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Net-lease REIT that owns single-tenant retail, industrial and other properties on long-term leases, paying monthly dividends.
Net-lease REIT that owns single-tenant retail, industrial and other properties on long-term leases, paying monthly dividends.
Collects rent under long single-tenant leases in which the tenant pays property tax, insurance and upkeep, so income is predictable and it needs few staff. It grows by buying properties, funded by raising equity and debt, and merged with VEREIT in 2021 and Spirit Realty in 2024. Dividends are paid monthly.
Moat: narrow (scale, distribution). Scale and low cost of capital let it win larger sale-leaseback deals than smaller net-lease competitors.
Headquarters: San Diego, California, United States · Founded: 1969 · Employees: 544
Size Realty Income (O) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $56.1B, the 232nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $59.04 on 6 Nov 2026.
Performance Over six months the shares fell 3.8%, against +2.3% for the median peer and -1.1% for the United States market (cap-weighted) — 8th lowest of 20 in its peer set.
Growth Revenue grew 10.8% over the last twelve months (peer median +5.2%); the operating margin is 46.3% (peer median 33.3%).
Valuation It trades at 1.42× book value against a peer median of 2.64× (3rd cheapest of 18).
Price implies The share price implies a return on equity of about 10.3%; Realty Income delivers 3.5%, so the price asks more than the business earns today.
Credit Realty Income has 40 bonds outstanding ($22.2B), rated A- by the agencies and trading like BBB+ at a weighted spread of 84 bp.
Short interest Short interest is 4.1% of the free float (15 Oct 2026).
Next results Next results expected around 23 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $6.22B | $5.76B | $5.30B | $4.09B | $3.34B |
| Revenue growth | — | +9% | +29% | +22% | — |
| Gross profit | $3.21B | $2.81B | $2.53B | $1.88B | $1.45B |
| EBITDA | $5.44B | $5.09B | $4.75B | $3.59B | $2.76B |
| Net income | $1.36B | $1.06B | $861M | $872M | $869M |
| Free cash flow | $3.98B | $3.86B | $3.45B | $2.89B | $2.47B |
| Capital expenditure | $172M | $132M | $121M | $68.7M | $95.5M |
| Total debt | $33.4B | $30.8B | $28.4B | $23.4B | $20.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Realty Income O | $56.1B | -4% | +11% | 3% | 1.42× | 10.3% |
| W. P. Carey WPC | $15.0B | -12% | +9% | 8% | 1.71× | 12.9% |
| Agree Realty ADC | $9.09B | -8% | +18% | 4% | 1.34× | 8.2% |
| NNN REIT NNN | $7.89B | -7% | +7% | 9% | 1.75× | 12.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | O | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.0% | +9.0% | 11th highest of 21 |
| 6-month return | -3.8% | +2.3% | 8th lowest of 20 |
| Return on equity | 3.5% | 8.1% | 3rd lowest of 18 |
| Price / book | 1.42× | 2.64× | 3rd cheapest of 18 |
| Trailing P/E | 40.7× | 28.8× | 8th most expensive of 20 |
| ROE the price implies | 10.3% | 21.4% | 2nd least demanding of 17 |
| ROE delivered | 3.5% | 8.1% | 3rd lowest of 18 |
| Bond spread | 84 bp | 86 bp | 9th tightest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Realty Income O | United States | $56.1B | -4% | +11% | 3% | 1.42× | 10.3% | 3.5% |
| Equity Residential VMRK | United States | $50.7B | n/a | +4% | 8% | 2.34× | 16.0% | 8.1% |
| Public Storage PSA | United States | $63.1B | +10% | +5% | 16% | 6.45× | 43.1% | 16.0% |
| Ventas VTR | United States | $47.9B | +2% | +22% | 2% | 2.97× | 20.2% | 1.9% |
| Digital Realty DLR | United States | $65.9B | -10% | +21% | 4% | 2.39× | 19.2% | 3.6% |
| Simon Property SPG | United States | $73.9B | +14% | +15% | 135% | 16.82× | 143.3% | 135.4% |
| Goodman GMG.AX | Australia | $39.6B | -11% | +17% | 12% | 2.28× | 26.9% | 11.5% |
| Crown Castle CCI | United States | $37.7B | -1% | -16% | n/a | n/a | n/a | n/a |
| American Tower AMT | United States | $87.6B | +8% | +5% | 89% | 24.92× | 155.2% | 88.7% |
| Extra Space Storage EXR | United States | $33.2B | +12% | +4% | 8% | 2.59× | 21.8% | 7.8% |
| Iron Mountain IRM | United States | $31.7B | -17% | +17% | n/a | n/a | n/a | n/a |
| Equinix EQIX | United States | $100B | -5% | +11% | 26% | 7.03× | n/a | 25.8% |
| Vici Properties VICI | United States | $27.3B | -13% | +5% | 8% | 0.94× | 7.9% | 8.3% |
| Prologis PLD | United States | $123B | -11% | +7% | 8% | 2.16× | 20.9% | 7.9% |
| SBA Communications SBAC | United States | $19.8B | -13% | +2% | n/a | n/a | n/a | n/a |
| Welltower WELL | United States | $180B | +15% | +39% | 4% | 3.69× | 24.4% | 3.8% |
| Essex Property Trust ESS | United States | $17.5B | +4% | +5% | 6% | 3.30× | 20.8% | 6.4% |
| Kimco Realty KIM | United States | $17.0B | +10% | +3% | 7% | 1.67× | 13.9% | 7.2% |
| Host Hotels & Resorts HST | United States | $16.9B | +15% | +5% | 16% | 2.64× | 22.6% | 15.8% |
| SEGRO SGRO.L | United Kingdom | $16.6B | +33% | +7% | 2% | 1.03× | 14.8% | 2.5% |
| Lamar Advertising LAMR | United States | $15.8B | -1% | +4% | 59% | 16.13× | 134.1% | 58.9% |
Realty Income has 40 bonds outstanding with $22.2B face value. The agencies rate it A-; its bonds trade like BBB+. Weighted yield 5.25%, a spread of 84 bp over government bonds.