REALTY INCOME CORPO

REALTY INCOME CORP Segments Disclosure

10-KFiled Feb 25, 20263 min read
Segment and Geographic Information
A.    Segment Information
Our business is characterized as primarily owning and leasing commercial properties under long-term, net lease agreements (whereby clients are responsible for property taxes, insurance and maintenance costs), and these economic characteristics are similar across various property types, geographic locations, and industries in which our clients operate. Our chief operating decision maker ("CODM") is our President, Chief Executive Officer. Information reviewed by our CODM in evaluating performance and allocating resources is primarily operating results and cash flow analysis on a consolidated basis. Therefore, we operate and manage the business in one operating and reportable segment.
The CODM assesses performance and decides how to allocate resources based on net income that also is reported on the income statement as consolidated net income. The measure of segment assets is reported on the balance sheet as total consolidated assets. Our significant segment expenses include consolidated expense categories presented in our consolidated statements of income and comprehensive income, as well as additional significant segment expense categories reported within 'Property (including reimbursements)' and 'General and administrative' expense captions, as follows (in thousands):
Years ended December 31,
202520242023
Property expenses (excluding reimbursements)$88,402 $74,587 $42,763 
Cash G&A expenses (1)
$171,784 $144,154 $118,309 
(1) Represents 'General and administrative' expenses as presented in our consolidated statements of income and comprehensive income, less share-based compensation costs.
Other segment items included in consolidated net income consist of 'Gain on sales of real estate' and 'Other income, net', as presented in our consolidated statements of income and comprehensive income.
B.    Geographic Information
The following table disaggregates domestic and international revenue by major asset types and geographic regions (in thousands):
Years ended December 31,
2025
U.S.U.K.
Other (1)
Total
Retail$3,515,416 $619,857 $190,397 $4,325,670 
Industrial 785,939 54,824 23,686 864,449 
Other (2)
240,721 6,492 — 247,213 
Rental (including reimbursements)$4,542,076 $681,173 $214,083 $5,437,332 
Other revenue 312,045 
Total revenue $5,749,377 
2024
U.S.U.K.
Other (1)
Total
Retail$3,368,532 $508,195 $133,190 $4,009,917 
Industrial 747,031 48,130 — 795,161 
Other (2)
237,876 794 — 238,670 
Rental (including reimbursements)$4,353,439 $557,119 $133,190 $5,043,748 
Other revenue 227,394 
Total revenue $5,271,142 
2023
U.S.U.K.
Other (1)
Total
Retail$2,754,217 $374,058 $65,305 $3,193,580 
Industrial 515,358 43,685 — 559,043 
Other (2)
205,527 — — 205,527 
Rental (including reimbursable)$3,475,102 $417,743 $65,305 $3,958,150 
Other revenue 120,843 
Total revenue $4,078,993 
(1) Other includes rental revenue generated from all other European countries we operate in.
(2) Other includes all other property types in our portfolio.
No individual client’s revenue represented more than 10% of our total revenue for each of the years ended December 31, 2025, 2024, and 2023.
Long-lived assets include items such as property, plant, equipment and right-of-use assets subject to operating and finance leases. The following table disaggregates domestic and international total long-lived assets (in millions):
December 31, 2025December 31, 2024
U.S.U.K.
Other (1)
TotalU.S.U.K.
Other (1)
Total
Long-lived assets$42,337.4 $9,322.6 $3,280.5 $54,940.5 $43,186.5 $7,485.6 $1,617.7 $52,289.8 
Remaining assets17,855.1 16,545.2 
Total assets$72,795.6 $68,835.0 
(1) Other includes long-lived assets in all other European countries we operate in.

Historical Timeline

Fiscal YearFiled
2025Feb 25, 2026Showing above
2024Feb 25, 2025
2021Feb 23, 2022
2020Feb 23, 2021
2019Feb 24, 2020
2018Feb 22, 2019
2017Feb 22, 2018
2016Feb 23, 2017
2015Feb 11, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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