Item 16. Form 10-K Summary

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Item 16. Form 10-K Summary

None.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

REALTY INCOME CORPORATION


By:	/s/SUMIT ROY	Date: February 25, 2025
	Sumit Roy
	President, Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:	/s/MICHAEL D. MCKEE	Date: February 25, 2025
	Michael D. McKee
	Non-Executive Chairman of the Board of Directors

By:	/s/PRISCILLA ALMODOVAR	Date: February 25, 2025
	Priscilla Almodovar
	Director

By:	/s/JACQUELINE BRADY	Date: February 25, 2025
	Jacqueline Brady
	Director

By:	/s/A. LARRY CHAPMAN	Date: February 25, 2025
	A. Larry Chapman
	Director

By:	/s/REGINALD H. GILYARD	Date: February 25, 2025
	Reginald H. Gilyard
	Director

By:	/s/MARY HOGAN PREUSSE	Date: February 25, 2025
	Mary Hogan Preusse
	Director

By:	/s/PRIYA CHERIAN HUSKINS	Date: February 25, 2025
	Priya Cherian Huskins
	Director

By:	/s/JEFF A. JACOBSON	Date: February 25, 2025
	Jeff A. Jacobson
	Director

By:	/s/GERARDO I. LOPEZ	Date: February 25, 2025
	Gerardo I. Lopez
	Director

Table of Contents


By:	/s/GREGORY T. MCLAUGHLIN	Date: February 25, 2025
	Gregory T. McLaughlin
	Director

By:	/s/SUMIT ROY	Date: February 25, 2025
	Sumit Roy
	Director, President, Chief Executive Officer
	(Principal Executive Officer)

By:	/s/JONATHAN PONG	Date: February 25, 2025
	Jonathan Pong
	Executive Vice President, Chief Financial Officer and Treasurer
	(Principal Financial Officer)

By:	/s/ NEALE REDINGTON	Date: February 25, 2025
	Neale Redington
	Senior Vice President, Chief Accounting Officer
	(Principal Accounting Officer)

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2024

(dollars in thousands)


			Initial Cost to Company		Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at Close of Period (Notes 3, 4 and 6)
Description	Number of Properties (Note 1)	Encumbrances (Note 2)	Land	Buildings, Improvements and Acquisition Fees	Improvements	Carrying Costs	Land	Buildings, Improvements and Acquisition Fees	Total	Accumulated Depreciation (Note 5)	Date of Construction			Date Acquired

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

F-1

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (continued)

As of December 31, 2024

(dollars in thousands)


			Initial Cost to Company		Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at Close of Period (Notes 3, 4 and 6)
Description	Number of Properties (Note 1)	Encumbrances (Note 2)	Land	Buildings, Improvements and Acquisition Fees	Improvements	Carrying Costs	Land	Buildings, Improvements and Acquisition Fees	Total	Accumulated Depreciation (Note 5)	Date of Construction			Date Acquired
Paper	2	$—	$2,462	$11,935	$45	$—	$2,462	$11,980	$14,442	$5,544	2002	-	2006	5/2/2011	-	12/21/2012
Pet Supplies and Services	146	—	147,308	437,223	13,138	239	147,308	450,600	597,908	73,500	1945	-	2023	12/22/1981	-	12/9/2024
Restaurants-Casual	919	—	734,414	1,570,012	2,518	1,359	734,414	1,573,889	2,308,303	307,751	1927	-	2023	5/16/1984	-	9/30/2024
Restaurants-Quick Service	2,084	—	1,021,288	2,089,131	1,815	174	1,021,288	2,091,120	3,112,408	406,441	1926	-	2024	12/9/1976	-	8/21/2024
Shoe Stores	6	—	6,992	41,985	341	215	6,992	42,541	49,533	15,778	1990	-	2008	3/26/1998	-	12/22/2021
Sporting Goods	66	—	148,498	421,993	6,223	178	148,498	428,394	576,892	75,236	1950	-	2020	10/17/2001	-	1/23/2024
Telecommunications	7	—	9,163	13,932	683	11	9,163	14,626	23,789	3,769	1964	-	2016	6/26/1998	-	1/23/2024
Theaters	105	—	276,852	784,839	10,968	—	276,852	795,807	1,072,659	320,017	1930	-	2016	7/27/2000	-	1/23/2024
Transportation Services	95	—	211,355	1,171,336	23,831	402	211,355	1,195,569	1,406,924	295,977	1967	-	2020	4/1/2003	-	1/23/2024
Warehousing and Storage	2	—	1,442	15,178	—	—	1,442	15,178	16,620	3,823	1979	-	2007	1/22/2013	-	11/1/2021
Wholesale Club	68	—	351,490	887,814	22	—	351,490	887,836	1,239,326	212,968	1985	-	2021	9/30/2011	-	1/23/2024
Other US	31	—	73,313	182,468	14,436	—	73,313	196,904	270,217	15,149	1970	-	2021	8/18/1986	-	11/21/2024

Europe
Apparel	7	—	79,550	197,647	30	—	79,550	197,677	277,227	9,959	1950	-	2005	4/19/2021	-	10/11/2024
Automotive Parts	2	—	3,854	7,604	50	—	3,854	7,654	11,508	505	1980	-	1996	6/17/2022	-	9/28/2023
Automotive Tire Services	3	—	1,678	5,117	—	—	1,678	5,117	6,795	776	1974	-	1994	3/9/2021	-	3/9/2021
Consumer Electronics	3	—	13,345	39,080	998	—	13,345	40,078	53,423	2,111	1997	-	2006	3/4/2022	-	5/14/2024
Convenience Stores	3	—	12,480	6,423	—	—	12,480	6,423	18,903	729	1982	-	2021	12/21/2021	-	9/20/2023
Diversified Industrial	5	—	28,998	56,823	923	—	28,998	57,746	86,744	3,805	1980	-	2020	7/22/2021	-	3/30/2023
Drug Stores	1	—	—	—	—	—	—	—	—	—	1990	-	1990	1/31/2023	-	1/31/2023
Energy	1	—	9,398	10,494	—	—	9,398	10,494	19,892	889	2020	-	2020	1/13/2022	-	1/13/2022
Entertainment	1	—	22,376	35,271	3	—	22,376	35,274	57,650	4,186	1993	-	1993	1/13/2022	-	1/13/2022
Food Processing	7	—	32,909	89,288	2,474	—	32,909	91,762	124,671	7,364	1950	-	2021	11/30/2021	-	2/23/2023
Financial Services	1	—	130,747	21,020	—	—	130,747	21,020	151,767	82	1934	-	1934	11/12/2024	-	11/12/2024
General Merchandise	26	—	205,983	290,261	2,057	—	205,983	292,318	498,301	20,452	1980	-	2023	8/25/2021	-	6/14/2024
Grocery	193	37,752	1,615,207	2,558,715	7,846	—	1,615,207	2,566,561	4,181,768	277,955	1800	-	2024	5/23/2019	-	12/12/2024
Health and Fitness	2	—	28,602	27,966	631	—	28,602	28,597	57,199	2,765	2004	-	2020	3/24/2022	-	1/31/2023
Health Care	6	—	26,696	51,455	9	—	26,696	51,464	78,160	5,397	1969	-	2006	3/23/2020	-	9/7/2022
Home Furnishings	14	—	99,109	145,122	562	—	99,109	145,684	244,793	12,827	1980	-	2019	4/9/2021	-	7/2/2024
Home Improvement	98	—	768,054	1,001,091	3,078	—	768,054	1,004,169	1,772,223	98,592	1890	-	2024	7/31/2020	-	12/11/2024
Motor Vehicle Dealerships	3	—	16,094	27,663	—	—	16,094	27,663	43,757	2,953	1990	-	2005	2/11/2022	-	9/27/2022
Other Manufacturing	3	—	47,157	15,319	—	—	47,157	15,319	62,476	1,034	1912	-	1968	4/6/2022	-	8/13/2024
Restaurants-Quick Service	29	—	11,099	22,640	—	—	11,099	22,640	33,739	412	1990	-	2016	3/17/2021	-	12/16/2024
Sporting Goods	92	—	249,047	448,187	3,092	—	249,047	451,279	700,326	26,500	1950	-	2021	8/5/2022	-	12/28/2023
Theaters	2	—	18,370	41,944	—	—	18,370	41,944	60,314	158	1990	-	2011	12/18/2019	-	11/27/2024
Transportation Services	4	—	19,899	28,108	6,037	—	19,899	34,145	54,044	1,990	1970	-	2023	1/6/2022	-	6/7/2024
Warehousing and Storage	1	—	51,819	48,078	8	—	51,819	48,086	99,905	5,208	2002	-	2002	3/11/2021	-	3/11/2021
Wholesale Club	8	—	53,133	96,033	—	—	53,133	96,033	149,166	8,089	1966	-	2002	10/28/2022	-	2/9/2024
Other Europe	7	—	107,576	—	115,628	—	107,576	115,628	223,204	—	—	-	—	4/27/2023	-	7/29/2024
	15,622	$81,271	$17,374,585	$40,456,911	$562,352	$7,386	$17,374,585	$41,026,649	$58,401,234	$7,396,924

F-2

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (continued)

As of December 31, 2024

(dollars in thousands)


Note 1.	Realty Income Corporation owns or holds interests in 14,922 single-client properties in the U.S., our corporate headquarters property in San Diego, California, 220 single-tenant properties in the U.K., and 168 single-client properties elsewhere in Europe. Crest Net Lease, Inc. owns six single-client properties in the U.S. Realty Income Corporation also owns or holds interests in 171 multi-client properties in the U.S., 119 multi-tenant properties in the U.K., and 15 multi-client properties elsewhere in Europe.

Note 2.	Includes mortgages payable secured by 17 properties and excludes unamortized net premiums and discounts and deferred financing costs of $0.5 million.

Note 3.	The aggregate cost for federal income tax purposes for Realty Income Corporation is $66.2 billion and for Crest Net Lease, Inc. is $25.4 million.

Note 4.	The following is a reconciliation of total real estate carrying value for the years ended December 31 (in thousands):	2024		2023		2022

	Balance at beginning of period	$	49,642,486	$	42,689,699	$	35,952,659

	Additions during period:
	Acquisitions and development	3,200,339		7,239,885		8,021,159
	Merger additions (1)	6,838,500		—		—
	Less amounts allocated to acquired lease intangible assets and liabilities	(253,904)		(484,096)		(625,730)
	Improvements	122,887		54,904		99,484
	Other (leasing costs and building adjustments) (2)	46,484		49,504		97,482
	Total additions	9,954,306		6,860,197		7,592,395

	Deductions during period:
	Cost of real estate sold	658,645		125,166		402,386
	Cost of equipment sold	24		11		—

	Releasing costs	—		—		53
	Other (3)	275,324		111,851		39,463
	Total deductions	933,993		237,028		441,902

	Foreign currency translation	(261,565)		329,618		(413,453)
	Balance at end of period	$	58,401,234	$	49,642,486	$	42,689,699

	(1) Represents acquired assets from the Merger. For further information, see note 2, Merger with Spirit Realty Capital, Inc., to our consolidated financial statements.
	(2) The year ended December 31, 2024 includes contributions to $46.5 million of RI LP Op Units. The year ended December 31, 2023 includes contributions to joint ventures of $38.4 million and reclassification of $11.3 million right of use assets under finance leases. The year ended December 31, 2022 includes $3.3 million right of use assets under finance leases, $43.0 million mortgage assumption, and $51.2 million RI LP Op Units.
	(3) The year ended December 31, 2024 includes $7.7 million for building razed and $267.6 million of impairment, excluding impairment of depreciation, in-place and above-market leases. The year ended December 31, 2023 includes $14.0 million for building razed and $97.5 million of impairment, excluding impairment of depreciation, in-place and above-market leases. The year ended December 31, 2022 includes $13.6 million for building razed and $25.9 million of impairment.

F-3

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (continued)

As of December 31, 2024

(dollars in thousands)


Note 5.	The following is a reconciliation of accumulated depreciation for the years ended (in thousands):	2024		2023		2022

	Balance at Beginning of Period	$	6,096,736	$	4,908,658	$	3,963,753

	Additions During Period - Provision for Depreciation	1,508,492		1,233,709		1,028,182

	Deductions During Period:
	Accumulated depreciation of real estate and equipment sold or disposed of	197,932		57,609		73,913

	Foreign Currency Translation	(10,372)		11,978		(9,364)

	Balance at Close of Period	$	7,396,924	$	6,096,736	$	4,908,658

	Please see note 1, Summary of Significant Accounting Policies, to our consolidated financial statements for information regarding lives used for depreciation and amortization.

Note 6.	In 2024, provisions for impairment were recorded on 237 Realty Income properties.
	In 2023, provisions for impairment were recorded on 112 Realty Income properties.
	In 2022, provisions for impairment were recorded on 94 Realty Income properties.

	See report of independent registered public accounting firm.

F-4

Previous: Item 15. Exhibits and Financial Statement Schedules