Realty Income has been changing its business for years and that will continue to play out over the next five years, too.

Realty Income ( O 0.83% ) has a lofty 5.4% or so dividend yield. That's well above the 1.2% of the S&P 500 index and the nearly 3.8% average for the real estate investment trust (REIT) sector. But before you run out and buy this high-yield REIT, here's a look at what is likely to happen to the business over the next five years.

What does Realty Income do?

Realty Income is what is called a net lease REIT. That means that it owns largely single tenant properties in which the tenant is responsible for most property-level operating costs. This is a great deal for both parties, in what is usually best thought of as a financing transaction.

Essentially, the pro

See Full Page