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Midas Edge

REALTY INCOME CORP

For the period ended Dec 31, 2025. Filed Feb 25, 2026.

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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.

FY2025 · Filed Feb 25, 2026

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

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

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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.
Advertising5$—$19,379$71,676$64$—$19,379$71,740$91,119$9,7971990-20093/26/2021-11/1/2021
Aerospace9—10,043232,8176,555—10,043239,372249,41564,1801951-20246/20/2011-12/30/2025
Apparel104—220,858730,52416,584199220,858747,307968,165144,5401962-202210/30/1987-2/12/2025
Automotive Collision Service294—229,450625,5056,84110229,450632,356861,806108,8211920-20258/30/2002-12/18/2025
Automotive Parts475—202,095585,7578,614827202,095595,198797,293155,1711965-20228/6/1987-11/20/2025
Automotive Service982—719,5351,603,9372,956140719,5351,607,0332,326,568259,8931920-202510/2/1985-1/14/2025
Automotive Tire Services256—214,547489,5331,80155214,547491,389705,936174,2831947-202411/27/1985-1/23/2024
Beverage19—184,575188,4131,113—184,575189,526374,10176,4291950-20206/25/2010-6/25/2025
Child Care362—196,576450,5878,694640196,576459,921656,497152,8301949-202512/22/1981-12/30/2025
Consumer Appliances1—4,27529,31788—4,27529,40533,6801,6362020-20201/23/2024-1/23/2024
Consumer Electronics35—68,588186,8543,4805168,588190,385258,97334,5641984-20236/9/1997-12/5/2025
Consumer Goods6—29,219145,8276,803—29,219152,630181,84943,5162004-20111/22/2013-1/23/2024
Convenience Stores2,504—2,204,6593,577,055(551)1452,204,6593,576,6495,781,308832,8411922-20253/3/1995-12/30/2025
Crafts and Novelties62—129,788452,2067,811440129,788460,457590,24580,6151973-202411/26/1996-11/7/2025
Diversified Industrial60—125,614598,61318,012—125,614616,625742,23976,8461940-20229/19/2012-9/30/2024
Dollar Stores3,124—970,5772,840,196(7,673)9970,5772,832,5323,803,109740,4021921-20252/3/1998-12/30/2025
Drug Stores591—766,1292,063,7713,428100766,1292,067,2992,833,428621,2641958-20152/9/2005-9/30/2024
Education18—28,58667,5651,3926228,58669,01997,60521,3721957-202412/19/1984-11/22/2022
Energy51—45,102172,0201,235—45,102173,255218,35713,2111962-202311/1/2021-1/23/2024
Entertainment80—225,997640,55159,932—225,997700,483926,48064,6891959-20243/31/1999-1/23/2024
Equipment Services47—40,924132,4763,402—40,924135,878176,80226,6791965-20227/3/2003-1/23/2024
Financial Services331—161,596422,25654397161,596422,896584,492127,7791807-20153/10/1987-1/23/2024
Food Processing30—83,396471,8512,512—83,396474,363557,75947,4791958-202412/20/2012-1/6/2025
General Merchandise328—487,6131,411,1059,883463487,6131,421,4511,909,064270,6121954-202512/23/1998-12/30/2025
Gaming1—419,4641,277,403——419,4641,277,4031,696,867112,5332019-201912/1/2022-12/1/2022
Grocery273—573,7931,541,1987,776325573,7931,549,2992,123,092378,2041947-20249/30/2003-9/17/2025
Health and Beauty8—6,69658,808198—6,69659,00665,70211,4461999-20172/23/1999-3/22/2023
Health and Fitness183—476,9342,103,78317,424172476,9342,121,3792,598,313497,4091943-20255/31/1995-9/29/2025
Health Care52732,007362,4281,247,19717,217198362,4281,264,6121,627,040211,0481922-202312/18/1984-12/29/2025
Home Furnishings206—243,888562,3389,313119243,888571,770815,65893,8961947-20241/24/1984-1/23/2024
Home Improvement2905,887734,2251,398,78883,93435734,2251,482,7572,216,982267,7921863-202512/22/1986-12/17/2025
Insurance1—7542,840——7542,8403,5943642006-200610/17/2022-10/17/2022
Jewelry5—5,36758,688——5,36758,68864,05512,1581997-20081/22/2013-11/1/2021
Machinery4—6,57769,2251,991—6,57771,21677,79313,1051969-20217/31/2012-3/22/2023
Motor Vehicle Dealerships91—317,912574,3251,976—317,912576,301894,213136,6181962-202311/29/2003-12/30/2025
Office Supplies17—19,70648,8821,09533919,70650,31670,0229,7161978-20145/30/1997-1/23/2024
Oil & Gas1—754436——7544361,190341993-19931/23/2024-1/23/2024
Other Manufacturing45—69,439431,1923,44224069,439434,874504,31346,5471949-20241/22/2013-10/17/2025
Packaging36—74,715422,9774,505—74,715427,482502,19775,2501956-20166/3/2011-9/29/2025
Paper2—2,46211,93545—2,46211,98014,4425,9642002-20065/2/2011-12/21/2012
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
Pet Supplies and Services145$—$147,021$439,900$14,517$239$147,021$454,656$601,677$88,5081945-202312/22/1981-12/9/2024
Restaurants-Casual871—707,3101,524,2325,5761,318707,3101,531,1262,238,436360,1641927-20258/1/1984-12/30/2025
Restaurants-Quick Service2,042—1,019,8212,060,2682,8551741,019,8212,063,2973,083,118473,3991926-202512/9/1976-12/30/2025
Shoe Stores7—7,54644,6883492157,54645,25252,79817,0571990-20253/26/1998-8/4/2025
Sporting Goods70—172,542437,4907,431178172,542445,099617,64194,0121950-202010/17/2001-1/23/2024
Telecommunications6—4,68812,630611114,68813,25217,9403,7851990-20166/26/1998-1/23/2024
Theaters97—262,870763,41311,765—262,870775,1781,038,048336,8421930-20187/27/2000-10/29/2025
Transportation Services92—232,0781,196,33725,693402232,0781,222,4321,454,510333,0721967-20204/1/2003-12/31/2025
Warehousing and Storage2—1,44215,178——1,44215,17816,6204,2571979-20071/22/2013-11/1/2021
Wholesale Club69—353,564899,10151—353,564899,1521,252,716248,6741985-20219/30/2011-1/27/2025
Other U.S.33—65,880177,8639,811—65,880187,674253,55420,3021964-20218/18/1986-11/19/2024
Europe
Apparel10—102,735260,7031,519—102,735262,222364,95719,6471850-20084/19/2021-11/21/2025
Automotive Parts2—4,1428,17365—4,1428,23812,3808751980-19966/17/2022-9/28/2023
Automotive Tire Services3—1,8035,500——1,8035,5007,3031,0541974-19943/9/2021-3/9/2021
Consumer Electronics7—82,298125,5571,683—82,298127,240209,5386,0901972-20063/4/2022-12/9/2025
Convenience Stores3—13,5376,947——13,5376,94720,4841,0641982-202112/21/2021-9/20/2023
Diversified Industrial5—31,16861,076992—31,16862,06893,2366,0101980-20207/22/2021-3/30/2023
Drug Stores1—————————1990-19901/31/2023-1/31/2023
Energy1—10,10111,279——10,10111,27921,3801,2782020-20201/13/2022-1/13/2022
Entertainment1—24,05137,911384—24,05138,29562,3466,0151993-19931/13/2022-1/13/2022
Financial Services1—137,22524,8364,372—137,22529,208166,4338531934-193411/12/2024-11/12/2024
Food Processing7—35,37295,9704,952—35,372100,922136,29410,8321950-202111/30/2021-2/23/2023
General Merchandise31—281,544384,94912,017—281,544396,966678,51036,2911980-20218/25/2021-9/26/2025
Grocery249—2,034,8323,346,34912,108—2,034,8323,358,4575,393,289419,1861800-20255/23/2019-12/22/2025
Health and Fitness3—44,94057,0131,626—44,94058,639103,5795,0401997-20203/24/2022-3/28/2025
Health Care6—28,69455,30630—28,69455,33684,0307,5861969-20063/23/2020-9/7/2022
Home Furnishings21—187,000334,5566,156—187,000340,712527,71231,9961980-20194/9/2021-3/25/2025
Home Improvement107—945,4481,361,4605,469—945,4481,366,9292,312,377148,8041890-20247/31/2020-12/10/2025
Machinery1—16,46019,227——16,46019,22735,6872721991-19917/3/2025-7/3/2025
Motor Vehicle Dealerships3—17,29929,733——17,29929,73347,0324,3631990-20052/11/2022-9/27/2022
Other Manufacturing5—62,956296,5055—62,956296,510359,4667,1691912-20244/6/2022-4/24/2025
Restaurants-Quick Service30—20,13546,837105—20,13546,94267,0772,7481990-20233/17/2021-12/16/2024
Sporting Goods89—262,730513,3096,352—262,730519,661782,39149,3841950-20218/5/2022-3/25/2025
Theaters2—20,35443,246547—20,35443,79364,1471,8931990-201112/18/2019-11/27/2024
Transportation Services9—151,957440,92735,170—151,957476,097628,0545,2511970-20251/6/2022-12/12/2025
Warehousing and Storage2—67,31192,410484—67,31192,894160,2057,9052002-20253/11/2021-4/27/2023
Wholesale Club8—60,252108,900——60,252108,900169,15213,5291966-200210/28/2022-2/9/2024
Other Europe7—127,376—38,826—127,37638,826166,202——-—9/29/2023-11/4/2025
15,512$37,894$18,430,717$43,340,206$523,956$7,203$18,430,717$43,871,365$62,302,082$8,796,740
Note 1. · Realty Income Corporation owns or holds interests in 14,717 single-tenant properties in the U.S., our corporate headquarters property in San Diego, California, 230 single-tenant properties in the U.K., and 218 single-tenant properties elsewhere in Europe. Crest Net Lease, Inc. owns two single-tenant properties in the U.S.Realty Income Corporation also owns or holds interests in 174 multi-tenant properties in the U.S., 140 multi-tenant properties in the U.K., and 30 multi-tenant properties elsewhere in Europe.
Note 2. · Includes mortgages payable secured by 14 properties and excludes unamortized net discounts and deferred financing costs of $0.1 million.
Note 3. · The aggregate cost for federal income tax purposes for Realty Income Corporation is $71.0 billion and for Crest Net Lease, Inc. is $11.6 million.
Note 4. · The following is a reconciliation of total real estate carrying value for the years ended December 31 (in thousands): · 2025 · 2024 · 2023
Balance at beginning of period$58,401,234$49,642,486$42,689,699
Additions during period:
Acquisitions and development4,540,6333,200,3397,239,885
Merger additions (1)—6,838,500—
Less amounts allocated to acquired lease intangible assets and liabilities(409,478)(253,904)(484,096)
Improvements130,102122,88754,904
Other (leasing costs and building adjustments) (2)—46,48449,504
Total additions4,261,2579,954,3066,860,197
Deductions during period:
Cost of real estate sold697,937658,645125,166
Cost of equipment sold1,3912411
Releasing costs———
Other (3)509,582275,324111,851
Total deductions1,208,910933,993237,028
Foreign currency translation848,501(261,565)329,618
Balance at end of period$62,302,082$58,401,234$49,642,486
(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 of $46.5 million 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.
(3) The year ended December 31, 2025 includes $6.7 million for building razed and $502.9 million of impairment (inclusive of $68.9 million included in accumulated depreciation activity below). The year ended December 31, 2024 includes $7.7 million for building razed and $267.6 million of impairment. The year ended December 31, 2023 includes $14.0 million for building razed and $97.5 million of impairment.
Note 5. · The following is a reconciliation of accumulated depreciation for the years ended (in thousands): · 2025 · 2024 · 2023
Balance at Beginning of Period$7,396,924$6,096,736$4,908,658
Additions During Period - Provision for Depreciation1,623,7131,508,4921,233,709
Deductions During Period:
Accumulated depreciation of real estate and equipment sold or disposed of265,879197,93257,609
Foreign Currency Translation41,982(10,372)11,978
Balance at Close of Period$8,796,740$7,396,924$6,096,736
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 2025, provisions for impairment were recorded on 395 Realty Income properties.
In 2024, provisions for impairment were recorded on 237 Realty Income properties.
In 2023, provisions for impairment were recorded on 112 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.