REALTY INCOME CORP
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O Q4 2025 request
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| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Lease Income | 1,399,585 | 1,279,698 | +9.4% |
Show Geography breakouts |
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| GB | 181,407 | 148,425 | +22.2% |
| Other | 62,376 | 34,408 | +81.3% |
| US | 1,155,802 | 1,096,865 | +5.4% |
| Other Income | 88,357 | 60,601 | +45.8% |
| Revenue | 1,487,942 | 1,340,299 | +11.0% |
Show Product Lines breakouts |
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| Product And Service Other | 58,896 | 54,316 | +8.4% |
| Product And Service Other · GB | 3,255 | 788 | +313.1% |
| Product And Service Other · US | 55,641 | 53,528 | +3.9% |
| Retail | 1,118,002 | 1,024,532 | +9.1% |
| Retail · GB | 165,147 | 135,551 | +21.8% |
| Retail · Other | 51,981 | 34,408 | +51.1% |
| Retail · US | 900,874 | 854,573 | +5.4% |
Show — breakouts |
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| Revenue | 222,687 | 200,850 | +10.9% |
| Revenue | -586,938 | -546,181 | -7.5% |
| Revenue | 144,177 | 152,720 | -5.6% |
| Depreciation & Amortization | 635,435 | 606,671 | +4.7% |
| Interest Expense Operating | 288,199 | 268,149 | +7.5% |
| Direct Costs Of Leased And Rented Property Or Equipment | 108,076 | 96,309 | +12.2% |
Show Business Segments breakouts |
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| Reportable Segment | 24,997 | 20,851 | +19.9% |
| General & Administrative | 54,142 | 49,114 | +10.2% |
Show Business Segments breakouts |
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| Reportable Segment | 45,100 | 39,293 | +14.8% |
| Impairment Of Real Estate | 124,411 | 142,966 | -13.0% |
Show Impaired Long Lived Assets Held And Used By Type breakouts |
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| Property Impairment Group | 119.4 | 110.4 | +8.2% |
| Business Combination Acquisition Related Costs | 10,261 | -9,176 | +211.8% |
Show Business Acquisition breakouts |
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| Spirit Realty Capital, Inc. | -1.5 | -13.1 | +88.5% |
| Total Costs & Expenses | 1,220,524 | 1,154,033 | +5.8% |
| Gain Loss On Sale Of Properties | 67,430 | 24,985 | +169.9% |
| Gain Loss On Foreign Currency And Unrealized Derivatives Net | -18,902 | 535 | -3633.1% |
| Income Loss From Equity Method Investments | 2,624 | 2,353 | +11.5% |
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts |
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| Bellagio Las Vegas Joint Venture - Common Equity Interest | 549 | 543 | +1.1% |
| Data Center Joint Venture | 2,081 | 1,810 | +15.0% |
| Other Non-Operating Income (Expense) | 4,866 | 7,313 | -33.5% |
| Income Before Taxes | 323,436 | 221,452 | +46.1% |
| Income Tax Expense (Benefit) | -21,800 | -20,102 | -8.4% |
| Net Income | 301,636 | 201,350 | +49.8% |
Show Equity Components breakouts |
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| Accumulated Distributions In Excess Of Net Income | 296,085 | 199,612 | +48.3% |
| Noncontrolling Interest | 5,551 | 1,738 | +219.4% |
| Parent | 296,085 | 199,612 | +48.3% |
| Net Income Loss Attributable To Noncontrolling Interest | -5,551 | -1,738 | -219.4% |
| Net Income | 296,085 | 199,612 | +48.3% |
| Net Income Loss Available To Common Stockholders Basic | 296,085 | 199,612 | +48.3% |
| EPS (Basic) | 0.33 | 0.23 | +43.5% |
| EPS (Diluted) | 0.33 | 0.23 | +43.5% |
| Wtd Avg Shares (Basic) | 4,234 | 4,280 | -1.1% |
| Wtd Avg Shares (Diluted) | 4,324 | 4,330 | -0.1% |
| Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent | 14,251 | -92,680 | +115.4% |
| Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax Parent | -1,555 | 27,446 | -105.7% |
Show Derivative Risk breakouts |
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| Foreign Exchange Forward · Cash Flow Hedging | 420 | 24,493 | -98.3% |
| Interest Rate Swap · Cash Flow Hedging | -2,314 | 12,631 | -118.3% |
| Interest Rate Swaption · Cash Flow Hedging | -60 | -813 | +92.6% |
Show Derivative Instruments Gain Loss By Hedging Relationship breakouts |
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| Cash Flow Hedging | -1,954 | 36,311 | -105.4% |
| Other Comprehensive Income | 12,696 | -65,234 | +119.5% |
Show Equity Components breakouts |
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| Accumulated Other Comprehensive Income | 12,696 | -65,234 | +119.5% |
| Parent | 12,696 | -65,234 | +119.5% |
| Comprehensive Income | 308,781 | 134,378 | +129.8% |
Balance Sheet
| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 434,842 | 444,962 | -2.3% |
| Non-Current Assets | |||
| Intangible Assets | 5,717,241 | 6,322,992 | -9.6% |
| Goodwill | 4,932,199 | 4,932,199 | 0.0% |
| Total Assets | 72,795,612 | 68,835,039 | +5.8% |
Show Consolidated Entities breakouts |
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| Variable Interest Entity Primary Beneficiary | 5,579,888 | 3,461,843 | +61.2% |
| Operating Lease Right-of-Use Assets | 592,319 | 619,350 | -4.4% |
| Other Assets | |||
| Investment Building And Building Improvements | 43,824,410 | 40,974,535 | +7.0% |
| Real Estate Investment Property At Cost | 62,192,439 | 58,295,055 | +6.7% |
| Real Estate Investment Property Accumulated Depreciation | -8,778,536 | -7,381,083 | -18.9% |
| Real Estate Investment Property Net | 53,413,903 | 50,913,972 | +4.9% |
Show Consolidated Entities breakouts |
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| Variable Interest Entity Primary Beneficiary | 4,831,968 | 2,882,135 | +67.7% |
| Assets Of Disposal Group Including Discontinued Operation | 91,784 | 94,979 | -3.4% |
| Accounts Receivable Net | 1,053,487 | 877,668 | +20.0% |
| Real Estate Investments Unconsolidated Real Estate And Other Joint Ventures | 1,256,456 | 1,229,699 | +2.2% |
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts |
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| Bellagio Las Vegas Joint Venture - Common Equity Interest | 253,625 | 274,057 | -7.5% |
| Bellagio Las Vegas Joint Venture - Preferred Equity Interest | 650,000 | 650,000 | 0.0% |
| Data Center Joint Venture | 293,073 | 299,165 | -2.0% |
| Passport Park Joint Venture | 59,758 | 6,477 | +822.6% |
| Passport Park Joint Venture - Preferred Equity Interest | 39.4 | — | — |
| Other Assets | 5,895,700 | 4,018,568 | +46.7% |
| Current Liabilities | |||
| Commercial Paper | 516.8 | 67.3 | +667.9% |
Show Debt Instrument breakouts |
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| Euro-Denominated Unsecured Commercial Paper Program | 407 | — | — |
| U.S. Dollar-Denominated Unsecured Commercial Paper Program | 39 | — | — |
| Non-Current Liabilities | |||
| Dividends Payable Current And Noncurrent | 255,171 | 238,045 | +7.2% |
| Accounts Payable And Accrued Liabilities Current And Noncurrent | 1,060,969 | 759,416 | +39.7% |
| Total Liabilities | 32,671,644 | 29,783,353 | +9.7% |
Show Consolidated Entities breakouts |
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| Variable Interest Entity Primary Beneficiary | 422,092 | 131,096 | +222.0% |
| Long-Term Debt (Q) | — | — | — |
Show Debt Instrument breakouts |
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| Sterling-Denominated Term Loan Facility · Multicurrency Unsecured Debt | 1.2 | — | — |
Show Long-Term Debt Type breakouts |
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| Mortgages | 37.8 | 80.8 | -53.2% |
| Notes Payable To Banks | 25,031,947 | 22,657,592 | +10.5% |
| Deferred Tax Liabilities (Q) | — | — | — |
Show Balance Sheet Location breakouts |
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| Other Liabilities | 4.3 | 3.5 | +22.9% |
| Other Liabilities | |||
| Below Market Lease Net | 1,493,958 | 1,635,770 | -8.7% |
| Other Liabilities | 1,066,809 | 923,128 | +15.6% |
| Revolving Credit Facility And Commercial Paper | 2,023,414 | 1,130,201 | +79.0% |
| Loans Payable | 1,701,615 | 2,358,417 | -27.8% |
| Secured Debt | 37,761 | 80,784 | -53.3% |
| Notes Payable | 25,031,947 | 22,657,592 | +10.5% |
| Stockholders' Equity | |||
| Common Stocks Including Additional Paid In Capital | 49,861,660 | 47,451,068 | +5.1% |
| Accumulated Distributions In Excess Of Net Income | -10,527,984 | -8,648,559 | -21.7% |
| Accumulated Other Comprehensive Income | 105,019 | 38,229 | +174.7% |
| Total Stockholders' Equity | 39,438,695 | 38,840,738 | +1.5% |
| Minority Interest | 685,273 | 210,948 | +224.9% |
Show Consolidated Entities breakouts |
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| Other Noncontrolling Interests | 42,529 | 43,145 | -1.4% |
| Realty Income, L.P. | 165,663 | 167,803 | -1.3% |
| U.S. Private Fund Business | 477,081 | — | — |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 40,123,968 | 39,051,686 | +2.7% |
Show Equity Components breakouts |
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| Accumulated Distributions In Excess Of Net Income | -10,527,984 | -8,648,559 | -21.7% |
| Accumulated Other Comprehensive Income | 105,019 | 38,229 | +174.7% |
| Common Stock Including Additional Paid In Capital | 49,861,660 | 47,451,068 | +5.1% |
| Noncontrolling Interest | 685,273 | 210,948 | +224.9% |
| Parent | 39,438,695 | 38,840,738 | +1.5% |
| Total Liabilities & Equity | 72,795,612 | 68,835,039 | +5.8% |
| Land | 18,368,029 | 17,320,520 | +6.0% |
Cash Flow Statement
| Metric | YTD Q4 2025 | YTD Q4 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Stock-Based Compensation | 9,042 | 9,822 | -7.9% |
| Other Noncash Income | -36,552 | -20,693 | -76.6% |
| Amortization Of Debt Discount Premium (Q) | — | — | — |
Show Long-Term Debt Type breakouts |
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| Mortgages | 76 | 48 | +58.3% |
| Notes Payable To Banks | 3,999 | 574 | +596.7% |
| Amortization of Financing Costs | 8,595 | 6,245 | +37.6% |
| Foreign Currency Transaction Gain Loss Unrealized | 81,195 | 14,188 | +472.3% |
| Other Noncash Interest Income Expense Operating | -322 | 2,326 | -113.8% |
| Equity Method Investment Dividends Or Distributions | 9,427 | 5,430 | +73.6% |
| Increase Decrease In Accounts Receivable And Other Operating Assets | 15,080 | -12,256 | +223.0% |
| Increase Decrease In Accounts Payable And Accrued Liabilities | 125,001 | 39,078 | +219.9% |
| Net Cash from Operations | 1,203,434 | 971,963 | +23.8% |
| Investing Activities | |||
| Payments To Acquire Commercial Real Estate | -1,561,329 | -1,650,643 | +5.4% |
| Payments For Capital Improvements | -49,435 | -36,207 | -36.5% |
Show Property Plant And Equipment By Type breakouts |
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| Investments in existing properties | -53.8 | -38.2 | -40.8% |
| Payments To Acquire Interest In Subsidiaries And Affiliates | -28,664 | -13,367 | -114.4% |
| Payments To Acquire Loans Receivable | -805,843 | -254,160 | -217.1% |
| Proceeds From Sale Of Property Held For Sale | 319,808 | 138,085 | +131.6% |
| Proceeds From Collection Of Notes Receivable | 8,476 | 5,738 | +47.7% |
| Proceeds From Insurance Settlement Investing Activities | 415 | 370 | +12.2% |
| Net Cash from Investing | -2,113,622 | -1,771,659 | -19.3% |
| Financing Activities | |||
| Payments Of Dividends Common Stock | -743,762 | -691,861 | -7.5% |
| Repayments Of Unsecured Debt | -339,489 | 0 | — |
| Proceeds From Notes Payable | 800,000 | 0 | — |
| Repayments Of Notes Payable | -549,997 | 0 | — |
| Repayments Of Secured Debt | -421 | -114,184 | +99.6% |
| Proceeds From Issuance Of Common Stock | 802,290 | 932,900 | -14.0% |
Show Subsidiary Sale Of Stock breakouts |
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| ATM Program | 802.3 | 932.9 | -14.0% |
| Proceeds From Dividend Reinvestment And Stock Purchase Plan Net | 3,157 | 2,998 | +5.3% |
Show Statement Class Of Stock breakouts |
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| Common Stock · DRSPP | 3.2 | 3 | +6.7% |
| Debt Issuance Costs | -23,170 | -1,330 | -1642.1% |
| Proceeds From Payments For Other Financing Activities | 56,522 | -265 | +21429.1% |
| Net Cash from Financing | 988,508 | 864,652 | +14.3% |
| Supplemental | |||
| Interest Paid | 261,852 | 237,886 | +10.1% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | -703 | -17,327 | +95.9% |
| Net Change in Cash | 77,617 | 47,629 | +63.0% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 520,756 | 495,506 | +5.1% |
Values in thousands USD. Source: SEC EDGAR 10-K filing.