Realty Income launches $2.5B+ institutional partnerships, issues convertibles, doubles Q1 investment

Filed May 7, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 6, 2025 · ~2 min read

Key Changes

• high

  Closed $1.0B Apollo joint venture (49% stake in 492 retail properties) and $1.5B+ GIC build-to-suit development partnership in Q1 2026, materially expanding institutional capital platform.

  MD&A: Apollo and GIC joint ventures verify on EDGAR →
• high

  Issued $862.5M convertible notes at 3.5% due 2029, using $101.9M to repurchase 1.8M shares; total debt rose $2.7B to $30.0B while leverage improved from 5.4x to 5.2x Net Debt/EBITDA.

  MD&A: Convertible issuance and leverage verify on EDGAR →
• high

  Investment volume doubled to $2.8B (194 properties) from $1.4B prior year, though initial cash yield compressed from 7.5% to 7.1%; AFFO per share grew 6.6% to $1.13 vs. FFO growth of 1.0%.

  MD&A: Investment activity and AFFO verify on EDGAR →