Realty Income Corporation

Realty Income Corp is a U.S.-based real estate investment trust that owns and leases commercial properties under long-term net lease agreements. Its portfolio spans freestanding properties across the United States, the United Kingdom, and continental Europe, with tenants operating in a wide range of retail and service industries.

18,4 %

+9,1 %

— Realty Income Corporation
%
Net lease rental income95% Rental income from commercial properties leased on a net basis, where tenants typically pay taxes, insurance, and maintenance.
Property reimbursements3% Recoveries and reimbursements related to property expenses and operating items passed through to tenants.
Other lease-related income2% Lease termination fees, settlement income, percentage rent, and similar ancillary lease revenues.

Realty Income leases properties to corporate tenants across retail, service, industrial, and other commercial end...

  • Retail and service tenantsprimary

    Grocery, convenience, drug, restaurant, and service operators lease locations for customer access and operating continuity.

  • Investment-grade corporate tenantsprimary

    Higher-credit tenants lease properties for long durations, supporting portfolio quality and financing appeal.

  • Single-tenant property usersprimary

    Businesses that occupy standalone properties and prefer sale-leaseback or direct lease structures.

  • Diversified commercial operatorssecondary

    Tenants in home improvement, automotive, entertainment, and other sectors that broaden portfolio exposure.

Realty Income owns or holds interests in properties across all 50 U.S. states, the United Kingdom, and eight other...

  • •All 50 U.S. states form the core of the portfolio
  • •The United Kingdom is a major non-U.S. market
  • •Eight other European countries add cross-border diversification
  • •Foreign currency exposure affects reported results and cash flows
  • •Local property law and tax rules matter for lease economics

Realty Income’s strategy centers on acquiring income-producing properties under long-term net leases and recycling...

01
Acquire additional net lease propertiesshort-term

Growth depends on continuously adding income-producing real estate.

02
Maintain diversified tenant and industry mixmedium-term

Diversification helps stabilize rent collection and reduce tenant-specific risk.

03
Use capital markets efficientlymedium-term

The REIT model relies on external capital to fund acquisitions and growth.

Realty Income depends on continued property acquisitions, so competition for assets and access to capital are central...

high

Competition for acquisition opportunities

The business must keep buying properties to grow, but many buyers compete for the same assets.

Scope
Property acquisitions and portfolio expansion
Materiality
high
high

Capital market dependence

Acquisitions are funded through equity and debt, so market disruption can limit growth.

Scope
Common stock, unsecured notes, term loans, commercial paper
Materiality
high
medium

Tenant credit and industry concentration

Rent depends on tenant operating performance, especially in retail and service sectors.

Scope
Grocery, convenience, restaurants, health and fitness, gaming
Materiality
high
medium

Interest rate risk

Variable-rate borrowings and refinancing costs can change with market rates.

Scope
Revolving credit facilities, commercial paper, term loans
Materiality
high
medium

Foreign currency and cross-border risk

European operations create translation and local-market exposure.

Scope
United Kingdom and continental Europe
Materiality
medium
Purchase price allocation for acquisitions
Reported earnings and asset basis
Real estate impairment testing
Potential write-downs on underperforming properties
Straight-line rent recognition
Revenue timing and comparability
Percentage rent and other excluded revenue
Quarterly revenue volatility
Foreign currency translation
Reported revenue and asset values

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: 11/08/2026