Realty Income (NYSE: O) posts 2025 growth, lifts 2026 AFFO outlook
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Realty Income Corporation reported solid growth for the three months and year ended December 31, 2025, driven by higher rents, investment activity, and very high occupancy.
For Q4 2025, total revenue was
For full-year 2025, revenue reached
The portfolio remained strong, with 98.9% occupancy as of December 31, 2025, 15,511 properties, and same store rental revenue growth of
For 2026, management guides to net income per share of
Positive
- None.
Negative
- None.
Insights
Realty Income posts steady growth, high occupancy, and modestly higher 2026 guidance.
Realty Income delivered higher 2025 revenue, net income, and AFFO while keeping occupancy at
Leasing fundamentals look resilient: same store rental revenue grew
For 2026, guidance calls for AFFO per share of
United States
Securities and Exchange Commission
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report: February 24, 2026
(Date of Earliest Event Reported)
(Exact name of registrant as specified in its charter)
| (State or Other Jurisdiction of Incorporation or Organization) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices)
(858 ) 284-5000
(Registrant’s telephone number, including area code)
N/A
(former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange On Which Registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | |||||
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ | ||||
Item 2.02 Results of Operations and Financial Condition.
On February 24, 2026, Realty Income Corporation (the “Company”) issued a press release setting forth its results of operations for the three months and year ended December 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. This information, including the information contained in the press release, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is not incorporated by reference into any of the Company’s filings, whether made before or after the date hereof, regardless of any general incorporation language in any such filing.
Additionally, on February 24, 2026, the Company made available on its website a financial supplement containing operating and financial data of the Company (“Supplemental Operating and Financial Data”) for the three months and year ended December 31, 2025, and such Supplemental Operating and Financial Data is furnished as Exhibit 99.2 hereto. The Supplemental Operating and Financial Data included as Exhibit 99.2 to this report is being furnished pursuant to this Item 2.02 of Form 8-K and is also being furnished under Item 7.01—“Regulation FD Disclosure” of Form 8-K, and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act and is not incorporated by reference into any of the Company’s filings, whether made before or after the date hereof, regardless of any general incorporation language in any such filing.
Item 7.01 Regulation FD Disclosure.
On February 24, 2026, the Company made available on its website a financial supplement containing operating and financial data of the Company (“Supplemental Operating and Financial Data”) for the three months and year ended December 31, 2025, and such Supplemental Operating and Financial Data is furnished as Exhibit 99.2 hereto. The Supplemental Operating and Financial Data included as Exhibit 99.2 to this report is being furnished pursuant to this Item 7.01 of Form 8-K and is also being furnished under Item 2.02—“Results of Operations and Financial Condition” of Form 8-K, and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act and is not incorporated by reference into any of the Company’s filings, whether made before or after the date hereof, regardless of any general incorporation language in any such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 Press release dated February 24, 2026
99.2 Supplemental Operating and Financial Data for the Three Months and Year Ended December 31, 2025
104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: February 24, 2026 | REALTY INCOME CORPORATION | |||||||
| By: | /s/ JONATHAN PONG | |||||||
| Jonathan Pong | ||||||||
| Executive Vice President, Chief Financial Officer and Treasurer | ||||||||
Exhibit 99.1
REALTY INCOME ANNOUNCES OPERATING RESULTS FOR
THE THREE MONTHS AND YEAR ENDED DECEMBER 31, 2025
SAN DIEGO, CALIFORNIA, February 24, 2026....Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today announced operating results for the three months and year ended December 31, 2025. All per share amounts presented in this press release are on a diluted per common share basis unless stated otherwise.
COMPANY HIGHLIGHTS:
For the three months ended December 31, 2025:
•Net income available to common stockholders was $296.1 million, or $0.32 per share
•Adjusted Funds from Operations ("AFFO") was $1.08 per share
•Invested $2.4 billion; our pro-rata share was $2.3 billion at an initial weighted average cash yield of 7.1%
•Net Debt to Annualized Pro Forma Adjusted EBITDAre was 5.4x
•Settled 14.0 million shares of outstanding forward sale agreements through our At-The-Market ("ATM") program for gross proceeds of $817.8 million
•Achieved a rent recapture rate of 104.9% on properties re-leased
•Successfully launched our inaugural perpetual life U.S. Open-End Core Plus Fund, raising $1.5 billion in total commitments through year end
For the year ended December 31, 2025:
•Net income available to common stockholders was $1.1 billion, or $1.17 per share
•AFFO was $4.28 per share
•Invested $6.3 billion; our pro-rata share was $6.2 billion at an initial weighted average cash yield of 7.3%
•Settled 42.0 million shares of outstanding forward sale agreements through our ATM program for gross proceeds of $2.4 billion
•Achieved a rent recapture rate of 103.9% on properties re-leased
Events subsequent to December 31, 2025:
•In January 2026, issued $862.5 million aggregate principal amount of 3.500% convertible senior notes due January 2029
•In January 2026, announced the establishment of a strategic relationship with GIC, including the establishment of a build-to-suit development joint venture with total combined commitments of over $1.5 billion
•Expanded to Mexico in scale with a $200.0 million takeout commitment for USD-denominated, long-term leased industrial portfolio, representing our first investment in Mexico
CEO Comments
“2025 represented another year of consistent returns and deliberate execution of strategic initiatives that will amplify our competitive strengths,” said Sumit Roy, Realty Income's President and Chief Executive Officer. “The momentum in our business is palpable. Our fourth quarter investment volume of $2.4 billion represents a meaningful acceleration in activity, and our active pipeline for 2026 is reflected in our initial investment volume guidance of approximately $8.0 billion. In concert with healthy portfolio occupancy and underlying tenant credit, we are introducing 2026 AFFO per share guidance of $4.38 - $4.42, representing annual growth of approximately 2.8% at the midpoint and approximately 9% total operational return.”
“Our growth outlook is supported by an ever-expanding global addressable market. Our unique platform now benefits from additional sources of private capital, including our U.S. Core Plus fund and GIC partnership. We are honored by the trust we have established with these investors and are energized by the opportunity to deliver reliable long-term value for all stakeholders.”
 | ||||||||
Select Financial Results
The following summarizes our select financial results (dollars in millions, except per share data):
| Three months ended December 31, | Years ended December 31, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
Total revenue | $ | 1,487.9 | $ | 1,340.3 | $ | 5,749.4 | $ | 5,271.1 | ||||||||||||||||||
Net income available to common stockholders (1) | $ | 296.1 | $ | 199.6 | $ | 1,058.6 | $ | 847.9 | ||||||||||||||||||
Net income per share | $ | 0.32 | $ | 0.23 | $ | 1.17 | $ | 0.98 | ||||||||||||||||||
Funds from operations available to common stockholders (FFO) (2) | $ | 985.9 | $ | 897.9 | $ | 3,860.3 | $ | 3,467.7 | ||||||||||||||||||
FFO per share | $ | 1.07 | $ | 1.02 | $ | 4.25 | $ | 4.01 | ||||||||||||||||||
Normalized funds from operations available to common stockholders (Normalized FFO) (2) | $ | 996.1 | $ | 888.7 | $ | 3,884.5 | $ | 3,564.0 | ||||||||||||||||||
Normalized FFO per share | $ | 1.08 | $ | 1.01 | $ | 4.27 | $ | 4.12 | ||||||||||||||||||
Adjusted funds from operations available to common stockholders (AFFO) (2) | $ | 996.7 | $ | 921.9 | $ | 3,885.9 | $ | 3,621.4 | ||||||||||||||||||
AFFO per share | $ | 1.08 | $ | 1.05 | $ | 4.28 | $ | 4.19 | ||||||||||||||||||
(1) The calculation to determine net income available to common stockholders includes provisions for impairment, gain on sales of real estate, and foreign currency gain and loss. These items can vary from quarter to quarter and can significantly impact net income available to common stockholders and period to period comparisons.
(2) FFO, Normalized FFO, and AFFO are non-GAAP financial measures. Normalized FFO is based on FFO and adjusted to exclude merger, transaction, and other costs, net and AFFO further adjusts Normalized FFO for unique revenue and expense items. Please see the Glossary for our definitions and explanations of how we utilize these metrics. Please see pages 10 and 11 herein for reconciliations to the most directly comparable GAAP measure.
Dividend Increases
In December 2025, we announced the 113th consecutive quarterly dividend increase, which is the 133rd increase since our listing on the New York Stock Exchange ("NYSE") in 1994. The annualized dividend amount as of December 31, 2025 was $3.240 per share. The amount of monthly dividends paid per share increased 2.9% to $3.217 in 2025, as compared to $3.126 in 2024, representing 75.2% of our diluted AFFO per share of $4.28 during the year ended December 31, 2025.
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Real Estate Portfolio Update
As of December 31, 2025, we owned or held interests in 15,511 properties, which were leased to 1,761 clients doing business in 92 industries. Our diversified portfolio of commercial properties under long-term, net lease agreements is actively managed with a weighted average remaining lease term of approximately 8.8 years. Our portfolio of commercial real estate has historically provided dependable rental revenue supporting the payment of monthly dividends. As of December 31, 2025, portfolio occupancy was 98.9% with 173 properties available for lease or sale, as compared to 98.7% as of September 30, 2025 and December 31, 2024. Our property-level occupancy rates exclude properties with ancillary leases only, such as cell towers and billboards, and properties with possession pending, and include properties owned by unconsolidated joint ventures. Below is a summary of our portfolio activity for the periods indicated below:
Changes in Occupancy
Three months ended December 31, 2025 | |||||
Properties available for lease as of September 30, 2025 | 204 | ||||
Lease expirations (1) | 378 | ||||
| Re-leases to same client | (285) | ||||
| Re-leases to new client | (9) | ||||
| Vacant dispositions | (115) | ||||
Properties available for lease as of December 31, 2025 | 173 | ||||
| Year ended December 31, 2025 | |||||
Properties available for lease as of December 31, 2024 | 205 | ||||
Lease expirations (1) | 1,317 | ||||
| Re-leases to same client | (963) | ||||
| Re-leases to new client | (52) | ||||
| Vacant dispositions | (334) | ||||
Properties available for lease as of December 31, 2025 | 173 | ||||
(1)Includes scheduled and unscheduled expirations (including leases rejected in bankruptcy), as well as future expirations resolved in the periods indicated above.
During the three months ended December 31, 2025, the new annualized base rent on re-leased units was $88.30 million, as compared to the previous annual rent of $84.21 million on the same units, representing a rent recapture rate of 104.9% on the re-leased units. Please see the Glossary for our definition of annualized base rent.
During the year ended December 31, 2025, the new annualized base rent on re-leased units was $301.99 million, as compared to the previous annual rent of $290.61 million on the same units, representing a rent recapture rate of 103.9% on the re-leased units.
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Investment Summary
The following table summarizes our investments in the U.S. and Europe for the periods indicated below (dollars in millions):
Three months ended December 31, 2025 | Year ended December 31, 2025 | ||||||||||||||||||||||||||||||||||
| Investment | Pro-Rata Share (1) | Weighted Average Term (Years) | Number of Properties | Investment | Pro-Rata Share (1) | Weighted Average Term (Years) | Number of Properties | ||||||||||||||||||||||||||||
| Acquisitions | |||||||||||||||||||||||||||||||||||
| U.S. wholly-owned | $ | 293.7 | $ | 293.7 | 11.6 | 46 | $ | 917.0 | $ | 917.0 | 14.2 | 151 | |||||||||||||||||||||||
| U.S. Private Fund Business | 243.2 | 168.9 | 10.5 | 26 | 323.3 | 248.9 | 12.5 | 29 | |||||||||||||||||||||||||||
| Europe wholly-owned | 887.8 | 887.8 | 8.9 | 42 | 2,911.8 | 2,911.8 | 8.7 | 88 | |||||||||||||||||||||||||||
Total real estate acquisitions(2) | $ | 1,424.7 | $ | 1,350.4 | 9.7 | 114 | $ | 4,152.1 | $ | 4,077.7 | 10.1 | 268 | |||||||||||||||||||||||
Initial weighted average cash yield(3) | 6.9% | 7.0% | |||||||||||||||||||||||||||||||||
| Real estate properties under development | |||||||||||||||||||||||||||||||||||
| U.S. wholly-owned | $ | 72.0 | $ | 72.0 | 16.7 | 31 | $ | 285.7 | $ | 285.7 | 16.6 | 91 | |||||||||||||||||||||||
| Europe wholly-owned | 43.3 | 43.3 | 10.6 | 6 | 59.5 | 59.5 | 12.0 | 9 | |||||||||||||||||||||||||||
Non-wholly owned(4) | 49.8 | 48.2 | 11.0 | 12 | 192.5 | 188.6 | 12.1 | 12 | |||||||||||||||||||||||||||
Total real estate properties under development(2) | $ | 165.1 | $ | 163.5 | 13.3 | 49 | $ | 537.7 | $ | 533.8 | 14.5 | 112 | |||||||||||||||||||||||
Initial weighted average cash yield(3) | 7.4% | 7.4% | |||||||||||||||||||||||||||||||||
| Other investments | |||||||||||||||||||||||||||||||||||
U.S. wholly-owned(5) | $ | 800.5 | $ | 800.5 | 26.0 | — | $ | 1,001.4 | $ | 1,001.4 | 20.3 | — | |||||||||||||||||||||||
Europe wholly-owned(6) | — | — | — | — | 606.5 | 606.5 | 4.1 | — | |||||||||||||||||||||||||||
| Total other investments | $ | 800.5 | $ | 800.5 | 26.0 | — | $ | 1,607.9 | $ | 1,607.9 | 14.0 | — | |||||||||||||||||||||||
Initial weighted average cash yield(3) | 7.4% | 8.2% | |||||||||||||||||||||||||||||||||
| Total investments | $ | 2,390.3 | $ | 2,314.4 | 15.9 | 163 | $ | 6,297.7 | $ | 6,219.4 | 11.6 | 380 | |||||||||||||||||||||||
Initial weighted average cash yield(3) | 7.1% | 7.3% | |||||||||||||||||||||||||||||||||
| Supplementary Information: | |||||||||||||||||||||||||||||||||||
| Total U.S. volume | $ | 1,363.7 | $ | 2,505.2 | |||||||||||||||||||||||||||||||
Initial weighted average cash yield(3) | 7.0% | 7.3% | |||||||||||||||||||||||||||||||||
| Total Europe volume | $ | 950.7 | $ | 3,714.2 | |||||||||||||||||||||||||||||||
Initial weighted average cash yield(3) | 7.2% | 7.4% | |||||||||||||||||||||||||||||||||
Investment Grade Clients(7) | 37% | 30% | |||||||||||||||||||||||||||||||||
(1)Reflects adjustments for our share based on our proportionate economic ownership of our joint ventures (which adds our pro-rata share of unconsolidated entities and deducts our noncontrolling interests share). Please see the Glossary for our definition of Pro-Rata Share for more information.
(2)For the three months ended December 31, 2025, our clients occupying the new properties are 55.0% retail, 43.6% industrial, and 1.4% other property types based on Cash Income. For the year ended December 31, 2025, our clients occupying the new properties are 69.5% retail, 30.0% industrial, and 0.5% other property types based on Cash Income. Please see the Glossary for our definition of Cash Income.
(3)Initial Weighted Average Cash Yield is a supplemental operating measure. Cash Income used in the calculation of Initial Weighted Average Cash Yield for investments for the three months and year ended December 31, 2025 includes $2.8 million and $6.5 million, respectively, received as settlement credits related to the reimbursement of free rent periods. Please see the Glossary for our definitions of Initial Weighted Average Cash Yield and Cash Income.
(4)Non-wholly owned represents U.S. and European investments not 100% owned by Realty Income, excluding the U.S. Private Fund Business.
(5)For the three months ended December 31, 2025, includes an $800.0 million perpetual preferred equity investment in CityCenter's real estate assets, owned by funds affiliated with Blackstone Real Estate. For the year ended December 31, 2025, includes an investment in a loan related to a development project, as well as the perpetual preferred equity investment.
(6)For the year ended December 31, 2025, includes two mortgage loans and senior secured notes issued by existing clients.
(7)Represents approximate percentage of annualized cash income generated by investments from Investment Grade Clients at the date of acquisition. Please see the Glossary for our definition of Investment Grade Clients.
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Same Store Rental Revenue
The following summarizes our same store rental revenue for 14,345 properties under lease for the three months and year ended December 31, 2025, respectively (dollars in millions):
| Three months ended December 31, | Years ended December 31, | % Increase | |||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | Three Months | Year | ||||||||||||||||||||||||||||||
Same Store Rental Revenue | $ | 1,147.3 | $ | 1,134.3 | $ | 4,575.9 | $ | 4,518.5 | 1.1 | % | 1.3 | % | |||||||||||||||||||||||
For purposes of comparability, Same Store Rental Revenue is presented on a constant currency basis using the applicable exchange rate as of December 31, 2025. Same Store Rental Revenue also includes our pro-rata share of rental revenue from properties owned by unconsolidated joint ventures and amounts attributable to noncontrolling interests based on their respective ownership percentages. Beginning with the second quarter of 2024, properties acquired through our merger with Spirit Realty Capital, Inc. (“Spirit”) were considered under each element of our Same Store Pool criteria, except for the requirement that the property be owned for the full comparative period. If the property was owned by Spirit or Realty Income for the full comparative period and each of the other criteria were met, the property was included in our Same Store Pool. Please see the Glossary to see definitions of our Same Store Pool and Same Store Rental Revenue.
Property Dispositions
The following summarizes our property dispositions (dollars in millions):
Three months ended December 31, 2025 | Year ended December 31, 2025 | ||||||||||
| Properties sold | 157 | 425 | |||||||||
| Net sales proceeds | $ | 319.8 | $ | 744.0 | |||||||
| Gain on sales of real estate | $ | 67.4 | $ | 177.6 | |||||||
Liquidity and Capital Markets
Liquidity
As of December 31, 2025, we had $4.1 billion of total available liquidity at our Pro-Rata Share(1), comprised of the components summarized below (dollars in millions):
Pro-Rata Share of cash and cash equivalents (2) | $ | 419.4 | |||
Pro-Rata Share of availability under credit facilities (3) | 3,507.2 | ||||
| Unsettled ATM forwards | 708.5 | ||||
| Less: commercial paper borrowings | (516.8) | ||||
| Total available liquidity at our Pro-Rata Share | $ | 4,118.3 | |||
(1)Reflects adjustments for our share based on our proportionate economic ownership of our joint ventures (which adds our pro-rata share of unconsolidated entities and deducts our noncontrolling interests share). Please see the Glossary for our definition of Pro-Rata Share for more information.
(2)Please see page 13 herein for a reconciliation of consolidated cash and cash equivalents to Pro-Rata Share of cash and cash equivalents.
(3)Represents our availability under the Realty Income revolving credit facilities ("RI Revolving Credit Facilities") with a total capacity of $4.0 billion and our Pro-Rata Share of availability under the Fund Revolving Credit Facilities with a total capacity of $1.38 billion.
Capital Raising
During the three months and year ended December 31, 2025, we raised $820.9 million and $2.4 billion of proceeds, respectively, from the sale of common stock at weighted average prices of $58.28 and $57.14 per share. Such proceeds were raised primarily through the sale of approximately 14.0 million and 42.0 million shares of common stock, respectively, pursuant to forward sale agreements under our ATM program. As of February 24, 2026, there were approximately 12.6 million shares of unsettled common stock subject to forward sale agreements through our ATM program, representing approximately $708.5 million in expected net proceeds and a weighted average initial gross price of $57.49 per share. ATM net sale proceed amounts assume full physical settlement of all outstanding shares of common stock, subject to such forward sale agreements and certain assumptions made with respect to settlement dates.
In October 2025, we issued $400.0 million of 3.950% senior unsecured notes due February 2029 and $400.0 million of 4.500% senior unsecured notes due February 2033.
In November 2025, we entered into a term loan agreement that amends and restates the prior agreement governing our $1.5 billion multi-currency term loan, dated January 6, 2023. The agreement provides for a £900.0 million sterling-denominated term loan that matures in January 2028, subject to one twelve-month extension option.
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In January 2026, we issued $862.5 million aggregate principal amount of 3.500% convertible senior notes due January 2029 in a private offering, for estimated net proceeds of $845.5 million. We used approximately $101.9 million of the net proceeds to repurchase approximately 1.8 million shares of our common stock concurrently with the pricing of the offering.
In December 2025, we secured an additional $816.3 million in commitments for our U.S. Private Fund Business (the "Fund"), bringing total commitments to approximately $1.5 billion. As a result of this and previously announced closings, the Company anticipates to close its cornerstone equity capital raise round on or before March 31, 2026 and is capping its commitments during this round at $1.7 billion.
Guidance
Summarized below are approximate estimates of the key components of our 2026 earnings guidance (with 2025 Actuals for comparison):
| 2026 Guidance | 2025 Actuals | |||||||||||||
Net income per share(1) | $1.65 - $1.69 | $1.17 | ||||||||||||
| Real estate depreciation per share | $2.68 | $2.78 | ||||||||||||
Other adjustments per share(2) | $0.05 | $0.33 | ||||||||||||
| AFFO per share | $4.38 - $4.42 | $4.28 | ||||||||||||
| Same store rent growth | 1.0% - 1.3% | 1.3% | ||||||||||||
| Occupancy | Approx 98.5% | 98.9% | ||||||||||||
Cash G&A expenses (% of total gross asset value)(3)(4) | 20 - 23 bps | 21 bps | ||||||||||||
Property expenses (non-reimbursable) (% of total revenue)(5) | Approx 1.5% | 1.6% | ||||||||||||
| Income tax expenses | $100 - $110 million | $85 million | ||||||||||||
| Investment volume (at 100%) | $8.0 billion | $6.3 billion | ||||||||||||
| Lease termination income | $30 - $40 million | $49 million | ||||||||||||
(1) Net income per share excludes future impairment and foreign currency or derivative gains or losses due to the inherent unpredictability of forecasting these items. | ||||||||||||||
(2) Includes net adjustments for gains or losses on sales of properties, impairments, and merger, transaction, and other non-recurring costs. | ||||||||||||||
(3) Cash G&A represents 'General and administrative' expenses as presented in our consolidated statements of income, less share-based compensation costs. Total gross asset value is total assets before accumulated depreciation and amortization. | ||||||||||||||
(4) G&A expenses inclusive of stock-based compensation expense as a percentage of total gross asset value is expected to be approximately 24 - 27 bps in 2026. | ||||||||||||||
(5) Total revenue excludes client reimbursements. | ||||||||||||||
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Conference Call Information
In conjunction with the release of our operating results, we will host a conference call on February 24, 2026 at 2:00 p.m. PST to discuss the operating results. To access the conference call, dial (833) 816-1264 (United States) or (412) 317-5632 (International). When prompted, please ask for the Realty Income conference call.
A telephone replay of the conference call can also be accessed by calling (855) 669-9658 (United States) or (412) 317-0088 (International) and entering the conference ID 3554425. The telephone replay will be available through March 3, 2026.
A live webcast will be available in listen-only mode by clicking on the webcast link on the company’s home page at www.realtyincome.com. A replay of the conference call webcast will be available approximately one hour after the conclusion of the live broadcast. No access code is required for this replay.
Supplemental Materials
Supplemental Operating and Financial Data for the three months and year ended December 31, 2025 is available on our corporate website at www.realtyincome.com/investors/quarterly-and-annual-results.
About Realty Income
Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies®. Founded in 1969, we serve our clients as a full-service real estate capital provider. As of December 31, 2025, we have a portfolio of over 15,500 properties in all 50 U.S. states, the United Kingdom ("U.K."), and eight other countries in Europe. We are known as “The Monthly Dividend Company®” and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our listing on the NYSE in 1994, we have had 133 dividend increases and are a member of the S&P 500 Dividend Aristocrats® index for having increased our dividend for over 31 consecutive years. Additional information about the company can be found at www.realtyincome.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, the words “estimated,” “anticipate,” “assume,” “expect,” “believe,” “intend,” “continue,” “should,” “may,” “likely,” “plan,” “seek,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions of our business, joint ventures, partnerships, and portfolio including management thereof; our platform; growth strategies, investment pipeline and intentions to acquire or dispose of properties (including geographies, timing, partners, clients and terms); re-leases, re-development and speculative development of properties and expenditures related thereto; operations and results; the announcement of operating results, strategy, plans, and the intentions of management; guidance; our share repurchase program; settlement of shares of common stock sold pursuant to forward sale confirmations under our ATM program; dividends, including the amount, timing and payments of dividends; and macroeconomic and other business trends, including interest rates and trends in the market for long-term leases of freestanding, single-client properties. Forward-looking statements are subject to risks, uncertainties, and assumptions about us, which may cause our actual future results to differ materially from expected results. Some of the factors that could cause actual results to differ materially are, among others, our continued qualification as a real estate investment trust; general domestic and foreign business, economic, or financial conditions; competition; fluctuating interest and currency rates; inflation and its impact on our clients and us; access to debt and equity capital markets and other sources of funding (including the terms and partners of such funding); volatility and uncertainty in the credit and financial markets; other risks inherent in real estate, credit investments, and joint ventures or co-investment ventures, including our clients' solvency, client defaults under leases, increased client bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments (including rights of first refusal or rights of first offer), and potential damages from natural disasters; impairments in the value of our real estate assets; volatility and changes in domestic and foreign laws and the application, enforcement or interpretation thereof (including with respect to tax laws and rates); property ownership through co-investment ventures, funds, joint ventures, partnerships and other arrangements which, among other things, may transfer or limit our control of the underlying investments; epidemics or pandemics; the loss of key personnel; the outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism and war; and the anticipated benefits from mergers, acquisitions, co-investment ventures, funds, joint ventures, partnerships and other arrangements; and those additional risks and factors discussed in our reports filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are not guarantees of future plans and performance and speak only as of the date of this press release. Past operating results and performance are provided for informational purposes and are not a guarantee of future results. There can be no assurance that historical trends will continue. Actual plans and results may differ materially from what is expressed or forecasted in this press release and forecasts made in the forward-looking statements discussed in this press release might not materialize. We do not undertake any obligation to update forward-looking statements or publicly release the results of any forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.
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Investor Relations:
Jonathan Pong
Executive Vice President, CFO and Treasurer
+1 858 284 5177
jpong@realtyincome.com
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CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts) (unaudited)
| Three months ended December 31, | Years ended December 31, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| REVENUE | ||||||||||||||||||||||||||
Rental (including reimbursements) (1) | $ | 1,399,585 | $ | 1,279,698 | $ | 5,437,332 | $ | 5,043,748 | ||||||||||||||||||
Other | 88,357 | 60,601 | 312,045 | 227,394 | ||||||||||||||||||||||
| Total revenue | 1,487,942 | 1,340,299 | 5,749,377 | 5,271,142 | ||||||||||||||||||||||
| EXPENSES | ||||||||||||||||||||||||||
| Depreciation and amortization | 635,435 | 606,671 | 2,524,200 | 2,395,644 | ||||||||||||||||||||||
| Interest | 288,199 | 268,149 | 1,134,879 | 1,016,955 | ||||||||||||||||||||||
| Property (including reimbursements) | 108,076 | 96,309 | 428,800 | 377,675 | ||||||||||||||||||||||
| General and administrative | 54,142 | 49,114 | 202,554 | 176,895 | ||||||||||||||||||||||
| Provisions for impairment | 124,411 | 142,966 | 471,335 | 425,833 | ||||||||||||||||||||||
| Merger, transaction, and other costs, net | 10,261 | (9,176) | 24,214 | 96,292 | ||||||||||||||||||||||
| Total expenses | 1,220,524 | 1,154,033 | 4,785,982 | 4,489,294 | ||||||||||||||||||||||
| Gain on sales of real estate | 67,430 | 24,985 | 177,640 | 117,275 | ||||||||||||||||||||||
| Foreign currency and derivative (loss) gain, net | (18,902) | 535 | (28,653) | 3,420 | ||||||||||||||||||||||
| Equity in earnings of unconsolidated entities | 2,624 | 2,353 | 13,330 | 7,793 | ||||||||||||||||||||||
Other income, net | 4,866 | 7,313 | 29,417 | 23,606 | ||||||||||||||||||||||
| Income before income taxes | 323,436 | 221,452 | 1,155,129 | 933,942 | ||||||||||||||||||||||
| Income taxes | (21,800) | (20,102) | (85,346) | (66,601) | ||||||||||||||||||||||
| Net income | 301,636 | 201,350 | 1,069,783 | 867,341 | ||||||||||||||||||||||
| Net income attributable to noncontrolling interests | (5,551) | (1,738) | (11,193) | (6,569) | ||||||||||||||||||||||
| Net income attributable to the Company | 296,085 | 199,612 | 1,058,590 | 860,772 | ||||||||||||||||||||||
| Preferred stock dividends | — | — | — | (7,763) | ||||||||||||||||||||||
| Excess of redemption value over carrying value of preferred shares redeemed | — | — | — | (5,116) | ||||||||||||||||||||||
| Net income available to common stockholders | $ | 296,085 | $ | 199,612 | $ | 1,058,590 | $ | 847,893 | ||||||||||||||||||
| Funds from operations available to common stockholders (FFO) | $ | 985,870 | $ | 897,917 | $ | 3,860,323 | $ | 3,467,659 | ||||||||||||||||||
| Normalized funds from operations available to common stockholders (Normalized FFO) | $ | 996,131 | $ | 888,741 | $ | 3,884,537 | $ | 3,563,951 | ||||||||||||||||||
| Adjusted funds from operations available to common stockholders (AFFO) | $ | 996,703 | $ | 921,920 | $ | 3,885,898 | $ | 3,621,437 | ||||||||||||||||||
| Amounts available to common stockholders per common share: | ||||||||||||||||||||||||||
| Net income per common share, basic and diluted | $ | 0.32 | $ | 0.23 | $ | 1.17 | $ | 0.98 | ||||||||||||||||||
| FFO per common share: | ||||||||||||||||||||||||||
| Basic | $ | 1.07 | $ | 1.03 | $ | 4.26 | $ | 4.02 | ||||||||||||||||||
| Diluted | $ | 1.07 | $ | 1.02 | $ | 4.25 | $ | 4.01 | ||||||||||||||||||
| Normalized FFO per common share: | ||||||||||||||||||||||||||
| Basic | $ | 1.08 | $ | 1.01 | $ | 4.28 | $ | 4.13 | ||||||||||||||||||
| Diluted | $ | 1.08 | $ | 1.01 | $ | 4.27 | $ | 4.12 | ||||||||||||||||||
| AFFO per common share: | ||||||||||||||||||||||||||
| Basic | $ | 1.08 | $ | 1.05 | $ | 4.28 | $ | 4.20 | ||||||||||||||||||
| Diluted | $ | 1.08 | $ | 1.05 | $ | 4.28 | $ | 4.19 | ||||||||||||||||||
| Cash dividends paid per common share | $ | 0.8085 | $ | 0.7905 | $ | 3.2170 | $ | 3.1255 | ||||||||||||||||||
(1) Includes client reimbursements of $83.1 million and $75.5 million for the three months ended December 31, 2025 and 2024, respectively, and $340.4 million and $303.1 million for the year ended December 31, 2025 and 2024, respectively; reserves to rental revenue, exclusive of non-cash reserves, of $5.1 million and $8.1 million for the three months ended December 31, 2025 and 2024, respectively, and $26.1 million and $24.3 million for the year ended December 31, 2025 and 2024, respectively.
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FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FUNDS FROM OPERATIONS (Normalized FFO)
(in thousands, except per share amounts) (unaudited)
FFO and Normalized FFO are non-GAAP financial measures. Please see the Glossary for our definitions and explanations of how we utilize these metrics.
| Three months ended December 31, | Years ended December 31, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
Net income available to common stockholders | $ | 296,085 | $ | 199,612 | $ | 1,058,590 | $ | 847,893 | ||||||||||||||||||
Depreciation and amortization | 635,435 | 606,671 | 2,524,200 | 2,395,644 | ||||||||||||||||||||||
Depreciation of furniture, fixtures and equipment | (769) | (952) | (2,622) | (2,857) | ||||||||||||||||||||||
| Provisions for impairment of real estate | 119,434 | 110,480 | 434,497 | 319,032 | ||||||||||||||||||||||
Gain on sales of real estate | (67,430) | (24,985) | (177,640) | (117,275) | ||||||||||||||||||||||
Proportionate share of adjustments for unconsolidated entities | 9,002 | 8,418 | 33,345 | 29,124 | ||||||||||||||||||||||
FFO adjustments allocable to noncontrolling interests | (5,887) | (1,327) | (10,047) | (3,902) | ||||||||||||||||||||||
FFO available to common stockholders | $ | 985,870 | $ | 897,917 | $ | 3,860,323 | $ | 3,467,659 | ||||||||||||||||||
FFO allocable to dilutive noncontrolling interests | 2,208 | 2,209 | 9,396 | 6,611 | ||||||||||||||||||||||
Diluted FFO | $ | 988,078 | $ | 900,126 | $ | 3,869,719 | $ | 3,474,270 | ||||||||||||||||||
FFO available to common stockholders | $ | 985,870 | $ | 897,917 | $ | 3,860,323 | $ | 3,467,659 | ||||||||||||||||||
Merger, transaction, and other costs, net (1) | 10,261 | (9,176) | 24,214 | 96,292 | ||||||||||||||||||||||
Normalized FFO available to common stockholders | $ | 996,131 | $ | 888,741 | $ | 3,884,537 | $ | 3,563,951 | ||||||||||||||||||
Normalized FFO allocable to dilutive noncontrolling interests | 2,208 | 2,209 | 9,396 | 6,611 | ||||||||||||||||||||||
Diluted Normalized FFO | $ | 998,339 | $ | 890,950 | $ | 3,893,933 | $ | 3,570,562 | ||||||||||||||||||
| FFO per common share: | ||||||||||||||||||||||||||
| Basic | $ | 1.07 | $ | 1.03 | $ | 4.26 | $ | 4.02 | ||||||||||||||||||
| Diluted | $ | 1.07 | $ | 1.02 | $ | 4.25 | $ | 4.01 | ||||||||||||||||||
| Normalized FFO per common share: | ||||||||||||||||||||||||||
| Basic | $ | 1.08 | $ | 1.01 | $ | 4.28 | $ | 4.13 | ||||||||||||||||||
| Diluted | $ | 1.08 | $ | 1.01 | $ | 4.27 | $ | 4.12 | ||||||||||||||||||
Distributions paid to common stockholders | $ | 743,762 | $ | 691,861 | $ | 2,920,895 | $ | 2,691,719 | ||||||||||||||||||
| FFO after distributions | $ | 242,108 | $ | 206,056 | $ | 939,428 | $ | 775,940 | ||||||||||||||||||
| Normalized FFO after distributions | $ | 252,369 | $ | 196,880 | $ | 963,642 | $ | 872,232 | ||||||||||||||||||
Weighted average number of common shares used for FFO and Normalized FFO: | ||||||||||||||||||||||||||
| Basic | 919,769 | 875,710 | 907,169 | 862,959 | ||||||||||||||||||||||
| Diluted | 923,648 | 879,649 | 911,015 | 865,842 | ||||||||||||||||||||||
(1)During the three months and year ended December 31, 2025, we incurred $10.3 million and $24.2 million, respectively, of merger, transaction, and other costs, net, consisting primarily of placement fees incurred in fundraising for the Fund.
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ADJUSTED FUNDS FROM OPERATIONS (AFFO)
(in thousands, except per share amounts) (unaudited)
AFFO is a non-GAAP financial measure. Please see the Glossary for our definition and an explanation of how we utilize this metric.
| Three months ended December 31, | Years ended December 31, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
Net income available to common stockholders | $ | 296,085 | $ | 199,612 | $ | 1,058,590 | $ | 847,893 | ||||||||||||||||||
Cumulative adjustments to calculate Normalized FFO (1) | 700,046 | 689,129 | 2,825,947 | 2,716,058 | ||||||||||||||||||||||
Normalized FFO available to common stockholders | 996,131 | 888,741 | 3,884,537 | 3,563,951 | ||||||||||||||||||||||
| Debt-related non-cash items: | ||||||||||||||||||||||||||
Amortization of net debt discounts and deferred financing costs | 12,677 | 5,500 | 36,705 | 15,361 | ||||||||||||||||||||||
Amortization of acquired interest rate swap value (2) | 1,531 | 3,710 | 11,048 | 13,935 | ||||||||||||||||||||||
| Capital expenditures from operating properties: | ||||||||||||||||||||||||||
Leasing costs and commissions | (4,862) | (2,661) | (9,481) | (8,558) | ||||||||||||||||||||||
Recurring capital expenditures | (53) | (199) | (335) | (402) | ||||||||||||||||||||||
| Other non-cash items: | ||||||||||||||||||||||||||
| Non-cash change in allowance for credit losses | 4,977 | 32,486 | 36,838 | 106,801 | ||||||||||||||||||||||
Amortization of share-based compensation | 9,042 | 9,821 | 30,770 | 32,741 | ||||||||||||||||||||||
| Straight-line rent and expenses, net | (51,705) | (35,510) | (169,217) | (171,887) | ||||||||||||||||||||||
Amortization of above and below-market leases, net | 15,153 | 14,817 | 47,228 | 55,870 | ||||||||||||||||||||||
| Deferred tax (benefit) expense | (3,535) | 3,552 | 603 | 3,552 | ||||||||||||||||||||||
| Proportionate share of adjustments for unconsolidated entities | (700) | (308) | (2,991) | (2,078) | ||||||||||||||||||||||
| Excess of redemption value over carrying value of preferred shares redeemed | — | — | — | 5,116 | ||||||||||||||||||||||
Other adjustments (3) | 18,047 | 1,971 | 20,193 | 7,035 | ||||||||||||||||||||||
AFFO available to common stockholders | $ | 996,703 | $ | 921,920 | $ | 3,885,898 | $ | 3,621,437 | ||||||||||||||||||
AFFO allocable to dilutive noncontrolling interests | 2,190 | 2,186 | 9,323 | 6,599 | ||||||||||||||||||||||
Diluted AFFO | $ | 998,893 | $ | 924,106 | $ | 3,895,221 | $ | 3,628,036 | ||||||||||||||||||
| AFFO per common share: | ||||||||||||||||||||||||||
| Basic | $ | 1.08 | $ | 1.05 | $ | 4.28 | $ | 4.20 | ||||||||||||||||||
| Diluted | $ | 1.08 | $ | 1.05 | $ | 4.28 | $ | 4.19 | ||||||||||||||||||
Distributions paid to common stockholders | $ | 743,762 | $ | 691,861 | $ | 2,920,895 | $ | 2,691,719 | ||||||||||||||||||
AFFO after distributions | $ | 252,941 | $ | 230,059 | $ | 965,003 | $ | 929,718 | ||||||||||||||||||
Weighted average number of common shares used for AFFO: | ||||||||||||||||||||||||||
| Basic | 919,769 | 875,710 | 907,169 | 862,959 | ||||||||||||||||||||||
| Diluted | 923,648 | 879,649 | 911,015 | 865,842 | ||||||||||||||||||||||
(1)See Normalized FFO calculations on page 10 for reconciling items.
(2)Includes the amortization of the purchase price allocated to interest rate swaps acquired in the Spirit merger.
(3)Includes non-cash foreign currency losses (gains) from remeasurement to USD, mark-to-market adjustments on investments and derivatives that are non-cash in nature, obligations related to financing lease liabilities, and adjustments allocable to noncontrolling interests.
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HISTORICAL FFO AND AFFO
(in thousands, except per share amounts) (unaudited)
For the three months ended December 31, | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||||||||||
Net income available to common stockholders | $ | 296,085 | $ | 199,612 | $ | 218,405 | $ | 227,265 | $ | 4,041 | ||||||||||||||||||||||
Depreciation and amortization, net of furniture, fixtures and equipment | 634,666 | 605,719 | 475,273 | 437,638 | 332,877 | |||||||||||||||||||||||||||
Provisions for impairment of real estate | 119,434 | 110,480 | 22,407 | 9,481 | 7,990 | |||||||||||||||||||||||||||
Gain on sales of real estate | (67,430) | (24,985) | (5,992) | (9,346) | (20,402) | |||||||||||||||||||||||||||
Proportionate share of adjustments for unconsolidated entities | 9,002 | 8,418 | 4,670 | — | 1,931 | |||||||||||||||||||||||||||
FFO adjustments allocable to noncontrolling interests | (5,887) | (1,327) | (1,047) | (530) | (274) | |||||||||||||||||||||||||||
| FFO available to common stockholders | $ | 985,870 | $ | 897,917 | $ | 713,716 | $ | 664,508 | $ | 326,163 | ||||||||||||||||||||||
| Merger, transaction, and other costs, net | 10,261 | (9,176) | 9,932 | 903 | 137,332 | |||||||||||||||||||||||||||
| Normalized FFO available to common stockholders | $ | 996,131 | $ | 888,741 | $ | 723,648 | $ | 665,411 | $ | 463,495 | ||||||||||||||||||||||
| FFO per diluted share | $ | 1.07 | $ | 1.02 | $ | 0.98 | $ | 1.05 | $ | 0.63 | ||||||||||||||||||||||
| Normalized FFO per diluted share | $ | 1.08 | $ | 1.01 | $ | 1.00 | $ | 1.05 | $ | 0.89 | ||||||||||||||||||||||
| AFFO available to common stockholders | $ | 996,703 | $ | 921,920 | $ | 731,034 | $ | 633,967 | $ | 486,047 | ||||||||||||||||||||||
| AFFO per diluted share | $ | 1.08 | $ | 1.05 | $ | 1.01 | $ | 1.00 | $ | 0.94 | ||||||||||||||||||||||
| Cash dividends paid per common share | $ | 0.8085 | $ | 0.7905 | $ | 0.7680 | $ | 0.7440 | $ | 0.7180 | ||||||||||||||||||||||
| Weighted average diluted shares outstanding - FFO, Normalized FFO, and AFFO | 923,648 | 879,649 | 726,859 | 635,637 | 519,438 | |||||||||||||||||||||||||||
For the years ended December 31, | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||||||||||
Net income available to common stockholders | $ | 1,058,590 | $ | 847,893 | $ | 872,309 | $ | 869,408 | $ | 359,456 | ||||||||||||||||||||||
Depreciation and amortization, net of furniture, fixtures and equipment | 2,521,578 | 2,392,787 | 1,892,938 | 1,668,375 | 896,809 | |||||||||||||||||||||||||||
Provisions for impairment of real estate | 434,497 | 319,032 | 82,208 | 25,860 | 38,967 | |||||||||||||||||||||||||||
Gain on sales of real estate | (177,640) | (117,275) | (25,667) | (102,957) | (55,798) | |||||||||||||||||||||||||||
Proportionate share of adjustments for unconsolidated entities | 33,345 | 29,124 | 4,205 | 12,812 | 1,931 | |||||||||||||||||||||||||||
FFO adjustments allocable to noncontrolling interests | (10,047) | (3,902) | (3,855) | (1,605) | (785) | |||||||||||||||||||||||||||
| FFO available to common stockholders | $ | 3,860,323 | $ | 3,467,659 | $ | 2,822,138 | $ | 2,471,893 | $ | 1,240,580 | ||||||||||||||||||||||
| Merger, transaction, and other costs, net | 24,214 | 96,292 | 14,464 | 13,897 | 167,413 | |||||||||||||||||||||||||||
| Normalized FFO available to common stockholders | $ | 3,884,537 | $ | 3,563,951 | $ | 2,836,602 | $ | 2,485,790 | $ | 1,407,993 | ||||||||||||||||||||||
| FFO per diluted share | $ | 4.25 | $ | 4.01 | $ | 4.07 | $ | 4.04 | $ | 2.99 | ||||||||||||||||||||||
| Normalized FFO per diluted share | $ | 4.27 | $ | 4.12 | $ | 4.09 | $ | 4.06 | $ | 3.39 | ||||||||||||||||||||||
| AFFO available to common stockholders | $ | 3,885,898 | $ | 3,621,437 | $ | 2,774,870 | $ | 2,401,359 | $ | 1,488,753 | ||||||||||||||||||||||
| AFFO per diluted share | $ | 4.28 | $ | 4.19 | $ | 4.00 | $ | 3.92 | $ | 3.59 | ||||||||||||||||||||||
| Cash dividends paid per common share | $ | 3.2170 | $ | 3.1255 | $ | 3.0510 | $ | 2.9670 | $ | 2.8330 | ||||||||||||||||||||||
| Weighted average diluted shares outstanding - FFO | 911,015 | 865,842 | 694,819 | 613,473 | 414,770 | |||||||||||||||||||||||||||
| Weighted average diluted shares outstanding - Normalized FFO and AFFO | 911,015 | 865,842 | 694,819 | 613,473 | 415,270 | |||||||||||||||||||||||||||
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ADJUSTED EBITDAre
(dollars in thousands) (unaudited)
Adjusted EBITDAre, Annualized Adjusted EBITDAre, Annualized Pro Forma Adjusted EBITDAre, Net Debt/Annualized Adjusted EBITDAre, and Net Debt/Annualized Pro Forma Adjusted EBITDAre are non-GAAP financial measures. Please see the Glossary for our definition and an explanation of how we utilize these metrics.
| Three months ended December 31, | ||||||||
| 2025 | ||||||||
| Net income | $ | 301,636 | ||||||
| Interest | 288,199 | |||||||
| Income taxes | 21,800 | |||||||
| Depreciation and amortization | 635,435 | |||||||
| Provisions for impairment | 124,411 | |||||||
| Merger, transaction, and other costs, net | 10,261 | |||||||
| Gain on sales of real estate | (67,430) | |||||||
| Foreign currency and derivative loss, net | 18,902 | |||||||
| Proportionate share of adjustments from unconsolidated entities | 19,576 | |||||||
| Adjustments attributable to noncontrolling interests | (12,236) | |||||||
Adjusted EBITDAre | $ | 1,340,554 | ||||||
Annualized Adjusted EBITDAre (1) | $ | 5,362,216 | ||||||
| Annualized Pro Forma Adjustments | $ | 51,811 | ||||||
Annualized Pro Forma Adjusted EBITDAre | $ | 5,414,027 | ||||||
| Total debt per the consolidated balance sheet, excluding deferred financing costs and net discounts | $ | 29,116,111 | ||||||
| Proportionate share of unconsolidated entities debt, excluding deferred financing costs | 659,190 | |||||||
| Noncontrolling interests share of debt, excluding deferred financing costs | (55,637) | |||||||
Less: Pro-Rata Share of cash and cash equivalents (2) | (419,402) | |||||||
Net Debt (3) | $ | 29,300,262 | ||||||
Net Debt/Annualized Adjusted EBITDAre | 5.5 | x | ||||||
Net Debt/Annualized Pro Forma Adjusted EBITDAre | 5.4 | x | ||||||
| Reconciliation of Consolidated Cash to Pro-Rata Share of Cash and Cash equivalents | ||||||||
| Cash and cash equivalents per the consolidated balance sheet | $ | 434,842 | ||||||
| Add: proportionate share of unconsolidated entities cash | 6,609 | |||||||
| Less: adjustments allocable to noncontrolling interests | (22,049) | |||||||
Total Pro-Rata Share of cash and cash equivalents | $ | 419,402 | ||||||
(1) We calculate Annualized Adjusted EBITDAre by multiplying the Adjusted EBITDAre for the applicable quarter by four.
(2) Reflects adjustments for our share based on our proportionate economic ownership of our joint ventures (which adds our pro-rata share of unconsolidated entities and deducts our noncontrolling interests share). Please see the Glossary for our definition of Pro-Rata Share for more information.
(3) Net Debt is total debt, excluding deferred financing costs and net discounts, less cash and cash equivalents, at our pro-rata share.
The Annualized Pro Forma Adjustments, which include transaction accounting adjustments in accordance with U.S. GAAP and adjusted for our pro-rata share, consist of adjustments to incorporate Adjusted EBITDAre from investments we acquired or stabilized during the applicable quarter and Adjusted EBITDAre from investments we disposed of during the applicable quarter, giving pro forma effect to all transactions as if they occurred at the beginning of the applicable quarter. Our calculation includes all adjustments consistent with the requirements to present Adjusted EBITDAre on a pro forma basis in accordance with Article 11 of Regulation S-X. The following table summarizes our Annualized Pro Forma Adjustments related to our Annualized Pro Forma Adjusted EBITDAre calculation for the period indicated below (in thousands):
| Three months ended December 31, | ||||||||
| 2025 | ||||||||
| Annualized pro forma adjustments from investments acquired or stabilized | $ | 116,680 | ||||||
| Annualized pro forma adjustments from investments disposed | (64,869) | |||||||
| Annualized Pro Forma Adjustments | $ | 51,811 | ||||||
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Adjusted Free Cash Flow
(in thousands) (unaudited)
Adjusted Free Cash Flow is a non-GAAP financial measure. Please see the Glossary for our definition and an explanation of how we utilize this metric.
| Years ended December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| Net cash provided by operating activities | $ | 3,994,754 | $ | 3,573,276 | ||||||||||
| Changes in net working capital | (77,848) | (30,689) | ||||||||||||
Capital expenditures (1) | (93,504) | (84,866) | ||||||||||||
| Distributions paid to common stockholders | (2,920,895) | (2,691,719) | ||||||||||||
| Distributions paid to preferred stockholders | — | (7,763) | ||||||||||||
Merger, transaction, and other costs, net (2) | 24,214 | 71,541 | ||||||||||||
| Adjusted Free Cash Flow | $ | 926,721 | $ | 829,780 | ||||||||||
(1) Excludes capital expenditures which directly generate incremental rental revenue on our leases.
(2) Excludes share-based compensation costs recognized in merger, transaction, and other costs, net during the year ended December 31, 2024.
Reconciliation of Same Store Rental Revenue to Rental Revenue (Including Reimbursements)
(in thousands) (unaudited)
Same store rental revenue is a non-GAAP financial measure. Please see the Glossary for our definition and an explanation of how we utilize this metric.
| Three months ended December 31, | Years ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Rental revenue (including reimbursements) | $ | 1,399,585 | $ | 1,279,698 | $ | 5,437,332 | $ | 5,043,748 | |||||||||||||||
Constant currency adjustment (1) | 2,689 | 11,350 | 20,763 | 41,189 | |||||||||||||||||||
| Straight-line rent and other non-cash adjustments | (10,805) | 4,605 | (19,642) | (12,711) | |||||||||||||||||||
| Contractually obligated reimbursements by our clients | (84,481) | (79,078) | (347,818) | (311,918) | |||||||||||||||||||
Revenue from excluded properties (2) | (152,832) | (95,085) | (520,532) | (320,287) | |||||||||||||||||||
Other excluded revenue (3) | (20,211) | (3,711) | (58,705) | (19,601) | |||||||||||||||||||
Add: Spirit rental revenue (4) | — | — | — | 48,560 | |||||||||||||||||||
Revenue from unconsolidated entities (5) | 25,402 | 26,901 | 108,979 | 88,615 | |||||||||||||||||||
Revenue attributable to noncontrolling interests (6) | (12,076) | (10,347) | (44,463) | (39,081) | |||||||||||||||||||
| Same Store Rental Revenue | $ | 1,147,271 | $ | 1,134,333 | $ | 4,575,914 | $ | 4,518,514 | |||||||||||||||
(1)For purposes of comparability, Same Store Rental Revenue is presented on a constant currency basis using the applicable exchange rate as of December 31, 2025.
(2)Please see the Glossary for our definitions of Same Store Pool and Same Store Rental Revenue.
(3)"Other excluded revenue" primarily consists of reimbursements related to lease termination fees and other settlement income.
(4)Amounts for the year ended December 31, 2024 represent rental revenue from Spirit properties, which were not included in our financial statements prior to the close of the merger with Spirit on January 23, 2024.
(5)Represents our pro-rata share of rental revenue from properties owned by unconsolidated joint ventures.
(6)Represents the portion of rental revenue attributable to noncontrolling interest based on their pro-rata ownership.
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CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts) (unaudited)
December 31, 2025 | December 31, 2024 | |||||||||||||
ASSETS | ||||||||||||||
Real estate held for investment, at cost: | ||||||||||||||
Land | $ | 18,368,029 | $ | 17,320,520 | ||||||||||
Buildings and improvements | 43,824,410 | 40,974,535 | ||||||||||||
Total real estate held for investment, at cost | 62,192,439 | 58,295,055 | ||||||||||||
Less accumulated depreciation and amortization | (8,778,536) | (7,381,083) | ||||||||||||
Real estate held for investment, net | 53,413,903 | 50,913,972 | ||||||||||||
Real estate and lease intangibles held for sale, net | 91,784 | 94,979 | ||||||||||||
Cash and cash equivalents | 434,842 | 444,962 | ||||||||||||
Accounts receivable, net | 1,053,487 | 877,668 | ||||||||||||
Lease intangible assets, net | 5,717,241 | 6,322,992 | ||||||||||||
Goodwill | 4,932,199 | 4,932,199 | ||||||||||||
Investment in unconsolidated entities | 1,256,456 | 1,229,699 | ||||||||||||
Other assets, net | 5,895,700 | 4,018,568 | ||||||||||||
Total assets | $ | 72,795,612 | $ | 68,835,039 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Distributions payable | $ | 255,171 | $ | 238,045 | ||||||||||
Accounts payable and accrued expenses | 1,060,969 | 759,416 | ||||||||||||
Lease intangible liabilities, net | 1,493,958 | 1,635,770 | ||||||||||||
Other liabilities | 1,066,809 | 923,128 | ||||||||||||
Revolving credit facilities and commercial paper | 2,023,414 | 1,130,201 | ||||||||||||
Term loans, net | 1,701,615 | 2,358,417 | ||||||||||||
Mortgages payable, net | 37,761 | 80,784 | ||||||||||||
Notes payable, net | 25,031,947 | 22,657,592 | ||||||||||||
Total liabilities | $ | 32,671,644 | $ | 29,783,353 | ||||||||||
Stockholders’ equity: | ||||||||||||||
Common stock and paid in capital, par value $0.01 per share, 1,300,000 shares authorized, 933,975 and 891,511 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | $ | 49,861,660 | $ | 47,451,068 | ||||||||||
Distributions in excess of net income | (10,527,984) | (8,648,559) | ||||||||||||
| Accumulated other comprehensive income | 105,019 | 38,229 | ||||||||||||
Total stockholders’ equity | $ | 39,438,695 | $ | 38,840,738 | ||||||||||
Noncontrolling interests | 685,273 | 210,948 | ||||||||||||
Total equity | $ | 40,123,968 | $ | 39,051,686 | ||||||||||
Total liabilities and equity | $ | 72,795,612 | $ | 68,835,039 | ||||||||||
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GLOSSARY
Adjusted EBITDAre. The National Association of Real Estate Investment Trusts (Nareit) established an EBITDA metric for real estate companies (i.e., EBITDA for real estate, or EBITDAre) it believed would provide investors with a consistent measure to help make investment decisions among certain REITs. Our definition of “Adjusted EBITDAre” is generally consistent with the Nareit definition, other than our adjustment to remove foreign currency and derivative gain and loss and merger, transaction, and other costs, net. We define Adjusted EBITDAre, a non-GAAP financial measure, for the most recent quarter as earnings (net income) before (i) interest expense, (ii) income taxes, (iii) depreciation and amortization, (iv) provisions for impairment, (v) merger, transaction, and other costs, net, (vi) gain on sales of real estate, (vii) foreign currency and derivative gain and loss, net, and (viii) our proportionate share of adjustments from unconsolidated entities and consolidated entities with noncontrolling interests. Our Adjusted EBITDAre may not be comparable to Adjusted EBITDAre reported by other companies or as defined by Nareit, and other companies may interpret or define Adjusted EBITDAre differently than we do. Management believes Adjusted EBITDAre to be a meaningful measure of a REIT’s performance because it provides a view of our operating performance, analyzes our ability to meet interest payment obligations before the effects of income tax, depreciation and amortization expense, provisions for impairment, gain on sales of real estate and other items, as defined above, that affect comparability, including the removal of non-recurring and non-cash items that industry observers believe are less relevant to evaluating the operating performance of a company. In addition, EBITDAre is widely followed by industry analysts, lenders, investors, rating agencies, and others as a means of evaluating the operating performance of business activities prior to servicing debt obligations. Management also believes the use of an Annualized Adjusted EBITDAre metric is meaningful because it represents our current earnings run rate for the period presented. The ratio of our total debt to our Annualized Adjusted EBITDAre is also used to determine vesting of performance share awards granted to our executive officers. Adjusted EBITDAre should be considered along with, but not as an alternative to, net income as a measure of our operating performance.
Adjusted Free Cash Flow, a non-GAAP financial measure, is defined as net cash provided by operating activities, less certain capital expenditures, dividends paid, merger, transaction, and other costs, net, and changes in net working capital. The Company updated its definition of Adjusted Free Cash Flow in the first quarter 2025 and all periods were recast to reflect the change. We believe adjusted free cash flow to be a useful liquidity measure for us and our investors by helping to evaluate our ability to generate cash beyond what is needed to fund capital expenditures, debt service and other obligations. Notwithstanding cash on hand and incremental borrowing capacity, adjusted free cash flow reflects our ability to grow our business through investments and acquisitions, as well as our ability to return cash to shareholders through dividends. Adjusted free cash flow is not considered under generally accepted accounting principles to be a primary measure of an entity’s residual cash flow available for discretionary spending, and accordingly should not be considered an alternative to operating income, net income, or amounts shown in our consolidated statements of cash flows.
Adjusted Funds From Operations (AFFO), a non-GAAP financial measure, is defined as FFO adjusted for unique revenue and expense items, which we believe are not as pertinent to the measurement of our ongoing operating performance. Most companies in our industry use a similar measurement to AFFO, but they may use the term "CAD" (for Cash Available for Distribution) or "FAD" (for Funds Available for Distribution). We believe AFFO provides useful information to investors because it is a widely accepted industry measure of the operating performance of real estate companies used by the investment community. In particular, AFFO provides an additional measure to compare the operating performance of different REITs without having to account for differing depreciation assumptions and other unique revenue and expense items which are not pertinent to measuring a particular company’s ongoing operating performance. Therefore, we believe that AFFO is an appropriate supplemental performance metric, and that the most appropriate GAAP performance metric to which AFFO should be reconciled is net income available to common stockholders.
Annualized Adjusted EBITDAre, a non-GAAP financial measure, is calculated by multiplying Adjusted EBITDAre for the applicable quarter by four.
Annualized Base Rent is the monthly cash base rent for all leases in place as of the end of the period, multiplied by 12, excluding percentage rent. This methodology produces an annualized amount as of a point in time but does not take into consideration future (i) scheduled rent increase, (ii) leasing activity, or (iii) lease expirations, and it excludes properties that were no longer owned and includes the annualized rent from properties acquired during the quarter.
Annualized Pro Forma Adjusted EBITDAre, a non-GAAP financial measure, is defined as Annualized Adjusted EBITDAre, which includes transaction accounting adjustments in accordance with U.S. GAAP, adjusted to incorporate Adjusted EBITDAre from investments we acquired or stabilized during the applicable quarter and Adjusted EBITDAre from investments we disposed of during the applicable quarter, giving pro forma effect to all transactions as if they occurred at the beginning of the applicable quarter, and adjusted for our pro-rata share. Our calculation includes all adjustments consistent with the requirements to present Annualized Adjusted EBITDAre on a pro forma basis in accordance with Article 11 of Regulation S-X.
Cash Income represents expected rent for real estate acquisitions as well as rent to be received upon completion of the properties under development. For unconsolidated entities and consolidated entities with noncontrolling interests, this represents our pro-rata share of the cash income. For loans receivable and preferred equity investments, this represents earned interest income and preferred dividend income, respectively.
Funds From Operations (FFO), a non-GAAP financial measure, consistent with the Nareit definition, is net income available to common stockholders, plus depreciation and amortization of real estate assets, plus provisions for impairments of depreciable real estate assets, and reduced by gain on property sales. Presentation of the information regarding FFO and AFFO is intended to assist the reader in comparing the operating performance of different REITs, although it should be noted that not all REITs calculate FFO and AFFO in the same way, so comparisons with other REITs may not be meaningful. FFO and AFFO should not be considered alternatives to reviewing our cash flows from operating, investing, and financing activities. In addition, FFO and AFFO should not be considered measures of liquidity, of our ability to make cash distributions, or of our ability to pay interest payments. We consider FFO to be an appropriate supplemental measure of a REIT’s operating performance as it is based on a net income analysis of property portfolio performance that adds back items such as depreciation and impairments for FFO. The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time. Since real estate values historically rise and fall with market conditions, presentations of operating results for a REIT using historical accounting for depreciation could be less informative. The use of FFO is recommended by the REIT industry as a supplemental performance measure. In addition, FFO is used as a measure of our compliance with the financial covenants of our credit facility.
Initial Weighted Average Cash Yield for acquisitions and properties under development is computed as Cash Income for the first twelve months following the acquisition date, divided by the total cost of the property (including all expenses borne by us), and includes our pro-rata share of Cash Income from unconsolidated joint ventures and consolidated entities with noncontrolling interests. Initial weighted average cash yield for loans receivable and preferred equity investments is computed using the Cash Income for the first twelve months following the acquisition date, divided by the total cost of the investment.
Investment Grade Clients are our clients, our clients that are subsidiaries or affiliates of companies, and credit investments secured with a real estate property leased to a tenant, that as of the balance sheet date, have a credit rating of Baa3/BBB- or higher from one of the three major rating agencies (Moody’s/S&P/Fitch).
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GLOSSARY (Continued)
Net Debt/Annualized Adjusted EBITDAre, a ratio used by management as a measure of leverage, is calculated as net debt (which we define as total debt, excluding deferred financing costs and net discounts, less cash and cash equivalents, at our pro-rata share), divided by Annualized Adjusted EBITDAre.
Net Debt/Annualized Pro Forma Adjusted EBITDAre, a ratio used by management as a measure of leverage, is calculated as net debt (which we define as total debt, excluding deferred financing costs and net discounts, less cash and cash equivalents, at our pro-rata share), divided by Annualized Pro Forma Adjusted EBITDAre.
Normalized Funds from Operations Available to Common Stockholders (Normalized FFO), a non-GAAP financial measure, is FFO excluding merger, transaction, and other costs, net.
Pro-Rata Share represents our proportionate economic ownership of our joint ventures, which is derived by applying our economic ownership percentage of each such joint venture to calculate our proportionate share of the relevant line item information being presented as of the end of the applicable period being presented, and aggregating that information for all such joint ventures. We believe this form of presentation offers insights into the financial performance and condition of our company as a whole, given the significance of our joint ventures that are accounted for either under the equity method or consolidated with the third parties' share included in noncontrolling interest, although the presentation of such information may not accurately depict the legal and economic implications of holding a noncontrolling interest in the joint venture. We do not control the unconsolidated joint ventures in which we are invested for purposes of GAAP and do not represent legal claim to such items.
The operating agreements of the joint ventures may contain provisions that would cause us to receive a different economic percentage of distributions from the joint venture under certain circumstances, such as the amount of capital contributed by each investor and whether any contributions are entitled to priority distributions. Similarly, upon a liquidation of any such joint venture, subject to the applicable terms of the operating agreement of such joint venture, we generally would be entitled to the applicable percentage of residual cash or other assets that remain only after repayment of all liabilities, priority distributions, and initial equity contributions. In addition, the economic interests in any joint venture may be different than our other legal interests or rights in such joint venture.
We provide pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our joint ventures when read in conjunction with our reported results under GAAP. Other companies may calculate their proportionate interest differently than we do, limiting the usefulness as a comparative measure. Due to these limitations, the non-GAAP pro-rata financial information should not be considered in isolation or as a substitute for our consolidated financial statements as reported under GAAP.
Same Store Pool, for purposes of determining the properties used to calculate our same store rental revenue, includes all properties that we owned for the entire year-to-date period, for both the current and prior year except for properties during the current or prior year that were: (i) vacant at any time,(ii) under development or redevelopment, or (iii) involved in eminent domain and rent was reduced.
Same Store Rental Revenue excludes straight-line rent, the amortization of above and below-market leases, and reimbursements from clients for recoverable real estate taxes and operating expenses. For purposes of comparability, same store rental revenue is presented on a constant currency basis by applying the exchange rate as of the balance sheet date to base currency rental revenue. We present same store rental revenue on a pro-rata basis to account for our share of same store rental revenue related to unconsolidated and consolidated joint ventures. For purposes of comparability, we calculate our pro-rata share using our ownership percentage as of December 31, 2025 to same store rental revenue throughout the three months and year ended periods in both 2024 and 2025.
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Supplemental Operating & Financial Data An S&P 500 Dividend Aristocrats® index member Q4 2025 Exhibit 99.2
Q4 2025 Supplemental Operating & Financial Data 2 Forward-Looking Statements December 31, 2025 FORWARD-LOOKING STATEMENTS This Supplemental Operating & Financial Data presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this presentation, the words “estimated,” “anticipate,” “assume,” “expect,” “believe,” “intend,” “continue,” “should,” “may,” “likely,” “plan,” “seek,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions of our business, joint ventures, partnerships, and portfolio including management thereof; our platform; growth strategies, investment pipeline and intentions to acquire or dispose of properties (including geographies, timing, partners, clients and terms); re-leases, re-development and speculative development of properties and expenditures related thereto; operations and results; the announcement of operating results, strategy, plans, and the intentions of management; guidance; our share repurchase program; settlement of shares of common stock sold pursuant to forward sale confirmations under our ATM program; dividends, including the amount, timing and payments of dividends; and macroeconomic and other business trends, including interest rates and trends in the market for long-term leases of freestanding, single-client properties. Forward-looking statements are subject to risks, uncertainties, and assumptions about us, which may cause our actual future results to differ materially from expected results. Some of the factors that could cause actual results to differ materially are, among others, our continued qualification as a real estate investment trust; general domestic and foreign business, economic, or financial conditions; competition; fluctuating interest and currency rates; inflation and its impact on our clients and us; access to debt and equity capital markets and other sources of funding (including the terms and partners of such funding); volatility and uncertainty in the credit and financial markets; other risks inherent in real estate, credit investments, and joint ventures or co-investment ventures, including our clients' solvency, client defaults under leases, increased client bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments (including rights of first refusal or rights of first offer), and potential damages from natural disasters; impairments in the value of our real estate assets; volatility and changes in domestic and foreign laws and the application, enforcement or interpretation thereof (including with respect to tax laws and rates); property ownership through co-investment ventures, funds, joint ventures, partnerships and other arrangements which, among other things, may transfer or limit our control of the underlying investments; epidemics or pandemics; the loss of key personnel; the outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism and war; and the anticipated benefits from mergers, acquisitions, co-investment ventures, funds, joint ventures, partnerships and other arrangements; and those additional risks and factors discussed in our reports filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are not guarantees of future plans and performance and speak only as of the date of this presentation. Past operating results and performance are provided for informational purposes and are not a guarantee of future results. There can be no assurance that historical trends will continue. Actual plans and results may differ materially from what is expressed or forecasted in this presentation and forecasts made in the forward-looking statements discussed in this presentation might not materialize. We do not undertake any obligation to update forward-looking statements or publicly release the results of any forward-looking statements that may be made to reflect events or circumstances after the date these statements were made. Additional Information This Supplemental Operating & Financial Data should be read in connection with the company's earnings press release for the three months and year ended December 31, 2025 (included as Exhibit 99.1 of the company's Current Report on Form 8-K, filed on February 24, 2026) as certain disclosures, definitions, and reconciliations in such announcement have not been included in this Supplemental Operating & Financial Data presentation. Third-party logos or references included herein are provided for illustrative purposes only. Realty Income is not affiliated or associated with, is not endorsed by, does not endorse, and is not sponsored by or a sponsor of the clients or of their products or services pictured or mentioned. The names, logos, and all related product and service names, design marks, and slogans are the trademarks or service marks of their respective owners. Table of Contents ↪
5 Table of Contents Highlights 4 Corporate Overview 6 Highlights 12 Summary Financial Information Financial Summary 14 Consolidated Statements of Income 16 Funds From Operations (FFO) and Normalized Funds From Operations (Normalized FFO) 17 Adjusted Funds From Operations (AFFO) 19 Consolidated Balance Sheets 20 Capitalization & Financial Ratios 21 Debt Summary 22 Debt Summary by Currency 23 Debt Maturities 24 Adjusted EBITDAre & Coverage Ratios 25 Debt Covenants Transaction Summary 26 Investment Summary 28 Disposition Summary 29 Development Activity Real Estate Portfolio Summary 30 Client Diversification 31 Investment Grade Clients 32 Top 20 Industries 33 Geographic Diversification 34 Property Type Composition Operations 35 Same Store Rental Revenue 37 Leasing Activity 38 Lease Expirations Earnings Guidance 39 Earnings Guidance Analyst Coverage 40 Analyst Coverage Glossary 41 Glossary Appendix 44 Appendix Q4 2025 Supplemental Operating & Financial Data 3
Q4 2025 Supplemental Operating & Financial Data 4 Corporate Overview CORPORATE PROFILE Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies®. Founded in 1969, we serve our clients as a full- service real estate capital provider. As of December 31, 2025, we have a portfolio of over 15,500 properties in all 50 U.S. states, the United Kingdom ("U.K."), and eight other countries in Europe. We are known as “The Monthly Dividend Company®” and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our listing on the NYSE in 1994, we have had 133 dividend increases and are a member of the S&P 500 Dividend Aristocrats® index for having increased our dividend for over 31 consecutive years. Additional information about the company can be found at www.realtyincome.com. Corporate Headquarters 11995 El Camino Real San Diego, CA 92130 Phone: +1 (858) 284-5000 Website: www.realtyincome.com Phoenix Office 2801 E. Camelback Rd., Suite 160 Phoenix, AZ 85016 London Office 3 St James's Square London, United Kingdom SW1Y 4JU Amsterdam Office Eduard van Beinumstraat 8 Amsterdam, Netherlands 1077 CZ ONE TEAM SENIOR MANAGEMENT Neil M. Abraham EVP, Chief Strategy Officer and President, Realty Income International Michelle Bushore EVP, Chief Legal Officer, General Counsel and Secretary Mark E. Hagan EVP, Chief Investment Officer Shannon Kehle EVP, Chief People Officer Jonathan Pong EVP, Chief Financial Officer and Treasurer Sumit Roy President, Chief Executive Officer Gregory J. Whyte EVP, Chief Operating Officer CREDIT RATINGS Senior Unsecured Outlook Commercial Paper Moody’s A3 Stable P-2 Standard & Poor’s A- Stable A-2 DIVIDEND INFORMATION AS OF FEBRUARY 2026 $3.240 current annualized dividend per share 668 consecutive monthly dividends declared 113 consecutive quarterly dividend increases 4.2% compound annual growth rate of dividend since NYSE listing Table of Contents ↪
Q4 2025 Supplemental Operating & Financial Data 5 98.9%(4) occupancy Corporate Overview As of December 31, 2025 (1) Based on Annualized Base Rent. 2.4% of Annualized Base Rent is from other property types. Annualized Base Rent is a supplemental operating measure. Please see the Glossary for our definition of Annualized Base Rent and an explanation of how we utilize this metric. (2) Annualized Base Rent includes 0.5% of rent from clients accounted for on a cash basis. Please see the Glossary for our definition of Annualized Base Rent. (3) Enterprise value is total market value, less cash and cash equivalents, at our pro-rata share. See Capitalization & Financial Ratios page for further detail. (4) Excludes properties with ancillary leases, such as cell towers and billboards, and properties with possession pending. Includes properties owned by unconsolidated joint ventures. 15,511 properties 355 million square feet leasable space 1,761 clients 92 industries $5.3B(2) Annualized Base Rent $82B(3) enterprise value 8.8 years weighted average remaining lease term 79.1% retail 15.4% industrial 3.1% gaming Geographies Included in Realty Income's Portfolio Property Type(1) Table of Contents ↪
Q4 2025 Supplemental Operating & Financial Data 6 Highlights Financial Overview (in USD) Net Income per Share (Diluted) $0.23 $0.28 $0.22 $0.35 $0.32 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net Debt to Annualized Pro Forma Adjusted EBITDAre 5.4x 5.4x 5.5x 5.4x 5.4x Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 AFFO per Share (Diluted) $1.05 $1.06 $1.05 $1.08 $1.08 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 (1) AFFO, Net Debt to Annualized Pro Forma Adjusted EBITDAre and Total Operational Return are non-GAAP financial measures. Please see the Glossary for our definitions and an explanation of how we utilize these metrics. Please refer to the Appendix for historical reconciliations. (2) Dividend yield is calculated as dividends paid per share during the year divided by prior year ending stock price. (1) Table of Contents ↪ (1) Total Operational Return 13.8% 13.3% 6.8% 10.2% 8.1% 5.9% 9.2% 2.0% 4.8% 2.1% 7.9% 4.1% 4.8% 5.4% 6.0% AFFO/share growth Dividend returns 2021 2022 2023 2024 2025 Dividend yield AFFO/share growth (1) Current year Current year dividend yield AFFO/share growth(2) (2)
Q4 2025 Supplemental Operating & Financial Data 7 Highlights (Continued) Portfolio Overview (USD in millions) Number of Properties 11,136 12,237 13,458 15,621 15,511 10,963 11,966 13,007 15,099 14,893 Domestic International Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025 Occupancy (by number of properties) 98.5% 99.0% 98.6% 98.7% 98.9% Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025 Number of Clients 1,040 1,240 1,326 1,565 1,761 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025 (1) Please see the Glossary for our definition of Gross Asset Value. (2) Excludes properties with ancillary leases, such as cell towers and billboards, and properties with possession pending. Includes properties owned by unconsolidated joint ventures. (2) Table of Contents ↪ Gross Asset Value $47,087 $54,577 $63,851 $76,216 $81,574 $42,641 $48,155 $53,673 $64,355 $64,883 $4,056 $5,684 $8,415 $9,917 $12,760 Domestic U.K. Europe Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025 (1) International Current quarter Domestic European Union (E.U.) U.K. Current quarter DomesticDomestic Current quarter International Domestic Current quarter E.U. Current quarter U.K. $3,931 618522 $390 $738 $1,763 $1,944 173 271 451
Q4 2025 Supplemental Operating & Financial Data 8 Highlights (Continued) Operational Metrics Adjusted EBITDA Margin (Adjusted EBITDA as % of total revenue) 93.6% 94.3% 95.1% 94.9% 94.6% 2021 2022 2023 2024 2025 Cash G&A Margin (Cash G&A as % of total revenue) 4.1% 3.7% 3.1% 2.9% 3.2% 2021 2022 2023 2024 2025 Property Expenses Margin (non-reimbursements) (as % of total revenue) 1.5% 1.3% 1.1% 1.5% 1.6% 2021 2022 2023 2024 2025 (1) Adjusted EBITDA Margin is a non-GAAP financial measure. Please see the Glossary for our definition of this term and an explanation of how we utilize this metric. Please refer to the Appendix for historical reconciliations. (2) Cash G&A represents 'General and administrative' expenses as presented in our consolidated statements of income and comprehensive income, less share-based compensation costs. (3) Total revenue excluding client reimbursements. (2)(3) (3) Table of Contents ↪ (1)(3) Leasing Recapture Rates 103.4% 105.9% 104.1% 105.6% 103.9% 2021 2022 2023 2024 2025
Q4 2025 Supplemental Operating & Financial Data 9 Highlights (Continued) Company Metrics (in USD) Annualized Dividends Declared Per Share $2.958 $2.982 $3.078 $3.168 $3.240 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025 Annualized Dividend Yield 4.1% 4.7% 5.4% 5.9% 5.7% Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025 Table of Contents ↪ Same Store Rental Revenue Growth 2.8% 1.8% 1.9% 0.5% 1.3% 2021 2022 2023 2024 2025 Net Debt to Total Enterprise Value 26.1% 29.7% 33.6% 35.9% 35.7% Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025 (1) The annualized dividend yield is calculated as the current annualized dividend amount per share divided by the last reported sale price of our common stock as of the end of the period. (2) Please see the Glossary for our definitions of Same Store Pool and Same Store Rental Revenue. (3) Net Debt is total debt, excluding deferred financing costs and net discounts, less cash and cash equivalents, at our pro-rata share. Enterprise value is total market value, less cash and cash equivalents, at our pro-rata share. See Capitalization & Financial Ratios page for further detail. (2) (1) (3)
Q4 2025 Supplemental Operating & Financial Data 10 Real Estate Acquisitions $6,168 $8,187 $7,184 $2,475 $4,077 2021 2022 2023 2024 2025 Development Investments $243 $808 $1,497 $757 $534 Domestic International 2021 2022 2023 2024 2025 Other Investments $3,000 $— $858 $2,132 $1,608 Domestic International M&A 2021 2022 2023 2024 2025 Total Investments $8,995 $9,539 $11,864 $6,219 Domestic International U.S. Core Fund M&A 2021 2022 2023 2024 2025 $24,287 Highlights (Continued) Capital Deployment – Investment Activity(1) (USD in millions) Table of Contents ↪ (2) (3) $10,600 3, 32 (1) Investment amounts reflect adjustments for our share based on our proportionate economic ownership of our joint ventures (which adds our pro-rata share of unconsolidated entities and deducts our noncontrolling interests share). Please see the Glossary for our definition of Pro-Rata Share for more information. (2) Other investments includes credit investments, which commenced in 2023. (3) Other investments for the year ended December 31, 2021 includes the $17.9 billion total purchase price, inclusive of debt assumed, related to the business combination with VEREIT, Inc ("VEREIT") and for the year ended December 31, 2024 includes the approximately $10.0 billion total purchase price, inclusive of debt assumed, related to the merger with Spirit Realty Capital, Inc. ("Spirit"). International Domestic Current Year U.S. Private Current Year International Current Year Domestic Fund Business International Domestic Current Year International Current Year Domestic International Domestic Current Year International Current Year Domestic Mergers Current Year U.S. Private Fund Business $17,876 International Domestic Current Year International Current Year Domestic Mergers
Q4 2025 Supplemental Operating & Financial Data 11 Highlights (Continued) Capital Deployment – Initial Weighted Average Cash Yields(1) Other Investments —% —% 8.7% 8.9% 8.2% 2021 2022 2023 2024 2025 Real Estate Acquisitions 5.5% 6.0% 7.0% 7.0% 7.0% 2021 2022 2023 2024 2025 Development Investments 6.0% 5.3% 6.8% 7.4% 7.4% 2021 2022 2023 2024 2025 Total Investments 5.5% 5.9% 7.1% 7.4% 7.3% 2021 2022 2023 2024 2025 (1) Initial Weighted Average Cash Yield is a supplemental operating measure and reflects adjustments for our share based on our proportionate economic ownership of our joint ventures (which adds our pro-rata share of unconsolidated entities and deducts our noncontrolling interests share). Please see the Glossary for our definition of Initial Weighted Average Cash Yield and Pro-Rata Share for more information. (2) The Initial Weighted Average Cash Yield for other investments includes credit investments, which commenced in 2023, and excludes properties assumed in connection with our mergers with VEREIT in 2021 and Spirit in 2024. Table of Contents ↪ (2)
Q4 2025 Supplemental Operating & Financial Data 12 Summary Financial Information (USD in millions) Three Months Ended December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Capital Deployment Investment Activity(1) Real estate acquisitions $ 1,350 $ 830 $ 871 $ 1,026 $ 1,316 $ 594 $ 246 $ 319 $ 1,284 Development investments $ 163 $ 148 $ 78 $ 145 $ 150 $ 146 $ 182 $ 279 $ 587 Other investments(2) $ 801 $ 384 $ 222 $ 201 $ 254 $ — $ 378 $ 9,968 $ 858 Total investment activity $ 2,314 $ 1,362 $ 1,171 $ 1,372 $ 1,720 $ 740 $ 806 $ 10,566 $ 2,729 Initial Weighted Average Cash Yields(1) Real estate acquisitions 6.9 % 7.1 % 7.1 % 7.0 % 6.5 % 7.4 % 7.9 % 8.2 % 7.1 % Development investments 7.4 % 7.4 % 7.3 % 7.3 % 7.6 % 7.5 % 7.3 % 7.3 % 6.9 % Other investments(3) 7.4 % 9.0 % 7.5 % 10.2 % 10.1 % N/A 8.1 % N/A 8.7 % Total investments 7.1 % 7.7 % 7.2 % 7.5 % 7.1 % 7.4 % 7.9 % 7.8 % 7.6 % Operations Overview Adjusted EBITDA margin (Adjusted EBITDA as % of total revenue)(4) 94.4 % 94.3 % 94.8 % 95.1 % 94.5 % 95.2 % 94.9 % 95.2 % 94.6 % Cash G&A margin (Cash G&A as % of total revenue)(4)(5) 3.2 % 3.4 % 3.1 % 2.9 % 3.1 % 2.8 % 3.0 % 2.7 % 3.2 % Property expenses (non-reimbursements)(% of total revenue)(4) 1.8 % 1.7 % 1.5 % 1.5 % 1.6 % 1.4 % 1.5 % 1.4 % 1.6 % Leasing recapture rates 104.9 % 103.5 % 103.4 % 103.9 % 107.4 % 105.0 % 105.7 % 104.3 % 103.6 % Same Store Rental Revenue growth (percent)(6) 1.1 % 1.3 % 1.1 % 1.3 % 0.8 % 0.2 % 0.2 % 0.8 % 2.6 % Cash basis bad debt reserves(7) $ 5.1 $ 4.0 $ 10.9 $ 6.2 $ 8.1 $ 7.0 $ 8.0 $ 1.2 $ 2.5 Lease termination income $ 18.9 $ 27.3 $ 1.8 $ 0.9 $ 2.8 $ 0.3 $ 13.0 $ 0.1 $ 0.5 Table of Contents ↪ (1) Investment amounts and Initial Weighted Average Cash Yields reflect adjustments for our share based on our proportionate economic ownership of our joint ventures (which adds our pro-rata share of unconsolidated entities and deducts our noncontrolling interests share). Please see the Glossary for our definitions of Pro-Rata Share and Initial Weighted Average Cash Yield for more information. (2) Other investments for the three months ended March 31, 2024 includes the approximately $10.0 billion total purchase price, inclusive of debt assumed, related to the merger with Spirit. (3) Initial Weighted Average Cash Yield excludes properties assumed in connection with our merger with Spirit. (4) Total revenue excluding client reimbursements. Please see the Glossary for our definition of this term and an explanation of how we utilize this metric. (5) Cash G&A represents 'General and administrative' expenses as presented in our consolidated statements of income and comprehensive income, less share-based compensation costs. (6) Please see the Glossary for our definitions of Same Store Pool and Same Store Rental Revenue. (7) Represents reserves to rental revenues, exclusive of non-cash reserves.
Q4 2025 Supplemental Operating & Financial Data 13 Summary Financial Information (Continued) (USD in millions) As of December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Portfolio Highlights Gross Asset Value(8) Domestic $ 64,883 $ 63,994 $ 64,396 $ 64,339 $ 64,355 $ 63,571 $ 63,778 $ 64,357 $ 53,673 U.K. $ 12,760 $ 12,475 $ 11,978 $ 10,846 $ 9,917 $ 10,057 $ 9,174 $ 8,684 $ 8,415 E.U. $ 3,931 $ 3,270 $ 3,194 $ 2,331 $ 1,944 $ 1,907 $ 1,803 $ 1,680 $ 1,763 Total Gross Asset Value $ 81,574 $ 79,739 $ 79,568 $ 77,516 $ 76,216 $ 75,535 $ 74,755 $ 74,721 $ 63,851 Number of properties 15,511 15,542 15,606 15,627 15,621 15,457 15,450 15,485 13,458 Occupancy - by number of properties(9) 98.9 % 98.7 % 98.6 % 98.5 % 98.7 % 98.7 % 98.8 % 98.6 % 98.6 % Number of clients 1,761 1,647 1,630 1,598 1,565 1,552 1,551 1,552 1,326 Leverage Metrics Net Debt and Preferred Stock to Annualized Pro Forma Adjusted EBITDAre(10) 5.4x 5.4x 5.5x 5.4x 5.4x 5.4x 5.3x 5.5x 5.5x Net Debt to Total Enterprise Value 35.7 % 34.0 % 35.1 % 34.5 % 35.9 % 32.4 % 35.9 % 35.1 % 33.6 % Debt Covenant Metrics Pro-rata debt to Gross Asset Value 36.4 % 36.8 % 36.9 % 36.1 % 35.6 % 35.9 % 35.3 % 35.1 % 34.7 % Limitation on incurrence of total debt(11) 41.4 % 41.9 % 42.0 % 41.4 % 41.1 % 41.5 % 41.0 % 41.0 % 39.7 % Limitation on incurrence of secured debt(11) 0.2 % 0.2 % 0.2 % 0.2 % 0.3 % 0.4 % 0.4 % 0.4 % 1.6 % Debt service and fixed charge coverage (trailing 12 months)(11)(12) 4.7x 4.6x 4.5x 4.7x 4.7x 4.6x 4.7x 4.5x 4.7x Maintenance of total unencumbered assets(11) 242.7 % 239.5 % 238.7 % 242.2 % 244.5 % 239.9 % 242.9 % 242.5 % 257.9 % (8) Please see the Glossary for our definition of Gross Asset Value. (9) Excludes properties with ancillary leases, such as cell towers and billboards and properties with possession pending. Includes properties owned by unconsolidated joint ventures. (10) Net Debt and Preferred Stock to Annualized Pro Forma Adjusted EBITDAre is a non-GAAP financial measure. Please see the Glossary for our definition of this term and an explanation of how we utilize this metric. (11) Represents key financial covenants for our senior unsecured notes and bonds, as defined and calculated per their terms. These calculations are not based on U.S. GAAP measurements. See Debt Covenants page for further detail. (12) Our debt service coverage ratio is calculated on a pro forma basis for the preceding four-quarter period on the assumptions that: (i) the incurrence of any Debt (as defined in the covenants) by us since the first day of such four-quarter period and the application of the proceeds therefrom (including to refinance other Debt since the first day of such four-quarter period), (ii) the repayment or retirement of any of our Debt since the first day of such four-quarter period, and (iii) any acquisition or disposition by us of any asset or group since the first day of such four quarters had in each case occurred on the first day of such four- quarter period, and subject to certain additional adjustments. Such pro forma ratio has been prepared on the basis required by that debt service covenant, reflects various estimates and assumptions and is subject to other uncertainties, and therefore does not purport to reflect what our actual debt service coverage ratio would have been had transactions referred to in clauses (i), (ii) and (iii) of the preceding sentence occurred as of the first date of the four-quarter period nor does it purport to reflect our debt service coverage ratio for any future period. See Debt Covenants page for further detail. Table of Contents ↪
Q4 2025 Supplemental Operating & Financial Data 14 Three months ended December 31, Years ended December 31, 2025 2024 2025 2024 ($) ($) ($) ($) REVENUE Rental (including reimbursements) 1,399,585 1,279,698 5,437,332 5,043,748 Other 88,357 60,601 312,045 227,394 Total revenue 1,487,942 1,340,299 5,749,377 5,271,142 EXPENSES Depreciation and amortization 635,435 606,671 2,524,200 2,395,644 Interest 288,199 268,149 1,134,879 1,016,955 Property (including reimbursements) 108,076 96,309 428,800 377,675 General and administrative 54,142 49,114 202,554 176,895 Provisions for impairment 124,411 142,966 471,335 425,833 Merger, transaction, and other costs, net 10,261 (9,176) 24,214 96,292 Total expenses 1,220,524 1,154,033 4,785,982 4,489,294 Gain on sales of real estate 67,430 24,985 177,640 117,275 Foreign currency and derivative (loss) gain, net (18,902) 535 (28,653) 3,420 Equity in earnings of unconsolidated entities 2,624 2,353 13,330 7,793 Other income, net 4,866 7,313 29,417 23,606 Income before income taxes 323,436 221,452 1,155,129 933,942 Income taxes (21,800) (20,102) (85,346) (66,601) Net income 301,636 201,350 1,069,783 867,341 Net income attributable to noncontrolling interests (5,551) (1,738) (11,193) (6,569) Net income attributable to the Company 296,085 199,612 1,058,590 860,772 Preferred stock dividends — — — (7,763) Excess of redemption value over carrying value of preferred shares redeemed — — — (5,116) Net income available to common stockholders 296,085 199,612 1,058,590 847,893 Net income available to common stockholders per common share, basic and diluted 0.32 0.23 1.17 0.98 Consolidated Statements of Income (USD in thousands, except per share amounts) (unaudited) Refer to the next page for supplementary information to the Consolidated Statements of Income. Table of Contents ↪
Q4 2025 Supplemental Operating & Financial Data 15 Consolidated Statements of Income (continued) (USD in thousands) (unaudited) Supplementary Information Three months ended December 31, Years ended December 31, 2025 ($) 2024 ($) 2025 ($) 2024 ($) Total revenue (excluding reimbursements) 1,404,863 1,264,841 5,408,979 4,968,054 Reserves to rental revenue (excluding non-cash reserves) 5,086 254 26,149 24,304 Lease termination income 18,887 2,797 48,921 16,266 Property expenses (excluding reimbursements) 24,997 20,851 88,402 74,587 Table of Contents ↪
Q4 2025 Supplemental Operating & Financial Data 16 The following is a reconciliation of net income available to common stockholders (which we believe is the most comparable GAAP measure) to FFO and Normalized FFO. Also presented is information regarding distributions paid to common stockholders and the weighted average number of common shares used for the basic and diluted FFO and Normalized FFO per share computations. Three months ended December 31, Years ended December 31, 2025 2024 2025 2024 ($) ($) ($) ($) Net income available to common stockholders 296,085 199,612 1,058,590 847,893 Depreciation and amortization 635,435 606,671 2,524,200 2,395,644 Depreciation of furniture, fixtures and equipment (769) (952) (2,622) (2,857) Provisions for impairment of real estate 119,434 110,480 434,497 319,032 Gain on sales of real estate (67,430) (24,985) (177,640) (117,275) Proportionate share of adjustments for unconsolidated entities 9,002 8,418 33,345 29,124 FFO adjustments allocable to noncontrolling interests (5,887) (1,327) (10,047) (3,902) FFO available to common stockholders 985,870 897,917 3,860,323 3,467,659 FFO allocable to dilutive noncontrolling interests 2,208 2,209 9,396 6,611 Diluted FFO 988,078 900,126 3,869,719 3,474,270 FFO available to common stockholders 985,870 897,917 3,860,323 3,467,659 Merger, transaction, and other costs, net(2) 10,261 (9,176) 24,214 96,292 Normalized FFO available to common stockholders 996,131 888,741 3,884,537 3,563,951 Normalized FFO allocable to dilutive noncontrolling interests 2,208 2,209 9,396 6,611 Diluted Normalized FFO 998,339 890,950 3,893,933 3,570,562 FFO per common share: Basic 1.07 1.03 4.26 4.02 Diluted 1.07 1.02 4.25 4.01 Normalized FFO per common share: Basic 1.08 1.01 4.28 4.13 Diluted 1.08 1.01 4.27 4.12 Distributions paid to common stockholders 743,762 691,861 2,920,895 2,691,719 FFO after distributions 242,108 206,056 939,428 775,940 Normalized FFO after distributions 252,369 196,880 963,642 872,232 Weighted average number of common shares used for FFO and Normalized FFO: Basic 919,769 875,710 907,169 862,959 Diluted 923,648 879,649 911,015 865,842 FFO and Normalized FFO(1) (USD and shares in thousands, except per share amounts) (unaudited) (1) FFO and Normalized FFO are non-GAAP financial measures. Please see the Glossary for our definitions of these terms and an explanation of how we utilize metrics. (2) During the three months and year ended December 31, 2025, we incurred $10.3 million and $24.2 million, respectively, of merger, transaction, and other costs, net, consisting primarily of placement fees incurred in fundraising for our U.S. Private Fund Business (the "Fund"). Table of Contents ↪
Q4 2025 Supplemental Operating & Financial Data 17 The following is a reconciliation of net income available to common stockholders (which we believe is the most comparable GAAP measure) to Normalized FFO and AFFO. Also presented is information regarding distributions paid to common stockholders and the weighted average number of common shares used for the basic and diluted AFFO per share computations. Refer to the next page for footnotes. Three months ended December 31, Years ended December 31, 2025 2024 2025 2024 ($) ($) ($) ($) Net income available to common stockholders 296,085 199,612 1,058,590 847,893 Cumulative adjustments to calculate Normalized FFO(2) 700,046 689,129 2,825,947 2,716,058 Normalized FFO available to common stockholders 996,131 888,741 3,884,537 3,563,951 Debt-related non-cash items: Amortization of net debt discounts and deferred financing costs 12,677 5,500 36,705 15,361 Amortization of acquired interest rate swap value(3) 1,531 3,710 11,048 13,935 Capital expenditures from operating properties: Leasing costs and commissions (4,862) (2,661) (9,481) (8,558) Recurring capital expenditures (53) (199) (335) (402) Other non-cash items: Non-cash change in allowance for credit losses 4,977 32,486 36,838 106,801 Amortization of share-based compensation 9,042 9,821 30,770 32,741 Straight-line rent and expenses, net (51,705) (35,510) (169,217) (171,887) Amortization of above and below-market leases, net 15,153 14,817 47,228 55,870 Deferred tax (benefit) expense (3,535) 3,552 603 3,552 Proportionate share of adjustments for unconsolidated entities (700) (308) (2,991) (2,078) Excess of redemption value over carrying value of preferred shares redeemed — — — 5,116 Other adjustments(4) 18,047 1,971 20,193 7,035 AFFO available to common stockholders 996,703 921,920 3,885,898 3,621,437 AFFO allocable to dilutive noncontrolling interests 2,190 2,186 9,323 6,599 Diluted AFFO 998,893 924,106 3,895,221 3,628,036 AFFO per common share: Basic 1.08 1.05 4.28 4.20 Diluted 1.08 1.05 4.28 4.19 Distributions paid to common stockholders 743,762 691,861 2,920,895 2,691,719 AFFO after distributions 252,941 230,059 965,003 929,718 Weighted average number of common shares used for AFFO: Basic 919,769 875,710 907,169 862,959 Diluted 923,648 879,649 911,015 865,842 AFFO(1) (USD and shares in thousands, except per share amounts) (unaudited) Table of Contents ↪
Q4 2025 Supplemental Operating & Financial Data 18 (1) AFFO is a non-GAAP financial measure. Please see the Glossary for our definition of this term and an explanation of how we utilize this metric. (2) Refer to the reconciling items for Normalized FFO presented on the FFO and Normalized FFO page. (3) Includes the amortization of the purchase price allocated to interest rate swaps acquired in the merger with Spirit. (4) Includes non-cash foreign currency losses (gains) from remeasurement to USD, mark-to-market adjustments on investments and derivatives that are non-cash in nature, obligations related to financing lease liabilities, and adjustments allocable to noncontrolling interests. AFFO(1) (Continued) (USD and shares in thousands, except per share amounts) (unaudited) Table of Contents ↪
Q4 2025 Supplemental Operating & Financial Data 19 December 31, 2025 December 31, 2024 ($) ($) ASSETS Real estate held for investment, at cost: Land 18,368,029 17,320,520 Buildings and improvements 43,824,410 40,974,535 Total real estate held for investment, at cost 62,192,439 58,295,055 Less accumulated depreciation and amortization (8,778,536) (7,381,083) Real estate held for investment, net 53,413,903 50,913,972 Real estate and lease intangibles held for sale, net 91,784 94,979 Cash and cash equivalents 434,842 444,962 Accounts receivable, net 1,053,487 877,668 Lease intangible assets, net 5,717,241 6,322,992 Goodwill 4,932,199 4,932,199 Investment in unconsolidated entities 1,256,456 1,229,699 Other assets, net 5,895,700 4,018,568 Total assets 72,795,612 68,835,039 LIABILITIES AND EQUITY Distributions payable 255,171 238,045 Accounts payable and accrued expenses 1,060,969 759,416 Lease intangible liabilities, net 1,493,958 1,635,770 Other liabilities 1,066,809 923,128 Revolving credit facilities and commercial paper 2,023,414 1,130,201 Term loans, net 1,701,615 2,358,417 Mortgages payable, net 37,761 80,784 Notes payable, net 25,031,947 22,657,592 Total liabilities 32,671,644 29,783,353 Stockholders’ equity: Common stock and paid in capital, par value $0.01 per share, 1,300,000 shares authorized, 933,975 and 891,511 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively 49,861,660 47,451,068 Distributions in excess of net income (10,527,984) (8,648,559) Accumulated other comprehensive income 105,019 38,229 Total stockholders’ equity 39,438,695 38,840,738 Noncontrolling interests 685,273 210,948 Total equity 40,123,968 39,051,686 Total liabilities and equity 72,795,612 68,835,039 Consolidated Balance Sheets (USD and shares in thousands, except per share amounts) (unaudited) Table of Contents ↪
Q4 2025 Supplemental Operating & Financial Data 20 Capitalization & Financial Ratios as of December 31, 2025 (USD in millions and shares in thousands, except per share data) Capitalization Equity Shares/Units Stock Price ($) Market Value ($) Common Stock(1) 933,975 56.37 52,648.2 Common Units(2) 2,682 56.37 151.2 Subtotal 52,799.4 Debt Total at our Pro- Rata Share(3) ($) Senior Unsecured Notes and Bonds 25,343.8 Unsecured Term Loans 1,711.0 Revolvers and Commercial Paper 1,967.8 Mortgages Payable 697.1 Subtotal 29,719.7 Liquidity (4) Total at our Pro- Rata Share(3) ($) Cash and cash equivalents (5) 419.4 Availability under credit facilities (6) 3,507.2 Unsettled ATM forwards 708.5 Less: commercial paper borrowings (516.8) Subtotal $ 4,118.3 Dividend Data 2025 2024 Year-Over-Year Growth Rate (%) Common Dividend Paid per Share $ 3.2170 $ 3.1255 2.9 AFFO per Share (diluted) $ 4.28 $ 4.19 2.1 AFFO Payout Ratio 75.2 % 74.6 % Foreign Currency Exposure Total Market Value Pro-Rata Debt Equity $82,519 $29,720 $52,799 Non-USD, 37.8%Non-USD, 13.6% USD, 62.2% USD, 86.4% USD, 100% Equity $52,799 Pro-Rata Debt $29,720 Pro-Rata Cash and Cash Equivalents $(419) Enterprise Value(7) Total Market Value: $82,519 Total Enterprise Value: $82,100 (1) As of February 24, 2026, ATM forward agreements for a total of 12.6 million shares remain unsettled with total expected net proceeds of approximately $708.5 million (assuming full physical settlement of all outstanding shares of common stock, subject to forward sale agreements and certain assumptions made with respect to settlement dates). (2) Consists of common units issued by Realty Income Limited Partnership and held by third parties. (3) Reflects adjustments for our share based on our proportionate economic ownership of our joint ventures (which adds our pro-rata share of unconsolidated entities and deducts our noncontrolling interests share). Please see the Glossary for our definition of Pro-Rata Share for more information. (4) We use our unsecured revolvers as a liquidity backstop for the repayment of the notes issued under our commercial paper programs. (5) Please refer to Adjusted EBITDAre & Coverage Ratios page for reconciliation of consolidated cash and cash equivalents to Pro-Rata Share of cash and cash equivalents. (6) As of December 31, 2025, represents our availability under the Realty Income revolving credit facilities ("RI Revolving Credit Facilities") with a total capacity of $4.0 billion and our Pro-Rata Share of availability under the Fund Revolving Credit Facilities with a total capacity of $1.38 billion. (7) Enterprise value is total market value, less cash and cash equivalents, at our pro-rata share. Table of Contents ↪
Q4 2025 Supplemental Operating & Financial Data 21 Debt Summary as of December 31, 2025 (USD in millions) Pro-Rata Share(1) Maturity Dates Consolidated Debt Principal ($) Total Debt Principal ($) End of Period Interest Rate(2) (%) Weighted Average Years To Maturity Senior Unsecured Notes and Bonds 50 series of senior unsecured notes and bonds 2026 - 2054 25,343.8 25,343.8 3.85 6.0 Unsecured Term Loans Term Loans 2027 - 2028 1,711.0 1,711.0 4.37 1.9 Revolvers and Commercial Paper RI Revolving Credit Facilities (3) 2027 - 2029 1,324.6 1,324.6 3.74 2.1 Fund Revolving Credit Facilities (3) 2029 182.0 126.4 5.63 3.3 Commercial Paper (4) 2026 516.8 516.8 2.34 0.1 Mortgages Payable 9 mortgages on 15 properties (5) 2026 - 2030 37.9 697.1 3.73 3.8 Total Debt Principal 29,116.1 29,719.7 3.85 5.5 Unamortized net discounts and deferred financing costs (321.4) (394.6) Total Debt, Net 28,794.7 29,325.1 Total Fixed Rate Debt Principal 27,092.7 27,751.9 Total Variable Rate Debt Principal 2,023.4 1,967.8 Total Fixed Rate Debt Percentage 93.1 % 93.4 % Total Variable Rate Debt Percentage 6.9 % 6.6 % (1) Reflects adjustments for our share based on our proportionate economic ownership of our joint ventures (which adds our pro-rata share of unconsolidated entities and deducts our noncontrolling interests share). Please see the Glossary for our definition of Pro-Rata Share for more information. (2) Calculated as the weighted average interest rate as of December 31, 2025. The weighted average interest rates reflect the effective fixed rate for floating rate debt that is fixed through interest rate swaps. (3) As of December 31, 2025, our unsecured revolving credit facilities totaled $5.38 billion, consisting of the RI Revolving Credit Facilities with a total capacity of $4.0 billion, bifurcated into two $2.0 billion tranches, and the Fund Revolving Credit Facilities, which included a $1.0 billion revolving credit facility and a $380.0 million delayed draw term loan. (4) As of December 31, 2025, we have a USD-denominated unsecured commercial paper program, under which we may issue unsecured commercial paper notes up to a maximum aggregate amount outstanding of $1.5 billion, and a EUR-denominated unsecured commercial paper program, which permits us to issue additional unsecured commercial notes up to a maximum aggregate amount of $1.5 billion (or foreign currency equivalent). (5) Includes the Pro-Rata Share of a mortgage on an unconsolidated joint venture. Table of Contents ↪
Q4 2025 Supplemental Operating & Financial Data 22 Debt Summary by Currency as of December 31, 2025 (USD in millions) Pro-Rata Share(1) Currency Revolvers and Commercial Paper ($) Unsecured Term Loans ($) Mortgages Payable ($) Senior Unsecured Notes and Bonds ($) Proportionate Share of Joint Venture Debt(1) ($) Total Debt Principal ($) End of Period Interest Rate(2) (%) USD 221.0 500.0 37.9 17,123.5 603.6 18,486.0 3.91 EUR 999.1 — — 2,817.7 — 3,816.8 3.78 GBP 803.3 1,211.0 — 5,402.6 — 7,416.9 3.74 Total 2,023.4 1,711.0 37.9 25,343.8 603.6 29,719.7 3.85 (1) Reflects adjustments for our share based on our proportionate economic ownership of our joint ventures (which adds our pro-rata share of unconsolidated entities and deducts our noncontrolling interests share). Please see the Glossary for our definition of Pro-Rata Share for more information. (2) Calculated as the weighted average interest rate as of December 31, 2025. The weighted average interest rates reflect the effective fixed rate debt for floating rate debt that is fixed through interest rate swaps. 12.8% EUR 25.0% GBP 62.2% USD Pro-Rata Debt by Currency as of December 31, 2025 Table of Contents ↪
Q4 2025 Supplemental Operating & Financial Data 23 Debt Maturities as of December 31, 2025 (USD in millions) Pro-Rata Share(1) Consolidated Fixed Rate Debt Consolidated Variable Rate Debt End of Period Interest Rate(2) Year Principal Due Unsecured Term Loans ($) Mortgages Payable ($) Senior Unsecured Notes and Bonds ($) Subtotal ($) RI Revolving Credit Facilities ($) Fund Revolving Credit Facilities ($) Commercial Paper ($) Total Consolidated Debt Principal ($) Proportionate Share of Joint Venture Debt(1) ($) Total Debt Principal ($) Fixed Rate Debt (%) Variable Rate Debt (%) 2026 — 12.0 2,375.0 2,387.0 — — 516.8 2,903.8 — 2,903.8 4.09 2.34 2027 500.0 22.3 2,374.5 2,896.8 823.5 — — 3,720.3 — 3,720.3 2.80 4.07 2028 1,211.0 1.3 2,499.8 3,712.1 — — — 3,712.1 — 3,712.1 3.72 — 2029 — 1.3 2,820.3 2,821.6 501.1 182.0 — 3,504.7 603.6 4,108.3 3.90 3.70 2030 — 1.0 2,472.3 2,473.3 — — — 2,473.3 — 2,473.3 3.73 — Thereafter — — 12,801.9 12,801.9 — — — 12,801.9 — 12,801.9 4.15 — Total 1,711.0 37.9 25,343.8 27,092.7 1,324.6 182.0 516.8 29,116.1 603.6 29,719.7 3.88 3.50 (1) Reflects adjustments for our share based on our proportionate economic ownership of our joint ventures (which adds our pro-rata share of unconsolidated entities and deducts our noncontrolling interests share). Please see the Glossary for our definition of Pro-Rata Share for more information. (2) Calculated as the weighted average interest rate as of December 31, 2025. The weighted average interest rates reflect the effective fixed rate for floating rate debt that is fixed through interest rate swaps. Table of Contents ↪
Q4 2025 Supplemental Operating & Financial Data 24 Adjusted EBITDAre & Coverage Ratios (USD in thousands) (unaudited) Three months ended December 31, 2025 Net income $ 301,636 Interest 288,199 Income taxes 21,800 Depreciation and amortization 635,435 Provisions for impairment 124,411 Merger, transaction, and other costs, net 10,261 Gain on sales of real estate (67,430) Foreign currency and derivative loss, net 18,902 Proportionate share of adjustments from unconsolidated entities 19,576 Adjustments attributable to noncontrolling interests (12,236) Adjusted EBITDAre $ 1,340,554 Annualized Adjusted EBITDAre $ 5,362,216 Annualized Pro Forma Adjustments(2) 51,811 Annualized Pro Forma Adjusted EBITDAre $ 5,414,027 Total debt per the consolidated balance sheet, excluding deferred financing costs and net discounts $ 29,116,111 Proportionate share of unconsolidated entities debt, excluding deferred financing costs 659,190 Noncontrolling interests share of debt, excluding deferred financing costs (55,637) Less: Pro-Rata Share of cash and cash equivalents(3) (419,402) Net Debt $ 29,300,262 Net Debt/Annualized Adjusted EBITDAre 5.5x Net Debt/Annualized Pro Forma Adjusted EBITDAre 5.4x (1) Adjusted EBITDAre, Annualized Adjusted EBITDAre, Annualized Pro Forma Adjusted EBITDAre, Net Debt/Annualized Adjusted EBITDAre, and Net Debt/Annualized Pro Forma Adjusted EBITDAre are non-GAAP financial measures. Please see the Glossary for our definitions of these terms and an explanation of how we utilize these metrics. (2) The Annualized Pro Forma Adjustments, which include transaction accounting adjustments in accordance with U.S. GAAP and adjusted for our pro-rata share, consist of adjustments to incorporate Adjusted EBITDAre from investments we acquired or stabilized during the applicable quarter and Adjusted EBITDAre from investments we disposed of during the applicable quarter, giving pro forma effect to all transactions as if they occurred at the beginning of the applicable period. Our calculation includes all adjustments consistent with the requirements to present Adjusted EBITDAre on a pro forma basis in accordance with Article 11 of Regulation S-X. The Annualized Pro Forma Adjustments consist of $116.7 million from investments we acquired or stabilized during the quarter and removes $64.9 million from investments we disposed of during the quarter. (3) Reflects adjustments for our share based on our proportionate economic ownership of our joint ventures (which adds our pro-rata share of unconsolidated entities and deducts our noncontrolling interests share). Please see the Glossary for our definition of Pro-Rata Share for more information. Please also see Appendix for reconciliation of consolidated cash and cash equivalents to pro-rata share of cash and cash equivalents. (4) Represent debt service and fixed charge coverage for our senior unsecured notes and bonds, as defined and calculated per their respective terms. These calculations are non-GAAP financial measurements. Please see the Debt Covenants page for further detail. 4.7x 4.7x 4.5x 4.6x 4.7x Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 DEBT SERVICE & FIXED CHARGE COVERAGE(4)RECONCILIATION OF NET INCOME TO ADJUSTED EBITDAre AND ANNUALIZED PRO FORMA ADJUSTED EBITDAre(1) Table of Contents ↪
Q4 2025 Supplemental Operating & Financial Data 25 Required Actuals In Compliance Limitation on incurrence of total debt ≤ 60% of adjusted assets 41.4% ✓ Limitation on incurrence of secured debt ≤ 40% of adjusted assets 0.2% ✓ Debt service and fixed charge coverage (trailing 12 months)(1) ≥ 1.5x 4.7x ✓ Maintenance of total unencumbered assets ≥ 150% of unsecured debt 242.7% ✓ (1) Our debt service coverage ratio is calculated on a pro forma basis for the preceding four-quarter period on the assumptions that: (i) the incurrence of any Debt (as defined in the covenants) by us since the first day of such four-quarter period and the application of the proceeds therefrom (including to refinance other Debt since the first day of such four-quarter period), (ii) the repayment or retirement of any of our Debt since the first day of such four-quarter period, and (iii) any acquisition or disposition by us of any asset or group since the first day of such four quarters and subject to certain additional adjustments. Such pro forma ratio has been prepared on the basis required by that debt service covenant, reflects various estimates and assumptions and is subject to other uncertainties, and therefore does not purport to reflect what our actual debt service coverage ratio would have been had transactions referred to in clauses (i), (ii) and (iii) of the preceding sentence occurred as of the first day of four- quarter period, nor does it purport to reflect our debt service coverage ratio for any future period. Debt Covenants As of December 31, 2025 The following is a summary of the key financial covenants for our senior unsecured notes and bonds, as defined and calculated per their terms. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show our ability to incur additional debt under the terms of our senior unsecured notes and bonds as well as to disclose our current compliance with such covenants, and are not measures of our liquidity or performance. Table of Contents ↪
Q4 2025 Supplemental Operating & Financial Data 26 Q4 2025 YTD 2025 Investment ($) Pro-Rata Share (1) ($) Weighted Average Term (Years) Number of Properties Investment ($) Pro-Rata Share (1) ($) Weighted Average Term (Years) Number of Properties Acquisitions U.S. wholly-owned 293.7 293.7 11.6 46 917.0 917.0 14.2 151 U.S. Private Fund Business 243.2 168.9 10.5 26 323.3 248.9 12.5 29 Europe wholly-owned 887.8 887.8 8.9 42 2,911.8 2,911.8 8.7 88 Total real estate acquisitions 1,424.7 1,350.4 9.7 114 4,152.1 4,077.7 10.1 268 Initial weighted average cash yield(2) 6.9 % 7.0 % Real estate properties under development U.S. wholly-owned 72.0 72.0 16.7 31 285.7 285.7 16.6 91 Europe wholly-owned 43.3 43.3 10.6 6 59.5 59.5 12.0 9 Non-wholly owned(3) 49.8 48.2 11.0 12 192.5 188.6 12.1 12 Total real estate properties under development 165.1 163.5 13.3 49 537.7 533.8 14.5 112 Initial weighted average cash yield(2) 7.4 % 7.4 % Other investments U.S. wholly-owned(4) 800.5 800.5 26.0 — 1,001.4 1,001.4 20.3 — Europe wholly-owned(5) — — — — 606.5 606.5 4.1 — Total other investments 800.5 800.5 26.0 — 1,607.9 1,607.9 14.0 — Initial weighted average cash yield(2) 7.4 % 8.2 % Total investments 2,390.3 2,314.4 15.9 163 6,297.7 6,219.4 11.6 380 Initial weighted average cash yield(2) 7.1 % 7.3 % Supplementary Information Total U.S. volume 1,363.7 2,505.2 Initial weighted average cash yield(2) 7.0 % 7.3 % Total Europe volume 950.7 3,714.2 Initial weighted average cash yield(2) 7.2 % 7.4 % Investment Grade Clients(6) 37 % 30 % Investment Summary (USD in millions) Refer to the next page for footnotes. Table of Contents ↪
Q4 2025 Supplemental Operating & Financial Data 27 Investment Summary (Continued) (USD in millions) Table of Contents ↪ (1) Reflects adjustments for our share based on our proportionate economic ownership of our joint ventures (which adds our pro-rata share of unconsolidated entities and deducts our noncontrolling interests share). Please see the Glossary for our definition of Pro-Rata Share for more information. (2) Initial Weighted Average Cash Yield is a supplemental operating measure. Total cash income used in the calculation of Initial Weighted Average Cash Yield for investments for the three months and year ended December 31, 2025 includes $2.8 million and $6.5 million, respectively, received as settlement credits as reimbursement of free rent periods. Please see the Glossary for our definition of Initial Weighted Average Cash Yield and Cash Income. (3) Non-wholly owned represents U.S. and European investments not 100% owned by Realty Income, excluding the U.S. Private Fund Business. (4) For the three months ended December 31, 2025, includes an $800.0 million perpetual preferred equity investment in CityCenter's real estate assets, owned by funds affiliated with Blackstone Real Estate. For the year ended December 31, 2025, includes an investment in a loan related to a development project, as well as the perpetual preferred equity investment. (5) For the year ended December 31, 2025, includes two mortgage loans and senior secured notes issued by existing clients. (6) Represents approximate percentage of annualized cash income generated by investments from Investment Grade Clients at the date of acquisition. Please see the Glossary for our definition of Investment Grade Clients.
Q4 2025 Supplemental Operating & Financial Data 28 Number of Properties Net Book Value ($) Net Sales Proceeds ($) Net Cash Capitalization Rate(1) (2) (%) Q4 2025 Occupied 42 158,795 204,039 7.0 Vacant 115 93,584 115,770 Total real estate dispositions 157 252,379 319,809 YTD 2025 Occupied 91 271,055 338,484 7.0 Vacant 334 295,320 405,531 Total real estate dispositions 425 566,375 744,015 Disposition Summary (USD in thousands) Net Sales Proceeds from Dispositions $138,085 $92,573 $116,841 $214,792 $319,808 Occupied Vacant Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 (1) Net Cash Capitalization Rate is a supplemental operating measure. Please see the Glossary for our definition of this metric. (2) Excludes properties sold as a result of eminent domain activities. Table of Contents ↪ 36% 64% 59% 41% 86% 14% 69% 31% 36% 64% Vacant Occupied Current quarter V cant Current quarter Occupied
Q4 2025 Supplemental Operating & Financial Data 29 Development Activity (USD in thousands) Retail Q4 2025 Investment(1) Q4 2025 Placed in Service YTD 2025 Investment(1) YTD 2025 Placed in Service Ending CIP(2) as of 12/31/2025 Forecasted Remaining Investment Total Commitment New development(3) $ 54,788 $ 63,785 $ 231,389 $ 340,619 $ 5,623 $ 145,266 $ 150,889 Development of existing properties 4,369 446 12,341 13,599 5,569 20,065 25,634 Total $ 59,157 $ 64,231 $ 243,730 $ 354,218 $ 11,192 $ 165,331 $ 176,523 Estimated Weighted Average Cash Yield 7.0 % 7.4 % 7.4 % 7.4 % Estimated Weighted Average Completion Date Q2 2026 Q3 2026 Non-Retail Q4 2025 Investment(1) Q4 2025 Placed in Service YTD 2025 Investment(1) YTD 2025 Placed in Service Ending CIP(2) as of 12/31/2025 Forecasted Remaining Investment Total Commitment New development(3) $ 105,912 $ 55,072 $ 293,936 $ 372,209 $ 206,521 $ 639,621 $ 846,142 Development of existing properties — — — — — — — Total $ 105,912 $ 55,072 $ 293,936 $ 372,209 $ 206,521 $ 639,621 $ 846,142 Estimated Weighted Average Cash Yield 7.3 % 7.5 % 7.5 % 7.1 % Estimated Weighted Average Completion Date Q3 2026 Q3 2026 Total Q4 2025 Investment(1) Q4 2025 Placed in Service YTD 2025 Investment(1) YTD 2025 Placed in Service Ending CIP(2) as of 12/31/2025 Forecasted Remaining Investment Total Commitment New development(3) $ 160,700 $ 118,857 $ 525,325 $ 712,828 $ 212,144 $ 784,887 $ 997,031 Development of existing properties 4,369 446 12,341 13,599 5,569 20,065 25,634 Total $ 165,069 $ 119,303 $ 537,666 $ 726,427 $ 217,713 $ 804,952 $ 1,022,665 Estimated Weighted Average Cash Yield 7.1 % 7.4 % 7.4 % 7.2 % Estimated Weighted Average Completion Date Q3 2026 Q3 2026 (1) Capitalized interest was $4.6 million and $17.0 million for the three months and year ended December 31, 2025, respectively. (2) CIP is defined as construction in progress. (3) Includes build-to-suit developments and take-outs on development properties. Table of Contents ↪
Q4 2025 Supplemental Operating & Financial Data 30 Ranking Client Number of Leases Percentage of Annualized Base Rent(1) (%) Investment Grade Ratings (S&P/ Moody's/Fitch) 1 7-Eleven 812 3.3 A- / Baa2 / - 2 Dollar General 1,797 3.2 BBB / Baa3 / - 3 Walgreens 400 3.1 — 4 Family Dollar 1,257 2.6 — 5 Life Time Fitness 41 2.1 — 6 EG Group 414 2.0 — 7 (B&Q) Kingfisher 70 2.0 BBB / - / BBB 8 Wynn Resorts 1 1.9 — 9 FedEx 81 1.8 BBB / Baa2 / - 10 Asda 41 1.6 — Client Diversification OUR TOP 20 CLIENTS Our 20 largest clients based on percentage of Annualized Base Rent, which does not give effect to deferred rent or interest earned on loans and preferred equity investments, as of December 31, 2025, include the following: (1) Amounts for each client are calculated independently; therefore, the individual percentages may not sum to the total. Please see the Glossary for our definition of Annualized Base Rent. (2) Represents our Pro-Rata Share of the Annualized Base Rent of the unconsolidated joint venture. Table of Contents ↪ Ranking Client Number of Leases Percentage of Annualized Base Rent(1) (%) Investment Grade Ratings (S&P/ Moody's/Fitch) 11 Sainsbury's 40 1.5 BBB / Baa3 / - 12 BJ's Wholesale Club 45 1.5 — 13 Tesco 30 1.4 BBB / Baa3 / BBB 14 Tractor Supply 243 1.4 BBB / Baa1 / - 15 CVS Pharmacy 208 1.1 BBB / Baa3 / BBB 16 MGM (Bellagio) 1 1.1 — 17 Home Depot 41 1.1 A / A2 / A 18 Carrefour 37 1.0 BBB / - / - 19 LA Fitness 59 1.0 — 20 Wal-Mart / Sam's Club 62 1.0 AA / Aa2 / AA 5,680 35.8 (2)
Q4 2025 Supplemental Operating & Financial Data 31 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Number of Investment Grade Leases 5,294 5,255 6,464 6,499 6,355 Percentage of Annualized Base Rent from Investment Grade Clients(1)(2) 32.2 % 31.5 % 33.9 % 34.3 % 32.4 % Investment Grade Clients(1) 24.7% Investment Grade, Retail 54.5% Non-Investment Grade or Non-Rated, Retail 13.3% Non-Investment Grade or Non-Rated, Non-Retail 7.5% Investment Grade, Non-Retail (1) Please see the Glossary for our definition of Investment Grade Clients. (2) Please see the Glossary for our definition of Annualized Base Rent. Table of Contents ↪ Annualized Base Rent(2) as of December 31, 2025
Q4 2025 Supplemental Operating & Financial Data 32 As of December 31, 2025 December 31, 2024 (%) (%) Grocery 11.0 10.1 Convenience Stores 9.6 10.2 Home Improvement 6.4 6.0 Dollar Stores 6.1 6.4 Restaurants-Quick Service 4.8 4.9 Health and Fitness 4.3 4.3 Drug Stores 4.3 4.7 Automotive Service 4.3 4.5 Restaurants-Casual Dining 3.8 4.0 General Merchandise 3.6 3.2 Gaming 3.1 3.2 Transportation Services 2.9 2.3 Home Furnishings 2.8 2.8 Health Care 2.7 2.7 Apparel Stores 2.6 2.2 Sporting Goods 2.4 2.3 Wholesale Clubs 2.2 2.3 Theaters 1.9 2.1 Entertainment 1.9 1.8 Motor Vehicle Dealerships 1.8 1.8 (1) Please see the Glossary for our definition of Annualized Base Rent. Top 20 Industries PERCENTAGE OF TOTAL PORTFOLIO ANNUALIZED BASE RENT(1) Table of Contents ↪
Q4 2025 Supplemental Operating & Financial Data 33 Geographic Diversification(1) As of December 31, 2025 (1) Based on Annualized Base Rent ("ABR"). Please see the Glossary for our definition of Annualized Base Rent. PRESENCE IN ALL 50 U.S. STATES, THE U.K., AND EIGHT OTHER COUNTRIES IN EUROPE MIDWEST 4,002 Properties 20.3% Total ABR MID-ATLANTIC SOUTHWEST 2,911 Properties 13.6% Total ABR 1,462 Properties SOUTHEAST 4,084 Properties 17.9% Total ABR E.U. 248 Properties 4.5% Total ABR NORTHEAST 1,036 Properties 9.2% Total ABR 7.4% Total ABR PACIFIC SOUTHWEST 1,163 Properties 11.2% Total ABR PACIFIC NORTHWEST 235 Properties 1.6% Total ABR UNITED KINGDOM 370 Properties 14.3% Total ABR Table of Contents ↪
Q4 2025 Supplemental Operating & Financial Data 34 Property Type Number of Properties Leasable Square Feet(1) Annualized Base Rent as of December 31, 2025(2) ($) Percentage of Annualized Base Rent as of December 31, 2025(2) (%) Percentage of Annualized Base Rent from Investment Grade Clients(3) (%) Retail 14,864 220,031 4,204,454 79.1 31.2 Industrial 577 125,774 816,509 15.4 44.2 Gaming 2 5,053 163,817 3.1 — Other(4) 68 4,177 125,747 2.4 31.1 Total 15,511 355,035 5,310,527 100.0 32.2 (1) Represents leasable building square footage and includes our portfolio of unconsolidated joint ventures based on ownership percentage. Excludes 2,962 acres of leased land categorized as agriculture as of December 31, 2025. (2) Please see the Glossary for our definition of Annualized Base Rent. (3) Please see the Glossary for our definition of Investment Grade Clients. (4) "Other" primarily includes 27 properties classified as agriculture with $35.8 million in Annualized Base Rent, 14 properties classified as office with $33.4 million in Annualized Base Rent, 21 properties classified as country clubs with $27.9 million in Annualized Base Rent, and three properties classified as data centers with $24.6 million in Annualized Base Rent, as well as one land parcel under development. Property Type Composition (USD and square footage in thousands) 15.4% Industrial 79.1% Retail 3.1% Gaming 2.4% Other Table of Contents ↪ Annualized Base Rent(2) as of December 31, 2025
Q4 2025 Supplemental Operating & Financial Data 35 Q4 2025 Same Store Rental Revenue Number of properties 14,345 Q4 2025 $ 1,147,271 Q4 2024 $ 1,134,333 $ change $ 12,938 % change 1.1 % YTD 2025 Same Store Rental Revenue Number of properties 14,345 YTD 2025 $ 4,575,914 YTD 2024 $ 4,518,514 $ change $ 57,400 % change 1.3 % Top 3 Industries Contributing to the Change(3) Three months ended December 31, Industry 2025 2024 $ Change % Change($) ($) Grocery $ 126,166 $ 124,111 2,055 1.7 Convenience Stores 106,734 105,238 1,496 1.4 Theaters 24,918 26,196 (1,278) (4.9) Years ended December 31, Industry 2025 2024 $ Change % Change($) ($) Grocery $ 502,712 $ 493,425 9,287 1.9 Convenience Stores 424,812 418,803 6,009 1.4 Home Improvement 307,350 303,520 3,830 1.3 (1) Please see the Glossary for our definitions of Same Store Pool and Same Store Rental Revenue. None of the properties in Poland or Netherlands met our Same Store Pool definition for the period presented. Beginning with the second quarter of 2024, properties acquired through the merger with Spirit were considered under each element of our Same Store Pool criteria, except for the requirement that the property be owned for the full comparative period. If the property was owned by Spirit or us for the full comparative period and each of the other criteria were met, the property was included in our Same Store Pool. (2) Same Store Rental Revenue includes our pro-rata share of rental revenue from properties owned by unconsolidated joint ventures and deducts amounts attributable to noncontrolling interest based on their respective ownership percentages. (3) Top 3 industry contributors are based on absolute value of net change period over period. (4) Includes revenue generated from all properties owned continuously from January 1, 2024 through December 31, 2025, and includes rental revenue from Spirit Realty Capital properties, which were not included in our financial statements prior to the close of the merger in January 2024. Same Store Rental Revenue(1)(2) (USD in thousands) Table of Contents ↪ Rental Revenue for All Properties Owned(4) Number of properties 14,765 2025 $ 4,751,486 2024 $ 4,672,013 $ change $ 79,473 % change 1.7 % For purposes of comparability, Same Store Rental Revenue is presented on a constant currency basis using the applicable exchange rate as of December 31, 2025.
Q4 2025 Supplemental Operating & Financial Data 36 Three months ended December 31, Years ended December 31, 2025 2024 2025 2024 ($) ($) ($) ($) Rental revenue (including reimbursements) 1,399,585 1,279,698 5,437,332 5,043,748 Constant currency adjustment(3) 2,689 11,350 20,763 41,189 Straight-line rent and other non-cash adjustments (10,805) 4,605 (19,642) (12,711) Contractually obligated reimbursements by our clients (84,481) (79,078) (347,818) (311,918) Revenue from excluded properties(1) (152,832) (95,085) (520,532) (320,287) Other excluded revenue(4) (20,211) (3,711) (58,705) (19,601) Add: Spirit rental revenue(5) — — — 48,560 Revenue from unconsolidated entities(6) 25,402 26,901 108,979 88,615 Revenue attributable to noncontrolling interests(7) (12,076) (10,347) (44,463) (39,081) Same Store Rental Revenue 1,147,271 1,134,333 4,575,914 4,518,514 (1) Please see the Glossary for our definitions of Same Store Pool and Same Store Rental Revenue. Beginning with the second quarter of 2024, properties acquired through the merger with Spirit were considered under each element of our Same Store Pool criteria, except for the requirement that the property be owned for the full comparative period. If the property was owned by Spirit or us for the full comparative period and each of the other criteria were met, the property was included in our Same Store Pool. (2) "Other" includes properties classified as agriculture, office, and data center. (3) For purposes of comparability, Same Store Rental Revenue is presented on a constant currency basis using the applicable exchange rate as of December 31, 2025. (4) "Other excluded revenue" primarily consists of reimbursements related to lease termination fees and other settlement income. (5) Amounts for the year ended December 31, 2024 represent rental revenue from Spirit properties, which were not included in our financial statements prior to the close of the merger with Spirit on January 23, 2024. (6) Represents our Pro-Rata Share of rental revenue from properties owned by unconsolidated joint ventures. (7) Represents the portion of rental revenue attributable to noncontrolling interest based on their pro-rata ownership. Three months ended December 31, Years ended December 31, 2025 2024 2025 2024 Property Type ($) ($) $ Change % Change ($) ($) $ Change % Change Retail 917,559 909,308 8,251 0.9 3,659,556 3,620,253 39,303 1.1 Industrial 172,006 168,329 3,677 2.2 683,056 669,485 13,571 2.0 Gaming 40,659 39,924 735 1.8 162,635 159,695 2,940 1.8 Other (2) 17,047 16,772 275 1.6 70,667 69,081 1,586 2.3 Total 1,147,271 1,134,333 12,938 1.1 4,575,914 4,518,514 57,400 1.3 Same Store Rental Revenue(1) (Continued) (USD in thousands) SAME STORE RENTAL REVENUE BY PROPERTY TYPE RECONCILIATION OF SAME STORE RENTAL REVENUE TO RENTAL REVENUE (INCLUDING REIMBURSEMENTS) Table of Contents ↪
Q4 2025 Supplemental Operating & Financial Data 37 Q4 2025 Re-leased to Same Client Re-leased to New Client Re-leasing Totals Prior cash rents $ 80,332 $ 3,875 $ 84,207 New cash rents* $ 83,378 $ 4,919 $ 88,297 Recapture rate 103.8 % 126.9 % 104.9 % Number of leases 321 20 341 Average months vacant — 10.3 0.6 Lease incentives(1) $ 746 $ 1,095 $ 1,841 * Percentage of Total Portfolio Annualized Base Rent(2) 1.7% YTD 2025 Re-leased to Same Client Re-leased to New Client Re-leasing Totals Prior cash rents $ 272,289 $ 18,321 $ 290,610 New cash rents* $ 278,750 $ 23,244 $ 301,994 Recapture rate 102.4 % 126.9 % 103.9 % Number of leases 1,070 95 1,165 Average months vacant — 6.5 0.5 Lease incentives (1) $ 3,890 $ 1,811 $ 5,701 * Percentage of Total Portfolio Annualized Base Rent(2) 5.7 % Leasing Activity (dollars in thousands) Allocation Based on Number of Leases 94% Same Client 6% New Client Allocation Based on Number of Leases 8% New Client 92% Same Client (1) Lease incentives are defined as capital outlays made on behalf of a client that are specific to the client's use and benefit, and are not capitalized as improvements to the property. (2) Please see the Glossary for our definition of Annualized Base Rent. Table of Contents ↪
Q4 2025 Supplemental Operating & Financial Data 38 (1) This table sets forth the timing of remaining lease term expirations in our portfolio (excluding rights to extend a lease at the option of the client) and their contributions to Annualized Base Rent as of December 31, 2025. Leases on our multi-client properties are counted separately in the table above. (2) Of the 17,204 in-place leases in the portfolio, 13,860, or 80.6% were under leases that provide for increases in rents through: base rent increases tied to inflation (typically subject to ceilings), percentage rent based on a percentage of the clients’ gross sales, fixed increases, or a combination of two or more of the aforementioned rent provisions. (3) Please see the Glossary for our definition of Annualized Base Rent. OUR LEASES HAVE A WEIGHTED AVERAGE REMAINING LEASE TERM OF APPROXIMATELY 8.8 YEARS (ASSUMING NO EXERCISE OF LEASE OPTIONS). Lease Expirations (USD in thousands) Total Portfolio(1)(2) Annualized Base Rent as of December 31, 2025(3) ($) Percentage of Annualized Base Rent(3) (%) Expiring Leases Year Retail Non-Retail 2026 786 34 161,167 3.0 2027 1,624 56 365,516 6.9 2028 1,812 73 427,323 8.0 2029 1,892 49 456,905 8.6 2030 1,311 50 384,014 7.2 2031 1,051 69 425,512 8.0 2032 1,193 49 344,278 6.5 2033 1,041 29 330,573 6.2 2034 822 35 372,971 7.0 2035 698 27 224,277 4.2 2036 637 31 232,394 4.4 2037 541 23 152,997 2.9 2038 395 24 152,450 2.9 2039 524 7 151,560 3.0 2040 402 5 145,740 2.7 2041-2143 1,791 123 982,850 18.5 Total 16,520 684 5,310,527 100.0 Table of Contents ↪
Q4 2025 Supplemental Operating & Financial Data 39 Earnings Guidance 2026 Guidance 2025 Actuals Net income per share(1) $1.65 - $1.69 $1.17 Real estate depreciation per share $2.68 $2.78 Other adjustments per share(2) $0.05 $0.33 AFFO per share $4.38 - $4.42 $4.28 Same store rent growth 1.0% - 1.3% 1.3% Occupancy Approx 98.5% 98.9% Cash G&A expenses (% of total gross asset value)(3)(4) 20 - 23 bps 21 bps Property expenses (non-reimbursable) (% of total revenue)(5) Approx 1.5% 1.6% Income tax expenses $100 - $110 million $85 million Investment volume (at 100%) $8.0 billion $6.3 billion Lease termination income $30 - $40 million $49 million (1) Net income per share excludes future impairment and foreign currency or derivative gains or losses due to the inherent unpredictability of forecasting these items. (2) Includes net adjustments for gains or losses on sales of properties, impairments, and merger, transaction, and other non-recurring costs. (3) Cash G&A represents 'General and administrative' expenses as presented in our consolidated statements of income, less share-based compensation costs. Total gross asset value is total assets before accumulated depreciation and amortization. (4) G&A expenses inclusive of stock-based compensation expense as a percentage of total gross asset value, is expected to be approximately 24 - 27 bps in 2026. (5) Total revenue excludes client reimbursements. Summarized below are approximate estimates of the key components of our 2026 earnings guidance (with 2025 Actuals for comparison): Table of Contents ↪
Q4 2025 Supplemental Operating & Financial Data 40 Baird Wes Golladay wgolladay@rwbaird.com (216) 737-7510 Bank of America Securities Jana Galan jana.galan@bofa.com (646) 855-3081 Barclays Richard Hightower richard.hightower@barclays.com (212) 526-8768 BMO Capital Markets Eric Borden eric.borden@bmo.com (347) 213-9706 BNP Paribas Exane Nate Crossett nate.crossett@exanebnpparibas.com (646) 725-3716 BTIG Michael Gorman mgorman@btig.com (212) 738-6138 Cantor Richard Anderson richard.anderson@cantor.com (929) 441-6927 Citigroup Smedes Rose smedes.rose@citi.com (212) 816-6243 Deutsche Bank Omotayo Okusanya omotayo.okusanya@db.com (212) 250-9284 Edward Jones James Shanahan jim.shanahan@edwardjones.com (314) 515-5292 Evercore ISI James Kammert james.kammert@evercoreisi.com (312) 705-4233 Freedom Broker Zhiger Kurmet zhiger.kurmet@ffin.kz (708) 297-6150 Green Street Spenser Glimcher sglimcher@greenstreetadvisors.com (949) 640-8780 Jefferies Linda Tsai ltsai@jefferies.com (212) 778-8011 J.P. Morgan Anthony Paolone anthony.paolone@jpmorgan.com (212) 622-6682 KeyBanc Upal Rana upal.rana@key.com (917) 368-2316 Mizuho Haendel St. Juste haendel.st.juste@us.mizuho-sc.com (212) 205-7860 Morgan Stanley Ronald Kamdem ronald.kamdem@morganstanley.com (212) 296-8319 Raymond James RJ Milligan rjmilligan@raymondjames.com (727) 567-2585 RBC Capital Markets Brad Heffern brad.heffern@rbccm.com (512) 708-6311 Scotiabank Johnson Zhu johnson.zhu@scotiabank.com (212) 225-5889 Stifel Simon Yarmak yarmaks@stifel.com (443) 224-1345 UBS Michael Goldsmith michael.goldsmith@ubs.com (212) 713-2951 Wells Fargo John Kilichowski john.kilichowski@wellsfargo.com (212) 214-5311 Wolfe Research Andrew Rosivach arosivach@wolferesearch.com (646) 582-9250 Realty Income is covered by the analysts at the firms listed above. This list may not be complete and is subject to change. Please note that any opinions, estimates or forecasts regarding Realty Income's performance made by these analysts are theirs alone and do not represent opinions, estimates or forecasts of Realty Income or its management. Realty Income does not by its reference above or distribution imply, and expressly disclaims, any endorsement of or concurrence with any information, estimates, forecasts, opinions, conclusions or recommendations provided by analysts. Analyst Coverage EQUITY RESEARCH Table of Contents ↪
Q4 2025 Supplemental Operating & Financial Data 41 Adjusted EBITDAre. The National Association of Real Estate Investment Trusts (Nareit) established an EBITDA metric for real estate companies (i.e., EBITDA for real estate, or EBITDAre) it believed would provide investors with a consistent measure to help make investment decisions among certain REITs. Our definition of “Adjusted EBITDAre” is generally consistent with the Nareit definition, other than our adjustment to remove foreign currency and derivative gain and loss and merger, transaction, and other costs, net. We define Adjusted EBITDAre, a non-GAAP financial measure, for the most recent quarter as earnings (net income) before (i) interest expense, (ii) income taxes, (iii) depreciation and amortization, (iv) provisions for impairment, (v) merger, transaction, and other costs, net, (vi) gain on sales of real estate, (vii) foreign currency and derivative gain and loss, net, and (viii) our proportionate share of adjustments from unconsolidated entities and consolidated entities with noncontrolling interests. Our Adjusted EBITDAre may not be comparable to Adjusted EBITDAre reported by other companies or as defined by Nareit, and other companies may interpret or define Adjusted EBITDAre differently than we do. Management believes Adjusted EBITDAre to be a meaningful measure of a REIT’s performance because it provides a view of our operating performance, analyzes our ability to meet interest payment obligations before the effects of income tax, depreciation and amortization expense, provisions for impairment, gain on sales of real estate and other items, as defined above, that affect comparability, including the removal of non-recurring and non-cash items that industry observers believe are less relevant to evaluating the operating performance of a company. In addition, EBITDAre is widely followed by industry analysts, lenders, investors, rating agencies, and others as a means of evaluating the operating performance of business activities prior to servicing debt obligations. Management also believes the use of an Annualized Adjusted EBITDAre metric is meaningful because it represents our current earnings run rate for the period presented. The ratio of our total debt to our Annualized Adjusted EBITDAre is also used to determine vesting of performance share awards granted to our executive officers. Adjusted EBITDAre should be considered along with, but not as an alternative to, net income as a measure of our operating performance. Adjusted EBITDA Margin, a non-GAAP financial measure, is defined as Adjusted EBITDAre before (i) our proportionate share of adjustments and equity in earnings from unconsolidated entities, (ii) gains and losses on extinguishment of debt, and (iii) other income, net, expressed as a percentage of total revenue (excluding reimbursements). We believe Adjusted EBITDA Margin provides useful information to investors on the effectiveness of our operations and underlying business trends. Adjusted Funds From Operations (AFFO), a non-GAAP financial measure, is defined as FFO adjusted for unique revenue and expense items, which we believe are not as pertinent to the measurement of our ongoing operating performance. Most companies in our industry use a similar measurement to AFFO, but they may use the term "CAD" (for Cash Available for Distribution) or "FAD" (for Funds Available for Distribution). We believe AFFO provides useful information to investors because it is a widely accepted industry measure of the operating performance of real estate companies used by the investment community. In particular, AFFO provides an additional measure to compare the operating performance of different REITs without having to account for differing depreciation assumptions and other unique revenue and expense items which are not pertinent to measuring a particular company’s ongoing operating performance. Therefore, we believe that AFFO is an appropriate supplemental performance metric, and that the most appropriate GAAP performance metric to which AFFO should be reconciled is net income available to common stockholders. Annualized Adjusted EBITDAre, a non-GAAP financial measure, is calculated by multiplying Adjusted EBITDAre for the applicable quarter by four. Annualized Base Rent is the monthly cash base rent for all leases in place as of the end of the period, multiplied by 12, excluding percentage rent. This methodology produces an annualized amount as of a point in time but does not take into consideration future (i) scheduled rent increase, (ii) leasing activity, or (iii) lease expirations, and it excludes properties that were no longer owned and includes the annualized rent from properties acquired during the quarter. Annualized Pro Forma Adjusted EBITDAre, a non-GAAP financial measure, is defined as Annualized Adjusted EBITDAre, which includes transaction accounting adjustments in accordance with U.S. GAAP and adjusted for our pro-rata share, adjusted to incorporate Adjusted EBITDAre from investments we acquired or stabilized during the applicable quarter and Adjusted EBITDAre from investments we disposed of during the applicable quarter, giving pro forma effect to all transactions as if they occurred at the beginning of the applicable quarter, and adjusted for our pro-rata share. Our calculation includes all adjustments consistent with the requirements to present Annualized Adjusted EBITDAre on a pro forma basis in accordance with Article 11 of Regulation S-X. Glossary Table of Contents ↪
Q4 2025 Supplemental Operating & Financial Data 42 Cash Income represents expected rent for real estate acquisitions as well as rent to be received upon completion of the properties under development. For unconsolidated entities and consolidated entities with noncontrolling interests, this represents our pro-rata share of the cash income. For loans receivable and preferred equity investments, this represents earned interest income and preferred dividend income, respectively. Funds From Operations (FFO), a non-GAAP financial measure, consistent with the Nareit definition, is net income available to common stockholders, plus depreciation and amortization of real estate assets, plus provisions for impairments of depreciable real estate assets, and reduced by gain on property sales. Presentation of the information regarding FFO and AFFO (described on the "FFO and Normalized FFO" and "AFFO" pages) is intended to assist the reader in comparing the operating performance of different REITs, although it should be noted that not all REITs calculate FFO and AFFO in the same way, so comparisons with other REITs may not be meaningful. FFO and AFFO should not be considered alternatives to reviewing our cash flows from operating, investing, and financing activities. In addition, FFO and AFFO should not be considered measures of liquidity, of our ability to make cash distributions, or of our ability to pay interest payments. We consider FFO to be an appropriate supplemental measure of a REIT’s operating performance as it is based on a net income analysis of property portfolio performance that adds back items such as depreciation and impairments for FFO. The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time. Since real estate values historically rise and fall with market conditions, presentations of operating results for a REIT using historical accounting for depreciation could be less informative. The use of FFO is recommended by the REIT industry as a supplemental performance measure. In addition, FFO is used as a measure of our compliance with the financial covenants of our credit facility. Gross Asset Value is total assets before accumulated depreciation and amortization. Initial Weighted Average Cash Yield for acquisitions and properties under development is computed as cash income for the first twelve months following the acquisition date, divided by the total cost of the property (including all expenses borne by us), and includes our pro-rata share of cash income from unconsolidated joint ventures and consolidated entities with noncontrolling interests. Initial weighted average cash yield for loans receivable and preferred equity investments is computed using the cash income for the first twelve months following the acquisition date, divided by the total cost of the investment. Investment Grade Clients are our clients, our clients that are subsidiaries or affiliates of companies, and credit investments secured with a real estate property leased to a tenant, that as of the balance sheet date, have a credit rating of Baa3/BBB- or higher from one of the three major rating agencies (Moody’s/S&P/Fitch). Net Cash Capitalization Rates (dispositions) are computed as annualized current month contractual cash net operating income, divided by the net proceeds received upon sale of the property (including all expenses borne by us). Net Debt/Annualized Adjusted EBITDAre, a ratio used by management as a measure of leverage, is calculated as net debt (which we define as total debt, excluding deferred financing costs and net discounts, less cash and cash equivalents, at our pro-rata share), divided by Annualized Adjusted EBITDAre. Net Debt/Annualized Pro Forma Adjusted EBITDAre, a ratio used by management as a measure of leverage, is calculated as net debt (which we define as total debt, excluding deferred financing costs and net discounts, less cash and cash equivalents, at our pro-rata share), divided by Annualized Pro Forma Adjusted EBITDAre. Net Debt and Preferred Stock/Annualized Pro Forma Adjusted EBITDAre, a ratio used by management as a measure of leverage, is calculated as net debt (which we define as total debt, excluding deferred financing costs and net discounts, less cash and cash equivalents, at our pro-rata share), divided by Annualized Pro Forma Adjusted EBITDAre. We utilize net debt plus preferred stock in certain periods, as applicable. In September 2024, we redeemed all 6.9 million shares of Realty Income Series A Preferred Stock outstanding. Glossary (Continued) Table of Contents ↪
Q4 2025 Supplemental Operating & Financial Data 43 Normalized Funds from Operations Available to Common Stockholders (Normalized FFO), a non-GAAP financial measure, is FFO excluding merger, transaction, and other costs, net. Pro-Rata Share represents our proportionate economic ownership of our joint ventures, which is derived by applying our economic ownership percentage of each such joint venture to calculate our proportionate share of the relevant line item information being presented as of the end of the applicable period being presented, and aggregating that information for all such joint ventures. We believe this form of presentation offers insights into the financial performance and condition of our company as a whole, given the significance of our joint ventures that are accounted for either under the equity method or consolidated with the third parties' share included in noncontrolling interest, although the presentation of such information may not accurately depict the legal and economic implications of holding a noncontrolling interest in the joint venture. We do not control the unconsolidated joint ventures in which we are invested for purposes of GAAP and do not represent legal claim to such items. The operating agreements of the joint ventures may contain provisions that would cause us to receive a different economic percentage of distributions from the joint venture under certain circumstances, such as the amount of capital contributed by each investor and whether any contributions are entitled to priority distributions. Similarly, upon a liquidation of any such joint venture, subject to the applicable terms of the operating agreement of such joint venture, we generally would be entitled to the applicable percentage of residual cash or other assets that remain only after repayment of all liabilities, priority distributions, and initial equity contributions. In addition, the economic interests in any joint venture may be different than our other legal interests or rights in such joint venture. We provide pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our joint ventures when read in conjunction with our reported results under GAAP. Other companies may calculate their proportionate interest differently than we do, limiting the usefulness as a comparative measure. Due to these limitations, the non-GAAP pro-rata financial information should not be considered in isolation or as a substitute for our consolidated financial statements as reported under GAAP. Same Store Pool, for purposes of determining the properties used to calculate our same store rental revenue, includes all properties that we owned for the entire year-to-date period, for both the current and prior year except for properties during the current or prior year that were: (i) vacant at any time, (ii) under development or redevelopment, or (iii) involved in eminent domain and rent was reduced. Same Store Rental Revenue excludes straight-line rent, the amortization of above and below-market leases, and reimbursements from clients for recoverable real estate taxes and operating expenses. For purposes of comparability, same store rental revenue is presented on a constant currency basis by applying the exchange rate as of the balance sheet date to base currency rental revenue. We present same store rental revenue on a pro-rata basis to account for our share of same store rental revenue related to unconsolidated and consolidated joint ventures. For purposes of comparability, we calculate our pro-rata share using our ownership percentage as of December 31, 2025 to same store rental revenue throughout the three months and year ended periods in both 2024 and 2025. Total Operational Return is defined as the sum of AFFO per share growth and dividend yield for the period (using the prior year ending stock price). Glossary (Continued) Table of Contents ↪
Q4 2025 Supplemental Operating & Financial Data 44 Appendix* (USD in thousands) (unaudited) Table of Contents ↪ Three months ended December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 ($) ($) ($) ($) ($) Net income 301,636 317,674 199,011 251,462 201,350 Interest 288,199 294,482 283,824 268,374 268,149 Income taxes 21,800 23,824 24,065 15,657 20,102 Depreciation and amortization 635,435 631,981 647,849 608,935 606,671 Provisions for impairment 124,411 86,972 143,363 116,589 142,966 Merger, transaction, and other costs, net 10,261 13,343 331 279 (9,176) Gain on sales of real estate (67,430) (49,107) (38,566) (22,537) (24,985) Foreign currency and derivative loss (gain), net 18,902 2,818 4,388 2,545 (535) Proportionate share of adjustments from unconsolidated entities 19,576 19,692 19,774 19,488 18,991 Adjustments attributable to noncontrolling interests (12,236) (3,230) (3,193) (3,348) (3,151) Adjusted EBITDAre 1,340,554 1,338,449 1,280,846 1,257,444 1,220,382 Annualized Adjusted EBITDAre 5,362,216 5,353,796 5,123,384 5,029,776 4,881,528 Annualized Pro Forma Adjustments(2) 51,811 18,857 56,842 78,683 79,143 Annualized Pro Forma Adjusted EBITDAre 5,414,027 5,372,653 5,180,226 5,108,459 4,960,671 Total debt per the consolidated balance sheet, excluding deferred financing costs and net premiums and discounts 29,116,111 28,678,459 28,665,619 27,296,346 26,510,798 Proportionate share of unconsolidated entities debt, excluding deferred financing costs 659,190 659,190 659,190 659,190 659,190 Noncontrolling interests share of debt, excluding deferred financing costs (55,637) — — — — Less: Pro-Rata Share of cash and cash equivalents (3) (419,402) (429,449) (810,103) (354,551) (456,591) Net Debt 29,300,262 28,908,200 28,514,706 27,600,985 26,713,397 Net Debt to Annualized Adjusted EBITDAre 5.5 x 5.4 x 5.6 x 5.5 x 5.5 x Net Debt to Annualized Pro Forma Adjusted EBITDAre 5.4 x 5.4 x 5.5 x 5.4 x 5.4 x RECONCILIATION OF NET INCOME TO ANNUALIZED PRO FORMA ADJUSTED EBITDAre AND TOTAL DEBT TO NET DEBT(1) RECONCILIATION OF CONSOLIDATED CASH AND CASH EQUIVALENTS TO PRO-RATA SHARE OF CASH AND CASH EQUIVALENTS December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 ($) ($) ($) ($) ($) Cash and cash equivalents per the consolidated balance sheet 434,842 417,173 800,447 319,007 444,962 Add: proportionate share of unconsolidated entities cash 6,609 14,379 11,695 37,346 13,768 Less: adjustments allocable to noncontrolling interests (22,049) (2,103) (2,039) (1,802) (2,139) Total Pro-Rata Share of cash and cash equivalents 419,402 429,449 810,103 354,551 456,591 * Refer to the next page for footnotes.
Q4 2025 Supplemental Operating & Financial Data 45 Appendix (Continued) (USD in thousands) (unaudited) Table of Contents ↪ (1) Adjusted EBITDAre, Annualized Adjusted EBITDAre, Annualized Pro Forma Adjusted EBITDAre, and Net Debt to Annualized Pro Forma Adjusted EBITDAre are non-GAAP financial measures. Please see the Glossary for our definitions of these terms and an explanation of how we utilize these metrics. (2) The Annualized Pro Forma Adjustments, which include transaction accounting adjustments in accordance with U.S. GAAP and adjusted for our pro-rata share, consist of adjustments to incorporate Adjusted EBITDAre from investments we acquired or stabilized during the applicable quarter and Adjusted EBITDAre from investments we disposed of during the applicable quarter, giving pro forma effect to all transactions as if they occurred at the beginning of the applicable period. Our calculation includes all adjustments consistent with the requirements to present Adjusted EBITDAre on a pro forma basis in accordance with Article 11 of Regulation S-X. (3) Reflects adjustments for our share based on our proportionate economic ownership of our joint ventures (which adds our pro-rata share of unconsolidated entities and deducts our noncontrolling interests share). Please see the Glossary for our definition of Pro-Rata Share for more information.
Q4 2025 Supplemental Operating & Financial Data 46 Appendix (Continued) (USD and shares in thousands, except per share amounts) (unaudited) Table of Contents ↪ RECONCILIATION OF NET INCOME AVAILABLE TO COMMON STOCKHOLDERS TO DILUTED AFFO(1) AND DILUTED AFFO PER SHARE Three months ended December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 ($) ($) ($) ($) ($) Net income available to common stockholders 296,085 315,771 196,919 249,815 199,612 Cumulative adjustments to calculate Normalized FFO(2) 700,046 678,622 759,160 688,119 689,129 Normalized FFO available to common stockholders 996,131 994,393 956,079 937,934 888,741 Debt-related non-cash items: Amortization of net debt discounts and deferred financing costs 12,677 9,138 8,257 6,633 5,500 Amortization of acquired interest rate swap value(3) 1,531 2,251 3,555 3,711 3,710 Capital expenditures from operating properties: Leasing costs and commissions (4,862) (1,754) (1,985) (880) (2,661) Recurring capital expenditures (53) (42) (221) (19) (199) Other non-cash items: Non-cash change in allowance for credit losses 4,977 11,581 1,109 19,171 32,486 Amortization of share-based compensation 9,042 7,719 8,110 5,899 9,821 Straight-line rent and expenses, net (51,705) (43,474) (30,226) (43,812) (35,510) Amortization of above and below-market leases, net 15,153 10,462 6,287 15,326 14,817 Deferred tax (benefit) expense (3,535) 3,829 413 (104) 3,552 Proportionate share of adjustments for unconsolidated entities (700) (650) (1,678) 37 (308) Other adjustments(4) 18,047 (1,465) (2,209) 5,820 1,971 AFFO available to common stockholders 996,703 991,988 947,491 949,716 921,920 AFFO allocable to dilutive noncontrolling interests 2,190 2,331 2,401 2,401 2,186 Diluted AFFO 998,893 994,319 949,892 952,117 924,106 AFFO per common share (Diluted) 1.08 1.08 1.05 1.06 1.05 Weighted average number of common shares used for Diluted AFFO 923,648 917,869 906,398 895,033 879,649 (1) AFFO is a non-GAAP financial measure. Please see the Glossary for our definition of this term and an explanation of how we utilize this metric. (2) Refer to the FFO and Normalized FFO page for the reconciling items for Normalized FFO for the three months ended December 31, 2025 and December 31, 2024. (3) Includes the amortization of the purchase price allocated to interest rate swaps acquired in the merger with Spirit. (4) Includes non-cash foreign currency losses (gains) from remeasurement to USD, mark-to-market adjustments on investments and derivatives that are non-cash in nature, obligations related to financing lease liabilities, and adjustments allocable to noncontrolling interests. Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported AFFO.
Q4 2025 Supplemental Operating & Financial Data 47 Appendix (Continued)* (USD and shares in thousands, except per share amounts) (unaudited) Table of Contents ↪ Years ended December 31, 2025 December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 ($) ($) ($) ($) ($) Net income available to common stockholders 1,058,590 847,893 872,309 869,408 359,456 Cumulative adjustments to calculate Normalized FFO(2) 2,825,947 2,716,058 1,964,293 1,616,382 1,048,537 Normalized FFO available to common stockholders 3,884,537 3,563,951 2,836,602 2,485,790 1,407,993 Debt-related non-cash items: Amortization of net debt discounts (premiums) and deferred financing costs 36,705 15,361 (44,568) (67,150) (6,182) Amortization of acquired interest rate swap value(3) 11,048 13,935 — — — (Gain) loss on extinguishment of debt — — — (367) 97,178 Capital expenditures from operating properties: Leasing costs and commissions (9,481) (8,558) (9,878) (5,236) (6,201) Recurring capital expenditures (335) (402) (331) (587) (1,202) Other non-cash items: Non-cash change in allowance for credit losses 36,838 106,801 4,874 — — Amortization of share-based compensation 30,770 32,741 26,227 21,617 16,234 Straight-line rent and expenses, net (169,217) (171,887) (141,130) (120,252) (61,350) Amortization of above and below-market leases, net 47,228 55,870 79,101 63,243 37,970 Deferred tax expense 603 3,552 — — — Proportionate share of adjustments for unconsolidated entities (2,991) (2,078) 932 (4,239) (1,948) Excess of redemption value over carrying value of preferred shares redeemed — 5,116 — — — Other adjustments(4) 20,193 7,035 23,041 28,540 6,261 AFFO available to common stockholders 3,885,898 3,621,437 2,774,870 2,401,359 1,488,753 AFFO allocable to dilutive noncontrolling interests 9,323 6,599 5,540 4,033 1,619 Diluted AFFO 3,895,221 3,628,036 2,780,410 2,405,392 1,490,372 AFFO per common share (Diluted) 4.28 4.19 4.00 3.92 3.59 Weighted average number of common shares used for Diluted AFFO 911,015 865,842 694,819 613,473 415,270 Year-Over-Year Growth Rate 2.1 % 4.8 % 2.0 % 9.2 % 5.9 % RECONCILIATION OF NET INCOME AVAILABLE TO COMMON STOCKHOLDERS TO DILUTED AFFO(1) AND DILUTED AFFO PER SHARE * Refer to the next page for footnotes.
Q4 2025 Supplemental Operating & Financial Data 48 Table of Contents ↪ Appendix (Continued) (USD and shares in thousands, except per share amounts) (unaudited) (1) AFFO is a non-GAAP financial measure. Please see the Glossary for our definition of this term and an explanation of how we utilize this metric. (2) Refer to the reconciling items for Normalized FFO presented on the FFO and Normalized FFO page. (3) Includes the amortization of the purchase price allocated to interest rate swaps acquired in the merger with Spirit. (4) Includes non-cash foreign currency losses (gains) from remeasurement to USD, mark-to-market adjustments on investments and derivatives that are non-cash in nature, obligations related to financing lease liabilities, and adjustments allocable to noncontrolling interests.
Q4 2025 Supplemental Operating & Financial Data 49 Appendix (Continued) (USD in thousands) (unaudited) Table of Contents ↪ Years ended December 31, 2025 December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 ($) ($) ($) ($) ($) Net income 1,069,783 867,341 876,914 872,416 360,747 Interest 1,134,879 1,016,955 730,423 465,223 323,644 Income taxes 85,346 66,601 52,021 45,183 31,657 Depreciation and amortization 2,524,200 2,395,644 1,895,177 1,670,389 897,835 Provisions for impairment 471,335 425,833 87,082 25,860 38,967 Merger, transaction, and other costs, net 24,214 96,292 14,464 13,897 167,413 Gain on sales of real estate (177,640) (117,275) (25,667) (102,957) (55,798) Foreign currency and derivative loss (gain), net 28,653 (3,420) 13,414 13,311 (710) (Gain) loss on extinguishment of debt — — — (367) 97,178 Other income, net (29,417) (23,606) (23,789) (30,511) (9,949) Equity in (earnings) losses of unconsolidated entities (13,330) (7,793) (2,546) 6,448 (1,106) Adjusted EBITDA 5,118,023 4,716,572 3,617,493 2,978,892 1,849,878 Total Revenue Rental revenue (including reimbursements) 5,437,332 5,043,748 3,958,150 3,299,657 2,064,958 Rental revenue (reimbursements) 340,398 303,088 274,201 184,685 104,851 Rental revenue (excluding reimbursements) 5,096,934 4,740,660 3,683,949 3,114,972 1,960,107 Other revenue 312,045 227,394 120,843 44,024 15,505 Total revenue (excluding reimbursements) 5,408,979 4,968,054 3,804,792 3,158,996 1,975,612 Adjusted EBITDA Margin 94.6 % 94.9 % 95.1 % 94.3 % 93.6 % RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA MARGIN(1) (1) Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. Please see the Glossary for definitions and an explanation of how we utilize these metrics.
Q4 2025 Supplemental Operating & Financial Data 50 Appendix (Continued) (USD in thousands) (unaudited) Table of Contents ↪ Three months ended December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 ($) ($) ($) ($) ($) Net income 301,636 317,674 199,011 251,462 201,350 Interest 288,199 294,482 283,824 268,374 268,149 Income taxes 21,800 23,824 24,065 15,657 20,102 Depreciation and amortization 635,435 631,981 647,849 608,935 606,671 Provisions for impairment 124,411 86,972 143,363 116,589 142,966 Merger, transaction, and other costs, net 10,261 13,343 331 279 (9,176) Gain on sales of real estate (67,430) (49,107) (38,566) (22,537) (24,985) Foreign currency and derivative loss (gain), net 18,902 2,818 4,388 2,545 (535) Other income, net (4,866) (10,015) (7,369) (7,167) (7,313) Equity in earnings of unconsolidated entities (2,624) (3,080) (3,269) (4,357) (2,353) Adjusted EBITDA 1,325,724 1,308,892 1,253,627 1,229,780 1,194,876 Total Revenue Rental revenue (including reimbursements) 1,399,585 1,386,502 1,338,188 1,313,057 1,279,698 Rental revenue (reimbursements) 83,079 82,517 87,424 87,378 75,505 Rental revenue (excluding reimbursements) 1,316,506 1,303,985 1,250,764 1,225,679 1,204,193 Other revenue 88,357 84,050 72,190 67,448 60,601 Total revenue (excluding reimbursements) 1,404,863 1,388,035 1,322,954 1,293,127 1,264,794 Adjusted EBITDA Margin 94.4 % 94.3 % 94.8 % 95.1 % 94.5 % RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA MARGIN(1) (1) Adjusted EBITDA Margin is a non-GAAP financial measure. Please see the Glossary for our definition of this term and an explanation of how we utilize this metric.
Q4 2025 Supplemental Operating & Financial Data 51 Appendix (Continued) (USD in thousands) (unaudited) Table of Contents ↪ Three months ended September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 ($) ($) ($) ($) Net income 271,124 260,968 133,899 219,762 Interest 261,261 246,931 240,614 208,313 Income taxes 15,355 15,642 15,502 15,803 Depreciation and amortization 602,339 605,570 581,064 475,856 Provisions for impairment 96,920 96,458 89,489 27,281 Merger, transaction, and other costs, net 8,610 2,754 94,104 9,932 Gain on sales of real estate (50,563) (25,153) (16,574) (5,992) Foreign currency and derivative loss (gain), net 1,672 (511) (4,046) 18,371 Other income, net (4,739) (6,108) (5,446) (10,804) Equity in (earnings) losses of unconsolidated entities (5,087) (2,029) 1,676 (2,135) Adjusted EBITDA 1,196,892 1,194,522 1,130,282 956,387 Total Revenue Rental revenue (including reimbursements) 1,271,153 1,284,728 1,208,169 1,028,710 Rental revenue (reimbursements) 74,300 80,568 72,715 65,570 Rental revenue (excluding reimbursements) 1,196,853 1,204,160 1,135,454 963,140 Other revenue 59,762 54,715 52,316 47,575 Total revenue (excluding reimbursements) 1,256,615 1,258,875 1,187,770 1,010,715 Adjusted EBITDA Margin 95.2 % 94.9 % 95.2 % 94.6 % RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA MARGIN(1) (1) Adjusted EBITDA Margin is a non-GAAP financial measure. Please see the Glossary for our definition of this term and an explanation of how we utilize this metric.
Q4 2025 Supplemental Operating & Financial Data 52 Appendix (Continued) (USD in thousands) (unaudited) Table of Contents ↪ Years ended December 31, 2025 December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 ($) ($) ($) ($) ($) General and administrative 202,554 176,895 144,536 138,459 96,980 Share-based compensation 30,770 32,741 26,227 21,617 16,234 Cash G&A(1) expenses 171,784 144,154 118,309 116,842 80,746 Total revenue (excluding reimbursements) 5,408,979 4,968,054 3,804,792 3,158,996 1,979,129 Cash G&A(1) margin (G&A as % of total revenue)(2) 3.2 % 2.9 % 3.1 % 3.7 % 4.1 % RECONCILIATION OF CASH G&A(1) MARGIN (1) Cash G&A represents 'General and administrative' expenses as presented in our consolidated statements of income and comprehensive income, less share-based compensation costs. (2) Total revenue excluding client reimbursements. Three months ended December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 ($) ($) ($) ($) General and administrative 54,142 55,039 49,329 44,044 Share-based compensation 9,042 7,719 8,110 5,899 Cash G&A(1) expenses 45,100 47,320 41,219 38,145 Total revenue (excluding reimbursements) 1,404,863 1,388,035 1,322,954 1,293,127 Cash G&A(1) margin (G&A as % of total revenue)(2) 3.2 % 3.4 % 3.1 % 2.9 % Three months ended December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 ($) ($) ($) ($) ($) General and administrative 49,114 41,869 45,070 40,842 38,015 Share-based compensation 9,821 6,401 7,267 9,252 6,073 Cash G&A(1) expenses 39,293 35,468 37,803 31,590 31,942 Total revenue (excluding reimbursements) 1,264,794 1,256,615 1,258,875 1,187,770 1,010,715 Cash G&A(1) margin (G&A as % of total revenue)(2) 3.1 % 2.8 % 3.0 % 2.7 % 3.2 %
Q4 2025 Supplemental Operating & Financial Data 53 Appendix (Continued) (USD in thousands) (unaudited) Table of Contents ↪ RECONCILIATION OF PROPERTY EXPENSES (NON-REIMBURSEMENTS)(% OF TOTAL REVENUE)(1) (1) Total revenue excluding client reimbursements. Three months ended December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 ($) ($) ($) ($) Property (including reimbursements) 108,076 106,621 107,422 106,681 Tenant reimbursements 83,079 82,517 87,424 87,378 Property (excluding reimbursements) 24,997 24,104 19,998 19,303 Total revenue (excluding reimbursements) 1,404,863 1,388,035 1,322,954 1,293,127 Property expenses (non-reimbursements)(% of total revenue)(1) 1.8 % 1.7 % 1.5 % 1.5 % Three months ended December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 ($) ($) ($) ($) ($) Property (including reimbursements) 96,309 92,154 99,851 89,361 81,883 Tenant reimbursements 75,457 74,348 80,568 72,715 65,570 Property (excluding reimbursements) 20,852 17,806 19,283 16,646 16,313 Total revenue (excluding reimbursements) 1,264,794 1,256,615 1,258,875 1,187,770 1,010,715 Property expenses (non-reimbursements)(% of total revenue)(1) 1.6 % 1.4 % 1.5 % 1.4 % 1.6 % Years ended December 31, 2025 December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 ($) ($) ($) ($) ($) Property (including reimbursements) 428,800 377,675 316,964 226,330 133,605 Tenant reimbursements 340,398 303,088 274,201 184,685 104,851 Property (excluding reimbursements) 88,402 74,587 42,763 41,645 28,754 Total revenue (excluding reimbursements) 5,408,979 4,968,054 3,804,792 3,158,996 1,979,129 Property expenses (non-reimbursements)(% of total revenue)(1) 1.6 % 1.5 % 1.1 % 1.3 % 1.5 %
FAQ
How did Realty Income (O) perform financially in Q4 2025?
Realty Income reported Q4 2025 revenue of $1,487.9 million, up from $1,340.3 million a year earlier. Net income available to common stockholders was $296.1 million, or $0.32 per share, and AFFO per share was $1.08, versus $1.05 in Q4 2024.
What were Realty Income’s full-year 2025 earnings and AFFO results?
For 2025, Realty Income generated total revenue of $5,749.4 million and net income available to common stockholders of $1,058.6 million, or $1.17 per share. Full-year AFFO was $3,885.9 million, or $4.28 per share, compared with $3,621.4 million and $4.19 per share in 2024.
What is Realty Income’s 2026 earnings guidance?
Realty Income estimates 2026 net income per share of $1.65–$1.69 and AFFO per share of $4.38–$4.42. The outlook also includes expected same store rent growth of 1.0%–1.3%, occupancy around 98.5%, and investment volume of about $8.0 billion.
How strong is Realty Income’s portfolio occupancy and rental growth?
As of December 31, 2025, Realty Income’s portfolio occupancy was a high 98.9% across 15,511 properties. Same store rental revenue grew 1.3% in 2025, and rent recapture on re-leased properties reached 103.9%, indicating solid leasing performance and pricing power.
What capital markets and investment activity did Realty Income undertake in 2025?
In 2025, Realty Income invested $6.3 billion at an initial cash yield of 7.3% and raised $2.4 billion through its ATM equity program. It also issued $862.5 million of 3.500% convertible senior notes due 2029 and expanded its U.S. Private Fund Business to roughly $1.5 billion of commitments.
How did Realty Income’s dividend progress in 2025?
Realty Income announced its 113th consecutive quarterly dividend increase in December 2025, bringing the annualized dividend to $3.240 per share. Dividends paid per share during 2025 totaled $3.2170, representing about 75.2% of diluted AFFO per share of $4.28.
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[Form 4] REALTY INCOME CORP Insider Trading Activity