> ## Content Index
> Fetch the complete content index at: https://www.bullished.co/llms.txt
> Use this file to discover other available public pages before exploring further.

# Realty Income Lifts 2026 AFFO Guidance To $4.45–$4.46 A Share, Trims Net Income Outlook
- URL: https://www.bullished.co/realty-income-lifts-2026-affo-guidance-to-4-45-4-46-a-share-trims-net-income-outlook-d35c380c/
- Published: 2026-11-02T22:06:29.000Z
- Updated: 2026-11-02T22:06:29.000Z
- Description: The landlord reaffirmed its $10.0 billion investment target as third-quarter net income rose to $403.9 million.
- Author: Matteo Parrino
- Tags: Earnings, O, Industry: Real Estate

Realty Income raised its 2026 outlook for adjusted funds from operations (AFFO), the cash earnings measure REITs favor, to [$4.45–$4.46 per share](https://www.sec.gov/Archives/edgar/data/0000726728/000072672826000056/o-991q32026.htm?ref=bullished.co) from $4.44–$4.45, while cutting its net income per share forecast to $1.55–$1.56 from $1.59–$1.60\. The company, which calls itself The Monthly Dividend Company, reported the changes with third-quarter results in an [8-K filed](https://www.sec.gov/Archives/edgar/data/0000726728/000072672826000056/o-20261102.htm?ref=bullished.co) Monday.

## Quarter's numbers

Net income available to common stockholders [rose to $403.9 million](https://www.prnewswire.com/news-releases/realty-income-announces-operating-results-for-the-three-and-nine-months-ended-september-30-2026-302926890.html?ref=bullished.co), or $0.43 per share, from $315.8 million, or $0.35, a year earlier. Total revenue was $1,621.6 million, against $1,470.6 million.

AFFO per share [rose 3.7% to $1.12](https://www.prnewswire.com/news-releases/realty-income-announces-operating-results-for-the-three-and-nine-months-ended-september-30-2026-302926890.html?ref=bullished.co). For the first nine months, AFFO per share was $3.35, compared with $3.19 a year earlier.

The company's net income figure includes provisions for impairment of real estate, which were $111.6 million in the quarter versus $75.4 million a year earlier, and a $113.9 million gain on property sales. The guidance for net income per share excludes future impairment and foreign currency or derivative gains or losses, which the company says it cannot forecast.

## Guidance changes beyond AFFO

Realty Income now expects occupancy above 98.5%, up from approximately 98.5%, and non-reimbursable property expenses of 1.3% to 1.5% of revenue, from approximately 1.5%. It kept its $10.0 billion investment volume target; $7.9 billion has been invested so far this year.

CEO Sumit Roy said the company has "fully prefunded our equity needs for the remainder of the year."

## Deals and capital raised

In the third quarter the company invested $2.6 billion, with its pro-rata share at $2.2 billion at an initial weighted average cash yield of 6.8%. It sold 182 properties for net proceeds of $526.6 million.

Separately, in September KKR invested €528.0 million for a 49% stake in a new euro-denominated joint venture holding 54 net lease properties in four European countries. In August Realty Income issued $1.0 billion of 3.750% convertible senior notes due August 2031, with net proceeds of $983.2 million.

About 18.5 million shares remain unsettled under forward sale agreements, representing roughly $1.1 billion in expected net proceeds as of November 2\. Net debt stood at 5.4 times annualized pro forma adjusted EBITDA.

Management discussed the results on a conference call at 2:00 p.m. PST Monday.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — REALTY INCOME CORP (O)](https://www.sec.gov/Archives/edgar/data/0000726728/000072672826000056/o-20261102.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit o-991q32026.htm — REALTY INCOME CORP 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000726728/000072672826000056/o-991q32026.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit realtyincomeq32026supple.htm — REALTY INCOME CORP 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000726728/000072672826000056/realtyincomeq32026supple.htm?ref=bullished.co) — SEC EDGAR
- [Realty Income Announces Operating Results for the Three and Nine Months Ended September 30, 2026](https://www.prnewswire.com/news-releases/realty-income-announces-operating-results-for-the-three-and-nine-months-ended-september-30-2026-302926890.html?ref=bullished.co) — prnewswire.com