REALTY INCOME CORP

Realty Income Corporation is a real estate partner to companies, founded in 1969. As of December 31, 2025, the company owns a portfolio of over 15,500 properties across all 50 U.S. states, the United Kingdom, and eight other European countries. Realty Income's primary business involves acquiring, owning, and managing freestanding commercial properties. These properties are leased under long-term net lease agreements to a diverse group of operators, including investment grade, investment grade equivalent, and other creditworthy clients. The company focuses on clients with strong business models, resilient cash flow, and strategically important locations. Under the net lease structure, clients are generally responsible for most property-level operating expenses, such as real estate taxes, insurance, and maintenance. Realty Income receives contractually defined rental payments, many of which include embedded contractual rent escalations. This structure, supported by data-driven analytics for client selection, site quality, and portfolio construction, aims to generate a stable and predictable revenue stream, provide built-in growth, and reduce exposure to variable operating costs. Since its NYSE listing in 1994, Realty Income has had 133 dividend increases and has increased its dividend for over 31 consecutive years.