On 12 Nov 2026 our base value for Realty Income is $57.12 a share, 3.6% below its $59.26 close; 0 of 1 valuation methods put it above the price.
| Method | Value | vs price | Basis |
|---|---|---|---|
| Discounted cash flow | — | — | not used for REITs: depreciation of property makes earnings and free cash flow understate what a REIT earns; see price to FFO |
| Exit multiple (P/E) | — | — | not used for REITs: depreciation of property makes earnings and free cash flow understate what a REIT earns; see price to FFO |
| Sum of the parts | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Price to sales | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Tangible book | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Price to FFO (REITs) | $57.12 | -3.6% | funds from operations $3.97 a share (FY2025) at its own 5-year median of 14.4× (today 14.9×) |
Each working is rebuilt by code from the valuation's own figures and checked against the published value.
| Fiscal year | Net income | Depreciation | FFO | Shares | FFO per share | Year-end close | P/FFO |
|---|---|---|---|---|---|---|---|
| 2021 | $360.75m | $897.84m | $1.26bn | 414.77m | $3.03 | $71.59 | 23.6× |
| 2022 | $872.42m | $1.67bn | $2.54bn | 612.18m | $4.15 | $63.43 | 15.3× |
| 2023 | $872.31m | $1.90bn | $2.77bn | 693.02m | $3.99 | $57.42 | 14.4× |
| 2024 | $867.34m | $2.40bn | $3.26bn | 876.81m | $3.72 | $53.41 | 14.4× |
| 2025 | $1.07bn | $2.52bn | $3.59bn | 904.79m | $3.97 | $56.37 | 14.2× |
| Median P/FFO | 14.4× |
| Latest FFO per share (FY2025) | $3.97 |
| Value per share = median × latest FFO per share | $57.12 |
For a REIT the base value is the price-to-FFO value: $57.12 a share.
Bear $57.01 · Base $57.12 · Bull $60.66 (the REIT's own lower and upper quartile price-to-FFO)
One-year price simulation: a 67% chance the price is higher than today's $59.26 in a year, from 16.48% volatility. The simulation assumes the price drifts up at our discount rate of 8.91% a year.
| Week | Price | Base value |
|---|---|---|
| 2 Oct 2026 | $54.13 | $57.12 |
| 9 Oct 2026 | $54.18 | $57.12 |
| 16 Oct 2026 | $56.08 | $57.12 |
| 23 Oct 2026 | $56.89 | $57.12 |
| 30 Oct 2026 | $56.93 | $57.12 |
| 6 Nov 2026 | $59.04 | $57.12 |
| 12 Nov 2026 | $59.26 | $57.12 |
Data as of 12 Nov 2026; financials to 30 Sep 2026. Sources: company filings via EODHD, SEC EDGAR, US Treasury. How these values are computed. Not investment advice.
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