REALTY INCOME CORP

In this Annual Report on Form 10-K, unless the context otherwise requires, references to Realty Income, the Company, we, our or us refer to Realty Income Corporation and our subsidiaries. THE COMPANY Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies . Founded in 1969, we serve our clients as a full-service real estate capital provider. As of December 31, 2025, we have a portfolio of over 15,500 properties in all 50 states of the United States ("U.S."), the United Kingdom ("U.K."), and eight other countries in Europe. We are known as The Monthly Dividend Company and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our listing on the NYSE in 1994, we have had 133 dividend increases and are a member of the S&P 500 Dividend Aristocrats index for having increased our dividend for over 31 consecutive years. Our Primary Business Activities Our primary business is the acquisition, ownership, and active management of freestanding commercial properties leased under long term net lease agreements to a diversified base of operators, including a blend of investment grade, investment grade equivalent, and other creditworthy clients. We focus on clients with strong business models, resilient cash flow characteristics, and locations that are strategically important to their operations and aligned with our long term investment objectives. These activities are supported by data driven analytics that inform client selection, site quality, and portfolio construction.