Realty Income Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Realty Income Corp. has submitted its Q1 2024 10-Q filing, providing a detailed financial update.</b>

AI Summary

REALTY INCOME CORP (O) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Realty Income Corp. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. Key financial data points and disclosures for the period are included. The report details common stock and preferred stock information. Senior unsecured notes with various maturity dates are listed.

Why It Matters

For investors and stakeholders tracking REALTY INCOME CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and position of Realty Income Corp. for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's operational health, debt structure, and equity composition.

Risk Assessment

Risk Level: medium — REALTY INCOME CORP shows moderate risk based on this filing. The filing is a standard 10-Q, which provides a snapshot of financial health but does not contain forward-looking statements or significant new events that would drastically alter risk assessment without further analysis of the detailed financial tables and risk factors.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-Q to understand Realty Income Corp.'s current financial standing and potential risks.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-07 — Filing Date (Filed as of date)
• 1231 — Fiscal Year End (Fiscal Year End)
• 001-13374 — SEC File Number (SEC File Number)

Key Players & Entities

• REALTY INCOME CORP (company) — Filer
• 2024-03-31 (date) — Conformed Period of Report
• 2024-05-07 (date) — Filed as of date
• 11995 EL CAMINO REAL (address) — Business Address
• SAN DIEGO (location) — Business Address City
• CA (state) — Business Address State
• 92130 (zip_code) — Business Address ZIP
• 0000726728 (company_id) — Central Index Key

FAQ

Industry Context

Realty Income Corp. operates as a real estate investment trust (REIT) focused on commercial properties.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the balance sheet for changes in assets and liabilities.
2. Review the statement of cash flows for operating, investing, and financing activities.
3. Examine any disclosed risk factors for potential impacts on future performance.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 2023 annual report.

Key Financial Figures

• $0.01 — nge On Which Registered Common Stock, $0.01 Par Value O New York Stock Exchange 6.

Filing Documents

• o-20240331.htm (10-Q) — 2128KB
• o-033124ex311.htm (EX-31.1) — 11KB
• o-033124ex312.htm (EX-31.2) — 11KB
• o-033124ex32.htm (EX-32) — 6KB
• o-20240331_g1.jpg (GRAPHIC) — 38KB
• 0000726728-24-000077.txt (&nbsp;) — 12574KB
• o-20240331.xsd (EX-101.SCH) — 107KB
• o-20240331_cal.xml (EX-101.CAL) — 135KB
• o-20240331_def.xml (EX-101.DEF) — 586KB
• o-20240331_lab.xml (EX-101.LAB) — 1017KB
• o-20240331_pre.xml (EX-101.PRE) — 805KB
• o-20240331_htm.xml (XML) — 1878KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated Balance Sheets 2 Consolidated Statements of Income and Comprehensive Income 3 Consolidated Statements of Equity 4 Consolidated Statements of Cash Flows 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 6 Item 2:

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Item 3:

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 49 Item 4:

Controls and Procedures

Controls and Procedures 50 PART II. OTHER INFORMATION Item 1A:

Risk Factors

Risk Factors 51 Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 51 Item 5: Other Information 51 Item 6: Exhibits 52 SIGNATURE 54 -1- Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

: Financial Statements

Item 1: Financial Statements REALTY INCOME CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (unaudited) March 31, 2024 December 31, 2023 ASSETS Real estate held for investment, at cost: Land $ 16,787,731 $ 14,929,310 Buildings and improvements 39,674,812 34,657,094 Total real estate held for investment, at cost 56,462,543 49,586,404 Less accumulated depreciation and amortization ( 6,392,472 ) ( 6,072,118 ) Real estate held for investment, net 50,070,071 43,514,286 Real estate and lease intangibles held for sale, net 78,254 31,466 Cash and cash equivalents 680,159 232,923 Accounts receivable, net 789,244 710,536 Lease intangible assets, net 7,037,328 5,017,907 Goodwill 4,991,342 3,731,478 Investment in unconsolidated entities 1,203,263 1,172,118 Other assets, net 3,478,588 3,368,643 Total assets $ 68,328,249 $ 57,779,357 LIABILITIES AND EQUITY Distributions payable $ 225,757 $ 195,222 Accounts payable and accrued expenses 802,652 738,526 Lease intangible liabilities, net 1,740,200 1,406,853 Other liabilities 900,106 811,650 Line of credit payable and commercial paper 1,022,516 764,390 Term loan, net 2,370,455 1,331,841 Mortgages payable, net 200,075 821,587 Notes payable, net 21,748,004 18,602,319 Total liabilities $ 29,009,765 $ 24,672,388 Commitments and contingencies (Note 20) 6.000 % Series A cumulative redeemable preferred stock and paid in capital, par value $ 0.01 per share, 69,900 shares authorized, 6,900 shares and no shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively, liquidation preference $ 25.00 per share $ 167,394 $ — Stockholders' equity: Common stock and paid in capital, par value $ 0.01 per share, 1,300,000 shares authorized, 870,756 and 752,460 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively $ 46,220,761 $ 39,629,709 Distributions in excess of net income ( 7,299,514 ) ( 6,762,136 ) Acc

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (unaudited) 1. Summary of Significant Accounting Policies Realty Income Corporation ("Realty Income," the "Company," "we," "our" or "us"), a Maryland corporation, is an S&P 500 company and real estate partner to the world's leading companies. The Company was founded in 1969 and our shares of common stock trade on the New York Stock Exchange ("NYSE") under the symbol "O". As of March 31, 2024, we owned or held interests in a diversified portfolio of 15,485 properties located in all 50 states of the United States ("U.S."), the United Kingdom ("U.K."), and six other countries in Europe, with approximately 334.2 million square feet of leasable space. In January 2024, we completed our merger with Spirit Realty Capital, Inc. ("Spirit"). For more details, please see note 2 , Merger with Spirit Realty Capital, Inc. Basis of Presentation . These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Intercompany accounts and transactions are eliminated in consolidation. The U.S. Dollar ("USD") is our reporting currency. Unless otherwise indicated, all dollar amounts are expressed in USD. For our consolidated subsidiaries whose functional currency is not the USD, we translate their financial statements into USD at the time we consolidate those subsidiaries' financial statements. Generally, assets and liabilities are translated at the exchange rate in effect at the balance sheet date. The resulting translation adjustments are included in 'Accumulated other comprehensive income' ("AOCI"), on our consolidated balance sheets. Certain balance sheet items, primarily equity and capital-related accounts, are reflected at the historical exchange rate. Income statement accounts are translated using the average exchange rate for the period. We and certain of our consolidated subsidiaries have intercompany and third-p