The merger with Spirit Realty Capital, closed in January 2024, adds 2,018 properties across 49 U.S. states, enhancing Realty Income's diversification by property type, geography, and client base. This is a strategic move to strengthen existing relationships and attract new clients.

Realty Income expanded into France, Germany, Ireland, Italy, Portugal, and Spain, demonstrating a focus on building relationships with multinational clients seeking a real estate partner with a growing geographic footprint.

Realty Income continues to invest in a variety of property types, including retail, industrial, and gaming, indicating a diversified investment strategy to mitigate risk and enhance stability.

Realty Income maintains a high occupancy rate of 98.6% at the end of 2023, demonstrating effective asset management through re-leasing vacant properties and selectively selling properties to optimize returns.

The company increased its monthly dividend five times during 2023 and once in 2024, reflecting a commitment to delivering dependable dividends to stockholders. This demonstrates consistent execution of the company's stated goal.

The company utilized share repurchases and strategic investments to enhance shareholder value, indicating a disciplined approach to capital allocation.

The company acknowledges the risk of client defaults and bankruptcies, which could negatively impact cash flow and the ability to maintain occupancy rates. This risk is heightened by potential economic downturns and changes in consumer behavior.

Realty Income faces potential environmental liabilities and must comply with various regulations, including those related to asbestos and mold. These issues could lead to significant costs and legal challenges.

The company's international investments are subject to various risks including currency fluctuations, regulatory changes, and political instability. This highlights the complexities of operating in multiple jurisdictions.

The company acknowledges that it faces competition in the acquisition and operation of properties, which could result in higher costs for properties they wish to purchase.

Realty Income's diversified portfolio by client, industry, geography, and property type helps reduce vulnerability to single concentrations, enhancing stability and predictability of income for stockholders.

The company's strategy of targeting clients with service, non-discretionary, and low-price-point components enhances the stability of rental revenue and reduces exposure to e-commerce disruptions.

Realty Income's net lease structure, where clients are responsible for property operating expenses, reduces the company's exposure to rising costs, enhancing operational efficiency.

The company's active asset management strategy aims to increase earnings and dividends through rent increases, re-leasing vacant properties, and selectively selling properties, enhancing operational efficiency.

The company pays leasing commissions to third-party brokers and sometimes provides rent concessions to clients, which could impact the overall profitability.

Realty Income maintains a cybersecurity risk management program to identify, assess, and manage cybersecurity threats, indicating a focus on protecting sensitive data and systems.

The company's cybersecurity risk committee, chaired by the Head of IT, and oversight by the Audit Committee, demonstrates a commitment to managing cybersecurity risks effectively.

The company acknowledges that it relies on information technology in its operations and that material failures or security breaches could harm its business.

Realty Income utilizes common stock, preferred stock, long-term unsecured notes, and term loan borrowings to fund acquisitions and capital expenditures, indicating a diversified approach to capital allocation.

The company believes that common stock should be the majority of its capital structure over the long term, indicating a focus on maintaining a healthy capital structure.

The company acknowledges that its debt financing is subject to interest rate risks, which could affect its cash flow and ability to pay dividends.

Realty Income emphasizes its commitment to diversity, equality, and inclusion through training, learning sessions, and pay equity analyses, demonstrating a focus on social responsibility.

The company prioritizes employee health, safety, and wellbeing through various programs and initiatives, reflecting a commitment to a positive work environment.

The company recognizes the risks associated with climate change and is working to implement sustainability strategies, but notes that these strategies could result in significant capital expenditures.

Realty Income is exposed to general economic conditions, market fluctuations, and competition, which could impact its ability to attract new clients, re-lease space, and collect rent.

The company acknowledges that inflationary pressures and increased costs may impact clients' ability to pay rent, which could adversely affect the company's revenue.

Realty Income is subject to various geopolitical risks and challenges related to international investments, including political instability, corruption, and regulatory changes.