Realty Income (O) Operating Expenses (2009 - 2026)
Realty Income (O) reported Operating Expenses of $1.19 billion for Q2 2026, down 3.4% from $1.23 billion a year earlier and down 3.9% from the prior quarter.
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Analysis
Realty Income (O) Operating Expenses (2009 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Realty Income's Operating Expenses came in at $4.84 billion, up 4.4% year-over-year; for FY2025, it came in at $4.79 billion, up 6.6% from FY2024.
- Operating Expenses has increased for six consecutive years, with a five-year compound annual growth rate of 29.6% (FY2020 to FY2025).
- By year, Operating Expenses came in at $4.49 billion in FY2024 (+40.8%), $3.19 billion in FY2023 (+25.5%), $2.54 billion in FY2022 (+53.2%) and $1.66 billion in FY2021 (+26.5%).
- Five-year quarterly Operating Expenses spans a low of $356.26 million in Q3 2021 and a high of $1.24 billion in Q1 2026.
- Year over year, Operating Expenses gained in seven of the last eight quarters, with growth averaging 13.2%.
- The high point for year-over-year Operating Expenses in five years was Q4 2021 (growth of 103.3%); the low point was Q3 2021 (a decline of 9.3%).
- Per Business Quant data, the three quarters before Q2 2026 came in at $1.24 billion (Q1 2026), $1.22 billion (Q4 2025) and $1.19 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Welltower | 163.27 Bn | 144.76 Bn | 1.39 Bn | 3.22 Bn |
| 2 | Prologis | 123.38 Bn | 118.42 Bn | - | 1.47 Bn |
| 3 | Simon Property | 64.69 Bn | 60.54 Bn | - | 994.93 Mn |
| 4 | Realty Income | 51.11 Bn | 49.33 Bn | - | 1.19 Bn |
| 5 | Public Storage | 50.26 Bn | 49.25 Bn | - | 766.20 Mn |
| 6 | Ventas | 40.91 Bn | 39.60 Bn | - | 1.68 Bn |
| 7 | Extra Space Storage | 28.00 Bn | 28.00 Bn | 642.43 Mn | 481.97 Mn |
| 8 | Vici Properties | 24.79 Bn | 22.91 Bn | 1.05 Bn | 315.61 Mn |
| 9 | Vivmark Residential | 22.68 Bn | 22.46 Bn | - | 566.18 Mn |
| 10 | Essex Property Trust | 17.33 Bn | 17.10 Bn | - | 381.68 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 1.19 Bn |
| Mar 31, 2026 | 1.24 Bn |
| Dec 31, 2025 | 1.22 Bn |
| Sep 30, 2025 | 1.19 Bn |
| Jun 30, 2025 | 1.23 Bn |
| Mar 31, 2025 | 1.14 Bn |
| Dec 31, 2024 | 1.15 Bn |
| Sep 30, 2024 | 1.10 Bn |
| Jun 30, 2024 | 1.10 Bn |
| Mar 31, 2024 | 1.14 Bn |
| Dec 31, 2023 | 841.28 Mn |
| Sep 30, 2023 | 805.89 Mn |
| Jun 30, 2023 | 817.82 Mn |
| Mar 31, 2023 | 723.66 Mn |
| Dec 31, 2022 | 686.46 Mn |
| Sep 30, 2022 | 628.64 Mn |
| Jun 30, 2022 | 616.30 Mn |
| Mar 31, 2022 | 608.76 Mn |
| Dec 31, 2021 | 653.52 Mn |
| Sep 30, 2021 | 356.26 Mn |
API Access
Realty Income Operating Expenses 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=operating-expenses&ticker=O&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=O&period=max&api_key=YOUR_API_KEY");
const data = await res.json();