Realty Income (O) Below-Market Lease Liabilities (2010 - 2026)
Realty Income (O) recorded Below-Market Lease Liabilities of $1.46 billion in Q3 2026, down 4.2% from $1.53 billion a year earlier but up 0.5% from the prior quarter.
Powered by 
Analysis
Realty Income (O) Below-Market Lease Liabilities (2010 - 2026) Analysis & Trends
At the end of FY2025, Realty Income reported Below-Market Lease Liabilities of $1.49 billion, down 8.7% from FY2024.
- Annual Below-Market Lease Liabilities has a five-year compound annual growth rate of 36.0% (FY2020 to FY2025).
- Across earlier years, Below-Market Lease Liabilities came in at $1.64 billion in FY2024 (+16.3%), $1.41 billion in FY2023 (+2.0%), $1.38 billion in FY2022 (+5.4%) and $1.31 billion in FY2021 (+307.3%).
- Quarterly Below-Market Lease Liabilities has ranged from $1.31 billion in Q4 2021 to $1.74 billion in Q1 2024 over the past five years.
- On a year-over-year basis, Below-Market Lease Liabilities has declined for seven consecutive quarters, with an average decline of 4.5% over the last eight quarters.
- Peak year-over-year performance for Below-Market Lease Liabilities in the last five years was growth of 330.2% in Q1 2022, against a decline of 8.8% in Q3 2025 at the low end.
- Per Business Quant, the preceding three quarters came in at $1.46 billion (Q2 2026), $1.48 billion (Q1 2026) and $1.49 billion (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Below-Market Lease Liabilities (Qtr) |
|---|---|---|---|---|---|
| 1 | Welltower | 179.36 Bn | 166.43 Bn | 1.47 Bn | - |
| 2 | Prologis | 122.34 Bn | 120.73 Bn | - | - |
| 3 | Simon Property | 79.95 Bn | 78.05 Bn | - | - |
| 4 | Public Storage | 62.14 Bn | 61.58 Bn | 112.08 Mn | - |
| 5 | Realty Income | 55.95 Bn | 57.33 Bn | - | 1.46 Bn |
| 6 | Ventas | 47.02 Bn | 46.18 Bn | -3.39 Bn | - |
| 7 | Ryman Hospitality Properties | 46.62 Bn | 45.46 Bn | 266.41 Mn | - |
| 8 | Vivmark Residential | 37.34 Bn | 37.09 Bn | - | - |
| 9 | Extra Space Storage | 33.12 Bn | 32.90 Bn | 650.96 Mn | - |
| 10 | Vici Properties | 27.54 Bn | 26.32 Bn | 1.06 Bn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 1.46 Bn |
| Jun 30, 2026 | 1.46 Bn |
| Mar 31, 2026 | 1.48 Bn |
| Dec 31, 2025 | 1.49 Bn |
| Sep 30, 2025 | 1.53 Bn |
| Jun 30, 2025 | 1.58 Bn |
| Mar 31, 2025 | 1.61 Bn |
| Dec 31, 2024 | 1.64 Bn |
| Sep 30, 2024 | 1.68 Bn |
| Jun 30, 2024 | 1.70 Bn |
| Mar 31, 2024 | 1.74 Bn |
| Dec 31, 2023 | 1.41 Bn |
| Sep 30, 2023 | 1.43 Bn |
| Jun 30, 2023 | 1.44 Bn |
| Mar 31, 2023 | 1.45 Bn |
| Dec 31, 2022 | 1.38 Bn |
| Sep 30, 2022 | 1.37 Bn |
| Jun 30, 2022 | 1.35 Bn |
| Mar 31, 2022 | 1.35 Bn |
| Dec 31, 2021 | 1.31 Bn |
API Access
Realty Income Below-Market Lease Liabilities API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=below-market-lease-liabilities&ticker=O&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "below-market-lease-liabilities", "ticker": "O", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=below-market-lease-liabilities&ticker=O&period=max&api_key=YOUR_API_KEY");
const data = await res.json();