Quarterly report pursuant to Section 13 or 15(d)

Realty Income Office Assets, Operating Leases

v3.21.2
Realty Income Office Assets, Operating Leases
 9 Months Ended
Sep. 30, 2021
Realty Income Office Assets  
Entity Information [Line Items]  
Operating Leases
Note 7 – Operating Leases
A. At September 30, 2021, Realty Income Office Assets owned 40 single-client office properties in the U.S. At September 30, 2021, three properties were available for lease.
Substantially all leases are net leases where clients pay or reimburse for property taxes and assessments, maintain the interior and exterior of the building and leased premises, and carry insurance coverage for public liability, property damage, fire and extended coverage.
B. Major Clients – Two clients’ rental revenue individually represented 17.6% and 11.9% of Realty Income Office Assets’ total revenue for the nine months ended September 30, 2021.
Two clients’ rental revenue individually represented 17.1% and 11.4% of Realty Income Office Assets’ total revenue for the nine months ended September 30, 2020.
If the clients with rental revenue representing more than 10.0% of Realty Income Office Assets’ total revenue early terminate or become insolvent, and Realty Income Office Assets is unable to re-lease the properties at terms that are advantageous, there may be adverse impacts to the combined financial statements.