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    Realty Income Corp (O)

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    Business Description

    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 .

    1. Commercial Property Leasing - Owns and leases commercial properties under long-term net lease agreements, requiring clients to cover property taxes, insurance, and maintenance costs.
    2. Geographic Diversification - Operates properties in the United States, Puerto Rico, the United Kingdom, and several European countries, focusing on reducing geographic concentration risks.
    3. 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.

    Key Metrics

    View all financials →
    Revenue by Segment - in Millions of USDFY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Retail-3,193.6------
    Industrial-559.1------
    Automotive service--------
    Automotive tire services--------
    Beverages--------
    Child care--------
    Convenience stores--------
    Dollar stores--------
    Drug stores--------
    Financial services--------
    General merchandise--------
    Grocery stores - U.S.--------
    Grocery stores - U.K.--------
    Health and fitness--------
    Home improvement - U.S.--------
    Home improvement - U.K.--------
    Restaurants-casual dining--------
    Restaurants-quick service - U.S.--------
    Theaters - U.S.--------
    Transportation services--------
    Wholesale club--------
    Other non-reportable segments and contractually obligated reimbursements by our clients--------
    Other non-reportable segments and tenant reimbursements--------
    Rental (including reimbursable)------5,043.71,313.1
    Other-205.5------
    Rental Revenue--1,135.4541,204.161,196.81,507.294,740.61,225.7
    - Reimbursable--72.71580.56874.375.52303.187.4
    Other Revenue--52.31654.71559.860.57227.467.4
    - Interest income on financing receivables-------32.3
    - Interest income on loans and preferred equity investments-------34.4
    - Other-------0.7
    Total Revenue1,076.34,079.01,260.4851,339.4431,330.91,340.275,271.11,380.5
    Revenue by Geography - in Millions of USDFY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    U.S.-4,079.0----5,271.1-
    - Retail-65.4----3,368.5864.1
    - Industrial-43.7----747.0196.4
    - Other-205.5----237.962.4
    - Rental-3,475.1----4,353.41,122.9
    U.K.------557.1150.9
    Other------133.239.3
    - Other Revenue-------67.4
    Total Revenue1,076.34,079.01,260.4851,339.41,330.91,340.325,271.11,380.5
    KPIs - Metric (Unit, Scale)FY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016 (September 30, )Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Number of Properties in the Portfolio (properties)-13,45815,48515,45015,457---
    Overall Occupancy Rate (percentage)-1001009999---
    Weighted Average Remaining Lease Term (years)-9.89.89.69.4---
    Rent Recapture Rate for Re-leased Units (%)-104.1104.3105.7105.0---
    Rent Recapture Rate for Re-leased Units (percentage)--------
    Number of Re-leases to Same Client (leases)-750166144131---
    Number of Re-leases to New Client (leases)-5112911---
    Number of Vacant Dispositions (properties)--------
    Net Debt to Annualized Adjusted EBITDAre (times)-5.65.65.35.4---
    Number of Expiring Retail Leases in 2024 (leases)-474360198112---
    Number of Expiring Non-Retail Leases in 2024 (leases)-14721---
    Approximate Leasable Square Feet for 2024 Expirations (square feet)-6,370,5003,767,5001,906,3001,089,400---
    Annualized Contractual Rent for 2024 Expirations (USD thousands)-79,99550,50825,30912,764---
    Percentage of Total Portfolio Annualized Contractual Rent for 2024 Expirations (percentage)-2.0%1.1%0.5%0.3%---
    Percentage of Total Portfolio Annualized Contractual Rent for 2024 Expirations (%)--------
    Number of Expiring Retail Leases in 2025 (leases)-923935905826---
    Number of Expiring Non-Retail Leases in 2025 (leases)-33353532---
    Approximate Leasable Square Feet for 2025 Expirations (square feet)-13,637,90013,951,00013,451,80012,005,400---
    Annualized Contractual Rent for 2025 Expirations (USD thousands)-206,416210,427203,941188,669---
    Percentage of Total Portfolio Annualized Contractual Rent for 2025 Expirations (percentage)-5.14.44.23.8---
    Percentage of Total Portfolio Annualized Contractual Rent for 2025 Expirations (%)--------
    Number of Expiring Retail Leases in 2026 (leases)-857943940944---
    Number of Expiring Non-Retail Leases in 2026 (leases)-33454547---
    Approximate Leasable Square Feet for 2026 Expirations (square feet)-16,009,80019,759,30019,793,50020,173,600---
    Annualized Contractual Rent for 2026 Expirations (USD thousands)-196,878235,324234,538240,372---
    Percentage of Total Portfolio Annualized Contractual Rent for 2026 Expirations (percentage)-4.9%4.9%4.8%4.9%---
    Percentage of Total Portfolio Annualized Contractual Rent for 2026 Expirations (%)--------
    Number of Expiring Retail Leases in 2027 (leases)-1,4221,5761,5711,578---
    Number of Expiring Non-Retail Leases in 2027 (leases)-37464747---
    Approximate Leasable Square Feet for 2027 Expirations (square feet)-22,307,90026,854,10026,739,30026,730,800---
    Annualized Contractual Rent for 2027 Expirations (USD thousands)-290,171344,787343,952349,659---
    Percentage of Total Portfolio Annualized Contractual Rent for 2027 Expirations (percentage)-7.2%7.2%7.1%7.1%---
    Percentage of Total Portfolio Annualized Contractual Rent for 2027 Expirations (%)--------
    Number of Expiring Retail Leases in 2028 (leases)-1,6871,8481,8441,854---
    Number of Expiring Non-Retail Leases in 2028 (leases)-55707068---
    Approximate Leasable Square Feet for 2028 Expirations (square feet)-32,588,60036,219,60036,163,70035,912,800---
    Annualized Contractual Rent for 2028 Expirations (USD thousands)-399,179450,427450,787455,218---
    Percentage of Total Portfolio Annualized Contractual Rent for 2028 Expirations (percentage)-9.9%9.4%9.3%9.2%---
    Percentage of Total Portfolio Annualized Contractual Rent for 2028 Expirations (%)--------
    Number of Expiring Retail Leases in 2029 (leases)-1,2701,7071,7941,830---
    Number of Expiring Non-Retail Leases in 2029 (leases)-36464849---
    Approximate Leasable Square Feet (square feet)-26,622,10032,219,30033,308,90033,919,000---
    Approximate Leasable Square Feet for 2029 Expirations (square feet)--------
    Annualized Contractual Rent for 2029 Expirations (USD thousands)-325,645399,869416,913432,418---
    Percentage of Total Portfolio Annualized Contractual Rent for 2029 Expirations (percentage)-8.1%8.4%8.6%8.8%---
    Number of Expiring Retail Leases in 2030 (leases)-593691718810---
    Number of Expiring Non-Retail Leases in 2030 (leases)-23323234---
    Approximate Leasable Square Feet for 2030 Expirations (square feet)-16,570,50020,133,30020,611,90021,894,300---
    Annualized Contractual Rent for 2030 Expirations (USD thousands)-193,642233,524239,901260,092---
    Percentage of Total Portfolio Annualized Contractual Rent for 2030 Expirations (percentage)-4.8%4.9%5.0%5.3%---
    Number of Expiring Retail Leases in 2031 (leases)-556616625632---
    Number of Expiring Non-Retail Leases in 2031 (leases)-40515252---
    Approximate Leasable Square Feet for 2031 Expirations (square feet)-23,481,40027,244,00027,552,50027,607,900---
    Annualized Contractual Rent for 2031 Expirations (USD thousands)-267,873300,712306,810311,038---
    Percentage of Total Portfolio Annualized Contractual Rent for 2031 Expirations (percentage)-6.6%6.3%6.3%6.3%---
    Number of Expiring Retail Leases in 2032 (leases)-9741,1171,1191,116---
    Number of Expiring Non-Retail Leases in 2032 (leases)-34464646---
    Approximate Leasable Square Feet for 2032 Expirations (square feet)-18,223,30022,081,20022,130,50022,026,400---
    Annualized Contractual Rent for 2032 Expirations (USD thousands)-260,477302,160303,035305,996---
    Percentage of Total Portfolio Annualized Contractual Rent for 2032 Expirations (percentage)-6.3%6.3%6.3%6.2%---
    Number of Expiring Retail Leases in 2033 (leases)-772931941950---
    Number of Expiring Non-Retail Leases in 2033 (leases)-19262627---
    Approximate Leasable Square Feet for 2033 Expirations (square feet)-18,140,10021,829,20022,015,70022,187,000---
    Annualized Contractual Rent for 2033 Expirations (USD thousands)-224,888267,861270,419276,567---
    Percentage of Total Portfolio Annualized Contractual Rent for 2033 Expirations (percentage)-5.6%5.6%5.6%5.6%---
    Number of Expiring Retail Leases in 2034 (leases)-622731783781---
    Number of Expiring Non-Retail Leases in 2034 (leases)-9262830---
    Approximate Leasable Square Feet for 2034 Expirations (square feet)-11,805,30016,051,30016,950,50017,937,100---
    Annualized Contractual Rent for 2034 Expirations (USD thousands)-231,472278,726309,509321,736---
    Percentage of Total Portfolio Annualized Contractual Rent for 2034 Expirations (percentage)-5.7%5.8%6.4%6.5%---
    Number of Expiring Retail Leases in 2035 (leases)-441564571575---
    Number of Expiring Non-Retail Leases in 2035 (leases)-4232323---
    Approximate Leasable Square Feet for 2035 Expirations (square feet)-5,857,20010,261,40010,304,10010,154,400---
    Annualized Contractual Rent for 2035 Expirations (USD thousands)-118,280182,437184,183182,197---
    Percentage of Total Portfolio Annualized Contractual Rent for 2035 Expirations (percentage)-2.9%3.8%3.8%3.7%---
    Number of Expiring Retail Leases in 2036 (leases)-440577579591---
    Number of Expiring Non-Retail Leases in 2036 (leases)-8232323---
    Approximate Leasable Square Feet for 2036 Expirations (square feet)-7,968,50010,704,20010,715,50010,949,800---
    Annualized Contractual Rent for 2036 Expirations (USD thousands)-145,275183,067184,975190,455---
    Percentage of Total Portfolio Annualized Contractual Rent for 2036 Expirations (percentage)-3.6%3.7%3.8%3.9%---
    Percentage of Total Portfolio Annualized Contractual Rent for 2036 Expirations (%)--------
    Percentage of Total Portfolio Annualized Contractual Rent for 2035-2045 Expirations (%)--------
    Number of Expiring Retail Leases in 2037 (leases)-521578578579---
    Number of Expiring Non-Retail Leases in 2037 (leases)-9232323---
    Approximate Leasable Square Feet for 2037 Expirations (square feet)-8,826,60012,263,50012,218,20012,278,600---
    Annualized Contractual Rent for 2037 Expirations (USD thousands)-137,739165,706166,054168,785---
    Percentage of Total Portfolio Annualized Contractual Rent for 2037 Expirations (percentage)-3.4%3.5%3.4%3.4%---
    Percentage of Total Portfolio Annualized Contractual Rent for 2037 Expirations (%)--------
    Number of Expiring Retail Leases in 2038 (leases)-323358360370---
    Number of Expiring Non-Retail Leases in 2038 (leases)-14242424---
    Number of Expiring Non-Retail Leases in 2035-2045 (leases)--------
    Approximate Leasable Square Feet for 2038 Expirations (square feet)-10,111,70012,410,70012,425,50012,585,800---
    Annualized Contractual Rent for 2038 Expirations (USD thousands)-112,376139,597140,052143,166---
    Percentage of Total Portfolio Annualized Contractual Rent for 2038 Expirations (percentage)-2.8%2.9%2.9%2.9%---
    Percentage of Total Portfolio Annualized Contractual Rent for 2038 Expirations (%)--------
    Percentage of Total Portfolio Annualized Contractual Rent for 2035 - 2045 Expirations (%)--------
    Number of Expiring Retail Leases in 2039-2143 (leases)-1,9602,2312,2452,286---
    Number of Expiring Non-Retail Leases in 2039-2143 (leases)-59128129130---
    Approximate Leasable Square Feet for 2039-2143 Expirations (square feet)-30,509,60044,849,10045,380,20045,955,900---
    Annualized Contractual Rent for 2039-2143 Expirations (USD thousands)-851,5651,042,2751,065,6541,092,051---
    Percentage of Total Portfolio Annualized Contractual Rent for 2039-2143 Expirations (%)-21.1%21.8%22.0%22.1%---
    Total Expiring Retail Leases (All Years) (leases)-474360198112---
    Total Expiring Non-Retail Leases (All Years) (leases)-427651653656---
    Total Expiring Non-Retail Leases (leases)--------
    Total Approximate Leasable Square Feet (All Expirations) (square feet)-272,083,100334,223,900335,298,700336,630,200---
    Total Annualized Contractual Rent (All Expirations) (USD thousands)-4,041,8714,787,4074,846,0324,931,183---
    Total Percentage of Annualized Contractual Rent (All Expirations) (percentage)-100.0%100.0%100.0%100.0%---
    Percentage of Total Portfolio Annualized Contractual Rent by Industry: Grocery (percentage)-11.4%10.1%10.2%10.4%---
    Percentage of Total Portfolio Annualized Contractual Rent by Industry: Convenience Stores (percentage)-10.29.59.49.4---
    Percentage of Total Portfolio Annualized Contractual Rent by Industry: Dollar Stores (percentage)-7.1%6.5%6.6%6.5%---
    Percentage of Total Portfolio Annualized Contractual Rent by Industry: Home Improvement (percentage)-5.9%6.1%5.9%6.0%---
    Percentage of Total Portfolio Annualized Contractual Rent by Industry: Restaurants-Quick Service (percentage)-5.2%4.9%4.9%4.9%---
    Percentage of Total Portfolio Annualized Contractual Rent by Industry: Drug Stores (percentage)-5.5%5.0%4.9%4.8%---
    Percentage of Total Portfolio Annualized Contractual Rent by Industry: Automotive Service (percentage)-4.34.64.64.5---
    Percentage of Total Portfolio Annualized Contractual Rent by Industry: Health and Fitness (percentage)-3.9%4.4%4.5%4.4%---
    Percentage of Total Portfolio Annualized Contractual Rent by Industry: Restaurants-Casual Dining (percentage)-4.4%4.3%4.2%4.2%---
    Percentage of Total Portfolio Annualized Contractual Rent by Industry: General Merchandise (percentage)-3.7%3.4%3.3%3.3%---
    Weighted Average Interest Rate on Total Debt (%)-3.93.93.93.9---
    Weighted Average Interest Rate on Total Debt (percentage)--------

    Leadership

    NamePositionExternal RolesShort Bio

    Sumit Roy

    ExecutiveBoard

    President and Chief Executive Officer

    Board Member at Ventas, Inc.; Member of Nareit’s Advisory Board of Governors (Second Vice Chair)

    Joined Realty Income in 2011; became CEO in October 2018; previously held roles including COO and CIO; extensive experience in real estate and financial strategy.

    		View Report →

    Gregory J. Whyte

    Executive

    Executive Vice President, Chief Operating Officer

    Independent Director at Orion Office REIT, Inc.

    Joined Realty Income in January 2023; extensive experience in real estate investment banking and equity research; previously held senior roles at UBS and Morgan Stanley.

    Jonathan Pong

    Executive

    Executive Vice President, Chief Financial Officer, and Treasurer

    None

    Joined Realty Income in 2014; became CFO on January 1, 2024; previously led corporate finance functions, including capital markets and investor relations.

    Mark E. Hagan

    Executive

    Executive Vice President, Chief Investment Officer

    None

    Joined Realty Income in May 2018; oversees investment strategy, including acquisitions and portfolio management; previously held senior roles in real estate investment banking.

    Michelle Bushore

    Executive

    Executive Vice President, Chief Legal Officer, General Counsel, and Secretary

    None

    Joined Realty Income in February 2021; previously held senior legal roles at Caesars Entertainment and Monsanto; extensive experience in corporate law and risk management.

    Neil M. Abraham

    Executive

    Executive Vice President, Chief Strategy Officer, and President of Realty Income International

    None

    Joined Realty Income in 2015; oversees strategic initiatives and international expansion; previously served as Chief Investment Officer.

    Shannon Kehle

    Executive

    Executive Vice President, Chief People Officer

    None

    Joined Realty Income in April 2014; leads human resources strategy; previously held HR leadership roles in various industries, including clean technology and hospitality.

    A. Larry Chapman

    Board

    Director

    None

    Joined Realty Income's board in 2012; retired EVP and Head of Commercial Real Estate at Wells Fargo; extensive experience in real estate finance and governance.

    Gerardo I. Lopez

    Board

    Director

    Director at CBRE Group Inc. and Newell Brands

    Joined Realty Income's board in 2018; extensive leadership experience in consumer-focused industries; former CEO of AMC Entertainment and Extended Stay America.

    Jacqueline Brady

    Board

    Director

    Managing Director at PGIM Real Estate; Member of ULI Global Exchange Council; Chair of PREA Publications Committee

    Joined Realty Income's board in 2021; extensive experience in global real estate investment management and capital markets; co-founded Canopy Investment Advisors.

    Mary Hogan Preusse

    Board

    Director

    Chair of Digital Realty Trust; Director at Kimco Realty and Host Hotels & Resorts; Senior Advisor at Fifth Wall

    Joined Realty Income's board in 2021; recognized for expertise in real estate and ESG; previously Managing Director at APG Asset Management.

    Priscilla Almodovar

    Board

    Director

    CEO and Board Member at Fannie Mae

    Joined Realty Income's board in 2021; extensive experience in real estate finance and law; previously CEO of Enterprise Community Partners and Managing Director at JP Morgan Chase.

    Priya Cherian Huskins

    Board

    Director

    Director at NMI Holdings and Long Term Stock Exchange; Advisory Board Member at Stanford Rock Center for Corporate Governance

    Joined Realty Income's board in 2007; expert in directors and officers' liability risk and corporate governance; Senior Vice President at Woodruff Sawyer & Co..

    Reginald H. Gilyard

    Board

    Director

    Chairman of Orion Office REIT; Director at CBRE Group Inc. and First American Financial Corporation

    Joined Realty Income's board in 2018; extensive experience in strategy, mergers and acquisitions, and business transformation; former Dean of Chapman University's Argyros School of Business.

    Questions to Ask Management

    1. 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?

    2. 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?

    3. 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?

    4. 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?

    5. 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?

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate% of Total Debt
    2024114.2 Mortgages Payable4.600%, 3.875% 0.4% = (114.2 / 26,437.0) * 100
    20251,896.0 Senior Unsecured Notes, Loans3.875%, 4.625% 7.2% = (1,896.0 / 26,437.0) * 100
    20262,375.0 Senior Unsecured Notes5.050%, 0.750%, 4.875%, 4.450%, 4.125% 9.0% = (2,375.0 / 26,437.0) * 100
    20272,371.1 Senior Unsecured Notes1.875%, 3.000%, 3.200%, 1.125%, 3.950% 9.0% = (2,371.1 / 26,437.0) * 100
    20282,499.8 Senior Unsecured Notes3.400%, 2.100%, 2.200%, 4.700%, 3.650% 9.5% = (2,499.8 / 26,437.0) * 100
    Thereafter15,085.8 Senior Unsecured NotesVarious (e.g., 5.375%, 6.000%, 4.650%) 57.1% = (15,085.8 / 26,437.0) * 100

    Customer Concentration

    CustomerRelationshipSegmentDetails

    7-Eleven

    Long-term net lease

    All

    3.5% of total annualized contractual rent as of 12/31/2024

    Dollar General

    Long-term net lease

    All

    3.3% of total annualized contractual rent as of 12/31/2024

    Walgreens

    Long-term net lease

    All

    3.3% of total annualized contractual rent as of 12/31/2024

    Dollar Tree/Family Dollar

    Long-term net lease

    All

    3.0% of total annualized contractual rent as of 12/31/2024

    EG Group Limited

    Long-term net lease

    All

    2.1% of total annualized contractual rent as of 12/31/2024

    Wynn Resorts

    Long-term net lease

    All

    2.0% of total annualized contractual rent as of 12/31/2024

    Lifetime Fitness

    Long-term net lease

    All

    1.9% of total annualized contractual rent as of 12/31/2024

    FedEx

    Long-term net lease

    All

    1.9% of total annualized contractual rent as of 12/31/2024

    (B&Q) Kingfisher

    Long-term net lease

    All

    1.6% of total annualized contractual rent as of 12/31/2024

    BJ's Wholesale Club

    Long-term net lease

    All

    1.6% of total annualized contractual rent as of 12/31/2024

    Asda

    Long-term net lease

    All

    1.5% of total annualized contractual rent as of 12/31/2024

    Sainsbury's

    Long-term net lease

    All

    1.5% of total annualized contractual rent as of 12/31/2024

    CVS Pharmacy

    Long-term net lease

    All

    1.2% of total annualized contractual rent as of 12/31/2024

    Tesco

    Long-term net lease

    All

    1.2% of total annualized contractual rent as of 12/31/2024

    Tractor Supply

    Long-term net lease

    All

    1.2% of total annualized contractual rent as of 12/31/2024

    MGM (Bellagio)

    Long-term net lease

    All

    1.2% of total annualized contractual rent as of 12/31/2024

    LA Fitness

    Long-term net lease

    All

    1.2% of total annualized contractual rent as of 12/31/2024

    Home Depot

    Long-term net lease

    All

    1.1% of total annualized contractual rent as of 12/31/2024

    AMC Theatres

    Long-term net lease

    All

    1.1% of total annualized contractual rent as of 12/31/2024

    Walmart / Sam's Club

    Long-term net lease

    All

    1.0% of total annualized contractual rent as of 12/31/2024

    Auditor

    NameStart DateEnd DateReason for Change
    KPMG LLP1993 PresentCurrent auditor

    Recent Mergers & Acquisitions

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Spirit Realty Capital, Inc.

    2024

    Completed on January 23, 2024, the all‑stock merger valued at approximately $6.19 billion involved converting Spirit’s common and preferred shares into Realty Income common and preferred stock, expanding Realty Income’s size, scale, and diversification in net lease transactions.

    Encore Boston Harbor Resort and Casino

    2022

    Acquired for $1.7 billion via a sale‑leaseback transaction with a long‑term, triple net lease (initial 30‑year term with a 30‑year renewal option) that secured a 5.9% initial yield, marking Realty Income’s strategic entry into the gaming industry and adding a prime property near Downtown Boston.

    VEREIT, Inc.

    2021

    Completed on November 1, 2021, this all‑stock acquisition exchanged VEREIT shares for Realty Income shares at a ratio of 0.705, resulting in a 70/30 pro forma ownership split and including a concurrent spin‑off of office assets into Orion Office REIT, with anticipated annual G&A synergies of $45‑$55 million.

    Latest news

    Recent press releases and 8-K filings for O.

    Realty Income Reaffirms Strategic Expansion and Capital Deployment at 2025 REITweek
    •O
    Dividends
    New Projects/Investments
    • Consistent dividend growth and robust platform: Realty Income highlighted its long history of stable, monthly dividend increases over 30+ years, underscoring the resilience and low volatility of its diversified net lease portfolio.
    • Global investment strategy and capital initiatives: The company emphasized a strong Q1 investment deployment of $1.4B—with 65% in Europe—and introduced its push into private capital with a target of $4.5B in 2025, aiming to complement public funding and capture attractive risk-adjusted returns.
    13 hours ago
    Transcript
    Realty Income Q1 2025: Strong AFFO Growth, Strategic Investments & Dividend Milestone
    •O
    Earnings
    Guidance Update
    Debt Issuance
    New Projects/Investments
    Dividends
    • Realty Income delivered AFFO per share of $1.06 with a 2.9% year-over-year increase and reported $249.8 million in net income available to common stockholders .
    • Deployed $1.4 billion in investments at a 7.5% weighted average initial cash yield, with 65% allocated to Europe (including $893 million at 7% yield) and $479 million in the U.S. at 8.3% yield .
    • Secured $632.0 million in gross proceeds from settled forward sale agreements, bolstering long-term growth .
    • Expanded its multicurrency unsecured credit facility to $5.38 billion (including a $4 billion revolving credit facility) and issued $600.0 million of 5.125% senior unsecured notes due 2035 .
    • Marked its 110th consecutive quarterly dividend increase, with an annualized dividend of $3.222 per share and a 6% dividend yield .
    • Maintains 2025 guidance of $4.22 to $4.28 AFFO per share and is on track to deploy approximately $4 billion in investments while advancing its U.S. Core Plus Fund initiative .
    May 5, 2025, 9:01 PM
    TranscriptPress Release8-K
    Realty Income Corp Files Updated Credit Agreement
    •O
    Debt Issuance
    • Realty Income Corp filed a Form 8-K on April 29, 2025, reporting a current update and key corporate disclosures.
    • The filing details the execution of a Fourth Amended and Restated Credit Agreement involving major lenders such as Wells Fargo Bank, National Association and others, outlining updates to its financial arrangements.
    Apr 29, 2025, 12:00 AM
    8-K
    Realty Income Corp Issues $600M 5.125% Notes Due 2035
    •O
    Debt Issuance
    • Realty Income Corp closed its offering on April 10, 2025, of $600 million aggregate principal amount in 5.125% Notes due 2035, as part of the purchase agreement with multiple underwriters.
    • The notes carry an interest rate of 5.125% per annum, have a final maturity date of April 15, 2035, and include pricing details such as a sales price at 97.721% of principal, an initial public price of 98.371% plus accrued interest, and underwriting fees of 0.650%.
    • The issuance was executed in compliance with the Indenture dated October 28, 1998, with associated legal opinions and board resolutions certifying the terms and conditions.
    Apr 10, 2025, 12:00 AM
    8-K
    Realty Income Corp Announces $600M Senior Notes Offering & Liquidity Update
    •O
    Debt Issuance
    • Realty Income Corp announced a $600M 5.125% senior unsecured notes offering due 2035 with an effective semi-annual yield of 5.337% and an expected settlement on April 10, 2025 .
    • The offering is structured to yield net proceeds of approximately $586.3 million, with proceeds earmarked for general corporate purposes, including repaying or repurchasing outstanding debt (notably $500M of notes), property investments, and potential acquisitions .
    • An 8-K filed on April 1, 2025 provided a liquidity update, highlighting $3.2 billion available from cash, unsettled ATM forward equity, and its revolving credit facility .
    • The company plans to amend and restate its credit agreement to expand borrowing capacity to up to $5.35 billion, incorporating separate revolving credit facilities with specified terms .
    • The announcement includes forward-looking statements that outline risks and uncertainties affecting future results .
    Apr 2, 2025, 12:00 AM
    8-KPress Release8-K