Realty IncomeO
$58.4B market capRealty IncomeOWhat does Realty Income own besides the shops and warehouses?
→The Bellagio preferred stake alone is $650M of $1.4B in joint ventures, 47% of the total - a Las Vegas casino and a data-centre venture sitting inside a shop-and-warehouse landlord.
Source: SEC filings - segment disclosures (XBRL notes) · as at 2026-06-30
Realty IncomeOHow much of the rent is collected outside America?
→America brings in $1.2B of $1.4B in rent, with the United Kingdom at $195M.
Source: SEC filings - segment disclosures (XBRL notes) · as at 2026-06-30
Realty IncomeORevenue: is the business selling more than it used to?
$5.7B+9% YoYFY 2025
◌ TTM = trailing twelve months to the latest filed quarter, not a filed fiscal year
→Revenue reached $5.7B in 2025, compounding +20% a year since 2022 though the pace has cooled. The last twelve months (+11%) ran below that pace, so growth is slowing. The trailing twelve months are already running at $6.1B, ahead of the last full year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Realty IncomeONet income: how much of that revenue becomes profit?
$1.1B+23% YoYFY 2025
◌ TTM = trailing twelve months to the latest filed quarter, not a filed fiscal year
→Net income was $1.1B in 2025, compounding +7% a year over three years. Earnings per share moved +42% over the last twelve months. Trailing twelve-month profit stands at $1.3B.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Realty IncomeOHow fast is it growing, year by year?
+9.1%revenue growth, FY 2025
→Revenue grew +9% in 2025 against a five-year average of +29%. Earnings grew faster (+23%), so each new dollar of sales is arriving more profitably.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Realty IncomeORevenue per share: is your slice growing as fast as the company?
$6.33revenue per share, FY 2025
◌ TTM = trailing twelve months to the latest filed quarter, not a filed fiscal year
→Revenue per share reached $6.33 in 2025, compounding +5% a year against +20% for O as a whole. Dilution absorbed about 14.8 points of that growth.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Realty IncomeOMargins: of every $1 of sales, how much survives each cost layer?
◌ TTM = trailing twelve months to the latest filed quarter, not a filed fiscal year
→Net margin stands at 18% in 2025. O doesn't break out gross or operating margin in its filings, so net is the only layer the data supports.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Realty IncomeOWhat does it earn on the money it uses?
◌ TTM = trailing twelve months to the latest filed quarter, not a filed fiscal year
→O earns 3% on shareholders' capital. Return on capital employed isn't meaningful for this business model, so ROE carries the picture alone.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Realty IncomeOWhat has the market paid for O over time?
43.0xP/E today
→At 43.0x earnings, the market is paying +14% more than O's own ten-year median of 37.6x. Expectations are elevated, so more has to go right to justify the price.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Realty IncomeOCould it handle its debt if things went wrong?
◌ Now = the most recent quarter-end, not a filed fiscal year
→Debt isn't clearly tagged in O's filings, so treat the balance sheet with extra care rather than assuming zero.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Realty IncomeOIs the company's own capital growing?
→The company's own capital grew from $32.9B in 2023 to $39.5B (+20%). The business is building book value rather than consuming it.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Realty IncomeOHow fast is your ownership being diluted - or concentrated?
→The share count grew 5.2% in 2025, averaging 14.3% a year over three years. Your slice of the company shrinks by that much each year unless earnings grow faster.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Realty IncomeOIs the dividend cheque growing?
→The dividend per share reached $3.22 in 2025, compounding +3% a year since 2020.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Realty IncomeOCan it afford the dividend?
◌ TTM = trailing twelve months to the latest filed quarter, not a filed fiscal year
→The dividend consumed 276% of profit and 76% of free cash flow in 2025. That is a thin cushion: a bad year would put the payment under real pressure.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Realty IncomeODoes O earn more on its capital than that capital costs?
→O earns 2.7% on the capital it employs, below the 10% most investors treat as the cost of capital. It was 3.0% in 2022, so the trend is down, and the pace is picking up.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Realty IncomeOO has issued or retired shares - did shareholders end up better off?
→O's share count rose +620% from 2011 to 2025 while FFO per share grew +73%. Holders are further ahead than before, though the gain per share is smaller than the growth in the business.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Realty IncomeOWhat does O really earn on its properties?
◌ TTM = trailing twelve months to the latest filed quarter, not a filed fiscal year
→O generated $3.4B of funds from operations in 2025, growing +12% a year over three years. FFO adds back depreciation because a REIT's buildings do not really wear out the way the accounts assume. Per share that is $3.75, +73% since 2011 - the number REIT investors actually compare.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Realty IncomeOAre the people running it buying or selling?
→Insiders sold $1M on the open market and bought nothing. Many sales are pre-scheduled diversification rather than a view on the price. A further 58 filings were grants, option exercises or tax withholding, which say nothing either way.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30