Plain-text annual report
2024 ANNUAL REPORT
A DIFFERENTIATED PLATFORM
FOR GLOBAL GROWTH
All data included in the 2024 Annual Report is as of December 31, 2024, unless specified otherwise.
Realty Income is not affiliated or associated with, is not endorsed by, does not endorse,
and is not sponsored by or a sponsor of the clients or of their products
or services pictured or mentioned. The names, logos and all related
product and service names, design marks and slogans are
the trademarks or service marks of their
respective companies.
REALTY INCOME CORPORATION
DOW JONES INDUSTRIAL AVERAGE
S&P 500
EQUITY REIT INDEX
13.4%
12.2%
10.7%
10.8%
9.7%
NASDAQ COMPOSITE
(1) The definition of AFFO, AFFO per share, and a reconciliation of net income available to stockholders can be found in our 2024 Form 10-K.
(2) All per share amounts presented in this letter are on a diluted per common share basis unless stated otherwise.
(3) Total shareholder return includes price appreciation and the reinvestment of dividends. Dividends are
assumed to be reinvested at the closing price of the security on the ex-date of the dividend.
2024
PERFORMANCE
HIGHLIGHTS
4.8%
AFFO
PER SHARE
GROWTH
$3.9 2.5%
$5.3
DIVIDEND
PER SHARE
GROWTH
BILLION
IN TOTAL
REVENUE
BILLION
IN
INVESTMENTS
$848
MILLION OF NET INCOME
AVAILABLE TO
COMMON
STOCKHOLDERS
(1) (2)
COMPOUND AVERAGE ANNUAL SHAREHOLDER
RETURN SINCE 1994 NYSE LISTING
As of 12/31/2024
(3)
In 2024, Realty Income delivered another year of consistent results. We remain steadfast in our
dedication to providing stockholders with stable returns across a variety of economic environments,
which is reflected in the company’s recent operational performance. The strength of our platform
supported AFFO per share growth of 4.8%. This, in combination with a 5.4% dividend yield, resulted
in a total operational return of 10.2% for investors who held our stock in 2024.
This year, the Realty Income team was proud to celebrate 30 years listed on the New York Stock
Exchange, which also represents the number of consecutive years of dividend increases we have
achieved. This significant accomplishment provided the opportunity to reflect on our meaningful
journey over the last three decades and look forward to our path ahead. Although our mission
has remained consistent, Realty Income has undergone a profound evolution during this time,
strengthening our platform and positioning us for long-term growth.
A PLATFORM BUILT ON HISTORY
When the company was first listed on the
NYSE, our gross real estate book value
was $451 million with a portfolio made up
of 630 retail properties. In the span of
30 years, we’ve grown to $58 billion in
gross real estate book value with a portfolio
of more than 15,600 commercial real estate
properties. Even as our portfolio has grown,
we have continued to deliver dependable
returns, benefiting from scale and increasing diversification across geography, industry, property type
and client. Our accomplishments are extensive, but they have the commonality of being built on a
solid foundation that dates back to our origins. William and Joan Clark’s founding vision of creating
a platform that provides shareholders monthly dividends that increase over time has endured.
These deep roots have allowed us to develop the differentiated platform for global growth
Realty Income leverages today.
Realty Income’s enduring 56-year history has created significant competitive advantages for
our platform today, including:
1. Growth Optionality – Realty Income’s size, which has increased substantially since our founding,
positions us to scale across new geographies, new property types and new avenues for expansion.
Our ability to pursue multiple growth verticals is a distinctive benefit supported by our history.
DEAR FELLOW STOCKHOLDERS,
2. Stability – The company’s strong balance sheet and diverse client base have been reinforced
over time, providing significant access to capital and supporting enhanced financial flexibility.
In combination with low borrowing costs and the consistency of our cash flow, the stability of
our balance sheet contributes to our long track record of delivering monthly dividends that
have grown for the last 110 quarters.
3. Longstanding Relationships – Realty Income’s platform is further set apart through our role
as real estate partner to the world’s leading companies. We believe that fostering longstanding
relationships with clients who are leaders in their industries, some of whom have collaborated
with Realty Income for more than half a century, creates value for our respective stakeholders
as our businesses grow.
4. Tenured Team – Realty Income’s experienced team of dedicated real estate professionals,
who have deep institutional knowledge of the intricacies of the market and our portfolio, gives us
a significant competitive advantage which we believe sets us apart in the industry. Our team has
expertise sourcing and managing the operations of a large and granular real estate portfolio.
5. Proprietary Data – A vast and deep pool of property data dating back to our founding in 1969,
coupled with market and economic metrics, drives our predictive analytics platform. This tool
enhances our strategic decision-making abilities to maximize our investment underwriting
and asset management capabilities.
To celebrate 30 years of being publicly listed, I was joined by colleagues and members of the Board in
ringing the closing bell at the NYSE. Few companies listed on the NYSE today have Realty Income’s
expansive history, and I’m proud of our distinguished story. Since 1994, we have achieved a 13.4%
compound annual total return with a 4.3% compound annual dividend growth rate. In this time,
our annual average operational return, which we define as the dividend yield at the beginning of the
year plus the growth in AFFO per share, has remained approximately 11%, with zero years of negative
returns. These results reflect the multiple competitive advantages we possess, which we believe
position us well for the long-term path ahead.
CONTINUED PROGRESS IN 2024
As we reflect on our more recent history, I am proud to share that we achieved our established goals
in 2024. These results are a testament to our robust platform – one that we believe can thrive in a
variety of economic climates. At the heart of our success lies a business model that stands alone,
and one that is designed to adapt and deliver year after year. Our differentiated platform is set apart by
competitive advantages that empower the company to navigate changing markets, create consistent
value, and open the door to opportunities for future global growth. Overall, Realty Income’s size and
scale place the company in a distinctive and advantageous position, affording us the ability to deepen
our client relationships and optimize rich historical data that we use to fuel decision-making.
In 2024, we remained disciplined in our capital allocation strategy, investing $2.0 billion in the U.S.
at a 6.9% weighted average initial cash yield and $1.9 billion in Europe at an 8.0% weighted average
initial cash yield. We also completed the $9.3 billion acquisition of Spirit Realty Capital, Inc. at the
beginning of 2024. Outside of the Spirit merger, in 2024, we completed 159 discrete transactions, with
15 transactions with total consideration over $50 million. This included a $770 million sale-leaseback
transaction with 7-Eleven, which is now our top client at 3.5% of annualized rent. This is a transaction
I’m especially proud of, as I believe it showcases the significant benefits that come from our long
history of client relationships. This deal marks the sixth sale-leaseback we have completed with
7-Eleven, a relationship that began nearly a decade ago and has been growing stronger ever since.
At the same time, clients such as Morrisons and Carrefour, both grocery clients included in our
European portfolio, join 7-Eleven as longstanding client relationships that were strengthened
this year through repeat business.
We continued to deliver strong operational metrics within our core
portfolio for the year, underscoring the stability of our platform,
the quality of our real estate, and our advanced asset management
capabilities. As of year-end, our portfolio maintained occupancy
by property of 98.7% and achieved a recapture rate of 105.6% on
units re-leased during the year.
Our extensive and diversified access to capital affords us optionality
when executing growth initiatives. At the end of 2024, we held $3.7 billion
of liquidity, including $445.0 million of cash, unsettled forward equity of
$91.8 million and $3.1 billion of unused capacity on our $4.25 billion
revolving line of credit. Our ongoing capital recycling program unlocks
organic sources of capital, contributing to the maintenance of our strong
balance sheet. We ended the year with a fixed charge coverage ratio of
4.7x and NetDebt-to-Annualized Pro Forma Adjusted EBITDAre of 5.4x.
Finally, we announced Realty Income’s planned entry into the private capital business. This avenue
for growth is expected to provide an opportunity to further leverage our proven platform to expand
our investment opportunities. We look forward to sharing updates on our progress.
2025 AND BEYOND
Looking ahead, Realty Income will continue to foster the characteristics that provide compelling value
to our stockholders. In 2025, we see an attractive pipeline of investment opportunities across a broad
scope of property types, industries, and geographies.
As of March 2025, Realty Income announced its 130th dividend increase since listing on the
NYSE. This declaration represented the company’s 657th consecutive monthly dividend. While
We continued to deliver
strong operational
metrics within our core
portfolio for the year,
underscoring the stability
of our platform, the
quality of our real estate,
and our advanced asset
management capabilities.
our platform continues to expand, our commitment to the title of “The Monthly Dividend Company®”
remains consistent.
Since our listing 30 years ago, we’ve made significant achievements while remaining steadfast in our
commitment to deliver dependable monthly dividends that increase over time. Our operating results
in 2024 reflect our visionary outlook, which is not diverted by short-term goals. Looking forward to the
next 30 years, I’m confident that through the application of our differentiated platform we will continue
on our path of global growth.
To stockholders who have been with us since 1994 and to those who are new investors, I thank you
for your support. I hope you join us for the exciting journey ahead.
Sumit Roy
President and Chief Executive Officer
Realty Income’s executive team and Board members celebrated the company’s 30-year anniversary of being publicly listed by
ringing the New York Stock Exchange closing bell.
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