{"schemaVersion":1,"research":true,"symbol":"o","name":"Realty Income","topic":"moat","path":"/stock/o/moat","status":"published","version":4,"updatedAt":"2026-10-18T13:24:28.945Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Realty Income has a qualified narrow moat from its large, diversified funding platform. Completed capital raises, improved revolving-credit pricing and sustained AFFO per-share growth support a current financing advantage, although superiority to competitors remains unquantified. High occupancy and positive rent recapture demonstrate tenant demand and modest realized pricing power. Long leases and expense pass-throughs protect cash flows but limit repricing flexibility. Impairments, credit losses, dilution and refinancing exposure constrain durability.","advantages":[{"mechanism":"cost_advantage","claim":"A large property platform with demonstrated access to public debt, equity and private capital supports financing flexibility and execution of substantial investments. Revolving-credit pricing improved by five basis points, providing concrete evidence of favorable funding access. Management's claim of a lower cost of capital than peers is plausible but not comparatively demonstrated.","durability":"The established portfolio, multiple funding channels and 15 consecutive years of AFFO per-share growth support persistence beyond a single transaction. Durability remains conditional on credit quality, investor demand and investment returns exceeding the full cost of funding. Private-capital expansion has demonstrated fundraising, but its long-term economics remain less established.","risks":"Acquisition competition can compress investment spreads. Debt increased while average maturity shortened; equity issuance dilutes existing holders unless investments generate sufficient per-share returns. Private capital also carries economic costs: the joint-venture partner initially receives a cash-flow allocation exceeding its ownership percentage. Realized impairments and credit losses demonstrate underwriting exposure.","invalidation":"The thesis would fail if repeated funding transactions lost favorable terms and investment spreads ceased to support per-share growth, or if recurring impairments and credit losses overwhelmed incremental investment returns. Persistent inability to refinance or attract private capital on economically acceptable terms would also invalidate the claimed advantage.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10","e11","e12","e13","e14"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Item 1, Business: portfolio scale and geographic reach","excerpt":"As of December 31, 2025, we have a portfolio of over 15,500 properties in all 50 states of the United States (\"U.S.\"), the United Kingdom (\"U.K.\"), and eight other countries in Europe."},{"id":"e2","sourceId":"filing-2","location":"Subsequent events: revolving-credit pricing and five-basis-point reduction","excerpt":"Pursuant to the terms of the revolving credit facility, the credit ratings at the time of the amendment provided for a borrowing rate of 67.5 basis points over the SOFR for USD borrowings, with a facility commitment fee of 12.5 basis points, for all-in drawn pricing of 80 basis points over SOFR, a reduction of 5.0 basis points from the prior revolving credit facilities."},{"id":"e3","sourceId":"filing-2","location":"Noncontrolling interests: initial joint-venture capital received","excerpt":"We received $1.0 billion for Apollo’s initial capital contribution."},{"id":"e4","sourceId":"filing-2","location":"MD&A, ATM Program: completed equity settlements","excerpt":"ATM Program During the three and six months ended June 30, 2026, we settled approximately 13.7 million shares of common stock previously sold pursuant to forward sale agreements through our ATM program for approximately $824.3 million of net proceeds."},{"id":"e5","sourceId":"filing-3","location":"Stockholder letter: net income and AFFO per-share results and growth history","excerpt":"Net income per share increased from $0.98 to $1.17, and we grew Adjusted Funds From Operations (“AFFO”) per share by 2.1% to a record $4.28, representing our 15th consecutive year of AFFO per share growth."},{"id":"e6","sourceId":"filing-3","location":"Business strategy: management assertion of lower cost of capital than peers","excerpt":"We believe our industry‑leading balance sheet and lower cost of capital enable us to pursue attractive investment opportunities and execute larger, more complex transactions than many peers."},{"id":"e7","sourceId":"filing-3","location":"Stockholder letter: inaugural fund launch and year-end capital commitments","excerpt":"To support our growing investment activity while diversifying our sources of capital, we successfully launched our inaugural open-end, perpetual life fund in 2025, raising $1.5 billion in total commitments through year-end."},{"id":"e8","sourceId":"filing-1","location":"Item 1A, Risk Factors: acquisition competition and property costs","excerpt":"This competition may result in a higher cost for properties we wish to purchase."},{"id":"e9","sourceId":"filing-1","location":"MD&A, Debt Financing Activities: December 2025 debt, maturity and interest rate","excerpt":"Debt Financing Activities As of December 31, 2025, our total outstanding borrowings of credit facilities, commercial paper, term loans, mortgages payable, and senior unsecured notes and bonds were $29.1 billion, with a weighted average maturity of 5.5 years and a weighted average interest rate of 3.9%."},{"id":"e10","sourceId":"filing-2","location":"MD&A, Debt Financing Activities: June 2026 debt, maturity and interest rate","excerpt":"Debt Financing Activities As of June 30, 2026, our total outstanding borrowings of credit facilities, commercial paper, term loans, mortgages payable, and senior unsecured notes and bonds were $31.0 billion, with a weighted average maturity of 5.1 years and a weighted average interest rate of 3.9%."},{"id":"e11","sourceId":"filing-2","location":"Noncontrolling interests: joint-venture cash-flow allocation terms","excerpt":"Prior to Apollo achieving the Target IRR (as defined in the JV Agreement), the Class B Member will receive a default allocation of 55% of available cash flow, which may decrease to 49% if the Apollo JV’s NOI outperforms an upper level of certain performance metric, or increase to 60% if the Apollo JV’s NOI underperforms a lower level of certain performance metric."},{"id":"e12","sourceId":"filing-2","location":"Notes: first-half 2026 and 2025 real-estate impairment provisions","excerpt":"The following table summarizes our provisions for impairment on real estate investments during the periods indicated below (dollars in millions): Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Carrying value prior to impairment $191.1 $365.2 $413.9 $505.9 Less: total provisions for impairment of real estate (54.2) (142.3) (144.4) (239.7) Carrying value after impairment $136.9 $222.9 $269.5 $266.2 Number of properties: Classified as held for sale 22 58 28 61 Classified as held for investment 36 53 79 79 Sold 15 8 59 60 The valuation of impaired assets is determined by using widely accepted valuation techniques including income capitalization approach, using net operating income for each property and applying a weighted average capitalization rate of 8.6%, recent comparable sales transactions, broker opinions of value with discounts based on management judgment, and purchase offers received from third parties, which are level 3 inputs."},{"id":"e13","sourceId":"filing-3","location":"Executive compensation, operating performance: three-year diluted EPS decline and causes","excerpt":"Over a three-year period from 2023 to 2025, we saw net income per share on a fully diluted basis decrease from $1.26 per share to $1.17 per share, primarily as a result of an increase in equity capital issued over the three-year period, as well as an increase in impairments on real estate properties and credit losses recognized on financing receivables."},{"id":"e14","sourceId":"filing-2","location":"MD&A, Expenses: revenue, operating expenses, financing costs and credit losses","excerpt":"-46- Table of Contents Expenses The following summarizes our total expenses (in thousands): Three months ended June 30, Six months ended June 30, 2026 2025 Change 2026 2025 Change Depreciation and amortization $644,677 $647,849 $(3,172) $1,274,952 $1,256,784 $18,168 Interest 312,083 283,824 28,259 604,023 552,198 51,825 Property (excluding reimbursements) 21,306 19,998 1,308 40,664 39,301 1,363 Property (reimbursements) 91,133 87,424 3,709 188,618 174,802 13,816 General and administrative 57,605 49,329 8,276 116,490 93,373 23,117 Provisions for impairment of real estate 54,185 142,255 (88,070) 144,350 239,673 (95,323) Provisions for credit losses on loans and financing receivables 7,258 1,108 6,150 46,361 20,279 26,082 Merger, transaction, and other costs, net 2,058 331 1,727 12,845 610 12,235 Total expenses $1,190,305 $1,232,118 $(41,813) $2,428,303 $2,377,020 $51,283 Total revenue (1) $1,456,578 $1,322,954 $2,907,820 $2,616,081 General and administrative expenses as a percentage of total revenue (1) 4.0% 3.7% 4.0% 3.6% Property expenses (excluding reimbursements) as a percentage of total revenue (1) 1.5% 1.5% 1.4% 1.5% (1) Excludes client reimbursements."},{"id":"e15","sourceId":"filing-3","location":"Executive compensation, operating performance: 2025 occupancy and rent recapture","excerpt":"Our portfolio operating metrics remained healthy, as we finished the year with an occupancy rate of 98.9%, and achieved a recapture rate on properties re-leased during the year of 103.9%."},{"id":"e16","sourceId":"filing-1","location":"Item 1, Business: tenant expense obligations, contractual rents and escalations","excerpt":"Under a net lease structure, clients are typically responsible for most or all property-level operating expenses, including real estate taxes, insurance, and maintenance, while we are entitled to receive contractually defined rental payments, many of which include embedded contractual rent escalations."},{"id":"e17","sourceId":"filing-2","location":"Portfolio information, Lease Expirations: contractual rent expiration schedule","excerpt":"-57- Table of Contents Lease Expirations The following table sets forth certain information regarding the timing of the lease term expirations in our portfolio (excluding rights to extend a lease at the option of the client) and their contribution to total portfolio annualized base rent as of June 30, 2026 (dollars in thousands): Total Portfolio (1) Expiring Leases Annualized Base Rent Percentage of Annualized Base Rent Year Retail Non-Retail 2026 386 13 $78,172 1.5% 2027 1,370 50 308,889 5.8 2028 1,766 73 407,284 7.7 2029 1,916 52 452,829 8.6 2030 1,345 52 371,413 7.0 2031 1,292 78 458,310 8.7 2032 1,462 55 382,140 7.2 2033 1,074 37 326,834 6.2 2034 819 41 361,023 6.8 2035 740 32 240,747 4.6 2036 701 40 276,869 5.2 2037 564 25 153,170 2.9 2038 425 24 149,872 2.8 2039 543 9 148,326 2.8 2040 415 8 163,006 3.1 2041-2143 1,897 127 1,001,516 19.1 Total 16,715 716 $5,280,400 100.0% (1)Leases on our multi-tenant properties are counted separately in the table above."},{"id":"e18","sourceId":"filing-1","location":"Item 1A, Risk Factors: potential lease termination in bankruptcy","excerpt":"The bankruptcy or insolvency of a client, borrower or guarantor could result in the termination of the lease agreement, loan agreement, or guarantee, as applicable."},{"id":"e19","sourceId":"filing-4","location":"Item 1, Business: management's experience concerning critical tenant locations","excerpt":"It has been our experience that clients must retain their profitable and critical locations to survive."},{"id":"e20","sourceId":"filing-3","location":"Stockholder letter: completed 2025 investment volume and initial cash yield","excerpt":"In total, the Company completed $6.2 billion of investment volume at our pro-rata share at an initial weighted average cash yield of 7.3% in 2025."},{"id":"e21","sourceId":"filing-2","location":"Common Stock Incentive Plan: actual 2026 executive performance-share grants","excerpt":"B.Performance Shares During the six months ended June 30, 2026, we granted 246,900 performance shares, as well as dividend equivalent rights, to our executive officers."},{"id":"e22","sourceId":"filing-2","location":"Common Stock Incentive Plan: performance conditions and vesting terms","excerpt":"The performance shares are earned based on our Total Shareholder Return (“TSR”) performance relative to select industry indices and peer groups as well as achievement of certain operating metrics, and vest 50% as of the date of which the plan administrator determines the achievement of the applicable goals during the applicable three-year performance period and the remaining 50% on January 1 of the following year, subject to continued service."},{"id":"e23","sourceId":"filing-3","location":"Executive compensation: STIP and LTIP performance metrics and weights","excerpt":"The majority of the compensation awarded under the STIP and LTIP is at-risk, is not guaranteed, and is based on the following performance metrics: Short-Term Incentive Plan Performance Goals Long-Term Incentive Plan Performance Goals Metric Weight Metric Weight AFFO per Share 40% TSR Ranking within MSCI US REIT Index 50% Fixed Charge Coverage Ratio 20% Dividend per Share Growth Rate 25% Portfolio Occupancy 10% Net Debt-to-Pro Forma Adjusted EBITDAre Ratio 25% Individual Objectives 30% 20 Realty Income 2026 Proxy Statement Table of Contents Proposal Three The performance hurdles and weightings for each program are determined by the Compensation and Talent Committee in consultation with our independent compensation consultant, Ferguson Partners Consulting L.P."},{"id":"e24","sourceId":"filing-3","location":"Potential Payments upon Termination: retirement acceleration of equity awards","excerpt":"In the event that an executive officer retires (employing the same definitions described above), the named executive officer is entitled to receive accelerated vesting of 100% of any equity awards granted and restricted stock awards granted will become fully vested."},{"id":"e25","sourceId":"filing-3","location":"Potential Payments upon Termination: performance-share treatment on retirement","excerpt":"Additionally, under the terms of the performance share award agreements as in effect as of December 31, 2025, in the event that a named executive officer retires during an outstanding performance period, the number of performance shares will vest based on the executive’s achievement of the performance goals through the retirement date, and pro-rated based on the amount of time the executive was employed during the performance period."},{"id":"e26","sourceId":"filing-3","location":"Corporate Governance: separation of chairman and CEO roles since 1997","excerpt":"Since 1997, the positions of Non-Executive Chairman of the Board of Directors and CEO have been separate in recognition of the differences between the two roles."},{"id":"e27","sourceId":"filing-3","location":"Corporate Governance: independent compensation committee and clawback oversight","excerpt":"McLaughlin INDEPENDENT All MEETINGS IN 2025 6 2026 Proxy Statement Realty Income 25 Corporate Governance Table of Contents Compensation and Talent Committee RESPONSIBILITIES •Periodically review our programs and strategies related to human capital and talent management, including compensation and benefits, recruiting and retention, management succession, and engagement •Establish and administer our executive compensation programs •Conduct an annual review of our compensation philosophy and incentive programs, including to ensure they reflect our risk management philosophies, policies and processes •Conduct an annual review of and approve the goals and objectives relating to the compensation of the CEO, including a performance evaluation based on such goals and objectives to help determine and approve his compensation •Review and approve all executive officers’ severance arrangements, as applicable •Manage and annually review executive officer short-term and long-term incentive compensation •Set performance metrics under all short-term and long-term incentive compensation plans as appropriate •Review the compensation of members of our Board of Directors; and •Periodically review our stockholder engagement results and feedback received with respect to executive compensation matters •Administer and oversee clawback policy providing for the recoupment of compensation received by executive officers and other covered employees Our Board of Directors has determined that all of the members of the Compensation and Talent Committee are “independent” within the meaning of our director independence standards and the NYSE director independence standards (including those applicable to Compensation and Talent Committee members) and are “non-employee directors” within the meaning of Rule 16b-3 under the Exchange Act."},{"id":"e28","sourceId":"filing-1","location":"Independent auditor's report: effective internal control over financial reporting","excerpt":"In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission."},{"id":"e29","sourceId":"filing-3","location":"Annual-meeting voting procedures: continued service if director resignation is not accepted","excerpt":"If a director’s offer to resign is not accepted by the Board of Directors (or properly constituted committee) or such director does not otherwise submit his or her resignation to the Board, such director shall continue to serve until his or her successor is duly elected and qualified, or until his or her earlier resignation or removal."},{"id":"e30","sourceId":"filing-1","location":"Item 1, Business: generic competitor categories","excerpt":"The Company faces competition from other REITs, businesses and other entities in the acquisition, development and operation of freestanding commercial properties."}],"changes":["Retains the previous qualified narrow-moat verdict; comparative funding superiority remains unquantified.","Makes realized pricing and tenant demand explicit using 2025 rent recapture of 103.9% and occupancy of 98.9%, while distinguishing occupancy from renewal retention.","Adds assessments of actual performance-share grants, vesting conditions and governance disclosures; these are existing arrangements rather than presumed approval of annual-meeting proposals.","Balances continuing impairment exposure against the decline in first-half real-estate impairments from $239.7 million in 2025 to $144.4 million in 2026."],"limitations":["Only supplied passages were used. Source dates are filing dates, retaining dateKind=filed; they are not retrieval dates.","Competition disclosures identify generic categories without naming operating competitors. Named tenants, partners, acquisition targets and directors' other affiliations do not establish competitor coverage.","Funding transactions and operating outcomes demonstrate capabilities, but supplied passages do not quantify financing costs against comparable competitors or establish persistent excess economic returns.","Management's claims concerning industry leadership, proprietary analytics and critical tenant locations do not independently demonstrate an additional moat.","Rent recapture covers properties re-leased during 2025; it does not establish portfolio-wide rent growth, a tenant renewal rate or a sustained history of pricing increases.","The supplied proxy passages support compensation and governance assessments but do not establish management ownership levels, ownership-guideline compliance or comprehensive related-party safeguards.","Fund commitments are not equivalent to capital received. Joint-venture capital received is demonstrated, but long-term private-platform returns and fee durability remain uncertain.","AFFO is a company-defined non-GAAP measure. Its per-share growth is weighed against disclosed diluted EPS deterioration, impairments and credit losses."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Scale, completed public and private capital raises, and improved credit pricing support a funding advantage. Relative cost superiority is management's assertion without peer comparisons, limiting the strength of the structural conclusion.","evidenceIds":["e1","e2","e3","e4","e6"]},{"criterion":"durability","grade":2,"rationale":"Fifteen consecutive years of AFFO per-share growth and a spread-out contractual lease schedule support persistence. Rising debt, shorter average debt maturity and realized losses prevent a stronger durability assessment.","evidenceIds":["e5","e9","e10","e13","e17"]},{"criterion":"customer_dependency","grade":2,"rationale":"High occupancy, positive rent recapture and long contractual commitments indicate meaningful demand and location attachment. Critical-location dependence is partly management's interpretation; occupancy does not establish unique landlord dependence, and bankruptcy can terminate leases.","evidenceIds":["e15","e17","e18","e19"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Improved funding terms and continuing per-share growth demonstrate resilience despite adverse assets. Lower first-half impairments are encouraging, but continuing impairments, increased credit losses and acquisition competition show that protection is incomplete.","evidenceIds":["e2","e5","e8","e12","e14"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"The 103.9% rent recapture on properties re-leased during 2025 demonstrates modest positive realized pricing. Embedded escalations provide additional contractual support, but their magnitude and portfolio-wide realized effect are not supplied.","evidenceIds":["e15","e16"]},{"criterion":"retention","grade":3,"rationale":"Occupancy of 98.9%, positive re-leasing rent recapture and long remaining contractual commitments provide strong evidence of continuing property demand. This assessment uses indirect operating and contractual evidence, not a disclosed tenant retention or renewal rate.","evidenceIds":["e15","e17"]},{"criterion":"margin_resilience","grade":3,"rationale":"Tenant responsibility for most property expenses provides contractual protection. First-half 2026 unreimbursed property expenses remained contained at 1.4% of revenue excluding reimbursements, versus 1.5% a year earlier. Higher overhead, interest and credit losses limit broader earnings protection; the property-cost structure alone does not establish a moat.","evidenceIds":["e16","e14"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Long leases specify rental payments and embedded escalations, substantially constraining repricing during their terms. Re-leasing creates some opportunity to negotiate new rents, but the passages establish limited near-term unilateral pricing freedom.","evidenceIds":["e16","e17","e15"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Completed investments, diversified capital raising and sustained AFFO per-share growth support productive deployment. These outcomes are mixed with dilution, a three-year diluted EPS decline, impairments, credit losses and preferential joint-venture cash allocations. Initial investment yield alone does not establish value creation.","evidenceIds":["e20","e5","e3","e4","e11","e13","e14"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual executive performance-share grants link rewards to relative TSR and operating metrics with multiyear vesting. Disclosed incentives include per-share growth and leverage measures. Retirement acceleration and shortened performance measurement on retirement weaken alignment; actual management ownership and full payout calibration are not established.","evidenceIds":["e21","e22","e23","e24","e25"]},{"criterion":"execution","grade":3,"rationale":"Completed investment volume, private capital received, improved financing terms, high occupancy and 15 consecutive years of AFFO per-share growth demonstrate strong execution. Occupancy is indirect evidence of leasing execution; impairments and diluted EPS deterioration prevent an exceptional assessment.","evidenceIds":["e20","e3","e2","e15","e5","e13"]},{"criterion":"governance","grade":3,"rationale":"Longstanding separation of chairman and CEO roles, an independent compensation committee with clawback oversight, and the auditor's effective-controls opinion support strong disclosed governance. Board discretion to retain a director after a rejected resignation and incomplete ownership and related-party coverage limit the 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