O · Earnings call · 2026Q2T · Full report

Tenant Credit and Concentration

REALTY INCOME CORP · 2026-08-05 · Importance 43 · Surprise 32

Investment-grade client exposure increased to 34% of annualized rent from 32% in the first quarter, reflecting ongoing portfolio-quality improvement. The credit watch list remained highly granular, comprising approximately 137 tenants with a median exposure of around 2 basis points; home furnishings and casual dining were the largest categories. In data centers, Realty Income has five assets with different tenants and intends to balance concentration across investment-grade hyperscalers and enterprise users.

Key facts

• Investment-grade client exposure increased to 34% of annualized rent from 32% in the first quarter
• A large batch renewal covered nearly 150 assets
• Industrial acquisition NOI: just under half came from investment-grade clients