REALTY INCOME CORP Earnings Per Share Disclosure
| Years ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Weighted average shares used for the basic net income per share computation | 907,169 | 862,959 | 692,298 | ||||||||||||||
| Incremental shares from share-based compensation | 690 | 411 | 349 | ||||||||||||||
| Dilutive effect of forward ATM offerings | 475 | 422 | 377 | ||||||||||||||
| Weighted average shares used for diluted net income per share computation | 908,334 | 863,792 | 693,024 | ||||||||||||||
| Unvested shares from share-based compensation that were anti-dilutive | 17 | 179 | 117 | ||||||||||||||
| Weighted average partnership common units convertible to common shares that were anti-dilutive | 2,682 | 2,050 | 1,795 | ||||||||||||||
| Weighted average forward ATM offerings that were anti-dilutive | 36 | 519 | 759 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 22, 2023 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.