Notes Payable

6 Months Ended

Jun. 30, 2026

Notes Payable

Debt

Debt

Notes Payable

A.General

As of June 30, 2026, our senior unsecured notes and bonds are USD-denominated, GBP-denominated, and EUR-

denominated. Foreign-denominated notes are converted at the applicable exchange rate on the balance sheet date.

The following are sorted by maturity date (in thousands): 

			Carrying Value (USD) as of
	Maturity Dates	Principal (Currency Denomination)	June 30, 2026	December 31, 2025
5.050% Notes due 2026	January 13, 2026	$500,000	$—	$500,000
0.750% Notes due 2026	March 15, 2026	$325,000	—	325,000
4.875% Notes due 2026	June 1, 2026	$599,997	—	599,997
4.450% Notes due 2026	September 15, 2026	$299,968	299,968	299,968
4.125% Notes due 2026	October 15, 2026	$650,000	650,000	650,000
1.875% Notes due 2027 (1)	January 14, 2027	£250,000	331,080	336,400
3.000% Notes due 2027	January 15, 2027	$600,000	600,000	600,000
3.200% Notes due 2027	January 15, 2027	$299,984	299,984	299,984
1.125% Notes due 2027 (1)	July 13, 2027	£400,000	529,728	538,240
3.950% Notes due 2027	August 15, 2027	$599,873	599,873	599,873
3.650% Notes due 2028	January 15, 2028	$550,000	550,000	550,000
3.400% Notes due 2028	January 15, 2028	$599,816	599,816	599,816
2.100% Notes due 2028	March 15, 2028	$449,994	449,994	449,994
2.200% Notes due 2028	June 15, 2028	$499,959	499,959	499,959
4.700% Notes due 2028	December 15, 2028	$400,000	400,000	400,000
3.500% Convertible Notes due 2029 (2)	January 15, 2029	$862,500	862,500	—
3.950% Notes due 2029	February 1, 2029	$400,000	400,000	400,000
4.750% Notes due 2029	February 15, 2029	$450,000	450,000	450,000
3.250% Notes due 2029	June 15, 2029	$500,000	500,000	500,000
4.000% Notes due 2029	July 15, 2029	$399,999	399,999	399,999
5.000% Notes due 2029 (1)	October 15, 2029	£350,000	463,512	470,960
3.100% Notes due 2029	December 15, 2029	$599,291	599,291	599,291
3.400% Notes due 2030	January 15, 2030	$500,000	500,000	500,000
4.850% Notes due 2030	March 15, 2030	$600,000	600,000	600,000
3.160% Notes due 2030	June 30, 2030	£140,000	185,405	188,384
4.875% Notes due 2030 (1)	July 6, 2030	€550,000	627,429	645,711
1.625% Notes due 2030 (1)	December 15, 2030	£400,000	529,728	538,240
3.250% Notes due 2031	January 15, 2031	$950,000	950,000	950,000
3.200% Notes due 2031	February 15, 2031	$449,995	449,995	449,995

			Carrying Value (USD) as of
	Maturity Dates	Principal (Currency Denomination)	June 30, 2026	December 31, 2025
3.375% Notes due 2031 (1)	June 20, 2031	€650,000	741,507	763,113
5.750% Notes due 2031 (1)	December 5, 2031	£300,000	397,296	403,680
2.700% Notes due 2032	February 15, 2032	$350,000	350,000	350,000
3.180% Notes due 2032	June 30, 2032	£345,000	456,890	464,232
5.625% Notes due 2032	October 13, 2032	$750,000	750,000	750,000
2.850% Notes due 2032	December 15, 2032	$699,655	699,655	699,655
4.500% Notes due 2033	February 1, 2033	$400,000	400,000	400,000
1.800% Notes due 2033	March 15, 2033	$400,000	400,000	400,000
4.750% Notes due 2033	April 15, 2033	$800,000	800,000	—
1.750% Notes due 2033 (1)	July 13, 2033	£350,000	463,512	470,960
4.900% Notes due 2033	July 15, 2033	$600,000	600,000	600,000
5.125% Notes due 2034	February 15, 2034	$800,000	800,000	800,000
2.730% Notes due 2034	May 20, 2034	£315,000	417,161	423,864
5.125% Notes due 2034 (1)	July 6, 2034	€550,000	627,429	645,711
5.875% Bonds due 2035	March 15, 2035	$250,000	250,000	250,000
5.125% Notes due 2035	April 15, 2035	$600,000	600,000	600,000
3.875% Notes due 2035 (1)	June 20, 2035	€650,000	741,507	763,113
3.390% Notes due 2037	June 30, 2037	£115,000	152,297	154,744
6.000% Notes due 2039 (1)	December 5, 2039	£450,000	595,944	605,520
5.250% Notes due 2041 (1)	September 4, 2041	£350,000	463,512	470,960
2.500% Notes due 2042 (1)	January 14, 2042	£250,000	331,080	336,400
4.650% Notes due 2047	March 15, 2047	$550,000	550,000	550,000
5.375% Notes due 2054	September 1, 2054	$500,000	500,000	500,000
Total principal amount			$25,416,051	$25,343,763
Unamortized net discounts and deferred financing costs			(324,463)	(311,816)
			$25,091,588	$25,031,947

(1) Interest paid annually. Interest on the remaining senior unsecured notes and bond obligations included in the table is paid semi-annually.

(2) Please refer to Convertible Bond Issuance below for more details.

The following table summarizes the maturity of our notes and bonds payable as of June 30, 2026, excluding

unamortized net discounts, deferred financing costs (dollars in millions):

Year of Maturity	Principal
2026	$950.0
2027	2,360.7
2028	2,499.8
2029	3,675.3
2030	2,442.5
Thereafter	13,487.8
Total	$25,416.1

As of June 30, 2026, the weighted average interest rate on our notes and bonds payable was 3.9% and the

weighted average remaining years until maturity was 5.8 years.

Interest incurred on the notes and bonds was $250.3 million and $229.4 million for the three months ended June 30,

2026 and 2025, respectively, and $494.7 million and $449.3 million for the six months ended June 30, 2026 and

2025, respectively.

Our outstanding notes and bonds are unsecured; accordingly, we have not pledged any assets as collateral for

these or any other obligations.

The notes and bonds contain various covenants, including: (i) a limitation on incurrence of any debt which would

cause our debt to total adjusted assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which

would cause our secured debt to total adjusted assets ratio to exceed 40%; (iii) a limitation on incurrence of any

debt which would cause our debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all

times of total unencumbered assets not less than 150% of our outstanding unsecured debt. As of June 30, 2026, we

were in compliance with these covenants.

B.Convertible Bond Issuance

In January 2026, we issued $862.5 million principal amount of 3.500% convertible senior notes due January 2029 in

a private offering, resulting in net proceeds of approximately $845.1 million. We used approximately $101.9 million

of the net proceeds to repurchase approximately 1.8 million shares of our common stock concurrently with the

pricing of the offering. The notes are senior, unsecured obligations of Realty Income and accrue interest at a rate of

3.500% per annum, payable semi-annually in arrears. The notes will mature on January 15, 2029, unless earlier

repurchased, redeemed or converted. Before October 15, 2028, noteholders have the right to convert their notes

only upon the occurrence of certain events, including when the Company's stock price exceeds 130% of the

applicable conversion price for a specified period, or upon the occurrence of certain corporate events, including a

fundamental change. From and after October 15, 2028, noteholders may convert their notes at any time at their

election until the close of business on the second scheduled trading day immediately before the maturity date. Upon

conversion, we are required to settle the principal amount in cash and may, at our election, settle any conversion

premium in cash, shares of our common stock, or a combination thereof, based on the applicable conversion rate.

The initial conversion rate is 14.4051 shares of common stock per $1,000 principal amount of notes, which

represents an initial conversion price of approximately $69.42 per share of common stock. The conversion rate will

be subject to adjustment upon the occurrence of certain events, including specified make-whole fundamental

change events as defined in the indenture.

C.Note Issuances

During the six months ended June 30, 2026, we issued the following notes (in millions):

2026 Issuance	Date of Issuance	Maturity Date	Principal amount	Price of par value	Effective yield to maturity
4.750% Notes	April 2026	April 2033	$800.0	98.26%	5.047%

In July 2026, we issued €600.0 million of 3.625% senior unsecured notes due July 2032. See note 19, Subsequent

Events, to the consolidated financial statements for further details.

D.Note Repayments

During the six months ended June 30, 2026, we repaid the following notes, plus accrued and unpaid interest, upon

maturity:

2026 Repayments	Date of Issuance	Maturity Date	Principal amount (in millions)
5.050% Notes	January 2023	January 2026	$500.0
0.750% Notes	December 2020	March 2026	$325.0
4.875% Notes	June 2016	June 2026	$600.0