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ABOUT

Realty Income, The Monthly Dividend Company®, is an S&P 500 company dedicated to providing shareholders with dependable monthly income.

PORTFOLIO

~11,280

Commercial
Properties

98.6%

Portfolio
Occupancy

70

Different
Industries

acquisitions

$6.4B

Acquisition Volume
in 2021

$26.3B

Property Level Acquisition
Volume Since 2010

>80%

Of Acquisition Volume is
Relationship-Driven

Company Overview

Company Fast Facts

General Information

  • Founded in 1969 to provide investors with monthly dividends that increase over time
  • Dividends are supported by the revenue generated from our net-leased real estate assets
  • Publicly traded on the New York Stock Exchange since 1994 (ticker symbol “O”)
  • Member of the S&P 500 index
  • Headquartered in San Diego, California

Since our 1994 listing on the NYSE, we have increased:

  • Properties in our portfolio from 630 to 11,288 in all 50 states, Puerto Rico, the United Kingdom and Spain
  • Real estate assets (at cost) from $451 million to $37 billion
  • Different clients in our portfolio from 23 to 1,090
  • Total number of industries in our portfolio from 5 to 70
  • Total annual revenue from $49 million to $1.976 billion (as of 12/31/2021)
  • Adjusted funds from operations (AFFO) from $39.2 million to $1.489 billion (as of 12/31/2021)
  • Annualized cash dividends from $0.90 per share to $2.964 per share

To learn more Company Fast Facts, please see our printable fact sheet.

Historical Financial Performance (1994-2021)

(Dollars in millions except per share data)
For the Years Ended December 31, 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994
Total Revenue (1)  $1,976$1,572  $1,423$1,281$1,170 $1,060 $980 $895 $760 $484 $422 $346 $329 $331 $296 $241 $198 $178 $150 $138 $121 $116 $105 $85 $68 $57 $52 $49
Net income available to common stockholders $359 $395 $436 $364$302 $288 $257 $228 $204 $115 $133 $107 $107 $108 $116 $99 $90 $90 $77 $69 $58 $45 $41 $41 $35 $32 $26 $15
Funds from operations ("FFO")(2)  $1,240$1,142 $1,040 $903$773 $735 $652 $563 $462 $269 $249 $194 $191 $186 $190 $156 $130 $121 $105 $95 $78 $67 $66 $63 $52 $48 $40 $39
Adjusted funds from operations ("AFFO") (2) $1,489  $1,173$1,050 $925$839 $736 $647 $562 $463 $274 $253 $197 $193 $192 $193 $159 $131 $126 $107 $96 $79 $68 $66 $62 $52 $47 $40 $39
Dividends paid to common stockholders  $1,169$964 $852 $762$689 $611 $533 $479 $409 $236 $219 $183 $178 $170 $158 $130 $109 $97 $84 $78 $65 $58 $56 $52 $44 $43 $37 $39
At Year End     























Real estate at cost, before accumulated
depreciation and amortization(1)		  $35,909$21,016 $19,518 $16,541$15,016 $13,864 $12,297 $11,154 $9,899 $5,921 $4,972 $4,113 $3,439 $3,409 $3,239 $2,744 $2,096 $1,691 $1,533 $1,286 $1,178 $1,074 $1,017 $890 $700 $565 $515 $451
Number of properties  11,1366,592 6,483 5,797 5,172 4,944 4,538 4,327 3,896 3,013 2,634 2,496 2,339 2,348 2,270 1,955 1,646 1,533 1,404 1,197 1,124 1,068 1,076 970 826 740 685 630
Gross leasable square feet (millions)  210111  1069390 83 76 71 63 38 27 21 19 19 19 17 13 12 11 10 10 9 9 8 6 5 5 4
Properties acquired (4)  911244  789764303 505 286 506 974 423 164 186 16 108 357 378 156 194 302 111 117 22 110 149 96 62 58 4
Cost of properties acquired (4) $6,411  $2,307$3,715 $1,797$1,519 $1,859 $1,259 $1,402 $4,670 $1,165 $1,016 $714 $58 $190 $534 $770 $487 $215 $372 $139 $156 $99 $181 $193 $142 $56 $65 $3
Property dispositions  154 126 9312859 77 38 46 75 44 26 28 25 29 10 13 23 43 35 35 35 21 3 5 10 7 3 5
Net proceeds from property dispositions  $250 $262$109 $142$167 $91 $66 $107 $134 $51 $24 $27 $20 $28 $7 $11 $23 $35 $23 $20 $40 $45 $9 $3 $4 $4 $1 $4
Number of industries 60 51 50 4847 47 47 47 47 44 38 32 30 30 30 29 29 30 28 26 25 24 24 22 14 8 7 5
Portfolio occupancy rate  98.5% 97.9% 98.6%98.6%98.4% 98.3% 98.4% 98.4% 98.2% 97.2% 96.7% 96.6% 96.8% 97.0% 97.9% 98.7% 98.5% 97.9% 98.1% 97.7% 98.2% 97.7% 98.4% 99.5% 99.2% 99.1% 99.3% 99.4%
Remaining weighted average lease term (years) 9.0 9.09.2 9.29.5 9.8 10.0 10.2 10.8 11.0 11.3 11.4 11.2 11.9 13.0 12.9 12.4 12.0 11.8 10.9 10.4 9.8 10.7 10.2 9.8 9.5 9.2 9.5
Per Common Share Data (5)     























Net income (diluted) $0.87  $1.14 $1.38$1.26 $1.10 $1.13 $1.09 $1.04 $1.06 $0.86 $1.05 $1.01 $1.03 $1.06 $1.16 $1.11 $1.12 $1.15 $1.08 $1.01 $0.99 $0.84 $0.76 $0.78 $0.74 $0.70 $0.63 $0.39
Funds from operations ("FFO")(2)$3.39 $3.31$3.29$3.12 $2.82 $2.88 $2.77 $2.58 $2.41 $2.02 $1.98 $1.83 $1.84 $1.83 $1.89 $1.73 $1.62 $1.53 $1.47 $1.40 $1.33 $1.26 $1.23 $1.18 $1.11 $1.04 $1.00 $0.98
Adjusted funds from operations ("AFFO")(2)  $3.59$3.39 $3.32$3.19$3.06 $2.88 $2.74 $2.57 $2.41 $2.06 $2.01 $1.86 $1.86 $1.90 $1.92 $1.77 $1.63 $1.61 $1.50 $1.41 $1.34 $1.27 $1.24 $1.17 $1.10 $1.03 $0.98 $0.98
Dividends paid  $2.833$2.794  $2.711$2.631$2.527 $2.392 $2.271 $2.192 $2.147 $1.772 $1.737 $1.722 $1.707 $1.662 $1.560 $1.437 $1.346 $1.241 $1.181 $1.151 $1.121 $1.091 $1.043 $0.983 $0.946 $0.931 $0.913 $0.300
Annualized dividend amount(6)  $2.958 $2.814 $2.73$2.65 $2.55 $2.43 $2.29 $2.20 $2.19 $1.82 $1.75 $1.73 $1.72 $1.70 $1.64 $1.52 $1.40 $1.32 $1.20 $1.17 $1.14 $1.11 $1.08 $1.02 $0.96 $0.95 $0.93 $0.90
Common shares outstanding (millions)  592361  334304284 260 250 225 207 133 133 118 104 104 101 101 84 79 76 70 66 53 54 54 51 46 46 39
Investment Results     























Closing price on December 31,  $71.59$62.17 $73.63 $63.04 $57.02 $57.48 $51.63 $47.71 $37.33 $40.21 $34.96 $34.20 $25.91 $23.15 $27.02 $27.70 $21.62 $25.29 $20.00 $17.50 $14.70 $12.44 $10.31 $12.44 $12.72 $11.94 $11.25 $8.56
Dividend yield(7)(8)  4.5%4.5% 3.7% 4.2%4.5% 4.6% 4.4% 5.9% 5.3% 5.1% 5.1% 6.6% 7.4% 6.1% 5.6% 6.7% 5.3% 6.2% 6.7% 7.8% 9.0% 10.6% 8.4% 7.7% 7.9% 8.3% 10.7% 9.9%
Total return to stockholders(9) 23.0% (11.8%)  21.1%15.2%3.6% 16.0% 13.0% 33.7% (1.8%) 20.1% 7.3% 38.6% 19.3% (8.2%) 3.2% 34.8% (9.2%) 32.7% 21.0% 26.9% 27.2% 31.2% (8.7%) 5.5% 14.5% 15.4% 42.0% 28.5%

Footnotes

(1) Total revenue excludes gains on sales and contractually obligated reimbursements from clients. Prior to 2016, total revenue excluded revenue from Crest Net Lease, a subsidiary of Realty Income. Consistent with Realty Income’s financial reporting methodology changes, total revenue for 2016 and later includes revenue from Crest Net Lease. In addition, total revenue prior to 2015 included amounts reclassified to income from discontinued operations.

(2) FFO and AFFO are non-GAAP financial measures. Refer to Management’s Discussion and Analysis in the Company’s 2021 Form 10-K for the definitions of FFO and AFFO and a reconciliation of each to net income available to common stockholders. For 2012 and 2013, FFO has been adjusted to add back American Realty Capital Trust merger-related costs

(3) Does not include properties held for sale

(4) Includes new properties acquired by Realty Income and Crest Net Lease and properties under development, redevelopment, or expansion

(5) All share and per share amounts reflect the 2-for-1 stock split that occurred on December 31, 2004

(6) Annualized dividend amount reflects the December declared dividend rate per share multiplied by 12

(7) Dividend yield was calculated by dividing the dividend paid per share, during the year, by the closing share price on December 31 or the last trading day of the preceding year. Dividend yield excludes special dividends

(8) The 1994 dividend yield is based on the annualized dividends for the period from August 15, 1994 (the date of the consolidation of the predecessors to the Company) to December 31, 1994. The 1994 total return is based on the price change from the opening on October 18, 1994 (the Company’s first day of trading) to December 31, 1994 plus the annualized dividend yield

(9) Total return calculated as the difference between the closing stock price as of period end less the closing stock price as of previous period, plus dividends paid in period, divided by closing stock price as of end of previous period. Does not include reinvestment of dividends

Vision and Values

Realty Income was founded by William and Joan Clark in 1969 to generate monthly income for investors. From the first Taco Bell property acquisition in 1969 to today, we have continued to operate the company according to two key objectives:

1. Grow and maintain a reliable real estate portfolio to pay dividends to shareholders

  • Our real estate investment strategy is focused on owning properties net leased to clients with a service, non-discretionary, and/or low price point component to their business
  • We target properties located in significant markets or strategic locations to ensure the viability of the real estate location for the client's business
  • Our acquisitions department uncovers opportunities consistent with this strategy
  • Our research department uses its underwriting expertise to assess the clients long-term business prospects
  • We seek to maintain client, industry and geographic diversification through our acquisitions, portfolio management and asset management strategies

2. Secure access to low-cost capital to support real estate acquisitions that increase earnings

  • We have maintained access to the public equity markets since our 1994 listing on the New York Stock Exchange
  • We have achieved and maintained investment grade credit ratings since 1996
  • Our relationships with investment and commercial banks provide continued access to capital to fund our growth
  • Our conservative balance sheet preserves a low cost of capital and offers financial stability throughout various economic cycles

LEGAL DISCLAIMER:
Past performance is not a reliable indicator of future performance. The price of Realty Income shares may go down as well as up and you may not get back all or any of your original investment.

© Copyright Realty Income Corporation - All Rights Reserved
11995 El Camino Real, San Diego, CA 92130