Realty Income

Realty Income Corporation is a real estate investment trust that invests in free-standing, single-tenant commercial properties in the United States, Puerto Rico, and the United Kingdom that are subject to NNN Leases. The company is organized in Maryland with its headquarters in San Diego, California.

Realty Income
TypePublic company
NYSE: O
S&P 500 Index component
IndustryReal estate investment trust
Founded1969 (1969)
FounderWilliam E. Clark, Jr.
Evelyn J. Clark
HeadquartersSan Diego, California
Key people
Michael D. McKee, Chairman
Sumit Roy, CEO
Paul M. Meurer, CFO
ProductsFree-standing, single-tenant commercial properties
Revenue $1.491 billion (2019)
$436 million (2019)
Total assets $18.554 billion (2019)
Total equity $9.804 billion (2019)
Number of employees
194 (2019)
Websiterealtyincome.com
Footnotes / references
[1]

The company is one of a few real estate investment trusts that pays dividends monthly, rather than quarterly and has registered a trademark for the phrase The Monthly Dividend Company.[2]

Investments

As of December 31, 2019, the company owned 6,483 properties totaling 106.3 million rentable square feet, with an average property size of 11,800 square feet per retail property and 237,668 square feet per industrial property.[1]

The company's largest tenants are as follows:[1]

Rank Tenant % of 2019 Revenue
1 Walgreens 6.1%
2 7-Eleven 4.8%
3 Dollar General 4.4%
4 FedEx 4.0%
5 Dollar Tree/Family Dollar 3.5%
6 LA Fitness 3.4%
7 AMC Theatres 3.0%
8 Regal Cinemas 2.9%
9 Walmart/Sam's Club 2.6%
10 Sainsbury's 2.4%

History

Realty Income Corporation was founded in 1969 by William E. Clark and Evelyn J. Clark.[3] Its first acquisition was a Taco Bell restaurant in early 1970.[3]

The company used cash to purchase land needed for stores that required real estate to run, and then leased the property to the stores long term.[4]

In 1994, the company became a public company via an initial public offering.[1]

In 1997, William E. Clark, Jr., retired as CEO and was succeeded by Thomas A. Lewis. In 2013, John P. Case succeeded Mr. Lewis as CEO of the company.[5] In 2009, Clark retired as chairman.[6]

In 2013, the company acquired American Realty Capital Trust, founded by Nicholas Schorsch, in a $2.95 billion transaction.[7][8]

In 2015, the company was added to the S&P 500 Index[9] and the S&P High Yield Dividend Aristocrats index.[10]

In 2018, Sumit Roy became the company's CEO.[11]

In 2019, the company completed a sale-leaseback transaction for 12 properties of the United Kingdom supermarket chain Sainsbury's. This was the company's first purchase of property outside the United States.[12]

References

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