Realty Income (O)
Acquirer and manager of net-leased retail, industrial, gaming and data-center properties.
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Acquires commercial properties and leases them to retailers, industrial operators and selected gaming and data-center tenants, earning mostly long-term rent while tenants cover property costs. The portfolio spans the U.S. and Europe, and growth is financed through debt, equity, asset sales and private-capital partnerships.
Acquires, owns and actively manages more than 15,500 commercial properties, primarily freestanding sites leased to single tenants under long-term net leases. Retail stores supply most rent, followed by industrial facilities, with smaller exposure to gaming resorts, data centers, agriculture and other specialty property. The portfolio spans every U.S. state, the U.K. and Continental Europe.
Combines sourcing, credit underwriting and portfolio analytics to select clients and locations, then renews, re-leases or sells properties as conditions change. Joint ventures and private funds extend the same platform into industrial development and hyperscale data centers. Tenants generally pay property taxes, insurance and maintenance, so cash flow depends on their credit and continued rent payments. REIT distribution rules leave acquisitions reliant on debt, public equity, asset sales and private capital.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 21, 2026 | Evercore ISI | Target | Target: $68 | Target: $65 |
| Sep 17, 2026 | Mizuho Securities | Target | Target: $66 | Target: $61 |
| Sep 4, 2026 | Barclays | Reiterate | Rating: —Target: $67 | Target: $65 |
| Sep 1, 2026 | Wells Fargo | Reiterate | Rating: —Target: $65 | Target: $64 |
| Aug 7, 2026 | Evercore ISI | Target | Target: $62 | Target: $68 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $552.6M · Total debt $2.76B · Total assets $76.44B · Shareholders' equity $39.55B
- Revenue
- $1.43B
- Operating income
- $605.2M
- Net income
- $397.1M
HistoryDividendAnnual yieldUpcoming
| Institutions | 80.07% | 757.66M shares | |
|---|---|---|---|
| 1,515 holders · as of Jun 30, 2026 | |||
| Insiders | 0.13% | 1.23M shares | |
| 18 holders · as of Sep 10, 2026 | |||
| Other | 19.80% | 187.33M shares | |
| remainder | |||
946.22M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 11.94% | 112.93M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 8.78% | 83.12M | as of Jun 30, 2026 |
State Street CorpInstitution | 6.97% | 65.93M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 6.43% | 60.85M | as of Jun 30, 2026 |
Geode Capital Management, LLCInstitution | 3.30% | 31.27M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 10, 2026 | Gregory McLaughlin | director | −3,475 | $60.15 |
| Apr 2, 2026 | Michelle Bushore | officer: See Remarks | −7,400 | $62.42 |
| Apr 1, 2026 | Gregory McLaughlin | director | −3,275 | $61.87 |
| Sep 30, 2025 | Mary Hogan Preusse | director | −11,000 | $60.43 |
- NNN REIT
Closest net-lease retail peer; 3,692 single-tenant properties in all 50 states.
- VICI Properties
Largest gaming/experiential net-lease REIT; Caesars, MGM Strip on 40-yr leases.
- W. P. Carey
Diversified net-lease REIT; ~1,700 industrial/retail properties in US + Europe.
- Agree Realty
Net-lease retail REIT with monthly dividend; 2,674 props, ~68% investment-grade.
- Essential Properties Realty Trust
Middle-market single-tenant net-lease; 2,300 service-retail via sale-leaseback.
- Gaming and Leisure Properties
Second-largest gaming REIT; 68 facilities, 20 states, triple-net, 8 operators.
- STAG Industrial
Single-tenant industrial net-lease REIT; monthly dividend; ~600 US warehouses.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Realty Income | $56.64 | −0.02% | $52.83B | 41.4 | 35.1 | 8.9 | +1.1% |
| NNN REIT | $41.53 | −0.25% | $7.92B | 20.4 | 19.8 | 8.3 | +7.2% |
| VICI Properties | $24.02 | −0.15% | $26.48B | 9.3 | 8.2 | 6.5 | +5.7% |
| W. P. Carey | $66.94 | +1.12% | $15.08B | 22.6 | 22.7 | 7.9 | +7.0% |
| Agree Realty | $67.68 | +0.09% | $8.12B | 36.4 | 34.9 | 10.4 | +16.9% |
| Essential Properties Realty Trust | $27.12 | +1.33% | $5.79B | 20.7 | 21.2 | 8.7 | +10.3% |
| Gaming and Leisure Properties | $39.73 | +0.15% | $11.24B | 11.5 | 12.2 | 6.8 | +9.0% |
| STAG Industrial | $37.37 | −0.37% | $7.23B | 28.9 | 74.5 | 8.2 | +7.8% |
| Median | 20.7 | 21.2 | 8.2 | +7.8% |