Realty Income is a net lease REIT that owns over 15,500 freestanding commercial properties and leases them to businesses under long-term agreements, typically 10-20+ years. Under net leases, tenants pay property-level costs (taxes, insurance, maintenance), leaving Realty Income with a predictable, low-volatility rent stream generating roughly $5.3B in annualized base rent. The portfolio is roughly 79% retail by ABR, with a deliberate focus on tenants in non-discretionary categories — grocers, convenience stores, dollar stores, and home improvement — that are resistant to e-commerce disruption. Top tenants include 7-Eleven, Dollar General, Walgreens, and Family Dollar. Beyond retail, Realty Income has built a 15% industrial allocation and owns large-scale gaming assets like the Bellagio and Wynn Las Vegas. Organic growth is driven by contractual rent escalators (~1.5% portfolio CAGR) and re-leasing spreads at lease expiry. Realty Income grows externally by acquiring properties at a target spread of 150-160 bps above its cost of capital, financing through equity issuance, long-term investment-grade debt (in USD, GBP, and EUR), and asset dispositions. The company has expanded aggressively into Europe since 2019, which now represents ~19% of ABR and offers cheaper euro-denominated financing. Newer growth initiatives include a private capital fund business, a growing real estate credit book, and selective data center investments. Realty Income is known as "The Monthly Dividend Company," having paid a monthly dividend for 31+ consecutive years.