Realty Income, founded in 1969 and headquartered in San Diego, CA, is engaged in the acquisition and management of freestanding commercial properties which reap rental revenue under long-term net lease agreements. This S&P 500 Index member is structured as a real estate investment trust, or REIT, and has earned its reputation of “The Monthly Dividend Company” for being a payer of dividends on a monthly basis.

As of Dec 31, 2023, Realty Income’s portfolio comprised 13,458 properties, aggregating 272.1 million square feet of leasable space, located in all 50 U.S. states, Puerto Rico, the U.K., France, Germany, Ireland, Italy, Portugal and Spain. These properties are leased to tenants belonging to 86 separate industries.
 
As of Dec 31, 2023, approximately 91% of its annualized retail contractual rental revenues were derived from its clients with a service, non-discretionary and/or low-price-point component to their business. Also, Realty Income’s retail properties generated 81.8% of the total portfolio annualized contractual rent, while industrial properties contributed 12.7%. Further, gaming and other assets reaped 3.9% and 1.6% of the total portfolio annualized contractual rent, respectively.

In January 2024, Realty Income completed its all-stock merger transaction with Spirit Realty Capital, Inc. The transaction is immediately accretive on a leverage-neutral basis and adds to Realty Income's size, scale and diversification, enabling it to expand its scope for future growth.

In February 2024, Realty Income announced a sale-leaseback transaction for 82 retail properties leased to affiliates of Decathlon SE, a global sports company and sporting goods retailer. The portfolio comprises properties located in Germany, France, Spain, Italy and Portugal.

Note: All EPS numbers presented in this report represents funds from operations (FFO) per share. FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.