Realty Income
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Company type | Public company |
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| NYSE: O S&P 500 Index component | |
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| Headquarters | San Diego, California |
Key people | Michael D. McKee, Chairman Sumit Roy, CEO Jonathan Pong, CFO |
| Products | Free-standing, single-tenant commercial properties |
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| Total equity |  $33.1 billion (2023) |
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| Website | realtyincome |
| Footnotes / references [1] | |
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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.
The company is one of a few real estate investment trusts that pays dividends monthly, rather than quarterly, and has registered a trademark for the phrase "The Monthly Dividend Company".[2]
Investments
As of June 30, 2024, the company owned 15,450 properties totaling approximately 335.3 million leasable square feet.[1][3]
The company's largest tenants are as follows:[1][3]
| Rank | Tenant | % of Total Portfolio Annualized Contractual Rent |
|---|---|---|
| 1 | Dollar General | 3.4% |
| 2 | Walgreens | 3.3% |
| 3 | Dollar Tree / Family Dollar | 3.1% |
| 4 | 7-Eleven | 2.6% |
| 5 | EG Group | 2.2% |
| 6 | Wynn Resorts | 2.1% |
| 7 | Life Time Fitness | 2.0% |
| 8 | FedEx | 2.0% |
| 9 | BJ's Wholesale Club | 1.6% |
| 10 | (B&Q) Kingfisher | 1.6% |
History
Realty Income Corporation was founded in 1969 by William E. Clark and Evelyn J. Clark.[4] Its first acquisition was a Taco Bell restaurant in early 1970.[4]
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.[5]
In 1994, the company became a public company via an initial public offering.[1]
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.[6]
In 2009, Clark retired as chairman.[7]
In 2013, the company acquired American Realty Capital Trust, founded by Nicholas Schorsch, in a $2.95 billion transaction.[8][9]
In 2015, the company was added to the S&P 500[10] and the S&P High Yield Dividend Aristocrats index.[11]
In 2018, Sumit Roy became the company's CEO.[12]
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.[13]
On November 1, 2021, the company acquired VEREIT.[14]
On December 1, 2022, the company completed a $1.7 billion sale-leaseback of Encore Boston Harbor.[15]
On August 2, 2023, the company announced a $950 million investment in Bellagio Las Vegas.[16]
On January 23, 2024, the company completed the $9.3 billion acquisition of Spirit Realty Capital.[17][18]
In November 2025, it was announced the company had acquired The Lexicon shopping centre in Bracknell, UK for approximately £150m.[19]
References
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- ^ a b c d Page Module:Citation/CS1/styles.css has no content."Realty Income Corporation 2023 Form 10-Q Annual Report". U.S. Securities and Exchange Commission.
- ^ Page Module:Citation/CS1/styles.css has no content."Registered trademark for The Monthly Dividend Company". United States Patent and Trademark Office.
- ^ a b Page Module:Citation/CS1/styles.css has no content."Inline XBRL Viewer". www.sec.gov. Retrieved 2024-10-04.
- ^ a b Page Module:Citation/CS1/styles.css has no content.Frankel, Matthew (June 3, 2015). "Realty Income Corporation: How a Taco Bell Evolved Into a $10 Billion REIT". The Motley Fool.
- ^ Page Module:Citation/CS1/styles.css has no content.WOLFF, ERIC (December 8, 2010). "REAL ESTATE: Local company ready to reap the bubble's remains". The San Diego Union-Tribune.
- ^ Page Module:Citation/CS1/styles.css has no content."Realty Income Names John P. Case to Succeed Tom A. Lewis As Chief Executive Officer" (Press release). PR Newswire. September 3, 2013.
- ^ Page Module:Citation/CS1/styles.css has no content."William E. Clark to Retire as Realty Income Chairman" (Press release). Business Wire. September 3, 2013.
- ^ Page Module:Citation/CS1/styles.css has no content."Realty Income To Acquire American Realty Capital Trust In $2.95 Billion Transaction" (Press release). PR Newswire. September 6, 2012.
- ^ Page Module:Citation/CS1/styles.css has no content."Realty Income Closes American Realty Capital Trust Acquisition" (Press release). Business Wire. January 22, 2013.
- ^ Page Module:Citation/CS1/styles.css has no content."Realty Income Set to Join S&P 500; Windstream, Douglas Emmett to Join the S&P MidCap 400; Gentherm, Echo Global Logistics to Join the S&P SmallCap 600" (Press release). PR Newswire. March 27, 2015.
- ^ Page Module:Citation/CS1/styles.css has no content."Realty Income is Reaping Triple-Net Lease Rewards".
- ^ Page Module:Citation/CS1/styles.css has no content."The Briefcase: Walmart campus off Kester Mill Road sells for $20.8M". Winston-Salem Journal. January 23, 2018.
- ^ Page Module:Citation/CS1/styles.css has no content.Thomas, Brad (April 23, 2019). "The Monthly Dividend Company Goes Global". Forbes.
- ^ Page Module:Citation/CS1/styles.css has no content."Realty Income Closes Merger With VEREIT" (Press release). PR Newswire. November 1, 2021.
- ^ Page Module:Citation/CS1/styles.css has no content."Realty Income Completes $1.7 Billion Sale-Leaseback of Encore Boston Harbor". Realty Income. Retrieved 2024-10-04.
- ^ Page Module:Citation/CS1/styles.css has no content."Realty Income Announces $950 Million Investment in Bellagio Las Vegas at $5.1 Billion Valuation". Realty Income. Retrieved 2024-10-04.
- ^ Page Module:Citation/CS1/styles.css has no content."Realty Income to Acquire Spirit Realty Capital in $9.3 Billion Transaction". Realty Income. Retrieved 2024-10-04.
- ^ Page Module:Citation/CS1/styles.css has no content."Realty Income Closes Merger with Spirit Realty Capital". Realty Income. Retrieved 2024-10-04.
- ^ Page Module:Citation/CS1/styles.css has no content.Oliver, Jack (26 November 2025). "Bracknell's The Lexicon acquired by US investment trust". Completely Retail News.
External links
- Business data for Realty Income Corporation: Page Template:Hlist/styles.css has no content.
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