Q1 25 EPS
$0.28
MISS 14.82%
Est. $0.33
Q1 25 Revenue
$1.38B
BEAT +6.37%
Est. $1.30B
vs S&P Since Q1 25
-11.4%
TRAILING MARKET
O +17.5% vs S&P +29.0%
Market Reaction
Did O Beat Earnings? Q1 2025 Results
Realty Income posted a mixed first quarter for 2025, with an earnings-per-share figure of $0.28 falling short of the $0.33 consensus estimate by 14.82%, even as revenue of $1.38 billion topped expectations by 6.37% and grew 9.5% year-over-year. The E… Read more Realty Income posted a mixed first quarter for 2025, with an earnings-per-share figure of $0.28 falling short of the $0.33 consensus estimate by 14.82%, even as revenue of $1.38 billion topped expectations by 6.37% and grew 9.5% year-over-year. The EPS shortfall was partly obscured by the REIT's more closely watched AFFO per share, which rose 2.9% year-over-year to $1.06, a figure management views as a truer measure of recurring cash flow and one that supports the company's decades-long dividend track record. The quarter's headline drag stemmed from rising impairment provisions, which climbed to $116.59 million from $89.49 million a year ago, pressuring net income comparisons even as the company deployed $1.37 billion in new investments at a 7.5% initial cash yield, led by $824.70 million in European acquisitions. Looking ahead, management maintained its full-year AFFO per share guidance of $4.22–$4.28 while trimming net income guidance to $1.40–$1.46, citing elevated impairment expectations, with $4.00 billion in total investment volume still targeted for 2025.
Key Takeaways
- • AFFO per share grew 2.9% year-over-year to $1.06
- • Same store rental revenue growth of 1.3% on constant currency basis
- • Invested $1.4 billion at initial weighted average cash yield of 7.5%
- • European acquisitions represented $824.7 million of $1.03 billion in real estate acquisitions
- • Rent recapture rate of 103.9% on re-leased properties
- • Absence of Spirit Realty merger costs that burdened prior-year quarter ($94.1 million in Q1 2024)
O YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
O Revenue by Segment
With YoY comparisons, source: SEC Filings
“Realty Income's ability to deliver reliable and stable performance through varying market conditions continues to be a hallmark of our platform. Throughout our history, we have strategically expanded and diversified our portfolio across geographies, asset classes, and investment types. This, combined with our high-quality tenant base, ensures the predictability and durability of our cash flows, which has proven to be especially valuable during periods of uncertainty caused by exogenous factors.”
— Sumit Roy, Q1 2025 Earnings Press Release
O Earnings Trends
O vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
O EPS Trend
Earnings per share: estimate vs actual
O Revenue Trend
Quarterly revenue: estimate vs actual
O Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 MISS FY | $0.38 | $0.32 | -16.05% | $1.49B | — |
| FY Full Year | $1.35 | $1.17 | -13.61% | $5.75B | +5.88% |
| Q3 25 MISS | $0.40 | $0.35 | -12.67% | $1.47B | +9.04% |
| Q2 25 MISS | $0.40 | $0.22 | -44.50% | $1.41B | +6.00% |
| Q1 25 MISS | $0.33 | $0.28 | -14.82% | $1.38B | +6.37% |
| Q2 24 MISS | $0.36 | $0.29 | -19.44% | $1.34B | +7.38% |