Realty Income’s O portfolio gives the company a wide base to lean on when conditions get uneven. As of March 31, 2026, it owned or held interests in 15,571 properties, leased to 1,786 clients in 92 industries. Occupancy was 98.9%, unchanged from year-end and above 98.5% a year earlier.
The solid base is paired with long leases, which is important for a company built around steady rent checks. Realty Income’s weighted average remaining lease term was about 8.7 years. The portfolio also covered roughly 348 million square feet and generated about $5.2 billion in annualized base rent.
The mix is still heavily retail, but not tied to one narrow corner of the market. Retail represented 78.9% of annualized base rent, while industrial accounted for 15.5%, gaming 3.2% and other properties 2.4%. By geography, the United States made up 79.7% of rent, followed by the U.K. at 14.9% and Continental Europe at 5.4%.
First-quarter numbers suggest the platform is not just large, but active. Realty Income invested $2.8 billion during the quarter, including $2.6 billion on a pro-rata basis, at a 7.1% initial weighted average cash yield. Adjusted funds from operations (AFFO) per share increased 6.6% year over year to $1.13, while net debt to annualized pro forma adjusted EBITDAre was 5.2 times.
Resilience also depends on how well empty or expiring sites are handled. In the first quarter, re-leased units produced $73.3 million of new annualized base rent versus $70.9 million before, a 103.4% rent recapture rate. Management also raised 2026 investment guidance to $9.5 billion and AFFO guidance to the range of $4.41-$4.44 per share.