REALTY INCOME CORP 10-Q

Item 1: Financial Statements REALTY INCOME CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (unaudited) June 30, 2026 December 31, 2025 ASSETS Real estate held for investment, at cost: Land $ 18,906,217 $ 18,368,029 Buildings and improvements 45,672,483 43,824,410 Total real estate held for investment, at cost 64,578,700 62,192,439 Less accumulated depreciation and amortization ( 9,466,261 ) ( 8,778,536 ) Real estate held for investment, net 55,112,439 53,413,903 Real estate and lease intangibles held for sale, net 153,134 91,784 Cash and cash equivalents 552,648 434,842 Accounts receivable, net 1,134,987 1,053,487 Lease intangible assets, net 5,616,706 5,717,241 Goodwill 4,932,199 4,932,199 Investment in loans and financing receivables, net 4,888,860 3,271,002 Investment in unconsolidated entities 1,348,453 1,256,456 Other assets, net 2,702,049 2,624,698 Total assets $ 76,441,475 $ 72,795,612 LIABILITIES AND EQUITY Distributions payable $ 259,252 $ 255,171 Accounts payable and accrued expenses 1,119,132 1,060,969 Lease intangible liabilities, net 1,457,071 1,493,958 Other liabilities 1,020,290 1,066,809 Revolving credit facilities and commercial paper 2,762,585 2,023,414 Term loans, net 2,760,395 1,701,615 Mortgages payable, net 37,085 37,761 Notes payable, net 25,091,588 25,031,947 Total liabilities $ 34,507,398 $ 32,671,644 Commitments and contingencies (Note 18 ) Stockholders’ equity: Common stock and paid in capital, par value $ 0.01 per share, 1,300,000 shares authorized, 946,202 and 933,975 shares issued and outstanding as of June 30, 2026 and December 31, 2025 , respectively $ 50,845,906 $ 49,861,660 Distributions in excess of net income ( 11,391,151 ) ( 10,527,984 ) Accumulated other comprehensive income 94,802 105,019 Total stockholders’ equity $ 39,549,557 $ 39,438,695 Noncontrolling interests 2,384,520 685,273 Total equity $ 41,934,077 $ 40,123,968 Total liabilities and equity $ 76,441,475 $ 72,795,612 The accompanying notes to consolidated financial statements are an integral part of these statements. -3- Table of Contents REALTY INCOME CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (in thousands, except per share amounts) (unaudited) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 REVENUE Rental (including reimbursements) $ 1,426,467 $ 1,338,188 $ 2,867,284 $ 2,651,245 Interest income on financing receivables 32,024 32,382 64,154 65,017 Interest and dividend income on loans and preferred equity investments 88,517 39,480 158,627 74,216 Other 703 328 6,373 405 Total revenue 1,547,711 1,410,378 3,096,438 2,790,883 EXPENSES Depreciation and amortization 644,677 647,849 1,274,952 1,256,784 Interest 312,083 283,824 604,023 552,198 Property (including reimbursements) 112,439 107,422 229,282 214,103 General and administrative 57,605 49,329 116,490 93,373 Provisions for impairment of real estate 54,185 142,255 144,350 239,673 Provisions for credit losses on loans and financing receivables 7,258 1,108 46,361 20,279 Merger, transaction, and other costs, net 2,058 331 12,845 610 Total expenses 1,190,305 1,232,118 2,428,303 2,377,020 Gain on sales of real estate 38,260 38,566 73,902 61,103 Foreign currency and derivative loss, net ( 8,824 ) ( 4,388 ) ( 25,844 ) ( 6,933 ) Equity in earnings of unconsolidated entities 2,204 3,269 4,873 7,626 Other income, net 7,275 7,369 22,385 14,536 Income before income taxes 396,321 223,076 743,451 490,195 Income taxes ( 25,808 ) ( 24,065 ) ( 52,003 ) ( 39,722 ) Net income 370,513 199,011 691,448 450,473 Net income attributable to noncontrolling interests ( 26,558 ) ( 2,092 ) ( 35,727 ) ( 3,739 ) Net income available to common stockholders $ 343,955 $ 196,919 $ 655,721 $ 446,734 Amounts available to common stockholders per common share: Net income, basic and diluted $ 0.37 $ 0.22 $ 0.70 $ 0.50 Weighted average common shares outstanding: Basic 932,307 902,966 932,133 897,338 Diluted 934,662 903,716 934,435 898,115 Net income available to common stockholders $ 343,955 $ 196,919 $ 655,721 $ 446,734 Other comprehensive income: Foreign currency translation adjustment 1,118 54,425 ( 14,999 ) 99,640 Unrealized (loss) gain on derivatives, net ( 43,550 ) ( 31,464 ) 4,782 ( 42,089 ) Total other comprehensive income $ ( 42,432 ) $ 22,961 $ ( 10,217 ) $ 57,551 Comprehensive income available to common stockholders $ 301,523 $ 219,880 $ 645,504 $ 504,285 The accompanying notes to consolidated financial statements are an integral part of these statements. -4- Table of Contents REALTY INCOME CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EQUITY (in thousands) (unaudited) Three months ended June 30, 2026 and 2025 Shares of common stock Common stock and paid in capital Distributions in excess of net income Accumulated other comprehensive income Total stockholders ’ equity Non- controlling interests Total equity Balance, March 31, 2026 932,474 $ 49,984,064 $ ( 10,973,813 ) $ 137,234 $ 39,147,485 $ 2,088,184 $ 41,235,669 Net income — — 343,955 — 343,955 26,558 370,513 Other comprehensive income — — — ( 42,432 ) ( 42,432 ) — ( 42,432 ) Distributions paid and payable — — ( 761,293 ) — ( 761,293 ) ( 19,038 ) ( 780,331 ) Share issuances, net of costs 13,703 827,365 — — 827,365 — 827,365 Share repurchases — ( 6 ) — — ( 6 ) — ( 6 ) Contributions by noncontrolling interests, net of costs — ( 141 ) — — ( 141 ) 317,523 317,382 Purchase of noncontrolling interests — ( 3,236 ) — — ( 3,236 ) ( 294 ) ( 3,530 ) Reallocation of equity — 28,413 — — 28,413 ( 28,413 ) — Share-based compensation, net 25 9,447 — — 9,447 — 9,447 Balance, June 30, 2026 946,202 $ 50,845,906 $ ( 11,391,151 ) $ 94,802 $ 39,549,557 $ 2,384,520 $ 41,934,077 Balance, March 31, 2025 903,062 $ 48,075,527 $ ( 9,117,085 ) $ 72,819 $ 39,031,261 $ 210,926 $ 39,242,187 Net income — — 196,919 — 196,919 2,092 199,011 Other comprehensive income — — — 22,961 22,961 — 22,961 Distributions paid and payable — — ( 731,229 ) — ( 731,229 ) ( 2,976 ) ( 734,205 ) Share issuances, net of costs 11,200 625,037 — — 625,037 — 625,037 Contributions by noncontrolling interests, net of costs — — — — — 187 187 Share-based compensation, net 23 8,157 — — 8,157 — 8,157 Balance, June 30, 2025 914,285 $ 48,708,721 $ ( 9,651,395 ) $ 95,780 $ 39,153,106 $ 210,229 $ 39,363,335 Six months ended June 30, 2026 and 2025 Shares of common stock Common stock and paid in capital Distributions in excess of net income Accumulated other comprehensive income Total stockholders ’ equity Non- controlling interests Total equity Balance, December 31, 2025 933,975 $ 49,861,660 $ ( 10,527,984 ) $ 105,019 $ 39,438,695 $ 685,273 $ 40,123,968 Net income — — 655,721 — 655,721 35,727 691,448 Other comprehensive income — — — ( 10,217 ) ( 10,217 ) — ( 10,217 ) Distributions paid and payable — — ( 1,518,888 ) — ( 1,518,888 ) ( 29,990 ) ( 1,548,878 ) Share issuances, net of costs 13,753 830,566 — — 830,566 — 830,566 Share repurchases ( 1,761 ) ( 101,915 ) — — ( 101,915 ) — ( 101,915 ) Contributions by noncontrolling interests, net of costs — ( 20,714 ) — — ( 20,714 ) 1,964,897 1,944,183 Purchase of noncontrolling interests — ( 3,236 ) — — ( 3,236 ) ( 294 ) ( 3,530 ) Reallocation of equity — 271,093 — 271,093 ( 271,093 ) — Share-based compensation, net 235 8,452 — — 8,452 — 8,452 Balance, June 30, 2026 946,202 $ 50,845,906 $ ( 11,391,151 ) $ 94,802 $ 39,549,557 $ 2,384,520 $ 41,934,077 Balance, December 31, 2024 891,511 $ 47,451,068 $ ( 8,648,559 ) $ 38,229 $ 38,840,738 $ 210,948 $ 39,051,686 Net income — — 446,734 — 446,734 3,739 450,473 Other comprehensive income — — — 57,551 57,551 — 57,551 Distributions paid and payable — — ( 1,449,570 ) — ( 1,449,570 ) ( 5,987 ) ( 1,455,557 ) Share issuances, net of costs 22,488 1,252,937 — — 1,252,937 — 1,252,937 Contributions by noncontrolling interests, net of costs — — — — — 1,529 1,529 Share-based compensation, net 286 4,716 — — 4,716 — 4,716 Balance, June 30, 2025 914,285 $ 48,708,721 $ ( 9,651,395 ) $ 95,780 $ 39,153,106 $ 210,229 $ 39,363,335 The accompanying notes to consolidated financial statements are an integral part of these statements. -5- Table of Contents REALTY INCOME CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Six months ended June 30, 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 691,448 $ 450,473 Adjustments to net income: Depreciation and amortization 1,274,952 1,256,784 Amortization of share-based compensation 20,651 14,009 Non-cash revenue adjustments ( 48,283 ) ( 52,425 ) Amortization of net discounts on mortgages payable 151 137 Amortization of net discounts on notes payable 14,563 1,561 Amortization of deferred financing costs 17,945 13,082 Foreign currency and unrealized derivative gain, net ( 34,223 ) ( 46,060 ) Non-cash interest rate swaps ( 3,097 ) 1,606 Payment-in-kind interest ( 6,491 ) — Gain on sales of real estate ( 73,902 ) ( 61,103 ) Equity in earnings of unconsolidated entities ( 4,873 ) ( 7,626 ) Distributions on common equity from unconsolidated entities 11,833 21,689 Provisions for impairment of real estate 144,350 239,673 Provisions for credit losses on loans and financing receivables 46,361 20,279 Deferred income tax expense 1,718 309 Change in assets and liabilities Accounts receivable and other assets ( 124,270 ) ( 57,102 ) Accounts payable, accrued expenses and other liabilities 90,752 52,899 Net cash provided by operating activities 2,019,585 1,848,185 CASH FLOWS FROM INVESTING ACTIVITIES Investment in real estate ( 3,549,763 ) ( 2,214,524 ) Improvements to real estate, including leasing costs ( 83,506 ) ( 49,176 ) Investment in unconsolidated entities ( 97,366 ) ( 9,819 ) Investment in loans and preferred equity ( 1,660,249 ) ( 423,157 ) Proceeds from sales of real estate 348,634 209,414 Proceeds from note receivable 17,656 14,802 Insurance proceeds received 845 2,079 Non-refundable escrow deposits ( 3,621 ) — Net cash used in investing activities ( 5,027,370 ) ( 2,470,381 ) CASH FLOWS FROM FINANCING ACTIVITIES Cash distributions to common stockholders ( 1,514,811 ) ( 1,439,274 ) Borrowings on revolving credit facilities and commercial paper programs 43,382,744 10,628,935 Payments on revolving credit facilities and commercial paper programs ( 42,616,939 ) ( 10,464,748 ) Proceeds from term loan 1,073,900 — Principal payment on term loan — ( 500,000 ) Proceeds from notes payable issued 1,662,500 2,091,750 Principal payment on notes payable ( 1,424,997 ) ( 500,000 ) Principal payments on mortgages payable ( 858 ) ( 43,788 ) Repurchases of common stock ( 101,915 ) — Proceeds from common stock offerings, net 824,136 1,247,019 Proceeds from dividend reinvestment and stock purchase plan 6,145 5,917 Distributions to noncontrolling interests ( 17,750 ) ( 5,976 ) Contributions from noncontrolling interests, net of costs 1,875,349 — Debt issuance costs ( 44,957 ) ( 64,882 ) Other financing activities, net 5,403 ( 9,507 ) Net cash provided by financing activities 3,107,950 945,446 Effect of exchange rate changes on cash and cash equivalents ( 5,559 ) 22,980 Net increase in cash, cash equivalents and restricted cash 94,606 346,230 Cash, cash equivalents and restricted cash, beginning of period 520,756 495,506 Cash, cash equivalents and restricted cash, end of period $ 615,362 $ 841,736 For supplemental disclosures, see note 16 , S upplemental Disclosures of Cash Flow Information . The accompanying notes to consolidated financial statements are an integral part of these statements. -6- Table of Contents REALTY INCOME CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2026 (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 June 30, 2026 , we owned or held interests in a diversified portfolio of 15,588 properties located in all 50 states of the United States ("U.S."), the United Kingdom ("U.K."), and eight other countries in Europe. 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-party debt that is not denominated in our functional currency. When the debt is remeasured to the functional currency of the entity, a gain or loss can result. The resulting adjustment is reflected in ' Foreign currency and derivative loss, net ' in our consolidated statements of income and comprehensive income . In the statement of cash flows, cash flows denominated in foreign currencies are translated using the exchange rates in effect at the time of the respective cash flows or at average exchange rates for the period, depending on the nature of the cash flow items. In the opinion of management, all adjustments (consisting only of normal recurring accruals) necessary to present a fair statement of results for the interim periods presented have been included. Operating results for the three and six months ended June 30, 2026 are not necessarily an indication of the results that may be expected for the entire year. Readers of this quarterly report should refer to our audited consolidated financial statements for the year ended December 31, 2025 , which are included in our 2025 annual report on Form 10-K , as certain disclosures that would substantially duplicate those contained in the audited financial statements have not been included in this report. Principles of Consolidation. These consolidated financial statements include the accounts of Realty Income and all other entities in which we have a controlling financial interest. We evaluate whether we have a controlling financial interest in an entity in accordance with Accounting Standards Codification ("ASC") 810, Consolidation. Voting interest entities ("VOEs") are entities considered to have sufficient equity at risk and which the equity holders have the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. We consolidate voting interest entities in which we have a controlling financial interest, which we typically have through holding of a majority of the entity’s voting equity interests. Variable interest entities ("VIEs") are entities that lack sufficient equity at risk or where the equity holders either do not have the obligation to absorb losses, do not have the right to receive residual returns, do not have the right to make decisions about the entity’s activities, or some combination of the above. A controlling financial interest in a VIE is present when an entity has a variable interest, or a combination of variable interests, that provides the entity with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. An entity that meets both conditions above is deemed the primary beneficiary and consolidates the VIE. We reassess our initial evaluation of whether an entity is a VIE when certain reconsideration events occur. We reassess our determination of whether we are the primary beneficiary of a VIE on an ongoing basis based on current facts and circumstances. -7- Table of Contents As of June 30, 2026 , we are considered the primary beneficiary of our U.S. Core Plus Fund (the "Fund"), our strategic joint venture with Apollo Global Management, Inc. ("Apollo"), Realty Income, L.P. and certain investments, including investments in joint ventures. Below is a summary of selected financial data of such consolidated VIEs, included on our consolidated balance sheets as of June 30, 2026 and December 31, 2025 (in thousands): June 30, 2026 December 31, 2025 Net real estate $ 7,347,197 $ 4,831,968 Total assets $ 8,483,205 $ 5,579,888 Total liabilities $ 988,256 $ 422,092 The portion of a consolidated entity not owned by us is recorded as a noncontrolling interest. Noncontrolling interests are reflected on our consolidated balance sheets as a component of equity. Noncontrolling interests that were created or assumed as part of a business combination or asset acquisition were recognized at fair value as of the date of the transaction. For further details, see note 9 , Noncontrolling Interests . Reclassification. The 'Other revenue' line item from prior periods has been disaggregated into the following line items: ' Interest income on financing receivables ', ' Interest and dividend income on loans and preferred equity investments ' , and 'Other' to provide further detail on amounts included as 'Other' in our consolidated statements of income and comprehensive income . 'Provisions for impairment' has also been disaggregated into the following line items: ' Provisions for impairment of real estate ' and ' Provisions for credit losses on loans and financing receivables ' in our consolidated statements of income and comprehensive income . Finally, ' Investment in loans and financing receivables, net ' has been disaggregated from ' Other assets, net ' on our consolidated balance sheets . Prior periods have been reclassified to conform with the current period’s presentation. Use of Estimates. The consolidated financial statements were prepared in conformity with U.S. GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Net Income per Common Share. Basic net income per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted net income per common share is computed by dividing net income available to common stockholders, plus income attributable to dilutive shares and convertible common units for the period, by the weighted average number of common shares that would have been outstanding assuming the issuance of common shares for all dilutive common shares outstanding during the reporting period, including common shares required to satisfy the exchange obligation for convertible notes under the if-converted method, assuming all such convertible notes were converted at the beginning of the reporting period, or date of issuance, if later. The average closing price of our common stock for the reporting period is used as the basis for determining the dilutive effect on earnings per share. For further details, see note 15 , Net Income per Common Share . Income Taxes . We have elected to be taxed as a real estate investment trust ("REIT"), under Section 856 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). We believe we have qualified and continue to qualify as a REIT. Under the REIT operating structure, we are permitted to deduct dividends paid to our stockholders in determining our taxable income. Assuming our dividends equal or exceed our taxable net income in the U.S., we generally will not be required to pay U.S. income taxes on such income. Accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements, except for federal income taxes of our taxable REIT subsidiaries ("TRS"). A TRS is a subsidiary of a REIT that is subject to federal, state and local income taxes, as applicable. Our use of TRS entities enables us to engage in certain business activities while complying with the REIT qualification requirements and to retain any income generated by these businesses for reinvestment without the requirement to distribute those earnings. We are liable for taxes in our applicable international territories and have made the appropriate provisions in those territories. Therefore, the income taxes recorded in our consolidated statements of income and comprehensive income represent amounts for U.S. income taxes on our TRS entities, city and state income and franchise taxes, as well as income taxes for the applicable international territories. -8- Table of Contents We recognize deferred income tax in our taxable subsidiaries, including certain international jurisdictions. Deferred income tax assets and liabilities are generally the result of temporary differences between book and tax accounting, such as timing differences caused by different useful lives used for depreciation. We provide for a valuation allowance for deferred income tax assets if we believe some or all of the deferred income tax assets may not be realized. We had $ 8.7 million and $ 4.3 million of net deferred tax liabilities as of June 30, 2026 and December 31, 2025 , respectively, which are reported in ' Other liabilities ' on our consolidated balance sheets . Earnings and profits that determine the taxability of distributions to stockholders differ from net income reported for financial reporting purposes primarily due to differences in the estimated useful lives and methods used to compute depreciation and the carrying value (basis) of the investments in properties for tax purposes, among other things. We regularly analyze our various international, federal and state filing positions and only recognize the income tax effect in our financial statements when certain criteria regarding uncertain income tax positions have been met. We believe that our income tax positions would more likely than not be sustained upon examination by all relevant taxing authorities. Therefore, no provisions for uncertain tax positions have been recorded on our consolidated financial statements. Lease Revenue Recognition and Accounts Receivable. The majority of our leases are accounted for as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term. Any rental revenue contingent upon our client’s sales, or percentage rent, is recognized only after our client exceeds its sales breakpoint. Rental increases based upon changes in the consumer price indices are recognized only after the changes in the indexes have occurred and are then applied according to the lease agreements. Lease termination fees, which are included in rental revenue, are amortized over the remaining term of the lease until we have no continuing obligation to provide services to such former client. Contractually obligated rental revenue from our clients for recoverable real estate taxes and operating expenses is included in contractually obligated reimbursements by our clients, a component of rental revenue, in the period when such costs are incurred. Taxes and operating expenses paid directly by our clients are recorded on a net basis. Other revenue includes certain property-related revenue not included in rental revenue. Interest income on financing receivables includes interest income recognized on financing receivables for certain leases with above-market terms. We assess the probability of collecting substantially all of the lease payments to which we are entitled under the original lease contract as required under ASC 842, Leases . We assess the collectability of our future lease payments based on an analysis of creditworthiness, economic trends and other facts and circumstances related to the applicable clients. If we conclude the collection of substantially all of lease payments under a lease is less than probable, rental revenue recognized for that lease is limited to cash received going forward, existing operating lease receivables, including those related to straight-line rental revenue, must be written off as an adjustment to rental revenue, and no further operating lease receivables are recorded for that lease until such future determination is made that substantially all lease payments under that lease are now considered probable. If we subsequently conclude that the collection of substantially all lease payments under a lease is probable, a reversal of lease receivables previously written off is recognized. In addition to the client-specific collectability assessment conducted, we may also recognize a general allowance, as a reduction to rental revenue, for our operating lease receivables which are not expected to be fully collectible. We had $ 5.3 million and $ 5.1 million of general allowance as of June 30, 2026 and December 31, 2025 , respectively. Loans Receivable . Our investments in loans are classified as held for investment and are carried at their amortized cost basis. We recognize interest income on loans receivable using a method that approximates the effective- interest method. Direct costs associated with originating loans, along with any premium or discount, are deferred and amortized as an adjustment to interest income over the term of the loan using the effective interest method. When management identifies that the full recovery of the contractually specified payments of principal and interest of a loan is less than probable, we evaluate the expected loss amount and place it on non-accrual status. We have made an accounting policy election to record accrued interest on our loan portfolio separate from our loan receivable and other lending investments. These loans are presented in Investment in loans and financing receivables, net ' and the related interest receivable is presented in 'Other assets, net' on our consolidated balance sheets . -9- Table of Contents Acquisition, Development and Construction ("ADC") Arrangements. We originate loans to third-party borrowers for the acquisition, development, and construction of real estate. Each ADC arrangement is evaluated in accordance with ASC 310, Receivables , which involves the determination of whether an arrangement should be accounted for as a loan receivable or as an equity method investment. This analysis is applied only where the borrower entity is not subject to consolidation under ASC 810, Consolidation. Specifically, we first assess whether we are expected to receive more than 50% of the expected residual profits from the project, defined as profit above a reasonable lender return from the sale, refinancing, or other use of the property. If our expected participation in residual profits exceeds 50%, the arrangement must be accounted for as an equity method investment. If our expected participation is 50% or less, we further evaluate whether the arrangement exhibits characteristics more consistent with a loan or an equity method investment. This evaluation involves judgment and considers various factors, including the significance of borrower equity in the project, loan-to-cost and loan-to-value metrics relative to market, the existence of guarantees or binding lease arrangements, and interest rate and fee terms relative to market, among others. We reassess the classification of each ADC arrangement if facts and circumstances subsequently change in a manner that could affect the initial classification. Any reclassification is applied prospectively. As of June 30, 2026 , we have determined that all of our ADC loan arrangements have characteristics more consistent with a loan than an equity method investment, and accordingly account for them as loan receivables. Financing Receivables. For properties we acquire that qualify as sale-leaseback transactions and for which the purchase price is in excess of the fair value of the real estate acquired, the difference is accounted for as financing receivables, presented within ' Investment in loans and financing receivables, net ' on our consolidated balance sheets. Rent payments are allocated between rental income and the financing receivable. Our net investments in sales-type and direct financing leases are also accounted for as financing receivables. Interest income on financing receivables is recognized using the interest rate implicit in the lease and presented within ' Interest income on financing receivables ' in our consolidated statements of income and comprehensive income . Allowance for Credit Losses . The allowance for credit losses, which is recorded as a reduction to ' Investment in loans and financing receivables, net ' on our consolidated balance sheets, is based on our clients' respective credit ratings, our historical experience, and the expected value of the underlying collateral upon its repossession. We generally apply probability of default, discounted cash flow, or loss rate methods considering the risk characteristics of each asset or pool. If we determine a financing receivable no longer shares risk characteristics with other financing receivables in the pool, we evaluate the financing receivable for expected credit losses on an individual basis. Included in our model are factors that incorporate forward-looking information. The measurement of expected credit losses is also applicable to off-balance sheet credit exposures such as unfunded loan commitments. The allowance for credit losses attributed to unfunded commitments is included in 'Other liabilities' on our consolidated balance sheets. Changes in our allowance for credit losses are presented in ' Provisions for credit losses on loans and financing receivables ' in our consolidated statements of income and comprehensive income . For further details, see note 5 , Investments in Loans and Financing Receivables . Goodwill. Goodwill is not amortized, but is subject to impairment reviews annually, or more frequently if necessary. Goodwill is qualitatively assessed to determine whether a quantitative impairment assessment is necessary. Impairment is the condition that exists when the carrying amount of goodwill exceeds its implied fair value. If the carrying value of the asset exceeds its estimated fair value, an impairment loss is recognized, and the asset is written down to its estimated fair value. We perform our annual goodwill impairment assessment as of June 30. We also test goodwill between annual dates if an event or circumstance indicated impairment has likely occurred. During the six months ended June 30, 2026 and 2025 , there were no impairments of goodwill. Merger, Transaction, and Other Costs, Net . Merger, transaction, and other costs, net , includes (i) expensed acquisition costs, including certain costs incurred for credit investment loans, (ii) organization costs for potential strategic ventures and business lines, (iii) placement fees incurred in fundraising of the Fund, (iv) merger-related transaction costs, and (v) other costs that do not align with the ongoing operations of our business. During the three and six months ended June 30, 2026 , we incurred $ 2.1 million and $ 12.8 million , respectively, of merger, transaction, and other costs, net consisting primarily of placement fees incurred in fundraising for the Fund and certain joint venture formation costs. Equity Offering Costs. Underwriting commissions and offering costs have been reflected as a reduction of additional paid-in capital on our consolidated balance sheets. Costs incurred in connection with the issuance of noncontrolling interests, including direct and incremental costs associated with forming joint ventures and admitting third-party investors, are capitalized as equity offering costs. Costs that are not directly attributable to the issuance of equity, such as fees associated with ongoing advisory, management, or other services, are expensed as incurred. -10- Table of Contents Recent Accounting Standards Not Y et Adopted. In September 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2025-06, Intangibles—Goodwill and Other—Internal-Use Software, which simplifies the capitalization guidance by removing references to software development project stages and further updates so that the guidance considers various software development methods. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. The amendments in this update permit an entity to apply the new guidance using a prospective, retrospective or modified transition approach. While we are currently evaluating the impact of this pronouncement, we do not expect it will have a material impact on our consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income— Expense Disaggregation Disclosures, requiring all public business entities to provide additional disclosure of the nature of expenses included in the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027, on a prospective basis, with early adoption permitted. While the adoption is not expected to have an impact on our financial statements, it is expected to result in incremental disclosures within the footnotes to our consolidated financial statements. 2 . Supplemental Detail for Certain Components of Consolidated Balance Sheets (in thousands ): A. Accounts receivable, net, consist of the following at: June 30, 2026 December 31, 2025 Straight-line rent receivables, net $ 958,829 $ 880,341 Client receivables, net 176,158 173,146 $ 1,134,987 $ 1,053,487 B. Lease intangible assets, net, consist of the following at: June 30, 2026 December 31, 2025 In-place leases $ 7,889,806 $ 7,627,840 Above-market leases 2,298,562 2,251,857 Accumulated amortization of in-place leases ( 3,539,369 ) ( 3,220,426 ) Accumulated amortization of above-market leases ( 1,034,398 ) ( 944,198 ) Other items 2,105 2,168 $ 5,616,706 $ 5,717,241 C. Other assets, net, consist of the following at: June 30, 2026 December 31, 2025 Investment in preferred equity $ 807,526 $ 800,472 Right of use asset - financing leases, net 786,327 827,644 Right of use asset - operating leases, net 578,487 592,319 Value-added tax receivable 112,181 75,005 Prepaid expenses 111,314 76,207 Derivative assets and receivables - at fair value 70,436 8,018 Restricted escrow deposits 58,594 83,200 Interest receivable 43,452 33,805 Revolving credit facilities origination costs, net 19,555 25,246 Corporate assets, net 17,667 15,159 Impounds related to mortgages payable 4,120 2,714 Non-refundable escrow deposits 3,621 3,150 Other items 88,769 81,759 $ 2,702,049 $ 2,624,698 -11- Table of Contents D. Accounts payable and accrued expenses consist of the following at: June 30, 2026 December 31, 2025 Notes payable - interest payable $ 376,449 $ 303,557 Derivative liabilities and payables - at fair value 160,413 205,695 Accrued income taxes 95,516 120,228 Value-added tax payable 94,997 76,009 Property taxes payable 89,442 92,246 Accrued property expenses 69,394 69,258 Accrued costs on properties under development 53,454 36,064 Mortgages, term loans, and credit line - interest payable 2,677 2,699 Other items 176,790 155,213 $ 1,119,132 $ 1,060,969 E. Lease intangible liabilities, net, consist of the following at: June 30, 2026 December 31, 2025 Below-market leases $ 2,166,145 $ 2,135,262 Accumulated amortization of below-market leases ( 709,074 ) ( 641,304 ) $ 1,457,071 $ 1,493,958 F. Other liabilities consist of the following at: June 30, 2026 December 31, 2025 Rent received in advance and other deferred revenue $ 416,234 $ 460,968 Lease liability - operating leases 414,231 429,675 Lease liability - financing leases 114,306 121,434 Security deposits 39,415 39,036 Other items 36,104 15,696 $ 1,020,290 $ 1,066,809 3 . Investments in Real Estate A. Acquisitions of Real Estate Below is a summary of our acquisitions for the six months ended June 30, 2026 (unaudited): Number of Properties Investment ($ in millions) Weighted Average Lease Term (Years) Acquisitions U.S. real estate 198 $ 2,137.9 11.0 Europe real estate 48 1,245.8 8.0 Total real estate acquisitions 246 $ 3,383.7 9.9 Real estate properties under development U.S. real estate 45 $ 75.8 16.9 Europe real estate 37 118.0 10.0 Total real estate properties under development 82 $ 193.8 12.7 Total (1) 328 $ 3,577.5 10.0 (1) Our clients occupying the new properties are 51.8 % retail, 48.1 % industrial, and 0.1 % other property types based on net operating income. Approximately 48 % of the net operating income generated from acquisitions during the six months ended June 30, 2026 was from investment grade rated clients, their subsidiaries, or affiliated companies at the date of acquisition. -12- Table of Contents The aggregate purchase price, including properties acquired through takeout financing and reported in properties under development in the table above, was allocated as follows (in millions): Acquisitions - USD Acquisitions - Sterling Acquisitions - Euro Land $ 390.8 £ 136.9 € 139.0 Buildings and improvements 1,474.2 256.3 356.4 Lease intangible assets (1) 275.9 85.7 65.7 Other assets (2) 44.3 — — Lease intangible liabilities (3) ( 37.4 ) ( 7.8 ) ( 19.0 ) Other liabilities (4) ( 10.6 ) — ( 1.6 ) Total $ 2,137.2 £ 471.1 € 540.5 (1) The weighted average amortization period for acquired lease intangible assets is 10.7 years . (2) USD-denominated other assets consists entirely of $ 44.3 million of financing receivables allocated to sale -leaseback transactions. (3) The weighted average amortization period for acquired lease intangible liabilities is 13.5 years. (4) USD-denominated other liabilities consists entirely of $ 10.6 million deferred rent on certain below-market leases. The aggregate Sterling-denominated purchase price of the assets acquired during the six months ended June 30, 2026 included contingent consideration obligations related to leasing activities for four U.K. retail park properties acquired during this period. At June 30, 2026 , we had accrued $ 11.5 million for remaining amounts deemed probable and estimable. The properties acquired during the six months ended June 30, 2026 generated total revenue and net income of $ 49.8 million and $ 17.6 million , respectively. B. Investments in Existing Properties During the six months ended June 30, 2026 , we capitalized costs of $ 81.0 million on existing properties in our portfolio, consisting of $ 76.2 million for building improvements, $ 4.7 million for re-leasing cost s, and $ 0.1 million for recurring capital expenditures. In comparison, during the six months ended June 30, 2025 , we capitalized costs of $ 62.2 million on existing properties in our portfolio, consisting of $ 59.1 million for building improvements, $ 2.9 million for re-leasing costs, and $ 0.2 million for recurring capital expenditures. C. Properties with Existing Leases The value of the in-place and above-market leases is recorded to ' Lease intangible assets, net ' on our consolidated balance sheets , and the value of the below-market leases is recorded to ' Lease intangible liabilities, net ' on our consolidated balance sheets . The values of the in-place leases are amortized as depreciation and amortization expense. The amounts amortized to expense for all of our in-place leases for the six months ended June 30, 2026 and 2025 were $ 413.7 million and $ 453.5 million , respectively. The values of the above-market and below-market leases are amortized over the term of the respective leases, including any bargain renewal options, as an adjustment to rental revenue in our consolidated statements of income and comprehensive income . The amounts amortized as a net decrease to rental revenue for capitalized above- market and below-market leases for the six months ended June 30, 2026 and 2025 were $ 15.0 million and $ 9.3 million , respectively. -13- Table of Contents The following table presents the estimated impact during the next five years and thereafter related to the amortization of the above-market and below-market lease intangibles and the amortization of the in-place lease intangibles as of June 30, 2026 (in thousands): Net increase (decrease) to rental revenue Increase to amortization expense 2026 $ ( 21,066 ) $ 382,061 2027 ( 40,628 ) 676,275 2028 ( 32,435 ) 577,552 2029 ( 29,335 ) 497,831 2030 ( 17,337 ) 418,795 Thereafter 333,708 1,797,923 Total $ 192,907 $ 4,350,437 D. Gain on Sales of Real Estate The following table summarizes our properties sold during the periods indicated below (dollars in millions): Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Number of properties 80 73 177 128 Net sales proceeds $ 160.7 $ 116.8 $ 348.6 $ 209.4 Gain on sales of real estate $ 38.3 $ 38.6 $ 73.9 $ 61.1 4 . Investments in Unconsolidated Entities The following is a summary of our investments in unconsolidated entities for the periods indicated below (dollars in thousands): Ownership % Number of Properties Carrying Amount (1) of Investment as of Equity in earnings of unconsolidated entities Six months ended June 30, As of June 30, 2026 June 30, 2026 December 31, 2025 2026 2025 Data Center Joint Venture (2) 80.0 % 2 $ 348,861 $ 293,073 $ 3,794 $ 6,547 Bellagio Las Vegas Joint Venture - Common Equity Interest (3) 21.9 % 1 242,877 253,625 1,085 1,079 Bellagio Las Vegas Joint Venture - Preferred Equity Interest (3) n/a n/a 650,000 650,000 — — Passport Park Joint Venture (4) 95.0 % 3 106,715 59,758 ( 6 ) — Total investment in unconsolidated entities $ 1,348,453 $ 1,256,456 $ 4,873 $ 7,626 (1) As of June 30, 2026 , the total carrying amount of the investments exceeded the underlying equity in net assets (i.e., basis difference) by $ 9.9 million . This basis difference is primarily due to the capitalized interest related to the data center and Passport Park development joint ventures. (2) The joint venture with Digital Realty Trust, Inc. is expanding the capacity of its two data centers for the existing client, and our pro-rata share of the estimated costs for this second phase of the development was $ 177.7 million as of June 30, 2026 . (3) During each of the six-month periods ended June 30, 2026 and 2025 , we recognized interest income of $ 26.1 million for 8.1 % preferential cumulative distributions, included within ' Interest and dividend income on loans and preferred equity investments ' in our consolidated statements of income and comprehensive income . The unconsolidated entity had total debt outstanding of $ 3.0 billion as of June 30, 2026 , all of which was non-recourse to us with limited customary exceptions. (4) As of June 30, 2026 , we held a 95.0 % common equity interest in the joint venture with Trammell Crow Company ("TCC"), with $ 70.4 million in preferred equity. We have committed to investing an additional $ 60.1 million for development of three industrial facilities. We have determined that we are not the primary beneficiary of this VIE because significant activities affecting economic performance are shared. TCC is the managing member, and we do not have substantive kick-out rights. We will continuously evaluate whether we are the primary beneficiary as power to direct significant activities can change during the joint venture's life. Our maximum loss exposure is limited to our common and preferred equity investments and committed funding. -14- Table of Contents 5 . Investments in Loans and Financing Receivables A. Loans The following table presents information about our loans as of June 30, 2026 and December 31, 2025 (dollars in millions): June 30, 2026 Loan Type Principal Balance Total Carrying Value (1) Future Funding Commitments (2) Weighted Average Term (Years) (3) Weighted Average Interest Rate (4) Secured Loans (5) $ 1,629.6 $ 1,583.6 $ 190.9 4.11 8.4 % Construction Loans 127.3 128.4 136.8 1.52 8.2 Mortgage Loans 341.6 342.1 24.3 4.18 7.4 Unsecured and Mezzanine Loans (6) 1,261.0 1,243.5 23.4 3.22 9.1 Total $ 3,359.5 $ 3,297.6 $ 375.4 3.69 8.6 % December 31, 2025 Loan Type Principal Balance Total Carrying Value (1) Future Funding Commitments (2) Weighted Average Term (Years) (3) Weighted Average Interest Rate (4) Secured Loans $ 1,250.4 $ 1,214.1 $ — 4.6 8.8 % Mortgage Loans 256.2 256.2 34.0 5.1 7.6 Unsecured and Mezzanine Loans 214.7 211.8 — 2.9 10.3 Total $ 1,721.3 $ 1,682.1 $ 34.0 4.5 8.8 % (1) Total carrying value includes unamortized loan origination costs and allowances for credit losses. Total carrying amount excludes interest receivable of $ 38.8 million and $ 27.8 million as of June 30, 2026 and December 31, 2025 , respectively, which is presented in 'Other assets, net' on our consolidated balance sheets. (2) Our future funding commitments are subject to our borrowers’ compliance with the financial covenants and other applicable provisions of each respective loan agreement. (3) Based on original contractual maturity date assuming no extension options are exercised. (4) The weighted average interest rate is based on outstanding principal balances and interest rates in place as of June 30, 2026 and December 31, 2025 . (5) Represents loans that have senior ranking security interests in certain assets pledged by borrowers, including material bank accounts, receivables, real property, or equity securities, or a combination of such assets. (6) Our investments in unsecured and mezzanine loans represent loans whose proceeds are being used by borrowers to fund data center and industrial investments. The following table summarizes the activity within loans receivable, net for the three and six months ended June 30, 2026 (in millions): Loans receivable, net as of March 31, 2026 $ 2,672.2 Principal fundings 628.7 Interest drawn on loans 4.6 Accretion of original issue cost 0.5 Change in allowance for credit losses ( 8.0 ) Foreign currency remeasurement ( 0.4 ) Loans receivable, net as of June 30, 2026 $ 3,297.6 Loans receivable, net as of December 31, 2025 $ 1,682.1 Principal fundings 1,660.2 Interest drawn on loans 8.6 Accretion of original issue cost 0.9 Change in allowance for credit losses ( 26.7 ) Foreign currency remeasurement ( 27.5 ) Loans receivable, net as of June 30, 2026 $ 3,297.6 -15- Table of Contents B. Financing Receivables The following table presents information about our investments in sales type and direct financing leases and sale- leaseback transactions accounted for as financing receivables in accordance with ASC 842, Leases, as of June 30, 2026 and December 31, 2025 (dollars in millions): Carrying Value as of Maturity June 30, 2026 December 31, 2025 Sale-leaseback transactions accounted for as financing receivables (1) 2027 - 2050 $ 1,577.0 $ 1,574.6 Net investment in sales type and direct financing leases 2027 - 2059 14.3 14.3 Total $ 1,591.3 $ 1,588.9 (1) Amounts represent the portion of the purchase price allocated to above-market lease terms in sale-leaseback transactions, representing an off-market adjustment, net of repayments. For further information, see note 1 , Summary of Significant Accounting Policies . C. Allowance for Credit Losses The following table summarizes the activity within the allowance for credit losses related to loans and financing receivable for the three and six months ended June 30, 2026 and June 30, 2025 (in millions): Three months ended June 30, 2026 Loans Receivable Financing Receivable Unfunded Loan Commitments Total Allowance for credit losses as of March 31, 2026 $ 49.2 $ 25.5 $ 2.9 $ 77.6 Provisions for credit losses (1) 8.0 ( 0.1 ) ( 0.6 ) 7.3 Write-offs (2) — ( 5.0 ) — ( 5.0 ) Foreign currency remeasurement — ( 0.1 ) — ( 0.1 ) Allowance for credit losses as of June 30, 2026 $ 57.2 $ 20.3 $ 2.3 $ 79.8 Six months ended June 30, 2026 Allowance for credit losses as of December 31, 2025 $ 30.5 $ 78.4 $ — $ 108.9 Provisions for credit losses (1) 27.2 16.9 2.3 46.4 Write-offs (2) — ( 74.9 ) — ( 74.9 ) Foreign currency remeasurement ( 0.5 ) ( 0.1 ) — ( 0.6 ) Allowance for credit losses as of June 30, 2026 $ 57.2 $ 20.3 $ 2.3 $ 79.8 Three months ended June 30, 2025 Loans Receivable Financing Receivable Unfunded Loan Commitments Total Allowance for credit losses as of March 31, 2025 $ 14.1 $ 116.9 $ — $ 131.0 Provisions for credit losses ( 0.1 ) 1.2 — 1.1 Write-offs — ( 31.1 ) — ( 31.1 ) Foreign currency remeasurement 0.8 — — 0.8 Allowance for credit losses as of June 30, 2025 $ 14.8 $ 87.0 $ — $ 101.8 Six months ended June 30, 2025 Allowance for credit losses as of December 31, 2024 $ 12.3 $ 99.2 $ — $ 111.5 Provisions for credit losses 1.4 18.9 — 20.3 Write-offs — ( 31.1 ) — ( 31.1 ) Foreign currency remeasurement 1.1 — — 1.1 Allowance for credit losses as of June 30, 2025 $ 14.8 $ 87.0 $ — $ 101.8 (1) The provisions for credit losses on loans receivable were primarily attributable to initial expected credit losses on loans acquired or originated during the three and six months ended June 30, 2026 . For the three months ended June 30, 2026 , the increase was partially offset by favorable changes in estimated credit losses for existing loans . (2) For the three and six months ended June 30, 2026 , write-offs were primarily related to fully reserved financing receivables written off during the periods. -16- Table of Contents 6 . Credit Facilities and Commercial Paper Programs A. RI Credit Facilities We have $ 4.0 billion unsecured multicurrency revolving credit facilities, which include (a) a $ 2.0 billion unsecured multicurrency revolving credit facility, consisting of two tranches, th at will mature in April 2027 and (b) a $ 2.0 billion unsecured multicurrency revolving credit facility, consisting of two tranches, that will mature in April 2029 (collectively, the “RI Credit Facilities”). The RI Credit Facilities also include two six -month extensions for each facility, which can be exercised at our option. The RI Credit Facilities allow us to borrow (a) under the two -year revolving credit facility (i) in up to four currencies (including USD) under a $ 1.5 billion tranche thereunder and (ii) in up to 15 currencies (including USD) under a $ 500.0 million tranche thereunder, and (b) under the four -year revolving credit facility (i) in up to four currencies (including USD) under a $ 1.5 billion tranche thereunder and (ii) in up to 15 currencies (including USD) under a $ 500.0 million tranche thereunder. The aggregate capacity of the RI Credit Facilities can be increased to up to $ 5.0 billion pursuant to an accordion expansion feature, which is subject to obtaining lender commitments. Under the RI Credit Facilities, our investment grade credit ratings as of June 30, 2026 provide for (i) USD borrowings at the Secured Overnight Financing Rate (“SOFR”) plus 0.725 % and (ii) British Pound Sterling ("GBP") borrowings at the Sterling Overnight Indexed Average (“SONIA”) plus 0.725 % , and (iii) Euro ("EUR") borrowings at Euro Interbank Offered Rate (“EURIBOR”) plus 0.725 % . A revolving credit facility commitment fee of 0.125 % is payable on the total commitment amount. The credit agreement also provides flexibility to elect different interest rate tenors or daily rate options for each currency tranche. As of June 30, 2026 , we had a borrowing capacity of $ 3.0 billion available on our RI Credit Facilities (subject to customary conditions to borrowing) and an outstanding balance of $ 1.0 billion , including £ 189.0 million GBP and € 692.0 million EUR borrowings. As of December 31, 2025 , we had a borrowing capacity of $ 2.7 billion and an outstanding balance of $ 1.3 billion , including £ 597.0 million GBP and € 444.0 million EUR borrowings. The weighted average interest rate on outstanding borrowings under our RI Credit Facilities was 3.3 % during the six months ended June 30, 2026 . The weighted average interest rate on outstanding borrowings was 4.3 % during the six months ended June 30, 2025 . As of June 30, 2026 , the weighted average interest rate on outstanding borrowings under our RI Credit Facilities was 3.3 % . As of June 30, 2026 , origination costs of $ 14.3 million for RI Credit Facilities are included in 'Other assets, net', as compared to $ 19.0 million as of December 31, 2025 , on our consolidated balance sheets. These costs are being amortized over the remaining term of our RI Credit Facilities. In July 2026, we amended our RI Credit Facilities. For further details, see note 19 , Subsequent Events . B. Fund Credit Facilities The Fund has a $ 1.38 billion unsecured credit facility, which provides for (a) up to $ 1.0 billion unsecured revolving credit facility and (b) up to $ 380.0 million unsecured delayed draw term loan (collectively, the “Fund Credit Facilities”) . During the second quarter of 2026 , the Fund drew all $ 380.0 million available under its unsecured delayed draw term loan and used the proceeds to repay borrowings under its unsecured revolving credit facility. For further details on the delayed draw term loan, see note 7, Term Loans . The revolving credit facility under the Fund Credit Facilities matures in April 2029 and includes two six -month extensions, which can be exercised at our option. The amount under the unsecured revolving credit facility can be increased to up to $ 2.0 billion pursuant to an accordion expansion feature, which is subject to obtaining lender commitments. Borrowings under the unsecured revolving credit facility bear interest at one-month term SOFR plus 1.050 % . A revolving credit facility commitment fee of 0.150 % is payable on the total commitment amount. As of June 30, 2026 , we had available borrowing capacity of $ 718.5 million under our unsecured revolving credit facility (subject to customary conditions to borrowing) and an outstanding balance of $ 281.5 million . As of December 31, 2025 , we had available borrowing capacity under our Fund Credit Facilities of $ 1.2 billion and an outstanding balance of $ 182.0 million , which included the delayed draw term loan until fully drawn in the second quarter of 2026. The weighted average interest rate on outstanding borrowings under our unsecured revolving credit facility was 4.8 % during the six months ended June 30, 2026 . As of June 30, 2026 , the weighted average interest rate on outstanding borrowings under our unsecured revolving credit facility was 4.7 % . -17- Table of Contents As of June 30, 2026 , origination costs of $ 5.3 million for the unsecured revolving credit facility are included in 'Other assets, net' as compared to $ 6.2 million as of December 31, 2025 , on our consolidated balance sheets , and are being amortized over the remaining term of the facility. Prior to the second quarter of 2026, origination costs related to the Fund Credit Facilities included costs for the delayed draw term loan. C. Commercial Paper Programs We have a USD-denominated unsecured commercial paper program, under which we may issue unsecured commercial paper notes up to a maximum aggregate amount outstanding of $ 1.5 billion , as well as a EUR- denominated unsecured commercial paper program, which permits us to issue additional unsecured commercial notes up to a maximum aggregate amount of $ 1.5 billion (or foreign currency equivalent). Our EUR-denominated unsecured commercial paper program may be issued in USD or various foreign currencies, including but not limited to, EUR, GBP, Swiss Francs, Yen, Canadian Dollars, and Australian Dollars, in each case, pursuant to customary terms in the European commercial paper market. The commercial paper ranks pari passu in right of payment with all of our other unsecured senior indebtedness outstanding, exclusive of unexchanged bonds from our merger with VEREIT, Inc. in 2021 and unexchanged Spirit Realty Capital, Inc. (“Spirit”) bonds, including borrowings under our revolving credit facilities, our term loans and our outstanding senior unsecured notes (and is structurally subordinated to all our subsidiary debt). Proceeds from commercial paper borrowings are used for general corporate purposes. As of June 30, 2026 , the balance of borrowings outstanding under our commercial paper programs totaled $ 1.4 billion , including $ 961.1 million of USD borrowings and € 421.0 million of EUR borrowings, compared to $ 516.8 million outstanding commercial paper borrowings, including € 407.0 million of EUR borrowings and $ 39.0 million of USD borrowings, as of December 31, 2025 . The weighted average interest rate on outstanding borrowings under our commercial paper programs was 3.0 % for each of the six months ended June 30, 2026 and 2025 . We use our revolving credit facilities as a liquidity backstop for the repayment of the notes issued under the commercial paper programs. The commercial paper borrowings generally carry a term of less than a year. In July 2026, we amended our USD-denominated and EUR-denominated unsecured commercial paper programs. For further details, see note 19 , Subsequent Events . D. Financial Covenants Our credit facilities are subject to various leverage and interest coverage ratio limitations, and as of June 30, 2026 , we were in compliance with the covenants under our credit facilities. 7 . Term Loans A. 2026 Term Loan Facility In March 2026, we closed a $ 693.9 million unsecured term loan due January 2036 at a fixed rate of 4.9 % (the "2026 Term Loan Facility") and executed a cross-currency swap on $ 500.0 million of proceeds for approximately € 431.0 million , achieving an effective blended borrowing rate of 4.34 % . As of June 30, 2026 , the outstanding principal balance was $ 703.0 million . B. 2026 Delayed Draw Term Loan During the three months ended June 30, 2026 , the Fund fully drew on its $ 380.0 million unsecured delayed draw term loan under the Fund Credit Facilities. The delayed draw term loan matures in April 2028, includes four six - month extensions , which can be exercised at our option, and is subject to interest rate swaps that fix the effective interest rate at 4.92 % . C. 2025 Term Loan Facility Our term loan agreement governing our multi-currency term loan provides for a £ 900.0 million Sterling-denominated term loan facility that will initially mature in January 2028, before giving effect to one twelve -month extension option. As of June 30, 2026 , we had an outstanding balance of $ 1.2 billion . Our A3/A- credit ratings provide for a borrowing rate of 80 basis points over the applicable benchmark rate, which includes adjusted SOFR for USD-denominated loans and adjusted SONIA for GBP-denominated loans. In conjunction with the closing, we executed variable-to- fixed interest rate swaps, which fix the weighted average per annum interest rate at 4.3 % over the two -year term. -18- Table of Contents D. 2024 Term Loan Facility In January 2024, in connection with the merger with Spirit (the "Merger"), we entered into an amended and restated term loan agreement that replaced Spirit's then-existing term loans with various lenders. As of June 30, 2026 , we had an outstanding balance of $ 500.0 million , due August 2027, which is subject to interest rate swaps that fix the effective interest rate at 3.3 % . E. Deferred Financing Costs Deferred financing costs were $ 14.5 million as of June 30, 2026 and are included net of the term loans' principal balance, as compared to $ 9.4 million as of December 31, 2025 on our consolidated balance sheets . These costs are being amortized over the remaining term of the term loans . As of June 30, 2026 , we were in compliance with the covenants contained in the term loans. 8 . Notes Payable A. General As of June 30, 2026 , o ur 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 -19- Table of Contents 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. -20- Table of Contents 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 obligation s 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 9 . Noncontrolling Interests As of June 30, 2026 , we have 13 entities with noncontrolling interests that we consolidate, including the Fund, Apollo, Realty Income, L.P., and interests in consolidated property partnerships not wholly-owned by us. The Fund is an open-end, perpetual life private fund, which is consolidated by Realty Income. In March 2026, we closed our cornerstone equity capital raise round, securing $ 1.7 billion in commitments from third-party institutional investors, of which $ 167.5 million was committed during the six months ended June 30, 2026 . During the same period, we called $ 948.0 million of capital. As of June 30, 2026 , we owned approximately 26.8 % of the outstanding limited partnership interests in the Fund. -21- Table of Contents In March 2026, we established our Managed Insurance and Retirement Annuity investment platform as a vehicle to pursue various co-investment opportunities with institutional investors. On March 31, 2026, we completed the formation of MDC Mercury 2604 Venture, LLC (the "Apollo JV") and entered into an Amended and Restated Limited Liability Company Agreement (the “JV Agreement”) with Apollo in connection with our Managed Insurance and Retirement Annuity strategic initiative. Pursuant to the JV Agreement, we contributed 492 net lease properties in exchange for 51,000,000 Class A Shares in the Apollo JV, and Apollo contributed $ 1.0 billion in cash in exchange for a noncontrolling equity interest of 49,000,000 Class B Shares in the Apollo JV (such contributions by Realty Income and Apollo, collectively, the "Apollo JV Transaction"). The Apollo JV is a variable interest entity ("VIE") under ASC 810 because the decision-making authority of the Manager (our wholly owned subsidiary, Realty Income Property Management Co I, LLC) is not conveyed through an equity interest, and the equity holders as a group therefore lack the power to direct the activities that most significantly affect the Apollo JV's economic performance. We consolidate the Apollo JV as its primary beneficiary because we have both (i) the power to direct the activities that most significantly affect its economic performance through our role as the sole exclusive Manager that is exercisable independent of our equity ownership and (ii) the obligation to absorb losses and right to receive benefits that could potentially be significant to the Apollo JV through our 51 % equity interest and other contractual arrangements. The Class B Shares are classified as permanent equity (noncontrolling interest) on our consolidated balance sheet because all redemption features are solely within our control. The Apollo JV Transaction was accounted for as an issuance of noncontrolling interest in a consolidated subsidiary without a loss of control. We received $ 1.0 billion for Apollo’s initial capital contribution. The carrying amount of Apollo's 49 % share of the net assets was $ 778.9 million , which was recognized as noncontrolling interest, with the difference of $ 238.5 million r ecorded as an increase to additional paid-in capital ("APIC"). Direct and incremental transaction costs of $ 20.7 million were recorded as a reduction of APIC for the six months ended June 30, 2026 . The JV Agreement provides for, among other things, quarterly distributions of available cash flow to the Apollo JV’s members. Prior to Apollo achieving the Target IRR (as defined in the JV Agreement), the Class B Member will receive a default allocation of 55 % of available cash flow, which may decrease to 49 % if the Apollo JV’s NOI outperforms an upper level of certain performance metric, or increase to 60 % if the Apollo JV’s NOI underperforms a lower level of certain performance metric. Because the parties' economic interests are not proportionate to their stated ownership percentages, we allocate income and loss attributable to the noncontrolling interest using the hypothetical liquidation at book value ("HLBV") method, taking into account any capital transactions between the Company and Apollo. With respect to Realty Income, L.P., as of June 30, 2026 , outstanding common partnership units in our operating partnership represented a 9.95 % ownership interest owned by third parties . We hold the remaining 90.05 % interest and consolidate the entity. The following table represents the change in the carrying value of all noncontrolling interests through June 30, 2026 (in thousands): U.S. Core Plus Fund Apollo Realty Income, L.P. units (1) Other Noncontrolling Interests Total Carrying value as of December 31, 2025 $ 477,081 $ — $ 165,663 $ 42,529 $ 685,273 Contributions 960,186 1,000,000 — 4,711 1,964,897 Distributions ( 23,180 ) — ( 4,505 ) ( 2,305 ) ( 29,990 ) Allocation of net income 15,146 17,376 3,237 ( 32 ) 35,727 Reallocation of equity ( 32,593 ) ( 238,500 ) — — ( 271,093 ) Purchase of noncontrolling interests — — — ( 294 ) ( 294 ) Carrying value as of June 30, 2026 $ 1,396,640 $ 778,876 $ 164,395 $ 44,609 $ 2,384,520 (1) 2,681,808 units were outstanding as of both June 30, 2026 and December 31, 2025 . As of June 30, 2026 , we are considered the primary beneficiary of our Fund, Apollo, Realty Income, L.P. and other VIEs. For further information, see note 1 , Summary of Significant Accounting Policies . -22- Table of Contents 10 . Fair Value Measurements Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820, Fair Value Measurements and Disclosures , sets forth a fair value hierarchy that categorizes inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and lowest priority to unobservable inputs. Categorization within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement. • Level 1 – Quoted market prices in active markets for identical assets and liabilities • Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other market-corroborated inputs • Level 3 – Inputs that are unobservable and significant to the overall fair value measurement We evaluate our hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from period to period. Changes in the type of inputs may result in a reclassification for certain assets. We have not historically had changes in classifications and do not expect that changes in classifications between levels will be frequent. The following tables present the carrying values and estimated fair values of financial instruments as of June 30, 2026 and December 31, 2025 (in millions): June 30, 2026 Hierarchy Level Carrying Value Level 1 Level 2 Level 3 Assets: Loans receivable $ 3,297.6 $ — $ 1,368.0 $ 1,966.7 Derivative assets 70.4 — 70.4 — Total assets $ 3,368.0 $ — $ 1,438.4 $ 1,966.7 Liabilities: Term loans (1) $ 2,774.9 $ — $ 2,071.9 $ 732.3 Mortgages payable (1) 37.0 — — 36.7 Notes and bonds payable (1) 25,416.1 — 23,495.9 1,033.2 Derivative liabilities 160.4 — 160.4 — Total liabilities $ 28,388.4 $ — $ 25,728.2 $ 1,802.2 (1) Excludes non-cash net premiums and discounts, and deferred financing costs. December 31, 2025 Hierarchy Level Carrying Value Level 1 Level 2 Level 3 Assets: Loans receivable $ 1,682.1 $ — $ 1,210.5 $ 474.3 Derivative assets 8.0 — 8.0 — Total assets $ 1,690.1 $ — $ 1,218.5 $ 474.3 Liabilities: Term loans $ 1,711.0 $ — $ 1,711.0 $ — Mortgages payable 37.9 — — 37.6 Notes and bonds payable 25,343.8 — 23,600.7 1,046.8 Derivative liabilities 205.7 — 205.7 — Total liabilities $ 27,298.4 $ — $ 25,517.4 $ 1,084.4 -23- Table of Contents A. Financial Instruments Not Measured at Fair Value on our Consolidated Balance Sheets The fair value of short-term financial instruments such as cash and cash equivalents, accounts receivable, escrow deposits, accounts payable, distributions payable, revolving credit facilities and commercial paper borrowings, and other liabilities approximate their carrying value in the accompanying consolidated balance sheets, due to their short-term nature. The following table reflects the carrying amounts and estimated fair values of our financial instruments not measured at fair value on our consolidated balance sheets (in millions): June 30, 2026 December 31, 2025 Carrying value Fair value Carrying value Fair value Loans receivable $ 3,297.6 $ 3,334.7 $ 1,682.1 $ 1,684.8 Term loans (1) $ 2,774.9 $ 2,804.2 $ 1,711.0 $ 1,711.0 Mortgages payable (1) $ 37.0 $ 36.7 $ 37.9 $ 37.6 Notes and bonds payable (1) $ 25,416.1 $ 24,529.1 $ 25,343.8 $ 24,647.5 (1) Excludes non-cash net premiums and discounts, and deferred financing costs. The estimated fair values of our mortgage loans receivable, unsecured and other loans, private senior secured loans receivable, our 2026 Term Loan Facility, mortgages payable, and private senior notes payable have been calculated by discounting the future cash flows using an interest rate based upon the relevant input, such as forward interest rate curve, plus an applicable credit-adjusted spread. Because this methodology includes unobservable inputs that reflect our own internal assumptions and calculations, the measurement of estimated fair values related to the named financial instruments are categorized as level 3 of the fair value hierarchy. The estimated fair values of our publicly-traded senior secured loans receivable, publicly-traded senior notes and bonds payable, and other term loans as discussed in note 7 , Term Loans are based upon indicative market prices and recent trading activity of each financial instrument. Because this methodology includes inputs that are less observable by the public and are not necessarily reflected in active markets, the measurement of the estimated fair values related to these financial instruments is categorized as level 2 of the fair value hierarchy. The fair value estimation of secured loans receivable that are not publicly traded similarly incorporates less observable, market- corroborated inputs. Prior to the second quarter of 2026, the aggregate fair value of our term loans approximated carrying value due to the frequent repricing of the variable interest rate charged on the borrowing. B. Financial Instruments Measured at Fair Value on a Recurring Basis For derivative assets and liabilities, we may utilize interest rate swaps, interest rate swaptions, and forward-starting swaps to manage interest rate risk, and cross-currency swaps and foreign currency forwards to manage foreign currency risk. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, spot and forward rates, as well as option volatility. Derivative fair values also include credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although we have determined that the majority of the inputs used to value our derivatives fall within level 2 on the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by ourselves and our counterparties. However, as of June 30, 2026 and December 31, 2025 , we assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we determined that our derivative valuations in their entirety are classified as level 2. For more details on our derivatives, see note 11 , Derivative Instruments . -24- Table of Contents C. Items Measured at Fair Value on a Non-Recurring Basis Impairment of Real Estate Investments Certain financial and nonfinancial assets and liabilities are measured at fair value on a non-recurring basis and are subject to fair value adjustments only under certain circumstances, such as when an impairment write-down occurs. Depending on impairment triggering events during the applicable period, impairments are typically recorded for properties sold, in the process of being sold, vacant, in bankruptcy, or experiencing difficulties with collection of rent. The following table summarizes our provisions for impairment on real estate investments during the periods indicated below (dollars in millions): Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Carrying value prior to impairment $ 191.1 $ 365.2 $ 413.9 $ 505.9 Less: total provisions for impairment of real estate ( 54.2 ) ( 142.3 ) ( 144.4 ) ( 239.7 ) Carrying value after impairment $ 136.9 $ 222.9 $ 269.5 $ 266.2 Number of properties: Classified as held for sale 22 58 28 61 Classified as held for investment 36 53 79 79 Sold 15 8 59 60 The valuation of impaired assets is determined by using widely accepted valuation techniques including income capitalization approach, using net operating income for each property and applying a weighted average capitalization rate of 8.6 % , recent comparable sales transactions, broker opinions of value with discounts based on management judgment, and purchase offers received from third parties, which are level 3 inputs. We may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of such real estate. Estimating future cash flows is highly subjective and estimates can differ materially from actual results. 11 . Derivative Instruments In the normal course of business, our operations are exposed to economic risks from interest rates and foreign currency exchange rates. We may enter into derivative financial instruments to offset these underlying economic risks. Derivatives Designated as Hedging Instruments - Cash Flow Hedges We enter into foreign currency forward contracts to sell GBP or EUR and buy USD to hedge the foreign currency risk associated with forecasted foreign-currency-denominated cash flows. There are no amounts excluded from the assessment of hedge effectiveness for cash flow hedges of foreign exchange risk. We also use variable-to-fixed interest rate swaps and interest rate swaption agreements to add stability to interest expense and to manage our exposure to interest rate movements associated with our term loans or forecasted debt issuances. If it becomes probable that a forecasted transaction will not occur within the specific time period or within an additional two-month period thereafter, any related amounts deferred in AOCI are recognized immediately in earnings. During the six months ended June 30, 2026 , and 2025 , n o such amounts were recognized through the caption entitled ' Interest ' in our consolidated statements of income and comprehensive income. Derivatives Designated as Hedging Instruments - Fair Value Hedges Periodically, we enter into and designate fixed-to-floating interest rate swaps to manage interest rate risk by managing our mix of fixed-rate and variable-rate debt. We also designate some of our cross-currency swaps as fair value hedges as we use them to hedge foreign currency risk associated with changes in spot rates on foreign- denominated on certain-foreign currency-denominated monetary assets and liabilities. For these hedging instruments, we have elected to exclude the change in fair value of the cross-currency swaps attributable to the difference between the spot and forward prices from the assessment of hedge effectiveness (the "excluded component"). Changes in the fair value of the cross-currency swaps attributable to these excluded components are recorded to other comprehensive income and subsequently recognized in ' Foreign currency and derivative loss, net ' on a systematic and rational basis, as net cash settlements and interest accruals on the respective cross currency swaps occur, over the remaining life of the hedging instruments. -25- Table of Contents Derivatives Designated as Hedging Instruments - Net Investment Hedges To mitigate the foreign currency exchange rate variations associated with our investment in EUR-denominated foreign operations, we may enter into derivative instruments, such as cross-currency swaps that qualify as net investment hedges under the criteria prescribed in accordance with ASC 815-20, Hedging - General . We use the spot method of assessing hedge effectiveness and apply the consistent election to the excluded component by recognizing changes in the fair value of the hedging instruments attributable to the excluded component in the same manner as described above. Any difference between the change in the fair value of the excluded components and the amounts recognized in earnings is reported in other comprehensive income as part of the foreign cumulative translation adjustment. The gain or loss on the portion of the derivative instruments included in the assessment of effectiveness is reported in other comprehensive income as part of the ' Foreign currency translation adjustment ' line item, to the extent the relationship is highly effective. If our net investment changes during a reporting period, the hedge relationship will be assessed for whether a de-designation is warranted (only if the hedge notional amount is outside of prescribed tolerance). Further, certain EUR-denominated and GBP-denominated bonds and borrowings under our revolving credit facilities and term loans may also be designated as, and are effective as, net investment hedges. Changes in the value of such borrowings, related to changes in the spot rates, will be recorded in the same manner as foreign currency translation adjustments. As of June 30, 2026 , the total principal amount of foreign currency debt obligations designated as net investment hedges was $ 2.4 billion . Derivatives Not Designated as Hedging Instruments We enter into foreign currency exchange swap agreements to economically hedge foreign currency exposures arising in the normal course of business. These derivative contracts generally mature within one year and are not designated as hedge instruments for accounting purposes. As the currency exchange swap is not accounted for as a hedging instrument, the change in fair value is recorded in earnings through the caption entitled ' Foreign currency and derivative loss, net ' in our consolidated statements of income and comprehensive income. The following table summarizes the terms and fair values of our derivative financial instruments as of June 30, 2026 and December 31, 2025 (dollars in millions): Derivative Type Number of Instruments (1) Notional Amount as of Weighted Average Strike Rate (2) Maturity Date (3) Fair Value - asset (liability) as of Derivatives Designated as Hedging Instruments June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 Interest rate swaps (4) 12 $ 1,780.0 $ 2,105.0 3.27 % Aug 2027 - Apr 2030 $ 17.3 $ 5.1 Cross-currency swaps - Fair Value 15 1,720.0 720.0 (5) Feb 2029 - Jan 2036 ( 94.7 ) ( 81.0 ) Cross-currency swaps - Net Investment 3 280.0 280.0 (6) Oct 2032 ( 58.9 ) ( 66.1 ) Foreign currency forwards 58 730.7 519.7 (7) Jul 2026 - Dec 2028 14.8 ( 8.7 ) $ 4,510.7 $ 3,624.7 $ ( 121.5 ) $ ( 150.7 ) Derivatives not Designated as Hedging Instruments Currency exchange swaps 9 $ 4,270.6 $ 2,972.8 (8) Jul 2026 - Jan 2027 $ 31.5 $ ( 47.0 ) $ 4,270.6 $ 2,972.8 $ 31.5 $ ( 47.0 ) Total of all Derivatives $ 8,781.3 $ 6,597.5 $ ( 90.0 ) $ ( 197.7 ) (1) This column represents the number of instruments outstanding as of June 30, 2026 . (2) Weighted average strike rate is calculated using the notional value as of June 30, 2026 . (3) This column represents maturity dates for instruments outstanding as of June 30, 2026 . (4) During the three months ended June 30, 2026 , we entered into five variable-to-fixed interest rate swaps in connection with the delayed draw term loan under the Fund Credit Facilities. (5) USD fixed r ate of 5.625 % and EUR weighted average fixed rate of 4.681 % . USD fixed rate of 3.950 % and GBP weighted average fixed rate of 4.392 % . USD fixed rate of 4.910 % and EUR weighted average fixed rate of 4.122 % . USD fixed rate of 4.750 % and EUR weighted average fixed rate of 3.806 % . (6) USD fixed rate of 5.625 % and EUR weighted average fixed rate of 4.716 % . (7) Weighted average exchange rates of 1.34 for GBP-USD and 1.21 for EUR-USD. (8) Weighted average exchange rates of 0.87 for EUR-GBP, 1.34 for GBP-USD, and 4.32 for EUR-PLN. -26- Table of Contents We measure our derivatives at fair value and include the balances within ' Other assets, net ' and ' Accounts payable and accrued expenses ' on our consolidated balance sheets . We have agreements with each of our derivative counterparties containing provisions under which we could be declared in default on our derivative obligations if repayment of our indebtedness is accelerated by the lender due to our default. The following table summarizes the amount of unrealized gain (loss) on derivatives and foreign currency translation adjustments in other comprehensive income (in thousands): Three months ended June 30, Six months ended June 30, Derivatives in Cash Flow Hedging Relationships 2026 2025 2026 2025 Interest rate swaps $ ( 5,130 ) $ ( 4,777 ) $ 11,706 $ ( 12,141 ) Foreign currency forwards 269 ( 22,437 ) 23,515 ( 35,619 ) Interest rate swaptions ( 1,209 ) ( 1,597 ) ( 1,419 ) ( 2,003 ) Total derivatives in cash flow hedging relationships $ ( 6,070 ) $ ( 28,811 ) $ 33,802 $ ( 49,763 ) Derivatives in Fair Value Hedging Relationships Cross-currency swaps - Fair Value $ ( 37,480 ) $ ( 2,653 ) $ ( 29,020 ) $ 7,674 Total derivatives in fair value hedging relationships $ ( 37,480 ) $ ( 2,653 ) $ ( 29,020 ) $ 7,674 Total unrealized (loss) gain on derivatives, net $ ( 43,550 ) $ ( 31,464 ) $ 4,782 $ ( 42,089 ) Derivatives and Non-derivatives in Net Investment Hedging Relationships Cross-currency swaps - Net Investment $ ( 3,722 ) $ ( 29,161 ) $ 6,166 $ ( 33,987 ) Foreign currency debt 7,828 ( 16,620 ) 18,954 ( 20,747 ) Total unrealized gain (loss) recorded in foreign currency translation adjustment $ 4,106 $ ( 45,781 ) $ 25,120 $ ( 54,734 ) The following table summarizes the amount of gain (loss) on derivatives reclassified from AOCI (in thousands): Three months ended June 30, Six months ended June 30, Derivatives in Cash Flow Hedging Relationships Location of Increase (Decrease) Recognized in Income 2026 2025 2026 2025 Interest rate swaps Interest $ 2,429 $ 2,808 $ 4,829 $ 6,192 Foreign currency forwards Foreign currency and derivative loss, net ( 1,033 ) ( 7,040 ) ( 9,465 ) ( 5,721 ) Interest rate swaptions Interest 57 81 117 184 Total derivatives in cash flow hedging relationships $ 1,453 $ ( 4,151 ) $ ( 4,519 ) $ 655 Derivatives in Fair Value Hedging Relationships Cross-currency swaps - Fair Value (excluded component) Foreign currency and derivative loss, net $ 2,065 $ ( 344 ) $ 1,943 $ ( 129 ) Total derivatives in fair value hedging relationships $ 2,065 $ ( 344 ) $ 1,943 $ ( 129 ) Derivatives in Net Investment Hedging Relationships Cross-currency swaps - Net Investment (excluded component) Foreign currency and derivative loss, net $ 442 $ 160 $ 1,070 $ 812 Total derivatives in net investment hedging relationships $ 442 $ 160 $ 1,070 $ 812 Net increase (decrease) to net income $ 3,960 $ ( 4,335 ) $ ( 1,506 ) $ 1,338 We expect to reclassify $ 13.6 million from AOCI as a decrease to interest expense relating to interest rate swaps and $ 9.9 million from AOCI as a decrease to foreign currency loss relating to foreign currency forwards within the next twelve months. -27- Table of Contents The following table details our foreign currency and derivative loss, net included in income (in thousands): Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Realized foreign currency and derivative loss, net: Loss on the settlement of undesignated derivatives $ ( 28,991 ) $ ( 55,181 ) $ ( 54,398 ) $ ( 78,585 ) Loss on the settlement of designated derivatives reclassified from AOCI ( 1,022 ) ( 6,476 ) ( 9,454 ) ( 4,291 ) Gain (loss) on the settlement of transactions with third parties 5,580 ( 505 ) 1,924 ( 502 ) Total realized foreign currency and derivative loss, net $ ( 24,433 ) $ ( 62,162 ) $ ( 61,928 ) $ ( 83,378 ) Unrealized foreign currency and derivative gain, net: Gain (loss) on the change in fair value of undesignated derivatives $ 10,786 $ ( 9,301 ) $ 64,925 $ ( 13,121 ) Gain (loss) on remeasurement of certain assets and liabilities 4,823 67,075 ( 28,841 ) 89,566 Total unrealized foreign currency and derivative gain, net $ 15,609 $ 57,774 $ 36,084 $ 76,445 Total foreign currency and derivative loss, net $ ( 8,824 ) $ ( 4,388 ) $ ( 25,844 ) $ ( 6,933 ) 12 . Lessor Operating Leases As of June 30, 2026 , we owned or held interests in 15,588 properties. Of the 15,588 properties, 15,218 , or 97.6 % , are single-tenant properties, and the remainder are multi-tenant properties. As of June 30, 2026 , 188 properties were available for lease or sale. The majority of our leases are accounted for as operating leases. As of June 30, 2026 , most of the properties in our portfolio were leased under net lease agreements where our client pays or reimburses us for property taxes and assessments and carries insurance coverage for public liability, property damage, fire, and extended coverage. The following table details our rental revenue for the three and six months ended June 30, 2026 and 2025 (in thousands): Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Minimum rent $ 1,306,431 $ 1,218,003 $ 2,579,879 $ 2,408,036 Tenant reimbursement income 91,133 87,424 188,618 174,802 Straight-line rents 40,947 31,934 82,172 77,446 Above and below-market lease amortization ( 16,883 ) ( 6,287 ) ( 30,763 ) ( 21,613 ) Percentage rent 4,005 2,799 8,208 8,607 Lease termination income 1,020 1,847 41,218 2,768 Other rent 3,776 10,472 6,190 13,595 Provision for doubtful accounts ( 3,962 ) ( 8,004 ) ( 8,238 ) ( 12,396 ) Total rental revenue (including reimbursements) $ 1,426,467 $ 1,338,188 $ 2,867,284 $ 2,651,245 -28- Table of Contents 13 . 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: Six months ended June 30, Month 2026 2025 January $ 0.2700 $ 0.2640 February 0.2700 0.2640 March 0.2700 0.2680 April 0.2705 0.2685 May 0.2705 0.2685 June 0.2705 0.2685 Total $ 1.6215 $ 1.6015 As of June 30, 2026 , a distribution of $ 0.2710 per common share was payable and was paid in July 2026 . B. At-the-Market ("ATM") Program In May 2026, 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. The current ATM program permits us to enter into both contingent and non-contingent forward sale agreements. Under certain forward sale agreements, the applicable forward purchaser may elect whether to exercise a purchase contingency (the "Contingency"), and any unexercised Contingency is automatically exercised at expiration if the market price exceeds the applicable forward price. We may receive a contingency premium in connection with such arrangements. 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 agreements, 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. As of June 30, 2026 , we had 138.9 million shares remaining available for future issuance under our ATM program. We anticipate maintaining the availability of our ATM program in the future, including by replenishing the authorized shares issuable thereunder. The following table outlines common stock issuances pursuant to our ATM programs (dollars in millions, shares in thousands): Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Shares of common stock issued under the ATM program (1) 13,655 11,150 13,655 22,381 Gross proceeds $ 840.0 $ 628.7 $ 840.0 $ 1,260.7 Sales agents' commissions and other offering expenses ( 15.7 ) ( 6.5 ) ( 15.9 ) ( 13.7 ) Net proceeds $ 824.3 $ 622.2 $ 824.1 $ 1,247.0 (1) During the three and six months ended June 30, 2026 , 13.9 million and 22.1 million shares were sold, respectively. A s of June 30, 2026 , 21.1 million shares of common stock subject to forward sale confirmations have been executed, but not settled, at a weighted average initial gross price of $ 60.14 per share. We currently expect to fully settle forward sale agreements outstanding by September 30, 2026 , representing $ 1.2 billion in net proceeds, for which the weighted average forward price as of June 30, 2026 was $ 58.34 per share. -29- Table of Contents 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 June 30, 2026 , we had 10.4 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): Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Shares of common stock issued under the DRSPP program 48 50 99 107 Gross proceeds $ 3.0 $ 2.8 $ 6.1 $ 5.9 D. Repurchases of Common Stock We repurchased 1.8 million shares of our common stock during the six months ended June 30, 2026 for an aggregate cost of $ 101.9 million . As of June 30, 2026 , there was $ 1.9 billion remaining under the share repurchase program authorized by the Board of Directors, which expires in January 2028. 14 . Common Stock Incentive Plan The amount of share-based compensation costs recognized in ' General and administrative ' in our consolidated statements of income and comprehensive income was $ 9.3 million and $ 8.1 million during the three months ended June 30, 2026 and 2025 , respectively, and $ 20.7 million and $ 14.0 million during the six months ended June 30, 2026 , and 2025 , respectively. A. Restricted Stock and Restricted Stock Units During the six months ended June 30, 2026 , we granted a total of 304,832 shares of restricted stock and restricted stock units under the Realty Income 2021 Incentive Award Plan (the "2021 Plan"). This amount included 32,140 shares granted to the independent members of our Board of Directors in connection with our annual awards in May 2026. Restricted stock and restricted stock units granted to employees vest over a service period not exceeding four years , while those granted to directors vest over a period of up to three years based on each director's years of service, and are subject to the director’s continued service through each applicable vesting date. As of June 30, 2026 , the remaining unamortized share-based compensation expense related to restricted stock awards and units totaled $ 33.5 million , which is being amortized on a straight-line basis over the service period of each applicable award. The amount of share-based compensation is based on the fair value of the stock at the grant date. We define the grant date as the date the recipient and Realty Income have a mutual understanding of the key terms and conditions of the award, and the recipient of the grant begins to benefit from, or be adversely affected by, subsequent changes in the price of the shares. B. Performance Shares During the six months ended June 30, 2026 , we granted 246,900 performance shares, as well as dividend equivalent rights, to our executive officers. The performance shares are earned based on our Total Shareholder Return (“TSR”) performance relative to select industry indices and peer groups as well as achievement of certain operating metrics, and vest 50 % as of the date of which the plan administrator determines the achievement of the applicable goals during the applicable three -year performance period and the remaining 50 % on January 1 of the following year, subject to continued service. As of June 30, 2026 , the remaining share-based compensation expense related to the performance shares totaled $ 34.0 million . The performance shares are recognized on a tranche-by-tranche basis over the service period. The fair value of the performance shares was estimated on the date of grant using a Monte Carlo Simulation model. -30- Table of Contents 15 . Net Income per Common Share The following is a reconciliation of the denominator of the basic net income per common share computation to the denominator of the diluted net income per common share computation (shares in thousands): Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Weighted average shares used for the basic net income per share computation 932,307 902,966 932,133 897,338 Incremental shares from share-based compensation 755 647 805 592 Dilutive effect of forward ATM offerings 1,600 103 1,497 185 Weighted average shares used for diluted net income per share computation 934,662 903,716 934,435 898,115 Unvested shares from share-based compensation that were anti-dilutive 219 17 185 17 Weighted average partnership common units convertible to common shares that were anti- dilutive 2,682 2,682 2,682 2,682 Weighted average forward ATM offerings that were anti-dilutive 143 9 90 19 Weighted average shares issuable upon conversion of the convertible notes that were anti-dilutive 12,424 — 11,944 — 16 . Supplemental Disclosures of Cash Flow Information The following table summarizes our supplemental cash flow information during the periods indicated below (in thousands): Six months ended June 30, 2026 2025 Supplemental disclosures: Cash paid for interest $ 487,558 $ 451,436 Cash paid for income taxes $ 58,661 $ 60,367 Non-cash activities: Net increase (decrease) in fair value of derivatives $ 107,700 $ ( 143,010 ) Payment-in-kind interest expense on Term Loans $ 9,094 $ — Payment-in-kind interest and dividend income on loans and preferred equity investments $ ( 15,585 ) $ — T he following table provides a reconciliation of ' Cash and cash equivalents ' reported on our consolidated balance sheets to the total of the cash, cash equivalents, and restricted cash reported within our consolidated statements of cash flows (in thousands): June 30, 2026 June 30, 2025 Cash and cash equivalents shown in the consolidated balance sheets $ 552,648 $ 800,447 Restricted escrow deposits (1) 58,594 22,219 Impounds related to mortgages payable (1) 4,120 19,070 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 615,362 $ 841,736 (1) Included within ' Other assets, net ' on our consolidated balance sheets (see note 2 , Supplemental Detail for Certain Components of Consolidated Balance Sheets ). These amounts consist of cash that we are legally entitled to, but that is not immediately available to us. As a result, these amounts were considered restricted as of the dates presented. -31- Table of Contents 17 . Segment and Geographic Information A. Segment Information Our business is characterized as primarily owning and leasing commercial properties under long-term, net lease agreements (whereby clients are responsible for property taxes, insurance and maintenance costs), and these economic characteristics are similar across various property types, geographic locations, and industries in which our clients operate. Our chief operating decision maker ("CODM") is our President, Chief Executive Officer. Information reviewed by our CODM in evaluating performance and allocating resources is primarily operating results and cash flow analysis on a consolidated basis. Therefore, we operate and manage the business in one operating and reportable segment. The CODM assesses performance and decides how to allocate resources based on net income that also is reported on the income statement as consolidated net income. The measure of segment assets is reported on the balance sheet as total consolidated assets. Our significant segment expenses include consolidated expense categories presented in our consolidated statements of income and comprehensive income , as well as additional significant segment expense categories reported within 'Property (including reimbursements)' and 'General and administrative' expense captions, as follows (in thousands): Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Property expenses (excluding reimbursements) $ 21,306 $ 19,998 $ 40,664 $ 39,301 Cash G&A expenses (1) $ 48,336 $ 41,219 $ 95,838 $ 79,364 (1) Represents 'General and administrative' expenses as presented in our consolidated statements of income and comprehensive income , less share-based compensation costs. Other segment items included in consolidated net income consist of ' Gain on sales of real estate ' and ' Other income, net ', as presented in our consolidated statements of income and comprehensive income . -32- Table of Contents B. Geographic Information The following table disaggregates domestic and international revenue by major asset types and geographic regions (in thousands): Three months ended June 30, 2026 U.S. U.K. Other (1) Total Retail $ 868,428 $ 187,075 $ 59,239 $ 1,114,742 Industrial 212,107 15,475 23,892 251,474 Other (2) 59,615 636 — 60,251 Rental (including reimbursements) $ 1,140,150 $ 203,186 $ 83,131 $ 1,426,467 Interest income on financing receivables 32,024 Interest and dividend income on loans and preferred equity investments 88,517 Other 703 Total revenue $ 1,547,711 2025 U.S. U.K. Other (1) Total Retail $ 858,362 $ 155,506 $ 47,225 $ 1,061,093 Industrial 197,205 12,582 4,537 214,324 Other (2) 61,242 1,529 — 62,771 Rental (including reimbursements) $ 1,116,809 $ 169,617 $ 51,762 $ 1,338,188 Interest income on financing receivables 32,382 Interest and dividend income on loans and preferred equity investments 39,480 Other 328 Total revenue $ 1,410,378 Six months ended June 30, 2026 U.S. U.K. Other (1) Total Retail $ 1,779,352 $ 364,275 $ 116,581 $ 2,260,208 Industrial 414,803 30,711 40,491 486,005 Other (2) 118,025 3,046 — 121,071 Rental (including reimbursements) $ 2,312,180 $ 398,032 $ 157,072 $ 2,867,284 Interest income on financing receivables 64,154 Interest and dividend income on loans and preferred equity investments 158,627 Other 6,373 Total revenue $ 3,096,438 2025 U.S. U.K. Other (1) Total Retail $ 1,722,434 $ 293,670 $ 86,606 $ 2,102,710 Industrial 393,634 24,245 4,537 422,416 Other (2) 123,629 2,490 — 126,119 Rental (including reimbursements) $ 2,239,697 $ 320,405 $ 91,143 $ 2,651,245 Interest income on financing receivables 65,017 Interest and dividend income on loans and preferred equity investments 74,216 Other 405 Total revenue $ 2,790,883 (1) Other includes rental revenue generated from all other European countries we operate in. (2) Other includes all other property types in our portfolio. -33- Table of Contents No individual client’s revenue represented more than 10% of our total revenue for each of the three and six months ended June 30, 2026 and 2025 . Long-lived assets include items such as property, plant, equipment and right-of-use assets subject to operating and finance leases. The following table disaggregates domestic and international total long-lived assets (in millions): June 30, 2026 December 31, 2025 U.S. U.K. Other (1) Total U.S. U.K. Other (1) Total Long-lived assets $ 43,226.3 $ 9,633.3 $ 3,784.8 $ 56,644.4 $ 42,337.4 $ 9,322.6 $ 3,280.5 $ 54,940.5 Remaining assets 19,797.1 17,855.1 Total assets $ 76,441.5 $ 72,795.6 (1) Other includes long-lived assets in all other European countries we operate in. 18 . Commitments and Contingencies In the ordinary course of business, we are party to various legal actions which we believe are routine in nature and incidental to the operation of our business. We believe that the outcome of the proceedings will not have a material adverse effect upon our consolidated financial position or results of operations. As of June 30, 2026 , we had $ 729.4 million of commitments under construction contracts related to development projects, which have estimated rental revenue commencement dates between July 2026 and December 2028 . In addition , we had commitments of $ 81.1 million for tenant improvements, recurring capital expenditures, and building improvements, and had accrued $ 11.5 million in contingent consideration obligations related to leasing activities at four U.K. retail park properties acquired in 2026 , representing the remaining amounts deemed probable and estimable as of June 30, 2026 . In June 2026, we entered into an agreement with a joint venture to fund approximately $ 243.0 million for our equity interest in the joint venture, among other costs. This purchase obligation is expected to close during the third quarter of 2026. As of June 30, 2026 , we had approximately $ 375.4 million of unfunded loan commitments related to certain loan investments, under which we are committed to provide funding upon borrower request, subject to satisfaction of customary conditions. These commitments may be funded over the contractual commitment period and are generally intended to support the financing needs of the borrowers, including project development costs, operational expenditures, and interest obligations. These commitments are secured by the underlying real estate collateral or pledges of equity interests in the borrowing entities. In March 2026, we closed on a mezzanine loan entered into with a joint venture with a principal balance of $ 375.0 million . As of June 30, 2026 , we have an obligation to fund up to $ 135.6 million over the term of the guarantee on third-party debt related to this loan, in the event of default. The guarantee is effective through the term of the related loan, which matures in March 2029 and has two 12 -month extension options available. The guarantee requires fair value measurement. As such, we recorded the measured amount of $ 4.0 million as a liability at inception, which is included in 'Other liabilities' on our consolidated balance sheets . 19 . Subsequent Events A. Dividends In July 2026 , we declared a dividend of $ 0.2710 per share to our common stockholders, which will be paid in August 2026 . B. Credit Facility Amendment On July 10, 2026, we amended and restated our unsecured revolving credit facility to increase the borrowing capacity to $ 5.5 billion , among other things. The revolving credit facility is bifurcated into two $ 2.75 billion tranches, which initially mature on April 29, 2029 and July 10, 2030, respectively, before giving effect to two six -month extension options. Pursuant to the terms of the revolving credit facility, t he credit ratings at the time of the amendment provided for a borrowing rate of 67.5 basis points over the SOFR for USD borrowings, with a facility commitment fee of 12.5 basis points, for all-in drawn pricing of 80 basis points over SOFR, a reduction of 5.0 basis points from the prior revolving credit facilities. -34- Table of Contents C. Commercial Paper Program On July 10, 2026, in conjunction with the closing of the updated revolving credit facility, we also expanded our global unsecured commercial paper programs to a total combined capacity of $ 5.5 billion , including an upsized $ 2.75 billion U.S. commercial paper program and a $ 2.75 billion European commercial paper program. The notes will be sold under customary terms in the United States and European commercial paper note markets, respectively, and will rank pari passu with all of our other unsecured senior indebtedness, including our outstanding senior notes and borrowings under our multicurrency revolving credit facilities. D. U.S. Core Plus Fund On July 1, 2026 , we called an additional $ 265.7 million of capital from third-party investors , resulting in an indirect ownership of 23.6 % in the Fund. E. ATM Forward Offerings As of August 5, 2026 , we had outstanding forward sale agreements under our ATM program for a total of 22.5 million shares of common stock, representing expected net proceeds of approximately $ 1.3 billion (assuming full physical settlement of such agreements), of which 1.4 million shares were sold in July 2026. F. Note Issuance In July 2026, we issued € 600.0 million of 3.625 % senior unsecured notes due July 2032 . -35- Table of Contents