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Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

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Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Market Information

Our common stock is traded on the NYSE under the ticker symbol “O.”

Holders

There were approximately 12,700 registered holders of record of our common stock as of January 30, 2026. This figure does not reflect the beneficial ownership of shares of our common stock.

Stock Performance Graph

The line graph below compares the cumulative total stockholder return of Realty Income’s common stock from December 31, 2020 to December 31, 2025 with the cumulative total returns of the S&P 500 Index and the Financial Times and Stock Exchange ("FTSE") Nareit Equity REITs Index. The graph illustrates the performance of a $100 investment in our common stock and in each index (with reinvestment of all dividends as required by the SEC) from December 31, 2020 until December 31, 2025. Historical stock price performance should not be relied upon as an indication of future stock price performance.

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Company/IndexBase Period 12/31/202012/31/202112/31/202212/31/202312/31/202412/31/2025
Realty Income$100.00$124.07$114.95$109.69$107.37$120.47
S&P 500$100.00$128.68$105.36$133.03$166.28$195.98
FTSE Nareit Equity REITs$100.00$141.31$106.18$118.22$124.03$126.82

Repurchases of Equity Securities

The following table presents the number and average price of shares purchased during the three months ended December 31, 2025:

PeriodTotal Number of Shares Purchased (1)Average Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Program (2)Maximum Dollar Value of Shares that May be Repurchased Under the Program
October 1, 2025 — October 31, 2025802$60.17—$2,000,000,000
November 1, 2025 — November 30, 20251,100$57.01—$2,000,000,000
December 1, 2025 — December 31, 2025266$57.42—$2,000,000,000
Total2,168$58.23—

(1)All 2,168 shares of common stock purchased during the three months ended December 31, 2025 were withheld for state and federal payroll taxes on the vesting of employee stock awards, as permitted under the Realty Income 2021 Incentive Award Plan, (the "2021 Plan"). The withholding of common stock by us could be deemed a purchase of such common stock.

(2)In February 2025, our Board of Directors authorized a share repurchase program for up to $2.0 billion in shares of our common stock, which will expire in January 2028.

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