Realty Income Q1 2025 Results: AFFO Rises, Dividend Growth Continues

Realty Income (NYSE: O) reported solid results for the quarter ended March 31, 2025, demonstrating consistent performance and stable cash flow. Net income available to common stockholders was $249.8 million ($0.28 per share), up from $129.7 million ($0.16 per share) in the prior year. Adjusted Funds from Operations (AFFO) per share rose 2.9% year-over-year to $1.06.

The company invested $1.4 billion during the quarter with an initial cash yield of 7.5%, and raised $635 million in equity through its ATM program. It also issued $600 million of 5.125% senior unsecured notes due 2035 and expanded credit facilities totaling $5.38 billion.

Portfolio occupancy remained strong at 98.5%. Realty Income re-leased properties at a rent recapture rate of 103.9% and grew same-store rental revenue by 1.3%. The company now owns or holds interests in 15,627 properties across the U.S. and Europe.

The quarterly dividend was raised for the 110th consecutive time, reaching an annualized amount of $3.222 per share. AFFO payout ratio stood at 75.1%.

Full-year 2025 AFFO guidance was reaffirmed at $4.22 to $4.28 per share, while net income per share guidance was slightly lowered to $1.40 to $1.46. Investment volume for the year remains projected at approximately $4 billion.