Item 16. Form 10-K Summary

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Item 16. Form 10-K Summary

None.

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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, 2022
	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, 2022
	Michael D. McKee
	Non-Executive Chairman of the Board of Directors

By:	/s/KATHLEEN R. ALLEN, Ph.D.	Date: February 23, 2022
	Kathleen R. Allen, Ph.D.
	Director

By:	/s/PRISCILLA ALMODOVAR	Date: February 23, 2022
	Priscilla Almodovar
	Director

By:	/s/JACQUELINE BRADY	Date: February 23, 2022
	Jacqueline Brady
	Director

By:	/s/A. LARRY CHAPMAN	Date: February 23, 2022
	A. Larry Chapman
	Director

By:	/s/REGINALD H. GILYARD	Date: February 23, 2022
	Reginald H. Gilyard
	Director

By:	/s/MARY HOGAN PREUSSE	Date: February 23, 2022
	Mary Hogan Preusse
	Director

By:	/s/PRIYA CHERIAN HUSKINS	Date: February 23, 2022
	Priya Cherian Huskins
	Director

By:	/s/GERARDO I. LOPEZ	Date: February 23, 2022
	Gerardo I. Lopez
	Director

By:	/s/GREGORY T. MCLAUGHLIN	Date: February 23, 2022
	Gregory T. McLaughlin
	Director

-117-

Table of Contents



By:	/s/RONALD L. MERRIMAN	Date: February 23, 2022
	Ronald L. Merriman
	Director

By:	/s/SUMIT ROY	Date: February 23, 2022
	Sumit Roy
	Director, President, Chief Executive Officer
	(Principal Executive Officer)





By:	/s/CHRISTIE B. KELLY	Date: February 23, 2022
	Christie B. Kelly
	Executive Vice President, Chief Financial Officer and Treasurer
	(Principal Financial Officer)

By:	/s/SEAN P. NUGENT	Date: February 23, 2022
	Sean P. Nugent
	Senior Vice President, Controller, Principal Accounting Officer
	(Principal Accounting Officer)

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REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2021

(dollars in thousands)


				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

U.S.
Advertising	6	$	—	$	18,736	$	70,501	$	—	$	—	$	18,736	$	70,501	$	89,237	$	1,467	2009			11/1/2006	-	3/26/2021
Aerospace	5	24,133		6,891		98,840		223		—		6,891		99,063		105,954		31,484		1994	-	2013	6/20/2011	-	6/27/2013
Apparel stores	61	58,252		133,371		388,122		3,611		199		133,371		391,932		525,303		54,990		1972	-	2021	10/30/1987	-	9/29/2021
Automotive collision services	139	—		100,475		232,512		2,688		10		100,475		235,210		335,685		41,218		1920	-	2020	8/30/2002	-	12/17/2021
Automotive parts	397	1,316		156,461		371,138		5,189		827		156,461		377,154		533,615		85,069		1969	-	2020	8/6/1987	-	11/30/2021
Automotive service	566	—		354,282		573,469		9,393		145		354,282		583,007		937,289		85,135		1920	-	2021	10/2/1985	-	12/29/2021
Automotive tire services	233	—		175,415		463,613		5,541		83		175,415		469,237		644,652		131,817		1947	-	2021	11/27/1985	-	12/22/2021
Beverages	22	—		221,076		192,768		—		—		221,076		192,768		413,844		51,274		1989	-	2020	6/25/2010	-	3/26/2021
Child care	314	—		139,891		314,270		5,165		798		139,891		320,233		460,124		112,444		1958	-	2020	12/22/1981	-	12/23/2021
Consumer electronics	28	—		52,492		156,569		1,753		52		52,492		158,374		210,866		14,409		1991	-	2020	6/9/1997	-	5/10/2021
Consumer goods	9	17,990		24,063		259,397		894		—		24,063		260,291		284,354		30,303		1987	-	2013	1/22/2013	-	9/22/2015
Convenience stores	1,531	—		1,418,472		1,851,665		(650)		145		1,418,472		1,851,160		3,269,632		424,834		1922	-	2021	3/3/1995	-	12/29/2021
Crafts and novelties	48	—		97,796		280,412		2,730		440		97,796		283,582		381,378		23,000		1974	-	2020	11/26/1996	-	7/7/2021
Diversified industrial	17	59,628		48,262		267,151		16,178		—		48,262		283,329		331,591		19,518		1951	-	2021	9/19/2012	-	11/3/2021
Dollar stores	2,291	81,736		755,179		1,905,858		2,728		9		755,179		1,908,595		2,663,774		359,863		1935	-	2021	2/3/1998	-	12/29/2021
Drug stores	572	273,625		730,548		1,834,218		4,783		100		730,548		1,839,101		2,569,649		387,210		1965	-	2015	9/30/1998	-	12/22/2021
Education	15	—		8,040		25,577		519		103		8,040		26,199		34,239		16,830		1980	-	2000	12/19/1984	-	6/28/2006
Energy	34	—		25,905		82,959		—		—		25,905		82,959		108,864		396		1963	-	2014	11/1/2021	-	11/1/2021
Entertainment	21	—		76,619		159,428		819		—		76,619		160,247		236,866		7,887		1978	-	2021	3/26/1998	-	9/11/2014
Equipment services	20	—		17,640		73,252		650		—		17,640		73,902		91,542		13,422		1979	-	2014	7/3/2003	-	12/2/2019
Financial services	373	135,381		183,413		473,009		(1,061)		101		183,413		472,049		655,462		79,403		1807	-	2015	3/10/1987	-	6/29/2018
Food processing	9	28,171		33,718		221,840		260		—		33,718		222,100		255,818		24,944		1988	-	2021	9/26/2012	-	7/28/2021
General merchandise	234	48,392		379,088		1,015,644		(3,578)		535		379,088		1,012,601		1,391,689		101,952		1954	-	2021	8/6/1987	-	12/22/2021
Grocery stores	214	99,893		441,128		1,259,955		2,287		325		441,128		1,262,567		1,703,695		186,454		1948	-	2021	5/26/1988	-	12/28/2021
Health and beauty	5	—		4,509		47,162		—		—		4,509		47,162		51,671		4,579		2005	-	2017	11/1/2006	-	4/13/2018
Health and fitness	131	—		321,558		1,290,661		8,316		172		321,558		1,299,149		1,620,707		294,775		1940	-	2021	5/31/1995	-	3/19/2020
Health care	208	24,366		140,638		579,119		5,940		224		140,638		585,283		725,921		55,052		1922	-	2021	12/18/1984	-	12/22/2021
Home furnishings	165	41,472		161,347		451,739		5,495		128		161,347		457,362		618,709		35,142		1960	-	2020	1/24/1984	-	12/22/2021
Home improvement	128	23,722		379,212		669,277		2,834		63		379,212		672,174		1,051,386		104,516		1950	-	2021	12/22/1986	-	7/28/2021
Insurance	2	10,998		1,444		3,984		—		—		1,444		3,984		5,428		22		2000	-	2012	11/1/2021
Jewelry	5	—		5,369		58,702		—		—		5,369		58,702		64,071		3,203		1997	-	2008	1/22/2013	-	1/22/2013
Machinery	2	—		2,717		40,453		—		—		2,717		40,453		43,170		5,124		2010	-	2021	7/31/2012	-	9/1/2021
Motor vehicle dealerships	35	—		157,478		223,488		—		—		157,478		223,488		380,966		62,945		1962	-	2018	5/13/2004	-	3/29/2021
Office supplies	8	—		14,225		42,870		855		349		14,225		44,074		58,299		11,348		1995	-	2016	1/29/1997	-	12/2/2019
Other manufacturing	10	—		20,504		164,250		1,325		240		20,504		165,815		186,319		13,655		1989	-	2018	1/22/2013	-	12/30/2021
Packaging	11	1,430		32,527		178,997		2,480		—		32,527		181,477		214,004		38,907		1965	-	2016	6/3/2011	-	12/20/2017

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2021

(dollars in thousands)


				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

Paper	2	$	—	$	2,462	$	11,935	$	45	$	—	$	2,462	$	11,980	$	14,442	$	4,264	2002	-	2006	5/2/2011	-	12/21/2012
Pet supplies and services	69	2,509		92,269		239,274		5,824		239		92,269		245,337		337,606		31,419		1950	-	2019	12/22/1981	-	12/21/2021
Restaurants - casual dining	872	12,823		682,720		1,473,921		(1,305)		1,635		682,720		1,474,251		2,156,971		140,937		1965	-	2018	5/16/1984	-	12/22/2021
Restaurants - quick service	1,854	—		933,402		1,949,141		3,226		201		933,402		1,952,568		2,885,970		196,159		1926	-	2021	12/9/1976	-	12/22/2021
Shoe stores	6	—		7,008		41,779		316		215		7,008		42,310		49,318		11,940		1990	-	2008	3/26/1998	-	12/22/2021
Sporting goods	54	12,255		110,343		356,901		5,132		178		110,343		362,211		472,554		33,899		1950	-	2020	10/17/2001	-	12/1/2021
Telecommunications	3	—		2,872		10,133		364		11		2,872		10,508		13,380		2,178		1990	-	2016	6/26/1998	-	12/10/2015
Theaters	80	—		232,084		751,408		9,906		—		232,084		761,314		993,398		242,521		1930	-	2018	7/27/2000	-	8/13/2019
Transportation services	87	21,468		172,271		1,049,411		3,048		402		172,271		1,052,861		1,225,132		185,910		1967	-	2016	4/1/2003	-	7/30/2021
Warehousing and storage	2	—		1,767		11,571		—		—		1,767		11,571		13,338		55		1954	-	1979	11/1/2021	-	11/1/2021
Wholesale clubs	52	92,716		295,580		691,965		—		—		295,580		691,965		987,545		121,888		1985	-	2019	9/30/2011	-	12/23/2021
Other	14	—		18,854		48,760		798		—		18,854		49,558		68,412		6,426		1969	-	2018	8/18/1986	-	12/22/2021

Europe
Apparel stores	1	—		7,327		32,842		—		—		7,327		32,842		40,169		665		2004			4/19/2021	-	4/19/2021
Automotive service	3	—		1,815		5,534		—		—		1,815		5,534		7,349		175		1974	-	1994	3/9/2021	-	3/9/2021
Convenience stores	1	—		3,296		2,662		—		—		3,296		2,662		5,958		4		2020			12/21/2021	-	12/21/2021
Diversified industrial	1	—		5,041		14,002		—		—		5,041		14,002		19,043		257		2020			7/22/2021	-	7/22/2021
Food processing	4	—		25,728		72,305		—		—		25,728		72,305		98,033		192		1950	-	1984	12/10/2021	-	12/10/2021
General merchandise	2	—		4,342		14,525		—		—		4,342		14,525		18,867		77		2019	-	2021	8/25/2021	-	12/7/2021
Grocery stores UK	60	41,853		838,856		1,179,547		754		—		838,856		1,180,301		2,019,157		56,100		1940	-	2021	5/23/2019	-	12/21/2021
Grocery stores ES	43	—		123,264		191,946		—		—		123,264		191,946		315,210		944		1910	-	2005	9/16/2021	-	12/27/2021
Health care	2	—		8,819		17,177		—		—		8,819		17,177		25,996		1,003		2000			3/23/2020	-	3/23/2020
Home furnishings	3	—		6,495		19,380		—		—		6,495		19,380		25,875		425		2005	-	2019	4/9/2021	-	9/30/2021
Home improvement	50	—		294,239		496,548		—		—		294,239		496,548		790,787		10,479		1890	-	2016	7/31/2020	-	12/20/2021
Restaurants - quick service	1	—		758		2,019		—		—		758		2,019		2,777		69		2007			3/17/2021	-	3/17/2021
Theaters	1	—		1,547		—		—		—		1,547		—		1,547		—		2011			12/18/2019	-	12/18/2019
Warehousing and storage	1	—		56,049		52,003		—		—		56,049		52,003		108,052		1,176		2011			12/18/2019	-	12/18/2019

	11,137	$	1,114,129	$	10,769,697	$	25,059,558	$	115,475	$	7,929	$	10,769,697	$	25,182,962	$	35,952,659	$	3,963,753

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION


Note 1.	Realty Income Corporation owns 10,885 single-client properties in the United States and Puerto Rico, our corporate headquarters property in San Diego, California, 109 single-client properties in the United Kingdom and 42 single-client properties in Spain. Crest Net Lease, Inc. owns 8 single-client properties in the United States.
	Realty Income Corporation also owns 70 multi-client properties located in the United States, owns 21 multi-client properties located in the United Kingdom and owns one multi-client property located in Spain.

Note 2.	Includes mortgages payable secured by 361 properties, but excludes unamortized net debt premiums of $28.6 million.

Note 3.	The aggregate cost for federal income tax purposes for Realty Income Corporation is $59.1 billion and for Crest Net Lease, Inc. is $30.1 million.

Note 4.	The following is a reconciliation of total real estate carrying value for the years ended December 31 (in thousands):	2021		2020		2019

	Balance at Beginning of Period	$	21,048,334	$	19,637,627	$	16,566,602

	Additions During Period:
	Acquisitions and development	5,851,945		2,163,707		3,644,884
	Merger Additions	11,722,801		—		—
	Less amounts allocated to acquired lease intangible assets and liabilities on our Consolidated Balance Sheets	(826,064)		(382,850)		(401,319)
	Improvements, Etc.	56,567		6,194		17,447
	Other (Leasing Costs and Building Adjustments) (1)	64,807		22,491		2,741

	Total Additions	16,870,056		1,809,542		3,263,753

	Deductions During Period:
	Cost of Real Estate sold	1,206,837		253,506		129,737
	Cost of Equipment sold	8		25		11
	Orion Divestiture (2)	634,254		—		—
	Releasing costs	40		259		674
	Other (3)	91,176		195,003		87,951

	Total Deductions	1,932,315		448,793		218,373

	Foreign Currency Translation	(33,416)		49,958		25,645

	Balance at Close of Period	$	35,952,659	$	21,048,334	$	19,637,627

	(1) Includes reclassification of $20.1 million and $22.5 million right of use assets under finance leases in 2021 and 2020, respectively, and $43.7 million mortgage assumption in 2021.


	(2) Represents derecognition of assets from the Orion Divestiture. For further information, see Note 3 to the Consolidated Financial Statements, Merger with VEREIT, Inc. and Orion Office REIT Inc. Divestiture.
	(3) The year ended 2021 includes $43.0 million for building razed and $39.0 million of impairment. The year ended 2020 includes $147.2 million of impairment. The year ended 2019 includes 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 (in thousands):	2021		2020		2019

	Balance at Beginning of Period	$	3,563,178	$	3,140,855	$	2,723,086

	Additions During Period - Provision for Depreciation	628,246		531,909		481,499

	Deductions During Period:
	Accumulated depreciation of real estate and equipment sold or disposed of	226,897		110,915		64,054

	Foreign Currency Translation	(774)		1,329		324

	Balance at Close of Period	$	3,963,753	$	3,563,178	$	3,140,855

	Please see note 2 to our consolidated financial statements for information regarding lives used for depreciation and amortization.

Note 6.	In 2021, provisions for impairment were recorded on 103 Realty Income properties.
	In 2020, provisions for impairment were recorded on 99 Realty Income properties.
	In 2019, provisions for impairment were recorded on 51 Realty Income properties.

	See report of independent registered public accounting firm.

Previous: Item 15. Exhibits and Financial Statement Schedules