Superior Stability and Dividend Growth
Benefits of Size and Scale: Greater
EBITDA Flow-Through to Bottom Line
Operating efficiencies continue to scale as Realty Income grows
YTD as of
3/31/2022
NET LEASE
PEER
MEDIAN(2)
S&P 500 REIT
PEER
MEDIAN(3)
5.8%
REALTY INCOME
Portfolio growth resulted in improved operating margins,
which compare favorably vs. industry peers
G&A as %
rental revenue(1)
2000
2002
2004
2006
2008
2010
2012
2014 2016
2018 2020
4.3%
YTD
2022
G&A AS % OF
ADJUSTED EBITDAre
MARGIN
95.1%
RENTAL
4.3%
8.7%
9.2%
92.4%
REVENUE
ADJUSTED
EBITDAre
95.1%
87.5%
88.9%
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020
YTD
2022
MARGIN
G&A AS %
30 bps
74 bps
60 bps
G&A as %
OF GREAV
gross RE asset value (bps) (1)
64 bps
Source: Bloomberg
(1) 2018 G&A excludes $18.7 million severance to former CEO paid in 4018 | 2020 G&A excludes $3.5 million severance to former CFO paid in 1020.
Percentage of rental revenue calculation excludes reimbursements.
(2) Based on trailing twelve months. Net Lease peers include ADC, BNL, EPR, EPRT, FCPT, GTY, LXP, NNN, NTST, SRC, STAG, STOR, WPC.
(3) Based on trailing twelve months. Excludes non-property REITs: AMT, CCI, EQIX, IRM, SBAC, WY.
30 bps
2000
2002
2004
2006
2008
2010 2012 2014
2016
2018
2020
YTD
2022
31View entire presentation