ADDED
As of February 20, 2026, there were 932,440,218 shares of common stock outstanding.
Founded in 1969, we serve our clients as a full-service real estate capital provider.
As of December 31, 2025, we have a portfolio of over 15,500 properties in all 50 states of the United States ("U.S."), the United Kingdom ("U.K."), and eight other countries in Europe.
Since our listing on the NYSE in 1994, we have had 133 dividend increases and are a member of the S P 500 Dividend Aristocrats index for having increased our dividend for over 31 consecutive years.
Our Primary Business Activities Our primary business is the acquisition, ownership, and active management of freestanding commercial properties leased under long term net lease agreements to a diversified base of operators, including a blend of investment grade, investment grade equivalent, and other creditworthy clients.
We focus on clients with strong business models, resilient cash flow characteristics, and locations that are strategically important to their operations and aligned with our long term investment objectives.
These activities are supported by data driven analytics that inform client selection, site quality, and portfolio construction.
Under a net lease structure, clients are typically responsible for most or all property-level operating expenses, including real estate taxes, insurance, and maintenance, while we are entitled to receive contractually defined rental payments, many of which include embedded contractual rent escalations.
This structure, together with our analytics supported underwriting, is designed to generate a stable and predictable revenue stream, provide built in growth over time, and reduce our exposure to variable operating costs, contributing to the durability and consistency of our cash flows across market cycles.
Our asset management approach includes ongoing monitoring of client performance, property level oversight, proactive leasing and disposition strategies, and maintaining strong client relationships.
REMOVED
As of February 20, 2025, there were 891,516,161 shares of common stock outstanding.
Founded in 1969, we invest in diversified commercial real estate and as of December 31, 2024, have a portfolio of over 15,600 properties in all 50 states of the United States ("U.S."), the United Kingdom ("U.K."), and six other countries in Europe.
Since our founding, we have declared 656 consecutive monthly dividends and are a member of the S P 500 Dividend Aristocrats index for having increased our dividend for the last 30 consecutive years.
Over the past 56 years, Realty Income has been acquiring and managing freestanding commercial properties that generate rental revenue under long-term net lease agreements with our commercial clients.
We are structured as a real estate investment trust ("REIT") requiring us annually to distribute at least 90% of our taxable income (excluding net capital gains) in the form of dividends to our stockholders.
On January 23, 2024, we closed on our merger with Spirit Realty Capital, Inc.
("Spirit", formerly NYSE: SRC), which is further described in note 2 , Merger with Spirit Realty Capital, Inc.
This transaction enhanced the diversification and depth our real estate portfolio and allowed us to strengthen our longstanding relationships with existing clients and curate new ones.
BUSINESS PHILOSOPHY AND STRATEGY We believe that actively managing a diversified portfolio of commercial properties under long-term, net lease agreements produces consistent and predictable income.
We believe that a portfolio of properties under long-term net lease agreements with our commercial clients generally produces a more predictable income stream than many other types of real estate portfolios, while continuing to offer the potential for growth in rental income.