Realty Income Corporation (O)

Its portfolio is built primarily around freestanding, single-tenant properties where tenants typically pay most property-level expenses, including taxes, insurance, and maintenance. This triple-net lease structure gives Realty Income a relatively predictable rental income stream and reduces direct operating responsibilities for the landlord. The company owns roughly 15,500 properties across 49 US states and Puerto Rico, serving about 250 tenants in dozens of industries.

Retail remains the core of the portfolio, with properties leased to businesses such as convenience stores, grocery operators, pharmacies, dollar stores, restaurants, and other service-oriented tenants. These categories are often selected for their necessity-based demand, physical locations, and ability to operate through different economic conditions.

Realty Income has also broadened its exposure beyond traditional retail through acquisitions and portfolio expansion. Industrial, gaming, office, manufacturing, and distribution assets now contribute a meaningful share of revenue, giving the company a more diversified property base. As a REIT, Realty Income focuses on acquiring and managing real estate that can support recurring cash flow, distributing a substantial portion of taxable income to shareholders while using capital markets and retained financial flexibility to fund growth.