Realty Income (O) annual balance sheet covering fiscal 2020 through 2025, as reported to the SEC.
Total assets have grown 28.5% a year on average since fiscal 2020, from $20.74B to $72.8B, rising in every year shown.
A balance sheet shows what a company owns and what it owes on a single date. The difference between the two belongs to shareholders.
| Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASSETS | |||||||||||||||||||||
Real estate held for investment, at cost: | |||||||||||||||||||||
Land | |||||||||||||||||||||
18,368 | 17,320 | 14,929 | 12,948 | 10,753 | 6,318 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Land | 18,368 | 17,320 | 14,929 | 12,948 | 10,753 | 6,318 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Buildings and improvements | |||||||||||||||||||||
43,824 | 40,974 | 34,657 | 29,707 | 25,155 | 14,696 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Buildings and improvements | 43,824 | 40,974 | 34,657 | 29,707 | 25,155 | 14,696 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Total real estate held for investment, at cost | |||||||||||||||||||||
62,192 | 58,295 | 49,586 | 42,656 | 35,908 | 21,015 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Total real estate held for investment, at cost | 62,192 | 58,295 | 49,586 | 42,656 | 35,908 | 21,015 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Less accumulated depreciation and amortization | |||||||||||||||||||||
8,778 | 7,381 | 6,072 | 4,904 | 3,949 | 3,549 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Less accumulated depreciation and amortization | 8,778 | 7,381 | 6,072 | 4,904 | 3,949 | 3,549 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Real estate held for investment, net | |||||||||||||||||||||
53,413 | 50,913 | 43,514 | 37,752 | 31,959 | 17,466 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Real estate held for investment, net | 53,413 | 50,913 | 43,514 | 37,752 | 31,959 | 17,466 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Real estate and lease intangibles held for sale, net | |||||||||||||||||||||
91 | 94 | 31 | 29 | 30 | 19 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Real estate and lease intangibles held for sale, net | 91 | 94 | 31 | 29 | 30 | 19 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net Real Estate | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net Real Estate | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Cash and cash equivalents | |||||||||||||||||||||
434 | 444 | 232 | 171 | 258 | 824 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Cash and cash equivalents | 434 | 444 | 232 | 171 | 258 | 824 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Accounts receivable, net | |||||||||||||||||||||
1,053 | 877 | 710 | 543 | 426 | 285 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Accounts receivable, net | 1,053 | 877 | 710 | 543 | 426 | 285 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Lease intangible assets, net | |||||||||||||||||||||
5,717 | 6,322 | 5,017 | 5,168 | 5,275 | 1,710 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Lease intangible assets, net | 5,717 | 6,322 | 5,017 | 5,168 | 5,275 | 1,710 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Goodwill | |||||||||||||||||||||
4,932 | 4,932 | 3,731 | 3,731 | 3,676 | 14 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Goodwill | 4,932 | 4,932 | 3,731 | 3,731 | 3,676 | 14 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Investment in loans and financing receivables, net | |||||||||||||||||||||
3,271 | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Investment in loans and financing receivables, net | 3,271 | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Investment in unconsolidated entities | |||||||||||||||||||||
1,256 | 1,229 | 1,172 | - | 140 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Investment in unconsolidated entities | 1,256 | 1,229 | 1,172 | - | 140 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Other assets, net | |||||||||||||||||||||
2,624 | 4,018 | 3,368 | 2,276 | 1,369 | 420 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Other assets, net | 2,624 | 4,018 | 3,368 | 2,276 | 1,369 | 420 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Total assets | |||||||||||||||||||||
72,795 | 68,835 | 57,779 | 49,673 | 43,137 | 20,740 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Total assets | 72,795 | 68,835 | 57,779 | 49,673 | 43,137 | 20,740 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Distributions payable | |||||||||||||||||||||
255 | 238 | 195 | 165 | 146 | 85 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Distributions payable | 255 | 238 | 195 | 165 | 146 | 85 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Accounts payable and accrued expenses | |||||||||||||||||||||
1,060 | 759 | 738 | 399 | 351 | 241 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Accounts payable and accrued expenses | 1,060 | 759 | 738 | 399 | 351 | 241 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Lease intangible liabilities, net | |||||||||||||||||||||
1,493 | 1,635 | 1,406 | 1,379 | 1,308 | 321 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Lease intangible liabilities, net | 1,493 | 1,635 | 1,406 | 1,379 | 1,308 | 321 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Other liabilities | |||||||||||||||||||||
1,066 | 923 | 811 | 774 | 759 | 256 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Other liabilities | 1,066 | 923 | 811 | 774 | 759 | 256 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Revolving credit facilities and commercial paper | |||||||||||||||||||||
2,023 | 1,130 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Revolving credit facilities and commercial paper | 2,023 | 1,130 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Line of credit payable and commercial paper | |||||||||||||||||||||
- | - | 764 | 2,729 | 1,551 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Line of credit payable and commercial paper | - | - | 764 | 2,729 | 1,551 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Term loans, net | |||||||||||||||||||||
1,701 | 2,358 | 1,331 | 249 | 249 | 249 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Term loans, net | 1,701 | 2,358 | 1,331 | 249 | 249 | 249 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Mortgages payable, net | |||||||||||||||||||||
37 | 80 | 821 | 853 | 1,141 | 300 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Mortgages payable, net | 37 | 80 | 821 | 853 | 1,141 | 300 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Other Notes Payable | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Other Notes Payable | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Notes payable, net | |||||||||||||||||||||
25,031 | 22,657 | 18,602 | 14,278 | 12,499 | 8,267 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Notes payable, net | 25,031 | 22,657 | 18,602 | 14,278 | 12,499 | 8,267 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Total liabilities | |||||||||||||||||||||
32,671 | 29,783 | 24,672 | 20,829 | 18,008 | 9,722 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Total liabilities | 32,671 | 29,783 | 24,672 | 20,829 | 18,008 | 9,722 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Commitments and contingencies (Note 18) | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Commitments and contingencies (Note 18) | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Stockholders’ equity: | |||||||||||||||||||||
Preferred stock and paid in capital, par value $0.01 per share, 69,900,000 shares authorized, no shares issued and outstanding as of December 31, 2017 and 16,350,000 issued and outstanding as of December 31, 2016, liquidation preference $25.00 per share | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Preferred stock and paid in capital, par value $0.01 per share, 69,900,000 shares authorized, no shares issued and outstanding as of December 31, 2017 and 16,350,000 issued and outstanding as of December 31, 2016, liquidation preference $25.00 per share | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Common stock and paid in capital, par value $0.01 per share, 1,300,000 shares authorized, 946,202 and 933,975 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | |||||||||||||||||||||
49,861 | 47,451 | 39,629 | 34,159 | 29,578 | 14,700 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Common stock and paid in capital, par value $0.01 per share, 1,300,000 shares authorized, 946,202 and 933,975 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 49,861 | 47,451 | 39,629 | 34,159 | 29,578 | 14,700 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Distributions in excess of net income | |||||||||||||||||||||
10,527 | 8,648 | 6,762 | 5,493 | 4,530 | 3,659 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Distributions in excess of net income | 10,527 | 8,648 | 6,762 | 5,493 | 4,530 | 3,659 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Accumulated other comprehensive income | |||||||||||||||||||||
105 | 38 | 73 | 46 | 4 | -54 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Accumulated other comprehensive income | 105 | 38 | 73 | 46 | 4 | -54 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Total stockholders’ equity | |||||||||||||||||||||
39,438 | 38,840 | 32,941 | 28,713 | 25,052 | 10,985 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Total stockholders’ equity | 39,438 | 38,840 | 32,941 | 28,713 | 25,052 | 10,985 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Noncontrolling interests | |||||||||||||||||||||
685 | 210 | 165 | 130 | 76 | 32 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Noncontrolling interests | 685 | 210 | 165 | 130 | 76 | 32 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Total equity | |||||||||||||||||||||
40,123 | 39,051 | 33,106 | 28,843 | 25,129 | 11,017 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Total equity | 40,123 | 39,051 | 33,106 | 28,843 | 25,129 | 11,017 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Total liabilities and equity | |||||||||||||||||||||
72,795 | 68,835 | 57,779 | 49,673 | 43,137 | 20,740 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Total liabilities and equity | 72,795 | 68,835 | 57,779 | 49,673 | 43,137 | 20,740 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||