Realty Income Corp

Realty Income posted a mixed first quarter for 2025, with an earnings-per-share figure of $0.28 falling short of the $0.3287 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 <a href="https://247wallst.com/investing/2026/02/12/realty-incomes-650-consecutive-monthly-dividends-are-perfect-for-retirees/">decades-long dividend track record</a>. 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.