Realty Income (O) Property Operating Expenses (2009 - 2026)
Realty Income (O) reported Property Operating Expenses of $122.39 million for Q3 2026, up 14.8% from $106.62 million a year earlier and up 8.9% from the prior quarter.
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Analysis
Realty Income (O) Property Operating Expenses (2009 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Realty Income's Property Operating Expenses came in at $459.75 million, up 10.2% year-over-year; for FY2025, it came in at $428.8 million, up 13.5% from FY2024.
- Property Operating Expenses has increased for seven consecutive years, with a five-year compound annual growth rate of 32.6% (FY2020 to FY2025).
- By year, Property Operating Expenses came in at $377.68 million in FY2024 (+19.2%), $316.96 million in FY2023 (+40.0%), $226.33 million in FY2022 (+69.4%) and $133.61 million in FY2021 (+27.7%).
- The Q3 2026 figure ranks as the highest quarterly Property Operating Expenses in data going back to Q2 2009.
- Year over year, Property Operating Expenses has now increased in each of the last 32 quarters, with growth averaging 12.7% over the last eight quarters.
- Across the past five years, year-over-year growth in Property Operating Expenses ran from 4.7% in Q2 2026 to 83.7% in Q1 2022.
- Per Business Quant data, the three quarters before Q3 2026 came in at $112.44 million (Q2 2026), $116.84 million (Q1 2026) and $108.08 million (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Property Expenses (Qtr) |
|---|---|---|---|---|---|
| 1 | Welltower | 179.36 Bn | 166.43 Bn | 1.47 Bn | 2.25 Bn |
| 2 | Prologis | 122.34 Bn | 120.73 Bn | - | 511.72 Mn |
| 3 | Simon Property | 79.95 Bn | 78.05 Bn | - | 180.83 Mn |
| 4 | Public Storage | 62.14 Bn | 61.58 Bn | 112.08 Mn | 333.19 Mn |
| 5 | Realty Income | 55.95 Bn | 57.33 Bn | - | 122.39 Mn |
| 6 | Ventas | 47.02 Bn | 46.18 Bn | -3.39 Bn | 1.10 Bn |
| 7 | Ryman Hospitality Properties | 46.62 Bn | 45.46 Bn | 266.41 Mn | 158.13 Mn |
| 8 | Vivmark Residential | 37.34 Bn | 37.09 Bn | - | 245.28 Mn |
| 9 | Extra Space Storage | 33.12 Bn | 32.90 Bn | 650.96 Mn | 238.84 Mn |
| 10 | Vici Properties | 27.54 Bn | 26.32 Bn | 1.06 Bn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 122.39 Mn |
| Jun 30, 2026 | 112.44 Mn |
| Mar 31, 2026 | 116.84 Mn |
| Dec 31, 2025 | 108.08 Mn |
| Sep 30, 2025 | 106.62 Mn |
| Jun 30, 2025 | 107.42 Mn |
| Mar 31, 2025 | 106.68 Mn |
| Dec 31, 2024 | 96.31 Mn |
| Sep 30, 2024 | 92.15 Mn |
| Jun 30, 2024 | 99.85 Mn |
| Mar 31, 2024 | 89.36 Mn |
| Dec 31, 2023 | 81.88 Mn |
| Sep 30, 2023 | 70.98 Mn |
| Jun 30, 2023 | 94.70 Mn |
| Mar 31, 2023 | 69.40 Mn |
| Dec 31, 2022 | 69.09 Mn |
| Sep 30, 2022 | 52.72 Mn |
| Jun 30, 2022 | 52.18 Mn |
| Mar 31, 2022 | 52.34 Mn |
| Dec 31, 2021 | 43.71 Mn |
API Access
Realty Income Property 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=property-operating-expenses&ticker=O&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "property-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=property-operating-expenses&ticker=O&period=max&api_key=YOUR_API_KEY");
const data = await res.json();