Realty Income
Realty Income Corporation (NYSE: O) is a publicly traded REIT that owns and leases more than 15,500 freestanding commercial properties across the U.S., U.K., and Europe under long-term triple-net leases to approximately 1,800 tenants across 92 industries.
- Company typePublic
- Founded1969
- HeadquartersEscondido, United States
- Headcount501–1,000
- GTM typeB2B
- OfferingServices
What Realty Income does
Realty Income Corporation (NYSE: O) is a publicly traded real estate investment trust that owns and manages a portfolio of more than 15,500 freestanding commercial properties across all 50 U.S. states, the United Kingdom, and eight other European countries. The company was founded in 1969, listed on the NYSE in 1994, and is headquartered at 11995 El Camino Real, San Diego, California, under President and CEO Sumit Roy and EVP/CFO/Treasurer Jonathan Pong. Its operating model is a triple-net lease structure in which tenants pay rent plus property taxes, insurance, and maintenance, producing predictable recurring rental income; major tenants include Dollar General, 7-Eleven, Walmart, Tractor Supply, Home Depot, BJ's, Life Time, Sainsbury's, and gaming operators including Aria Resort & Casino and Bellagio Las Vegas, with approximately 1,800 tenants across 92 industries.
The portfolio is diversified across essential retail, industrial/logistics, and gaming/hospitality verticals, with a weighted-average remaining lease term exceeding 10 years and Q1 2026 portfolio occupancy of 98.9% (historically never below 96.6%). Contractual rent escalators are typically fixed annual or CPI-linked, and the company has declared 672 consecutive monthly dividends with 135 consecutive dividend increases since its NYSE listing. Revenue is supplemented by an emerging asset-management business — a $1.7 billion Core Plus fund, a $1 billion Apollo Global Management programmatic joint venture targeting insurance capital markets, and a build-to-suit partnership with GIC for industrial development — which generates fee income and reduces reliance on balance-sheet capital.
Realty Income raises acquisition and refinancing capital through investment-grade senior unsecured note offerings (USD, EUR, GBP), term loans, and at-the-market equity programs, holding an A-minus credit rating with approximately $4.0 billion in available liquidity as of June 25, 2026 and a 5.2x net debt to annualized pro forma adjusted EBITDAre ratio as of March 31, 2026. Historic transformational M&A — American Realty Capital Trust (2012), VEREIT (2021, ~$11 billion all-stock), and Spirit Realty Capital (2023, ~$9.3 billion) — has shaped the current scale, while ongoing inorganic activity (UK retail parks acquired from Tristan Capital for £260 million in June 2026; Chick-fil-A Sebastian County acquisition in May 2026) and the 2026 raised investment-volume guidance of $9.5 billion evidence continued external growth orientation.
Realty Income firmographics
Firmographics- Name
- Realty Income
- Legal name
- Realty Income Corporation
- Website
- https://realtyincome.com
- Company type
- Public
- Founded year
- 1969
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Realty Income Corporation (NYSE: O) is a publicly traded REIT that owns and leases more than 15,500 freestanding commercial properties across the U.S., U.K., and Europe under long-term triple-net leases to approximately 1,800 tenants across 92 industries.
- Ownership category
- akta.pro rank
Realty Income industry classification
Industry- Product category
- Net-Lease Commercial Real Estate (REIT)
- NAICS
- Lessors of Other Real Estate Property (53119), Lessors of Real Estate (5311), Rental and Leasing Services (532)
- SIC
- Real Estate Investment Trusts (6798), Lessors Of Real Property, Nec (6519), Real Estate Dealers (For Their Own Account) (6532)
- akta.pro primary industry
- REITs & Listed Real Estate Securities (FSAAAKAD)
- akta.pro secondary industries
- Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA), Real Estate Funds — Core (Stabilized, Income) (FSANAEAF)
Keywords
Where Realty Income is headquartered
LocationHeadquarters
- HQ city
- Escondido
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
Realty Income business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales, Supply Chain
Revenue model
- Commercial Real Estate Lease Revenue: Realty Income generates revenue primarily from long-term triple-net leases on commercial real estate properties. Under these agreements, tenants pay rent that typically includes contractual rent escalations (often CPI-linked or fixed annual increases) and cover property taxes, maintenance, and insurance. The company owns over 15,500 properties across the U.S., U.K., and Europe, leased to approximately 1,800 tenants across 92 industries. Revenue for Q1 2026 was $1.55 billion, up from $1.38 billion in the prior year period. The portfolio generates recurring monthly rent with a 98.9% occupancy rate and a weighted-average remaining lease term of approximately 10+ years.
- Private Capital Management Fees: Realty Income has expanded into an asset management model, earning fee income by managing capital for outside investors through private capital vehicles. This includes a $1.7 billion perpetual-life U.S. Core Plus fund, a $1 billion programmatic venture with Apollo, and a build-to-suit partnership with GIC for industrial development. These structures reduce shareholder dilution while retaining management contracts and generating recurring management fee revenue.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Monthly dividend yield of approximately 5.3% as of Q1 2026 (forward yield), with the annualized dividend at $3.252 per share. |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels7 records
Realty Income product offering
Product offeringCore offering
Realty Income is a publicly traded net-lease REIT that acquires and leases over 15,500 freestanding commercial properties across the U.S., U.K., and Europe to approximately 1,800 tenants under long-term triple-net lease agreements. It generates recurring rental income (Q1 2026 revenue of $1.55 billion) and distributes monthly dividends to shareholders, while expanding into private capital management for institutional investors.
Product overview
Realty Income is a Real Estate Investment Trust (REIT) operating as a full-service commercial real estate capital provider. The company owns and manages a portfolio of over 15,500 properties across the United States, United Kingdom, and eight European countries. Its core business model centers on acquiring and leasing freestanding commercial properties under triple-net lease agreements, where tenants pay taxes, maintenance, insurance, and rent. The company generates revenue through rental income and distributes monthly dividends to shareholders, having declared 672 consecutive monthly dividends. Realty Income also operates a growing private capital platform managing third-party capital through various fund structures, and maintains a Green Financing Framework for sustainability-focused debt instruments.
Differentiator
Problem solved
Functional benefit
Brands
- Core Plus Fund: A $1.7 billion perpetual-life U.S. Core Plus real estate fund managed by Realty Income.
- Apollo Joint Venture
Products and services
- Commercial Property Portfolio (Net Lease)
Companies that use Realty Income
Customer profileNamed customers10 records
Segments4 records
Ideal customer profiles3 records
Realty Income technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Realty Income partnerships and signals
Strategic signalScale indicators11 records
Recent moves9 records
Expansion highlights7 records
Realty Income competitors and assessment
Company assessmentDirect peers
- W. P. Carey: Diversified net-lease REIT owning single-tenant commercial properties across industrial, retail, office, and warehouse sectors globally. Directly comparable to Realty Income in business model (long-term triple-net leases), tenant diversification strategy, and European exposure.
- NNN REIT (National Retail Properties): Net-lease REIT focused on freestanding single-tenant retail properties in the U.S. Closely matches Realty Income's core retail triple-net lease model with similar tenant profiles (convenience stores, restaurants, fitness) and dividend-growth orientation.
- Agree Realty: Net-lease REIT specializing in retail properties leased to national tenants. Comparable to Realty Income in its focus on retail net leases with contractual rent escalations and development of ground-up retail properties.
- Essential Properties Realty Trust: Net-lease REIT focused on middle-market tenants across service-oriented and experience-based businesses. Overlaps with Realty Income's diversified single-tenant retail model, though at smaller deal sizes and with a higher mix of smaller tenants.
- Broadstone Net Lease: Diversified net-lease REIT with industrial, restaurant, office, and retail assets. Comparable to Realty Income in its single-tenant net-lease structure and triple-net lease economics, though smaller in scale and more diversified across property types.
- STORE Capital: Net-lease REIT (now private after 2023 acquisition by GIC and Oak Street) focused on single-tenant operational commercial properties. Directly comparable to Realty Income's core business model of long-term net leases to corporate tenants.
- Four Corners Property Trust: Net-lease REIT focused on restaurant properties leased to leading operators. Comparable to Realty Income's net-lease restaurant exposure and long-term lease structure, though concentrated in a narrower property type.
Others
- Realty Capital Income (formerly VEREIT/Spirit Realty): Spirit Realty was acquired by Realty Income in 2023 and VEREIT in 2021, making Realty Capital Income a remaining independent privately-held net-lease REIT. Operates a substantially similar single-tenant net-lease business model.
Emerging players
- Phillips Edison & Company: Net-lease REIT focused on grocery-anchored shopping centers. While anchored shopping centers differ from Realty Income's freestanding net-lease model, both share grocery and necessity-tenant credit profiles and dividend-growth investor appeal.
- EPR Properties: Net-lease REIT focused on experiential properties including theaters, golf entertainment, and eat-and-play venues. Comparable to Realty Income's diversification into gaming and entertainment assets, though EPR is more concentrated in experiential categories.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Realty Income social profiles
Digital presenceRealty Income financial estimates
Financial estimateRevenue estimate
Valuation estimate
Realty Income leadership team
Management profileNumber of profiles
Profiles7 records
Realty Income subsidiaries and ownership
Company hierarchySubsidiaries4 records
Realty Income funding detail
Funding detailFunding overview
Funding rounds29 records
Investors9 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Realty Income M&A and investment
M&A and investmentM&A3 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Realty Income
What does Realty Income do?
Realty Income is a publicly traded net-lease REIT that acquires and leases over 15,500 freestanding commercial properties across the U.S., U.K., and Europe to approximately 1,800 tenants under long-term triple-net lease agreements. It generates recurring rental income (Q1 2026 revenue of $1.55 billion) and distributes monthly dividends to shareholders, while expanding into private capital management for institutional investors.
Is Realty Income a public or private company?
Realty Income is a public company. It is classified as public and is currently operating.
When was Realty Income founded?
Realty Income was founded in 1969. It employs 501 to 1,000 people.
Where is Realty Income based?
Realty Income is headquartered in Escondido, United States, in the North America region.
How does Realty Income make money?
Two revenue lines are on record. Commercial Real Estate Lease Revenue is the primary driver. The others are private Capital Management Fees.
Who are Realty Income's main competitors?
Direct peers on record are W. P. Carey, NNN REIT (National Retail Properties), Agree Realty, Essential Properties Realty Trust, Broadstone Net Lease, STORE Capital and Four Corners Property Trust. Realty Capital Income (formerly VEREIT/Spirit Realty) is listed as an others. Emerging players are Phillips Edison & Company and EPR Properties.
Does Realty Income have an API?
No public API is recorded for Realty Income.
What industry is Realty Income in?
Realty Income's product category is Net-Lease Commercial Real Estate (REIT). Its primary akta.pro industry code is FSAAAKAD, REITs & Listed Real Estate Securities, with a secondary code of FSAAAKAA, Core Real Estate (Stabilized/Core-Plus). Its NAICS code is 53119 and its SIC code is 6798.