Realty Income Corporation (O) 10-Year Financial Performance & Capital Metrics

O • • REIT / Real Estate

Real EstateRetail REITsSingle-Tenant Net Lease RetailSingle-Tenant Net Lease Leaders

AboutRealty Income, The Monthly Dividend Company, is an S&P 500 company dedicated to providing stockholders with dependable monthly income. The company is structured as a REIT, and its monthly dividends are supported by the cash flow from over 6,500 real estate properties owned under long-term lease agreements with our commercial clients. To date, the company has declared 608 consecutive common stock monthly dividends throughout its 52-year operating history and increased the dividend 109 times since Realty Income's public listing in 1994 (NYSE: O). The company is a member of the S&P 500 Dividend Aristocrats index. Additional information about the company can be obtained from the corporate website at www.realtyincome.com.Show more

Revenue $5.27B +29.2%
FFO $3.26B +17.7%
FFO/Share 3.71 -7.0%
FFO Payout 82.66% +8.3%
FFO per Share 3.71 -7.0%
NOI Margin 92.84% +0.7%
FFO Margin 61.78% -8.9%
ROE 2.39% -15.3%
ROA 1.36% -16.3%
Debt/Assets 38.87% +2.1%
Net Debt/EBITDA 5.58 -7.2%
Book Value/Share 44.54 -6.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Dividend Aristocrat: 27 years of consecutive increases
✓FFO growing 10.0% TTM
✓High NOI margin of 92.8%
✓Healthy dividend yield of 5.1%
✓Trading near 52-week high
✓Trading at only 1.4x book value

✗Weaknesses

✗Weak 3Y average ROE of 2.8%
✗Dividend payout exceeds 100% of earnings
✗Shares diluted 26.5% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y18.9%

5Y28.78%

3Y36.33%

TTM11.88%

Profit (Net Income) CAGR

10Y12.27%

5Y14.55%

3Y33.79%

TTM9.39%

EPS CAGR

10Y-0.59%

5Y-6.62%

3Y4.05%

TTM2.86%

ROCE

10Y Avg4.05%

5Y Avg3.49%

3Y Avg3.39%

Latest3.79%

Peer Comparison

Single-Tenant Net Lease Leaders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ORealty Income Corporation	55.75B	60.72	61.96	29.23%	17.18%	2.45%	6.41%	0.69
ADCAgree Realty Corporation	8.28B	72.01	40.46	14.81%	27.57%	3.23%	5.22%	0.51
NNNNNN REIT, Inc.	8.02B	42.21	19.63	4.97%	43.22%	8.86%	7.93%	1.00

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	1.02B	1.1B	1.22B	1.33B	1.49B	1.65B	2.08B	3.34B	4.08B	5.27B
Revenue Growth %	0.1%	0.08%	0.1%	0.09%	0.12%	0.11%	0.26%	0.61%	0.22%	0.29%
Property Operating Expenses	55.35M	62.87M	69.48M	66.33M	88.58M	104.6M	133.6M	226.33M	316.96M	377.68M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	458.51M	501.91M	557.23M	623.93M	660.44M	750.25M	994.82M	1.81B	2.04B	2.57B
G&A Expenses	49.3M	51.97M	58.45M	84.15M	66.48M	73.22M	96.98M	138.46M	144.54M	176.9M
EBITDA+	918.63M	1.32B	1.46B	1.59B	1.78B	1.47B	1.85B	2.98B	3.62B	4.72B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	409.21M	784.4M	873.87M	955.15M	1.04B	677.04M	897.84M	1.67B	1.9B	2.4B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	509.42M	538.4M	589.05M	637.58M	739.13M	792.23M	952.04M	1.31B	1.72B	2.32B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	0	0	0	0	0	0	0	0	0	998.1M
Interest Coverage	-	-	-	-	-	-	-	-	-	2.33x
Non-Operating Income	2.96M	7.22M	0	10.38M	18.14M	87.32M	0	0	14.34M	388.88M
Pretax Income+	288.02M	319.74M	325.36M	369.94M	443.64M	411.2M	392.4M	917.6M	928.93M	933.94M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	3.17M	3.26M	6.04M	5.34M	6.16M	14.69M	31.66M	45.18M	52.02M	66.6M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	283.77M	315.57M	318.8M	363.61M	436.48M	395.49M	359.46M	869.41M	872.31M	860.77M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.05%	0.11%	0.01%	0.14%	0.2%	-0.09%	-0.09%	1.42%	0%	-0.01%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.07%	0.59%	0.08%	0.11%	0.12%	-0.27%	0.17%	1.02%	0.09%	0.18%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.09	1.13	1.10	1.25	1.38	1.14	0.87	1.42	1.26	0.98
EPS Growth %	0.05%	0.04%	-0.03%	0.14%	0.1%	-0.17%	-0.24%	0.63%	-0.11%	-0.22%
EPS (Basic)	1.09	1.13	1.10	1.26	1.38	1.15	0.87	1.42	1.26	0.98
Diluted Shares Outstanding	236.21M	255.62M	273.94M	289.92M	316.16M	345.42M	414.77M	612.18M	693.02M	876.81M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	11.87B	13.15B	14.06B	15.26B	18.55B	20.74B	43.14B	49.67B	57.78B	68.84B
Asset Growth %	0.08%	0.11%	0.07%	0.09%	0.22%	0.12%	1.08%	0.15%	0.16%	0.19%
Real Estate & Other Assets+	10.63B	11.89B	12.68B	13.86B	16.43B	17.49B	32.03B	37.92B	43.65B	51.05B
PP&E (Net)	10.61B	11.88B	12.68B	13.83B	16.56B	230.63M	849.85M	1.07B	1.3B	1.27B
Investment Securities	0	0	0	0	0	0	1000K	1000K	1000K	1000K
Total Current Assets+	168.08M	164.62M	163.32M	184.89M	455.5M	1.29B	1.16B	1.77B	2.9B	4.02B
Cash & Equivalents	40.29M	9.42M	6.9M	10.39M	54.01M	824.48M	258.58M	171.1M	232.92M	444.96M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	13.95M	30.82M	14.85M	17.91M	116.11M	41.22M	127.57M	43.29M	6.45M	131.53M
Intangible Assets	1.03B	1.08B	1.19B	1.2B	1.49B	1.71B	5.28B	5.17B	5.02B	6.32B
Total Liabilities	5.31B	6.37B	6.67B	7.14B	8.75B	9.72B	18.01B	20.83B	24.67B	29.78B
Total Debt+	4.83B	5.84B	6.12B	6.51B	8.03B	8.94B	15.95B	18.6B	21.99B	26.76B
Net Debt	4.79B	5.84B	6.11B	6.5B	7.98B	8.11B	15.69B	18.43B	21.76B	26.31B
Long-Term Debt	4.58B	4.72B	6B	6.25B	7.2B	8.82B	13.89B	15.38B	20.76B	25.1B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K
Capital Lease Obligations	250.92M	264.21M	268.8M	310.87M	333.1M	321.2M	1.31B	1.38B	469.56M	530.15M
Total Current Liabilities+	447.01M	1.37B	385.61M	561.93M	1.06B	383.9M	2.22B	3.5B	1.89B	2.4B
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Deferred Revenue	42.84M	74.1M	105.28M	115.38M	127.69M	130.23M	242.12M	269.64M	312.19M	352.33M
Other Liabilities	214.49M	196.61M	169.77M	208.58M	238.08M	400.37M	1.39B	1.46B	1.56B	1.76B
Total Equity+	6.55B	6.79B	7.39B	8.12B	9.8B	11.02B	25.13B	28.84B	33.11B	39.05B
Equity Growth %	0.16%	0.04%	0.09%	0.1%	0.21%	0.12%	1.28%	0.15%	0.15%	0.18%
Shareholders Equity	6.53B	6.77B	7.37B	8.09B	9.77B	10.99B	25.05B	28.71B	32.94B	38.84B
Minority Interest	21.74M	20.25M	19.21M	32.24M	29.7M	32.25M	76.83M	130.14M	165.5M	210.95M
Common Stock	7.67B	8.23B	9.62B	10.75B	12.87B	14.7B	29.58B	34.16B	39.63B	47.45B
Additional Paid-in Capital	-1.53B	-1.86B	-2.25B	-2.66B	-3.08B	0	0	0	0	0
Retained Earnings	-1.53B	-1.86B	-2.25B	-2.66B	-3.08B	-3.66B	-4.53B	-5.49B	-6.76B	-8.65B
Preferred Stock	395.38M	395.38M	0	0	0	0	0	0	0	0
Return on Assets (ROA)	0.02%	0.03%	0.02%	0.02%	0.03%	0.02%	0.01%	0.02%	0.02%	0.01%
Return on Equity (ROE)	0.05%	0.05%	0.04%	0.05%	0.05%	0.04%	0.02%	0.03%	0.03%	0.02%
Debt / Assets	0.41%	0.44%	0.44%	0.43%	0.43%	0.43%	0.37%	0.37%	0.38%	0.39%
Debt / Equity	0.74x	0.86x	0.83x	0.80x	0.82x	0.81x	0.63x	0.64x	0.66x	0.69x
Net Debt / EBITDA	5.21x	4.41x	4.18x	4.08x	4.49x	5.52x	8.48x	6.19x	6.01x	5.58x
Book Value per Share	27.74	26.55	26.98	28.01	31.01	31.90	60.59	47.12	47.77	44.54

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	692.3M	804.04M	875.85M	940.74M	1.07B	1.12B	1.32B	2.56B	2.96B	3.57B
Operating CF Growth %	0.1%	0.16%	0.09%	0.07%	0.14%	0.04%	0.19%	0.94%	0.15%	0.21%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	284.86M	316.48M	319.32M	364.6M	437.48M	396.51M	360.75M	872.42M	872.31M	867.34M
Depreciation & Amortization	409.21M	449.94M	498.79M	539.78M	593.96M	677.04M	897.84M	1.67B	1.9B	2.4B
Stock-Based Compensation	10.39M	12.01M	13.95M	27.27M	13.66M	16.5M	41.77M	21.62M	26.23M	57.49M
Other Non-Cash Items	-7.04M	-4.66M	4.76M	-1.59M	-1.95M	4.43M	-24.89M	34.25M	-13.56M	218.56M
Working Capital Changes	3.53M	33.24M	26M	11.79M	15.1M	-59.52M	-35.07M	-34.81M	174.01M	30.69M
Cash from Investing+	-1.18B	-1.7B	-1.25B	-1.64B	-3.5B	-2.03B	-6.44B	-8.39B	-9.35B	-3.34B
Acquisitions (Net)	0	0	0	-200K	3.5B	2.03B	38.34M	0	-1.18B	23.3M
Purchase of Investments	-1.28B	-1.81B	-1.42B	-1.77B	-3.59B	-2.28B	-6.34B	-8.89B	0	0
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0
Other Investing	11.54M	13.43M	-836K	7.85M	-3.5B	-2.03B	-404.38M	-46.44M	-8.18B	-3.37B
Cash from Financing+	523.19M	866.19M	375.12M	707.87M	2.49B	1.69B	4.58B	5.74B	6.44B	-21.16M
Dividends Paid	-560.32M	-637.6M	-695.46M	-761.58M	-852.13M	-964.17M	-1.17B	-1.81B	-2.11B	-2.7B
Common Dividends	-533.24M	-610.52M	-689.29M	-761.58M	-852.13M	-964.17M	-1.17B	-1.81B	-2.11B	-2.69B
Debt Issuance (Net)	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Share Repurchases	-6.75M	-9.03M	-408.75M	-2.75M	-21.12M	0	0	0	0	0
Other Financing	390.31M	152M	-75.55M	1.08B	1.26B	1.05B	462.74M	48.54M	-77.27M	-67.8M
Net Change in Cash+	36.44M	-30.87M	-3.54M	8.93M	49.93M	779.67M	-518.31M	-105.49M	65.29M	203.33M
Exchange Rate Effect	0	0	0	0	-1000K	1000K	1000K	-1000K	1000K	-1000K
Cash at Beginning	3.85M	40.29M	15.68M	12.14M	21.07M	71M	850.68M	332.37M	226.88M	292.18M
Cash at End	40.29M	9.42M	12.14M	21.07M	71M	850.68M	332.37M	226.88M	292.18M	495.51M
Free Cash Flow+	680.76M	790.62M	860.6M	915.39M	1.05B	1.11B	1.3B	2.56B	2.96B	3.57B
FCF Growth %	0.08%	0.16%	0.09%	0.06%	0.14%	0.06%	0.18%	0.97%	0.15%	0.21%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	2.93	4.3	4.35	4.55	4.66	3.11	3.03	4.15	3.99	3.71
FFO Payout Ratio	76.95%	55.5%	57.79%	57.75%	57.85%	89.9%	92.98%	71.4%	76.31%	82.66%
NOI Margin	94.59%	94.3%	94.29%	95%	94.05%	93.65%	93.58%	93.23%	92.23%	92.84%
Net Debt / EBITDA	5.21x	4.41x	4.18x	4.08x	4.49x	5.52x	8.48x	6.19x	6.01x	5.58x
Debt / Assets	40.67%	44.44%	43.51%	42.63%	43.28%	43.1%	36.97%	37.45%	38.06%	38.87%
Interest Coverage	-	-	-	-	-	-	-	-	-	2.33x
Book Value / Share	27.74	26.55	26.98	28.01	31.01	31.9	60.59	47.12	47.77	44.54
Revenue Growth	9.62%	7.81%	10.21%	9.22%	12.07%	10.68%	26.31%	60.72%	21.99%	29.23%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Product And Service, Retail	-	-	-	-	-	-	-	-	3.19B	4.01B
Product And Service, Retail Growth	-	-	-	-	-	-	-	-	-	25.56%
Product And Service, Industrial	-	-	-	-	-	-	-	-	559.1M	795.1M
Product And Service, Industrial Growth	-	-	-	-	-	-	-	-	-	42.21%
UNITED STATES	-	-	1.22B	1.33B	1.47B	1.6B	1.95B	2.46B	-	-
UNITED STATES Growth	-	-	-	9.22%	10.99%	8.58%	21.58%	26.24%	-	-
Other	-	-	-	-	-	-	-	749M	-	-
Other Growth	-	-	-	-	-	-	-	-	-	-
UNITED KINGDOM	-	-	-	-	17.82M	51.46M	134.97M	273.5M	-	-
UNITED KINGDOM Growth	-	-	-	-	-	188.79%	162.29%	102.64%	-	-
All Others	203.6M	180.09M	-	-	-	-	-	-	-	-
All Others Growth	-	-11.54%	-	-	-	-	-	-	-	-
Drug Store	103.32M	117.76M	-	-	-	-	-	-	-	-
Drug Store Growth	-	13.97%	-	-	-	-	-	-	-	-
Convenience Store	90.09M	91.78M	-	-	-	-	-	-	-	-
Convenience Store Growth	-	1.88%	-	-	-	-	-	-	-	-
Dollar Stores	88.13M	90.75M	-	-	-	-	-	-	-	-
Dollar Stores Growth	-	2.97%	-	-	-	-	-	-	-	-
Health And Fitness1	-	85.9M	-	-	-	-	-	-	-	-
Health And Fitness1 Growth	-	-	-	-	-	-	-	-	-	-
Transportation Service	51.74M	57.69M	-	-	-	-	-	-	-	-
Transportation Service Growth	-	11.50%	-	-	-	-	-	-	-	-
Restaurants Quick Service	-	52.67M	-	-	-	-	-	-	-	-
Restaurants Quick Service Growth	-	-	-	-	-	-	-	-	-	-
Theater	49.46M	51.93M	-	-	-	-	-	-	-	-
Theater Growth	-	4.99%	-	-	-	-	-	-	-	-
Restaurants Casual Dining	79.05M	42.31M	-	-	-	-	-	-	-	-
Restaurants Casual Dining Growth	-	-46.48%	-	-	-	-	-	-	-	-
Wholesale Club	37.39M	37.53M	-	-	-	-	-	-	-	-
Wholesale Club Growth	-	0.37%	-	-	-	-	-	-	-	-
Grocery Stores	29.51M	32.81M	-	-	-	-	-	-	-	-
Grocery Stores Growth	-	11.21%	-	-	-	-	-	-	-	-
Automotive Tire Service	-	28.75M	-	-	-	-	-	-	-	-
Automotive Tire Service Growth	-	-	-	-	-	-	-	-	-	-
Beverage	25.45M	27.59M	-	-	-	-	-	-	-	-
Beverage Growth	-	8.39%	-	-	-	-	-	-	-	-
Home Improvement	23.11M	25.7M	-	-	-	-	-	-	-	-
Home Improvement Growth	-	11.18%	-	-	-	-	-	-	-	-
Motor Vehicle Dealerships	-	20.33M	-	-	-	-	-	-	-	-
Motor Vehicle Dealerships Growth	-	-	-	-	-	-	-	-	-	-
Automotive Services	-	20.21M	-	-	-	-	-	-	-	-
Automotive Services Growth	-	-	-	-	-	-	-	-	-	-
Apparel	-	19.98M	-	-	-	-	-	-	-	-
Apparel Growth	-	-	-	-	-	-	-	-	-	-
Child Care1	-	19.71M	-	-	-	-	-	-	-	-
Child Care1 Growth	-	-	-	-	-	-	-	-	-	-
General Merchandise	-	18.98M	-	-	-	-	-	-	-	-
General Merchandise Growth	-	-	-	-	-	-	-	-	-	-
Financial Services	17.04M	18.77M	-	-	-	-	-	-	-	-
Financial Services Growth	-	10.12%	-	-	-	-	-	-	-	-
Health Care	-	16.17M	-	-	-	-	-	-	-	-
Health Care Growth	-	-	-	-	-	-	-	-	-	-
Health and Fitness 1	91.94M	-	-	-	-	-	-	-	-	-
Health and Fitness 1 Growth	-	-	-	-	-	-	-	-	-	-
Child Care 1	19.95M	-	-	-	-	-	-	-	-	-
Child Care 1 Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	1.22B	1.33B	1.47B	1.6B	1.95B	2.46B	3.48B	4.35B
UNITED STATES Growth	-	-	-	9.22%	10.99%	8.58%	21.58%	26.24%	41.50%	25.27%
UNITED KINGDOM	-	-	-	-	17.82M	51.46M	134.97M	273.5M	417.7M	557.1M
UNITED KINGDOM Growth	-	-	-	-	-	188.79%	162.29%	102.64%	52.72%	33.37%
Other	-	-	-	-	-	-	-	749M	120.8M	227.4M
Other Growth	-	-	-	-	-	-	-	-	-83.87%	88.25%
Other Geographic Region	-	-	-	-	-	-	-	-	65.4M	133.2M
Other Geographic Region Growth	-	-	-	-	-	-	-	-	-	103.67%

Frequently Asked Questions

Valuation & Price

Realty Income Corporation (O) has a price-to-earnings (P/E) ratio of 62.0x. This suggests investors expect higher future growth.

Growth & Financials

Realty Income Corporation (O) reported $5.60B in revenue for fiscal year 2024. This represents a 1258% increase from $412.4M in 2011.

Realty Income Corporation (O) grew revenue by 29.2% over the past year. This is strong growth.

Yes, Realty Income Corporation (O) is profitable, generating $962.1M in net income for fiscal year 2024 (16.3% net margin).

Dividend & Returns

Yes, Realty Income Corporation (O) pays a dividend with a yield of 5.06%. This makes it attractive for income-focused investors.

Realty Income Corporation (O) has a return on equity (ROE) of 2.4%. This is below average, suggesting room for improvement.

Industry Metrics

Realty Income Corporation (O) generated Funds From Operations (FFO) of $3.46B in the trailing twelve months. FFO is the primary profitability metric for REITs.

Realty Income Corporation (O) offers a 5.06% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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