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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2026

☐ Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number 1-13374

REALTY INCOME CORPORATION

(Exact name of registrant as specified in its charter)


Maryland						33-0580106
(State or Other Jurisdiction of Incorporation or Organization)						(IRS Employer Identification Number)

11995 El Camino Real, San Diego, California 92130

(Address of Principal Executive Offices)

Registrant’s telephone number, including area code: (858) 284-5000

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange On Which Registered
Common Stock, $0.01 Par Value	O	New York Stock Exchange
1.125% Notes due 2027	O27A	New York Stock Exchange
1.875% Notes due 2027	O27B	New York Stock Exchange
5.000% Notes due 2029	O29B	New York Stock Exchange
1.625% Notes due 2030	O30	New York Stock Exchange
4.875% Notes due 2030	O30B	New York Stock Exchange
5.750% Notes due 2031	O31A	New York Stock Exchange
3.375% Notes due 2031	O31B	New York Stock Exchange
1.750% Notes due 2033	O33A	New York Stock Exchange
5.125% Notes due 2034	O34	New York Stock Exchange
3.875% Notes due 2035	O35B	New York Stock Exchange
6.000% Notes due 2039	O39	New York Stock Exchange
5.250% Notes due 2041	O41	New York Stock Exchange
2.500% Notes due 2042	O42	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," “accelerated filer,” "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Table of Contents

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 30, 2026, there were 932,492,530 shares of common stock outstanding.

Table of Contents

REALTY INCOME CORPORATION

Index to Form 10-Q

March 31, 2026


PART I.	FINANCIAL INFORMATION	Page
Item 1:	Financial Statements (Unaudited)
	Consolidated Balance Sheets	2
	Consolidated Statements of Income and Comprehensive Income	3
	Consolidated Statements of Equity	4
	Consolidated Statements of Cash Flows	5
	Notes to Consolidated Financial Statements	6
Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations	33
Item 3:	Quantitative and Qualitative Disclosures About Market Risk	51
Item 4:	Controls and Procedures	52
PART II.	OTHER INFORMATION
Item 1A:	Risk Factors	53
Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds	53
Item 5:	Other Information	54
Item 6:	Exhibits	54

SIGNATURE		55

-1-

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1: Financial Statements

REALTY INCOME CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts) (unaudited)


	March 31, 2026		December 31, 2025
ASSETS
Real estate held for investment, at cost:
Land	$	18,628,769	$	18,368,029
Buildings and improvements	44,464,843		43,824,410
Total real estate held for investment, at cost	63,093,612		62,192,439
Less accumulated depreciation and amortization	(9,092,291)		(8,778,536)
Real estate held for investment, net	54,001,321		53,413,903
Real estate and lease intangibles held for sale, net	139,939		91,784
Cash and cash equivalents	373,543		434,842
Accounts receivable, net	1,117,143		1,053,487
Lease intangible assets, net	5,648,504		5,717,241
Goodwill	4,932,199		4,932,199
Investment in unconsolidated entities	1,320,826		1,256,456
Other assets, net	7,021,229		5,895,700
Total assets	$	74,554,704	$	72,795,612
LIABILITIES AND EQUITY
Distributions payable	$	254,736	$	255,171
Accounts payable and accrued expenses	953,204		1,060,969
Lease intangible liabilities, net	1,478,512		1,493,958
Other liabilities	1,003,644		1,066,809
Revolving credit facilities and commercial paper	2,309,059		2,023,414
Term loans, net	2,370,548		1,701,615
Mortgages payable, net	37,420		37,761
Notes payable, net	24,911,912		25,031,947
Total liabilities	$	33,319,035	$	32,671,644
Commitments and contingencies (Note 18)
Stockholders’ equity:
Common stock and paid in capital, par value $0.01 per share, 1,300,000 shares authorized, 932,474 and 933,975 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	$	49,984,064	$	49,861,660
Distributions in excess of net income	(10,973,813)		(10,527,984)
Accumulated other comprehensive income	137,234		105,019
Total stockholders’ equity	$	39,147,485	$	39,438,695
Noncontrolling interests	2,088,184		685,273
Total equity	$	41,235,669	$	40,123,968
Total liabilities and equity	$	74,554,704	$	72,795,612

The accompanying notes to consolidated financial statements are an integral part of these statements.

-2-

Table of Contents

REALTY INCOME CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(in thousands, except per share amounts) (unaudited)


	Three months ended March 31,
	2026		2025
REVENUE
Rental (including reimbursements)	$	1,440,817	$	1,313,057
Interest income on financing receivables	32,130		32,635
Interest and dividend income on loans and preferred equity investments	70,110		34,736
Other	5,670		77
Total revenue	1,548,727		1,380,505
EXPENSES
Depreciation and amortization	630,275		608,935
Interest	291,940		268,374
Property (including reimbursements)	116,843		106,681
General and administrative	58,885		44,044
Provisions for impairment	129,268		116,589
Merger, transaction, and other costs, net	10,787		279
Total expenses	1,237,998		1,144,902
Gain on sales of real estate	35,642		22,537
Foreign currency and derivative loss, net	(17,020)		(2,545)
Equity in earnings of unconsolidated entities	2,669		4,357
Other income, net	15,110		7,167
Income before income taxes	347,130		267,119
Income taxes	(26,195)		(15,657)
Net income	320,935		251,462
Net income attributable to noncontrolling interests	(9,169)		(1,647)



Net income available to common stockholders	$	311,766	$	249,815
Amounts available to common stockholders per common share:
Net income, basic and diluted	$	0.33	$	0.28
Weighted average common shares outstanding:
Basic	931,977		891,666
Diluted	934,446		892,351

Net income available to common stockholders	$	311,766	$	249,815
Other comprehensive income:
Foreign currency translation adjustment	(16,117)		45,215
Unrealized gain (loss) on derivatives, net	48,332		(10,625)
Total other comprehensive income	$	32,215	$	34,590
Comprehensive income available to common stockholders	$	343,981	$	284,405

The accompanying notes to consolidated financial statements are an integral part of these statements.

-3-

Table of Contents

REALTY INCOME CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

(in thousands) (unaudited)

Three months ended March 31, 2026 and 2025



	Shares of common stock	Common stock and paid in capital		Distributions in excess of net income		Accumulated other comprehensive income		Total stockholders’ equity		Non-controlling interests		Total equity
Balance, December 31, 2025	933,975	$	49,861,660	$	(10,527,984)	$	105,019	$	39,438,695	$	685,273	$	40,123,968
Net income	—	—		311,766		—		311,766		9,169		320,935
Other comprehensive income	—	—		—		32,215		32,215		—		32,215
Distributions paid and payable	—	—		(757,595)		—		(757,595)		(10,952)		(768,547)
Share issuances, net of costs	50	3,201		—		—		3,201		—		3,201
Share repurchases	(1,761)	(101,909)		—		—		(101,909)		—		(101,909)
Contributions by noncontrolling interests, net of costs	—	(20,573)		—		—		(20,573)		1,647,374		1,626,801
Reallocation of equity	—	242,680		—		—		242,680		(242,680)		—
Share-based compensation, net	210	(995)		—		—		(995)		—		(995)
Balance, March 31, 2026	932,474	$	49,984,064	$	(10,973,813)	$	137,234	$	39,147,485	$	2,088,184	$	41,235,669

Balance, December 31, 2024	891,511	$	47,451,068	$	(8,648,559)	$	38,229	$	38,840,738	$	210,948	$	39,051,686
Net income	—	—		249,815		—		249,815		1,647		251,462
Other comprehensive income	—	—		—		34,590		34,590		—		34,590
Distributions paid and payable	—	—		(718,341)		—		(718,341)		(3,011)		(721,352)
Share issuances, net of costs	11,288	627,900		—		—		627,900		—		627,900
Contributions by noncontrolling interests, net of costs	—	—		—		—		—		1,342		1,342
Share-based compensation, net	263	(3,441)		—		—		(3,441)		—		(3,441)
Balance, March 31, 2025	903,062	$	48,075,527	$	(9,117,085)	$	72,819	$	39,031,261	$	210,926	$	39,242,187

The accompanying notes to consolidated financial statements are an integral part of these statements.

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REALTY INCOME CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands) (unaudited)


	Three months ended March 31,
	2026		2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	320,935	$	251,462
Adjustments to net income:
Depreciation and amortization	630,275		608,935
Amortization of share-based compensation	11,383		5,899
Non-cash revenue adjustments	(25,630)		(28,486)
Amortization of net discounts on mortgages payable	74		65
Amortization of net discounts on notes payable	6,246		652
Amortization of deferred financing costs	8,823		5,920
Foreign currency and unrealized derivative gain, net	(21,192)		(273)
Non-cash interest rate swaps	(474)		1,829
Gain on sales of real estate	(35,642)		(22,537)
Equity in earnings of unconsolidated entities	(2,669)		(4,357)
Distributions on common equity from unconsolidated entities	5,992		5,756
Provisions for impairment	129,268		116,589
Deferred income tax expense (benefit)	1,437		(104)
Change in assets and liabilities
Accounts receivable and other assets	(114,375)		(95,360)
Accounts payable, accrued expenses and other liabilities	(39,949)		(58,474)
Net cash provided by operating activities	874,502		787,516
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in real estate	(1,649,093)		(1,184,086)
Improvements to real estate, including leasing costs	(26,314)		(22,900)
Investment in unconsolidated entities	(67,016)		(5,283)
Investment in loans and preferred equity	(1,031,414)		(200,872)
Proceeds from sales of real estate	187,979		92,573

Proceeds from note receivable	8,713		7,022
Insurance proceeds received	466		15
Non-refundable escrow deposits	(2,185)		(100)
Net cash used in investing activities	(2,578,864)		(1,313,631)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash distributions to common stockholders	(758,032)		(711,824)
Borrowings on revolving credit facilities and commercial paper programs	19,796,468		5,594,638
Payments on revolving credit facilities and commercial paper programs	(19,483,654)		(5,084,178)
Proceeds from term loan	693,900		—

Proceeds from notes payable issued	862,500		—
Principal payment on notes payable	(825,000)		—
Principal payments on mortgages payable	(430)		(39,520)
Repurchases of common stock	(101,909)		—
Proceeds from common stock offerings, net	(218)		624,795
Proceeds from dividend reinvestment and stock purchase plan	3,141		3,105

Distributions to noncontrolling interests	(10,951)		(2,999)
Contributions from noncontrolling interests, net of costs	1,570,160		—
Debt issuance costs	(22,241)		—
Other financing activities, net	(12,154)		(9,459)
Net cash provided by financing activities	1,711,580		374,558
Effect of exchange rate changes on cash and cash equivalents	(3,931)		6,737
Net increase (decrease) in cash, cash equivalents and restricted cash	3,287		(144,820)
Cash, cash equivalents and restricted cash, beginning of period	520,756		495,505
Cash, cash equivalents and restricted cash, end of period	$	524,043	$	350,685

For supplemental disclosures, see note 16, Supplemental Disclosures of Cash Flow Information.

The accompanying notes to consolidated financial statements are an integral part of these statements.

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REALTY INCOME CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (unaudited)

1. Summary of Significant Accounting Policies

Realty Income Corporation (“Realty Income,” the “Company,” “we,” “our” or “us”), a Maryland corporation, is an S&P 500 company and real estate partner to the world's leading companies®. The Company was founded in 1969 and our shares of common stock trade on the New York Stock Exchange ("NYSE") under the symbol “O”.

As of March 31, 2026, we owned or held interests in a diversified portfolio of 15,571 properties located in all 50 states of the United States ("U.S."), the United Kingdom ("U.K."), and eight other countries in Europe.

Basis of Presentation. These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Intercompany accounts and transactions are eliminated in consolidation. The U.S. Dollar ("USD") is our reporting currency. Unless otherwise indicated, all dollar amounts are expressed in USD.

For our consolidated subsidiaries whose functional currency is not the USD, we translate their financial statements into USD at the time we consolidate those subsidiaries’ financial statements. Generally, assets and liabilities are translated at the exchange rate in effect at the balance sheet date. The resulting translation adjustments are included in 'Accumulated other comprehensive income' ("AOCI") on our consolidated balance sheets. Certain balance sheet items, primarily equity and capital-related accounts, are reflected at the historical exchange rate. Income statement accounts are translated using the average exchange rate for the period.

We and certain of our consolidated subsidiaries have intercompany and third-party debt that is not denominated in our functional currency. When the debt is remeasured to the functional currency of the entity, a gain or loss can result. The resulting adjustment is reflected in 'Foreign currency and derivative loss, net' in our consolidated statements of income and comprehensive income. In the statement of cash flows, cash flows denominated in foreign currencies are translated using the exchange rates in effect at the time of the respective cash flows or at average exchange rates for the period, depending on the nature of the cash flow items.

In the opinion of management, all adjustments (consisting only of normal recurring accruals) necessary to present a fair statement of results for the interim periods presented have been included. Operating results for the three months ended March 31, 2026 are not necessarily an indication of the results that may be expected for the entire year. Readers of this quarterly report should refer to our audited consolidated financial statements for the year ended December 31, 2025, which are included in our 2025 annual report on Form 10-K, as certain disclosures that would substantially duplicate those contained in the audited financial statements have not been included in this report.

Principles of Consolidation. These consolidated financial statements include the accounts of Realty Income and all other entities in which we have a controlling financial interest. We evaluate whether we have a controlling financial interest in an entity in accordance with Accounting Standards Codification ("ASC") 810, Consolidation.

Voting interest entities ("VOEs") are entities considered to have sufficient equity at risk and which the equity holders have the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. We consolidate voting interest entities in which we have a controlling financial interest, which we typically have through holding of a majority of the entity’s voting equity interests.

Variable interest entities ("VIEs") are entities that lack sufficient equity at risk or where the equity holders either do not have the obligation to absorb losses, do not have the right to receive residual returns, do not have the right to make decisions about the entity’s activities, or some combination of the above. A controlling financial interest in a VIE is present when an entity has a variable interest, or a combination of variable interests, that provides the entity with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. An entity that meets both conditions above is deemed the primary beneficiary and consolidates the VIE. We reassess our initial evaluation of whether an entity is a VIE when certain reconsideration events occur. We reassess our determination of whether we are the primary beneficiary of a VIE on an ongoing basis based on current facts and circumstances.

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As of March 31, 2026, we are considered the primary beneficiary of our U.S. Core Plus Fund (the "Fund"), our strategic partnership in joint venture with Apollo Global Management, Inc. ("Apollo"), Realty Income, L.P. and certain investments, including investments in joint ventures. Below is a summary of selected financial data of such consolidated VIEs, included on our consolidated balance sheets as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026		December 31, 2025
Net real estate	$	6,755,640	$	4,831,968
Total assets	$	7,772,142	$	5,579,888
Total liabilities	$	395,944	$	422,092

The portion of a consolidated entity not owned by us is recorded as a noncontrolling interest. Noncontrolling interests are reflected on our consolidated balance sheets as a component of equity. Noncontrolling interests that were created or assumed as part of a business combination or asset acquisition were recognized at fair value as of the date of the transaction. For further details, see note 9, Noncontrolling Interests.

Reclassification. The 'Other revenue' line item from prior periods has been broken out into the following line items: 'Interest income on financing receivables', 'Interest and dividend income on loans and preferred equity investments, and 'Other' to provide further detail on amounts included as 'Other' in our consolidated statements of income and comprehensive income. Prior periods have been reclassified to conform with the current period’s presentation.

Use of Estimates. The consolidated financial statements were prepared in conformity with U.S. GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Net Income per Common Share. Basic net income per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted net income per common share is computed by dividing net income available to common stockholders, plus income attributable to dilutive shares and convertible common units for the period, by the weighted average number of common shares that would have been outstanding assuming the issuance of common shares for all dilutive common shares outstanding during the reporting period, including common shares required to satisfy the exchange obligation for convertible notes under the if-converted method, assuming all such convertible notes were converted at the beginning of the reporting period, or date of issuance, if later. The average closing price of our common stock for the reporting period is used as the basis for determining the dilutive effect on earnings per share. For further details, see note 15, Net Income per Common Share.

Income Taxes. We have elected to be taxed as a real estate investment trust ("REIT"), under Section 856 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). We believe we have qualified and continue to qualify as a REIT. Under the REIT operating structure, we are permitted to deduct dividends paid to our stockholders in determining our taxable income. Assuming our dividends equal or exceed our taxable net income in the U.S., we generally will not be required to pay U.S. income taxes on such income. Accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements, except for federal income taxes of our taxable REIT subsidiaries ("TRS"). A TRS is a subsidiary of a REIT that is subject to federal, state and local income taxes, as applicable. Our use of TRS entities enables us to engage in certain business activities while complying with the REIT qualification requirements and to retain any income generated by these businesses for reinvestment without the requirement to distribute those earnings. We are liable for taxes in our applicable international territories and have made the appropriate provisions in those territories. Therefore, the income taxes recorded in our consolidated statements of income and comprehensive income represent amounts for U.S. income taxes on our TRS entities, city and state income and franchise taxes, as well as income taxes for the applicable international territories.

We recognize deferred income tax in our taxable subsidiaries, including certain international jurisdictions. Deferred income tax assets and liabilities are generally the result of temporary differences between book and tax accounting, such as timing differences caused by different useful lives used for depreciation. We provide for a valuation allowance for deferred income tax assets if we believe some or all of the deferred income tax assets may not be realized. We had $5.7 million and $4.3 million of net deferred tax liabilities as of March 31, 2026 and December 31, 2025, respectively, which are reported in 'Other liabilities' on our consolidated balance sheets.

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Earnings and profits that determine the taxability of distributions to stockholders differ from net income reported for financial reporting purposes primarily due to differences in the estimated useful lives and methods used to compute depreciation and the carrying value (basis) of the investments in properties for tax purposes, among other things.

We regularly analyze our various international, federal and state filing positions and only recognize the income tax effect in our financial statements when certain criteria regarding uncertain income tax positions have been met. We believe that our income tax positions would more likely than not be sustained upon examination by all relevant taxing authorities. Therefore, no provisions for uncertain tax positions have been recorded on our consolidated financial statements.

Lease Revenue Recognition and Accounts Receivable. The majority of our leases are accounted for as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term. Any rental revenue contingent upon our client’s sales, or percentage rent, is recognized only after our client exceeds its sales breakpoint. Rental increases based upon changes in the consumer price indices are recognized only after the changes in the indexes have occurred and are then applied according to the lease agreements. Lease termination fees, which are included in rental revenue, are amortized over the remaining term of the lease until we have no continuing obligation to provide services to such former client. Contractually obligated rental revenue from our clients for recoverable real estate taxes and operating expenses are included in contractually obligated reimbursements by our clients, a component of rental revenue, in the period when such costs are incurred. Taxes and operating expenses paid directly by our clients are recorded on a net basis.

Other revenue includes certain property-related revenue not included in rental revenue and interest income recognized on financing receivables for certain leases with above-market terms.

We assess the probability of collecting substantially all of the lease payments to which we are entitled under the original lease contract as required under ASC 842, Leases. We assess the collectability of our future lease payments based on an analysis of creditworthiness, economic trends and other facts and circumstances related to the applicable clients. If we conclude the collection of substantially all of lease payments under a lease is less than probable, rental revenue recognized for that lease is limited to cash received going forward, existing operating lease receivables, including those related to straight-line rental revenue, must be written off as an adjustment to rental revenue, and no further operating lease receivables are recorded for that lease until such future determination is made that substantially all lease payments under that lease are now considered probable. If we subsequently conclude that the collection of substantially all lease payments under a lease is probable, a reversal of lease receivables previously written off is recognized.

In addition to the client-specific collectability assessment conducted, we may also recognize a general allowance, as a reduction to rental revenue, for our operating lease receivables which are not expected to be fully collectible. We had $5.3 million and $5.1 million of general allowance as of March 31, 2026 and December 31, 2025, respectively.

Loans Receivable. Our acquired loans are classified as held for investment and are carried at their amortized cost basis. We recognize interest income on loans receivable using a method that approximates the effective-interest method. Direct costs associated with originating loans, along with any premium or discount, are deferred and amortized as an adjustment to interest income over the term of the loan using the effective interest method. When management identifies that the full recovery of the contractually specified payments of principal and interest of a loan is less than probable, we evaluate the expected loss amount and place it on non-accrual status. We have made an accounting policy election to record accrued interest on our loan portfolio separate from our loan receivable and other lending investments. These loans and the related interest receivable are presented in 'Other assets, net' on our consolidated balance sheets.

Acquisition, Development and Construction ("ADC") Arrangements. We originate loans to third-party borrowers for the acquisition, development, and construction of real estate. Each ADC arrangement is evaluated in accordance with ASC 310, Receivables, which involves the determination of whether an arrangement should be accounted for as a loan receivable or as an equity method investment. This analysis is applied only where the borrower entity is not subject to consolidation under ASC 810, Consolidation. Specifically, we first assess whether we are expected to receive more than 50% of the expected residual profits from the project, defined as profit above a reasonable lender return from the sale, refinancing, or other use of the property. If our expected participation in residual profits exceeds 50%, the arrangement must be accounted for as an equity method investment. If our

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expected participation is 50% or less, we further evaluate whether the arrangement exhibits characteristics more consistent with a loan or an equity method investment. This evaluation involves judgment and considers various factors, including the significance of borrower equity in the project, loan-to-cost and loan-to-value metrics relative to market, the existence of guarantees or binding lease arrangements, and interest rate and fee terms relative to market, among others. We reassess the classification of each ADC arrangement if facts and circumstances subsequently change in a manner that could affect the initial classification. Any reclassification is applied prospectively. As of March 31, 2026, we have determined that all of our ADC loan arrangements have characteristics more consistent with a loan than an equity method investment, and accordingly account for them as loan receivables.

Financing Receivables. For properties we acquire that qualify as sale-leaseback transactions and for which the purchase price is in excess of the fair value of the real estate acquired, the difference is accounted for as financing receivables, presented within 'Other assets, net' on our consolidated balance sheets. Rent payments are allocated between rental income and the financing receivable. Interest income on the financing receivable is recognized using the interest rate implicit in the leaseback and presented within 'Interest income on financing receivables revenue' in our consolidated statements of income and comprehensive income.

Allowance for Credit Losses. The allowance for credit losses, which is recorded as a reduction to loans receivable and financing receivable within 'Other assets, net' on our consolidated balance sheets, is measured using a probability of default method based on our clients respective credit ratings, our historical experience, and the expected value of the underlying collateral upon its repossession. If we determine a financing receivable no longer shares risk characteristics with other financing receivables in the pool, we evaluate the financing receivable for expected credit losses on an individual basis. Included in our model are factors that incorporate forward-looking information. The measurement of expected credit losses is also applicable to off-balance sheet credit exposures such as unfunded loan commitments. The allowance for credit losses attributed to unfunded commitments is included in 'Other liabilities' on our consolidated balance sheets. Changes in our allowance for credit losses are presented in 'Provisions for impairment' in our consolidated statements of income and comprehensive income. For further details, see note 5, Investments in Loans and Financing Receivables.

Merger, Transaction, and Other Costs, Net. Merger, transaction, and other costs, net, includes (i) expensed acquisition costs, including certain costs incurred for credit investment loans, (ii) organization costs for potential strategic ventures and business lines, (iii) ongoing legal services incurred in fundraising of the Fund, (iv) merger-related transaction costs, and (v) other costs that do not align with the ongoing operations of our business. During the three months ended March 31, 2026, we incurred $10.8 million of merger, transaction, and other costs, net consisting primarily of expensed acquisition costs and placement fees incurred in fundraising for the Fund.

Equity Offering Costs. Underwriting commissions and offering costs have been reflected as a reduction of additional paid-in capital on our consolidated balance sheets. Costs incurred in connection with the issuance of noncontrolling interests, including direct and incremental costs associated with forming joint ventures and admitting third-party investors, are capitalized as equity offering costs. Costs that are not directly attributable to the issuance of equity, such as fees associated with ongoing advisory, management, or other services, are expensed as incurred.

Recent Accounting Standards Not Yet Adopted. In September 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2025-06, Intangibles—Goodwill and Other—Internal-Use Software, which simplifies the capitalization guidance by removing references to software development project stages and further updates so that the guidance considers various software development methods. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. The amendments in this update permit an entity to apply the new guidance using a prospective, retrospective or modified transition approach. While we are currently evaluating the impact of this pronouncement, we do not expect it will have a material impact on our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, requiring all public business entities to provide additional disclosure of the nature of expenses included in the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027, on a prospective basis, with early adoption permitted. While the adoption is not expected to have an impact on our financial statements, it is expected to result in incremental disclosures within the footnotes to our consolidated financial statements.

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2. Supplemental Detail for Certain Components of Consolidated Balance Sheets (in thousands):


A.	Accounts receivable, net, consist of the following at:	March 31, 2026		December 31, 2025
	Straight-line rent receivables, net	$	918,236	$	880,341
	Client receivables, net	198,907		173,146
		$	1,117,143	$	1,053,487


B.	Lease intangible assets, net, consist of the following at:	March 31, 2026		December 31, 2025
	In-place leases	$	7,740,659	$	7,627,840
	Above-market leases	2,263,966		2,251,857
	Accumulated amortization of in-place leases	(3,368,009)		(3,220,426)
	Accumulated amortization of above-market leases	(990,236)		(944,198)
	Other items	2,124		2,168
		$	5,648,504	$	5,717,241


C.	Other assets, net, consist of the following at:	March 31, 2026		December 31, 2025
	Loans receivable, net	$	2,672,184	$	1,682,117
	Financing receivables, net	1,544,128		1,574,574
	Right of use asset - financing leases, net	808,043		827,644
	Investment in preferred equity	803,947		800,472
	Right of use asset - operating leases, net	589,433		592,319
	Restricted escrow deposits	146,818		83,200
	Prepaid expenses	101,187		76,207
	Value-added tax receivable	97,659		75,005
	Derivative assets and receivables - at fair value	67,139		8,018
	Interest receivable	45,249		33,805
	Revolving credit facilities origination costs, net	22,400		25,246
	Corporate assets, net	15,045		15,159
	Investment in sales type lease	6,224		6,206
	Impounds related to mortgages payable	3,682		2,714
	Non-refundable escrow deposits	2,185		3,150
	Other items	95,906		89,864
		$	7,021,229	$	5,895,700


D.	Accounts payable and accrued expenses consist of the following at:	March 31, 2026		December 31, 2025
	Notes payable - interest payable	$	306,729	$	303,557
	Derivative liabilities and payables - at fair value	131,834		205,695
	Property taxes payable	88,129		92,246
	Value-added tax payable	82,660		76,009
	Accrued property expenses	78,035		69,258
	Accrued income taxes	74,887		120,228
	Accrued costs on properties under development	38,215		36,064
	Mortgages, term loans, and credit line - interest payable	4,102		2,699
	Other items	148,613		155,213
		$	953,204	$	1,060,969

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E.	Lease intangible liabilities, net, consist of the following at:	March 31, 2026		December 31, 2025
	Below-market leases	$	2,151,816	$	2,135,262
	Accumulated amortization of below-market leases	(673,304)		(641,304)
		$	1,478,512	$	1,493,958


F.	Other liabilities consist of the following at:	March 31, 2026		December 31, 2025
	Lease liability - operating leases	$	423,553	$	429,675
	Rent received in advance and other deferred revenue	381,093		460,968
	Lease liability - financing leases	121,561		121,434
	Security deposits	38,725		39,036
	Other items	38,712		15,696
		$	1,003,644	$	1,066,809

3. Investments in Real Estate

A. Acquisitions of Real Estate

Below is a summary of our acquisitions for the three months ended March 31, 2026 (unaudited):


	Number of Properties	Investment ($ in millions)		Weighted Average Lease Term (Years)
Acquisitions
U.S. real estate	109	$	578.1	10.1
Europe real estate	43	1,001.9		7.6
Total real estate acquisitions	152	$	1,580.0	8.5

Real estate properties under development
U.S. real estate	20	$	31.0	17.5
Europe real estate	17	58.0		12.1
Total real estate properties under development	37	$	89.0	14.1

Total (1)	189	$	1,669.0	8.8

(1)Our clients occupying the new properties are 66.7% retail, 33.1% industrial, and 0.2% other property types based on net operating income. Approximately 45% of the net operating income generated from acquisitions during the three months ended March 31, 2026 was from investment grade rated clients, their subsidiaries, or affiliated companies at the date of acquisition.

The aggregate purchase price, including properties acquired through takeout financing and reported in properties under development in the table above, was allocated as follows (in millions):


	Acquisitions - USD		Acquisitions - Sterling		Acquisitions - Euro
Land	$	128.8	£	106.5	€	140.6
Buildings and improvements	373.5		191.7		313.0
Lease intangible assets (1)	83.8		47.0		62.3
Other assets (2)	2.4		—		—
Lease intangible liabilities (3)	(9.5)		(7.5)		(19.7)
Other liabilities (4)	(0.8)		—		—
Total	$	578.2	£	337.7	€	496.2

(1)The weighted average amortization period for acquired lease intangible assets is 9.8 years.

(2)USD-denominated other assets consists entirely of $2.4 million of financing receivables allocated to sales-leaseback transactions.

(3)The weighted average amortization period for acquired lease intangible liabilities is 13.8 years.

(4)USD-denominated other liabilities consists entirely of $0.8 million deferred rent on certain below-market leases.

The aggregate Sterling-denominated purchase price of the assets acquired during the three months ended March 31, 2026 included $15.2 million contingent consideration obligations related to leasing activities for four U.K. retail park properties acquired, all of which was deemed estimable and probable of payment and therefore was accrued as of March 31, 2026.

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The properties acquired during the three months ended March 31, 2026 generated total revenue and net income of $5.4 million and $1.5 million, respectively.

B. Investments in Existing Properties

During the three months ended March 31, 2026, we capitalized costs of $22.7 million on existing properties in our portfolio, consisting of $19.8 million for building improvements, $2.8 million for re-leasing costs, and $0.1 million for recurring capital expenditures. In comparison, during the three months ended March 31, 2025, we capitalized costs of $30.7 million on existing properties in our portfolio, consisting of $29.8 million for building improvements, $0.9 million for re-leasing costs, and less than $0.1 million for recurring capital expenditures.

C. Properties with Existing Leases

The value of the in-place and above-market leases is recorded to 'Lease intangible assets, net' on our consolidated balance sheets, and the value of the below-market leases is recorded to 'Lease intangible liabilities, net' on our consolidated balance sheets.

The values of the in-place leases are amortized as depreciation and amortization expense. The amounts amortized to expense for all of our in-place leases for the three months ended March 31, 2026 and 2025 were $204.3 million and $213.2 million, respectively.

The values of the above-market and below-market leases are amortized over the term of the respective leases, including any bargain renewal options, as an adjustment to rental revenue in our consolidated statements of income and comprehensive income. The amounts amortized as a net decrease to rental revenue for capitalized above-market and below-market leases for the three months ended March 31, 2026 and 2025 were $6.1 million and $9.7 million, respectively.

The following table presents the estimated impact during the next five years and thereafter related to the amortization of the above-market and below-market lease intangibles and the amortization of the in-place lease intangibles as of March 31, 2026 (in thousands):


	Net increase (decrease) to rental revenue		Increase to amortization expense
2026	$	(31,831)	$	569,530
2027	(40,527)		657,519
2028	(31,297)		558,446
2029	(27,393)		481,356
2030	(15,224)		402,048
Thereafter	351,054		1,703,751
Total	$	204,782	$	4,372,650

D. Gain on Sales of Real Estate

The following table summarizes our properties sold during the periods indicated below (dollars in millions):


	Three months ended March 31,
		2026		2025
Number of properties		97		55
Net sales proceeds		$	188.0	$	92.6
Gain on sales of real estate		$	35.6	$	22.5

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4. Investments in Unconsolidated Entities

The following is a summary of our investments in unconsolidated entities for the periods indicated below (dollars in thousands):


	Ownership %	Number of Properties	Carrying Amount (1) of Investment as of				Equity in earnings of unconsolidated entities
							Three months ended March 31,
	As of March 31, 2026		March 31, 2026		December 31, 2025		2026		2025
Data Center Joint Venture (2)	80.0%	2	$	334,266	$	293,073	$	1,976	$	3,674
Bellagio Las Vegas Joint Venture - Common Equity Interest (3)	21.9%	1	248,328		253,625		695		683
Bellagio Las Vegas Joint Venture - Preferred Equity Interest (3)	n/a	n/a	650,000		650,000		—		—
Passport Park Joint Venture (4)	95.0%	3	88,232		59,758		(2)		—

Total investment in unconsolidated entities			$	1,320,826	$	1,256,456	$	2,669	$	4,357

(1)As of March 31, 2026, the total carrying amount of the investments exceeded the underlying equity in net assets (i.e., basis difference) by $9.3 million. This basis difference is primarily due to the capitalized interest related to the data center and Passport Park development joint ventures.

(2)The joint venture with Digital Realty Trust, Inc. is expanding the capacity of its two data centers for the existing client, and our pro-rata share of the estimated costs for this second phase of the development was $190.4 million as of March 31, 2026.

(3)During each of the three months ended March 31, 2026 and 2025, we recognized interest income of $13.0 million for 8.1% preferential cumulative distributions, included within 'Other' revenue in our consolidated statements of income and comprehensive income. The unconsolidated entity had total debt outstanding of $3.0 billion as of March 31, 2026, all of which was non-recourse to us with limited customary exceptions.

(4)As of March 31, 2026, we held a 95.0% common equity interest in the joint venture with Trammell Crow Company ("TCC"), with $58.2 million in preferred equity. We have committed to investing an additional $77.7 million for development of three industrial facilities. We have determined that we are not the primary beneficiary of this VIE because significant activities affecting economic performance are shared. TCC is the managing member, and we do not have substantive kick-out rights. We will continuously evaluate whether we are the primary beneficiary as power to direct significant activities can change during the joint venture's life. Our maximum loss exposure is limited to our common and preferred equity investments and committed funding.

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5. Investments in Loans and Financing Receivables

A. Loans

The following table presents information about our loans as of March 31, 2026 and December 31, 2025 (dollars in millions):


	March 31, 2026
Loan Type	Principal Balance		Total Carrying Value (1)		Future Funding Commitments (2)		Weighted Average Term (Years) (3)	Weighted Average Interest Rate (4)
Secured Loans	$	1,602.9	$	1,554.1	$	72.3	4.3	8.5	%
Construction Loans	87.5		88.7		177.1		1.6	8.3
Mortgage Loans	256.8		256.9		109.2		4.9	7.6
Unsecured and Mezzanine Loans	783.2		772.5		31.5		3.0	8.6
Total	$	2,730.4	$	2,672.2	$	390.1	3.9	8.4	%

	December 31, 2025
Loan Type	Principal Balance		Total Carrying Value (1)		Future Funding Commitments (2)		Weighted Average Term (Years) (3)	Weighted Average Interest Rate (4)
Secured Loans	$	1,250.4	$	1,214.1	$	—	4.6	8.8	%

Mortgage Loans	256.2		256.2		34.0		5.1	7.6
Unsecured and Mezzanine Loans	214.7		211.8		—		2.9	10.3
Total	$	1,721.3	$	1,682.1	$	34.0	4.5	8.8	%

(1)Total carrying value includes unamortized loan origination costs and allowances for credit losses. Total carrying amount excludes interest receivable of $40.3 million and $27.8 million as of March 31, 2026 and December 31, 2025, respectively, which is presented in 'Other assets, net' on our consolidated balance sheets.

(2)Our future funding commitments are subject to our borrowers’ compliance with the financial covenants and other applicable provisions of each respective loan agreement.

(3)Based on original contractual maturity date assuming no extension options are exercised.

(4)The weighted average interest rate is based on outstanding principal balances and interest rates in place as of March 31, 2026 and December 31, 2025.

The following table summarizes the activity within loans receivable, net for the three months ended March 31, 2026 (in millions):


Loans receivable, net as of December 31, 2025	$	1,682.1
Principal fundings	1,031.5
Interest drawn on loans	4.0
Accretion of original issue cost	0.4
Change in allowance for credit losses	(18.7)
Foreign currency remeasurement	(27.1)
Loans receivable, net as of March 31, 2026	$	2,672.2

B. Financing Receivables

The following table presents information about our investments in sale-leaseback transactions accounted for as financing receivables in accordance with ASC 842, Leases, as of March 31, 2026 and December 31, 2025 (dollars in millions):


		Carrying Value as of
	Maturity	March 31, 2026		December 31, 2025
Financing receivables, net	2026 - 2050	$	1,544.1	$	1,574.6
Total		$	1,544.1	$	1,574.6

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C. Allowance for Credit Losses

The following table summarizes the activity within the allowance for credit losses related to loans and financing receivable for the three months ended March 31, 2026 and March 31, 2025 (in millions):


Three months ended March 31, 2026	Loans Receivable		Financing Receivable		Unfunded Loan Commitments		Total
Allowance for credit losses as of December 31, 2025	$	30.5	$	78.4	$	—	$	108.9
Provisions for credit losses (1)	19.2		17.0		2.9		39.1
Write-offs (2)	—		(69.9)		—		(69.9)
Foreign currency remeasurement	(0.5)		—		—		(0.5)
Allowance for credit losses as of March 31, 2026	$	49.2	$	25.5	$	2.9	$	77.6


Three Months Ended March 31, 2025	Loans Receivable		Financing Receivable		Unfunded Loan Commitments		Total
Allowance for credit losses as of December 31, 2024	$	12.3	$	99.2	$	—	$	111.5
Provisions for credit losses	1.5		17.7		—		19.2

Foreign currency remeasurement	0.3		—		—		0.3
Allowance for credit losses as of March 31, 2025	$	14.1	$	116.9	$	—	$	131.0

(1) For the three months ended March 31, 2026, the provisions for credit losses on loans receivable were primarily attributable to initial expected credit losses on loans acquired during the three months ended March 31, 2026.

(2) For the three months ended March 31, 2026, write-offs were related to fully reserved financing receivables written off during the period.

6. Credit Facilities and Commercial Paper Programs

A. RI Credit Facilities

We have $4.0 billion unsecured multicurrency revolving credit facilities, which include (a) a $2.0 billion unsecured multicurrency revolving credit facility, consisting of two tranches, that will mature in April 2027 and (b) a $2.0 billion unsecured multicurrency revolving credit facility, consisting of two tranches, that will mature in April 2029 (collectively, the “RI Credit Facilities”). The RI Credit Facilities also include two six-month extensions for each facility, which can be exercised at our option.

The RI Credit Facilities allow us to borrow (a) under the two-year revolving credit facility (i) in up to four currencies (including USD) under a $1.5 billion tranche thereunder and (ii) in up to 15 currencies (including USD) under a $500.0 million tranche thereunder, and (b) under the four-year revolving credit facility (i) in up to four currencies (including USD) under a $1.5 billion tranche thereunder and (ii) in up to 15 currencies (including USD) under a $500.0 million tranche thereunder. The aggregate capacity of the RI Credit Facilities can be increased to up to $5.0 billion pursuant to an accordion expansion feature, which is subject to obtaining lender commitments.

Under the RI Credit Facilities, our investment grade credit ratings as of March 31, 2026 provide for (i) USD borrowings at the Secured Overnight Financing Rate (“SOFR”) plus 0.725% and (ii) British Pound Sterling ("GBP") borrowings at the SONIA plus 0.725%, and (iii) Euro ("EUR") borrowings at Euro Interbank Offered Rate (“EURIBOR”) plus 0.725%. A revolving credit facility commitment fee of 0.125% is payable on the total commitment amount. The credit agreement also provides flexibility to elect different interest rate tenors or daily rate options for each currency tranche.

As of March 31, 2026, we had a borrowing capacity of $2.2 billion available on our RI Credit Facilities (subject to customary conditions to borrowing) and an outstanding balance of $1.8 billion, including £606.5 million GBP and €841.0 million EUR borrowings. As of December 31, 2025, we had a borrowing capacity of $2.7 billion and an outstanding balance of $1.3 billion, including £597.0 million GBP and €444.0 million EUR borrowings.

The weighted average interest rate on outstanding borrowings under our RI Credit Facilities was 3.3% during the three months ended March 31, 2026. The weighted average interest rate on outstanding borrowings under our previous revolving credit facility was 4.5% during the three months ended March 31, 2025. As of March 31, 2026, the weighted average interest rate on outstanding borrowings under our RI Credit Facilities was 3.5%.

As of March 31, 2026, origination costs of $16.7 million for RI Credit Facilities are included in 'Other assets, net', as compared to $19.0 million as of December 31, 2025, on our consolidated balance sheets. These costs are being amortized over the remaining term of our RI Credit Facilities.

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B. Fund Credit Facilities

The Fund has a $1.38 billion unsecured credit facility, which provides for (a) up to $1.0 billion unsecured revolving credit facility and (b) up to $380.0 million unsecured delayed draw term loan which is available to be drawn for twelve months after April 29, 2025 (the "Closing Date"). In April 2026, the availability period for the delayed draw term loan was extended to October 30, 2026 (collectively, the “Fund Credit Facilities”). The revolving credit facility under the Fund Credit Facilities matures in April 2029 and the delayed draw term loan under the Fund Credit Facilities matures in April 2028. The Fund Credit Facilities also include two six-month extensions for each facility, which can be exercised at our option. The aggregate amount under the Fund Credit Facilities can be increased to up to $2.0 billion pursuant to an accordion expansion feature, which is subject to obtaining lender commitments.

Borrowings under the Fund Credit Facilities bear interest at one-month term SOFR plus 1.050%. A revolving credit facility commitment fee of 0.150% is payable on the total commitment amount. In addition, a commitment fee of 0.20% is payable on undrawn delayed draw term loan commitments.

As of March 31, 2026, we had a borrowing capacity of $1.3 billion available on our Fund Credit Facilities (subject to customary conditions to borrowing) and an outstanding balance of $125.0 million under the unsecured revolving credit facility. As of December 31, 2025, we had a borrowing capacity of $1.2 billion and an outstanding balance of $182.0 million.

The weighted average interest rate on outstanding borrowings under our Fund Credit Facilities was 5.0% during the three months ended March 31, 2026. As of March 31, 2026, the weighted average interest rate on outstanding borrowings under our Fund Credit Facilities was 4.7%.

As of March 31, 2026, origination costs of $5.7 million for the Fund Credit Facilities are included in 'Other assets, net' as compared to $6.2 million as of December 31, 2025, on our consolidated balance sheets, and are being amortized over the remaining term of the facilities. An additional $3.0 million was allocated to the delayed draw term loan arrangement and will not be amortized until the loan is drawn.

C. Commercial Paper Programs

We have a USD-denominated unsecured commercial paper program, under which we may issue unsecured commercial paper notes up to a maximum aggregate amount outstanding of $1.5 billion, as well as a EUR-denominated unsecured commercial paper program, which permits us to issue additional unsecured commercial notes up to a maximum aggregate amount of $1.5 billion (or foreign currency equivalent). Our EUR-denominated unsecured commercial paper program may be issued in USD or various foreign currencies, including but not limited to, EUR, GBP, Swiss Francs, Yen, Canadian Dollars, and Australian Dollars, in each case, pursuant to customary terms in the European commercial paper market.

The commercial paper ranks pari passu in right of payment with all of our other unsecured senior indebtedness outstanding, exclusive of unexchanged bonds from our merger with VEREIT, Inc. in 2021 and unexchanged Spirit Realty Capital, Inc. (“Spirit”) bonds, including borrowings under our revolving credit facilities, our term loans and our outstanding senior unsecured notes (and is structurally subordinated to all our subsidiary debt). Proceeds from commercial paper borrowings are used for general corporate purposes.

As of March 31, 2026, the balance of borrowings outstanding under our commercial paper programs totaled $414.9 million, including €260.0 million of EUR borrowings, $96.0 million of USD borrowings, and £15.0 million of GBP borrowings, compared to $516.8 million outstanding commercial paper borrowings, including €407.0 million of EUR borrowings and $39.0 million of USD borrowings, as of December 31, 2025. The weighted average interest rate on outstanding borrowings under our commercial paper programs was 2.7% and 3.3% for the three months ended March 31, 2026 and 2025, respectively. We use our revolving credit facilities as a liquidity backstop for the repayment of the notes issued under the commercial paper programs. The commercial paper borrowings generally carry a term of less than a year.

We regularly review our credit facilities and commercial paper programs and may seek to extend, renew, or replace our credit facilities and commercial paper programs, to the extent we deem appropriate.

D. Financial Covenants

Our credit facilities are subject to various leverage and interest coverage ratio limitations, and as of March 31, 2026, we were in compliance with the covenants under our credit facilities.

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7. Term Loans

In March 2026, we closed a $693.9 million unsecured term loan due January 2036 at a fixed rate of 4.91% and executed a cross-currency swap on $500.0 million of proceeds for approximately €431.0 million, achieving an effective blended borrowing rate of 4.34%. As of March 31, 2026, the outstanding principal balance was $693.9 million.

Our term loan agreement governing our $1.5 billion multi-currency term loan provides for a £900.0 million Sterling-denominated term loan facility that will initially mature in January 2028, before giving effect to one twelve-month extension option. As of March 31, 2026, we had an outstanding balance of $1.2 billion. Our A3/A- credit ratings provide for a borrowing rate of 80 basis points over the applicable benchmark rate, which includes adjusted SOFR for USD-denominated loans and adjusted SONIA for GBP-denominated loans. In conjunction with the closing, we executed variable-to-fixed interest rate swaps, which fix the weighted average per annum interest rate at 4.3% over the two-year term.

In January 2024, in connection with the merger with Spirit (the "Merger"), we entered into an amended and restated term loan agreement that replaced Spirit's then-existing term loans with various lenders. Pursuant to the agreement, we borrowed an aggregate of $800.0 million, $300.0 million of which was repaid upon its maturity in August 2025. The remaining $500.0 million, due August 2027, is subject to interest rate swaps that fix the effective interest rate at 3.3%. We also entered into an amended and restated term loan agreement pursuant to which we borrowed $500.0 million, which was repaid upon its maturity in June 2025.

Deferred financing costs were $12.9 million as of March 31, 2026 and are included net of the term loans' principal balance, as compared to $9.4 million as of December 31, 2025 on our consolidated balance sheets. These costs are being amortized over the remaining term of the term loans. As of March 31, 2026, we were in compliance with the covenants contained in the term loans.

8. Notes Payable

A. General

As of March 31, 2026, our senior unsecured notes and bonds are USD-denominated, GBP-denominated, and EUR-denominated. Foreign-denominated notes are converted at the applicable exchange rate on the balance sheet date. The following are sorted by maturity date (in thousands):


				Carrying Value (USD) as of
	Maturity Dates	Principal (Currency Denomination)		March 31, 2026		December 31, 2025
5.050% Notes due 2026	January 13, 2026	$	500,000	$	—	$	500,000
0.750% Notes due 2026	March 15, 2026	$	325,000	—		325,000
4.875% Notes due 2026	June 1, 2026	$	599,997	599,997		599,997
4.450% Notes due 2026	September 15, 2026	$	299,968	299,968		299,968
4.125% Notes due 2026	October 15, 2026	$	650,000	650,000		650,000
1.875% Notes due 2027 (1)	January 14, 2027	£	250,000	330,420		336,400
3.000% Notes due 2027	January 15, 2027	$	600,000	600,000		600,000
3.200% Notes due 2027	January 15, 2027	$	299,984	299,984		299,984
1.125% Notes due 2027 (1)	July 13, 2027	£	400,000	528,672		538,240
3.950% Notes due 2027	August 15, 2027	$	599,873	599,873		599,873
3.650% Notes due 2028	January 15, 2028	$	550,000	550,000		550,000
3.400% Notes due 2028	January 15, 2028	$	599,816	599,816		599,816
2.100% Notes due 2028	March 15, 2028	$	449,994	449,994		449,994
2.200% Notes due 2028	June 15, 2028	$	499,959	499,959		499,959
4.700% Notes due 2028	December 15, 2028	$	400,000	400,000		400,000
3.500% Convertible Notes due 2029 (2)	January 15, 2029	$	862,500	862,500		—
3.950% Notes due 2029	February 1, 2029	$	400,000	400,000		400,000
4.750% Notes due 2029	February 15, 2029	$	450,000	450,000		450,000

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				Carrying Value (USD) as of
	Maturity Dates	Principal (Currency Denomination)		March 31, 2026		December 31, 2025
3.250% Notes due 2029	June 15, 2029	$	500,000	500,000		500,000
4.000% Notes due 2029	July 15, 2029	$	399,999	399,999		399,999
5.000% Notes due 2029 (1)	October 15, 2029	£	350,000	462,588		470,960
3.100% Notes due 2029	December 15, 2029	$	599,291	599,291		599,291
3.400% Notes due 2030	January 15, 2030	$	500,000	500,000		500,000
4.850% Notes due 2030	March 15, 2030	$	600,000	600,000		600,000
3.160% Notes due 2030	June 30, 2030	£	140,000	185,035		188,384
4.875% Notes due 2030 (1)	July 6, 2030	€	550,000	632,742		645,711
1.625% Notes due 2030 (1)	December 15, 2030	£	400,000	528,672		538,240
3.250% Notes due 2031	January 15, 2031	$	950,000	950,000		950,000
3.200% Notes due 2031	February 15, 2031	$	449,995	449,995		449,995
3.375% Notes due 2031 (1)	June 20, 2031	€	650,000	747,786		763,113
5.750% Notes due 2031 (1)	December 5, 2031	£	300,000	396,504		403,680
2.700% Notes due 2032	February 15, 2032	$	350,000	350,000		350,000
3.180% Notes due 2032	June 30, 2032	£	345,000	455,980		464,232
5.625% Notes due 2032	October 13, 2032	$	750,000	750,000		750,000
2.850% Notes due 2032	December 15, 2032	$	699,655	699,655		699,655
4.500% Notes due 2033	February 1, 2033	$	400,000	400,000		400,000
1.800% Notes due 2033	March 15, 2033	$	400,000	400,000		400,000
1.750% Notes due 2033 (1)	July 13, 2033	£	350,000	462,588		470,960
4.900% Notes due 2033	July 15, 2033	$	600,000	600,000		600,000
5.125% Notes due 2034	February 15, 2034	$	800,000	800,000		800,000
2.730% Notes due 2034	May 20, 2034	£	315,000	416,329		423,864
5.125% Notes due 2034 (1)	July 6, 2034	€	550,000	632,742		645,711
5.875% Bonds due 2035	March 15, 2035	$	250,000	250,000		250,000
5.125% Notes due 2035	April 15, 2035	$	600,000	600,000		600,000
3.875% Notes due 2035 (1)	June 20, 2035	€	650,000	747,786		763,113
3.390% Notes due 2037	June 30, 2037	£	115,000	151,993		154,744
6.000% Notes due 2039 (1)	December 5, 2039	£	450,000	594,756		605,520
5.250% Notes due 2041 (1)	September 4, 2041	£	350,000	462,588		470,960
2.500% Notes due 2042 (1)	January 14, 2042	£	250,000	330,420		336,400
4.650% Notes due 2047	March 15, 2047	$	550,000	550,000		550,000
5.375% Notes due 2054	September 1, 2054	$	500,000	500,000		500,000
Total principal amount				$	25,228,632	$	25,343,763
Unamortized net discounts and deferred financing costs				(316,720)		(311,816)
				$	24,911,912	$	25,031,947

(1) Interest paid annually. Interest on the remaining senior unsecured notes and bond obligations included in the table is paid semi-annually.

(2) Please refer to Convertible Bond Issuance below for more details.

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The following table summarizes the maturity of our notes and bonds payable as of March 31, 2026, excluding unamortized net discounts, deferred financing costs (dollars in millions):


Year of Maturity	Principal
2026	$	1,550.0
2027	2,358.9
2028	2,499.8
2029	3,674.4
2030	2,446.4
Thereafter	12,699.1
Total	$	25,228.6

As of March 31, 2026, the weighted average interest rate on our notes and bonds payable was 3.9% and the weighted average remaining years until maturity was 5.9 years.

Interest incurred on the notes and bonds was $244.3 million and $219.9 million for the three months ended March 31, 2026 and 2025, respectively.

Our outstanding notes and bonds are unsecured; accordingly, we have not pledged any assets as collateral for these or any other obligations.

The notes and bonds contain various covenants, including: (i) a limitation on incurrence of any debt which would cause our debt to total adjusted assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause our secured debt to total adjusted assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause our debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of our outstanding unsecured debt. As of March 31, 2026, we were in compliance with these covenants.

B. Convertible Bond Issuance

In January 2026, we issued $862.5 million principal amount of 3.500% convertible senior notes due January 2029 in a private offering, resulting in net proceeds of approximately $845.1 million. We used approximately $101.9 million of the net proceeds to repurchase approximately 1.8 million shares of our common stock concurrently with the pricing of the offering. The notes are senior, unsecured obligations of Realty Income and accrue interest at a rate of 3.500% per annum, payable semi-annually in arrears. The notes will mature on January 15, 2029, unless earlier repurchased, redeemed or converted. Before October 15, 2028, noteholders have the right to convert their notes only upon the occurrence of certain events, including when the Company's stock price exceeds 130% of the applicable conversion price for a specified period, or upon the occurrence of certain corporate events, including a fundamental change. From and after October 15, 2028, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. Upon conversion, we are required to settle the principal amount in cash and may, at our election, settle any conversion premium in cash, shares of our common stock, or a combination thereof, based on the applicable conversion rate. The initial conversion rate is 14.4051 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $69.42 per share of common stock. The conversion rate will be subject to adjustment upon the occurrence of certain events, including specified make-whole fundamental change events as defined in the indenture.

C. Note Repayments

During the three months ended March 31, 2026, we repaid the following notes, plus accrued and unpaid interest, upon maturity:

2026 Repayments

Date of Issuance

Maturity Date

Principal amount
(in millions)

5.050% Notes

January 2023

January 2026

500.0

0.750% Notes

December 2020

March 2026

325.0

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9. Noncontrolling Interests

As of March 31, 2026, we have 14 entities with noncontrolling interests that we consolidate, including the Fund, Apollo, Realty Income, L.P., and interests in consolidated property partnerships not wholly-owned by us.

We have an open-end, perpetual life private fund, which is consolidated by Realty Income. In March 2026, we closed our cornerstone equity capital raise round, securing $1.7 billion in commitments from third-party institutional investors, of which $167.5 million was committed during the three months ended March 31, 2026. During the same period, we called $638.0 million of capital. As of March 31, 2026, we owned approximately 38.5% of the outstanding limited partnership interests in the Fund.

In March 2026, we established our Managed Insurance and Retirement Annuity investment platform as a vehicle to pursue various co-investment opportunities with institutional investors. On March 31, 2026, we completed the formation of MDC Mercury 2604 Venture, LLC (the "Apollo JV") and entered into an Amended and Restated Limited Liability Company Agreement (the “JV Agreement”) with Apollo in connection with our Managed Insurance and Retirement Annuity strategic initiative. Pursuant to the JV Agreement, we contributed 492 net lease properties in exchange for 51,000,000 Class A Shares in the Apollo JV, and Apollo contributed $1.0 billion in cash in exchange for a noncontrolling equity interest of 49,000,000 Class B Shares in the Apollo JV (such contributions by Realty Income and Apollo, collectively, the "Apollo JV Transaction").

The Apollo JV is a variable interest entity ("VIE") under ASC 810 because the decision-making authority of the Manager (our wholly owned subsidiary, Realty Income Property Management Co I, LLC) is not conveyed through an equity interest, and the equity holders as a group therefore lack the power to direct the activities that most significantly affect the Apollo JV's economic performance. We consolidate the Apollo JV as its primary beneficiary because we have both (i) the power to direct the activities that most significantly affect its economic performance through our role as the sole exclusive Manager that is exercisable independent of our equity ownership and (ii) the obligation to absorb losses and right to receive benefits that could potentially be significant to the Apollo JV through our 51% equity interest and other contractual arrangements. The Class B Shares are classified as permanent equity (noncontrolling interest) on our consolidated balance sheet because all redemption features are solely within our control.

The Apollo JV Transaction was accounted for as an issuance of noncontrolling interest in a consolidated subsidiary without a loss of control. We received $1.0 billion for Apollo’s initial capital contribution. The carrying amount of Apollo's 49% share of the net assets was $778.3 million, which was recognized as noncontrolling interest, with the difference of $221.7 million recorded as an increase to additional paid-in capital ("APIC"). Direct and incremental transaction costs of $20.6 million were recorded as a reduction of APIC.

The JV Agreement provides for, among other things, quarterly distributions of available cash flow to the Apollo JV’s members. Prior to Apollo achieving the Target IRR (as defined in the JV Agreement), the Class B Member will receive a default allocation of 55% of available cash flow, which may decrease to 49% if the Apollo JV’s NOI outperforms an upper level of certain performance metric, or increase to 60% if the Apollo JV’s NOI underperforms a lower level of certain performance metric. Because the parties' economic interests are not proportionate to their stated ownership percentages, we allocate income and loss attributable to the noncontrolling interest using the hypothetical liquidation at book value ("HLBV") method, taking into account any capital transactions between the Company and Apollo.

With respect to Realty Income, L.P., as of March 31, 2026, outstanding common partnership units in our operating partnership represented a 9.95% ownership interest. We hold the remaining 90.05% interest and consolidate the entity.

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The following table represents the change in the carrying value of all noncontrolling interests through March 31, 2026 (in thousands):


	U.S. Core Plus Fund		Apollo		Realty Income, L.P. units (1)		Other Noncontrolling Interests		Total
Carrying value as of December 31, 2025	$	477,081	$	—	$	165,663	$	42,529	$	685,273
Contributions	642,732		1,000,000		—		4,642		1,647,374
Distributions	(7,882)		—		(2,237)		(833)		(10,952)
Allocation of net income	7,935		—		1,412		(178)		9,169
Reallocation of equity	(20,936)		(221,744)		—		—		(242,680)
Carrying value as of March 31, 2026	$	1,098,930	$	778,256	$	164,838	$	46,160	$	2,088,184

(1) 2,681,808 units were outstanding as of both March 31, 2026 and December 31, 2025.

As of March 31, 2026, we are considered the primary beneficiary of our Fund, Realty Income, L.P. and other VIEs. For further information, see note 1, Summary of Significant Accounting Policies.

10. Fair Value Measurements

Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price).

ASC 820, Fair Value Measurements and Disclosures, sets forth a fair value hierarchy that categorizes inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and lowest priority to unobservable inputs. Categorization within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

•Level 1 – Quoted market prices in active markets for identical assets and liabilities

•Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other market-corroborated inputs

•Level 3 – Inputs that are unobservable and significant to the overall fair value measurement

We evaluate our hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from period to period. Changes in the type of inputs may result in a reclassification for certain assets. We have not historically had changes in classifications and do not expect that changes in classifications between levels will be frequent.

The following tables present the carrying values and estimated fair values of financial instruments as of March 31, 2026 and December 31, 2025 (in millions):


	March 31, 2026
			Hierarchy Level
	Carrying Value		Level 1		Level 2		Level 3
Assets:
Loans receivable	$	2,672.2	$	—	$	1,318.4	$	1,357.9
Derivative assets	67.1		—		67.1		—
Total assets	$	2,739.3	$	—	$	1,385.5	$	1,357.9

Liabilities:
Mortgages payable (1)	$	37.5	$	—	$	—	$	37.1
Notes and bonds payable (1)	25,228.6		—		23,166.9		995.8
Derivative liabilities	131.8		—		131.8		—
Total liabilities	$	25,397.9	$	—	$	23,298.7	$	1,032.9

(1) Excludes non-cash net premiums and discounts, and deferred financing costs.

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	December 31, 2025
			Hierarchy Level
	Carrying Value		Level 1		Level 2		Level 3
Assets:
Loans receivable	$	1,682.1	$	—	$	1,210.5	$	474.3
Derivative assets	8.0		—		8.0		—
Total assets	$	1,690.1	$	—	$	1,218.5	$	474.3
Liabilities:
Mortgages payable	$	37.9	$	—	$	—	$	37.6
Notes and bonds payable	25,343.8		—		23,600.7		1,046.8
Derivative liabilities	205.7		—		205.7		—
Total liabilities	$	25,587.4	$	—	$	23,806.4	$	1,084.4

A. Financial Instruments Not Measured at Fair Value on our Consolidated Balance Sheets

The fair value of short-term financial instruments such as cash and cash equivalents, accounts receivable, escrow deposits, accounts payable, distributions payable, revolving credit facilities and commercial paper borrowings, and other liabilities approximate their carrying value in the accompanying consolidated balance sheets, due to their short-term nature. The aggregate fair value of our term loans approximates carrying value due to the frequent repricing of the variable interest rate charged on the borrowing.

The following table reflects the carrying amounts and estimated fair values of our financial instruments not measured at fair value on our consolidated balance sheets (in millions):


	March 31, 2026				December 31, 2025
	Carrying value		Fair value		Carrying value		Fair value
Loans receivable	$	2,672.2	$	2,676.3	$	1,682.1	$	1,684.8
Mortgages payable (1)	$	37.5	$	37.1	$	37.9	$	37.6
Notes and bonds payable (1)	$	25,228.6	$	24,162.7	$	25,343.8	$	24,647.5

(1) Excludes non-cash net premiums and discounts, and deferred financing costs.

The estimated fair values of our mortgage loan receivable, unsecured and other loans, private senior secured loans receivable, mortgages payable, and private senior notes payable have been calculated by discounting the future cash flows using an interest rate based upon the relevant input, such as forward interest rate curve, plus an applicable credit-adjusted spread. Because this methodology includes unobservable inputs that reflect our own internal assumptions and calculations, the measurement of estimated fair values related to the named financial instruments are categorized as level 3 of the fair value hierarchy.

The estimated fair values of our publicly-traded senior secured loans receivable, publicly-traded senior notes and bonds payable are based upon indicative market prices and recent trading activity of each financial instrument. Because this methodology includes inputs that are less observable by the public and are not necessarily reflected in active markets, the measurement of the estimated fair values related to these financial instruments is categorized as level 2 of the fair value hierarchy. The fair value estimation of secured loans receivable that are not publicly traded similarly incorporates less observable, market-corroborated inputs.

B. Financial Instruments Measured at Fair Value on a Recurring Basis

For derivative assets and liabilities, we may utilize interest rate swaps, interest rate swaptions, and forward-starting swaps to manage interest rate risk, and cross-currency swaps and foreign currency forwards to manage foreign currency risk. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, spot and forward rates, as well as option volatility.

Derivative fair values also include credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.

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Although we have determined that the majority of the inputs used to value our derivatives fall within level 2 on the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by ourselves and our counterparties. However, as of March 31, 2026 and December 31, 2025, we assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we determined that our derivative valuations in their entirety are classified as level 2. For more details on our derivatives, see note 11, Derivative Instruments.

C. Items Measured at Fair Value on a Non-Recurring Basis

Impairment of Real Estate Investments

Certain financial and nonfinancial assets and liabilities are measured at fair value on a non-recurring basis and are subject to fair value adjustments only under certain circumstances, such as when an impairment write-down occurs.

Depending on impairment triggering events during the applicable period, impairments are typically recorded for properties sold, in the process of being sold, vacant, in bankruptcy, or experiencing difficulties with collection of rent.

The following table summarizes our provisions for impairment on real estate investments during the periods indicated below (dollars in millions):


	Three months ended March 31,
		2026		2025
Carrying value prior to impairment		$	272.2	$	208.7
Less: total provisions for impairment of real estate		(90.2)		(97.4)
Carrying value after impairment		$	182.0	$	111.3

Number of properties:
Classified as held for sale		28		34
Classified as held for investment		62		26
Sold		23		21

The valuation of impaired assets is determined by using widely accepted valuation techniques including income capitalization approach, using net operating income for each property and applying a weighted average capitalization rate of 8.6%, recent comparable sales transactions, broker opinions of value with discounts based on management judgment, and purchase offers received from third parties, which are level 3 inputs. We may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of such real estate. Estimating future cash flows is highly subjective and estimates can differ materially from actual results.

11. Derivative Instruments

In the normal course of business, our operations are exposed to economic risks from interest rates and foreign currency exchange rates. We may enter into derivative financial instruments to offset these underlying economic risks.

Derivatives Designated as Hedging Instruments - Cash Flow Hedges

We enter into foreign currency forward contracts to sell GBP and buy USD to hedge the foreign currency risk on interest payments on intercompany loans denominated in GBP. There are no amounts excluded from the assessment of hedge effectiveness for cash flow hedges of foreign exchange risk. We also execute variable-to-fixed interest rate swaps and use interest rate swaption agreements to add stability to interest expense and to manage our exposure to interest rate movements associated with our term loans or forecasted transactions. If it becomes probable that a forecasted transaction will not occur within the specific time period or within an additional two-month period thereafter, any related amounts deferred in AOCI are recognized immediately in earnings. During the three months ended March 31, 2026, and 2025, no such amounts were recognized through the caption entitled 'Interest' in our consolidated statements of income and comprehensive income.

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Derivatives Designated as Hedging Instruments - Fair Value Hedges

Periodically, we enter into and designate fixed-to-floating interest rate swaps to manage interest rate risk by managing our mix of fixed-rate and variable-rate debt. These swaps involve the receipt of fixed-rate amounts for variable interest rate payments over the life of the swaps without exchange of the underlying principal amount. We also designate some of our cross-currency swaps as fair value hedges as we use them to hedge foreign currency risk associated with changes in spot rates on foreign-denominated intercompany receivables and third-party debt. For these hedging instruments, we have elected to exclude the change in fair value of the cross-currency swaps attributable to the difference between the spot and forward prices from the assessment of hedge effectiveness (the "excluded component"). Changes in the fair value of the cross-currency swaps attributable to these excluded components are recorded to other comprehensive income and subsequently recognized in 'Foreign currency and derivative loss, net' on a systematic and rational basis, as net cash settlements and interest accruals on the respective cross currency swaps occur, over the remaining life of the hedging instruments.

Derivatives Designated as Hedging Instruments - Net Investment Hedges

To mitigate the foreign currency exchange rate variations associated with our investment in EUR-denominated foreign operations, we may enter into derivative instruments, such as cross-currency swaps that qualify as net investment hedges under the criteria prescribed in accordance with ASC 815-20, Hedging - General. We use the spot method of assessing hedge effectiveness and apply the consistent election to the excluded component by recognizing changes in the fair value of the hedging instruments attributable to the excluded component in the same manner as described above. Any difference between the change in the fair value of the excluded components and the amounts recognized in earnings is reported in other comprehensive income as part of the foreign cumulative translation adjustment. The gain or loss on the portion of the derivative instruments included in the assessment of effectiveness is reported in other comprehensive income as part of the 'Foreign currency translation adjustment' line item, to the extent the relationship is highly effective. If our net investment changes during a reporting period, the hedge relationship will be assessed for whether a de-designation is warranted (only if the hedge notional amount is outside of prescribed tolerance). Further, certain EUR-denominated bonds and borrowings under our revolving credit facilities and term loans may also be designated as, and are effective as, net investment hedges. Changes in the value of such borrowings, related to changes in the spot rates, will be recorded in the same manner as foreign currency translation adjustments. As of March 31, 2026, the total principal amount of foreign currency debt obligations designated as net investment hedges was $761.2 million.

Derivatives Not Designated as Hedging Instruments

We enter into foreign currency exchange swap agreements to reduce the effects of currency exchange rate fluctuations between the USD, our reporting currency, and GBP and EUR. These derivative contracts generally mature within one year and are not designated as hedge instruments for accounting purposes. As the currency exchange swap is not accounted for as a hedging instrument, the change in fair value is recorded in earnings through the caption entitled 'Foreign currency and derivative loss, net' in our consolidated statements of income and comprehensive income.

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The following table summarizes the terms and fair values of our derivative financial instruments as of March 31, 2026 and December 31, 2025 (dollars in millions):


Derivative Type	Number of Instruments (1)			Notional Amount as of						Weighted Average Strike Rate (2)	Maturity Date (3)		Fair Value - asset (liability) as of
Derivatives Designated as Hedging Instruments				March 31, 2026				December 31, 2025					March 31, 2026				December 31, 2025
Interest rate swaps (4)	7			$	1,400.0			$	2,105.0	3.13%	Aug 2027 - Jan 2028		$	22.2			$	5.1
Cross-currency swaps - Fair Value	11			1,220.0				720.0		(5)	Feb 2029 - Jan 2036		(64.8)				(81.0)
Cross-currency swaps - Net Investment	3			280.0				280.0		(6)	Oct 2032		(55.7)				(66.1)
Foreign currency forwards	65			708.2				519.7		(7)	Apr 2026 - Dec 2028		14.6				(8.7)
				$	3,608.2			$	3,624.7				$	(83.7)			$	(150.7)
Derivatives not Designated as Hedging Instruments
Currency exchange swaps	7			$	3,789.9			$	2,972.8	(8)	Apr 2026		$	23.5			$	(47.0)
Cross-currency swaps - Mark to Market	4			500.0				—		(9)	Apr 2033		(4.5)				—
				$	4,289.9			$	2,972.8				$	19.0			$	(47.0)
Total of all Derivatives		$	7,898.1			$	6,597.5				$	(64.7)			$	(197.7)

(1)This column represents the number of instruments outstanding as of March 31, 2026.

(2)Weighted average strike rate is calculated using the notional value as of March 31, 2026.

(3)This column represents maturity dates for instruments outstanding as of March 31, 2026.

(4)During the year ended December 31, 2025, we entered into five variable-to-fixed interest rate swaps in connection with our GBP-denominated term loan maturing in 2028 and designated these derivatives as cash flow hedges of the underlying interest rate risk. In addition, two other variable-to-fixed interest rate swaps, which were assumed in connection with the Merger, continue to be designated as cash flow hedges of the related assumed term loans.

(5)USD fixed rate of 5.625% and EUR weighted average fixed rate of 4.681%. USD fixed rate of 3.950% and GBP weighted average fixed rate of 4.392%. USD fixed rate of 4.910% and EUR weighted average fixed rate of 4.122%.

(6)USD fixed rate of 5.625% and EUR weighted average fixed rate of 4.716%.

(7)Weighted average exchange rates of 1.34 for GBP-USD and 1.21 EUR-USD.

(8) Weighted average exchange rates of 0.87 for EUR-GBP and 1.33 for GBP-USD.

(9) USD fixed rate of 4.750% and EUR weighted average fixed rate of 3.806%.

We measure our derivatives at fair value and include the balances within 'Other assets, net' and 'Accounts payable and accrued expenses' on our consolidated balance sheets.

We have agreements with each of our derivative counterparties containing provisions under which we could be declared in default on our derivative obligations if repayment of our indebtedness is accelerated by the lender due to our default.

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The following table summarizes the amount of unrealized gain (loss) on derivatives and foreign currency translation adjustments in other comprehensive income (in thousands):


	Three months ended March 31,
Derivatives in Cash Flow Hedging Relationships	2026		2025
Interest rate swaps	$	16,836	$	(7,364)
Foreign currency forwards	23,246		(13,182)
Interest rate swaptions	(210)		(406)
Total derivatives in cash flow hedging relationships	$	39,872	$	(20,952)
Derivatives in Fair Value Hedging Relationships
Cross-currency swaps - Fair Value	$	8,460	$	10,327
Total derivatives in fair value hedging relationships	$	8,460	$	10,327
Total unrealized gain (loss) on derivatives, net	$	48,332	$	(10,625)
Derivatives and Non-derivatives in Net Investment Hedging Relationships
Cross-currency swaps - Net Investment	$	9,888	$	(4,826)
Foreign currency debt	11,126		(4,127)
Total unrealized gain (loss) recorded in foreign currency translation adjustment	$	21,014	$	(8,953)

The following table summarizes the amount of gain (loss) on derivatives reclassified from AOCI (in thousands):


		Three months ended March 31,
Derivatives in Cash Flow Hedging Relationships	Location of (Decrease) Increase Recognized in Income	2026		2025
Interest rate swaps	Interest	$	2,400	$	3,384
Foreign currency forwards	Foreign currency and derivative loss, net	(8,432)		1,318
Interest rate swaptions	Interest	60		104
Total derivatives in cash flow hedging relationships		$	(5,972)	$	4,806
Derivatives in Fair Value Hedging Relationships
Cross-currency swaps - Fair Value	Foreign currency and derivative loss, net	$	(122)	$	215
Total derivatives in fair value hedging relationships		$	(122)	$	215
Derivatives in Net Investment Hedging Relationships
Cross-currency swaps - Net Investment (excluded component)	Foreign currency and derivative loss, net	$	628	$	652
Total derivatives in net investment hedging relationships		$	628	$	652
Net (decrease) increase to net income		$	(5,466)	$	5,673

We expect to reclassify $14.5 million from AOCI as a decrease to interest expense relating to interest rate swaps and $11.9 million from AOCI as a decrease to foreign currency loss relating to foreign currency forwards within the next twelve months.

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The following table details our foreign currency and derivative loss, net included in income (in thousands):


	Three months ended March 31,
	2026		2025
Realized foreign currency and derivative loss, net:
(Loss) gain on the settlement of undesignated derivatives	$	(25,407)	$	(23,404)
(Loss) gain on the settlement of designated derivatives reclassified from AOCI	(8,432)		2,185
(Loss) gain on the settlement of transactions with third parties	(3,656)		3
Total realized foreign currency and derivative loss, net	$	(37,495)	$	(21,216)
Unrealized foreign currency and derivative loss, net:
Gain (loss) on the change in fair value of undesignated derivatives	$	54,139	$	(3,820)
(Loss) gain on remeasurement of certain assets and liabilities	(33,664)		22,491
Total unrealized foreign currency and derivative gain, net	$	20,475	$	18,671
Total foreign currency and derivative loss, net	$	(17,020)	$	(2,545)

12. Lessor Operating Leases

As of March 31, 2026, we owned or held interests in 15,571 properties. Of the 15,571 properties, 15,206, or 97.7%, are single-tenant properties, and the remainder are multi-tenant properties. As of March 31, 2026, 172 properties were available for lease or sale. The majority of our leases are accounted for as operating leases.

As of March 31, 2026, most of the properties in our portfolio were leased under net lease agreements where our client pays or reimburses us for property taxes and assessments and carries insurance coverage for public liability, property damage, fire, and extended coverage.

The following table details our rental revenue for the three months ended March 31, 2026 and 2025 (in thousands):


	Three months ended March 31,
	2026		2025
Minimum rent	$	1,305,578	$	1,222,667
Tenant reimbursement income	97,485		87,378
Straight-line rents	41,225		45,512
Above and below-market lease amortization	(45,684)		(47,634)
Percentage rent	4,203		5,808
Lease termination income	40,198		921
Other rent	2,087		2,797
Provision for doubtful accounts	(4,275)		(4,392)
Total rental revenue (including reimbursements)	$	1,440,817	$	1,313,057

13. Stockholders' Equity

A.Common Stock

We pay monthly distributions to our common stockholders. The following is a summary of monthly distributions paid per common share for the periods indicated below:


	Three months ended March 31,
Month	2026		2025
January	$	0.2700	$	0.2640
February	0.2700		0.2640
March	0.2700		0.2680









Total	$	0.8100	$	0.7960

As of March 31, 2026, a distribution of $0.2705 per common share was payable and was paid in April 2026.

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B. At-the-Market ("ATM") Program

Under our current ATM program, we may offer and sell up to 150.0 million shares of common stock (1) by us to, or through, a consortium of banks acting as our sales agents or (2) by a consortium of banks acting as forward sellers on behalf of any forward purchasers contemplated thereunder, in each case by means of ordinary brokers' transactions on the NYSE under the ticker symbol "O" at prevailing market prices or at negotiated prices. Upon settlement, subject to certain exceptions, we may elect, in our sole discretion, to cash settle or net share settle all or any portion of our obligations under any forward sale agreement, in which cases we may not receive any proceeds (in the case of cash settlement) or will not receive any proceeds (in the case of net share settlement), and we may owe cash (in the case of cash settlement) or shares of our common stock (in the case of net share settlement) to the relevant forward purchaser. As of March 31, 2026, we had 132.9 million shares remaining for future issuance under our ATM program. We anticipate maintaining the availability of our ATM program in the future, including the replenishment of authorized shares issuable thereunder.

The following table outlines common stock issuances pursuant to our ATM programs (dollars in millions, shares in thousands):


	Three months ended March 31,
	2026		2025
Shares of common stock issued under the ATM program (1)	—		11,231
Gross proceeds	$	—	$	632.0
Sales agents' commissions and other offering expenses	(0.2)		(7.2)
Net proceeds	$	(0.2)	$	624.8

(1) During the three months ended March 31, 2026, 8.2 million shares were sold, and no shares were settled pursuant to forward sale confirmations. As of March 31, 2026, 20.8 million shares of common stock subject to forward sale confirmations have been executed, but not settled, at a weighted average initial gross price of $60.07 per share. We currently expect to fully settle forward sale agreements outstanding by June 30, 2026, representing $1.2 billion in net proceeds, for which the weighted average forward price as of March 31, 2026 was $58.63 per share.

C. Dividend Reinvestment and Stock Purchase Plan ("DRSPP")

Our DRSPP provides our common stockholders with a convenient and economical method of purchasing our common stock and reinvesting their distributions. It also allows our current stockholders to buy additional shares of common stock by reinvesting all or a portion of their distributions. Our DRSPP authorizes up to 26.0 million common shares to be issued. As of March 31, 2026, we had 10.5 million shares remaining for future issuance under our DRSPP program.

The following table outlines common stock issuances pursuant to our DRSPP program (dollars in millions, shares in thousands):


	Three months ended March 31,
	2026		2025
Shares of common stock issued under the DRSPP program	50		57
Gross proceeds	$	3.1	$	3.1

D. Repurchases of Common Stock

We repurchased 1.8 million shares of our common stock during the three months ended March 31, 2026 for an aggregate cost of $101.9 million. As of March 31, 2026, there was $1.9 billion remaining under the share repurchase program authorized by the Board of Directors, which expires in January 2028.

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14. Common Stock Incentive Plan

The amount of share-based compensation costs recognized in 'General and administrative' in our consolidated statements of income and comprehensive income was $11.4 million and $5.9 million during the three months ended March 31, 2026 and 2025, respectively.

A. Restricted Stock and Restricted Stock Units

During the three months ended March 31, 2026, we granted a total of 264,649 shares of restricted stock and restricted stock units under the Realty Income 2021 Incentive Award Plan (the "2021 Plan"). Restricted stock and restricted stock units granted to employees vest over a service period not exceeding four years, while those granted to directors vest over a period of up to three years based on each director's years of service, and are subject to the director’s continued service through each applicable vesting date.

As of March 31, 2026, the remaining unamortized share-based compensation expense related to restricted stock awards and units totaled $36.6 million, which is being amortized on a straight-line basis over the service period of each applicable award. The amount of share-based compensation is based on the fair value of the stock at the grant date. We define the grant date as the date the recipient and Realty Income have a mutual understanding of the key terms and conditions of the award, and the recipient of the grant begins to benefit from, or be adversely affected by, subsequent changes in the price of the shares.

B. Performance Shares

During the three months ended March 31, 2026, we granted 246,900 performance shares, as well as dividend equivalent rights, to our executive officers. The performance shares are earned based on our Total Shareholder Return (“TSR”) performance relative to select industry indices and peer groups as well as achievement of certain operating metrics, and vest 50% as of the date of which the plan administrator determines the achievement of the applicable goals during the applicable three-year performance period and the remaining 50% on January 1 of the following year, subject to continued service.

As of March 31, 2026, the remaining share-based compensation expense related to the performance shares totaled $38.6 million. The performance shares are recognized on a tranche-by-tranche basis over the service period. The fair value of the performance shares was estimated on the date of grant using a Monte Carlo Simulation model.

15. Net Income per Common Share

The following is a reconciliation of the denominator of the basic net income per common share computation to the denominator of the diluted net income per common share computation (shares in thousands):


	Three months ended March 31,
		2026	2025
Weighted average shares used for the basic net income per share computation		931,977	891,666
Incremental shares from share-based compensation		1,118	574
Dilutive effect of forward ATM offerings		1,351	111
Weighted average shares used for diluted net income per share computation		934,446	892,351
Unvested shares from share-based compensation that were anti-dilutive		78	72
Weighted average partnership common units convertible to common shares that were anti-dilutive		2,682	2,682
Weighted average forward ATM offerings that were anti-dilutive		28	5
Weighted average shares issuable upon conversion of the convertible notes that were anti-dilutive		11,458	—

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16. Supplemental Disclosures of Cash Flow Information

The following table summarizes our supplemental cash flow information during the periods indicated below (in thousands):


	Three months ended March 31,
	2026		2025
Supplemental disclosures:
Cash paid for interest	$	270,513	$	270,919
Cash paid for income taxes	$	70,270	$	55,035
Non-cash activities:
Net increase (decrease) in fair value of derivatives	$	132,982	$	(47,749)

The following table provides a reconciliation of 'Cash and cash equivalents' reported on our consolidated balance sheets to the total of the cash, cash equivalents, and restricted cash reported within our consolidated statements of cash flows (in thousands):


	March 31, 2026		March 31, 2025
Cash and cash equivalents shown in the consolidated balance sheets	$	373,543	$	319,007
Restricted escrow deposits (1)	146,818		15,617
Impounds related to mortgages payable (1)	3,682		16,061
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	524,043	$	350,685

(1) Included within 'Other assets, net' on our consolidated balance sheets (see note 2, Supplemental Detail for Certain Components of Consolidated Balance Sheets). These amounts consist of cash that we are legally entitled to, but that is not immediately available to us. As a result, these amounts were considered restricted as of the dates presented.

17. Segment and Geographic Information

A. Segment Information

Our business is characterized as primarily owning and leasing commercial properties under long-term, net lease agreements (whereby clients are responsible for property taxes, insurance and maintenance costs), and these economic characteristics are similar across various property types, geographic locations, and industries in which our clients operate. Our chief operating decision maker ("CODM") is our President, Chief Executive Officer. Information reviewed by our CODM in evaluating performance and allocating resources is primarily operating results and cash flow analysis on a consolidated basis. Therefore, we operate and manage the business in one operating and reportable segment.

The CODM assesses performance and decides how to allocate resources based on net income that also is reported on the income statement as consolidated net income. The measure of segment assets is reported on the balance sheet as total consolidated assets. Our significant segment expenses include consolidated expense categories presented in our consolidated statements of income and comprehensive income, as well as additional significant segment expense categories reported within 'Property (including reimbursements)' and 'General and administrative' expense captions, as follows (in thousands):


	Three months ended March 31,
		2026		2025
Property expenses (excluding reimbursements)		$	19,358	$	19,303
Cash G&A expenses (1)		$	47,502	$	38,145

(1) Represents 'General and administrative' expenses as presented in our consolidated statements of income and comprehensive income, less share-based compensation costs.

Other segment items included in consolidated net income consist of 'Gain on sales of real estate' and 'Other income, net', as presented in our consolidated statements of income and comprehensive income.

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B. Geographic Information

The following table disaggregates domestic and international revenue by major asset types and geographic regions (in thousands):













	Three months ended March 31,
	2026
	U.S.		U.K.		Other (1)		Total
Retail	$	910,924	$	177,200	$	57,342	$	1,145,466
Industrial	202,696		15,236		16,599		234,531
Other (2)	58,410		2,410		—		60,820
Rental (including reimbursements)	$	1,172,030	$	194,846	$	73,941	$	1,440,817
Interest income on financing receivables							32,130
Interest and dividend income on loans and preferred equity investments							70,110
Other							5,670
Total revenue							$	1,548,727











	2025
	U.S.		U.K.		Other (1)		Total
Retail	$	864,073	$	138,265	$	39,280	$	1,041,618
Industrial	196,429		11,663		—		208,092
Other (2)	62,386		961		—		63,347
Rental (including reimbursements)	$	1,122,888	$	150,889	$	39,280	$	1,313,057
Interest income on financing receivables							32,635
Interest and dividend income on loans and preferred equity investments							34,736
Other							77
Total revenue							$	1,380,505

(1) Other includes rental revenue generated from all other European countries we operate in.

(2) Other includes all other property types in our portfolio.

No individual client’s revenue represented more than 10% of our total revenue for each of the three months ended March 31, 2026 and 2025.

Long-lived assets include items such as property, plant, equipment and right-of-use assets subject to operating and finance leases. The following table disaggregates domestic and international total long-lived assets (in millions):


	March 31, 2026								December 31, 2025
	U.S.		U.K.		Other (1)		Total		U.S.		U.K.		Other (1)		Total
Long-lived assets	$	42,298.4	$	9,516.3	$	3,744.8	$	55,559.5	$	42,337.4	$	9,322.6	$	3,280.5	$	54,940.5
Remaining assets							18,995.2								17,855.1
Total assets							$	74,554.7							$	72,795.6

(1) Other includes long-lived assets in all other European countries we operate in.

18. Commitments and Contingencies

In the ordinary course of business, we are party to various legal actions which we believe are routine in nature and incidental to the operation of our business. We believe that the outcome of the proceedings will not have a material adverse effect upon our consolidated financial position or results of operations.

As of March 31, 2026, we had $736.3 million of commitments under construction contracts related to development projects, which have estimated rental revenue commencement dates between April 2026 and December 2028. In addition, as of March 31, 2026, we had commitments of $42.3 million for tenant improvements, recurring capital expenditures, and building improvements, and had accrued $15.2 million in contingent consideration obligations related to leasing activities at four U.K. retail park properties acquired in 2026.

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In March 2026, we closed on a mezzanine loan entered into with a joint venture with a principal balance of $375.0 million. As of March 31, 2026, we have an obligation to fund up to $135.6 million over the term of the guarantee on third-party debt related to this loan, in the event of default. The guarantee is effective through the term of the related loan, which matures in March 2029 and has two 12-month extension options available. The guarantee requires fair value measurement. As such, we recorded the measured amount of $4.0 million as a liability at inception, which is included in 'Other liabilities' on our consolidated balance sheets.

As of March 31, 2026, we had approximately $390.1 million of unfunded loan commitments related to certain loan investments, under which we are committed to provide funding upon borrower request, subject to satisfaction of customary conditions. These commitments may be funded over the contractual commitment period and are generally intended to support the financing needs of the borrowers, including project development costs, operational expenditures, and interest obligations. These commitments are secured by the underlying real estate collateral or pledges of equity interests in the borrowing entities.

19. Subsequent Events

A. Dividends

In April 2026, we declared a dividend of $0.2705 per share to our common stockholders, which will be paid in May 2026.

B. U.S. Core Plus Fund

On April 1, 2026, we called an additional $310.0 million of capital from third-party investors and redeemed $183.8 million of the Company's units, resulting in an indirect ownership of 26.8% in the Fund.

On April 30, 2026, the Fund borrowed $177.0 million under its unsecured delayed draw term loan and used the proceeds to repay borrowings under its unsecured revolving credit facility.

C. Note Issuance

In April 2026, we issued $800.0 million of 4.750% senior unsecured notes due April 2033 (the "Notes"). The public offering price for the Notes was 98.261% of the principal amount for an effective yield to maturity of 5.047%. Interest is paid semi-annually. In connection with the issuance, we executed a $500 million U.S. Dollar-to-Euro 7-year cross currency swap, resulting in approximately €436 million of proceeds and an effective fixed-rate, Euro-denominated yield to maturity of approximately 4.07% and coupon rate of 3.81%. On a combined basis, the Notes and related swap resulted in an effective blended yield to maturity of approximately 4.44% and blended coupon rate of 4.16%.

D. ATM Forward Offerings

As of May 6, 2026, we had outstanding forward sale agreements under our ATM program for a total of 23.6 million shares of common stock, representing expected net proceeds of approximately $1.4 billion (assuming full physical settlement of such agreements), of which 2.8 million shares were sold in April 2026.

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Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, including the documents incorporated by reference, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this quarterly report, the words “estimate,” “anticipate,” “assume,” “expect,” “believe,” “intend,” “continue,” “should,” “may,” “likely,” “plan,” “seek,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions of our business, strategy, plans, and the intentions of management; joint ventures, partnerships, and portfolio including management thereof; our platform; growth and capital strategies including our private capital business, investment pipeline and intentions to acquire or dispose of properties (including geographies, timing, partners, clients and terms); re-leases, re-development and speculative development of properties and expenditures related thereto; operations and results; our share repurchase program; settlement of shares of common stock sold pursuant to forward sale confirmations under our At-the-Market (“ATM”) program; dividends, including the amount, timing and payments of dividends; and macroeconomic and other business trends, including interest rates and trends in the market for long-term leases of freestanding, single-client properties. Forward-looking statements are subject to risks, uncertainties, and assumptions about us which may cause our actual future results to differ materially from expected results. Some of the factors that could cause actual results to differ materially are, among others, our continued qualification as a real estate investment trust; general domestic and foreign business, economic, or financial conditions; competition; fluctuating interest and currency rates; inflation and its impact on our clients and us; access to debt and equity capital markets and other sources of funding (including the terms, structure and partners of such funding); volatility and uncertainty in the credit and financial markets; other risks inherent in real estate, private capital, credit and mezzanine investments, and joint ventures or co-investment ventures, including solvency, defaults under leases, bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments (including rights of first refusal or rights of first offer), and potential damages from natural disasters; impairments in the value of our real estate assets; volatility and changes in domestic and foreign laws and the application, enforcement or interpretation thereof (including with respect to tax laws and rates); property ownership through co-investment ventures, funds, joint ventures, partnerships and other arrangements which, among other things, may transfer or limit our control of the underlying investments; epidemics or pandemics; the loss of key personnel; the threat and outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism and war; and the anticipated benefits from mergers, acquisitions, co-investment ventures, funds, joint ventures, partnerships and other arrangements.

Additional factors that may cause risks and uncertainties include those discussed in the sections entitled “Business,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our annual report on Form 10-K, for the year ended December 31, 2025.

Readers are cautioned not to place undue reliance on forward-looking statements. These forward-looking statements are not guarantees of future plans and performance and speak only as of the date this quarterly report was filed with the Securities and Exchange Commission (the "SEC"). Past operating results and performance are provided for informational purposes and are not a guarantee of future results. There can be no assurance that historical trends will continue. Actual plans and results may differ materially from what is expressed or forecasted in this quarterly report and forecasts made in the forward-looking statements discussed in this quarterly report might not materialize. We do not undertake any obligation to update forward-looking statements or publicly release the results of any forward-looking statements that may be made to reflect events or circumstances after the date these statements were made or to reflect the occurrence of unanticipated events.

OVERVIEW

Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies®. Founded in 1969, we serve our clients as a full-service real estate capital provider. As of March 31, 2026, we have a portfolio of over 15,500 properties in all 50 states of the United States ("U.S."), the United Kingdom ("U.K."), and eight other countries in Europe. We are known as “The Monthly Dividend Company®” and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our founding, we have declared 670 consecutive monthly dividends and are a member of the S&P 500 Dividend Aristocrats® index for having increased our dividend for over 31 consecutive years.

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As of March 31, 2026, we owned or held interests in 15,571 properties, with approximately 347.6 million square feet of leasable space leased to 1,786 clients doing business in 92 separate industries. Of the 15,571 properties in our portfolio as of March 31, 2026, 15,206, or 97.7%, were single-tenant properties, and the remaining were multi–client properties. Our total portfolio of 15,571 properties as of March 31, 2026 had a weighted average remaining lease term (excluding rights to extend a lease at the option of the client) of approximately 8.7 years. Total portfolio annualized base rent (defined as our pro-rata share of contractual monthly base rent for all leases in place and exchange rates as of the balance sheet date, multiplied by 12) on our leases as of March 31, 2026 was $5.23 billion.

As of March 31, 2026, approximately 32.0% of our total portfolio annualized base rent comes from properties leased to our investment grade clients, their subsidiaries or affiliated companies. As of March 31, 2026, our top 20 clients (based on percentage of total portfolio annualized base rent) represented approximately 35.3% of our annualized base rent and 12 of these clients have investment grade credit ratings or are subsidiaries or affiliates of investment grade companies. Approximately 91% of our annualized retail base rent as of March 31, 2026, is derived from our clients with a service, non-discretionary, and/or low price point component to their business.

Unless otherwise specified, references to rental revenue in the Management's Discussion and Analysis of Financial Condition and Results of Operations are exclusive of reimbursements from clients for recoverable real estate taxes and operating expenses totaling $97.5 million and $87.4 million for the three months ended March 31, 2026 and 2025, respectively.

RECENT DEVELOPMENTS

Increases in Monthly Dividends to Common Stockholders

We have continued our 57-year history of paying monthly dividends by increasing the dividend twice during 2026. As of May 2026, we have paid 114 consecutive quarterly dividend increases and increased the dividend 134 times since our listing on the NYSE in 1994.


2026 Dividend increases	Month Declared	Month Paid	Monthly Dividend per share		Increase per share
1st increase	Dec 2025	Jan 2026	$	0.2700	$	0.0005
2nd increase	Mar 2026	Apr 2026	$	0.2705	$	0.0005

The dividends paid per share during the three months ended March 31, 2026 totaled $0.8100, as compared to $0.7960 during the three months ended March 31, 2025, an increase of $0.0140, or 1.8%.

The monthly dividend of $0.2705 per share represents a current annualized dividend of $3.246 per share, and an annualized dividend yield of 5.3% based on the last reported sale price of our common stock on the NYSE of $61.18 on March 31, 2026. Although we expect to continue our policy of paying monthly dividends, we cannot guarantee that we will maintain our current level of dividends, that we will continue our pattern of increasing dividends per share, or what our actual dividend yield will be in any future period.

Investments

During the three months ended March 31, 2026, we invested $2.8 billion; our pro-rata share was $2.6 billion at an initial weighted average cash yield of 7.1%, including investments in 194 properties, properties under development or expansion, unconsolidated entities, and loans. See notes 3, Investments in Real Estate, 4, Investments in Unconsolidated Entities, and 5, Investments in Loans and Financing Receivables to the consolidated financial statements for further details.

Establishment of Joint Venture with Apollo

In March 2026, we established our Managed Insurance and Retirement Annuity investment platform as a vehicle to pursue various co-investment opportunities with institutional investors. In connection with this initiative, on March 31, we closed a $1.0 billion strategic investment from Apollo in exchange for a 49% interest in a newly formed joint venture which owns an existing portfolio of 492 retail properties contributed by the Company.

Establishment of Joint Venture with GIC

In January 2026, we established a strategic relationship with GIC, a leading global institutional investor, including the formation of a build-to-suit development joint venture with total combined commitments of over $1.5 billion.

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Dispositions

During the three months ended March 31, 2026, we sold 97 properties with total net proceeds received of $188.0 million.

Equity Capital Raising

As of May 6, 2026, we had outstanding forward sale agreements under our ATM program for a total of 23.6 million shares of common stock, representing expected net proceeds of approximately $1.4 billion, of which 2.8 million shares were sold in April 2026 (assuming full physical settlement of such agreements).

Note Issuance

In April 2026, we issued $800.0 million of 4.750% senior unsecured notes due April 2033. In connection with the offering, we executed a $500 million U.S. Dollar-to-Euro 7-year cross currency swap, resulting in approximately €436 million of proceeds and a blended coupon rate of 4.16%. See note 19, Subsequent Events, to the consolidated financial statements for further details.

Term Loan Issuance

Convertible Bond Issuance

Portfolio Discussion

Leasing Results

As of March 31, 2026, we had 172 properties available for lease or sale out of 15,571 properties in our portfolio, which represents a 98.9% occupancy rate based on the number of properties in our portfolio. Our property-level occupancy rates exclude properties with ancillary leases only, such as cell towers and billboards, and properties with possession pending, and include properties owned by unconsolidated joint ventures. Below is a summary of our portfolio activity for the period indicated below:


Three months ended March 31, 2026
Properties available for lease as of December 31, 2025			173
Lease expirations (1)			320
Re-leases to same client			(220)
Re-leases to new client			(23)

Vacant dispositions			(78)
Properties available for lease as of March 31, 2026			172

(1)Includes scheduled and unscheduled expirations (including leases rejected in bankruptcy), as well as future expirations resolved in the period indicated above.

During the three months ended March 31, 2026, the new annualized base rent on re-leased units was $73.3 million, as compared to the previous annual rent of $70.9 million on the same units, representing a rent recapture rate of 103.4% on the re-leased units.

As part of our re-leasing costs, we pay leasing commissions to unrelated, third-party real estate brokers consistent with the commercial real estate industry standard, and sometimes provide rent concessions to our clients. We do not consider the collective impact of the leasing commissions or rent concessions to our clients to be material to our financial position or results of operations.

Impact of Inflation

Leases generally provide for limited increases in rent as a result of fixed increases, increases in the consumer price index, retail price index in the case of certain leases in the U.K. (typically subject to ceilings), or increases in clients’ sales volumes. We expect that inflation will cause these lease provisions to result in rent increases over time.

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During times when inflation is greater than increases in rent, as provided for in the leases, rent increases may not keep up with the rate of inflation and other costs.

Moreover, our strategic focus on the use of net lease agreements reduces our exposure to rising property expenses due to inflation because the client is responsible for property expenses. Even though the utilization of net leases reduces our exposure to rising property expenses due to inflation, substantial inflationary pressures and increased costs may have an adverse impact on our clients if increases in their operating expenses exceed increases in revenue, which may adversely affect our clients' ability to pay rent. Additionally, inflationary periods may cause us to experience increased costs of financing, make it difficult to refinance debt at attractive rates or at all, and may adversely affect the properties we can acquire if the cost of financing an acquisition is in excess of our anticipated earnings from such property, thereby limiting the properties that can be acquired.

Impact of Real Estate and Capital Markets

In the commercial real estate market, property prices generally continue to fluctuate. Likewise, during certain periods, the global capital markets have experienced significant price volatility, dislocations, and liquidity disruptions, which may impact our access to and cost of capital. We continually monitor the commercial real estate and global capital markets carefully and, if required, will make decisions to adjust our business strategy accordingly.

Impact of Current Macroeconomic Conditions

We monitor developments related to macroeconomic factors that could have an adverse impact on our business and our clients. Our clients face challenges that may differ from or be additional to challenges we face, including potential changes in consumer confidence levels, behavior and spending and increased operational expenses, including potential impacts from changes in global trade policies. The extent of the future effects on our business, results of operations, cash flows, and growth strategies is highly uncertain and will ultimately depend on future developments, none of which can be predicted.

LIQUIDITY AND CAPITAL RESOURCES

Our primary cash obligations are included in the “Material Cash Requirements” table, which is presented later in this section. We expect to fund our operating expenses and other short-term liquidity requirements, including property acquisitions and development costs, payment of principal and interest on our outstanding indebtedness, property improvements, re-leasing costs, and cash distributions to common stockholders, primarily through a combination of the following:

•Cash and cash equivalents;

•Future cash flows from operations;

•Issuances of common stock or debt, or other securities offerings;

•Additional borrowings under our credit facilities or commercial paper programs, which are backstopped by our credit facilities;

•Short-term loans;

•Asset dispositions; and

•Credit investment repayments.

In addition to these sources of liquidity, we manage and own our interest in our perpetual life U.S. Core Plus Fund (the "Fund"). On January 1, 2026, within our Fund, we called $638.0 million of capital from third-party investors and redeemed $408.2 million of the Company's units, resulting in an indirect ownership of 38.5% in the Fund. On April 1, 2026, we called an additional $310.0 million of capital from third-party investors and redeemed $183.8 million of the Company's units, resulting in an indirect ownership of 26.8% in the Fund. We seek to hold additional closings during the life of the Fund. In March 2026, we also established a strategic relationship with Apollo, a high-growth, global alternative asset manager, and closed on $1.0 billion of gross proceeds in exchange for Apollo’s acquisition of a 49% interest in a joint venture that indirectly owns a diversified net lease portfolio comprised entirely of single-tenant retail properties. We intend to evaluate other opportunities to raise private capital in the future, including potentially through additional funds and/or joint venture opportunities.

We believe that our cash and cash equivalents on hand, cash provided from operating activities, and borrowing capacity are sufficient to meet our liquidity needs for the next twelve months. We intend, however, to use permanent or long-term capital to fund property acquisitions and to repay future borrowings under our credit facilities and commercial paper programs.

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Long-Term Liquidity Requirements

Our primary goal is to deliver dependable monthly dividends to stockholders that increase over time. Historically, we have met our principal short-term and long-term capital needs, including the funding of high-quality real estate acquisitions, investments in loans to clients, property development, and capital expenditures by issuing common stock, long-term unsecured notes, and term loan borrowings. While the issuance of common stock has historically been an important component of our capital structure, we continue to broaden and diversify our sources of capital to reduce reliance on the public capital markets. This approach enhances capital availability across market cycles, improves cost‑of‑capital certainty, and increases financial flexibility. However, there can be no assurance that our efforts will be successful.

Capitalization

As of March 31, 2026, our total capitalization was $87.8 billion. Total capitalization consisted of $57.2 billion of common equity (based on the March 31, 2026 closing price on the NYSE of $61.18 and assuming the conversion of 2.7 million common units of Realty Income, L.P.), and total outstanding borrowings of $30.5 billion on our credit facilities, commercial paper, term loans, mortgages payable, and senior unsecured notes and bonds and our proportionate share of joint venture debt (excluding unamortized deferred financing costs, discounts, and premiums).

Share Repurchase Program

We are authorized to repurchase up to $2.0 billion in shares of our common stock under our share repurchase program, which will expire in January 2028. Repurchases under the repurchase program may be made at management’s discretion from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions, Rule 10b5-1 plans or otherwise, all in accordance with the rules of the SEC and other applicable legal requirements. The repurchase program does not obligate us to acquire any particular amount of common stock, and the repurchase program may be suspended or discontinued at any time at our discretion. In January 2026, we repurchased 1.8 million shares of our common stock for $101.9 million under the repurchase program.

ATM Program

As of March 31, 2026, we had outstanding forward-sale agreements under our ATM program for a total of 20.8 million shares of common stock, representing approximately $1.2 billion in expected net proceeds, which have been executed at a weighted average price of $58.63 per share (assuming full physical settlement of all outstanding shares of common stock, subject to such forward sale agreements and certain assumptions made with respect to settlement dates). Additionally, as of March 31, 2026, we had 132.9 million shares remaining for future issuance under our ATM program. We anticipate maintaining the availability of our ATM program in the future, including the replenishment of authorized shares issuable thereunder.

Debt Financing Activities

As of March 31, 2026, our total outstanding borrowings of credit facilities, commercial paper, term loans, mortgages payable, and senior unsecured notes and bonds were $30.0 billion, with a weighted average maturity of 5.4 years and a weighted average interest rate of 3.8%. As of March 31, 2026, approximately 92% of our total debt was fixed rate debt. See notes 6 through 8 to the consolidated financial statements for additional information about our outstanding debt, along with our debt financing activities during the three months ended March 31, 2026 below.

Term Loan Issuance

In March 2026, we closed a $693.9 million unsecured term loan due January 2036 with an affiliate of The Goldman Sachs Group, Inc. at a fixed rate of 4.91% and executed a cross-currency swap on $500.0 million of proceeds for approximately €431.0 million, achieving an effective blended borrowing rate of 4.34%.

Convertible Bond Issuance

In January 2026, we issued $862.5 million principal amount of 3.500% convertible senior notes due January 2029 in a private offering, resulting in net proceeds of $845.1 million. We used approximately $101.9 million of the net proceeds to repurchase approximately 1.8 million shares of our common stock concurrently with the pricing of the offering. The notes are senior, unsecured obligations of Realty Income and accrue interest at a rate of 3.500% per annum, payable semi-annually in arrears. The notes will mature on January 15, 2029, unless earlier repurchased, redeemed or converted.

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Note Issuance

In April 2026, we issued $800.0 million of 4.750% senior unsecured notes due April 2033. See note 19, Subsequent Events, to the consolidated financial statements for further details. In connection with the offering, we executed a $500 million U.S. Dollar-to-Euro 7-year cross currency swap, resulting in approximately €436 million of proceeds and a blended coupon rate of 4.16%. See note 19, Subsequent Events, to the consolidated financial statements for further details.

Note Repayments

During the three months ended March 31, 2026, we repaid the following notes, plus accrued and unpaid interest, upon maturity:

2026 Repayments

Date of Issuance

Maturity Date

Principal amount
(in millions)

5.050% Notes

January 2023

January 2026

500.0

0.750% Notes

December 2020

March 2026

325.0

Note Covenants

The following is a summary of the key financial covenants for our senior unsecured notes, as defined and calculated per the terms of our senior notes and bonds. These calculations, which are not based on accounting principles generally accepted in the United States of America ("U.S. GAAP"), are presented to investors to show our ability to incur additional debt under the terms of our senior notes and bonds as well as to disclose our current compliance with such covenants and are not measures of our liquidity or performance. The actual amounts as of March 31, 2026, are:


Note Covenants	Required	Actual
Limitation on incurrence of total debt	< 60% of adjusted assets	41.4	%
Limitation on incurrence of secured debt	< 40% of adjusted assets	0.2	%
Debt service and fixed charge coverage (trailing 12 months) (1)	> 1.5x	4.7x
Maintenance of total unencumbered assets	> 150% of unsecured debt	242.5	%

(1) Our debt service coverage ratio is calculated on a pro forma basis for the preceding four-quarter period on the assumptions that: (i) the incurrence of any Debt (as defined in the covenants) by us since the first day of such four-quarter period and the application of the proceeds therefrom (including to refinance other Debt since the first day of such four-quarter period), (ii) the repayment or retirement of any of our Debt since the first day of such four-quarter period, and (iii) any acquisition or disposition by us of any asset or group since the first day of such four quarters and subject to certain additional adjustments. Such pro forma ratio has been prepared on the basis required by that debt service covenant, reflects various estimates and assumptions and is subject to other uncertainties, and therefore does not purport to reflect what our actual debt service coverage ratio would have been had transactions referred to in clauses (i), (ii) and (iii) of the preceding sentence occurred as of the first day of four-quarter period, nor does it purport to reflect our debt service coverage ratio for any future period. Fixed charge coverage is calculated in the same manner as the debt service coverage. The following is our calculation of debt service and fixed charge coverage as of March 31, 2026 (in thousands, for trailing twelve months):


Net income attributable to the Company	$	1,120,542
Plus: interest expense, excluding the amortization of deferred financing costs	1,126,716
Plus: provision for taxes	95,883
Plus: depreciation and amortization	2,545,540
Plus: provisions for impairment	484,014
Plus: pro forma adjustments	232,491
Less: provisions for gains from sales or joint ventures	(190,746)
Income available for debt service, as defined	$	5,414,440
Total pro forma debt service charge	$	1,150,398
Debt service and fixed charge coverage ratio	4.7x

Credit Agency Ratings

The borrowing interest rates under our revolving credit facilities are based upon our ratings assigned by credit rating agencies. As of March 31, 2026, we were assigned the following investment grade corporate credit ratings on our senior unsecured notes and bonds: Moody’s Investors Service has assigned a rating of A3 with a “stable” outlook and Standard & Poor’s Ratings Group has assigned a rating of A- with a “stable” outlook. In addition, we were assigned the following ratings on our commercial paper as of March 31, 2026: Moody's Investors Service has assigned a rating of P-2 and Standard & Poor's Ratings Group has assigned a rating of A-2.

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Based on our credit rating agency ratings as of March 31, 2026, our credit facilities provide for (i) USD borrowings at Secured Overnight Financing Rate ("SOFR") plus 0.725% and (ii) British Pound Sterling ("GBP") borrowings at the Sterling Overnight Indexed Average (“SONIA”) plus 0.725%, and (iii) Euro ("EUR") borrowings at a benchmark rate selected in accordance with the credit agreement. A revolving credit facility commitment fee of 0.125% is payable on the total commitment amount. The credit agreement also provides flexibility to elect different interest rate tenors or daily rate options for each currency tranche.

In addition, our credit facilities provide that the interest rates can range between: (i) SOFR/SONIA/Euro Interbank Offered Rate (“EURIBOR”), plus 1.40% if our credit rating is lower than BBB-/Baa3 or our senior unsecured debt is unrated and (ii) SOFR/SONIA/EURIBOR, plus 0.70% if our credit rating is A/A2 or higher. In addition, our credit facilities provide for a facility commitment fee based on our credit ratings, which ranges from: (i) 0.30% for a rating lower than BBB-/Baa3 or unrated, and (ii) 0.10% for a credit rating of A/A2 or higher.

We also issue senior debt securities from time to time and our credit ratings can impact the interest rates charged in those transactions. If our credit ratings or ratings outlook change, our cost to obtain debt financing could increase or decrease. The credit ratings assigned to us could change based upon, among other things, our results of operations and financial condition. These ratings are subject to ongoing evaluation by credit rating agencies, and we cannot assure you that our ratings will not be changed or withdrawn by a rating agency in the future if, in its judgment, circumstances warrant. Moreover, a rating is not a recommendation to buy, sell or hold our debt securities or common stock.

Material Cash Requirements

The following table summarizes the maturity of each of our obligations as of March 31, 2026 (in millions):


	2026		2027		2028		2029		2030		Thereafter		Total
Credit Facilities (1)	$	—	$	1,342.3	$	—	$	551.9	$	—	$	—	$	1,894.2
Commercial Paper (2)	414.9		—		—		—		—		—		414.9
Unsecured Term Loans	—		500.0		1,189.5		—		—		693.9		2,383.4
Mortgages Payable	11.6		22.4		1.3		1.3		0.9		—		37.5
Senior Unsecured Notes and Bonds	1,550.0		2,358.9		2,499.8		3,674.4		2,446.4		12,699.1		25,228.6
Interest (3)	848.2		1,033.1		860.1		774.8		627.2		3,053.2		7,196.6
Ground Leases Paid by the Company (4)	17.1		13.8		11.7		12.9		13.4		569.2		638.1
Ground Leases Paid by Our Clients (5)	23.8		30.0		27.2		24.9		23.3		311.1		440.3
Other (6)	580.2		187.2		22.2		—		—		4.3		793.9
Total	$	3,445.8	$	5,487.7	$	4,611.8	$	5,040.2	$	3,111.2	$	17,330.8	$	39,027.5

(1) The initial terms of the RI Credit Facilities expire in April 2027 and April 2029 and include, at our option, two six-month extensions. The initial term of the Fund Credit Facilities expires in April 2029 and includes, at our option, two six-month extensions.

(2) Commercial paper programs outstanding were $414.9 million, maturing between April 2026 and June 2026.

(3) Interest on the commercial paper programs, term loans, mortgages payable, and senior unsecured notes and bonds has been calculated based on outstanding balances at period end through their respective maturity dates.

(4) We currently pay the ground lessors directly for the rent under certain ground lease arrangements.

(5) Our clients, who are generally sub-tenant clients under ground leases, are responsible for paying the rent under these ground leases.

(6) “Other” consists of $736.3 million of commitments under construction contracts, $42.3 million for tenant improvements, recurring capital expenditures, and building improvements, and $15.2 million in contingent purchase consideration obligations related to leasing activities at four U.K. retail park properties acquired in 2026.

In addition to the contractual obligation presented above, as of March 31, 2026, we had approximately $390.1 million of unfunded loan commitments related to certain loan investments. These commitments are not reflected in the table above, as the timing of the funding is dependent on borrower request and the satisfaction of customary conditions, and therefore cannot be reasonably estimated by period. See Note 18 Commitments and Contingencies to the consolidated financial statements for further details.

Investments in Unconsolidated Entities

As of March 31, 2026, our pro-rata share of secured debt of unconsolidated entities was approximately $659.2 million.

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DIVIDEND POLICY

Distributions are paid monthly to holders of shares of our common stock.

Distributions are paid monthly to the limited partners holding common units of Realty Income, L.P., each on a per unit basis that is equal to the amount paid per share to our common stockholders (subject to the adjustment factor applicable to those units at the time of such distribution).

In order to maintain our status as a real estate investment trust ("REIT") for federal income tax purposes, we generally are required to distribute dividends to our stockholders aggregating annually at least 90% of our taxable income (excluding net capital gains), and we are subject to income tax to the extent we distribute less than 100% of our taxable income (including net capital gains). In 2025, our cash distributions to common stockholders totaled $2.92 billion, or approximately 159.0% of our estimated taxable income of $1.84 billion. Certain measures are available to us to reduce or eliminate our tax exposure as a REIT, and accordingly, no provision for U.S. federal income taxes, other than our taxable REIT subsidiaries (each, a "TRS"), has been made. Our estimated taxable income reflects non-cash deductions for depreciation and amortization. Our estimated taxable income is presented to show our compliance with REIT dividend requirements and is not a measure of our liquidity or operating performance. We intend to continue to make distributions to our stockholders that are sufficient to meet this dividend requirement and that will reduce or eliminate our exposure to income taxes. Furthermore, we believe our cash on hand and funds from operations are sufficient to support our current level of cash distributions to our stockholders. We distributed $0.81 per share to stockholders during the three months ended March 31, 2026, representing 71.7% of our diluted Adjusted Funds from Operations Available to Common Stockholders ("AFFO") per share of $1.13.

Future distributions will be at the discretion of our Board of Directors and will depend on, among other things, our results of operations, Funds from Operations Available to Common Stockholders ("FFO"), Normalized Funds from Operations Available to Common Stockholders ("Normalized FFO"), AFFO, cash flow from operations, financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), our debt service requirements, and any other factors the Board of Directors may deem relevant. In addition, our RI Credit Facilities contain financial covenants that could limit the amount of distributions payable by us in the event of a default, and which prohibit the payment of distributions on our common stock in the event that we fail to pay when due (subject to any applicable grace period) any principal or interest on borrowings under our RI Credit Facilities.

Distributions of our current and accumulated earnings and profits for federal income tax purposes generally will be taxable to stockholders as ordinary income, except to the extent that we recognize capital gains and declare a capital gains dividend, or that such amounts constitute “qualified dividend income” subject to a reduced rate of tax. The maximum tax rate of non-corporate taxpayers for “qualified dividend income” is generally 20%. In general, dividends payable by REITs are not eligible for the reduced tax rate on qualified dividend income, except to the extent that certain holding requirements have been met with respect to the REIT’s stock and the REIT’s dividends are attributable to dividends received from certain taxable corporations (such as our TRSs) or to income that was subject to tax at the corporate or REIT level (for example, if we distribute taxable income that we retained and paid tax on in the prior taxable year). However, non-corporate stockholders, including individuals, generally may deduct up to 20% of dividends from a REIT, other than capital gain dividends and dividends treated as qualified dividend income.

Distributions in excess of earnings and profits generally will first be treated as a non-taxable reduction in the stockholders’ basis in their stock, but not below zero. Distributions in excess of that basis generally will be taxable as a capital gain to stockholders. Approximately 33.6% of the distributions to our common stockholders, made or deemed to have been made in 2025, were classified as a return of capital for federal income tax purposes.

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RESULTS OF OPERATIONS

The following is a comparison of our results of operations for the three months ended March 31, 2026 and 2025.

Total Revenue

The following summarizes our total revenue (in thousands):


	Three months ended March 31,
	2026		2025		Change
Rental (excluding reimbursements)	$	1,343,332	$	1,225,679	$	117,653
Rental (reimbursements)	97,485		87,378		10,107
Interest income on financing receivables	32,130		32,635		(505)
Interest and dividend income on loans and preferred equity investments	70,110		34,736		35,374
Other	5,670		77		5,593
Total revenue	$	1,548,727	$	1,380,505	$	168,222

Rental Revenue (excluding reimbursements)

The table below summarizes the increase in rental revenue (excluding reimbursements) in the three months ended March 31, 2026 and 2025 (dollars in thousands):


	Three months ended March 31,
	Number of Properties	2026		2025		Change
Properties acquired during 2026 & 2025	468	$	77,650	$	5,891	$	71,759
Same store rental revenue	14,738	1,198,106		1,187,876		10,230
Constant currency adjustment (1)	N/A	4,660		(10,239)		14,899
Properties sold during and prior to 2026	526	2,414		18,440		(16,026)
Straight-line rent and other non-cash adjustments	N/A	(4,409)		(3,293)		(1,116)
Vacant rents, development and other (2)	365	24,569		25,606		(1,037)
Other excluded revenue (3)	N/A	40,342		1,398		38,944
Total		$	1,343,332	$	1,225,679	$	117,653

(1)For purposes of comparability, same store rental revenue is presented on a constant currency basis using the exchange rate as of March 31, 2026.

(2)Relates to the aggregate of (i) rental revenue from 262 properties that were available for lease during part of 2026 or 2025 for the three months ended March 31, 2026 and (ii) rental revenue for 103 properties under development or completed developments that do not meet our same store pool definition for the three months ended March 31, 2026.

(3)"Other excluded revenue" primarily consists of reimbursements related to lease termination fees and other settlement income.

For purposes of determining the same store rent property pool, we include all properties that were owned for the entire year-to-date period, for both the current and prior year, except for properties during the current or prior year that; (i) were vacant at any time, (ii) were under development or redevelopment, or (iii) were involved in eminent domain and rent was reduced. Each of the exclusions from the same store pool are separately addressed within the applicable sentences above, explaining the changes in rental revenue for the period.

Of the 17,426 in-place leases in the portfolio, 13,972, or 80.2%, were under leases that provide for increases in rents through: base rent increases tied to inflation (typically subject to ceilings), percentage rent based on a percentage of the clients’ gross sales, fixed increases, or a combination of two or more of the aforementioned rent provisions.

Rent based on a percentage of our clients' gross sales, or percentage rent, was $4.2 million and $5.8 million for the three months ended March 31, 2026 and 2025, respectively. Percentage rent represents less than 1% of rental revenue.

As of March 31, 2026, our portfolio of 15,571 properties was 98.9% leased with 172 properties available for lease or sale, as compared to 98.5% leased with 231 properties available for lease as of March 31, 2025. It has been our experience that approximately 1% to 4% of our property portfolio will be available for lease at any given time; however, it is possible that the number of properties available for lease or sale could increase in the future, given the nature of economic cycles and other unforeseen global events.

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Rental Revenue (reimbursements)

A number of our leases provide for contractually obligated reimbursements from clients for recoverable real estate taxes and operating expenses. Contractually obligated reimbursements by our clients increased by $10.1 million for the three months ended March 31, 2026 as compared to the same period in 2025, primarily due to higher reimbursable property taxes and maintenance due to growth in our portfolio.

Interest Income on Financing Receivables

Interest income on financing receivables decreased by $0.5 million for the three months ended March 31, 2026 as compared to the same period in 2025, primarily due to lower interest income on certain sale-leaseback transactions.

Interest and Dividend Income on Loans and Preferred Equity Investments

Interest and dividend income on loans and preferred equity investments increased by $35.4 million for the three months ended March 31, 2026 as compared to the same period in 2025, primarily driven by growth in our loan and preferred equity portfolio.

Other Revenue

Other revenue increased by $5.6 million for the three months ended March 31, 2026 as compared to the same period in 2025, primarily due to higher solar electricity tax credits received during the quarter.

Expenses

The following summarizes our total expenses (in thousands):


	Three months ended March 31,
	2026			2025			Change
Depreciation and amortization	$	630,275		$	608,935		$	21,340
Interest	291,940			268,374			23,566
Property (excluding reimbursements)	19,358			19,303			55
Property (reimbursements)	97,485			87,378			10,107
General and administrative	58,885			44,044			14,841
Provisions for impairment	129,268			116,589			12,679
Merger, transaction, and other costs, net	10,787			279			10,508
Total expenses	$	1,237,998		$	1,144,902		$	93,096
Total revenue (1)	$	1,451,242		$	1,293,127
General and administrative expenses as a percentage of total revenue (1)	4.1		%	3.4		%
Property expenses (excluding reimbursements) as a percentage of total revenue (1)	1.3		%	1.5		%

(1) Excludes client reimbursements.

Depreciation and Amortization

Depreciation and amortization increased by $21.3 million for the three months ended March 31, 2026 as compared to the same period in 2025, primarily due to the acquisitions of properties in 2025 and 2026, which were partially offset by property dispositions.

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Interest Expense

The following is a summary of the components of our interest expense (in thousands):


	Three months ended March 31,
	2026			2025			Change
Interest on our revolving credit facilities, commercial paper, term loans, mortgages, senior unsecured notes and bonds, and interest rate swaps	$	279,282		$	266,611		$	12,671
Credit facility commitment fees	1,626			1,328			298
Amortization of debt origination and deferred financing costs	8,823			5,920			2,903
Gain on interest rate swaps	(1,854)			(1,905)			51
Amortization of net mortgage and note discounts	6,320			717			5,603
Capital lease obligation	1,219			524			695
Interest capitalized	(3,476)			(4,821)			1,345
Interest expense	$	291,940		$	268,374		$	23,566
Revolving credit facilities, commercial paper, term loans, mortgages and senior unsecured notes and bonds
Average outstanding balances	$	29,256,268		$	27,183,230		$	2,073,038
Weighted average interest rates	3.82		%	3.94		%

Interest expense increased by $23.6 million, or 8.8%, for the three months ended March 31, 2026 as compared to the same period in 2025, primarily due to higher average borrowings in 2026, as well as higher amortization of mortgage and note premiums and discounts and deferred financing costs. See notes to the accompanying consolidated financial statements for additional information regarding our indebtedness.

Property Expenses (excluding reimbursements)

Property expenses (excluding reimbursements) consist of costs associated with properties available for lease, non-net-leased properties and general portfolio expenses and include, but are not limited to, property taxes, maintenance, insurance, utilities, property inspections and legal fees.

Property expenses (excluding reimbursements) increased by $0.1 million for the three months ended March 31, 2026 as compared to the same period in 2025, primarily due to the volume of asset acquisitions during the period resulting in higher repairs and maintenance costs, offset by lower insurance premiums.

Property Expenses (reimbursements)

Property expenses (reimbursements) consist of property taxes and operating costs paid on behalf of our clients. Property expenses (reimbursements) increased by $10.1 million for the three months ended March 31, 2026 as compared to the same period in 2025, primarily due to higher reimbursable property taxes and maintenance due to growth in our portfolio.

General and Administrative Expenses

General and administrative expenses are expenditures related to the operations of our company, including employee-related costs, professional fees, and other general overhead costs associated with running our business.

General and administrative expenses increased by $14.8 million for the three months ended March 31, 2026 as compared to the same period in 2025, primarily due to higher employee costs as we continue to invest in our people and our platform.

Provisions for Impairment

The following table summarizes our provisions for impairment during the periods indicated below (in thousands):

REALTY INCOME CORP 10-Q