REALTY INCOME CORP

Realty Income Corporation (NYSE: O) is a real estate investment trust founded in 1969 that serves as a full-service real estate capital provider to leading companies worldwide. The company maintains a portfolio of over 15,500 properties across all 50 U.S. states, the United Kingdom, and eight additional European countries. Realty Income's website is www.realtyincome.com.

The company's primary business involves acquiring, owning, and actively managing freestanding commercial properties leased under long-term net lease agreements to a diversified base of operators. Under this net lease structure, clients typically bear responsibility for most property-level operating expenses including real estate taxes, insurance, and maintenance, while Realty Income receives contractually defined rental payments, many of which include embedded rent escalations. This model generates stable, predictable revenue streams with built-in growth potential while reducing exposure to variable operating costs.

Realty Income's portfolio is predominantly composed of retail properties representing 79.1 percent of annualized base rent, with industrial properties comprising 15.4 percent, gaming 3.1 percent, and other property types 2.4 percent. The company focuses on properties supporting service-oriented, non-discretionary, and low-price-point business models, including grocery stores, convenience stores, home improvement retailers, dollar stores, and quick-service restaurants. As of December 31, 2025, the company's top 20 clients represented 35.8 percent of total portfolio annualized base rent, with 11 of these clients holding investment-grade credit ratings.

The company employs 544 professionals and has expanded significantly into international markets, with United Kingdom and European assets representing approximately 19 percent of annualized base rent. Realty Income has strategically diversified its capital sources beyond traditional equity issuance to include debt financing, joint ventures, private capital platforms, and co-investment arrangements. The company has increased its real estate credit investments to $3.1 billion, encompassing loans and preferred equity interests across the capital structure. Known as "The Monthly Dividend Company," Realty Income has delivered 133 consecutive dividend increases and maintains membership in the S&P 500 Dividend Aristocrats index.