REALTY INCOME CORP

10-K & 10-Q Filings

Realty Income Corporation, also known as "The Monthly Dividend Company," is a publicly-traded real estate investment trust (REIT) listed on the New York Stock Exchange (NYSE) under the ticker symbol "O." The company was founded in 1969 and has been investing in and managing freestanding commercial properties under long-term net lease agreements with clients since 1994. As of December 31, 2023, Realty Income owned or held interests in 13,458 properties located in all 50 U.S. states, Puerto Rico, the United Kingdom, France, Germany, Ireland, Italy, Portugal, and Spain. The company's business strategy focuses on acquiring, investing in, and developing high-quality real estate that generates consistent and predictable income. It seeks to invest in properties that have strong demographic attributes, are located in important markets for its clients, and have real estate valuations that approximate replacement costs. Realty Income's investment strategy is to target clients with reliable and sustainable cash flow, revenue and cash flow from multiple sources, a willingness to sign long-term leases, and large ownership and usage of real estate. The company's website is www.realtyincome.com, where it makes available various reports and financial statements free of charge. Realty Income's top 10 industry concentrations include grocery, convenience stores, dollar stores, home improvement, drug stores, quick service restaurants, casual restaurants, automotive service, health and fitness, and gaming. Its property portfolio is primarily composed of retail properties, with approximately 81.8% of total portfolio annualized contractual rent coming from retail properties. Realty Income's lease expirations are spread out over several years, with the largest percentage of lease expirations coming in the years 2024 to 2034. The company's geographic diversification includes properties in all 50 U.S. states, Puerto Rico, and Europe.

12 mos ending Dec 31, 201112 mos ending Dec 31, 201212 mos ending Dec 31, 201312 mos ending Dec 31, 201412 mos ending Dec 31, 201512 mos ending Dec 31, 201612 mos ending Dec 31, 201712 mos ending Dec 31, 201812 mos ending Dec 31, 201912 mos ending Dec 31, 202012 mos ending Dec 31, 202112 mos ending Dec 31, 202212 mos ending Dec 31, 2023CAGR %YoY %Revenue (+)
$421.06
475.51
778.38
933.50
1023.28
1103.17
1215.77
1327.84
1491.59
1651.63
2080.46
3343.68
4078.99
20.83%21.99%Cost of Revenue (-)
$7.44
7.27
104.60
133.60
226.33
316.96
36.71%40.05%Gross Profit (+)
$413.62
468.24
1547.02
1946.86
3117.35
3762.03
20.20%20.68%Selling, General & Administrative (-)
$30.95
38.00
56.83
51.09
49.30
51.97
58.45
84.15
66.48
73.22
96.98
138.46
144.54
13.70%4.39%Depreciation & Amortization (-)
$121.75
149.60
306.58
374.66
409.21
449.94
498.79
539.78
593.96
677.04
897.84
1670.39
1895.18
25.70%13.46%Non-recurring Operating Expenses (-)
$0.01
10.70
13.30
4.13
10.56
20.66
14.75
26.27
40.19
147.23
206.38
39.76
101.55
115.72%155.42%Operating Expenses (-)
$269.92
329.54
599.20
703.57
760.67
808.67
894.92
987.88
1086.36
1326.12
1524.84
2313.83
2871.68
21.78%24.11%Costs & Expenses (Total) (-)
$277.36
336.81
415.55
444.54
502.18
563.46
600.57
691.88
756.96
1430.72
1658.44
2540.16
3188.65
22.57%25.53%Operating Income/Loss (+)
$143.70
138.70
362.83
488.97
521.10
539.71
615.20
635.96
734.63
220.90
422.02
803.52
890.35
16.41%10.81%Non-operating Income/Expense (+)
$
-42.43
-9.82
-86.12
24.43
26.34
7.80%Interest Expense (-)
$108.30
122.54
180.92
216.37
233.08
219.97
247.41
266.02
290.99
309.34
323.64
465.22
730.42
17.24%57.00%Earnings before Tax (+)
$152.61
147.40
181.91
272.60
288.02
319.74
325.36
369.94
443.64
411.20
392.40
917.60
928.93
16.24%1.24%Tax Expense (-)
$1.47
1.43
2.73
3.46
3.17
3.26
6.04
5.34
6.16
14.69
31.66
45.18
52.02
34.61%15.13%Income/Loss (Continuing Operations) (+)
$151.14
145.97
179.18
269.14
284.86
316.48
319.32
364.60
437.48
396.51
360.75
872.42
876.91
15.78%0.52%Income/Loss (Discontinued Operations) (+)
$5.89
13.18
67.10
2.80
Profit/Loss (+)
$
246.28
271.94
284.86
316.48
319.32
364.60
437.48
396.51
360.75
872.42
876.91
0.52%Net Income/Loss (NCI) (-)
$
-0.72
-1.30
1.09
0.91
0.52
0.98
1.00
1.02
1.29
3.01
4.61
53.09%Net Income/Loss (+)
$157.03
159.15
245.56
270.63
283.77
315.57
318.80
363.61
436.48
395.49
359.46
869.41
872.31
15.36%0.33%Preferred & Other Distributions (-)
$-24.25
37.22
-41.93
31.05
27.08
27.08
17.28
Net Income/Loss (Common) (+)
$132.78
114.54
203.63
227.56
256.69
288.49
301.51
363.61
436.48
395.49
359.46
869.41
872.31
16.98%0.33%EPS (Basic)
$1.01
0.86
1.06
1.04
1.09
1.13
1.10
1.26
1.38
1.15
0.87
1.42
1.26
1.86%-11.27%EPS (Diluted)
$1.01
0.86
1.06
1.04
1.09
1.13
1.10
1.26
1.38
1.14
0.87
1.42
1.26
1.86%-11.27%Weighted Avg Shares (Basic)
126.14
132.82
191.75
218.39
235.77
255.07
273.47
289.43
315.84
345.28
414.54
611.77
692.30
15.24%13.16%Weighted Avg Shares (Diluted)
126.19
132.88
191.78
218.77
236.21
255.62
273.94
289.92
316.16
345.42
414.77
612.18
693.02
15.25%13.21%Cash
$4.17
5.25
10.26
3.85
40.29
9.42
6.90
10.39
54.01
824.48
258.58
171.10
232.92
39.84%36.13%Receivables
$15.38
21.66
39.32
64.39
81.68
104.58
119.53
144.99
181.97
285.70
426.77
567.96
710.54
37.64%25.10%Securities & Long-term Investments
$4160.01
5042.14
8796.61
9781.54
10618.88
11903.79
12676.50
13843.52
16496.77
17466.15
31959.13
37752.42
43514.29
21.61%15.26%Property, Plant & Equipment (Net)
$
140.97
1172.12
Goodwill & Intangibles
$17.21
16.95
951.12
1055.19
1049.74
1097.39
1209.90
1214.23
1493.38
1710.65
8952.01
8899.84
8749.39
68.08%-1.69%Other Assets
$222.64
357.37
127.13
107.65
75.28
37.69
45.34
47.36
328.66
453.30
1400.05
2281.76
3400.11
25.50%49.01%Assets (Total)
$4419.39
5443.36
9924.44
11012.62
11865.87
13152.87
14058.17
15260.48
18554.80
20740.28
43137.50
49673.09
57779.36
23.89%16.32%Accounts Payable
$80.18
94.17
143.96
166.96
166.17
176.39
170.32
201.55
253.77
327.03
498.05
564.85
933.75
22.70%65.31%Debt (Non-current)
$2055.18
2883.87
981.36
1145.58
1204.74
1905.17
881.23
1123.18
7901.55
8817.47
13891.26
15381.69
20755.75
21.25%34.94%Other Liabilities
$29.18
52.53
3377.76
4058.99
3941.63
4284.26
5615.91
5814.77
595.32
578.06
3618.79
4883.26
2982.89
47.05%-38.92%Liabilities (Total)
$2164.53
3030.57
4503.08
5371.52
5312.54
6365.82
6667.46
7139.51
8750.64
9722.56
18008.10
20829.80
24672.39
22.48%18.45%AOCI
$
-8.10
-17.10
-54.63
4.93
46.83
73.89
57.78%Shareholder's Equity
$2254.85
2412.79
5421.36
5641.10
6553.33
6787.05
7390.71
8120.98
9804.16
11017.73
25129.40
28843.29
33106.97
25.09%14.78%Liabilities & Equity
$4419.39
5443.36
9924.44
11012.62
11865.87
13152.87
14058.17
15260.48
18554.80
20740.28
43137.50
49673.09
57779.36
23.89%16.32%Net Income/Loss
$157.03
159.15
246.28
271.94
284.86
316.48
319.32
364.60
437.48
396.51
360.75
872.42
876.91
15.41%0.52%Depreciation & Amortization
$121.94
150.26
325.42
370.11
410.78
455.43
507.48
546.02
601.35
685.03
896.32
1609.39
1848.39
25.43%14.85%Increase/Decrease in Working Capital
$-9.14
-6.07
-15.98
-17.17
-3.53
-33.24
-26.00
-11.79
-15.10
59.52
35.07
34.81
-174.01
-599.82%Share-based Compensation
$7.87
10.00
20.79
11.96
10.39
12.01
13.95
27.27
13.66
16.50
41.77
21.62
26.23
10.55%21.33%Adjustments to Reconcile Net Income
$144.32
167.32
272.62
360.10
407.45
487.57
556.53
576.14
631.46
719.04
961.44
1691.44
2081.86
24.91%23.08%Net Cash (Operating)
$298.95
326.47
518.91
627.69
692.30
804.04
875.85
940.74
1068.94
1115.54
1322.19
2563.86
2958.77
21.05%15.40%Capital Expenditure
$955.75
-1066.29
-1564.77
1227.36
1278.43
1812.32
1436.02
1794.88
3610.72
2032.38
6476.04
8443.41
9184.44
20.75%8.78%Net Cash (Investing)
$-934.86
-1008.37
-1332.01
-1174.86
-1179.06
-1701.11
-1254.51
-1639.68
-3501.81
-2032.38
-6437.69
-8387.08
-9354.85
-11.54%Increase/Decrease in Debt
$237.68
2239.13
6784.21
608.39
-83.35
977.25
158.32
391.73
1258.21
1591.70
-733.19
1842.43
5247.11
29.42%184.79%Increase/Decrease in Equity
$489.24
378.40
1144.24
523.11
783.30
378.30
687.43
-18.68
835.93
709.43
1249.83
4521.87
5357.56
22.07%18.48%Dividends Paid
$-243.55
-275.79
-451.15
517.56
560.32
637.60
695.46
761.58
852.13
964.17
1169.03
1813.43
2111.79
16.45%Net Cash (Financing)
$622.47
682.99
818.11
540.76
523.19
866.19
375.12
707.87
2492.60
1692.08
4577.12
5738.24
6437.36
21.49%12.18%Effect of Exchange Rate
$
-9.80
4.43
20.08
-20.51
24.02
217.12%Increase/Decrease in Cash
$-13.44
1.08
5.01
-6.41
36.44
-30.87
-3.54
8.93
49.93
779.67
-518.31
-105.49
65.29
161.90%Cash (Beginning)
$
15.68
12.14
21.07
71.00
850.68
332.37
226.88
-31.74%Cash (Ending)
$
12.14
21.07
71.00
850.68
332.37
226.88
292.18
28.78%NOPAT
$143.70
138.70
362.83
488.97
521.10
539.71
615.20
635.96
734.63
220.90
422.02
803.52
890.35
16.41%10.81%Gross Margin %
98.23%
98.47%
93.67%
93.58%
93.23%
92.23%
Operating Margin %
34.13%
29.17%
46.61%
52.38%
50.92%
48.92%
50.60%
47.89%
49.25%
13.38%
20.28%
24.03%
21.83%
NOPAT Margin %
34.13%
29.17%
46.61%
52.38%
50.92%
48.92%
50.60%
47.89%
49.25%
13.38%
20.28%
24.03%
21.83%
Net Margin %
37.29%
33.47%
31.55%
28.99%
27.73%
28.61%
26.22%
27.38%
29.26%
23.95%
17.28%
26.00%
21.39%
ROA
3.25%
2.55%
3.66%
4.44%
4.39%
4.10%
4.38%
4.17%
3.96%
1.07%
0.98%
1.62%
1.54%
ROE
6.37%
5.75%
6.69%
8.67%
7.95%
7.95%
8.32%
7.83%
7.49%
2.00%
1.68%
2.79%
2.69%
Equity Multiplier
1.96
2.26
1.83
1.95
1.81
1.94
1.90
1.88
1.89
1.88
1.72
1.72
1.75
Debt/Equity Ratio
0.91
1.20
0.18
0.20
0.18
0.28
0.12
0.14
0.81
0.80
0.55
0.53
0.63
Dividend Payout Ratio %
-169.48%
-198.84%
-124.34%
105.85%
107.53%
118.14%
113.05%
119.75%
116.00%
436.46%
277.01%
225.69%
237.19%
Total Payout
$-970.46
-2893.32
-8379.60
-613.94
-139.63
-717.95
-150.28
388.54
-1242.00
-1336.96
652.38
-4550.87
-8492.88
-86.62%Payout Ratio %
-675.34%
-2086.00%
-2309.51%
-125.56%
-26.79%
-133.02%
-24.43%
61.09%
-169.07%
-605.22%
154.59%
-566.36%
-953.88%