10-QPeriod: Q3 FY2025

REALTY INCOME CORP Quarterly Report for Q3 Ended Sep 30, 2025

Filed November 4, 2025For Securities:O

Summary

Realty Income Corp. (O) reported solid financial performance for the nine months ended September 30, 2025, with total revenue increasing to $4.26 billion, up from $3.93 billion in the prior year period. Net income attributable to the Company also saw a notable increase, reaching $762.5 million compared to $661.2 million in the same period of 2024. The company continues its strong dividend payout history, declaring 664 consecutive monthly dividends and demonstrating consistent dividend increases. The company has actively managed its portfolio and capital structure. Investments during the nine-month period totaled $3.9 billion, reflecting strategic property acquisitions and development activities. Simultaneously, Realty Income disposed of 268 properties for $424.2 million. The company also maintained a robust liquidity position with $3.5 billion in liquidity as of September 30, 2025, and successfully accessed capital markets through debt issuances and equity programs, including substantial ATM program settlements and new note issuances in October 2025.

Financial Highlights

34 data points
Beta

Revenue

$1.47B

Net Income

$315.77M

21.5% Net Margin

EPS (Diluted)

$0.35

Total Assets

$71.28B

Cash & Equivalents

$417.17M

Free Cash Flow

$943.13M

Financial Statements
Beta
Revenue$1.47B
Operating Expenses$1.19B
Net Income$315.77M
EPS (Basic)$0.35
EPS (Diluted)$0.35
Shares Outstanding (Basic)913.95M
Shares Outstanding (Diluted)915.19M

Key Highlights

  • 1Total revenue for the nine months ended September 30, 2025, increased to $4.26 billion, a 8.4% rise from $3.93 billion in the prior year period.
  • 2Net income attributable to the Company grew to $762.5 million for the nine months ended September 30, 2025, from $661.2 million in the same period last year.
  • 3The company invested $3.9 billion in real estate and other assets during the first nine months of 2025, indicating continued portfolio expansion and development.
  • 4Total outstanding borrowings as of September 30, 2025, were $28.7 billion, with approximately 93% of the total debt being fixed rate.
  • 5Realty Income maintained a strong liquidity position with $3.5 billion available as of September 30, 2025.
  • 6The company declared 664 consecutive monthly dividends and has a history of increasing its dividend, with 112 consecutive quarterly dividend increases as of October 2025.
  • 7Same store rental revenue saw a 1.3% increase for both the three and nine months ended September 30, 2025, compared to the same periods in 2024.

Frequently Asked Questions

For the nine months ended September 30, 2025, Realty Income reported total revenue of $4.26 billion, an increase from $3.93 billion in the same period of 2024. Net income attributable to the Company rose to $762.5 million from $661.2 million year-over-year. The company's operational performance is further supported by a 1.3% increase in same-store rental revenue for both the three and nine-month periods.

Realty Income invested $3.9 billion in the first nine months of 2025, encompassing property acquisitions, development, unconsolidated entities, and loans. Concurrently, the company completed $424.2 million in property dispositions. They also secured $3.5 billion in liquidity as of September 30, 2025, and successfully raised capital through various debt and equity offerings, including substantial ATM program settlements and new note issuances in October 2025.

As of September 30, 2025, Realty Income's total outstanding borrowings stood at $28.7 billion. A significant portion, approximately 93%, of this debt is at a fixed rate, mitigating interest rate risk. The company has a weighted average maturity of 5.6 years and a weighted average interest rate of 3.9% on its debt.

Realty Income has a long-standing commitment to monthly dividends, having declared 664 consecutive monthly dividends. The company has a history of increasing its dividend payout, with 112 consecutive quarterly dividend increases as of October 2025. The total dividends paid per share for the nine months ended September 30, 2025, were $2.4085, an increase of 3.1% from the prior year.