Item 16. Form 10-K Summary

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Item 16. Form 10-K Summary

None.

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 22, 2023
	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 22, 2023
	Michael D. McKee
	Non-Executive Chairman of the Board of Directors

By:	/s/PRISCILLA ALMODOVAR	Date: February 22, 2023
	Priscilla Almodovar
	Director

By:	/s/JACQUELINE BRADY	Date: February 22, 2023
	Jacqueline Brady
	Director

By:	/s/A. LARRY CHAPMAN	Date: February 22, 2023
	A. Larry Chapman
	Director

By:	/s/REGINALD H. GILYARD	Date: February 22, 2023
	Reginald H. Gilyard
	Director

By:	/s/MARY HOGAN PREUSSE	Date: February 22, 2023
	Mary Hogan Preusse
	Director

By:	/s/PRIYA CHERIAN HUSKINS	Date: February 22, 2023
	Priya Cherian Huskins
	Director

By:	/s/GERARDO I. LOPEZ	Date: February 22, 2023
	Gerardo I. Lopez
	Director

By:	/s/GREGORY T. MCLAUGHLIN	Date: February 22, 2023
	Gregory T. McLaughlin
	Director

By:	/s/RONALD L. MERRIMAN	Date: February 22, 2023
	Ronald L. Merriman
	Director

Tabl e of Contents


By:	/s/SUMIT ROY	Date: February 22, 2023
	Sumit Roy
	Director, President, Chief Executive Officer
	(Principal Executive Officer)

By:	/s/CHRISTIE B. KELLY	Date: February 22, 2023
	Christie B. Kelly
	Executive Vice President, Chief Financial Officer and Treasurer
	(Principal Financial Officer)

By:	/s/SEAN P. NUGENT	Date: February 22, 2023
	Sean P. Nugent
	Senior Vice President, Controller, Principal Accounting Officer
	(Principal Accounting Officer)

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2022

(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	5	$	—	$	18,687	$	70,757	$	(81)	$	—	$	18,687	$	70,676	$	89,363	$	3,516	1990	-	2009	3/26/2021	-	11/1/2021
Aerospace	6	24,133		9,280		104,596		3,092		—		9,280		107,688		116,968		38,709		1951	-	2013	6/20/2011	-	11/1/2021
Apparel	64	53,577		144,586		407,383		4,256		199		144,586		411,838		556,424		66,728		1962	-	2022	10/30/1987	-	9/29/2022
Automotive Collision Service	187	—		130,102		281,957		6,907		10		130,102		288,874		418,976		51,722		1920	-	2021	8/30/2002	-	12/28/2022
Automotive Parts	408	—		161,438		387,335		5,568		827		161,438		393,730		555,168		99,794		1969	-	2020	8/6/1987	-	11/10/2022
Automotive Service	696	—		500,964		975,615		9,268		145		500,964		985,028		1,485,992		108,958		1920	-	2022	10/2/1985	-	12/15/2022
Automotive Tire Services	249	—		202,115		429,838		22,636		83		202,115		452,557		654,672		145,128		1947	-	2022	11/27/1985	-	10/3/2022
Beverage	18	—		183,323		185,539		—		—		183,323		185,539		368,862		54,313		1950	-	2020	6/25/2010	-	6/28/2022
Child Care	321	—		147,817		344,390		4,903		769		147,817		350,062		497,879		118,998		1957	-	2022	12/22/1981	-	11/10/2022
Consumer Electronics	27	—		51,172		155,347		6,652		52		51,172		162,051		213,223		20,115		1991	-	2021	6/9/1997	-	11/1/2021
Consumer Goods	9	17,990		24,077		259,494		894		—		24,077		260,388		284,465		37,761		1987	-	2013	1/22/2013	-	11/1/2021
Convenience Stores	1,622	—		1,505,613		2,008,689		320		145		1,505,613		2,009,154		3,514,767		500,986		1922	-	2022	3/3/1995	-	12/22/2022
Crafts and Novelties	50	—		99,292		290,977		1,235		440		99,292		292,652		391,944		34,909		1974	-	2022	11/26/1996	-	11/1/2021
Diversified Industrial	18	49,838		52,524		302,351		38,018		—		52,524		340,369		392,893		28,257		1987	-	2022	9/19/2012	-	7/1/2022
Dollar Stores	2,617	1,983		871,107		2,224,486		5,358		9		871,107		2,229,853		3,100,960		439,227		1925	-	2022	2/3/1998	-	12/22/2022
Drug Stores	568	262,868		725,794		1,805,788		5,181		100		725,794		1,811,069		2,536,863		457,567		1958	-	2015	9/30/1998	-	12/22/2021
Education	19	—		28,362		53,373		2,150		103		28,362		55,626		83,988		15,116		1957	-	2009	12/19/1984	-	11/22/2022
Energy	33	—		23,699		76,052		75		—		23,699		76,127		99,826		2,542		1963	-	2014	11/1/2021
Entertainment	22	—		80,537		165,639		1,311		—		80,537		166,950		247,487		8,956		1960	-	2021	3/31/1999	-	3/31/2022
Equipment Services	25	—		23,386		83,409		912		—		23,386		84,321		107,707		15,822		1965	-	2021	7/3/2003	-	11/9/2022
Financial Services	364	135,382		178,826		466,321		69		101		178,826		466,491		645,317		95,909		1807	-	2015	3/10/1987	-	10/17/2022
Food Processing	8	—		21,190		176,837		871		—		21,190		177,708		198,898		16,257		1991	-	2022	12/20/2012	-	10/12/2022
General Merchandise	250	7,592		401,176		1,089,731		44,930		535		401,176		1,135,196		1,536,372		141,268		1954	-	2022	8/6/1987	-	12/20/2022
Gaming	1	—		419,464		1,277,403		—		—		419,464		1,277,403		1,696,867		4,258		2019			12/1/2022
Grocery	234	72,426		570,474		1,453,526		2,783		325		570,474		1,456,634		2,027,108		240,001		1947	-	2021	9/30/2003	-	12/7/2022
Health and Beauty	6	—		4,930		47,836		157		—		4,930		47,993		52,923		6,710		1999	-	2017	2/23/1999	-	11/1/2021
Health and Fitness	134	—		339,302		1,445,569		10,178		172		339,302		1,455,919		1,795,221		352,249		1943	-	2021	5/31/1995	-	9/9/2022
Health Care	466	69,083		329,471		1,029,584		18,488		225		329,471		1,048,297		1,377,768		78,509		1922	-	2022	12/18/1984	-	12/16/2022
Home Furnishings	177	41,472		202,472		545,144		9,564		128		202,472		554,836		757,308		53,068		1960	-	2021	1/24/1984	-	9/14/2022
Home Improvement	163	22,629		503,817		832,727		5,259		63		503,817		838,049		1,341,866		131,329		1863	-	2022	12/22/1986	-	11/18/2022
Insurance	3	10,998		1,587		4,500		—		—		1,587		4,500		6,087		157		2000	-	2012	11/1/2021	-	10/17/2022
Jewelry	5	—		5,367		58,688		—		—		5,367		58,688		64,055		5,314		1997	-	2008	1/22/2013	-	11/1/2021
Machinery	3	—		5,925		60,300		—		—		5,925		60,300		66,225		6,768		1969	-	2021	7/31/2012	-	5/25/2022
Motor Vehicle Dealerships	48	—		189,195		314,252		—		—		189,195		314,252		503,447		72,955		1962	-	2020	5/13/2004	-	9/8/2022
Office Supplies	7	—		12,844		39,856		707		339		12,844		40,902		53,746		9,361		1978	-	2014	5/30/1997	-	11/1/2021
Other Manufacturing	15	—		27,768		200,933		1,663		240		27,768		202,836		230,604		18,816		1979	-	2018	1/22/2013	-	12/15/2022

F-1

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (continued)

As of December 31, 2022

(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

Packaging	12	$	1,059	$	35,530	$	190,280	$	2,480	$	—	$	35,530	$	192,760	$	228,290	$	45,011	1965	-	2016	6/3/2011	-	8/29/2022
Paper	2	—		2,462		11,935		45		—		2,462		11,980		14,442		4,693		2002	-	2006	5/2/2011	-	12/21/2012
Pet Supplies and Services	128	2,509		121,395		327,677		6,331		239		121,395		334,247		455,642		40,529		1945	-	2022	12/22/1981	-	12/14/2022
Restaurants-Casual	840	12,823		653,289		1,453,831		(1,881)		1,577		653,289		1,453,527		2,106,816		199,179		1965	-	2018	5/16/1984	-	12/22/2021
Restaurants-Quick Service	1,832	—		939,782		1,964,726		1,598		174		939,782		1,966,498		2,906,280		263,921		1926	-	2022	12/9/1976	-	11/10/2022
Shoe Stores	6	—		6,992		41,985		316		215		6,992		42,516		49,508		13,285		1990	-	2008	3/26/1998	-	12/22/2021
Sporting Goods	56	12,255		112,684		365,437		5,157		178		112,684		370,772		483,456		48,817		1950	-	2020	10/17/2001	-	8/9/2022
Telecommunications	5	—		4,234		12,114		364		11		4,234		12,489		16,723		2,538		1990	-	2016	6/26/1998	-	10/17/2022
Theaters	79	—		229,925		745,852		10,272		—		229,925		756,124		986,049		269,763		1930	-	2014	7/27/2000	-	11/1/2021
Transportation Services	87	—		177,691		1,059,840		7,906		402		177,691		1,068,148		1,245,839		220,342		1967	-	2016	4/1/2003	-	4/5/2022
Warehousing and Storage	3	—		2,157		21,319		—		—		2,157		21,319		23,476		3,161		1967	-	2016	4/1/2003	-	4/5/2022
Wholesale Club	54	6,787		306,006		713,020		—		—		306,006		713,020		1,019,026		149,815		1985	-	2019	9/30/2011	-	8/11/2022
Other	15	—		23,403		50,498		1,396		—		23,403		51,894		75,297		9,297		1986	-	2021	8/18/1986	-	11/1/2021

Europe
Apparel	2	—		13,704		47,956		—		—		13,704		47,956		61,660		2,001		2004	-	2005	4/19/2021	-	3/25/2022
Automotive Parts	1	—		1,705		2,296		—		—		1,705		2,296		4,001		49		1996			6/17/2022
Automotive Tire Services	3	—		1,615		4,925		—		—		1,615		4,925		6,540		353		1974	-	1994	3/9/2021
Consumer Electronics	1	—		4,845		6,964		—		—		4,845		6,964		11,809		230		2006			3/4/2022
Convenience Stores	1	—		2,933		2,369		—		—		2,933		2,369		5,302		99		2020			12/21/2021
Diversified Industrial	2	—		21,152		12,460		—		—		21,152		12,460		33,612		771		2016	-	2020	7/22/2021	-	5/6/2022
Energy	1	—		9,045		10,100		—		—		9,045		10,100		19,145		391		2016	-	2020	7/22/2021	-	5/6/2022
Entertainment	1	—		21,536		33,947		—		—		21,536		33,947		55,483		1,313		1993			1/13/2022
Food Processing	5	—		29,549		69,108		—		—		29,549		69,108		98,657		2,481		1950	-	2000	11/30/2021	-	2/10/2022
General Merchandise	12	—		79,154		61,966		—		—		79,154		61,966		141,120		2,129		1980	-	2021	8/25/2021	-	6/22/2022
Grocery	125	36,939		1,053,299		1,506,227		8,950		—		1,053,299		1,515,177		2,568,476		104,530		1910	-	2022	5/23/2019	-	12/23/2022
Health and Fitness	1	—		21,214		17,053		—		—		21,214		17,053		38,267		525		2020			3/24/2022
Health Care	6	—		25,694		49,523		—		—		25,694		49,523		75,217		2,193		1970	-	2006	3/23/2020	-	9/7/2022
Home Furnishings	11	—		78,435		104,208		—		—		78,435		104,208		182,643		2,941		1980	-	2019	4/9/2021	-	9/30/2022
Home Improvement	70	—		562,014		607,373		319		—		562,014		607,692		1,169,706		30,222		1890	-	2016	7/31/2020	-	12/21/2022
Motor Vehicle Dealerships	3	—		15,490		26,624		—		—		15,490		26,624		42,114		712		1990	-	2005	2/11/2022	-	9/27/2022
Other Manufacturing	2	—		38,006		12,457		—		—		38,006		12,457		50,463		315		1912	-	1968	4/6/2022	-	6/22/2022
Restaurants-Quick Service	1	—		675		1,797		—		—		675		1,797		2,472		140		2007			3/17/2021
Sporting Goods	11	—		48,036		106,656		13,800		—		48,036		120,456		168,492		1,595		1950	-	2023	4/12/2022	-	12/8/2022
Theaters	1	—		1,376		—		—		—		1,376		—		1,376		—		2011			12/18/2019
Transportation Services	3	—		12,617		18,972		5,614		—		12,617		24,586		37,203		327		1970			1/6/2022	-	12/22/2022
Warehousing and Storage	1	—		49,873		46,273		—		—		49,873		46,273		96,146		2,369		2002			3/11/2021
Wholesale Club	7	—		55,554		81,158		—		—		55,554		81,158		136,712		568		1973	-	2002	10/28/2022
	12,238	$	842,343	$	12,960,754	$	29,445,148	$	275,991	$	7,806	$	12,960,754	$	29,728,945	$	42,689,699	$	4,908,658

F-2

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (continued)

As of December 31, 2022

(dollars in thousands)


Note 1.	Realty Income Corporation owns or holds interests in 11,813 single-client properties in the United States and Puerto Rico, our corporate headquarters property in San Diego, California, 141 single-client properties in the United Kingdom, 51 single-client properties in Spain and seven properties in Italy. Crest Net Lease, Inc. owns six single-client properties in the United States. Realty Income Corporation also owns or holds interests in 147 multi-client properties located in the United States, 71 multi-client properties located in the United Kingdom and one multi-client property located in Spain.

Note 2.	Includes mortgages payable secured by 136 properties and excludes unamortized premium and deferred financing costs of $11.6 million.

Note 3.	The aggregate cost for federal income tax purposes for Realty Income Corporation is $47.6 billion and for Crest Net Lease, Inc. is $23.0 million.

Note 4.	The following is a reconciliation of total real estate carrying value for the years ended December 31 (in thousands):	2022		2021		2020

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

	Additions During Period:
	Acquisitions and development	8,021,159		5,851,945		2,163,707
	Merger Additions (1)	—		11,722,801		—
	Less amounts allocated to acquired lease intangible assets and liabilities on our Consolidated Balance Sheets	(625,730)		(826,064)		(382,850)
	Improvements, Etc.	99,484		56,567		6,194
	Other (Leasing Costs and Building Adjustments) (2)	97,482		64,807		22,491
	Total Additions	7,592,395		16,870,056		1,809,542

	Deductions During Period:
	Cost of Real Estate sold	402,386		1,206,837		253,506
	Cost of Equipment sold	—		8		25
	Orion Divestiture (1)	—		634,254		—
	Releasing costs	53		40		259
	Other (3)	39,463		91,176		195,003
	Total Deductions	441,902		1,932,315		448,793

	Foreign Currency Translation	(413,453)		(33,416)		49,958
	Balance at Close of Period	$	42,689,699	$	35,952,659	$	21,048,334

F-3

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (continued)

As of December 31, 2022

(dollars in thousands)


	(1) 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.
	(2) 2022 includes reclassification of $3.3 million right of use assets under finance leases, $43.0 million mortgage assumption, and $51.2 million RI Ops LP Units. 2021 includes $20.1 million right of use assets under finance leases and $43.7 million mortgage assumption.
	(3) The year ended 2022 includes $13.6 million for building razed and $25.9 million of impairment. 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.


Note 5.	The following is a reconciliation of accumulated depreciation for the years ended (in thousands):	2022		2021		2020

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

	Additions During Period - Provision for Depreciation	1,028,182		628,246		531,909

	Deductions During Period:
	Accumulated depreciation of real estate and equipment sold or disposed of	73,913		226,897		110,915

	Foreign Currency Translation	(9,364)		(774)		1,329

	Balance at Close of Period	$	4,908,658	$	3,963,753	$	3,563,178

	Please see note 2, Summary of Significant Accounting Policies and Procedures and New Accounting Standards, to our consolidated financial statements for information regarding lives used for depreciation and amortization.

Note 6.	In 2022, provisions for impairment were recorded on 94 Realty Income properties.
	In 2021, provisions for impairment were recorded on 103 Realty Income properties.
	In 2020, provisions for impairment were recorded on 99 Realty Income properties.

	See report of independent registered public accounting firm.

F-4

Previous: Item 15. Exhibits and Financial Statement Schedules