Key Highlights

  • Realty Income (NYSE:O) releases third quarter 2026 results after the NYSE close on November 2, 2026; second quarter AFFO was USD 1.09 per share, up 3.8 percent, and 2026 AFFO guidance is USD 4.44 to USD 4.45.
  • Realty Income has declared 675 consecutive monthly dividends and raised its payout for more than 31 consecutive years; the annualized Dividend was USD 3.252 per share at June 30, 2026.
  • Williams (NYSE:WMB) is expected to report on November 2; published consensus is adjusted EPS of USD 0.56, up 14.3 percent, on Revenue of about USD 3.2 billion.
  • Williams guides 2026 adjusted EBITDA of USD 8.3 billion to USD 8.5 billion and closed the USD 5.5 billion Momentum Midstream Acquisition on September 3, 2026.

Realty Income: AFFO, Occupancy, and Guidance

Realty Income (NYSE:O) holds 15,588 properties with occupancy of 98.8 percent and rent recapture of 102.7 percent on re-leased space. In the second quarter it invested USD 2.6 billion at a 7.3 percent initial cash Yield and raised 2026 Investment guidance to USD 10 billion from USD 9.5 billion. Net Debt to annualized pro forma adjusted EBITDAre was 5.4 times. The company reports after the NYSE close on November 2, with a call at 2:00 p.m. Pacific. As a real estate investment trust it is judged on AFFO, or adjusted funds from operations, which adds back Depreciation that distorts profit.

Williams: Pipelines, Power, and a Large Deal

Williams (NYSE:WMB) missed second quarter adjusted EPS consensus with USD 0.50 against USD 0.52, though adjusted EBITDA rose 6 percent to USD 1.921 billion. The Momentum Midstream acquisition for USD 5.5 billion adds Haynesville gathering and more than 4 billion cubic feet per day of contracted pipeline capacity. Growth capex is guided at USD 7.3 billion to USD 7.9 billion, and Leverage is about 3.75 times at the midpoint. Phase one of the Socrates power project began delivering 200 megawatts in August, and AFFO dividend coverage was 2.26 times. Pipeline income is largely fee-based, which supports Cash Flow when gas prices are weak.

Shared Risks and Dates to Watch

Both names are bought for cash returns, so rates and funding costs matter. Realty Income relies on Capital Markets to fund USD 10 billion of acquisitions, and Williams carries heavy capital spending and acquisition integration. Dividends and distributions are not guaranteed. The October 30 selloff, with the S&P 500 down 1.8 percent to 7,580.07, was led by technology, but income stocks are not immune to rate moves. The Bank of England decides on November 5 and the October jobs report arrives on November 6, which can reset yield expectations. Realty Income also depends on tenants renewing leases, while Williams depends on gas Demand growth from power and Data Center customers.

Where Things Stand

The two income stocks are Realty Income (NYSE:O), with 675 straight monthly dividend declarations. The other is Williams (NYSE:WMB), which closed the USD 5.5 billion Momentum Midstream deal. The balance of evidence favors steady operations at both: occupancy of 98.8 percent at Realty Income and raised EBITDA guidance at Williams. Leverage, acquisition funding and rate risk are the counterweights. Their November 2 reports will show whether Realty Income stays on its guided AFFO path and whether Williams can convert its Backlog into earnings.