While there were several mechanical differences to valuing Realty Income, at its heart, the process was the same – figure out how strong the demand environment is, how efficient the firm is converting revenues to profits, and how much wealth the firm is creating for its owners through its investment decisions.
As one step in the process, I analyzed how revenues generated from Realty Income’s largest tenants changed over time and how those changes altered the large tenant list. (Since 2011, Realty Income’s financial statements spell out the proportion of revenues generated by its largest tenants.)
This workbook is my sandbox for understanding Realty Income’s demand environment. (There are some good charts in this workbook that the display below does not show. Please download the workbook to see the real work!)
Loading...
Reload document 
Open in new tab