On its third quarter of 2026 earnings call, held on Nov. 2, 2026, Realty Income (NYSE:O) raised its 2026 adjusted funds from operations (AFFO) guidance to $4.45 to $4.46 per share while reaffirming its $10 billion annual investment target. AFFO measures normalized cash flow available for shareholder payouts. Broadening investment types and capital sources gives the commercial real estate owner greater flexibility to capture higher returns as borrowing costs fluctuate. Three key insights from management explain how the company is driving this growth. Management expanded international deal activity in which property pricing yields wider margins than local debt costs. Industrial acquisitions in Continental Europe now provide stronger initial rental cash flow than typical domestic assets. Rather than relying only on traditional equity purchases of real estate, the company is deploying capital into secured loan structures. Taking debt positions backed by high-quality properties offsets elevated borrowing costs while preserving potential pathways to future asset ownership.
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