Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

A.Common Stock

We pay monthly distributions to our common stockholders. The following is a summary of monthly distributions paid per common share for the periods indicated below:

	Years ended December 31,
Month	2025		2024		2023
January	$	0.2640	$	0.2565	$	0.2485
February	0.2640		0.2565		0.2485
March	0.2680		0.2565		0.2545
April	0.2685		0.2570		0.2550
May	0.2685		0.2570		0.2550
June	0.2685		0.2625		0.2550
July	0.2690		0.2630		0.2555
August	0.2690		0.2630		0.2555
September	0.2690		0.2630		0.2555
October	0.2695		0.2635		0.2560
November	0.2695		0.2635		0.2560
December	0.2695		0.2635		0.2560
Total	$	3.2170	$	3.1255	$	3.0510

As of December 31, 2025, a distribution of $0.2700 per common share was payable and was paid in January 2026. As of December 31, 2024, a distribution of $0.2640 per common share was payable and was paid in January 2025.

The following presents the federal income tax characterization of distributions paid or deemed to be paid per common share for the years:

	2025		2024		2023
Ordinary income	$	2.1351154	$	2.1759803	$	2.8434500
Nontaxable distributions	1.0818846		0.9495197		0.2075500
Total	$	3.2170000	$	3.1255000	$	3.0510000

B.    At-the-Market ("ATM") Program

In November 2025, we replaced our prior ATM program with a new ATM program, pursuant to which we may offer and sell up to 150.0 million shares of common stock (1) by us to, or through, a consortium of banks acting as our sales agents or (2) by a consortium of banks acting as forward sellers on behalf of any forward purchasers contemplated thereunder, in each case by means of ordinary brokers' transactions on the NYSE under the ticker symbol "O" at prevailing market prices or at negotiated prices. Upon settlement, subject to certain exceptions, we may elect, in our sole discretion, to cash settle or net share settle all or any portion of our obligations under any forward sale agreement, in which cases we may not receive any proceeds (in the case of cash settlement) or will not receive any proceeds (in the case of net share settlement), and we may owe cash (in the case of cash settlement) or shares of our common stock (in the case of net share settlement) to the relevant forward purchaser. Of the 120.0 million shares of our common stock available for sale under the prior ATM program at its inception, a total of approximately 65.0 million of those shares were sold, the remainder of which were terminated upon the execution of the new ATM program. As of December 31, 2025, we had 141.1 million shares remaining for future issuance under our new ATM program. We anticipate maintaining the availability of our ATM program in the future, including the replenishment of authorized shares issuable thereunder.

The following table outlines common stock issuances pursuant to our ATM programs (dollars in millions, shares in thousands):

	Years ended December 31,
	2025		2024		2023
Shares of common stock issued under the ATM program (1)	41,971		30,169		91,699
Gross proceeds	$	2,398.3	$	1,760.1	$	5,483.2
Sales agents' commissions and other offering expenses	(34.2)		(17.3)		(43.7)
Net proceeds	$	2,364.1	$	1,742.8	$	5,439.5

(1) During the year ended December 31, 2025, 52.8 million shares were sold, and 42.0 million shares were settled pursuant to forward sale confirmations. As of December 31, 2025, 12.6 million shares of common stock subject to forward sale confirmations have been executed, but not settled, at a weighted average initial gross price of $57.49 per share. We currently expect to fully settle forward sale agreements outstanding by March 31, 2026, representing $708.5 million in net proceeds, for which the weighted average forward price as of December 31, 2025 was $56.26 per share.

C.    Dividend Reinvestment and Stock Purchase Plan ("DRSPP")

Our DRSPP provides our common stockholders with a convenient and economical method of purchasing our common stock and reinvesting their distributions. It also allows our current stockholders to buy additional shares of common stock by reinvesting all or a portion of their distributions. Our DRSPP authorizes up to 26.0 million common shares to be issued. As of December 31, 2025, we had 10.5 million shares remaining for future issuance under our DRSPP program.

The following table outlines common stock issuances pursuant to our DRSPP program (dollars in millions, shares in thousands):

	Years ended December 31,
	2025		2024		2023
Shares of common stock issued under the DRSPP program	211		212		198
Gross proceeds	$	12.0	$	11.8	$	11.5