Realty Income Corporation (O) Presents at Nareit REITweek: 2026 Investor Conference Transcript

Alexander Waters
Vice President of Investor Relations

Thank you all for coming. Before we begin here, I just wanted to read our forward-looking statement. So as a reminder, we may make statements that may be considered forward-looking statements under federal securities law. The company’s actual future results may differ significantly from the matters discussed in any forward-looking statements. We will disclose in greater detail the factors that may cause such differences in the company’s filings with the SEC. And lastly, information provided here and does not constitute an offer to sell securities. So with that, Jana.

Jana Galan
BofA Securities, Research Division

Thank you, Alex. Good morning, everyone. My name is Jana Galan, and I’m the Net Lease REIT analyst at Bank of America. I’m honored to host the Realty Income presentation and thrilled to introduce Realty Income’s President and CEO, Sumit Roy. He’s also your 2026 Nareit Executive Chair. And Sumit has served as O’s CEO since 2018 and been President since 2015. Prior to that, he served as Realty Income’s Chief Operating Officer from 2014 to 2018. So 2026 has definitely been a very busy year for Realty Income in terms of new partnerships, announcements and solid first quarter results. I’d love to ask Sumit if you could provide some high-level commentary on the year thus far.

Sumit Roy
President, CEO & Director

Sure. So the first quarter was very good. We had a 6.5% increase in our earnings. We updated our earnings guidance, increased it by 60 basis points at the midpoint. And we had recapture rates in the — north of