Realty Income Announces Chief Legal Officer Transition

Rhea-AI Summary

Realty Income (NYSE: O) announced that Executive Vice President, Chief Legal Officer, General Counsel and Secretary Michelle Bushore will depart, staying in her role through September 2, 2026 to ensure a smooth transition while the company searches for a successor.

The company noted Ms. Bushore helped negotiate two pivotal M&A transactions and shaped governance and compliance. As of December 31, 2025, Realty Income reported a portfolio of over 15,500 properties across the U.S., the U.K. and eight other European countries.

Key Figures

Planned transition end date: September 2, 2026 Portfolio size: over 15,500 properties Geographic reach: 50 U.S. states, U.K. and eight other European countries +5 more

8 metrics

Planned transition end date September 2, 2026 End of Chief Legal Officer transition period

Portfolio size over 15,500 properties As of December 31, 2025

Geographic reach 50 U.S. states, U.K. and eight other European countries Footprint as of December 31, 2025

Founding year 1969 Company founding date

NYSE listing year 1994 Year shares listed on NYSE

Dividend increases 133 increases Since NYSE listing in 1994

Dividend growth streak over 31 consecutive years S&P 500 Dividend Aristocrats index membership

52-week range position 32.12% above low, 1.38% below high Based on current price vs 52-week levels

Market Reality Check

Price: $67.00 Vol: Volume 13,050,264 vs 20-d...

high vol

$67.00 Last Close

Volume Volume 13,050,264 vs 20-day avg 7,070,379 (relative volume 1.85x). high

Technical Price $67.00 is trading above 200-day MA of $58.63 and 1.38% below 52-week high.

Peers on Argus

O was up 0.6% with peers mixed: SPG +0.31%, REG +1.22%, ADC +1.60%, NNN +0.60%, ...

O was up 0.6% with peers mixed: SPG +0.31%, REG +1.22%, ADC +1.60%, NNN +0.60%, KIM -0.08%, suggesting a company-specific reaction to the leadership transition headline.

Historical Context

5 past events · Latest: Feb 24 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 24	Earnings release	Positive	-0.8%	Full-year 2025 results with higher net income and AFFO per share.
Feb 19	Financing update	Positive	+0.7%	New revolving facility and CMBS extension enhancing liquidity profile.
Feb 17	Dividend declaration	Positive	-2.1%	668th consecutive monthly dividend with annualized $3.240 per share rate.
Jan 29	Tax allocation	Neutral	+0.6%	Final 2025 tax characterization of common stock distributions.
Jan 27	Tax allocation	Neutral	-1.4%	Disclosure of 2025 dividend income tax classification for shareholders.

Pattern Detected

Recent positive Realty Income announcements (earnings and dividend) were followed by negative 24-hour moves, while more informational items have seen modest or mixed reactions.

Recent Company History

Over recent months, Realty Income reported full-year 2025 results with higher net income and AFFO, yet shares fell 0.8% the next day. A long-record monthly dividend declaration saw a larger 2.14% decline, indicating occasional selling into traditionally positive news. More routine items like the 2025 dividend tax allocation coincided with a small 0.63% gain. Separate Orion Properties financing and tax-dividend updates showed modest, mixed moves. Against this backdrop, today’s C-suite legal transition fits into a stream of governance and capital-return communications.

Market Pulse Summary

This announcement details an orderly Chief Legal Officer transition running through September 2, 202...

Analysis

This announcement details an orderly Chief Legal Officer transition running through September 2, 2026, framed against Realty Income’s scale of over 15,500 properties and a track record of 133 dividend increases over more than 31 years. Investors may focus on continuity of governance, the board’s selection of a successor, and whether future filings or presentations connect leadership changes to the company’s acquisition, capital allocation, and dividend growth strategy.

Key Terms

m&a, governance, compliance, s&p 500, +2 more

6 terms

m&a financial

"She was instrumental in helping negotiate two pivotal M&A transactions"

M&A, short for mergers and acquisitions, involves one company combining with or purchasing another company to grow, streamline operations, or gain competitive advantages. For investors, M&A activity can signal potential for increased value, new opportunities, or changes in market dynamics, making it an important factor to watch in the business landscape.

governance regulatory

"helped shape our governance and compliance practices"

Governance refers to the systems and processes that determine how an organization is directed and controlled. It involves making decisions, establishing rules, and overseeing activities to ensure the organization operates fairly, transparently, and in the best interests of its stakeholders. Good governance helps build trust and stability, which are important for investors because they indicate responsible management and reduce risks.

compliance regulatory

"helped shape our governance and compliance practices"

Compliance is the act of following rules, laws, and regulations set by authorities or organizations. It ensures that businesses operate legitimately and ethically, much like how a driver follows traffic laws to keep everyone safe. For investors, compliance matters because it helps ensure that companies are managing risks properly and maintaining trustworthy practices.

s&p 500 financial

"Realty Income (NYSE: O), an S&P 500 company"

The S&P 500 is a broad stock market index that tracks the performance of 500 large U.S. companies, weighted so bigger firms have a larger impact. Investors use it like a thermometer or benchmark to judge how the overall U.S. stock market or a portfolio is doing; movements in the index influence investor sentiment, fund performance, and many passive investment products that aim to match its returns.

dividend aristocrats financial

"member of the S&P 500 Dividend Aristocrats® index"

Dividend aristocrats are companies that have increased the cash payments they give to shareholders every year for a long, continuous stretch (commonly 25 or more years). Investors care because this streak signals steady profits and a commitment to returning income—similar to a landlord who reliably raises rent a little each year—making these stocks attractive for steady income and perceived lower financial risk, though dividends are never guaranteed.

forward-looking statements regulatory

"Additional information about the company can be found ... Forward-Looking Statements"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

AI-generated analysis. Not financial advice.

SAN DIEGO, March 2, 2026 /PRNewswire/ -- Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company^®, today announced that its Executive Vice President, Chief Legal Officer, General Counsel and Secretary, Michelle Bushore, is leaving the Company. To ensure a smooth transition, Ms. Bushore will continue to serve in her role through September 2, 2026, while the Company conducts a search for a new Chief Legal Officer.

"Michelle has been a well-regarded member of the senior management team and leader for the Company," said Sumit Roy, Realty Income's President and Chief Executive Officer. "On behalf of myself, the Board of Directors and the entire team at Realty Income, we want to thank Michelle for her numerous contributions to the continued evolution of the Company. Her tenure has been defined by integrity, sound judgement and unwavering commitment to doing what is right. She was instrumental in helping negotiate two pivotal M&A transactions for our Company and helped shape our governance and compliance practices. I thank her for her dedication to the organization and wish her continued success in her future endeavors."

"It has been a privilege to contribute to Realty Income's remarkable growth during my tenure," said Ms. Bushore. "While I have decided to step away at this time to pursue new opportunities that align with the next chapter of my professional journey, I do so with immense pride in what we have accomplished together. I am deeply grateful to my colleagues, the Board and our partners for their support, and I look forward to watching Realty Income's continued success in the years ahead."

About Realty Income

Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies^®. Founded in 1969, we serve our clients as a full-service real estate capital provider. As of December 31, 2025, we have a portfolio of over 15,500 properties in all 50 U.S. states, the United Kingdom ("U.K."), and eight other countries in Europe. We are known as "The Monthly Dividend Company^®" and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our listing on the NYSE in 1994, we have had 133 dividend increases and are a member of the S&P 500 Dividend Aristocrats^® index for having increased our dividend for over 31 consecutive years. Additional information about the company can be found at www.realtyincome.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. When used in this press release, the words "estimated," "anticipated," "expect," "believe," "intend," "continue," "should," "may," "will," "likely," "plans," and similar expressions are intended to identify forward-looking statements. Forward-looking statements include the announcement of plans and the intentions of management, including with respect to the timing of the transition of the role of Chief Legal Officer. Forward-looking statements are subject to risks, uncertainties, and assumptions about us, which may cause our actual future results to differ materially from expected results. Some of the factors that could cause actual results to differ materially may include changes in decisions with respect to continued employment, and such other risks and factors discussed in the filings by the Company with the U.S. Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended December 31, 2025 under the heading "Risk Factors." Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are not guarantees of future plans and performance and speak only as of the date of this press release. The Company does not undertake any obligation to update forward-looking statements or publicly release the results of any forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.

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SOURCE Realty Income Corporation

FAQ

When will Michelle Bushore leave Realty Income (O) and who covers her duties?

Michelle Bushore will remain in her role through September 2, 2026 to support transition. According to the company, she will continue duties while an external search for a new Chief Legal Officer is conducted, allowing overlap for handover and continuity.

What contributions did Michelle Bushore make to Realty Income (O) during her tenure?

She helped negotiate two pivotal M&A transactions and shaped governance and compliance. According to the company, her tenure included leadership on legal, governance and compliance matters that supported company evolution and transaction execution.

How will the Chief Legal Officer transition affect Realty Income's (O) governance and compliance?

The company expects continuity during the transition with Bushore remaining until September 2, 2026. According to the company, this overlap aims to preserve governance and compliance practices while a successor is identified and onboarded.

Is Realty Income (O) conducting an internal or external search for the new Chief Legal Officer?

Realty Income stated it will conduct a search for a new Chief Legal Officer, implying an open process. According to the company, the search is underway while Ms. Bushore remains to support a smooth transition through September 2, 2026.

Does Michelle Bushore's departure change Realty Income's (O) portfolio or dividend record?

No operational changes to the portfolio or dividend record were announced in connection with her departure. According to the company, the portfolio remains over 15,500 properties as of December 31, 2025 and dividend policy was not addressed.