Realty Income Corp. O
The Monthly Dividend Company. Premier triple-net lease portfolio with investment-grade tenants.
Executive Summary: Realty Income Corp. (O) Institutional Rating
Quantitative Verdict: Realty Income Corp. (O) trades at an annualized dividend yield of 5.61% with an AFFO payout ratio of 71.7%, earning a Dividend Safety Score of 92 / 100 (Very Safe). The stock currently trades at a 11.5% discount to NAV (undervalued) relative to base Net Asset Value (NAV) of $64.50, backed by an institutional portfolio of 15,450 commercial properties operating at 98.8% physical occupancy.
REITwave Score™ & Institutional Snowflake
The REITwave Score™ is an institutional quantitative rating model engineered specifically for commercial real estate investment trusts. Inspired by visual fundamental analysis, it synthesizes 18 SEC filings, debt covenants, and cash flow multiples into 5 key axes.
Business Model & Capital Efficiency
SEC Form 10-K Item 1Operating Profile
Realty Income Corp. operates as a Passive Capital Allocator in the Retail / Net Lease real estate sector. The firm generates revenue through long-term commercial lease agreements, maintaining an average portfolio occupancy of 98.8%.
Labor & Overhead Efficiency
- • Total Global Employees: 544
- • Estimated Market Cap: $53.83 B
- • Capital Per Employee: $98.95M
- • Guidance Status: In Line
Cap-Rate to NAV Sensitivity Matrix
Net Asset Value (NAV) estimates derived across commercial real estate capitalization rate scenarios. Market implied exit yield is currently 6.78%.
| Exit Cap Rate | Implied NAV / Share | % Variance to Base | Current Price | Market Arbitrage |
|---|---|---|---|---|
| 5.28% | $82.82 | +28.4% | $56.89 | Undervalued |
| 5.78% | $75.66 | +17.3% | $56.89 | Undervalued |
| 6.28% | $69.64 | +8.0% | $56.89 | Undervalued |
| 6.78% Base Case | $64.50 | 0.0% | $56.89 | Undervalued |
| 7.28% | $60.07 | -6.9% | $56.89 | Undervalued |
| 7.78% | $56.21 | -12.9% | $56.89 | Overvalued |
| 8.28% | $52.82 | -18.1% | $56.89 | Overvalued |
Dividend Distribution & Payout Safety
| Ex-Dividend Date | Payment Date | Cash Amount | Distribution Type |
|---|---|---|---|
| Current Run-Rate | Monthly | $0.2658 | Regular Cash Distribution |
Deep-dive safety score, AFFO payout coverage buffer, and 5-year DRIP compounding model.
Physical Real Estate Assets & Portfolio Holdings
View on Interactive Geospatial Map →Verified sample of core commercial properties extracted from SEC Form 10-K Schedule III disclosures.
| Asset Name | City, State | Gross Leasable Area | Occupancy | Major Tenant | SEC Estimated Value |
|---|---|---|---|---|---|
| FedEx Ground Distribution Facility | Ontario, CA | 320,000 sq ft | 100.0% | FedEx Ground | $68,852,459 |
| BJ's Wholesale Club & Gas | Atlanta, GA | 115,000 sq ft | 100.0% | BJ's Wholesale Club | $38,095,238 |
| Walgreens Flagship Corner | Miami Beach, FL | 18,500 sq ft | 100.0% | Walgreens Co. | $25,000,000 |
| CVS Health Anchor Plaza | Reno, NV | 14,800 sq ft | 100.0% | CVS Health | $10,923,077 |
| Dollar General Plus Hub | Mesquite, TX | 12,400 sq ft | 100.0% | Dollar General Corp. | $4,117,647 |
SEC EDGAR Governance & Executive Compensation
DEF 14A DisclosuresHead-to-Head Competitor Comparison: O vs Peers
Institutional CompsDirect peer benchmark comparing Realty Income Corp. against its top competitors in the Retail / Net Lease industry.
| Metric | O (Current) | ADC | NNN | EPRT |
|---|---|---|---|---|
| Share Price | $56.89 | $66.70 | $41.72 | $26.67 |
| Dividend Yield | 5.61% | 4.59% | 5.61% | 5.62% |
| Dividend Safety Score | 92 / 100 | 94 / 100 | 91 / 100 | 93 / 100 |
| Price / AFFO Multiple | 12.8x | 15.96x | 12.57x | 13.01x |
| NAV Premium / Discount | -11.5% | -9.3% | -10.9% | -8.3% |
| Portfolio Occupancy | 98.8% | 99.6% | 99.3% | 98.8% |
| Commercial Properties | 15,450 | 2,200 | 3,540 | 150 |
Frequently Asked Questions (O FAQ)
Realty Income Corp. (O) currently pays an annualized dividend of $3.19 per share, representing an annualized dividend yield of 5.61%. The distribution is paid on a Monthly schedule. Its current AFFO payout ratio is 71.7%, earning a Dividend Safety Score of 92/100 with a risk rating of 'Very Safe'.
Based on REITwave's institutional property-level valuation models, Realty Income Corp.'s consensus base NAV is $64.50 per share. Trading at $56.89, the stock reflects an implied market cap rate of 6.78% and trades at a 11.5% discount to NAV (undervalued).
Realty Income Corp. owns and operates approximately 15,450 commercial real estate properties across the United States. The portfolio reports an average physical occupancy rate of 98.8% with a weighted average lease term (WALT) of 9.4 years.
Realty Income Corp. currently trades at a Price / AFFO multiple of 12.8x based on forward AFFO per share of $4.45. Its Price / FFO multiple stands at 13.6x against forward FFO per share of $4.18.
According to the latest SEC Form DEF 14A proxy statement filed with EDGAR, the Chief Executive Officer is Sumit Roy. Total annual reported compensation was $16,251,931, reflecting a CEO-to-median-worker pay ratio of 105:1.
Realty Income Corp. maintains a Net Debt-to-EBITDA ratio of 5.3x and carries an investment-grade credit rating of A- / A3. Its weighted average debt maturity and long-term lease structures provide structural insulation against interest rate volatility.