REALTY INCOME CORP

For the period ended Dec 31, 2024. Filed Feb 25, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 25, 2025

O$59.54+0.1%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Schedule III Real Estate and Accumulated Depreciation

Initial Cost to Company · Cost Capitalized Subsequent to Acquisition · Gross Amount at Which Carried at Close of Period (Notes 3, 4 and 6)
Description · Number of Properties (Note 1) · Encumbrances (Note 2) · Land · Buildings, Improvements and Acquisition Fees · Improvements · Carrying Costs · Land · Buildings, Improvements and Acquisition Fees · Total · Accumulated Depreciation (Note 5) · Date of Construction · Date Acquired
U.S.
Advertising	4	$—	$18,677	$70,647	$—	$—	$18,677	$70,647	$89,324	$7,578	1990	-	2009	3/26/2021	-	11/1/2021
Aerospace	7	—		10,043		116,249	3,923		—			10,043	120,172		130,215	57,425	1951	-	2013	6/20/2011	-	1/23/2024
Apparel	102	—		215,633		625,635	10,329		199			215,633	636,163		851,796	107,256	1962	-	2022	10/30/1987	-	1/23/2024
Automotive Collision Service	271	—		211,719		533,602	18,747		10			211,719	552,359		764,078	85,326	1920	-	2024	8/30/2002	-	12/31/2024
Automotive Parts	487	—		208,502		608,834	8,281		827			208,502	617,942		826,444	138,348	1965	-	2022	8/6/1987	-	1/23/2024
Automotive Service	985	—		721,507		1,610,843	29,869		144			721,507	1,640,856		2,362,363	203,218	1920	-	2024	10/2/1985	-	9/30/2024
Automotive Tire Services	264	—		220,793		508,279	1,583		81			220,793	509,943		730,736	163,590	1947	-	2024	11/27/1985	-	1/23/2024
Beverage	18	—		183,323		185,539	90		—			183,323	185,629		368,952	69,119	1950	-	2020	6/25/2010	-	6/28/2022
Child Care	362	—		189,614		420,301	5,694		678			189,614	426,673		616,287	141,159	1949	-	2023	12/22/1981	-	1/23/2024
Consumer Appliances	1	—		4,275		29,317	31		—			4,275	29,348		33,623	789	2020	-	2020	1/23/2024	-	1/23/2024
Consumer Electronics	35	—		75,567		191,130	2,563		51			75,567	193,744		269,311	30,281	1984	-	2021	6/9/1997	-	1/23/2024
Consumer Goods	10	—		37,990		273,464	3,391		—			37,990	276,855		314,845	53,092	1987	-	2013	1/22/2013	-	1/23/2024
Convenience Stores	2,562	—		2,236,585		3,567,631	22,372		145			2,236,585	3,590,148		5,826,733	718,934	1922	-	2024	3/3/1995	-	11/22/2024
Crafts and Novelties	65	—		132,409		435,167	3,154		440			132,409	438,761		571,170	65,410	1973	-	2022	11/26/1996	-	12/27/2024
Diversified Industrial	57	—		122,404		575,538	15,525		—			122,404	591,063		713,467	55,020	1940	-	2023	9/19/2012	-	9/30/2024
Dollar Stores	3,131	—		978,226		2,818,117	8,246		9			978,226	2,826,372		3,804,598	637,617	1921	-	2024	2/3/1998	-	9/20/2024
Drug Stores	633	—		799,813		2,181,983	4,911		100			799,813	2,186,994		2,986,807	590,754	1958	-	2015	9/30/1998	-	9/30/2024
Education	18	—		28,124		66,515	1,912		81			28,124	68,508		96,632	18,580	1957	-	2009	12/19/1984	-	11/22/2022
Energy	54	—		49,545		184,352	1,281		—			49,545	185,633		235,178	9,662	1962	-	2023	11/1/2021	-	1/23/2024
Entertainment	81	—		228,807		641,817	31,797		—			228,807	673,614		902,421	38,835	1959	-	2024	3/31/1999	-	1/23/2024
Equipment Services	47	—		41,018		138,689	2,383		—			41,018	141,072		182,090	23,081	1965	-	2022	7/3/2003	-	1/23/2024
Financial Services	343	—		172,488		436,712	(2,946)		97			172,488	433,863		606,351	116,020	1807	-	2015	3/10/1987	-	1/23/2024
Food Processing	29	—		81,722		442,292	1,195		—			81,722	443,487		525,209	33,825	1958	-	2024	12/20/2012	-	9/27/2024
General Merchandise	295	—		456,083		1,294,955	5,245		463			456,083	1,300,663		1,756,746	224,946	1954	-	2024	12/23/1998	-	12/27/2024
Gaming	1	—		419,464		1,277,403	—		—			419,464	1,277,403		1,696,867	76,036	2019	-	2019	12/1/2022	-	12/1/2022
Grocery	280	—		606,141		1,573,347	6,493		325			606,141	1,580,165		2,186,306	328,332	1947	-	2024	9/30/2003	-	9/30/2024
Health and Beauty	8	—		6,696		49,339	8,149		—			6,696	57,488		64,184	9,729	1999	-	2017	2/23/1999	-	3/22/2023
Health and Fitness	185	—		465,108		1,992,348	22,628		172			465,108	2,015,148		2,480,256	450,780	1943	-	2023	5/31/1995	-	6/28/2024
Health Care	521	36,432		358,482		1,222,574	33,396		225			358,482	1,256,195		1,614,677	166,933	1922	-	2023	12/18/1984	-	11/21/2024
Home Furnishings	227	—		268,795		646,194	8,586		119			268,795	654,899		923,694	81,221	1947	-	2024	1/24/1984	-	1/23/2024
Home Improvement	287	6,965		701,886		1,376,021	26,788		63			701,886	1,402,872		2,104,758	218,431	1863	-	2025	12/22/1986	-	12/20/2024
Insurance	2	—		1,862		4,253	—		—			1,862	4,253		6,115	284	2000	-	2006	11/1/2021	-	10/17/2022
Jewelry	5	—		5,367		58,688	—		—			5,367	58,688		64,055	9,877	1997	-	2008	1/22/2013	-	11/1/2021
Machinery	4	—		6,577		69,225	86		—			6,577	69,311		75,888	10,965	1969	-	2021	7/31/2012	-	3/22/2023
Motor Vehicle Dealerships	89	—		307,193		566,856	1,700		—			307,193	568,556		875,749	114,433	1962	-	2023	11/29/2003	-	12/23/2024
Office Supplies	18	—		21,116		50,542	1,150		339			21,116	52,031		73,147	9,910	1978	-	2014	5/30/1997	-	1/23/2024
Oil & Gas	1	—		800		1,242	—		—			800	1,242		2,042	987	1999	-	1999	2/9/2005	-	2/9/2005
Other Manufacturing	45	—		69,697		374,706	3,505		240			69,697	378,451		448,148	35,439	1949	-	2018	1/22/2013	-	2/1/2024
Packaging	35	122	72,777	337,370	52,849	—	72,777	390,219	462,996	63,011	1956	-	2016	6/3/2011	-	1/23/2024

Initial Cost to Company · Cost Capitalized Subsequent to Acquisition · Gross Amount at Which Carried at Close of Period (Notes 3, 4 and 6)
Description · Number of Properties (Note 1) · Encumbrances (Note 2) · Land · Buildings, Improvements and Acquisition Fees · Improvements · Carrying Costs · Land · Buildings, Improvements and Acquisition Fees · Total · Accumulated Depreciation (Note 5) · Date of Construction · Date Acquired
Paper	2	$—	$2,462	$11,935	$45	$—	$2,462	$11,980	$14,442	$5,544	2002	-	2006	5/2/2011	-	12/21/2012
Pet Supplies and Services	146	—		147,308		437,223	13,138		239			147,308	450,600		597,908	73,500	1945	-		2023	12/22/1981	-		12/9/2024
Restaurants-Casual	919	—		734,414		1,570,012	2,518		1,359			734,414	1,573,889		2,308,303	307,751	1927	-		2023	5/16/1984	-		9/30/2024
Restaurants-Quick Service	2,084	—		1,021,288		2,089,131	1,815		174			1,021,288	2,091,120		3,112,408	406,441	1926	-		2024	12/9/1976	-		8/21/2024
Shoe Stores	6	—		6,992		41,985	341		215			6,992	42,541		49,533	15,778	1990	-		2008	3/26/1998	-		12/22/2021
Sporting Goods	66	—		148,498		421,993	6,223		178			148,498	428,394		576,892	75,236	1950	-		2020	10/17/2001	-		1/23/2024
Telecommunications	7	—		9,163		13,932	683		11			9,163	14,626		23,789	3,769	1964	-		2016	6/26/1998	-		1/23/2024
Theaters	105	—		276,852		784,839	10,968		—			276,852	795,807		1,072,659	320,017	1930	-		2016	7/27/2000	-		1/23/2024
Transportation Services	95	—		211,355		1,171,336	23,831		402			211,355	1,195,569		1,406,924	295,977	1967	-		2020	4/1/2003	-		1/23/2024
Warehousing and Storage	2	—		1,442		15,178	—		—			1,442	15,178		16,620	3,823	1979	-		2007	1/22/2013	-		11/1/2021
Wholesale Club	68	—		351,490		887,814	22		—			351,490	887,836		1,239,326	212,968	1985	-		2021	9/30/2011	-		1/23/2024
Other US	31	—		73,313		182,468	14,436		—			73,313	196,904		270,217	15,149	1970	-		2021	8/18/1986	-		11/21/2024
Europe
Apparel	7	—		79,550		197,647	30		—			79,550	197,677		277,227	9,959	1950	-		2005	4/19/2021	-		10/11/2024
Automotive Parts	2	—		3,854		7,604	50		—			3,854	7,654		11,508	505	1980	-		1996	6/17/2022	-		9/28/2023
Automotive Tire Services	3	—		1,678		5,117	—		—			1,678	5,117		6,795	776	1974	-		1994	3/9/2021	-		3/9/2021
Consumer Electronics	3	—		13,345		39,080	998		—			13,345	40,078		53,423	2,111	1997	-		2006	3/4/2022	-		5/14/2024
Convenience Stores	3	—		12,480		6,423	—		—			12,480	6,423		18,903	729	1982	-		2021	12/21/2021	-		9/20/2023
Diversified Industrial	5	—		28,998		56,823	923		—			28,998	57,746		86,744	3,805	1980	-		2020	7/22/2021	-		3/30/2023
Drug Stores	1	—		—		—	—		—			—	—		—	—	1990	-		1990	1/31/2023	-		1/31/2023
Energy	1	—		9,398		10,494	—		—			9,398	10,494		19,892	889	2020	-		2020	1/13/2022	-		1/13/2022
Entertainment	1	—		22,376		35,271	3		—			22,376	35,274		57,650	4,186	1993	-		1993	1/13/2022	-		1/13/2022
Food Processing	7	—		32,909		89,288	2,474		—			32,909	91,762		124,671	7,364	1950	-		2021	11/30/2021	-		2/23/2023
Financial Services	1	—		130,747		21,020	—		—			130,747	21,020		151,767	82	1934	-		1934	11/12/2024	-		11/12/2024
General Merchandise	26	—		205,983		290,261	2,057		—			205,983	292,318		498,301	20,452	1980	-		2023	8/25/2021	-		6/14/2024
Grocery	193	37,752		1,615,207		2,558,715	7,846		—			1,615,207	2,566,561		4,181,768	277,955	1800	-		2024	5/23/2019	-		12/12/2024
Health and Fitness	2	—		28,602		27,966	631		—			28,602	28,597		57,199	2,765	2004	-		2020	3/24/2022	-		1/31/2023
Health Care	6	—		26,696		51,455	9		—			26,696	51,464		78,160	5,397	1969	-		2006	3/23/2020	-		9/7/2022
Home Furnishings	14	—		99,109		145,122	562		—			99,109	145,684		244,793	12,827	1980	-		2019	4/9/2021	-		7/2/2024
Home Improvement	98	—		768,054		1,001,091	3,078		—			768,054	1,004,169		1,772,223	98,592	1890	-		2024	7/31/2020	-		12/11/2024
Motor Vehicle Dealerships	3	—		16,094		27,663	—		—			16,094	27,663		43,757	2,953	1990	-		2005	2/11/2022	-		9/27/2022
Other Manufacturing	3	—		47,157		15,319	—		—			47,157	15,319		62,476	1,034	1912	-		1968	4/6/2022	-		8/13/2024
Restaurants-Quick Service	29	—		11,099		22,640	—		—			11,099	22,640		33,739	412	1990	-		2016	3/17/2021	-		12/16/2024
Sporting Goods	92	—		249,047		448,187	3,092		—			249,047	451,279		700,326	26,500	1950	-		2021	8/5/2022	-		12/28/2023
Theaters	2	—		18,370		41,944	—		—			18,370	41,944		60,314	158	1990	-		2011	12/18/2019	-		11/27/2024
Transportation Services	4	—		19,899		28,108	6,037		—			19,899	34,145		54,044	1,990	1970	-		2023	1/6/2022	-		6/7/2024
Warehousing and Storage	1	—		51,819		48,078	8		—			51,819	48,086		99,905	5,208	2002	-		2002	3/11/2021	-		3/11/2021
Wholesale Club	8	—		53,133		96,033	—		—			53,133	96,033		149,166	8,089	1966	-		2002	10/28/2022	-		2/9/2024
Other Europe	7	—		107,576		—	115,628		—			107,576	115,628		223,204	—	—		-		—	4/27/2023	-		7/29/2024
	15,622	$81,271	$17,374,585	$40,456,911	$562,352	$7,386	$17,374,585	$41,026,649	$58,401,234	$7,396,924

Note 1. · Realty Income Corporation owns or holds interests in 14,922 single-client properties in the U.S., our corporate headquarters property in San Diego, California, 220 single-tenant properties in the U.K., and 168 single-client properties elsewhere in Europe. Crest Net Lease, Inc. owns six single-client properties in the U.S.Realty Income Corporation also owns or holds interests in 171 multi-client properties in the U.S., 119 multi-tenant properties in the U.K., and 15 multi-client properties elsewhere in Europe.
Note 2. · Includes mortgages payable secured by 17 properties and excludes unamortized net premiums and discounts and deferred financing costs of $0.5 million.
Note 3. · The aggregate cost for federal income tax purposes for Realty Income Corporation is $66.2 billion and for Crest Net Lease, Inc. is $25.4 million.
Note 4. · The following is a reconciliation of total real estate carrying value for the years ended December 31 (in thousands): · 2024 · 2023 · 2022
Balance at beginning of period	$49,642,486		$42,689,699		$35,952,659
Additions during period:
Acquisitions and development	3,200,339		7,239,885		8,021,159
Merger additions (1)	6,838,500		—		—
Less amounts allocated to acquired lease intangible assets and liabilities	(253,904)		(484,096)		(625,730)
Improvements	122,887		54,904		99,484
Other (leasing costs and building adjustments) (2)	46,484		49,504		97,482
Total additions		9,954,306		6,860,197		7,592,395
Deductions during period:
Cost of real estate sold		658,645		125,166		402,386
Cost of equipment sold		24		11		—
Releasing costs		—		—		53
Other (3)		275,324		111,851		39,463
Total deductions		933,993		237,028		441,902
Foreign currency translation	(261,565)		329,618		(413,453)
Balance at end of period		$58,401,234		$49,642,486		$42,689,699
(1) Represents acquired assets from the Merger. For further information, see note 2, Merger with Spirit Realty Capital, Inc., to our consolidated financial statements.
(2) The year ended December 31, 2024 includes contributions to $46.5 million of RI LP Op Units. The year ended December 31, 2023 includes contributions to joint ventures of $38.4 million and reclassification of $11.3 million right of use assets under finance leases. The year ended December 31, 2022 includes $3.3 million right of use assets under finance leases, $43.0 million mortgage assumption, and $51.2 million RI LP Op Units.
(3) The year ended December 31, 2024 includes $7.7 million for building razed and $267.6 million of impairment, excluding impairment of depreciation, in-place and above-market leases. The year ended December 31, 2023 includes $14.0 million for building razed and $97.5 million of impairment, excluding impairment of depreciation, in-place and above-market leases. The year ended December 31, 2022 includes $13.6 million for building razed and $25.9 million of impairment.

Note 5. · The following is a reconciliation of accumulated depreciation for the years ended (in thousands): · 2024 · 2023 · 2022
	Balance at Beginning of Period	$6,096,736		$4,908,658		$3,963,753
	Additions During Period - Provision for Depreciation	1,508,492		1,233,709		1,028,182
Deductions During Period:
	Accumulated depreciation of real estate and equipment sold or disposed of	197,932		57,609		73,913
	Foreign Currency Translation	(10,372)		11,978		(9,364)
	Balance at Close of Period		$7,396,924		$6,096,736		$4,908,658
	Please see note 1, Summary of Significant Accounting Policies, to our consolidated financial statements for information regarding lives used for depreciation and amortization.
Note 6.	In 2024, provisions for impairment were recorded on 237 Realty Income properties.
	In 2023, provisions for impairment were recorded on 112 Realty Income properties.
	In 2022, provisions for impairment were recorded on 94 Realty Income properties.
	See report of independent registered public accounting firm.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.