Realty Income (O) Total Operating Expenses (2009 - 2026)
Realty Income (O) reported Operating Expenses of $1.29 billion for Q3 2026, up 8.2% from $1.19 billion a year earlier and up 8.1% from the prior quarter.
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Analysis
Realty Income (O) Total Operating Expenses (2009 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Realty Income's Operating Expenses came in at $4.94 billion, up 4.6% 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%).
- The Q3 2026 figure ranks as the highest quarterly Operating Expenses in data going back to Q2 2009.
- Year over year, Operating Expenses gained in seven of the last eight quarters, with growth averaging 9.6%.
- The high point for year-over-year Operating Expenses in five years was Q4 2021 (growth of 103.3%); the low point was Q2 2026 (a decline of 3.4%).
- Per Business Quant data, the three quarters before Q3 2026 came in at $1.19 billion (Q2 2026), $1.24 billion (Q1 2026) and $1.22 billion (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (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 | - |
| 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 | 1.29 Bn |
| 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 |
API Access
Realty Income Total 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=total-operating-expenses&ticker=O&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "total-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=total-operating-expenses&ticker=O&period=max&api_key=YOUR_API_KEY");
const data = await res.json();