Realty Income (O) News Today, November 23, 2025: Dividend Yield Near 5.7%, £900m Loan, Q3 Beat and Big-Name Institutional Moves

Realty Income Corporation (NYSE: O) is back in the headlines after a solid Q3 2025, a new £900 million sterling term loan, its 665th consecutive monthly dividend, and fresh buying and selling from major institutions like JPMorgan, Rhumbline and DNB. Here’s everything investors need to know today, November 23, 2025.

Published: November 23, 2025

Realty Income Corporation — better known as The Monthly Dividend Company” — continues to live up to its branding in late 2025. The net‑lease REIT is combining steady dividend growth with a ramped‑up European expansion, fresh financing in sterling, and a busy year in the capital markets. ^[1]

With O stock trading around $56–57 per share and sporting a forward dividend yield of roughly 5.7%, income investors are watching closely how the latest results and financing moves will shape returns into 2026. ^[2]

Today’s Key Realty Income (O) Headlines – November 23, 2025

As of today, the most relevant developments around Realty Income include:

Q3 2025 earnings: Revenue rose about 10.5% year over year, and Adjusted Funds From Operations (AFFO) per share reached $1.08, prompting management to raise full‑year AFFO guidance to a range of $4.25–$4.27. ^[3]
665th consecutive monthly dividend: Realty Income declared a $0.2695 monthly dividend per share, payable on December 15, 2025 to shareholders of record on November 28, 2025. ^[4]
New £900 million sterling‑denominated term loan: The company closed on a £900m unsecured term loan maturing in January 2028 (with a 12‑month extension option), swapping the rate to fix interest at roughly 4.3% over the initial term. Proceeds pre‑fund the refinancing of a January 2026 sterling term loan. ^[5]
Institutional positioning:
- JPMorgan Chase & Co. trimmed its position by about 1% in Q2 but still holds 12.85 million shares, worth roughly $740.5 million and representing about 1.41% of Realty Income. ^[6]
- Rhumbline Advisers increased its stake by 6% to about 1.86 million shares (~0.20% of the company). ^[7]
- Mufg Securities Americas Inc. lifted its holdings by 29.2% to 20,015 shares. ^[8]
- DNB Asset Management AS cut its stake by 44.3%, now holding 163,667 shares after selling 130,074 shares in Q2. ^[9]
Market snapshot:
- Last close (Nov. 21): $56.62 per share.
- Forward dividend: about $3.23 per share annually.
- Forward yield: ~5.7%.
- Market cap: about $52 billion. ^[10]
Analyst stance: 14 Wall Street analysts currently rate the stock Hold” on average, with a consensus 12‑month price target of $62.33, implying roughly 10% upside from current levels. ^[11]

Let’s break down what all of this means.

Q3 2025: Solid Growth and a Guidance Upgrade

Realty Income’s Q3 2025 results showed a familiar pattern: slow‑and‑steady growth backed by massive scale and diversification.

Revenue and earnings

For the quarter ended September 30, 2025:

Total revenue was about $1.47 billion, up 10.5% from the same period in 2024. ^[12]
Net income available to common shareholders reached roughly $315.8 million, or $0.35 per diluted share. ^[13]
AFFO per share — the key profitability metric for REITs — came in at $1.08. ^[14]

Management also highlighted that same‑store rental revenue grew 1.3% year over year and that portfolio occupancy stood at 98.7% at quarter‑end, underscoring the stability of its tenant base. ^[15]

Investment activity and portfolio scale

Realty Income continues to deploy capital aggressively, particularly in Europe:

The company invested about $1.36 billion in the quarter and $3.9 billion year‑to‑date, at an initial weighted average cash yield of 7.7%. ^[16]
As of September 30, 2025, the REIT owned or held interests in over 15,500 properties spread across all 50 U.S. states, the U.K. and seven additional European countries. ^[17]

That global footprint is a big part of its pitch to investors: long‑term, net‑lease contracts with mostly essential‑service tenants, across thousands of properties and dozens of industries, make cash flows unusually predictable for a REIT. ^[18]

Updated 2025 guidance

On the back of Q3 momentum, management raised its full‑year outlook: ^[19]

AFFO per share: new range $4.25–$4.27 (previously $4.24–$4.28).
Investment volume: now expected to total about $5.5 billion in 2025 (up from $5.0 billion).
Occupancy: projected around 98.5% for the year.

For investors, that guidance says two things: Realty Income still sees a strong acquisition pipeline — especially in higher‑yielding European markets — and it expects its property‑level fundamentals to remain very tight.

Dividend Watch: 665th Monthly Payout and a 5.7% Yield

The headline many income investors care about most is straightforward: the monthly dividend keeps coming.

On November 7, Realty Income declared its 665th consecutive monthly dividend, set at $0.2695 per share. The dividend: ^[20]

Represents an annualized payout of about $3.234 per share.
Is payable December 15, 2025 to shareholders of record on November 28, 2025.
Implies a forward yield of roughly 5.7% at recent share prices around the mid‑$50s. ^[21]

The company has now increased its dividend for more than 30 consecutive years and recently notched its 112th consecutive quarterly dividend increase — good enough for membership in the S&P 500 Dividend Aristocrats® index. ^[22]

For context, Q3’s $0.807 in dividends paid per share represented about 74.7% of AFFO per share, leaving a cushion that is typical for a net‑lease REIT and suggests the current payout remains covered on a cash‑flow basis even if GAAP earnings look tight. ^[23]

New £900 Million Sterling Term Loan: Extending Maturities and Fixing Costs

A key capital‑markets move this month was Realty Income’s £900 million sterling‑denominated unsecured term loan, announced on November 18. ^[24]

Key details:

Size: £900 million.
Structure: Unsecured term loan.
Maturity:January 2028 initially, with an option to extend for an additional 12 months.
Use of proceeds: Repay outstanding sterling‑denominated borrowings under the company’s $4.0 billion multicurrency revolving credit facility, effectively pre‑funding the refinancing of a January 2026 term loan that includes a £705 million sterling tranche.
Pricing: With Realty Income’s A3/A- credit ratings, the borrowing cost is 80 basis points over SONIA.
Interest‑rate management: The company executed two‑year variable‑to‑fixed interest‑rate swaps, fixing the weighted average interest rate at about 4.3% over the initial term.

CFO Jonathan Pong framed the transaction as a way to lock in a lower all‑in fixed rate on sterling debt while enhancing financial flexibility abroad.” ^[25]

Taken together with the $800 million of U.S. dollar senior unsecured notes Realty Income issued in October (split between 3.95% notes due 2029 and 4.50% notes due 2033), the company is clearly focused on laddering its debt maturities and keeping funding costs predictable. ^[26]

Smart Money Check: How Institutions Are Positioning

Institutional investors own just over 70% of Realty Income’s shares, a sign of how embedded the REIT is in income and real‑estate strategies worldwide. ^[27]

Fresh 13F filings summarized today highlight a mix of trimming and accumulation:

JPMorgan Chase & Co.
- Cut its stake by 1.0% in Q2.
- Still owns 12,853,974 shares, worth about $740.5 million and equating to roughly 1.41% of the company. ^[28]
Rhumbline Advisers
- Increased its position by 6.0%, buying an additional 106,066 shares in Q2.
- Now holds about 1,863,593 shares, or 0.20% of Realty Income, valued at more than $107 million. ^[29]
Mufg Securities Americas Inc.
- Boosted its holdings by 29.2% to 20,015 shares, worth around $1.15 million. ^[30]
DNB Asset Management AS
- Went the other way, reducing its stake by 44.3%.
- Now owns 163,667 shares after selling 130,074 shares in Q2, with a remaining position valued near $9.43 million. ^[31]

A summary piece on O stock noted that institutional activity overall remains heavy, featuring large positions from firms such as Vanguard and Nuveen as well. ^[32]

For everyday investors, this mix of modest trimming and incremental buying from big funds reinforces the current Wall Street narrative: Realty Income is neither a high‑conviction growth darling nor a name institutions are racing to abandon — it’s a core income holding that big money fine‑tunes at the margin.

How O Stock Is Trading in Late 2025

Price action and valuation

According to multiple data providers:

Share price:
- Last regular‑session close (Nov. 21): $56.62 per share. ^[33]
- Several sources quote $56.67 as the current price snapshot for November 23, 2025. ^[34]
52‑week range: roughly $50.71 – $61.08. ^[35]
Year‑to‑date performance: O started 2025 around $53.41 and has gained roughly 6% so far this year. ^[36]
Forward dividend yield: about 5.7%–5.71%, based on a forward dividend near $3.23 per share. ^[37]
Market cap & multiples:
- Market capitalization: around $52 billion.
- P/E ratio: about 55 on trailing GAAP earnings, which is high in absolute terms but typical for equity REITs where depreciation reduces reported earnings. ^[38]

Because of the quirks of real estate accounting, most investors look at AFFO yield (AFFO per share divided by share price) rather than the GAAP P/E. On the updated guidance midpoint of $4.26 AFFO per share, the stock’s implied AFFO yield is roughly 7.5%, which is a more neutral‑looking number for a high‑quality net‑lease REIT.

(That 7.5% figure is a simple calculation based on public numbers, not an official company metric.)

Wall Street Sentiment: A Comfortable Hold” with ~10% Upside

MarketBeat’s synthesis of 14 analyst ratings paints a picture of cautious optimism: ^[39]

Consensus rating:Hold
- 11 analysts rate O as Hold.”
- 3 analysts rate it Buy.”
- None currently rate the stock Sell.”
Average 12‑month price target:$62.33
- Highest target: $68.00
- Lowest target: $60.00
- Implied upside from around $56.6: ~10%

Recent commentary pieces in the financial media echo this middle‑of‑the‑road stance:

Some analysts highlight Realty Income’s global expansion, strong occupancy and monthly dividend as reasons it remains a core income holding even after a long run as a market favorite. ^[40]
Others argue that the stock’s growth rate is moderating and that its valuation already reflects much of its quality, making it more suitable for defensive, income‑focused portfolios than for aggressive growth investors. ^[41]

Is Realty Income (O) a Buy for Income Investors Right Now?

Whether Realty Income is attractive for you personally depends on your goals, risk tolerance and portfolio, but the facts on the ground today look like this:

Positives

Reliable, growing monthly income: 665 consecutive monthly dividends, decades of annual increases, and a current yield around 5.7%. ^[42]
Diversified global portfolio: more than 15,500 properties across multiple countries and 92 industries, with near‑full 98.7% occupancy. ^[43]
Accretive investment pipeline: 2025 investment volume on track for about $5.5 billion, with European investments producing higher initial yields. ^[44]
Improving balance‑sheet visibility: the new £900m term loan and October bond issuance spread out maturities and fix interest costs at attractive levels given current credit conditions. ^[45]

Risks and watch‑items

Interest‑rate sensitivity: As a REIT, Realty Income’s valuation is sensitive to long‑term interest rates; higher‑for‑longer yields can pressure share prices even if fundamentals remain solid.
Payout vs. GAAP earnings: The dividend payout ratio looks very high on a GAAP basis (close to 300% of earnings), though this is typical for REITs and better viewed against AFFO coverage. ^[46]
European expansion: While Europe offers higher initial cash yields, it also adds foreign‑exchange and regulatory risk. Management’s hedging and diversified tenant mix help, but it’s still an additional layer investors should be aware of. ^[47]

For long‑term income‑focused investors, the current setup looks like this: a well‑run, investment‑grade net‑lease REIT with a long dividend track record, modest but positive growth, a de‑risked debt profile, and a yield meaningfully above U.S. Treasuries — but with a valuation and consensus rating that suggest steady returns rather than explosive upside.

As always, this article is for informational purposes only and does not constitute financial advice or a recommendation to buy or sell any security. Investors should do their own research or consult a qualified financial adviser before making investment decisions.

💰Why I Keep Selling Realty Income (O)