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Realty Income Corporation, known as "The Monthly Dividend Company®," is a real estate investment trust (REIT) that specializes in owning and leasing commercial properties under long-term net lease agreements . These agreements typically require clients to cover property taxes, insurance, and maintenance costs, providing a predictable income stream for the company . Realty Income's portfolio is highly diversified, with properties leased to clients across 90 different industries, including grocery stores, convenience stores, dollar stores, and drug stores, among others . The company operates across the United States, Puerto Rico, the United Kingdom, and several European countries, focusing on diversification by client, industry, geography, and property type to ensure consistent and predictable income for its stockholders .
- Commercial Property Leasing - Owns and leases commercial properties under long-term net lease agreements, requiring clients to cover property taxes, insurance, and maintenance costs.
- Geographic Diversification - Operates properties in the United States, Puerto Rico, the United Kingdom, and several European countries, focusing on reducing geographic concentration risks.
- Industry Diversification - Leases properties to clients across 90 different industries, including grocery stores, convenience stores, dollar stores, and drug stores, to minimize industry-specific risks.
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Given that private arms are becoming bigger players in transactions , how do you plan to maintain your competitive edge in both the U.S. and international markets amidst increasing competition?
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With the creation of your private capital investment platform , how will you address potential conflicts of interest when allocating investment opportunities between the public REIT and the private fund to maximize returns for shareholders?
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You mentioned cap rate compression in your recent acquisitions, with a 4% cap rate in the third quarter ; can you elaborate on how you reconcile lower initial yields with your long-term cost of capital to ensure investments are accretive?
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Considering that you have forward-funded approximately $1.3 billion in fourth quarter investments , and given recent cost of capital volatility , how confident are you in achieving your investment targets without relying on public equity markets?
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Regarding your development pipeline, particularly the non-retail properties that are currently not leased , what is your strategy for leasing these up, and how might this impact your yields and risk profile?
Customer | Relationship | Segment | Details |
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Dollar General | Tenant (net lease) | All | 3.8% of total portfolio annualized contractual rent |
Walgreens | Tenant (net lease) | All | 3.8% of total portfolio annualized contractual rent |
Dollar Tree/Family Dollar | Tenant (net lease) | All | 3.3% of total portfolio annualized contractual rent |
7-Eleven | Tenant (net lease) | All | 3.0% of total portfolio annualized contractual rent |
EG Group Limited | Tenant (net lease) | All | 2.5% of total portfolio annualized contractual rent |
Wynn Resorts | Tenant (net lease) | All | 2.5% of total portfolio annualized contractual rent |
FedEx | Tenant (net lease) | All | 2.2% of total portfolio annualized contractual rent |
B&Q (Kingfisher) | Tenant (net lease) | All | 1.9% of total portfolio annualized contractual rent |
Asda | Tenant (net lease) | All | 1.9% of total portfolio annualized contractual rent |
Sainsbury's | Tenant (net lease) | All | 1.8% of total portfolio annualized contractual rent |
LA Fitness | Tenant (net lease) | All | 1.6% of total portfolio annualized contractual rent |
BJ's Wholesale Clubs | Tenant (net lease) | All | 1.5% of total portfolio annualized contractual rent |
Lifetime Fitness | Tenant (net lease) | All | 1.5% of total portfolio annualized contractual rent |
MGM (Bellagio) | Tenant (net lease) | All | 1.4% of total portfolio annualized contractual rent |
CVS Pharmacy | Tenant (net lease) | All | 1.4% of total portfolio annualized contractual rent |
Walmart / Sam's Club | Tenant (net lease) | All | 1.4% of total portfolio annualized contractual rent |
Tractor Supply | Tenant (net lease) | All | 1.3% of total portfolio annualized contractual rent |
Tesco | Tenant (net lease) | All | 1.3% of total portfolio annualized contractual rent |
AMC Theaters | Tenant (net lease) | All | 1.2% of total portfolio annualized contractual rent |
Red Lobster | Tenant (net lease) | All | 1.2% of total portfolio annualized contractual rent |
Recent developments and announcements about O.
Financial Actions
Dividend Policy
Realty Income Corporation Announces Dividend Policy Changes
Realty Income Corporation has announced the classification and designation of 6,900,000 shares of its authorized capital stock as Realty Income Series A Preferred Stock. Holders of these shares are entitled to cumulative cash dividends at the rate of 6.000% per annum of the $25.00 liquidation preference per share, equivalent to an annual rate of $1.50 per share. Dividends are payable quarterly in arrears on or about the last day of March, June, September, and December of each year, beginning on March 29, 2024. Dividends will accrue and be cumulative from and including January 1, 2024 .**
Dividend Policy
Realty Income Announces No Change to Dividend Policy Following Merger with Spirit Realty Capital
Realty Income Corporation has announced that it does not intend to change its regular dividend as a result of its merger with Spirit Realty Capital. Realty Income remains committed to its longstanding track record of delivering consistent monthly dividends and quarterly dividend increases to its shareholders .