Realty Income Corporation

“As of December 31, 2025, we owned or held interests in 15,511 properties, with approximately 355.0 million square feet of leasable space leased to 1,761 clients doing business in 92 separate industries.”

“our charter restricts any person from acquiring beneficial or constructive ownership of more than 9.8% (by value or by number of shares, whichever is more restrictive) of our outstanding shares of common stock”

“primarily attributable to an increase in earnings in our data center development joint venture, which commenced leasing in 2024.”

“Approximately 91% of our annualized retail base rent as of December 31, 2025, was derived from our clients with a service, non-discretionary, and/or low price point component to their business.”

“our U.K. and European assets represented approximately 19% of our annualized base rent ... compared to approximately 14% as of December 31, 2024”

“Total other revenue increased by $84.7 million for the year ended December 31, 2025 as compared to the same period in 2024, primarily due to higher interest income on loans and preferred equity investments driven by growth in our loan portfolio.”

“reimbursements from clients for recoverable real estate taxes and operating expenses totaling $340.4 million, $303.1 million, and $274.2 million”

“Total revenue (1) $5,408,979$4,968,054”

“On January 23, 2024, we completed our previously announced merger with Spirit.”

“During 2025, we expanded our portfolio into Poland and the Netherlands ... in January 2026, we made initial investments in Mexico through a joint-venture with leading global institutional partners.”

“Interest expense increased by $117.9 million, or 11.6%, for the year ended December 31, 2025 as compared to the same period in 2024, primarily due to higher average borrowings in 2025, as well as higher amortization of net note discounts (premiums) and deferred financing costs.”

“Average outstanding balances$28,319,680$25,508,037$2,811,643 Weighted average interest rates3.93 %4.07 %”

“we closed on the recast and expansion of our multi-currency unsecured credit facilities totaling $5.38 billion”

“we held loans and preferred equity interests totaling $3.1 billion, an increase from $1.5 billion as of December 31, 2024”

“we acquired an $800.0 million preferred equity interest in the real estate assets of CityCenter Las Vegas, comprised of the ARIA Resort & Casino and Vdara Hotel & Spa”

“we secured an additional $816.3 million in commitments for the Fund, bringing total commitments to approximately $1.5 billion”

“We have made and may continue to make acquisitions of properties (including through the use of alternative lease and acquisition structures such as joint ventures, partnerships, funds and other structures) or engage in other revenue-generating businesses that fall outside our historical focus on wholly owned, freestanding, single-tenant, net lease retail locations in the U.S.”

“Provisions for impairment of real estate increased by $115.5 million during the year ended December 31, 2025 as compared to the same period in 2024, primarily due to properties that were sold or are more likely than not to be sold in the next twelve months and properties leased to clients in bankruptcy or experiencing financial distress.”

“We face competition in the acquisition and operation of our properties. We expect competition from businesses, individuals, fiduciary accounts and plans, and other entities engaged in real estate investment and financing.”

“Our portfolio includes properties leased to operators of convenience stores that sell petroleum-based fuels, operators of oil change and tune-up facilities and operators that use chemicals and other waste products.”

“We face the risk that rental revenue from our properties may be insufficient to cover all corporate operating expenses, debt service payments on indebtedness we incur, and distributions on our capital stock.”

“Real estate investments are illiquid. Our ability to quickly buy, sell or exchange any of our properties, or to contribute our properties to co-investments”

“During times when inflation is greater than increases in rent, as provided for in the leases, rent increases may not keep up with the rate of inflation and other costs.”

“Our inability to consummate acquisitions on such terms, our failure to adequately underwrite and identify risks and obligations when acquiring properties or our failure to realize the intended benefits from acquisitions, could have a significant adverse effect”

“may be exchanged for shares of our common stock, resulting in stockholder dilution. This acquisition structure may have the effect of, among other things, reducing the amount of tax depreciation we could deduct”

“The structure of our leasing contracts and operating model presents challenges in partnering with clients to implement necessary decarbonization initiatives.”

“Downturns in any of the industries in which our clients operate as well as high interest rates, inflation and the imposition of tariffs, could adversely affect our clients”

“we formed and announced closings with respect to our open-end, perpetual life private capital vehi”