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ORealty Income · Insider ownership research

Realty Income insiders sold $874K in the past 12 months. How much of their stake is that?

About 1.3% overall. As a group they ended with more shares than they started with. The biggest individual seller, Michelle Bushore, sold shares equal to 14% of starting holdings, but more vested, so the stake grew.

Updated Oct 8, 2026 from SEC filings · covers Oct 9, 2025 to Oct 8, 2026
How this comparesMore of their stake sold than at 86 of the 311 other companies we can measure (#226 of 312)See ranking
0
buyers among officers and directors, past 12 months
0%
of sales were under disclosed trading plans, past 12 months
2 of 18
officers and directors sold shares, past 12 months
Recent activity · past 30 days, Sep 9, 2026 to Oct 8, 2026
Sep 10, 2026Gregory McLaughlin sold 3.5K shares ($209K) with no plan disclosed. That is 9.1% of the total stake held that day.
WhoSharesPrice% of total stakeTotal stake afterTrade dateFiled
Gregory McLaughlin
Director
3,475$60.159.1%35KSep 10, 2026Sep 10, 2026

"% of total stake" is the shares in this event against all the vested shares the person held that day, across every share class and holding entity, after that day's vesting. "n/a" means the person's holdings don't reconcile, or the row is a purchase. "Holdings record incomplete" means more shares were sold than the filings show the person held that day, so a percentage would be wrong.

Is this normal? In line with the past 5 years. 2 insiders sold; the average is 2 a year. Year by year
Latest filing: Filed Sep 10 for a sale on Sep 10. Gregory McLaughlin sold 3.5K shares ($209K) with no plan disclosed. Filing
41 SEC ownership filings in the period · See the evidence

What stands out

Michelle Bushore sold 7.4K shares (14% of starting holdings), but 40K more vested, so the stake grew (from 52K to 68K).Largest sale, Apr 2, 2026
Tax withholding outweighed market sales: the company withheld $9.3M of officers' and directors' shares for taxes, against $874K sold on the open market. The largest was Sumit Roy ($4.4M withheld).Largest withholding, Feb 17, 2026

Percentages cover 17 of 18 officers and directors. Left out: Kimberly Hourihan (held no vested shares at the start). Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Each bar is the insider's vested stake at the start of the period (Oct 8, 2025). The gold part is what they sold.

SoldRest of starting stakeAdded during the period
Michelle Bushore
Executive Vice President, Chief Legal Officer, General Counsel and Secretary
14% · $462KNo plan disclosed
Gregory McLaughlin
Director
18% · $412KNo plan disclosed
Amounts, filings and trading plans for each seller

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planTo cover taxesNo plan disclosed
OctNovDecJanFebMarApr 2026: $665K no plan disclosed$665KAprMayJunJulAugSep 2026: $209K no plan disclosedSepOct

Common questions

Is the Realty Income CEO selling stock?

No. Sumit Roy reported no open-market sales in the past 12 months.

Why are Realty Income insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 0% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 100% had no disclosed plan. A trading plan schedules sales in advance.

Are any Realty Income insiders buying?

No. Officers and directors reported no purchases in the past 12 months.

How much of their stake did Realty Income insiders sell?

About 1.3% overall. As a group they ended with more shares than they started with. The biggest individual seller, Michelle Bushore, sold shares equal to 14% of starting holdings, but more vested, so the stake grew. That covers the 12 months to Oct 8, 2026 and counts vested shares reported on SEC Forms 3, 4 and 5, which is not an insider's whole wealth.

The evidence

Who sold2 officers and directors: amount, % of holdings, trading plan
Who soldAmount% of holdingsTrading plan
Michelle Bushore
Executive Vice President, Chief Legal Officer, General Counsel and Secretary
$462K
7.4K shares
14%No plan disclosed
Gregory McLaughlin
Director
$412K
6.8K shares
18%No plan disclosed
The full ownership picture18 of 18 insiders fully reconciled · 18 officers and directors

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

InsiderHeld Oct 8, 2025SoldHeld Oct 8, 2026Still held
Sumit Roy
President, CEO & Director, Director
393K0458Kno sales
Vesting, gifts, unvested awards and holding lines for Sumit Roy
0shares vested or exercised
0gifted (net of own trusts)
−72Kwithheld by the company for taxes
none reportedunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock392,580458,147
Michael McKee
i
Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
Director
173K0176Kno sales
Vesting, gifts, unvested awards and holding lines for Michael McKee
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
  • Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
Held throughShare classOct 8, 2025Oct 8, 2026
TrustCommon Stock140,832144,046
IRACommon Stock19,50019,500
MCCR Holdings, LLCCommon Stock12,80012,800

Additional holdings last reported May 18, 2021, not confirmed since: 153,500 shares. Not included in any total or percentage on this page.

Mark Hagan
EVP, Chief Investment Officer
89K0109Kno sales
Vesting, gifts, unvested awards and holding lines for Mark Hagan
0shares vested or exercised
0gifted (net of own trusts)
−21Kwithheld by the company for taxes
none reportedunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock89,430109,288
Neil Abraham
President, Realty Income International, Executive Vice President, Chief Strategy Officer
83K0104Kno sales
Vesting, gifts, unvested awards and holding lines for Neil Abraham
0shares vested or exercised
0gifted (net of own trusts)
−21Kwithheld by the company for taxes
none reportedunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock83,388103,548
Michelle Bushore
Executive Vice President, Chief Legal Officer, General Counsel and Secretary
52K−7.4K68K+30%
Vesting, gifts, unvested awards and holding lines for Michelle Bushore
0shares vested or exercised
0gifted (net of own trusts)
−17Kwithheld by the company for taxes
none reportedunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock52,22867,641
Priya Huskins
i
Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
Director
51K054Kno sales
Vesting, gifts, unvested awards and holding lines for Priya Huskins
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
  • Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
Held throughShare classOct 8, 2025Oct 8, 2026
TrustCommon Stock51,03254,246

Additional holdings last reported May 18, 2021, not confirmed since: 35,400 shares. Not included in any total or percentage on this page.

Jonathan Pong
EVP, CFO & Treasurer
42K043Kno sales
Vesting, gifts, unvested awards and holding lines for Jonathan Pong
0shares vested or exercised
0gifted (net of own trusts)
−6.1Kwithheld by the company for taxes
none reportedunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock42,25743,291
Gregory McLaughlin
i
Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
Director
38K−6.8K35K91%
Vesting, gifts, unvested awards and holding lines for Gregory McLaughlin
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
  • Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
Held throughShare classOct 8, 2025Oct 8, 2026
TrustCommon Stock38,26834,732

Additional holdings last reported Jun 11, 2021, not confirmed since: 23,886 shares. Not included in any total or percentage on this page.

Reginald Gilyard
Director
32K035Kno sales
Vesting, gifts, unvested awards and holding lines for Reginald Gilyard
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock11,63310,847
TrustCommon Stock19,99923,999
Gerardo Lopez
Director
32K035Kno sales
Vesting, gifts, unvested awards and holding lines for Gerardo Lopez
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock31,63234,846
Shannon Kehle
i
Minor difference of 754 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).
EVP, Chief People Officer
24K028Kno sales
Vesting, gifts, unvested awards and holding lines for Shannon Kehle
0shares vested or exercised
0gifted (net of own trusts)
−4.3Kwithheld by the company for taxes
none reportedunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock24,07027,683

Reconciliation: minor difference of 754 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Priscilla Almodovar
i
Includes unvested RSUs, amount not disclosed.
Director
22K025Kno sales
Vesting, gifts, unvested awards and holding lines for Priscilla Almodovar
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
  • Includes unvested RSUs, amount not disclosed.
Held throughShare classOct 8, 2025Oct 8, 2026
Direct
includes unvested RSUs, amount not disclosed
Common Stock21,96525,179
Mary Preusse
Director
19K022Kno sales
Vesting, gifts, unvested awards and holding lines for Mary Preusse
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock19,21122,425
Gregory Whyte
EVP, Chief Operating Officer
13K035Kno sales
Vesting, gifts, unvested awards and holding lines for Gregory Whyte
0shares vested or exercised
0gifted (net of own trusts)
−8.2Kwithheld by the company for taxes
none reportedunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock13,49234,923
Neale Redington
Senior Vice President and Chief Accounting Officer
13K024Kno sales
Vesting, gifts, unvested awards and holding lines for Neale Redington
0shares vested or exercised
0gifted (net of own trusts)
−577withheld by the company for taxes
none reportedunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock13,44223,618
Jeff Jacobson
Director
12K015Kno sales
Vesting, gifts, unvested awards and holding lines for Jeff Jacobson
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock11,63214,846
Larry Chapman
Director
9.6K013Kno sales
Vesting, gifts, unvested awards and holding lines for Larry Chapman
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock667667
TrustCommon Stock8,88912,103
Kimberly Hourihan
Director
006.6Kno sales
Vesting, gifts, unvested awards and holding lines for Kimberly Hourihan
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock06,613

18 of 18 insiders fully reconciled: starting holdings plus reported transactions match ending holdings (17 exactly, 1 with a minor or footnoted difference). Percentages cover 17 of 18 officers and directors. Left out: Kimberly Hourihan (held no vested shares at the start). "Still held" compares ending with starting vested shares; a plus sign means the holding grew.

What explains the selling$874K of sales by plan status, purpose, seller and month

Officer and director open-market sales: $874K across 14,150 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

No plan disclosed · $874K

Sales with no 10b5-1 plan and no tax reference in the filing. $462K of it is Michelle Bushore. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Michelle Bushore, Apr 2, 2026

Taxes

150,013 shares ($9.3M) were withheld by the company for taxes, which isn't a market sale.

SellerShares soldProceedsUnder a disclosed planShare of totalSales dates
Michelle Bushore
Executive Vice President, Chief Legal Officer, General Counsel and Secretary
7.4K$462K0%53%Apr 2, 2026 to Apr 2, 2026
Gregory McLaughlin
Director
6.8K$412K0%47%Apr 1, 2026 to Sep 10, 2026

Sales by month

MonthSale proceedsDisclosed planTo cover taxesNo plan disclosed
Oct 2025$0$0$0$0
Nov 2025$0$0$0$0
Dec 2025$0$0$0$0
Jan 2026$0$0$0$0
Feb 2026$0$0$0$0
Mar 2026$0$0$0$0
Apr 2026$665K$0$0$665K
May 2026$0$0$0$0
Jun 2026$0$0$0$0
Jul 2026$0$0$0$0
Aug 2026$0$0$0$0
Sep 2026$209K$0$0$209K
Oct 2026$0$0$0$0
Is this normal? Selling year by year5 earlier years to compare with

In line with the past 5 years. 2 insiders sold; the average is 2 a year.

12 months endingShares soldInsiders who soldProceeds
Oct 8, 2026
Latest 12 months
14K2$874K
Oct 8, 2025
1 year earlier
12K2$735K
Oct 8, 2024
2 years earlier
15K2$882K
Oct 9, 2023
3 years earlier
27K1$1.7M
Oct 9, 2022
4 years earlier
7K1$476K
Oct 9, 2021
5 years earlier
15K3$974K

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertaintyEvery officer and director reconciles

Every officer and director reconciles for this period.

Shannon Kehle: minor difference of 754 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Inferred rename: "Account of Lachlan Cameron" is treated as the same holder as "Account of Gwen Jenkins", because the old name was never reported again and the new one opened with the same balance (400 shares). Old name, new name

Inferred rename: "Account of Donald Cameron" is treated as the same holder as "Pension Trust", because the old name was never reported again and the new one opened with the same balance (20,000 shares). Old name, new name

Inferred rename: "MCR Holdings, LLC" is treated as the same holder as "MCC Ventures, LLC", because the old name was never reported again and the new one opened with the same balance (6,400 shares). Old name, new name

Inferred rename: "Spouse's IRA" is treated as the same holder as "Spouse IRA", because the old name was never reported again and the new one opened with the same balance (898 shares). Old name, new name

Inferred typo: the share class "Cmmon Stock" is treated as the same class as "Common Stock" on 1 holding line, because the two spellings are nearly identical and each balance carried over exactly. Example (Gary Malino, 91,046 shares): old title, new title

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology861 filings from SEC EDGAR, and how we read them

All 861 Forms 3, 4 and 5 filed for Realty Income (SEC CIK 726728) from Jan 21, 2003 to Sep 10, 2026, retrieved from SEC EDGAR on Oct 8, 2026. Prices are the ones reported in each filing, often weighted averages. 2 filings were left out because Realty Income filed them as an owner of another company's stock. 6 older filings exist only on paper and could not be read.

Probable 2-for-1 stock split on or before Jan 1, 2005 (first filing that shows post-split balances). Splits aren't reported as transactions; 12 holding lines changed by exactly this ratio, so earlier share counts are restated.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (27)No filing in 18 months; last reported balances, not in any total
NameLast filedLast reported balance
Jacqueline BradyJun 3, 202416,280 shares, last reported balance as of May 30, 2024
Sean NugentFeb 14, 202420,691 shares, last reported balance as of Feb 12, 2024
Christie KellyJan 3, 202428,822 shares, last reported balance as of Dec 31, 2023
Ronald MerrimanMay 25, 202352,150 shares, last reported balance as of May 23, 2023
Michael PfeifferJul 1, 202151,281 shares, last reported balance as of Jun 30, 2021
Kathleen AllenMay 20, 2021138,200 shares, last reported balance as of May 18, 2021
Benjamin FoxFeb 19, 202116,560 shares, last reported balance as of Feb 17, 2021
Paul MeurerJan 3, 202021,344 shares, last reported balance as of Jan 1, 2020
John CaseAug 6, 2018158,961 shares, last reported balance as of Aug 6, 2018
Stephen SterrettMay 21, 201820,000 shares, last reported balance as of May 18, 2018
Danthanh NguyenNov 14, 201729,940 shares, last reported balance as of Nov 10, 2017
Joel TomlinsonNov 14, 201713,167 shares, last reported balance as of Nov 10, 2017
Robert IsraelApr 3, 201711,934 shares, last reported balance as of Mar 30, 2017
Cary WenthurFeb 16, 201722,764 shares, last reported balance as of Feb 14, 2017
Richard CollinsJan 5, 20165,540 shares, last reported balance as of Dec 31, 2015
Debra BonebrakeDec 4, 2015374 shares, last reported balance as of Dec 2, 2015
Laura KingMar 31, 201525,448 shares, last reported balance as of Mar 31, 2015
Gary MalinoOct 10, 2014121,773 shares, last reported balance as of Oct 8, 2014
Greg FaheyJan 23, 201424,136 shares, last reported balance as of Jan 21, 2014
Thomas LewisJan 2, 2014284,356 shares, last reported balance as of Jan 1, 2014
Donald CameronFeb 29, 201261,900 shares, last reported balance as of Feb 27, 2012
Michael PressSep 11, 200921,446 shares, last reported balance as of Jun 23, 2009
Willard Smith Jr.May 12, 200988,000 shares, last reported balance as of May 12, 2009
Roger KuppingerMay 12, 200963,889 shares, last reported balance as of May 12, 2009
William ClarkFeb 11, 2009898,704 shares, last reported balance as of Feb 10, 2009
Kim KundrakDec 9, 200829,208 shares, last reported balance as of Nov 12, 2008
Mark SelmanAug 29, 200525,653 shares, last reported balance as of Aug 19, 2005