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Realty Income
O · NYSEReal Estate (Net-Lease REIT)
The economic chain
Follow the chain left → right, from inputs to end demand. Tap any company to trace its links.
Raw inputs
Equipment
Foundry
Chip design
Software
AI demand
Capitalwho funds itREITs & ownerswho owns the propertyPropertyportfoliosthe buildings & sitesBrokerage &managementwho leases & runs itTenantswho rents the spaceEnd demandwhat drives itCAPInvestors & lendersDBTBond & credit marketsORealty IncomeRTLStandalone shops & storesINDWarehouses & distributionGAMCasinos & gamingDCData centres (JV)LSENet-lease managementDGDollar General7E7-ElevenWBAWalgreensWYNNWynn Resorts···1,700+ other tenantsYOUConsumers & householdsBIZRetail & logistics demandREGRates & REIT rules
Company details
Market cap
$58B
P/E ratio
~51×
Div yield
~5.2%
AFFO/sh (FY25)
$4.28
Revenue (FY25)
$5.7B
Rev. growth
+12%
Properties
~15,500
Occupancy
98.9%
In plain English
Realty Income owns ~15,500 standalone buildings — Dollar General stores, 7-Elevens, Walgreens, gyms, FedEx depots, even a Las Vegas-style casino — and rents them on long 'net leases' where the tenant pays the taxes, insurance and upkeep. The rent flows straight back out as a famous monthly dividend; the company brands itself 'The Monthly Dividend Company'. It grows by raising fresh capital and buying more buildings, including a 2024 ~$9.3B all-stock merger with Spirit Realty and a push into Europe and data centres.
In simple terms
What Realty Income really sells
Realty Income owns ~15,500 standalone buildings — Dollar General stores, 7-Elevens, Walgreens, gyms, FedEx depots, even a Las Vegas-style casino — and rents them on long 'net leases' where the tenant pays the taxes, insurance and upkeep. The rent flows straight back out as a famous monthly dividend; the company brands itself 'The Monthly Dividend Company'. It grows by raising fresh capital and buying more buildings, including a 2024 ~$9.3B all-stock merger with Spirit Realty and a push into Europe and data centres.
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Risk read
Moderate
SteadierMore speculative
Why this rating?