Realty Income Corporation

Realty Income Corporation

O
Realty Income CorporationUS flagNew York Stock Exchange
59.57
USD
-0.54
- -
55.55BMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
4.07
4.27
4.35
4.32
4.44
4.6
4.71
4.79
3.52
5.47
5.89
7.61
6.34
6.46
Basic EPS, GAAP
1.06
1.07
1.09
1.13
1.15
1.26
1.38
1.15
0.61
1.42
1.26
1.23
1.17
1.37
Free Cash Flow per Basic Share
2.71
2.87
2.95
3.13
3.2
3.26
3.38
3.24
2.24
4.19
4.27
5.16
4.4
4.51
Dividend per Share
2.35
2.37
2.38
2.5
2.54
2.64
2.7
2.8
1.98
2.96
3.05
3.9
3.22
3.24
Book Value per Share
23.02
23.2
24.5
24.49
25.94
26.63
29.3
30.41
42.37
43.48
43.78
43.57
42.23
41.8
Tangible Book Value per Share
18.43
18.51
20.31
20.27
21.68
22.63
24.78
25.63
27.23
30.01
32.15
30.94
30.82
30.65
Basic Weighted Avg Shares
192
219
235
255
274
289
316
344
591
612
692
692
907
925
Sales/Revenue/Turnover
780
934
1,023
1,103
1,216
1,328
1,488
1,647
2,080
3,344
4,079
5,271
5,749
5,970
Operating Margin (%)
48.41
48.62
49.78
48.8
48.45
48.02
49.67
48.1
45.76
39.13
42.22
44.03
45.11
45.76
Depreciation Expense
307
375
409
450
499
540
594
677
898
1,670
1,895
2,396
2,524
2,542
Net Income, GAAP
246
271
284
316
319
364
436
395
359
869
872
861
1,059
1,268
Effective Tax Rate (%)
1.28
1.27
1.1
1.02
1.86
1.44
1.39
3.57
8.07
4.92
5.6
7.13
7.39
6.93
Profit Margin (%)
31.47
28.99
27.73
28.61
26.22
27.38
29.33
24.01
17.28
26
21.39
16.33
18.41
21.23
Working Capital
-152
-274
-279
-1,206
-222
-377
-604
911
-1,062
-1,726
1,007
1,621
1,513
-2,227
LT Debt
4,039
4,712
4,588
4,725
6,007
6,254
7,325
8,938
14,397
15,871
21,225
25,627
27,322
28,418
Total Equity
5,421
5,641
6,553
6,787
7,391
8,121
9,804
11,018
25,129
28,843
33,107
39,052
40,124
41,934
Return on Invested Capital (%)
5.36
4.74
4.85
4.53
4.49
4.52
4.48
4.04
2.86
2.81
3.16
3.55
3.54
3.59
Return on Capital (%)
5.59
4.66
4.54
4.36
4.21
4.38
4.37
3.59
2.13
2.91
3.13
2.95
3.06
3.25
Return on Common Equity (%)
6.19
4.67
4.52
4.61
4.58
4.7
4.89
3.81
1.99
3.23
2.83
2.38
2.7
3.22

Capital Structure

FRC

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
2,023
2,309
2,763
LT Borrowings
26,771
27,320
27,889
LT Finance Leases
551
545
529
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
934
932
946
Market Capitalization
52,648
57,049
58,627

Working Capital

FRC

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
5,108
6,240
2,170
Cash, Cash Equivalents & STI
435
374
553
Accounts Receivable, Net
1,053
1,117
1,135
Inventories
- -
- -
- -
Total Current Liabilities
3,595
3,766
4,397
Payables & Accruals
1,110
1,076
1,218
ST Debt
2,023
2,309
2,763
Deferred Revenue
461
381
416

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
23.38%
35.67%
2.75%
Free Cash Flow
21.06%
32.08%
11.8%
Net Income, GAAP
19.17%
30.95%
22.98%
Sales/Revenue/Turnover
19.73%
29.46%
9.07%
Total Cash Common Dividend
19.17%
25.76%
8.51%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,260
1,286
1,272
1,340
5,271
2025
1,313
1,339
1,388
1,709
5,749
2026
1,446
1,427
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.16
0.3
0.31
0.23
1.23
2025
0.28
0.22
0.35
0.32
1.17
2026
0.33
0.37
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.77
0.78
0.79
0.79
3.9
2025
0.8
0.81
0.81
0.81
3.22
2026
0.81
0.81
- -
- -
- -

Company Description

CEO
Sumit Roy
Full Time Employees
544
Sector
Real Estate
Industry
REIT - Retail
Address
11995 El Camino Real San Diego CA United States of America 92130
IPO Date
Oct 18, 1994
Business
Realty Income Corporation (NYSE: O) operates as a real estate investment trust (REIT) that invests in and owns diversified single-tenant commercial properties, primarily retail, industrial, gaming, and office assets, which are leased to high-quality, recession-resistant tenants under long-term net lease agreements; the company offers portfolio management services, property acquisitions, development financing, and recurring monthly dividend payments to shareholders. Its core properties include well-known retail brands such as Walgreens, Dollar General, and FedEx; industrial facilities leased to logistics providers; gaming properties like casinos; and office spaces, with a focus on properties generating predictable rental income through master lease structures and sale-leaseback transactions. Founded in 1969 and headquartered in San Diego, California, Realty Income conducts operations across the United States, the United Kingdom, and Europe, targeting investment-grade and creditworthy tenants in essential retail and industrial sectors. The company maintains a diversified tenant base exceeding 13,000 properties, with no single tenant comprising more than 3% of annualized rental revenue, and emphasizes e-commerce-resistant locations such as drugstores, convenience stores, and dollar stores. Realty Income provides value-added services including structured credit solutions, build-to-suit developments, and opportunistic acquisitions to expand its portfolio. Geographically, it holds significant presence in all 50 U.S. states, Puerto Rico, Europe, and the U.K., serving a broad customer base of national and regional operators. In recent developments, Realty Income completed the acquisition of Spirit Realty Capital in late 2023, significantly expanding its portfolio by over 2,000 properties and enhancing its scale as one of the largest net lease REITs; the company also announced ongoing capital recycling initiatives and dividend increases in 2024-2025 to support growth amid stable occupancy rates above 98%. It launched new investment programs targeting data center-adjacent properties and European expansions, while maintaining its monthly dividend tradition, marking over 658 consecutive payments as of 2025. No major name changes or reorganizations have occurred in the last 1-2 years, with strategic focus on deleveraging and portfolio optimization post-merger.

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