Companies · O
Realty Income
AI-generated · informational only · not investment advice · verify before relying.
Latest analysis
Updated Aug 6, 2026
Realty Income deploys $5.3B in H1 2026, launches hyperscale data center JV, and expands private capital platform to diversify beyond public markets
Realty Income's H1 2026 10-Q reveals a deliberate capital strategy pivot: the company is accelerating deployment at scale ($5.3B invested, pro-rata $4.7B) while simultaneously building a private capital ecosystem — the Apollo JV ($1.0B, 49% stake in 492 retail properties), the Cloud Capital hyperscale data center JV (up to $1.4B for 45% of a $6.0B+ Northern Virginia portfolio), and a GIC build-to-suit development JV established in January 2026. Portfolio fundamentals remain strong: 98.8% occupancy, 103.0% rent recapture on re-leases for the six-month period, and AFFO per diluted share of $2.22, up from $2.11 in H1 2025. The structural story is Realty Income transforming from a pure-play net lease REIT into a multi-capital, multi-strategy real estate platform — with industrial and data center-adjacent exposure now accounting for 16.2% and a nascent but growing share of annualized base rent, respectively.
Tone: bullishRevenue
$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 Maryland-incorporated S&P 500 REIT that owns and net-leases freestanding commercial properties to large retail, industrial, and other operators across the United States and Europe. Known as 'The Monthly Dividend Company,' the company has paid monthly dividends since 1969 and increased its dividend 133 times since its 1994 NYSE listing. Its portfolio spans 15,511 properties across 50 U.S. states, the U.K., and eight other European countries.
Read filing description ↓ Collapse description ↑
Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies. Founded in 1969, we serve our clients as a full-service real estate capital provider. As of December 31, 2025, we have a portfolio of over 15,500 properties in all 50 U.S. states, the U.K., and eight other countries in Europe. We are known as 'The Monthly Dividend Company' and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our listing on the NYSE in 1994, we have had 133 dividend increases and are a member of the S&P 500 Dividend Aristocrats index for having increased our dividend for over 31 consecutive years. 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. Approximately 32.2% of our total portfolio annualized base rent came from properties leased to our investment grade clients, their subsidiaries or affiliated companies.
Primary products
- Net lease real estate ownership and leasing
- Sale-leaseback transactions
- Real estate development and build-to-suit
- Mortgage loans and senior secured notes
- Preferred equity investments
- Open-end perpetual life private fund (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 by $478.2 million in 2025 versus 2024, driven by higher rental revenue from property acquisitions and growth in interest income on loans and preferred equity investments.
The rest of O is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.