O on NYSE

Realty Income Corporation

Logo: Realty Income Corporation, Public domain, via Wikimedia Commons5

U.S. real estate investment trust

Realty Income Corporation is a real estate investment trust that invests in free-standing, single-tenant commercial properties in the United States, the United Kingdom, and six other countries in Europe. These properties are subject to NNN Leases.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

1969Founded1

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  • TickerO on NYSE1
  • Industryreal estate investment trust1
  • HeadquartersSan Diego1
  • Websitewww.realtyincome.com
  • Legal formcorporation1
  • Incorporated inMD6
  • Business address11995 El Camino Real, San Diego, Ca 921306
  • Filer categoryLarge accelerated filer6
  • LEI549300CUWDAUZSH438594
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressc/o CSC-LAWYERS INCORPORATING SERVICE COMPANY, 21202 Baltimore, United States4
  • Registered withBusiness Services (Maryland Department of Assessments and Taxation), D046464934

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Realty Income Corporation is a real estate investment trust that invests in free-standing, single-tenant commercial properties in the United States, the United Kingdom, and six other countries in Europe. These properties are subject to NNN Leases. The company is organized in Maryland with its headquarters in San Diego, California.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

18.4%Net margin8
9.1%Revenue growth, 20258
2.7%Return on equity8

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product And Service, Retail brought in 80% of the revenue Realty Income Corporation broke down this way in fiscal 2025.

  1. Product And Service, Retail$4.3B880%up 8% from 2024
  2. Product And Service, Industrial$864.4M816%up 9% from 2024
  3. Product and Service, Other$247.2M85%up 4% from 2024
Products and services by year
Products and services202320242025
Product And Service, Retail$3.2B$4.0B$4.3B
Product And Service, Industrial$559.0M$795.2M$864.4M
Product and Service, Other$205.5M$238.7M$247.2M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs80¢$4.6B
  • Income tax1¢$85.3M
  • Profit18¢$1.1B

Out of $5.7B in revenue.8

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid73¢$2.9B
  • Kept or used elsewhere27¢$1.1B

Out of $4.0B of cash from operations.8

Financial statements

Revenue91011128$5.7B in 2025+286% since 2019
0$2.0B$4.0B$6.0B2019: $1.5B$1.5B20192020: $1.6B$1.6B2020+11%2021: $2.1B$2.1B2021+26%2022: $3.3B$3.3B2022+61%2023: $4.1B$4.1B2023+22%2024: $5.3B$5.3B2024+29%2025: $5.7B$5.7B2025+9%
Net income91011128$1.1B in 2025+143% since 2019
0$500.0M$1.0B$1.5B2019: $436.5M$436.5M20192020: $395.5M$395.5M2020−9%2021: $359.5M$359.5M2021−9%2022: $869.4M$869.4M2022+142%2023: $872.3M$872.3M2023+0%2024: $860.8M$860.8M2024−1%2025: $1.1B$1.1B2025+23%

Every line of the income statement as filed: the last 3 fiscal years, latest first.8

Period ending2025-12-312024-12-312023-12-31
Rental (including reimbursements)$5.4B$5.0B$4.0B
Other$312.0M$227.4M$120.8M
Total revenue$5.7B$5.3B$4.1B
Depreciation and amortization$2.5B$2.4B$1.9B
Interest$1.1B$1.0B$730.4M
Property (including reimbursements)$428.8M$377.7M$317.0M
General and administrative$202.6M$176.9M$144.5M
Provisions for impairment$471.3M$425.8M$87.1M
Merger, transaction, and other costs, net$24.2M$96.3M$14.5M
Total expenses$4.8B$4.5B$3.2B
Gain on sales of real estate$177.6M$117.3M$25.7M
Foreign currency and derivative (loss) gain, net-$28.7M$3.4M-$13.4M
Equity in earnings of unconsolidated entities$13.3M$7.8M$2.5M
Other income, net$29.4M$23.6M$23.8M
Income before income taxes$1.2B$933.9M$928.9M
Income taxes-$85.3M-$66.6M-$52.0M
Net income$1.1B$867.3M$876.9M
Net income attributable to noncontrolling interests-$11.2M-$6.6M-$4.6M
Net income attributable to the Company$1.1B$860.8M$872.3M
Preferred stock dividends$0-$7.8M$0
Excess of redemption value over carrying value of preferred shares redeemed$0-$5.1M$0
Net income available to common stockholders$1.1B$847.9M$872.3M
Net income, basic (in dollars per share)$1.17$0.98$1.26
Net income, diluted (in dollars per share)$1.17$0.98$1.26
Basic (in shares)907.2M shares863.0M shares692.3M shares
Diluted (in shares)908.3M shares863.8M shares693.0M shares
Foreign currency translation adjustment$91.9M-$32.9M$64.3M
Unrealized loss on derivatives, net-$25.2M-$2.8M-$37.3M
Total other comprehensive income (loss)$66.8M-$35.7M$27.1M
Comprehensive income available to common stockholders$1.1B$812.2M$899.4M

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The story

Realty Income Corporation was founded in 1969 by William E. Clark and Evelyn J. Clark. Its first acquisition was a Taco Bell restaurant in early 1970. The company used cash to purchase land needed for stores that required real estate to run, and then leased the property to the stores long term. In 1994, the company became a public company via an initial public offering. In 1997, William E. Clark, Jr., retired as CEO and was succeeded by Thomas A. Lewis. In 2013, John P. Case succeeded Mr. Lewis as CEO of the company.

In 2009, Clark retired as chairman. In 2013, the company acquired American Realty Capital Trust, founded by Nicholas Schorsch, in a $2.95 billion transaction. In 2015, the company was added to the S&P 500 and the S&P High Yield Dividend Aristocrats index. In 2018, Sumit Roy became the company's CEO. In 2019, the company completed a sale-leaseback transaction for 12 properties of the United Kingdom supermarket chain Sainsbury's. This was the company's first purchase of property outside the United States.

On November 1, 2021, the company acquired VEREIT. On December 1, 2022, the company completed a $1.7 billion sale-leaseback of Encore Boston Harbor. On August 2, 2023, the company announced a $950 million investment in Bellagio Las Vegas. On January 23, 2024, the company completed the $9.3 billion acquisition of Spirit Realty Capital.

In November 2025, it was announced the company had acquired The Lexicon shopping centre in Bracknell, UK for approximately £150m.

From Wikipedia’s article on Realty Income, shared under CC BY-SA 4.0.7

Leadership

Who has led Realty Income Corporation, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Thomas A. Lewis2006–2013
  2. Sumit Roy2018–now

President

  1. Gary M. Malino2006–2014
  2. Sumit Roy2016–now

Chief financial officer

  1. Paul M. Meurer2006–2020
  2. Christie B. Kelly2021–2024
  3. Jonathan Pong2024–now

Chief operating officer

  1. Gary M. Malino2006–2014
  2. Sumit Roy2014–2018
  3. Gregory J. Whyte2023–now
197019801990200020102020
Board members and other officers (37)

Timeline

  1. Oct 18, 2018New chief executive Sumit Roy becomes CEO16
  2. Jan 3, 2006New chief executive Thomas A. Lewis becomes CEO17
  3. Oct 18, 1994Went public Listed on NYSE1
  4. 1969Founded Founded1

Filings

459 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 119 major events, 186 insider forms, 20 large holders, 114 other. The latest 20:

  1. Sep 10, 2026144 EDGAR
  2. Sep 10, 20264 EDGAR
  3. Aug 25, 20268-K EDGAR
  4. Aug 14, 20268-K EDGAR
  5. Aug 12, 20268-K EDGAR
  6. Aug 11, 20268-K EDGAR
  7. Aug 6, 202610-Q EDGAR
  8. Aug 5, 20268-K EDGAR
  9. Jul 13, 20268-K EDGAR
  10. Jul 7, 20268-A12B EDGAR
  11. Jul 7, 20268-K EDGAR
  12. Jul 7, 2026CERT NYSE CERTIFICATION EDGAR
  13. Jun 30, 20264 EDGAR
  14. Jun 30, 2026424B5 EDGAR
  15. Jun 30, 20268-K EDGAR
  16. Jun 29, 2026FWP EDGAR
  17. Jun 29, 2026424B5 EDGAR
  18. Jun 29, 20268-K EDGAR
  19. May 26, 20264 EDGAR
  20. May 26, 20264 EDGAR

The 459 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

11 open-market trades by officers, directors and large owners since October 2021: 0 buys and 11 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 10, 2026McLaughlin GregoryDirectorSale3,475$60.15$209.0KForm 4
Apr 2, 2026Bushore MichelleSee RemarksSale7,400$62.42$461.9KForm 4
Apr 1, 2026McLaughlin GregoryDirectorSale3,275$61.87$202.6KForm 4
Sep 30, 2025Preusse Mary HoganDirectorSale11,000$60.43$664.7KForm 4
Dec 3, 2024McLaughlin GregoryDirectorSale1,250$56.17$70.2KForm 4
Sep 11, 2024Preusse Mary HoganDirectorSale1,712$62.58$107.1KForm 4
Aug 23, 2024Chapman A. LarryDirectorSale5,000$60.77$303.9KForm 4
Apr 9, 2024Chapman A. LarryDirectorSale5,000$54.23$271.1KForm 4
Dec 18, 2023Chapman A. LarryDirectorSale3,500$56.98$199.4KForm 4
Feb 27, 2023Abraham NeilSee RemarksSale26,600$65.34$1.7MForm 4
Sep 1, 2022Chapman A. LarryDirectorSale7,000$67.97$475.8KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.112,931,238$7.0B0.1%+5,021,581
Vanguard Portfolio Management LLC83,115,805$5.1B0.2%+1,881,571
State Street Corp65,929,425$4.1B0.1%+2,166,180
Vanguard Capital Management LLC60,848,009$3.8B0.1%+724,589
Geode Capital Management, LLC31,265,152$2.0B0.1%+968,059
Bank Of America Corp /de/19,117,994$1.2B0.1%+1,785,859
Morgan Stanley14,440,511$894.7M0.0%−802,275
Dimensional Fund Advisors LP13,479,666$835.2M0.2%+461,447
Charles Schwab Investment Management Inc13,069,240$809.8M0.1%+880,584
Norges Bank12,978,009$804.1M0.1%New
Raymond James Financial Inc12,062,748$747.4M0.2%−26,655
Goldman Sachs Group Inc11,984,573$742.6M0.1%+7,687,975
Parnassus Investments, LLC11,640,278$721.2M1.9%−2,502,033
Northern Trust Corp11,068,868$685.8M0.1%−416,356
Legal & General Group Plc10,383,053$643.3M0.1%−154,678
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC10,354,693$641.6M0.1%+10,307,948
Fmr LLC9,614,803$595.7M0.0%+713,086
APG Asset Management US Inc.8,921,361$551.5M3.9%−16,111
Invesco Ltd.8,314,586$515.2M0.0%+128,081
Jpmorgan Chase & Co6,221,941$392.2M0.0%−7,611,952
Bank of New York Mellon Corp5,490,313$340.2M0.1%+39,048
UBS Group AG5,362,246$332.2M0.1%+1,405,620
Vanguard Fiduciary Trust Co5,235,493$324.4M0.1%+47,717
Hsbc Holdings PLC5,147,719$319.2M0.2%+1,002,371
Wells Fargo & Company/mn4,982,959$308.7M0.1%−135,170

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

18 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jul 30, 2026Richard McCormickRepublican, HouseSale$1,001 - $15,000+17.8%Report
Jul 23, 2026Gary C. PetersDemocratic, SenateBuy$1,001 - $15,000−18.7%Report
Mar 27, 2026Alan ArmstrongRepublican, SenateBuy$1,001 - $15,000−30.2%Report
Dec 19, 2025Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−14.8%Report
Nov 12, 2025Gilbert Ray Cisneros, Jr.Democratic, HousePartial sale$1,001 - $15,000+15.4%Report
Nov 5, 2025Richard McCormickRepublican, HouseBuy$1,001 - $15,000−14.9%Report
Aug 5, 2025Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−25.8%Report
May 12, 2025Jefferson ShreveRepublican, HouseSale$50,001 - $100,000+33.1%Report
Apr 1, 2025Julie JohnsonDemocratic, HouseSale$1,001 - $15,000+40.4%Report
Mar 15, 2023Richard McCormickRepublican, HouseBuy$1,001 - $15,000−110.2%Report
Mar 14, 2023Gary C. PetersDemocratic, SenateBuy$15,001 - $50,000−109.2%Report
Jul 21, 2021Gary C. PetersDemocratic, SenateBuy$15,001 - $50,000−95.9%Report
Mar 5, 2021Susie LeeDemocratic, HouseSale$1,001 - $15,000+105.6%Report
Feb 25, 2021Susie LeeDemocratic, HousePartial sale$1,001 - $15,000+108.8%Report
Dec 2, 2020Susie LeeDemocratic, HouseBuy$1,001 - $15,000−116.1%Report
Aug 5, 2020Susie LeeDemocratic, HouseBuy$1,001 - $15,000−140.4%Report
Jun 9, 2020Susie LeeDemocratic, HouseBuy$1,001 - $15,000−149.4%Report
Feb 13, 2017Rick W. AllenRepublican, HouseSale$15,001 - $50,000+238.5%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

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