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Schedule III Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III Real Estate and Accumulated Depreciation
Initial Cost to CompanyCost Capitalized Subsequent to AcquisitionGross Amount at Which Carried at Close of Period (Notes 3, 4 and 6)
DescriptionNumber of Properties (Note 1)Encumbrances (Note 2)LandBuildings, Improvements and Acquisition FeesImprovementsCarrying CostsLandBuildings, Improvements and Acquisition FeesTotalAccumulated Depreciation (Note 5)Date of ConstructionDate Acquired
U.S.
Advertising5$—$19,379$71,676$64$—$19,379$71,740$91,119$9,7971990- 20093/26/2021- 11/1/2021
Aerospace9— 10,043 232,817 6,555 — 10,043 239,372 249,415 64,180 1951- 20246/20/2011- 12/30/2025
Apparel104— 220,858 730,524 16,584 199 220,858 747,307 968,165 144,540 1962- 202210/30/1987- 2/12/2025
Automotive Collision Service294— 229,450 625,505 6,841 10 229,450 632,356 861,806 108,821 1920- 20258/30/2002- 12/18/2025
Automotive Parts475— 202,095 585,757 8,614 827 202,095 595,198 797,293 155,171 1965- 20228/6/1987- 11/20/2025
Automotive Service982— 719,535 1,603,937 2,956 140 719,535 1,607,033 2,326,568 259,893 1920- 202510/2/1985- 1/14/2025
Automotive Tire Services256— 214,547 489,533 1,801 55 214,547 491,389 705,936 174,283 1947- 202411/27/1985- 1/23/2024
Beverage19— 184,575 188,413 1,113 — 184,575 189,526 374,101 76,429 1950- 20206/25/2010- 6/25/2025
Child Care362— 196,576 450,587 8,694 640 196,576 459,921 656,497 152,830 1949- 202512/22/1981- 12/30/2025
Consumer Appliances1— 4,275 29,317 88 — 4,275 29,405 33,680 1,636 2020- 20201/23/2024- 1/23/2024
Consumer Electronics35— 68,588 186,854 3,480 51 68,588 190,385 258,973 34,564 1984- 20236/9/1997- 12/5/2025
Consumer Goods6— 29,219 145,827 6,803 — 29,219 152,630 181,849 43,516 2004- 20111/22/2013- 1/23/2024
Convenience Stores2,504— 2,204,659 3,577,055 (551)145 2,204,659 3,576,649 5,781,308 832,841 1922- 20253/3/1995- 12/30/2025
Crafts and Novelties62— 129,788 452,206 7,811 440 129,788 460,457 590,245 80,615 1973- 202411/26/1996- 11/7/2025
Diversified Industrial60— 125,614 598,613 18,012 — 125,614 616,625 742,239 76,846 1940- 20229/19/2012- 9/30/2024
Dollar Stores3,124— 970,577 2,840,196 (7,673)9 970,577 2,832,532 3,803,109 740,402 1921- 20252/3/1998- 12/30/2025
Drug Stores591— 766,129 2,063,771 3,428 100 766,129 2,067,299 2,833,428 621,264 1958- 20152/9/2005- 9/30/2024
Education18— 28,586 67,565 1,392 62 28,586 69,019 97,605 21,372 1957- 202412/19/1984- 11/22/2022
Energy51— 45,102 172,020 1,235 — 45,102 173,255 218,357 13,211 1962- 202311/1/2021- 1/23/2024
Entertainment80— 225,997 640,551 59,932 — 225,997 700,483 926,480 64,689 1959- 20243/31/1999- 1/23/2024
Equipment Services47— 40,924 132,476 3,402 — 40,924 135,878 176,802 26,679 1965- 20227/3/2003- 1/23/2024
Financial Services331— 161,596 422,256 543 97 161,596 422,896 584,492 127,779 1807- 20153/10/1987- 1/23/2024
Food Processing30— 83,396 471,851 2,512 — 83,396 474,363 557,759 47,479 1958- 202412/20/2012- 1/6/2025
General Merchandise328— 487,613 1,411,105 9,883 463 487,613 1,421,451 1,909,064 270,612 1954- 202512/23/1998- 12/30/2025
Gaming1— 419,464 1,277,403 — — 419,464 1,277,403 1,696,867 112,533 2019- 201912/1/2022- 12/1/2022
Grocery273— 573,793 1,541,198 7,776 325 573,793 1,549,299 2,123,092 378,204 1947- 20249/30/2003- 9/17/2025
Health and Beauty8— 6,696 58,808 198 — 6,696 59,006 65,702 11,446 1999- 20172/23/1999- 3/22/2023
Health and Fitness183— 476,934 2,103,783 17,424 172 476,934 2,121,379 2,598,313 497,409 1943- 20255/31/1995- 9/29/2025
Health Care52732,007 362,428 1,247,197 17,217 198 362,428 1,264,612 1,627,040 211,048 1922- 202312/18/1984- 12/29/2025
Home Furnishings206— 243,888 562,338 9,313 119 243,888 571,770 815,658 93,896 1947- 20241/24/1984- 1/23/2024
Home Improvement2905,887 734,225 1,398,788 83,934 35 734,225 1,482,757 2,216,982 267,792 1863- 202512/22/1986- 12/17/2025
Insurance1— 754 2,840 — — 754 2,840 3,594 364 2006- 200610/17/2022- 10/17/2022
Jewelry5— 5,367 58,688 — — 5,367 58,688 64,055 12,158 1997- 20081/22/2013- 11/1/2021
Machinery4— 6,577 69,225 1,991 — 6,577 71,216 77,793 13,105 1969- 20217/31/2012- 3/22/2023
Motor Vehicle Dealerships91—317,912574,3251,976—317,912576,301894,213136,6181962- 202311/29/2003- 12/30/2025
Office Supplies17— 19,706 48,882 1,095 339 19,706 50,316 70,022 9,716 1978- 20145/30/1997- 1/23/2024
Oil & Gas1— 754 436 — — 754 436 1,190 34 1993- 19931/23/2024- 1/23/2024
Other Manufacturing45— 69,439 431,192 3,442 240 69,439 434,874 504,313 46,547 1949- 20241/22/2013- 10/17/2025
Packaging36— 74,715 422,977 4,505 — 74,715 427,482 502,197 75,250 1956- 20166/3/2011- 9/29/2025
Paper2—2,46211,93545—2,46211,98014,4425,9642002- 20065/2/2011- 12/21/2012
Initial Cost to CompanyCost Capitalized Subsequent to AcquisitionGross Amount at Which Carried at Close of Period (Notes 3, 4 and 6)
DescriptionNumber of Properties (Note 1)Encumbrances (Note 2)LandBuildings, Improvements and Acquisition FeesImprovementsCarrying CostsLandBuildings, Improvements and Acquisition FeesTotalAccumulated Depreciation (Note 5)Date of ConstructionDate Acquired
Pet Supplies and Services145$— $147,021 $439,900 $14,517 $239 $147,021 $454,656 $601,677 $88,508 1945- 202312/22/1981- 12/9/2024
Restaurants-Casual871— 707,310 1,524,232 5,576 1,318 707,310 1,531,126 2,238,436 360,164 1927- 20258/1/1984- 12/30/2025
Restaurants-Quick Service2,042— 1,019,821 2,060,268 2,855 174 1,019,821 2,063,297 3,083,118 473,399 1926- 202512/9/1976- 12/30/2025
Shoe Stores7— 7,546 44,688 349 215 7,546 45,252 52,798 17,057 1990- 20253/26/1998- 8/4/2025
Sporting Goods70— 172,542 437,490 7,431 178 172,542 445,099 617,641 94,012 1950- 202010/17/2001- 1/23/2024
Telecommunications6— 4,688 12,630 611 11 4,688 13,252 17,940 3,785 1990- 20166/26/1998- 1/23/2024
Theaters 97— 262,870 763,413 11,765 — 262,870 775,178 1,038,048 336,842 1930- 20187/27/2000- 10/29/2025
Transportation Services92— 232,078 1,196,337 25,693 402 232,078 1,222,432 1,454,510 333,072 1967- 20204/1/2003- 12/31/2025
Warehousing and Storage2— 1,442 15,178 — — 1,442 15,178 16,620 4,257 1979- 20071/22/2013- 11/1/2021
Wholesale Club69— 353,564 899,101 51 — 353,564 899,152 1,252,716 248,674 1985- 20219/30/2011- 1/27/2025
Other U.S.33— 65,880 177,863 9,811 — 65,880 187,674 253,554 20,302 1964- 20218/18/1986- 11/19/2024
Europe
Apparel10— 102,735 260,703 1,519 — 102,735 262,222 364,957 19,647 1850- 20084/19/2021- 11/21/2025
Automotive Parts2— 4,142 8,173 65 — 4,142 8,238 12,380 875 1980- 19966/17/2022- 9/28/2023
Automotive Tire Services3— 1,803 5,500 — — 1,803 5,500 7,303 1,054 1974- 19943/9/2021- 3/9/2021
Consumer Electronics7— 82,298 125,557 1,683 — 82,298 127,240 209,538 6,090 1972- 20063/4/2022- 12/9/2025
Convenience Stores3— 13,537 6,947 — — 13,537 6,947 20,484 1,064 1982- 202112/21/2021- 9/20/2023
Diversified Industrial5— 31,168 61,076 992 — 31,168 62,068 93,236 6,010 1980- 20207/22/2021- 3/30/2023
Drug Stores1— — — — — — — — — 1990- 19901/31/2023- 1/31/2023
Energy1— 10,101 11,279 — — 10,101 11,279 21,380 1,278 2020- 20201/13/2022- 1/13/2022
Entertainment1— 24,051 37,911 384 — 24,051 38,295 62,346 6,015 1993- 19931/13/2022- 1/13/2022
Financial Services1— 137,225 24,836 4,372 — 137,225 29,208 166,433 853 1934- 193411/12/2024- 11/12/2024
Food Processing7— 35,372 95,970 4,952 — 35,372 100,922 136,294 10,832 1950- 202111/30/2021- 2/23/2023
General Merchandise31— 281,544 384,949 12,017 — 281,544 396,966 678,510 36,291 1980- 20218/25/2021- 9/26/2025
Grocery249— 2,034,832 3,346,349 12,108 — 2,034,832 3,358,457 5,393,289 419,186 1800- 20255/23/2019- 12/22/2025
Health and Fitness3— 44,940 57,013 1,626 — 44,940 58,639 103,579 5,040 1997- 20203/24/2022- 3/28/2025
Health Care6— 28,694 55,306 30 — 28,694 55,336 84,030 7,586 1969- 20063/23/2020- 9/7/2022
Home Furnishings21— 187,000 334,556 6,156 — 187,000 340,712 527,712 31,996 1980- 20194/9/2021- 3/25/2025
Home Improvement107— 945,448 1,361,460 5,469 — 945,448 1,366,929 2,312,377 148,804 1890- 20247/31/2020- 12/10/2025
Machinery1— 16,460 19,227 — — 16,460 19,227 35,687 272 1991- 19917/3/2025- 7/3/2025
Motor Vehicle Dealerships3— 17,299 29,733 — — 17,299 29,733 47,032 4,363 1990- 20052/11/2022- 9/27/2022
Other Manufacturing5— 62,956 296,505 5 — 62,956 296,510 359,466 7,169 1912- 20244/6/2022- 4/24/2025
Restaurants-Quick Service30— 20,135 46,837 105 — 20,135 46,942 67,077 2,748 1990- 20233/17/2021- 12/16/2024
Sporting Goods89— 262,730 513,309 6,352 — 262,730 519,661 782,391 49,384 1950- 20218/5/2022- 3/25/2025
Theaters 2— 20,354 43,246 547 — 20,354 43,793 64,147 1,893 1990- 201112/18/2019- 11/27/2024
Transportation Services9— 151,957 440,927 35,170 — 151,957 476,097 628,054 5,251 1970- 20251/6/2022- 12/12/2025
Warehousing and Storage2— 67,311 92,410 484 — 67,311 92,894 160,205 7,905 2002- 20253/11/2021- 4/27/2023
Wholesale Club8— 60,252 108,900 — — 60,252 108,900 169,152 13,529 1966- 200210/28/2022- 2/9/2024
Other Europe7— 127,376 — 38,826 — 127,376 38,826 166,202 — — - —9/29/2023- 11/4/2025
15,512$37,894$18,430,717$43,340,206$523,956$7,203$18,430,717$43,871,365$62,302,082$8,796,740
Note 1.
Realty Income Corporation owns or holds interests in 14,717 single-tenant properties in the U.S., our corporate headquarters property in San Diego, California, 230 single-tenant properties in the U.K., and 218 single-tenant properties elsewhere in Europe. Crest Net Lease, Inc. owns two single-tenant properties in the U.S.

Realty Income Corporation also owns or holds interests in 174 multi-tenant properties in the U.S., 140 multi-tenant properties in the U.K., and 30 multi-tenant properties elsewhere in Europe.
Note 2.
Includes mortgages payable secured by 14 properties and excludes unamortized net discounts and deferred financing costs of $0.1 million.
Note 3.
The aggregate cost for federal income tax purposes for Realty Income Corporation is $71.0 billion and for Crest Net Lease, Inc. is $11.6 million.
Note 4.The following is a reconciliation of total real estate carrying value for the years ended December 31 (in thousands):202520242023
Balance at beginning of period$58,401,234 $49,642,486 $42,689,699 
Additions during period:
Acquisitions and development4,540,633 3,200,339 7,239,885 
Merger additions (1)
— 6,838,500 — 
Less amounts allocated to acquired lease intangible assets and liabilities(409,478)(253,904)(484,096)
Improvements130,102 122,887 54,904 
Other (leasing costs and building adjustments) (2)
— 46,484 49,504 
Total additions4,261,257 9,954,306 6,860,197 
Deductions during period:
Cost of real estate sold697,937 658,645 125,166 
Cost of equipment sold1,391 24 11 
Releasing costs— — — 
Other (3)
509,582 275,324 111,851 
Total deductions1,208,910 933,993 237,028 
Foreign currency translation848,501 (261,565)329,618 
Balance at end of period$62,302,082 $58,401,234 $49,642,486 
(1) Represents acquired assets from the Merger. For further information, see note 2, Merger with Spirit Realty Capital, Inc., to our consolidated financial statements.
(2) The year ended December 31, 2024 includes contributions of $46.5 million RI LP Op Units. The year ended December 31, 2023 includes contributions to joint ventures of $38.4 million and reclassification of $11.3 million right of use assets under finance leases.
(3) The year ended December 31, 2025 includes $6.7 million for building razed and $502.9 million of impairment (inclusive of $68.9 million included in accumulated depreciation activity below). The year ended December 31, 2024 includes $7.7 million for building razed and $267.6 million of impairment. The year ended December 31, 2023 includes $14.0 million for building razed and $97.5 million of impairment.
Note 5.The following is a reconciliation of accumulated depreciation for the years ended (in thousands):202520242023
Balance at Beginning of Period$7,396,924 $6,096,736 $4,908,658 
Additions During Period - Provision for Depreciation1,623,713 1,508,492 1,233,709 
Deductions During Period:
Accumulated depreciation of real estate and equipment sold or disposed of265,879 197,932 57,609 
Foreign Currency Translation41,982 (10,372)11,978 
Balance at Close of Period$8,796,740 $7,396,924 $6,096,736 
Please see note 1, Summary of Significant Accounting Policies, to our consolidated financial statements for information regarding lives used for depreciation and amortization.
Note 6.
In 2025, provisions for impairment were recorded on 395 Realty Income properties.
In 2024, provisions for impairment were recorded on 237 Realty Income properties.
In 2023, provisions for impairment were recorded on 112 Realty Income properties.
See report of independent registered public accounting firm.