Realty Income Corporation
O 6Price and target zones价格与目标区间
In the buy zone在买入区间内
What the company does公司做什么
Realty Income is a REIT that owns single-tenant buildings — mostly shops, some warehouses — and rents them on long leases where the tenant pays the tax, insurance, and upkeep. It pays a dividend every month and calls itself "The Monthly Dividend Company".Realty Income 是一家REIT（房地产投资信托），它拥有单一租户的物业——大多是商铺，也有一些仓库——并以长期租约出租，由租户承担税费、保险和维护。它每个月都派发一次股息，自称是"每月股息公司"。
Earns from营收来源 rent under long "triple-net" leases, where the tenant carries the property costs, so the rent arrives with little against it.长期"三净"租约下收取的租金——物业相关的各项开销都由租户承担，所以租金收进来时几乎没有什么成本要扣。
Read the full description查看完整介绍
Realty Income Corporation, an S&P 500 company, is real estate partner to the world's leading companies. Founded in 1969, we serve our clients as a full-service real estate capital provider. As of June 30, 2026, we have a portfolio of over 15,500 properties in all 50 U.S. states, the U.K., and eight other countries in Europe. We are known as "The Monthly Dividend Company" and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our founding, we have declared 674 consecutive monthly dividends and are a member of the S&P 500 Dividend Aristocrats index for having increased our dividend for over 31 consecutive years. Realty Income Corporation was founded in 1969 and was incorporated in Maryland.
Portfolio breakdown投资组合构成 share of annualized base rent按年化基础租金的占比
The core of Realty Income. These are single-tenant shops on long triple-net leases, spread across 1,786 tenants in 92 industries so no single failure can sink the rent. The largest tenants — 7-Eleven, Dollar General, Walgreens — are mostly non-discretionary retailers that keep paying through downturns, which is what makes the monthly dividend so dependable.Realty Income 的核心。这些是签有长期三净租约的单一租户商铺，分散在 92 个行业的 1,786 家租户中，任何一家出问题都不足以拖垮租金。最大的租户——7-Eleven、Dollar General、Walgreens——大多是刚需性较强的零售商，在经济下行时也照常付租，这正是每月股息如此可靠的原因。
Distribution and warehouse properties on long leases — a steadier, lower-turnover slice than retail, tied to supply-chain and e-commerce demand. It diversifies the rent away from consumer-facing shops and usually carries longer lease terms.签有长期租约的配送和仓库物业——比零售更稳定、周转更低的一块，与供应链和电商需求挂钩。它把租金从面向消费者的商铺中分散开来，租约期通常也更长。
A handful of large gaming and specialty properties, each on a very long lease to a single operator. Because each asset is big and the lease runs for decades, this small slice adds high-quality rent from an industry unlike the rest of the book.少数几处大型博彩和专用物业，每一处都以极长的租约租给单一运营商。由于每项资产体量大、租约长达数十年，这一小块为整个组合增添了来自不同行业的高质量租金。
Company facts公司资料
- Founded成立时间
- 1969
- Employees员工人数
- 544
- Industry行业
- REIT - Retail
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
📋 Analyzed 8/27 — WATCH, first score. Diversified A- monthly-dividend net-lease REIT — 98.8% occupancy, WALT 8.6yr, AFFO payout 73-74% (well covered), 4.96% yield, 30yr streak.
Watch
- But the equity-funded investment spread is near-zero (~−0.3%) — private capital (Blue Owl, KKR, the new Apollo JV) is compressing net-lease cap rates — and it trades tight to the 10yr (58bp spread). Good business, near fair value, not a discount. FV $58-70 (central ~$63). Entry $52-58. Trim 17x AFFO (~$76)
8/27 分析——WATCH，首次评分 [6.0]。 多元化 A- 月度股息净租赁 REIT——出租率 98.8%、WALT 8.6 年、AFFO 派息率 73-74%（覆盖良好）、4.96% 收益率、30 年连增。 ⚠️ 但股权融资的投资利差接近零（约 −0.3%）——私募资本（Blue Owl、KKR、新的 Apollo 合资）在压缩净租赁资本化率——且相对 10 年期利差偏窄（58bp）。 好公司，接近公允价值，非折价。 FV $58-70（中枢约 $63）。 入场 $52-58，减持 17x AFFO（约 $76）。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 3%
- Revenue growth营收增长
- +10%
- Dividend yield股息率
- 5.87%
Competitors竞争对手
Why customers stay客户为什么留下
Scale and spread. With 1,786 tenants across 92 industries, no single tenant failure can sink it, and the long leases with fixed rent increases make the cash flow very predictable. It has paid 673 monthly dividends in a row and raised the dividend for more than 30 years.规模和分散。有1,786个租户，横跨92个行业，任何一个租户倒闭都不足以拖垮它；加上租约期长、租金按固定幅度递增，使得现金流非常稳定可预测。它已经连续派发了673个月的股息，并且连续30多年提高股息。
Recent news近期新闻 last 7 days近7天
- Seeking Clues to Realty Income Corp. (O) Q2 Earnings? A Peek Into Wall Street Projections for Key MetricsZacks
- Realty Income Reports Earnings Aug. 5. Here's How Much $15,000 Invested Pays Annually.Motley Fool
- Realty Income Corp's Dividend AnalysisGuruFocus.com
- Should You Buy Realty Income Stock Before Aug. 5?Motley Fool
- Realty Income vs. Simon Property: Which REIT Is the Better Buy Now?Zacks
- Realty Income Stock: Analyst Estimates & RatingsBarchart