Realty Income Office Assets, Basis of Presentation and Combination |
9 Months Ended |
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Sep. 30, 2021 | |
| Realty Income Office Assets | |
| Entity Information [Line Items] | |
| Basis of Presentation and Combination |
Note 2 – Basis of Presentation and Combination
The accompanying combined financial statements include the accounts of Realty Income Office Assets presented on a combined basis as the ownership interests were under common control and ownership of Realty Income as of September 30, 2021. All intercompany balances and transactions have been eliminated.
These combined financial statements were derived from the books and records of Realty Income, were carved out from Realty Income at a carrying value reflective of such historical cost in such Realty Income records, and include all adjustments (consisting of only normal recurring accruals) necessary to present a fair statement of results for the interim periods presented. Realty Income Office Assets’ historical financial results reflect charges for certain corporate costs and, we believe such charges are reasonable. Costs of the services that were charged to Realty Income Office Assets were based on actual costs incurred, except for General and administrative expenses, which were allocated as a proportion of costs estimated to be applicable to this entity based on Realty Income Office Assets’ pro rata share of Realty Income’s total rental revenue. The expenses allocated for the three months ended September 30, 2021 and 2020, were $0.6 million and $0.5 million, respectively, and, for the nine months ended September 30, 2021 and 2020, were $1.7 million and $1.6 million, respectively. The historical combined financial information presented may therefore not be indicative of the results of operations, financial position or cash flows that would have been obtained if there had been an independent, stand-alone public company during the periods presented or of Orion’s future performance as an independent, stand-alone company. Readers of this quarterly report should refer to the audited combined financial statements of Realty Income Office Assets for the year ended December 31, 2020, included in the Information Statement, as certain disclosures that would substantially duplicate those contained in the audited financial statements have not been included in this quarterly report. Unless otherwise indicated, all dollar amounts are expressed in United States (U.S.) dollars.
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