Realty Income management check
O · Real Estate · Retail REITs · CEO Sumit Roy
Filings as of
3 good · 1 to watch · 1 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $120, against $127 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.63 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- n/a
What does the CEO cost owners?
Not enough dataNo pay or net income figure for the latest year.
- n/a
Do they own the stock?
No recent CEO filingLight activity: no buys, $209k sold in six months.
- Flag
Are owners being diluted?
Share count growingDiluted shares changed +14.5% a year over the last three fiscal years. Stock-based pay was 0.5% of revenue in the latest year.
- Good
Is leadership stable?
7 leadership filings in 3 yearsCEO in the pay table: Sumit Roy. 7 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Real Estate.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 44 | 45 | |
| Pay for performance | 81 | 86 | |
| CEO cost | — | — | 23 |
| Skin in the game | — | — | 32 |
| Dilution | 0 | 23 | |
| Stable leadership | 90 | 85 | |
| Clean books | 100 | 100 |
Closest peers
Others in Retail REITs, by management score. Realty Income is 13th of 29 in its sector.
Pay versus performance
From the proxy statement filed March 25, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Sumit Roy | $16.3m | $24.6m | $4.5m | $120 | $127 | — |
| 2024 | — | $15.2m | $14.7m | $4.2m | $107 | $124 | — |
| 2023 | — | $13.1m | $9.5m | $3.7m | $110 | $118 | — |
| 2022 | — | $14.3m | $16.4m | $3.8m | $115 | $106 | — |
| 2021 | — | $12.9m | $16.5m | $2.9m | $124 | $141 | — |
The board says pay is tied most to AFFO per share. Its other key measures: •AFFO per share, •TSR ranking relative to MSCI REIT Index, •Net Debt-to-Pro Forma Adjusted EBITDAre, •Fixed charge coverage ratio, •Portfolio occupancy, Dividend per share growth rate.
Insiders and the CEO's stake
Light activity: no buys, $209k sold in six months.
- SoldGregory McLaughlinDirector$209kSep 10, 2026
Leadership and governance on file
- Mar 2, 2026Leadership change8-K 5.02
- Oct 14, 2025Leadership change8-K 5.02
- May 15, 2025Leadership change8-K 5.02
- Nov 26, 2024Leadership change8-K 5.02
- May 30, 2024Leadership change8-K 5.02
- Feb 14, 2024Leadership change8-K 5.02
- Dec 13, 2023Leadership change8-K/A 5.02
- Jun 22, 2023Leadership change8-K 5.02
- Dec 14, 2022Leadership change8-K 5.02
- Nov 19, 2021Leadership change8-K 5.02
- Nov 18, 2021Leadership change8-K 5.02
- Nov 1, 2021Leadership change8-K 5.02
Latest shareholder vote results: May 22, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $10.7bn returned to owners in buybacks and dividends, 266% of net income, and $177.9m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.1bn | $3.3bn | $4.1bn | $5.3bn | $5.7bn |
| Net income | $359.5m | $869.4m | $872.3m | $860.8m | $1.1bn |
| Stock-based pay | $41.8m | $21.6m | $26.2m | $57.5m | $30.8m |
| Buybacks | — | — | — | — | — |
| Dividends | $1.2bn | $1.8bn | $2.1bn | $2.7bn | $2.9bn |
| Diluted shares | 415m | 612m | 693m | 864m | 908m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.