REALTY INCOME CORP

Listed Company

OCIK 0000726728NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$5.75B

Net Income

$1.06B

Total Assets

$72.80B

Equity

$39.44B

Shares Out

932.44M

Op. Cash Flow

$3.99B

Business

REALTY INCOME CORP is a REIT that acquires, invests in, develops and manages freestanding commercial real estate leased primarily under long-term net lease agreements. It offers property ownership and asset management services, sourcing transactions, underwriting credit, negotiating net leases, and pursuing rent growth, re-leasing and selective dispositions. The company operates a single business segment—leasing property—across diversified property types including retail, industrial, gaming and other specialty assets while managing tenant and industry concentration. Its portfolio is distributed across all U.S. states, the United Kingdom and multiple European countries through direct leases and joint ventures.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental (including reimbursements)	5,437	5,044	3,958	3,300	2,065
Other	312	227	121	44	16
Total revenue	5,749	5,271	4,079	3,344	2,081
Depreciation and amortization	2,524	2,396	1,895	1,670	898
Interest	1,135	1,017	730	465	—
Property (including reimbursements)	429	378	317	226	134
General and administrative	203	177	145	138	97
Provisions for impairment	471	426	87	26	39
Merger, transaction, and other costs, net	24	96	14	14	167
Total expenses	4,786	4,489	3,189	2,540	1,658
Gain on sales of real estate	178	117	26	103	56
Foreign currency and derivative (loss) gain, net	−29	3	−13	−13	710,000
Equity in earnings of unconsolidated entities	13	8	3	−6	1
Other income, net	29	24	24	31	10
Income before income taxes	1,155	934	929	918	392
Income taxes	−85	−67	−52	−45	−32
Net income	1,070	867	877	872	361
Net income attributable to noncontrolling interests	−11	−7	−5	−3	−1
Net income attributable to the Company	1,059	861	872	869	359
Preferred stock dividends	0	−8	0	0	—
Excess of redemption value over carrying value of preferred shares redeemed	0	−5	0	0	—
Net income available to common stockholders	1,059	848	872	869	—
Net income, basic (in dollars per share)	1.17	0.98	1.26	1.42	0.87
Net income, diluted (in dollars per share)	1.17	0.98	1.26	1.42	0.87
Basic (in shares)	907	863	692	612	415
Diluted (in shares)	908	864	693	612	415
Foreign currency translation adjustment	92	−33	64	−55	9
Unrealized loss on derivatives, net	−25	−3	−37	97	50
Total other comprehensive income (loss)	67	−36	27	42	—
Comprehensive income available to common stockholders	1,125	812	899	911	419

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	18,368	17,321	14,929	12,949	10,754
Buildings and improvements	43,824	40,975	34,657	29,708	25,155
Total real estate held for investment, at cost	62,192	58,295	49,586	42,657	35,909
Less accumulated depreciation and amortization	−8,779	−7,381	−6,072	−4,904	−3,950
Real estate held for investment, net	53,414	50,914	43,514	37,752	31,959
Real estate and lease intangibles held for sale, net	92	95	31	30	30
Cash and cash equivalents	435	445	233	171	259
Accounts receivable, net	1,053	878	711	543	427
Lease intangible assets, net	5,717	6,323	5,018	5,168	5,275
Goodwill	4,932	4,932	3,731	3,731	3,677
Investment in unconsolidated entities	1,256	1,230	1,172	0	141
Other assets, net	5,896	4,019	3,369	2,277	1,370
Total assets	72,796	68,835	57,779	49,673	43,138
Distributions payable	255	238	195	166	147
Accounts payable and accrued expenses	1,061	759	739	399	351
Lease intangible liabilities, net	1,494	1,636	1,407	1,379	1,308
Other liabilities	1,067	923	812	775	759
Revolving credit facilities and commercial paper	2,023	1,130	—	—	—
Term loans, net	1,702	2,358	1,332	250	250
Mortgages payable, net	38	81	822	854	1,142
Notes payable, net	25,032	22,658	18,602	14,278	12,500
Total liabilities	32,672	29,783	24,672	20,830	18,008
Commitments and contingencies (Note 22)	—	—	—	—	—
Common stock and paid in capital, par value $0.01 per share, 1,300,000 shares authorized, 933,975 and 891,511 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	49,862	47,451	39,630	34,160	29,578
Distributions in excess of net income	−10,528	−8,649	−6,762	−5,493	−4,531
Accumulated other comprehensive income	105	38	74	47	5
Total stockholders equity	39,439	38,841	32,941	28,713	25,053
Noncontrolling interests	685	211	166	130	77
Total equity	40,124	39,052	33,107	28,843	25,129
Total liabilities and equity	72,796	68,835	57,779	49,673	43,138

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of share-based compensation	31	57	26	22	42
Non-cash revenue adjustments	−122	−116	−62	−57	−23
Amortization of deferred financing costs	30	24	27	16	12
Foreign currency and unrealized derivative loss (gain), net	55	−19	38	221	27
Non-cash interest expense (income)	2	12	−7	718,000	—
Distributions on common equity from unconsolidated entities	40	21	6	2	365,000
Deferred income taxes	603,000	4	0	0	—
Accounts receivable and other assets	−116	28	−111	−30	−38
Accounts payable, accrued expenses and other liabilities	194	3	285	−5	−25
Net cash provided by operating activities	3,995	3,573	2,959	2,564	1,322
Investment in real estate	−4,648	−3,262	−8,054	−8,886	−6,313
Improvements to real estate, including leasing costs	−132	−121	−69	−96	−19
Investment in unconsolidated entities	−52	−70	−1,179	0	0
Investment in loans and preferred equity	−1,613	−632	−202	0	0
Proceeds from sales of real estate	744	589	117	436	251
Return of investment from unconsolidated entities	0	0	4	1	38
Proceeds from note receivable	31	57	0	6	0
Insurance proceeds received	3	3	27	49	0
Non-refundable escrow deposits	3	—	—	—	—
Non-refundable escrow deposits	—	−225,000	−200,000	−6	−28
Net cash acquired in merger	0	94	0	0	—
Net cash used in investing activities	−5,663	−3,343	−9,355	−8,387	−6,438
Cash distributions to common stockholders	−2,921	−2,692	−2,112	−1,813	−1,169
Cash distributions to preferred stockholders	0	−8	0	0	—
Borrowings on revolving credit facilities and commercial paper programs	20,280	36,887	77,338	28,539	9,082
Payments on revolving credit facilities and commercial paper programs	−19,557	−36,529	−79,398	−27,435	−7,508
Proceeds from term loan	407	0	1,029	0	0
Principal payment on term loans	−1,139	−250	0	0	0
Proceeds from notes payable issued	2,892	2,658	4,240	2,155	1,033
Principal payment on notes payable	−1,050	−850	0	0	−1,700
Principal payments on mortgages payable	−45	−741	−22	−312	−67
Proceeds from common stock offerings, net	2,364	1,743	5,439	4,556	4,443
Proceeds from dividend reinvestment and stock purchase plan	12	12	12	12	11
Redemption of preferred stock	0	−173	0	0	—
Distributions to noncontrolling interests	−12	−10	−8	—	—
Contributions from noncontrolling interests	488	0	0	—	—
Net receipts on derivative settlements	0	0	8	80	3
Debt issuance costs	−88	−61	−82	−34	−13
Other financing activities, net	47	−9	−7	−5	−34
Net cash provided by (used in) financing activities	1,678	−21	6,437	5,738	4,577
Effect of exchange rate changes on cash and cash equivalents	16	−6	24	−21	20
Net increase in cash, cash equivalents and restricted cash	25	203	65	−105	−518

Filings

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