Realty Income, The Monthly Dividend Company®, is an S&P 500 company and member of the S&P 500 Dividend Aristocrats® index. It is a real estate investment trust (REIT) that invests in freestanding commercial properties under long-term net lease agreements with commercial clients. The company's primary revenue stream is rental income from these properties. Realty Income focuses on diversification by client, industry, geography, and property type to provide consistent and predictable income. As of December 31, 2023, it owned or held interests in 13,458 properties located in the United States and Europe, operating in 86 industries. The company closed on a merger with Spirit Realty Capital, Inc. on January 23, 2024, which is expected to enhance portfolio diversification.

• Employees: 418 (as of December 31, 2023)
• Geographic Footprint: United States, Puerto Rico, United Kingdom, France, Germany, Ireland, Italy, Portugal, and Spain
• Headquarters: San Diego, California
• Founded: 1969
• Number of locations/facilities: 13,458 (as of December 31, 2023)
• Revenue: $4.1 billion (FY2023)
• Market Capitalization: $65.4 billion (as of December 31, 2023)
• Key Subsidiaries/Brands: Realty Income, L.P.

• CEO: Sumit Roy
• CFO: Jonathan Pong (effective January 1, 2024)
• Board Chair: Michael D. McKee

• Annual Revenue: $4.1 billion (FY2023)
• Net Income: $872.3 million (FY2023)
• Market Cap: $65.4 billion (as of December 31, 2023)
• Total Assets: $57.8 billion (as of December 31, 2023)
• Employees: 418 (as of December 31, 2023)
• Key Financial Highlights: Increased dividend five times during 2023 and once during 2024. Dividends paid per share during 2023 totaled $3.051, an increase of 2.8% compared to 2022.

Realty Income operates by acquiring and managing freestanding commercial properties that generate rental revenue under long-term net lease agreements. The company's main offerings include:

• Net Lease Properties: Acquisition and management of commercial properties under long-term net leases, where clients are responsible for monthly rent and property operating expenses.

Realty Income operates in a single business segment: leasing of property to clients, generally on a net basis. The company's portfolio is diversified across various industries, property types and geographic locations. The company does not provide revenue breakdown by segments.

Realty Income's business strategy focuses on actively managing a diversified portfolio of commercial properties under long-term net lease agreements to produce consistent and predictable income. Key strategic priorities include:

• Diversifying the portfolio by client, industry, geography, and property type.
• Acquiring high-quality real estate in markets important to clients.
• Focusing on clients with service, non-discretionary, and/or low-price-point components to their businesses.
• Pursuing transactions with attractive investment spreads over the cost of capital.
• Expanding geographically across Europe.

Realty Income operates in the real estate industry, specifically as a REIT. Key market trends affecting the business include:

• Competition in the acquisition and operation of properties.
• Changes in consumer behaviors and preferences.
• Fluctuations in interest and currency rates.
• Inflation and its impact on clients.

The company's major competitors include other REITs, businesses, individuals, fiduciary accounts and plans, and other entities engaged in real estate investment and financing. Market share information is not available.

• Market Risks: Competition in property acquisition and operation, negative market conditions affecting clients, and changes in consumer behaviors.
• Operational Risks: Client defaults, bankruptcies, and inability to re-lease properties, potential environmental liabilities, and dependence on key personnel.
• Financial Risks: Fluctuating interest and currency rates, inability to access capital markets, and risks associated with debt financing.
• Regulatory Risks: Changes in tax laws and regulations, failure to qualify as a REIT, and compliance with environmental and accessibility laws.