With 76% of activity concentrated in Europe, where financing conditions remain favorable, the REIT now targets $5 billion of investment volume for 2025. AFFO per share guidance was modestly raised to $4.24-$4.28, reflecting disciplined growth. From a financial perspective, Realty Income maintains $5.1 billion in liquidity, investment-grade ratings of A3/Stable from Moody's and A-/Stable from S&P and a fixed-charge coverage ratio of 4.5. With manageable debt maturities through 2026, the balance sheet supports continued dividend reliability. A member of the S&P 500 Dividend Aristocrats, the REIT has delivered 30 years of consecutive monthly dividends and 112 straight quarterly increases. Still, challenges persist. AFFO growth could remain muted amid tighter spreads and macro uncertainty. Retail exposure poses some risk from bankruptcies or trade disruptions, with the REIT also anticipating 75 basis points of rent loss in 2025, partly from tenant credit risks linked to earlier M&A-driven portfolio additions.