$O · REALTY INCOME CORP
Realty Income filed its 10-Q for the quarter ended September 30, 2026. Total revenue reached $1.622B, up 10.3% YoY from $1.471B, with rental revenue (excluding reimbursements) contributing $1.379B. Net income available to common stockholders was $403.9M, or $0.43 per diluted share, compared to $315.8M ($0.35) in Q3 2025. The portfolio stood at 15,536 properties across all 50 U.S. states, the U.K., and eight other European countries.
- Total revenue $1.622B, +10.3% YoY, driven by $107.2M from properties acquired in 2026 & 2025.
- Net income available to common stockholders $403.9M ($0.43/share) vs $315.8M ($0.35/share) in Q3 2025.
- Provisions for impairment of real estate rose to $111.6M from $75.4M YoY, a 48% increase.
- Interest expense climbed to $333.6M from $294.5M YoY, reflecting higher debt load.
- Gain on sales of real estate surged to $113.9M from $49.1M, boosting net income.
Extended-hours last trade $57.44, down 0.24% from regular close of $57.58 — a muted reaction consistent with in-line quarterly results for a $54.5B net-lease REIT.
The 48% spike in impairment provisions alongside rising interest costs raises questions about portfolio quality even as headline revenue and EPS show double-digit growth.
The net-lease REIT continues aggressive portfolio expansion with $5.58B invested in real estate over nine months, while growing its international footprint — U.K. rental revenue reached $208.2M in Q3 vs $179.4M a year ago.
Real estate impairment provisions rose 48% YoY to $111.6M, and credit loss provisions on loans increased to $14.2M from $11.6M, signaling potential stress in the portfolio. Foreign currency and derivative losses persist at $2.5M for the quarter.