Realty Income Corporation (O)

Realty Income Corporation (O) — VMCI valuation read

Headline read on O: VMCI of 52/100 versus a Real Estate sector median of 50. The 2-point above-median position is what makes Realty Income Corporation a relative-value candidate in the mid-cap cohort, before any pillar-level review.

Form 4 filings on O: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on O: value (O trades at 21.0x earnings, 17% above the Real Estate median of 18.0x), quality (ROIC of 11.0% sits 1.0pp above the Real Estate median (10.0%)), and risk (net debt to EBITDA of -1.7x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Real Estate 12.0x baseline.

O fell 2.1% over the trailing 7 days, with a -3.7% read on a 30-day basis.