Realty Income Corp (NYSE: O) is a real estate investment trust (REIT) that acquires and owns commercial properties leased to tenants under long-term net lease agreements. Revenue comes primarily from rental income collected under these net leases, in which tenants are responsible for most property operating expenses including taxes, insurance, and maintenance, making the income stream relatively predictable. The company is listed on the New York Stock Exchange and files annually on a December 31 fiscal year basis, with its most recent 10-K covering fiscal year ended December 31, 2025, filed February 25, 2026. Realty Income is structured as a REIT, requiring it to distribute the substantial majority of taxable income to shareholders, and is known for paying monthly dividends. The aggregate market value of common stock held by non-affiliates was reported based on a share price of $57.61 as of June 30, 2025.

Revenue model

Rental income from long-term net lease agreements with commercial tenants. Under net lease structures, tenants bear property-level operating costs, so landlord cash flow is largely the contracted rent payment.

Products and services

Long-term net leased commercial real estate properties. The company acquires, owns, and manages single-tenant commercial properties.

Customers and end markets

Commercial tenants operating under long-term net lease agreements. Specific tenant names, concentration percentages, and end market breakdowns are not supported by the available filing excerpts.

Value-chain role

Property owner and landlord. Acquires commercial real estate and leases it to operating businesses under net lease structures.

Geographic exposure

United States primary listing on NYSE. Specific geographic revenue breakdown or international property counts are not supported by the available filing excerpts.

Source: SEC 10-K, filed 2026-02-25

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