Companies · O
Realty Income
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Updated Nov 6, 2026
Realty Income adopts 2026 Promote Award Plan linking compensation to fund incentive allocations.
Realty Income's Board adopted a 2026 Promote Award Plan on November 3, 2026, establishing a compensation vehicle for executives and employees contributing to the company's investment management activities across designated funds and joint ventures. Bonus pools are capped at 40% of incentive allocations, with executive participants receiving stock-based awards (50% vesting at grant, 50% at one-year anniversary) and non-executive participants receiving cash or equity. The plan links a portion of compensation to performance of the company's investment platforms, marking a structural shift toward aligning employee incentives with fund economics rather than traditional corporate metrics.
Tone: neutralRevenue
$5.7B
O 10-K · FY 2025
Revenue FY2024
$5.3B
Founded
1969
Headquarters
San Diego, CA
Profile
O 10-K Item 1 · Feb 25, 2026Realty Income Corporation is a net lease REIT that owns and operates a diversified portfolio of over 15,500 freestanding commercial properties across the United States and Europe, leased primarily to service-oriented and non-discretionary retail and industrial tenants under long-term net leases. Known as 'The Monthly Dividend Company,' it has paid and increased dividends for over 31 consecutive years since its 1994 NYSE listing. In 2025, the company expanded its capital platform by launching a perpetual-life private institutional fund and pursuing preferred equity and credit investments alongside traditional property acquisitions.
Read filing description ↓ Collapse description ↑
Realty Income Corporation ('Realty Income,' the 'Company,' 'we,' 'our' or 'us'), a Maryland corporation, is an S&P 500 company and real estate partner to the world's leading companies. The Company was founded in 1969 and our shares of common stock trade on the New York Stock Exchange ('NYSE') under the symbol 'O'. As of December 31, 2025, we owned or held interests in 15,511 properties, with approximately 355.0 million square feet of leasable space leased to 1,761 clients doing business in 92 separate industries. Of the 15,511 properties in our portfolio as of December 31, 2025, 15,167, or 97.8%, were single-tenant properties, and the remaining were multi-tenant properties. Our total portfolio had a weighted average remaining lease term (excluding rights to extend a lease at the option of the client) of approximately 8.8 years. Total portfolio annualized base rent on our leases as of December 31, 2025 was $5.31 billion. As of December 31, 2025, approximately 32.2% of our total portfolio annualized base rent came from properties leased to our investment grade clients, their subsidiaries or affiliated companies. Approximately 91% of our annualized retail base rent as of December 31, 2025, was derived from our clients with a service, non-discretionary, and/or low price point component to their business. We serve our clients as a full-service real estate capital provider and are known as 'The Monthly Dividend Company' with a mission to invest in people and places to deliver dependable monthly dividends that increase over time.
Primary products
- Net lease real estate ownership and leasing
- Real estate capital provision (sale-leaseback transactions)
- Real estate development and build-to-suit
- Preferred equity investments
- Loans and financing receivables
- Private institutional fund management (U.S. Private Fund Business)
Business segments
End markets
Geographies
Named customers
No individual client's revenue represented more than 10% of our total revenue for each of the years ended December 31, 2025, 2024, and 2023.
“We face competition in the acquisition and operation of our properties. We expect competition from businesses, individuals, fiduciary accounts and plans, and other entities engaged in real estate investment and financing.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue increased from $5.27 billion in 2024 to $5.75 billion in 2025, driven primarily by growth in rental revenue from property acquisitions and higher interest income on loans and preferred equity investments.
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