Every material Form 8-K Realty Income has filed with the SEC since November 26, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Realty Income's Compensation and Talent Committee adopted the 2026 Promote Award Plan on November 3, 2026. The plan lets employees, including named executive officers, earn bonuses tied to incentive allocations from certain investment funds and joint ventures the company manages, with bonus pools capped at 40% of each allocation. The filing gives no dollar amounts for awards, so shareholder cost cannot be sized from this document.
Plan adopted November 3, 2026 by the Compensation and Talent Committee
Bonus pools may not exceed 40% of the incentive allocation for each measurement period
Executive bonuses paid in stock-based awards; 50% vests at grant and 50% after one year, unless the Committee decides otherwise
Filing includes the plan and form of RSU award agreement as Exhibits 10.1 and 10.2
Realty Income reported third-quarter 2026 net income available to common stockholders of $403.9 million, or $0.43 per share, alongside an increase in Adjusted Funds from Operations to $1.12 per share. Driven by strong operating performance and robust investment activity, the company raised its full-year 2026 AFFO per share guidance to $4.45 to $4.46.
Net income available to common stockholders reached $403.9 million, or $0.43 per share, for the third quarter ended September 30, 2026.
Adjusted Funds from Operations rose 3.7% to $1.12 per share compared to the third quarter of 2025.
The company invested $2.6 billion during the quarter at an initial weighted average cash yield of 6.8%.
Full-year 2026 AFFO per share guidance was raised to a range of $4.45 to $4.46.
Realty Income reported higher second-quarter 2026 results, with net income available to common stockholders of $344.0 million, or $0.37 per share, up from $196.9 million, or $0.22 per share, a year earlier. The company raised its 2026 AFFO per share guidance to $4.44-$4.45 from $4.41-$4.44, while narrowing its net income per share guidance to $1.59-$1.60 from $1.60-$1.63.
Q2 2026 total revenue was $1,547.7 million, up from $1,410.4 million a year earlier.
AFFO per share rose 3.8% to $1.09 for the three months ended June 30, 2026, compared with $1.05 a year earlier.
2026 AFFO per share guidance was raised to $4.44-$4.45; net income per share guidance was lowered to $1.59-$1.60 from $1.60-$1.63.
Monthly dividends paid per share rose 0.7% to $0.812 in the quarter, the 115th consecutive quarterly dividend increase.
On July 10, 2026, Realty Income entered a Fifth Amended and Restated Credit Agreement that raises its unsecured multicurrency revolving credit capacity to $5.5 billion from $4.0 billion, and adds UK and Netherlands subsidiaries as joint borrowers. The company also doubled the maximum outstanding amounts under its U.S. and euro commercial paper programs to $2.75 billion each from $1.50 billion each. The filing says the larger capacity and lower borrowing costs add financial flexibility for shareholders, though the company will carry more borrowing capacity.
Revolving credit capacity rises to $5.5 billion from $4.0 billion, with an accordion feature that can increase it to $6.5 billion subject to lender commitments.
Two $2.75 billion tranches initially mature on April 29, 2029 and July 10, 2030, each with two six-month extension options.
Maximum outstanding commercial paper is $2.75 billion under each of the U.S. and euro programs, up from $1.50 billion each.
The press release cites all-in drawn pricing of 80 basis points over SOFR, a reduction of 5.0 basis points from the prior facilities.
Realty Income reported first-quarter 2026 total revenue of $1,548.7 million, up from $1,380.5 million a year earlier, and net income available to common stockholders of $311.8 million, or $0.33 per share, versus $0.28 per share. The company raised its 2026 AFFO per share guidance to $4.41 to $4.44 and its investment volume guidance to $9.5 billion, but lowered its 2026 net income per share guidance to $1.60 to $1.63.
Total revenue was $1,548.7 million for the three months ended March 31, 2026, compared with $1,380.5 million a year earlier.
AFFO per share was $1.13, up 6.6% from the prior-year period; net income per share was $0.33, compared with $0.28.
2026 AFFO per share guidance was raised to $4.41 to $4.44 from $4.38 to $4.42, and investment volume guidance was raised to $9.5 billion from $8.0 billion.
2026 net income per share guidance was lowered to $1.60 to $1.63 from $1.65 to $1.69.
Realty Income said its Executive Vice President, Chief Legal Officer, General Counsel and Secretary, Michelle Bushore, is leaving the company. She will remain in the role through September 2, 2026 while the company searches for a new Chief Legal Officer, and the filing says her separation will be treated as a Qualifying Termination under the company's Executive Severance Plan.
Michelle Bushore will continue as Executive Vice President, Chief Legal Officer, General Counsel and Secretary through September 2, 2026 (the Transition Period).
Under a Transition Agreement dated February 26, 2026, she will receive a retention grant of restricted shares valued at $512,663, set by the February 26, 2026 closing share price.
The retention grant vests on completion of the Transition Period, subject to a general release of claims and fulfillment of job duties; the full Transition Agreement will be filed with the Form 10-Q for the quarter ending March 31, 2026.
Realty Income reported fourth-quarter 2025 net income available to common stockholders of $296.1 million, or $0.32 per share, up from $199.6 million, or $0.23 per share, a year earlier, on total revenue of $1,487.9 million versus $1,340.3 million. The company also introduced 2026 AFFO per share guidance of $4.38 to $4.42, compared with full-year 2025 AFFO of $4.28 per share.
Q4 2025 net income per share was $0.32, compared with $0.23 in Q4 2024; AFFO per share was $1.08, compared with $1.05
Full-year 2025 AFFO per share was $4.28, compared with $4.19 in 2024
2026 guidance: net income per share of $1.65 to $1.69 and AFFO per share of $4.38 to $4.42; initial investment volume of approximately $8.0 billion
Occupancy was 98.9% at December 31, 2025, compared with 98.7% at September 30, 2025
Realty Income entered into an amended and restated term loan agreement for a £900 million Sterling-denominated facility maturing January 18, 2028. Proceeds will repay Sterling borrowings on its $4.0 billion revolving credit facility and pre-fund the refinancing of its January 2026 term loan, which includes a £705 million tranche. The company says the loan carries a lower all-in fixed rate than its upcoming maturity, but the filing does not compare that rate to the existing debt.
£900 million Sterling-denominated term loan, initially maturing January 2028, with one 12-month extension option
Borrowing rate of 80 basis points over SONIA; two-year swaps fix the weighted average rate at 4.3%
Accordion allows up to $1,350 million in additional borrowings on no more than three occasions, subject to lender commitments
Toronto Dominion (Texas) LLC is administrative agent; ten lenders participate
Realty Income reported third-quarter 2025 net income available to common stockholders of $315.8 million, or $0.35 per share, up from $261.8 million, or $0.30 per share, a year earlier, on revenue of $1,470.6 million. The company narrowed its 2025 AFFO per share guidance to $4.25 to $4.27 and raised its investment volume guidance to approximately $5.5 billion, but lowered its net income per share guidance to $1.27 to $1.29 from $1.29 to $1.33.
Q3 2025 AFFO was $1.08 per diluted share, compared with $1.05 a year earlier; total revenue was $1,470.6 million, compared with $1,330.9 million.
2025 AFFO per share guidance was revised to $4.25 to $4.27, from $4.24 to $4.28 previously.
2025 net income per share guidance was revised to $1.27 to $1.29, from $1.29 to $1.33 previously.
2025 investment volume guidance was raised to approximately $5.5 billion, from approximately $5.0 billion previously.
Realty Income Corporation appointed Kim Hourihan, a managing director at Invesco Real Estate, to its Board of Directors effective October 14, 2025, raising the board to eleven directors. The Board determined she is independent, and she will also serve on the Compensation and Talent Committee.
Appointed effective October 14, 2025, to serve until the 2026 annual meeting of stockholders
Initial grant of restricted shares valued at $200,000, plus annual equity awards valued at $200,000 and a $100,000 annual cash retainer
Additional $15,000 annual cash retainer for serving on the Compensation and Talent Committee
Board size increased to eleven directors; the company said the appointment supports its global expansion
Realty Income reported second-quarter 2025 revenue of $1,410.4 million, up from $1,339.4 million a year earlier, but net income available to common stockholders fell to $196.9 million, or $0.22 per diluted share, from $256.8 million, or $0.29, as impairments of $143.4 million weighed on results. The company cut its 2025 net income per share guidance to $1.29-$1.33 from $1.40-$1.46, raised the low end of its AFFO per share guidance to $4.24-$4.28, and increased its 2025 investment volume guidance to approximately $5.0 billion from approximately $4.0 billion.
Total revenue was $1,410.4 million for the three months ended June 30, 2025, compared with $1,339.4 million a year earlier
Net income available to common stockholders was $196.9 million, or $0.22 per diluted share, versus $0.29 a year earlier; provisions for impairment were $143.4 million
2025 net income per share guidance was revised to $1.29-$1.33 from $1.40-$1.46; AFFO per share guidance is $4.24-$4.28 versus $4.22-$4.28 previously
2025 investment volume guidance was raised to approximately $5.0 billion from approximately $4.0 billion; the monthly dividend paid per share rose 3.7% to $0.806 in the quarter
Realty Income entered into amendments to its Wells Fargo and TD term loan agreements on June 23, 2025, to conform certain terms to its Fourth Amended and Restated Credit Agreement dated April 29, 2025. The filing describes the amendments as conforming changes and does not state any new borrowing amount or change in pricing, so the direct effect on shareholders is not quantified.
Wells Fargo term loan covers a $300 million loan due August 22, 2025 and a $500 million loan due August 20, 2027
TD term loan agreement, dated January 6, 2023, allows up to $1.5 billion in total borrowings and matures January 5, 2026
Amendments align the term loans with the Fourth Amended and Restated Credit Agreement dated April 29, 2025
At its May 13, 2025 annual meeting, Realty Income's stockholders elected all 10 director nominees, ratified KPMG LLP as auditor for 2025, and approved a non-binding say-on-pay vote. They also approved an amendment to the 2021 Incentive Award Plan that sets annual and initial equity grants to non-employee directors at a value of $200,000 rather than a fixed 4,000 shares or RSUs. The filing describes these as routine annual meeting outcomes.
Plan amendment approved with 584,971,034 votes for and 29,264,751 against; non-employee director grants now calculated as $200,000 divided by the closing share price on the grant date
KPMG LLP ratified as independent registered public accounting firm for fiscal year ending December 31, 2025, with 679,390,347 votes for and 69,072,328 against
Record date March 3, 2025, with 891,769,159 common shares outstanding and entitled to vote
Realty Income reported first-quarter 2025 net income available to common stockholders of $249.8 million, or $0.28 per share, up from $129.7 million, or $0.16 per share, a year earlier, on total revenue of $1.38 billion versus $1.26 billion. The company lowered its 2025 net income per share guidance to $1.40-$1.46 from $1.52-$1.58, while its AFFO per share guidance of $4.22-$4.28 was unchanged.
Q1 2025 total revenue was $1,380.5 million, up from $1,260.5 million in Q1 2024.
Q1 2025 AFFO per diluted share rose 2.9% to $1.06 from $1.03.
2025 net income per share guidance was revised to $1.40-$1.46 from $1.52-$1.58, as issued February 24, 2025.
2025 AFFO per share guidance of $4.22-$4.28 was unchanged.
Realty Income entered a Fourth Amended and Restated Credit Agreement on April 29, 2025, providing $4.0 billion in unsecured multicurrency revolving credit facilities that replace its prior 2022 agreement. The company also entered a separate $1.0 billion revolver and up to $380.0 million delayed draw term loan for its Realty Income U.S. Core Plus Fund, which it expects to guarantee initially. The filing describes routine borrowing terms and does not report any change in earnings or guidance.
$4.0 billion in unsecured revolving facilities: two $2.0 billion facilities maturing in two and four years, with two six-month extensions each
Accordion feature allows the RI facilities to increase to up to $5.0 billion, subject to lender commitments
Current Applicable Margin of 0.725% per annum and commitment fee of 0.125% per annum, based on investment grade ratings
Fund Credit Agreement: up to $1.0 billion revolver and up to $380.0 million delayed draw term loan, guaranteed by the company initially
Realty Income reported fourth-quarter 2024 results on February 24, 2025. Total revenue rose to $1.34 billion from $1.08 billion a year earlier, and AFFO per share increased 4.0% to $1.05, but net income available to common stockholders fell to $199.6 million, or $0.23 per share, from $218.4 million, or $0.30 per share, after $143.0 million of impairment provisions. The board also authorized a share repurchase program of up to $2.0 billion, and the company gave 2025 AFFO per share guidance of $4.22 to $4.28.
Q4 2024 net income per share was $0.23, down from $0.30 in Q4 2023; provisions for impairment were $143.0 million in the quarter
Q4 2024 AFFO per share rose 4.0% to $1.05; full-year 2024 AFFO per share rose 4.8% to $4.19
In February 2025, the board authorized a repurchase program of up to $2.0 billion in common stock, expiring January 2028
2025 guidance: net income per share $1.52 to $1.58 and AFFO per share $4.22 to $4.28
Realty Income Corporation filed a Form 8-K on November 26, 2024, reporting a Director or Officer change under Item 5.02 and attaching a Deferred Compensation Plan as Exhibit 10.1. The filing text provided does not name any officer or director or describe the change in detail, so the plan's terms and the identity of the affected person cannot be determined from this document alone.
Filed November 26, 2024, under Items 5.02 (Director or Officer Change) and 9.01 (Financial Statements and Exhibits)
Exhibit 10.1 is the Realty Income Corporation Deferred Compensation Plan
Signed by Bianca Martinez, Senior Vice President, Associate General Counsel and Assistant Secretary
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