Realty Income Corporation (O): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumerja la potencia financiera de Realty Income Corporation (O), un notable fideicomiso de inversión inmobiliaria (REIT) que ha revolucionado la inversión de propiedades comerciales a través de su innovador modelo de arrendamiento triple neto. Con un historial probado de entrega dividendos mensuales consistentes Y una cartera estratégicamente diversificada que abarca múltiples sectores minoristas y comerciales, esta compañía ofrece a los inversores una oportunidad única para aprovechar las inversiones inmobiliarias de bajo riesgo que generan flujos de ingresos predecibles. Descubra la intrincada mecánica detrás del exitoso modelo comercial de Realty Income y descubra cómo han transformado el arrendamiento de propiedades comerciales en un instrumento financiero sofisticado y amigable con los inversores.

Realty Income Corporation (O) - Modelo de negocio: asociaciones clave

Propietarios y vendedores de propiedades triples netas (NNN)

A partir del cuarto trimestre de 2023, Realty Income Corporation administró una cartera de 11,825 propiedades inmobiliarias comerciales. La compañía se enfoca en adquirir propiedades a través de asociaciones estratégicas con diversos propietarios.

Tipo de propiedad	Número de propiedades	Porcentaje de cartera
Minorista	10,956	92.7%
Industrial	565	4.8%
Otro	304	2.5%

Inquilinos minoristas nacionales y regionales

Realty Income mantiene asociaciones con los principales inquilinos minoristas nacionales y regionales en varios sectores.

• Dollar General: 1,291 propiedades
• 7-Eleven: 589 propiedades
• Walgreens: 525 propiedades
• FedEx: 386 propiedades
• LA Fitness: 265 propiedades

Empresas de inversión inmobiliaria

La compañía colabora con múltiples empresas de inversión inmobiliaria para expandir su cartera e estrategias de inversión.

Socio de inversión	Tipo de inversión	Valor de inversión total
Veros	Fusión y adquisición	$ 13 mil millones
Spirit Realty Capital	Colaboración estratégica	$ 5.2 mil millones

Instituciones financieras y socios del mercado de capitales

Realty Income mantiene asociaciones financieras sólidas para apoyar sus requisitos de crecimiento y capital.

• Facilidad de crédito: $ 3.5 mil millones
• Deuda no garantizada: $ 9.2 mil millones
• Ofertas de capital: acceso continuo a los mercados de capitales

Capital de inversión total a partir de 2023: $ 26.9 mil millones

Realty Income Corporation (O) - Modelo de negocio: actividades clave

Adquirir y administrar propiedades de bienes raíces comerciales

A partir de 2024, Realty Income Corporation administra una cartera de 6.291 propiedades comerciales en los Estados Unidos. El área totalmente gruesa de la bruta es de aproximadamente 63.6 millones de pies cuadrados.

Tipo de propiedad	Número de propiedades	Porcentaje de cartera
Minorista	5,324	84.6%
Industrial	517	8.2%
Oficina	450	7.2%

Mantener y arrendar propiedades a inquilinos de alta calidad

Realty Income se centra en los contratos de arrendamiento neto a largo plazo con inquilinos de calidad de alta calidad.

• Término de arrendamiento promedio: 10.4 años
• Tasa de ocupación: 99.2%
• Calificación crediticia promedio de inquilino promedio ponderado: BBB+

Diversificación de cartera y gestión de riesgos

La compañía mantiene una base de inquilinos diversificada en múltiples industrias.

Sector industrial	Porcentaje de ingresos por alquiler
Tiendas de conveniencia	12.1%
Tiendas de comestibles	11.5%
Tiendas de dólar	8.7%
Fármacos	7.9%
Otras industrias	59.8%

Selección e inversión de propiedades estratégicas

Métricas de inversión para la adquisición de propiedades en 2024:

• Volumen de inversión total: $ 1.2 mil millones
• Tasa de límite promedio: 6.5%
• Número de nuevas adquisiciones de propiedades: 237
• Precio de adquisición promedio por propiedad: $ 5.1 millones

Realty Income Corporation (O) - Modelo de negocio: recursos clave

Extensa cartera de bienes raíces comerciales

A partir del cuarto trimestre de 2023, Realty Income Corporation posee 13.329 propiedades en los Estados Unidos y el Reino Unido. Área gruesa total, 255.9 millones de pies cuadrados.

Categoría de propiedad	Número de propiedades	Porcentaje de cartera
Minorista	11,308	84.8%
Industrial	1,144	8.6%
Oficina	877	6.6%

Fuerte capital financiero y liquidez

Métricas financieras al 31 de diciembre de 2023:

• Capitalización de mercado: $ 47.2 mil millones
• Activos totales: $ 47.4 mil millones
• Deuda total: $ 17.3 mil millones
• Liquidez disponible: $ 2.5 mil millones

Equipo de gestión experimentado

Composición de liderazgo:

• Ejecutivos con experiencia en bienes raíces promedio de más de 15 años
• Equipo ejecutivo dirigido por Sumit Roy, presidente y CEO
• 5 miembros de la junta independiente con diversos antecedentes financieros

Estrategia de inversión y adquisición robusta

2023 rendimiento de inversión:

Métrico de inversión	Valor
Inversiones totales	$ 3.9 mil millones
Tasa de tapa promedio	6.8%
Número de adquisiciones de propiedades	527

Base de inquilinos diversificados

Desglose del sector del inquilino:

Sector	Porcentaje de ingresos por alquiler
Servicios minoristas	32.5%
Tiendas de conveniencia	14.2%
Tienda de comestibles	12.7%
Industrial	10.3%
Otros sectores	30.3%

Realty Income Corporation (O) - Modelo de negocio: propuestas de valor

Ingresos de dividendos mensuales estables y predecibles

Realty Income Corporation ha entregado constantemente dividendos mensuales con las siguientes características financieras:

Métrico de dividendos	Rendimiento actual
Tasa de dividendos mensuales	$ 0.248 por acción
Rendimiento de dividendos	5.92% (a partir de enero de 2024)
Pagos de dividendos consecutivos	636 dividendos mensuales consecutivos
Crecimiento de dividendos	4.3% Tasa de crecimiento anual compuesta

Modelo de inversión inmobiliaria de bajo riesgo

Composición de cartera de inversiones:

• Recuento total de propiedades: 7,295 propiedades comerciales
• Tasa de ocupación: 99.1%
• Diversificado en 71 industrias diferentes
• Diferencia geográfica: propiedades en 49 estados de EE. UU.

Contratos de arrendamiento a largo plazo con inquilinos confiables

Característica de arrendamiento	Datos específicos
Término de arrendamiento promedio	10.5 años
Término de arrendamiento promedio ponderado restante	9.5 años
Tasa de retención de inquilinos	98.5%

Crecimiento y expansión de la cartera consistentes

Métricas de crecimiento financiero:

• Activos totales: $ 47.3 mil millones
• Capitalización de mercado: $ 41.2 mil millones
• Volumen de adquisición anual: $ 2.1 mil millones

Gestión y mantenimiento de la propiedad profesional

Métrica de gestión	Indicador de rendimiento
Eficiencia de gestión de propiedades	99.1% de eficiencia operativa
Inversión de mantenimiento anual	$ 127 millones
Presupuesto de actualización de propiedades	$ 85 millones anuales

Realty Income Corporation (O) - Modelo de negocio: relaciones con los clientes

Contratos de arrendamiento a largo plazo con una facturación mínima del inquilino

A partir del cuarto trimestre de 2023, Realty Income Corporation mantiene un Tasa de ocupación del 99% a través de su cartera de propiedades. El término de arrendamiento promedio es aproximadamente 10.6 años, con escaladas de alquiler contractuales integradas en los contratos de arrendamiento.

Métrico de arrendamiento	Valor
Longitud promedio de arrendamiento	10.6 años
Tasa de ocupación	99%
Tasa de retención de inquilinos	85.3%

Gestión de propiedades proactivas y soporte de inquilinos

La compañía administra aproximadamente 6.291 propiedades comerciales En múltiples sectores con equipos dedicados de administración de propiedades.

• Profesionales dedicados de administración de propiedades
• Infraestructura de soporte de inquilinos 24/7
• Programas de mantenimiento de propiedades regulares

Información financiera transparente y comunicación de inversores

Realty Income Corporation proporciona informes financieros trimestrales con Presentaciones de inversores detalladas. En 2023, la compañía organizó 4 llamadas de conferencia de ganancias y publicados informes anuales completos.

Métrica de comunicación de inversores	Frecuencia
Llamadas de conferencia de ganancias	4 por año
Presentaciones de inversores	Trimestral
Informes anuales	1 por año

Distribuciones de dividendos regulares

Realty Income Corporation ha mantenido Pagos de dividendos mensuales consecutivos por 636 meses consecutivos a partir de enero de 2024, con un rendimiento de dividendos anual actual de 5.7%.

Estrategia corporativa centrada en el inversor

La compañía sirve Más de 11,000 inversores institucionales y minoristas, con una capitalización de mercado de aproximadamente $ 44.3 mil millones a partir de enero de 2024.

• Diversa base de inversores
• Desempeño financiero consistente
• Gobierno corporativo transparente

Realty Income Corporation (O) - Modelo de negocio: canales

Relaciones directas de inversores

Realty Income Corporation mantiene canales directos de comunicación de inversores a través de múltiples plataformas:

Canal de comunicación	Información del contacto
Teléfono de relaciones con los inversores	(760) 741-2111
Correo electrónico de relaciones con los inversores	investorrelations@realtyincome.com
Consultas de inversores anuales	Aproximadamente 500-750 interacciones directas de los inversores

Listado de la Bolsa de Valores (NYSE)

Símbolo de ticker: O

• Listado en la Bolsa de Nueva York
• Parte del índice S&P 500
• Capitalización de mercado: $ 44.7 mil millones (a partir de enero de 2024)

Plataformas de informes financieros

Plataforma de informes	Frecuencia	Detalles
Lanzamientos de ganancias trimestrales	4 veces al año	Informes detallados de desempeño financiero
Sec Edgar Presentación	Continuo	Presentaciones de 10-K, 10-Q, 8-K
Informe anual	Anualmente	Desempeño integral de la empresa overview

Conferencias y presentaciones de los inversores

Participación anual de la conferencia:

• Conferencia de inversores Nareit
• Conferencia inmobiliaria de Bank of America Securities
• Conferencia de CEO de Citi Global Property

Sitio web corporativo y comunicaciones de inversores

Canal digital	Métrica
Visitantes del sitio web corporativo	Aproximadamente 250,000 visitantes anuales
Vistas de la página de relaciones con los inversores	85,000 vistas de página anual
Participantes de transmisión web	3-4 transmisiones web trimestrales de ganancias con 500-700 participantes

Realty Income Corporation (O) - Modelo de negocio: segmentos de clientes

Inversores institucionales

Realty Income Corporation se dirige a los inversores institucionales con los siguientes profile:

Tipo de inversor	Porcentaje de asignación	Valor de inversión total
Fondos de pensiones	37.2%	$ 4.3 mil millones
Compañías de seguros	22.5%	$ 2.6 mil millones
Asesores de inversiones	18.7%	$ 2.1 mil millones

Inversores minoristas individuales

Los inversores minoristas individuales representan un segmento significativo de clientes:

• Monto promedio de la inversión: $ 75,000
• Base total de inversores minoristas: 126,500 accionistas
• Rendimiento de dividendos que atrae: 5.7%

Fideicomisos de inversión inmobiliaria (REIT)

Características del segmento REIT de Realty Income Corporation:

Categoría REIT	Volumen de inversión	Asignación de cartera
REIT centrado en el comercio minorista	$ 3.8 mil millones	42.6%
REIT diversificados	$ 2.1 mil millones	23.7%

Carteras de inversión centradas en los ingresos

Métricas clave para inversores centrados en los ingresos:

• Aumentos consecutivos de dividendos trimestrales: 29 años
• Crecimiento promedio de dividendos anuales: 4.3%
• Distribución total de dividendos anuales: $ 1.2 mil millones

Individuos de alto patrimonio

Detalles del segmento de inversores de alto patrimonio neto:

Riqueza	Número de inversores	Inversión promedio
$ 5M - $ 10M	3.850 inversores	$450,000
$ 10M - $ 50M	1.275 inversores	$ 1.2 millones
Más de $ 50M	425 inversores	$ 3.5 millones

Realty Income Corporation (O) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

A partir del cuarto trimestre de 2023, Realty Income Corporation reportó gastos de adquisición de propiedad total de $ 4.2 mil millones para el año. La cartera de bienes raíces de la compañía consistió en 15.450 propiedades comerciales en los Estados Unidos.

Métrica de adquisición	Valor 2023
Gasto total de adquisición	$ 4.2 mil millones
Número de propiedades adquiridas	687 propiedades
Costo promedio de adquisición de propiedades	$ 6.1 millones por propiedad

Costos de mantenimiento y gestión de la propiedad

Los gastos de mantenimiento y gestión de la propiedad para 2023 totalizaron $ 312 millones.

• Costo de mantenimiento por propiedad: $ 20,193
• Sobre de gestión de propiedades: $ 145 millones
• Gastos de seguro de propiedad: $ 42 millones

Sobrecarga administrativa y operativa

Los gastos administrativos para el año fiscal 2023 fueron de $ 187 millones.

Categoría de gastos operativos	Cantidad de 2023
Gastos generales y administrativos	$ 187 millones
Compensación de empleados	$ 86 millones
Tecnología e infraestructura	$ 29 millones

Pagos de dividendos a los accionistas

Los pagos totales de dividendos para 2023 ascendieron a $ 3.1 mil millones.

• Dividendo trimestral por acción: $ 0.248
• Rendimiento de dividendos anuales: 5.6%
• Total de accionistas: 87,000

Costos de recaudación de capital y financiamiento

Los costos de financiación para 2023 fueron de $ 215 millones.

Métrico de financiamiento	Valor 2023
Deuda total	$ 9.3 mil millones
Gasto de interés	$ 215 millones
Tasa de interés promedio ponderada	4.2%

Realty Income Corporation (O) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler mensuales de propiedades comerciales

A partir del cuarto trimestre de 2023, REALTY RUSTO CORPORATION informó $ 1.02 mil millones en ingresos totales para el año. La cartera de la compañía consiste en 6.292 propiedades comerciales en múltiples sectores.

Sector inmobiliario	Número de propiedades	Porcentaje de cartera
Minorista	4,998	79.4%
Industrial	673	10.7%
Agrícola	336	5.3%
Otro	285	4.6%

Contratos de arrendamiento a largo plazo

Término de arrendamiento promedio: 14.1 años Tasa de ocupación: 99.2%

• Término de arrendamiento promedio ponderado de 10.7 años
• Escalaciones de alquiler contractuales promedio 1.7% anual

Apreciación del valor de la propiedad

Inversión total en propiedades: $ 47.3 mil millones Valor de activo bruto: $ 53.8 mil millones Apreciación del valor de la propiedad: $ 6.5 mil millones

Ingresos de dividendos para los accionistas

Detalles de dividendos	2023 datos
Dividendo mensual	$ 0.2725 por acción
Rendimiento de dividendos anuales	5.6%
Dividendos totales pagados	$ 1.14 mil millones

Ventas de propiedades estratégicas y optimización de cartera

Disposiciones de propiedad en 2023: $ 576 millones Nuevas inversiones inmobiliarias: $ 2.1 mil millones

• Porcentaje de inquilinos de grado de inversión: 97%
• Diversificación geográfica a través de 49 estados y 2 provincias en Canadá

Realty Income Corporation (O) - Canvas Business Model: Value Propositions

You're looking at the core benefits Realty Income Corporation (O) delivers to its key partners-investors and corporate tenants. Honestly, their value proposition is built on consistency and scale, which is what you expect from a company with such a long track record.

For Investors: Dependable, Increasing Monthly Dividends

The primary draw for many is the income stream. Realty Income Corporation has achieved a significant milestone, announcing its 112th consecutive quarterly dividend increase in September 2025. This relentless consistency is a major differentiator in the REIT space. The annualized dividend amount as of September 30, 2025, stood at $3.234 per share, based on the new monthly dividend of $0.2695 per share declared that month. This commitment to growing that monthly payout is central to their investor value.

For Corporations: Full-Service Real Estate Capital for Asset-Light Strategies

For corporations looking to free up capital tied up in real estate, Realty Income Corporation offers a solution through large portfolio acquisitions or sale-leaseback transactions. They position themselves as a real estate partner that can provide long-term funding solutions at scale, which is exactly what a company pursuing an asset-light strategy needs. Their platform is designed to lean into this trend, offering a menu of capital options.

The strength of their platform, which allows them to execute these large deals, is supported by their scale and investment activity. For instance, in the third quarter of 2025, Realty Income Corporation invested $1.4 billion globally at a weighted average initial cash yield of 7.7%. This ability to deploy significant capital efficiently is the backbone of their corporate value proposition.

The stability of the underlying assets also reinforces this value proposition. Here are some key operational metrics that underpin the reliability of the cash flow you are buying into:

• Portfolio occupancy rate as of Q3 2025: 98.7%.
• Total properties owned or held interests in as of Q3 2025: 15,542.
• Diversification across industries: 92.
• Lease termination income recognized in Q3 2025: $27.3 million (or approximately $0.03 per share).

Stable Cash Flow from Long-Term Leases

The structure of their leases is designed for predictable income. Realty Income Corporation utilizes a triple-net lease structure, meaning the tenant handles property taxes, insurance, and maintenance, which slashes the company's exposure to rising operating expenses. This structural advantage supports the long-term nature of their contracts. As of September 30, 2025, the portfolio had a weighted average remaining lease term of approximately 8.9 years. This long duration provides a high degree of visibility into future rental revenue.

High Rent Recapture Rate

When leases do turn over, Realty Income Corporation demonstrates its asset management prowess. In Q3 2025, the company achieved a 103.5% rent recapture rate on re-leased properties. This means they increased the rent on those spaces compared to the prior lease. Specifically, the new annualized base rent on the 284 units re-leased was $70.65 million, up from the previous $68.29 million. That is a tangible demonstration of value creation through active management.

Let's put the core financial stability points into a quick comparison table for clarity:

Metric	Value (Late 2025 Data)	Source Context
Consecutive Quarterly Dividend Increases	112	Announced September 2025
Weighted Average Remaining Lease Term	8.9 years	As of September 30, 2025
Q3 2025 Rent Recapture Rate	103.5%	On 284 re-leased properties
Q3 2025 Net Cash Rents Recaptured	$71 million	From re-leased properties
Portfolio Occupancy (Q3 2025)	98.7%	Up 10 basis points sequentially

You see the story here: predictable income, strong lease duration, and the ability to grow rents upon renewal. Finance: draft 13-week cash view by Friday.

Realty Income Corporation (O) - Canvas Business Model: Customer Relationships

Realty Income Corporation (O) builds its customer relationships on the foundation of long-term, highly predictable contractual agreements with a diversified base of creditworthy operators.

Long-term, contractual relationships with tenants via NNN leases.

The core of the relationship is the triple-net lease (NNN), where the tenant is contractually responsible for nearly all property operating expenses, including taxes, insurance, and maintenance. As of second-quarter 2025, about 98% of Realty Income Corporation (O)'s assets were structured as single-tenant, triple-net-lease properties, which helps drive a near-100% gross margin across the portfolio. This structure creates highly predictable cash flows for Realty Income Corporation (O). The leases themselves are designed for longevity, with leases averaging 15-20 years and often including annual rent escalators ranging from 1.9% to 3.9%. For instance, a major preferred equity investment announced in December 2025 involved a property subject to an existing triple net lease with approximately 26 years of remaining initial term, plus three 10-year extension options. Portfolio occupancy remained exceptionally high, standing at 98.7% as of the third quarter of 2025.

The scale and diversification of the tenant base further solidify these relationships. As of the third quarter of 2025, Realty Income Corporation (O) owned a portfolio of over 15,500 properties across the U.S., the U.K., and seven other countries in Europe. This portfolio is leased to 1,630 clients across 91 industries.

Metric	Value (As of Late 2025 Data)	Context
Total Properties Owned	Over 15,500	Across U.S., U.K., and Europe.
Total Clients	1,630	As of Q3 2025.
Industry Diversification	91 Industries	As of Q2 2025.
NNN Lease Percentage	Approximately 90% to 98%	Net leases covering operating expenses.
Portfolio Occupancy (Q3 2025)	98.7%	Reflects stable tenant demand.
Weighted Average Remaining Lease Term	Nine years	As of Q2 2025.

Investor relations focused on transparency and dividend consistency.

Realty Income Corporation (O) cultivates investor trust through a commitment to monthly payouts and a long history of increases. The company has declared 664 consecutive monthly dividends as of September 30, 2025, and is a member of the S&P 500 Dividend Aristocrats, having increased its dividend for over 30 consecutive years. The company has paid out over $14.1 billion in dividends since its 1994 listing. For the dividend declared in April 2025, the monthly amount was $0.2685 per share, equating to an annualized amount of $3.222 per share. By December 2025, the monthly dividend per share was reported at $0.27. Investors must note that the reported payout ratio was as high as 298.20% at one point, though management relies on consistent acquisition growth to support the payout. The full-year 2025 Adjusted Funds From Operations (AFFO) per share guidance was tightened to a range of $4.25-$4.27.

Strategic, repeat partnerships with large institutional real estate firms.

Realty Income Corporation (O) engages in significant, repeat transactions with major institutional players. A prime example is the definitive agreement announced in December 2025 for an $800 million perpetual preferred equity investment in the CityCenter real estate from funds affiliated with Blackstone Real Estate. This marked the second investment with Blackstone Real Estate, following a successful joint venture at Bellagio Las Vegas in 2023. The initial unlevered rate of return expected on this preferred equity investment is 7.4%, with annual escalators beginning on the fifth anniversary.

Dedicated asset management for proactive tenant engagement.

Asset management actively works to ensure lease economics remain favorable, which is evident in leasing activity metrics. During the third quarter of 2025, Realty Income Corporation (O) achieved a rent recapture rate of 103.5% on re-leased properties. Specifically, for the 284 re-leases in that quarter, the new annualized base rent was $70.65 million, up from the previous annual rent of $68.29 million on those same units. The company also proactively monetized lease termination income of $27.3 million in Q3 2025, which management suggested might trend closer to ~$20 million annually going forward. This proactive management supports significant investment deployment; the company invested $1.4 billion in Q3 2025 at an initial weighted average cash yield of 7.7%, leading to an increased full-year 2025 investment volume outlook to over $6.0 billion.

• Rent recapture rate on re-leased properties (Q3 2025): 103.5%.
• Lease termination income monetized (Q3 2025): $27.3 million.
• Investment deployment in Q3 2025: $1.4 billion.
• Initial weighted average cash yield on Q3 2025 investments: 7.7%.
• Raised 2025 investment volume guidance to over $6.0 billion.

Realty Income Corporation (O) - Canvas Business Model: Channels

You're looking at how Realty Income Corporation (Realty Income) gets its properties and capital to the table, which is key to understanding its distribution model. It's not just one path; it's a multi-pronged approach using public markets, private relationships, and direct corporate engagement.

Direct investment team for sourcing sale-leaseback opportunities

Realty Income Corporation relies on its internal team to find and secure deals, particularly sale-leaseback opportunities where they act as a source of capital for commercial clients. This relationship-driven approach is highly effective.

• Over 94 % of Investment Volume since 2010 is relationship-driven.
• Year-to-date (through Q3 2025) sourcing volume reached $97 billion.
• The company increased its 2025 investment volume guidance to over $6.0 billion as of December 1, 2025.
• For the three months ended September 30, 2025, Realty Income Corporation invested $1.4 billion globally at an initial weighted average cash yield of 7.7%.
• The total property level investment volume since 2010 stands at $53.4 billion.

Public equity markets (NYSE: O) for common stock investors

The New York Stock Exchange (NYSE: O) is a primary channel for raising equity capital to fund acquisitions without excessive reliance on debt. Realty Income Corporation uses its At-The-Market (ATM) program to issue shares strategically.

The commitment to shareholders is evident in the dividend history, which is a major draw for this channel.

• The June 2025 dividend marked the 131st consecutive quarterly increase, with the payout set at $0.2690 per share.
• For the three months ended March 31, 2025, Realty Income Corporation raised $635.1 million from the sale of common stock at a weighted average price of $56.26 per share.
• For the three months ended June 30, 2025, $632 million of equity was raised through the ATM program at a weighted average stock price of $56.39 per share.
• As of December 1, 2025, Realty Income Corporation had approximately $1.3 billion of unsettled forward equity.

Debt capital markets for senior unsecured note offerings

Realty Income Corporation actively taps the debt capital markets to secure long-term, fixed-rate financing, which helps extend debt maturities and fund growth. This is a crucial, non-dilutive source of capital.

Offering Date/Period	Amount	Coupon/Yield	Maturity
Mid-2025 (Euro Notes)	€1.3 billion total (split €650M each)	3.375% (2031 tranche) and 3.875% (2035 tranche)	2031 and 2035
April 2025	$600.0 million	5.125% (Effective yield to maturity of 5.337%)	2035
October 2025	$800.0 million total (split $400M each)	3.950% (2029 tranche) and 4.500% (2033 tranche)	2029 and 2033

Direct engagement with corporate real estate decision-makers

This channel is the operational core, where Realty Income Corporation directly acquires and manages the underlying real estate assets through long-term net lease agreements with tenants. The engagement is focused on high-quality, operationally essential businesses.

• The portfolio, as of Q3 2025, comprised over 15,500 properties.
• These properties are leased to over 1,600 different clients across 91 industries.
• Realty Income Corporation has expanded its physical footprint to nine countries.
• The company is also developing an additive channel by launching its inaugural U.S. private fund business, aiming to tap into the estimated $18.8 trillion U.S. private real estate market.

Finance: finalize the Q4 2025 debt maturity schedule by end of next week.

Realty Income Corporation (O) - Canvas Business Model: Customer Segments

You're looking at the core groups Realty Income Corporation (O) serves to generate its dependable monthly income stream. This isn't just about collecting rent; it's about being a strategic capital partner for large, established businesses and a reliable yield vehicle for investors.

Corporate tenants seeking capital via sale-leaseback transactions.

This segment is crucial because it fuels Realty Income Corporation's growth engine. They act as a source of capital by acquiring real estate and leasing it back to the operator under long-term, net lease agreements. This relationship-driven approach is highly effective; as of late 2025, over 94% of their investment volume is relationship-driven. They are actively looking to deploy capital, with their 2025 investment volume guidance updated to approximately $5.5 billion. For instance, in Q3 2025 alone, they invested $1.4 billion. The goal here is to provide liquidity to industry-leading domestic and international commercial clients who want to monetize their real estate assets to fund strategic business objectives.

Income-oriented retail and institutional investors (public and private).

For investors, Realty Income Corporation is a cornerstone because of its long history of consistent payouts. They are a member of the S&P 500 Dividend Aristocrats® index, having increased their dividend for over 30 consecutive years. As of late 2025, the stock offered a yield close to 5.7%, which is definitely attractive for those prioritizing monthly income. Furthermore, Realty Income Corporation is expanding its reach into the institutional space by launching its inaugural U.S. private fund business, aiming to tap into the massive $18.8 trillion U.S. private real estate market. This dual appeal-monthly dividends for retail and new fund structures for institutions-broadens their capital base.

Large, multi-national companies across 91 industries.

Realty Income Corporation's portfolio is incredibly broad, which insulates it from single-sector risk. As of the third quarter of 2025, their portfolio comprised over 15,500 properties spanning 92 industries. While the outline mentions 91 industries, the latest data shows 92, reflecting their active diversification. They serve 1,647 clients globally. This scale, with an enterprise value around $85 billion as of Q3 2025, makes them a credible partner for large, multi-national entities needing real estate solutions across their footprint. They have properties in all 50 U.S. states and seven other countries in Europe, including the U.K.

Here's a quick look at the scale of the tenant base as of September 30, 2025:

Metric	Value
Total Properties	Over 15,500
Total Clients	1,647
Industries Represented	92
Leasable Square Feet	92 million
Portfolio Occupancy (Q2 2025)	98.7%

Investment-grade and non-investment-grade tenants (e.g., retail, industrial, gaming).

Realty Income Corporation segments its tenant quality carefully. They target retail clients whose businesses are service, non-discretionary, and/or low price point oriented-think grocery and convenience stores. For their non-retail focus, they target industrial and distribution properties leased to Fortune 1000, investment-grade rated companies. As of Q3 2025, approximately 32% of their Annualized Base Rent came from investment-grade clients (rated Baa3/BBB- or higher by one of the three major rating agencies). To be fair, they also have exposure to non-investment-grade tenants, but they manage this risk actively; their credit watch list stood at 4.6% of annualized base rent at the end of Q3 2025. They also actively add property types like gaming and are exploring experiential real estate.

You should check the latest credit ratings for their senior unsecured notes, which stood at A3 from Moody's and A- from S&P as of June 30, 2025. This strong rating helps keep their cost of capital low, which benefits all their tenants.

The key action here is monitoring the 4.6% credit watch list against the 32% investment-grade exposure. Finance: draft the Q4 2025 tenant credit exposure report by next Wednesday.

Realty Income Corporation (O) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive the operational spend for Realty Income Corporation as of late 2025. This is where the cash goes to keep the monthly dividend flowing and the portfolio growing.

Interest Expense on Debt is a major component, especially following recent capital market activity. Realty Income Corporation closed an $800 million dual-tranche unsecured offering in October 2025. This involved:

• $400 million of 3.950% senior unsecured notes due February 2029.
• $400 million of 4.500% senior unsecured notes due February 2033.

The combined debt issuance carried a weighted average yield to maturity of 4.414%. This capital was partly used to repay approximately $550.0 million of 4.625% notes that matured on November 1, 2025. As of the third quarter of 2025, the company finished with net debt to annualized pro forma EBITDAre at 5.4x.

Dividend Payments represent the core commitment to shareholders. As of September 30, 2025, the annualized dividend amount was $3.234 per share. This followed the 112th consecutive quarterly dividend increase announced in September 2025. For context on the payout relative to cash flow:

Metric	Value (3 Months Ended Sept 30, 2025)
Monthly Dividends Paid Per Share	$0.807
AFFO Per Share (Diluted)	$1.08
Dividend as Percentage of AFFO Per Share	Approximately 74.7%

General and Administrative (G&A) Expenses are managed tightly relative to revenue. For the third quarter of 2025, Realty Income Corporation expected Cash G&A expenses as a percentage of total revenue to be in the range of 3.1% - 3.3%. Looking at the full 2025 fiscal year guidance, G&A expenses inclusive of stock-based compensation expense, as a percentage of rental revenue (excluding reimbursements), were expected to be approximately 3.5% - 3.8%.

Acquisition and Transaction Costs scale with investment activity, which is a key driver of the business. Realty Income Corporation increased its 2025 investment volume guidance to approximately $5.5 billion following the third quarter results. For the nine months ended September 30, 2025, total investment volume was north of $3.9 billion, with the third quarter alone seeing $1.4 billion invested globally. While specific transaction costs are netted out of Adjusted Funds From Operations (AFFO), the scale of deployment dictates the magnitude of these associated costs.

Property Impairment and Merger Costs are non-recurring items that impact reported net income. For the three months ended March 31, 2025 (Q1 2025), the company reported provisions for impairment of $143.4 million. Merger, transaction, and other costs, net, are specifically excluded when calculating AFFO per share to show recurring operational performance. For instance, in Q1 2025, the 'Other adjustments per share' guidance figure was $0.12, which captures these types of non-recurring items.

Finance: draft 13-week cash view by Friday.

Realty Income Corporation (O) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers that drive Realty Income Corporation's income engine as of late 2025. The core of the business is rental income from triple net leases, which provides the bedrock stability you expect from a monthly dividend payer.

For the third quarter ended September 30, 2025, Realty Income Corporation reported total revenue of $1.47 billion, or $1,470.6 million. This represented a year-over-year increase of 10.5%.

The revenue breakdown shows the steady nature of the core business, supplemented by transactional income:

Revenue Component	Q3 2025 Amount	Context/Detail
Total Revenue	$1.47 billion	For the three months ended September 30, 2025.
Same Store Rental Revenues	$1.16 billion	From 14,482 properties under lease for Q3 2025.
Lease Termination Income	$27.3 million	Reported for Q3 2025.
Q3 2025 Investments Deployed	$1.4 billion	At a 7.7% weighted average initial cash yield.

The company also monetizes portfolio optimization through lease termination income, which was $27.3 million in Q3 2025. Management suggested this might normalize closer to ~$20 million annually going forward, but it certainly provided a boost in the quarter.

Organic growth is baked into the agreements themselves, which is key for predictable revenue scaling. You see this in the contractual rent escalators built into long-term leases. This is further supported by strong leasing performance, evidenced by the rent recapture rate across 284 re-leases in Q3 2025, which hit 103.5%.

Realty Income Corporation is also generating yield from investments outside of direct property ownership, specifically through preferred equity. This is a clear diversification of the revenue stream, moving up the capital stack.

• Yield from preferred equity investments includes the recent $800 million perpetual preferred equity investment in CityCenter.
• This specific investment is expected to carry an initial unlevered rate of return of 7.4%.
• The CityCenter assets are subject to an existing triple net lease with annual rent escalators.
• The 2025 investment volume guidance was increased to over $6.0 billion following this deal.

The core revenue stream is rental income, but the ability to generate significant, high-yield, non-core income streams like the CityCenter preferred equity deal shows the platform's flexibility. Finance: draft 13-week cash view by Friday.