Realty Income (O)
Market Price (10/7/2026): $53.77 | Market Cap: $50.1 BilInvestor Relations Sector: Real Estate | Industry: Retail REITs
Realty Income (O)
Market Price (10/7/2026): $53.77Market Cap: $50.1 BilSector: Real EstateIndustry: Retail REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.4%, Dividend Yield is 5.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.7%, FCF Yield is 8.2% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 70%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 70%, CFO LTM is 4.2 Bil, FCF LTM is 4.2 Bil Low stock price volatilityVol 12M is 17% Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, Smart Buildings & Proptech, Sustainable & Green Buildings, Show more. | Weak multi-year price returns2Y Excs Rtn is -41%, 3Y Excs Rtn is -54% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 61% Key risksO key risks include [1] potentially diluted portfolio quality and elevated tenant credit risk from recent large acquisitions, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.4%, Dividend Yield is 5.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.7%, FCF Yield is 8.2% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 70%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 70%, CFO LTM is 4.2 Bil, FCF LTM is 4.2 Bil |
| Low stock price volatilityVol 12M is 17% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, Smart Buildings & Proptech, Sustainable & Green Buildings, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -41%, 3Y Excs Rtn is -54% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 61% |
| Key risksO key risks include [1] potentially diluted portfolio quality and elevated tenant credit risk from recent large acquisitions, Show more. |
Qualitative Assessment
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Realty Income (O) stock has lost about 10% since 6/30/2026 because of the following key factors:
1. Rising Interest Rates and Soaring Treasury Yields: The Federal Reserve's interest rate hike in September 2026, the first since 2023, pushed the federal-funds rate target to a range of 3.75%-4.00%. Concurrently, the yield on the 10-year US Treasury bond significantly increased, reaching as high as 5.29% in mid-September 2026, up from approximately 4.3% six months prior. These rising yields pressured Realty Income's stock by increasing borrowing costs for the company and making its dividend yield less comparatively attractive to fixed-income investments.
2. Broad REIT Sector Underperformance: The general real estate investment trust (REIT) sector experienced a significant downturn in fiscal Q3 2026 (ending September 30, 2026). Equity REITs, as tracked by the FTSE Nareit All Equity REIT index, saw a total return decline of 6.06% during this quarter, reversing gains from the prior quarter. This sector-wide weakness, largely driven by the rising interest rate environment, contributed to Realty Income's stock depreciation, as REITs are typically sensitive to interest rate fluctuations.
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Realty Income (O) stock has lost about 10% since 6/30/2026 because of the following key factors:
1. Rising Interest Rates and Soaring Treasury Yields: The Federal Reserve's interest rate hike in September 2026, the first since 2023, pushed the federal-funds rate target to a range of 3.75%-4.00%. Concurrently, the yield on the 10-year US Treasury bond significantly increased, reaching as high as 5.29% in mid-September 2026, up from approximately 4.3% six months prior. These rising yields pressured Realty Income's stock by increasing borrowing costs for the company and making its dividend yield less comparatively attractive to fixed-income investments.
2. Broad REIT Sector Underperformance: The general real estate investment trust (REIT) sector experienced a significant downturn in fiscal Q3 2026 (ending September 30, 2026). Equity REITs, as tracked by the FTSE Nareit All Equity REIT index, saw a total return decline of 6.06% during this quarter, reversing gains from the prior quarter. This sector-wide weakness, largely driven by the rising interest rate environment, contributed to Realty Income's stock depreciation, as REITs are typically sensitive to interest rate fluctuations.
3. Persistent Inflationary Pressures: Elevated energy prices, with WTI oil climbing above $107 a barrel in mid-September 2026, contributed to ongoing inflation. These inflationary concerns, coupled with supply shocks and agricultural inflation, influenced the Federal Reserve's decision to maintain a hawkish monetary policy, including the aforementioned interest rate hike. This macroeconomic backdrop negatively impacted investor sentiment for rate-sensitive sectors such as real estate.
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Stock Movement Drivers
Fundamental Drivers
The -11.3% change in O stock from 6/30/2026 to 10/6/2026 was primarily driven by a -21.5% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 61.13 | 54.25 | -11.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,881 | 5,970 | 1.5% |
| Net Income Margin (%) | 19.1% | 21.2% | 11.4% |
| P/E Multiple | 50.8 | 39.9 | -21.5% |
| Shares Outstanding (Mil) | 932 | 932 | 0.0% |
| Cumulative Contribution | -11.3% |
Market Drivers
6/30/2026 to 10/6/2026| Return | Correlation | |
|---|---|---|
| O | -11.3% | |
| Market (SPY) | 4.3% | -4.0% |
| Sector (XLRE) | -6.7% | 78.1% |
Fundamental Drivers
The -8.9% change in O stock from 3/31/2026 to 10/6/2026 was primarily driven by a -22.9% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 59.58 | 54.25 | -8.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,748 | 5,970 | 3.9% |
| Net Income Margin (%) | 18.4% | 21.2% | 15.3% |
| P/E Multiple | 51.8 | 39.9 | -22.9% |
| Shares Outstanding (Mil) | 920 | 932 | -1.3% |
| Cumulative Contribution | -8.9% |
Market Drivers
3/31/2026 to 10/6/2026| Return | Correlation | |
|---|---|---|
| O | -8.9% | |
| Market (SPY) | 20.1% | -5.1% |
| Sector (XLRE) | 1.5% | 78.0% |
Fundamental Drivers
The -5.4% change in O stock from 9/30/2025 to 10/6/2026 was primarily driven by a -29.4% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 57.36 | 54.25 | -5.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,428 | 5,970 | 10.0% |
| Net Income Margin (%) | 16.9% | 21.2% | 25.8% |
| P/E Multiple | 56.6 | 39.9 | -29.4% |
| Shares Outstanding (Mil) | 903 | 932 | -3.1% |
| Cumulative Contribution | -5.4% |
Market Drivers
9/30/2025 to 10/6/2026| Return | Correlation | |
|---|---|---|
| O | -5.4% | |
| Market (SPY) | 17.9% | -0.5% |
| Sector (XLRE) | 0.2% | 70.2% |
Fundamental Drivers
The 28.3% change in O stock from 9/30/2023 to 10/6/2026 was primarily driven by a 61.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302023 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 42.28 | 54.25 | 28.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,690 | 5,970 | 61.8% |
| Net Income Margin (%) | 23.5% | 21.2% | -9.7% |
| P/E Multiple | 32.9 | 39.9 | 21.4% |
| Shares Outstanding (Mil) | 674 | 932 | -27.7% |
| Cumulative Contribution | 28.3% |
Market Drivers
9/30/2023 to 10/6/2026| Return | Correlation | |
|---|---|---|
| O | 28.3% | |
| Market (SPY) | 88.5% | 14.9% |
| Sector (XLRE) | 32.6% | 71.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| O Return | 24% | -7% | -5% | -2% | 12% | -1% | 19% |
| Peers Return | 35% | -1% | 3% | 6% | 10% | 0% | 61% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 107% |
Monthly Win Rates [3] | |||||||
| O Win Rate | 58% | 58% | 42% | 42% | 58% | 50% | |
| Peers Win Rate | 67% | 47% | 45% | 63% | 57% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| O Max Drawdown | -11% | -25% | -30% | -19% | -10% | -18% | |
| Peers Max Drawdown | -13% | -25% | -26% | -15% | -15% | -18% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NNN, ADC, WPC, SPG, VICI. See O Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/6/2026 (YTD)
How Low Can It Go
| Event | O | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.7% | -9.5% |
| % Gain to Breakeven | 34.6% | 10.5% |
| Time to Breakeven | 277 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.9% | -6.7% |
| % Gain to Breakeven | 13.5% | 7.1% |
| Time to Breakeven | 460 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -19.4% | -24.5% |
| % Gain to Breakeven | 24.1% | 32.4% |
| Time to Breakeven | 105 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.5% | -33.7% |
| % Gain to Breakeven | 86.9% | 50.9% |
| Time to Breakeven | 587 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -21.5% | -3.7% |
| % Gain to Breakeven | 27.4% | 3.9% |
| Time to Breakeven | 707 days | 6 days |
| 2013 Taper Tantrum | ||
| % Loss | -25.3% | -0.2% |
| % Gain to Breakeven | 33.9% | 0.2% |
| Time to Breakeven | 333 days | 1 days |
In The Past
Realty Income's stock fell -5.2% during the 2025 US Tariff Shock. Such a loss loss requires a 5.5% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | O | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.7% | -9.5% |
| % Gain to Breakeven | 34.6% | 10.5% |
| Time to Breakeven | 277 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.5% | -33.7% |
| % Gain to Breakeven | 86.9% | 50.9% |
| Time to Breakeven | 587 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -21.5% | -3.7% |
| % Gain to Breakeven | 27.4% | 3.9% |
| Time to Breakeven | 707 days | 6 days |
| 2013 Taper Tantrum | ||
| % Loss | -25.3% | -0.2% |
| % Gain to Breakeven | 33.9% | 0.2% |
| Time to Breakeven | 333 days | 1 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -43.2% | -53.4% |
| % Gain to Breakeven | 76.0% | 114.4% |
| Time to Breakeven | 154 days | 1085 days |
In The Past
Realty Income's stock fell -5.2% during the 2025 US Tariff Shock. Such a loss loss requires a 5.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Realty Income (O)
Realty Income (O) is a Real Estate Investment Trust (REIT) often referred to as "The Monthly Dividend Company." Its business model centers on acquiring and owning a large portfolio of commercial real estate properties, currently exceeding 6,500 locations. The company then leases these properties to various commercial clients through long-term agreements, generating a consistent and predictable cash flow from rent payments.
The primary service Realty Income provides is offering a dependable monthly income stream to its stockholders, supported by the stable cash flow from its extensive property portfolio. With an impressive history of 608 consecutive monthly dividends declared and 109 dividend increases since its public listing, the company aims to be a reliable income generator for investors. Its main customers are the diverse commercial businesses that lease its properties for their operations, making the company a landlord to a broad range of commercial enterprises.
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Realty Income is like a utility company for commercial buildings, providing essential space and dependable monthly dividends.
Imagine McDonald's, but instead of selling burgers, they just own and lease out thousands of retail and commercial properties to other businesses.
They're like the Verizon or AT&T of commercial real estate, owning a vast 'network' of properties and collecting consistent lease payments.
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- Commercial Real Estate Leasing: Realty Income provides commercial real estate properties to businesses under long-term lease agreements, generating rental income from its extensive portfolio.
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Realty Income (symbol: O) sells primarily to other companies, which are its commercial clients (tenants) that lease its real estate properties under long-term agreements. Here are some of its major customers (tenants):
- 7-Eleven (owned by Seven & i Holdings Co., Ltd. - TYO: 3382)
- Walgreens (NASDAQ: WBA)
- Dollar General (NYSE: DG)
- FedEx (NYSE: FDX)
- CVS Pharmacy (part of CVS Health - NYSE: CVS)
- Kroger (NYSE: KR)
- Walmart (NYSE: WMT)
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Sumit Roy, President & Chief Executive Officer
Sumit Roy has served as Realty Income's Chief Executive Officer since October 2018 and as President since 2015. He joined Realty Income in 2011, having previously held the roles of Chief Investment Officer from 2013 to 2014 and Chief Operating Officer from 2014 to 2018. Before joining Realty Income, Mr. Roy was an Executive Director at UBS Investment Bank for seven years, where he was responsible for over $57 billion in real estate capital markets and advisory transactions. His career also includes experience in investment banking at Merrill Lynch and as a Principal in technology consulting at Cap Gemini. He holds a Bachelor's and Master's degree in Computer Science, and an MBA in Finance and Economics from the University of Chicago, Booth School of Business. Under his leadership, Realty Income has undergone significant expansion, including a $9.3 billion merger with Spirit Realty Capital in 2024.
Jonathan Pong, Executive Vice President, Chief Financial Officer, and Treasurer
Jonathan Pong assumed the role of Executive Vice President, Chief Financial Officer, and Treasurer for Realty Income on January 1, 2024, succeeding Christie Kelly. He joined Realty Income in 2014 and previously served as Senior Vice President and Head of Corporate Finance, where he oversaw capital markets, investor relations, financial planning and analysis, and derivatives functions. Prior to his tenure at Realty Income, Mr. Pong was a Vice President in Equity Research at Robert W. Baird, focusing on the REIT sector, and began his career at Deloitte & Touche LLP. He is a CFA charterholder and Certified Public Accountant, holding a bachelor's degree in accounting from the University of Southern California and an MBA from Cornell University.
Gregory J. Whyte, Executive Vice President, Chief Operating Officer
Gregory J. Whyte serves as the Executive Vice President and Chief Operating Officer of Realty Income.
Mark E. Hagan, Executive Vice President, Chief Investment Officer
Mark E. Hagan is the Executive Vice President and Chief Investment Officer at Realty Income. In this role, he oversees the company's capital deployment.
Neil M. Abraham, President, Realty Income International, EVP, Chief Strategy Officer
Neil M. Abraham holds the titles of President, Realty Income International, and Executive Vice President, Chief Strategy Officer. He is responsible for the company's international investments, global credit and real estate research, and contributes to the development of the company's growth strategy. Mr. Abraham joined Realty Income in 2015, serving as Chief Investment Officer until 2018. Prior to joining Realty Income, he was a Portfolio Manager at Alliance Bernstein for eight years, an Associate Principal at McKinsey & Company, and a Vice President of Fixed Income & Credit Derivatives at Salomon Brothers (later Citigroup).
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- Rising Interest Rates: Realty Income, like other REITs, is highly sensitive to fluctuations in interest rates. Higher interest rates increase the cost of borrowing for the company, making new acquisitions and refinancing existing debt more expensive. This can narrow the spread between its cost of capital and rental income, potentially reducing profitability and growth. Additionally, rising interest rates can make lower-risk investments such as bonds more appealing, potentially diverting investors from REITs and impacting Realty Income's stock performance.
- Tenant and Economic Concentration Risk / Declining Property Values: While Realty Income has a diversified portfolio, it remains exposed to the financial health of its commercial clients and broader economic conditions. Risks include tenant defaults, which can lead to vacant properties and reduced rental income. Economic downturns or specific industry challenges, such as the impact of tariffs on large retail tenants like Walgreens and dollar stores, can exacerbate tenant issues and increase bankruptcy risk among its clients. Such events can also lead to declining property values, impacting the company's asset base.
- Inflation and Fixed Lease Escalations: Many of Realty Income's long-term lease agreements include fixed annual rent increases, often around 1-1.5%. In periods of higher inflation, these relatively low fixed escalations can lead to a decrease in the real purchasing power of the company's rental revenue. This erosion of real income growth can negatively affect the company's ability to increase its dividends in real terms and impact its long-term growth potential.
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The addressable market for Realty Income's main products or services, which primarily involve single-tenant net lease commercial real estate, is substantial across both the United States and Europe.
According to Realty Income itself, the net lease addressable market in the United States is estimated at $8.5 trillion. In Europe, the addressable market for net lease properties is approximately $5.4 trillion. Public net lease REITs, such as Realty Income, currently account for less than 0.1% of this total market, indicating a significant runway for growth.
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- Strategic Acquisitions and High Investment Volume: Realty Income consistently drives revenue growth through strategic acquisitions and a substantial investment pipeline. For example, the company revised its 2024 investment volume guidance upwards to approximately $3.0 billion, citing a favorable investment environment, especially in Europe. Furthermore, the company reported an investment volume of $6.3 billion in 2025 and is guiding towards $8.0 billion in investment volume for 2026. The merger with Spirit Realty Capital in January 2024 also significantly enhanced its scale and tenant diversity, contributing to revenue growth.
- International Expansion, particularly in Europe: The company is actively expanding its global footprint, with a particular focus on Europe. An improving investment environment in Europe has been highlighted as a factor for increased investment outlook. Realty Income entered three new European countries in 2023 through a large portfolio sale-leaseback transaction and expanded into Poland in Q2 2025.
- Diversification into New Asset Classes: Realty Income is exploring and investing in non-traditional asset classes to broaden its revenue streams. The company has established a presence in the data center sector through a build-to-suit development joint venture with Digital Realty and is actively exploring further opportunities in this and the gaming sector.
- Consistent Same-Store Rent Growth and High Occupancy Rates: Realty Income's established portfolio is expected to contribute to revenue growth through consistent same-store rent escalations and maintaining high occupancy rates. The company projects same-store rent growth to be approximately 1.0% to 1.3% for 2026, with occupancy expected to remain around 98.5%.
- Corporate Sale-Leaseback Transactions: The company utilizes its platform and relationships to execute corporate sale-leaseback transactions, serving as a real estate partner to leading companies. This approach provides multiple avenues for growth within the global commercial real estate industry.
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Share Repurchases
- In February 2025, Realty Income's Board of Directors authorized a share repurchase program for up to $2.0 billion in common stock, valid until January 2028.
Share Issuance
- Realty Income raised $2.4 billion from the sale of common stock in 2025, primarily through its At-The-Market (ATM) program by settling 42.0 million shares of outstanding forward sale agreements.
- The company raised $1.8 billion from the sale of common stock in 2024, primarily through its ATM program.
- In 2023, Realty Income raised $5.5 billion from the sale of common stock, mainly via its ATM program.
Inbound Investments
- In 2025, Realty Income successfully launched its inaugural perpetual life U.S. Open-End Core Plus Fund, securing $1.5 billion in total commitments.
- In January 2026, a strategic relationship was established with GIC, including a build-to-suit development joint venture with total combined commitments exceeding $1.5 billion.
Outbound Investments
- Realty Income completed the $9.3 billion acquisition of Spirit Realty Capital, Inc. in early 2024.
- The company invested $6.3 billion ($6.2 billion pro-rata share) at an initial weighted average cash yield of 7.3% in 2025.
- In 2023, Realty Income invested $9.5 billion, which included a $1.5 billion sale-leaseback of convenience store properties with EG Group and a $950 million investment in Bellagio Las Vegas.
Capital Expenditures
- Annual capital expenditures were $4.78 billion in 2025.
- In 2024, annual capital expenditures totaled $3.384 billion.
- The company's investment volume guidance for 2026 is approximately $8.0 billion.
Peer Outperformance in Retail REITs
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 15 | 14.1% | 55.5% | 65.5% | WELL 207% · DHC 140% · CTRE 130% |
| Retail REITs ← | 22 | 8.1% | 38.2% | 25.4% | IVT 1462% · SKT 159% · SPG 96% |
| Other Specialized REITs | 11 | 5.0% | 23.7% | 19.4% | IRM 220% · LAMR 58% · OUT 51% |
| Real Estate Development | 6 | -13.9% | 18.2% | 14.0% | JOE 58% · AXR 36% · FOR 35% |
| Hotel & Resort REITs | 16 | 41.0% | 36.0% | 2.2% | HST 75% · RHP 67% · DRH 52% |
| Industrial REITs | 11 | 6.5% | 23.6% | 0.3% | EGP 28% · FR 26% · PLD 15% |
| Diversified REITs | 13 | 10.2% | 38.6% | -9.7% | CTO 70% · WPC 16% · LXP 14% |
| Single-Family Residential REITs | 4 | -2.3% | 0.3% | -17.2% | AMH -9% · ELS -16% · INVH -19% |
| Multi-Family Residential REITs | 13 | -4.4% | 4.6% | -23.1% | ESS -1% · BRT -7% · VMRK -12% |
| Real Estate Services | 25 | -23.4% | -11.3% | -33.1% | REAX 820% · CHCI 316% · MLP 52% |
| Office REITs | 18 | -14.2% | 31.2% | -34.9% | PSTL 66% · CDP 49% · HIW -6% |
| Telecom Tower REITs | 3 | -7.8% | -5.9% | -45.4% | AMT -27% · SBAC -45% · CCI -49% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 58.53 |
| Mkt Cap | 19.5 |
| Rev LTM | 2,945 |
| Op Inc LTM | 1,839 |
| FCF LTM | 1,929 |
| FCF 3Y Avg | 1,940 |
| CFO LTM | 1,930 |
| CFO 3Y Avg | 1,943 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.5% |
| Rev Chg 3Y Avg | 8.1% |
| Rev Chg Q | 7.4% |
| QoQ Delta Rev Chg LTM | 1.8% |
| Op Inc Chg LTM | 11.2% |
| Op Inc Chg 3Y Avg | 8.0% |
| Op Mgn LTM | 50.6% |
| Op Mgn 3Y Avg | 49.8% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 68.3% |
| CFO/Rev 3Y Avg | 69.7% |
| FCF/Rev LTM | 68.3% |
| FCF/Rev 3Y Avg | 69.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 19.5 |
| P/S | 8.2 |
| P/Op Inc | 16.7 |
| P/EBIT | 13.5 |
| P/E | 20.9 |
| P/CFO | 11.9 |
| Total Yield | 9.3% |
| Dividend Yield | 5.8% |
| FCF Yield 3Y Avg | 7.5% |
| D/E | 0.6 |
| Net D/E | 0.6 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single segment | 5,749 | 5,271 | 4,079 | 3,344 | |
| Industrial | 271 | ||||
| Other Rental | 84 | ||||
| Other revenue | 16 | ||||
| Retail | 1,710 | ||||
| Total | 5,749 | 5,271 | 4,079 | 3,344 | 2,080 |
| $ Mil | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|
| Other non-reportable segments (and contractually obligated reimbursements by our clients) | 7,223 | 2,878 | 3,219 | 2,540 | 2,352 |
| Goodwill | 3,677 | 14 | |||
| Convenience stores - U.S. | 3,120 | 2,222 | 2,189 | 1,867 | 1,045 |
| Restaurants - quick service - U.S. | 2,960 | 1,110 | 1,112 | 1,020 | 735 |
| Dollar stores | 2,670 | 1,497 | 1,511 | 1,166 | 1,153 |
| Drug stores | 2,538 | 1,723 | 1,802 | 1,656 | 1,692 |
| Restaurants - casual dining | 2,433 | 536 | 600 | 580 | 517 |
| Grocery stores - U.K. | 2,390 | 1,414 | 817 | ||
| Other corporate assets | 2,196 | 1,530 | 565 | 203 | 172 |
| Grocery stores - U.S. | 1,895 | 1,089 | 1,103 | ||
| General merchandise - U.S. | 1,544 | 839 | 542 | 361 | 363 |
| Health and fitness | 1,452 | 1,118 | 1,094 | 954 | 973 |
| Transportation services | 1,165 | 784 | 836 | 832 | 863 |
| Home improvement - U.S. | 1,155 | 705 | 568 | 482 | 468 |
| Wholesale club | 1,021 | 444 | 420 | 439 | 456 |
| Automotive service | 978 | 383 | 347 | 273 | 278 |
| Home improvement - U.K. | 939 | 245 | |||
| Home furnishings - U.S. | 794 | 119 | |||
| Theaters - U.S. | 784 | 795 | 914 | ||
| Health care - U.S. | 774 | 310 | |||
| Financial services | 669 | 389 | 407 | 435 | 410 |
| Child care | 381 | 237 | 230 | 66 | |
| Beverages | 380 | 357 | 281 | 287 | 291 |
| Apparel | 190 | 202 | |||
| Automotive tire services | 248 | 259 | |||
| Total | 43,138 | 20,740 | 18,555 | 13,533 | 12,295 |
Price Behavior
| Market Price | $54.25 | |
| Market Cap ($ Bil) | 50.6 | |
| First Trading Date | 10/18/1994 | |
| Distance from 52W High | -17.2% | |
| 50 Days | 200 Days | |
| DMA Price | $59.73 | $60.42 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -9.2% | -10.2% |
| 3M | 1YR | |
| Volatility | 14.8% | 16.6% |
| Downside Capture | 79.87 | 4.52 |
| Upside Capture | -14.16 | -1.54 |
| Correlation (SPY) | -3.1% | -0.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.63 | 0.26 | -0.09 | -0.08 | -0.01 | 0.18 |
| Up Beta | -0.11 | -0.32 | -0.59 | -0.06 | -0.08 | 0.18 |
| Down Beta | 0.29 | 0.04 | -0.11 | -0.33 | 0.03 | 0.11 |
| Up Capture | 18% | -4% | -18% | -9% | -2% | 6% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 5 | 12 | 20 | 55 | 123 | 381 |
| Down Capture | 200% | 147% | 52% | 15% | 5% | 38% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 17 | 29 | 43 | 70 | 128 | 367 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with O | |
|---|---|---|---|---|
| O | -5.3% | 16.6% | -0.50 | - |
| Sector ETF (XLRE) | 0.3% | 14.1% | -0.22 | 70.1% |
| Equity (SPY) | 17.5% | 13.0% | 0.96 | -0.4% |
| Gold (GLD) | 6.9% | 29.6% | 0.23 | 8.3% |
| Commodities (DBC) | 46.1% | 20.8% | 1.71 | -6.7% |
| Real Estate (VNQ) | 2.1% | 13.7% | -0.10 | 71.0% |
| Bitcoin (BTCUSD) | -29.8% | 44.3% | -0.67 | -0.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with O | |
|---|---|---|---|---|
| O | 2.3% | 19.0% | 0.01 | - |
| Sector ETF (XLRE) | 1.5% | 19.1% | -0.03 | 75.8% |
| Equity (SPY) | 13.9% | 17.1% | 0.62 | 35.0% |
| Gold (GLD) | 18.7% | 18.9% | 0.80 | 14.9% |
| Commodities (DBC) | 10.3% | 19.5% | 0.40 | 5.9% |
| Real Estate (VNQ) | 1.2% | 18.8% | -0.04 | 76.0% |
| Bitcoin (BTCUSD) | 16.0% | 52.2% | 0.47 | 13.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with O | |
|---|---|---|---|---|
| O | 2.8% | 25.5% | 0.13 | - |
| Sector ETF (XLRE) | 5.6% | 20.4% | 0.23 | 78.2% |
| Equity (SPY) | 15.6% | 17.9% | 0.74 | 48.1% |
| Gold (GLD) | 11.6% | 16.4% | 0.58 | 12.2% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 16.2% |
| Real Estate (VNQ) | 4.2% | 20.7% | 0.16 | 81.0% |
| Bitcoin (BTCUSD) | 64.1% | 66.2% | 1.04 | 10.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -0.5% | -0.2% | -1.1% |
| 5/6/2026 | -3.5% | -3.9% | -4.5% |
| 2/24/2026 | -0.8% | 0.5% | -9.3% |
| 11/3/2025 | -3.5% | -3.1% | 0.5% |
| 8/6/2025 | 0.3% | 1.7% | 4.7% |
| 5/5/2025 | -0.3% | -1.8% | -1.3% |
| 2/24/2025 | -1.9% | 0.9% | -2.4% |
| 11/4/2024 | -0.8% | -2.8% | -4.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 11 | 11 |
| # Negative | 12 | 13 | 13 |
| Median Positive | 0.6% | 1.7% | 3.2% |
| Median Negative | -1.0% | -1.7% | -3.8% |
| Max Positive | 2.1% | 3.6% | 8.9% |
| Max Negative | -3.5% | -7.0% | -9.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -0.5% | -0.2% | -1.1% |
| 5/6/2026 | -3.5% | -3.9% | -4.5% |
| 2/24/2026 | -0.8% | 0.5% | -9.3% |
| 11/3/2025 | -3.5% | -3.1% | 0.5% |
| 8/6/2025 | 0.3% | 1.7% | 4.7% |
| 5/5/2025 | -0.3% | -1.8% | -1.3% |
| 2/24/2025 | -1.9% | 0.9% | -2.4% |
| 11/4/2024 | -0.8% | -2.8% | -4.8% |
| 8/5/2024 | 2.1% | 1.9% | 6.4% |
| 5/6/2024 | -0.8% | -0.9% | -2.1% |
| 2/20/2024 | 0.4% | -0.3% | 0.4% |
| 11/6/2023 | 0.5% | -1.1% | 8.9% |
| 8/2/2023 | -2.5% | -1.4% | -6.8% |
| 5/3/2023 | 1.6% | 2.3% | -1.7% |
| 2/21/2023 | 0.5% | -1.6% | -8.6% |
| 11/2/2022 | 0.9% | 3.6% | 3.4% |
| 8/3/2022 | 0.7% | 3.0% | -4.6% |
| 5/4/2022 | -2.2% | -7.0% | -1.4% |
| 2/22/2022 | -1.2% | 0.0% | 1.7% |
| 11/1/2021 | 1.6% | 0.9% | -3.8% |
| 8/2/2021 | 0.7% | 1.0% | 3.6% |
| 5/3/2021 | 0.6% | -1.7% | 3.2% |
| 2/22/2021 | 0.5% | -2.2% | 1.8% |
| 11/2/2020 | -0.7% | 3.3% | 2.3% |
| SUMMARY STATS | |||
| # Positive | 12 | 11 | 11 |
| # Negative | 12 | 13 | 13 |
| Median Positive | 0.6% | 1.7% | 3.2% |
| Median Negative | -1.0% | -1.7% | -3.8% |
| Max Positive | 2.1% | 3.6% | 8.9% |
| Max Negative | -3.5% | -7.0% | -9.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 11/02/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/23/2021 | 10-K |
| 09/30/2020 | 11/03/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 05/05/2020 | 10-Q |
| 12/31/2019 | 02/24/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
Recent Forward Guidance
Updated 8/6/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Real estate depreciation per share | Reported | 2.66 | 0.4% | Raised | Guidance: 2.65 for 2026 | |||
| 2026 Other adjustments per share | Reported | 0.19 | 18.8% | Raised | Guidance: 0.16 for 2026 | |||
| 2026 AFFO per share | Reported | 4.44 | 4.45 | 4.45 | 0.5% | Raised | Guidance: 4.43 for 2026 | |
| 2026 Same store rent growth | Reported | 1.1% | 1.2% | 1.3% | 0.0% | Raised | Guidance: 1.15% for 2026 | |
| 2026 Occupancy | Reported | 0.99 | 0.0% | Affirmed | Guidance: 0.99 for 2026 | |||
| 2026 Cash G&A expenses (% of total Gross Asset Value) | Reported | 0.21% | 0.22% | 0.22% | 0.0% | Affirmed | Guidance: 0.22% for 2026 | |
| 2026 Investment volume (at 100%) | Reported | 10.00 Bil | 5.3% | Raised | Guidance: 9.50 Bil for 2026 | |||
| 2026 Lease termination income | Reported | 45.00 Mil | 47.50 Mil | 50.00 Mil | 0.0% | Affirmed | Guidance: 47.50 Mil for 2026 | |
| 2026 Property expenses (non-reimbursable) (% of total revenue) | Reported | 1.5% | 0.0% | Affirmed | Guidance: 1.5% for 2026 | |||
| 2026 Income tax expenses | Reported | 100.00 Mil | 105.00 Mil | 110.00 Mil | 0.0% | Affirmed | Guidance: 105.00 Mil for 2026 | |
| 2026 Net income per share | Reported | 1.59 | 1.6 | 1.6 | -1.2% | Lowered | Guidance: 1.62 for 2026 | |
Prior: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Real estate depreciation per share | Reported | 2.65 | ||||||
| 2026 Other adjustments per share | Reported | 0.16 | ||||||
| 2026 AFFO per share | Reported | 4.41 | 4.43 | 4.44 | 0.6% | Raised | Guidance: 4.4 for 2026 | |
| 2026 Same store rent growth | Reported | 1.0% | 1.15% | 1.3% | 0.0% | Affirmed | Guidance: 1.15% for 2026 | |
| 2026 Occupancy | Reported | 0.99 | 0.0% | Affirmed | Guidance: 0.99 for 2026 | |||
| 2026 Cash G&A expenses | Reported | 0 | 0 | 0 | ||||
| 2026 Property expenses | Reported | 0.02 | ||||||
| 2026 Investment volume | Reported | 9.50 Bil | 18.8% | Raised | Guidance: 8.00 Bil for 2026 | |||
| 2026 Lease termination income | Reported | 45.00 Mil | 47.50 Mil | 50.00 Mil | 35.7% | Raised | Guidance: 35.00 Mil for 2026 | |
| 2026 Income tax expenses | Reported | 100.00 Mil | 105.00 Mil | 110.00 Mil | 0.0% | Affirmed | Guidance: 105.00 Mil for 2026 | |
| 2026 Net income per share | Reported | 1.6 | 1.62 | 1.63 | -3.3% | Lowered | Guidance: 1.67 for 2026 | |
Q4 2025 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 AFFO per share | Reported | 4.38 | 4.4 | 4.42 | 3.3% | Higher New | Actual: 4.26 for 2025 | |
| 2026 Same store rent growth | Reported | 1.0% | 1.15% | 1.3% | 0.2% | Higher New | Actual: 1.0% for 2025 | |
| 2026 Occupancy | Reported | 0.99 | 0.0% | Same New | Actual: 0.99 for 2025 | |||
| 2026 Investment volume | Reported | 8.00 Bil | 45.5% | Higher New | Actual: 5.50 Bil for 2025 | |||
| 2026 Lease termination income | Reported | 30.00 Mil | 35.00 Mil | 40.00 Mil | ||||
| 2026 Income tax expenses | Reported | 100.00 Mil | 105.00 Mil | 110.00 Mil | 23.5% | Higher New | Actual: 85.00 Mil for 2025 | |
| 2026 Net income per share | Reported | 1.65 | 1.67 | 1.69 | 30.5% | Higher New | Actual: 1.28 for 2025 | |
Q3 2025 Earnings Reported 11/3/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 AFFO per share | Reported | 4.25 | 4.26 | 4.27 | 0 | Affirmed | Guidance: 4.26 for 2025 | |
| 2025 Same store rent growth | Reported | 1.0% | 0 | Affirmed | Guidance: 1.0% for 2025 | |||
| 2025 Occupancy | Reported | 0.99 | 0.5% | Raised | Guidance: 0.98 for 2025 | |||
| 2025 Investment volume | Reported | 5.50 Bil | 10.0% | Raised | Guidance: 5.00 Bil for 2025 | |||
| 2025 Cash G&A expenses (% of total revenue) | Reported | 3.1% | 3.2% | 3.3% | 0.2% | Lowered | Guidance: 3.0% for 2025 | |
| 2025 Property expenses (non-reimbursements) (% of total revenue) | Reported | 1.5% | ||||||
| 2025 Income tax expenses | Reported | 80.00 Mil | 85.00 Mil | 90.00 Mil | ||||
| 2025 Net income per share | Reported | 1.27 | 1.28 | 1.29 | -2.3% | Lowered | Guidance: 1.31 for 2025 | |
Insider Activity
Updated 9/10/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | McLaughlin, Gregory | Trust | Sell | 9102026 | 60.15 | 3,475 | 209,022 | 2,089,137 | Form | |
| 2 | Bushore, Michelle | See Remarks | Direct | Sell | 4022026 | 62.42 | 7,400 | 461,908 | 4,222,151 | Form |
| 3 | McLaughlin, Gregory | Trust | Sell | 4012026 | 61.87 | 3,275 | 202,624 | 2,165,017 | Form | |
| 4 | Preusse, Mary Hogan | Direct | Sell | 10012025 | 60.43 | 11,000 | 664,730 | 1,160,921 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | McLaughlin, Gregory | Trust | Sell | 9102026 | 60.15 | 3,475 | 209,022 | 2,089,137 | Form | |
| 2 | Bushore, Michelle | See Remarks | Direct | Sell | 4022026 | 62.42 | 7,400 | 461,908 | 4,222,151 | Form |
| 3 | McLaughlin, Gregory | Trust | Sell | 4012026 | 61.87 | 3,275 | 202,624 | 2,165,017 | Form | |
| 4 | Preusse, Mary Hogan | Direct | Sell | 10012025 | 60.43 | 11,000 | 664,730 | 1,160,921 | Form |
Investor Activity (13F)
Updated Oct 7, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Retail REITs Resources |
| ICSC |
| Shopping Center Business |
| Chain Store Age - Real Estate |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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