Realty Income Corporation · NYSE:O
Realty Income — Q4 2025 Earnings Presentation
53 slides from Realty Income's earnings presentation, Feb 24, 2026
Slide 1: Supplemental Operating & Financial Data Q4 2025
Supplemental Operating & Financial Data An S&P 500 Dividend Aristocrats® index member Q4 2025 Exhibit 99.2
Slide 2: Forward-Looking Statements
Q4 2025 Supplemental Operating & Financial Data 2 Forward-Looking Statements December 31, 2025 FORWARD-LOOKING STATEMENTS This Supplemental Operating & Financial Data presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section
Slide 3: Table of Contents
5 Table of Contents Highlights 4 Corporate Overview 6 Highlights 12 Summary Financial Information Financial Summary 14 Consolidated Statements of Income 16 Funds From Operations (FFO) and Normalized Funds From Operations (Normalized FFO) 17 Adjusted Funds From Operations (AFFO) 19 Consolidated Balan
Slide 4: Corporate Overview
Q4 2025 Supplemental Operating & Financial Data 4 Corporate Overview CORPORATE PROFILE 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 December 31, 2025
Slide 5: Corporate Overview
Q4 2025 Supplemental Operating & Financial Data 5 98.9%(4) occupancy Corporate Overview As of December 31, 2025 (1) Based on Annualized Base Rent. 2.4% of Annualized Base Rent is from other property types. Annualized Base Rent is a supplemental operating measure. Please see the Glossary for our defi
Slide 6: Highlights: Financial Overview
Q4 2025 Supplemental Operating & Financial Data 6 Highlights Financial Overview (in USD) Net Income per Share (Diluted) $0.23 $0.28 $0.22 $0.35 $0.32 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net Debt to Annualized Pro Forma Adjusted EBITDAre 5.4x 5.4x 5.5x 5.4x 5.4x Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4
Slide 7: Highlights: Portfolio Overview
Q4 2025 Supplemental Operating & Financial Data 7 Highlights (Continued) Portfolio Overview (USD in millions) Number of Properties 11,136 12,237 13,458 15,621 15,511 10,963 11,966 13,007 15,099 14,893 Domestic International Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025 Occupancy (by number of properties)
Slide 8: Highlights: Operational Metrics
Q4 2025 Supplemental Operating & Financial Data 8 Highlights (Continued) Operational Metrics Adjusted EBITDA Margin (Adjusted EBITDA as % of total revenue) 93.6% 94.3% 95.1% 94.9% 94.6% 2021 2022 2023 2024 2025 Cash G&A Margin (Cash G&A as % of total revenue) 4.1% 3.7% 3.1% 2.9% 3.2% 2021 2022 2023
Slide 9: Highlights: Company Metrics
Q4 2025 Supplemental Operating & Financial Data 9 Highlights (Continued) Company Metrics (in USD) Annualized Dividends Declared Per Share $2.958 $2.982 $3.078 $3.168 $3.240 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025 Annualized Dividend Yield 4.1% 4.7% 5.4% 5.9% 5.7% Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2
Slide 10: Capital Deployment – Investment Activity
Q4 2025 Supplemental Operating & Financial Data 10 Real Estate Acquisitions $6,168 $8,187 $7,184 $2,475 $4,077 2021 2022 2023 2024 2025 Development Investments $243 $808 $1,497 $757 $534 Domestic International 2021 2022 2023 2024 2025 Other Investments $3,000 $— $858 $2,132 $1,608 Domestic Internati
Slide 11: Capital Deployment – Initial Weighted Average Cash Yields
Q4 2025 Supplemental Operating & Financial Data 11 Highlights (Continued) Capital Deployment – Initial Weighted Average Cash Yields(1) Other Investments —% —% 8.7% 8.9% 8.2% 2021 2022 2023 2024 2025 Real Estate Acquisitions 5.5% 6.0% 7.0% 7.0% 7.0% 2021 2022 2023 2024 2025 Development Investments 6.
Slide 12: Summary Financial Information
Q4 2025 Supplemental Operating & Financial Data 12 Summary Financial Information (USD in millions) Three Months Ended December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Capital Deployment Investment Ac
Slide 13: Summary Financial Information (Continued)
Q4 2025 Supplemental Operating & Financial Data 13 Summary Financial Information (Continued) (USD in millions) As of December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Portfolio Highlights Gross Asset
Slide 14: Consolidated Statements of Income
Q4 2025 Supplemental Operating & Financial Data 14 Three months ended December 31, Years ended December 31, 2025 2024 2025 2024 ($) ($) ($) ($) REVENUE Rental (including reimbursements) 1,399,585 1,279,698 5,437,332 5,043,748 Other 88,357 60,601 312,045 227,394 Total revenue 1,487,942 1,340,299 5,74
Slide 15: Consolidated Statements of Income (continued)
Q4 2025 Supplemental Operating & Financial Data 15 Consolidated Statements of Income (continued) (USD in thousands) (unaudited) Supplementary Information Three months ended December 31, Years ended December 31, 2025 ($) 2024 ($) 2025 ($) 2024 ($) Total revenue (excluding reimbursements) 1,404,863 1,
Slide 16: Funds From Operations and Normalized FFO
Q4 2025 Supplemental Operating & Financial Data 16 The following is a reconciliation of net income available to common stockholders (which we believe is the most comparable GAAP measure) to FFO and Normalized FFO. Also presented is information regarding distributions paid to common stockholders and
Slide 17: Adjusted Funds From Operations (AFFO)
Q4 2025 Supplemental Operating & Financial Data 17 The following is a reconciliation of net income available to common stockholders (which we believe is the most comparable GAAP measure) to Normalized FFO and AFFO. Also presented is information regarding distributions paid to common stockholders and
Slide 18: AFFO (Continued)
Q4 2025 Supplemental Operating & Financial Data 18 (1) AFFO is a non-GAAP financial measure. Please see the Glossary for our definition of this term and an explanation of how we utilize this metric. (2) Refer to the reconciling items for Normalized FFO presented on the FFO and Normalized FFO page. (
Slide 19: Consolidated Balance Sheets
Q4 2025 Supplemental Operating & Financial Data 19 December 31, 2025 December 31, 2024 ($) ($) ASSETS Real estate held for investment, at cost: Land 18,368,029 17,320,520 Buildings and improvements 43,824,410 40,974,535 Total real estate held for investment, at cost 62,192,439 58,295,055 Less accumu
Slide 20: Capitalization & Financial Ratios
Q4 2025 Supplemental Operating & Financial Data 20 Capitalization & Financial Ratios as of December 31, 2025 (USD in millions and shares in thousands, except per share data) Capitalization Equity Shares/Units Stock Price ($) Market Value ($) Common Stock(1) 933,975 56.37 52,648.2 Common Units(2) 2,6
Slide 21: Debt Summary
Q4 2025 Supplemental Operating & Financial Data 21 Debt Summary as of December 31, 2025 (USD in millions) Pro-Rata Share(1) Maturity Dates Consolidated Debt Principal ($) Total Debt Principal ($) End of Period Interest Rate(2) (%) Weighted Average Years To Maturity Senior Unsecured Notes and Bonds 5
Slide 22: Debt Summary by Currency
Q4 2025 Supplemental Operating & Financial Data 22 Debt Summary by Currency as of December 31, 2025 (USD in millions) Pro-Rata Share(1) Currency Revolvers and Commercial Paper ($) Unsecured Term Loans ($) Mortgages Payable ($) Senior Unsecured Notes and Bonds ($) Proportionate Share of Joint Venture
Slide 23: Debt Maturities
Q4 2025 Supplemental Operating & Financial Data 23 Debt Maturities as of December 31, 2025 (USD in millions) Pro-Rata Share(1) Consolidated Fixed Rate Debt Consolidated Variable Rate Debt End of Period Interest Rate(2) Year Principal Due Unsecured Term Loans ($) Mortgages Payable ($) Senior Unsecure
Slide 24: Adjusted EBITDAre & Coverage Ratios
Q4 2025 Supplemental Operating & Financial Data 24 Adjusted EBITDAre & Coverage Ratios (USD in thousands) (unaudited) Three months ended December 31, 2025 Net income $ 301,636 Interest 288,199 Income taxes 21,800 Depreciation and amortization 635,435 Provisions for impairment 124,411 Merger, transac
Slide 25: Debt Covenants
Q4 2025 Supplemental Operating & Financial Data 25 Required Actuals In Compliance 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 4.7
Slide 26: Investment Summary
Q4 2025 Supplemental Operating & Financial Data 26 Q4 2025 YTD 2025 Investment ($) Pro-Rata Share (1) ($) Weighted Average Term (Years) Number of Properties Investment ($) Pro-Rata Share (1) ($) Weighted Average Term (Years) Number of Properties Acquisitions U.S. wholly-owned 293.7 293.7 11.6 46 917
Slide 27: Investment Summary (Continued)
Q4 2025 Supplemental Operating & Financial Data 27 Investment Summary (Continued) (USD in millions) Table of Contents ↪ (1) Reflects adjustments for our share based on our proportionate economic ownership of our joint ventures (which adds our pro-rata share of unconsolidated entities and deducts our
Slide 28: Disposition Summary
Q4 2025 Supplemental Operating & Financial Data 28 Number of Properties Net Book Value ($) Net Sales Proceeds ($) Net Cash Capitalization Rate(1) (2) (%) Q4 2025 Occupied 42 158,795 204,039 7.0 Vacant 115 93,584 115,770 Total real estate dispositions 157 252,379 319,809 YTD 2025 Occupied 91 271,055
Slide 29: Development Activity
Q4 2025 Supplemental Operating & Financial Data 29 Development Activity (USD in thousands) Retail Q4 2025 Investment(1) Q4 2025 Placed in Service YTD 2025 Investment(1) YTD 2025 Placed in Service Ending CIP(2) as of 12/31/2025 Forecasted Remaining Investment Total Commitment New development(3) $ 54,
Slide 30: Client Diversification
Q4 2025 Supplemental Operating & Financial Data 30 Ranking Client Number of Leases Percentage of Annualized Base Rent(1) (%) Investment Grade Ratings (S&P/ Moody's/Fitch) 1 7-Eleven 812 3.3 A- / Baa2 / - 2 Dollar General 1,797 3.2 BBB / Baa3 / - 3 Walgreens 400 3.1 — 4 Family Dollar 1,257 2.6 — 5 Li
Slide 31: Investment Grade Clients
Q4 2025 Supplemental Operating & Financial Data 31 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Number of Investment Grade Leases 5,294 5,255 6,464 6,499 6,355 Percentage of Annualized Base Rent from Investment Grade Clients(1)(2) 32.2 % 31.5 % 33.9 % 34.3 % 32
Slide 32: Top 20 Industries
Q4 2025 Supplemental Operating & Financial Data 32 As of December 31, 2025 December 31, 2024 (%) (%) Grocery 11.0 10.1 Convenience Stores 9.6 10.2 Home Improvement 6.4 6.0 Dollar Stores 6.1 6.4 Restaurants-Quick Service 4.8 4.9 Health and Fitness 4.3 4.3 Drug Stores 4.3 4.7 Automotive Service 4.3 4.
Slide 33: Geographic Diversification
Q4 2025 Supplemental Operating & Financial Data 33 Geographic Diversification(1) As of December 31, 2025 (1) Based on Annualized Base Rent ("ABR"). Please see the Glossary for our definition of Annualized Base Rent. PRESENCE IN ALL 50 U.S. STATES, THE U.K., AND EIGHT OTHER COUNTRIES IN EUROPE MIDWES
Slide 34: Property Type Composition
Q4 2025 Supplemental Operating & Financial Data 34 Property Type Number of Properties Leasable Square Feet(1) Annualized Base Rent as of December 31, 2025(2) ($) Percentage of Annualized Base Rent as of December 31, 2025(2) (%) Percentage of Annualized Base Rent from Investment Grade Clients(3) (%)
Slide 35: Same Store Rental Revenue
Q4 2025 Supplemental Operating & Financial Data 35 Q4 2025 Same Store Rental Revenue Number of properties 14,345 Q4 2025 $ 1,147,271 Q4 2024 $ 1,134,333 $ change $ 12,938 % change 1.1 % YTD 2025 Same Store Rental Revenue Number of properties 14,345 YTD 2025 $ 4,575,914 YTD 2024 $ 4,518,514 $ change
Slide 36: Same Store Rental Revenue Reconciliation
Q4 2025 Supplemental Operating & Financial Data 36 Three months ended December 31, Years ended December 31, 2025 2024 2025 2024 ($) ($) ($) ($) Rental revenue (including reimbursements) 1,399,585 1,279,698 5,437,332 5,043,748 Constant currency adjustment(3) 2,689 11,350 20,763 41,189 Straight-line r
Slide 37: Leasing Activity
Q4 2025 Supplemental Operating & Financial Data 37 Q4 2025 Re-leased to Same Client Re-leased to New Client Re-leasing Totals Prior cash rents $ 80,332 $ 3,875 $ 84,207 New cash rents* $ 83,378 $ 4,919 $ 88,297 Recapture rate 103.8 % 126.9 % 104.9 % Number of leases 321 20 341 Average months vacant
Slide 38: Lease Expirations
Q4 2025 Supplemental Operating & Financial Data 38 (1) This table sets forth the timing of remaining lease term expirations in our portfolio (excluding rights to extend a lease at the option of the client) and their contributions to Annualized Base Rent as of December 31, 2025. Leases on our multi-c
Slide 39: Earnings Guidance
Q4 2025 Supplemental Operating & Financial Data 39 Earnings Guidance 2026 Guidance 2025 Actuals Net income per share(1) $1.65 - $1.69 $1.17 Real estate depreciation per share $2.68 $2.78 Other adjustments per share(2) $0.05 $0.33 AFFO per share $4.38 - $4.42 $4.28 Same store rent growth 1.0% - 1.3%
Slide 40: Analyst Coverage
Q4 2025 Supplemental Operating & Financial Data 40 Baird Wes Golladay wgolladay@rwbaird.com (216) 737-7510 Bank of America Securities Jana Galan jana.galan@bofa.com (646) 855-3081 Barclays Richard Hightower richard.hightower@barclays.com (212) 526-8768 BMO Capital Markets Eric Borden eric.borden@bmo
Slide 41: Glossary
Q4 2025 Supplemental Operating & Financial Data 41 Adjusted EBITDAre. The National Association of Real Estate Investment Trusts (Nareit) established an EBITDA metric for real estate companies (i.e., EBITDA for real estate, or EBITDAre) it believed would provide investors with a consistent measure to
Slide 42: Glossary (Continued)
Q4 2025 Supplemental Operating & Financial Data 42 Cash Income represents expected rent for real estate acquisitions as well as rent to be received upon completion of the properties under development. For unconsolidated entities and consolidated entities with noncontrolling interests, this represent
Slide 43: Glossary (Continued)
Q4 2025 Supplemental Operating & Financial Data 43 Normalized Funds from Operations Available to Common Stockholders (Normalized FFO), a non-GAAP financial measure, is FFO excluding merger, transaction, and other costs, net. Pro-Rata Share represents our proportionate economic ownership of our joint
Slide 44: Appendix
Q4 2025 Supplemental Operating & Financial Data 44 Appendix* (USD in thousands) (unaudited) Table of Contents ↪ Three months ended December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 ($) ($) ($) ($) ($) Net income 301,636 317,674 199,011 251,462 201,350 Interest 288,1
Slide 45: Appendix (Continued)
Q4 2025 Supplemental Operating & Financial Data 45 Appendix (Continued) (USD in thousands) (unaudited) Table of Contents ↪ (1) Adjusted EBITDAre, Annualized Adjusted EBITDAre, Annualized Pro Forma Adjusted EBITDAre, and Net Debt to Annualized Pro Forma Adjusted EBITDAre are non-GAAP financial measur
Slide 46: Appendix (Continued)
Q4 2025 Supplemental Operating & Financial Data 46 Appendix (Continued) (USD and shares in thousands, except per share amounts) (unaudited) Table of Contents ↪ RECONCILIATION OF NET INCOME AVAILABLE TO COMMON STOCKHOLDERS TO DILUTED AFFO(1) AND DILUTED AFFO PER SHARE Three months ended December 31,
Slide 47: Appendix (Continued)
Q4 2025 Supplemental Operating & Financial Data 47 Appendix (Continued)* (USD and shares in thousands, except per share amounts) (unaudited) Table of Contents ↪ Years ended December 31, 2025 December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 ($) ($) ($) ($) ($) Net income availa
Slide 48: Appendix (Continued)
Q4 2025 Supplemental Operating & Financial Data 48 Table of Contents ↪ Appendix (Continued) (USD and shares in thousands, except per share amounts) (unaudited) (1) AFFO is a non-GAAP financial measure. Please see the Glossary for our definition of this term and an explanation of how we utilize this
Slide 49: Appendix (Continued)
Q4 2025 Supplemental Operating & Financial Data 49 Appendix (Continued) (USD in thousands) (unaudited) Table of Contents ↪ Years ended December 31, 2025 December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 ($) ($) ($) ($) ($) Net income 1,069,783 867,341 876,914 872,416 360,747 In
Slide 50: Appendix (Continued)
Q4 2025 Supplemental Operating & Financial Data 50 Appendix (Continued) (USD in thousands) (unaudited) Table of Contents ↪ Three months ended December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 ($) ($) ($) ($) ($) Net income 301,636 317,674 199,011 251,462 201,350 Int
Slide 51: Appendix (Continued)
Q4 2025 Supplemental Operating & Financial Data 51 Appendix (Continued) (USD in thousands) (unaudited) Table of Contents ↪ Three months ended September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 ($) ($) ($) ($) Net income 271,124 260,968 133,899 219,762 Interest 261,261 246,931 240,614
Slide 52: Appendix (Continued)
Q4 2025 Supplemental Operating & Financial Data 52 Appendix (Continued) (USD in thousands) (unaudited) Table of Contents ↪ Years ended December 31, 2025 December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 ($) ($) ($) ($) ($) General and administrative 202,554 176,895 144,536 138,
Slide 53: Appendix (Continued)
Q4 2025 Supplemental Operating & Financial Data 53 Appendix (Continued) (USD in thousands) (unaudited) Table of Contents ↪ RECONCILIATION OF PROPERTY EXPENSES (NON-REIMBURSEMENTS)(% OF TOTAL REVENUE)(1) (1) Total revenue excluding client reimbursements. Three months ended December 31, 2025 September