Realty Income Corporation is a real estate investment trust that invests in shopping centers in the United States and Puerto Rico that are subject to NNN Leases.

The company is one of a few real estate investment trusts that pays dividends monthly, rather than quarterly.

As of December 31, 2016, the company owned 4,944 properties totaling 83.0 million rentable square feet, with an average property size of 16,800 square feet.

The company's largest tenants are as follows:

Realty Income Corporation was founded in 1969 by William E. Clark and Evelyn J. Clark.

Its first acquisition was a Taco Bell restaurant in early 1970.

The company used cash to purchase land needed for stores that required real estate to run, and then leased the property to the stores long term.

In 1994, the company became a public company via an initial public offering.

In 1997, William E. Clark, Jr., retired as CEO and was succeeded by Thomas A. Lewis.

In 2003, the company acquired 86 retail locations of TBC Corporation for $135 million in a leaseback transaction.

In 2004, the company acquired 112 Circle K stores for $110.5 million.

In 2006, the company acquired 144 properties leased to Buffets/Ryan's restaurant for $348 million.

In 2009, Clark retired as chairman.

In 2010, the company acquired wineries in Napa Valley for $269 million in a leaseback transaction. The company also acquired 135 SuperAmerica convenience stores for $248 million.

In 2011, the company acquired 33 properties for $544 million.

In 2012, Michael D. McKee was named non-executive chairman.

In 2013, the company acquired American Realty Capital Trust, founded by Nicholas Schorsch, in a $2.95 billion transaction.

In 2013, John Case became CEO of the company.

In 2014, the company acquired a property in Greenwood, Indiana leased to Gander Mountain for $8.1 million and acquired a property in El Cajon, California for $20.1 million.

In 2015, the company was added to the S&P 500 Index.