Realty Income (O)
Market Price (6/7/2026): $60.685 | Market Cap: $56.6 BilSector: Real Estate | Industry: Retail REITs
Realty Income (O)
Market Price (6/7/2026): $60.685Market Cap: $56.6 BilSector: Real EstateIndustry: Retail REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.2%, Dividend Yield is 5.2%, FCF Yield is 7.2% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 69%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 69%, CFO LTM is 4.1 Bil, FCF LTM is 4.1 Bil Low stock price volatilityVol 12M is 16% Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, Smart Buildings & Proptech, Sustainable & Green Buildings, Show more. | Weak multi-year price returns2Y Excs Rtn is -11%, 3Y Excs Rtn is -56% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 53% Key risksO key risks include [1] potentially diluted portfolio quality and elevated tenant credit risk from recent large acquisitions, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.2%, Dividend Yield is 5.2%, FCF Yield is 7.2% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 69%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 69%, CFO LTM is 4.1 Bil, FCF LTM is 4.1 Bil |
| Low stock price volatilityVol 12M is 16% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, Smart Buildings & Proptech, Sustainable & Green Buildings, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -11%, 3Y Excs Rtn is -56% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 53% |
| Key risksO key risks include [1] potentially diluted portfolio quality and elevated tenant credit risk from recent large acquisitions, Show more. |
Qualitative Assessment
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Realty Income (O) stock has lost about 10% since 2/28/2026 because of the following key factors:
1. Quarterly Earnings Miss on Net Income Despite Revenue and AFFO Beats.
Realty Income reported mixed Q1 2026 earnings on May 6, 2026. While total revenue of $1.55 billion surpassed analyst estimates of $1.39 billion by 11.51%, and Adjusted Funds from Operations (AFFO) per share increased 6.6% year-over-year to $1.13, beating consensus estimates of $1.10, the company's net income available to common stockholders fell short. Net income was $0.33 per share, missing the forecasted $0.40 per share by 17.5%. This shortfall was partly due to significant impairment provisions of $129.3 million and credit loss provisions of $39.1 million recognized during the quarter.
2. Increased Debt and Higher Interest Expenses Amid Rate Uncertainty.
Realty Income continued active capital market efforts during the period, issuing $800 million of 4.750% senior unsecured notes in April 2026 and closing a new $693.9 million term loan due 2036 at a fixed rate of 4.91% in March 2026. While these actions supported significant investment volume of $2.8 billion in Q1 2026, higher interest expenses contributed to a 50 basis point contraction in Realty Income's AFFO margin compared to the prior year. The ongoing uncertainty regarding interest rates and cap rates was also highlighted as a key watch item during the Q1 2026 earnings call, indicating potential pressure on valuations and financing costs for REITs.
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Stock Movement Drivers
Fundamental Drivers
The -8.0% change in O stock from 2/28/2026 to 6/6/2026 was primarily driven by a -11.9% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6062026 | Change |
|---|---|---|---|
| Stock Price ($) | 66.13 | 60.84 | -8.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,749 | 5,882 | 2.3% |
| Net Income Margin (%) | 18.4% | 19.1% | 3.5% |
| P/E Multiple | 57.5 | 50.6 | -11.9% |
| Shares Outstanding (Mil) | 920 | 932 | -1.3% |
| Cumulative Contribution | -8.0% |
Market Drivers
2/28/2026 to 6/6/2026| Return | Correlation | |
|---|---|---|
| O | -8.0% | |
| Market (SPY) | 7.8% | 16.1% |
| Sector (XLRE) | 2.6% | 69.8% |
Fundamental Drivers
The 8.4% change in O stock from 11/30/2025 to 6/6/2026 was primarily driven by a 9.8% change in the company's Net Income Margin (%).| (LTM values as of) | 11302025 | 6062026 | Change |
|---|---|---|---|
| Stock Price ($) | 56.11 | 60.84 | 8.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,545 | 5,882 | 6.1% |
| Net Income Margin (%) | 17.4% | 19.1% | 9.8% |
| P/E Multiple | 53.3 | 50.6 | -5.1% |
| Shares Outstanding (Mil) | 914 | 932 | -1.9% |
| Cumulative Contribution | 8.4% |
Market Drivers
11/30/2025 to 6/6/2026| Return | Correlation | |
|---|---|---|
| O | 8.4% | |
| Market (SPY) | 8.5% | -3.3% |
| Sector (XLRE) | 9.2% | 64.6% |
Fundamental Drivers
The 14.0% change in O stock from 5/31/2025 to 6/6/2026 was primarily driven by a 9.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312025 | 6062026 | Change |
|---|---|---|---|
| Stock Price ($) | 53.37 | 60.84 | 14.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,375 | 5,882 | 9.4% |
| Net Income Margin (%) | 18.2% | 19.1% | 4.7% |
| P/E Multiple | 48.6 | 50.6 | 4.0% |
| Shares Outstanding (Mil) | 892 | 932 | -4.3% |
| Cumulative Contribution | 14.0% |
Market Drivers
5/31/2025 to 6/6/2026| Return | Correlation | |
|---|---|---|
| O | 14.0% | |
| Market (SPY) | 26.6% | 5.2% |
| Sector (XLRE) | 10.8% | 64.3% |
Fundamental Drivers
The 20.9% change in O stock from 5/31/2023 to 6/6/2026 was primarily driven by a 69.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312023 | 6062026 | Change |
|---|---|---|---|
| Stock Price ($) | 50.31 | 60.84 | 20.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,481 | 5,882 | 69.0% |
| Net Income Margin (%) | 25.7% | 19.1% | -25.9% |
| P/E Multiple | 37.1 | 50.6 | 36.3% |
| Shares Outstanding (Mil) | 660 | 932 | -29.1% |
| Cumulative Contribution | 20.9% |
Market Drivers
5/31/2023 to 6/6/2026| Return | Correlation | |
|---|---|---|
| O | 20.9% | |
| Market (SPY) | 83.4% | 19.1% |
| Sector (XLRE) | 37.5% | 71.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| O Return | 24% | -7% | -5% | -2% | 12% | 8% | 30% |
| Peers Return | 35% | -1% | 3% | 6% | 10% | 9% | 75% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| O Win Rate | 58% | 58% | 42% | 42% | 58% | 50% | |
| Peers Win Rate | 67% | 47% | 45% | 63% | 57% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 67% | |
Max Drawdowns [4] | |||||||
| O Max Drawdown | -11% | -25% | -30% | -19% | -10% | -11% | |
| Peers Max Drawdown | -13% | -25% | -26% | -15% | -15% | -10% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NNN, ADC, WPC, SPG, VICI. See O Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/5/2026 (YTD)
How Low Can It Go
| Event | O | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.7% | -9.5% |
| % Gain to Breakeven | 34.6% | 10.5% |
| Time to Breakeven | 277 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.9% | -6.7% |
| % Gain to Breakeven | 13.5% | 7.1% |
| Time to Breakeven | 460 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -19.4% | -24.5% |
| % Gain to Breakeven | 24.1% | 32.4% |
| Time to Breakeven | 105 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.5% | -33.7% |
| % Gain to Breakeven | 86.9% | 50.9% |
| Time to Breakeven | 587 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -21.5% | -3.7% |
| % Gain to Breakeven | 27.4% | 3.9% |
| Time to Breakeven | 707 days | 6 days |
| 2013 Taper Tantrum | ||
| % Loss | -25.3% | -0.2% |
| % Gain to Breakeven | 33.9% | 0.2% |
| Time to Breakeven | 333 days | 1 days |
In The Past
Realty Income's stock fell -5.2% during the 2025 US Tariff Shock. Such a loss loss requires a 5.5% gain to breakeven.
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Asset Allocation
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| Event | O | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.7% | -9.5% |
| % Gain to Breakeven | 34.6% | 10.5% |
| Time to Breakeven | 277 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.5% | -33.7% |
| % Gain to Breakeven | 86.9% | 50.9% |
| Time to Breakeven | 587 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -21.5% | -3.7% |
| % Gain to Breakeven | 27.4% | 3.9% |
| Time to Breakeven | 707 days | 6 days |
| 2013 Taper Tantrum | ||
| % Loss | -25.3% | -0.2% |
| % Gain to Breakeven | 33.9% | 0.2% |
| Time to Breakeven | 333 days | 1 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -43.2% | -53.4% |
| % Gain to Breakeven | 76.0% | 114.4% |
| Time to Breakeven | 154 days | 1085 days |
In The Past
Realty Income's stock fell -5.2% during the 2025 US Tariff Shock. Such a loss loss requires a 5.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Realty Income (O)
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Realty Income is like a utility company for commercial buildings, providing essential space and dependable monthly dividends.
Imagine McDonald's, but instead of selling burgers, they just own and lease out thousands of retail and commercial properties to other businesses.
They're like the Verizon or AT&T of commercial real estate, owning a vast 'network' of properties and collecting consistent lease payments.
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- Commercial Real Estate Leasing: Realty Income provides commercial real estate properties to businesses under long-term lease agreements, generating rental income from its extensive portfolio.
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Realty Income (symbol: O) sells primarily to other companies, which are its commercial clients (tenants) that lease its real estate properties under long-term agreements. Here are some of its major customers (tenants):
- 7-Eleven (owned by Seven & i Holdings Co., Ltd. - TYO: 3382)
- Walgreens (NASDAQ: WBA)
- Dollar General (NYSE: DG)
- FedEx (NYSE: FDX)
- CVS Pharmacy (part of CVS Health - NYSE: CVS)
- Kroger (NYSE: KR)
- Walmart (NYSE: WMT)
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Sumit Roy, President & Chief Executive Officer
Sumit Roy has served as Realty Income's Chief Executive Officer since October 2018 and as President since 2015. He joined Realty Income in 2011, having previously held the roles of Chief Investment Officer from 2013 to 2014 and Chief Operating Officer from 2014 to 2018. Before joining Realty Income, Mr. Roy was an Executive Director at UBS Investment Bank for seven years, where he was responsible for over $57 billion in real estate capital markets and advisory transactions. His career also includes experience in investment banking at Merrill Lynch and as a Principal in technology consulting at Cap Gemini. He holds a Bachelor's and Master's degree in Computer Science, and an MBA in Finance and Economics from the University of Chicago, Booth School of Business. Under his leadership, Realty Income has undergone significant expansion, including a $9.3 billion merger with Spirit Realty Capital in 2024.
Jonathan Pong, Executive Vice President, Chief Financial Officer, and Treasurer
Jonathan Pong assumed the role of Executive Vice President, Chief Financial Officer, and Treasurer for Realty Income on January 1, 2024, succeeding Christie Kelly. He joined Realty Income in 2014 and previously served as Senior Vice President and Head of Corporate Finance, where he oversaw capital markets, investor relations, financial planning and analysis, and derivatives functions. Prior to his tenure at Realty Income, Mr. Pong was a Vice President in Equity Research at Robert W. Baird, focusing on the REIT sector, and began his career at Deloitte & Touche LLP. He is a CFA charterholder and Certified Public Accountant, holding a bachelor's degree in accounting from the University of Southern California and an MBA from Cornell University.
Gregory J. Whyte, Executive Vice President, Chief Operating Officer
Gregory J. Whyte serves as the Executive Vice President and Chief Operating Officer of Realty Income.
Mark E. Hagan, Executive Vice President, Chief Investment Officer
Mark E. Hagan is the Executive Vice President and Chief Investment Officer at Realty Income. In this role, he oversees the company's capital deployment.
Neil M. Abraham, President, Realty Income International, EVP, Chief Strategy Officer
Neil M. Abraham holds the titles of President, Realty Income International, and Executive Vice President, Chief Strategy Officer. He is responsible for the company's international investments, global credit and real estate research, and contributes to the development of the company's growth strategy. Mr. Abraham joined Realty Income in 2015, serving as Chief Investment Officer until 2018. Prior to joining Realty Income, he was a Portfolio Manager at Alliance Bernstein for eight years, an Associate Principal at McKinsey & Company, and a Vice President of Fixed Income & Credit Derivatives at Salomon Brothers (later Citigroup).
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The public company Realty Income (symbol: O) faces several key risks to its business model:- Rising Interest Rates: Realty Income, like other REITs, is highly sensitive to fluctuations in interest rates. Higher interest rates increase the cost of borrowing for the company, making new acquisitions and refinancing existing debt more expensive. This can narrow the spread between its cost of capital and rental income, potentially reducing profitability and growth. Additionally, rising interest rates can make lower-risk investments such as bonds more appealing, potentially diverting investors from REITs and impacting Realty Income's stock performance.
- Tenant and Economic Concentration Risk / Declining Property Values: While Realty Income has a diversified portfolio, it remains exposed to the financial health of its commercial clients and broader economic conditions. Risks include tenant defaults, which can lead to vacant properties and reduced rental income. Economic downturns or specific industry challenges, such as the impact of tariffs on large retail tenants like Walgreens and dollar stores, can exacerbate tenant issues and increase bankruptcy risk among its clients. Such events can also lead to declining property values, impacting the company's asset base.
- Inflation and Fixed Lease Escalations: Many of Realty Income's long-term lease agreements include fixed annual rent increases, often around 1-1.5%. In periods of higher inflation, these relatively low fixed escalations can lead to a decrease in the real purchasing power of the company's rental revenue. This erosion of real income growth can negatively affect the company's ability to increase its dividends in real terms and impact its long-term growth potential.
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The addressable market for Realty Income's main products or services, which primarily involve single-tenant net lease commercial real estate, is substantial across both the United States and Europe.
According to Realty Income itself, the net lease addressable market in the United States is estimated at $8.5 trillion. In Europe, the addressable market for net lease properties is approximately $5.4 trillion. Public net lease REITs, such as Realty Income, currently account for less than 0.1% of this total market, indicating a significant runway for growth.
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Here are 3-5 expected drivers of future revenue growth for Realty Income (O) over the next 2-3 years:- Strategic Acquisitions and High Investment Volume: Realty Income consistently drives revenue growth through strategic acquisitions and a substantial investment pipeline. For example, the company revised its 2024 investment volume guidance upwards to approximately $3.0 billion, citing a favorable investment environment, especially in Europe. Furthermore, the company reported an investment volume of $6.3 billion in 2025 and is guiding towards $8.0 billion in investment volume for 2026. The merger with Spirit Realty Capital in January 2024 also significantly enhanced its scale and tenant diversity, contributing to revenue growth.
- International Expansion, particularly in Europe: The company is actively expanding its global footprint, with a particular focus on Europe. An improving investment environment in Europe has been highlighted as a factor for increased investment outlook. Realty Income entered three new European countries in 2023 through a large portfolio sale-leaseback transaction and expanded into Poland in Q2 2025.
- Diversification into New Asset Classes: Realty Income is exploring and investing in non-traditional asset classes to broaden its revenue streams. The company has established a presence in the data center sector through a build-to-suit development joint venture with Digital Realty and is actively exploring further opportunities in this and the gaming sector.
- Consistent Same-Store Rent Growth and High Occupancy Rates: Realty Income's established portfolio is expected to contribute to revenue growth through consistent same-store rent escalations and maintaining high occupancy rates. The company projects same-store rent growth to be approximately 1.0% to 1.3% for 2026, with occupancy expected to remain around 98.5%.
- Corporate Sale-Leaseback Transactions: The company utilizes its platform and relationships to execute corporate sale-leaseback transactions, serving as a real estate partner to leading companies. This approach provides multiple avenues for growth within the global commercial real estate industry.
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Share Repurchases
- In February 2025, Realty Income's Board of Directors authorized a share repurchase program for up to $2.0 billion in common stock, valid until January 2028.
Share Issuance
- Realty Income raised $2.4 billion from the sale of common stock in 2025, primarily through its At-The-Market (ATM) program by settling 42.0 million shares of outstanding forward sale agreements.
- The company raised $1.8 billion from the sale of common stock in 2024, primarily through its ATM program.
- In 2023, Realty Income raised $5.5 billion from the sale of common stock, mainly via its ATM program.
Inbound Investments
- In 2025, Realty Income successfully launched its inaugural perpetual life U.S. Open-End Core Plus Fund, securing $1.5 billion in total commitments.
- In January 2026, a strategic relationship was established with GIC, including a build-to-suit development joint venture with total combined commitments exceeding $1.5 billion.
Outbound Investments
- Realty Income completed the $9.3 billion acquisition of Spirit Realty Capital, Inc. in early 2024.
- The company invested $6.3 billion ($6.2 billion pro-rata share) at an initial weighted average cash yield of 7.3% in 2025.
- In 2023, Realty Income invested $9.5 billion, which included a $1.5 billion sale-leaseback of convenience store properties with EG Group and a $950 million investment in Bellagio Las Vegas.
Capital Expenditures
- Annual capital expenditures were $4.78 billion in 2025.
- In 2024, annual capital expenditures totaled $3.384 billion.
- The company's investment volume guidance for 2026 is approximately $8.0 billion.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 67.12 |
| Mkt Cap | 23.1 |
| Rev LTM | 2,901 |
| Op Inc LTM | 1,794 |
| FCF LTM | 1,920 |
| FCF 3Y Avg | 1,893 |
| CFO LTM | 1,921 |
| CFO 3Y Avg | 1,895 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.6% |
| Rev Chg 3Y Avg | 8.8% |
| Rev Chg Q | 10.5% |
| QoQ Delta Rev Chg LTM | 2.5% |
| Op Inc Chg LTM | 13.5% |
| Op Inc Chg 3Y Avg | 13.5% |
| Op Mgn LTM | 50.5% |
| Op Mgn 3Y Avg | 49.8% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 69.5% |
| CFO/Rev 3Y Avg | 69.5% |
| FCF/Rev LTM | 69.5% |
| FCF/Rev 3Y Avg | 69.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 23.1 |
| P/S | 9.5 |
| P/Op Inc | 19.5 |
| P/EBIT | 16.7 |
| P/E | 26.9 |
| P/CFO | 13.5 |
| Total Yield | 7.8% |
| Dividend Yield | 5.1% |
| FCF Yield 3Y Avg | 7.3% |
| D/E | 0.5 |
| Net D/E | 0.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -0.2% |
| 3M Rtn | -1.8% |
| 6M Rtn | 10.9% |
| 12M Rtn | 14.5% |
| 3Y Rtn | 24.8% |
| 1M Excs Rtn | -1.4% |
| 3M Excs Rtn | -11.3% |
| 6M Excs Rtn | 2.2% |
| 12M Excs Rtn | -8.7% |
| 3Y Excs Rtn | -49.0% |
Price Behavior
| Market Price | $60.84 | |
| Market Cap ($ Bil) | 56.7 | |
| First Trading Date | 10/18/1994 | |
| Distance from 52W High | -8.8% | |
| 50 Days | 200 Days | |
| DMA Price | $62.04 | $59.29 |
| DMA Trend | up | down |
| Distance from DMA | -1.9% | 2.6% |
| 3M | 1YR | |
| Volatility | 16.8% | 16.1% |
| Downside Capture | 34.08 | 1.10 |
| Upside Capture | 2.51 | 17.27 |
| Correlation (SPY) | 23.4% | 8.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.62 | 0.40 | 0.32 | 0.02 | 0.11 | 0.24 |
| Up Beta | 0.75 | 0.40 | 0.32 | 0.02 | 0.02 | 0.22 |
| Down Beta | 0.79 | 0.92 | 0.24 | 0.11 | 0.16 | 0.19 |
| Up Capture | -3% | 18% | 9% | 8% | 13% | 8% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 10 | 23 | 31 | 70 | 134 | 386 |
| Down Capture | 143% | 62% | 64% | -16% | 6% | 50% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 10 | 18 | 32 | 54 | 116 | 361 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with O | |
|---|---|---|---|---|
| O | 14.9% | 16.0% | 0.68 | - |
| Sector ETF (XLRE) | 10.8% | 13.6% | 0.51 | 64.3% |
| Equity (SPY) | 25.3% | 12.1% | 1.57 | 5.5% |
| Gold (GLD) | 27.6% | 26.9% | 0.88 | 15.2% |
| Commodities (DBC) | 36.9% | 19.0% | 1.52 | -5.8% |
| Real Estate (VNQ) | 12.5% | 13.3% | 0.63 | 64.5% |
| Bitcoin (BTCUSD) | -42.0% | 42.5% | -1.16 | 6.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with O | |
|---|---|---|---|---|
| O | 3.4% | 18.9% | 0.08 | - |
| Sector ETF (XLRE) | 4.0% | 19.1% | 0.11 | 75.9% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 37.6% |
| Gold (GLD) | 17.3% | 18.1% | 0.78 | 17.2% |
| Commodities (DBC) | 9.5% | 19.4% | 0.38 | 7.7% |
| Real Estate (VNQ) | 3.2% | 18.8% | 0.07 | 76.1% |
| Bitcoin (BTCUSD) | 11.3% | 54.6% | 0.40 | 14.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with O | |
|---|---|---|---|---|
| O | 5.3% | 25.6% | 0.23 | - |
| Sector ETF (XLRE) | 7.1% | 20.4% | 0.30 | 78.1% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 48.6% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | 13.6% |
| Commodities (DBC) | 7.1% | 18.0% | 0.32 | 16.9% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.24 | 81.0% |
| Bitcoin (BTCUSD) | 63.3% | 66.9% | 1.03 | 10.3% |
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Earnings Returns History
Updated 6/7/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | -3.5% | -3.9% | -4.5% |
| 2/24/2026 | -0.8% | 0.5% | -9.3% |
| 11/3/2025 | -3.5% | -3.1% | 0.5% |
| 8/6/2025 | 0.3% | 1.7% | 4.7% |
| 5/5/2025 | -0.3% | -1.8% | -1.3% |
| 2/24/2025 | -1.9% | 0.9% | -2.4% |
| 11/4/2024 | -0.8% | -2.8% | -4.8% |
| 8/5/2024 | 2.1% | 1.9% | 6.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 11 | 11 |
| # Negative | 12 | 13 | 13 |
| Median Positive | 0.6% | 1.7% | 3.2% |
| Median Negative | -1.3% | -1.8% | -3.8% |
| Max Positive | 2.1% | 3.6% | 8.9% |
| Max Negative | -3.5% | -7.0% | -9.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net income per share | 1.6 | 1.61 | 1.63 | -3.3% | Lowered | Guidance: 1.67 for 2026 | |
| 2026 AFFO per share | 4.41 | 4.42 | 4.44 | 0.6% | Raised | Guidance: 4.4 for 2026 | |
| 2026 Same store rent growth | 1.0% | 1.15% | 1.3% | 0 | 0 | Affirmed | Guidance: 1.15% for 2026 |
| 2026 Occupancy | 0.98 | 0 | Affirmed | Guidance: 0.98 for 2026 | |||
| 2026 Income tax expenses | 100.00 Mil | 105.00 Mil | 110.00 Mil | 0 | Affirmed | Guidance: 105.00 Mil for 2026 | |
| 2026 Investment volume | 9.50 Bil | 18.8% | Raised | Guidance: 8.00 Bil for 2026 | |||
| 2026 Lease termination income | 45.00 Mil | 47.50 Mil | 50.00 Mil | 35.7% | Raised | Guidance: 35.00 Mil for 2026 | |
| 2026 Real estate depreciation per share | 2.65 | Higher New | |||||
| 2026 Other adjustments per share | 0.16 | Higher New | |||||
| 2026 Cash G&A expenses | 0 | 0 | 0 | Higher New | |||
| 2026 Property expenses | 0.01 | Higher New | |||||
Prior: Q4 2025 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net income per share | 1.65 | 1.67 | 1.69 | 30.5% | Higher New | Actual: 1.28 for 2025 | |
| 2026 AFFO per share | 4.38 | 4.4 | 4.42 | 3.3% | Higher New | Actual: 4.26 for 2025 | |
| 2026 Same store rent growth | 1.0% | 1.15% | 1.3% | 15.0% | 0.2% | Higher New | Actual: 1.0% for 2025 |
| 2026 Occupancy | 0.98 | 0 | Same New | Actual: 0.98 for 2025 | |||
| 2026 Income tax expenses | 100.00 Mil | 105.00 Mil | 110.00 Mil | 23.5% | Higher New | Actual: 85.00 Mil for 2025 | |
| 2026 Investment volume | 8.00 Bil | 45.4% | Higher New | Actual: 5.50 Bil for 2025 | |||
| 2026 Lease termination income | 30.00 Mil | 35.00 Mil | 40.00 Mil | ||||
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Retail REITs Resources |
| ICSC |
| Shopping Center Business |
| Chain Store Age - Real Estate |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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