo and an $800M issuance of 4.75% senior notes due 2033. The company declared its 671st consecutive monthly dividend on May 14 at $0.2705/share (5.23% yield, 74% payout ratio). The 2026 annual meeting is scheduled for May 21. Analyst actions in May included Cantor Fitzgerald cutting its target (Neutral), Mizuho lowering to $66, Scotiabank raising to $72, and BofA raising to $71.
May 20Realty Income declared its 671st consecutive monthly dividend of $0.2705 on May 14-15, 2026, with Mizuho cutting PT to $66, Scotiabank raising to $72, and BofA raising to $71.Positive▶
Realty Income announced its 671st consecutive monthly common stock dividend of $0.2705 per share on May 14-15, 2026, providing a forward yield of 5.24%, payable June 15 to holders of record May 29. A flurry of analyst price target activity occurred mid-May: Mizuho lowered its target to $66 from $68 on May 12, Scotiabank raised to $72 from $69, and BofA raised to $71 from $70 on May 11. Freedom Broker upgraded the stock to Buy from Hold on May 11 based on its favorable risk-reward profile. The stock closed near $61.15 on May 15, suggesting upside potential to consensus targets. Risk: rate-sensitive REIT exposure remains a key risk if Treasury yields move higher.
May 19Realty Income raises 2026 AFFO and investment guidance after $1.7B capital raise and $2.8B Q1 deployment.Positive▶
Realty Income reported Q1 AFFO of $1.13/share (+6.6% YoY) on $1.55B revenue, beating estimates, and raised FY26 AFFO guidance to $4.41-$4.44 and investment volume target to $9.5B. The REIT completed a $1.7B capital raise, launched a $1.7B Core Plus fund, formed a GIC industrial build-to-suit partnership and a $1B Apollo retail JV. Declared 670th consecutive monthly dividend of $0.2705 (payable May 15). Risk: hotter inflation data May 12 reinforced higher-for-longer rates, pressuring REIT valuations; Cantor Fitzgerald lowered its PT on guidance.
May 18Realty Income declared 671st consecutive monthly dividend on May 14 and received Buy upgrade from Freedom Broker on May 11.Positive▶
Realty Income announced its 671st consecutive monthly common stock dividend on May 14, 2026, at $0.2705 per share. On May 11, 2026, Freedom Broker upgraded the stock to Buy from Hold. These follow Realty Income's May 6 Q1 2026 results: AFFO per share of $1.13 (up 6.6% YoY), revenue of $1.55B, and raised 2026 AFFO guidance to $4.41-$4.44. The company lifted 2026 investment guidance to $9.5B and completed a $1.7B Core Plus fund raise plus a $1B Apollo retail JV and a GIC industrial build-to-suit partnership.
May 15Realty Income announced 671st consecutive monthly dividend on May 14 and partnered with Apollo for $1B JV across ~500 retail properties; Freedom Broker upgraded to Buy.Positive▶
Realty Income announced its 671st consecutive monthly common stock dividend on May 14, 2026. The company unveiled a strategic partnership with Apollo, with Apollo-managed funds investing $1.0 billion to acquire a 49% interest in a joint venture holding approximately 500 single-tenant U.S. retail properties (Realty Income retains a call option years 7-15 with capped 6.875% IRR for Apollo). Freedom Broker upgraded O to Buy from Hold on May 11. Q1 2026 AFFO per share of $1.13 (+6.6% YoY) on $2.8 billion of investments at 7.1% cash yield led management to raise full-year AFFO guidance to $4.41-$4.44 and investment volume guidance to $9.5 billion from $8 billion. Additional initiatives include a $1.7B Core Plus Fund raise and GIC partnership. EVP/CLO Michelle Bushore will depart September 2, 2026.
May 14Realty Income was upgraded to Buy by Freedom Broker after Q1 AFFO beat and raised investment guidancePositive▶
On May 11, Freedom Broker upgraded Realty Income to Buy from Hold citing a favorable risk-reward profile after the REIT beat Q1 expectations. Q1 2026 revenue was $1.55 billion and AFFO of $1.13 per share rose 6.6% YoY, prompting management to raise full-year investment guidance to $9.5 billion (from $8 billion) and AFFO guidance to $4.41-$4.44 per share. The company declared its 670th consecutive monthly dividend at $0.2705 per share (annualized $3.246) payable May 15. Strategic partnerships include a $1.5 billion JV with GIC for build-to-suit logistics and a $1 billion retail partnership with Apollo. Scotiabank lifted its target to $72 (from $69) and Bank of America to $71 (from $70). General Counsel Michelle Bushore will depart by September 2 to begin a leadership transition.
May 13Realty Income upgraded to Buy by Freedom Broker on May 11 following Q1 AFFO beat ($1.13 vs $1.10 consensus) and raised 2026 AFFO guidance to $4.41-$4.44.Positive▶
On May 11, 2026, Freedom Broker upgraded Realty Income to Buy from Hold following the REIT's strong Q1 2026 results released May 6. AFFO came in at $1.13/share (up 6.6% YoY), beating the $1.10 consensus, and revenue reached $1.55B. Management raised 2026 AFFO guidance to $4.41-$4.44 and boosted full-year investment guidance to $9.5B. The company also declared its 670th consecutive monthly dividend of $0.2705/share payable May 15. Risk: a leadership transition is underway with Chief Legal Officer Michelle Bushore departing by September 2, 2026.
May 12Realty Income upgraded to Buy by Freedom Broker on May 11 after raising 2026 AFFO guidance to $4.41-$4.44 and $9.5B investment targetPositive▶
Freedom Broker upgraded Realty Income from Hold to Buy on May 11, 2026, citing favorable risk-reward after Q1 results exceeded expectations. The company posted Q1 2026 AFFO per share of $1.13 (+6.6% YoY) and invested approximately $2.8 billion in the quarter. Realty Income raised full-year 2026 AFFO guidance to $4.41-$4.44 (~60 bps midpoint increase) and lifted full-year investment volume guidance to $9.5 billion. Strategic capital partnerships continue to scale: a $1.5 billion+ JV with GIC for build-to-suit logistics and a $1.0 billion JV with Apollo for retail. The company declared its 670th consecutive monthly dividend at $0.2705 per share (annualized $3.246), payable May 15, marking 114 consecutive quarterly dividend increases. Shares trade near $62.36, up over 10% YTD.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| SPGSIMON | $211.57 | +0.81% | +3.5% | 31.5x | 1.35 | $80.3B |
| OREALTY | $60.41 | -0.26% | -3.2% | 35.0x | 0.73 | $56.2B |
| KIMKIMCO | $24.43 | -0.27% | +2.4% | 28.1x | 0.98 | $16.4B |
| REGREGENCY | $76.85 | -0.67% | -1.1% | 30.4x | 0.83 | $14.4B |
| FRTFEDERAL | $120.68 | +0.17% | +3.7% | 38.8x | 0.94 | $10.5B |
| WELLWELLTOWER | $206.76 | +0.10% | -5.5% | 61.5x | 0.78 | $145.9B |
Key Fundamentals
RSI (14-Day)
52-Week Range
Moving Averages
Price between 50d and 200d. Testing 50d support.