Subtext

Realty Income Corporation O

SectorReal Estate
Transcripts41
Date range2015-04-30 – 2025-05-05
Calls charted41

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-13-7+0+7+132015 Q12016 Q32018 Q12019 Q32021 Q12022 Q32024 Q12015 Q1 · Overall: +2.62015 Q2 · Overall: +7.12015 Q3 · Overall: +6.82015 Q4 · Overall: +10.32016 Q1 · Overall: +7.72016 Q2 · Overall: +8.52016 Q3 · Overall: +11.52016 Q4 · Overall: +2.72017 Q1 · Overall: -1.02017 Q2 · Overall: +2.42017 Q3 · Overall: +5.72017 Q4 · Overall: +2.72018 Q1 · Overall: +7.82018 Q2 · Overall: -1.62018 Q3 · Overall: +7.02018 Q4 · Overall: -0.82019 Q1 · Overall: +3.12019 Q2 · Overall: +4.42019 Q3 · Overall: +6.52019 Q4 · Overall: +4.32020 Q1 · Overall: -0.62020 Q2 · Overall: +4.32020 Q3 · Overall: +2.82020 Q4 · Overall: +5.02021 Q1 · Overall: +6.42021 Q2 · Overall: +7.42021 Q3 · Overall: +8.52021 Q4 · Overall: +10.22022 Q1 · Overall: +7.42022 Q2 · Overall: +5.62022 Q3 · Overall: +4.92022 Q4 · Overall: +6.42023 Q1 · Overall: +7.52023 Q2 · Overall: +2.92023 Q3 · Overall: +7.32023 Q4 · Overall: +3.92024 Q1 · Overall: +4.32024 Q2 · Overall: +0.92024 Q3 · Overall: +5.72024 Q4 · Overall: +4.92025 Q1 · Overall: +8.5
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-23-12+0+12+232015 Q12016 Q32018 Q12019 Q32021 Q12022 Q32024 Q12015 Q1 · CEO: +8.02015 Q2 · CEO: +14.32015 Q3 · CEO: +11.02015 Q4 · CEO: +18.02016 Q1 · CEO: +9.92016 Q2 · CEO: +20.32016 Q3 · CEO: +17.12016 Q4 · CEO: +6.92017 Q1 · CEO: +2.52017 Q2 · CEO: +7.52017 Q3 · CEO: +11.92017 Q4 · CEO: +10.62018 Q1 · CEO: +13.72018 Q2 · CEO: +5.02018 Q3 · CEO: +8.82018 Q4 · CEO: +5.62019 Q1 · CEO: +4.52019 Q2 · CEO: +6.72019 Q3 · CEO: +9.92019 Q4 · CEO: +9.32020 Q1 · CEO: +5.32020 Q2 · CEO: +7.72020 Q3 · CEO: +4.52020 Q4 · CEO: +7.92021 Q1 · CEO: +8.82021 Q2 · CEO: +9.52021 Q3 · CEO: +14.22021 Q4 · CEO: +14.12022 Q1 · CEO: +9.42022 Q2 · CEO: +8.52022 Q3 · CEO: +6.52022 Q4 · CEO: +8.42023 Q1 · CEO: +10.72023 Q2 · CEO: +5.72023 Q3 · CEO: +11.22023 Q4 · CEO: +8.72024 Q1 · CEO: +7.42024 Q2 · CEO: +3.22024 Q3 · CEO: +9.22025 Q1 · CEO: +12.62015 Q1 · CFO: +2.12015 Q2 · CFO: +2.82015 Q3 · CFO: +3.12015 Q4 · CFO: +7.92016 Q1 · CFO: +10.42016 Q2 · CFO: -3.62016 Q3 · CFO: +10.52016 Q4 · CFO: -1.52017 Q1 · CFO: -1.02017 Q2 · CFO: +5.82017 Q3 · CFO: +9.12017 Q4 · CFO: -1.82018 Q1 · CFO: +9.32018 Q2 · CFO: +8.62018 Q3 · CFO: +5.82018 Q4 · CFO: -6.52019 Q1 · CFO: +6.42019 Q2 · CFO: +12.82019 Q3 · CFO: +12.42020 Q1 · CFO: +11.82020 Q4 · CFO: +13.62021 Q1 · CFO: +10.42021 Q2 · CFO: +14.92021 Q3 · CFO: +3.72021 Q4 · CFO: +19.42022 Q1 · CFO: +8.52022 Q2 · CFO: +12.82022 Q3 · CFO: +14.02022 Q4 · CFO: +6.52023 Q1 · CFO: +11.82023 Q2 · CFO: +14.12023 Q4 · CFO: -1.72024 Q1 · CFO: -6.62024 Q2 · CFO: -3.02024 Q3 · CFO: +9.12024 Q4 · CFO: +8.22025 Q1 · CFO: +4.3
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-24-12+0+12+242015 Q12016 Q32018 Q12019 Q32021 Q12022 Q32024 Q12015 Q1 · Prepared remarks: +5.42015 Q2 · Prepared remarks: +12.32015 Q3 · Prepared remarks: +7.12015 Q4 · Prepared remarks: +10.72016 Q1 · Prepared remarks: +8.02016 Q2 · Prepared remarks: +11.92016 Q3 · Prepared remarks: +14.42016 Q4 · Prepared remarks: +4.12017 Q1 · Prepared remarks: +2.12017 Q2 · Prepared remarks: -1.22017 Q3 · Prepared remarks: +10.92017 Q4 · Prepared remarks: +5.62018 Q1 · Prepared remarks: +13.32018 Q2 · Prepared remarks: +11.82018 Q3 · Prepared remarks: +12.52018 Q4 · Prepared remarks: -1.02019 Q1 · Prepared remarks: +9.72019 Q2 · Prepared remarks: +8.62019 Q3 · Prepared remarks: +9.52019 Q4 · Prepared remarks: +10.32020 Q1 · Prepared remarks: +2.92020 Q2 · Prepared remarks: +10.12020 Q3 · Prepared remarks: +3.72020 Q4 · Prepared remarks: +7.52021 Q1 · Prepared remarks: +15.72021 Q2 · Prepared remarks: +12.82021 Q3 · Prepared remarks: +10.22021 Q4 · Prepared remarks: +19.82022 Q1 · Prepared remarks: +12.92022 Q2 · Prepared remarks: +18.92022 Q3 · Prepared remarks: +12.92022 Q4 · Prepared remarks: +7.62023 Q1 · Prepared remarks: +20.92023 Q2 · Prepared remarks: +11.82023 Q3 · Prepared remarks: +19.62023 Q4 · Prepared remarks: +11.02024 Q1 · Prepared remarks: +1.12024 Q2 · Prepared remarks: +2.02024 Q3 · Prepared remarks: +17.52024 Q4 · Prepared remarks: +17.52025 Q1 · Prepared remarks: +14.92015 Q1 · Q&A responses: +6.62015 Q2 · Q&A responses: +4.92016 Q2 · Q&A responses: +9.22016 Q3 · Q&A responses: +11.52016 Q4 · Q&A responses: +4.62017 Q1 · Q&A responses: -6.62017 Q2 · Q&A responses: +13.02017 Q3 · Q&A responses: +6.42017 Q4 · Q&A responses: +3.22018 Q1 · Q&A responses: +3.92018 Q2 · Q&A responses: -5.22018 Q3 · Q&A responses: +0.52018 Q4 · Q&A responses: +3.32019 Q1 · Q&A responses: +2.02019 Q2 · Q&A responses: +5.22019 Q3 · Q&A responses: +9.82019 Q4 · Q&A responses: +7.52020 Q1 · Q&A responses: -1.52020 Q2 · Q&A responses: +6.02020 Q3 · Q&A responses: +5.42020 Q4 · Q&A responses: +8.72021 Q1 · Q&A responses: +6.12021 Q2 · Q&A responses: +9.42021 Q3 · Q&A responses: +12.82021 Q4 · Q&A responses: +11.82022 Q1 · Q&A responses: +6.42022 Q2 · Q&A responses: +4.22022 Q3 · Q&A responses: +4.82022 Q4 · Q&A responses: +8.52023 Q1 · Q&A responses: +6.12023 Q2 · Q&A responses: +2.42023 Q3 · Q&A responses: +4.32023 Q4 · Q&A responses: +3.02024 Q1 · Q&A responses: +7.52024 Q2 · Q&A responses: +1.82024 Q3 · Q&A responses: +5.52024 Q4 · Q&A responses: +3.72025 Q1 · Q&A responses: +10.2
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$0.95$1.41$1.872015 Q12016 Q32018 Q12019 Q32021 Q12022 Q32024 Q12015 Q1: $1.012015 Q2: $1.042015 Q3: $1.042015 Q4: $1.102016 Q1: $1.182016 Q2: $1.192016 Q3: $1.212016 Q4: $1.242017 Q1: $1.252017 Q2: $1.262017 Q3: $1.232017 Q4: $1.262018 Q1: $1.322018 Q2: $1.302018 Q3: $1.322018 Q4: $1.372019 Q1: $1.382019 Q2: $1.442019 Q3: $1.412019 Q4: $1.512020 Q1: $1.552020 Q2: $1.812020 Q3: $1.452020 Q4: $1.422021 Q1: $1.402021 Q2: $1.552021 Q3: $1.592021 Q4: $1.732022 Q1: $1.692022 Q2: $1.472022 Q3: $1.382022 Q4: $1.372023 Q1: $1.412023 Q2: $1.392023 Q3: $1.352023 Q4: $1.412024 Q1: $1.442024 Q2: $1.472024 Q3: $1.55

Forward P/E

25.3340.7956.252015 Q12016 Q32018 Q12019 Q32021 Q12022 Q32024 Q12015 Q1: 51.242015 Q2: 44.152015 Q3: 44.502015 Q4: 46.572016 Q1: 51.592016 Q2: 54.122016 Q3: 52.882016 Q4: 44.072017 Q1: 47.202017 Q2: 45.022017 Q3: 47.892017 Q4: 45.132018 Q1: 38.932018 Q2: 40.312018 Q3: 43.002018 Q4: 47.172019 Q1: 51.572019 Q2: 51.022019 Q3: 53.642019 Q4: 47.732020 Q1: 27.462020 Q2: 34.842020 Q3: 45.032020 Q4: 43.202021 Q1: 45.632021 Q2: 44.162021 Q3: 42.922021 Q4: 38.862022 Q1: 38.872022 Q2: 44.082022 Q3: 47.402022 Q4: 47.202023 Q1: 44.802023 Q2: 44.012023 Q3: 40.632023 Q4: 40.162024 Q1: 36.432024 Q2: 36.252024 Q3: 39.99

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2016 Q1 tone ↓ -2.6 fwd EPS ↑ +0.08 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q4 tone ↓ -8.8 fwd EPS ↑ +0.03 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q1 tone ↓ -3.7 fwd EPS ↑ +0.01 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q3 tone ↑ +3.3 fwd EPS ↓ -0.04 Tone rose while the forward EPS estimate was cut.
  • 2017 Q4 tone ↓ -3.0 fwd EPS ↑ +0.03 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q4 tone ↓ -7.8 fwd EPS ↑ +0.05 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q3 tone ↑ +2.0 fwd EPS ↓ -0.03 Tone rose while the forward EPS estimate was cut.
  • 2019 Q4 tone ↓ -2.2 fwd EPS ↑ +0.10 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q1 tone ↓ -4.9 fwd EPS ↑ +0.04 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q4 tone ↑ +2.2 fwd EPS ↓ -0.03 Tone rose while the forward EPS estimate was cut.
  • 2023 Q3 tone ↑ +4.3 fwd EPS ↓ -0.03 Tone rose while the forward EPS estimate was cut.
  • 2023 Q4 tone ↓ -3.4 fwd EPS ↑ +0.05 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q2 tone ↓ -3.4 fwd EPS ↑ +0.03 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-05-05+8.5——View →
2024 Q42025-02-25+4.9——View →
2024 Q32024-11-05+5.7$1.5540.0View →
2024 Q22024-08-06+0.9$1.4736.2View →
2024 Q12024-05-07+4.3$1.4436.4View →
2023 Q42024-02-21+3.9$1.4140.2View →
2023 Q32023-11-07+7.3$1.3540.6View →
2023 Q22023-08-03+2.9$1.3944.0View →