REALTY INCOME CORPO
REALTY INCOME CORP Debt Disclosure
Notes Payable
A. General
As of December 31, 2025, our senior unsecured notes and bonds are USD-denominated, GBP-denominated, and EUR-denominated. Foreign-denominated notes are converted at the applicable exchange rate on the balance sheet date. The following are sorted by maturity date (in thousands):
| Carrying Value (USD) as of | ||||||||||||||||||||||||||
| Maturity Dates | Principal (Currency Denomination) | December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||
3.875% Notes due 2025 | April 15, 2025 | $ | 500,000 | $ | — | $ | 500,000 | |||||||||||||||||||
4.625% Notes due 2025 | November 1, 2025 | $ | 549,997 | — | 549,997 | |||||||||||||||||||||
5.050% Notes due 2026 | January 13, 2026 | $ | 500,000 | 500,000 | 500,000 | |||||||||||||||||||||
0.750% Notes due 2026 | March 15, 2026 | $ | 325,000 | 325,000 | 325,000 | |||||||||||||||||||||
4.875% Notes due 2026 | June 1, 2026 | $ | 599,997 | 599,997 | 599,997 | |||||||||||||||||||||
4.450% Notes due 2026 | September 15, 2026 | $ | 299,968 | 299,968 | 299,968 | |||||||||||||||||||||
4.125% Notes due 2026 | October 15, 2026 | $ | 650,000 | 650,000 | 650,000 | |||||||||||||||||||||
1.875% Notes due 2027 (1) | January 14, 2027 | £ | 250,000 | 336,400 | 312,975 | |||||||||||||||||||||
3.000% Notes due 2027 | January 15, 2027 | $ | 600,000 | 600,000 | 600,000 | |||||||||||||||||||||
3.200% Notes due 2027 | January 15, 2027 | $ | 299,984 | 299,984 | 299,984 | |||||||||||||||||||||
1.125% Notes due 2027 (1) | July 13, 2027 | £ | 400,000 | 538,240 | 500,760 | |||||||||||||||||||||
| Carrying Value (USD) as of | ||||||||||||||||||||||||||
| Maturity Dates | Principal (Currency Denomination) | December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||
3.950% Notes due 2027 | August 15, 2027 | $ | 599,873 | 599,873 | 599,873 | |||||||||||||||||||||
3.650% Notes due 2028 | January 15, 2028 | $ | 550,000 | 550,000 | 550,000 | |||||||||||||||||||||
3.400% Notes due 2028 | January 15, 2028 | $ | 599,816 | 599,816 | 599,816 | |||||||||||||||||||||
2.100% Notes due 2028 | March 15, 2028 | $ | 449,994 | 449,994 | 449,994 | |||||||||||||||||||||
2.200% Notes due 2028 | June 15, 2028 | $ | 499,959 | 499,959 | 499,959 | |||||||||||||||||||||
4.700% Notes due 2028 | December 15, 2028 | $ | 400,000 | 400,000 | 400,000 | |||||||||||||||||||||
3.950% Notes due 2029 | February 1, 2029 | $ | 400,000 | 400,000 | — | |||||||||||||||||||||
4.750% Notes due 2029 | February 15, 2029 | $ | 450,000 | 450,000 | 450,000 | |||||||||||||||||||||
3.250% Notes due 2029 | June 15, 2029 | $ | 500,000 | 500,000 | 500,000 | |||||||||||||||||||||
4.000% Notes due 2029 | July 15, 2029 | $ | 399,999 | 399,999 | 399,999 | |||||||||||||||||||||
5.000% Notes due 2029 (1) | October 15, 2029 | £ | 350,000 | 470,960 | 438,165 | |||||||||||||||||||||
3.100% Notes due 2029 | December 15, 2029 | $ | 599,291 | 599,291 | 599,291 | |||||||||||||||||||||
3.400% Notes due 2030 | January 15, 2030 | $ | 500,000 | 500,000 | 500,000 | |||||||||||||||||||||
4.850% Notes due 2030 | March 15, 2030 | $ | 600,000 | 600,000 | 600,000 | |||||||||||||||||||||
3.160% Notes due 2030 | June 30, 2030 | £ | 140,000 | 188,384 | 175,266 | |||||||||||||||||||||
4.875% Notes due 2030 (1) | July 6, 2030 | € | 550,000 | 645,711 | 569,415 | |||||||||||||||||||||
1.625% Notes due 2030 (1) | December 15, 2030 | £ | 400,000 | 538,240 | 500,760 | |||||||||||||||||||||
3.250% Notes due 2031 | January 15, 2031 | $ | 950,000 | 950,000 | 950,000 | |||||||||||||||||||||
3.200% Notes due 2031 | February 15, 2031 | $ | 449,995 | 449,995 | 449,995 | |||||||||||||||||||||
3.375% Notes due 2031 (1) | June 20, 2031 | € | 650,000 | 763,113 | — | |||||||||||||||||||||
5.750% Notes due 2031 (1) | December 5, 2031 | £ | 300,000 | 403,680 | 375,570 | |||||||||||||||||||||
2.700% Notes due 2032 | February 15, 2032 | $ | 350,000 | 350,000 | 350,000 | |||||||||||||||||||||
3.180% Notes due 2032 | June 30, 2032 | £ | 345,000 | 464,232 | 431,906 | |||||||||||||||||||||
5.625% Notes due 2032 | October 13, 2032 | $ | 750,000 | 750,000 | 750,000 | |||||||||||||||||||||
2.850% Notes due 2032 | December 15, 2032 | $ | 699,655 | 699,655 | 699,655 | |||||||||||||||||||||
4.500% Notes due 2033 | February 1, 2033 | $ | 400,000 | 400,000 | — | |||||||||||||||||||||
1.800% Notes due 2033 | March 15, 2033 | $ | 400,000 | 400,000 | 400,000 | |||||||||||||||||||||
1.750% Notes due 2033 (1) | July 13, 2033 | £ | 350,000 | 470,960 | 438,165 | |||||||||||||||||||||
4.900% Notes due 2033 | July 15, 2033 | $ | 600,000 | 600,000 | 600,000 | |||||||||||||||||||||
5.125% Notes due 2034 | February 15, 2034 | $ | 800,000 | 800,000 | 800,000 | |||||||||||||||||||||
2.730% Notes due 2034 | May 20, 2034 | £ | 315,000 | 423,864 | 394,348 | |||||||||||||||||||||
5.125% Notes due 2034 (1) | July 6, 2034 | € | 550,000 | 645,711 | 569,415 | |||||||||||||||||||||
5.875% Bonds due 2035 | March 15, 2035 | $ | 250,000 | 250,000 | 250,000 | |||||||||||||||||||||
5.125% Notes due 2035 | April 15, 2035 | $ | 600,000 | 600,000 | — | |||||||||||||||||||||
3.875% Notes due 2035 (1) | June 20, 2035 | € | 650,000 | 763,113 | — | |||||||||||||||||||||
3.390% Notes due 2037 | June 30, 2037 | £ | 115,000 | 154,744 | 143,969 | |||||||||||||||||||||
6.000% Notes due 2039 (1) | December 5, 2039 | £ | 450,000 | 605,520 | 563,355 | |||||||||||||||||||||
5.250% Notes due 2041 (1) | September 4, 2041 | £ | 350,000 | 470,960 | 438,165 | |||||||||||||||||||||
2.500% Notes due 2042 (1) | January 14, 2042 | £ | 250,000 | 336,400 | 312,975 | |||||||||||||||||||||
4.650% Notes due 2047 | March 15, 2047 | $ | 550,000 | 550,000 | 550,000 | |||||||||||||||||||||
5.375% Notes due 2054 | September 1, 2054 | $ | 500,000 | 500,000 | 500,000 | |||||||||||||||||||||
| Total principal amount | $ | 25,343,763 | $ | 22,938,737 | ||||||||||||||||||||||
| Unamortized net discounts and deferred financing costs | (311,816) | (281,145) | ||||||||||||||||||||||||
| $ | 25,031,947 | $ | 22,657,592 | |||||||||||||||||||||||
(1) Interest paid annually. Interest on the remaining senior unsecured notes and bond obligations included in the table is paid semi-annually.
The following table summarizes the maturity of our notes and bonds payable as of December 31, 2025, excluding unamortized net discounts, deferred financing costs (dollars in millions):
| Year of Maturity | Principal | |||||||
| 2026 | $ | 2,375.0 | ||||||
| 2027 | 2,374.5 | |||||||
| 2028 | 2,499.8 | |||||||
| 2029 | 2,820.3 | |||||||
| 2030 | 2,472.3 | |||||||
| Thereafter | 12,801.9 | |||||||
| Total | $ | 25,343.8 | ||||||
As of December 31, 2025, the weighted average interest rate on our notes and bonds payable was 3.8%, and the weighted average remaining years until maturity was 6.0 years.
Interest incurred on the notes and bonds was $938.1 million, $840.3 million, and $598.6 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Our outstanding notes and bonds are unsecured; accordingly, we have not pledged any assets as collateral for these or any other obligations.
The notes and bonds contain various covenants, including: (i) a limitation on incurrence of any debt which would cause our debt to total adjusted assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause our secured debt to total adjusted assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause our debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of our outstanding unsecured debt. As of December 31, 2025, we were in compliance with these covenants.
B. Note Issuances
During the year ended December 31, 2025, we issued the following notes and bonds:
| 2025 Issuances | Date of Issuance | Maturity Date | Principal amount (in millions) | Price of par value | Effective yield to maturity | |||||||||||||||||||||||||||
5.125% Notes | April 2025 | April 2035 | $ | 600.0 | 98.37 | % | 5.337 | % | ||||||||||||||||||||||||
3.375% Notes | June 2025 | June 2031 | € | 650.0 | 99.57 | % | 3.456 | % | ||||||||||||||||||||||||
3.875% Notes | June 2025 | June 2035 | € | 650.0 | 99.55 | % | 3.930 | % | ||||||||||||||||||||||||
3.950% Notes | October 2025 | February 2029 | $ | 400.0 | 99.41 | % | 4.143 | % | ||||||||||||||||||||||||
4.500% Notes | October 2025 | February 2033 | $ | 400.0 | 98.87 | % | 4.685 | % | ||||||||||||||||||||||||
C. Note Repayments
During the year ended December 31, 2025, we repaid the following notes, plus accrued and unpaid interest, upon maturity:
| 2025 Repayments | Date of Issuance | Maturity Date | Principal amount (in millions) | |||||||||||||||||
3.875% Notes | April 2018 | April 2025 | $ | 500.0 | ||||||||||||||||
4.625% Notes | October 2018 | November 2025 | $ | 550.0 | ||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2017 | Feb 22, 2018 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.