Realty Income is not an outperformer — it's an anchor. While other REITs are on a rollercoaster, O just sends money to my account on the 15th of every month. 670 consecutive monthly dividends since 1969. 31 consecutive years of dividend increases. S&P 500 Dividend Aristocrat. My position: 13 shares, entry €51.87.
Stock at ~$62, market cap $57 billion — the largest net-lease REIT in the world. Forward P/AFFO at 14x. Payout ratio 71% — the dividend is well covered. A3 at Moody's, A- at S&P — only Prologis and Public Storage have a better REIT rating. This is the invisible moat: Realty Income borrows at rates no smaller REIT can touch.
Realty Income has done one thing since 1969: triple-net lease. O buys a property — dollar store, gas station, gym — and leases it for 10–20 years. The tenant pays not just rent. They pay property tax, insurance, and all repairs. Realty Income just cashes the check.
| Portfolio Q1 2026 | Value |
|---|---|
| Properties | 15,571 |
| Tenants (Clients) | 1,786 |
| Industries | 92 |
| Countries | 10 (US, UK, 8 EU) |
| Occupancy | 98.9% |
| Annualized Base Rent | $5.2B |
15,571 properties across ten countries, 92 industries, occupancy near 99% — this is not a single skyscraper. This is diversified cashflow engineering at industrial scale.
| # | Tenant | % ABR |
|---|---|---|
| 1 | Dollar General | 3.3% |
| 2 | 7-Eleven | 3.2% |
| 3 | Walgreens | 3.1% |
| 4 | Family Dollar (Dollar Tree) | 2.6% |
| 5 | Life Time Fitness | 2.1% |
| 6–10 | B&Q, Wynn Resorts, EG Group, FedEx, Asda | 9.3% |
Top 10 combined: just 23.6% of total rent — extreme diversification. The tenant profile is intentional: defensive consumer staples that survive every economic cycle. Dollar stores grow in recessions.
AFFO per share $1.13 — 2.7% ahead of consensus, up 6.6% year-over-year. Revenue $1.55B, +12%. In Q1 alone, $2.8 billion deployed at an initial cash yield of 7.1% — against cost of capital of ~5.5%. The spread holds and it's wide.
On 19 March 2026 Realty Income announced a joint venture with Apollo Global Management: $1 billion, 49% JV stake on a 500-asset portfolio. Realty Income stays on as asset manager — and collects management fees.
Since December 1969. 31 consecutive years of increases. My YOC: 5.23% on a €51.87 entry. Not exciting — but compound interest in slow motion. Reinvested over 15 years, that compounds into substantially higher effective yield. For new investors at ~$62: is 5.2% yield a good entry?
My view: for a portfolio anchor with A-rating, yes. I would add only at $55–57, where yield rises to 5.7–5.9%. Until then: hold and collect.
Realty Income remains the most robust net-lease REIT in the world. Q1 was strong, the Apollo JV opens a new dimension, and the credit rating is top-tier. For dividend investors with a 10+ year horizon: clear hold. Add only at a better yield entry point.