Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
The landlord is becoming a lender too
A year earlier loans supplied 3.5% of revenue; lending now runs as a second engine beside rent.
For investorsWhat the spread depends on from here
For foundersRunning a huge asset base on a thin overhead
Sale gains nearly matched write-downs on emptying buildings, so portfolio pruning, not only rent, shapes reported profit.
Partners took 6.5% of net income against 0.6% a year earlier, the cost of growth funded with private capital.
Net leases keep overhead at 3.35% of revenue, so most of the rent turns into cash.
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Business Lens describes Realty Income from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
