Realty Income continues to differentiate itself with a tenant base spanning 92 industries and over 15,500 properties across the U.S., U.K. and seven European countries, ensuring that no single client or sector accounts for more than 3% of annual rent. This diversification underpins stable cash flows, reflected in $1.46 billion of adjusted funds from operations (AFFO) generated in the first nine months of fiscal 2025 and a 5.6% annualized dividend yield. The company has delivered 133 consecutive quarterly dividend increases since its 1994 NYSE listing, supported by an AFFO payout ratio of approximately 80%, providing ample coverage for continued monthly distributions.

On January 8, 2026, Realty Income closed its private offering of $862.5 million aggregate principal amount of 3.50% convertible senior notes due 2029, including the full exercise of a $112.5 million greenshoe option. Net proceeds of $845.5 million will be allocated to general corporate purposes, including repayment of $500 million of senior notes maturing in January, refinancing under revolver and commercial paper facilities, and funding property acquisitions and redevelopments. Concurrently, $101.9 million was used to repurchase 1.8 million shares of common stock, reflecting management’s opportunistic approach to capital deployment while maintaining an investment-grade credit profile.