Balance Sheet Realty Income Corporation

Equities

O

US7561091049

Commercial REITs

Real-time Estimate Cboe BZX Other stock markets 16:44:57 10/03/2026 GMT			5-day change	1st Jan Change
65.35 ^USD	+0.63%		-1.98%	+15.74%

10:57am	Baird Adjusts Price Target on Realty Income to $64 From $61, Maintains Neutral Rating	MT
03-09	UBS Adjusts Price Target on Realty Income to $72 From $66, Maintains Buy Rating	MT

778693b21e4709be8be0aec0.15M6PPh4Q5oZiZLjj52KqSMVWDL9xJLZSgqG0uZG99I.pN5wX7kPM69pxsrWx6zY_G8iP0OFq8uOP0DinYgiv4GSwnJIuxkLo0jT3w

Published financial data: REALTY INCOME CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Rental Revenues	2.06B	3.3B	3.96B	5.04B	5.44B
Tenant Reimbursements	-	-	-	-	-
Interest and Investment Income, Total (Revenue Block)	-	-	-	224M	308M
Other Revenues, Total	16.61M	37.58M	123M	10.79M	17.21M
Total Revenues	2.08B	3.34B	4.08B	5.28B	5.76B
Property Expenses	134M	226M	317M	378M	429M
Selling General & Admin Expenses, Total	96.98M	138M	145M	177M	203M
Depreciation & Amortization - (IS) - (Collected)	898M	1.67B	1.9B	2.4B	2.52B
Provision for Bad Debts	-	-	-	-	36.84M
Total Operating Expenses	1.13B	2.04B	2.36B	2.95B	3.19B
Operating Income (REIT / Utility Template)	953M	1.3B	1.72B	2.33B	2.57B
Interest Expense, Total	-324M	-465M	-730M	-1.02B	-1.13B
Net Interest Expenses	-324M	-465M	-730M	-1.02B	-1.13B
Currency Exchange Gains (Loss)	710K	-13.31M	-13.41M	3.42M	-28.65M
Other Non Operating Income (Expenses)	9.95M	30.51M	23.79M	23.61M	29.42M
EBT, Excl. Unusual Items	640M	854M	1B	1.34B	1.44B
Total Merger & Related Restructuring Charges	-167M	-13.9M	-14.46M	-96.29M	-24.21M
Gain (Loss) on Sale of Assets	55.8M	103M	25.67M	117M	178M
Asset Writedown	-38.97M	-25.86M	-87.08M	-426M	-434M
Other Unusual Items	-97.18M	367K	-	-	-
EBT, Incl. Unusual Items	392M	918M	929M	934M	1.16B
Income Tax Expense	31.66M	45.18M	52.02M	66.6M	85.35M
Earnings From Continuing Operations	361M	872M	877M	867M	1.07B
Net Income to Company	361M	872M	877M	867M	1.07B
Minority Interest	-1.29M	-3.01M	-4.6M	-6.57M	-11.19M
Net Income - (IS)	359M	869M	872M	861M	1.06B
Preferred Dividend and Other Adjustments	-	-	-	12.88M	-
Net Income to Common Incl Extra Items	359M	869M	872M	848M	1.06B
Net Income to Common Excl. Extra Items	359M	869M	872M	848M	1.06B
Per Share Items
Net EPS - Basic	0.87	1.42	1.26	0.98	1.17
Basic EPS - Continuing Operations	0.87	1.42	1.26	0.98	1.17
Basic Weighted Average Shares Outstanding	415M	612M	692M	863M	907M
Net EPS - Diluted	0.87	1.42	1.26	0.98	1.17
Diluted EPS - Continuing Operations	0.87	1.42	1.26	0.98	1.17
Diluted Weighted Average Shares Outstanding	415M	612M	693M	864M	908M
Normalized Basic EPS	0.96	0.87	0.9	0.96	0.98
Normalized Diluted EPS	0.96	0.87	0.9	0.96	0.98
Dividend Per Share	2.84	2.97	3.06	3.13	3.22
Payout Ratio	325.22	208.58	242.09	313.61	275.92
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	1.91B	2.97B	3.62B	4.76B	5.11B
EBITA	1.26B	1.94B	2.38B	3.23B	3.48B
EBIT	953M	1.3B	1.72B	2.33B	2.57B
Total Revenues (As Reported)	2.08B	3.34B	4.08B	5.27B	5.75B
Effective Tax Rate - (Ratio)	8.07	4.92	5.6	7.13	7.39
Normalized Net Income	399M	531M	623M	830M	886M
Interest Capitalized	1.93M	2.79M	10.81M	22.4M	17.03M
Interest on Long-Term Debt	16.14M	15.61M	28.18M	31.36M	38.12M
Supplemental Operating Expense Items
General and Administrative Expenses	96.98M	138M	145M	177M	203M
Stock-Based Comp., G&A Exp. (Total)	16.23M	21.62M	26.23M	57.49M	30.77M
Stock-Based Comp., Other (Total)	25.54M	-	-	-	-
Total Stock-Based Compensation	41.77M	21.62M	26.23M	57.49M	30.77M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Gross Property Plant And Equipment	36.77B	43.74B	50.9B	59.58B	63.63B
Accumulated Depreciation	-3.95B	-4.9B	-6.07B	-7.38B	-8.78B
Net Property Plant And Equipment	32.82B	38.84B	44.83B	52.2B	54.85B
Total Real Estate Assets	32.82B	38.84B	44.83B	52.2B	54.85B
Cash And Equivalents	259M	171M	233M	445M	435M
Accounts Receivable, Total	434M	574M	717M	884M	2.63B
Other Receivables	346M	1B	1.7B	1.71B	112M
Investment In Debt and Equity Securities	-	-	-	-	800M
Goodwill	3.68B	3.73B	3.73B	4.93B	4.93B
Other Intangibles, Total	5.28B	5.17B	5.02B	6.32B	5.72B
Notes Receivable (Collected)	4.46M	-	205M	828M	1.68B
Other Current Assets, Total	158M	135M	127M	219M	257M
Trading Asset Securities, Total	-	-	-	-	5.1M
Deferred Charges Long-Term	4.35M	17.2M	12.26M	7.33M	25.25M
Other Long-Term Assets, Total	160M	39.94M	1.21B	1.29B	1.35B
Total Assets	43.14B	49.67B	57.78B	68.84B	72.8B
Liabilities
Current Portion of Long-Term Debt	271M	22M	740M	1.89B	2.39B
Current Portion of Leases	39.9M	41.8M	44.7M	44.2M	52.1M
Short-Term Borrowings	901M	702M	764M	67.3M	517M
Long-Term Debt	14.34B	17.45B	20.13B	24.19B	26.04B
Long-Term Leases	466M	448M	425M	486M	499M
Accounts Payable, Total	44.08M	55.92M	66.58M	83.35M	155M
Accrued Expenses, Total	187M	228M	425M	447M	544M
Current Income Taxes Payable	19.15M	22.63M	61.07M	84.88M	120M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	177M	194M	268M	462M	341M
Unearned Revenue Non Current	242M	270M	312M	352M	461M
Other Non Current Liabilities	1.32B	1.4B	1.44B	1.68B	1.56B
Total Liabilities	18.01B	20.83B	24.67B	29.78B	32.67B
Preferred Stock Redeemable	-	-	-	-	-
Preferred Stock - Others	-	-	-	-	-
Total Preferred Equity	-	-	-	-	-
Common Stock, Total	29.58B	34.16B	39.63B	47.45B	49.86B
Distributions In Excess Of Earnings	-4.53B	-5.49B	-6.76B	-8.65B	-10.53B
Comprehensive Income and Other	4.93M	46.83M	73.89M	38.23M	105M
Total Common Equity	25.05B	28.71B	32.94B	38.84B	39.44B
Minority Interest	76.83M	130M	166M	211M	685M
Total Equity	25.13B	28.84B	33.11B	39.05B	40.12B
Total Liabilities And Equity	43.14B	49.67B	57.78B	68.84B	72.8B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	591M	661M	861M	892M	932M
ECS Total Common Shares Outstanding	591M	660M	752M	892M	934M
Book Value / Share	42.37	43.48	43.78	43.57	42.23
Tangible Book Value	16.1B	19.81B	24.19B	27.59B	28.79B
Tangible Book Value Per Share	27.23	30.01	32.15	30.94	30.82
Total Debt	16.02B	18.67B	22.1B	26.68B	29.49B
Net Debt	15.76B	18.49B	21.87B	26.23B	29.05B
Minority Interest, Total (Incl. Fin. Div)	76.83M	130M	166M	211M	685M
Equity Method Investments, Total	141M	-	1.17B	1.23B	1.26B
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	10.75B	12.95B	14.93B	17.32B	18.37B
Buildings, Total	25.16B	29.71B	34.66B	40.97B	43.82B
Full Time Employees	367	391	418	468	544
Part Time Employees	4	4	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	-	78.4M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	359M	869M	872M	861M	1.06B
Depreciation, Depletion & Amortization	650M	1.04B	1.24B	1.53B	1.64B
Amortization of Goodwill and Intangible Assets - (CF)	302M	635M	651M	905M	905M
Total Depreciation, Depletion & Amortization	952M	1.67B	1.9B	2.43B	2.54B
Amortization of Deferred Charges, Total	12.33M	15.61M	26.67M	23.94M	29.65M
(Gain) Loss On Sale of Asset - (CF)	-55.8M	-103M	-25.67M	-117M	-178M
(Gain) Loss on Sale of Investments - (CF)	2.9M	718K	-7.19M	-	-
Total Asset Writedown	38.97M	25.86M	87.08M	426M	434M
(Income) Loss On Equity Investments - (CF)	-741K	8.05M	3.26M	13.24M	26.53M
Stock-Based Compensation (CF)	41.77M	21.62M	26.23M	57.49M	30.77M
Provision and Write-off of Bad Debts	-	-	-	-	36.84M
Change in Accounts Receivable	-38.29M	-29.52M	-111M	28.08M	-116M
Change in Accounts Payable	3.22M	-5.29M	285M	2.61M	194M
Other Operating Activities	5.93M	89.97M	-93.11M	-152M	-65.53M
Cash from Operations	1.32B	2.56B	2.96B	3.57B	3.99B
Acquisition of Real Estate Assets, Total	-6.33B	-8.98B	-8.12B	-3.38B	-4.78B
Sale of Real Estate Assets, Total	251M	436M	117M	589M	744M
Net Sale / Acquisition of Real Estate Assets	-6.08B	-8.55B	-8B	-2.79B	-4.04B
Cash Acquisitions	-366M	-	-	93.68M	-
Investment in Marketable and Equity Securities, Total	38.34M	109M	-1.18B	-70.38M	-52.26M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-202M	-632M	-1.61B
Other Investing Activities, Total	-28.39M	49.27M	27.08M	59.86M	38.03M
Cash from Investing	-6.44B	-8.39B	-9.35B	-3.34B	-5.66B
Long-Term Debt Issued, Total	10.12B	30.69B	82.61B	39.54B	23.58B
Total Debt Issued	10.12B	30.69B	82.61B	39.54B	23.58B
Long-Term Debt Repaid, Total	-9.27B	-27.75B	-79.42B	-38.37B	-21.79B
Total Debt Repaid	-9.27B	-27.75B	-79.42B	-38.37B	-21.79B
Issuance of Common Stock	4.45B	4.57B	5.45B	1.75B	2.38B
Repurchase of Common Stock	-	-	-	-	-
Repurchase of Preferred Stock	-	-	-	-173M	-
Common Dividends Paid	-1.17B	-1.81B	-2.11B	-2.69B	-2.92B
Preferred Dividends Paid	-	-	-	-7.76M	-
Common & Preferred Stock Dividends Paid	-1.17B	-1.81B	-2.11B	-2.7B	-2.92B
Other Financing Activities, Total	452M	36.88M	-88.79M	-79.61M	435M
Cash from Financing	4.58B	5.74B	6.44B	-21.16M	1.68B
Foreign Exchange Rate Adjustments	20.08M	-20.51M	24.02M	-5.9M	15.87M
Net Change in Cash	-518M	-105M	65.29M	203M	25.25M
Supplemental Items
Cash Interest Paid	355M	502M	692M	970M	1.07B
Cash Income Tax Paid (Refund)	19.68M	45.03M	12.28M	32.28M	49.78M
Net Debt Issued / Repaid	841M	2.95B	3.19B	1.18B	1.79B
Levered Free Cash Flow	1.11B	1.54B	1.76B	2.69B	2.68B
Unlevered Free Cash Flow	1.3B	1.81B	2.19B	3.3B	3.36B
Change In Net Working Capital	294M	693M	813M	640M	825M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	1.87	1.75	2.01	2.3	2.27
Return on Total Capital	1.95	1.84	2.1	2.41	2.37
Return On Equity %	2	3.23	2.83	2.4	2.7
Return on Common Equity	1.99	3.23	2.83	2.36	2.7
Margin Analysis
Gross Profit Margin %	93.58	93.22	92.23	92.85	92.56
SG&A Margin	4.66	4.15	3.54	3.35	3.51
EBITDA Margin %	91.55	89.07	88.69	90.15	88.73
EBITA Margin %	60.3	58.04	58.21	61.26	60.3
EBIT Margin %	45.79	39.02	42.26	44.11	44.6
Income From Continuing Operations Margin %	17.33	26.14	21.48	16.43	18.56
Net Income Margin %	17.27	26.05	21.37	16.31	18.37
Net Avail. For Common Margin %	17.27	26.05	21.37	16.06	18.37
Normalized Net Income Margin	19.16	15.9	15.27	15.73	15.38
Levered Free Cash Flow Margin	53.12	46.06	43.03	50.98	46.43
Unlevered Free Cash Flow Margin	62.24	54.31	53.56	62.57	58.23
Asset Turnover
Asset Turnover	0.07	0.07	0.08	0.08	0.08
Fixed Assets Turnover	0.08	0.09	0.1	0.11	0.11
Receivables Turnover (Average Receivables)	5.74	6.55	6.25	6.3	2.12
Short Term Liquidity
Current Ratio	0.73	1.49	1.26	1.33	1.25
Quick Ratio	0.63	1.38	1.12	0.99	0.77
Operating Cash Flow to Current Liabilities	0.81	2.03	1.25	1.16	0.97
Days Sales Outstanding (Average Receivables)	63.63	55.76	58.36	58.07	172.09
Average Days Payable Outstanding	99.77	80.64	70.53	70.44	103.01
Long Term Solvency
Total Debt/Equity	63.75	64.71	66.76	68.31	73.5
Total Debt / Total Capital	38.93	39.29	40.03	40.59	42.36
LT Debt/Equity	58.92	62.06	62.08	63.18	66.14
Long-Term Debt / Total Capital	35.98	37.68	37.23	37.54	38.12
Total Liabilities / Total Assets	41.75	41.93	42.7	43.27	44.88
EBIT / Interest Expense	2.95	2.8	2.36	2.29	2.26
EBITDA / Interest Expense	5.89	6.39	4.96	4.68	4.51
(EBITDA - Capex) / Interest Expense	5.89	6.39	4.96	4.68	4.51
Total Debt / EBITDA	8.41	6.28	6.11	5.61	5.77
Net Debt / EBITDA	8.27	6.22	6.04	5.51	5.68
Total Debt / (EBITDA - Capex)	8.41	6.28	6.11	5.61	5.77
Net Debt / (EBITDA - Capex)	8.27	6.22	6.04	5.51	5.68
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	26.38	60.32	22.3	29.34	9.16
Gross Profit, 1 Yr. Growth %	26.29	59.7	21.01	30.19	8.83
EBITDA, 1 Yr. Growth %	26.73	60.59	21.79	29.27	10.02
EBITA, 1 Yr. Growth %	30.59	61.33	22.66	32.66	11.3
EBIT, 1 Yr. Growth %	19.79	36.61	32.47	35.01	15.91
Earnings From Cont. Operations, 1 Yr. Growth %	-9.02	141.84	0.52	-1.09	23.34
Net Income, 1 Yr. Growth %	-9.11	141.87	0.33	-1.32	22.98
Diluted EPS Before Extra, 1 Yr. Growth %	-23.94	63.76	-11.27	-22.22	19.07
Normalized Net Income, 1 Yr. Growth %	29.21	33.09	17.45	33.17	16.54
Net Property, Plant and Equip., 1 Yr. Growth %	85.37	18.33	15.43	16.44	5.08
Accounts Receivable, 1 Yr. Growth %	52	32.16	30.48	23.33	5.67
Total Assets, 1 Yr. Growth %	107.99	15.15	16.32	19.13	5.75
Common Equity, 1 Yr. Growth %	128.05	14.61	14.73	17.91	1.54
Tangible Book Value, 1 Yr. Growth %	73.86	23.06	22.1	14.03	4.36
Cash From Operations, 1 Yr. Growth %	18.52	93.91	15.4	20.77	11.8
Levered Free Cash Flow, 1 Yr. Growth %	10.05	46.26	7.41	48.04	7.62
Unlevered Free Cash Flow, 1 Yr. Growth %	9.15	46.04	14.44	46.94	8.31
Dividend Per Share, 1 Yr. Growth %	1.57	4.36	3.03	2.42	2.74
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	18.27	42.34	40.03	25.77	18.82
Gross Profit, 2 Yr. CAGR %	17.98	42.01	39.02	25.52	19.03
EBITDA, 2 Yr. CAGR %	18.58	42.07	39.85	25.37	17.85
EBITA, 2 Yr. CAGR %	19.89	44.29	40.67	27.39	19.4
EBIT, 2 Yr. CAGR %	13.56	27.92	34.52	33.73	22.07
Earnings From Cont. Operations, 2 Yr. CAGR %	-9.19	48.33	55.91	-0.29	10.45
Net Income, 2 Yr. CAGR %	-9.25	48.27	55.78	-0.5	10.16
Diluted EPS Before Extra, 2 Yr. CAGR %	-20.73	11.61	20.54	-16.93	-3.76
Normalized Net Income, 2 Yr. CAGR %	18.79	31.13	25.03	25.06	19.24
Net Property, Plant and Equip., 2 Yr. CAGR %	40.77	48.1	16.87	15.94	10.61
Accounts Receivable, 2 Yr. CAGR %	54.48	41.73	28.46	26.86	91.73
Total Assets, 2 Yr. CAGR %	52.48	54.76	15.73	17.72	12.24
Common Equity, 2 Yr. CAGR %	60.1	61.67	14.67	16.31	9.42
Tangible Book Value, 2 Yr. CAGR %	39.56	46.27	22.58	17.99	9.09
Cash From Operations, 2 Yr. CAGR %	11.22	51.6	49.59	18.06	16.2
Levered Free Cash Flow, 2 Yr. CAGR %	23.69	25.64	29.27	26.16	21.32
Unlevered Free Cash Flow, 2 Yr. CAGR %	20.33	25.21	32.73	29.62	22.18
Dividend Per Share, 2 Yr. CAGR %	2.33	2.96	3.69	2.72	2.58
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	16.17	30.89	35.32	36.37	19.97
Gross Profit, 3 Yr. CAGR %	15.58	30.51	34.64	36.01	19.69
EBITDA, 3 Yr. CAGR %	16.25	29.93	34.96	37	19.08
EBITA, 3 Yr. CAGR %	17.2	30.42	36.69	39.13	20.37
EBIT, 3 Yr. CAGR %	13.25	20.77	29.42	34.68	25.44
Earnings From Cont. Operations, 3 Yr. CAGR %	-0.35	25.87	30.29	33.97	7.03
Net Income, 3 Yr. CAGR %	-0.38	25.82	30.17	33.79	6.78
Diluted EPS Before Extra, 3 Yr. CAGR %	-11.63	0.96	3.39	4.16	-6.33
Normalized Net Income, 3 Yr. CAGR %	17.97	23.37	26.41	27.68	18.64
Net Property, Plant and Equip., 3 Yr. CAGR %	33.38	32.85	36.3	16.73	12.2
Accounts Receivable, 3 Yr. CAGR %	44.15	46.65	35.87	26.73	68.65
Total Assets, 3 Yr. CAGR %	41.39	38.85	40.71	16.86	13.59
Common Equity, 3 Yr. CAGR %	45.77	43.22	44.2	15.74	11.16
Tangible Book Value, 3 Yr. CAGR %	32.8	33.83	37.72	19.66	13.26
Cash From Operations, 3 Yr. CAGR %	12.01	33.86	38.42	39.29	15.93
Levered Free Cash Flow, 3 Yr. CAGR %	9.68	28.61	21.73	36.81	16.54
Unlevered Free Cash Flow, 3 Yr. CAGR %	9.19	26.53	23.66	38.58	19.51
Dividend Per Share, 3 Yr. CAGR %	2.54	3	2.98	3.27	2.73
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	13.54	22.38	25.18	28.82	28.46
Gross Profit, 5 Yr. CAGR %	13.37	22.1	24.44	28.49	28.16
EBITDA, 5 Yr. CAGR %	13.82	21.95	24.44	28.56	28.27
EBITA, 5 Yr. CAGR %	14.36	22.3	24.96	29.93	30.16
EBIT, 5 Yr. CAGR %	12.1	17.19	21.32	25.8	26.43
Earnings From Cont. Operations, 5 Yr. CAGR %	2.65	22.26	19.19	14.67	21.96
Net Income, 5 Yr. CAGR %	2.64	22.22	19.13	14.55	21.76
Diluted EPS Before Extra, 5 Yr. CAGR %	-5.16	5.24	0.06	-6.62	0.47
Normalized Net Income, 5 Yr. CAGR %	15.02	20.03	20.74	24.05	23.49
Net Property, Plant and Equip., 5 Yr. CAGR %	22.53	25.1	26.51	25.81	25.38
Accounts Receivable, 5 Yr. CAGR %	32.94	36.86	37.65	37.17	55.94
Total Assets, 5 Yr. CAGR %	26.81	28.72	30.51	29.98	28.55
Common Equity, 5 Yr. CAGR %	31.5	31.25	32.43	31.78	29.13
Tangible Book Value, 5 Yr. CAGR %	25.01	26.31	28.61	27.25	25.46
Cash From Operations, 5 Yr. CAGR %	10.57	23.96	25.76	27.3	29.06
Levered Free Cash Flow, 5 Yr. CAGR %	10.72	15.71	15.95	30.08	22.41
Unlevered Free Cash Flow, 5 Yr. CAGR %	10.28	15.35	17.05	29.85	23.75
Dividend Per Share, 5 Yr. CAGR %	3.43	3.19	3	2.89	2.82