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REALTY INCOME CORPO

Sector
Financial Services
Industry
Real Estate Investment Trusts
Exchange
NYSE

Stock Price $O

Latest filings

You are here#8 of 14 in Real Estate by market cap

Filing record · 2016–202610-K1210-Q328-K221

O filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 221 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Leadership change8-K · Nov ’19Nov ’19
  3. Material agreement8-K · Dec ’21Dec ’21
  4. Leadership change8-K · Oct ’25Oct ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  14. $5.75B
YoY changeLargest recent move+162.0%in FY16Latest +9.1%

1 older move runs past ±150% (largest +162.0%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All O Financial Metrics44 metrics

Income Statement12

Balance Sheet14

Cash Flow13

Per Share5

02—Overview

REALTY INCOME CORP Financial Overview 2021–2025

Updated Jul 10, 2026

Realty Income Corporation expanded its footprint from 11,136 properties in FY2021 to over 15,500 locations in FY2025 without sacrificing asset quality, holding a relentless 98.9%a portfolio occupancy rate. This massive physical scale-up underpins a highly resilient net-lease acquisition machine designed to consolidate commercial real estate and fuel uninterrupted dividend payouts. The strategic integration of major competitors like VEREIT and Spirit Realty fundamentally transformed the company's operational scale.

Through continuous acquisitions and steady rent escalations, total revenue surged from $2.08 billion in FY2021 to $5.75 billionb in FY2025. The company diversified aggressively beyond traditional retail leases by expanding its European presence and deploying an $800 million preferred equity investment in Las Vegas gaming real estate. Top-line momentum persisted into Q1 2026, with quarterly revenue climbing 12.2% year-over-year to $1.55 billion. The underlying portfolio strategy heavily insulates these cash flows, sourcing 91% of retail rent from service-oriented, non-discretionary, or low price-point clients.

To fund this rapid portfolio growth, Realty Income routinely tapped capital markets, issuing billions in senior notes and common stock. Despite absorbing significant merger integration costs and navigating an elevated interest rate environment, the market awarded this reliable consolidation strategy a premium multiple. At the close of FY2025, the equity traded at 48.2x earnings with a share price of $56.37c, securing a $52.6 billion market capitalization.

Recent Developments (Q4 2025 and Q1 2026)

Realty Income accelerated capital deployment in Q1 2026 by investing $2.8 billiond across acquisitions and loans, driving total assets to $74.55 billion. Net income jumped 24.8% year-over-year to $311.8 million. The company also secured a strategic partnership with Apollo, injecting $1.0 billion to form a joint venture holding approximately 500 retail properties. To fund continuous expansion, management launched a new equity program for up to 150,000,000 shares and issued $800.0 million in 4.750% senior notes due 2033.

Bulls highlight the robust 103.9% rent recapture rate and private fund expansion, which secured $1.5 billione in commitments. Bears warn that continuous equity dilution and rising debt could compress per-share metrics, particularly amid executive turnover following the announced departure of the Chief Legal Officer in March 2026. Trading at 52.8x earnings as of the May 7, 2026 reporting date, the stock reflects high market confidence but leaves little margin for error.

What to watch: Apollo joint venture execution; utilization of the new at-the-market equity program.

03—Filings

Recent SEC Filings

  1. 8-KREALTY INCOME CORP 8-K Report, Corporate Update (Aug 25, 2026)Realty Income Corporation (O) has filed an 8-K report detailing amendments to its existing term loan agreements with Wells Fargo and TD Bank, effective August 20, 2026. These amendments are primarily to align the terms of these existing facilities with the Company's recently closed Fifth Amended and Restated Credit Agreement, dated July 10, 2026. The adjustments ensure consistency in financial covenants and operational terms across its debt structure, which is crucial for maintaining financial flexibility and predictability. Specifically, the Wells Fargo Term Loan Agreement, originally established on January 22, 2024, has been amended to reflect updated terms for its $500 million term loan maturing in August 2027. Similarly, the TD Term Loan Agreement, governing multi-currency loans up to $1.35 billion and maturing in January 2028, has also been amended. These proactive adjustments signal prudent financial management by Realty Income, ensuring its debt obligations remain harmonized and supportive of its ongoing business operations and strategic objectives.
  2. 8-KREALTY INCOME CORP 8-K Report, Financial Obligation (Aug 14, 2026)On August 14, 2026, Realty Income Corporation (NYSE: O) closed a $1.0 billion private offering (Rule 144A) of 3.750% Convertible Senior Notes due August 15, 2031. The total includes the $875.0 million base deal plus the full $125.0 million over-allotment option exercised by the initial purchasers. The notes are senior, unsecured obligations, pay interest semi-annually beginning February 15, 2027, and carry an initial conversion price of approximately $72.72 per share (13.7512 shares per $1,000 principal), a premium of roughly 17.5% over the $61.89 closing price on August 11, 2026. Net proceeds were approximately $981.9 million. The company used about $33.2 million for capped call transactions (cap price about $83.55, a 35% premium) and about $188.7 million to repurchase roughly 3.0 million common shares concurrently with pricing. The remainder is earmarked for general corporate purposes, including debt repayment, hedging, property development and acquisitions. For investors, the deal is a meaningful refinancing and capital-structure event. The 3.750% coupon is a relatively low cost of capital for an unsecured instrument, and the capped call transactions are designed to reduce dilution from conversion up to roughly $83.55 per share. Share repurchases at the time of pricing partly offset potential dilution and signal management's view on valuation. Holders can convert under standard conditions, and the company may settle conversions in cash, shares, or a combination, which provides flexibility. Key risk items include the cross-default and fundamental change provisions, and the potential for future dilution above the cap price or if the capped call hedges are not fully effective. The filing also notes that the company may redeem the notes on or after August 20, 2029, subject to stock price and freely tradable conditions, and that calling notes triggers a make-whole adjustment. Management's forward-looking statements highlight intended uses for the proceeds, including potential repurchases of indebtedness, property acquisitions, and portfolio expansion, all subject to market conditions and the risk factors described in the company's SEC reports.
  3. 8-KREALTY INCOME CORP 8-K Report, Corporate Update (Aug 12, 2026)Realty Income Corporation (NYSE: O) priced an upsized private offering of $875.0 million aggregate principal amount of 3.750% convertible senior notes due August 15, 2031, up from the previously announced $750.0 million. The notes are senior unsecured obligations, are expected to settle on August 14, 2026, and give the initial purchasers an option for up to an additional $125.0 million. Estimated net proceeds are about $859.0 million, or roughly $981.9 million if the option is fully exercised. The initial conversion price is about $72.72 per share, a 17.5% premium to the $61.89 closing price on August 11, 2026. Conversion is restricted until May 15, 2031, except upon specified events, and the company may settle conversions in cash, shares, or a combination. The company is using about $188.7 million of proceeds to repurchase roughly 3.0 million common shares concurrently with pricing, through an initial purchaser or its affiliate acting as agent. It is also spending about $29.1 million on capped call transactions, which are designed to reduce dilution from conversions up to a cap price of about $83.55, a 35.0% premium to the reference price. The remaining proceeds are earmarked for general corporate purposes, including repaying or repurchasing indebtedness, hedging, and property development and acquisitions. Share repurchases and hedging activity by the option counterparties could affect the stock and note prices, and the company has noted the repurchases may have influenced the initial conversion price. For investors, the transaction is a sizable, upsized financing that adds convertible debt at a 3.75% coupon while partly offsetting dilution through capped calls and buybacks. The filing does not disclose the company's financial results or the reasons for the upsizing. Note that the 8-K describes pricing terms only, and the offering was not yet confirmed as closed at the time of filing.
  4. 8-KREALTY INCOME CORP 8-K Report, Corporate Update (Aug 11, 2026)Realty Income disclosed on August 11, 2026 two items under Form 8-K Item 8.01: an update on acquisition activity and the launch of a proposed private offering of convertible senior notes. For the three months ended June 30, 2026, the company invested approximately $2.6 billion in properties, properties under development or expansion, unconsolidated entities, and loans, with a pro-rata share of $2.1 billion. The initial weighted average cash yield on these investments was approximately 7.3%. Management notes these figures are preliminary, and the yield is computed on expected first-twelve-month cash income, so actual results could be lower. The company also announced its intention to sell $750.0 million of convertible senior notes due 2031 to qualified institutional buyers under Rule 144A, with an option for initial purchasers to buy up to an additional $112.5 million. The notes will be senior unsecured obligations with semi-annual interest. Coupon, initial conversion rate, and other key terms will be set only at pricing, so the filing does not yet disclose the cost of the debt. Realty Income expects to use part of the proceeds to fund capped call transactions and to repurchase common stock concurrently with pricing, with the remainder for general corporate purposes such as repaying revolver and commercial paper borrowings, hedging, and acquisitions and property development. For investors, the key points are the scale of Q2 deployment at a 7.3% initial cash yield, and the financing approach of convertible debt paired with capped calls and buybacks, which aims to limit dilution. Because the offering is not yet priced and may not be completed, the final economics and dilution profile remain unknown. Investors should watch the pricing announcement for the coupon, conversion premium, and capped call cap price, along with the size of the share repurchase.
  5. 8-KREALTY INCOME CORP 8-K Report, Financial Results (Aug 5, 2026)Realty Income (NYSE: O) reported Q2 2026 results that show steady operating growth and a meaningful raise to its full-year guidance. AFFO per diluted share rose 3.8% year over year to $1.09 for the quarter (and $2.22 year to date, up 5.2%), while net income available to common stockholders reached $344.0 million, or $0.37 per share. The company raised 2026 AFFO per share guidance to $4.44–$4.45 from $4.41–$4.44, roughly 4% growth at the midpoint. Core portfolio metrics were stable: occupancy was 98.8%, same store rental revenue grew 1.2% in the quarter, and the rent recapture rate was 102.7%. The company invested $2.6 billion ($2.1 billion at its pro-rata share) at a 7.3% initial weighted average cash yield, and it announced a $6 billion hyperscale data center joint venture, which management presents as a new growth channel. Balance sheet and capital access improved during and after the quarter. Net debt to annualized pro forma adjusted EBITDAre was 5.4x (5.2x including unsettled ATM forward equity). Fitch assigned an 'A' Long-Term Issuer Default Rating with a Stable Outlook in August 2026. The company also issued €600 million of 3.625% notes due 2032, expanded its unsecured revolving credit facility from $4.0 billion to $5.5 billion, and increased its commercial paper capacity from $3.0 billion to $5.5 billion. Liquidity at pro-rata share was about $3.5 billion. Equity issuance was substantial, with $843 million raised in the quarter at a $61.52 weighted average price, and about $1.3 billion of forward sale proceeds remain expected. Investors should weigh several items. Net income is volatile, with impairments of $54 million in the quarter and $144 million year to date, and provisions for credit losses rose sharply to $46 million year to date. The credit investment book and the Apollo and data center joint ventures add growth but also complexity. The 9.2% initial yield on other investments in Q2 is above the core acquisition yield of 6.4%. Dividends are covered by AFFO, with an AFFO payout ratio of about 73%. The monthly dividend was raised 0.7%, to an annualized rate of $3.252 per share, marking the company's 115th consecutive quarterly increase.
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04—See also

Related Companies

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