Real Estate · NYSE: O
Realty Income: how the business works
Realty Income owns stores, warehouses and other buildings that it rents to single tenants on long leases, earning $5,437.3 million of rent in FY2025.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
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Realty Income Corporation · San Diego, California · Founded 1969
Updated for Q3 FY2026 · checked
- Revenue, FY2025
- $5.75B
- Net income to common stockholders, FY2025
- $1.06B
- Properties, Sep 30, 2026
- 15,536
- Occupancy, Sep 30, 2026
- 98.8%
- Employees, Dec 31, 2025
- 544
The short version
Realty Income in 5 points
1 · What it sells
Realty Income owned 15,536 properties at Sep 30, 2026, mostly stores and warehouses rented to single tenants on long leases, and 98.8% were occupied.
2 · Who pays it
At Sep 30, 2026, retail properties paid 77.0% of annualized base rent, industrial 17.0%, gaming 3.1%, data centers 1.0% and other properties 1.9%.
3 · What it keeps from $100
Of every $100 that came in during FY2025, Realty Income kept $17.7 as net income, which included $177.6 million of gains on property sales, after $42.3 of depreciation, a non-cash cost; cash from operations was $3,994.8 million.
4 · Where the operating profit comes from
Net income was $1.17 per diluted share in FY2025, after $2,524.2 million of depreciation and amortization, while FFOFunds from operations: a REIT's own measure that adds building depreciation back to net income. Not a GAAP figure; read it next to net income., the company's own measure that adds real estate depreciation back, was $4.25 per share.
5 · The one thing to watch
Interest expense rose from $323.6 million in FY2021 to $1,134.9 million in FY2025, and $2,201.4 million of debt falls due in the last three months of 2026.
Sources: From Realty Income's FY2025 10-K and its Q3 FY2026 10-Q, earnings release and supplement · checked
See the full receipt and the management scorecard below
01Where $100 of a REIT's money goes · FY2025
Where does $100 of Realty Income's money go?
Realty Income · FY2025
Receipt for every $100
| Property costs | $7.2 |
|---|---|
| Depreciation and amortization | $42.3 |
| Interest on debt | $19.0 |
| General and administrative | $3.4 |
| Impairments and merger costs | $8.3 |
| Taxes, currency and derivative losses, partners' share | $2.1 |
| Kept as net income | $17.7 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from the FY2025 10-K. Money in = rent $5,437.3 million + other revenue $312.0 million + gains on property sales and other income $220.4 million = $5,969.8 million (summed from the unrounded figures); each line = line ÷ $5,969.8 million × 100. Impairments include $36.8 million of credit-loss provisions on loans.
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02The business in one line
What does Realty Income do?
Retailers, warehouse users and casino operators pay Realty Income rent on long leases; most of that money goes on depreciation of the buildings and interest on the debt used to buy them, and what's left is profit.
- It owned 15,536 properties at Sep 30, 2026, and 98.8% were occupied, counted by number of properties.
- Depreciation took $42.3 and interest $19.0 of every $100 that came in during FY2025; $17.7 was left as net income.
03Who pays it
Who pays Realty Income?
Retail tenants
77%
of revenue
Grocers, convenience stores, home improvement chains, dollar stores, restaurants and gyms; share of annualized base rent at Sep 30, 2026
Industrial tenants
17%
of revenue
Users of warehouses and other industrial buildings
Gaming tenants
3%
of revenue
Wynn Resorts and MGM (Bellagio, through a joint venture)
Data center tenants
1%
of revenue
Four data center properties
Other tenants
2%
of revenue
Farmland, offices, country clubs and other properties
- Retail tenants77%
- Industrial tenants17%
- Gaming tenants3%
- Data center tenants1%
- Other tenants2%
How spread out the customers are
Shares of annualized base rent at Sep 30, 2026, as the Q3 2026 supplement lists them: Dollar General 3.3%, 7-Eleven 3.0%, Walgreens 2.9%, Family Dollar 2.5% and Life Time 2.1%; the top 20 clients paid 34.3%. Top 5 and top 10 totals are a Cityfort calculation from the Q3 FY2026 supplement.
- Largest customer
- 3%
- Top 5 customers
- 14%
- Top 10 customers
- 23%
04Why it makes money
Why does Realty Income make money?
It earns the gap between the rent on what it buys and what its money costs
Realty Income buys buildings with new shares and borrowed money, then rents them out for years. The company reports that it invested $7.90 billion in the first nine months of 2026 ($6.92 billion at its pro-rata share, at a 7.1% initial cash yield), against a 3.83% weighted average interest rate on its debt at Sep 30, 2026. Interest took a larger share of revenue in FY2025 than in FY2021.
Interest cost per $100 of revenue (Cityfort calculation from the FY2023 and FY2025 10-Ks)
$15.6$19.7
FY2021 to FY2025
- Raise money from new shares and bonds
- Buy buildings or make loans
- Lease each building to one tenant for years
- Collect rent every month
- Pay interest and monthly dividends
↺ Step 5 feeds back into step 1.
05The numbers · Consolidated · US$
How has Realty Income done?
Rental revenue
$5.4BFY2025
Rental revenue rose from $2,065.0 million in FY2021 to $5,437.3 million in FY2025, and was $1,483.8 million in Q3 FY2026.
* FY2021: VEREIT merger closed Nov 1, 2021; FY2024: Spirit merger closed Jan 23, 2024.
US$ · rent and related income from tenants, as reported
See the yearly numbers
See the quarterly numbers
Net income per share and FFO per share
$1.17FY2025 net income per share (GAAP)
Net income (GAAP)
FFO (company measure)
Net income was $1.17 per diluted share in FY2025; FFO, the company's own measure that adds back real estate depreciation, was $4.25.
Net income available to common stockholders plus real estate depreciation and amortization and impairments of depreciable real estate, minus gains on property sales, per diluted share, as the company defines it. FY2021 includes $167.4 million of VEREIT merger costs and a $97.2 million loss on paying off debt early.
$ per diluted share · left: GAAP net income; right: FFO, the company's own measure (non-GAAP), which adds back real estate depreciation
See the numbers
Occupancy
98.8%Sep 30, 2026
Occupancy, counted by number of properties, stayed between 98.5% and 99.0% from FY2021 to Q3 FY2026.
% · occupied, by number of properties, as reported
See the numbers
When leases end
8.5 yrsaverage lease left
Leases paying 0.7% of annualized base rent end in the last three months of 2026, and 19.4% end after 2040.
% of annualized base rent, excluding tenants' options to extend expiring in each year, as reported at Sep 30, 2026
See the numbers
- Properties
- 15,536
- owned at Sep 30, 2026: single-tenant retail, industrial, gaming, data center and other properties
- Square feet
- 357.1 million
- rentable space, as reported
- Average lease left
- 8.5 years
- weighted average remaining lease term, as reported
- AFFO payout ratio
- 75.2%
- the company's own figure (non-GAAP), FY2025
See all yearly numbers
Depreciation spreads the cost of buildings over their lives, so it lowers GAAP net income without cash leaving the company. FFO (funds from operations) adds real estate depreciation back and leaves out gains on property sales; it is the company's own measure, not a GAAP figure, and is shown only beside GAAP net income. Net income is the amount for common stockholders. Fiscal years are the company's own (December 31).
- Dividends declared per share are left blank: since FY2023 the 10-Ks report dividends paid per share, which are shown under "What it does with profit".
- Net income is the part available to common stockholders. From 2026, partners in the U.S. Core Plus Fund and the KKR Europe joint venture take a larger share: $28.2 million of $432.1 million total net income in Q3 FY2026.
- In 2026 the company began showing interest on loans and financing receivables apart from other revenue, and credit-loss provisions apart from impairments; rental revenue is unchanged.
- The FY2021 property count is not in the filings used for this page.
Download Realty Income's yearly and quarterly numbers (CSV, with source ids)
Learn: What is FFO? The REIT industry's performance measure, in US filings · Non-GAAP measures: what a company's "adjusted" numbers leave out · What is the dividend payout ratio? Profit paid out, with US companies
Sources (8)
- Form 10-K, fiscal year 2023 (ended Dec 31, 2023)
- Form 10-K, fiscal year 2022 (ended Dec 31, 2022)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Q3 2026 Supplemental Operating & Financial Data (8-K Exhibit 99.2, Nov 2, 2026)
- Q4 and full-year 2025 earnings release (8-K Exhibit 99.1, Feb 24, 2026)
- Q1 FY2026 earnings release (8-K Exhibit 99.1, May 6, 2026)
- Q2 FY2026 earnings release (8-K Exhibit 99.1, Aug 5, 2026)
- Q3 FY2026 earnings release (8-K Exhibit 99.1, Nov 2, 2026)
06Who runs it
Who runs Realty Income, and did they deliver?
Sumit Roy
President and Chief Executive Officer
FY2025 total pay $16,251,931 in the proxy's Summary Compensation Table; the CEO pay ratio was 105 to 1. Held 406,251 shares at the proxy record date.
Jonathan Pong
Chief Financial Officer
FY2025 total pay $3,692,242.
Michael D. McKee
Non-Executive Chairman
The chairman and CEO roles have been separate since 1997, as the proxy states.
Kim Hourihan
Director · since 2025
Joined the board on Oct 14, 2025, bringing it to 11 directors.
What they said, and what happened
1 missed · 2 delivered · 2 too early to tell
Said on Feb 24, 2025
FY2025 net income of $1.52 to $1.58 per share.
MissedWhat happened
Net income was $1.17 per diluted share in FY2025, after $471.3 million of impairments.
Said on Feb 24, 2025
FY2025 AFFO, the company's own measure, of $4.22 to $4.28 per share.
DeliveredWhat happened
AFFO was $4.28 per share in FY2025; GAAP net income was $1.17 per diluted share.
Said on Feb 24, 2025
About $4.0 billion of investments in FY2025, with occupancy over 98%.
DeliveredWhat happened
Investments were $6.3 billion in FY2025, and occupancy was 98.9% at Dec 31, 2025.
Said on Feb 24, 2026
FY2026 net income of $1.65 to $1.69 per share.
Too early to tellWhat happened
On Nov 2, 2026 the company lowered the range to $1.55 to $1.56; net income was $1.13 per diluted share in the first nine months of 2026.
Said on Aug 5, 2026
About $10.0 billion of investments in FY2026, raised from $8.0 billion in February.
Too early to tellWhat happened
Investments were $7.90 billion in the first nine months of 2026.
Sources (7)
- Definitive proxy statement (DEF 14A), 2026 annual meeting
- Form 8-K, Item 5.02: appointment of director Kim Hourihan (Oct 14, 2025)
- Q4 and full-year 2024 earnings release (8-K Exhibit 99.1, Feb 24, 2025)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Q4 and full-year 2025 earnings release (8-K Exhibit 99.1, Feb 24, 2026)
- Q3 FY2026 earnings release (8-K Exhibit 99.1, Nov 2, 2026)
- Q2 FY2026 earnings release (8-K Exhibit 99.1, Aug 5, 2026)
07What could go wrong
What could go wrong for Realty Income?
- Concentration
Tenant failures and write-downs
Realty Income recorded $471.3 million of impairments in FY2025, including $36.8 million of credit-loss provisions on loans; its 10-K names client defaults and bankruptcies as a risk. Dollar General, 7-Eleven and Walgreens each paid about 3% of annualized base rent at Sep 30, 2026.
Watch Impairments and credit-loss provisions each quarter, and the top client list in the quarterly supplement.
- Debt
Interest rates and debt coming due
Interest expense rose from $323.6 million in FY2021 to $1,134.9 million in FY2025. $2,201.4 million of debt falls due in the last three months of 2026, including $1,540.7 million of commercial paper (short-term IOUs), and $2,884.1 million in 2027.
Watch The weighted average interest rate and new bond issues in each quarterly supplement.
- Execution
Growth paid for with new shares
Shares outstanding rose from 591.3 million at the end of FY2021 to 950,997,048 on Oct 28, 2026; the 10-K says future share issues could dilute existing holders.
Watch Shares outstanding on each 10-Q cover and net proceeds from share sales.
- Execution
Lending and preferred equity
Loans and preferred equity investments reached $5.0 billion at Sep 30, 2026, including $800.0 million in CityCenter Las Vegas; credit-loss provisions were $39.1 million in Q1 FY2026. The 10-K lists loans and subordinated investments as a risk.
Watch Provisions for credit losses in each earnings release.
- Currency
Pound and euro exposure
The UK paid 15.1% and the rest of Europe 5.3% of annualized base rent at Sep 30, 2026; 20.7% of debt at pro-rata share was in pounds and 13.6% in euros.
Watch Foreign currency and derivative gains or losses in each quarter.
- Demand
Reliance on retail tenants
Retail properties paid 77.0% of annualized base rent at Sep 30, 2026, led by grocers (10.6%), convenience stores (9.2%) and dollar stores (6.0%). The 10-K lists downturns in clients' industries and tariffs as risks.
Watch Occupancy and rent recapture on re-leased properties in each quarter.
Sources (5)
08Both sides
What do supporters and critics point to?
What supporters point to
- Occupancy stayed between 98.5% and 99.0% at each year end from FY2021 to FY2025, and was 98.8% at Sep 30, 2026.
- Rental revenue rose from $2,065.0 million in FY2021 to $5,437.3 million in FY2025, helped by the VEREIT and Spirit mergers.
- 93.3% of debt was at fixed rates at Sep 30, 2026, and Moody's, S&P and Fitch rate it A3, A- and A, as its filings state.
- Dividends paid per share rose from $2.833 in FY2021 to $3.217 in FY2025.
- Re-leased properties brought in 103.5% of their prior rent in Q3 FY2026, as the company reports it.
What critics point to
- Net income was $1.17 per diluted share in FY2025, below the $1.52 to $1.58 the company guided to in Feb 2025, after $471.3 million of impairments.
- Interest expense rose from $323.6 million in FY2021 to $1,134.9 million in FY2025.
- Shares outstanding rose from 591.3 million at the end of FY2021 to 934.0 million at the end of FY2025.
- Dividends paid of $3.217 per share in FY2025 were more than net income of $1.17 per diluted share.
- Loans and preferred equity reached $5.0 billion at Sep 30, 2026, including $800.0 million in CityCenter Las Vegas.
09What to watch next
What should you watch next at Realty Income?
Next event
Q4 FY2026 results
Date not announced yet.
Impairments and credit-loss provisions
They were $471.3 million in FY2025 and explain most of the gap between net income and the company's February 2025 guidance.
Investments against the $10.0 billion statement
The company invested $7.90 billion in the first nine months of 2026; the FY2026 total comes with Q4 FY2026 results.
Refinancing and the average rate
$2,201.4 million of debt falls due in the last three months of 2026; the weighted average rate was 3.83% at Sep 30, 2026.
Partners' share of net income
Partners in its fund and the KKR joint venture took $28.2 million of $432.1 million total net income in Q3 FY2026.
10Key facts
Key facts about Realty Income
- What does Realty Income do?
- Realty Income is a real estate investment trust (REIT) that owned 15,536 properties in the US and Europe at Sep 30, 2026, mostly stores and warehouses rented to single tenants on long leases.
- How does Realty Income make money?
- Realty Income makes most of its money from rent: rental revenue was $5,437.3 million of its $5,749.4 million total revenue in FY2025, and the other $312.0 million included interest on loans and preferred equity investments.
- Is Realty Income profitable?
- Yes. Realty Income's net income available to common stockholders was $1,058.6 million, or $1.17 per diluted share, in FY2025, after $2,524.2 million of depreciation and amortization and $471.3 million of impairments.
- What is Realty Income's FFO?
- Realty Income reported FY2025 net income of $1.17 per diluted share and FFO (funds from operations), its own non-GAAPThe company's own "adjusted" numbers, not the official (GAAP) ones. Always read them next to the official figure. Learn more measure that adds back real estate depreciation, of $4.25 per share.
- Who are Realty Income's tenants?
- Realty Income had 1,842 clients in 96 industries at Sep 30, 2026; the largest, Dollar General, paid 3.3% of annualized base rent, and the top 20 clients paid 34.3%.
- What is Realty Income's revenue by segment?
- Realty Income reports one segment; by property type, retail properties paid 77.0% of its annualized base rent at Sep 30, 2026, industrial 17.0%, gaming 3.1%, data centers 1.0% and other properties 1.9%.
- How big is Realty Income's lending business?
- Realty Income held $5.0 billion of loans and preferred equity investments at Sep 30, 2026, and earned $105.0 million of interest and dividends on them in Q3 FY2026, up from $51.1 million a year earlier.
- How much debt does Realty Income have?
- Realty Income owed $31,738.1 million of debt (principal) at Sep 30, 2026, 93.3% of it at fixed rates, and its interest expense was $1,134.9 million in FY2025.
- How much does Realty Income pay in dividends?
- Realty Income pays dividends monthly; it paid $3.217 per share in FY2025, up from $2.833 in FY2021, while net income was $1.17 per diluted share in FY2025.
- Who owns Realty Income?
- Directors and executive officers held 0.1% of Realty Income at the Mar 2, 2026 proxy record date; in Schedule 13GA filing by anyone who owns more than 5% of a company's shares and does not seek control. Learn more filings for Mar 31, 2026, Vanguard Portfolio Management reported 8.72% and Vanguard Capital Management 7.49%.
Sources (7)
- Q3 2026 Supplemental Operating & Financial Data (8-K Exhibit 99.2, Nov 2, 2026)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Q3 FY2026 earnings release (8-K Exhibit 99.1, Nov 2, 2026)
- Form 10-K, fiscal year 2022 (ended Dec 31, 2022)
- Definitive proxy statement (DEF 14A), 2026 annual meeting
- Schedule 13G, Vanguard Portfolio Management (event date Mar 31, 2026)
- Schedule 13G, Vanguard Capital Management (event date Mar 31, 2026)
Terms on this page
- Customer concentration
- Earnings per share (EPS)
- FFO (funds from operations)
- Market cap
- Net margin
- P/E ratio
- Revenue vs net income
Each explains the term in plain English, with the same number from other companies on Cityfort.
Go deeper
More detail from the same filings. Open any section.
11What it sells
11What it sells
What does Realty Income sell?
Retail properties
14,838 stores rented to chains such as grocers, convenience stores, home improvement and dollar stores; 77.0% of annualized base rent at Sep 30, 2026.
Industrial properties
627 warehouses and other industrial buildings; 17.0% of annualized base rent.
Gaming properties
Two casino resorts, leased to Wynn Resorts and, through a joint venture, MGM (the Bellagio); 3.1% of annualized base rent.
Data centers and other
Four data centers (1.0% of annualized base rent) and 65 other properties such as farmland, offices and country clubs (1.9%).
Loans and preferred equity
$5.0 billion lent to or invested in property owners at Sep 30, 2026: 70.7% loans and 29.3% preferred equity, including $800.0 million in CityCenter Las Vegas.
Funds for outside investors
Funds and joint ventures in which other investors own a share, such as the U.S. Core Plus Fund; $4.3 billion of third-party assets under management at Sep 30, 2026.
Think of it like this
Like a landlord for chain stores: the chain runs the store and signs a lease for many years, and Realty Income owns the building.
What it does
- Does: Owns buildings and rents each one to one business
- Does: Signs long leases: about 8.5 years left on average at Sep 30, 2026
- Does: Lends to property owners and runs funds with outside investors
- Does: Pays its dividend every month
What it does not do
- Does not: Run the stores, warehouses or casinos it owns
- Does not: Rent homes or apartments
- Does not: Depend on any one tenant for more than 3.3% of its rent
12How the money flows
12How the money flows · FY2025
How does money flow through Realty Income?
Money in
- Rent from tenants$5.4B
- Other revenue (including interest on loans and preferred equity)$312M
- Gains on property sales and other income$220M
The company
Realty Income
$6.0B came in
Money out
- Property costs$429M
- Depreciation and amortization$2.5B
- Interest on debt$1.1B
- General and administrative$203M
- Impairments and merger costs$496M
- Taxes, currency and derivative losses, partners' share$125M
- Net income available to common stockholders$1.1B
- Tenants pay rent every month; leases had about 8.8 years left on average at Dec 31, 2025.
- Rent was $5,437.3 million in FY2025, and $312.0 million more came from other revenue such as interest on loans.
- Selling properties added $177.6 million of gains.
- Depreciation of $2,524.2 million, a non-cash cost that spreads each building's price over its life, and interest of $1,134.9 million were the biggest costs.
- What was left, $1,058.6 million, was net income available to common stockholders; cash from operations was $3,994.8 million.
13Where growth could come from
13Where growth could come from
Where could Realty Income's growth come from?
Realty Income said in its Q3 FY2026 earnings release (Nov 2, 2026) that it expects FY2026 net income of $1.55 to $1.56 per share, AFFO (its own measure) of $4.45 to $4.46 per share and about $10.0 billion of investments. The net income range excludes future impairments and currency and derivative items.
Buying properties and making loans
Working$7.90 billion invested in the first nine months of 2026
The company invested $7.90 billion ($6.92 billion at its pro-rata share, at a 7.1% initial cash yield) in the nine months to Sep 30, 2026, against its statement of about $10.0 billion for the year.
Status: Working, on track against what the company said.
Loans and preferred equity
Early$5.0 billion at Sep 30, 2026
Interest and dividends on loans and preferred equity were $105.0 million in Q3 FY2026, up from $51.1 million in Q3 FY2025.
Status: Early, too early to judge.
Funds and joint ventures with outside investors
New$4.3 billion of third-party assets under management at Sep 30, 2026
The U.S. Core Plus Fund launched in 2025, and in Sep 2026 KKR invested €528.0 million for 49% of a joint venture that owns 54 European properties.
Status: New, recently announced.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
14The company's own measures (non-GAAP)
14The company's own measures · FY2025
What do Realty Income's own measures show?
Official (GAAP): Net income per diluted share
$1.17
Company's own measure: FFO per share (Nareit definition)
$4.25
Net income available to common stockholders plus real estate depreciation and amortization and impairments of depreciable real estate, minus gains on property sales, per diluted share, as the company defines it. FY2021 includes $167.4 million of VEREIT merger costs and a $97.2 million loss on paying off debt early.
Official (GAAP): Net income per diluted share
$1.17
Company's own measure: Normalized FFO per share
$4.27
FFO with merger, transaction and other costs added back, per diluted share, as the company defines it. FY2021 adds back the VEREIT merger costs, which is why it was $3.39 against FFO of $2.99.
Official (GAAP): Net income per diluted share
$1.17
Company's own measure: AFFO per share
$4.28
FFO plus merger and transaction costs, then adjusted for straight-line rent, other non-cash items, stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more, leasing costs and recurring capital spending, per diluted share, as the company defines it.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Same-store rental revenue growth
1.3%
Growth in rental revenue at properties owned in both periods, as the company reports it; Realty Income does not report same-store net operating income. It was 1.1% in Q3 FY2026.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: AFFO payout ratio
75.2%
Dividends paid per share ($3.217) divided by AFFO per diluted share ($4.28) in FY2025, as the company reports it; 72.6% in Q3 FY2026.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares
15Financial strength: debt and when it is due
15Financial strength · Sep 30, 2026
How much does Realty Income owe, and when is it due?
Debt due each year, US$
See the numbers
- Total debt
- $31.7B
- borrowings on the balance sheet, as reported
- Cash
- $369M
- cash and cash equivalents
- Net debt
- $31.4B
- Cityfort calculation from the Q3 FY2026 10-Q: total debt − cash
- Fixed-rate share
- 93.3%
- share of debt at fixed interest rates, as reported
- Average interest rate
- 3.83%
- weighted average rate on the debt, as reported
Principal (face value), consolidated; the balance sheet carrying amount is $31,388.9 million. Net debt is $31,369.5 million, as the company states it in the Q3 FY2026 supplement. The 3.83% average rate is at the company's pro-rata share, as the supplement reports it. 2026 is the last three months of the year and includes $1,540.7 million of commercial paper.
Figures at Sep 30, 2026, consolidated, as reported by the company in its 10-K or 10-Q; see the dates on each source.
Learn: What is net debt? Debt minus cash, with real US companies · How to read a 10-K in 10 minutes
16Who owns it
16Who owns it · ownership as of Mar 2, 2026
Who owns Realty Income?
- Officers and directors (as a group), shares
- 0.1%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Insider trades · Form 4 data as of Nov 6, 2026
What did Realty Income's insiders report trading?
Realty Income's insiders made 39 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.
They reported no purchases and 3 sales (14,150 shares) in the open market or privately (codes P and S).
None of the sales were on forms with the Rule 10b5-1 plan box checked.
The same filings report 66 other share transactions (F: 41, A: 25).
Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.
- P
- a purchase in the open market or privately
- S
- a sale in the open market or privately
- A
- a grant, award or other acquisition from the company under Rule 16b-3
- F
- shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
Code meanings: General Instruction 8 of Form 4 (SEC).
The latest 25 of 69 transactions
Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of Realty Income's Form 4 filings on EDGAR.
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades
Sources (5)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Definitive proxy statement (DEF 14A), 2026 annual meeting
- Schedule 13G/A, The Vanguard Group (event date Mar 13, 2026)
- Schedule 13G, Vanguard Portfolio Management (event date Mar 31, 2026)
- Schedule 13G, Vanguard Capital Management (event date Mar 31, 2026)
17What it does with profit
17What it does with profit
What does Realty Income do with its profit?
Dividend per share
$3.22FY2025
Dividend paid for each share, by financial year.
$ per share
See the numbers
Money raised · Dec 31, 2024
Net proceeds from common stock offerings during FY2024.
$1.7B
Money raised · Dec 31, 2025
Net proceeds from common stock offerings during FY2025.
$2.4B
18Governance signals
18Governance signals
What do Realty Income's governance filings show?
- Auditor
- KPMG LLP, since 1993
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- This version of the page does not summarize the related-person transactions section of the 2026 proxy. KPMG's FY2025 audit fees were $5,176,083, plus $1,880,188 of tax fees.
- Credit rating
- Moody's, S&P Global Ratings and Fitch Ratings (as stated in Realty Income's Q3 FY2026 10-Q; Fitch's rating was assigned on Aug 3, 2026) A3 (Moody's) / A- (S&P) / A (Fitch), senior unsecured (Stable (all three)), Nov 3, 2026
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
other
Bonus plan tied to fund profits
On Nov 3, 2026 the compensation committee adopted a 2026 Promote Award Plan: employees, including named executive officers, can receive bonuses from incentive fees (promote) the company earns on designated funds and joint ventures, subject to a yearly cap set in the plan.
other
Chief Legal Officer departure
An 8-K filed Mar 2, 2026 reported that Executive Vice President and Chief Legal Officer Michelle Bushore would leave the company; the 8-K said she would stay in the role through Sep 2, 2026.
Sources (6)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Definitive proxy statement (DEF 14A), 2026 annual meeting
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Q2 FY2026 earnings release (8-K Exhibit 99.1, Aug 5, 2026)
- Form 8-K, Item 5.02: 2026 Promote Award Plan (filed Nov 6, 2026)
- Form 8-K, Item 5.02: Chief Legal Officer departure (Mar 2, 2026)
19What the market paid
19What the market paid · price as of Nov 5, 2026
What did the market pay for Realty Income on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Price as of Nov 5, 2026: a $59.50 close, from Nasdaq's historical price table for O; Realty Income's shares are listed on the NYSE. Market value = $59.50 × 950,997,048 shares (10-Q cover, Oct 28, 2026) = $56,584 million (Cityfort calculation from the Nov 5, 2026 closing price and the Q3 FY2026 10-Q). P/E is price ÷ earnings per share: 41.0 on the last four quarters' diluted EPS of $1.45 (Cityfort calculation from the Nov 5, 2026 closing price and the Q4 FY2025 to Q3 FY2026 earnings releases). A REIT's EPS is after depreciation of its buildings, which took $42.3 of every $100 that came in during FY2025.
- Share price
- $59.50
- Market value (market cap)
- $56.6B
- P/E
- 41×
More price-based ratios · as of Nov 5, 2026
Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.
Price to sales (P/S)
9.1×
$56.6B market value ÷ $6.2B revenue (four quarters to Sep 30, 2026) = 9.1×
Cityfort calculation from the Nov 5, 2026 closing price and the Q4 FY2025 to Q3 FY2026 earnings releases. Source: O historical prices, Oct 6 to Nov 5, 2026 (Nasdaq.com historical table; O is listed on the NYSE); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Q4 and full-year 2025 earnings release (8-K Exhibit 99.1, Feb 24, 2026) and 4 more
How price ratios workDividend yield
5.41%
$3.22 dividends per share (FY2025) ÷ $59.50 share price = 5.41%
Cityfort calculation from the FY2025 10-K and the Nov 5, 2026 closing price. Source: O historical prices, Oct 6 to Nov 5, 2026 (Nasdaq.com historical table; O is listed on the NYSE); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Q4 and full-year 2025 earnings release (8-K Exhibit 99.1, Feb 24, 2026) and 4 more
What dividend yield means
Shares used for the market value: 951 million ($59.50 × 951 million shares ≈ $56.6B). Source: Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
Source: O historical prices, Oct 6 to Nov 5, 2026 (Nasdaq.com historical table; O is listed on the NYSE); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Q4 and full-year 2025 earnings release (8-K Exhibit 99.1, Feb 24, 2026) and 3 more
Sources (8)
- O historical prices, Oct 6 to Nov 5, 2026 (Nasdaq.com historical table; O is listed on the NYSE)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Q4 and full-year 2025 earnings release (8-K Exhibit 99.1, Feb 24, 2026)
- Q1 FY2026 earnings release (8-K Exhibit 99.1, May 6, 2026)
- Q2 FY2026 earnings release (8-K Exhibit 99.1, Aug 5, 2026)
- Q3 FY2026 earnings release (8-K Exhibit 99.1, Nov 2, 2026)
- Q3 2026 Supplemental Operating & Financial Data (8-K Exhibit 99.2, Nov 2, 2026)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
20How it got here
20How it got here
How did Realty Income get here?
1969
Milestone
Founded
Realty Income was founded; it calls itself "The Monthly Dividend Company".
1994
Milestone
Listed on the NYSE
Its shares listed on the NYSE; it has raised its dividend 136 times since then, the company said in Sep 2026.
2021
Business-model change
VEREIT merger
The merger with VEREIT closed on Nov 1, 2021, and VEREIT's office properties were spun off into Orion Office REIT.
2024
Business-model change
Spirit Realty merger
The merger with Spirit Realty Capital closed on Jan 23, 2024; Realty Income issued 108.3 million shares for it.
2024
Crisis
Larger write-downs
Provisions for impairment rose to $425.8 million in FY2024 from $87.1 million in FY2023, and were $471.3 million in FY2025.
2025
Business-model change
Funds and big-ticket lending
It launched the U.S. Core Plus Fund for outside investors and, in Dec 2025, put $800.0 million of preferred equity into CityCenter Las Vegas.
2026
Milestone
Fitch A rating and KKR joint venture
Fitch rated it A on Aug 3, 2026; in Sep 2026 KKR invested €528.0 million for 49% of a joint venture owning 54 European properties.
Sources (5)
21Sources and changes
Where every number on this page comes from
Sources (18 documents)
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · Realty Income Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 25, 2026
- S2Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026) · Realty Income Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 3, 2026
- S3Q3 FY2026 earnings release (8-K Exhibit 99.1, Nov 2, 2026) · Realty Income Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 2, 2026
- S4Q3 2026 Supplemental Operating & Financial Data (8-K Exhibit 99.2, Nov 2, 2026) · Realty Income Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 2, 2026
- S5Q2 FY2026 earnings release (8-K Exhibit 99.1, Aug 5, 2026) · Realty Income Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Aug 5, 2026
- S6Q1 FY2026 earnings release (8-K Exhibit 99.1, May 6, 2026) · Realty Income Corporation (SEC EDGAR) · Tier 1: company or exchange filing · May 6, 2026
- S7Q4 and full-year 2025 earnings release (8-K Exhibit 99.1, Feb 24, 2026) · Realty Income Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 24, 2026
- S8Q4 and full-year 2024 earnings release (8-K Exhibit 99.1, Feb 24, 2025) · Realty Income Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 24, 2025
- S9Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · Realty Income Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 21, 2024
- S10Form 10-K, fiscal year 2022 (ended Dec 31, 2022) · Realty Income Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 22, 2023
- S11Definitive proxy statement (DEF 14A), 2026 annual meeting · Realty Income Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Mar 25, 2026
- S12Schedule 13G, Vanguard Portfolio Management (event date Mar 31, 2026) · Vanguard Portfolio Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
- S13Schedule 13G, Vanguard Capital Management (event date Mar 31, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
- S14Schedule 13G/A, The Vanguard Group (event date Mar 13, 2026) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
- S15Form 8-K, Item 5.02: Chief Legal Officer departure (Mar 2, 2026) · Realty Income Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Mar 2, 2026
- S16Form 8-K, Item 5.02: appointment of director Kim Hourihan (Oct 14, 2025) · Realty Income Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 14, 2025
- S17Form 8-K, Item 5.02: 2026 Promote Award Plan (filed Nov 6, 2026) · Realty Income Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 6, 2026
- S18O historical prices, Oct 6 to Nov 5, 2026 (Nasdaq.com historical table; O is listed on the NYSE) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 6, 2026
Changes to this page (v1 · Nov 6, 2026)
- v1 · Nov 6, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026). (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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