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Realty Income buys and manages commercial properties that businesses lease for their operations. Rent supplies most of its revenue, with retail properties contributing the largest share and industrial properties a smaller share. Most of the business is in the United States, with additional properties in the United Kingdom and other European countries. Its properties are mostly leased to single tenants, and revenue is spread across many customers rather than dominated by one.
Tenants typically pay rent monthly and cover most or all property taxes, insurance and maintenance. This arrangement, called a net lease, leaves Realty Income with fewer property expenses to pay itself. Many leases include fixed or inflation-linked rent increases, though inflation adjustments generally have ceilings. Rental income depends on tenants’ ability to pay and on renewing leases or finding replacement tenants when leases end.
Buying additional properties depends on access to capital; Realty Income has historically raised it through share sales and borrowing. Maintaining real estate investment trust (REIT) tax status requires qualifying income and assets and distributing most taxable income to shareholders, which constrains its investments and activities.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
NNN REIT, Inc. faces the same tenant-credit and financing pressures as Realty Income: both buy freestanding, single-tenant properties and collect long-term rent while tenants pay property expenses. Watch NNN’s acquisition yields against financing costs and its contractual rent increases.
Agree Realty Corporation offers a close comparison for Realty Income’s retail rents: both buy freestanding stores and lease them to national retailers that pay rent, taxes, insurance and maintenance. Agree’s rent from investment-grade tenants helps gauge the credit quality available in this market.
W.P. Carey Inc. (REIT) shares Realty Income’s exposure to corporate tenants in the United States and Europe, collecting long-term rent on retail and industrial properties with tenant-paid expenses. Its European lease revenue offers a comparison as Realty Income expands in the U.K. and Europe.
Essential Properties Realty Trust, Inc. competes with Realty Income to fund commercial operators by owning their single-tenant premises and collecting long-term rent, with tenants paying property expenses. Its emphasis on middle-market service and experience businesses makes their rent-paying strength the key comparison, rather than nationally rated tenant credit.
NetSTREIT Corp. shares Realty Income’s reliance on retail tenants paying rent and property expenses, and both also earn interest by financing real estate. Watch the returns on NetSTREIT’s retailer-specific development deals, which it says yield more than property acquisitions.
Broadstone Net Lease, Inc. and Realty Income fund retail and industrial premises important to tenants’ operations, collecting long-term rent while tenants cover property expenses. Broadstone’s occupancy and rent payments at hard-to-relocate industrial sites help test the resilience of that approach.
Getty Realty Corp. offers a narrower view of Realty Income’s freestanding retail rental business, with both collecting long-term rent while operators pay property expenses. Getty’s rent from convenience stores, car washes and automotive service centers is the part to watch.
Global Net Lease, Inc. shares Realty Income’s exposure to corporate tenants paying rent on retail and industrial properties in the United States and Europe. For tenant-credit comparisons, separate Global Net Lease’s rent backed by actual investment-grade ratings from rent backed by its implied ratings.
Four Corners Property Trust, Inc. provides a restaurant-focused comparison for Realty Income’s retail rents: both lease commercial premises to operators that pay rent and property expenses. Watch Four Corners’ property rental revenue separately from the sales of restaurants it operates itself.
One Liberty Properties, Inc. overlaps with Realty Income in industrial real estate, with both buying commercial properties whose tenants generally pay property expenses and face contractual rent increases. One Liberty’s industrial rents are the relevant comparison, though some of its leases leave repair or operating costs with the landlord.
VICI Properties Inc. is a comparison for Realty Income’s gaming-property rents: both own properties leased long term to gaming operators that pay property expenses, though Realty Income is mainly a retail landlord. VICI’s gaming-tenant credit and annual rent increases matter more here than casino sales alone.
Gaming and Leisure Properties, Inc. competes with Realty Income to fund gaming premises and collect rent from operators that bear property expenses, although gaming is only a small part of Realty Income’s rent. Its ability to finance gaming-property deals at attractive returns helps gauge competition for this business.
Dollar General Corp. directly supports Realty Income’s rent: at December 31, 2025, its 1,797 leases supplied 3.2% of annualized base rent. Watch profitability and renewal decisions at its small stores selling everyday necessities and general merchandise, which underpin its ability to pay rent.
Life Time Group Holdings, Inc. is a direct source of Realty Income’s rent: at December 31, 2025, its 41 leases supplied 2.1% of annualized base rent. Its monthly club membership dues and in-center revenue are the cash-flow lines to watch for rent-paying strength.
Wynn Resorts Ltd contributes a concentrated rent stream to Realty Income: at December 31, 2025, one lease supplied 1.9% of annualized base rent. Watch cash flow from Wynn’s luxury resorts, where guests pay for gaming, rooms, dining and entertainment, as a measure of its ability to meet that rent obligation.
FedEx Corporation’s leased logistics locations directly support Realty Income’s rent: at December 31, 2025, its 81 leases supplied 1.8% of annualized base rent. Watch demand for the package and freight deliveries customers buy from FedEx, alongside its continued need for these locations.
Agree Realty Corporation earningsADC
Agree Realty's report will show how rent and occupancy are holding up among investment-grade retail tenants, a useful credit-quality comparison for Realty Income's much larger retail rent base.
Read Agree Realty's occupancy alongside its rent collections. If both hold up, investment-grade retailers are still supporting landlords' rental income, a constructive comparison for the roughly one-third of Realty Income's rent tied to investment-grade clients and their affiliates. If occupancy or collections weaken, watch for operating pressure among retailers to spread.
Essential Properties Realty Trust, Inc. earningsEPRT
Essential Properties' report will show whether middle-market service and experience businesses are keeping up with rent and occupancy, a read-through to a tenant group Realty Income also serves.
Read Essential Properties' rent collections together with occupancy. If both remain firm, middle-market service and experience businesses are maintaining leases, which supports Realty Income's properties leased to similar operators. If collections or occupancy weaken, the cash flow or renewal capacity of this tenant group deserves closer attention.
W.P. Carey Inc. (REIT) earningsWPC
W.P. Carey's report will show how its European leases are performing, a comparison for Realty Income as it expands its U.K. and European business.
Look at rent collections and occupancy for W.P. Carey's European properties, not just company-wide revenue. Stable figures would show that tenants in the region are meeting leases and that European properties can keep producing income. If either weakens, tenant health and the risk of re-leasing properties matter more when judging Realty Income's European expansion.
Broadstone Net Lease, Inc. earningsBNL
Broadstone Net Lease's report will show whether tenants are paying rent and staying at hard-to-relocate industrial sites, a test of lease resilience relevant to Realty Income's industrial properties.
Read occupancy at Broadstone's industrial properties alongside rent collections. If both remain firm, tenants are continuing to use the sites and meet their leases, a useful comparison for Realty Income's industrial rent. If occupancy or collections weaken, even difficult-to-relocate sites may not shield landlords from tenant distress.
FedEx Corporation earningsFDX
FedEx's report will show whether package and freight demand supports its cash flow and continued need for logistics sites covered by 81 Realty Income leases.
Read FedEx's package and freight activity alongside whether it continues to need its logistics sites. Firm demand and continued site use would support FedEx's capacity to meet the 81 leases; if business weakens and its need for locations contracts, the rent exposure becomes less certain for Realty Income.
Fed Interest Rate Decision
For Realty Income, the Fed’s policy rate—the rate that guides borrowing costs across the economy—can change what it pays on floating-rate or refinanced debt, though mostly fixed-rate borrowings and long maturities temper the near-term effect on interest expense.
Expected4.0%Last release4.0%
If it comes in above expectations
Higher rates could raise the interest Realty Income pays when floating-rate debt reprices or debt comes due for refinancing, leaving less cash for property investment and other needs.
If it comes in below expectations
Lower rates could reduce the interest Realty Income pays when floating-rate debt reprices or debt comes due for refinancing, leaving more cash for property investment and other needs.
Life Time Group Holdings, Inc. earningsLTH
Life Time's report will show whether membership dues and in-club spending support cash flow and rent payments at the 41 clubs leased from Realty Income.
Read Life Time's membership dues and in-club revenue alongside its operating results. Growing member revenue and steady operations would support the clubs' ability to meet their leases; if member revenue or operations weaken, the tenant risk behind Realty Income's 41 leases deserves more attention.
Realty Income Corporation earningsThis company
Realty Income earns rent and financing income, and this report will show whether rent from existing properties is keeping pace with borrowing costs and whether new investments add income.
Read same-store rental revenue alongside interest expense, then compare income from new investments with their financing cost. Growing same-store rent, manageable interest expense and investment returns above funding costs would show that both the existing portfolio and expansion support income. Flat or falling same-store rent alongside rising interest expense would show that property income is not keeping up with financing pressure.
NNN REIT, Inc. earningsNNN
NNN REIT's report will show whether property yields and contractual rent increases can outpace financing costs, a read on the growth economics shared by Realty Income and its closest peers.
Compare NNN's yields on new acquisitions with its borrowing costs, then look at income from contractual rent increases. Yields above funding costs, with rents rising as contracted, would show net-lease landlords can still retain income as they expand. A narrowing gap and limited rent growth would mean more expensive financing is squeezing returns on similar acquisitions by Realty Income.
Wynn Resorts Ltd earningsWYNN
Wynn Resorts' report will show whether cash from its luxury resorts can support rent on its single Realty Income lease, which represents 1.9% of Realty Income's annualized base rent.
Watch whether Wynn's hotel, dining, entertainment and gaming businesses generate steady operating cash flow. Strong cash flow would support its capacity to pay rent; if cash flow weakens, the effect of this single lease on Realty Income's rent base deserves closer attention.
Dollar General Corp. earningsDG
Dollar General's report will show whether small-store profitability and renewal decisions support rent on its 1,797 Realty Income leases.
Read Dollar General's store profitability alongside its renewal decisions. Steady profits and continued renewals would support an important source of Realty Income's rent; weaker store economics or fewer renewals would raise the risk around rent collection and renewal on those 1,797 leases.
