Item 15. Exhibits and Financial Statement Schedules

60K characters. Original on sec.gov ·

Item 15. Exhibits and Financial Statement Schedules

A. The following documents are filed as part of this report.

Financial Statements (see Item 8)

a. Reports of Independent Registered Public Accounting Firm

b. Consolidated Balance Sheets,

December 31, 2020 and 2019

c. Consolidated Statements of Income and Comprehensive Income,

Years ended December 31, 2020, 2019 and 2018

d. Consolidated Statements of Equity,

Years ended December 31, 2020, 2019 and 2018

e. Consolidated Statements of Cash Flows,

Years ended December 31, 2020, 2019 and 2018

f. Notes to Consolidated Financial Statements

g. Consolidated Quarterly Financial Data (unaudited), for 2020 and 2019

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Table of Contents

Financial Statement Schedule. Reference is made to page F-1 of this report for Schedule III Real Estate and Accumulated Depreciation (electronically filed with the Securities and Exchange Commission).

Schedules not Filed: All schedules, other than those indicated in the Table of Contents, have been omitted as the required information is either not material, inapplicable or the information is presented in the financial statements or related notes.

Exhibits

Articles of Incorporation and By-Laws


Exhibit No.						Description

2.1						Agreement and Plan of Merger, dated as of September 6, 2012 (File No. 001-13374), by and among Realty Income Corporation, Tau Acquisition LLC and American Realty Capital Trust, Inc. (filed as exhibit 2.1 to the Company’s Form 8-K, filed on September 6, 2012 and incorporated herein by reference).
2.2						First Amendment to Agreement and Plan of Merger, dated as of January 6, 2013, by and among Realty Income Corporation, Tau Acquisition LLC and American Realty Capital Trust, Inc. (filed as exhibit 2.1 to the Company’s Form 8-K, filed on January 7, 2013 (File No. 001-13374) and incorporated herein by reference).
3.1						Articles of Incorporation of the Company, as amended by amendment No. 1 dated May 10, 2005 and amendment No. 2 dated May 10, 2005 (filed as exhibit 3.1 to the Company’s Form 10-Q for the quarter ended June 30, 2005 (File No. 033-69410) and incorporated herein by reference).
3.2						Articles of Amendment dated July 29, 2011 (filed as exhibit 3.1 to the Company's Form 8-K, filed on August 2, 2011 (File No. 001-13374) and incorporated herein by reference).
3.3						Articles of Amendment dated June 21, 2012 (filed as exhibit 3.1 to the Company's Form 8-K, filed on June 21, 2012 (File No. 001-13374) and incorporated herein by reference).
3.4						Articles of Amendment dated May 14, 2019 (filed as exhibit 3.1 to the Company's Form 8-K, filed on May 16, 2019 (File No. 001-13374) and incorporated herein by reference).
3.5						Amended and Restated Bylaws of the Company dated February 19, 2020 (filed as exhibit 3.1 to the Company’s Form 8-K, filed on February 20, 2020 (File No. 001-13374) and incorporated herein by reference).
3.6						Articles Supplementary dated June 30, 1998 establishing the terms of the Company's Class A Junior Participating Preferred Stock (filed as exhibit A to exhibit 1 of Form 8-A12B, filed on June 26, 1998 (File No. 001-13374) and incorporated herein by reference).
3.7						Articles Supplementary dated May 24, 1999 establishing the terms of the Company's 93/8% Class B Cumulative Redeemable Preferred Stock (filed as exhibit 4.1 on Form 8-K, filed on May 25, 1999 (File No. 001-13374) and incorporated herein by reference).
3.8						Articles Supplementary dated July 28, 1999 establishing the terms of the Company's 91/2% Class C Cumulative Redeemable Preferred Stock (filed as exhibit 4.1 on Form 8-K, filed on July 30, 1999 (File No. 001-13374) and incorporated herein by reference).
3.9						Articles Supplementary dated May 24, 2004 and the Articles Supplementary dated October 18, 2004 establishing the terms of the Company's 7.375% Monthly Income Class D Cumulative Redeemable Preferred Stock (filed as exhibit 3.8 on Form 8-A12B, filed on May 25, 2004 (File No. 001-13374) and incorporated herein by reference).
3.10						Articles Supplementary dated November 30, 2006 establishing the terms of the Company's 6.75% Monthly Income Class E Cumulative Redeemable Preferred Stock (filed as exhibit 3.5 on Form 8-A12B, filed on December 5, 2006 (File No. 001-13374) and incorporated herein by reference).
3.11						Articles Supplementary to the Articles of Incorporation of the Company classifying and designating the 6.625% Monthly Income Class F Cumulative Redeemable Preferred Stock, dated February 3, 2012 (the “First Class F Articles Supplementary”) (filed as exhibit 3.1 to the Company’s Form 8-K, filed on February 3, 2012 (File No. 001-13374) and incorporated herein by reference).
3.12						Certificate of Correction to the First Class F Articles Supplementary, dated April 11, 2012 (filed as exhibit 3.2 to the Company’s Form 8-K, filed on April 17, 2012 (File No. 001-13374) and incorporated herein by reference).
3.13						Articles Supplementary to the Articles of Incorporation of the Company classifying and designating additional shares of the 6.625% Monthly Income Class F Cumulative Redeemable Preferred Stock, dated April 17, 2012 (filed as exhibit 3.3 to the Company’s Form 8-K, filed on April 17, 2012 (File No. 001-13374) and incorporated herein by reference).
Instruments defining the rights of security holders, including indentures
4.1						Indenture dated as of October 28, 1998 between the Company and The Bank of New York (filed as exhibit 4.1 to the Company’s Form 8-K, filed on October 28, 1998 (File No. 001-13374) and incorporated herein by reference).
4.2						Form of 5.875% Senior Notes due 2035 (filed as exhibit 4.2 to the Company’s Form 8-K, filed on March 11, 2005 (File No. 033-69410) and incorporated herein by reference).
4.3						Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York, as Trustee, establishing a series of securities entitled 5.875% Senior Debentures due 2035 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on March 11, 2005 (File No. 033-69410) and incorporated herein by reference).
4.4						Form of Common Stock Certificate (filed as exhibit 4.16 to the Company’s Form 10-Q for the quarter ended September 30, 2011, filed on October 28, 2011 (File No. 001-13374) and incorporated herein by reference).

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4.5						Form of 4.650% Note due 2023 (filed as exhibit 4.2 to Company’s Form 8-K, filed on July 16, 2013 (File No. 001-13374) and incorporated herein by reference).
4.6						Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee, establishing a series of securities entitled “4.650% Notes due 2023” (filed as exhibit 4.3 to the Company’s Form 8-K, filed on July 16, 2013 (File No. 001-13374) and incorporated herein by reference).
4.7						Form of 3.875% Note due 2024 (filed as exhibit 4.2 to Company’s Form 8-K, filed on June 25, 2014 and incorporated herein by reference).
4.8						Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee, establishing a series of securities entitled “3.875% Notes due 2024” (filed as exhibit 4.3 to the Company’s Form 8-K, filed on June 25, 2014 and incorporated herein by reference).
4.9						Form of 4.125% Note due 2026 (filed as exhibit 4.2 to Company’s Form 8-K, filed on September 23, 2014 and incorporated herein by reference).
4.10						Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee, establishing a series of securities entitled “4.125% Notes due 2026” (filed as exhibit 4.3 to the Company’s Form 8-K, filed on September 23, 2014 and incorporated herein by reference).
4.11						Form of 3.000% Note due 2027 (filed as exhibit 4.2 to Company’s Form 8-K, filed on October 12, 2016 and incorporated herein by reference).
4.12						Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee, establishing a series of securities entitled “3.000% Notes due 2027” (filed as exhibit 4.3 to the Company’s Form 8-K, filed on October 12, 2016 and incorporated herein by reference).
4.13						Form of 4.650% Note due 2047 (filed as exhibit 4.2 to Company’s Form 8-K, filed on March 15, 2017 and incorporated herein by reference).
4.14						Form of 4.125% Note due 2026 (filed as exhibit 4.3 to Company’s Form 8-K, filed on March 15, 2017 and incorporated herein by reference).
4.15						Officers’ Certificate pursuant to Sections 201, 301, and 303 of the Indenture dated October 28, 1998 between the Company and The bank of New York Mellon Trust Company, N.A. as successor trustee, establishing a series of securities entitled “4.650% Notes due 2047” and re-opening a series of securities entitled “4.125% Notes due 2026” (filed as exhibit 4.4 to Company’s Form 8-K, filed on March 15, 2017 and incorporated herein by reference).
4.16						Form of 3.650% Note due 2028 (filed as exhibit 4.2 to Company’s Form 8-K, filed on December 6, 2017 and incorporated herein by reference).
4.17						Form of 4.650% Note due 2047 (filed as exhibit 4.4 to Company’s Form 8-K, filed on December 6, 2017 and incorporated herein by reference).
4.18						Form of 3.875% Note due 2025 (filed as exhibit 4.2 to Company’s Form 8-K, filed on April 4, 2018 and incorporated herein by reference).
4.19						Officers’ Certificate pursuant to Sections 201, 301, and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A. as successor trustee, establishing a series of securities entitled “3.875% Notes due 2025” and re-opening a series of securities entitled “4.125% Notes due 2026” (filed as exhibit 4.3 to Company’s Form 8-K, filed on April 4, 2018 and incorporated herein by reference).
4.20						Form of 3.250% Note due 2029 (filed as exhibit 4.2 to the Company's Form 8-K, filed on June 19, 2019 and incorporated herein by reference).
4.21						Officers’ Certificate pursuant to Sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee, establishing a series of securities entitled “3.250% Notes due 2029." (filed as exhibit 4.3 to the Company's Form 8-K, filed on June 19, 2019 and incorporated herein by reference).
4.22*						Description of Securities.
4.23						Form of 3.250% Note due 2031 (filed as exhibit 4.2 to the Company’s Form 8-K, filed on May 8, 2020 and incorporated herein by reference).
4.24						Form of 3.250% Note due 2031 (filed as exhibit 4.2 to the Company's Form 8-K, filed on July 16, 2020 and incorporated herein by reference).
4.25						Officers' Certificate, dated May 8, 2020, pursuant to Sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee, establishing a series of securities entitled "3.250% Notes due 2031." (filed as exhibit 4.3 to the Company's Form 8-K, filed on May 8, 2020, and incorporated herein by reference).
4.26						Officers' Certificate, dated July 16, 2020, pursuant to Sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee, re-opening a series of securities entitled "3.250% Notes due 2031." (filed as exhibit 4.3 to the Company's Form 8-K, filed on July 16, 2020, and incorporated herein by reference).
4.27						Form of 1.625% Note due 2030 (filed as exhibit 4.2 to the Company’s Form 8-K, filed on October 1, 2020 and incorporated herein by reference).
4.28						Officers’ Certificate dated October 1, 2020 pursuant to Sections 201, 301 and 303 of the Indenture dated as of October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee, establishing a series of securities entitled “1.625% Notes due 2030” (filed as an Exhibit 4.3 to the Company’s Form 8-K, filed on October 1, 2020 and incorporated herein by reference).
4.29						Form of 0.750% Note due 2026 (filed as exhibit 4.2 to the Company’s Form 8-K, filed on December 14, 2020 and incorporated herein by reference).
4.30						Form of 1.800% Note due 2033 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on December 1 4 , 2020 and incorporated herein by reference).

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4.31						Officers’ Certificate dated December 14, 2020 pursuant to Sections 201, 301 and 303 of the Indenture dated as of October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee, establishing a series of debt securities entitled “0.750% Notes due 2026” and a series of debt securities entitled “1.800% Notes due 2033” (filed as an Exhibit 4.4 to the Company's Form 8-K, filed on December 14, 2020 and incorporated herein by reference).
Material Contracts
10.1+						Management Incentive Plan (filed as Exhibit 10.10 to the Company’s Form 10-K for the year ended December 31, 1997, filed on March 20, 1998 (File No. 001-13374) and incorporated herein by reference).
10.2+						Form of Nonqualified Stock Option Agreement for Independent Directors (filed as Exhibit 10.11 to the Company’s Form 10-K for the year ended December 31, 1997, filed on March 20, 1998 (File No. 001-13374) and incorporated herein by reference).
10.3+						Form of Restricted Stock Agreement between the Company and Executive Officers under the 2003 Stock Incentive Award Plan of Realty Income Corporation (filed as exhibit 10.11 to the Company’s Form 8-K, filed on January 6, 2005 and dated January 1, 2005 (File No. 001-13374) and incorporated herein by reference).
10.4+						2003 Stock Incentive Award Plan of Realty Income Corporation, as amended and restated February 21, 2006 (filed as exhibit 10.10 to the Company’s Form 10-K for the year ended December 31, 2005, filed on February 23, 2006 (File No. 033-69410) and incorporated herein by reference).
10.5+						Amendment dated May 15, 2007 to the Amended and Restated 2003 Stock Incentive Award Plan of Realty Income Corporation (filed as exhibit 10.1 to the Company’s Form 10-Q, for the quarter ended June 30, 2007 and incorporated herein by reference).
10.6+						Form of Restricted Stock Agreement under the 2003 Stock Incentive Award Plan of Realty Income Corporation (filed as exhibit 10.2 to the Company’s Form 10-Q, for the quarter ended June 30, 2007, filed on August 2, 2007 (File No. 001-13374) and incorporated herein by reference).
10.7+						Amended and Restated Form of Employment Agreement between the Company and its Executive Officers (filed as exhibit 10.1 to the Company’s Form 8-K, filed on January 7, 2010 and dated January 5, 2010 (File No. 001-13374) and incorporated herein by reference).
10.8+						Realty Income Corporation 2012 Incentive Award Plan (filed as Appendix B to the Company’s Proxy Statement on Schedule 14A filed on March 30, 2012 and incorporated herein by reference).
10.9+						Form of Restricted Stock Agreement for Employees under the Realty Income Corporation 2012 Incentive Award Plan (filed as exhibit 10.1 to the Company’s Form 8-K, filed on January 8, 2013 (File No. 001-13374) and incorporated herein by reference).
10.10+						Form of Restricted Stock Agreement for Non-Employee Directors under the Realty Income Corporation 2012 Incentive Award Plan (filed as exhibit 10.2 to the Company’s Form 8-K, filed on January 8, 2013 (File No. 001-13374) and incorporated herein by reference).
10.11+						Form of Amendment to Employment Agreement (filed as exhibit 10.1 to the Company’s Form 8-K, filed on June 19, 2013 (File No. 001-13374) and incorporated herein by reference).
10.12+						Form of Addendum to Restricted Stock Agreement (filed as exhibit 10.2 to the Company’s Form 8-K, filed on June 19, 2013 (File No. 001-13374) and incorporated herein by reference).
10.13+						Amended and Restated Form Indemnification Agreement, between the Company and each executive officer and each director of the Board of Directors of the Company (filed as exhibit 10.1 to the Company’s Form 8-K, filed on October 30, 2014 and incorporated herein by reference).
10.14+						Form of Performance Share Award Agreement (filed as exhibit 10.1 to the Company’s Form 10-Q, filed on April 30, 2015 and incorporated herein by reference).
10.15+						Dividend Reinvestment and Stock Purchase Plan (filed pursuant to Rule 424(b)(5) under the Securities Act of 1933, as amended, on February 23, 2015, as a prospectus supplement to the Company’s prospectus dated February 22, 2013 (File No. 333-186788) and incorporated herein by reference).
10.16+						Dividend Reinvestment and Stock Purchase Plan (filed pursuant to Rule 424(b)(5) under the Securities Act of 1933, as amended, on July 30, 2015, as a prospectus supplement to the Company’s prospectus dated February 22, 2013 (File No. 333-186788) and incorporated herein by reference).
10.17+						Form of Restricted Stock Agreement (filed as exhibit 10.30 to the Company’s Form 10-K for the year ended December 31, 2015 and incorporated herein by reference).
10.18+						Form of Restricted Stock Unit Award Agreement (filed as exhibit 10.31 to the Company’s Form 10-K for the year ended December 31, 2015 and incorporated herein by reference).
10.19+						Form of Second Amendment to Employment Agreement (filed as exhibit 10.32 to the Company’s Form 10-K for the year ended December 31, 2015 and incorporated herein by reference).
10.20+						First Amendment to Realty Income Corporation 2012 Incentive Award Plan. (filed as exhibit 10.33 to the Company’s Form 10-K, filed on February 23, 2017 and incorporated herein by reference).
10.21+						Second Amendment to Realty Income Corporation 2012 Incentive Award Plan (filed as exhibit 10.1 to the Company’s Form 8-K, filed on February 17, 2017 and incorporated herein by reference).
10.22+						Form of Performance Share Award Agreement (filed as exhibit 10.3 to the Company’s Form 10-Q for the quarter ended March 31, 2017 and incorporated herein by reference).
10.23+						Realty Income Executive Severance Plan dated January 15, 2019 (filed as exhibit 10.1 to the Company's Form 8-K, filed on January 18, 2019 and incorporated herein by reference).
10.24+						Form of Participation Agreement to Realty Income Executive Severance Plan dated January 15, 2019 (filed as exhibit 10.2 to the Company's Form 8-K, filed on January 18, 2019 and incorporated herein by reference).
10.25						Second Amended and Restated Credit Agreement dated August 7, 2019 (filed as exhibit 10.1 to the Company's Form 8-K, filed on August 12, 2019 and incorporated herein by reference).
10.26+						Severance Agreement and General Release dated January 29, 2020 (filed as exhibit 10.1 to the Company's Form 8-K, filed on January 30, 2020 and incorporated herein by reference).
10.27+						Participation Agreement to Realty Income Executive Severance Plan, dated as of October 12, 2020, by and between Realty Income Corporation and Christie B. Kelly. (filed as exhibit 10.1 to the Company’s Form 8-K, filed on October 13, 2020 and incorporated herein by reference).

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Subsidiaries of the Registrant
21.1*						Subsidiaries of the Company as of February 23, 2021.
Consents of Experts and Counsel
23.1*						Consent of Independent Registered Public Accounting Firm.
Certifications
31.1*						Rule 13a-14(a) Certifications as filed by the Chief Executive Officer pursuant to SEC release No. 33-8212 and 34-47551.
31.2*						Rule 13a-14(a) Certifications as filed by the Chief Financial Officer pursuant to SEC release No. 33-8212 and 34-47551.
32*						Section 1350 Certifications as furnished by the Chief Executive Officer and the Chief Financial Officer pursuant to SEC release No. 33-8212 and 34-47551.
Interactive Data Files
101*						The following materials from Realty Income Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020, formatted in Extensible Business Reporting Language: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income and Comprehensive Income, (iii) Consolidated Statements of Stockholders’ Equity, (iv) Consolidated Statements of Cash Flows, (v) Notes to Consolidated Financial Statements, and (vi) Schedule III Real Estate and Accumulated Depreciation.
104*						The cover page from the Company's Annual Report on Form 10-K for the year ended December 31, 2020, formatted in Inline Extensible Business Reporting Language.
* Filed herewith.
+ Indicates a management contract or compensatory plan or arrangement.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

REALTY INCOME CORPORATION


By:	/s/SUMIT ROY	Date: February 23, 2021
	Sumit Roy
	President, Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:	/s/MICHAEL D. MCKEE	Date: February 23, 2021
	Michael D. McKee
	Non-Executive Chairman of the Board of Directors

By:	/s/KATHLEEN R. ALLEN, Ph.D.	Date: February 23, 2021
	Kathleen R. Allen, Ph.D.
	Director

By:	/s/A. LARRY CHAPMAN	Date: February 23, 2021
	A. Larry Chapman
	Director

By:	/s/REGINALD H. GILYARD	Date: February 23, 2021
	Reginald H. Gilyard
	Director

By:	/s/PRIYA CHERIAN HUSKINS	Date: February 23, 2021
	Priya Cherian Huskins
	Director

By:	/s/GERARDO I. LOPEZ	Date: February 23, 2021
	Gerardo I. Lopez
	Director

By:	/s/GREGORY T. MCLAUGHLIN	Date: February 23, 2021
	Gregory T. McLaughlin
	Director

By:	/s/RONALD L. MERRIMAN	Date: February 23, 2021
	Ronald L. Merriman
	Director

By:	/s/SUMIT ROY	Date: February 23, 2021
	Sumit Roy
	Director, President, Chief Executive Officer
	(Principal Executive Officer)

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By:	/s/CHRISTIE B. KELLY	Date: February 23, 2021
	Christie B. Kelly
	Executive Vice President, Chief Financial Officer and Treasurer
	(Principal Financial Officer)

By:	/s/SEAN P. NUGENT	Date: February 23, 2021
	Sean P. Nugent
	Senior Vice President, Controller
	(Principal Accounting Officer)

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REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2020


			Initial Cost to Company		Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at Close of Period (Notes 3, 4 and 6)
Description	Number of Properties (Note 1)	Encumbrances (Note 2)	Land	Buildings, Improvements and Acquisition Fees	Improvements	Carrying Costs	Land	Buildings, Improvements and Acquisition Fees	Total	Accumulated Depreciation (Note 5)	Date of Construction	Date Acquired	Life on which depreciation in latest Income Statement is Computed (in Years)

U.S.
Aerospace	5	12,811,485	6,890,774	110,783,380	222,669	—	6,890,774	111,006,049	117,896,823	32,439,224	1994-2013	6/20/2011-6/27/2013	25-35
Apparel stores	37	13,925,000	73,267,619	183,914,767	3,472,987	199,362	73,267,619	187,587,116	260,854,735	48,433,166	1970-2012	10/30/1987-10/6/2020	4-25
Automotive collision services	83	—	59,995,209	140,125,701	1,800,680	10,000	59,995,209	141,936,381	201,931,590	33,434,601	1928-2020	8/30/2002-7/7/2020	19-25
Automotive parts	251	—	98,784,470	252,803,413	4,702,685	826,885	98,784,470	258,332,983	357,117,453	73,960,839	1969-2020	8/6/1987-10/28/2020	15-25
Automotive service	319	—	156,569,614	244,468,843	513,914	147,524	156,569,614	245,130,281	401,699,895	73,360,221	1920-2019	10/2/1985-12/23/2020	14-25
Automotive tire services	202	—	126,835,381	234,004,107	727,127	97,335	126,835,381	234,828,569	361,663,950	123,637,853	1947-2017	11/27/1985-12/14/2020	10-25
Beverages	20	—	217,138,252	174,982,150	—	147	217,138,252	174,982,297	392,120,549	44,754,449	1992-2020	6/25/2010-11/9/2020	25-35
Book Stores	1	—	998,250	3,696,707	129,751	79	998,250	3,826,537	4,824,787	3,590,046	1996	3/11/1997	25
Child care	278	—	98,644,904	221,368,767	5,240,741	901,323	98,644,904	227,510,831	326,155,735	109,437,582	1958-2018	12/22/1981-10/30/2020	4-25
Consumer electronics	12	—	22,731,086	28,326,134	939,944	51,616	22,731,086	29,317,694	52,048,780	12,093,963	1992-2003	6/9/1997-12/7/2020	23-25
Consumer goods	4	—	7,663,458	124,173,738	894,295	—	7,663,458	125,068,033	132,731,491	26,065,011	1987-2011	1/22/2013-9/22/2015	34-35
Convenience stores	1,255	—	1,067,078,213	1,402,601,795	(598,228)	145,384	1,067,078,213	1,402,148,951	2,469,227,164	368,222,563	1949-2020	3/3/1995-10/30/2020	5-25
Crafts and novelties	29	—	53,819,025	124,854,660	995,404	440,482	53,819,025	126,290,546	180,109,571	18,551,249	1974-2020	11/26/1996-9/29/2020	22-34
Diversified industrial	8	9,790,000	12,501,884	140,181,089	139,970	—	12,501,884	140,321,059	152,822,943	21,274,393	1987-2015	9/19/2012-10/30/2020	25-35
Dollar stores	1,337	11,127,000	436,860,261	1,283,734,718	1,749,982	8,879	436,860,261	1,285,493,579	1,722,353,840	302,143,582	1935-2020	2/3/1998-11/6/2020	21-25
Drug stores	384	123,224,723	575,380,313	1,331,712,483	3,288,007	100,379	575,380,313	1,335,100,869	1,910,481,182	355,374,686	1965-2015	9/30/1998-12/16/2019	9-35
Education	13	—	5,689,836	19,699,816	389,722	130,135	5,689,836	20,219,673	25,909,509	16,215,093	1980-2000	12/19/1984-6/28/2006	12-25
Electric utilities	1	—	1,450,000	9,209,989	—	—	1,450,000	9,209,989	10,659,989	1,941,726	1983	8/30/2013	35
Entertainment	10	—	28,373,479	10,617,464	515,457	—	28,373,479	11,132,921	39,506,400	6,634,393	1989-1999	3/26/1998-9/11/2014	24-25
Equipment services	6	—	3,889,283	38,989,570	650,489	140	3,889,283	39,640,199	43,529,482	11,916,443	2000-2014	7/3/2003-12/2/2019	25-35
Financial services	238	—	115,289,112	351,027,648	(4,403,463)	101,099	115,289,112	346,725,284	462,014,396	87,506,735	1807-2015	3/10/1987-6/29/2018	15-35
Food processing	6	28,533,002	13,025,055	151,759,842	210,468	—	13,025,055	151,970,310	164,995,365	25,524,794	1988-2019	4/1/2011-9/27/2019	25-35
General merchandise	122	—	199,207,356	619,215,984	(6,200,698)	557,868	199,207,356	613,573,154	812,780,510	81,974,326	1954-2020	8/6/1987-12/23/2020	15-35
Government services	16	—	8,093,555	121,520,749	3,517,744	—	8,093,555	125,038,493	133,132,048	29,653,734	1983-2011	9/17/2009-1/22/2013	25-35
Grocery stores	132	38,621,000	276,250,552	783,434,945	1,821,243	325,183	276,250,552	785,581,371	1,061,831,923	154,197,849	1948-2020	5/26/1988-12/22/2020	20-35
Health and beauty	2	—	2,475,474	43,935,914	—	—	2,475,474	43,935,914	46,411,388	3,256,609	2005-2017	11/1/2006-4/13/2018	25-35
Health and fitness	103	—	251,062,948	1,054,810,217	7,735,262	172,145	251,062,948	1,062,717,624	1,313,780,572	262,990,060	1940-2019	5/31/1995-3/19/2020	23-25
Health care	66	—	51,510,133	298,522,788	4,046,245	1,285,766	51,510,133	303,854,799	355,364,932	66,121,271	1930-2018	9/9/1991-12/2/2019	16-35
Home furnishings	64	9,700,000	31,810,693	109,453,697	2,365,455	127,944	31,810,693	111,947,096	143,757,789	34,126,430	1968-2015	1/24/1984-1/13/2020	15-35
Home improvement	83	6,095,360	224,674,137	465,949,401	2,472,665	75,210	224,674,137	468,497,276	693,171,413	84,948,975	1950-2015	12/22/1986-11/23/2020	23-35
Insurance	1	—	634,343	6,331,030	—	—	634,343	6,331,030	6,965,373	2,120,895	2012	8/28/2012	25
Jewelry	4	—	—	8,268,989	—	—	—	8,268,989	8,268,989	2,632,294	2006-2008	1/22/2013	25
Machinery	1	—	1,630,917	12,938,430	—	—	1,630,917	12,938,430	14,569,347	4,377,502	2010	7/31/2012	25
Motor vehicle dealerships	28	—	115,897,045	143,335,317	—	231	115,897,045	143,335,548	259,232,593	56,030,088	1975-2017	5/13/2004-3/29/2019	25
Office supplies	7	—	8,281,041	13,776,478	875,115	349,599	8,281,041	15,001,192	23,282,233	12,683,737	1995-2014	1/29/1997-12/2/2019	23-25
Other manufacturing	7	23,664,607	8,893,136	78,526,394	1,676,794	239,723	8,893,136	80,442,911	89,336,047	14,216,221	1989-2016	1/22/2013-12/21/2016	34-35
Packaging	10	1,809,877	20,323,553	163,114,123	2,480,121	—	20,323,553	165,594,244	185,917,797	33,290,751	1965-2016	6/3/2011-12/20/2017	25-35

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2020


			Initial Cost to Company		Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at Close of Period (Notes 3, 4 and 6)
Description	Number of Properties (Note 1)	Encumbrances (Note 2)	Land	Buildings, Improvements and Acquisition Fees	Improvements	Carrying Costs	Land	Buildings, Improvements and Acquisition Fees	Total	Accumulated Depreciation (Note 5)	Date of Construction	Date Acquired	Life on which depreciation in latest Income Statement is Computed (in Years)

Paper	2	—	2,462,414	11,934,685	44,760	—	2,462,414	11,979,445	14,441,859	3,834,776	2002-2006	5/2/2011-12/21/2012	25-35
Pet supplies and services	43	2,509,000	26,418,753	114,773,425	5,541,147	243,582	26,418,753	120,558,154	146,976,907	25,506,704	1950-2019	12/22/1981-11/24/2020	11-35
Restaurants - casual dining	263	—	225,489,972	416,077,090	(1,386,447)	1,936,522	225,489,972	416,627,165	642,117,137	126,891,240	1965-2018	5/16/1984-12/2/2019	10-40
Restaurants - quick service	907	—	434,309,094	806,191,905	865,353	212,582	434,309,094	807,269,840	1,241,578,934	178,660,444	1968-2019	12/9/1976-10/12/2020	11-26
Shoe stores	3	—	6,251,472	35,793,479	214,466	214,706	6,251,472	36,222,651	42,474,123	10,836,836	1996-2008	3/26/1998-1/22/2013	23-35
Sporting goods	20	—	34,594,645	101,810,538	997,950	178,206	34,594,645	102,986,694	137,581,339	29,388,411	1950-2016	10/17/2001-12/2/2019	19-25
Telecommunications	7	—	9,269,789	68,360,132	1,484,421	21,884	9,269,789	69,866,437	79,136,226	20,270,489	1990-2016	6/26/1998-12/10/2015	22-35
Theaters	78	—	227,724,561	742,442,923	8,987,908	270	227,724,561	751,431,101	979,155,662	212,038,075	1930-2014	7/27/2000-8/13/2019	21-25
Transportation services	44	—	102,948,288	800,700,134	3,051,181	401,593	102,948,288	804,152,908	907,101,196	177,461,019	1967-2016	4/1/2003-9/6/2016	25-35
Wholesale clubs	33	17,820,000	191,190,334	328,001,563	(3,889,900)	—	191,190,334	324,111,663	515,301,997	107,718,055	1985-2015	9/30/2011-9/25/2020	25
Other	6	—	7,254,447	24,355,185	887,023	18,796	7,254,447	25,261,004	32,515,451	6,351,227	1982-1997	5/29/1984-9/13/2013	23-35

U.K.
Grocery stores	31	—	568,612,041	586,831,469	—	—	568,612,041	586,831,469	1,155,443,510	23,683,408	1975-2020	5/23/2019-12/24/2020	25-167
Health care	2	—	8,902,803	17,341,109	—	—	8,902,803	17,341,109	26,243,912	447,303	2000	3/23/2020	63-71
Home improvement	8	—	101,275,951	86,969,771	—	—	101,275,951	86,969,771	188,245,722	956,356	1986-2006	7/31/2020-12/2/2020	25
Theaters	1	—	1,561,502	—	—	—	1,561,502	—	1,561,502	—	2011	12/18/2019	N/A
	6,593	299,631,054	6,331,886,427	14,647,754,645	59,170,409	9,522,579	6,331,886,427	14,716,447,633	21,048,334,060	3,563,177,697

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION


Note 1.	Realty Income Corporation owns 6,503 single-client properties in the United States and Puerto Rico, our corporate headquarters property in San Diego, California and 39 single-client properties in the United Kingdom. Crest Net Lease, Inc. owns 13 single-client properties in the United States.
	Realty Income Corporation also owns 34 multi-client properties located in the United States and owns three multi-client properties located in the United Kingdom.

Note 2.	Includes mortgages payable secured by 68 properties, but excludes unamortized net debt premiums of $1.7 million.

Note 3.	The aggregate cost for federal income tax purposes for Realty Income Corporation is $22,741,595,516 and for Crest Net Lease, Inc. is $92,643,698.

Note 4.	The following is a reconciliation of total real estate carrying value for the years ended December 31:	2020	2019	2018

	Balance at Beginning of Period	19,637,626,852	16,566,601,986	15,027,043,415

	Additions During Period:
	Acquisitions	2,163,707,260	3,644,884,106	1,802,745,841
	Less amounts allocated to acquired lease intangible assets and liabilities on our Consolidated Balance Sheets	(382,849,836)	(401,318,627)	(89,474,897)
	Improvements, Etc.	6,194,424	17,447,145	23,043,158
	Other (Leasing Costs and Building Adjustments as a result of net debt premiums) (1)	22,489,716	2,740,797	2,839,574

	Total Additions	1,809,541,564	3,263,753,421	1,739,153,676

	Deductions During Period:
	Cost of Real Estate sold	253,505,789	129,736,613	165,023,825
	Cost of Equipment sold	24,799	11,200	15,650
	Releasing costs	258,513	673,647	232,089
	Other (including Provisions for Impairment) (2)	195,003,525	87,951,488	34,323,541

	Total Deductions	448,792,626	218,372,948	199,595,105

	Foreign Currency Translation	49,958,270	25,644,393	—

	Balance at Close of Period	21,048,334,060	19,637,626,852	16,566,601,986

	(1) Includes reclassification of $22.5 million right of use assets under finance leases in 2020.

	(2) Includes provision for impairment and, for the year ended 2019, a reclassification of $36.9 million of right of use assets under finance leases in accordance with the adoption of ASC 842, Leases, on January 1, 2019.


Note 5.	The following is a reconciliation of accumulated depreciation for the years ended:

	Balance at Beginning of Period	3,140,854,604	2,723,085,290	2,350,544,126

	Additions During Period - Provision for Depreciation	531,908,615	481,498,979	432,482,396

	Deductions During Period:
	Accumulated depreciation of real estate and equipment sold or disposed of	110,914,744	64,053,838	59,941,232

	Foreign Currency Translation	1,329,222	324,174	—

	Balance at Close of Period	3,563,177,697	3,140,854,604	2,723,085,290

Note 6.	In 2020, provisions for impairment were recorded on ninety-nine Realty Income properties.
	In 2019, provisions for impairment were recorded on fifty-one Realty Income properties.
	In 2018, provisions for impairment were recorded on forty-four Realty Income properties.

	See report of independent registered public accounting firm.

Previous: Item 14. Principal Accounting Fees and Services