Risk Sleuth
O · 10-K filed 25 Feb 2026 · year to 31 Dec 2025

Realty Income

37 named things its latest annual report says its results depend on, each in the company's own words. 22 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Walmart (Sam's Club)

earns from · 1.0%
The following table sets forth the 20 largest clients in our property portfolio, expressed as a percentage of total portfolio annualized base rent, which does not give effect to deferred rent or interest earned on loans and preferred equity investments, as of December 31, 2025: Business (Item 1)

Also named by AIOT, BRK/B, CART, COST, DG, DGX, EEFT, FDX and 6 more

Home Depot

earns from · 1.1%
The following table sets forth the 20 largest clients in our property portfolio, expressed as a percentage of total portfolio annualized base rent, which does not give effect to deferred rent or interest earned on loans and preferred equity investments, as of December 31, 2025: Business (Item 1)

Also named by DE, HLMN, MAS, SMG, SWK, TREX

Walgreens

earns from · 3.1%
The following table sets forth the 20 largest clients in our property portfolio, expressed as a percentage of total portfolio annualized base rent, which does not give effect to deferred rent or interest earned on loans and preferred equity investments, as of December 31, 2025: Business (Item 1)

Also named by CVS, FDX, SYF

FedEx

earns from · 1.8%
The following table sets forth the 20 largest clients in our property portfolio, expressed as a percentage of total portfolio annualized base rent, which does not give effect to deferred rent or interest earned on loans and preferred equity investments, as of December 31, 2025: Business (Item 1)

Also named by DKS, SNX, USFD

7-Eleven

earns from · 3.3%
The following table sets forth the 20 largest clients in our property portfolio, expressed as a percentage of total portfolio annualized base rent, which does not give effect to deferred rent or interest earned on loans and preferred equity investments, as of December 31, 2025: Business (Item 1)

Also named by BRK/B, NNN

Family Dollar

earns from · 2.6%
The following table sets forth the 20 largest clients in our property portfolio, expressed as a percentage of total portfolio annualized base rent, which does not give effect to deferred rent or interest earned on loans and preferred equity investments, as of December 31, 2025: Business (Item 1)

Also named by DG, DLTR

Dollar General

earns from · 3.2%
The following table sets forth the 20 largest clients in our property portfolio, expressed as a percentage of total portfolio annualized base rent, which does not give effect to deferred rent or interest earned on loans and preferred equity investments, as of December 31, 2025: Business (Item 1)

Also named by FDX

Asda

earns from · 1.6%
The following table sets forth the 20 largest clients in our property portfolio, expressed as a percentage of total portfolio annualized base rent, which does not give effect to deferred rent or interest earned on loans and preferred equity investments, as of December 31, 2025: Business (Item 1)

Also named by POST

BJ's Wholesale Club

earns from · 1.5%
The following table sets forth the 20 largest clients in our property portfolio, expressed as a percentage of total portfolio annualized base rent, which does not give effect to deferred rent or interest earned on loans and preferred equity investments, as of December 31, 2025: Business (Item 1)

Also named by COST

Tesco

earns from · 1.4%
The following table sets forth the 20 largest clients in our property portfolio, expressed as a percentage of total portfolio annualized base rent, which does not give effect to deferred rent or interest earned on loans and preferred equity investments, as of December 31, 2025: Business (Item 1)

Also named by POST

Life Time Fitness

earns from · 2.1%
The following table sets forth the 20 largest clients in our property portfolio, expressed as a percentage of total portfolio annualized base rent, which does not give effect to deferred rent or interest earned on loans and preferred equity investments, as of December 31, 2025: Business (Item 1)

EG Group

earns from · 2.0%
The following table sets forth the 20 largest clients in our property portfolio, expressed as a percentage of total portfolio annualized base rent, which does not give effect to deferred rent or interest earned on loans and preferred equity investments, as of December 31, 2025: Business (Item 1)

Kingfisher (B&Q)

earns from · 2.0%
The following table sets forth the 20 largest clients in our property portfolio, expressed as a percentage of total portfolio annualized base rent, which does not give effect to deferred rent or interest earned on loans and preferred equity investments, as of December 31, 2025: Business (Item 1)

Wynn Resorts

earns from · 1.9%
The following table sets forth the 20 largest clients in our property portfolio, expressed as a percentage of total portfolio annualized base rent, which does not give effect to deferred rent or interest earned on loans and preferred equity investments, as of December 31, 2025: Business (Item 1)

Sainsbury's

earns from · 1.5%
The following table sets forth the 20 largest clients in our property portfolio, expressed as a percentage of total portfolio annualized base rent, which does not give effect to deferred rent or interest earned on loans and preferred equity investments, as of December 31, 2025: Business (Item 1)

Tractor Supply

earns from · 1.4%
The following table sets forth the 20 largest clients in our property portfolio, expressed as a percentage of total portfolio annualized base rent, which does not give effect to deferred rent or interest earned on loans and preferred equity investments, as of December 31, 2025: Business (Item 1)

CVS Pharmacy

earns from · 1.1%
The following table sets forth the 20 largest clients in our property portfolio, expressed as a percentage of total portfolio annualized base rent, which does not give effect to deferred rent or interest earned on loans and preferred equity investments, as of December 31, 2025: Business (Item 1)

MGM Resorts (Bellagio)

earns from · 1.1%
The following table sets forth the 20 largest clients in our property portfolio, expressed as a percentage of total portfolio annualized base rent, which does not give effect to deferred rent or interest earned on loans and preferred equity investments, as of December 31, 2025: Business (Item 1)

Carrefour

earns from · 1.0%
The following table sets forth the 20 largest clients in our property portfolio, expressed as a percentage of total portfolio annualized base rent, which does not give effect to deferred rent or interest earned on loans and preferred equity investments, as of December 31, 2025: Business (Item 1)

LA Fitness

earns from · 1.0%
The following table sets forth the 20 largest clients in our property portfolio, expressed as a percentage of total portfolio annualized base rent, which does not give effect to deferred rent or interest earned on loans and preferred equity investments, as of December 31, 2025: Business (Item 1)

Other companies

Variable-rate debt (credit facilities and commercial paper)

exposed to its price · $20.2 millionnamed as a risk
As of December 31, 2025, a 1% change in interest rates on our variable-rate debt would change our interest rate costs by $20.2 million.Market risk (Item 7A)

Also named by COHR, CSW, DOC, MGRC, PKG, SNEX, SNX, TOL

Real estate loans and preferred equity

insures or lends to · $3.1 billionnamed as a risk
As of December 31, 2025, we held loans and preferred equity interests totaling $3.1 billion, an increase from $1.5 billion as of December 31, 2024.Business (Item 1)

Convenience store industry

concentrated in · 9.6
Even though we have a single segment, we believe our investors continue to view diversification as a key component of our investment philosophy and so we believe it remains important to present certain information regarding our property portfolio classified according to the business of the respective clients, expressed as a percentage of our total portfolio annualized base rent:Business (Item 1)

Also named by NNN

Grocery industry

concentrated in · 11.0%
Even though we have a single segment, we believe our investors continue to view diversification as a key component of our investment philosophy and so we believe it remains important to present certain information regarding our property portfolio classified according to the business of the respective clients, expressed as a percentage of our total portfolio annualized base rent:Business (Item 1)

Retail properties

concentrated in · 79.1%
Retail properties represent a significant portion of our portfolio.Business (Item 1)

Places

Europe

concentrated in · approximately 19% of our annualized base rentnamed as a risk
This growth reflects our sustained investment activity in the region, with U.K. and Europe representing approximately 60% of our total acquisition volume in 2025.Business (Item 1)

Also named by ADSK, AME, AMRC, ATR, BCSF, BKNG, BMI, BMY and 60 more

United Kingdom

concentrated in · 14.3%
Since our initial entry into the U.K. in 2019, we have successfully grown and scaled our U.K. and European platforms, and as of December 31, 2025, our U.K. and European assets represented approximately 19% of our annualized base rent (as defined in "Property Portfolio Information" below), compared to approximately 14% as of December 31, 2024.Business (Item 1)

Also named by AGX, AJG, AMP, BAC, BF/B, BGC, BRO, C and 59 more

Texas

concentrated in · 9.6%
The following table sets forth certain geographic information regarding our property portfolio as of December 31, 2025 (square footage in thousands):Business (Item 1)

Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more

Florida

concentrated in · 5.1%
The following table sets forth certain geographic information regarding our property portfolio as of December 31, 2025 (square footage in thousands):Business (Item 1)

Also named by ABR, ALLY, AN, AXP, AZO, BBY, BJ, BRO and 54 more

Mexico

operates in
Subsequent to year‑end, in January 2026, we made initial investments in Mexico through a joint‑venture with leading global institutional partners.Business (Item 1)

Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more

Hazards

Petroleum underground storage tanks (environmental contamination)

named as a risk
These facilities and some of our other properties use, or may have used in the past, underground lifts or storage tanks for the storage of petroleum-based or waste products, which could create a potential for the release of hazardous substances.Risk factors (Item 1A)

Commodities and inputs

Euro

exposed to its price · $2.8 billion denominated in Euronamed as a risk
As of December 31, 2025, we also had a total of $25.3 billion of outstanding unsecured senior debt securities (excluding unamortized net original issuance premiums, deferred financing costs and basis adjustments on interest rate swaps designated as fair value hedges), including approximately $5.4 billion denominated in Sterling (of which $1.2 billion is related to our privately placed Sterling notes), $2.8 billion denominated in Euro thereunder, and approximately $37.9 million of outstanding mortgage debt (excluding unamortized net discounts and deferred financing costs).Risk factors (Item 1A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

British pound sterling

exposed to its price · approximately $5.4 billion denominated in Sterlingnamed as a risk
As of December 31, 2025, we also had a total of $25.3 billion of outstanding unsecured senior debt securities (excluding unamortized net original issuance premiums, deferred financing costs and basis adjustments on interest rate swaps designated as fair value hedges), including approximately $5.4 billion denominated in Sterling (of which $1.2 billion is related to our privately placed Sterling notes), $2.8 billion denominated in Euro thereunder, and approximately $37.9 million of outstanding mortgage debt (excluding unamortized net discounts and deferred financing costs).Risk factors (Item 1A)

Also named by AMG, BGC, BKNG, CBRE, CTRE, FCFS, FDS, FIS and 31 more

Regulators

Gaming regulators

subject to · 3.1%named as a risk
Gaming authorities also retain great discretion such that gaming regulations can impact our gaming clients, individuals associated with the operation of gaming properties, and us as the owner of the real estate and landlord related to such facilities.Risk factors (Item 1A)

Also named by HLT

Laws and programs

REIT qualification (Internal Revenue Code Sections 856-860)

subject tonamed as a risk
We are organized and have operated, and we intend to continue to operate, so as to qualify as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code").Risk factors (Item 1A)

Also named by ABR, AMT, CCI, DLR, ENSG, FPI, KIM, LAMR and 6 more

Americans with Disabilities Act of 1990

subject tonamed as a risk
Such matters may involve, among other things, contractual disputes, fiduciary duty claims, compliance with applicable laws and regulations (including the Americans with Disabilities Act of 1990 and building performance standards and related enforcement) and disagreements with partners, investors, clients or other counterparties.Risk factors (Item 1A)

Also named by KIM, NNN, UDR

U.K. Retail Price Index (RPI)

exposed to its pricenamed as a risk
The U.K. government plans to migrate away from the Retail Price Index ("RPI"), to alternatives such as the Consumer Price Index including owner occupiers' housing costs, that may result in a lower measure of inflation and, in turn, have a negative impact on our lease revenue currently tied to RPI in the U.K.Risk factors (Item 1A)