Company Quick10K Filing
⚲
Realty Income
Financials
Price77.13 EPS1
Shares326 P/E82
MCap25,137 P/FCF32
Net Debt-259 EBIT529
TEV24,878 TEV/EBIT47
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-06-30 Filed 2020-08-04
10-Q 2020-03-31 Filed 2020-05-05
10-K 2019-12-31 Filed 2020-02-24
10-Q 2019-09-30 Filed 2019-11-05
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-22
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-07-27
10-Q 2017-03-31 Filed 2017-04-26
10-K 2016-12-31 Filed 2017-02-23
10-Q 2016-09-30 Filed 2016-10-26
10-Q 2016-06-30 Filed 2016-07-28
10-Q 2016-03-31 Filed 2016-04-27
10-K 2015-12-31 Filed 2016-02-11
10-Q 2015-09-30 Filed 2015-10-29
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-02-18
10-Q 2014-09-30 Filed 2014-10-30
10-Q 2014-06-30 Filed 2014-07-24
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-02-14
10-Q 2013-09-30 Filed 2013-10-31
10-Q 2013-06-30 Filed 2013-07-25
10-Q 2013-03-31 Filed 2013-04-26
10-K 2012-12-31 Filed 2013-02-14
10-Q 2012-09-30 Filed 2012-10-25
10-Q 2012-06-30 Filed 2012-07-26
10-Q 2012-03-31 Filed 2012-04-27
10-K 2011-12-31 Filed 2012-02-13
10-Q 2011-09-30 Filed 2011-10-28
10-Q 2011-06-30 Filed 2011-08-01
10-Q 2011-03-31 Filed 2011-04-28
10-K 2010-12-31 Filed 2011-02-10
10-Q 2010-06-30 Filed 2010-07-29
10-Q 2010-03-31 Filed 2010-04-29
10-K 2009-12-31 Filed 2010-02-11
Reports
8-K 2020-08-21 Other Events, Exhibits
8-K 2020-08-05 Other Events, Exhibits
8-K 2020-08-03 Earnings, Regulation FD, Exhibits
8-K 2020-07-16 Other Events, Exhibits
8-K 2020-07-06 Other Events, Exhibits
8-K 2020-07-02 Earnings, Regulation FD, Exhibits
8-K 2020-05-12
8-K 2020-05-08
8-K 2020-05-06
8-K 2020-05-04
8-K 2020-04-09
8-K 2020-02-26
8-K 2020-02-19
8-K 2020-02-19
8-K 2020-01-29
8-K 2019-12-06
8-K 2019-11-20
8-K 2019-11-04
8-K 2019-09-03
8-K 2019-08-07
8-K 2019-08-05
8-K 2019-06-19
8-K 2019-06-12
8-K 2019-05-14
8-K 2019-05-06
8-K 2019-05-01
8-K 2019-04-22
8-K 2019-04-01
8-K 2019-02-22
8-K 2019-02-20
8-K 2019-02-13
8-K 2019-02-04
8-K 2019-01-15
8-K 2018-11-05
8-K 2018-10-31
8-K 2018-10-24
8-K 2018-10-16
8-K 2018-08-01
8-K 2018-07-09
8-K 2018-05-18
8-K 2018-05-08
8-K 2018-05-03
8-K 2018-04-04
8-K 2018-03-27
8-K 2018-03-13
8-K 2018-02-27
8-K 2018-02-21

O 10Q Quarterly Report

Content
Part 1. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3: Quantitative and Qualitative Disclosures About Market Risk
Item 4: Controls and Procedures
Part II. Other Information
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6: Exhibits
Exhibits
EX-31.1 o-063020ex311.htm
EX-31.2 o-063020ex312.htm
EX-32 o-063020ex32.htm

Realty Income Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2016128402012201420172020
Assets, Equity
 0.40.30.20.20.10.02016201720182020
Rev, G Profit, Net Income
 0.90.50.1-0.3-0.7-1.12012201420172020
Ops, Inv, Fin
o-20200630
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Table of Contents
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC  20549
FORM 10-Q
☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2020, or
☐ Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File Number 1-13374
REALTY INCOME CORPORATION
(Exact name of registrant as specified in its charter)
Maryland
33-0580106
(State or Other Jurisdiction of
Incorporation or Organization)

(IRS Employer Identification
Number)

11995 El Camino Real, San Diego, California 92130
(Address of Principal Executive Offices)
Registrant’s telephone number, including area code: (858) 284-5000
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange On Which Registered
Common Stock, $0.01 Par ValueONew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☒     No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," “accelerated filer,” "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer

☐
Non-accelerated filer

☐
Smaller reporting company

☐
Emerging growth company

☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ☐    No  ☒
There were 345,039,333 shares of common stock outstanding as of July 31, 2020.

Table of Contents
REALTY INCOME CORPORATION
Index to Form 10-Q
June 30, 2020
Page
-1-
Table of Contents
PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements
REALTY INCOME CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share and share count data)
June 30, 2020December 31, 2019
ASSETS
(unaudited)
Real estate held for investment, at cost:
Land$5,772,734  $5,684,034  
Buildings and improvements14,096,997  13,833,882  
Total real estate held for investment, at cost19,869,731  19,517,916  
Less accumulated depreciation and amortization(3,367,420) (3,117,919) 
Real estate held for investment, net16,502,311  16,399,997  
Real estate and lease intangibles held for sale, net40,551  96,775  
Cash and cash equivalents35,345  54,011  
Short-term investment300,000  —  
Accounts receivable255,609  181,969  
Lease intangible assets, net1,508,177  1,493,383  
Other assets, net460,554  328,661  
Total assets$19,102,547  $18,554,796  
LIABILITIES AND EQUITY
Distributions payable$81,384  $76,728  
Accounts payable and accrued expenses201,176  177,039  
Lease intangible liabilities, net322,744  333,103  
Other liabilities248,547  262,221  
Line of credit payable628,551  704,335  
Term loans, net249,258  499,044  
Mortgages payable, net394,816  410,119  
Notes payable, net6,602,152  6,288,049  
Total liabilities8,728,628  8,750,638  
Commitments and contingencies
Stockholders’ equity:
Common stock and paid in capital, par value $0.01 per share, 740,200,000 shares authorized, 345,023,421 and 333,619,106 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively
13,704,121  12,873,849  
Distributions in excess of net income(3,306,588) (3,082,291) 
Accumulated other comprehensive loss
(53,084) (17,102) 
Total stockholders’ equity10,344,449  9,774,456  
Noncontrolling interests29,470  29,702  
Total equity10,373,919  9,804,158  
Total liabilities and equity$19,102,547  $18,554,796  
The accompanying notes to consolidated financial statements are an integral part of these statements.
-2-
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(dollars in thousands, except per share data) (unaudited)
Three months ended June 30,Six months ended June 30,
 2020201920202019
REVENUE  
Rental (including reimbursable)$410,201  $364,252  $822,358  $718,289  
Other4,435  1,198  6,619  1,526  
Total revenue414,636  365,450  828,977  719,815  
EXPENSES
Depreciation and amortization168,328  150,426  332,913  287,943  
Interest77,841  72,488  153,766  142,508  
Property (including reimbursable)26,452  21,342  52,058  42,978  
General and administrative19,063  18,585  40,027  33,693  
Income taxes2,838  1,155  5,601  2,600  
Provisions for impairment13,869  13,061  18,347  17,733  
Total expenses308,391  277,057  602,712  527,455  
Gain on sales of real estate1,323  6,891  39,829  14,154  
Foreign currency and derivative gains (losses), net502  136  (1,062) 136  
Loss on extinguishment of debt—  —  (9,819) —  
Net income108,070  95,420  255,213  206,650  
Net income attributable to noncontrolling interests(246) (226) (562) (514) 
Net income available to common stockholders$107,824  $95,194  $254,651  $206,136  
Amounts available to common stockholders per common share:
Net Income:
Basic and Diluted$0.31  $0.31  $0.75  $0.67  
Weighted average common shares outstanding:
Basic343,515,406  311,032,972  340,061,487  307,293,949  
Diluted343,685,259  311,322,162  340,281,265  307,580,127  
Other comprehensive income:
Net income available to common stockholders$107,824  $95,194  $254,651  $206,136  
Foreign currency translation adjustment22  (6) 414  (6) 
Unrealized loss on derivatives, net(10,534) (2,794) (36,396) (6,493) 
Comprehensive income available to common stockholders$97,312  $92,394  $218,669  $199,637  
The accompanying notes to consolidated financial statements are an integral part of these statements.
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Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY 
(dollars in thousands) (unaudited)

Three Months Ended June 30, 2020 and 2019
Shares of
common
stock		Common
stock and
paid in
capital		Distributions
in excess of
net income		Accumulated
other
comprehensive
loss		Total
stockholders’
equity		Noncontrolling
interests		Total
equity
Balance, March 31, 2020343,402,030  $13,604,055  $(3,173,468) $(42,572) $10,388,015  $29,624  $10,417,639  
Net Income—  —  107,824  —  107,824  246  108,070  
Other comprehensive loss—  —  —  (10,512) (10,512) —  (10,512) 
Distributions paid and payable—  —  (240,944) —  (240,944) (400) (241,344) 
Share issuances, net of costs1,555,966  96,996  —  —  96,996  —  96,996  
Share-based compensation, net
65,425  3,070  —  —  3,070  —  3,070  
Balance, June 30, 2020345,023,421  $13,704,121  $(3,306,588) $(53,084) $10,344,449  $29,470  $10,373,919  
Balance, March 31, 2019303,807,421  $10,748,467  $(2,752,775) $(11,797) $7,983,895  $25,181  $8,009,076  
Net income—  —  95,194  —  95,194  226  95,420  
Other comprehensive loss—  —  —  (2,800) (2,800) —  (2,800) 
Distributions paid and payable—  —  (212,356) —  (212,356) (315) (212,671) 
Share issuances, net of costs14,384,215  969,162  —  —  969,162  —  969,162  
Share-based compensation, net27,077  4,407  —  —  4,407  —  4,407  
Balance, June 30, 2019318,218,713  $11,722,036  $(2,869,937) $(14,597) $8,837,502  $25,092  $8,862,594  
Six Months Ended June 30, 2020 and 2019
Shares of
common
stock		Common
stock and
paid in
capital		Distributions
in excess of
net income		Accumulated
other
comprehensive
loss		Total
stockholders’
equity		Noncontrolling
interests		Total
equity
Balance, December 31, 2019333,619,106  $12,873,849  $(3,082,291) $(17,102) $9,774,456  $29,702  $9,804,158  
Net income—  —  254,651  —  254,651  562  255,213  
Other comprehensive loss—  —  —  (35,982) (35,982) —  (35,982) 
Distributions paid and payable—  —  (478,948) —  (478,948) (794) (479,742) 
Share issuances, net of costs11,280,466  827,772  —  —  827,772  —  827,772  
Share-based compensation, net
123,849  2,500  —  —  2,500  —  2,500  
Balance, June 30, 2020345,023,421  $13,704,121  $(3,306,588) $(53,084) $10,344,449  $29,470  $10,373,919  
Balance, December 31, 2018303,742,090  $10,754,495  $(2,657,655) $(8,098) $8,088,742  $32,236  $8,120,978  
Net income—  —  206,136  —  206,136  514  206,650  
Other comprehensive loss—  —  —  (6,499) (6,499) —  (6,499) 
Distributions paid and payable—  —  (418,418) —  (418,418) (588) (419,006) 
Share issuances, net of costs14,416,113  971,313  —  —  971,313  —  971,313  
Issuance of common partnership units—  —  —  —  —  6,286  6,286  
Redemption of common units—  (6,869) —  —  (6,869) (13,356)