Realty Income Corporation O

Competitive advantage analysis · real-estate

REIT Specialized
Overall moat score
60/100
Moderate

Ranked against 37 peers in REIT - Retail

About Realty Income Corporation

Realty Income Corporation an S&P 500 company is real estate partner to the world's leading companies. Founded in 1969, we serve our clients as a full-service real estate capital provider. As of September 30, 2025, we have a portfolio of over 15,500 properties in all 50 U.S. states, the U.K., and seven other countries in Europe. We are known as … Full O analysis →

Key strengths

  • Strong AFFO Generation AFFO generation is strong (score 0.94), supporting dividend sustainability.
  • Dividend Well-Covered by AFFO Dividend coverage is healthy (score 0.94).

Key risks

  • Dilutive or Undisciplined Growth Growth discipline is questionable (score 0.17), raising dilution concerns.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Rent Pricing Power

Moderate
73
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Signals, strengths and risks for Rent Pricing Power

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Signals, strengths and risks for AFFO Strength

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Signals, strengths and risks for Balance Sheet & Cost of Capital

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Signals, strengths and risks for Capital Recycling & Growth

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Signals, strengths and risks for Operational Efficiency

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Signals, strengths and risks for Portfolio Quality & Diversification

Where O ranks in REIT - Retail

Realty Income Corporation ranks #13 of 33 scored companies in REIT - Retail by moat score — the top 39%. The widest moat in the group is NNN REIT, Inc. (NNN) at 79/100.

# Company Moat score Rating
9 Regency Centers Corporation - 5 REGCO 62/100 Moderate
10 Regency Centers Corporation REG 61/100 Moderate
11 Tanger Inc. SKT 61/100 Moderate
12 Regency Centers Corporation - 6 REGCP 61/100 Moderate
13 Realty Income Corporation O 60/100 Moderate
14 Brixmor Property Group Inc. BRX 57/100 Moderate
15 Federal Realty Investment Trust FRT 55/100 Moderate
16 Kimco Realty Corporation (HC) KIM 52/100 Moderate
17 Alexander & Baldwin, Inc. ALEX 50/100 Moderate

See every Real Estate Investment Trusts company ranked by moat score →

How O scores on the REIT Specialized defenses

Rent Pricing Power

Score 73 · 20% of the moat score

For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.

AFFO Strength

Score 94 · 18% of the moat score

AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.

Balance Sheet & Cost of Capital

Score 44 · 20% of the moat score

Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.

Capital Recycling & Growth

Score 15 · 16% of the moat score

REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.

Operational Efficiency

Score 85 · 14% of the moat score

Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.

Portfolio Quality & Diversification

Score 42 · 12% of the moat score

Portfolio quality is really a question about what happens when a tenant fails.

How each REIT Specialized defense is measured, in full →

Understanding O's moat

What is Realty Income Corporation's moat score?

Realty Income Corporation (O) scores 60 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #13 of 33 scored companies in REIT - Retail, the top 39%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 37 companies in REIT - Retail. Its strongest defense is AFFO Strength (94/100) and its weakest is Capital Recycling & Growth (15/100).

How does Realty Income Corporation compare with other REIT - Retail companies?

Realty Income Corporation ranks #13 of 33 scored companies in REIT - Retail by moat score. The widest moat in REIT - Retail is NNN REIT, Inc. (NNN) at 79/100. The companies ranked closest are Regency Centers Corporation - 6 (REGCP) at 61 just above it and Brixmor Property Group Inc. (BRX) at 57 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 37 companies in REIT - Retail. The defenses are then weighted to produce the overall score out of 100.

Why is Realty Income Corporation scored with the REIT Specialized template?

A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.

Which competitive defenses are measured for Realty Income Corporation?

The REIT Specialized template measures 6 defenses, and O scores: Rent Pricing Power (73), AFFO Strength (94), Balance Sheet & Cost of Capital (44), Capital Recycling & Growth (15), Operational Efficiency (85), Portfolio Quality & Diversification (42). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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