Realty Income Corp

realtyincome.com

What Do They Do?

Owns and leases freestanding commercial properties, chiefly retail locations, to businesses that operate stores and other commercial sites.

How Do They Make Money?

Businesses lease properties under long-term net leases and pay contractually set rent over the lease term; many leases include scheduled rent increases. Clients generally cover most or all property-level operating expenses.

revenue

Segment	Share	How money arrives
Retail Recurring	75% FY2022: 82%	Recurring
Industrial Recurring	15% FY2022: 15%	Recurring
Other Recurring	4.3% FY2022: 2.2%	Recurring

Who Are Their Customers?

Retail operators and other businesses lease freestanding properties from Realty Income under long-term net leases.

Do Revenues Turn Into Profits?

Yes. It kept 18 cents of every revenue dollar as net income in FY2025.

Net income, FY2025

18% of revenue

▲ +23% vs FY2024 ($860.8M, 16%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +10%; vs $1.4B in Q2 FY2025
Net income: ▲ +86%; vs $199M in Q2 FY2025

Growing. Revenue grew 2.8x in 4 years, from $2.1B in FY2021 to $5.7B in FY2025, about 29% a year.

Adding real estate credit Beyond owning properties and collecting rent, the latest report describes loans and preferred equity investments across the real estate capital structure as an expanded activity.

Wider European footprint The older report described properties in the United States, Puerto Rico, the United Kingdom, Spain and Italy; the latest describes expansion into Poland and the Netherlands and a broader European platform.

Revenue over time

Retail Industrial Other

$10B$5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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