Realty Income (O) analysis

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Health is the debt of the purchases, not of a lease that lasts forever. Quality separates rent collected from the cost that returns if the building empties. Growth follows occupied buildings, not a year of many purchases. P/E is read against a year of many acquisitions, not against that peak. Shareholder return is the distribution, checked against cash. Do not read it as a dividend that arrives every month by decree.

The P/E of a year of many purchases is not the earnings if the tenant leaves. EV/EBITDA is read with the debt and with the empty building. Do not use Simon's multiple, which lives on the mall, as if the single building and the mall were the same book. A dash if the O cache is cold.

Limits of this report

Not advice on Realty Income. Vaultflake does not count buildings and does not treat the dividend as monthly and safe. Read the filings. A past distribution is not a right. The table is a snapshot, not a target price.

Questions from this report