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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 March 31, 2024, or
Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File Number 1-13374
Image2.jpg
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
6.000% Series A Cumulative Redeemable Preferred Stock, $0.01 Par ValueO PRNew York Stock Exchange
1.125% Notes due 2027O27ANew York Stock Exchange
1.875% Notes due 2027O27BNew York Stock Exchange
1.625% Notes due 2030O30New York Stock Exchange
4.875% Notes due 2030O30ANew York Stock Exchange
5.750% Notes due 2031O31ANew York Stock Exchange
1.750% Notes due 2033O33ANew York Stock Exchange
5.125% Notes due 2034O34New York Stock Exchange
6.000% Notes due 2039O39New York Stock Exchange
2.500% Notes due 2042O42New 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 
As of May 3, 2024, there were 870,774,436 shares of common stock outstanding.



REALTY INCOME CORPORATION
Index to Form 10-Q
March 31, 2024
-1-

PART I. FINANCIAL INFORMATION
Item 1: Financial Statements
REALTY INCOME CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts) (unaudited)
March 31, 2024December 31, 2023
ASSETS
Real estate held for investment, at cost:
Land$16,787,731 $14,929,310 
Buildings and improvements39,674,812 34,657,094 
Total real estate held for investment, at cost56,462,543 49,586,404 
Less accumulated depreciation and amortization(6,392,472)(6,072,118)
Real estate held for investment, net50,070,071 43,514,286 
Real estate and lease intangibles held for sale, net78,254 31,466 
Cash and cash equivalents680,159 232,923 
Accounts receivable, net789,244 710,536 
Lease intangible assets, net7,037,328 5,017,907 
Goodwill4,991,342 3,731,478 
Investment in unconsolidated entities1,203,263 1,172,118 
Other assets, net3,478,588 3,368,643 
Total assets$68,328,249 $57,779,357 
LIABILITIES AND EQUITY
Distributions payable$225,757 $195,222 
Accounts payable and accrued expenses802,652 738,526 
Lease intangible liabilities, net1,740,200 1,406,853 
Other liabilities900,106 811,650 
Line of credit payable and commercial paper1,022,516 764,390 
Term loan, net2,370,455 1,331,841 
Mortgages payable, net200,075 821,587 
Notes payable, net21,748,004 18,602,319 
Total liabilities$29,009,765 $24,672,388 
Commitments and contingencies (Note 20)
6.000% Series A cumulative redeemable preferred stock and paid in capital, par value $0.01 per share, 69,900 shares authorized, 6,900 shares and no shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively, liquidation preference $25.00 per share
$167,394 $ 
Stockholders’ equity:
Common stock and paid in capital, par value $0.01 per share, 1,300,000 shares authorized, 870,756 and 752,460 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively
$46,220,761 $39,629,709 
Distributions in excess of net income(7,299,514)(6,762,136)
Accumulated other comprehensive income64,780 73,894 
Total stockholders’ equity$38,986,027 $32,941,467 
Noncontrolling interests165,063 165,502 
Total equity$39,151,090 $33,106,969 
Total liabilities and equity$68,328,249 $57,779,357 
The accompanying notes to consolidated financial statements are an integral part of these statements.
-2-

REALTY INCOME CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(in thousands, except per share amounts) (unaudited)
Three months ended March 31,
 20242023
REVENUE
Rental (including reimbursable)$1,208,169 $925,289 
Other52,316 19,110 
Total revenue1,260,485 944,399 
EXPENSES
Depreciation and amortization581,064 451,477 
Interest240,614 154,132 
Property (including reimbursable)89,361 69,397 
General and administrative40,842 34,167 
Provisions for impairment89,489 13,178 
Merger and integration-related costs94,104 1,307 
Total expenses1,135,474 723,658 
Gain on sales of real estate16,574 4,279 
Foreign currency and derivative gain, net4,046 10,322 
Equity in (losses) earnings of unconsolidated entities(1,676) 
Other income, net5,446 2,730 
Income before income taxes149,401 238,072 
Income taxes(15,502)(11,950)
Net income133,899 226,122 
Net income attributable to noncontrolling interests(1,615)(1,106)
Net income attributable to the Company132,284 225,016 
Preferred stock dividends(2,588) 
Net income available to common stockholders$129,696 $225,016 
Amounts available to common stockholders per common share:
Net income, basic and diluted$0.16 $0.34 
Weighted average common shares outstanding:
Basic834,940 660,462 
Diluted835,242 661,239 
Net income available to common stockholders$129,696 $225,016 
Total other comprehensive (loss) income
Foreign currency translation adjustment(18,036)28,750 
Unrealized gain (loss) on derivatives, net8,922 (2,162)
Total other comprehensive (loss) income
$(9,114)$26,588 
Comprehensive income available to common stockholders$120,582 $251,604 
The accompanying notes to consolidated financial statements are an integral part of these statements.

-3-

REALTY INCOME CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY 
(in thousands) (unaudited)
Three months ended March 31, 2024, and 2023
Shares of
preferred
stock
Preferred
stock and
paid in
capital
Shares of
common
stock
Common
stock and
paid in
capital
Distributions
in excess of
net income
Accumulated
other
comprehensive income
Total
stockholders’
equity
Non-controlling
interests
Total
equity
Balance, December 31, 2023
 $ 752,460 $39,629,709 $(6,762,136)$73,894 $32,941,467 $165,502 $33,106,969 
Net income— — — — 132,284 — 132,284 1,615 133,899 
Other comprehensive loss— — — — — (9,114)(9,114)— (9,114)
Distributions paid and payable— — — — (669,662)— (669,662)(2,268)(671,930)
Share issuances, net of costs— — 9,663 546,656 — — 546,656 — 546,656 
Shares issued with merger6,900 167,394 108,308 6,043,641 — — 6,043,641 — 6,043,641 
Contributions by noncontrolling interests— — — — — — — 214 214 
Share-based compensation, net
— — 325 755 — — 755 — 755 
Balance, March 31, 2024
6,900 $167,394 870,756 $46,220,761 $(7,299,514)$64,780 $38,986,027 $165,063 $39,151,090 
Balance, December 31, 2022
 $ 660,300 $34,159,509 $(5,493,193)$46,833 $28,713,149 $130,140 $28,843,289 
Net income— — — — 225,016 — 225,016 1,106 226,122 
Other comprehensive income— — — — — 26,588 26,588 — 26,588 
Distributions paid and payable— — — — (504,746)— (504,746)(3,014)(507,760)
Share issuances, net of costs— — 12,706 798,901 — — 798,901 — 798,901 
Share-based compensation, net— — 201 198 — — 198 — 198 
Balance, March 31, 2023
 $ 673,207 $34,958,608 $(5,772,923)$73,421 $29,259,106 $128,232 $29,387,338 
The accompanying notes to consolidated financial statements are an integral part of these statements.
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REALTY INCOME CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) (unaudited)
Three months ended March 31,
20242023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$133,899 $226,122 
Adjustments to net income:
Depreciation and amortization581,064 451,477 
Amortization of share-based compensation34,003 6,300 
Non-cash revenue adjustments(30,586)(19,127)
Amortization of net premiums on mortgages payable(122)(3,200)
Amortization of net premiums on notes payable(4,150)(15,532)
Amortization of deferred financing costs5,819 6,474 
Gain on interest rate swaps(1,800)(1,801)
Foreign currency and unrealized derivative gain, net(12,570)(8,942)
Gain on sales of real estate(16,574)(4,279)
Equity in losses of unconsolidated entities1,676  
Distributions on common equity from unconsolidated entities5,249  
Provisions for impairment89,489 13,178 
Change in assets and liabilities
Accounts receivable and other assets(32,682)42,081 
Accounts payable, accrued expenses and other liabilities25,958 38,483 
Net cash provided by operating activities778,673 731,234 
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in real estate(535,903)(1,675,136)
Improvements to real estate, including leasing costs(9,628)(13,860)
Investment in unconsolidated entities(38,070) 
Proceeds from sales of real estate95,624 28,594 
Proceeds from note receivable5,468  
Insurance proceeds received16 6,282 
Non-refundable escrow deposits (23,599)
Net cash acquired in merger93,683  
Net cash used in investing activities(388,810)(1,677,719)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash distributions to common stockholders(636,499)(497,245)
Cash distributions to preferred stockholders(2,588) 
Borrowings on line of credit and commercial paper programs8,018,932 4,249,746 
Payments on line of credit and commercial paper programs(7,748,935)(5,690,060)
Proceeds from term loan  1,029,383 
Principal payment on term loan(250,000) 
Proceeds from notes payable issued1,250,000 1,090,968 
Principal payment on notes payable(499,999) 
Principal payments on mortgages payable(621,175)(1,233)
Proceeds from common stock offerings, net 543,538 796,190 
Proceeds from dividend reinvestment and stock purchase plan3,117 2,711 
Distributions to noncontrolling interests(2,268)(1,479)
Net payments on derivative settlements (6,452)
Debt issuance costs(28,603)(16,603)
Other items, including shares withheld upon vesting(8,493)(6,102)
Net cash provided by financing activities17,027 949,824 
Effect of exchange rate changes on cash and cash equivalents(2,279)13,545 
Net increase in cash, cash equivalents and restricted cash404,611 16,884 
Cash, cash equivalents and restricted cash, beginning of period292,175 226,881 
Cash, cash equivalents and restricted cash, end of period$696,786 $243,765 
For supplemental disclosures, see note 19, Supplemental Disclosures of Cash Flow Information.

The accompanying notes to consolidated financial statements are an integral part of these statements.
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REALTY INCOME CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
(unaudited)
1.    Summary of Significant Accounting Policies
Realty Income Corporation (“Realty Income,” the “Company,” “we,” “our” or “us”), a Maryland corporation, is an S&P 500 company and real estate partner to the world's leading companies. The Company was founded in 1969 and our shares of common stock trade on the New York Stock Exchange ("NYSE") under the symbol “O”.
As of March 31, 2024, we owned or held interests in a diversified portfolio of 15,485 properties located in all 50 states of the United States ("U.S."), the United Kingdom ("U.K."), and six other countries in Europe, with approximately 334.2 million square feet of leasable space.
In January 2024, we completed our merger with Spirit Realty Capital, Inc. (“Spirit”). For more details, please see note 2, Merger with Spirit Realty Capital, Inc.
Basis of Presentation. These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Intercompany accounts and transactions are eliminated in consolidation. The U.S. Dollar ("USD") is our reporting currency. Unless otherwise indicated, all dollar amounts are expressed in USD.
For our consolidated subsidiaries whose functional currency is not the USD, we translate their financial statements into USD at the time we consolidate those subsidiaries’ financial statements. Generally, assets and liabilities are translated at the exchange rate in effect at the balance sheet date. The resulting translation adjustments are included in 'Accumulated other comprehensive income' ("AOCI"), on our consolidated balance sheets. Certain balance sheet items, primarily equity and capital-related accounts, are reflected at the historical exchange rate. Income statement accounts are translated using the average exchange rate for the period.
We and certain of our consolidated subsidiaries have intercompany and third-party debt that is not denominated in our functional currency. When the debt is remeasured to the functional currency of the entity, a gain or loss can result. The resulting adjustment is reflected in 'Foreign currency and derivative gain, net' in our consolidated statements of income and comprehensive income. In the statement of cash flows, cash flows denominated in foreign currencies are translated using the exchange rates in effect at the time of the respective cash flows or at average exchange rates for the period, depending on the nature of the cash flow items.
In the opinion of management, all adjustments (consisting of only normal recurring accruals) necessary to present a fair statement of results for the interim periods presented have been included. Operating results for the three months ended March 31, 2024 are not necessarily an indication of the results that may be expected for the entire year. Readers of this quarterly report should refer to our audited consolidated financial statements for the year ended December 31, 2023, which are included in our 2023 Annual Report on Form 10-K, as certain disclosures that would substantially duplicate those contained in the audited financial statements have not been included in this report.
Principles of Consolidation. These consolidated financial statements include the accounts of Realty Income and all other entities in which we have a controlling financial interest. We evaluate whether we have a controlling financial interest in an entity in accordance with Accounting Standards Codification ("ASC") 810, Consolidation.
Voting interest entities ("VOEs") are entities considered to have sufficient equity at risk and which the equity holders have the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. We consolidate voting interest entities in which we have a controlling financial interest, which we typically have through holding of a majority of the entity’s voting equity interests.
Variable interest entities ("VIEs") are entities that lack sufficient equity at risk or where the equity holders either do not have the obligation to absorb losses, do not have the right to receive residual returns, do not have the right to make decisions about the entity’s activities, or some combination of the above. A controlling financial interest in a VIE is present when an entity has a variable interest, or a combination of variable interests, that provides the entity with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially
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be significant to the VIE. An entity that meets both conditions above is deemed the primary beneficiary and consolidates the VIE. We reassess our initial evaluation of whether an entity is a VIE when certain reconsideration events occur. We reassess our determination of whether we are the primary beneficiary of a VIE on an ongoing basis based on current facts and circumstances.
At March 31, 2024, we are considered the primary beneficiary of Realty Income, L.P. and certain investments, including investments in joint ventures. Below is a summary of selected financial data of such consolidated VIEs, included on our consolidated balance sheets at March 31, 2024 and December 31, 2023 (in thousands):
March 31, 2024December 31, 2023
Net real estate
$2,847,404$2,866,272 
Total assets
$3,582,159$3,588,720 
Total liabilities
$140,588$134,366 
The portion of a consolidated entity not owned by us is recorded as a noncontrolling interest. Noncontrolling interests are reflected on our consolidated balance sheets as a component of equity. Noncontrolling interests that were created or assumed as part of a business combination or asset acquisition were recognized at fair value as of the date of the transaction (see note 11, Noncontrolling Interests).
Use of Estimates. The consolidated financial statements were prepared in conformity with U.S. GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Segment Reporting. We report our results in a single reportable segment, which reflects how our chief operating decision maker allocates resources and assesses our performance.
Income Taxes. We have elected to be taxed as a REIT, under the Internal Revenue Code of 1986, as amended. We believe we have qualified and continue to qualify as a REIT. Under the REIT operating structure, we are permitted to deduct dividends paid to our stockholders in determining our taxable income. Assuming our dividends equal or exceed our taxable net income in the U.S., we generally will not be required to pay U.S. income taxes on such income. Accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements, except for federal income taxes of our taxable REIT subsidiaries ("TRS"). A TRS is a subsidiary of a REIT that is subject to federal, state and local income taxes, as applicable. Our use of TRS entities enables us to engage in certain business activities while complying with the REIT qualification requirements and to retain any income generated by these businesses for reinvestment without the requirement to distribute those earnings. For our international territories, we are liable for taxes in the U.K. and Spain. Accordingly, provisions have been made for U.K. and Spain income taxes. Therefore, the income taxes recorded on our consolidated statements of income and comprehensive income represent amounts accrued or paid by Realty Income and its subsidiaries for U.S. income taxes on our TRS entities, city and state income and franchise taxes, and income taxes for the U.K. and Spain.
Earnings and profits that determine the taxability of distributions to stockholders differ from net income reported for financial reporting purposes primarily due to differences in the estimated useful lives and methods used to compute depreciation and the carrying value (basis) of the investments in properties for tax purposes, among other things.
We regularly analyze our various international, federal and state filing positions and only recognize the income tax effect in our financial statements when certain criteria regarding uncertain income tax positions have been met. We believe that our income tax positions would more likely than not be sustained upon examination by all relevant taxing authorities. Therefore, no provisions for uncertain tax positions have been recorded on our consolidated financial statements.
Lease Revenue Recognition and Accounts Receivable. The majority of our leases are accounted for as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term. Any rental revenue contingent upon a client’s sales, or percentage rent, is recognized only after such client exceeds its sales breakpoint. Rental increases based upon changes in the consumer price indices are recognized only after the changes in the indexes have occurred and are then applied according to the lease agreements. Contractually obligated rental revenue from our clients for recoverable real estate taxes and operating expenses are included in contractually obligated reimbursements by our clients, a
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component of rental revenue, in the period when such costs are incurred. Taxes and operating expenses paid directly by our clients are recorded on a net basis.
Other revenue includes certain property-related revenue not included in rental revenue and interest income recognized on financing receivables for certain leases with above-market terms.
We assess the probability of collecting substantially all of the lease payments to which we are entitled under the original lease contract as required under ASC 842, Leases. We assess the collectability of our future lease payments based on an analysis of creditworthiness, economic trends and other facts and circumstances related to the applicable clients. If we conclude the collection of substantially all of the lease payments under a lease is less than probable, rental revenue recognized for that lease is limited to cash received going forward, existing operating lease receivables, including those related to straight-line rental revenue, must be written off as an adjustment to rental revenue, and no further operating lease receivables are recorded for that lease until such future determination is made that substantially all lease payments under that lease are now considered probable. If we subsequently conclude that the collection of substantially all lease payments under a lease is probable, a reversal of lease receivables previously written off is recognized.
Recent Accounting Standards Not Yet Adopted.
In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes, to enhance income tax disclosures, provide more information about tax risks and opportunities present in worldwide operations, and to disaggregate existing income tax disclosures. The guidance is effective for annual periods beginning after December 15, 2024 on a prospective basis, with the option to apply the standard retrospectively. Early adoption is permitted. We are currently evaluating the impact on our financial statement disclosures.
In November 2023, FASB issued Accounting Standards Update ASU 2023-07, Segment Reporting, establishing improvements to reportable segments disclosures to enhance segment reporting under Topic 280. This ASU aims to change how public entities identify and aggregate operating segments and apply quantitative thresholds to determine their reportable segments. This ASU also requires public entities that operate as a single reportable segment to provide all segment disclosures in Topic 280, not just entity level disclosures. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 and the amendments should be applied retrospectively to all periods presented in the financial statements. We are currently evaluating the impact on our financial statement disclosures.
2.    Merger with Spirit Realty Capital, Inc.
On October 29, 2023, we entered into an Agreement and Plan of Merger (as amended, or the “Merger Agreement”) with Saints MD Subsidiary, Inc., (“Merger Sub”) a Maryland corporation and direct wholly owned subsidiary of Realty Income and Spirit, a Maryland corporation.
On January 23, 2024, we completed our merger with Spirit. Pursuant to the terms and subject to the conditions of the Merger Agreement, Spirit merged with and into Merger Sub, with Merger Sub continuing as the surviving corporation (the “Merger”). At the effective time of the Merger (the “Effective Time”), (i) each outstanding share of Spirit common stock, par value $0.05 per share, automatically converted into 0.762 (the “Exchange Ratio”) of a newly issued share of our common stock, subject to adjustments as set forth in the Merger Agreement, and cash in lieu of fractional shares, and (ii) each outstanding share of Spirit’s 6.000% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share, converted into the right to receive one share of newly issued Realty Income 6.000% Series A Cumulative Redeemable Preferred Stock, having substantially the same terms as the Spirit Series A Preferred Stock. Immediately prior to the Effective Time, each award of outstanding restricted Spirit common stock and Spirit performance share award was cancelled and converted into Realty Income common stock, using the Exchange Ratio. For more details, see note 16, Redeemable Preferred Stock.
The primary reason for the merger was to expand our size, scale and diversification, in order to further position us as the real estate partner of choice for large net lease transactions.
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Our merger with Spirit has been accounted for using the acquisition method of accounting in accordance with ASC 805, Business Combinations, with Realty Income as the accounting acquirer, which requires, among other things, that the assets acquired, and liabilities assumed be recognized at their acquisition date fair value. The fair value of the consideration transferred on the date of the acquisition is as follows (in thousands, except share and per share data):
Shares of Spirit common stock exchanged (1)
142,136,567 
Exchange Ratio0.762
Shares of Realty Income common stock issued108,308,064
Opening price of Realty Income common stock on January 23, 2024$55.80 
Fair value of Realty Income common stock issued to the former holders of Spirit common stock$6,043,590 
Shares of Realty Income Series A preferred stock issued in exchange for Spirit Series A preferred stock 6,900,000 
Opening price of Realty Income Series A preferred stock on January 23, 2024$24.26 
Fair value of Realty Income Series A preferred stock issued to the former holders of Spirit Series A preferred stock$167,394 
Cash paid for fractional shares$51 
Less: Fair value of Spirit restricted stock and performance awards attributable to post-combination costs (2)
$(24,751)
Consideration transferred$6,186,284 
(1) Includes 142,136,567 shares of Spirit common stock outstanding as of January 23, 2024, which were converted into Realty Income common stock at the Effective Time at an Exchange Ratio of 0.762 per share of Spirit common stock. The portion of the converted unvested Spirit Restricted Stock Awards related to post-combination expense is removed in footnote (2) below.
(2) Represents the fair value of fully vested Spirit restricted stock and performance share awards that were accelerated and converted into Realty Income common stock at the Effective Time, reflecting the value attributable to post-combination services. Spirit restricted stock and performance share awards are included in Spirit's outstanding common stock as of the merger date. The fair value attributable to pre-combination services was $41.7 million and is included in the consideration transferred above.
A.    Preliminary Purchase Price Allocation
The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands):
ASSETS
Land$1,853,895 
Buildings and improvements4,859,162 
Total real estate held for investment6,713,057 
Real estate and lease intangibles held for sale35,650 
Cash and cash equivalents93,683 
Accounts receivable12,959 
Lease intangible assets (1)
2,214,615 
Goodwill1,259,864 
Other assets174,672 
Total assets acquired$10,504,500 
LIABILITIES
Accounts payable and accrued expenses$56,407 
Lease intangible liabilities (2)
378,369 
Other liabilities101,954 
Term loan1,300,000 
Notes payable2,481,486 
Total liabilities assumed$4,318,216 
Net assets acquired, at fair value$6,186,284 
Total purchase price$6,186,284 
(1) The weighted average amortization period for acquired lease intangible assets is 10.8 years.
(2) The weighted average amortization period for acquired lease intangible liabilities is 8.3 years.
The assessment of fair value is preliminary and is based on information that was available to management at the time the consolidated financial statements were prepared. Measurement period adjustments will be recorded in the
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period in which they are determined, as if they had been completed at the acquisition date. As of March 31, 2024, we had not finalized the determination of fair values allocated to certain assets and liabilities. Accordingly, certain tangible assets acquired and liabilities assumed, the valuation of intangible assets acquired, loss contingencies, and goodwill are subject to change. The finalization of our purchase accounting assessment could result in changes in the valuation of assets acquired and liabilities assumed up to a year after the date of our merger with Spirit, which could be material.
A preliminary estimate of approximately $1.26 billion has been allocated to goodwill. Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired and liabilities assumed. The recognized goodwill is attributable to expected synergies and benefits arising from the merger transaction, including anticipated financing and corporate overhead cost savings. None of the goodwill recognized is expected to be deductible for tax purposes.
B.    Merger and Integration-Related Costs
In conjunction with our merger with Spirit, we incurred merger-related transaction costs of $94.1 million during the three months ended March 31, 2024, primarily consisting of employee severance, post-combination share-based compensation, transfer taxes, and various professional fees directly attributable to the Merger.
C.    Unaudited Pro Forma Financial Information
The following unaudited pro forma information presents a summary of our combined results of operations for the three months ended March 31, 2024 and 2023, respectively, as if our merger with Spirit had occurred on January 1, 2023 (in millions, except per share data). The following pro forma financial information is not necessarily indicative of the results of operations had the acquisition been effected on the assumed date, nor is it necessarily an indication of trends in future results for a number of reasons, including, but not limited to, differences between the assumptions used to prepare the pro forma information, basic shares outstanding and dilutive equivalents, cost savings from operating efficiencies, potential synergies, and the impact of incremental costs incurred in integrating the businesses.
Three months ended March 31,
20242023
Total revenues$1,307.7 $1,133.6 
Net income$234.4 $195.9 
Basic and diluted earnings per share$0.27 $0.25 

Our consolidated results of operations for the three months ended March 31, 2024 include $155.0 million of revenues and $6.9 million of net income associated with the results of operations of Spirit from the merger closing date of January 23, 2024 to March 31, 2024.
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3.    Supplemental Detail for Certain Components of Consolidated Balance Sheets (in thousands):
A.
Accounts receivable, net, consist of the following at:March 31, 2024December 31, 2023
Straight-line rent receivables, net$563,589 $516,692 
Client receivables, net225,655 193,844 
$789,244 $710,536 
B.
Lease intangible assets, net, consist of the following at:
March 31, 2024December 31, 2023
In-place leases
$7,319,435 $5,500,404 
Above-market leases
2,215,208 1,811,400 
Accumulated amortization of in-place leases
(1,902,925)(1,746,377)
Accumulated amortization of above-market leases
(596,148)(549,319)
Other items1,758 1,799 
$7,037,328 $5,017,907 
C.
Other assets, net, consist of the following at:
March 31, 2024December 31, 2023
Financing receivables, net$1,566,714 $1,570,943 
Right of use asset - financing leases705,006 706,837 
Right of use asset - operating leases, net649,936 594,712 
Loan receivable, net253,426 205,339 
Value-added tax receivable82,619 100,672 
Prepaid expenses62,806 33,252 
Derivative assets and receivables – at fair value52,492 21,170 
Corporate assets, net13,378 12,948 
Interest receivable11,046 6,139 
Credit facility origination costs, net11,030 12,264 
Impounds related to mortgages payable10,226 53,005 
Restricted escrow deposits6,401 6,247 
Investment in sales type lease6,076 6,056 
Non-refundable escrow deposits 200 
Other items47,432 38,859 
$3,478,588 $3,368,643 
D.
Accounts payable and accrued expenses consist of the following at:
March 31, 2024December 31, 2023
Notes payable - interest payable$239,333 $218,811 
Derivative liabilities and payables - at fair value105,809 119,620 
Value-added tax payable91,844 64,885 
Accrued costs on properties under development86,276 65,967 
Property taxes payable82,442 78,809 
Accrued property expenses52,464 54,208 
Accrued income taxes51,516 61,070 
Accrued merger-related costs24,088 4,551 
Mortgages, term loans, and credit line - interest payable8,575 8,580 
Other items60,305 62,025 
$802,652 $738,526 
E.
Lease intangible liabilities, net, consist of the following at:
March 31, 2024December 31, 2023
Below-market leases
$2,099,389 $1,728,027 
Accumulated amortization of below-market leases
(359,189)(321,174)
$1,740,200 $1,406,853 
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F.
Other liabilities consist of the following at:
March 31, 2024December 31, 2023
Lease liability - operating leases, net$480,303 $425,213 
Rent received in advance and other deferred revenue 328,572 312,195 
Lease liability - financing leases55,590 44,345 
Security deposits34,031 28,250 
Other acquisition liabilities1,610 1,647 
$900,106 $811,650 
4.    Investments in Real Estate
A.    Acquisitions of Real Estate
Below is a summary of our acquisitions for the three months ended March 31, 2024:
Number of
Properties
Leasable
Square Feet
(in thousands, unaudited)
Investment
($ in millions)
Weighted
Average
Lease Term
(Years)
Initial
Weighted
Average Cash
Lease Yield (1)
Acquisitions - U.S. 5 194 $16.0 8.97.1 %
Acquisitions - Europe
8 1,064 302.6 6.28.2 %
Total acquisitions13 1,258 $318.6 6.38.2 %
Properties under development (2)
140 5,410 241.3 15.97.3 %
Total (3)
153 6,668 $559.9 10.27.8 %
(1)The initial weighted average cash lease yield for a property is generally computed as estimated contractual first year cash net operating income, which, in the case of a net leased property, is equal to the aggregate cash base rent for the first full year of each lease, divided by the total cost of the property. Since it is possible that a client could default on the payment of contractual rent (defined as the monthly aggregate cash amount charged to clients, inclusive of monthly base rent receivables), we cannot provide assurance that the actual return on the funds invested will remain at the percentages listed above. Contractual net operating income used in the calculation of initial weighted average cash lease yield includes approximately $0.5 million received as settlement credits as reimbursement of free rent periods for the three months ended March 31, 2024.
In the case of a property under development or expansion, the contractual lease rate is generally fixed such that rent varies based on the actual total investment in order to provide a fixed rate of return. When the lease does not provide for a fixed rate of return on a property under development or expansion, the initial weighted average cash lease yield is computed as follows: estimated cash net operating income (determined by the lease) for the first full year of each lease, divided by our projected total investment in the property, including land, construction and capitalized interest costs.
(2)Includes £8.7 million of investments in U.K. development properties and €8.4 million of investments in Spain development properties, converted at the applicable exchange rates on the funding dates.
(3)Our clients occupying the new properties are 89.7% retail and 10.3% industrial based on net operating income. Approximately 41.0% of the net operating income generated from acquisitions during the three months ended March 31, 2024 is from investment grade rated clients, their subsidiaries, or affiliated companies.
The aggregate purchase price of the assets acquired during the three months ended March 31, 2024 has been allocated as follows (in millions):
Acquisitions - USDAcquisitions - SterlingAcquisitions - Euro
Land$18.4 £59.0 2.0 
Buildings and improvements88.9 124.3 5.0 
Lease intangible assets (1)
21.0 50.4 1.1 
Other assets (2)
3.0   
Lease intangible liabilities (3)
(3.2)(0.9)(0.2)
Other liabilities   
$128.1 £232.8 7.9 
(1)The weighted average amortization period for acquired lease intangible assets is 9.4 years.
(2)USD-denominated other assets consist entirely of financing receivables with above-market terms.
(3)The weighted average amortization period for acquired lease intangible liabilities is 12.0 years.
The properties acquired during the three months ended March 31, 2024 generated total revenue and net income of $2.6 million and $0.9 million, respectively.
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B.    Investments in Existing Properties
During the three months ended March 31, 2024, we capitalized costs of $7.4 million on existing properties in our portfolio, consisting of $6.4 million for non-recurring building improvements, $0.9 million for re-leasing costs, and less than $0.1 million for recurring capital expenditures. In comparison, during the three months ended March 31, 2023, we capitalized costs of $13.8 million on existing properties in our portfolio, consisting of $13.3 million for non-recurring building improvements, $0.4 million for re-leasing costs, and $0.1 million for recurring capital expenditures.
C.    Properties with Existing Leases
The value of the in-place and above-market leases is recorded to 'Lease intangible assets, net' on our consolidated balance sheets, and the value of the below-market leases is recorded to 'Lease intangible liabilities, net' on our consolidated balance sheets.
The values of the in-place leases are amortized as depreciation and amortization expense. The amounts amortized to expense for all of our in-place leases, for the three months ended March 31, 2024, and 2023 were $211.5 million and $157.4 million, respectively.
The values of the above-market and below-market leases are amortized over the term of the respective leases, including any bargain renewal options, as an adjustment to rental revenue in our consolidated statements of income and comprehensive income. The amounts amortized as a net decrease to rental revenue for capitalized above-market and below-market leases for the three months ended March 31, 2024, and 2023 were $9.1 million and $14.6 million, respectively. If a lease was to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be recorded to revenue or expense, as appropriate.
The following table presents the estimated impact during the next five years and thereafter related to the amortization of the above-market and below-market lease intangibles and the amortization of the in-place lease intangibles at March 31, 2024 (dollars in thousands):
Net increase
(decrease) to
rental revenue
Increase to
amortization
expense
2024$(28,512)$634,920 
2025(35,497)760,879 
2026(38,003)672,398 
2027(37,681)576,646 
2028(30,633)489,554 
Thereafter291,466 2,282,113 
Totals$121,140 $5,416,510 
D.    Gain on Sales of Real Estate
The following table summarizes our properties sold during the periods indicated below (dollars in millions):
Three months ended March 31,
20242023
Number of properties46 26 
Net sales proceeds$95.6 $28.6 
Gain on sales of real estate$16.6 $4.3 

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5.    Investments in Unconsolidated Entities
The following is a summary of our investments in unconsolidated entities as of March 31, 2024 and December 31, 2023 (dollars in thousands):
Ownership % Number of Properties
Carrying Amount (1) of Investment as of
Investment
As of March 31, 2024
March 31, 2024December 31, 2023
Bellagio Las Vegas Joint Venture - Common Equity Interest21.9%1$287,972 $296,097 
Bellagio Las Vegas Joint Venture - Preferred Equity Interestn/an/a650,000 650,000 
Data Center Development Joint Venture80.0%2265,291 226,021 
Total investment in unconsolidated entities$1,203,263 $1,172,118 
(1) The total carrying amount of the investments was greater than the underlying equity in net assets (i.e., basis difference) by $2.2 million as of March 31, 2024.
A.    Bellagio Las Vegas Joint Venture Interests
Our investment in the joint venture that owns a 95.0% interest in the real estate of The Bellagio Las Vegas includes $301.4 million of common equity for an indirect interest of 21.9% in the property and a $650.0 million preferred equity interest. During the three months ended March 31, 2024, we recognized interest income of $13.0 million for 8.1% preferential cumulative distributions within 'Other revenue' in our consolidated statements of income and comprehensive income. The unconsolidated entity had total debt outstanding of $3.0 billion as of March 31, 2024, all of which was non-recourse to us with limited customary exceptions.
B.    Data Center Development Joint Venture
We own an 80.0% equity interest in a data center development joint venture; however, we are not the primary beneficiary because we do not have power to direct activities that significantly impact the joint venture's economic performance. Our maximum exposure to loss associated with this VIE is limited to our equity investment and our pro rata share of the remaining $70.1 million of estimated development costs for the first phase of the project.
6.     Investments in Loans
The following table presents information about our loans as of March 31, 2024 and December 31, 2023 (dollars in thousands):
March 31, 2024
Amortized Cost
Allowance (1)
Carrying Amount (2)
Senior Secured Notes Receivable (3)
$182,121 $(3,700)$178,421 
Mortgage Loans66,277  66,277 
Unsecured Loan9,763 (1,035)8,728 
Total$258,160 $(4,735)$253,426 
December 31, 2023
Amortized Cost
Allowance (1)
Carrying Amount (2)
Senior Secured Note Receivable$174,337 $(2,498)$171,839 
Mortgage Loan33,500  33,500 
Total$207,837 $(2,498)$205,339 
(1) During the three months ended March 31, 2024, our allowance for credit losses increased by $2.2 million, almost entirely attributable to the loans we acquired in conjunction with our merger with Spirit.
(2) The total carrying amount of the investment in loans excludes accrued interest of $8.7 million and $3.4 million as of March 31, 2024 and December 31, 2023, respectively, which is recorded to 'Other assets, net' on our consolidated balance sheets.
(3) Includes a loan acquired in conjunction with our merger with Spirit with an estimated acquisition date fair value of $7.8 million. Since it was a purchased credit deteriorated loan, we recorded the initial expected credit loss of $1.0 million by adjusting the amortized cost basis.
A.    Senior Secured Notes Receivable
We own a Sterling-denominated senior secured note with a principal amount of £142.0 million, equivalent to $179.5 million as of March 31, 2024. The interest only note bears interest at Sterling Overnight Indexed Average (“SONIA”) plus 6.75% and matures in October 2029. We paid £136.7 million for the note and accounted for the
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discount at amortized cost. The discount is being amortized over the term of the note. In conjunction with our merger with Spirit, we acquired a senior secured note receivable with a principal amount of $9.9 million. This interest only note bears interest at Secured Overnight Financing Rate ("SOFR") plus 4.00% and matures in July 2028.
B.    Mortgage Loans
We have a $33.5 million mortgage loan which is collateralized by nine automotive service properties located across seven different states. The interest only loan bears interest at 8.25% subject to annual increases and matures in October 2038. In conjunction with our merger with Spirit, we acquired a mortgage loan with a principal amount of $33.0 million and estimated its fair value to be $32.8 million at the acquisition date. This 10% fixed-rate, interest only loan is collateralized by four single-tenant properties and matures in March 2025. In April 2024, this $33.0 million loan was repaid in full.
C.    Unsecured Loan
In conjunction with our merger with Spirit, we acquired an 11.0% fixed-rate, unsecured loan with a principal amount of $11.0 million. It was recorded at its acquisition-date fair value of $9.8 million and is included in 'Other assets' on our consolidated balance sheets. This interest only loan matures in December 2026.
7.    Revolving Credit Facility and Commercial Paper Programs
A.    Credit Facility
We have a $4.25 billion unsecured revolving multi-currency credit facility that matures in June 2026, includes two six-month extensions that can be exercised at our option, and allows us to borrow in up to 14 currencies, including USD. Our revolving credit facility also has a $1.0 billion expansion option, which is subject to obtaining lender commitments. Under our revolving credit facility, our current investment grade credit ratings provide for USD borrowings at the Secured Overnight Financing Rate ("SOFR"), plus 0.725% with a SOFR adjustment charge of 0.10% and a revolving credit facility fee of 0.125%, for all-in pricing of 0.95% over SOFR, British Pound Sterling at the SONIA, plus 0.725% with a SONIA adjustment charge of 0.0326% and a revolving credit facility fee of 0.125%, for all-in pricing of 0.8826% over SONIA, and Euro Borrowings at one-month Euro Interbank Offered Rate (“EURIBOR”), plus 0.725%, and a revolving credit facility fee of 0.125%, for all-in pricing of 0.85% over one-month EURIBOR.
As of March 31, 2024, we had a borrowing capacity of $3.44 billion available on our revolving credit facility (subject to customary conditions to borrowing) and an outstanding balance of $0.8 billion, comprised entirely of Sterling borrowings. There was no outstanding balance at December 31, 2023.
The weighted average interest rate on outstanding borrowings under our revolving credit facility was 6.2% and 3.7% during the three months ended March 31, 2024, and 2023, respectively. At March 31, 2024, our weighted average interest rate on borrowings outstanding under our revolving credit facility was 5.9%. Our revolving credit facility is subject to various leverage and interest coverage ratio limitations, and at March 31, 2024, we were in compliance with the covenants under our revolving credit facility.
As of March 31, 2024, credit facility origination costs of $11.0 million are included in 'Other assets, net', as compared to $12.3 million at December 31, 2023, on our consolidated balance sheets. These costs are being amortized over the remaining term of our revolving credit facility.
B.    Commercial Paper Programs
We have a USD-denominated unsecured commercial paper program, under which we may issue unsecured commercial paper notes up to a maximum aggregate amount outstanding of $1.5 billion, as well as a Euro-denominated unsecured commercial paper program, which permits us to issue additional unsecured commercial notes up to a maximum aggregate amount of $1.5 billion (or foreign currency equivalent). Our Euro-denominated unsecured commercial paper program may be issued in USD or various foreign currencies, including but not limited to, Euros, Sterling, Swiss Francs, Yen, Canadian Dollars, and Australian Dollars, in each case, pursuant to customary terms in the European commercial paper market.
The commercial paper ranks pari passu in right of payment with all of our other unsecured senior indebtedness outstanding, exclusive of unexchanged VEREIT and Spirit bonds, from time to time, including borrowings under our revolving credit facility, our term loans and our outstanding senior unsecured notes (and is structurally subordinated to all our subsidiary debt). Proceeds from commercial paper borrowings are used for general corporate purposes.
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As of March 31, 2024, the balance of borrowings outstanding under our commercial paper programs was $216.0 million, comprised entirely of Euro-denominated borrowings ("EUR borrowings"), as compared to $764.4 million outstanding commercial paper borrowings, including €583.0 million of EUR borrowings, at December 31, 2023. The weighted average interest rate on outstanding borrowings under our commercial paper programs was 4.5% and 3.5% for the three months ended March 31, 2024, and 2023, respectively. As of March 31, 2024, our weighted average interest rate on outstanding borrowings under our commercial paper programs was 4.2%. We use our $4.25 billion revolving credit facility as a liquidity backstop for the repayment of the notes issued under the commercial paper programs. The commercial paper borrowings generally carry a term of less than a year.
We review our credit facility and commercial paper programs and may seek to extend, renew or replace our credit facility and commercial paper programs, to the extent we deem appropriate.
8.    Term Loans
In January 2024, in connection with our merger with Spirit, we entered into an amended and restated term loan agreement (which replaced Spirit's then-existing term loans with various lenders). The amended and restated term loan agreements are fixed through interest rate swaps at a weighted average interest rate of 3.9%. Pursuant to the amended and restated term loan agreement, we borrowed $800.0 million in aggregate total borrowings, $300.0 million of which matures in August 2025 and $500.0 million of which matures in August 2027 (the “$800 million term loan agreement”). We also entered into an amended and restated term loan agreement pursuant to which we borrowed $500.0 million in aggregate total borrowings which matures in June 2025 (the “$500 million term loan agreement”).
Our 2023 term loan agreement allows us to incur up to an aggregate of $1.5 billion in multi-currency borrowings. As of March 31, 2024, we had $1.1 billion in multi-currency borrowings, including $90.0 million, £705.0 million, and €85.0 million in outstanding borrowings. The 2023 term loans mature in January 2025, with one remaining twelve-month maturity extension available at our option. Our A3/A- credit ratings provide for a borrowing rate of 80 basis points over the applicable benchmark rate, which includes adjusted SOFR for USD-denominated loans, adjusted SONIA for Sterling-denominated loans, and EURIBOR for Euro-denominated loans. In January 2024, we entered into interest rate swaps which fix our per annum interest rate at 4.9% until term loan maturity in January 2026.
Deferred financing costs were $2.5 million at March 31, 2024 and are included net of the term loans principal balance, as compared to $0.1 million related to our 2023 term loans at December 31, 2023, on our consolidated balance sheets. These costs are being amortized over the remaining term of the term loans. As of March 31, 2024, we were in compliance with the covenants contained in the term loans.
9.    Mortgages Payable
During the three months ended March 31, 2024, we made $621.2 million in principal payments, including the full repayment of two mortgages for $620.0 million. No mortgages were assumed during the three months ended March 31, 2024. Assumed mortgages are secured by the properties on which the debt was placed and are considered non-recourse debt with limited customary exceptions which vary from loan to loan.
Our mortgages contain customary covenants, such as limiting our ability to further mortgage each applicable property or to discontinue insurance coverage without the prior consent of the lender. At March 31, 2024, we were in compliance with these covenants.
The balance of our deferred financing costs, which are classified as part of 'Mortgages payable, net', on our consolidated balance sheets, was $0.4 million at March 31, 2024 and December 31, 2023, respectively. These costs are being amortized over the remaining term of each mortgage.
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The following table summarizes our mortgages payable as of March 31, 2024 and December 31, 2023 (dollars in millions):

As Of
Number of
Properties (1)
Weighted
Average
Stated
Interest
Rate (2)
Weighted
Average
Effective
Interest
Rate (3)
Weighted
Average
Remaining
Years Until
Maturity
Remaining
Principal
Balance
Unamortized
Premium (Discount)
and Deferred
Financing Costs
Balance, net
Mortgage
Payable
Balance
March 31, 2024494.3 %4.6 %1.3$201.0 $(0.9)$200.1 
December 31, 20231314.8 %3.3 %0.4$822.4 $(0.8)$821.6 
(1)At March 31, 2024, there were 14 mortgages on 49 properties and at December 31, 2023, there were 16 mortgages on 131 properties. With the exception of one Sterling-denominated mortgage which is paid quarterly, the mortgages require monthly payments with principal payments due at maturity. At March 31, 2024 and December 31, 2023, all mortgages were at fixed interest rates.
(2) Stated interest rates ranged from 3.0% to 6.9% at March 31, 2024 and December 31, 2023, respectively.
(3) Effective interest rates ranged from 0.8% to 6.6% and 0.5% to 6.6% at March 31, 2024 and December 31, 2023, respectively.
The following table summarizes the maturity of mortgages payable as of March 31, 2024, excluding $0.9 million related to unamortized net discounts and deferred financing costs (dollars in millions):
Year of Maturity
Principal
2024$119.3
202543.7
202612.0
202722.3
20281.3
Thereafter2.4
Totals
$201.0
10.    Notes Payable
A.    General
At March 31, 2024, our senior unsecured notes and bonds are USD-denominated, Sterling-denominated, and Euro-denominated. Foreign-denominated notes are converted at the applicable exchange rate on the balance sheet date. The carrying value within the table below includes a portion of certain outstanding notes that have been assumed in both current and historical mergers that were not exchanged for new notes issued by Realty Income. We expect to fund the next twelve months of obligations through a combination of the following: (i) cash and cash equivalents, (ii) future cash flows from operations, (ii) issuances of common stock or debt, (iv) additional borrowings under our revolving credit facility and (v) investment dispositions and/or credit investment repayments. The following are sorted by maturity date (in thousands):
Maturity DatesPrincipal (Currency Denomination)Carrying Value (USD) as of
March 31, 2024December 31, 2023
4.600% Notes due 2024
February 6, 2024$499,999 $ $499,999 
3.875% Notes due 2024
July 15, 2024$350,000 350,000 350,000 
3.875% Notes due 2025
April 15, 2025$500,000 500,000 500,000 
4.625% Notes due 2025
November 1, 2025$549,997 549,997 549,997 
5.050% Notes due 2026
January 13, 2026$500,000 500,000 500,000 
0.750% Notes due 2026
March 15, 2026$325,000 325,000 325,000 
4.875% Notes due 2026
June 1, 2026$599,997 599,997 599,997 
4.450% Notes due 2026 (1)
September 15, 2026$299,968 299,968  
4.125% Notes due 2026
October 15, 2026$650,000 650,000 650,000 
1.875% Notes due 2027 (2)
January 14, 2027£250,000 316,025 318,450 
3.000% Notes due 2027
January 15, 2027$600,000 600,000 600,000 
3.200% Notes due 2027 (1)
January 15, 2027$299,984 299,984  
1.125% Notes due 2027 (2)
July 13, 2027£400,000 505,640 509,520 
3.950% Notes due 2027
August 15, 2027$599,873 599,873 599,873 
3.650% Notes due 2028
January 15, 2028$550,000 550,000 550,000 
3.400% Notes due 2028
January 15, 2028$599,816 599,816 599,816 
2.100% Notes due 2028 (1)
March 15, 2028$449,994 449,994  
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Maturity DatesPrincipal (Currency Denomination)Carrying Value (USD) as of
March 31, 2024December 31, 2023
2.200% Notes due 2028
June 15, 2028$499,959 499,959 499,959 
4.700% Notes due 2028
December 15, 2028$400,000 400,000 400,000 
4.750% Notes due 2029
February 15, 2029$450,000 450,000  
3.250% Notes due 2029
June 15, 2029$500,000 500,000 500,000 
4.000% Notes due 2029 (1)
July 15, 2029$399,999 399,999  
3.100% Notes due 2029
December 15, 2029$599,291 599,291 599,291 
3.400% Notes due 2030 (1)
January 15, 2030$500,000 500,000  
4.850% Notes due 2030
March 15, 2030$600,000 600,000 600,000 
3.160% Notes due 2030
June 30, 2030£140,000 176,974 178,332 
4.875% Notes due 2030 (2)
July 6, 2030550,000 594,055 607,915 
1.625% Notes due 2030 (2)
December 15, 2030£400,000 505,640 509,520 
3.250% Notes due 2031
January 15, 2031$950,000 950,000 950,000 
3.200% Notes due 2031 (1)
February 15, 2031$449,995 449,995  
5.750% Notes due 2031 (2)
December 5, 2031£300,000 379,230 382,140 
2.700% Notes due 2032 (1)
February 15, 2032$350,000 350,000  
3.180% Notes due 2032
June 30, 2032£345,000 436,115 439,461 
5.625% Notes due 2032
October 13, 2032$750,000 750,000 750,000 
2.850% Notes due 2032
December 15, 2032$699,655 699,655 699,655 
1.800% Notes due 2033
March 15, 2033$400,000 400,000 400,000 
1.750% Notes due 2033 (2)
July 13, 2033£350,000 442,435 445,830 
4.900% Notes due 2033
July 15, 2033$600,000 600,000 600,000 
5.125% Notes due 2034
February 15, 2034