What is Realty Income's general merchandise — carrying costs?

Realty Income (O) reported general merchandise — carrying costs of $463K in Q4 2025.

What does general merchandise — carrying costs mean?

This represents the ongoing expenses associated with holding properties in the general merchandise segment, such as taxes, insurance, and maintenance costs that are not passed through to tenants. It serves as a measure of the operational burden of the portfolio.

Realty Income O General Merchandise — Carrying Costs

Other product segments

Restaurants-Casual

$1.32M—

Automotive Parts

$827K—

Child Care

$640K—

Crafts and Novelties

$440K—

Transportation Services

$402K—

Office Supplies

$339K—

Grocery

$325K—

Other Manufacturing

$240K—

Pet Supplies and Services

$239K—

Shoe Stores

$215K—

Apparel

$199K—

Health Care

$198K—

Sporting Goods

$178K—

Restaurants-Quick Service

$174K—

Health and Fitness

$172K—

Convenience Store

$145K—

Automotive Services

$140K—

Home Furnishings

$119K—

Drug Stores

$100K—

Financial Services

$97K—

Education

$62K—

Automotive Tire Services

$55K—

Consumer Electronics

$51K—

Home Improvement

$35K—

Telecommunications

$11K—

Automotive Collision Service

$10K—

Dollar Stores

$9K—

Advertising

$0—

Aerospace

$0—

Beverage

$0—

Consumer Appliances

$0—

Consumer Goods

$0—

Diversified Industrial

$0—

Energy

$0—

Entertainment

$0—

Equipment Services

$0—

Food Processing

$0—

Gaming

$0—

Health and Beauty

$0—

Insurance

$0—

Jewelry

$0—

Machinery

$0—

Motor Vehicle Dealerships

$0—

Oil & Gas

$0—

Other

$0—

Packaging

$0—

Paper

$0—

Theaters

$0—

Warehousing and Storage

$0—

Wholesale Club

$0—

Similar metrics at other companies

MUSAMerchandise sales — Cost of goods sold

$839M+4.4%

EZP

EZPWMerchandise sales — Cost of revenues

$136.79M+22.6%

CASYGrocery & general merchandise — Cost of goods sold (exclusive of depreciation and amortization, shown separately below)

$701.17M+5.3%

COSTCanada — Merchandise costs

$24.16B+10.7%

AINMachine Clothing — Selling, general, and administrative expenses

$33.25M+1.1%

CSGPCommercial Real Estate — General And Administrative Expense, Exclude Personnel Costs

$95M-4.0%

Other financials

Income statement

See full

Revenue$1.5B+12.2%

Net income$320.9M+28.5%

EPS (diluted)$0.33+17.9%

Balance sheet

See full

Cash & equivalents$373.5M+17.1%

Total debt$545.1M+3.7%

Total equity$39.1B+0.3%

Total assets$74.6B+6.9%

Cash flow

See full

Operating cash flow$874.5M+11.0%

CapEx$26.3M+14.9%

Free cash flow$848.2M+10.9%

Valuation

See full

Market cap$57.81B+12.0%

Enterprise value$57.98B+11.9%

P/E51.2×-1.6×

P/S9.8×+0.2×

Profitability

See full

Net margin19.1%+0.9pp

FCF margin66.7%+2.7pp

Returns & leverage

See full

Return on equity2.9%+0.4pp

Debt / equity0×0.0×

Where this comes from

Reported directly by Realty Income in its filing.

Tagged under the XBRL concept us-gaap:RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionCarryingCosts.

The official record: Realty Income’s 10-K, filed February 25, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Realty Income's general merchandise — carrying costs?: Realty Income (O) reported general merchandise — carrying costs of $463K in Q4 2025.
What does general merchandise — carrying costs mean?: This represents the ongoing expenses associated with holding properties in the general merchandise segment, such as taxes, insurance, and maintenance costs that are not passed through to tenants. It serves as a measure of the operational burden of the portfolio.