Realty Income Corporation is a real estate investment trust that invests in free-standing, single-tenant commercial properties in the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., federal district, five ma ...

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and the

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that are subject to NNN Leases. The company is organized in

Maryland Maryland ( ) is a U.S. state, state in the Mid-Atlantic (United States), Mid-Atlantic region of the United States. It shares borders with Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; ...

with its headquarters in

San Diego, California San Diego ( , ; ) is a city on the Pacific Ocean coast of Southern California located immediately adjacent to the Mexico–United States border. With a 2020 population of 1,386,932, it is the List of United States cities by population, eigh ...

. The company is one of a few real estate investment trusts that pays

dividend A dividend is a distribution of profits by a corporation to its shareholders. When a corporation earns a profit or surplus, it is able to pay a portion of the profit as a dividend to shareholders. Any amount not distributed is taken to be re-inv ...

s monthly, rather than quarterly, and has registered a

trademark A trademark (also written trade mark or trade-mark) is a type of intellectual property consisting of a recognizable sign, design, or expression that identifies products or services from a particular source and distinguishes them from oth ...

for the phrase "The Monthly Dividend Company".

Investments

As of March 31, 2022, the company owned 11,288 properties totaling approximately 213.9 million leasable square feet, with an average property size of approximately 12,660 square feet per retail property and approximately 244,460 square feet per industrial property. The company's largest tenants are as follows:

History

Realty Income Corporation was founded in 1969 by William E. Clark and Evelyn J. Clark. Its first acquisition was a

Taco Bell Taco Bell is an American-based chain of fast food restaurants founded in 1962 by Glen Bell (1923–2010) in Downey, California. Taco Bell is a subsidiary of Yum! Brands, Inc. The restaurants serve a variety of Mexican-inspired foods, incl ...

restaurant in early 1970. The company used cash to purchase land needed for stores that required real estate to run, and then leased the property to the stores long term. In 1994, the company became a

public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange ( l ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investme ...

. In 1997, William E. Clark, Jr., retired as CEO and was succeeded by Thomas A. Lewis. In 2013, John P. Case succeeded Mr. Lewis as CEO of the company. In 2009, Clark retired as chairman. In 2013, the company acquired American Realty Capital Trust, founded by

Nicholas Schorsch Nicholas Sloan "Nick" Schorsch (born March 2, 1961) is an American entrepreneur, investor, and philanthropist. Schorsch is the Chairman, CEO, and co-founder of the investment services firm American Realty Capital. Early life Schorsch was born i ...

, in a $2.95 billion transaction. In 2015, the company was added to the

S&P 500 The Standard and Poor's 500, or simply the S&P 500, is a stock market index tracking the stock performance of 500 large companies listed on stock exchanges in the United States. It is one of the most commonly followed equity indices. As of ...

and the S&P High Yield Dividend Aristocrats index. In 2018, Sumit Roy became the company's CEO. In 2019, the company completed a sale-leaseback transaction for 12 properties of the

supermarket chain Sainsbury's. This was the company's first purchase of property outside the United States. On November 1, 2021, the company acquired VEREIT.

References

External links

{{Authority control 1969 establishments in California Companies based in San Diego County, California Companies listed on the New York Stock Exchange Real estate companies established in 1969 Real estate investment trusts of the United States