Realty Income Q2 2026: revenue up 9.7%, AFFO per share $1.09
Realty Income delivered the steady quarter its net-lease model promises: revenue of $1.55 billion, up 9.7% from a year ago, and AFFO per share of $1.09, up 3.8%. The growth came from buying properties rather than raising rents — same store rental revenue rose only 1.2%. Guidance for the year was nudged higher. Read the GAAP profit line knowing it swings on write-downs and property sales, not on rent collection.
1 · Expected vs. Actual
Free preview belowGAAP earnings per share of $0.37 jumped from $0.22, but that line moves with property impairments, sale gains and currency swings. The figure that matters more for a landlord is AFFO per share of $1.09, up 3.8%, which is cash profit with depreciation added back. The $0.37 GAAP number came in $0.0457 below the $0.4157 consensus estimate; REIT investors typically grade on AFFO instead, and that was not below the prior year.
Revenue of $1.55 billion rose 9.7% from $1.41 billion a year earlier but was essentially flat against the $1.55 billion booked in Q1 2026. Same store rental revenue — rent from properties owned in both periods — grew just 1.2% to $1.17 billion, so almost the entire gain came from newly acquired buildings. No revenue consensus estimate was supplied, so there is nothing to grade the top line against.
Log in to read 5 analyses a week for free
Create a free account to read 5 full earnings analyses each week — all five steps: expected vs. actual, guidance tracker, money flow, balance sheet and risks. Members get unlimited access.
Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
Answers are based on the earnings release and the analysis above. Free accounts get 3 questions a week; members get 30 a day.