Realty Income Corp. Q3 2024 10-Q Filing

TL;DR

**REIT filing shows debt details: 1.125% notes due 2027, 1.875% notes due 2027, and more. Check for exposure.**

AI Summary

Realty Income Corp. filed its 10-Q for the period ending September 30, 2024. The company's financial reporting includes various debt instruments such as Senior Unsecured Notes payable with different interest rates and maturity dates, including a 1.125% note due July 2027 and a 1.875% note due January 2027. The filing also references common stock and other financial metrics.

Why It Matters

This filing provides investors with an update on Realty Income's financial health and debt obligations, crucial for understanding the company's stability and future borrowing capacity.

Risk Assessment

Risk Level: medium — The filing details various senior unsecured notes, indicating significant debt obligations which can pose financial risk.

Key Numbers

• 1.125% — Senior Unsecured Notes Interest Rate (Note due July 2027)
• 1.875% — Senior Unsecured Notes Interest Rate (Note due January 2027)
• 5.000% — Senior Unsecured Notes Interest Rate (Note due October 2029)
• 1.625% — Senior Unsecured Notes Interest Rate (Note due December 2030)
• 4.875% — Senior Unsecured Notes Interest Rate (Note due 2030)

Key Players & Entities

• Realty Income Corp. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 1.125% (dollar_amount) — Interest rate on Senior Unsecured Notes Payable due July 2027
• 1.875% (dollar_amount) — Interest rate on Senior Unsecured Notes Payable due January 2027
• 5.000% (dollar_amount) — Interest rate on Senior Unsecured Notes Payable due October 2029
• 1.625% (dollar_amount) — Interest rate on Senior Unsecured Notes Payable due December 2030
• 4.875% (dollar_amount) — Interest rate on Senior Unsecured Notes Payable due 2030

FAQ

Key Financial Figures

• $0.01 — nge On Which Registered Common Stock, $0.01 Par Value O New York Stock Exchange 1.

Filing Documents

• o-20240930.htm (10-Q) — 2598KB
• o-093024ex311.htm (EX-31.1) — 11KB
• o-093024ex312.htm (EX-31.2) — 11KB
• o-093024ex32.htm (EX-32) — 6KB
• o-20240930_g1.jpg (GRAPHIC) — 38KB
• 0000726728-24-000130.txt ( ) — 14185KB
• o-20240930.xsd (EX-101.SCH) — 113KB
• o-20240930_cal.xml (EX-101.CAL) — 136KB
• o-20240930_def.xml (EX-101.DEF) — 607KB
• o-20240930_lab.xml (EX-101.LAB) — 1083KB
• o-20240930_pre.xml (EX-101.PRE) — 834KB
• o-20240930_htm.xml (XML) — 2270KB

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 50 Item 4:

Controls and Procedures

Controls and Procedures 51 PART II. OTHER INFORMATION Item 1A:

Risk Factors

Risk Factors 52 Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 52 Item 5: Other Information 52 Item 6: Exhibits 53 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) September 30, 2024 December 31, 2023 ASSETS Real estate held for investment, at cost: Land $ 17,140,719 $ 14,929,310 Buildings and improvements 40,608,341 34,657,094 Total real estate held for investment, at cost 57,749,060 49,586,404 Less accumulated depreciation and amortization ( 7,066,449 ) ( 6,072,118 ) Real estate held for investment, net 50,682,611 43,514,286 Real estate and lease intangibles held for sale, net 60,467 31,466 Cash and cash equivalents 396,956 232,923 Accounts receivable, net 835,328 710,536 Lease intangible assets, net 6,600,058 5,017,907 Goodwill 4,932,199 3,731,478 Investment in unconsolidated entities 1,224,974 1,172,118 Other assets, net 3,736,173 3,368,643 Total assets $ 68,468,766 $ 57,779,357 LIABILITIES AND EQUITY Distributions payable $ 233,139 $ 195,222 Accounts payable and accrued expenses 880,122 738,526 Lease intangible liabilities, net 1,676,549 1,406,853 Other liabilities 863,683 811,650 Line of credit payable and commercial paper 427,546 764,390 Term loans, net 2,428,279 1,331,841 Mortgages payable, net 197,522 821,587 Notes payable, net 23,092,216 18,602,319 Total liabilities $ 29,799,056 $ 24,672,388 Commitments and contingencies (note 20) Stockholders' equity: Common stock and paid in capital, par value $ 0.01 per share, 1,300,000 shares authorized, 875,197 and 752,460 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively $ 46,505,688 $ 39,629,709 Distributions in excess of net income ( 8,151,359 ) ( 6,762,136 ) Accumulated other comprehensive income 103,463 73,894 Total stockholders' equity $ 38,457,792 $ 32,941,467 Noncontrolling interests 211,918 165,502 Total equity $ 38,669,710 $ 33,106,969 Total liabilities and equity $ 68,468,766 $ 57,779,357 The accompanying notes to consolidated financi

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 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 September 30, 2024, we owned or held interests in a diversified portfolio of 15,457 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 336.6 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