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Dividend darling Realty Income reports Q2 earnings
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Dividend darling Realty Income’s Q2 revenue beats expectations

Real estate investment trust Realty Income reported Q2 numbers Wednesday shortly after the close of trading.

The company, which owns and rents roughly 16,000 free-standing, single-tenant commercial properties throughout the US, the UK, and Europe, reported:

  • Adjusted funds from operations per share of $1.05 vs. Wall Street expectations of $1.06. (Funds from operations is a commonly used cash-flow metric in the world of REITs.)

  • Q2 sales of $1.41 billion vs. an expected $1.33 billion.

  • Full-year guidance of $4.24 to $4.28 for adjusted funds from operations per share, vs. previous guidance of $4.22 to $4.28 per share.

With stocks at record highs and valuations at nosebleed levels, dividend plays like Realty Income might seem like a slightly sleepy investment option. But the total return on Realty Income — which incorporates dividend payouts and the price appreciation of the stock — actually compares pretty favorably to the S&P 500 this year. See this chart:

That’s largely because Realty Income didn’t suffer anywhere near as much as the broader index did during the sharp, tariff-related sell-off that pushed stocks to the brink of a bear market in April.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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