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 24, 2026
	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 24, 2026
	Michael D. McKee
	Non-Executive Chairman of the Board of Directors

By:	/s/PRISCILLA ALMODOVAR	Date: February 24, 2026
	Priscilla Almodovar
	Director

By:	/s/A. LARRY CHAPMAN	Date: February 24, 2026
	A. Larry Chapman
	Director

By:	/s/REGINALD H. GILYARD	Date: February 24, 2026
	Reginald H. Gilyard
	Director

By:	/s/MARY HOGAN PREUSSE	Date: February 24, 2026
	Mary Hogan Preusse
	Director

By:	/s/KIM HOURIHAN	Date: February 24, 2026
	Kim Hourihan
	Director

By:	/s/PRIYA CHERIAN HUSKINS	Date: February 24, 2026
	Priya Cherian Huskins
	Director

By:	/s/JEFF A. JACOBSON	Date: February 24, 2026
	Jeff A. Jacobson
	Director

By:	/s/GERARDO I. LOPEZ	Date: February 24, 2026
	Gerardo I. Lopez
	Director


By:	/s/GREGORY T. MCLAUGHLIN	Date: February 24, 2026
	Gregory T. McLaughlin
	Director

By:	/s/SUMIT ROY	Date: February 24, 2026
	Sumit Roy
	Director, President, Chief Executive Officer
	(Principal Executive Officer)

By:	/s/JONATHAN PONG	Date: February 24, 2026
	Jonathan Pong
	Executive Vice President, Chief Financial Officer and Treasurer
	(Principal Financial Officer)

By:	/s/ NEALE REDINGTON	Date: February 24, 2026
	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, 2025

(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	5	$—	$19,379	$71,676	$64	$—	$19,379	$71,740	$91,119	$9,797	1990	-	2009	3/26/2021	-	11/1/2021
Aerospace	9	—	10,043	232,817	6,555	—	10,043	239,372	249,415	64,180	1951	-	2024	6/20/2011	-	12/30/2025
Apparel	104	—	220,858	730,524	16,584	199	220,858	747,307	968,165	144,540	1962	-	2022	10/30/1987	-	2/12/2025
Automotive Collision Service	294	—	229,450	625,505	6,841	10	229,450	632,356	861,806	108,821	1920	-	2025	8/30/2002	-	12/18/2025
Automotive Parts	475	—	202,095	585,757	8,614	827	202,095	595,198	797,293	155,171	1965	-	2022	8/6/1987	-	11/20/2025
Automotive Service	982	—	719,535	1,603,937	2,956	140	719,535	1,607,033	2,326,568	259,893	1920	-	2025	10/2/1985	-	1/14/2025
Automotive Tire Services	256	—	214,547	489,533	1,801	55	214,547	491,389	705,936	174,283	1947	-	2024	11/27/1985	-	1/23/2024
Beverage	19	—	184,575	188,413	1,113	—	184,575	189,526	374,101	76,429	1950	-	2020	6/25/2010	-	6/25/2025

Child Care	362	—	196,576	450,587	8,694	640	196,576	459,921	656,497	152,830	1949	-	2025	12/22/1981	-	12/30/2025
Consumer Appliances	1	—	4,275	29,317	88	—	4,275	29,405	33,680	1,636	2020	-	2020	1/23/2024	-	1/23/2024
Consumer Electronics	35	—	68,588	186,854	3,480	51	68,588	190,385	258,973	34,564	1984	-	2023	6/9/1997	-	12/5/2025
Consumer Goods	6	—	29,219	145,827	6,803	—	29,219	152,630	181,849	43,516	2004	-	2011	1/22/2013	-	1/23/2024
Convenience Stores	2,504	—	2,204,659	3,577,055	(551)	145	2,204,659	3,576,649	5,781,308	832,841	1922	-	2025	3/3/1995	-	12/30/2025
Crafts and Novelties	62	—	129,788	452,206	7,811	440	129,788	460,457	590,245	80,615	1973	-	2024	11/26/1996	-	11/7/2025
Diversified Industrial	60	—	125,614	598,613	18,012	—	125,614	616,625	742,239	76,846	1940	-	2022	9/19/2012	-	9/30/2024
Dollar Stores	3,124	—	970,577	2,840,196	(7,673)	9	970,577	2,832,532	3,803,109	740,402	1921	-	2025	2/3/1998	-	12/30/2025
Drug Stores	591	—	766,129	2,063,771	3,428	100	766,129	2,067,299	2,833,428	621,264	1958	-	2015	2/9/2005	-	9/30/2024
Education	18	—	28,586	67,565	1,392	62	28,586	69,019	97,605	21,372	1957	-	2024	12/19/1984	-	11/22/2022

Energy	51	—	45,102	172,020	1,235	—	45,102	173,255	218,357	13,211	1962	-	2023	11/1/2021	-	1/23/2024
Entertainment	80	—	225,997	640,551	59,932	—	225,997	700,483	926,480	64,689	1959	-	2024	3/31/1999	-	1/23/2024
Equipment Services	47	—	40,924	132,476	3,402	—	40,924	135,878	176,802	26,679	1965	-	2022	7/3/2003	-	1/23/2024
Financial Services	331	—	161,596	422,256	543	97	161,596	422,896	584,492	127,779	1807	-	2015	3/10/1987	-	1/23/2024
Food Processing	30	—	83,396	471,851	2,512	—	83,396	474,363	557,759	47,479	1958	-	2024	12/20/2012	-	1/6/2025
General Merchandise	328	—	487,613	1,411,105	9,883	463	487,613	1,421,451	1,909,064	270,612	1954	-	2025	12/23/1998	-	12/30/2025
Gaming	1	—	419,464	1,277,403	—	—	419,464	1,277,403	1,696,867	112,533	2019	-	2019	12/1/2022	-	12/1/2022

Grocery	273	—	573,793	1,541,198	7,776	325	573,793	1,549,299	2,123,092	378,204	1947	-	2024	9/30/2003	-	9/17/2025

Health and Beauty	8	—	6,696	58,808	198	—	6,696	59,006	65,702	11,446	1999	-	2017	2/23/1999	-	3/22/2023
Health and Fitness	183	—	476,934	2,103,783	17,424	172	476,934	2,121,379	2,598,313	497,409	1943	-	2025	5/31/1995	-	9/29/2025
Health Care	527	32,007	362,428	1,247,197	17,217	198	362,428	1,264,612	1,627,040	211,048	1922	-	2023	12/18/1984	-	12/29/2025
Home Furnishings	206	—	243,888	562,338	9,313	119	243,888	571,770	815,658	93,896	1947	-	2024	1/24/1984	-	1/23/2024
Home Improvement	290	5,887	734,225	1,398,788	83,934	35	734,225	1,482,757	2,216,982	267,792	1863	-	2025	12/22/1986	-	12/17/2025
Insurance	1	—	754	2,840	—	—	754	2,840	3,594	364	2006	-	2006	10/17/2022	-	10/17/2022
Jewelry	5	—	5,367	58,688	—	—	5,367	58,688	64,055	12,158	1997	-	2008	1/22/2013	-	11/1/2021
Machinery	4	—	6,577	69,225	1,991	—	6,577	71,216	77,793	13,105	1969	-	2021	7/31/2012	-	3/22/2023
Motor Vehicle Dealerships	91	—	317,912	574,325	1,976	—	317,912	576,301	894,213	136,618	1962	-	2023	11/29/2003	-	12/30/2025

Office Supplies	17	—	19,706	48,882	1,095	339	19,706	50,316	70,022	9,716	1978	-	2014	5/30/1997	-	1/23/2024
Oil & Gas	1	—	754	436	—	—	754	436	1,190	34	1993	-	1993	1/23/2024	-	1/23/2024
Other Manufacturing	45	—	69,439	431,192	3,442	240	69,439	434,874	504,313	46,547	1949	-	2024	1/22/2013	-	10/17/2025
Packaging	36	—	74,715	422,977	4,505	—	74,715	427,482	502,197	75,250	1956	-	2016	6/3/2011	-	9/29/2025
Paper	2	—	2,462	11,935	45	—	2,462	11,980	14,442	5,964	2002	-	2006	5/2/2011	-	12/21/2012

F-1

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (continued)

As of December 31, 2025

(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
Pet Supplies and Services	145	$	—	$	147,021	$	439,900	$	14,517	$	239	$	147,021	$	454,656	$	601,677	$	88,508	1945	-	2023	12/22/1981	-	12/9/2024
Restaurants-Casual	871	—		707,310		1,524,232		5,576		1,318		707,310		1,531,126		2,238,436		360,164		1927	-	2025	8/1/1984	-	12/30/2025
Restaurants-Quick Service	2,042	—		1,019,821		2,060,268		2,855		174		1,019,821		2,063,297		3,083,118		473,399		1926	-	2025	12/9/1976	-	12/30/2025
Shoe Stores	7	—		7,546		44,688		349		215		7,546		45,252		52,798		17,057		1990	-	2025	3/26/1998	-	8/4/2025

Sporting Goods	70	—		172,542		437,490		7,431		178		172,542		445,099		617,641		94,012		1950	-	2020	10/17/2001	-	1/23/2024
Telecommunications	6	—		4,688		12,630		611		11		4,688		13,252		17,940		3,785		1990	-	2016	6/26/1998	-	1/23/2024
Theaters	97	—		262,870		763,413		11,765		—		262,870		775,178		1,038,048		336,842		1930	-	2018	7/27/2000	-	10/29/2025
Transportation Services	92	—		232,078		1,196,337		25,693		402		232,078		1,222,432		1,454,510		333,072		1967	-	2020	4/1/2003	-	12/31/2025
Warehousing and Storage	2	—		1,442		15,178		—		—		1,442		15,178		16,620		4,257		1979	-	2007	1/22/2013	-	11/1/2021
Wholesale Club	69	—		353,564		899,101		51		—		353,564		899,152		1,252,716		248,674		1985	-	2021	9/30/2011	-	1/27/2025
Other U.S.	33	—		65,880		177,863		9,811		—		65,880		187,674		253,554		20,302		1964	-	2021	8/18/1986	-	11/19/2024

Europe
Apparel	10	—		102,735		260,703		1,519		—		102,735		262,222		364,957		19,647		1850	-	2008	4/19/2021	-	11/21/2025
Automotive Parts	2	—		4,142		8,173		65		—		4,142		8,238		12,380		875		1980	-	1996	6/17/2022	-	9/28/2023
Automotive Tire Services	3	—		1,803		5,500		—		—		1,803		5,500		7,303		1,054		1974	-	1994	3/9/2021	-	3/9/2021
Consumer Electronics	7	—		82,298		125,557		1,683		—		82,298		127,240		209,538		6,090		1972	-	2006	3/4/2022	-	12/9/2025
Convenience Stores	3	—		13,537		6,947		—		—		13,537		6,947		20,484		1,064		1982	-	2021	12/21/2021	-	9/20/2023
Diversified Industrial	5	—		31,168		61,076		992		—		31,168		62,068		93,236		6,010		1980	-	2020	7/22/2021	-	3/30/2023
Drug Stores	1	—		—		—		—		—		—		—		—		—		1990	-	1990	1/31/2023	-	1/31/2023
Energy	1	—		10,101		11,279		—		—		10,101		11,279		21,380		1,278		2020	-	2020	1/13/2022	-	1/13/2022
Entertainment	1	—		24,051		37,911		384		—		24,051		38,295		62,346		6,015		1993	-	1993	1/13/2022	-	1/13/2022
Financial Services	1	—		137,225		24,836		4,372		—		137,225		29,208		166,433		853		1934	-	1934	11/12/2024	-	11/12/2024
Food Processing	7	—		35,372		95,970		4,952		—		35,372		100,922		136,294		10,832		1950	-	2021	11/30/2021	-	2/23/2023
General Merchandise	31	—		281,544		384,949		12,017		—		281,544		396,966		678,510		36,291		1980	-	2021	8/25/2021	-	9/26/2025
Grocery	249	—		2,034,832		3,346,349		12,108		—		2,034,832		3,358,457		5,393,289		419,186		1800	-	2025	5/23/2019	-	12/22/2025
Health and Fitness	3	—		44,940		57,013		1,626		—		44,940		58,639		103,579		5,040		1997	-	2020	3/24/2022	-	3/28/2025
Health Care	6	—		28,694		55,306		30		—		28,694		55,336		84,030		7,586		1969	-	2006	3/23/2020	-	9/7/2022
Home Furnishings	21	—		187,000		334,556		6,156		—		187,000		340,712		527,712		31,996		1980	-	2019	4/9/2021	-	3/25/2025
Home Improvement	107	—		945,448		1,361,460		5,469		—		945,448		1,366,929		2,312,377		148,804		1890	-	2024	7/31/2020	-	12/10/2025
Machinery	1	—		16,460		19,227		—		—		16,460		19,227		35,687		272		1991	-	1991	7/3/2025	-	7/3/2025
Motor Vehicle Dealerships	3	—		17,299		29,733		—		—		17,299		29,733		47,032		4,363		1990	-	2005	2/11/2022	-	9/27/2022
Other Manufacturing	5	—		62,956		296,505		5		—		62,956		296,510		359,466		7,169		1912	-	2024	4/6/2022	-	4/24/2025
Restaurants-Quick Service	30	—		20,135		46,837		105		—		20,135		46,942		67,077		2,748		1990	-	2023	3/17/2021	-	12/16/2024
Sporting Goods	89	—		262,730		513,309		6,352		—		262,730		519,661		782,391		49,384		1950	-	2021	8/5/2022	-	3/25/2025
Theaters	2	—		20,354		43,246		547		—		20,354		43,793		64,147		1,893		1990	-	2011	12/18/2019	-	11/27/2024
Transportation Services	9	—		151,957		440,927		35,170		—		151,957		476,097		628,054		5,251		1970	-	2025	1/6/2022	-	12/12/2025
Warehousing and Storage	2	—		67,311		92,410		484		—		67,311		92,894		160,205		7,905		2002	-	2025	3/11/2021	-	4/27/2023
Wholesale Club	8	—		60,252		108,900		—		—		60,252		108,900		169,152		13,529		1966	-	2002	10/28/2022	-	2/9/2024
Other Europe	7	—		127,376		—		38,826		—		127,376		38,826		166,202		—		—	-	—	9/29/2023	-	11/4/2025
	15,512	$37,894		$18,430,717		$43,340,206		$523,956		$7,203		$18,430,717		$43,871,365		$62,302,082		$8,796,740

F-2

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (continued)

As of December 31, 2025

(dollars in thousands)


Note 1.	Realty Income Corporation owns or holds interests in 14,717 single-tenant properties in the U.S., our corporate headquarters property in San Diego, California, 230 single-tenant properties in the U.K., and 218 single-tenant properties elsewhere in Europe. Crest Net Lease, Inc. owns two single-tenant properties in the U.S. Realty Income Corporation also owns or holds interests in 174 multi-tenant properties in the U.S., 140 multi-tenant properties in the U.K., and 30 multi-tenant properties elsewhere in Europe.

Note 2.	Includes mortgages payable secured by 14 properties and excludes unamortized net discounts and deferred financing costs of $0.1 million.

Note 3.	The aggregate cost for federal income tax purposes for Realty Income Corporation is $71.0 billion and for Crest Net Lease, Inc. is $11.6 million.

Note 4.	The following is a reconciliation of total real estate carrying value for the years ended December 31 (in thousands):	2025		2024		2023

	Balance at beginning of period	$	58,401,234	$	49,642,486	$	42,689,699

	Additions during period:
	Acquisitions and development	4,540,633		3,200,339		7,239,885
	Merger additions (1)	—		6,838,500		—
	Less amounts allocated to acquired lease intangible assets and liabilities	(409,478)		(253,904)		(484,096)
	Improvements	130,102		122,887		54,904
	Other (leasing costs and building adjustments) (2)	—		46,484		49,504
	Total additions	4,261,257		9,954,306		6,860,197

	Deductions during period:
	Cost of real estate sold	697,937		658,645		125,166
	Cost of equipment sold	1,391		24		11

	Releasing costs	—		—		—
	Other (3)	509,582		275,324		111,851
	Total deductions	1,208,910		933,993		237,028

	Foreign currency translation	848,501		(261,565)		329,618
	Balance at end of period	$	62,302,082	$	58,401,234	$	49,642,486

	(1) Represents acquired assets from the Merger. For further information, see note 2, Merger with Spirit Realty Capital, Inc., to our consolidated financial statements.
	(2) The year ended December 31, 2024 includes contributions of $46.5 million RI LP Op Units. The year ended December 31, 2023 includes contributions to joint ventures of $38.4 million and reclassification of $11.3 million right of use assets under finance leases.
	(3) The year ended December 31, 2025 includes $6.7 million for building razed and $502.9 million of impairment (inclusive of $68.9 million included in accumulated depreciation activity below). The year ended December 31, 2024 includes $7.7 million for building razed and $267.6 million of impairment. The year ended December 31, 2023 includes $14.0 million for building razed and $97.5 million of impairment.

F-3

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (continued)

As of December 31, 2025

(dollars in thousands)


Note 5.	The following is a reconciliation of accumulated depreciation for the years ended (in thousands):	2025		2024		2023

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

	Additions During Period - Provision for Depreciation	1,623,713		1,508,492		1,233,709

	Deductions During Period:
	Accumulated depreciation of real estate and equipment sold or disposed of	265,879		197,932		57,609

	Foreign Currency Translation	41,982		(10,372)		11,978

	Balance at Close of Period	$	8,796,740	$	7,396,924	$	6,096,736

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

Note 6.	In 2025, provisions for impairment were recorded on 395 Realty Income properties.
	In 2024, provisions for impairment were recorded on 237 Realty Income properties.
	In 2023, provisions for impairment were recorded on 112 Realty Income properties.

	See report of independent registered public accounting firm.

F-4

Previous: Item 15. Exhibits and Financial Statement Schedules