Realty Income - 1792 Exchange

Rating Overview

Realty Income is Lower Risk.

Realty Income does not yield to political activism in shaping corporate governance, preventing initiatives that potentially alienate consumers, divide employees, and harm shareholders. The company implements race and identity-based policies that replace merit, excellence, and integrity with preferential treatment and outcomes. Overall, Realty Income does not embrace corporate initiatives that redirect its central focus from business goals to partisan policies and divisive issues. This approach protects free exercise, free speech, and free enterprise.

Rating Criteria

Corporate Weaponization Risk Levels
Criteria	Risk Level
Cancellations	Lower Risk
Discriminatory Philanthropy	Lower Risk
Employment Protection	High Risk

Corporate Weaponization ⓘ

Corporate Governance and Public Policy Risk Levels
Criteria	Risk Level
Advocacy Bias	High Risk
Funding	Lower Risk
Political Actions	No Data

Corporate Governance and Public Policy ⓘ

Rating Criteria Detail

Criteria Risk Level Rationale

Corporate Weaponization

Criteria:

Has canceled customers, suppliers, or vendors due to their political views or religious beliefs OR corporately boycotts, divests, or sanctions regions, people groups, or industries.

Risk Level:

Lower

Rationale:

Realty Income has not publicly canceled customers, suppliers, or vendors based on political views or religious beliefs (1). In 2024, Realty Income merged with Spirit Realty Capital, Inc. (2).

Criteria:

Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.

Risk Level:

Lower

Rationale:

Realty Income does not appear to discriminate against charitable organizations based on views or beliefs (1).

Criteria:

Employment policies fail to protect against viewpoint or other discrimination and/or are ideological in nature.

Risk Level:

High

Rationale:

Realty Income’s managers completed Unconscious Bias training (1). Realty Income required its employees complete a DE&I foundational course and also offered an optional six-week learning path focused on “confronting bias in the workplace, skills for inclusive conversations, and navigating inclusion during difficult times” (2). Spirit Realty Capital offers DEI workshops to its employees (3). The company appears to prioritize diversity over merit in its board composition. From its 2023 Proxy Statement: “Spirit strongly believes that diversity is an important factor in board effectiveness. This diversity – across gender, tenure, age, race/ethnicity, and experience – brings with it a diversity of ideas and perspectives that support the Board’s role in overseeing the Company’s ongoing strategic objectives” (4). Realty Income does not provide viewpoint protections for its employees (5).

Corporate Governance and Public Policy

Criteria:

Uses corporate reputation to support causes, organizations, or policies hostile to freedom of expression.

Risk Level:

High

Rationale:

Realty Income’s CEO Sumit Roy signed the CEO Action for Diversity & Inclusion pledge, which includes a commitment to promote DEI through bias education training in the workplace (1)(2). The company supports ESG within its business practices (3). Spirit Realty Capital supports DEI within its business practices, hosting a DEI Council (4). The company supports ESG within its business practices. From its 2023 Proxy Statement: “At Spirit, we believe implementing environmental, social and governance (ESG) practices throughout our operations will drive long term value for our shareholders” (5).

Criteria:

Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.

Risk Level:

Lower

Rationale:

Realty Income has not used corporate funds to advance ideological causes, organizations, or policies (1).

Criteria:

Uses corporate political actions and/or financial contributions for ideological, non-business purposes.

Risk Level:

N/A

Rationale:

Realty Income does not operate a PAC or engage in lobbying at this time (1)(2)(3).