Realty Income Corporation

All revenue is contractual under triple-net leases with built-in annual escalators, and occupancy stayed above 98% throughout FY2020-FY2025, including COVID and the 2022 inflation cycle. Revenue grew in every fiscal year from FY2020 through FY2025 across a diversified backlog of long-duration leases and 1,600+ tenants.

Retail properties represent approximately 79% of annualized base rent as of FY2025, with industrial (15.4%), gaming (3.1%), and data centers (2.4%) as secondary property types. No single tenant exceeds 3.3% and the top 20 tenants collectively represent approximately 35% across 91 distinct industries.

The United States accounts for approximately 85-90% of annualized base rent as of FY2025, with the balance spread across the United Kingdom and eight European countries. Entry into Mexico in 2025 reflects continued international expansion, but U.S. concentration remains the dominant geographic characteristic.

Triple-net leases eliminate property operating expenses from the landlord's cost structure, allowing incremental properties to be added without proportional overhead increases. Realty Income manages over 15,500 properties on the same core underwriting platform, creating operating leverage as the portfolio grows, though continuous external capital deployment is required for expansion.

Revenue is entirely contractual under long-term triple-net leases with typical durations of 10-20 years, and approximately 91% of retail annualized base rent as of FY2024 came from service-oriented, non-discretionary, or low-price-point tenants. The lease structure makes incumbent locations mission-critical for tenants, as relocation disrupts established customer traffic flows.