Realty Income — Feb 24, 2026 release
Fiscal 2025 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000726728-26-000009
Showing in the filing
G&A expenses inclusive of stock-based compensation expense (% of total gross asset value)
“approximately 24 - 27 bps”
Period
FY2026
Measure
Company-defined measure
Source
Prose
All guidance in this release · 13
Initial investment volume for FY2026
“approximately $8.0 billion”
Total operational return for FY2026
“approximately 9%”
Net income per share (1) for FY2026
“$1.65 - $1.69”
Real estate depreciation per share for FY2026
“$2.68”
Other adjustments per share (2) for FY2026
“$0.05”
AFFO per share for FY2026
“$4.38 - $4.42”
Same store rent growth for FY2026
“1.0% - 1.3%”
Occupancy for FY2026
“Approx 98.5%”
Cash G&A expenses (% of total gross asset va… for FY2026
“20 - 23 bps”
Property expenses (non-reimbursable) (% of t… for FY2026
“Approx 1.5%”
Income tax expenses for FY2026
“$100 - $110 million”
Lease termination income for FY2026
“$30 - $40 million”
G&A expenses inclusive of stock-based compen… for FY2026
“approximately 24 - 27 bps”
Exhibit 99.1 · the passage around this item
… earlier in the release
(3) Cash G&A represents 'General and administrative' expenses as presented in our consolidated statements of income, less share-based compensation costs. Total gross asset value is total assets before accumulated depreciation and amortization. (4) G&A expenses inclusive of stock-based compensation expense as a percentage of total gross asset value is expected to be approximately 24 - 27 bps in 2026. (5) Total revenue excludes client reimbursements. - 6 - Conference Call Information In conjunction with the release of our operating results, we will host a conference call on February 24, 2026 at 2:00 p.m. PST to discuss the operating results. To access the conference call, dial (833) 816-1264 (United States) or (412) 317-5632 (International). When prompted, please ask for the Realty Income conference call. A telephone replay of the conference call can also be accessed by calling (855) 669-9658 (United States) or (412) 317-0088 (International) and entering the conference ID 3554425. The telephone replay will be available through March 3, 2026. A live webcast will be available in listen-only mode by clicking on the webcast link on the company’s home page at www.realtyincome.com. A replay of the conference call webcast will be available approximately one hour after the conclusion of the live broadcast. No access code is required for this replay. Supplemental Materials Supplemental Operating and Financial Data for the three months and year ended December 31, 2025 is available on our corporate website at www.realtyincome.com/investors/quarterly-and-annual-results. About Real
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.