10-KPeriod: FY2025

REALTY INCOME CORP Annual Report, Year Ended Dec 31, 2025

Filed February 25, 2026For Securities:O

Summary

Realty Income Corporation (O) reported a solid financial performance for the fiscal year ended December 31, 2025, characterized by consistent revenue growth and strategic portfolio expansion. The company maintained its position as a leading net lease REIT, with a diversified portfolio of over 15,500 properties across the U.S. and Europe. Key financial highlights include a significant increase in total revenue to $5.75 billion, driven by robust rental income and growing other revenue streams, largely from their expanding loan and preferred equity investments. Operationally, Realty Income achieved a high occupancy rate of 98.9% and demonstrated strong leasing results with a rent recapture rate of 103.9% on re-leased properties. The company also continued its commitment to shareholder returns, increasing its monthly dividend for the 133rd time since its NYSE listing. Strategic initiatives included geographic expansion into Poland, the Netherlands, and Mexico, as well as increased investment in property types like data centers and industrial real estate. The company also saw substantial growth in its private fund business, with commitments reaching $1.5 billion.

Financial Highlights

34 data points
Beta

Revenue

$5.75B

Net Income

$1.06B

18.4% Net Margin

EPS (Diluted)

$1.17

Total Assets

$72.80B

Cash & Equivalents

$434.84M

Free Cash Flow

$3.99B

Financial Statements
Beta
Revenue$5.75B
Operating Expenses$4.79B
Net Income$1.06B
EPS (Basic)$1.17
EPS (Diluted)$1.17
Shares Outstanding (Basic)907.17M
Shares Outstanding (Diluted)908.33M

Key Highlights

  • 1Total revenue increased to $5.75 billion for the year ended December 31, 2025, up from $5.27 billion in 2024.
  • 2The company maintained a high property occupancy rate of 98.9% as of December 31, 2025.
  • 3Realty Income increased its monthly dividend, marking its 133rd increase since its NYSE listing.
  • 4International expansion continued with new investments in Poland and the Netherlands, and initial investments in Mexico through a joint venture.
  • 5The company's private fund business saw significant growth, securing $1.5 billion in commitments by December 31, 2025.
  • 6Investments in loans and preferred equity increased substantially, reaching $3.1 billion, up from $1.5 billion in the prior year.
  • 7A preferred equity investment of $800 million was made in the real estate assets of CityCenter Las Vegas.

Frequently Asked Questions

Realty Income's total revenue for the year ended December 31, 2025, was $5.749 billion, an increase from $5.271 billion in the prior year.

Realty Income's international presence expanded in 2025, with U.K. and European assets representing approximately 19% of annualized base rent. The company also entered new European markets like Poland and the Netherlands, and made initial investments in Mexico in January 2026.

Realty Income's growth strategy focuses on enhancing portfolio scale, diversification, and durability. This includes geographic expansion, increased investment in high-growth property types (like data centers and industrial real estate), real estate credit investments, and expanding its private capital business through joint ventures and private funds.

In 2025, Realty Income expanded its multi-currency unsecured credit facilities to $5.38 billion and amended its term loan agreement. The company also issued several senior unsecured notes in USD, EUR, and GBP. It continues to diversify its capital sources, utilizing its private capital platform and joint ventures to enhance financial flexibility.