Operating Expenses
Lease Costs
Realty Income Lease Costs increased by 8.1% to $116.84M in Q1 2026 compared to the prior quarter. Year-over-year, this metric grew by 9.5%, from $106.68M to $116.84M. Over 4 years (FY 2021 to FY 2025), Lease Costs shows an upward trend with a 33.8% CAGR. This is a positive signal — lower values indicate better performance for this metric.
Analysis
StatementIncome Statement
SectionOperating Expenses
CategoryEfficiency
SignalLower is better
VolatilityModerate
First reportedQ1 2013
Last reportedQ1 2026
How to read this metric
Rising costs relative to revenue may indicate operational inefficiencies or aging assets requiring higher maintenance spend.
Detailed definition
These are the direct operating expenses incurred to maintain and manage leased properties, including property taxes, ins...
Peer comparison
Comparable to property operating expenses (OpEx) reported by other industrial REITs.
Metric ID:
is_wfc_lease_costsHistorical Data
20 periods
| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $31.73M | $29.66M | $43.71M | $52.34M | $52.18M | $52.72M | $69.09M | $69.40M | $94.70M | $70.98M | $81.88M | $89.36M | $99.85M | $92.15M | $96.31M | $106.68M | $107.42M | $106.62M | $108.08M | $116.84M |
| QoQ Change | — | -6.5% | +47.4% | +19.7% | -0.3% | +1.0% | +31.1% | +0.4% | +36.5% | -25.0% | +15.4% | +9.1% | +11.7% | -7.7% | +4.5% | +10.8% | +0.7% | -0.7% | +1.4% | +8.1% |
| YoY Change | — | — | — | — | +64.4% | +77.7% | +58.1% | +32.6% | +81.5% | +34.6% | +18.5% | +28.8% | +5.4% | +29.8% | +17.6% | +19.4% | +7.6% | +15.7% | +12.2% | +9.5% |
Range$29.66M – $116.84M
CAGR+31.6%
Avg YoY Growth+32.1%
Median YoY Growth+24.1%
Current Streak2 quarters growth
Business Segments
| Segment | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 |
|---|---|---|---|---|---|
| Reportable Segment | $19.30M | $20.00M | $24.10M | $25.00M | $19.36M |
| Total | $106.68M | $107.42M | $106.62M | $108.08M | $116.84M |
Lease Costs at Other Companies
Frequently Asked Questions
- What is Realty Income's lease costs?
- Realty Income (O) reported lease costs of $116.84M in Q1 2026.
- How has Realty Income's lease costs changed year-over-year?
- Realty Income's lease costs increased by 9.5% year-over-year, from $106.68M to $116.84M.
- What is the long-term trend for Realty Income's lease costs?
- Over 4 years (2021 to 2025), Realty Income's lease costs has grown at a 33.8% compound annual growth rate (CAGR), from $133.61M to $428.80M.
- What does lease costs mean?
- The total costs required to operate and maintain the company's leased properties.