Realty Income SEC Filings

Realty Income Corporation reported that its Executive Vice President, Chief Legal Officer, General Counsel and Secretary, Michelle Bushore, will leave the company after a transition period ending September 2, 2026. She will remain in her current role while the company searches for a new Chief Legal Officer.

Her separation will be treated as a “Qualifying Termination” under the executive severance plan, and she will receive severance benefits subject to a general release of claims. She also entered into a Transition Agreement that provides a retention equity grant equal to $512,663 in restricted shares, based on the February 26, 2026 closing stock price, which will fully vest if she serves through the transition period.

A press release highlights her role in negotiating major M&A transactions and shaping governance and compliance, and includes leadership’s appreciation for her tenure. The company notes that statements about the timing of the transition are forward-looking and subject to customary risks.

Realty Income Corporation files its annual report describing a large, diversified net‑lease real estate platform. As of December 31, 2025, it owned 15,511 properties across all 50 U.S. states, the U.K. and eight other European countries, generating total portfolio annualized base rent of $5,310,527 (dollars in thousands).

Retail assets dominate with 14,864 properties and 79.1% of annualized base rent, while industrial, gaming and other property types provide additional diversification. The portfolio is 99% leased, with lease expirations staggered through 2143. International assets, mainly in the U.K. and Europe, represent about 19% of annualized base rent.

The tenant base is broad: the top 20 clients, including 7‑Eleven, Dollar General and Walgreens, account for 35.8% of annualized base rent, and 32.2% comes from investment‑grade clients and affiliates. The company emphasizes data‑driven underwriting, predictive analytics, real estate credit investments, disciplined capital allocation and a long record of growing monthly dividends supported by a conservative balance sheet.

Realty Income Corporation reported solid growth for the three months and year ended December 31, 2025, driven by higher rents, investment activity, and very high occupancy.

For Q4 2025, total revenue was $1,487.9 million, up from $1,340.3 million in Q4 2024. Net income available to common stockholders rose to $296.1 million, or $0.32 per share, versus $199.6 million, or $0.23 per share, a year earlier. AFFO was $996.7 million, or $1.08 per share, compared with $921.9 million and $1.05 per share in Q4 2024.

For full-year 2025, revenue reached $5,749.4 million, up from $5,271.1 million. Net income available to common stockholders was $1,058.6 million, or $1.17 per share, compared with $847.9 million, or $0.98, in 2024. AFFO totaled $3,885.9 million, or $4.28 per share, up from $3,621.4 million, or $4.19 per share.

The portfolio remained strong, with 98.9% occupancy as of December 31, 2025, 15,511 properties, and same store rental revenue growth of 1.3%. Realty Income invested $6.3 billion at an initial weighted average cash yield of 7.3% and raised $2.4 billion of equity via its ATM program. The company also issued $862.5 million of 3.500% convertible senior notes due 2029 and expanded its U.S. Private Fund Business to about $1.5 billion of commitments.

For 2026, management guides to net income per share of $1.65–$1.69 and AFFO per share of $4.38–$4.42, implying modest per-share growth. The company expects about $8.0 billion of investment volume, same store rent growth of 1.0–1.3%, occupancy around 98.5%, and maintains a growing dividend, which was $3.240 per share annualized at year-end 2025.

REALTY INCOME CORP Executive Vice President and Chief Operating Officer Gregory J. Whyte reported stock-based compensation and related tax withholding transactions. On February 17, 2026, he acquired 22,652 performance shares after the company met performance criteria, with half vesting immediately and the remainder vesting through January 1, 2027. He also acquired 6,978 additional shares granted under an incentive plan that vest ratably over four years, with no cash consideration paid. In a separate transaction, 6,114 shares of common stock were automatically withheld at $66.49 per share to satisfy tax obligations upon the issuance of 11,326 shares.

REALTY INCOME CORP President and CEO Sumit Roy reported equity-based compensation and related tax withholding transactions in company stock. On February 17, 2026, he acquired 103,792 performance shares that were awarded after the company met specified performance criteria, with half vesting immediately and half subject to time vesting through January 1, 2027.

On the same date, 33,847 restricted stock units were granted at no cost under an incentive plan, vesting ratably over four years. Also on February 17, 28,002 shares were automatically withheld at a reference price of $66.49 per share to cover tax obligations upon the issuance of 51,896 shares, leaving Roy with 424,300 shares of common stock held directly after these transactions.

Redington Neale reported acquisition or exercise transactions in this Form 4 filing.

Realty Income Corp executive Neale Redington received an equity award of 10,753 shares of common stock. The grant was made as Restricted Stock Units under an incentive plan, with no cash consideration paid. Following this award, Redington directly owns 23,858 common shares.

The RSUs vest in equal installments over four years, meaning the shares become fully available gradually rather than all at once. This filing reflects a compensation-related stock grant, not an open-market purchase or sale.

Pong Jonathan reported acquisition or exercise transactions in this Form 4 filing.

REALTY INCOME CORP executive Jonathan Pong received an equity award of 7,110 shares of common stock. The grant was reported as a restricted share and unit award made at no cash cost to him under an incentive plan and vests in equal parts over four years.

After this award, Pong directly holds 43,291 shares of Realty Income common stock. This filing reflects routine executive compensation in stock rather than an open‑market purchase or sale.

Realty Income Corp EVP and Chief People Officer Shannon Kehle reported equity compensation activity. On February 17, 2026, Kehle acquired 4,872 shares of common stock as performance shares tied to a February 13, 2023 grant, of which half vested immediately and half remain subject to time vesting through January 1, 2027. On the same date, 2,256 additional shares were granted through an incentive plan at no cost, vesting ratably over four years. Also on February 17, 1,311 shares were automatically withheld at a price of $66.49 per share to satisfy tax obligations upon the issuance of 2,436 shares. After these transactions, Kehle held between 25,427 and 27,683 shares of common stock directly, as reported across the individual line items.

REALTY INCOME CORP executive Mark E. Hagan reported equity awards and related tax withholding. On February 17, 2026, he acquired 30,194 common shares as performance shares and 10,533 additional shares granted under an incentive plan, both at no cash cost. On the same date, 8,141 shares were disposed of to cover tax withholding, based on the $66.49 closing share price.

Realty Income Corp executive Michelle Bushore reported stock-based compensation and related tax withholding transactions. She acquired 24,290 performance shares after the company met specified performance criteria from a February 13, 2023 grant; half vested immediately and half will time-vest through January 1, 2027. She also received 7,576 shares granted through an incentive plan, with no cash paid, vesting ratably over four years. In connection with the issuance of 12,145 shares on February 17, 2026, 6,551 shares were automatically withheld at $66.49 per share to cover tax obligations, using the applicable withholding rate. After these direct transactions, her reported common stock holdings were between 59,767 and 67,343 shares, depending on the specific line item referenced.