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 21, 2024
	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 21, 2024
	Michael D. McKee
	Non-Executive Chairman of the Board of Directors

By:	/s/PRISCILLA ALMODOVAR	Date: February 21, 2024
	Priscilla Almodovar
	Director

By:	/s/JACQUELINE BRADY	Date: February 21, 2024
	Jacqueline Brady
	Director

By:	/s/A. LARRY CHAPMAN	Date: February 21, 2024
	A. Larry Chapman
	Director

By:	/s/REGINALD H. GILYARD	Date: February 21, 2024
	Reginald H. Gilyard
	Director

By:	/s/MARY HOGAN PREUSSE	Date: February 21, 2024
	Mary Hogan Preusse
	Director

By:	/s/PRIYA CHERIAN HUSKINS	Date: February 21, 2024
	Priya Cherian Huskins
	Director

By:	/s/GERARDO I. LOPEZ	Date: February 21, 2024
	Gerardo I. Lopez
	Director

By:	/s/GREGORY T. MCLAUGHLIN	Date: February 21, 2024
	Gregory T. McLaughlin
	Director


By:	/s/RONALD L. MERRIMAN	Date: February 21, 2024
	Ronald L. Merriman
	Director

By:	/s/SUMIT ROY	Date: February 21, 2024
	Sumit Roy
	Director, President, Chief Executive Officer
	(Principal Executive Officer)

By:	/s/JONATHAN PONG	Date: February 21, 2024
	Jonathan Pong
	Executive Vice President, Chief Financial Officer and Treasurer
	(Principal Financial Officer)

By:	/s/SEAN P. NUGENT	Date: February 21, 2024
	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, 2023

(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	4	$—	$18,677	$70,647	$—	$—	$18,677	$70,647	$89,324	$5,541	1990	-	2009	3/26/2021	-	11/1/2021
Aerospace	6	24,133	9,280	104,596	3,297	—	9,280	107,893	117,173	48,022	1951	-	2013	6/20/2011	-	11/1/2021
Apparel	79	53,577	162,647	450,233	7,454	199	162,647	457,886	620,533	84,459	1962	-	2022	10/30/1987	-	3/22/2023
Automotive Collision Service	221	—	165,204	397,470	22,135	10	165,204	419,615	584,819	65,871	1920	-	2023	8/30/2002	-	12/21/2023
Automotive Parts	407	—	160,113	387,057	6,358	827	160,113	394,242	554,355	113,720	1969	-	2020	8/6/1987	-	3/22/2023
Automotive Service	808	—	629,606	1,221,922	84,848	144	629,606	1,306,914	1,936,520	152,030	1920	-	2023	10/2/1985	-	12/21/2023
Automotive Tire Services	270	—	221,879	476,681	27,802	81	221,879	504,564	726,443	157,639	1947	-	2023	11/27/1985	-	10/18/2023
Beverage	18	—	183,323	185,539	—	—	183,323	185,539	368,862	61,713	1950	-	2020	6/25/2010	-	6/28/2022
Child Care	320	—	149,289	348,591	5,658	728	149,289	354,977	504,266	128,677	1957	-	2023	12/22/1981	-	12/7/2023
Consumer Electronics	27	—	57,535	158,334	2,145	51	57,535	160,530	218,065	24,810	1991	-	2020	6/9/1997	-	8/22/2023
Consumer Goods	9	17,990	24,077	259,494	925	—	24,077	260,419	284,496	45,221	1987	-	2013	1/22/2013	-	11/1/2021
Convenience Stores	2,076	—	1,884,822	2,846,162	23,970	145	1,884,822	2,870,277	4,755,099	599,684	1922	-	2023	3/3/1995	-	12/21/2023
Crafts and Novelties	53	—	104,873	312,117	2,174	440	104,873	314,731	419,604	47,880	1974	-	2022	11/26/1996	-	3/22/2023
Diversified Industrial	22	49,838	57,865	360,336	17,976	—	57,865	378,312	436,177	38,147	1954	-	2021	9/19/2012	-	3/22/2023
Dollar Stores	2,899	1,983	919,277	2,588,243	6,854	9	919,277	2,595,106	3,514,383	533,523	1925	-	2023	2/3/1998	-	12/21/2023
Drug Stores	594	254,729	775,846	2,159,983	4,143	100	775,846	2,164,226	2,940,072	529,688	1958	-	2015	9/30/1998	-	8/24/2023
Education	19	—	28,362	58,918	4,514	103	28,362	63,535	91,897	17,061	1957	-	2009	12/19/1984	-	11/22/2022
Energy	32	—	23,442	74,471	297	—	23,442	74,768	98,210	4,644	1963	-	2014	11/1/2021	-	11/1/2021
Entertainment	28	—	97,433	219,535	26,632	—	97,433	246,167	343,600	17,115	1960	-	2021	3/31/1999	-	6/30/2023
Equipment Services	30	—	31,703	102,090	1,424	—	31,703	103,514	135,217	18,730	1965	-	2022	7/3/2003	-	12/15/2023
Financial Services	357	135,382	177,065	455,777	(6,538)	101	177,065	449,340	626,405	109,972	1807	-	2015	3/10/1987	-	3/22/2023
Food Processing	13	—	24,968	184,897	25,804	—	24,968	210,701	235,669	21,523	1991	-	2023	12/20/2012	-	9/15/2023
General Merchandise	273	7,592	432,290	1,228,772	(1,155)	535	432,290	1,228,152	1,660,442	185,927	1954	-	2023	8/6/1987	-	12/6/2023
Gaming	1	—	419,464	1,277,403	—	—	419,464	1,277,403	1,696,867	39,539	2019	-	2019	12/1/2022	-	12/1/2022
Grocery	244	69,243	580,352	1,500,504	8,557	325	580,352	1,509,386	2,089,738	287,504	1947	-	2021	9/30/2003	-	6/1/2023
Health and Beauty	8	—	6,696	49,339	2,542	—	6,696	51,881	58,577	8,221	1999	-	2017	2/23/1999	-	3/22/2023
Health and Fitness	141	—	351,092	1,562,037	12,618	172	351,092	1,574,827	1,925,919	404,359	1943	-	2023	5/31/1995	-	8/23/2023
Health Care	493	68,360	341,653	1,151,285	24,848	225	341,653	1,176,358	1,518,011	122,778	1922	-	2023	12/18/1984	-	12/18/2023
Home Furnishings	180	41,472	206,189	561,998	10,253	128	206,189	572,379	778,568	72,276	1960	-	2021	1/24/1984	-	5/10/2023
Home Improvement	172	15,916	526,157	935,456	5,976	63	526,157	941,495	1,467,652	171,569	1863	-	2022	12/22/1986	-	6/13/2023
Insurance	3	10,998	2,204	6,838	—	—	2,204	6,838	9,042	422	2000	-	2012	11/1/2021	-	10/17/2022
Jewelry	5	—	5,367	58,688	—	—	5,367	58,688	64,055	7,596	1997	-	2008	1/22/2013	-	11/1/2021
Machinery	4	—	6,577	69,225	—	—	6,577	69,225	75,802	8,837	1969	-	2021	7/31/2012	-	3/22/2023
Motor Vehicle Dealerships	64	—	229,924	421,181	1,700	—	229,924	422,881	652,805	93,690	1962	-	2023	11/29/2003	-	11/30/2023
Office Supplies	6	—	12,603	38,026	1,147	339	12,603	39,512	52,115	8,419	1978	-	2014	5/30/1997	-	11/1/2021
Other Manufacturing	16	—	28,025	202,510	3,248	240	28,025	205,998	234,023	24,822	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, 2023

(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	18	$626	$45,730	$237,725	$2,480	$—	$45,730	$240,205	$285,935	$52,665	1956	-	2016	6/3/2011	-	1/5/2023
Paper	2	—	2,462	11,935	45	—	2,462	11,980	14,442	5,122	2002	-	2006	5/2/2011	-	12/21/2012
Pet Supplies and Services	140	—	130,787	376,248	26,557	239	130,787	403,044	533,831	54,428	1945	-	2023	12/22/1981	-	12/15/2023
Restaurants-Casual	836	12,823	654,015	1,473,143	722	1,531	654,015	1,475,396	2,129,411	256,294	1965	-	2019	5/16/1984	-	4/10/2023
Restaurants-Quick Service	1,814	—	939,921	1,960,658	3,593	174	939,921	1,964,425	2,904,346	336,068	1926	-	2023	12/9/1976	-	10/25/2023
Shoe Stores	6	—	6,992	41,985	341	215	6,992	42,541	49,533	14,544	1990	-	2008	3/26/1998	-	12/22/2021
Sporting Goods	47	12,255	107,608	366,711	5,185	178	107,608	372,074	479,682	58,030	1950	-	2020	10/17/2001	-	3/22/2023
Telecommunications	7	—	9,303	14,392	683	11	9,303	15,086	24,389	3,681	1964	-	2016	6/26/1998	-	10/17/2022
Theaters	76	—	221,786	739,058	10,719	—	221,786	749,777	971,563	298,810	1930	-	2014	7/27/2000	-	11/1/2021
Transportation Services	87	—	177,691	1,059,854	11,424	402	177,691	1,071,680	1,249,371	256,618	1967	-	2016	4/1/2003	-	4/5/2022
Warehousing and Storage	2	—	1,442	15,178	—	—	1,442	15,178	16,620	3,390	1979	-	2007	1/22/2013	-	11/1/2021
Wholesale Club	54	6,787	306,006	713,020	—	—	306,006	713,020	1,019,026	178,110	1985	-	2019	9/30/2011	-	8/11/2022
Other	16	—	31,434	54,994	3,916	—	31,434	58,910	90,344	9,830	1986	-	2021	8/18/1986	-	4/10/2023

Europe
Apparel	3	—	20,751	79,223	—	—	20,751	79,223	99,974	4,649	1990	-	2005	4/19/2021	-	3/30/2023
Automotive Parts	2	—	3,918	7,737	—	—	3,918	7,737	11,655	204	1980	-	1996	6/17/2022	-	9/28/2023
Automotive Tire Services	3	—	1,707	5,206	—	—	1,707	5,206	6,913	581	1974	-	1994	3/9/2021	-	3/9/2021
Consumer Electronics	2	—	8,988	24,686	602	—	8,988	25,288	34,276	717	1997	-	2006	3/4/2022	-	9/29/2023
Convenience Stores	2	—	5,284	3,301	—	—	5,284	3,301	8,585	213	1982	-	2020	12/21/2021	-	9/20/2023
Diversified Industrial	5	—	29,505	57,817	922	—	29,505	58,739	88,244	2,055	1980	-	2020	7/22/2021	-	3/30/2023
Drug Stores	1	—	—	—	—	—	—	—	—	—	1990	-	1990	1/31/2023	-	1/31/2023
Energy	1	—	9,562	10,678	—	—	9,562	10,678	20,240	600	2020	-	2020	1/13/2022	-	1/13/2022
Entertainment	1	—	22,768	35,888	—	—	22,768	35,888	58,656	2,823	1993	-	1993	1/13/2022	-	1/13/2022
Food Processing	7	—	33,485	90,850	1,911	—	33,485	92,761	126,246	4,795	1950	-	2021	11/30/2021	-	2/23/2023
General Merchandise	23	—	191,349	232,095	19,656	—	191,349	251,751	443,100	9,191	1980	-	2023	8/25/2021	-	10/17/2023
Grocery	176	38,732	1,541,454	2,312,185	2,361	—	1,541,454	2,314,546	3,856,000	185,616	1800	-	2022	5/23/2019	-	12/1/2023
Health and Fitness	2	—	29,102	28,456	—	—	29,102	28,456	57,558	1,659	2004	-	2020	3/24/2022	-	1/31/2023
Health Care	6	—	27,163	52,355	—	—	27,163	52,355	79,518	3,801	1969	-	2006	3/23/2020	-	9/7/2022
Home Furnishings	12	—	89,533	113,961	—	—	89,533	113,961	203,494	7,629	1980	-	2019	4/9/2021	-	4/4/2023
Home Improvement	92	—	729,656	938,924	1,478	—	729,656	940,402	1,670,058	61,997	1890	-	2016	7/31/2020	-	12/6/2023
Motor Vehicle Dealerships	3	—	16,376	28,146	—	—	16,376	28,146	44,522	1,879	1990	-	2005	2/11/2022	-	9/27/2022
Other Manufacturing	2	—	40,179	13,169	—	—	40,179	13,169	53,348	614	1912	-	1968	4/6/2022	-	6/22/2022
Restaurants-Quick Service	1	—	713	1,899	—	—	713	1,899	2,612	230	2007	-	2007	3/17/2021	-	3/17/2021
Sporting Goods	92	—	264,736	478,111	892	—	264,736	479,003	743,739	8,693	1950	-	2018	8/5/2022	-	12/28/2023
Theaters	1	—	1,455	—	—	—	1,455	—	1,455	—	2011	-	2011	12/18/2019	-	12/18/2019
Transportation Services	3	—	13,166	28,600	1,142	—	13,166	29,742	42,908	1,110	1970	-	1970	1/6/2022	-	12/22/2022
Warehousing and Storage	1	—	52,725	48,919	—	—	52,725	48,919	101,644	3,902	2002	-	2002	3/11/2021	-	3/11/2021
Wholesale Club	7	—	54,550	96,993	—	—	54,550	96,993	151,543	4,559	1973	-	2002	10/28/2022	-	10/28/2022
Other	3	—	75,775	—	7,125	—	75,775	7,125	82,900	—	2023	-	2023	4/27/2023	-	9/29/2023
	13,458	$822,436	$14,954,956	$34,240,455	$439,360	$7,715	$14,954,956	$34,687,530	$49,642,486	$6,096,736

F-2

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (continued)

As of December 31, 2023

(dollars in thousands)


Note 1.	Realty Income Corporation owns or holds interests in 12,851 single-client properties in the United States and Puerto Rico, our corporate headquarters property in San Diego, California, 191 single-client properties in the United Kingdom, and 148 single-client properties elsewhere in Europe. Crest Net Lease, Inc. owns seven single-client properties in the United States. Realty Income Corporation also owns or holds interests in 149 multi-client properties in the United States, 100 multi-client properties in the United Kingdom, and 12 multi-client properties elsewhere in Europe.

Note 2.	Includes mortgages payable secured by 131 properties and excludes unamortized discount and deferred financing costs of $0.8 million.

Note 3.	The aggregate cost for federal income tax purposes for Realty Income Corporation is $55.2 billion and for Crest Net Lease, Inc. is $26.1 million.

Note 4.	The following is a reconciliation of total real estate carrying value for the years ended December 31 (in thousands):	2023		2022		2021

	Balance at Beginning of Period	$	42,689,699	$	35,952,659	$	21,048,334

	Additions During Period:
	Acquisitions and development	7,239,885		8,021,159		5,851,945
	Merger Additions (1)	—		—		11,722,801
	Less amounts allocated to acquired lease intangible assets and liabilities on our Consolidated Balance Sheets	(484,096)		(625,730)		(826,064)
	Improvements, Etc.	54,904		99,484		56,567
	Other (Leasing Costs and Building Adjustments) (2)	49,504		97,482		64,807
	Total Additions	6,860,197		7,592,395		16,870,056

	Deductions During Period:
	Cost of Real Estate sold	125,166		402,386		1,206,837
	Cost of Equipment sold	11		—		8
	Orion Divestiture (1)	—		—		634,254
	Releasing costs	—		53		40
	Other (3)	111,851		39,463		91,176
	Total Deductions	237,028		441,902		1,932,315

	Foreign Currency Translation	329,618		(413,453)		(33,416)
	Balance at Close of Period	$	49,642,486	$	42,689,699	$	35,952,659

F-3

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (continued)

As of December 31, 2023

(dollars in thousands)


	(1) Represents derecognition of assets from the Orion Divestiture. For further information, see note 2, Merger with VEREIT, Inc. and Orion Office REIT Inc. Divestiture, to our consolidated financial statements.
	(2) The year ended December 31, 2023 includes contributions to joint ventures of $38.4 million and reclassification of $11.3 million right of use assets under finance leases. 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 December 31, 2023 includes $14.0 million for building razed and $97.5 million of impairment, excluding impairment of depreciation, in-place and above- market leases. 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.


Note 5.	The following is a reconciliation of accumulated depreciation for the years ended (in thousands):	2023		2022		2021

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

	Additions During Period - Provision for Depreciation	1,233,709		1,028,182		628,246

	Deductions During Period:
	Accumulated depreciation of real estate and equipment sold or disposed of	57,609		73,913		226,897

	Foreign Currency Translation	11,978		(9,364)		(774)

	Balance at Close of Period	$	6,096,736	$	4,908,658	$	3,963,753

	Please see note 1, Summary of Significant Accounting Policies, to our consolidated financial statements for information regarding lives used for depreciation and amortization.

Note 6.	In 2023, provisions for impairment were recorded on 112 Realty Income properties.
	In 2022, provisions for impairment were recorded on 94 Realty Income properties.
	In 2021, provisions for impairment were recorded on 103 Realty Income properties.

	See report of independent registered public accounting firm.

F-4

Previous: Item 15. Exhibits and Financial Statement Schedules