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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| Name | Position | External Roles | Short 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. |
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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?
Research analysts who have asked questions during REALTY INCOME earnings calls.
Brad Heffern
RBC Capital Markets
4 questions for O
Ronald Kamdem
Morgan Stanley
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Upal Rana
KeyBanc Capital Markets
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Greg McGinniss
Scotiabank
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Haendel St. Juste
Mizuho Financial Group
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Wedbush Securities
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Linda Tsai
Jefferies
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UBS
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Deutsche Bank AG
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Green Street
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Robert W. Baird & Co.
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Robert W. Baird & Co. Incorporated
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JPMorgan Chase & Co.
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Citigroup
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UBS
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Bank of America
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Scotiabank
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BMO Capital Markets
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Barclays
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Wells Fargo & Company
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Jefferies Financial Group Inc.
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Matti Fares
Citigroup Inc.
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Mizuho Financial Group
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Barclays
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Raymond James
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Green Street
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Citigroup
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Robert W. Baird & Co.
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Wells Fargo
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| Customer | Relationship | Segment | Details |
|---|---|---|---|
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 |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
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. |
Recent press releases and 8-K filings for O.
- On October 6, 2025, Realty Income closed an $800 million debt offering, issuing $400 million of 3.950% Notes due February 1, 2029 and $400 million of 4.500% Notes due February 1, 2033.
- The notes were sold to a syndicate led by Wells Fargo, Barclays, BofA, Mizuho and TD Securities at 98.762% (2029 series) and 98.221% (2033 series) of principal, with initial public prices of 99.412% and 98.871%, respectively.
- Interest on both series accrues from October 6, 2025 and is payable semi-annually on February 1 and August 1, commencing February 1, 2026, with regular record dates on January 15 and July 15.
- On September 29, 2025, Realty Income held an initial $716 million closing for its newly launched perpetual-life U.S. Open-End Core Plus Fund, marking the first third-party investment into the vehicle.
- Investors included The Townsend Group alongside a diversified base of institutional investors such as public and corporate pension funds, asset managers, and investment advisors.
- The Fund’s seed portfolio totaled $1.4 billion, comprising 183 income-generating properties with over half of annualized base rent derived from industrial assets and the remainder predominantly from retail properties.
- Following the closing (assuming full capital calls), Realty Income will indirectly own approximately 60% of the Fund’s outstanding limited partnership interests and anticipates additional closings through March 31, 2026.
- On September 25, 2025, Realty Income agreed to issue and sell $400 million of 3.950% Notes due 2029 and $400 million of 4.500% Notes due 2033, with closing expected October 6, 2025.
- The notes are priced at 99.412% (2029) and 98.871% (2033) of par, accrue interest semiannually on February 1 and August 1 (first payment February 1, 2026) and carry reoffer yields of 4.143% and 4.685%, respectively.
- Net proceeds will be used for general corporate purposes, including repayment or repurchase of debt (notably ~$550 million of 4.625% notes due November 1, 2025), borrowings under credit facilities, hedging, and property acquisitions and development.
- Realty Income priced $400 M of 3.950% senior unsecured notes due Feb 1, 2029 at 99.412% (yield 4.143%), and $400 M of 4.500% notes due Feb 1, 2033 at 98.871% (yield 4.685%).
- Combined issuance of $800 M carries a weighted average tenor of ~5.3 years and a weighted average yield of 4.414%.
- Net proceeds will support general corporate purposes, including potential repayment of ~$550 M of 4.625% notes maturing Nov 1, 2025, plus development, acquisition, and other financing activities.
- The offering is expected to close on October 6, 2025, with Wells Fargo, Barclays, BofA Securities, Mizuho, and TD Securities as joint book-running managers.
- As of September 23, 2025, Realty Income had $3.6 billion of total liquidity, including $579.0 million of cash and cash equivalents, $1.1 billion of unsettled ATM forward equity, and $1.9 billion of availability under its $4.0 billion revolving credit facilities.
- Outstanding borrowings comprised $1.9 billion under its revolver (including £1.3 billion and €81.0 million) and $260.8 million under its commercial paper programs (including €221.0 million).
- During Q2, Realty Income invested $1.2 billion at a 7.2% weighted average initial cash yield (15.2-year lease term) and sourced $43 billion in opportunities with a <3% selectivity ratio, marking the highest quarterly volume in company history.
- Investment mix skewed toward Europe, which accounted for 76% of Q2 volume ($889 million at 7.3% initial yield), while US acquisitions totaled $282 million at a 7.0% yield ; Europe now represents 17% of annualized base rent.
- Portfolio occupancy reached 98.6% (10 bp above prior quarter) with a 103.4% rent recapture rate (~$97 million of annualized uplifts) across 346 leases; the portfolio spans 15,600 properties in 91 industries.
- 2025 outlook raised: full-year investment volume guidance increased to ~$5 billion, AFFO per share guidance narrowed to $4.24–4.28, with expected rent loss of 75 bp.
- Capital markets activity included $632 million of equity raised via ATM at $56.39/share and $654 million unsettled forward equity; liquidity stood at $5.4 billion with net debt/EBITDA at 5.5x.
- On June 20, 2025, Realty Income Corporation closed an offering of €650 million aggregate principal amount of 3.375% Notes due 2031 and €650 million aggregate principal amount of 3.875% Notes due 2035 under a purchase agreement dated June 11, 2025.
- The notes were issued under the company’s existing indenture dated October 28, 1998, with The Bank of New York Mellon Trust Company, N.A. as successor trustee.
- Underwriters for the transaction included BNP Paribas, Banco Bilbao Vizcaya Argentaria, Citigroup Global Markets Limited, RBC Europe Limited and Wells Fargo Securities International Limited.
- Legal opinions on the enforceability of the securities were furnished by Venable LLP (Maryland counsel) and Latham & Watkins LLP (special counsel) as exhibits to the 8-K.
- Realty Income agreed to issue a dual-tranche offering totaling €1.3 billion: €650 million of 3.375% Notes due 2031 and €650 million of 3.875% Notes due 2035, with pricing at 99.568% and 99.552% and effective YTMs of 3.456% and 3.930% respectively .
- The offering has a weighted average tenor of 8.0 years and an overall annual YTM of 3.693% .
- The transaction is expected to close on June 20, 2025, subject to customary closing conditions .
- Net proceeds are earmarked for debt refinancing, property development, acquisitions, and portfolio improvements .
- The deal is managed by underwriters led by BNP Paribas, BBVA, Citigroup, RBC Europe, and Wells Fargo .
- Realty Income reported liquidity of $4.6 billion (including $687.4 million in cash) as of June 6, 2025, alongside a $4.0 billion unsecured revolving credit facility and a total of $5.38 billion in credit facilities .
- The 8-K filing also outlines forward-looking risks related to market conditions and operational uncertainties .
- 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.
- 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 .