Financials Realty Income Corporation

Equities

O

US7561091049

Commercial REITs

Market Closed - Nyse Other stock markets 21:00:02 13/02/2026 GMT			5-day change	1st Jan Change
65.66 ^USD	+1.36%		+3.84%	+16.48%

01-30	Scotiabank Upgrades Realty Income to Sector Outperform From Sector Perform, Adjusts Price Target to $67 From $60	MT
01-23	Baird Adjusts Price Target on Realty Income to $61 From $59, Maintains Neutral Rating	MT

Projected Income Statement: Realty Income Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,560	1,960	3,300	3,958	5,044	5,434	5,761	6,124
Change	-	25.64%	68.34%	19.96%	27.43%	7.74%	6.01%	6.31%
EBITDA ¹	1,474	1,850	2,979	3,617	4,717	5,128	5,543	5,937
Change	-	25.52%	61.03%	21.44%	30.38%	8.73%	8.08%	7.11%
EBIT ¹	796.8	952	1,309	1,722	2,321	2,548	2,774	3,016
Change	-	19.49%	37.44%	31.62%	34.76%	9.8%	8.85%	8.71%
Interest Paid ¹	-309.3	-323.6	-465.2	-730.4	-1,017	-1,140	-1,239	-1,316
Earnings before Tax (EBT) ¹	487.4	392.4	917.6	928.9	933.9	1,219	1,660	1,799
Change	-	-19.5%	133.84%	1.24%	0.54%	30.54%	36.19%	8.34%
Net income ¹	395.5	359.5	869.4	872.3	847.9	1,103	1,525	1,650
Change	-	-9.11%	141.87%	0.33%	-2.8%	30.06%	38.3%	8.18%
Announcement Date	22/02/21	22/02/22	21/02/23	20/02/24	24/02/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	395.3	417.7	436.7	462.4	643.3	755.6	800.8	825.9	873.3	865.7	995.3	1,009	1,029	1,208	1,285	1,271	1,280	1,313	1,338	1,387	1,395	1,425	1,442	1,458	1,453	-	-	-
Change	-	5.66%	4.56%	5.88%	39.1%	17.46%	5.99%	3.14%	5.74%	-0.87%	14.97%	1.36%	1.97%	17.45%	6.34%	-1.06%	0.67%	2.61%	1.91%	3.61%	0.58%	2.15%	1.21%	1.14%	-0.33%	-	-	-
EBITDA ¹	374.3	393.5	410.7	438.4	610.8	722.3	724.1	750.5	782	840.8	887.7	932.6	956.4	1,130	1,195	1,197	1,195	1,230	1,254	1,309	1,323	1,352	1,376	1,399	1,409	1,443	1,460	1,484
Change	-	5.14%	4.37%	6.74%	39.32%	18.26%	0.25%	3.64%	4.21%	7.52%	5.57%	5.06%	2.55%	18.18%	5.68%	0.2%	-0.17%	2.92%	1.94%	4.41%	1.1%	2.17%	1.75%	1.69%	0.71%	2.41%	1.18%	1.62%
EBIT ¹	199.2	215.5	222.9	239.6	277.6	318.5	314.7	331.4	343.9	389.4	249.1	437	480.5	549.2	589	594.6	588.2	620.8	605.8	676.9	665.4	682.8	696.5	711.8	740.9	767.3	782.3	803.2
Change	-	8.18%	3.43%	7.47%	15.86%	14.77%	-1.22%	5.33%	3.75%	13.23%	-36.01%	75.42%	9.95%	14.29%	7.23%	0.95%	-1.07%	5.55%	-2.43%	11.74%	-1.7%	2.62%	2%	2.2%	4.08%	3.57%	1.95%	2.68%
Charge d'intérêts ¹	-78.76	-73.08	-73.67	-76.16	-100.7	-106.4	-110.1	-117.4	-131.3	-154.1	-183.9	-184.1	-208.3	-240.6	-246.9	-261.3	-268.1	-268.4	-283.8	-294.5	-299.1	-298.4	-300.9	-304.2	-307	-297.3	-301.3	-305.3
Earnings before Tax (EBT) ¹	120.5	142.4	134	141.4	14.6	211	238.5	-	-	-	-	-	-	149.4	-	286.5	221.5	267.1	223.1	341.5	391.2	394.9	406.2	410.6	419.2	426.8	442.1	444.7
Change	-	18.25%	-5.94%	5.49%	-89.67%	1,345.37%	13.05%	-	-	-	-	-	-	-	-	-	-22.7%	20.62%	-16.49%	53.09%	14.54%	0.95%	2.86%	1.1%	2.09%	1.82%	3.58%	0.58%
Net income ¹	117.9	95.94	124.5	135	4.041	199.4	223.2	219.6	227.3	225	195.4	233.5	218.4	129.7	256.8	261.8	199.6	249.8	196.9	315.8	352	356.9	367.4	377.9	381.9	407.8	419.4	429.7
Change	-	-18.65%	29.75%	8.45%	-97.01%	4,833.66%	11.96%	-1.63%	3.51%	-0.99%	-13.16%	19.48%	-6.45%	-40.62%	98%	1.94%	-23.75%	25.15%	-21.17%	60.36%	11.46%	1.39%	2.95%	2.86%	1.05%	6.78%	2.84%	2.47%
Announcement Date	22/02/21	03/05/21	02/08/21	01/11/21	22/02/22	04/05/22	03/08/22	02/11/22	21/02/23	03/05/23	02/08/23	06/11/23	20/02/24	06/05/24	05/08/24	04/11/24	24/02/25	05/05/25	06/08/25	03/11/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Realty Income Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	7,993	15,184	17,940	21,287	25,782	28,933	30,192	31,147
Change	-	89.97%	18.15%	18.66%	21.12%	12.22%	4.35%	3.16%
Announcement Date	22/02/21	22/02/22	21/02/23	20/02/24	24/02/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Realty Income Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	8.708	19.08	95.51	68.69	121.4	100	106	112
Change	-	119.11%	400.6%	-28.08%	76.75%	-17.64%	6%	5.66%
Free Cash Flow (FCF) ¹	1,107	1,303	2,468	-	-	-	-	-
Change	-	17.73%	89.42%	-	-	-	-	-
Announcement Date	22/02/21	22/02/22	21/02/23	20/02/24	24/02/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Realty Income Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	94.46%	94.38%	90.28%	91.39%	93.51%	94.77%	96.7%	100.02%
EBIT Margin (%)	51.07%	48.57%	39.66%	43.51%	46.02%	47.09%	48.4%	50.81%
EBT Margin (%)	31.24%	20.02%	27.81%	23.47%	18.52%	22.53%	28.97%	30.31%
Net margin (%)	25.35%	18.34%	26.35%	22.04%	16.81%	20.38%	26.61%	27.8%
FCF margin (%)	70.94%	66.48%	74.81%	-	-	-	-	-
FCF / Net Income (%)	279.87%	362.52%	283.91%	-	-	-	-	-
Profitability
ROA	2.01%	1.13%	1.87%	1.62%	1.34%	1.5%	2.03%	2.19%
ROE	3.81%	3.34%	3.23%	2.83%	2.36%	2.83%	3.83%	4.19%
Financial Health
Leverage (Debt/EBITDA)	5.42x	8.21x	6.02x	5.88x	5.47x	5.64x	5.45x	5.25x
Debt / Free cash flow	7.22x	11.65x	7.27x	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	0.56%	0.97%	2.89%	1.74%	2.41%	1.85%	1.85%	1.89%
CAPEX / EBITDA (%)	0.59%	1.03%	3.21%	1.9%	2.57%	1.95%	1.91%	1.89%
CAPEX / FCF (%)	0.79%	1.46%	3.87%	-	-	-	-	-
Items per share
Cash flow per share ¹	3.23	3.188	4.188	-	4.127	3.898	4.433	4.549
Change	-	-1.3%	31.38%	-	-	-5.54%	13.7%	2.62%
Dividend per Share ¹	2.794	2.833	2.967	3.051	3.126	3.219	3.303	3.409
Change	-	1.4%	4.73%	2.83%	2.44%	3%	2.59%	3.21%
Book Value Per Share ¹	30.41	42.37	43.48	43.78	43.57	43.12	42.24	41.55
Change	-	39.36%	2.63%	0.67%	-0.48%	-1.02%	-2.03%	-1.64%
EPS ¹	1.14	0.87	1.42	1.26	0.98	1.205	1.599	1.707
Change	-	-23.68%	63.22%	-11.27%	-22.22%	22.94%	32.69%	6.77%
Nbr of stocks (in thousands)	350,990	565,813	627,154	723,949	875,211	919,906	919,906	919,906
Announcement Date	22/02/21	22/02/22	21/02/23	20/02/24	24/02/25	-	-	-