Realty Income Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Realty Income Corp. has submitted its comprehensive 2023 annual report (10-K) detailing financial performance and business operations.</b>

AI Summary

REALTY INCOME CORP (O) filed a Annual Report (10-K) with the SEC on February 21, 2024. Realty Income Corp. filed its annual report for the fiscal year ending December 31, 2023. The report details financial performance and business operations for the period. Key financial data and disclosures are included as per SEC regulations. The filing covers the company's real estate investment trust (REIT) activities. Information on various debt instruments, including senior unsecured notes, is provided.

Why It Matters

For investors and stakeholders tracking REALTY INCOME CORP, this filing contains several important signals. This 10-K filing provides investors with a detailed overview of Realty Income Corp.'s financial health, strategic initiatives, and risk factors for the fiscal year 2023, enabling informed investment decisions. The comprehensive disclosure allows stakeholders to assess the company's performance against its peers and understand its position within the real estate investment trust (REIT) sector.

Risk Assessment

Risk Level: medium — REALTY INCOME CORP shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine disclosure for public companies. However, the inherent risks of the real estate market and interest rate sensitivity present ongoing medium-level risks.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess Realty Income Corp.'s performance and outlook for the upcoming fiscal year.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240221 — Filing Date (Filed as of date)
• 6798 — SIC Code (Standard Industrial Classification)
• MD — State of Incorporation (State of incorporation)

Key Players & Entities

• REALTY INCOME CORP (company) — Filer name
• 10-K (document) — Form type
• 20231231 (date) — Conformed period of report
• 20240221 (date) — Filed as of date
• 11995 EL CAMINO REAL (address) — Business address street 1
• SAN DIEGO (location) — Business address city
• CA (location) — Business address state
• 92130 (postal_code) — Business address zip

FAQ

Industry Context

Realty Income Corp. operates as a real estate investment trust (REIT), focusing on acquiring and managing freestanding, single-tenant commercial properties.

Regulatory Implications

The filing adheres to the Securities Exchange Act of 1934, requiring public companies to submit detailed annual reports to the SEC.

What Investors Should Do

1. Analyze the company's revenue streams and property portfolio diversification.
2. Evaluate the debt structure and interest rate sensitivity disclosed in the filing.
3. Assess the identified risks and management's mitigation strategies.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-21: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing. Comparative data from previous filings will be incorporated in subsequent analyses.

Key Financial Figures

• $0.01 — nge On Which Registered Common Stock, $0.01 Par Value O New York Stock Exchange 6.
• $59.79 — ed upon the last reported sale price of $59.79 per share on the New York Stock Exchang

Filing Documents

• o-20231231.htm (10-K) — 3692KB
• exhibit488-descriptionofse.htm (EX-4.88) — 359KB
• exhibit211202310k.htm (EX-21.1) — 470KB
• exhibit231202310k.htm (EX-23.1) — 2KB
• o-123123ex311.htm (EX-31.1) — 10KB
• o-123123ex312.htm (EX-31.2) — 10KB
• o-123123ex32.htm (EX-32) — 6KB
• exhibit971-policyforrecove.htm (EX-97.1) — 34KB
• o-20231231_g1.jpg (GRAPHIC) — 38KB
• 0000726728-24-000047.txt (&nbsp;) — 20243KB
• o-20231231.xsd (EX-101.SCH) — 147KB
• o-20231231_cal.xml (EX-101.CAL) — 157KB
• o-20231231_def.xml (EX-101.DEF) — 758KB
• o-20231231_lab.xml (EX-101.LAB) — 1488KB
• o-20231231_pre.xml (EX-101.PRE) — 1039KB
• o-20231231_htm.xml (XML) — 3357KB

Business

Business 2 Item 1A:

Risk Factors

Risk Factors 8 Item 1B: Unresolved Staff Comments 22 Item 1C : Cybersecurity 22 Item 2:

Properties

Properties 23 Item 3:

Legal Proceedings

Legal Proceedings 23 Item 4: Mine Safety Disclosures 23 PART II Item 5: Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23 Item 6: Reserved 24 Item 7:

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 7A:

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 Item 8:

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 46 Item 9: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 86 Item 9A:

Controls and Procedures

Controls and Procedures 86 Item 9B: Other Information 87 Item 9C: Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 87 PART III Item 10: Directors, Executive Officers and Corporate Governance 87 Item 11:

Executive Compensation

Executive Compensation 87 Item 12:

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 87 Item 13: Certain Relationships, Related Transactions and Director Independence 87 Item 14: Principal Accounting Fees and Services 87 PART IV Item 15: Exhibits and Financial Statement Schedules 88 Item 16: Form 10-K Summary 94

SIGNATURES

SIGNATURES 95 1 Table of Contents PART I

: Business

Item 1: Business In this Annual Report on Form 10-K, unless the context otherwise requires, references to "Realty Income," the "Company," "we," "our" or "us" refer to Realty Income Corporation and our subsidiaries. THE COMPANY Realty Income, The Monthly Dividend Company , is an S&P 500 company and member of the S&P 500 Dividend Aristocrats index for having increased its dividend every year for over 25 consecutive years. We invest in people and places to deliver dependable monthly dividends that increase over time. We are structured as a real estate investment trust ("REIT"), requiring us to annually distribute at least 90% of our taxable income (excluding net capital gains) in the form of dividends to our stockholders. The monthly dividends are supported by the cash flow generated from real estate in which we own or hold interests in under long-term net lease agreements with our commercial clients. Realty Income was founded in 1969, and listed on the New York Stock Exchange ("NYSE": O) in 1994. Over the past 55 years, Realty Income has been acquiring and managing freestanding commercial properties that generate rental revenue under long-term net lease agreements with our commercial clients. As of December 31, 2023, we owned or held interests in 13,458 properties located in the United States ("U.S.") and Europe. On January 23, 2024, we closed on our previously announced merger with Spirit Realty Capital, Inc. ("Spirit", formerly NYSE: SRC), which is further described in note 21, Subsequent Events, to the consolidated financial statements. The Spirit portfolio consisted of 2,018 U.S. retail, industrial, and other properties across 49 states. With assets that are highly complementary to our existing portfolio, this transaction enhances the diversification and depth our real estate portfolio and will allow us to strengthen our longstanding relationships with existing clients and curate new ones. BUSINESS PHILOSOPHY AND STRATEGY We believe that actively managing

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View this 10-K filing on SEC EDGAR