Realty Income (O) 10-K 22 Feb 23 2022 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Feb. 15, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-13374
Entity Registrant Name	REALTY INCOME CORPORATION
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	33-0580106
Entity Address, Address Line One	11995 El Camino Real
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92130
City Area Code	858
Local Phone Number	284-5000
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 42,100
Entity Common Stock, Shares Outstanding		660,520,906
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCEPart III, Items 10, 11, 12, 13, and 14 incorporate by reference certain specific portions of the definitive Proxy Statement for Realty Income Corporation’s Annual Meeting expected to be held on May 23, 2023, to be filed pursuant to Regulation 14A. Only those portions of the proxy statement which are specifically incorporated by reference herein shall constitute a part of this annual report.
Entity Central Index Key	0000726728
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock, $0.01 Par Value
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	O
Security Exchange Name	NYSE
1.125% Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	1.125% Notes due 2027
Trading Symbol	O27A
Security Exchange Name	NYSE
1.875% Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	1.875% Notes due 2027
Trading Symbol	O27B
Security Exchange Name	NYSE
1.625% Notes due 2030
Document Information [Line Items]
Title of 12(b) Security	1.625% Notes due 2030
Trading Symbol	O30
Security Exchange Name	NYSE
1.750% Notes due 2033
Document Information [Line Items]
Title of 12(b) Security	1.750% Notes due 2033
Trading Symbol	O33A
Security Exchange Name	NYSE
2.500% Notes due 2042
Document Information [Line Items]
Title of 12(b) Security	2.500% Notes due 2042
Trading Symbol	O42
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	San Diego, CA
Auditor Firm ID	185

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real estate held for investment, at cost:
Land	$ 12,948,835	$ 10,753,750
Buildings and improvements	29,707,751	25,155,178
Total real estate held for investment, at cost	42,656,586	35,908,928
Less accumulated depreciation and amortization	(4,904,165)	(3,949,798)
Real estate held for investment, net	37,752,421	31,959,130
Real estate and lease intangibles held for sale, net	29,535	30,470
Cash and cash equivalents	171,102	258,579
Accounts receivable, net	567,963	426,768
Lease intangible assets, net	5,168,366	5,275,304
Goodwill	3,731,478	3,676,705
Investment in unconsolidated entities	0	140,967
Other assets, net	2,252,227	1,369,579
Total assets	49,673,092	43,137,502
LIABILITIES AND EQUITY
Distributions payable	165,710	146,919
Accounts payable and accrued expenses	399,137	351,128
Lease intangible liabilities, net	1,379,436	1,308,221
Other liabilities	774,787	759,197
Line of credit payable and commercial paper	2,729,040	1,551,376
Term loan, net	249,755	249,557
Mortgages payable, net	853,925	1,141,995
Notes payable, net	14,278,013	12,499,709
Total liabilities	20,829,803	18,008,102
Commitments and contingencies
Stockholders’ equity:
Common stock and paid in capital, par value $0.01 per share, 1,300,000,000 and 740,200,000 shares authorized, 660,300,195 and 591,261,991 shares issued and outstanding as of December 31, 2022, and 2021, respectively	34,159,509	29,578,212
Distributions in excess of net income	(5,493,193)	(4,530,571)
Accumulated other comprehensive income	46,833	4,933
Total stockholders’ equity	28,713,149	25,052,574
Noncontrolling interests	130,140	76,826
Total equity	28,843,289	25,129,400
Total liabilities and equity	$ 49,673,092	$ 43,137,502

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock and paid in capital, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock and paid in capital, authorized (in shares)	1,300,000,000	740,200,000
Common stock and paid in capital, issued (in shares)	660,300,195	591,261,991
Common stock and paid in capital, outstanding (in shares)	660,300,195	591,261,991

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUE
Rental (including reimbursable)	$ 3,299,657	$ 2,064,958	$ 1,639,533
Other	44,024	15,505	7,554
Total revenue	3,343,681	2,080,463	1,647,087
EXPENSES
Depreciation and amortization	1,670,389	897,835	677,038
Interest	465,223	323,644	309,336
Property (including reimbursable)	226,330	133,605	104,603
General and administrative	138,459	96,980	73,215
Provisions for impairment	25,860	38,967	147,232
Merger and integration-related costs	13,897	167,413	0
Total expenses	2,540,158	1,658,444	1,311,424
Gain on sales of real estate	102,957	55,798	76,232
Foreign currency and derivative (loss) gain, net	(13,311)	710	4,585
Gain (loss) on extinguishment of debt	367	(97,178)	(9,819)
Equity in income and impairment of investment in unconsolidated entities	(6,448)	1,106	0
Other income, net	30,511	9,949	4,538
Income before income taxes	917,599	392,404	411,199
Income taxes	(45,183)	(31,657)	(14,693)
Net income	872,416	360,747	396,506
Net income attributable to noncontrolling interests	(3,008)	(1,291)	(1,020)
Net income available to common stockholders	$ 869,408	$ 359,456	$ 395,486
Amounts available to common stockholders per common share:
Net income, basic (in dollars per share)	$ 1.42	$ 0.87	$ 1.15
Net income, diluted (in dollars per share)	$ 1.42	$ 0.87	$ 1.14
Weighted average common shares outstanding:
Basic (in shares)	611,765,815	414,535,283	345,280,126
Diluted (in shares)	612,180,519	414,769,846	345,415,258
Other comprehensive income:
Net income available to common stockholders	$ 869,408	$ 359,456	$ 395,486
Foreign currency translation adjustment	(55,154)	9,119	(2,606)
Unrealized gain (loss) on derivatives, net	97,054	50,448	(34,926)
Other comprehensive income (loss)	41,900	59,567	(37,532)
Comprehensive income available to common stockholders	$ 911,308	$ 419,023	$ 357,954

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total stockholders’ equity	Shares of common stock	Common stock and paid in capital	Distributions in excess of net income	Accumulated other comprehensive income (loss)	Noncontrolling interests
Beginning Balance (in shares) at Dec. 31, 2019			333,619,106
Beginning Balance at Dec. 31, 2019	$ 9,804,158	$ 9,774,456		$ 12,873,849	$ (3,082,291)	$ (17,102)	$ 29,702
Increase (Decrease) in Stockholders' Equity
Net income	396,506	395,486			395,486		1,020
Other comprehensive income (loss)	(37,532)	(37,532)				(37,532)
Distributions paid and payable	(974,724)	(973,128)			(973,128)		(1,596)
Share issuances, net of costs (in shares)			27,564,163
Share issuances, net of costs	1,817,978	1,817,978		1,817,978
Contributions by noncontrolling interests	3,168						3,168
Reallocation of equity	0	47		47			(47)
Share-based compensation, net (in shares)			120,176
Share-based compensation, net	8,176	8,176		8,176
Ending Balance (in shares) at Dec. 31, 2020			361,303,445
Ending Balance at Dec. 31, 2020	11,017,730	10,985,483		14,700,050	(3,659,933)	(54,634)	32,247
Increase (Decrease) in Stockholders' Equity
Net income	360,747	359,456			359,456		1,291
Other comprehensive income (loss)	59,567	59,567				59,567
Shares issued in merger (in shares)			162,043,548
Shares issued in merger	11,559,875	11,556,715		11,556,715			3,160
Orion Divestiture	(1,142,121)	(1,140,769)		(1,140,769)			(1,352)
Distributions paid and payable	(1,231,962)	(1,230,094)			(1,230,094)		(1,868)
Share issuances, net of costs (in shares)			67,777,279
Share issuances, net of costs	4,453,953	4,453,953		4,453,953
Contributions by noncontrolling interests	43,390						43,390
Reallocation of equity	0	42		42			(42)
Share-based compensation, net (in shares)			137,719
Share-based compensation, net	8,221	8,221		8,221
Ending Balance (in shares) at Dec. 31, 2021			591,261,991
Ending Balance at Dec. 31, 2021	25,129,400	25,052,574		29,578,212	(4,530,571)	4,933	76,826
Increase (Decrease) in Stockholders' Equity
Net income	872,416	869,408			869,408		3,008
Other comprehensive income (loss)	41,900	41,900				41,900
Distributions paid and payable	(1,836,155)	(1,832,030)			(1,832,030)		(4,125)
Share issuances, net of costs (in shares)			68,875,984
Share issuances, net of costs	4,570,766	4,570,766		4,570,766
Contributions by noncontrolling interests	51,221						51,221
Reallocation of equity	0	(3,210)		(3,210)			3,210
Share-based compensation, net (in shares)			162,220
Share-based compensation, net	13,741	13,741		13,741
Ending Balance (in shares) at Dec. 31, 2022			660,300,195
Ending Balance at Dec. 31, 2022	$ 28,843,289	$ 28,713,149		$ 34,159,509	$ (5,493,193)	$ 46,833	$ 130,140

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 872,416	$ 360,747	$ 396,506
Adjustments to net income:
Depreciation and amortization	1,670,389	897,835	677,038
Amortization of share-based compensation	21,617	41,773	16,503
Non-cash revenue adjustments	(57,009)	(23,380)	(3,562)
(Gain) loss on extinguishment of debt	(367)	97,178	9,819
Amortization of deferred financing costs	15,613	12,333	11,003
Loss on interest rate swaps	718	2,905	4,353
Foreign currency and unrealized derivative loss (gain), net	220,948	27,223	(14,510)
Gain on sales of real estate	(102,957)	(55,798)	(76,232)
Equity in income and impairment of investment in unconsolidated entities	6,448	(1,106)	0
Distributions from unconsolidated entities	1,605	365	0
Provisions for impairment on real estate	25,860	38,967	147,232
Change in assets and liabilities
Accounts receivable and other assets	(29,524)	(38,292)	(79,240)
Accounts payable, accrued expenses and other liabilities	(5,290)	(24,714)	29,645
Net cash provided by operating activities	2,563,856	1,322,189	1,115,543
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in real estate	(8,886,436)	(6,313,076)	(2,283,130)
Improvements to real estate, including leasing costs	(95,514)	(19,080)	(8,708)
Proceeds from sales of real estate	436,115	250,536	259,459
Return of investment from unconsolidated entities	1,401	38,345	0
Net proceeds from sale of unconsolidated entities	108,088	0	0
Proceeds from note receivable	5,867	0	0
Insurance proceeds received	49,070	0	0
Non-refundable escrow deposits	(5,667)	(28,390)	0
Net cash paid in merger	0	(366,030)	0
Net cash used in investing activities	(8,387,076)	(6,437,695)	(2,032,379)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash distributions to common stockholders	(1,813,431)	(1,169,026)	(964,167)
Borrowings on line of credit and commercial paper programs	28,539,299	9,082,206	3,528,042
Payments on line of credit and commercial paper programs	(27,434,617)	(7,508,332)	(4,246,755)
Principal payment on term loan	0	0	(250,000)
Proceeds from notes payable issued	2,154,662	1,033,387	2,200,488
Principal payment on notes payable	0	(1,700,000)	(250,000)
Principal payments on mortgages payable	(312,234)	(66,575)	(108,789)
Payments upon extinguishment of debt	0	(96,583)	(9,445)
Proceeds from common stock offerings, net	4,556,028	4,442,725	1,823,821
Proceeds from dividend reinvestment and stock purchase plan	11,654	11,232	9,109
Distributions to noncontrolling interests	(3,935)	(1,707)	(1,596)
Net receipts on derivative settlements	79,763	3,266	4,106
Debt issuance costs	(34,156)	(13,405)	(19,456)
Net cash received from Orion Divestiture	0	593,484	0
Other items, including shares withheld upon vesting	(4,790)	(33,552)	(23,279)
Net cash provided by financing activities	5,738,243	4,577,120	1,692,079
Effect of exchange rate changes on cash and cash equivalents	(20,511)	20,076	4,431
Net (decrease) increase in cash, cash equivalents and restricted cash	(105,488)	(518,310)	779,674
Cash, cash equivalents and restricted cash, beginning of period	332,369	850,679	71,005
Cash, cash equivalents and restricted cash, end of period	226,881	332,369	850,679
Mortgages payable
Adjustments to net income:
Amortization of net premiums	(13,622)	(3,498)	(1,258)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgages payable	(312,200)	(66,600)
Notes payable
Adjustments to net income:
Amortization of net premiums	$ (62,989)	$ (10,349)	$ (1,754)

Organization and Operation

Organization and Operation	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operation	Organization and Operation Realty Income Corporation (“Realty Income,” the “Company,” “we,” “our” or “us”) was founded in 1969 and is organized as a Maryland corporation. We invest in commercial real estate and have elected to be taxed as a real estate investment trust ("REIT"). We are listed on the New York Stock Exchange ("NYSE") under the symbol “O”. Over the past 54 years, we have been acquiring and managing freestanding commercial properties that generate rental revenue under long-term net lease agreements with our commercial clients. At December 31, 2022, we owned or held interests in 12,237 properties, with approximately 236.8 million leasable square feet. Information with respect to number of properties, leasable square feet, average initial lease term and initial weighted average cash lease yield is unaudited. Our financial results for the years ended December 31, 2022 and 2021 reflect our merger with VEREIT, Inc. ("VEREIT"), following the consummation of the merger on November 1, 2021. Our financial results for the year ended December 31, 2020 do not reflect the merger. For more details, please see note 3, Merger with VEREIT, Inc. and Orion Office REIT Inc. Divestiture.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Procedures and New Accounting Standards	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Procedures and New Accounting Standards	Summary of Significant Accounting Policies and Procedures and New Accounting Standards 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"), in the 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 (loss) gain, net' in the consolidated statements of income and comprehensive income. 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 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 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. 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 ). At December 31, 2022, Realty Income, L.P. and certain of our investments, including investments in joint ventures, are considered VIEs in which we were deemed the primary beneficiary based on our controlling financial interests. Below is a summary of selected financial data of consolidated VIEs included on our consolidated balance sheets at December 31, 2022 and 2021 (in thousands): December 31, 2022 December 31, 2021 Net real estate $ 920,032 $ 688,229 Total assets $ 1,082,346 $ 795,670 Total liabilities $ 60,127 $ 57,057 Reclassification . Certain reclassifications have been made to the prior years’ consolidated statements of cash flows to conform to current year presentation. 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. Net Income per Common Share. Basic net income per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted net income per common share is computed by dividing net income available to common stockholders, plus income attributable to dilutive shares and convertible common units for the period, by the weighted average number of common shares that would have been outstanding assuming the issuance of common shares for all potentially dilutive common shares outstanding during the reporting period. For more detail, see note 15, Net Income per Common Share . Cash Equivalents and Restricted Cash . We consider all short-term, highly liquid investments that are readily convertible to cash and have an original maturity of three months or less at the time of purchase to be cash equivalents. Restricted cash includes cash proceeds from the sale of assets held by qualified intermediaries in anticipation of the acquisition of replacement properties in tax-free exchanges under Section 1031 of the U.S. Internal Revenue Code, impounds related to mortgages payable and cash that is not immediately available to Realty Income (i.e. escrow deposits for future acquisitions). Cash accounts maintained on behalf of Realty Income in demand deposits at commercial banks and money market funds may exceed federally insured levels or may be held in accounts without any federal insurance or any other insurance or guarantee. However, Realty Income has not experienced any losses in such accounts. 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 a TRS 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 United Kingdom 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 our client’s sales is recognized only after our client exceeds their sales breakpoint. Rental increases based upon changes in the consumer price indexes 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 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. The COVID-19 pandemic and the measures taken to limit its spread have negatively impacted the economy across many industries, including the industries in which some of our clients operate. We continue to assess the probability of collecting substantially all of the lease payments to which we are entitled under the original lease contract as required under Topic 842, Leases . We assess the collectability of our future lease payments based on an analysis of creditworthiness, economic trends (including trends arising from the COVID-19 pandemic) and other facts and circumstances related to the applicable clients. If we conclude the collection of substantially all 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. As of December 31, 2022, the majority of concessions granted to our clients as a result of the COVID-19 pandemic have been rent deferrals with the original lease term unchanged. In accordance with the guidance provided by the Financial Accounting Standards Board ("FASB") staff, we have elected to account for these leases as if the right of deferral existed in the lease contract and therefore continue to recognize lease revenue in accordance with the lease contract in effect. In limited circumstances, the undiscounted cash flows resulting from deferrals granted increased significantly from original lease terms, which required us to account for these as lease modifications and resulted in an insignificant impact to consolidated rental revenue. Similarly, rent abatements granted, which are also accounted for as lease modifications, have impacted our rental revenue by an insignificant amount. Unless otherwise specified, references to reserves recorded as a reduction of rental revenue include amounts reserved for in the current period, as well as unrecognized contractual rental revenue and unrecognized straight-line rental revenue for leases accounted for on a cash basis. The following table summarizes net reserves to rental revenue (in millions): Years ended December 31, 2022 2021 2020 Rental revenue reserves $ 2.3 $ 10.2 $ 44.1 Straight-line rent reserves 1.7 4.5 8.4 Total rental revenue reserves $ 4.0 $ 14.7 $ 52.5 As of December 31, 2022, other than the information related to the reserves recorded to date, we do not have any further client specific information that would change our assessment that collection of substantially all of the future lease payments under our existing leases is probable. However, since the conversations regarding rent collections for our clients affected by the COVID-19 pandemic are ongoing and we do not currently know the types of future concessions, if any, that will ultimately be granted, there may be impacts in future periods that could change this assessment as the situation continues to evolve and as more information becomes available. Gain on Sales of Real Estate . When real estate is sold, the carrying amount of the applicable assets is derecognized with a corresponding gain from the sale recognized in our consolidated statements of income and comprehensive income. We record a gain on sale of real estate pursuant to provisions under ASC 610-20 , Gains and Losses from the Derecognition of Nonfinancial Assets . We determine whether we would have a controlling financial interest in the property after the sale. We record a gain from the sale of real estate provided that various criteria, relating to the terms of the sale and any subsequent involvement by us with the real estate, have been met. Allocation of the Purchase Price of Real Estate Acquisitions . A majority of our acquisitions qualify as asset acquisitions and the transaction costs associated with those acquisitions are capitalized. However, our merger with VEREIT was comprised of both inputs and substantive processes that together significantly contributed to the ability to create outputs and, therefore, was considered a business. As a result, the merger with VEREIT qualified as a business combination and, accordingly, the transaction costs were expensed and categorized as merger and integration-related costs on our consolidated statements of income and comprehensive income. In accordance with ASC Topic 805, Business Combinations , adjustments to the allocated purchase price were made within one year of the closing date of our merger with VEREIT as acquisition date uncertainties were resolved (for more details on our merger with VEREIT, please see note 3, Merger with VEREIT, Inc. and Orion Office REIT Inc. Divestiture ). Apart from our merger with VEREIT, a majority of our acquisitions qualify as asset acquisitions. Therefore when acquiring a property for investment purposes, we typically allocate the cost of real estate acquired, inclusive of transaction costs, to: (1) land, (2) building and improvements, and (3) identified intangible assets and liabilities, based in each case on their relative estimated fair values. Intangible assets and liabilities consist of above-market or below-market lease value of in-place leases and the value of in-place leases, as applicable. Additionally, above-market rents on certain leases under which we are a lessor are accounted for as financing receivables amortizing over the lease term, while below-market rents on certain leases under which we are a lessor are accounted for as prepaid rent. In an acquisition of multiple properties, we must also allocate the purchase price among the properties. The allocation of the purchase price is based on our assessment of estimated fair values of the land, building and improvements, and identified intangible assets and liabilities, utilizing market-based evidence and commonly applied valuation approaches. In addition, any assumed notes payable or mortgages are recorded at their estimated fair values. The estimated fair values of our mortgages payable have been calculated by discounting the future cash flows using applicable interest rates that have been adjusted for factors, such as industry type, client investment grade, maturity date, and comparable borrowings for similar assets. The use of different assumptions in the allocation of the purchase price of the acquired properties and liabilities assumed could affect the timing of recognition of the related revenue and expenses. Our estimated fair value determinations are based on management’s judgment, utilizing various factors, including: market land and building values, market rental rates, discount rates and capitalization rates. Our methodology for measuring and allocating the fair value of real estate acquisitions includes both observable market data (categorized as level 2 on the three-level valuation hierarchy of ASC Topic 820, Fair Value Measurement), and unobservable inputs that reflect our own internal assumptions (categorized as level 3 under ASC Topic 820). Given the significance of the unobservable inputs we believe the allocations of fair value of real estate acquisitions should be categorized as level 3 under ASC Topic 820. From time to time, we have used, and may continue to use, the assistance of independent third parties specializing in real estate valuations to prepare our purchase price allocations. The allocation of tangible assets (which includes land and buildings/improvements) of an acquired property with an in-place lease is based upon relative fair value. Land is typically valued utilizing the sales comparison (or market) approach. Buildings and improvements are typically valued under the replacement cost approach. In allocating the fair value to identified intangibles for above-market or below-market leases, an amount is recorded based on the present value of the difference between (i) the contractual amount to be paid pursuant to the in-place lease and (ii) our estimate of fair market lease rate for the corresponding in-place lease, measured over the remaining assumed contract term of the lease. The value of in-place leases is determined by our estimated costs related to acquiring a client and the carrying costs that would be incurred over the vacancy period to locate a client if the property were vacant, considering market conditions and costs to execute similar leases at the time of acquisition. 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 on our consolidated statements of income and comprehensive income. The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to depreciation and amortization expense over the remaining periods of the respective leases. If a lease is terminated prior to its stated expiration, all unamortized amounts relating to that lease are recorded to revenue or expense as appropriate. Real Estate and Lease Intangibles Held for Sale. We generally reclassify assets to held for sale when the disposition has been approved, there are no known contingencies relating to the sale and the consummation of the disposition is considered probable within one year. Upon classifying a real estate investment as held for sale, we will no longer recognize depreciation expense related to the depreciable assets of the property. Assets held for sale are recorded at the lower of carrying value or estimated fair value, less the estimated cost to dispose of the assets. Twenty-two properties were classified as held for sale at December 31, 2022. If circumstances arise that we previously considered unlikely and, as a result, we decide not to sell a property previously classified as held for sale, we will reclassify the property as held for investment. We measure and record a property that is reclassified as held for investment at the lower of (i) its carrying value before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held for investment or (ii) the estimated fair value at the date of the subsequent decision not to sell. Investment in Unconsolidated Entities. During the year ended December 31, 2022, all seven properties owned by our industrial partnerships and accounted for under the equity method were sold. For further details, see note 5, Investments in Real Estate. We accounted for our investment in unconsolidated entity arrangements using the equity method of accounting as we had the ability to exercise significant influence, but not control, over operating and financing policies of these investments. We had determined that none of the unconsolidated entities would be considered VIEs under the applicable accounting guidance. Our equity method investments were acquired in our merger with VEREIT. As a result, the investments were recorded at fair value and subsequently would be adjusted for our share of equity in the entities' earnings and distributions received. The step-up in fair value was allocated to the individual investment assets and liabilities and were amortized over the estimated useful life of the respective underlying tangible real estate assets, the lease term of the intangible real estate assets, and the remaining term of the assumed debt. The carrying value of our investment was included in 'Investment in unconsolidated entities' in the accompanying consolidated balance sheet as of December 31, 2021. We recorded our proportionate share of net income from the unconsolidated entities in 'Equity in income and impairment of investment in unconsolidated entities' in the consolidated statements of income and comprehensive income for the years ended December 31, 2022 and 2021. Goodwill. Upon the closing of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. In connection with our merger with VEREIT, we recorded goodwill as a result of consideration exceeding the net assets acquired. For further details, see note 3, Merger with VEREIT, Inc. and Orion Office REIT Inc. Divestiture . Deferred Financing Costs. Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining or originating financing. Deferred financing costs, other than those associated with the line of credit, are presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability. Deferred financing costs related to the line of credit are included in other assets, net in the accompanying consolidated balance sheets. These costs are amortized to interest expense over the terms of the respective financing agreements that approximates the effective interest method. Depreciation and Amortization . Land, buildings and improvements are recorded and stated at cost. Major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives, while ordinary repairs and maintenance are expensed as incurred. Buildings and improvements that are under redevelopment, or are being developed, are carried at cost and no depreciation is recorded on these assets. Additionally, amounts essential to the development of the property, such as pre-construction, development, construction, interest and other costs incurred during the period of development are capitalized. We cease capitalization when the property is available for occupancy upon substantial completion of property improvements to accommodate the client's use, but in any event no later than one year from the completion of major construction activity. Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Buildings 25 years or 35 years Building improvements 4 to 35 years Equipment 5 to 25 years Lease commissions and property improvements to accommodate the client's use The shorter of the term of the related lease or useful life Acquired in-place leases Remaining terms of the respective leases Provisions for Impairment - Real Estate Assets. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If estimated future operating cash flows (undiscounted and without interest charges) plus estimated disposition proceeds (undiscounted) are less than the current book value of the property, a fair value analysis is performed and, to the extent the estimated fair value is less than the current book value, a provision for impairment is recorded to reduce the book value to estimated fair value. Key assumptions that we utilize in this analysis include projected rental rates, estimated holding periods, capital expenditures and property sales capitalization rates. For further details, see note 12, Financial Instruments and Fair Value Measurements. Provisions for Impairment - Goodwill. Goodwill is not amortized, but is subject to impairment reviews annually, or more frequently if necessary. Goodwill is qualitatively assessed to determine whether a quantitative impairment assessment is necessary. Impairment is the condition that exists when the carrying amount of goodwill exceeds its implied fair value. If the carrying value of the asset exceeds its estimated fair value, an impairment loss is recognized, and the asset is written down to its estimated fair value. We perform our annual goodwill impairment assessment as of June 30. During the years ended December 31, 2022, 2021 and 2020, there were no impairments of goodwill. Provisions for Impairment - Investment in Unconsolidated Entities. As part of our merger with VEREIT in November 2021, we acquired seven properties owned by industrial partnerships. These properties, which were subsequently sold during the year ended December 31, 2022, were accounted for under the equity method and considered unconsolidated entities. During our ownership of those properties and when circumstances indicated that a decrease in the value of an equity method investment had occurred that was other than temporary, we recognized an impairment loss, which required significant judgment. To determine whether the impairment loss was other-than-temporary, we considered whether it had the ability and intent to hold the investment until the carrying value was fully recovered. We evaluated the impairment of our investment in unconsolidated entities in accordance with accounting standards for equity investments by first reviewing each investment for indicators of impairment. If indicators were present, we estimated the fair value of the investments. If the carrying value of the investment was greater than the estimated fair value, we made an assessment of whether the impairment was temporary or other-than-temporary. In making this assessment, we considered the length of time and the extent to which fair value had been less than cost, the financial condition and near-term prospects of the entity, and our intent and ability to retain the interest long enough for a recovery in market value. The investment was reduced to its estimated fair value if conclusions indicated the impairment was other than temporary. For further details, see note 5, Investments in Real Estate. Equity Offering Costs. Underwriting commissions and offering costs have been reflected as a reduction of additional paid-in-capital on our consolidated balance sheets. Derivative and Hedging Activities . Derivatives are financial arrangements among two or more parties with returns linked to or “derived” from an underlying equity, debt, commodity, other asset, liability, interest rate, foreign exchange rate or another index, or the occurrence or nonoccurrence of a specified event. The settlement of a derivative is determined by its underlying notional amount specified in the contract. Derivative contracts may be entered into outright or embedded within a non-derivative host contract, and may be listed, traded on exchanges or privately negotiated directly between two parties. We actively manage our risk exposures which arise from our liquidity and funding activities using derivative instruments which hedge for interest rate risk, foreign exchange risk, or both. We record all derivatives on the balance sheet at fair value. The recognition of changes in the fair value of derivatives is recorded in net income unless the derivative is designated in a cash flow or net investment hedge accounting relationship in which case the change in fair value is recorded in other comprehensive income until such time as the designated hedged item impacts net income. Segment Reporting. During the second quarter of 2022, a re-evaluation of our business and management structure led to a change in identification of operating and reportable segments. As we have grown in size and scale over recent years, including through the acquisition of VEREIT in November 2021, management has shifted its focus to operating performance, seeking investments with attractive yields and risk adjusted returns regardless of client industry or geography. Our chief operating decision maker relies primarily on cash flow analysis at the consolidated level to make decisions about allocating resources. As a result, we reorganized our business activities into one operating and reportable segment. ASC Topic 280, Segment Reporting , establishes standards for the manner in which enterprises report information about operating segments. We are engaged in a single business activity, which is the leasing of property to clients, generally on a net basis (whereby clients are responsible for property taxes, insurance and maintenance costs). That business activity spans various geographic boundaries and includes property types and clients engaged in various industries, but ultimately all business activity involves similar economic characteristics of owning and leasing commercial properties under long-term, net lease agreements. Therefore, we operate and manage the business in one operating and reportable segment. This segmental presentation is consistent with the information provided to our chief operating decision maker to make decisions about allocating resources and assessing our performance. ASC 280 requires certain entity-wide annual disclosures for entities with a single reportable segment. The following table disaggregates domestic and international revenue by major asset types and geographic regions (in millions): Years ended December 31, 2022 U.S. U.K. Other (1) Total Retail $ 2,455.9 $ 243.3 $ 30.9 $ 2,730.1 Industrial 465.2 30.2 — 495.4 Other (2) 74.2 — — 74.2 Rental (including reimbursable) $ 2,995.3 $ 273.5 $ 30.9 $ 3,299.7 Other revenue 44.0 Total revenue $ 3,343.7 2021 U.S. U.K. Other (1) Total Retail $ 1,566.7 $ 138.9 $ 4.2 $ 1,709.8 Industrial 261.5 9.6 — $ 271.1 Other (2) 84.1 — — $ 84.1 Rental (including reimbursable) $ 1,912.3 $ 148.5 $ 4.2 $ 2,065.0 Other revenue 15.5 Total revenue $ 2,080.5 2020 U.S. U.K. Other (1) Total Retail $ 1,312.5 $ 55.9 $ — $ 1,368.4 Industrial 184.6 1.3 — 185.9 Other (2) 85.2 — — 85.2 Rental (including reimbursable) $ 1,582.3 $ 57.2 $ — $ 1,639.5 Other revenue 7.6 Total revenue $ 1,647.1 (1) Other includes properties in Spain, starting in September 2021 and in Italy, starting in October 2022. (2) Other includes the office, agriculture and gaming asset types, with gaming starting in December 2022. Long-lived assets include items such as property, plant, equipment and right-of-use assets subject to operating and finance leases. As of December 31, 2022, no individual country or asset-type representing more than 10% of total revenue, other than as presented in the tables above. In addition, as of December 31, 2022, no individual country or asset-type representing more than 10% of the total assets, other than as presented in the tables below. The following table disaggregates domestic and international total long-lived assets (in millions): As of December 31, 2022 2021 U.S. U.K. Other (1) Total U.S. U.K. Other (1) Total Long-lived assets $ 33,685.6 $ 4,596.1 $ 582.7 $ 38,864.4

Merger with VEREIT, Inc. and Or

Merger with VEREIT, Inc. and Orion Office REIT Inc. Divestiture	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Merger with VEREIT, Inc. and Orion Office REIT Inc. Divestiture	Merger with VEREIT, Inc. and Orion Office REIT Inc. Divestiture Merger with VEREIT On April 29, 2021, we entered into an Agreement and Plan of Merger, as amended, (the "Merger Agreement"), with VEREIT, its operating partnership, VEREIT Operating Partnership, L.P., ("VEREIT OP"), and two newly formed subsidiaries. Pursuant to the terms of the Merger Agreement, (i) one of the newly formed subsidiaries of us agreed to merge with and into VEREIT OP, with VEREIT OP as the surviving entity, which we refer to as the Partnership Merger, and (ii) immediately thereafter, VEREIT agreed to merge with and into the other newly formed subsidiary of us, with our subsidiary as the surviving corporation, which we refer to collectively as the merger. The primary reason for the Merger was to expand our size, scale and diversification, in order to further enhance our competitive advantages and accelerate our investment activities. On November 1, 2021, we completed our acquisition of VEREIT, and the merger was consummated. Pursuant to the terms of the Merger Agreement and subject to the terms thereof, upon the consummation of the merger, (i) each outstanding share of VEREIT common stock, and each outstanding common partnership unit of VEREIT OP owned by any of its partners other than VEREIT, Realty Income or their respective affiliates, was automatically converted into 0.705 of newly issued shares of our common stock, or in certain instances, Realty Income L.P. units, and (ii) each VEREIT OP outstanding common unit owned by VEREIT, Realty Income or their respective affiliates remained outstanding as partnership interests in the surviving entity. Each outstanding VEREIT stock option and restricted stock unit that were unvested as of November 1, 2021 were converted into equivalent options and restricted stock units, in each case with respect to the share of the Company's common stock, using the equity award exchange ratio in accordance with the Merger Agreement. For more details, see note 17, Common Stock Incentive Plan. Our merger with VEREIT 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 VEREIT common stock and VEREIT OP common units exchanged (1) 229,304,035 Exchange Ratio 0.705 161,659,345 Less: Fractional shares settled in cash (1,545) Shares of Realty Income common stock and Realty Income L.P. units issued 161,657,800 Adjusted opening price of Realty common stock on November 1, 2021 (2) $ 71.236 Fair value of Realty common stock issued to former holders of VEREIT common stock and VEREIT OP common units $ 11,515,855 Fair value of VEREIT's equity-based compensation awards attributable to pre-combination services (3) 44,020 Total non-cash consideration $ 11,559,875 Cash paid for fractional shares 110 VEREIT indebtedness paid off in connection with the merger (4) 500,414 Consideration transferred $ 12,060,399 (1) Includes 229,152,001 shares of VEREIT common stock and 152,034 VEREIT OP common units outstanding as of November 1, 2021. Under the Merger Agreement, these shares and units were converted to Realty Income common stock, or in certain instances, Realty Income L.P. units, at an Exchange Ratio of 0.705 per share of VEREIT common stock or VEREIT OP common unit, as applicable. (2) The fair value of Realty Income common stock issued to former holders of VEREIT common stock and VEREIT OP common units is based on the per share opening price of Realty Income common stock of $71.00 on November 1, 2021, adjusted for the monthly dividend of $0.236 per share that former holders of VEREIT common stock and VEREIT OP common units were eligible to receive when such dividend was paid on November 15, 2021. (3) Represents the fair value of fully vested deferred stock unit awards of VEREIT common stock (“VEREIT DSU Awards”) which were converted into Realty Income common stock upon our merger with VEREIT, as well as the estimated fair value of the Realty Income replacement employee and executive stock options and restricted stock units that were granted at the closing date of our merger with VEREIT and which were attributable to pre-combination services. (4) Represents the outstanding balance of the VEREIT revolving credit facility repaid by Realty Income in connection with the closing of the merger. The amount shown in the table above was based upon the balance outstanding immediately prior to November 1, 2021. A. Purchase Price Allocation The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands): As of November 1, 2021 ASSETS Land $ 3,021,906 Buildings 8,677,467 Total real estate held for investment 11,699,373 Cash and cash equivalents 128,411 Accounts receivable 53,355 Lease intangible assets (1) 3,204,773 Goodwill 3,717,620 Investment in unconsolidated entities 175,379 Other assets 308,910 Total assets acquired $ 19,287,821 LIABILITIES Accounts payable and accrued expenses $ 139,836 Lease intangible liabilities (2) 949,349 Other liabilities 320,893 Mortgages payable 869,027 Notes payable 4,946,965 Total liabilities assumed $ 7,226,070 Net assets acquired, at fair value $ 12,061,751 Noncontrolling interests $ 1,352 Total purchase price $ 12,060,399 (1) The weighted average amortization period for acquired lease intangible assets is 9.3 years. (2) The weighted average amortization period for acquired lease intangible liabilities is 25.5 years. The initial assessment of fair value provided in our Annual Report on Form 10-K for the year ended December 31, 2021 was preliminary and was based on information that was available to management at the time the consolidated financial statements were prepared. Measurement period adjustments were recorded during the year ended December 31, 2022 in the period in which they were determined, as if they had been completed at the acquisition date. Before the first anniversary of the merger date, final measurement period adjustments, as reflected in the table above, resulted in a net increase of $54.8 million to goodwill from the initial valuation, reflecting a decrease of $15.8 million in land, $7.6 million in building, $22.6 million in lease intangible assets, $19.5 million in investment in unconsolidated entities, $9.9 million in other assets, offset by decrease of $4.4 million in lease intangible liabilities, $16.1 million in other liabilities and $0.1 million in mortgages payable. Approximately $3.72 billion was 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 was attributable to expected synergies and benefits arising from the merger transaction, including anticipated financing and overhead cost savings, potential economies of scale benefits in both customer and vendor relationships and the employee workforce onboarded from VEREIT following the closing of the merger. None of the goodwill recognized is deductible for tax purposes. B. Merger and Integration-Related Costs C. Unaudited Pro Forma Financial Information Our consolidated results of operations for the years ended December 31, 2022 and 2021, include $1.02 billion and $176.3 million of revenues, respectively, and $62.4 million and $36.7 million of net income associated with the results of operations of VEREIT OP, respectively. The following unaudited pro forma information presents a summary of our combined results of operations for the years ended December 31, 2021 and 2020, as if our merger with VEREIT had occurred on January 1, 2020 (in millions, except per share data). There are no pro forma adjustments for the year ended December 31, 2022, as the merger was completed November 1, 2021. 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. In accordance with ASC 805, Business Combinations , the following information excludes the impact of the spin-off of office assets to Orion Office REIT Inc. ("Orion"). Years ended December 31, 2021 2020 Total revenues $ 3,084.3 $ 2,835.5 Net income $ 734.6 $ 325.9 Basic and diluted earnings per share $ 1.27 $ 0.64 The unaudited pro forma financial information above includes the following nonrecurring significant adjustment made to account for certain costs incurred as if our merger with VEREIT had been completed on January 1, 2020: merger and integration-related costs of $167.4 million were excluded within the pro forma financial information for 2021, but included for 2020. Orion Divestiture Following of the closing of our merger with VEREIT, we contributed 92 office real estate assets, a consolidated real estate venture holding one office asset, and an unconsolidated real estate venture holding five office assets to a wholly owned subsidiary named Orion. On November 12, 2021, we distributed the outstanding shares of Orion common stock to our shareholders (including legacy VEREIT stockholders who received shares of our common stock in our merger with VEREIT) on a pro rata basis at a rate of one share of Orion common stock for every ten shares of Realty Income common stock held on November 12, 2021, the applicable record date, which we refer to as the Orion Divestiture. The fair market value of these shares for tax distribution was determined to be $20.6272 per share, which was calculated using the five-day volume weighted average share price after issuance. For more detail, see note 14, Distributions Paid and Payable . Following the Orion Divestiture, Orion began operating as a separate, independent public company. In conjunction with the Orion Divestiture, we incurred approximately $6.0 million of transaction costs during the year ended December 31, 2021, which were included in the $167.4 million of merger and integration-related costs within our consolidated statements of income and comprehensive income. We incurred $1.9 million of transaction costs relating to the Orion Divestiture during the year ended December 31, 2022. As part of the Orion Divestiture, Orion paid us a dividend of $425.0 million and reimbursed $170.2 million to us for the early redemption of mortgage loans underlying the contributed assets prior to the effectuation of the Orion Divestiture. The distribution of Orion resulted in the derecognition of net assets of $1.74 billion, which net of the aforementioned cash payments of $595.2 million, resulted in a reduction to additional paid in capital of $1.14 billion.

Supplemental Detail for Certain

Supplemental Detail for Certain Components of Consolidated Balance Sheets	12 Months Ended
	Dec. 31, 2022
Disclosure Text Block Supplement [Abstract]
Supplemental Detail for Certain Components of Consolidated Balance Sheets	Supplemental Detail for Certain Components of Consolidated Balance Sheets (dollars in thousands): A. Accounts receivable, net, consist of the following at: December 31, 2022 December 31, 2021 Straight-line rent receivables, net $ 363,993 $ 231,943 Client receivables, net 203,970 194,825 $ 567,963 $ 426,768 B. Lease intangible assets, net, consist of the following at: December 31, 2022 December 31, 2021 In-place leases $ 5,324,565 $ 4,791,846 Accumulated amortization of in-place leases (1,409,878) (804,050) Above-market leases 1,697,367 1,591,382 Accumulated amortization of above-market leases (443,688) (303,874) $ 5,168,366 $ 5,275,304 C. Other assets, net, consist of the following at: December 31, 2022 December 31, 2021 Financing receivables $ 933,116 $ 323,921 Right of use asset - operating leases, net 603,097 631,515 Right of use asset - financing leases 467,920 218,332 Derivative assets and receivables – at fair value 83,100 29,593 Restricted escrow deposits 37,627 68,541 Prepaid expenses 28,128 18,062 Impounds related to mortgages payable 18,152 5,249 Credit facility origination costs, net 17,196 4,352 Corporate assets, net 12,334 10,915 Investment in sales type lease 5,951 7,492 Non-refundable escrow deposits 5,667 28,560 Note receivable — 4,455 Other items 39,939 18,592 $ 2,252,227 $ 1,369,579 D. Accounts payable and accrued expenses consist of the following at: December 31, 2022 December 31, 2021 Notes payable - interest payable $ 129,202 $ 108,227 Derivative liabilities and payables – at fair value 64,724 70,617 Property taxes payable 45,572 36,173 Accrued costs on properties under development 26,559 19,665 Accrued property expenses 25,290 27,344 Value-added tax payable 23,375 11,297 Accrued income taxes 22,626 19,152 Mortgages, term loans, and credit line - interest payable 4,404 3,874 Merger and integration-related costs 1,464 10,699 Other items 55,921 44,080 $ 399,137 $ 351,128 E. Lease intangible liabilities, net, consist of the following at: December 31, 2022 December 31, 2021 Below-market leases $ 1,617,870 $ 1,460,701 Accumulated amortization of below-market leases (238,434) (152,480) $ 1,379,436 $ 1,308,221 F. Other liabilities consist of the following at: December 31, 2022 December 31, 2021 Lease liability - operating leases, net $ 440,096 $ 461,748 Rent received in advance and other deferred revenue 269,645 242,122 Lease liability - financing leases 49,469 43,987 Security deposits 15,577 11,340 $ 774,787 $ 759,197

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Investments in Real Estate	Investments in Real Estate We acquire land, buildings and improvements necessary for the successful operations of commercial clients. A. Acquisitions During the Years ended December 31, 2022, and 2021 Below is a summary of our acquisitions for the year ended December 31, 2022 (unaudited): Number of Leasable Investment Weighted Initial Weighted Average Cash Lease Yield (1) Year ended December 31, 2022 (2) Acquisitions - U.S. 990 15,774 $ 5,746.4 19.3 6.0 % Acquisitions - Europe 94 11,179 2,441.3 8.9 6.0 % Total acquisitions 1,084 26,953 $ 8,187.7 16.3 6.0 % Properties under development (3) 217 5,500 807.6 15.0 5.3 % Total (4) 1,301 32,453 $ 8,995.3 16.2 5.9 % (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, 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 yield includes approximately $10.5 million received as settlement credits as reimbursement of free rent periods for the year ended December 31, 2022. 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) None of our investments during the year ended December 31, 2022 caused any one client to be 10% or more of our total assets at December 31, 2022. (3) Includes five U.K. development properties that represent an investment of £40.9 million during the year ended December 31, 2022, converted at the applicable exchange rate on the funding date. (4) Our clients occupying the new properties are 71.4% retail, 19.1% gaming, 6.5% industrial and 3.0% other property types (including 2.7% agricultural and 0.3% office) based on rental revenue. Approximately 23% of the rental revenue generated from acquisitions during the year ended December 31, 2022 is from our investment grade rated clients, their subsidiaries or affiliated companies. The acquisitions during the year ended December 31, 2022, which had no associated contingent consideration, were allocated as follows (in millions): Year ended December 31, 2022 Acquisitions - USD (1) Acquisitions - Sterling Acquisitions - Euro Land (2) $ 1,568.6 £ 640.5 € 118.0 Buildings and improvements 3,853.6 663.0 156.8 Lease intangible assets (3) 458.6 247.8 51.1 Other assets (4) 634.1 203.0 5.4 Lease intangible liabilities (5) (94.9) (60.1) — Other liabilities (6) (46.0) (4.9) — $ 6,374.0 £ 1,689.3 € 331.3 (1) Included in USD-denominated acquisitions was an investment of $1.7 billion into a single property in the gaming industry. The acquisition was allocated as (i) $419.5 million to land, (ii) $1.28 billion to buildings and improvements, (iii) $13.2 million of right-of-use assets accounted for as operating leases included in 'Other assets' and (iv) $9.3 million of lease liabilities under operating leases included in 'Other liabilities'. (2) Sterling-denominated land includes £42.5 million of right of use assets under long-term ground leases. (3) The weighted average amortization period for acquired lease intangible assets is 11.6 years. (4) USD-denominated other assets consists of $585.7 million of financing receivables with above-market terms and $32.8 million of right-of-use assets accounted for as finance leases, and $15.6 million of right of use assets under ground leases. Sterling-denominated other assets consists of £12.2 million of financing receivables with above-market terms, £188.4 million of right-of-use assets accounted for as finance leases and £2.4 million of right-of-use assets accounted for as operating leases. Euro-denominated other assets consists entirely of financing receivables with above-market terms. (5) The weighted average amortization period for acquired lease intangible liabilities is 14.2 years. (6) USD-denominated other liabilities consists of $28.0 million of deferred rent on certain below-market leases, $11.5 million of lease liabilities under ground leases, and $8.6 million of lease liabilities under financing leases. Sterling-denominated other liabilities consists of £2.4 million of lease liabilities under operating leases and £2.5 million of deferred rent on certain below-market leases. The properties acquired during the year ended December 31, 2022 generated total revenues of $211.3 million and net income of $79.0 million during the year ended December 31, 2022. Below is a summary of our acquisitions for the year ended December 31, 2021 (information is unaudited and excludes properties assumed on November 1, 2021 in conjunction with our merger with VEREIT): Number of Leasable Investment Weighted Initial Weighted Average Cash Lease Yield (1) Year ended December 31, 2021 (2) Acquisitions - U.S. 714 14,727 $ 3,608.6 14.1 5.5 % Acquisitions - Europe 129 9,196 2,558.9 11.6 5.5 % Total acquisitions 843 23,923 $ 6,167.5 13.1 5.5 % Properties under development (3) 68 2,682 243.3 15.7 6.0 % Total (4) 911 26,605 $ 6,410.8 13.2 5.5 % (1) Contractual net operating income used in the calculation of initial weighted average cash yield includes approximately $8.5 million received as settlement credits as reimbursement of free rent periods for the year ended December 31, 2021. (2) None of our investments during the year ended December 31, 2021 caused any one client to be 10% or more of our total assets at December 31, 2021. (3) Includes one U.K. development property that represents an investment of £7.0 million during the year ended December 31, 2021, converted at the applicable exchange rate on the funding date. (4) Our clients occupying the new properties are 83.6% retail and 16.4% industrial, based on rental revenue. Approximately 40% of the rental revenue generated from acquisitions during the year ended December 31, 2021, was from investment grade rated clients, their subsidiaries or affiliated companies. The acquisitions during the year ended December 31, 2021, which had no associated contingent consideration, were allocated as follows (in millions): Year ended December 31, 2021 Acquisitions - USD Acquisitions - Sterling Acquisitions - Euro Land (1) $ 1,054.4 £ 438.9 € 106.2 Buildings and improvements 1,802.6 888.0 173.4 Lease intangible assets (2) 547.8 248.9 34.9 Other assets (3) 530.2 40.4 21.9 Lease intangible liabilities (4) (91.6) (7.1) — Other liabilities (5) (127.6) (0.3) (16.0) $ 3,715.8 £ 1,608.9 € 320.4 (1) Sterling-denominated land includes £8.2 million of right of use assets under long-term ground leases. (2) The weighted average amortization period for acquired lease intangible assets is 12.7 years. (3) USD-denominated other assets consists of $179.7 million of financing receivables with above-market terms, $85.0 million of right-of-use assets accounted for as finance leases, $5.8 million in investments in sales-type leases, and $259.7 million of right of use assets under ground leases. Sterling-denominated other assets consists of £7.2 million of financing receivables with above-market terms and £33.2 million of right-of-use assets accounted for as finance leases. Euro-denominated other assets consists entirely of financing receivables with above-market terms. (4) The weighted average amortization period for acquired lease intangible liabilities is 15.9 years. (5) USD-denominated other liabilities consists of $26.9 million of deferred rent on certain below-market leases, $67.4 million of lease liabilities under ground leases and $33.3 million of lease liabilities under financing leases. Sterling-denominated other liabilities consists entirely of a mortgage premium. Euro-denominated other liabilities consists entirely of deferred rent on certain below-market leases. The properties acquired during the year ended December 31, 2021, which were all accounted for as asset acquisitions, generated total revenues of $136.6 million and net income of $25.8 million during the year ended December 31, 2021. B. Investments in Existing Properties During the year ended December 31, 2022, we capitalized costs of $96.7 million on existing properties in our portfolio, consisting of $88.3 million for non-recurring building improvements, $5.2 million for re-leasing costs, and $3.2 million for recurring capital expenditures. In comparison, during the year ended December 31, 2021, we capitalized costs of $21.9 million on existing properties in our portfolio, consisting of $14.6 million for non-recurring building improvements, $6.3 million for re-leasing costs, and $1.0 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 assets, 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 years ended December 31, 2022, 2021 and 2020 were $634.9 million, $247.5 million, and $134.6 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 the 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 years ended December 31, 2022, 2021 and 2020 were $111.7 million , $54.6 million, and $30.9 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 December 31, 2022 (dollars in thousands): Net increase (decrease) to rental revenue Increase to amortization expense 2023 $ (56,782) $ 589,541 2024 (50,525) 522,895 2025 (43,963) 451,177 2026 (36,100) 402,028 2027 (27,926) 348,289 Thereafter 341,053 1,600,757 Totals $ 125,757 $ 3,914,687 D. Gain on Sales of Real Estate The following table summarizes our properties sold during the periods indicated below, excluding our proportionate share of net proceeds from the disposition of properties by our unconsolidated industrial partnerships for 2022 and 2021 and the properties disposed from the spin-off of office properties to Orion in November 2021 (dollars in millions): Years ended December 31, 2022 2021 2020 Number of properties 168 154 126 Net sales proceeds $ 434.9 $ 250.3 $ 262.5 Gain on sales of real estate $ 102.7 $ 55.8 $ 76.2 These property sales do not represent a strategic shift that will have a major effect on our operations and financial results, and therefore do not require presentation as discontinued operations. E. Investment in Unconsolidated Entities The following is a summary of our investments in unconsolidated entities as of December 31, 2022 (in thousands): Ownership % (1) Number of Properties Carrying Amount of Investment as of Equity in income and impairment of investment in unconsolidated entities for the year ended (2) Investment (2) As of December 31, 2022 December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 December 31, 2020 Industrial Partnerships 20 % — $ — $ 140,967 $ (6,448) $ 1,106 $ — (1) Our ownership interest reflects legal ownership interest. Legal ownership may, at times, not equal our economic interest in the listed properties because of various provisions in certain entity agreements regarding capital contributions, distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, our actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with legal ownership interests. (2) All seven assets held by our industrial partnerships were sold during the year ended December 31, 2022. As the portion of the net proceeds applied to our investment basis that we expected to receive at closing was less than our $121.4 million carrying amount of investment in unconsolidated entities, we recognized an other than temporary impairment of $8.5 million during the year ended December 31, 2022. The other than temporary impairments are included in 'Equity in income and impairment of investment in unconsolidated entities' in the consolidated statements of income and comprehensive income for the periods presented. As a result of the merger with VEREIT, we assumed a preferred equity interest in the development of one distribution center for which we were entitled to receive a cumulative preferred return of 9% per year on the initial contribution of $22.8 million along with a share in the profit earned in the event of the sale of the property to a third party. Under the acquisition method of accounting, this preferred equity interest was adjusted to its fair value of $38.1 million at the time of the merger. During December 2021, the distribution center was sold to a third party and we received proceeds of $38.3 million and recorded a $0.2 million gain on disposition. The aggregate debt outstanding for unconsolidated entities was $431.8 million as of December 31, 2021, all of which was non-recourse to us with limited customary exceptions that varied from loan to loan. There was no aggregate debt outstanding as of December 31, 2022, as all seven properties owned by our industrial partnerships were sold during the year ended December 31, 2022, and the debt underlying each of the seven properties was either defeased or prepaid in connection with the sales. Each of us and our unconsolidated entity partners were subject to the provisions of the applicable entity agreements for our unconsolidated partnerships, which included provisions for when additional contributions might be required to fund certain cash shortfalls.

Revolving Credit Facility and C

Revolving Credit Facility and Commercial Paper Programs	12 Months Ended
	Dec. 31, 2022
Debt
Debt	Mortgages Payable During the year ended December 31, 2022, we made $312.2 million in principal payments, including the full repayment of 12 mortgages for $308.0 million. During the year ended December 31, 2021, we made $66.6 million in principal payments, including the full repayment of seven mortgages for $63.0 million. We assumed eight mortgages on 17 properties totaling $45.1 million during the year ended December 31, 2022, as compared to the assumption of 11 mortgages totaling $881.1 million in principal, including ten mortgages from our merger with VEREIT totaling $839.1 million and one Sterling-denominated mortgage on one property totaling £31.0 million for the year ended December 31, 2021. 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. In September 2021, we completed the early redemption on $12.5 million in principal of a mortgage due June 2032, plus accrued and unpaid interest. In October 2021, we completed the early redemption on $9.6 million in principal of a mortgage due June 2022, plus accrued and unpaid interest. As a result of the early redemptions in September and October of 2021, we recognized total losses of $4.3 million on extinguishment of debt during the year ended December 31, 2021. There were no comparable mortgage redemptions during the years ended December 31, 2022 or 2020. 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 December 31, 2022, 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 $0.8 million at December 31, 2022 and 2021, respectively. These costs are being amortized over the remaining term of each mortgage. The following table summarizes our mortgages payable as of December 31, 2022 and 2021 (dollars in thousands): As Of Number of Properties (1) Weighted Average Stated Interest Rate (2) Weighted Average Effective Interest Rate (3) Weighted Remaining Unamortized Premium and Deferred Financing Costs Balance, net Mortgage December 31, 2022 136 4.8 % 3.3 % 1.4 $ 842,343 $ 11,582 $ 853,925 December 31, 2021 267 4.8 % 3.5 % 1.8 $ 1,114,129 $ 27,866 $ 1,141,995 (1) At December 31, 2022, there were 18 mortgages on 136 properties. At December 31, 2021, there were 22 mortgages on 267 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 December 31, 2022 and December 31, 2021, all mortgages were at fixed interest rates. (2) Stated interest rates ranged from 3.0% to 6.9% at December 31, 2022 and 2021, respectively. (3) Effective interest rates ranged from 2.7% to 6.6% and 2.6% to 6.0% at December 31, 2022 and 2021, respectively. The following table summarizes the maturity of mortgages payable, excluding net premiums of $12.4 million and deferred financing costs of $0.8 million as of December 31, 2022 (dollars in millions): Year of Maturity Principal 2023 $ 22.0 2024 740.5 2025 42.0 2026 12.0 2027 22.3 Thereafter 3.5 Totals $ 842.3
Revolving Credit Facility and Commercial Paper Programs
Debt
Debt	Revolving Credit Facility and Commercial Paper Programs A. Credit Facility We have a $4.25 billion unsecured revolving multicurrency 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 U.S dollars. 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 financing on 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 Sterling Overnight Indexed Average (“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 December 31, 2022, credit facility origination costs of $17.2 million are included in other assets, net, as compared to $4.4 million at December 31, 2021, on our consolidated balance sheets. These costs are being amortized over the remaining term of our revolving credit facility. As of December 31, 2022, we had a borrowing capacity of $2.2 billion available on our revolving credit facility (subject to customary conditions to borrowing) and an outstanding balance of $2.0 billion, comprised of €1.8 billion Euro and £70.0 million Sterling borrowings, as compared to an outstanding balance at December 31, 2021 of $650.0 million, consisting entirely of USD borrowings. The weighted average interest rate on outstanding borrowings under our revolving credit facility was 1.8% during the year ended December 31, 2022, and 0.9% during the year ended December 31, 2021. At December 31, 2022, our weighted average interest rate on borrowings outstanding under our revolving credit facility was 2.6%. Our revolving credit facility is subject to various leverage and interest coverage ratio limitations, and at December 31, 2022, we were in compliance with the covenants under our revolving credit facility. B. Commercial Paper Programs During July 2022, our USD-denominated unsecured commercial paper program was amended to increase the maximum aggregate amount of outstanding notes from $1.0 billion to $1.5 billion. Also during July 2022, we established a new 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), which 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 on a parity in right of payment with all of our other unsecured senior indebtedness outstanding from time to time, including borrowings under our revolving credit facility, our term loans and our outstanding senior unsecured notes. Proceeds from commercial paper borrowings are used for general corporate purposes. As of December 31, 2022, the balance of borrowings outstanding under our commercial paper programs was $701.8 million, including €361.0 million of Euro-denominated borrowings, as compared to $901.4 million outstanding commercial paper borrowings, consisting entirely of USD-denominated borrowings at December 31, 2021. The weighted average interest rate on outstanding borrowings under our commercial paper programs was 1.6% for the year ended December 31, 2022, and 0.2% for the year ended December 31, 2021. As of December 31, 2022, our weighted average interest rate on outstanding borrowings under our commercial paper programs was 3.4%. 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

Term Loans

Term Loans	12 Months Ended
	Dec. 31, 2022
Debt
Debt	Mortgages Payable During the year ended December 31, 2022, we made $312.2 million in principal payments, including the full repayment of 12 mortgages for $308.0 million. During the year ended December 31, 2021, we made $66.6 million in principal payments, including the full repayment of seven mortgages for $63.0 million. We assumed eight mortgages on 17 properties totaling $45.1 million during the year ended December 31, 2022, as compared to the assumption of 11 mortgages totaling $881.1 million in principal, including ten mortgages from our merger with VEREIT totaling $839.1 million and one Sterling-denominated mortgage on one property totaling £31.0 million for the year ended December 31, 2021. 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. In September 2021, we completed the early redemption on $12.5 million in principal of a mortgage due June 2032, plus accrued and unpaid interest. In October 2021, we completed the early redemption on $9.6 million in principal of a mortgage due June 2022, plus accrued and unpaid interest. As a result of the early redemptions in September and October of 2021, we recognized total losses of $4.3 million on extinguishment of debt during the year ended December 31, 2021. There were no comparable mortgage redemptions during the years ended December 31, 2022 or 2020. 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 December 31, 2022, 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 $0.8 million at December 31, 2022 and 2021, respectively. These costs are being amortized over the remaining term of each mortgage. The following table summarizes our mortgages payable as of December 31, 2022 and 2021 (dollars in thousands): As Of Number of Properties (1) Weighted Average Stated Interest Rate (2) Weighted Average Effective Interest Rate (3) Weighted Remaining Unamortized Premium and Deferred Financing Costs Balance, net Mortgage December 31, 2022 136 4.8 % 3.3 % 1.4 $ 842,343 $ 11,582 $ 853,925 December 31, 2021 267 4.8 % 3.5 % 1.8 $ 1,114,129 $ 27,866 $ 1,141,995 (1) At December 31, 2022, there were 18 mortgages on 136 properties. At December 31, 2021, there were 22 mortgages on 267 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 December 31, 2022 and December 31, 2021, all mortgages were at fixed interest rates. (2) Stated interest rates ranged from 3.0% to 6.9% at December 31, 2022 and 2021, respectively. (3) Effective interest rates ranged from 2.7% to 6.6% and 2.6% to 6.0% at December 31, 2022 and 2021, respectively. The following table summarizes the maturity of mortgages payable, excluding net premiums of $12.4 million and deferred financing costs of $0.8 million as of December 31, 2022 (dollars in millions): Year of Maturity Principal 2023 $ 22.0 2024 740.5 2025 42.0 2026 12.0 2027 22.3 Thereafter 3.5 Totals $ 842.3
Senior Unsecured Term Loans
Debt
Debt	Term Loans In October 2018, in conjunction with entering into our current revolving credit facility, we entered into a $250.0 million senior unsecured term loan, which matures in March 2024. Prior to April 2022, borrowing under this term loan bore interest at the current one-month London Inter-Bank Offered Rate (“LIBOR”), plus 0.85%. In connection with entering into our new unsecured credit facility in April 2022, the previous LIBOR benchmark rate was replaced with daily SOFR, based on a five-day lookback period, and, due to our current credit ratings, is not subject to a credit spread adjustment. In conjunction with this term loan, we also entered into an interest rate swap, which was based off the daily SOFR through June 30, 2022. As of December 31, 2022, the effective interest rate on this term loan, after giving effect to the interest rate swap, was 3.83%. At December 31, 2022, deferred financing costs of $0.2 million are included net of the term loan principal balance, as compared to $0.4 million at December 31, 2021, on our consolidated balance sheets. These costs are being amortized over the remaining term of the term loan. During January 2023, we borrowed an aggregate of approximately $1.0 billion in multicurrency borrowings under an unsecured term loan initially maturing January 2024. See note 19, Subsequent Events

Mortgages Payable

Mortgages Payable	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Mortgages Payable	Mortgages Payable During the year ended December 31, 2022, we made $312.2 million in principal payments, including the full repayment of 12 mortgages for $308.0 million. During the year ended December 31, 2021, we made $66.6 million in principal payments, including the full repayment of seven mortgages for $63.0 million. We assumed eight mortgages on 17 properties totaling $45.1 million during the year ended December 31, 2022, as compared to the assumption of 11 mortgages totaling $881.1 million in principal, including ten mortgages from our merger with VEREIT totaling $839.1 million and one Sterling-denominated mortgage on one property totaling £31.0 million for the year ended December 31, 2021. 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. In September 2021, we completed the early redemption on $12.5 million in principal of a mortgage due June 2032, plus accrued and unpaid interest. In October 2021, we completed the early redemption on $9.6 million in principal of a mortgage due June 2022, plus accrued and unpaid interest. As a result of the early redemptions in September and October of 2021, we recognized total losses of $4.3 million on extinguishment of debt during the year ended December 31, 2021. There were no comparable mortgage redemptions during the years ended December 31, 2022 or 2020. 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 December 31, 2022, 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 $0.8 million at December 31, 2022 and 2021, respectively. These costs are being amortized over the remaining term of each mortgage. The following table summarizes our mortgages payable as of December 31, 2022 and 2021 (dollars in thousands): As Of Number of Properties (1) Weighted Average Stated Interest Rate (2) Weighted Average Effective Interest Rate (3) Weighted Remaining Unamortized Premium and Deferred Financing Costs Balance, net Mortgage December 31, 2022 136 4.8 % 3.3 % 1.4 $ 842,343 $ 11,582 $ 853,925 December 31, 2021 267 4.8 % 3.5 % 1.8 $ 1,114,129 $ 27,866 $ 1,141,995 (1) At December 31, 2022, there were 18 mortgages on 136 properties. At December 31, 2021, there were 22 mortgages on 267 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 December 31, 2022 and December 31, 2021, all mortgages were at fixed interest rates. (2) Stated interest rates ranged from 3.0% to 6.9% at December 31, 2022 and 2021, respectively. (3) Effective interest rates ranged from 2.7% to 6.6% and 2.6% to 6.0% at December 31, 2022 and 2021, respectively. The following table summarizes the maturity of mortgages payable, excluding net premiums of $12.4 million and deferred financing costs of $0.8 million as of December 31, 2022 (dollars in millions): Year of Maturity Principal 2023 $ 22.0 2024 740.5 2025 42.0 2026 12.0 2027 22.3 Thereafter 3.5 Totals $ 842.3

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2022
Debt
Debt	Mortgages Payable During the year ended December 31, 2022, we made $312.2 million in principal payments, including the full repayment of 12 mortgages for $308.0 million. During the year ended December 31, 2021, we made $66.6 million in principal payments, including the full repayment of seven mortgages for $63.0 million. We assumed eight mortgages on 17 properties totaling $45.1 million during the year ended December 31, 2022, as compared to the assumption of 11 mortgages totaling $881.1 million in principal, including ten mortgages from our merger with VEREIT totaling $839.1 million and one Sterling-denominated mortgage on one property totaling £31.0 million for the year ended December 31, 2021. 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. In September 2021, we completed the early redemption on $12.5 million in principal of a mortgage due June 2032, plus accrued and unpaid interest. In October 2021, we completed the early redemption on $9.6 million in principal of a mortgage due June 2022, plus accrued and unpaid interest. As a result of the early redemptions in September and October of 2021, we recognized total losses of $4.3 million on extinguishment of debt during the year ended December 31, 2021. There were no comparable mortgage redemptions during the years ended December 31, 2022 or 2020. 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 December 31, 2022, 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 $0.8 million at December 31, 2022 and 2021, respectively. These costs are being amortized over the remaining term of each mortgage. The following table summarizes our mortgages payable as of December 31, 2022 and 2021 (dollars in thousands): As Of Number of Properties (1) Weighted Average Stated Interest Rate (2) Weighted Average Effective Interest Rate (3) Weighted Remaining Unamortized Premium and Deferred Financing Costs Balance, net Mortgage December 31, 2022 136 4.8 % 3.3 % 1.4 $ 842,343 $ 11,582 $ 853,925 December 31, 2021 267 4.8 % 3.5 % 1.8 $ 1,114,129 $ 27,866 $ 1,141,995 (1) At December 31, 2022, there were 18 mortgages on 136 properties. At December 31, 2021, there were 22 mortgages on 267 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 December 31, 2022 and December 31, 2021, all mortgages were at fixed interest rates. (2) Stated interest rates ranged from 3.0% to 6.9% at December 31, 2022 and 2021, respectively. (3) Effective interest rates ranged from 2.7% to 6.6% and 2.6% to 6.0% at December 31, 2022 and 2021, respectively. The following table summarizes the maturity of mortgages payable, excluding net premiums of $12.4 million and deferred financing costs of $0.8 million as of December 31, 2022 (dollars in millions): Year of Maturity Principal 2023 $ 22.0 2024 740.5 2025 42.0 2026 12.0 2027 22.3 Thereafter 3.5 Totals $ 842.3
Notes payable
Debt
Debt	Notes Payable A. General Our senior unsecured notes and bonds are USD-denominated and Sterling-denominated. Foreign denominated notes are converted at the applicable exchange rate on the balance sheet date. The following are sorted by maturity date (in millions): Principal Amount (Currency Denomination) Carrying Value (USD) as of December 31, 2022 2021 4.600% notes, $500 issued February 2014, of which $485 was exchanged in November 2021, both due in February 2024 (1) $ 500 $ 500 $ 500 3.875% notes, issued in June 2014 and due in July 2024 $ 350 350 350 3.875% notes, issued in April 2018 and due in April 2025 $ 500 500 500 4.625% notes, $550 issued October 2018, of which $544 was exchanged in November 2021, both due in November 2025 (1) $ 550 550 550 0.750% notes, issued December 2020 and due in March 2026 $ 325 325 325 4.875% notes, $600 issued June 2016, of which $596 was exchanged in November 2021, both due in June 2026 (1) $ 600 600 600 4.125% notes, $250 issued in September 2014 and $400 issued in March 2017, both due in October 2026 $ 650 650 650 1.875% notes, issued in January 2022 and due in January 2027 £ 250 301 — 3.000% notes, issued in October 2016 and due in January 2027 $ 600 600 600 1.125% notes, issued in July 2021 and due in July 2027 £ 400 482 541 3.950% notes, $600 issued August 2017, of which $594 was exchanged in November 2021, both due in August 2027 (1) $ 600 600 600 3.650% notes, issued in December 2017 and due in January 2028 $ 550 550 550 3.400% notes, $600 issued June 2020, of which $598 was exchanged in November 2021, both due in January 2028 (1) $ 600 600 600 2.200% notes, $500 issued November 2020, of which $497 was exchanged in November 2021, both due in June 2028 (1) $ 500 500 500 3.250% notes, issued in June 2019 and due in June 2029 $ 500 500 500 3.100% notes, $600 issued December 2019, of which $596 was exchanged in November 2021, both due in December 2029 (1)(2) $ 599 599 599 3.160% notes, issued in June 2022 and due in June 2030 £ 140 169 — 1.625% notes, issued in October 2020 and due December 2030 £ 400 482 541 3.250% notes, $600 issued in May 2020 and $350 issued in July 2020, both due in January 2031 $ 950 950 950 3.180% notes, issued in June 2022 and due in June 2032 £ 345 416 — 5.625% notes, issued in October 2022 and due in October 2032 $ 750 750 — 2.850% notes, $700 issued November 2020, of which $699 was exchanged in November 2021, both due in December 2032 (1) $ 700 700 700 1.800% notes, issued in December 2020 and due in March 2033 $ 400 400 400 1.750% notes, issued in July 2021 and due in July 2033 £ 350 422 474 2.730% notes, issued in May 2019 and due in May 2034 £ 315 379 427 5.875% bonds, $100 issued in March 2005 and $150 issued in June 2011, both due in March 2035 $ 250 250 250 3.390% notes, issued in June 2022 and due in June 2037 £ 115 138 — 2.500% notes, issued in January 2022 and due in January 2042 £ 250 301 — 4.650% notes, $300 issued in March 2017 and $250 issued in December 2017, both due in March 2047 $ 550 550 550 Total principal amount $ 14,114 $ 12,257 Unamortized net premiums and deferred financing costs 164 243 $ 14,278 $ 12,500 (1) Carrying Value (USD) includes the portion of the VEREIT OP notes that remained outstanding, totaling $39.1 million in the aggregate at December 31, 2022 and 2021, that were not exchanged in the exchange offers commenced by us with respect to the outstanding bonds of VEREIT OP in connection with the consummation of the merger with VEREIT (the "Exchange Offers"). (2) These notes were originally issued by VEREIT OP in December of 2019 for the principal amount of $600 million. The amount of Realty Income debt issued through the Exchange Offers was $599 million, resulting from cancellations due to late tenders that forfeited the early participation premium of $30 per $1,000 principal amount and cash paid in lieu of fractional shares. The following table summarizes the maturity of our notes and bonds payable as of December 31, 2022, excluding net unamortized premiums of $224.6 million and deferred financing costs of $60.7 million (dollars in millions): Year of Maturity Principal 2024 $ 850 2025 1,050 2026 1,575 2027 1,983 Thereafter 8,656 Totals $ 14,114 As of December 31, 2022, the weighted average interest rate on our notes and bonds payable was 3.4% and the weighted average remaining years until maturity was 7.2 years. Interest incurred on all of the notes and bonds was $431.3 million, $286.4 million, and $252.0 million for the years ended December 31, 2022, 2021 and 2020, respectively. Our outstanding notes and bonds are unsecured; accordingly, we have not pledged any assets as collateral for these or any other obligations. Interest on our £400 million of 1.625% senior unsecured notes issued in October 2020, our £400 million of 1.125% senior unsecured notes issued in July 2021, our £350 million of 1.750% senior unsecured notes also issued in July 2021, our £250 million of 1.875% senior unsecured notes issued in January 2022, and £250 million of 2.500% senior unsecured notes also issued in January 2022 is paid annually. Interest on our remaining senior unsecured note and bond obligations is paid semiannually. All of these notes and bonds contain various covenants, including: (i) a limitation on incurrence of any debt which would cause our debt to total adjusted assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause our secured debt to total adjusted assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause our debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of our outstanding unsecured debt. At December 31, 2022, we were in compliance with these covenants. B. Note Repayments We redeemed the following principal amounts (in millions) of certain outstanding notes, prior to their maturity. As a result of these early redemptions, we recognized the following losses on extinguishment of debt (in millions) in the consolidated statements of income and comprehensive income. There were no comparable repayments for the year ended December 31, 2022. Loss on Extinguishment of Debt 2021 Repayments Principal Amount (1) Amount of Loss Period Recognized 4.650% notes due August 2023 redeemed in December 2021 $ 750.0 $ 46.4 December 31, 2021 3.250% notes due October 2022 redeemed in January 2021 $ 950.0 $ 46.5 March 31, 2021 2020 Repayments 5.750% notes due January 2021 redeemed in January 2020 $ 250.0 $ 9.8 March 31, 2020 (1) The redeemed principal amounts presented exclude the amounts we paid in accrued and unpaid interest. C. Note Issuances During the years ended December 31, 2022, 2021, and 2020 we issued the following notes and bonds (in millions): 2022 Issuances Date of Issuance Maturity Date Principal amount used Price of par value Effective yield to maturity 1.875% Notes January 2022 January 2027 £ 250 99.487 % 1.974 % 2.500% Notes January 2022 January 2042 £ 250 98.445 % 2.584 % 3.160% Notes June 2022 June 2030 £ 140 100.000 % 3.160 % 3.180% Notes June 2022 June 2032 £ 345 100.000 % 3.180 % 3.390% Notes June 2022 June 2037 £ 115 100.000 % 3.390 % 5.625% Notes October 2022 October 2032 $ 750 99.879 % 5.641 % 2021 Issuances Date of Issuance Maturity Date Principal amount used Price of par value Effective yield to maturity 1.125% Notes July 2021 July 2027 £ 400 99.305 % 1.242 % 1.750% Notes July 2021 July 2033 £ 350 99.842 % 1.757 % 4.600% Notes (1) November 2021 February 2024 $ 485 100.000 % 4.600 % 4.625% Notes (1) November 2021 November 2025 $ 544 100.000 % 4.625 % 4.875% Notes (1) November 2021 June 2026 $ 596 100.000 % 4.875 % 3.950% Notes (1) November 2021 August 2027 $ 594 100.000 % 3.950 % 3.400% Notes (1) November 2021 January 2028 $ 598 100.000 % 3.400 % 2.200% Notes (1) November 2021 June 2028 $ 497 100.000 % 2.200 % 3.100% Notes (1) November 2021 December 2029 $ 596 100.000 % 3.100 % 2.850% Notes (1) November 2021 December 2032 $ 699 100.000 % 2.850 % 2020 Issuances Date of Issuance Maturity Date Principal amount used Price of par value Effective yield to maturity 3.250% Notes (2) May 2020 January 2031 $ 600 98.99 % 3.364 % 3.250% Notes (2) July 2020 January 2031 $ 350 108.24 % 2.341 % 1.625% Notes October 2020 December 2030 £ 400 99.19 % 1.712 % 0.750% Notes December 2020 March 2026 $ 325 99.19 % 0.908 % 1.800% Notes December 2020 March 2033 $ 400 98.47 % 1.941 % (1) In connection with our merger with VEREIT, we completed our debt exchange offer to exchange all outstanding notes issued by VEREIT OP on November 9, 2021 for notes of identical terms issued by Realty Income, pursuant to which approximately 99.2% of the outstanding notes issued by VEREIT OP were exchanged. We issued $1,000 principal amount of Realty Notes for each validly tendered VEREIT Notes with $1,000 principal amount. For this reason, we denote our “Price of par value” as 100%. Prior to the completion of our merger with VEREIT on November 1, 2021, these notes were not the obligation of Realty Income. With respect to the notes originally issued by VEREIT OP that remained outstanding, we amended the indenture governing such notes to, among other things, eliminate substantially all of the restrictive covenants in such indenture. To induce holders of the VEREIT OP notes to participate in the exchange, Realty Income offered noteholders electing to exchange their notes a cash payment equal to 10 basis points of the note principal amount held. This resulted in a cash payment of $4.6 million to participating noteholders. The exchange was accounted for as a modification of the existing VEREIT OP notes assumed in our merger with VEREIT. With respect to the notes originally issued by VEREIT OP that remained outstanding, we amended the indenture governing such notes to, among other things, eliminate substantially all of the restrictive covenants in such indenture. (2) In July 2020, we issued $350.0 million of 3.250% senior unsecured notes due January 2031 (the "2031 Notes"), which constituted a further issuance of, and formed a single series with, the $600.0 million of 2031 Notes issued in May 2020. The proceeds from each of these offerings were used to repay borrowings outstanding under our credit facility, to fund investment opportunities, and for other general corporate purposes. In January 2023, we issued $500 million of 5.05% senior unsecured notes due January 2026 and $600 million of 4.85% senior unsecured notes due March 2030. See note 19, Subsequent Events for further details.

Issuances of Common Stock

Issuances of Common Stock	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Issuances of Common Stock	Issuances of Common Stock A. Issuance of Common Stock in Connection with VEREIT Acquisition On November 1, 2021, we completed our acquisition of VEREIT. As a result of the merger, former VEREIT common stockholders, VEREIT OP common unitholders and awardees of vested share awards separated from Realty Income and received approximately 162 million shares of Realty Income common stock, based on the shares of VEREIT common stock and common units of VEREIT OP outstanding as of October 29, 2021. For further details, please refer to note 3, Merger with VEREIT, Inc. and Orion Office REIT Inc. Divestiture. B. Issuances of Common Stock in Underwritten Public Offerings In July 2021, we issued 9,200,000 shares of common stock, including 1,200,000 shares purchased by the underwriters upon the exercise of their option to purchase additional shares. After deducting underwriting discounts of $2.9 million, the net proceeds of $594.1 million were primarily used to repay borrowings under our commercial paper programs, to fund potential investment opportunities and for other general corporate purposes. In January 2021, we issued 12,075,000 shares of common stock, including 1,575,000 shares purchased by the underwriters upon the exercise of their option to purchase additional shares. After deducting underwriting discounts of $19.3 million, the net proceeds of $669.6 million were used to fund property acquisitions, for general corporate purposes and working capital. In March 2020, we issued 9,690,500 shares of common stock, including 690,500 shares purchased by the underwriters upon the exercise of their option to purchase additional shares. The net proceeds of $728.9 million were used to repay borrowings under our credit facility, to fund investment opportunities, and for other general corporate purposes. There were no comparative offerings during the year ended December 31, 2022. C. At-the-Market ("ATM") Program In June 2022, we replaced our prior ATM program, which authorized us to offer and sell up to 69,088,433 shares of common stock, with a new "at-the-market" equity distribution program, or our ATM program, pursuant to which we may offer and sell up to 120,000,000 shares of common stock (1) by us to, or through, a consortium of banks acting as our sales agents or (2) by a consortium of banks acting as forward sellers on behalf of any forward purchasers contemplated thereunder, in each case by means of ordinary brokers' transactions on the NYSE under the ticker symbol "O" at prevailing market prices or at negotiated prices. After deducting 6,744,884 shares sold pursuant to forward sale confirmations that remained open at December 31, 2022, we had 70,620,121 additional shares remaining for future issuance under our ATM program. We anticipate maintaining the availability of our ATM program in the future, including the replenishment of authorized shares issuable thereunder. The following table outlines common stock issuances pursuant to our ATM programs (dollars in millions): Years ended December 31, 2022 2021 2020 Shares of common stock issued under the ATM program (1) 68,608,176 46,290,540 17,724,374 Gross proceeds $ 4,599.4 $ 3,207.9 $ 1,094.9 Sales agents' commissions (34.3) (27.3) (14.6) Other offering expenses (9.1) (1.1) (0.4) Net proceeds $ 4,556.0 $ 3,179.5 $ 1,079.9 (1) During the year ended December 31, 2022, 65,279,851 shares were sold and 58,534,967 settled pursuant to forward sale confirmations. In addition, as of December 31, 2022, 6,744,884 shares of common stock subject to forward sale confirmations have been executed at a weighted average initial price of $63.31 per share but not settled. Upon settlement, subject to certain exceptions, we may elect, in our sole discretion, to cash settle or net share settle all or any portion of our obligations under any forward sale agreement, in which cases we may not receive any proceeds (in the case of cash settlement) or will not receive any proceeds (in the case of net share settlement), and we may owe cash (in the case of cash settlement) or shares of our common stock (in the case of net share settlement) to the relevant forward purchaser. We currently expect to fully physically settle any forward sale agreement with the respective forward purchaser on one or more dates specified by us on or prior to the maturity date of such forward sale agreement, in which case we expect to receive aggregate net cash proceeds at settlement equal to the number of shares specified in such forward sale agreement multiplied by the relevant forward price per share. We currently expect to fully settle the outstanding forward sale agreements during the three months ended March 31, 2023, representing $0.4 billion in net proceeds, for which the weighted average forward price at December 31, 2022 was $62.59 per share. Our forward sale confirmations are accounted for as equity instruments, as we have determined the agreements meet the derivatives and hedging guidance scope exception. No shares were sold pursuant to forward sale confirmations during years ended December 31, 2021 and 2020. D. Dividend Reinvestment and Stock Purchase Plan ("DRSPP") Our DRSPP, provides our common stockholders, as well as new investors, with a convenient and economical method of purchasing our common stock and reinvesting their distributions. Our DRSPP also allows our current stockholders to buy additional shares of common stock by reinvesting all or a portion of their distributions. Our DRSPP authorizes up to 26,000,000 common shares to be issued. At December 31, 2022, we had 11,159,825 shares remaining for future issuance under our DRSPP program. The following table outlines common stock issuances pursuant to our DRSPP program (dollars in millions): Years ended December 31, 2022 2021 2020 Shares of common stock issued under the DRSPP program 175,554 168,000 149,289 Gross proceeds $ 11.7 $ 11.2 $ 9.1 Our DRSPP includes a waiver approval process, allowing larger investors or institutions, per a formal approval process, to purchase shares at a small discount, if approved by us. We did not issue shares under the waiver approval process during the years ended December 31, 2022, 2021 or 2020.

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests There are four entities with noncontrolling interests that we consolidate, including an operating partnership, Realty Income, L.P., a joint venture acquired in December 2019, and two development joint ventures, one acquired in December 2020 and one acquired in May 2021. In November 2021, we issued 300,604 common partnership units in Realty Income, L.P. in connection with the acquisition of seven properties and recorded $20.4 million of noncontrolling interests. In December 2021, we issued 240,586 common partnership units in Realty Income, L.P. in connection with the acquisition of one property and recorded $16.6 million of noncontrolling interests. In November 2021 we issued 56,400 of common partnership units in Realty Income, L.P. in exchange for VEREIT OP units in connection with our merger with VEREIT and recorded noncontrolling interests of $1.8 million. In addition, during September 2022, we issued 734,458 common partnership units in Realty Income, L.P. in connection with the acquisition of nine properties and recorded $51.2 million of contributions to noncontrolling interests. At December 31, 2022, outstanding common partnership units in Realty Income, L.P. represented 6.9% ownership interest in Realty Income L.P. We hold the remaining 93.1% interest and consolidate the entity. None of our common partnership units have voting rights. Common partnership units are entitled to monthly distributions equal to the amount paid to common stockholders of Realty Income, and are redeemable in cash or Realty Income common stock, at our option, and at a conversion ratio of 1.02934 due to the Orion Divestiture, subject to certain exceptions. Prior to the Orion Divestiture, the conversion ratio was one to one. These issuances with redemption provisions that permit the issuer to settle in either cash or common stock, at the option of the issuer, were evaluated to determine whether temporary or permanent equity classification on the balance sheet was appropriate. We determined that the units meet the requirements to qualify for presentation as permanent equity. In May 2021 and December 2020, we completed the respective acquisition of a development property by acquiring a controlling interest in a joint venture. We are the managing member of these two joint ventures, and possess the ability to control the business and manage the affairs of these entities. At December 31, 2022, we and our subsidiaries held an 89.6% interest in the joint venture established in May 2021 and an 94.5% interest in the joint venture established in December 2020. In December 2019, we completed the acquisition of nine properties by acquiring a controlling interest in a joint venture. We are the managing member of this joint venture and possess the ability to control the business and manage the affairs of this entity. At December 31, 2022, we and our subsidiaries held an 89.9% interest, and consolidated this entity in our consolidated financial statements. The following table represents the change in the carrying value of all noncontrolling interests through December 31, 2022 (dollars in thousands): Realty Income, L.P. units (1) Other Noncontrolling Interests Total Carrying value at December 31, 2020 $ 24,100 $ 8,147 $ 32,247 Contributions 36,975 6,415 43,390 Issued in merger 3,160 — 3,160 Orion divestiture (1,352) — (1,352) Reallocation of equity (42) — (42) Distributions (1,574) (294) (1,868) Allocation of net income 1,149 142 1,291 Carrying value at December 31, 2021 $ 62,416 $ 14,410 $ 76,826 Contributions 51,221 — 51,221 Distributions (3,818) (307) (4,125) Allocation of net income 2,772 236 3,008 Reallocation of equity 3,210 — 3,210 Carrying value at December 31, 2022 $ 115,801 $ 14,339 $ 130,140 (1) In September 2022, we issued 734,458 common partnership units in Realty Income, L.P. in connection with the acquisition of nine properties and recorded $51.2 million of contributions to noncontrolling interests. 1,795,167 and 1,060,709 units were outstanding as of December 31, 2022 and 2021, respectively. At December 31, 2022, Realty Income, L.P. and certain of our investments, including investments in joint ventures, are considered VIEs in which we were deemed the primary beneficiary based on our controlling financial interests. For further information, see note 2 Summary of Significant Accounting Policies and Procedures and New Accounting Standards.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurements	Financial Instruments and Fair Value Measurements Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820, Fair Value Measurements and Disclosures , sets forth a fair value hierarchy that categorizes inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and lowest priority to unobservable inputs. Categorization within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement. • Level 1 – Unadjusted quoted prices in active markets Financial instruments are classified as Level 1 if their value is observable in an active market. Such instruments are valued by reference to unadjusted quoted prices for identical assets or liabilities in active markets where the quoted price is readily available, and the price represents actual and regularly occurring market transactions. An active market is one in which transactions occur with sufficient volume and frequency to provide pricing information on an ongoing basis. • Level 2 – Valuation Technique Using Observable Inputs Financial instruments classified as Level 2 are valued using quoted prices for identical instruments in markets that are not considered to be active, or quoted prices for similar assets or liabilities in active markets, or valuation techniques in which all significant inputs are observable or can be corroborated by observable market data for substantially the entire contractual term of the financial asset or liability. • Level 3 – Valuation Technique Using Significant Unobservable Inputs Financial instruments are classified as Level 3 if their valuation incorporates significant inputs that are not based on observable market data (unobservable inputs). Such inputs are generally determined based on observable inputs of a similar nature, historical observations on the level of the inputs, or other analytical techniques. We evaluate our hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from period to period. Changes in the type of inputs may result in a reclassification for certain assets. We have not historically had changes in classifications and do not expect that changes in classifications between levels will be frequent. A. Financial Instruments Not Measured at Fair Value on the Consolidated Balance Sheets The fair value of short-term financial instruments such as cash and cash equivalents, accounts receivable, escrow deposits, loans receivable, accounts payable, distributions payable, line of credit payable and commercial paper borrowings, and other liabilities approximate their carrying value in the accompanying consolidated balance sheets, due to their short-term nature. The fair value of our $250 million term loan approximates carrying value due to the frequent repricing of the variable interest rate charged on the borrowing, which is based on the daily SOFR. The fair value of our financial instruments not carried at fair value are disclosed as follows (in millions): December 31, 2022 Carrying value Estimated fair value Mortgages payable assumed in connection with acquisitions (1) $ 842.3 $ 810.4 Notes and bonds payable (2) $ 14,114.2 $ 12,522.8 December 31, 2021 Carrying value Estimated fair value Mortgages payable assumed in connection with acquisitions (1) $ 1,114.1 $ 1,154.7 Notes and bonds payable (2) $ 12,257.3 $ 13,114.5 (1) Excludes non-cash net premiums recorded on the mortgages payable. The unamortized balance of these net premiums was $12.4 million at December 31, 2022, and $28.7 million at December 31, 2021. Also excludes deferred financing costs of $0.8 million at December 31, 2022, and $0.8 million at December 31, 2021. (2) Excludes non-cash premiums and discounts recorded on notes payable. The unamortized balance of the net premiums was $224.6 million at December 31, 2022, and $295.5 million at December 31, 2021. Also excludes deferred financing costs of $60.7 million at December 31, 2022, and $53.1 million at December 31, 2021. The estimated fair values of our mortgages payable assumed in connection with acquisitions and private senior notes payable have been calculated by discounting the future cash flows using an interest rate based upon the relevant forward interest rate curve, plus an applicable credit-adjusted spread. Because this methodology includes unobservable inputs that reflect our own internal assumptions and calculations, the measurement of estimated fair values related to our mortgages payable is categorized as level three on the three-level valuation hierarchy. The estimated fair values of our publicly-traded senior notes and bonds payable are based upon indicative market prices and recent trading activity of our senior notes and bonds payable. Because this methodology includes inputs that are less observable by the public and are not necessarily reflected in active markets, the measurement of the estimated fair values related to our notes and bonds payable is categorized as level two on the three-level valuation hierarchy. B. Financial Instruments Measured at Fair Value on a Recurring Basis For derivative assets and liabilities, we may utilize interest rate swaps and forward-starting swaps to manage interest rate risk, and cross-currency swaps, currency exchange swaps, foreign currency forwards and foreign currency collars to manage foreign currency risk. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, spot and forward rates, as well as option volatility . Derivative fair values also include credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although we have determined that the majority of the inputs used to value our derivatives fall within level two on the three-level valuation hierarchy, the credit valuation adjustments associated with our derivatives utilize level three inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by ourselves and our counterparties. However, at December 31, 2022, and 2021, we assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we determined that our derivative valuations in their entirety are classified as level two. C. Items Measured at Fair Value on a Non-Recurring Basis Impairment of Real Estate Investments Certain financial and nonfinancial assets and liabilities are measured at fair value on a non-recurring basis and are subject to fair value adjustments only under certain circumstances, such as when an impairment write-down occurs. The impairments for the years ended December 31, 2022 and 2021 primarily relate to properties sold, in the process of being sold, or vacant. We identify the impact of the COVID-19 pandemic as an impairment triggering event for properties occupied by certain clients experiencing difficulties meeting their lease obligations to us. After considering the impacts of the COVID-19 pandemic on the key assumptions noted above, we determined that the carrying values of 38 properti es classified as held for investment for the year ended December 31, 2020 were not recoverable. As a result, we recorded provisions for impairment of $105.0 million for the year ended December 31, 2020 on the applicable properties impacted by the COVID-19 pandemic. The following table summarizes our provisions for impairment on real estate investments during the periods indicated below (dollars in millions): Years ended December 31, 2022 2021 2020 Carrying value prior to impairment $ 140.9 $ 169.2 $ 260.8 Less: total provisions for impairment (25.9) (39.0) (147.2) Carrying value after impairment $ 115.0 $ 130.2 $ 113.6 Derivative Designated as Hedging Instruments In order to hedge the foreign currency risk associated with interest payments on intercompany loans denominated in British Pound Sterling ("GBP") and Euros, we have a hedging strategy to enter into foreign currency forward contracts to sell GBP, USD, and Euro and buy Euro, USD, and GBP. These foreign currency forwards are designated as cash flow hedges. Forward points on the forward contracts are included in the assessment of hedge effectiveness. Amounts reported in other comprehensive income (loss) related to foreign currency derivative contracts will be reclassified to other gain and (loss) in the same period during which the hedged forecasted transactions affect earnings. In May 2019, we entered into four cross-currency swaps to exchange £130 million for $166 million maturing in May 2034, in order to hedge the foreign currency risk associated with our Sterling-denominated intercompany loan receivable from our consolidated foreign subsidiaries. These cross-currency swaps were designated as cash flow hedges on their trade date. In June 2022, following the early prepayment of our Sterling-denominated intercompany loan receivable from our consolidated foreign subsidiaries, we terminated the four cross-currency swaps used to hedge the foreign currency exposure of the intercompany loan. As the hedge relationship was terminated and the future principal and interest associated with the prepaid intercompany loan did not occur, a $20.0 million gain was reclassified from AOCI to 'Foreign currency and derivative (loss) gain, net' during the three months ended June 30, 2022. In October 2022, we entered into six cross-currency swaps to exchange €612 million for $600 million maturing in October 2032, in order to hedge the foreign currency risk associated with our Euro-denominated intercompany loans receivable from our consolidated foreign subsidiaries. We designated three of the six cross-currency swaps, exchanging €326 million for $320 million, as fair value hedges of foreign denominated intercompany loans receivable (the "hedged assets"). The hedged assets are eliminated in consolidation, but remeasurement gains and losses pertaining to the hedged assets impact earnings as part of 'Foreign currency and derivative (loss) gain, net'. For these hedges, we have elected to exclude the change in fair value of the cross-currency swaps related to both time value and cross currency basis spread from the assessment of hedge effectiveness (the "excluded component"). Changes in the fair value of the cross-currency swaps attributable to changes in the spot rates on the final notional exchanges and changes in the value of the hedged assets due to changes in the spot rates are recorded in 'Foreign currency and derivative (loss) gain, net'. Changes in the fair value of the cross-currency swaps attributable to the excluded components are recorded to Other comprehensive income and will be recognized in Foreign currency and derivative (loss) gain, net on a systematic and rational basis, as net cash settlements and interest accruals on the respective cross currency swaps occur, over the remaining life of the hedging instruments. In February 2020, we entered into five forward starting treasury rate locks with notional amounts totaling $500.0 million. The treasury rate locks were entered into to hedge our exposure to the changes in the 10-year US treasury rates in anticipation of potential future debt offerings during the first half of 2020. The treasury rate locks were designated as cash flow hedges, with any changes in fair value recorded in AOCI. Upon the initial issuance of the 2031 Notes in May 2020, we amortized the AOCI balance over the term of the 2031 Notes. In June 2020, all five treasury rate locks were terminated and we entered into six forward starting interest rate swaps with notional amounts totaling $500.0 million in a cashless settlement of the terminated treasury rate locks. The forward starting swaps were entered into to hedge our exposure to the changes in the 3-month USD-LIBOR swap rate in anticipation of potential future debt offerings through a current estimated range ending in 2023. The forward starting swaps are designated as cash flow hedges, with any changes in fair value recorded in AOCI. Upon issuance of the 2031 Notes during July 2020, the AOCI balance associated with four of the forward starting swaps with a notional amount of $350.0 million we amortized over the term of the notes. However, we elected not to terminate the four forward starting interest rate swaps, and redesignated the swaps in a new hedging relationship for a future debt issuance to hedge our exposure to the changes in the 10-year US treasury rates in anticipation of potential future debt offerings between May 2020 and December 2023. Upon the December 2020 issuance of $325.0 million of 0.750% notes due March 2026 and $400.0 million of 1.800% notes due March 2033, the AOCI balance associated with six of the forward starting swaps with a notional amount of $500.0 million began amortizing over the term. The AOCI balance being amortized represents the change in fair value on four swaps with a notional amount of $350.0 million from the July issuance of the 2031 notes through the December note issuances and the change in fair value from the two remaining forward starting swaps with a notional amount of $150.0 million from their June 2020 inception through the December note issuances. The notional amounts of the six swaps were first applied to the $400.0 million of 1.800% notes due March 2033, with the remaining $100.0 million of notional applied to the $325.0 million of 0.750% notes due March 2026. In connection with our October 2022 offering of $750 million of 5.625% unsecured notes, due October 13, 2032, we terminated the six forward starting interest rate swaps. Upon the issuance of the October 2022 offering, the change in fair value on the six forward starting interest rate swaps with notional amounts totaling $500.0 million is being amortized through the AOCI balance through the term of the notes. As of December 31, 2022, we had one interest rate swap in place on our $250.0 million unsecured term loan. Our objective in using derivatives is to add stability to interest expense and to manage our exposure to interest rate movements. We designated this interest rate swap as a cash flow hedge in accordance with Topic 815, Derivatives and Hedging . This interest rate swap is recorded on the consolidated balances sheets at fair value. Changes to fair value are recorded to accumulated other comprehensive income (loss), or AOCI, and subsequently reclassified into interest expense in the same periods during which the hedged transaction affects earnings. This interest rate swap, which was converted to a SOFR benchmark from LIBOR during June 2022, continues to be accounted for as a cash flow hedge. The following table summarizes the amount of unrecognized gain (loss) on derivatives in other comprehensive income during the periods indicated below (in thousands): Years ended December 31, Derivatives in Cash Flow Hedging Relationships 2022 2021 2020 Currency swaps $ (5,091) $ 8,232 $ (2,169) Interest rate swaps 98,310 34,659 (32,757) Foreign currency forwards 8,540 7,557 — Total derivatives in cash flow hedging relationships $ 101,759 $ 50,448 $ (34,926) Derivatives in Fair Value Hedging Relationships Currency swaps (4,705) — — Total unrealized gain (loss) on derivatives $ 97,054 $ 50,448 $ (34,926) The following table summarizes the amount of gain (loss) on derivatives reclassified from AOCI (in thousands): Years ended December 31, Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income 2022 2021 2020 Currency swaps Foreign currency and derivative gain (loss), net $ 30,814 $ 3,541 $ (3,617) Interest rate swaps Interest expense (4,487) (10,343) (11,434) Foreign Currency Forwards Foreign currency and derivative gain, net 2,139 — — Total derivatives in cash flow hedging relationships $ 28,466 $ (6,802) $ (15,051) Derivatives in Fair Value Hedging Relationships Currency swaps Foreign currency and derivative loss, net (29,708) — — Net decrease to net income $ (1,242) $ (6,802) $ (15,051) We expect to reclassify $11.9 million from AOCI as a decrease to interest expense relating to interest rate swaps and $9.8 million from AOCI to foreign currency gain relating to foreign currency forwards within the next twelve months. Derivatives Not Designated as Hedging Instruments We enter into foreign currency exchange swap agreements to reduce the effects of currency exchange rate fluctuations between the U.S. dollar, our reporting currency, and British Pound Sterling and Euro. These derivative contracts generally mature within one year and are not designated as hedge instruments for accounting purposes. As the currency exchange swap is not accounted for as a hedging instrument, the change in fair value is recorded in earnings through the caption entitled 'Foreign currency and derivative (loss) gain, net' in the consolidated statements of income and comprehensive income. The following table details our foreign currency and derivative gains (losses), net included in income (in thousands): Years ended December 31, 2022 2021 2020 Realized foreign currency and derivative gain (loss), net: Gain (loss) on the settlement of undesignated derivatives $ 204,392 $ 24,392 $ (6,344) Gain (loss) on the settlement of designated derivatives reclassified from AOCI 3,245 3,541 (3,617) Loss on the settlement of transactions with third parties (553) (134) (36) Total realized foreign currency and derivative gain (loss), net $ 207,084 $ 27,799 $ (9,997) Unrealized foreign currency and derivative gain (loss), net: Gain (loss) on the change in fair value of undesignated derivatives $ 29,316 $ (14,714) $ (8,205) Gain (loss) on remeasurement of certain assets and liabilities (249,711) (12,375) 22,787 Total unrealized foreign currency and derivative gain (loss), net $ (220,395) $ (27,089) $ 14,582 Total foreign currency and derivative gains (losses), net $ (13,311) $ 710 $ 4,585 The following table summarizes the terms and fair values of our derivative financial instruments at December 31, 2022 and 2021 (dollars in millions): Derivative Type Number of Instruments (1) Accounting Classification Notional Amount as of Weighted Average Strike Rate (2) Maturity Date (3) Fair Value - asset (liability) as of Derivatives Designated as Hedging Instruments December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Interest rate swap 1 Derivative $ 250.0 $ 250.0 2.88% March 2024 $ 5.6 $ (11.9) Cross-currency swaps (4) 3 Derivative 320.0 166.3 (5) October 2032 (33.3) (13.8) Foreign currency forwards 30 Derivative 185.5 176.1 (6) Jan 2023 - Aug 2024 16.1 7.6 Forward-starting swaps (7) – Derivative – 300.0 –% – (3.2) Forward-starting swaps (7) – Hybrid Debt – 200.0 –% – (5.1) $ 755.5 $ 1,092.4 $ (11.6) $ (26.4) Derivatives not Designated as Hedging Instruments Currency exchange swaps (8) 4 Derivative $ 2,427.7 $ 1,639.5 (9) January 2023 $ 58.8 $ (14.7) Cross-Currency Swaps (4) 3 Derivative 280.0 – (5) October 2032 (29.5) — Total of all Derivatives $ 3,463.2 $ 2,731.9 $ 17.7 $ (41.1) (1) This column represents the number of instruments outstanding as of December 31, 2022. (2) Weighted average strike rate is calculated using the notional value as of December 31, 2022. (3) This column represents maturity dates for instruments outstanding as of December 31, 2022. (4) In June 2022, we terminated four British Pound Sterling, or GBP, cross-currency swaps with a notional amount of $166.3 million. In October 2022, we entered into six cross-currency swaps to exchange €612 million for $600 million maturing in October 2032. (5) USD fixed rate of 5.625% and EUR weighted average fixed rate of 4.697%. (6) Weighted average forward GBP-USD exchange rate of 1.34. (7) There were five treasury rate locks entered into during February 2020 that were terminated in June 2020 and converted into six forward starting interest rate swaps through a cashless settlement. These forward starting interest rate swaps were terminated in connection with a senior unsecured note issuance in October 2022. (8) Represents one GBP currency exchange swap with a notional amount of $836.4 million and three Euro ("EUR"), currency exchange swaps with an associated notional amount of $1.6 billion. (9) Weighted Average Forward EUR-GBP exchange rate of 0.86 and Weighted Average Forward EUR-USD exchange rate of 1.05. We measure our derivatives at fair value and include the balances within other assets and accounts payable as well as accrued expenses on our consolidated balance sheets.

Lessor Operating and Finance Le

Lessor Operating and Finance Leases	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Lessor Operating and Finance Leases	Lessor Operating and Finance Leases At December 31, 2022, we owned or held interests in 12,237 properties. Of the 12,237 properties, 12,018, or 98.2%, are single-client properties, and the remaining are multi-client properties. At December 31, 2022, 126 properties were available for lease or sale. The majority of our leases are accounted for as operating leases. Substantially all of our leases are net leases where our client pays or reimburses us for property taxes and assessments, maintains the interior and exterior of the building and leased premises, and carries insurance coverage for public liability, property damage, fire and extended coverage. Rent based on a percentage of our client's gross sales, or percentage rent, for the years ended December 31, 2022, 2021, and 2020 was $14.9 million, $6.5 million, and $5.1 million, respectively. At December 31, 2022, minimum future annual rental revenue to be received on the operating leases for the next five years and thereafter are as follows (in thousands): Future Minimum Operating Lease Payments Future Minimum Direct Financing and Sale-Type Lease Payments (1) 2023 $ 3,417,312 $ 2,024 2024 3,314,029 1,118 2025 3,162,006 893 2026 2,987,790 894 2027 2,769,839 771 Thereafter 20,149,647 25,848 Totals $ 35,800,623 $ 31,548 (1) Related to 17 properties which are subject to direct financing leases and, therefore, revenue is recognized as rental income on the discounted cash flows of the lease payments. Amounts reflected are the cash rent on these respective properties. Two properties are subject to sales-type leases and, therefore, revenue is recognized as sales-type lease income on the discounted cash flows of the lease payments. Amounts reflected are the cash rent on these respective properties. No individual client’s rental revenue, including percentage rents, represented more than 10% of our total revenue for each of the years ended December 31, 2022, 2021, and 2020.

Distributions Paid and Payable

Distributions Paid and Payable	12 Months Ended
	Dec. 31, 2022
Dividends [Abstract]
Distributions Paid and Payable	Distributions Paid and Payable We pay monthly distributions to our common stockholders. The following is a summary of monthly distributions paid per common share for the years ended December 31, 2022, 2021, and 2020: Month 2022 2021 2020 January $ 0.2465 $ 0.2345 $ 0.2275 February 0.2465 0.2345 0.2325 March 0.2465 0.2345 0.2325 April 0.2470 0.2350 0.2330 May 0.2470 0.2350 0.2330 June 0.2470 0.2350 0.2330 July 0.2475 0.2355 0.2335 August 0.2475 0.2355 0.2335 September 0.2475 0.2355 0.2335 October 0.2480 0.2360 0.2340 November 0.2480 0.2360 0.2340 December 0.2480 0.2460 0.2340 Total $ 2.9670 $ 2.8330 $ 2.7940 At December 31, 2022, a distribution of $0.2485 per common share was payable and was paid in January 2023. At December 31, 2021, a distribution of $0.2465 per common share was payable and was paid in January 2022. The following presents the federal income tax characterization of distributions paid or deemed to be paid per common share for the years: 2022 2021 2020 Ordinary income $ 2.7867654 $ 1.5146899 $ 2.2798764 Nontaxable distributions — 3.2925615 0.4902835 Total capital gain distribution (1) 0.1802346 0.0854609 0.0238401 Totals (2) $ 2.9670000 $ 4.8927123 $ 2.7940000 (1) Unrecaptured Section 1250 Gain of $0.0784152, or 2.643% of the total common dividends paid in the year ended December 31, 2022, and Section 897 Gain of $0.1802346, or 6.075% of the total common dividends paid in the year ended December 31, 2022, both represent additional characterization of, and are part of, total capital gain distribution. (2) The amount distributed in 2021 includes the $2.060 tax distribution of Orion shares, that occurred in conjunction with the Orion Divestiture on November 12, 2021, after our merger with VEREIT on November 1, 2021. The fair market value of these shares for tax distribution was determined to be $20.6272 per share, which was calculated using the five-day volume weighted average share price after issuance.

Net Income per Common Share

Net Income per Common Share	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Net Income per Common Share	Net Income per Common Share The following is a reconciliation of the denominator of the basic net income per common share computation to the denominator of the diluted net income per common share computation: Years ended December 31, 2022 2021 2020 Weighted average shares used for the basic net income per share computation 611,765,815 414,535,283 345,280,126 Incremental shares from share-based compensation 394,579 234,563 135,132 Dilutive effect of forward ATM offerings 20,125 — — Weighted average shares used for diluted net income per share computation 612,180,519 414,769,846 345,415,258 Unvested shares from share-based compensation that were anti-dilutive 32,165 45,404 70,581 Weighted average partnership common units convertible to common shares that were anti-dilutive 1,292,114 500,217 463,119 Weighted average forward ATM offerings that were anti-dilutive 644,458 — —

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information	12 Months Ended
	Dec. 31, 2022
Supplemental Cash Flow Information [Abstract]
Supplemental Disclosures of Cash Flow Information	Supplemental Disclosures of Cash Flow Information The following table summarizes our supplemental cash flow information during the periods indicated below (dollars in thousands): Years ended December 31, 2022 2021 2020 Supplemental disclosures: Cash paid for interest $ 501,716 $ 355,483 $ 285,617 Cash paid for income taxes $ 45,031 $ 19,676 $ 13,128 Cash paid for merger and integration-related costs $ 22,783 $ 157,115 $ — Non-cash activities: Net increase (decrease) in fair value of derivatives $ 58,753 $ 40,489 $ (55,205) Mortgages assumed at fair value (1) $ 45,079 $ 911,525 $ — Notes payable assumed at fair value $ — $ 4,946,965 $ — Issuance of common partnership units of Realty Income, L.P. (2) $ 51,221 $ 38,783 $ — Non-cash assets and liabilities assumed in merger $ — $ 11,559,875 $ — Non-cash assets and liabilities distributed in Orion Divestiture $ — $ 1,142,121 $ — (1) For the year ended December 31, 2021, includes £31.0 million sterling, converted at the applicable exchange rate on the date of transaction, for one mortgage and $869.1 million, estimated at fair value, for ten mortgages from our merger with VEREIT. (2) For the year ended December 31, 2022, includes 734,458 common partnership units of Realty Income L.P. that were issued in connection with the acquisition of nine properties. For the year ended December 31, 2021, includes $1.8 million for the issuance of 56,400 units on November 1, 2021 that were a result of our merger with VEREIT, $20.4 million for the issuance of 300,604 units on November 30, 2021 that were a partial consideration for an acquisition of properties, and $16.6 million for the issuance of 240,586 units on December 30, 2021 that were issued to a new partner in connection with an industrial property contribution. The following table provides a reconciliation of cash and cash equivalents reported within the consolidated balance sheets to the total of the cash, cash equivalents and restricted cash reported within the consolidated statements of cash flows (dollars in thousands): December 31, 2022 December 31, 2021 Cash and cash equivalents shown in the consolidated balance sheets $ 171,102 $ 258,579 Restricted escrow deposits (1) 37,627 68,541 Impounds related to mortgages payable (1) 18,152 5,249 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 226,881 $ 332,369 (1) Included within other assets, net on the consolidated balance sheets (see note 4, Supplemental Detail for Certain Components of Consolidated Balance Sheets ). These amounts consist of cash that we are legally entitled to, but that is not immediately available to us. As a result, these amounts were considered restricted as of the dates presented.

Common Stock Incentive Plan

Common Stock Incentive Plan	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Common Stock Incentive Plan	Common Stock Incentive PlanIn March 2021, our Board of Directors adopted, and in May 2021, stockholders approved, the Realty Income 2021 Incentive Award Plan (the "2021 Plan"). The 2021 Plan offers our directors, employees and consultants an opportunity to own our stock and/or rights that will reflect our growth, development and financial success. Except as noted below, the aggregate number of shares of our common stock subject to options, stock purchase rights ("SPR"), stock appreciation rights ("SAR"), and other awards, will be no more 8,924,231 shares. The maximum number of shares that may be subject to options, SPR, SAR and other awards granted under the plan to any individual in any calendar year may not exceed 3,200,000, and the maximum aggregate amount of cash that may be paid in cash during any calendar year with respect to one or more shares payable in cash shall be $10.0 million. The 2021 Plan replaced the Realty Income Corporation 2012 Incentive Award Plan (the"2012 Plan"), which was set to expire in March 2022 and from which no further awards have been granted. The disclosures below incorporate activity for both the 2012 Plan and the 2021 Plan. In connection with our merger with VEREIT, shares which remained available for issuance under the VEREIT, Inc. 2021 Equity Incentive Plan immediately prior to the closing of the merger (as adjusted by the Exchange Ratio) may be used for awards under the 2021 Plan and will not reduce the shares authorized for grant under the 2021 Plan, to the extent that awards using such shares (i) are permitted without stockholder approval under applicable stock exchange rules, (ii) are made only to VEREIT service providers or individuals who become Realty Income service providers following the date of the consummation of the merger, and (iii) are only granted under the 2021 Plan during the period commencing on the date of the consummation of the merger and ending on June 2, 2031. As a result, 6,186,101 additional shares were available for issuance under the 2021 Plan. The amount of share-based compensation costs recognized in 'General and administrative' in the consolidated statements of income and comprehensive income was $21.6 million, $16.2 million, and $16.5 million (including $1.8 million of accelerated share-based compensation costs for our former Chief Financial Officer) during the years ended December 31, 2022, 2021, and 2020, respectively. Also, in connection with the merger, each outstanding VEREIT, Inc. stock option and restricted stock unit that were unvested as of November 1, 2021 were converted into equivalent options and restricted stock units, in each case with respect to shares of the Company's common stock, using the equity award exchange ratio in accordance with the merger agreement. The converted awards issued by Realty Income have identical terms to the original VEREIT, Inc. award grant. On November 1, 2021, we issued 442,418 shares of Realty Income common stock in settlement of equity awards that vested upon the separation of certain former-VEREIT employees and directors in connection with the merger. This issuance is excluded from the Restricted Stock Units and Stock Options sections below, as the awards were not granted under the 2021 Plan. The aggregate fair value of the converted awards was $71.6 million, of which i.) $44.0 million related to pre-combination services and is included in the consideration transferred in the merger (please refer to note 3, Merger with VEREIT, Inc. and Orion Office REIT Inc. Divestiture ), ii.) $25.6 million of expense was recognized during November in merger and integration-related costs related to the acceleration of vesting upon the separation of certain employees in connection with the merger, and iii.) $2.0 million will be amortized through general and administrative expenses over the remaining vesting term for former VEREIT, Inc. employees who were retained by Realty Income. The following disclosures are inclusive of converted awards for former VEREIT employees continuing as employees of Realty Income, which are reflected as grants, as the replacement awards represent newly issued awards settled in Realty Income common shares. In connection with the Orion Divestiture, each stock option, restricted stock unit and performance award outstanding at November 12, 2021 was entitled to an equitable adjustment equal to the ratio of the five-day volume weighted average per-share price of Realty Income common stock prior to the Orion Divestiture divided by the five-day volume weighted average per-share of Realty Income common stock following the Orion Divestiture, resulting in an adjustment factor of approximately 1.002342. The equitable adjustment was considered a modification in accordance with the provisions of ASC 718, Compensation-Stock Compensation . As a result, we compared the fair value of each award immediately prior to the equitable adjustment to the fair value immediately after the equitable adjustment to measure incremental compensation cost, if any. The equitable adjustment did not result in any incremental fair value. Therefore, no stock-based compensation expense was recorded as of result of the modification. The following disclosures are inclusive of these adjustments, which has been labeled 'Equitable adjustment - Orion Divestiture' throughout. A. Restricted Stock The following table summarizes our common stock grant activity: 2022 2021 2020 Number of shares Weighted average price (1) Number of shares Weighted average price (1) Number of shares Weighted average price (1) Outstanding nonvested shares, beginning of year 212,630 $ 65.20 219,482 $ 63.69 259,698 $ 58.39 Shares granted (2) 156,274 $ 67.37 133,052 $ 64.27 103,473 $ 67.84 Shares vested (118,160) $ 63.95 (124,505) $ 61.57 (141,486) $ 56.94 Shares forfeited (8,084) $ 67.78 (15,399) $ 65.09 (2,203) $ 66.48 Outstanding nonvested shares, end of each period 242,660 $ 67.12 212,630 $ 65.20 219,482 $ 63.69 (1) Grant date fair value. (2) Our restricted stock awards granted to employees vest over a service periods not exceeding four-years. Effective November 1, 2022, and applied retroactively for all outstanding awards, restricted stock awards granted to employees with 10 years of continued service and 60 years of age will vest over the shorter of the original vesting term or the period through the date in which the awardee reaches age 60. The vesting schedule for shares granted to non-employee directors is as follows: • For directors with less than six years of service at the date of grant, shares vest in 33.33% annual increments upon re-election to the Board at each of the three • For directors with six years of service at the date of grant, shares vest in 50% annual increments upon re-election to the Board at each of the two • For directors with seven years of service at the date of grant, shares are 100% vested upon re-election to the Board in the following year; and • For directors with eight For the years ended December 31, 2022, 2021 and 2020, respectively, we granted 40,000, 36,000, and 36,000 total shares of restricted stock granted to the independent members of our Board of Directors in connection with our annual awards in May 2022, 2021 and 2020, respectively. In addition, in November 2021, we granted 8,000 shares of restricted stock to the new members of our Board of Directors, which vest in equal parts over a three-year service period. In connection with our annual awards, 20,000, 24,000, and 24,000 shares vested immediately and 20,000, 12,000, and 12,000 shares vest in equal parts over a three-year service period for the years ending December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022, the remaining unamortized share-based compensation expense related to restricted stock totaled $11.4 million, which is being amortized on a straight-line basis over the service period of each applicable award. The amount of share-based compensation is based on the fair value of the stock at the grant date. We define the grant date as the date the recipient and Realty Income have a mutual understanding of the key terms and conditions of the award, and the recipient of the grant begins to benefit from, or be adversely affected by, subsequent changes in the price of the shares. B. Performance Shares During 2022, 2021 and 2020, we granted annual performance share awards, as well as dividend equivalent rights, to our executive officers. The number of performance shares that vest for each of the three years is based on the achievement of the following performance goals: Weighting for year granted Annual Performance Awards Metrics 2022 2021 2020 Total shareholder return (“TSR”) ranking relative to MSCI US REIT Index 55 % 70 % 70 % Dividend per share growth rate 20 % 15 % 15 % Net Debt-to-Pro Forma Adjusted EBITDA re Ratio 25 % N/A N/A Net Debt-to-Adjusted EBITDA re Ratio N/A 15 % 15 % The annual performance shares are earned based on our performance related to our metrics above, and vest 50% on the first and second January 1 after the end of the three-year performance period, subject to continued service. The performance period for the 2020 performance awards began on January 1, 2020 and ended on December 31, 2022. The performance period for the 2021 performance awards began on January 1, 2021 and will end on December 31, 2023. The performance period for the 2022 performance awards began on January 1, 2022 and will end on December 31, 2024. On November 15, 2021, the Compensation Committee approved a one-time grant of performance share awards and a one-time cash bonus to certain of our named executives in connection with the completion of our merger with VEREIT and the transactions contemplated thereby, including the Orion Divestiture (the "VEREIT Transaction"). The awards were made to reward the executives for the successful consummation of the VEREIT Transaction and were intended to retain and motivate the executives to achieve optimal synergies and incentivize further growth from the merger. The performance shares are earned based on our performance related to Adjusted Funds from Operations Available to Common Stockholders ("AFFO") accretion (50% weighting) and general and administrative expense synergies (50% weighting), and vest 50% upon the completion of the performance period. The remaining 50% will vest on the one-year anniversary of the completion of the applicable performance period. All vesting is subject to continued service. The performance period was one year for the AFFO accretion targets from January 1, 2022 to December 31, 2022, and is two years for the general and administrative expense synergies from January 1, 2022 to December 31, 2023. The fair value of the annual performance shares was estimated on the date of grant using a Monte Carlo Simulation model. The fair value of the one-time performance shares was based on the fair value of our common stock at the grant date and is dependent on the probability of satisfying the performance conditions stipulated in the award grant. The following table summarizes our performance share grant activity, inclusive of annual performance shares and the one-time performance shares related to the merger with VEREIT: 2022 2021 2020 Number of performance shares Weighted average price (1) Number of performance shares Weighted average price (1) Number of performance shares Weighted average price (1) Outstanding nonvested shares, beginning of year 388,139 $ 68.09 291,759 $ 69.73 304,663 $ 62.25 Equitable adjustment - Orion Divestiture (2) — 752 — Shares granted 174,940 $ 77.73 257,149 $ 64.18 136,729 $ 79.98 Shares vested (74,247) $ 59.62 (109,113) $ 62.52 (139,012) $ 63.66 Shares forfeited (17,952) $ 58.59 (52,408) $ 65.83 (10,621) $ 66.64 Outstanding nonvested shares, end of each period 470,880 $ 73.37 388,139 $ 68.09 291,759 $ 69.73 (1) Grant date fair value. (2) Effective with the Orion Divestiture on November 12, 2021, outstanding equity awards were adjusted by a conversion ratio of 1.002342 per one Realty Income share then held. As of December 31, 2022, the remaining share-based compensation expense related to the performance shares totaled $15.9 million and is being recognized on a tranche-by-tranche basis over the service period. C. Restricted Stock Units During 2022, 2021 and 2020, and in connection with our merger with VEREIT Inc., we also granted restricted stock units that primarily vest over service periods of three 2022 2021 2020 Number of restricted stock units Weighted average price (1) Number of restricted stock units Weighted average price (1) Number of restricted stock units Weighted average price (1) Outstanding nonvested shares, beginning of year 67,367 $ 69.69 18,670 $ 70.38 15,511 $ 59.82 Equitable adjustment - Orion Divestiture (2) — 109 — Shares granted 24,820 $ 66.82 71,956 $ 68.96 9,966 $ 78.79 Shares vested (26,917) $ 70.55 (23,368) $ 66.96 (6,807) $ 58.63 Shares forfeited (6,757) $ 71.14 — — Outstanding nonvested shares, end of each period 58,513 $ 67.91 67,367 $ 69.69 18,670 $ 70.38 (1) Grant date fair value. (2) Effective with the Orion Divestiture on November 12, 2021, outstanding equity awards were adjusted by a conversion ratio of 1.002342 per one Realty Income share then held. As of December 31, 2022, the remaining share-based compensation expense related to the restricted stock units totaled $1.4 million and is being recognized on a straight-line basis over the service period. The amount of share-based compensation for the restricted stock units is based on the fair value of our common stock at the grant date. The expense amortization period for restricted stock units is the lesser of the four-year service period or the period over which the awardee reaches the qualifying retirement age. For employees who have already met the qualifying retirement age, restricted stock units are fully expensed at the grant date. D. Stock Options The following stock options were converted in connection with our merger with VEREIT, Inc. in 2021 and there are no additional granted or outstanding stock options. The fair value of the stock options as of their grant date is determined using the Black-Scholes option pricing model, which requires the input of assumptions including expected terms, expected volatility, dividend yield and risk-free rate. The following table summarizes our stock option activity during the year ended December 31, 2022: Number of stock options Weighted average exercise price (1) Weighted average remaining contractual term (Years) Aggregate intrinsic value Outstanding nonvested options, beginning of year 315,070 $ 52.89 Options exercised (262,267) $ 52.41 Options forfeited (7,424) $ 58.46 Outstanding nonvested options, end of each period 45,379 $ 54.75 5.8 $ 393,710 (1) Grant date fair value. The following table summarizes our stock option activity during the year ended December 31, 2021: Number of stock options Weighted average exercise price (1) Weighted average remaining contractual term (Years) Aggregate intrinsic value Outstanding nonvested options, beginning of year — Options granted (2) 709,426 $ 53.80 Equitable adjustment - Orion Divestiture (3) 1,547 Options exercised (395,903) $ 54.54 Options forfeited — Outstanding nonvested options, end of each period 315,070 $ 52.89 2.4 $ 5,891,639 (1) Grant date fair value. (2) During the year ended December 31, 2021, stock options were granted in connection with the VEREIT merger. (3) Effective with the Orion Divestiture on November 12, 2021, outstanding equity awards were adjusted by a conversion ratio of 1.002342 per one Realty Income share then held. Compensation expense for stock options is recognized on a straight-line basis over the service period described above. During the years ended December 31, 2022 and 2021, we recorded $47,000 and $68,000 of expense related to stock options, respectively. As of December 31, 2022, there was no unamortized expense relating to our outstanding stock options.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the ordinary course of business, we are party to various legal actions which we believe are routine in nature and incidental to the operation of our business. We believe that the outcome of the proceedings will not have a material adverse effect upon our consolidated financial position or results of operations. At December 31, 2022, we had commitments of $21.7 million, which primarily relate to re-leasing costs, recurring capital expenditures, and non-recurring building improvements. In addition, as of December 31, 2022, we had committed $606.3 million under construction contracts related to development projects, which have estimated rental revenue commencement dates between January 2023 and August 2024. We have certain properties that are subject to ground leases, which are accounted for as operating leases. At December 31, 2022, minimum future rental payments for the next five years and thereafter are as follows (in millions): Operating Leases Finance Leases Total 2023 39.6 2.2 41.8 2024 38.9 5.1 44.0 2025 38.1 3.4 41.5 2026 37.3 9.0 46.3 2027 33.9 1.3 35.2 Thereafter 508.1 44.1 552.2 Total $ 695.9 $ 65.1 $ 761.0 Present value adjustment for remaining lease payments (1) (255.8) (15.6) Total lease liability $ 440.1 $ 49.5 (1 )

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events A. Dividends In January 2023, we declared a dividend of $0.2485 per share to our common stockholders, which was paid in February 2023. In addition, in February 2023, we declared a dividend of $0.2545, which will be paid in March 2023. B. Note Issuances In January 2023, we issued $500 million of 5.05% senior unsecured notes due January 2026, which are callable at par on January 13, 2024, and $600 million of 4.85% senior unsecured notes due March 2030, which are callable at par on January 15, 2030. The public offering price for the January 2026 Notes was 99.618% of the principal amount for an effective semi-annual yield to maturity of 5.189% and the public offering price for the March 2030 Notes was 98.813% of the principal amount for an effective semi-annual yield to maturity of 5.047% . C. Term Loans On January 6, 2023 we entered into a term loan agreement (the “Term Loan Agreement”) governing our term loan, pursuant to which we borrowed an aggregate of approximately $1.0 billion in multicurrency borrowings, including $90.0 million, £705.0 million and €85.0 million (collectively, the “Term Loans”). The Term Loan Agreement also permits us to incur additional term loans, up to an aggregate of $1.5 billion in total borrowings. The Term Loans initially mature in January 2024 and include two 12-month maturity extensions that can be exercised at the company's 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. D. ATM Forward Offerings ATM forward agreements for a total of 13.4 million shares remain unsettled with total expected net proceeds of approximately $850 million, of which 6.7 million shares were executed in 2023.

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	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 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 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 (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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Procedures and New Accounting Standards (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	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"), in the 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 (loss) gain, net' in the consolidated statements of income and comprehensive income.
Principles of Consolidation	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 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.
Principles of Consolidation, Variable Interest Entities	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 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.
Use of Estimates	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 revenue and expenses during the reporting period. Actual results could differ from those estimates.
Net Income per Common Share	Net Income per Common Share. Basic net income per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted net income per common share is computed by dividing net income available to common stockholders, plus income attributable to dilutive shares and convertible common units for the period, by the weighted average number of common shares that would have been outstanding assuming the issuance of common shares for all potentially dilutive common shares outstanding during the reporting period.
Cash Equivalents and Restricted Cash	Cash Equivalents and Restricted Cash . We consider all short-term, highly liquid investments that are readily convertible to cash and have an original maturity of three months or less at the time of purchase to be cash equivalents. Restricted cash includes cash proceeds from the sale of assets held by qualified intermediaries in anticipation of the acquisition of replacement properties in tax-free exchanges under Section 1031 of the U.S. Internal Revenue Code, impounds related to mortgages payable and cash that is not immediately available to Realty Income (i.e. escrow deposits for future acquisitions). Cash accounts maintained on behalf of Realty Income in demand deposits at commercial banks and money market funds may exceed federally insured levels or may be held in accounts without any federal insurance or any other insurance or guarantee. However, Realty Income has not experienced any losses in such accounts.
Income Taxes	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 a TRS 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 United Kingdom 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	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 our client’s sales is recognized only after our client exceeds their sales breakpoint. Rental increases based upon changes in the consumer price indexes 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 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. The COVID-19 pandemic and the measures taken to limit its spread have negatively impacted the economy across many industries, including the industries in which some of our clients operate. We continue to assess the probability of collecting substantially all of the lease payments to which we are entitled under the original lease contract as required under Topic 842, Leases . We assess the collectability of our future lease payments based on an analysis of creditworthiness, economic trends (including trends arising from the COVID-19 pandemic) and other facts and circumstances related to the applicable clients. If we conclude the collection of substantially all 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. As of December 31, 2022, the majority of concessions granted to our clients as a result of the COVID-19 pandemic have been rent deferrals with the original lease term unchanged. In accordance with the guidance provided by the Financial Accounting Standards Board ("FASB") staff, we have elected to account for these leases as if the right of deferral existed in the lease contract and therefore continue to recognize lease revenue in accordance with the lease contract in effect. In limited circumstances, the undiscounted cash flows resulting from deferrals granted increased significantly from original lease terms, which required us to account for these as lease modifications and resulted in an insignificant impact to consolidated rental revenue. Similarly, rent abatements granted, which are also accounted for as lease modifications, have impacted our rental revenue by an insignificant amount. Unless otherwise specified, references to reserves recorded as a reduction of rental revenue include amounts reserved for in the current period, as well as unrecognized contractual rental revenue and unrecognized straight-line rental revenue for leases accounted for on a cash basis. The following table summarizes net reserves to rental revenue (in millions): Years ended December 31, 2022 2021 2020 Rental revenue reserves $ 2.3 $ 10.2 $ 44.1 Straight-line rent reserves 1.7 4.5 8.4 Total rental revenue reserves $ 4.0 $ 14.7 $ 52.5 As of December 31, 2022, other than the information related to the reserves recorded to date, we do not have any further client specific information that would change our assessment that collection of substantially all of the future lease payments under our existing leases is probable. However, since the conversations regarding rent collections for our clients affected by the COVID-19 pandemic are ongoing and we do not currently know the types of future concessions, if any, that will ultimately be granted, there may be impacts in future periods that could change this assessment as the situation continues to evolve and as more information becomes available.
Gain on Sales of Real Estate	Gain on Sales of Real Estate . When real estate is sold, the carrying amount of the applicable assets is derecognized with a corresponding gain from the sale recognized in our consolidated statements of income and comprehensive income. We record a gain on sale of real estate pursuant to provisions under ASC 610-20 , Gains and Losses from the Derecognition of Nonfinancial Assets
Allocation of the Purchase Price of Real Estate Acquisitions	Allocation of the Purchase Price of Real Estate Acquisitions . A majority of our acquisitions qualify as asset acquisitions and the transaction costs associated with those acquisitions are capitalized. However, our merger with VEREIT was comprised of both inputs and substantive processes that together significantly contributed to the ability to create outputs and, therefore, was considered a business. As a result, the merger with VEREIT qualified as a business combination and, accordingly, the transaction costs were expensed and categorized as merger and integration-related costs on our consolidated statements of income and comprehensive income. In accordance with ASC Topic 805, Business Combinations , adjustments to the allocated purchase price were made within one year of the closing date of our merger with VEREIT as acquisition date uncertainties were resolved (for more details on our merger with VEREIT, please see note 3, Merger with VEREIT, Inc. and Orion Office REIT Inc. Divestiture ). Apart from our merger with VEREIT, a majority of our acquisitions qualify as asset acquisitions. Therefore when acquiring a property for investment purposes, we typically allocate the cost of real estate acquired, inclusive of transaction costs, to: (1) land, (2) building and improvements, and (3) identified intangible assets and liabilities, based in each case on their relative estimated fair values. Intangible assets and liabilities consist of above-market or below-market lease value of in-place leases and the value of in-place leases, as applicable. Additionally, above-market rents on certain leases under which we are a lessor are accounted for as financing receivables amortizing over the lease term, while below-market rents on certain leases under which we are a lessor are accounted for as prepaid rent. In an acquisition of multiple properties, we must also allocate the purchase price among the properties. The allocation of the purchase price is based on our assessment of estimated fair values of the land, building and improvements, and identified intangible assets and liabilities, utilizing market-based evidence and commonly applied valuation approaches. In addition, any assumed notes payable or mortgages are recorded at their estimated fair values. The estimated fair values of our mortgages payable have been calculated by discounting the future cash flows using applicable interest rates that have been adjusted for factors, such as industry type, client investment grade, maturity date, and comparable borrowings for similar assets. The use of different assumptions in the allocation of the purchase price of the acquired properties and liabilities assumed could affect the timing of recognition of the related revenue and expenses. Our estimated fair value determinations are based on management’s judgment, utilizing various factors, including: market land and building values, market rental rates, discount rates and capitalization rates. Our methodology for measuring and allocating the fair value of real estate acquisitions includes both observable market data (categorized as level 2 on the three-level valuation hierarchy of ASC Topic 820, Fair Value Measurement), and unobservable inputs that reflect our own internal assumptions (categorized as level 3 under ASC Topic 820). Given the significance of the unobservable inputs we believe the allocations of fair value of real estate acquisitions should be categorized as level 3 under ASC Topic 820. From time to time, we have used, and may continue to use, the assistance of independent third parties specializing in real estate valuations to prepare our purchase price allocations. The allocation of tangible assets (which includes land and buildings/improvements) of an acquired property with an in-place lease is based upon relative fair value. Land is typically valued utilizing the sales comparison (or market) approach. Buildings and improvements are typically valued under the replacement cost approach. In allocating the fair value to identified intangibles for above-market or below-market leases, an amount is recorded based on the present value of the difference between (i) the contractual amount to be paid pursuant to the in-place lease and (ii) our estimate of fair market lease rate for the corresponding in-place lease, measured over the remaining assumed contract term of the lease. The value of in-place leases is determined by our estimated costs related to acquiring a client and the carrying costs that would be incurred over the vacancy period to locate a client if the property were vacant, considering market conditions and costs to execute similar leases at the time of acquisition. 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 on our consolidated statements of income and comprehensive income. The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to depreciation and amortization expense over the remaining periods of
Real Estate and Lease Intangibles Held for Sale	Real Estate and Lease Intangibles Held for Sale. We generally reclassify assets to held for sale when the disposition has been approved, there are no known contingencies relating to the sale and the consummation of the disposition is considered probable within one year. Upon classifying a real estate investment as held for sale, we will no longer recognize depreciation expense related to the depreciable assets of the property. Assets held for sale are recorded at the lower of carrying value or estimated fair value, less the estimated cost to dispose of the assets. Twenty-two properties were classified as held for sale at December 31, 2022. If circumstances arise that we previously considered unlikely and, as a result, we decide not to sell a property previously classified as held for sale, we will reclassify the property as held for investment. We measure and record a property that is reclassified as held for investment at the lower of (i) its carrying value before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held for investment or (ii) the estimated fair value at the date of the subsequent decision not to sell.
Investment in Unconsolidated Entities	Investment in Unconsolidated Entities. During the year ended December 31, 2022, all seven properties owned by our industrial partnerships and accounted for under the equity method were sold. For further details, see note 5, Investments in Real Estate.
Goodwill	Goodwill. Upon the closing of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. In connection with our merger with VEREIT, we recorded goodwill as a result of consideration exceeding the net assets acquired. For further details,
Deferred Financing Costs	Deferred Financing Costs. Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining or originating financing. Deferred financing costs, other than those associated with the line of credit, are presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability. Deferred financing costs related to the line of credit are included in other assets, net in the accompanying consolidated balance sheets. These costs are amortized to interest expense over the terms of the respective financing agreements that approximates the effective interest method.
Depreciation and Amortization	Depreciation and Amortization . Land, buildings and improvements are recorded and stated at cost. Major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives, while ordinary repairs and maintenance are expensed as incurred. Buildings and improvements that are under redevelopment, or are being developed, are carried at cost and no depreciation is recorded on these assets. Additionally, amounts essential to the development of the property, such as pre-construction, development, construction, interest and other costs incurred during the period of development are capitalized. We cease capitalization when the property is available for occupancy upon substantial completion of property improvements to accommodate the client's use, but in any event no later than one year from the completion of major construction activity.
Provisions for Impairment	Provisions for Impairment - Real Estate Assets. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If estimated future operating cash flows (undiscounted and without interest charges) plus estimated disposition proceeds (undiscounted) are less than the current book value of the property, a fair value analysis is performed and, to the extent the estimated fair value is less than the current book value, a provision for impairment is recorded to reduce the book value to estimated fair value. Key assumptions that we utilize in this analysis include projected rental rates, estimated holding periods, capital expenditures and property sales capitalization rates. For further details, see note 12, Financial Instruments and Fair Value Measurements. Provisions for Impairment - Goodwill. Goodwill is not amortized, but is subject to impairment reviews annually, or more frequently if necessary. Goodwill is qualitatively assessed to determine whether a quantitative impairment assessment is necessary. Impairment is the condition that exists when the carrying amount of goodwill exceeds its implied fair value. If the carrying value of the asset exceeds its estimated fair value, an impairment loss is recognized, and the asset is written down to its estimated fair value. We perform our annual goodwill impairment assessment as of June 30. During the years ended December 31, 2022, 2021 and 2020, there were no impairments of goodwill.
Equity Offering Costs	Equity Offering Costs. Underwriting commissions and offering costs have been reflected as a reduction of additional paid-in-capital on our consolidated balance sheets.
Derivatives and Hedging Activities	Derivative and Hedging Activities . Derivatives are financial arrangements among two or more parties with returns linked to or “derived” from an underlying equity, debt, commodity, other asset, liability, interest rate, foreign exchange rate or another index, or the occurrence or nonoccurrence of a specified event. The settlement of a derivative is determined by its underlying notional amount specified in the contract. Derivative contracts may be entered into outright or embedded within a non-derivative host contract, and may be listed, traded on exchanges or privately negotiated directly between two parties.
Segment Reporting	Segment Reporting. During the second quarter of 2022, a re-evaluation of our business and management structure led to a change in identification of operating and reportable segments. As we have grown in size and scale over recent years, including through the acquisition of VEREIT in November 2021, management has shifted its focus to operating performance, seeking investments with attractive yields and risk adjusted returns regardless of client industry or geography. Our chief operating decision maker relies primarily on cash flow analysis at the consolidated level to make decisions about allocating resources. As a result, we reorganized our business activities into one operating and reportable segment. ASC Topic 280, Segment Reporting
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In March 2020, the FASB issued ASU 2020-04 establishing Topic 848, Reference Rate Reform . ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance is optional and is effective between March 12, 2020, and December 31, 2022. The guidance may be elected over time as reference rate reform activities occur. During 2022, all of our debt and derivative instruments were converted from LIBOR to SOFR. The interest rate swap on our term loan, which was converted to a Secured Overnight Financing Rate ("SOFR") benchmark from the London Inter-Bank Offered Rate (“LIBOR”) during June 2022, continues to be accounted for as a cash flow hedge. The adoption of this guidance had no impact on our consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and Procedures and New Accounting Standards (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary selected financial data of consolidated VIEs	Below is a summary of selected financial data of consolidated VIEs included on our consolidated balance sheets at December 31, 2022 and 2021 (in thousands): December 31, 2022 December 31, 2021 Net real estate $ 920,032 $ 688,229 Total assets $ 1,082,346 $ 795,670 Total liabilities $ 60,127 $ 57,057
Schedule Of Rental Revenue Reserves, Lessor	The following table summarizes net reserves to rental revenue (in millions): Years ended December 31, 2022 2021 2020 Rental revenue reserves $ 2.3 $ 10.2 $ 44.1 Straight-line rent reserves 1.7 4.5 8.4 Total rental revenue reserves $ 4.0 $ 14.7 $ 52.5
Property, Plant and Equipment	Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Buildings 25 years or 35 years Building improvements 4 to 35 years Equipment 5 to 25 years Lease commissions and property improvements to accommodate the client's use The shorter of the term of the related lease or useful life Acquired in-place leases Remaining terms of the respective leases
Schedule of Revenue from External Customers by Products and Services	The following table disaggregates domestic and international revenue by major asset types and geographic regions (in millions): Years ended December 31, 2022 U.S. U.K. Other (1) Total Retail $ 2,455.9 $ 243.3 $ 30.9 $ 2,730.1 Industrial 465.2 30.2 — 495.4 Other (2) 74.2 — — 74.2 Rental (including reimbursable) $ 2,995.3 $ 273.5 $ 30.9 $ 3,299.7 Other revenue 44.0 Total revenue $ 3,343.7 2021 U.S. U.K. Other (1) Total Retail $ 1,566.7 $ 138.9 $ 4.2 $ 1,709.8 Industrial 261.5 9.6 — $ 271.1 Other (2) 84.1 — — $ 84.1 Rental (including reimbursable) $ 1,912.3 $ 148.5 $ 4.2 $ 2,065.0 Other revenue 15.5 Total revenue $ 2,080.5 2020 U.S. U.K. Other (1) Total Retail $ 1,312.5 $ 55.9 $ — $ 1,368.4 Industrial 184.6 1.3 — 185.9 Other (2) 85.2 — — 85.2 Rental (including reimbursable) $ 1,582.3 $ 57.2 $ — $ 1,639.5 Other revenue 7.6 Total revenue $ 1,647.1 (1) Other includes properties in Spain, starting in September 2021 and in Italy, starting in October 2022.
Schedule of Reconciliation of Assets from Segment to Consolidated	As of December 31, 2022, no individual country or asset-type representing more than 10% of total revenue, other than as presented in the tables above. In addition, as of December 31, 2022, no individual country or asset-type representing more than 10% of the total assets, other than as presented in the tables below. The following table disaggregates domestic and international total long-lived assets (in millions): As of December 31, 2022 2021 U.S. U.K. Other (1) Total U.S. U.K. Other (1) Total Long-lived assets $ 33,685.6 $ 4,596.1 $ 582.7 $ 38,864.4 $ 29,323.8 $ 3,206.6 $ 314.3 $ 32,844.7 Remaining assets 10,808.7 10,292.8 Total assets $ 49,673.1 $ 43,137.5

Merger with VEREIT, Inc. and _2

Merger with VEREIT, Inc. and Orion Office REIT Inc. Divestiture (Tables)	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of fair value of the consideration transferred on the date of the acquisition	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 VEREIT common stock and VEREIT OP common units exchanged (1) 229,304,035 Exchange Ratio 0.705 161,659,345 Less: Fractional shares settled in cash (1,545) Shares of Realty Income common stock and Realty Income L.P. units issued 161,657,800 Adjusted opening price of Realty common stock on November 1, 2021 (2) $ 71.236 Fair value of Realty common stock issued to former holders of VEREIT common stock and VEREIT OP common units $ 11,515,855 Fair value of VEREIT's equity-based compensation awards attributable to pre-combination services (3) 44,020 Total non-cash consideration $ 11,559,875 Cash paid for fractional shares 110 VEREIT indebtedness paid off in connection with the merger (4) 500,414 Consideration transferred $ 12,060,399 (1) Includes 229,152,001 shares of VEREIT common stock and 152,034 VEREIT OP common units outstanding as of November 1, 2021. Under the Merger Agreement, these shares and units were converted to Realty Income common stock, or in certain instances, Realty Income L.P. units, at an Exchange Ratio of 0.705 per share of VEREIT common stock or VEREIT OP common unit, as applicable. (2) The fair value of Realty Income common stock issued to former holders of VEREIT common stock and VEREIT OP common units is based on the per share opening price of Realty Income common stock of $71.00 on November 1, 2021, adjusted for the monthly dividend of $0.236 per share that former holders of VEREIT common stock and VEREIT OP common units were eligible to receive when such dividend was paid on November 15, 2021. (3) Represents the fair value of fully vested deferred stock unit awards of VEREIT common stock (“VEREIT DSU Awards”) which were converted into Realty Income common stock upon our merger with VEREIT, as well as the estimated fair value of the Realty Income replacement employee and executive stock options and restricted stock units that were granted at the closing date of our merger with VEREIT and which were attributable to pre-combination services. (4) Represents the outstanding balance of the VEREIT revolving credit facility repaid by Realty Income in connection with the closing of the merger. The amount shown in the table above was based upon the balance outstanding immediately prior to November 1, 2021.
Schedule of preliminary estimated fair values of the assets acquired and liabilities assumed at the date of acquisition	The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands): As of November 1, 2021 ASSETS Land $ 3,021,906 Buildings 8,677,467 Total real estate held for investment 11,699,373 Cash and cash equivalents 128,411 Accounts receivable 53,355 Lease intangible assets (1) 3,204,773 Goodwill 3,717,620 Investment in unconsolidated entities 175,379 Other assets 308,910 Total assets acquired $ 19,287,821 LIABILITIES Accounts payable and accrued expenses $ 139,836 Lease intangible liabilities (2) 949,349 Other liabilities 320,893 Mortgages payable 869,027 Notes payable 4,946,965 Total liabilities assumed $ 7,226,070 Net assets acquired, at fair value $ 12,061,751 Noncontrolling interests $ 1,352 Total purchase price $ 12,060,399 (1) The weighted average amortization period for acquired lease intangible assets is 9.3 years.
Schedule of pro forma information	The following unaudited pro forma information presents a summary of our combined results of operations for the years ended December 31, 2021 and 2020, as if our merger with VEREIT had occurred on January 1, 2020 (in millions, except per share data). There are no pro forma adjustments for the year ended December 31, 2022, as the merger was completed November 1, 2021. 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. In accordance with ASC 805, Business Combinations , the following information excludes the impact of the spin-off of office assets to Orion Office REIT Inc. ("Orion"). Years ended December 31, 2021 2020 Total revenues $ 3,084.3 $ 2,835.5 Net income $ 734.6 $ 325.9 Basic and diluted earnings per share $ 1.27 $ 0.64

Supplemental Detail for Certa_2

Supplemental Detail for Certain Components of Consolidated Balance Sheets (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure Text Block Supplement [Abstract]
Schedule of accounts receivable, net	A. Accounts receivable, net, consist of the following at: December 31, 2022 December 31, 2021 Straight-line rent receivables, net $ 363,993 $ 231,943 Client receivables, net 203,970 194,825 $ 567,963 $ 426,768
Schedule of lease intangible assets, net	B. Lease intangible assets, net, consist of the following at: December 31, 2022 December 31, 2021 In-place leases $ 5,324,565 $ 4,791,846 Accumulated amortization of in-place leases (1,409,878) (804,050) Above-market leases 1,697,367 1,591,382 Accumulated amortization of above-market leases (443,688) (303,874) $ 5,168,366 $ 5,275,304
Schedule of other assets, net	C. Other assets, net, consist of the following at: December 31, 2022 December 31, 2021 Financing receivables $ 933,116 $ 323,921 Right of use asset - operating leases, net 603,097 631,515 Right of use asset - financing leases 467,920 218,332 Derivative assets and receivables – at fair value 83,100 29,593 Restricted escrow deposits 37,627 68,541 Prepaid expenses 28,128 18,062 Impounds related to mortgages payable 18,152 5,249 Credit facility origination costs, net 17,196 4,352 Corporate assets, net 12,334 10,915 Investment in sales type lease 5,951 7,492 Non-refundable escrow deposits 5,667 28,560 Note receivable — 4,455 Other items 39,939 18,592 $ 2,252,227 $ 1,369,579
Schedule of accounts payable and accrued expenses	D. Accounts payable and accrued expenses consist of the following at: December 31, 2022 December 31, 2021 Notes payable - interest payable $ 129,202 $ 108,227 Derivative liabilities and payables – at fair value 64,724 70,617 Property taxes payable 45,572 36,173 Accrued costs on properties under development 26,559 19,665 Accrued property expenses 25,290 27,344 Value-added tax payable 23,375 11,297 Accrued income taxes 22,626 19,152 Mortgages, term loans, and credit line - interest payable 4,404 3,874 Merger and integration-related costs 1,464 10,699 Other items 55,921 44,080 $ 399,137 $ 351,128
Schedule of lease intangible liabilities, net	E. Lease intangible liabilities, net, consist of the following at: December 31, 2022 December 31, 2021 Below-market leases $ 1,617,870 $ 1,460,701 Accumulated amortization of below-market leases (238,434) (152,480) $ 1,379,436 $ 1,308,221
Schedule of other liabilities	F. Other liabilities consist of the following at: December 31, 2022 December 31, 2021 Lease liability - operating leases, net $ 440,096 $ 461,748 Rent received in advance and other deferred revenue 269,645 242,122 Lease liability - financing leases 49,469 43,987 Security deposits 15,577 11,340 $ 774,787 $ 759,197

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Schedule of acquisitions	Below is a summary of our acquisitions for the year ended December 31, 2022 (unaudited): Number of Leasable Investment Weighted Initial Weighted Average Cash Lease Yield (1) Year ended December 31, 2022 (2) Acquisitions - U.S. 990 15,774 $ 5,746.4 19.3 6.0 % Acquisitions - Europe 94 11,179 2,441.3 8.9 6.0 % Total acquisitions 1,084 26,953 $ 8,187.7 16.3 6.0 % Properties under development (3) 217 5,500 807.6 15.0 5.3 % Total (4) 1,301 32,453 $ 8,995.3 16.2 5.9 % (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, 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 yield includes approximately $10.5 million received as settlement credits as reimbursement of free rent periods for the year ended December 31, 2022. 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) None of our investments during the year ended December 31, 2022 caused any one client to be 10% or more of our total assets at December 31, 2022. (3) Includes five U.K. development properties that represent an investment of £40.9 million during the year ended December 31, 2022, converted at the applicable exchange rate on the funding date. (4) Our clients occupying the new properties are 71.4% retail, 19.1% gaming, 6.5% industrial and 3.0% other property types (including 2.7% agricultural and 0.3% office) based on rental revenue. Approximately 23% of the rental revenue generated from acquisitions during the year ended December 31, 2022 is from our investment grade rated clients, their subsidiaries or affiliated companies. Below is a summary of our acquisitions for the year ended December 31, 2021 (information is unaudited and excludes properties assumed on November 1, 2021 in conjunction with our merger with VEREIT): Number of Leasable Investment Weighted Initial Weighted Average Cash Lease Yield (1) Year ended December 31, 2021 (2) Acquisitions - U.S. 714 14,727 $ 3,608.6 14.1 5.5 % Acquisitions - Europe 129 9,196 2,558.9 11.6 5.5 % Total acquisitions 843 23,923 $ 6,167.5 13.1 5.5 % Properties under development (3) 68 2,682 243.3 15.7 6.0 % Total (4) 911 26,605 $ 6,410.8 13.2 5.5 % (1) Contractual net operating income used in the calculation of initial weighted average cash yield includes approximately $8.5 million received as settlement credits as reimbursement of free rent periods for the year ended December 31, 2021. (2) None of our investments during the year ended December 31, 2021 caused any one client to be 10% or more of our total assets at December 31, 2021. (3) Includes one U.K. development property that represents an investment of £7.0 million during the year ended December 31, 2021, converted at the applicable exchange rate on the funding date. (4) Our clients occupying the new properties are 83.6% retail and 16.4% industrial, based on rental revenue. Approximately 40% of the rental revenue generated from acquisitions during the year ended December 31, 2021, was from investment grade rated clients, their subsidiaries or affiliated companies.
Schedule allocation of acquisitions	The acquisitions during the year ended December 31, 2022, which had no associated contingent consideration, were allocated as follows (in millions): Year ended December 31, 2022 Acquisitions - USD (1) Acquisitions - Sterling Acquisitions - Euro Land (2) $ 1,568.6 £ 640.5 € 118.0 Buildings and improvements 3,853.6 663.0 156.8 Lease intangible assets (3) 458.6 247.8 51.1 Other assets (4) 634.1 203.0 5.4 Lease intangible liabilities (5) (94.9) (60.1) — Other liabilities (6) (46.0) (4.9) — $ 6,374.0 £ 1,689.3 € 331.3 (1) Included in USD-denominated acquisitions was an investment of $1.7 billion into a single property in the gaming industry. The acquisition was allocated as (i) $419.5 million to land, (ii) $1.28 billion to buildings and improvements, (iii) $13.2 million of right-of-use assets accounted for as operating leases included in 'Other assets' and (iv) $9.3 million of lease liabilities under operating leases included in 'Other liabilities'. (2) Sterling-denominated land includes £42.5 million of right of use assets under long-term ground leases. (3) The weighted average amortization period for acquired lease intangible assets is 11.6 years. (4) USD-denominated other assets consists of $585.7 million of financing receivables with above-market terms and $32.8 million of right-of-use assets accounted for as finance leases, and $15.6 million of right of use assets under ground leases. Sterling-denominated other assets consists of £12.2 million of financing receivables with above-market terms, £188.4 million of right-of-use assets accounted for as finance leases and £2.4 million of right-of-use assets accounted for as operating leases. Euro-denominated other assets consists entirely of financing receivables with above-market terms. (5) The weighted average amortization period for acquired lease intangible liabilities is 14.2 years. (6) USD-denominated other liabilities consists of $28.0 million of deferred rent on certain below-market leases, $11.5 million of lease liabilities under ground leases, and $8.6 million of lease liabilities under financing leases. Sterling-denominated other liabilities consists of £2.4 million of lease liabilities under operating leases and £2.5 million of deferred rent on certain below-market leases. The acquisitions during the year ended December 31, 2021, which had no associated contingent consideration, were allocated as follows (in millions): Year ended December 31, 2021 Acquisitions - USD Acquisitions - Sterling Acquisitions - Euro Land (1) $ 1,054.4 £ 438.9 € 106.2 Buildings and improvements 1,802.6 888.0 173.4 Lease intangible assets (2) 547.8 248.9 34.9 Other assets (3) 530.2 40.4 21.9 Lease intangible liabilities (4) (91.6) (7.1) — Other liabilities (5) (127.6) (0.3) (16.0) $ 3,715.8 £ 1,608.9 € 320.4 (1) Sterling-denominated land includes £8.2 million of right of use assets under long-term ground leases. (2) The weighted average amortization period for acquired lease intangible assets is 12.7 years. (3) USD-denominated other assets consists of $179.7 million of financing receivables with above-market terms, $85.0 million of right-of-use assets accounted for as finance leases, $5.8 million in investments in sales-type leases, and $259.7 million of right of use assets under ground leases. Sterling-denominated other assets consists of £7.2 million of financing receivables with above-market terms and £33.2 million of right-of-use assets accounted for as finance leases. Euro-denominated other assets consists entirely of financing receivables with above-market terms. (4) The weighted average amortization period for acquired lease intangible liabilities is 15.9 years.
Schedule of future impact related to amortization of above-market, below-market and in-place lease intangibles	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 December 31, 2022 (dollars in thousands): Net increase (decrease) to rental revenue Increase to amortization expense 2023 $ (56,782) $ 589,541 2024 (50,525) 522,895 2025 (43,963) 451,177 2026 (36,100) 402,028 2027 (27,926) 348,289 Thereafter 341,053 1,600,757 Totals $ 125,757 $ 3,914,687
Schedule of properties sold	The following table summarizes our properties sold during the periods indicated below, excluding our proportionate share of net proceeds from the disposition of properties by our unconsolidated industrial partnerships for 2022 and 2021 and the properties disposed from the spin-off of office properties to Orion in November 2021 (dollars in millions): Years ended December 31, 2022 2021 2020 Number of properties 168 154 126 Net sales proceeds $ 434.9 $ 250.3 $ 262.5 Gain on sales of real estate $ 102.7 $ 55.8 $ 76.2 These property sales do not represent a strategic shift that will have a major effect on our operations and financial results, and therefore do not require presentation as discontinued operations.
Schedule of investment in unconsolidated entities	The following is a summary of our investments in unconsolidated entities as of December 31, 2022 (in thousands): Ownership % (1) Number of Properties Carrying Amount of Investment as of Equity in income and impairment of investment in unconsolidated entities for the year ended (2) Investment (2) As of December 31, 2022 December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 December 31, 2020 Industrial Partnerships 20 % — $ — $ 140,967 $ (6,448) $ 1,106 $ — (1) Our ownership interest reflects legal ownership interest. Legal ownership may, at times, not equal our economic interest in the listed properties because of various provisions in certain entity agreements regarding capital contributions, distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, our actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with legal ownership interests. (2) All seven assets held by our industrial partnerships were sold during the year ended December 31, 2022. As the portion of the net proceeds applied to our investment basis that we expected to receive at closing was less than our $121.4 million carrying amount of investment in unconsolidated entities, we recognized an other than temporary impairment of $8.5 million during the year ended December 31, 2022. The other than temporary impairments are included in 'Equity in income and impairment of investment in unconsolidated entities' in the consolidated statements of income and comprehensive income for the periods presented.

Mortgages Payable (Tables)

Mortgages Payable (Tables) - Mortgages payable	12 Months Ended
	Dec. 31, 2022
Debt
Summary of mortgages payable	The following table summarizes our mortgages payable as of December 31, 2022 and 2021 (dollars in thousands): As Of Number of Properties (1) Weighted Average Stated Interest Rate (2) Weighted Average Effective Interest Rate (3) Weighted Remaining Unamortized Premium and Deferred Financing Costs Balance, net Mortgage December 31, 2022 136 4.8 % 3.3 % 1.4 $ 842,343 $ 11,582 $ 853,925 December 31, 2021 267 4.8 % 3.5 % 1.8 $ 1,114,129 $ 27,866 $ 1,141,995 (1) At December 31, 2022, there were 18 mortgages on 136 properties. At December 31, 2021, there were 22 mortgages on 267 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 December 31, 2022 and December 31, 2021, all mortgages were at fixed interest rates. (2) Stated interest rates ranged from 3.0% to 6.9% at December 31, 2022 and 2021, respectively. (3) Effective interest rates ranged from 2.7% to 6.6% and 2.6% to 6.0% at December 31, 2022 and 2021, respectively.
Schedule of maturity of debt, net	The following table summarizes the maturity of mortgages payable, excluding net premiums of $12.4 million and deferred financing costs of $0.8 million as of December 31, 2022 (dollars in millions): Year of Maturity Principal 2023 $ 22.0 2024 740.5 2025 42.0 2026 12.0 2027 22.3 Thereafter 3.5 Totals $ 842.3

Notes Payable (Tables)

Notes Payable (Tables) - Notes and bonds payable	12 Months Ended
	Dec. 31, 2022
Debt
Schedule of unsecured notes and bonds	Our senior unsecured notes and bonds are USD-denominated and Sterling-denominated. Foreign denominated notes are converted at the applicable exchange rate on the balance sheet date. The following are sorted by maturity date (in millions): Principal Amount (Currency Denomination) Carrying Value (USD) as of December 31, 2022 2021 4.600% notes, $500 issued February 2014, of which $485 was exchanged in November 2021, both due in February 2024 (1) $ 500 $ 500 $ 500 3.875% notes, issued in June 2014 and due in July 2024 $ 350 350 350 3.875% notes, issued in April 2018 and due in April 2025 $ 500 500 500 4.625% notes, $550 issued October 2018, of which $544 was exchanged in November 2021, both due in November 2025 (1) $ 550 550 550 0.750% notes, issued December 2020 and due in March 2026 $ 325 325 325 4.875% notes, $600 issued June 2016, of which $596 was exchanged in November 2021, both due in June 2026 (1) $ 600 600 600 4.125% notes, $250 issued in September 2014 and $400 issued in March 2017, both due in October 2026 $ 650 650 650 1.875% notes, issued in January 2022 and due in January 2027 £ 250 301 — 3.000% notes, issued in October 2016 and due in January 2027 $ 600 600 600 1.125% notes, issued in July 2021 and due in July 2027 £ 400 482 541 3.950% notes, $600 issued August 2017, of which $594 was exchanged in November 2021, both due in August 2027 (1) $ 600 600 600 3.650% notes, issued in December 2017 and due in January 2028 $ 550 550 550 3.400% notes, $600 issued June 2020, of which $598 was exchanged in November 2021, both due in January 2028 (1) $ 600 600 600 2.200% notes, $500 issued November 2020, of which $497 was exchanged in November 2021, both due in June 2028 (1) $ 500 500 500 3.250% notes, issued in June 2019 and due in June 2029 $ 500 500 500 3.100% notes, $600 issued December 2019, of which $596 was exchanged in November 2021, both due in December 2029 (1)(2) $ 599 599 599 3.160% notes, issued in June 2022 and due in June 2030 £ 140 169 — 1.625% notes, issued in October 2020 and due December 2030 £ 400 482 541 3.250% notes, $600 issued in May 2020 and $350 issued in July 2020, both due in January 2031 $ 950 950 950 3.180% notes, issued in June 2022 and due in June 2032 £ 345 416 — 5.625% notes, issued in October 2022 and due in October 2032 $ 750 750 — 2.850% notes, $700 issued November 2020, of which $699 was exchanged in November 2021, both due in December 2032 (1) $ 700 700 700 1.800% notes, issued in December 2020 and due in March 2033 $ 400 400 400 1.750% notes, issued in July 2021 and due in July 2033 £ 350 422 474 2.730% notes, issued in May 2019 and due in May 2034 £ 315 379 427 5.875% bonds, $100 issued in March 2005 and $150 issued in June 2011, both due in March 2035 $ 250 250 250 3.390% notes, issued in June 2022 and due in June 2037 £ 115 138 — 2.500% notes, issued in January 2022 and due in January 2042 £ 250 301 — 4.650% notes, $300 issued in March 2017 and $250 issued in December 2017, both due in March 2047 $ 550 550 550 Total principal amount $ 14,114 $ 12,257 Unamortized net premiums and deferred financing costs 164 243 $ 14,278 $ 12,500 (1) Carrying Value (USD) includes the portion of the VEREIT OP notes that remained outstanding, totaling $39.1 million in the aggregate at December 31, 2022 and 2021, that were not exchanged in the exchange offers commenced by us with respect to the outstanding bonds of VEREIT OP in connection with the consummation of the merger with VEREIT (the "Exchange Offers").
Schedule of maturity of debt, net	The following table summarizes the maturity of our notes and bonds payable as of December 31, 2022, excluding net unamortized premiums of $224.6 million and deferred financing costs of $60.7 million (dollars in millions): Year of Maturity Principal 2024 $ 850 2025 1,050 2026 1,575 2027 1,983 Thereafter 8,656 Totals $ 14,114
Schedule of notes repayment	We redeemed the following principal amounts (in millions) of certain outstanding notes, prior to their maturity. As a result of these early redemptions, we recognized the following losses on extinguishment of debt (in millions) in the consolidated statements of income and comprehensive income. There were no comparable repayments for the year ended December 31, 2022. Loss on Extinguishment of Debt 2021 Repayments Principal Amount (1) Amount of Loss Period Recognized 4.650% notes due August 2023 redeemed in December 2021 $ 750.0 $ 46.4 December 31, 2021 3.250% notes due October 2022 redeemed in January 2021 $ 950.0 $ 46.5 March 31, 2021 2020 Repayments 5.750% notes due January 2021 redeemed in January 2020 $ 250.0 $ 9.8 March 31, 2020 (1) The redeemed principal amounts presented exclude the amounts we paid in accrued and unpaid interest.
Schedule of note issuances	During the years ended December 31, 2022, 2021, and 2020 we issued the following notes and bonds (in millions): 2022 Issuances Date of Issuance Maturity Date Principal amount used Price of par value Effective yield to maturity 1.875% Notes January 2022 January 2027 £ 250 99.487 % 1.974 % 2.500% Notes January 2022 January 2042 £ 250 98.445 % 2.584 % 3.160% Notes June 2022 June 2030 £ 140 100.000 % 3.160 % 3.180% Notes June 2022 June 2032 £ 345 100.000 % 3.180 % 3.390% Notes June 2022 June 2037 £ 115 100.000 % 3.390 % 5.625% Notes October 2022 October 2032 $ 750 99.879 % 5.641 % 2021 Issuances Date of Issuance Maturity Date Principal amount used Price of par value Effective yield to maturity 1.125% Notes July 2021 July 2027 £ 400 99.305 % 1.242 % 1.750% Notes July 2021 July 2033 £ 350 99.842 % 1.757 % 4.600% Notes (1) November 2021 February 2024 $ 485 100.000 % 4.600 % 4.625% Notes (1) November 2021 November 2025 $ 544 100.000 % 4.625 % 4.875% Notes (1) November 2021 June 2026 $ 596 100.000 % 4.875 % 3.950% Notes (1) November 2021 August 2027 $ 594 100.000 % 3.950 % 3.400% Notes (1) November 2021 January 2028 $ 598 100.000 % 3.400 % 2.200% Notes (1) November 2021 June 2028 $ 497 100.000 % 2.200 % 3.100% Notes (1) November 2021 December 2029 $ 596 100.000 % 3.100 % 2.850% Notes (1) November 2021 December 2032 $ 699 100.000 % 2.850 % 2020 Issuances Date of Issuance Maturity Date Principal amount used Price of par value Effective yield to maturity 3.250% Notes (2) May 2020 January 2031 $ 600 98.99 % 3.364 % 3.250% Notes (2) July 2020 January 2031 $ 350 108.24 % 2.341 % 1.625% Notes October 2020 December 2030 £ 400 99.19 % 1.712 % 0.750% Notes December 2020 March 2026 $ 325 99.19 % 0.908 % 1.800% Notes December 2020 March 2033 $ 400 98.47 % 1.941 % (1) In connection with our merger with VEREIT, we completed our debt exchange offer to exchange all outstanding notes issued by VEREIT OP on November 9, 2021 for notes of identical terms issued by Realty Income, pursuant to which approximately 99.2% of the outstanding notes issued by VEREIT OP were exchanged. We issued $1,000 principal amount of Realty Notes for each validly tendered VEREIT Notes with $1,000 principal amount. For this reason, we denote our “Price of par value” as 100%. Prior to the completion of our merger with VEREIT on November 1, 2021, these notes were not the obligation of Realty Income. With respect to the notes originally issued by VEREIT OP that remained outstanding, we amended the indenture governing such notes to, among other things, eliminate substantially all of the restrictive covenants in such indenture. To induce holders of the VEREIT OP notes to participate in the exchange, Realty Income offered noteholders electing to exchange their notes a cash payment equal to 10 basis points of the note principal amount held. This resulted in a cash payment of $4.6 million to participating noteholders. The exchange was accounted for as a modification of the existing VEREIT OP notes assumed in our merger with VEREIT. With respect to the notes originally issued by VEREIT OP that remained outstanding, we amended the indenture governing such notes to, among other things, eliminate substantially all of the restrictive covenants in such indenture. (2) In July 2020, we issued $350.0 million of 3.250% senior unsecured notes due January 2031 (the "2031 Notes"), which constituted a further issuance of, and formed a single series with, the $600.0 million of 2031 Notes issued in May 2020.

Issuances of Common Stock (Tabl

Issuances of Common Stock (Tables)	12 Months Ended
	Dec. 31, 2022
ATM Program
Class of Stock [Line Items]
Schedule of common stock issuances	The following table outlines common stock issuances pursuant to our ATM programs (dollars in millions): Years ended December 31, 2022 2021 2020 Shares of common stock issued under the ATM program (1) 68,608,176 46,290,540 17,724,374 Gross proceeds $ 4,599.4 $ 3,207.9 $ 1,094.9 Sales agents' commissions (34.3) (27.3) (14.6) Other offering expenses (9.1) (1.1) (0.4) Net proceeds $ 4,556.0 $ 3,179.5 $ 1,079.9 (1) During the year ended December 31, 2022, 65,279,851 shares were sold and 58,534,967 settled pursuant to forward sale confirmations. In addition, as of December 31, 2022, 6,744,884 shares of common stock subject to forward sale confirmations have been executed at a weighted average initial price of $63.31 per share but not settled. Upon settlement, subject to certain exceptions, we may elect, in our sole discretion, to cash settle or net share settle all or any portion of our obligations under any forward sale agreement, in which cases we may not receive any proceeds (in the case of cash settlement) or will not receive any proceeds (in the case of net share settlement), and we may owe cash (in the case of cash settlement) or shares of our common stock (in the case of net share settlement) to the relevant forward purchaser. We currently expect to fully physically settle any forward sale agreement with the respective forward purchaser on one or more dates specified by us on or prior to the maturity date of such forward sale agreement, in which case we expect to receive aggregate net cash proceeds at settlement equal to the number of shares specified in such forward sale agreement multiplied by the relevant forward price per share. We currently expect to fully settle the outstanding forward sale agreements during the three months ended March 31, 2023, representing $0.4 billion in net proceeds, for which the weighted average forward price at December 31, 2022 was $62.59 per share. Our forward sale confirmations are accounted for as equity instruments, as we have determined the agreements meet the derivatives and hedging guidance scope exception. No shares were sold pursuant to forward sale confirmations during years ended December 31, 2021 and 2020.
DRSPP
Class of Stock [Line Items]
Schedule of common stock issuances	The following table outlines common stock issuances pursuant to our DRSPP program (dollars in millions): Years ended December 31, 2022 2021 2020 Shares of common stock issued under the DRSPP program 175,554 168,000 149,289 Gross proceeds $ 11.7 $ 11.2 $ 9.1

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Schedule of the change in the carrying value of all noncontrolling interests	The following table represents the change in the carrying value of all noncontrolling interests through December 31, 2022 (dollars in thousands): Realty Income, L.P. units (1) Other Noncontrolling Interests Total Carrying value at December 31, 2020 $ 24,100 $ 8,147 $ 32,247 Contributions 36,975 6,415 43,390 Issued in merger 3,160 — 3,160 Orion divestiture (1,352) — (1,352) Reallocation of equity (42) — (42) Distributions (1,574) (294) (1,868) Allocation of net income 1,149 142 1,291 Carrying value at December 31, 2021 $ 62,416 $ 14,410 $ 76,826 Contributions 51,221 — 51,221 Distributions (3,818) (307) (4,125) Allocation of net income 2,772 236 3,008 Reallocation of equity 3,210 — 3,210 Carrying value at December 31, 2022 $ 115,801 $ 14,339 $ 130,140 (1) In September 2022, we issued 734,458 common partnership units in Realty Income, L.P. in connection with the acquisition of nine properties and recorded $51.2 million of contributions to noncontrolling interests. 1,795,167 and 1,060,709 units were outstanding as of December 31, 2022 and 2021, respectively.

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of fair value by balance sheet groupings	The fair value of our financial instruments not carried at fair value are disclosed as follows (in millions): December 31, 2022 Carrying value Estimated fair value Mortgages payable assumed in connection with acquisitions (1) $ 842.3 $ 810.4 Notes and bonds payable (2) $ 14,114.2 $ 12,522.8 December 31, 2021 Carrying value Estimated fair value Mortgages payable assumed in connection with acquisitions (1) $ 1,114.1 $ 1,154.7 Notes and bonds payable (2) $ 12,257.3 $ 13,114.5 (1) Excludes non-cash net premiums recorded on the mortgages payable. The unamortized balance of these net premiums was $12.4 million at December 31, 2022, and $28.7 million at December 31, 2021. Also excludes deferred financing costs of $0.8 million at December 31, 2022, and $0.8 million at December 31, 2021. (2) Excludes non-cash premiums and discounts recorded on notes payable. The unamortized balance of the net premiums was $224.6 million at December 31, 2022, and $295.5 million at December 31, 2021. Also excludes deferred financing costs of $60.7 million at December 31, 2022, and $53.1 million at December 31, 2021.
Schedule of provisions for impairment	The following table summarizes our provisions for impairment on real estate investments during the periods indicated below (dollars in millions): Years ended December 31, 2022 2021 2020 Carrying value prior to impairment $ 140.9 $ 169.2 $ 260.8 Less: total provisions for impairment (25.9) (39.0) (147.2) Carrying value after impairment $ 115.0 $ 130.2 $ 113.6
Schedule of gain (loss) recognized on derivatives in other comprehensive income	The following table summarizes the amount of unrecognized gain (loss) on derivatives in other comprehensive income during the periods indicated below (in thousands): Years ended December 31, Derivatives in Cash Flow Hedging Relationships 2022 2021 2020 Currency swaps $ (5,091) $ 8,232 $ (2,169) Interest rate swaps 98,310 34,659 (32,757) Foreign currency forwards 8,540 7,557 — Total derivatives in cash flow hedging relationships $ 101,759 $ 50,448 $ (34,926) Derivatives in Fair Value Hedging Relationships Currency swaps (4,705) — — Total unrealized gain (loss) on derivatives $ 97,054 $ 50,448 $ (34,926)
Summary of gain (loss) on derivatives reclassified from accumulated other comprehensive income (loss)	The following table summarizes the amount of gain (loss) on derivatives reclassified from AOCI (in thousands): Years ended December 31, Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income 2022 2021 2020 Currency swaps Foreign currency and derivative gain (loss), net $ 30,814 $ 3,541 $ (3,617) Interest rate swaps Interest expense (4,487) (10,343) (11,434) Foreign Currency Forwards Foreign currency and derivative gain, net 2,139 — — Total derivatives in cash flow hedging relationships $ 28,466 $ (6,802) $ (15,051) Derivatives in Fair Value Hedging Relationships Currency swaps Foreign currency and derivative loss, net (29,708) — — Net decrease to net income $ (1,242) $ (6,802) $ (15,051)
Schedule of foreign currency and derivative gains (losses)	The following table details our foreign currency and derivative gains (losses), net included in income (in thousands): Years ended December 31, 2022 2021 2020 Realized foreign currency and derivative gain (loss), net: Gain (loss) on the settlement of undesignated derivatives $ 204,392 $ 24,392 $ (6,344) Gain (loss) on the settlement of designated derivatives reclassified from AOCI 3,245 3,541 (3,617) Loss on the settlement of transactions with third parties (553) (134) (36) Total realized foreign currency and derivative gain (loss), net $ 207,084 $ 27,799 $ (9,997) Unrealized foreign currency and derivative gain (loss), net: Gain (loss) on the change in fair value of undesignated derivatives $ 29,316 $ (14,714) $ (8,205) Gain (loss) on remeasurement of certain assets and liabilities (249,711) (12,375) 22,787 Total unrealized foreign currency and derivative gain (loss), net $ (220,395) $ (27,089) $ 14,582 Total foreign currency and derivative gains (losses), net $ (13,311) $ 710 $ 4,585
Schedule of derivative financial instruments	The following table summarizes the terms and fair values of our derivative financial instruments at December 31, 2022 and 2021 (dollars in millions): Derivative Type Number of Instruments (1) Accounting Classification Notional Amount as of Weighted Average Strike Rate (2) Maturity Date (3) Fair Value - asset (liability) as of Derivatives Designated as Hedging Instruments December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Interest rate swap 1 Derivative $ 250.0 $ 250.0 2.88% March 2024 $ 5.6 $ (11.9) Cross-currency swaps (4) 3 Derivative 320.0 166.3 (5) October 2032 (33.3) (13.8) Foreign currency forwards 30 Derivative 185.5 176.1 (6) Jan 2023 - Aug 2024 16.1 7.6 Forward-starting swaps (7) – Derivative – 300.0 –% – (3.2) Forward-starting swaps (7) – Hybrid Debt – 200.0 –% – (5.1) $ 755.5 $ 1,092.4 $ (11.6) $ (26.4) Derivatives not Designated as Hedging Instruments Currency exchange swaps (8) 4 Derivative $ 2,427.7 $ 1,639.5 (9) January 2023 $ 58.8 $ (14.7) Cross-Currency Swaps (4) 3 Derivative 280.0 – (5) October 2032 (29.5) — Total of all Derivatives $ 3,463.2 $ 2,731.9 $ 17.7 $ (41.1) (1) This column represents the number of instruments outstanding as of December 31, 2022. (2) Weighted average strike rate is calculated using the notional value as of December 31, 2022. (3) This column represents maturity dates for instruments outstanding as of December 31, 2022. (4) In June 2022, we terminated four British Pound Sterling, or GBP, cross-currency swaps with a notional amount of $166.3 million. In October 2022, we entered into six cross-currency swaps to exchange €612 million for $600 million maturing in October 2032. (5) USD fixed rate of 5.625% and EUR weighted average fixed rate of 4.697%. (6) Weighted average forward GBP-USD exchange rate of 1.34. (7) There were five treasury rate locks entered into during February 2020 that were terminated in June 2020 and converted into six forward starting interest rate swaps through a cashless settlement. These forward starting interest rate swaps were terminated in connection with a senior unsecured note issuance in October 2022. (8) Represents one GBP currency exchange swap with a notional amount of $836.4 million and three Euro ("EUR"), currency exchange swaps with an associated notional amount of $1.6 billion. (9) Weighted Average Forward EUR-GBP exchange rate of 0.86 and Weighted Average Forward EUR-USD exchange rate of 1.05.

Lessor Operating and Finance _2

Lessor Operating and Finance Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Schedule of minimum future annual rental revenue to be received on operating leases	At December 31, 2022, minimum future annual rental revenue to be received on the operating leases for the next five years and thereafter are as follows (in thousands): Future Minimum Operating Lease Payments Future Minimum Direct Financing and Sale-Type Lease Payments (1) 2023 $ 3,417,312 $ 2,024 2024 3,314,029 1,118 2025 3,162,006 893 2026 2,987,790 894 2027 2,769,839 771 Thereafter 20,149,647 25,848 Totals $ 35,800,623 $ 31,548 (1) Related to 17 properties which are subject to direct financing leases and, therefore, revenue is recognized as rental income on the discounted cash flows of the lease payments. Amounts reflected are the cash rent on these respective properties. Two properties are subject to sales-type leases and, therefore, revenue is recognized as sales-type lease income on the discounted cash flows of the lease payments. Amounts reflected are the cash rent on these respective properties.
Schedule of minimum future annual rental revenue to be received on direct financing leases	At December 31, 2022, minimum future annual rental revenue to be received on the operating leases for the next five years and thereafter are as follows (in thousands): Future Minimum Operating Lease Payments Future Minimum Direct Financing and Sale-Type Lease Payments (1) 2023 $ 3,417,312 $ 2,024 2024 3,314,029 1,118 2025 3,162,006 893 2026 2,987,790 894 2027 2,769,839 771 Thereafter 20,149,647 25,848 Totals $ 35,800,623 $ 31,548 (1) Related to 17 properties which are subject to direct financing leases and, therefore, revenue is recognized as rental income on the discounted cash flows of the lease payments. Amounts reflected are the cash rent on these respective properties. Two properties are subject to sales-type leases and, therefore, revenue is recognized as sales-type lease income on the discounted cash flows of the lease payments. Amounts reflected are the cash rent on these respective properties.

Distributions Paid and Payable

Distributions Paid and Payable (Tables)	12 Months Ended
	Dec. 31, 2022
Dividends [Abstract]
Summary of monthly distributions paid per common share	The following is a summary of monthly distributions paid per common share for the years ended December 31, 2022, 2021, and 2020: Month 2022 2021 2020 January $ 0.2465 $ 0.2345 $ 0.2275 February 0.2465 0.2345 0.2325 March 0.2465 0.2345 0.2325 April 0.2470 0.2350 0.2330 May 0.2470 0.2350 0.2330 June 0.2470 0.2350 0.2330 July 0.2475 0.2355 0.2335 August 0.2475 0.2355 0.2335 September 0.2475 0.2355 0.2335 October 0.2480 0.2360 0.2340 November 0.2480 0.2360 0.2340 December 0.2480 0.2460 0.2340 Total $ 2.9670 $ 2.8330 $ 2.7940
Schedule of federal income tax characterization of distributions paid or deemed to be paid	The following presents the federal income tax characterization of distributions paid or deemed to be paid per common share for the years: 2022 2021 2020 Ordinary income $ 2.7867654 $ 1.5146899 $ 2.2798764 Nontaxable distributions — 3.2925615 0.4902835 Total capital gain distribution (1) 0.1802346 0.0854609 0.0238401 Totals (2) $ 2.9670000 $ 4.8927123 $ 2.7940000 (1) Unrecaptured Section 1250 Gain of $0.0784152, or 2.643% of the total common dividends paid in the year ended December 31, 2022, and Section 897 Gain of $0.1802346, or 6.075% of the total common dividends paid in the year ended December 31, 2022, both represent additional characterization of, and are part of, total capital gain distribution. (2) The amount distributed in 2021 includes the $2.060 tax distribution of Orion shares, that occurred in conjunction with the Orion Divestiture on November 12, 2021, after our merger with VEREIT on November 1, 2021. The fair market value of these shares for tax distribution was determined to be $20.6272 per share, which was calculated using the five-day volume weighted average share price after issuance.

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of reconciliation of the denominator of the diluted net income per common share computation	The following is a reconciliation of the denominator of the basic net income per common share computation to the denominator of the diluted net income per common share computation: Years ended December 31, 2022 2021 2020 Weighted average shares used for the basic net income per share computation 611,765,815 414,535,283 345,280,126 Incremental shares from share-based compensation 394,579 234,563 135,132 Dilutive effect of forward ATM offerings 20,125 — — Weighted average shares used for diluted net income per share computation 612,180,519 414,769,846 345,415,258 Unvested shares from share-based compensation that were anti-dilutive 32,165 45,404 70,581 Weighted average partnership common units convertible to common shares that were anti-dilutive 1,292,114 500,217 463,119 Weighted average forward ATM offerings that were anti-dilutive 644,458 — —

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2022
Supplemental Cash Flow Information [Abstract]
Schedule of supplemental cash flow information	The following table summarizes our supplemental cash flow information during the periods indicated below (dollars in thousands): Years ended December 31, 2022 2021 2020 Supplemental disclosures: Cash paid for interest $ 501,716 $ 355,483 $ 285,617 Cash paid for income taxes $ 45,031 $ 19,676 $ 13,128 Cash paid for merger and integration-related costs $ 22,783 $ 157,115 $ — Non-cash activities: Net increase (decrease) in fair value of derivatives $ 58,753 $ 40,489 $ (55,205) Mortgages assumed at fair value (1) $ 45,079 $ 911,525 $ — Notes payable assumed at fair value $ — $ 4,946,965 $ — Issuance of common partnership units of Realty Income, L.P. (2) $ 51,221 $ 38,783 $ — Non-cash assets and liabilities assumed in merger $ — $ 11,559,875 $ — Non-cash assets and liabilities distributed in Orion Divestiture $ — $ 1,142,121 $ — (1) For the year ended December 31, 2021, includes £31.0 million sterling, converted at the applicable exchange rate on the date of transaction, for one mortgage and $869.1 million, estimated at fair value, for ten mortgages from our merger with VEREIT.
Schedule of reconciliation of cash, cash equivalents and restricted cash	The following table provides a reconciliation of cash and cash equivalents reported within the consolidated balance sheets to the total of the cash, cash equivalents and restricted cash reported within the consolidated statements of cash flows (dollars in thousands): December 31, 2022 December 31, 2021 Cash and cash equivalents shown in the consolidated balance sheets $ 171,102 $ 258,579 Restricted escrow deposits (1) 37,627 68,541 Impounds related to mortgages payable (1) 18,152 5,249 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 226,881 $ 332,369 (1) Included within other assets, net on the consolidated balance sheets (see note 4, Supplemental Detail for Certain Components of Consolidated Balance Sheets ). These amounts consist of cash that we are legally entitled to, but that is not immediately available to us. As a result, these amounts were considered restricted as of the dates presented.

Common Stock Incentive Plan (Ta

Common Stock Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of nonvested restricted stock activity	The following table summarizes our common stock grant activity: 2022 2021 2020 Number of shares Weighted average price (1) Number of shares Weighted average price (1) Number of shares Weighted average price (1) Outstanding nonvested shares, beginning of year 212,630 $ 65.20 219,482 $ 63.69 259,698 $ 58.39 Shares granted (2) 156,274 $ 67.37 133,052 $ 64.27 103,473 $ 67.84 Shares vested (118,160) $ 63.95 (124,505) $ 61.57 (141,486) $ 56.94 Shares forfeited (8,084) $ 67.78 (15,399) $ 65.09 (2,203) $ 66.48 Outstanding nonvested shares, end of each period 242,660 $ 67.12 212,630 $ 65.20 219,482 $ 63.69 (1) Grant date fair value.
Schedule of number of performance shares that vest based on the achievement of performance goals	The number of performance shares that vest for each of the three years is based on the achievement of the following performance goals: Weighting for year granted Annual Performance Awards Metrics 2022 2021 2020 Total shareholder return (“TSR”) ranking relative to MSCI US REIT Index 55 % 70 % 70 % Dividend per share growth rate 20 % 15 % 15 % Net Debt-to-Pro Forma Adjusted EBITDA re Ratio 25 % N/A N/A Net Debt-to-Adjusted EBITDA re Ratio N/A 15 % 15 %
Schedule of nonvested performance shares activity	The following table summarizes our performance share grant activity, inclusive of annual performance shares and the one-time performance shares related to the merger with VEREIT: 2022 2021 2020 Number of performance shares Weighted average price (1) Number of performance shares Weighted average price (1) Number of performance shares Weighted average price (1) Outstanding nonvested shares, beginning of year 388,139 $ 68.09 291,759 $ 69.73 304,663 $ 62.25 Equitable adjustment - Orion Divestiture (2) — 752 — Shares granted 174,940 $ 77.73 257,149 $ 64.18 136,729 $ 79.98 Shares vested (74,247) $ 59.62 (109,113) $ 62.52 (139,012) $ 63.66 Shares forfeited (17,952) $ 58.59 (52,408) $ 65.83 (10,621) $ 66.64 Outstanding nonvested shares, end of each period 470,880 $ 73.37 388,139 $ 68.09 291,759 $ 69.73 (1) Grant date fair value. (2) Effective with the Orion Divestiture on November 12, 2021, outstanding equity awards were adjusted by a conversion ratio of 1.002342 per one Realty Income share then held.
Schedule of nonvested restricted stock units activity	During 2022, 2021 and 2020, and in connection with our merger with VEREIT Inc., we also granted restricted stock units that primarily vest over service periods of three 2022 2021 2020 Number of restricted stock units Weighted average price (1) Number of restricted stock units Weighted average price (1) Number of restricted stock units Weighted average price (1) Outstanding nonvested shares, beginning of year 67,367 $ 69.69 18,670 $ 70.38 15,511 $ 59.82 Equitable adjustment - Orion Divestiture (2) — 109 — Shares granted 24,820 $ 66.82 71,956 $ 68.96 9,966 $ 78.79 Shares vested (26,917) $ 70.55 (23,368) $ 66.96 (6,807) $ 58.63 Shares forfeited (6,757) $ 71.14 — — Outstanding nonvested shares, end of each period 58,513 $ 67.91 67,367 $ 69.69 18,670 $ 70.38 (1) Grant date fair value. (2) Effective with the Orion Divestiture on November 12, 2021, outstanding equity awards were adjusted by a conversion ratio of 1.002342 per one Realty Income share then held.
Schedule of stock option activity	The following table summarizes our stock option activity during the year ended December 31, 2022: Number of stock options Weighted average exercise price (1) Weighted average remaining contractual term (Years) Aggregate intrinsic value Outstanding nonvested options, beginning of year 315,070 $ 52.89 Options exercised (262,267) $ 52.41 Options forfeited (7,424) $ 58.46 Outstanding nonvested options, end of each period 45,379 $ 54.75 5.8 $ 393,710 (1) Grant date fair value. The following table summarizes our stock option activity during the year ended December 31, 2021: Number of stock options Weighted average exercise price (1) Weighted average remaining contractual term (Years) Aggregate intrinsic value Outstanding nonvested options, beginning of year — Options granted (2) 709,426 $ 53.80 Equitable adjustment - Orion Divestiture (3) 1,547 Options exercised (395,903) $ 54.54 Options forfeited — Outstanding nonvested options, end of each period 315,070 $ 52.89 2.4 $ 5,891,639 (1) Grant date fair value. (2) During the year ended December 31, 2021, stock options were granted in connection with the VEREIT merger. (3) Effective with the Orion Divestiture on November 12, 2021, outstanding equity awards were adjusted by a conversion ratio of 1.002342 per one Realty Income share then held.

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of minimum future rental payments under operating leases	At December 31, 2022, minimum future rental payments for the next five years and thereafter are as follows (in millions): Operating Leases Finance Leases Total 2023 39.6 2.2 41.8 2024 38.9 5.1 44.0 2025 38.1 3.4 41.5 2026 37.3 9.0 46.3 2027 33.9 1.3 35.2 Thereafter 508.1 44.1 552.2 Total $ 695.9 $ 65.1 $ 761.0 Present value adjustment for remaining lease payments (1) (255.8) (15.6) Total lease liability $ 440.1 $ 49.5 (1 )

Organization and Operation (Det

Organization and Operation (Details) ft² in Millions	Dec. 31, 2022 ft² property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of properties owned | property	12,237
Leasable square feet (sq ft) | ft²	236.8

Summary of Significant Accoun_4

Summary of Significant Accounting Policies and Procedures and New Accounting Standards - Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Variable interest entity
Net real estate	$ 37,752,421	$ 31,959,130
Total assets	49,673,092	43,137,502
Total liabilities	20,829,803	18,008,102
Primary Beneficiary
Variable interest entity
Net real estate	920,032	688,229
Total assets	1,082,346	795,670
Total liabilities	$ 60,127	$ 57,057

Summary of Significant Accoun_5

Summary of Significant Accounting Policies and Procedures and New Accounting Standards - Reserves of Rental Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Rental revenue reserves	$ 2.3	$ 10.2	$ 44.1
Straight-line rent reserves	1.7	4.5	8.4
Total rental revenue reserves	$ 4	$ 14.7	$ 52.5

Summary of Significant Accoun_6

Summary of Significant Accounting Policies and Procedures and New Accounting Standards - Additional Information (Details)		1 Months Ended	3 Months Ended	12 Months Ended
	Nov. 01, 2021 USD ($)	Nov. 30, 2021 property	Sep. 30, 2022 property	Dec. 31, 2022 USD ($) property segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of properties owned				12,237
Goodwill impairment | $				$ 0	$ 0	$ 0
Number of reportable segments | segment				1
Number of operating segments | segment				1
VEREIT
Schedule of Equity Method Investments [Line Items]
Preliminary allocation to goodwill | $	$ 3,720,000,000
Held-for-sale
Schedule of Equity Method Investments [Line Items]
Number of properties owned				22
Industrial Partnerships
Schedule of Equity Method Investments [Line Items]
Number of properties sold			7	7
Industrial Partnerships | VEREIT
Schedule of Equity Method Investments [Line Items]
Number of properties acquired in merger		7

Summary of Significant Accoun_7

Summary of Significant Accounting Policies and Procedures and New Accounting Standards - Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Maximum | Building
Property, Plant and Equipment [Line Items]
Useful life	35 years
Maximum | Building Improvements
Property, Plant and Equipment [Line Items]
Useful life	35 years
Maximum | Equipment
Property, Plant and Equipment [Line Items]
Useful life	25 years
Minimum | Building
Property, Plant and Equipment [Line Items]
Useful life	25 years
Minimum | Building Improvements
Property, Plant and Equipment [Line Items]
Useful life	4 years
Minimum | Equipment
Property, Plant and Equipment [Line Items]
Useful life	5 years

Summary of Significant Accoun_8

Summary of Significant Accounting Policies and Procedures and New Accounting Standards - Disaggregation of Revenue by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 3,343,681	$ 2,080,463	$ 1,647,087
Rental (including reimbursable)	3,299,657	2,064,958	1,639,533
Other	44,024	15,505	7,554
Retail
Disaggregation of Revenue [Line Items]
Revenues	2,730,100	1,709,800	1,368,400
Industrial
Disaggregation of Revenue [Line Items]
Revenues	495,400	271,100	185,900
Other (2)
Disaggregation of Revenue [Line Items]
Revenues	74,200	84,100	85,200
U.S.
Disaggregation of Revenue [Line Items]
Rental (including reimbursable)	2,995,300	1,912,300	1,582,300
U.S. | Retail
Disaggregation of Revenue [Line Items]
Revenues	2,455,900	1,566,700	1,312,500
U.S. | Industrial
Disaggregation of Revenue [Line Items]
Revenues	465,200	261,500	184,600
U.S. | Other (2)
Disaggregation of Revenue [Line Items]
Revenues	74,200	84,100	85,200
U.K.
Disaggregation of Revenue [Line Items]
Rental (including reimbursable)	273,500	148,500	57,200
U.K. | Retail
Disaggregation of Revenue [Line Items]
Revenues	243,300	138,900	55,900
U.K. | Industrial
Disaggregation of Revenue [Line Items]
Revenues	30,200	9,600	1,300
U.K. | Other (2)
Disaggregation of Revenue [Line Items]
Revenues	0	0	0
Other
Disaggregation of Revenue [Line Items]
Rental (including reimbursable)	30,900	4,200	0
Other | Retail
Disaggregation of Revenue [Line Items]
Revenues	30,900	4,200	0
Other | Industrial
Disaggregation of Revenue [Line Items]
Revenues	0	0	0
Other | Other (2)
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 0	$ 0

Summary of Significant Accoun_9

Summary of Significant Accounting Policies and Procedures and New Accounting Standards - Disaggregation of Long-Lived Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Long-lived assets	$ 38,864,400	$ 32,844,700
Remaining assets	10,808,700	10,292,800
Total assets	49,673,092	43,137,502
U.S.
Property, Plant and Equipment [Line Items]
Long-lived assets	33,685,600	29,323,800
U.K.
Property, Plant and Equipment [Line Items]
Long-lived assets	4,596,100	3,206,600
Other
Property, Plant and Equipment [Line Items]
Long-lived assets	$ 582,700	$ 314,300

Merger with VEREIT, Inc. and _3

Merger with VEREIT, Inc. and Orion Office REIT Inc. Divestiture - Narrative (Details)		1 Months Ended	12 Months Ended
	Nov. 01, 2021 USD ($) Rate	Apr. 30, 2022	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Apr. 29, 2021 subsidiary
Business Acquisition [Line Items]
Merger and integration-related costs			$ 13,897,000	$ 167,413,000	$ 0
Unsecured debt | Revolving credit facility | Multicurrency Credit Facility | Euro Interbank Offered Rate (EURIBOR)
Business Acquisition [Line Items]
Basis spread on variable rate (as a percent)		0.725%
Commitment fee (as a percent)		0.125%
All-in drawn variable interest rate (as a percent)		0.85%
VEREIT
Business Acquisition [Line Items]
Agreement and Plan of Merger, newly formed subsidiaries | subsidiary						2
VEREIT
Business Acquisition [Line Items]
Conversion for common stock and common units per merger agreement | Rate	70.50%
Net increase to goodwill			54,800,000
Measurement period adjustments, lease intangible assets			22,600,000
Measurement period adjustments, investment in unconsolidated entities			19,500,000
Measurement period adjustments, other assets			9,900,000
Measurement period adjustments, lease intangible liabilities			4,400,000
Measurement period adjustments, other liabilities			16,100,000
Land	$ 3,021,906,000
Buildings	8,677,467,000
Lease intangible assets	3,204,773,000
Investment in unconsolidated entities	175,379,000
Other assets	308,910,000
Lease intangible liabilities	949,349,000
Other liabilities	320,893,000
Preliminary allocation to goodwill	3,720,000,000
Goodwill expected to be deductible for tax purposes	0
Merger and integration-related costs			13,900,000	167,400,000	$ 167,400,000
Revenues associated with VEREIT OP			1,020,000,000	176,300,000
Net income associated with VEREIT OP			62,400,000	$ 36,700,000
VEREIT | Land
Business Acquisition [Line Items]
Measurement period adjustments, land and building			15,800,000
VEREIT | Building
Business Acquisition [Line Items]
Measurement period adjustments, land and building			7,600,000
VEREIT | Mortgages payable
Business Acquisition [Line Items]
Measurement period adjustments, mortgages payable			$ 100,000
Mortgages and notes payable	$ 869,027,000

Merger with VEREIT, Inc. and _4

Merger with VEREIT, Inc. and Orion Office REIT Inc. Divestiture - Fair Value of Consideration (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 01, 2021	Dec. 31, 2022	Dec. 31, 2021
Fair value of the consideration transferred on the date of the acquisition
Common stock and paid in capital, outstanding (in shares)		660,300,195	591,261,991
VEREIT
Fair value of the consideration transferred on the date of the acquisition
Shares of VEREIT common stock and VEREIT OP common units exchanged (in shares)	229,304,035
Exchange Ratio	70.50%
Shares of VEREIT common stock and VEREIT OP common units after conversion (in shares)	161,659,345
Less: Fractional shares settled in cash (in shares)	(1,545)
Shares of Realty Income common stock and Realty Income L.P. units issued (in shares)	161,657,800
Adjusted opening price of Realty common stock on November 1, 2021 (in dollars per share)	$ 71.236
Fair value of Realty common stock issued to former holders of VEREIT common stock and VEREIT OP common units	$ 11,515,855
Fair value of VEREIT's equity-based compensation awards attributable to pre-combination services	44,020
Total non-cash consideration	11,559,875
Cash paid for fractional shares	110
VEREIT indebtedness paid off in connection with the merger	500,414
Consideration transferred	$ 12,060,399
VEREIT Inc
Fair value of the consideration transferred on the date of the acquisition
Common stock and paid in capital, outstanding (in shares)	229,152,001
VEREIT OP
Fair value of the consideration transferred on the date of the acquisition
Common units outstanding (in units)	152,034
Realty Income
Fair value of the consideration transferred on the date of the acquisition
Share price (in dollars per share)	$ 71
Dividend adjustment on share price (in dollars per share)	$ 0.236

Merger with VEREIT, Inc. and _5

Merger with VEREIT, Inc. and Orion Office REIT Inc. Divestiture - Preliminary Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 01, 2021	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Goodwill		$ 3,731,478	$ 3,676,705
LIABILITIES
Weighted average amortization period for acquired lease intangible assets		11 years 7 months 6 days	12 years 8 months 12 days
Weighted average amortization period for acquired lease intangible liabilities		14 years 2 months 12 days	15 years 10 months 24 days
VEREIT
ASSETS
Land	$ 3,021,906
Buildings	8,677,467
Total real estate held for investment	11,699,373
Cash and cash equivalents	128,411
Accounts receivable	53,355
Lease intangible assets	3,204,773
Goodwill	3,717,620
Investment in unconsolidated entities	175,379
Other assets	308,910
Total assets acquired	19,287,821
LIABILITIES
Accounts payable and accrued expenses	139,836
Lease intangible liabilities	949,349
Other liabilities	320,893
Total liabilities assumed	7,226,070
Net assets acquired, at fair value	12,061,751
Noncontrolling interests	1,352
Total purchase price	$ 12,060,399
Weighted average amortization period for acquired lease intangible assets	9 years 3 months 18 days
Weighted average amortization period for acquired lease intangible liabilities	25 years 6 months
VEREIT | Mortgages payable
LIABILITIES
Mortgages and notes payable	$ 869,027
VEREIT | Notes payable
LIABILITIES
Mortgages and notes payable	$ 4,946,965

Merger with VEREIT, Inc. and _6

Merger with VEREIT, Inc. and Orion Office REIT Inc. Divestiture - Pro Forma Information (Details) - VEREIT - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Pro Forma Information
Total revenues	$ 3,084.3	$ 2,835.5
Net income	$ 734.6	$ 325.9
Basic earnings per share (in dollars per share)	$ 1.27	$ 0.64
Diluted earnings per share (in dollars per share)	$ 1.27	$ 0.64

Merger with VEREIT, Inc. and _7

Merger with VEREIT, Inc. and Orion Office REIT Inc. Divestiture - Orion Divestiture Narrative (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Nov. 12, 2021 USD ($) real_estate_asset $ / shares shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Additional Disclosures by Disposal Groups [Line Items]
Fair market value of shares related to tax distribution upon divestiture of Orion shares (in dollars per share) | $ / shares	$ 20.6272
Merger and integration-related costs		$ 13,897	$ 167,413	$ 0
Reduction to additional paid in capital			1,142,121
Orion
Additional Disclosures by Disposal Groups [Line Items]
Shares of newly formed subsidiary to be received for 10 shares of Company stock | shares	1
Orion | Divestiture
Additional Disclosures by Disposal Groups [Line Items]
Number of office real estate assets contributed | real_estate_asset	92
Number of office real estate assets contributed through consolidated real estate venture | real_estate_asset	1
Number of office real estate assets contributed through unconsolidated real estate venture | real_estate_asset	5
Merger and integration-related costs		$ 1,900	6,000
Dividends received	$ 425,000
Reimbursements received for early redemption of mortgage loans underlying contributed assets	170,200
Derecognition of net assets	1,740,000
Proceeds from divestiture	595,200
Common stock and paid in capital
Additional Disclosures by Disposal Groups [Line Items]
Reduction to additional paid in capital	$ 1,140,000		$ 1,140,769

Supplemental Detail for Certa_3

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable
Straight-line rent receivables, net	$ 363,993	$ 231,943
Client receivables, net	203,970	194,825
Accounts receivable	$ 567,963	$ 426,768

Supplemental Detail for Certa_4

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Lease Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Lease intangible assets, net
Total acquired lease intangible assets, net	$ 5,168,366	$ 5,275,304
In-place leases
Lease intangible assets, net
Lease intangible assets, gross	5,324,565	4,791,846
Accumulated amortization of lease intangible assets	(1,409,878)	(804,050)
Above-market leases
Lease intangible assets, net
Lease intangible assets, gross	1,697,367	1,591,382
Accumulated amortization of lease intangible assets	$ (443,688)	$ (303,874)

Supplemental Detail for Certa_5

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other assets, net
Financing receivables	$ 933,116	$ 323,921
Right of use asset - operating leases, net	603,097	631,515
Right of use asset - financing leases	467,920	218,332
Derivative assets and receivables – at fair value	83,100	29,593
Restricted escrow deposits	37,627	68,541
Prepaid expenses	28,128	18,062
Impounds related to mortgages payable	18,152	5,249
Credit facility origination costs, net	17,196	4,352
Corporate assets, net	12,334	10,915
Investment in sales type lease	5,951	7,492
Non-refundable escrow deposits	5,667	28,560
Note receivable	0	4,455
Other items	39,939	18,592
Total other assets, net	$ 2,252,227	$ 1,369,579
Right-of-use asset, operating leases, balance sheet line item	Total other assets, net	Total other assets, net
Right-of-use asset, financing leases, balance sheet line item	Total other assets, net	Total other assets, net

Supplemental Detail for Certa_6

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounts payable and accrued expenses consist of the following at:
Derivative liabilities and payables – at fair value	$ 64,724	$ 70,617
Property taxes payable	45,572	36,173
Accrued costs on properties under development	26,559	19,665
Accrued property expenses	25,290	27,344
Value-added tax payable	23,375	11,297
Accrued income taxes	22,626	19,152
Merger and integration-related costs	1,464	10,699
Other items	55,921	44,080
Total accounts payable and accrued expenses	399,137	351,128
Notes payable
Accounts payable and accrued expenses consist of the following at:
Interest payable	129,202	108,227
Mortgages, term loans, credit line
Accounts payable and accrued expenses consist of the following at:
Interest payable	$ 4,404	$ 3,874

Supplemental Detail for Certa_7

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Lease Intangible Liabilities, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Lease intangible liabilities, net, consist of the following at:
Below-market leases	$ 1,617,870	$ 1,460,701
Accumulated amortization of below-market leases	(238,434)	(152,480)
Total lease intangible liabilities, net	$ 1,379,436	$ 1,308,221

Supplemental Detail for Certa_8

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other liabilities consist of the following at:
Lease liability - operating leases, net	$ 440,096	$ 461,748
Rent received in advance and other deferred revenue	269,645	242,122
Lease liability - financing leases	49,469	43,987
Security deposits	15,577	11,340
Total other liabilities	$ 774,787	$ 759,197
Lease liability, operating leases, balance sheet line item	Total other liabilities	Total other liabilities
Lease liability, financing leases, balance sheet line item	Total other liabilities	Total other liabilities

Investments in Real Estate - Ac

Investments in Real Estate - Acquisitions (Details) ft² in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) ft² property	Dec. 31, 2021 USD ($) ft² property
Real Estate [Line Items]
Number of properties | property	1,301	911
Leasable square feet (sq ft) | ft²	32,453	26,605
Investment	$ 8,995,300	$ 6,410,800
Weighted average lease term (years)	16 years 2 months 12 days	13 years 2 months 12 days
Initial weighted average cash lease yield (percent)	5.90%	5.50%
Settlement credits as reimbursement for acquired rent free period	$ 10,500	$ 8,500
Rental revenue generated from acquisitions from investment grade tenants (as a percent)	23%	40%
Retail
Real Estate [Line Items]
Property type acquired based on rental revenue (as a percent)	71.40%	83.60%
Industrial
Real Estate [Line Items]
Property type acquired based on rental revenue (as a percent)	6.50%	16.40%
New properties
Real Estate [Line Items]
Number of properties, new | property	1,084	843
Leasable square feet (sq ft) | ft²	26,953	23,923
Investment	$ 8,187,700	$ 6,167,500
Weighted average lease term (years)	16 years 3 months 18 days	13 years 1 month 6 days
Initial weighted average cash lease yield (percent)	6%	5.50%
New properties | U.S.
Real Estate [Line Items]
Number of properties, new | property	990	714
Leasable square feet (sq ft) | ft²	15,774	14,727
Investment	$ 5,746,400	$ 3,608,600
Weighted average lease term (years)	19 years 3 months 18 days	14 years 1 month 6 days
Initial weighted average cash lease yield (percent)	6%	5.50%
New properties | Europe (UK)
Real Estate [Line Items]
Number of properties, new | property	94	129
Leasable square feet (sq ft) | ft²	11,179	9,196
Investment	$ 2,441,300	$ 2,558,900
Weighted average lease term (years)	8 years 10 months 24 days	11 years 7 months 6 days
Initial weighted average cash lease yield (percent)	6%	5.50%
Properties under development
Real Estate [Line Items]
Number of properties, under development | property	217	68
Leasable square feet (sq ft) | ft²	5,500	2,682
Investment	$ 807,600	$ 243,300
Weighted average lease term (years)	15 years	15 years 8 months 12 days
Initial weighted average cash lease yield (percent)	5.30%	6%

Investments in Real Estate - _2

Investments in Real Estate - Acquisitions Footnotes (Details) $ in Thousands, £ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) property	Dec. 31, 2022 GBP (£) property	Dec. 31, 2021 USD ($) property	Dec. 31, 2021 GBP (£) property
Real Estate [Line Items]
Settlement credits as reimbursement for acquired rent free period	$ 10,500		$ 8,500
Value of properties acquired during the period	$ 8,995,300		$ 6,410,800
Rental revenue generated from acquisitions from investment grade tenants (as a percent)	23%	23%	40%	40%
Properties under development
Real Estate [Line Items]
Number of properties, under development | property	217	217	68	68
Value of properties acquired during the period	$ 807,600		$ 243,300
Retail
Real Estate [Line Items]
Property type acquired based on rental revenue (as a percent)	71.40%	71.40%	83.60%	83.60%
Industrial
Real Estate [Line Items]
Property type acquired based on rental revenue (as a percent)	6.50%	6.50%	16.40%	16.40%
Other Property
Real Estate [Line Items]
Property type acquired based on rental revenue (as a percent)	3%	3%
Gaming
Real Estate [Line Items]
Property type acquired based on rental revenue (as a percent)	19.10%	19.10%
Agricultural
Real Estate [Line Items]
Property type acquired based on rental revenue (as a percent)	2.70%	2.70%
Office Building
Real Estate [Line Items]
Property type acquired based on rental revenue (as a percent)	0.30%	0.30%
U.K. | Properties under development
Real Estate [Line Items]
Number of properties, under development | property	5	5	1	1
Value of properties acquired during the period | £		£ 40.9		£ 7

Investments in Real Estate - _3

Investments in Real Estate - Acquisitions Allocation (Details) $ in Thousands, € in Millions, £ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 GBP (£)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 GBP (£)	Dec. 31, 2021 EUR (€)	Dec. 31, 2022 GBP (£)
Acquisitions
Weighted average amortization period for acquired lease intangible assets	11 years 7 months 6 days	11 years 7 months 6 days	11 years 7 months 6 days	12 years 8 months 12 days	12 years 8 months 12 days	12 years 8 months 12 days
Right of use asset - operating leases, net	$ 603,097			$ 631,515
Weighted average amortization period for acquired lease intangible liabilities	14 years 2 months 12 days	14 years 2 months 12 days	14 years 2 months 12 days	15 years 10 months 24 days	15 years 10 months 24 days	15 years 10 months 24 days
Allocated to other liabilities, lease liabilities under operating leases | £		£ 2.4
Real Estate Investment
Acquisitions
Land	$ 1,568,600	640.5	€ 118	$ 1,054,400	£ 438.9	€ 106.2
Buildings and improvements	3,853,600	663	156.8	1,802,600	888	173.4
Lease intangible assets	458,600	247.8	51.1	547,800	248.9	34.9
Other assets	634,100	203	5.4	530,200	40.4	21.9
Lease intangible liabilities	(94,900)	(60.1)	0	(91,600)	(7.1)	0
Other liabilities	(46,000)	(4.9)	0	(127,600)	(0.3)	(16)
Net	6,374,000	1,689.3	€ 331.3	3,715,800	1,608.9	€ 320.4
Allocated to land, right of use assets under long-term ground leases | £		42.5			8.2
Allocated to other assets, financing receivables with above-market terms	585,700	12.2		179,700	7.2
Allocated to other assets, finance lease right-of-use assets	32,800	188.4		85,000	£ 33.2
Allocated to other assets, right-of-use assets under ground leases	15,600
Right of use asset - operating leases, net | £							£ 2.4
Allocated to other assets, investments in sales-type leases				5,800
Allocated to other assets, right-of-use assets under ground leases accounted for as operating leases				259,700
Deferred rent on below market leases	28,000	£ 2.5		26,900
Allocated to other liabilities, lease liabilities under operating leases	11,500
Lease liabilities under finance leases	8,600			33,300
Allocated to other liabilities, lease liabilities under ground leases accounted for as operating leases				$ 67,400
Single Gaming Property | Real Estate Investment
Acquisitions
Land	419,500
Buildings and improvements	1,280,000
Net	1,700,000
Allocated in acquisition, operating lease, right-of-use asset	13,200
Allocated in acquisition, operating lease, liabilities	$ 9,300

Investments in Real Estate - _4

Investments in Real Estate - Acquisitions Narrative (Details) - Real Estate Investment - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Investments in real estate properties
Contingent consideration associated with acquisitions	$ 0	$ 0
Revenue generated from acquired properties during the period	211,300,000	136,600,000
Net income generated from acquired properties during the period	$ 79,000,000	$ 25,800,000

Investments in Real Estate - In

Investments in Real Estate - Investments in Existing Properties Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments in real estate properties
Capitalized costs on existing portfolio	$ 95,514	$ 19,080	$ 8,708
Investments in existing properties
Investments in real estate properties
Capitalized costs on existing portfolio	96,700	21,900
Re-leasing costs	5,200	6,300
Recurring capital expenditures	3,200	1,000
Non-recurring building improvements	$ 88,300	$ 14,600

Investments in Real Estate - Pr

Investments in Real Estate - Properties with Existing Leases Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($)
Real Estate Properties [Line Items]
Value of properties acquired during the period	$ 8,995.3	$ 6,410.8
Number of properties acquired during the period | property	1,301	911
Properties under development
Real Estate Properties [Line Items]
Value of properties acquired during the period	$ 807.6	$ 243.3
New properties
Real Estate Properties [Line Items]
Value of properties acquired during the period	8,187.7	6,167.5
In-place leases
Real Estate Properties [Line Items]
Depreciation and amortization expense	634.9	247.5	$ 134.6
Above and below market leases
Real Estate Properties [Line Items]
Amortization of above and below market Leases	$ 111.7	$ 54.6	$ 30.9

Investments in Real Estate - Es

Investments in Real Estate - Estimated Impact of Amortization of Lease Intangibles (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Above and below market leases
Net increase (decrease) to rental revenue
2023	$ (56,782)
2024	(50,525)
2025	(43,963)
2026	(36,100)
2027	(27,926)
Thereafter	341,053
Totals	125,757
In-place leases
Increase to amortization expense
2023	589,541
2024	522,895
2025	451,177
2026	402,028
2027	348,289
Thereafter	1,600,757
Totals	$ 3,914,687

Investments in Real Estate- Gai

Investments in Real Estate- Gain on Sales of Real Estate (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($) property
Properties sold during the period
Number of properties | property	168	154	126
Net sales proceeds	$ 434.9	$ 250.3	$ 262.5
Gain on sales of real estate	$ 102.7	$ 55.8	$ 76.2

Investments in Real Estate - _5

Investments in Real Estate - Investment in Unconsolidated Entities (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2021 USD ($)	Sep. 30, 2022 property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Nov. 01, 2021 USD ($) property
Investment in unconsolidated entities
Carrying Amount of Investment	$ 140,967		$ 0	$ 140,967
Equity in income and impairment of investment in unconsolidated entities			(6,448)	1,106	$ 0
Net proceeds from sale of unconsolidated entities			108,088	0	0
Unconsolidated entities | Non-recourse
Investment in unconsolidated entities
Non-recourse debt	431,800		$ 0	431,800
Industrial Partnerships
Investment in unconsolidated entities
Ownership percentage			20%
Number of Properties | property			0
Carrying Amount of Investment	140,967		$ 0	140,967
Equity in income and impairment of investment in unconsolidated entities			$ (6,448)	$ 1,106	$ 0
Number of properties sold | property		7	7
Carrying amount of investment in unconsolidated entities			$ 121,400
Other than temporary impairment			$ 8,500
Preferred Equity Interest Assumed In Merger
Investment in unconsolidated entities
Number of Properties | property						1
Carrying amount of investment in unconsolidated entities	38,100
Preferred cumulative return						9%
Initial contribution						$ 22,800
Net proceeds from sale of unconsolidated entities	38,300
Gain on disposition	$ 200

Revolving Credit Facility and_2

Revolving Credit Facility and Commercial Paper Programs (Details) € in Millions, £ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2022 USD ($) extension currency	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 GBP (£)	Jul. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)
Credit facility
Credit facility origination costs		$ 17,196,000	$ 4,352,000
Commercial paper borrowings outstanding		$ 701,800,000	901,400,000	€ 361
Weighted average interest rate at the end of the period (as a percent)		3.40%		3.40%	3.40%
Unsecured debt | U.S. Dollar-Denominated Unsecured Commercial Paper Program
Credit facility
Maximum aggregate capacity of commercial paper program						$ 1,500,000,000	$ 1,000,000,000
Unsecured debt | Euro-Denominated Unsecured Commercial Paper Program
Credit facility
Maximum aggregate capacity of commercial paper program						$ 1,500,000,000
Revolving credit facility | Unsecured debt
Credit facility
Credit facility origination costs		$ 17,200,000	4,400,000
Current borrowing capacity		2,200,000,000
Outstanding balance		$ 2,000,000,000	$ 650,000,000	€ 1,800	£ 70
Weighted average borrowing rate during the period (as a percent)		1.80%	0.90%
Weighted average interest rate at the end of the period (as a percent)		2.60%		2.60%	2.60%
Revolving credit facility | Unsecured debt | Multicurrency Credit Facility
Credit facility
Maximum borrowing capacity	$ 4,250,000,000
Number of extensions | extension	2
Term of extension option	6 months
Number of currencies allowable per facility | currency	14
Credit facility expansion option	$ 1,000,000,000
Revolving credit facility | Unsecured debt | Sterling Overnight Indexed Average (SONIA) | Multicurrency Credit Facility
Credit facility
Basis spread on variable rate (as a percent)	0.725%
Basis spread on variable rate, adjustment chare (as a percent)	0.0326%
Commitment fee (as a percent)	0.125%
All-in drawn variable interest rate (as a percent)	0.8826%
Revolving credit facility | Unsecured debt | Secured Overnight Financing Rate (SOFR) | Multicurrency Credit Facility
Credit facility
Basis spread on variable rate (as a percent)	0.725%
Basis spread on variable rate, adjustment chare (as a percent)	0.10%
Commitment fee (as a percent)	0.125%
All-in drawn variable interest rate (as a percent)	0.95%
Revolving credit facility | Unsecured debt | Euro Interbank Offered Rate (EURIBOR) | Multicurrency Credit Facility
Credit facility
Basis spread on variable rate (as a percent)	0.725%
Commitment fee (as a percent)	0.125%
All-in drawn variable interest rate (as a percent)	0.85%
Commercial paper
Credit facility
Weighted average borrowing rate during the period (as a percent)		1.60%	0.20%

Term Loans (Details)

Term Loans (Details) - Senior Unsecured Term Loans - USD ($)	1 Months Ended
	Oct. 31, 2018	Dec. 31, 2022	Dec. 31, 2021
Debt
Deferred finance costs balance		$ 200,000	$ 400,000
$250 million senior unsecured term loan due March 2024
Debt
Face amount of loan	$ 250,000,000
Effective yield (as a percent)		3.83%
$250 million senior unsecured term loan due March 2024 | LIBOR
Debt
Basis spread on variable rate (as a percent)	0.85%

Mortgages Payable - Narrative (

Mortgages Payable - Narrative (Details) $ in Thousands, £ in Millions	1 Months Ended		2 Months Ended	12 Months Ended
	Oct. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Oct. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) mortgage property	Dec. 31, 2021 USD ($)	Dec. 31, 2021 USD ($) mortgage	Dec. 31, 2021 USD ($) property	Dec. 31, 2021 USD ($) sterlingDenominatedMortgage	Dec. 31, 2021 GBP (£)	Dec. 31, 2020 USD ($)
Debt
Principal payments				$ 312,234	$ 66,575					$ 108,789
Number of mortgages assumed | property							1
(Gain) loss on extinguishment of debt				(367)	97,178					9,819
Mortgages payable
Debt
Principal payments				$ 312,200	66,600
Number of mortgages assumed				8		11		1
Number of properties assumed | property				17
Loans assumed				$ 45,079	911,525				£ 31	0
Mortgages assumed					881,100
Early redemption amount	$ 9,600	$ 12,500		0						$ 0
(Gain) loss on extinguishment of debt			$ 4,300
Deferred financing costs				800	800	$ 800	$ 800	$ 800
Unamortized net premiums				12,400	28,700	$ 28,700	28,700	28,700
Mortgages payable | VEREIT Inc
Debt
Number of mortgages assumed | mortgage						10
Loans assumed					869,100
Mortgages assumed					839,100
Mortgages payable | Mortgages repaid in full
Debt
Principal payments				$ 308,000	63,000
Mortgages repaid in full | mortgage				12		7
Notes payable
Debt
Deferred financing costs				$ 60,700	53,100	$ 53,100	53,100	53,100
Unamortized net premiums				$ 224,600	$ 295,500	$ 295,500	$ 295,500	$ 295,500

Mortgages Payable - Summary of

Mortgages Payable - Summary of Mortgages Payable (Details) - Mortgages payable $ in Thousands	Dec. 31, 2022 USD ($) property mortgage	Dec. 31, 2021 USD ($) property mortgage
Debt
Number of properties | property	136	267
Weighted Average Stated Interest Rate (as a percent)	4.80%	4.80%
Weighted Average Effective Interest Rate (as a percent)	3.30%	3.50%
Weighted Average Remaining Years Until Maturity	1 year 4 months 24 days	1 year 9 months 18 days
Totals	$ 842,343	$ 1,114,129
Unamortized Premium and Deferred Financing Costs Balance, net	11,582	27,866
Mortgage Payable Balance	$ 853,925	$ 1,141,995
Number of mortgages | mortgage	18	22
Number of Sterling-denominated mortgages paid quarterly | mortgage	1
Minimum
Debt
Weighted Average Effective Interest Rate (as a percent)	2.70%	2.60%
Stated interest rate (as a percent)	3%	3%
Maximum
Debt
Weighted Average Effective Interest Rate (as a percent)	6.60%	6%
Stated interest rate (as a percent)	6.90%	6.90%

Mortgages Payable - Summary o_2

Mortgages Payable - Summary of Maturities (Details) - Mortgages payable - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Maturity of mortgages payable
2023	$ 22,000
2024	740,500
2025	42,000
2026	12,000
2027	22,300
Thereafter	3,500
Totals	$ 842,343	$ 1,114,129

Notes Payable - General (Detail

Notes Payable - General (Details) - Notes and bonds payable		1 Months Ended
	Nov. 30, 2021 USD ($)	Nov. 30, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 GBP (£)	Oct. 31, 2022 USD ($)	Jan. 31, 2022 GBP (£)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 GBP (£)	Nov. 01, 2021 USD ($)	Jul. 31, 2021 GBP (£)	Dec. 31, 2020 USD ($)	Oct. 31, 2020 GBP (£)	Jul. 31, 2020 USD ($)	May 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Debt
Total principal amount			$ 14,114,000,000				$ 12,257,000,000
Unamortized net premiums and deferred financing costs			164,000,000				243,000,000
Net payable amount			$ 14,278,000,000				12,500,000,000
4.600% notes, $500 issued February 2014, of which $485 was exchanged in November 2021, both due in February 2024
Debt
Interest rate (as a percent)	4.60%	4.60%	4.60%	4.60%
Principal amount			$ 500,000,000
Amount exchanged	$ 485,000,000	$ 485,000,000
Total principal amount			$ 500,000,000				500,000,000
3.875% notes, issued in June 2014 and due in July 2024
Debt
Interest rate (as a percent)			3.875%	3.875%
Principal amount			$ 350,000,000
Total principal amount			$ 350,000,000				350,000,000
3.875% notes, issued in April 2018 and due in April 2025
Debt
Interest rate (as a percent)			3.875%	3.875%
Principal amount			$ 500,000,000
Total principal amount			$ 500,000,000				500,000,000
4.625% notes, $550 issued October 2018, of which $544 was exchanged in November 2021, both due in November 2025
Debt
Interest rate (as a percent)	4.625%	4.625%	4.625%	4.625%
Principal amount			$ 550,000,000
Amount exchanged	$ 544,000,000	$ 544,000,000
Total principal amount			$ 550,000,000				$ 550,000,000
0.750% notes, issued December 2020 and due in March 2026
Debt
Interest rate (as a percent)			0.75%	0.75%			0.75%	0.75%
Principal amount			$ 325,000,000				$ 325,000,000				$ 325,000,000
Total principal amount			$ 325,000,000				325,000,000
4.875% notes, $600 issued June 2016, of which $596 was exchanged in November 2021, both due in June 2026
Debt
Interest rate (as a percent)	4.875%	4.875%	4.875%	4.875%
Principal amount			$ 600,000,000
Amount exchanged	$ 596,000,000	$ 596,000,000
Total principal amount			$ 600,000,000				600,000,000
4.125% notes, $250 issued in September 2014 and $400 issued in March 2017, both due in October 2026
Debt
Interest rate (as a percent)			4.125%	4.125%
Principal amount			$ 650,000,000
Total principal amount			650,000,000				650,000,000
4.125% notes, issued in September 2014 and due in October 2026
Debt
Principal amount			250,000,000
4.125% notes, issued in March 2017 and due in October 2026
Debt
Principal amount			$ 400,000,000
1.875% notes, issued in January 2022 and due in January 2027
Debt
Interest rate (as a percent)			1.875%	1.875%		0.01875%
Principal amount | £				£ 250,000,000		£ 250,000,000
Total principal amount			$ 301,000,000				0
3.000% notes, issued in October 2016 and due in January 2027
Debt
Interest rate (as a percent)			3%	3%
Principal amount			$ 600,000,000
Total principal amount			$ 600,000,000				$ 600,000,000
1.125% notes, issued in July 2021 and due in July 2027
Debt
Interest rate (as a percent)			1.125%	1.125%			1.125%	1.125%		0.01125%
Principal amount | £				£ 400,000,000				£ 400,000,000		£ 400,000,000
Total principal amount			$ 482,000,000				$ 541,000,000
3.950% notes, $600 issued August 2017, of which $594 was exchanged in November 2021, both due in August 2027
Debt
Interest rate (as a percent)	3.95%	3.95%	3.95%	3.95%
Principal amount			$ 600,000,000
Amount exchanged	$ 594,000,000	$ 594,000,000
Total principal amount			$ 600,000,000				600,000,000
3.650% notes, issued in December 2017 and due in January 2028
Debt
Interest rate (as a percent)			3.65%	3.65%
Principal amount			$ 550,000,000
Total principal amount			$ 550,000,000				550,000,000
3.400% notes, $600 issued June 2020, of which $598 was exchanged in November 2021, both due in January 2028
Debt
Interest rate (as a percent)	3.40%	3.40%	3.40%	3.40%
Principal amount			$ 600,000,000
Amount exchanged	$ 598,000,000	$ 598,000,000
Total principal amount			$ 600,000,000				600,000,000
2.200% notes, $500 issued November 2020, of which $497 was exchanged in November 2021, both due in June 2028
Debt
Interest rate (as a percent)	2.20%	2.20%	2.20%	2.20%
Principal amount			$ 500,000,000
Amount exchanged	$ 497,000,000	$ 497,000,000
Total principal amount			$ 500,000,000				500,000,000
3.250% notes, issued in June 2019 and due in June 2029
Debt
Interest rate (as a percent)			3.25%	3.25%
Principal amount			$ 500,000,000
Total principal amount			$ 500,000,000				500,000,000
3.100% notes, $600 issued December 2019, of which $596 was exchanged in November 2021, both due in December 2029
Debt
Interest rate (as a percent)	3.10%	3.10%	3.10%	3.10%
Principal amount			$ 599,000,000						$ 599,000,000						$ 600,000,000
Amount exchanged	$ 596,000,000	$ 596,000,000
Total principal amount			$ 599,000,000				599,000,000
Early participation premium per $1000 of principal									$ 30
3.160% notes, issued in June 2022 and due in June 2030
Debt
Interest rate (as a percent)			3.16%	3.16%
Principal amount | £				£ 140,000,000
Total principal amount			$ 169,000,000				0
1.625% Notes due 2030
Debt
Interest rate (as a percent)			1.625%	1.625%							1.625%	0.01625%
Principal amount | £				£ 400,000,000								£ 400,000,000
Total principal amount			$ 482,000,000				541,000,000
3.250% notes, $600 issued in May 2020 and $350 issued in July 2020, both due in January 2031
Debt
Interest rate (as a percent)			3.25%	3.25%
Principal amount			$ 950,000,000
Total principal amount			950,000,000				950,000,000
3.250% notes, issued in May 2020 and due in January 2031
Debt
Interest rate (as a percent)														3.25%
Principal amount			600,000,000											$ 600,000,000
3.250% notes, issued in July 2020 and due in January 2031
Debt
Interest rate (as a percent)													3.25%
Principal amount			$ 350,000,000										$ 350,000,000
3.180% notes, issued in June 2022 and due in June 2032
Debt
Interest rate (as a percent)			3.18%	3.18%
Principal amount | £				£ 345,000,000
Total principal amount			$ 416,000,000				0
5.625% notes, issued in October 2022 and due in October 2032
Debt
Interest rate (as a percent)			5.625%	5.625%	5.625%
Principal amount			$ 750,000,000		$ 750,000,000
Total principal amount			$ 750,000,000				0
2.850% notes, $700 issued November 2020, of which $699 was exchanged in November 2021, both due in December 2032
Debt
Interest rate (as a percent)	2.85%	2.85%	2.85%	2.85%
Principal amount			$ 700,000,000
Amount exchanged	$ 699,000,000	$ 699,000,000
Total principal amount			$ 700,000,000				$ 700,000,000
1.800% notes, issued in December 2020 and due in March 2033
Debt
Interest rate (as a percent)			1.80%	1.80%			1.80%	1.80%
Principal amount			$ 400,000,000				$ 400,000,000				$ 400,000,000
Total principal amount			$ 400,000,000				$ 400,000,000
1.750% notes, issued in July 2021 and due in July 2033
Debt
Interest rate (as a percent)			1.75%	1.75%			1.75%	1.75%		0.0175%
Principal amount | £				£ 350,000,000				£ 350,000,000		£ 350,000,000
Total principal amount			$ 422,000,000				$ 474,000,000
2.730% notes, issued in May 2019 and due in May 2034
Debt
Interest rate (as a percent)			2.73%	2.73%
Principal amount | £				£ 315,000,000
Total principal amount			$ 379,000,000				427,000,000
5.875% bonds, $100 issued in March 2005 and $150 issued in June 2011, both due in March 2035
Debt
Interest rate (as a percent)			5.875%	5.875%
Principal amount			$ 250,000,000
Total principal amount			250,000,000				250,000,000
5.875% bonds, issued in March 2005 and due in March 2035
Debt
Principal amount			100,000,000
5.875% bonds, issued in June 2011 and due in March 2035
Debt
Principal amount			$ 150,000,000
3.390% notes due 2037
Debt
Interest rate (as a percent)			3.39%	3.39%
Principal amount | £				£ 115,000,000
Total principal amount			$ 138,000,000				0
2.500% notes, issued in January 2022 and due in January 2042
Debt
Interest rate (as a percent)			2.50%	2.50%		0.025%
Principal amount | £				£ 250,000,000		£ 250,000,000
Total principal amount			$ 301,000,000				0
4.650% notes, $300 issued in March 2017 and $250 issued in December 2017, both due in March 2047
Debt
Interest rate (as a percent)			4.65%	4.65%
Principal amount			$ 550,000,000
Total principal amount			550,000,000				550,000,000
4.650% notes, issued in March 2017 and due in March 2047
Debt
Principal amount			300,000,000
4.650% notes, issued in December 2017 and due in March 2047
Debt
Principal amount			250,000,000
VEREIT OP notes not exchanged
Debt
Total principal amount			$ 39,100,000				$ 39,100,000

Notes Payable - Maturities (Det

Notes Payable - Maturities (Details) - Notes and bonds payable - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Maturity of notes and bonds payable
2024	$ 850,000
2025	1,050,000
2026	1,575,000
2027	1,983,000
Thereafter	8,656,000
Totals	$ 14,114,000	$ 12,257,000

Notes Payable - Narrative (Deta

Notes Payable - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 GBP (£)	Oct. 31, 2022 USD ($)	Jan. 31, 2022 GBP (£)	Dec. 31, 2021 GBP (£)	Jul. 31, 2021 GBP (£)	Oct. 31, 2020 GBP (£)	Jul. 31, 2020 USD ($)
Notes payable
Debt
Unamortized net premiums	$ 224,600,000	$ 295,500,000
Deferred financing costs	$ 60,700,000	53,100,000
Weighted average interest rate (as a percent)	3.40%			3.40%
Weighted average remaining years until maturity	7 years 2 months 12 days
Interest incurred on notes and bonds	$ 431,300,000	$ 286,400,000	$ 252,000,000
Notes payable | 1.625% Notes due 2030
Debt
Principal amount | £				£ 400,000,000					£ 400,000,000
Interest rate (as a percent)	1.625%		1.625%	1.625%					0.01625%
Notes payable | 1.125% Notes due 2027
Debt
Principal amount | £				£ 400,000,000			£ 400,000,000	£ 400,000,000
Interest rate (as a percent)	1.125%	1.125%		1.125%			1.125%	0.01125%
Notes payable | 1.750% Notes due 2033
Debt
Principal amount | £				£ 350,000,000			£ 350,000,000	£ 350,000,000
Interest rate (as a percent)	1.75%	1.75%		1.75%			1.75%	0.0175%
Notes payable | 1.875% Notes due 2027
Debt
Principal amount | £				£ 250,000,000		£ 250,000,000
Interest rate (as a percent)	1.875%			1.875%		0.01875%
Notes payable | 2.500% Notes due 2042
Debt
Principal amount | £				£ 250,000,000		£ 250,000,000
Interest rate (as a percent)	2.50%			2.50%		0.025%
Notes payable | 5.625% Notes due 2032
Debt
Principal amount	$ 750,000,000				$ 750,000,000
Interest rate (as a percent)	5.625%			5.625%	5.625%
Notes payable | 3.250% notes, issued in July 2020 and due in January 2031
Debt
Principal amount	$ 350,000,000									$ 350,000,000
Interest rate (as a percent)										3.25%
Notes payable | Maximum
Debt
Debt to total adjusted assets ratio (as a percent)	60%
Secured debt to total adjusted assets ratio (as a percent)	40%
Notes payable | Minimum
Debt
Debt service coverage ratio	1.5
Total unencumbered assets as a percentage of outstanding unsecured debt	150%
Unsecured debt | 5.625% Notes due 2032
Debt
Principal amount	$ 750,000,000
Interest rate (as a percent)	5.625%			5.625%

Notes Payable - Note Repayment

Notes Payable - Note Repayment (Details) - USD ($)	1 Months Ended			2 Months Ended	12 Months Ended
	Dec. 31, 2021	Jan. 31, 2021	Jan. 31, 2020	Oct. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt
(Gain) loss on extinguishment of debt					$ (367,000)	$ 97,178,000	$ 9,819,000
Notes payable | 4.650% Notes due 2023
Debt
Early redemption of notes	$ 750,000,000
Interest rate (as a percent)					4.65%
(Gain) loss on extinguishment of debt	$ 46,400,000
Notes payable | 3.250% Notes due 2022
Debt
Early redemption of notes		$ 950,000,000			$ 0
Interest rate (as a percent)		3.25%
(Gain) loss on extinguishment of debt		$ 46,500,000
Notes payable | 5.750% Notes due 2021
Debt
Early redemption of notes			$ 250,000,000
Interest rate (as a percent)			5.75%
(Gain) loss on extinguishment of debt			$ 9,800,000
Mortgages payable
Debt
(Gain) loss on extinguishment of debt				$ 4,300,000

Notes Payable - Note Issuances

Notes Payable - Note Issuances (Details)			1 Months Ended
	Nov. 30, 2021 USD ($)	Nov. 09, 2021 USD ($)	Nov. 30, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 GBP (£)	Oct. 31, 2022 USD ($)	Jan. 31, 2022 GBP (£)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 GBP (£)	Nov. 01, 2021 USD ($)	Jul. 31, 2021 GBP (£)	Dec. 31, 2020 USD ($)	Oct. 31, 2020 GBP (£)	Jul. 31, 2020 USD ($)	May 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Notes payable | 1.875% Notes due 2027
Debt
Interest rate (as a percent)				1.875%	1.875%		0.01875%
Principal amount | £					£ 250,000,000		£ 250,000,000
Price of par value (as a percent)				99.487%	99.487%
Effective yield (as a percent)				1.974%	1.974%
Notes payable | 2.500% Notes due 2042
Debt
Interest rate (as a percent)				2.50%	2.50%		0.025%
Principal amount | £					£ 250,000,000		£ 250,000,000
Price of par value (as a percent)				98.445%	98.445%
Effective yield (as a percent)				2.584%	2.584%
Notes payable | 3.160% Notes due 2030
Debt
Interest rate (as a percent)				3.16%	3.16%
Principal amount | £					£ 140,000,000
Price of par value (as a percent)				100%	100%
Effective yield (as a percent)				3.16%	3.16%
Notes payable | 3.180% Notes due 2032
Debt
Interest rate (as a percent)				3.18%	3.18%
Principal amount | £					£ 345,000,000
Price of par value (as a percent)				100%	100%
Effective yield (as a percent)				3.18%	3.18%
Notes payable | 3.390% notes due 2037
Debt
Interest rate (as a percent)				3.39%	3.39%
Principal amount | £					£ 115,000,000
Price of par value (as a percent)				100%	100%
Effective yield (as a percent)				3.39%	3.39%
Notes payable | 5.625% Notes due 2032
Debt
Interest rate (as a percent)				5.625%	5.625%	5.625%
Principal amount				$ 750,000,000		$ 750,000,000
Notes payable | 1.125% Notes due 2027
Debt
Interest rate (as a percent)				1.125%	1.125%			1.125%	1.125%		0.01125%
Principal amount | £					£ 400,000,000				£ 400,000,000		£ 400,000,000
Price of par value (as a percent)								99.305%	99.305%
Effective yield (as a percent)								1.242%	1.242%
Notes payable | 1.750% Notes due 2033
Debt
Interest rate (as a percent)				1.75%	1.75%			1.75%	1.75%		0.0175%
Principal amount | £					£ 350,000,000				£ 350,000,000		£ 350,000,000
Price of par value (as a percent)								99.842%	99.842%
Effective yield (as a percent)								1.757%	1.757%
Notes payable | 3.250% notes, issued in May 2020 and due in January 2031
Debt
Interest rate (as a percent)															3.25%
Principal amount				$ 600,000,000											$ 600,000,000
Price of par value (as a percent)															98.99%
Effective yield (as a percent)															3.364%
Notes payable | 3.250% notes, issued in July 2020 and due in January 2031
Debt
Interest rate (as a percent)														3.25%
Principal amount				$ 350,000,000										$ 350,000,000
Price of par value (as a percent)														108.24%
Effective yield (as a percent)														2.341%
Notes payable | 1.625% Notes due 2030
Debt
Interest rate (as a percent)				1.625%	1.625%							1.625%	0.01625%
Principal amount | £					£ 400,000,000								£ 400,000,000
Price of par value (as a percent)													99.19%
Effective yield (as a percent)													1.712%
Notes payable | 0.750% Notes due 2026
Debt
Interest rate (as a percent)				0.75%	0.75%			0.75%	0.75%
Principal amount				$ 325,000,000				$ 325,000,000				$ 325,000,000
Price of par value (as a percent)												99.19%
Effective yield (as a percent)												0.908%
Notes payable | 1.800% Notes due 2033
Debt
Interest rate (as a percent)				1.80%	1.80%			1.80%	1.80%
Principal amount				$ 400,000,000				$ 400,000,000				$ 400,000,000
Price of par value (as a percent)												98.47%
Effective yield (as a percent)												1.941%
Notes payable | 4.600% notes, $500 issued February 2014, of which $485 was exchanged in November 2021, both due in February 2024
Debt
Interest rate (as a percent)	4.60%		4.60%	4.60%	4.60%
Principal amount				$ 500,000,000
Price of par value (as a percent)	100%		100%
Effective yield (as a percent)	4.60%		4.60%
Amount exchanged	$ 485,000,000		$ 485,000,000
Notes payable | 4.625% notes, $550 issued October 2018, of which $544 was exchanged in November 2021, both due in November 2025
Debt
Interest rate (as a percent)	4.625%		4.625%	4.625%	4.625%
Principal amount				$ 550,000,000
Price of par value (as a percent)	100%		100%
Effective yield (as a percent)	4.625%		4.625%
Amount exchanged	$ 544,000,000		$ 544,000,000
Notes payable | 4.875% notes, $600 issued June 2016, of which $596 was exchanged in November 2021, both due in June 2026
Debt
Interest rate (as a percent)	4.875%		4.875%	4.875%	4.875%
Principal amount				$ 600,000,000
Price of par value (as a percent)	100%		100%
Effective yield (as a percent)	4.875%		4.875%
Amount exchanged	$ 596,000,000		$ 596,000,000
Notes payable | 3.950% notes, $600 issued August 2017, of which $594 was exchanged in November 2021, both due in August 2027
Debt
Interest rate (as a percent)	3.95%		3.95%	3.95%	3.95%
Principal amount				$ 600,000,000
Price of par value (as a percent)	100%		100%
Effective yield (as a percent)	3.95%		3.95%
Amount exchanged	$ 594,000,000		$ 594,000,000
Notes payable | 3.400% notes, $600 issued June 2020, of which $598 was exchanged in November 2021, both due in January 2028
Debt
Interest rate (as a percent)	3.40%		3.40%	3.40%	3.40%
Principal amount				$ 600,000,000
Price of par value (as a percent)	100%		100%
Effective yield (as a percent)	3.40%		3.40%
Amount exchanged	$ 598,000,000		$ 598,000,000
Notes payable | 2.200% notes, $500 issued November 2020, of which $497 was exchanged in November 2021, both due in June 2028
Debt
Interest rate (as a percent)	2.20%		2.20%	2.20%	2.20%
Principal amount				$ 500,000,000
Price of par value (as a percent)	100%		100%
Effective yield (as a percent)	2.20%		2.20%
Amount exchanged	$ 497,000,000		$ 497,000,000
Notes payable | 3.100% notes, $600 issued December 2019, of which $596 was exchanged in November 2021, both due in December 2029
Debt
Interest rate (as a percent)	3.10%		3.10%	3.10%	3.10%
Principal amount				$ 599,000,000						$ 599,000,000						$ 600,000,000
Price of par value (as a percent)	100%		100%
Effective yield (as a percent)	3.10%		3.10%
Amount exchanged	$ 596,000,000		$ 596,000,000
Notes payable | 2.850% notes, $700 issued November 2020, of which $699 was exchanged in November 2021, both due in December 2032
Debt
Interest rate (as a percent)	2.85%		2.85%	2.85%	2.85%
Principal amount				$ 700,000,000
Price of par value (as a percent)	100%		100%
Effective yield (as a percent)	2.85%		2.85%
Amount exchanged	$ 699,000,000		$ 699,000,000
Notes payable | Debt Exchange Notes For Vereit OP Notes
Debt
Price of par value (as a percent)		100%
Percentage of original VEREIT OP Notes exchanged		99.20%
Principal issued on exchanged notes		$ 1,000
Principal of original notes exchanged		$ 1,000
Unsecured debt | 5.625% Notes due 2032
Debt
Interest rate (as a percent)				5.625%	5.625%
Principal amount				$ 750,000,000
Price of par value (as a percent)				99.879%	99.879%
Effective yield (as a percent)				5.641%	5.641%
Notes
Debt
Basis points over original principal amount for cash payment										0.10%
Cash payment to participating noteholders										$ 4,600,000

Issuances of Common Stock - Iss

Issuances of Common Stock - Issuance of Common Stock in Connection with VEREIT Acquisition (Details) shares in Millions	Nov. 01, 2021 shares
VEREIT Inc | Common stock
Class of Stock [Line Items]
Shares issued in merger (in shares)	162

Issuances of Common Stock - I_2

Issuances of Common Stock - Issuance of Common Stock in Underwritten Public Offering (Details) - USD ($) $ in Thousands	1 Months Ended			12 Months Ended
	Jul. 31, 2021	Jan. 31, 2021	Mar. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Proceeds from share issuances, net	$ 594,100	$ 669,600		$ 4,556,028	$ 4,442,725	$ 1,823,821
Underwritten public offering
Class of Stock [Line Items]
Underwriting discounts	$ 2,900	$ 19,300
Common stock | Underwritten public offering
Class of Stock [Line Items]
Shares of common stock issued (in shares)	9,200,000	12,075,000	9,690,500	0
Proceeds from share issuances, net			$ 728,900
Common stock | Underwriter option
Class of Stock [Line Items]
Shares of common stock issued (in shares)	1,200,000	1,575,000	690,500

Issuances of Common Stock - At-

Issuances of Common Stock - At-the-Market (ATM) Program (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Jul. 31, 2021	Jan. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 29, 2022
At-the-Market (ATM) Program
Net proceeds	$ 594,100	$ 669,600	$ 4,556,028	$ 4,442,725	$ 1,823,821
ATM Program
At-the-Market (ATM) Program
At-the-Market equity distribution program, authorized shares (in shares)			120,000,000			69,088,433
Shares remaining for future issuance (in shares)			70,620,121
Net proceeds			$ 4,556,000	$ 3,179,500	$ 1,079,900
Forward ATM offerings
At-the-Market (ATM) Program
Shares sold pursuant to forward sale confirmations (in shares)			6,744,884
Proceeds from shares intended to settle			$ 400,000
Common stock | ATM Program
At-the-Market (ATM) Program
Shares of common stock issued (in shares)			68,608,176	46,290,540	17,724,374
Gross proceeds			$ 4,599,400	$ 3,207,900	$ 1,094,900
Sales agents' commissions			(34,300)	(27,300)	(14,600)
Other offering expenses			$ (9,100)	$ (1,100)	$ (400)
Weighted average forward price (in dollars per share)			$ 62.59
Common stock | Forward ATM offerings
At-the-Market (ATM) Program
Shares of common stock issued (in shares)			65,279,851	0	0
Shares settled pursuant to forward sale confirmations (in shares)			58,534,967
Weighted average forward price (in dollars per share)			$ 63.31

Issuances of Common Stock - Div

Issuances of Common Stock - Dividend Reinvestment and Stock Purchase Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Dividend Reinvestment and Stock Purchase Plan
Gross proceeds	$ 11,654	$ 11,232	$ 9,109
DRSPP
Dividend Reinvestment and Stock Purchase Plan
Dividend Reinvestment and Stock Purchase Plan, authorized shares (in shares)	26,000,000
Shares remaining for future issuance (in shares)	11,159,825
Common stock | DRSPP
Dividend Reinvestment and Stock Purchase Plan
Shares of common stock issued (in shares)	175,554	168,000	149,289
Gross proceeds	$ 11,700	$ 11,200	$ 9,100
Common stock | DRSPP waiver approval process
Dividend Reinvestment and Stock Purchase Plan
Shares of common stock issued (in shares)	0	0	0

Noncontrolling Interests - Narr

Noncontrolling Interests - Narrative (Details) $ in Thousands	1 Months Ended					12 Months Ended
	Dec. 31, 2021 USD ($) property shares	Nov. 30, 2021 USD ($) property shares	May 31, 2021 joint_venture	Dec. 31, 2020 joint_venture	Dec. 31, 2019 property	Dec. 31, 2022 USD ($) noncontrollingInterest shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 joint_venture	Dec. 31, 2022	Dec. 31, 2022 jointVenture
Noncontrolling interests
Number of noncontrolling interests consolidated | noncontrollingInterest						4
Number of development joint ventures									2		2
Number of development joint ventures acquired | joint_venture			1	1
Contributions by noncontrolling interests						$ 51,221	$ 43,390	$ 3,168
Conversion ratio						1.02934
Number of properties acquired by acquiring a controlling interest | property					9
Realty Income, L.P.
Noncontrolling interests
Third-party partnership ownership interest (as a percent)										6.90%
Ownership interest (as a percent)										93.10%
Development Joint Venture, Established May 2021
Noncontrolling interests
Ownership interest (as a percent)										89.60%
Development Joint Venture, Established December 2020
Noncontrolling interests
Ownership interest (as a percent)										94.50%
Joint Venture, Acquired December 2019
Noncontrolling interests
Ownership interest (as a percent)										89.90%
Realty Income, L.P.
Noncontrolling interests
Number of partnership units issued (in units) | shares	240,586	300,604				734,458
Number of properties acquired in connection with issuance of partnership units | property	1	7
Contributions by noncontrolling interests	$ 16,600	$ 20,400
Realty Income, L.P. | VEREIT Inc
Noncontrolling interests
Number of partnership units issued (in units) | shares		56,400
Contributions by noncontrolling interests		$ 1,800

Noncontrolling Interests - Chan

Noncontrolling Interests - Change in Carrying Value (Details) $ in Thousands	1 Months Ended			12 Months Ended
	Sep. 30, 2022 USD ($) property shares	Dec. 31, 2021 USD ($) shares	Nov. 30, 2021 USD ($)	Dec. 31, 2022 USD ($) property shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($)
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period				$ 76,826
Reallocation of equity				0	$ 0	$ 0
Allocation of net income				3,008	1,291	1,020
Carrying value at end of the period		$ 76,826		130,140	76,826
Contributions by noncontrolling interests				$ 51,221	$ 43,390	3,168
Realty Income, L.P.
Change in the carrying value of all noncontrolling interests
Number of partnership units outstanding (in units) | shares		1,060,709		1,795,167	1,060,709
Number of partnership units issued (in units) | shares	734,458			734,458
Properties acquired | property	9			9
Contributions by noncontrolling interests		$ 16,600	$ 20,400
Noncontrolling interests
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period				$ 76,826	$ 32,247
Contributions				51,221	43,390
Issued in merger					3,160
Orion divestiture					(1,352)
Reallocation of equity				3,210	(42)	(47)
Distributions				(4,125)	(1,868)
Allocation of net income				3,008	1,291
Carrying value at end of the period		76,826		130,140	76,826	32,247
Contributions by noncontrolling interests	$ 51,200			51,221	43,390	3,168
Noncontrolling interests | Realty Income, L.P.
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period				62,416	24,100
Contributions				51,221	36,975
Issued in merger					3,160
Orion divestiture					(1,352)
Reallocation of equity				3,210	(42)
Distributions				(3,818)	(1,574)
Allocation of net income				2,772	1,149
Carrying value at end of the period		62,416		115,801	62,416	24,100
Noncontrolling interests | Other Noncontrolling Interests
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period				14,410	8,147
Contributions				0	6,415
Issued in merger					0
Orion divestiture					0
Reallocation of equity				0	0
Distributions				(307)	(294)
Allocation of net income				236	142
Carrying value at end of the period		$ 14,410		$ 14,339	$ 14,410	$ 8,147

Noncontrolling Interests - Vari

Noncontrolling Interests - Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Variable interest entity
Net real estate	$ 37,752,421	$ 31,959,130
Total assets	49,673,092	43,137,502
Total liabilities	20,829,803	18,008,102
Primary Beneficiary
Variable interest entity
Net real estate	920,032	688,229
Total assets	1,082,346	795,670
Total liabilities	$ 60,127	$ 57,057

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements - Narrative (Details) € in Millions, £ in Millions		1 Months Ended				3 Months Ended	12 Months Ended
	Dec. 31, 2020 USD ($)	Oct. 31, 2022 USD ($) derivative	Jun. 30, 2022 derivative	Jul. 31, 2020 USD ($) derivative	Jun. 30, 2020 USD ($) derivative	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) derivative	Dec. 31, 2021 USD ($) derivative	Dec. 31, 2020 USD ($) property	Oct. 31, 2022 GBP (£) derivative	Oct. 31, 2022 EUR (€) derivative	Feb. 29, 2020 USD ($) derivative	May 31, 2019 USD ($) derivative	May 31, 2019 GBP (£) derivative	Oct. 31, 2018 USD ($)
Derivative [Line Items]
Provisions for impairment on real estate							$ 25,860,000	$ 38,967,000	$ 147,232,000
Buildings and improvements							29,707,751,000	25,155,178,000
Notional Amount							3,463,200,000	2,731,900,000
Amount reclassified from AOCI							(1,242,000)	(6,802,000)	$ (15,051,000)
COVID Related Properties
Derivative [Line Items]
Number of impaired properties held for investment | property									38
Provisions for impairment on real estate									$ 105,000,000
Term loans | Term loan due March 2024
Derivative [Line Items]
Principal amount															$ 250,000,000
Notes payable | 0.750% notes, issued December 2020 and due in March 2026
Derivative [Line Items]
Principal amount	$ 325,000,000						$ 325,000,000	$ 325,000,000	325,000,000
Stated interest rate (as a percent)							0.75%	0.75%
Notional amount applied to notes payable	100,000,000
Notes payable | 1.800% notes, issued in December 2020 and due in March 2033
Derivative [Line Items]
Principal amount	$ 400,000,000						$ 400,000,000	$ 400,000,000	400,000,000
Stated interest rate (as a percent)							1.80%	1.80%
Notes payable | 5.625% Notes due 2032
Derivative [Line Items]
Principal amount		$ 750,000,000					$ 750,000,000
Stated interest rate (as a percent)		5.625%					5.625%			5.625%	5.625%
Cash flow hedge
Derivative [Line Items]
Amount reclassified from AOCI							$ 28,466,000	$ (6,802,000)	$ (15,051,000)
Cash flow hedge | Designated as hedging instrument
Derivative [Line Items]
Notional Amount							$ 755,500,000	1,092,400,000
Cross-currency swaps
Derivative [Line Items]
Number of derivative instruments terminated | derivative			4
Amount reclassified from AOCI						$ 20,000,000
Cross-currency swaps | Not designated as hedging instrument
Derivative [Line Items]
Number of derivative instruments | derivative							3
Notional Amount							$ 280,000,000	0
Cross-currency swaps | Cash flow hedge
Derivative [Line Items]
Number of derivative instruments | derivative		6								6	6		4	4
Notional Amount		$ 600,000,000								£ 612			$ 166,000,000	£ 130
Cross-currency swaps | Cash flow hedge | Designated as hedging instrument
Derivative [Line Items]
Number of derivative instruments | derivative		6					3			6	6
Notional Amount		$ 600,000,000				$ 166,300,000	$ 320,000,000	166,300,000			€ 612
Number of derivative instruments terminated | derivative			4
Cross-currency swaps | Fair value hedge
Derivative [Line Items]
Number of derivative instruments | derivative		3								3	3
Notional Amount		$ 320,000,000								£ 326
Interest rate swap
Derivative [Line Items]
Interest rate swap unrealized loss expected to be reclassified within next twelve months							$ 11,900,000
Interest rate swap | Cash flow hedge
Derivative [Line Items]
Number of derivative instruments | derivative							1
Interest rate swap | Cash flow hedge | Designated as hedging instrument
Derivative [Line Items]
Number of derivative instruments | derivative							1
Notional Amount							$ 250,000,000	250,000,000
Foreign currency forwards
Derivative [Line Items]
Cross-currency swap unrealized gains expected to be reclassified within next twelve months							$ (9,800,000)
Foreign currency forwards | Cash flow hedge | Designated as hedging instrument
Derivative [Line Items]
Number of derivative instruments | derivative							30
Notional Amount							$ 185,500,000	176,100,000
Currency exchange swaps | Not designated as hedging instrument
Derivative [Line Items]
Number of derivative instruments | derivative							4
Notional Amount							$ 2,427,700,000	1,639,500,000
Remaining maturities							1 year
Treasury rate locks | Cash flow hedge
Derivative [Line Items]
Notional Amount								$ 500,000,000				$ 500,000,000
Number of derivative instruments terminated | derivative					5
Treasury rate locks | Cash flow hedge | Designated as hedging instrument
Derivative [Line Items]
Number of derivative instruments | derivative												5
Forward-starting swap | Cash flow hedge
Derivative [Line Items]
Number of derivative instruments | derivative					6			6
Notional Amount					$ 500,000,000
Forward-starting swap | Cash flow hedge | Designated as hedging instrument
Derivative [Line Items]
Number of derivative instruments | derivative							6
Forward-Starting Swaps Redesignated | Cash flow hedge
Derivative [Line Items]
Number of derivative instruments | derivative								4
Notional Amount				$ 350,000,000				$ 350,000,000
Number of derivative instruments terminated | derivative		6
Number of instruments being amortized | derivative				4
Forward-Starting Swaps Not Redesignated | Cash flow hedge
Derivative [Line Items]
Number of derivative instruments | derivative								2
Notional Amount								$ 150,000,000

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Carrying value
Fair value of financial assets and liabilities
Mortgages payable assumed in connection with acquisitions	$ 842,300	$ 1,114,100
Notes and bonds payable	14,114,200	12,257,300
Estimated fair value
Fair value of financial assets and liabilities
Mortgages payable assumed in connection with acquisitions	810,400	1,154,700
Notes and bonds payable	12,522,800	13,114,500
Mortgages payable
Fair value of financial assets and liabilities
Unamortized net premiums	12,400	28,700
Deferred financing costs	800	800
Notes and bonds payable
Fair value of financial assets and liabilities
Unamortized net premiums	224,600	295,500
Deferred financing costs	$ 60,700	$ 53,100

Financial Instruments and Fai_5

Financial Instruments and Fair Value Measurements - Items Measured at Fair Value on a Non-Recurring Basis (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) property
Provisions for impairment
Less: total provisions for impairment	$ (25,860)	$ (38,967)	$ (147,232)
Buildings and improvements	29,707,751	25,155,178
Properties impaired 2022
Provisions for impairment
Less: total provisions for impairment	(25,900)	(39,000)	(147,200)
Carrying value prior to impairment	140,900	169,200	260,800
Carrying value after impairment	$ 115,000	$ 130,200	$ 113,600
COVID Related Properties
Provisions for impairment
Number of impaired properties held for investment | property			38
Less: total provisions for impairment			$ (105,000)

Financial Instruments and Fai_6

Financial Instruments and Fair Value Measurements - Unrealized Gain (Loss) on Derivatives in Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on derivatives, net	$ 97,054	$ 50,448	$ (34,926)
Cash flow hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on derivatives, net	101,759	50,448	(34,926)
Cross-currency swaps | Cash flow hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on derivatives, net	(5,091)	8,232	(2,169)
Cross-currency swaps | Fair value hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives in fair value hedging relationships	(4,705)	0	0
Interest rate swap | Cash flow hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on derivatives, net	98,310	34,659	(32,757)
Foreign currency forwards | Cash flow hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on derivatives, net	$ 8,540	$ 7,557	$ 0

Financial Instruments and Fai_7

Financial Instruments and Fair Value Measurements - Unrealized Gain (Loss) on Derivatives and Amounts Reclassified (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) on the settlement of designated derivatives reclassified from AOCI		$ (1,242)	$ (6,802)	$ (15,051)
Cash flow hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) on the settlement of designated derivatives reclassified from AOCI		28,466	(6,802)	(15,051)
Currency swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) on the settlement of designated derivatives reclassified from AOCI	$ 20,000
Currency swaps | Foreign currency and derivative (loss) gain, net | Cash flow hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) on the settlement of designated derivatives reclassified from AOCI		30,814	3,541	(3,617)
Currency swaps | Foreign currency and derivative (loss) gain, net | Fair value hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) on the settlement of designated derivatives reclassified from AOCI		(29,708)	0	0
Interest rate swap | Interest expense | Cash flow hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) on the settlement of designated derivatives reclassified from AOCI		(4,487)	(10,343)	(11,434)
Foreign currency forwards | Foreign currency and derivative (loss) gain, net | Cash flow hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) on the settlement of designated derivatives reclassified from AOCI		$ 2,139	$ 0	$ 0

Financial Instruments and Fai_8

Financial Instruments and Fair Value Measurements - Foreign Currency and Derivative Gains (Losses), Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Realized foreign currency and derivative gain (loss), net:
Gain (loss) on the settlement of undesignated derivatives	$ 204,392	$ 24,392	$ (6,344)
Gain (loss) on the settlement of designated derivatives reclassified from AOCI	3,245	3,541	(3,617)
Loss on the settlement of transactions with third parties	(553)	(134)	(36)
Total realized foreign currency and derivative gain (loss), net	207,084	27,799	(9,997)
Unrealized foreign currency and derivative gain (loss), net:
Gain (loss) on the change in fair value of undesignated derivatives	29,316	(14,714)	(8,205)
Gain (loss) on remeasurement of certain assets and liabilities	(249,711)	(12,375)	22,787
Total unrealized foreign currency and derivative gain (loss), net	(220,395)	(27,089)	14,582
Total foreign currency and derivative gains (losses), net	$ (13,311)	$ 710	$ 4,585

Financial Instruments and Fai_9

Financial Instruments and Fair Value Measurements - Summary of Derivative Financial Instruments (Details) € in Millions, £ in Millions, $ in Millions	1 Months Ended
	Jun. 30, 2022 derivative	Jun. 30, 2020 USD ($) derivative	Dec. 31, 2022 USD ($) derivative Rate	Oct. 31, 2022 GBP (£) derivative	Oct. 31, 2022 USD ($) derivative	Oct. 31, 2022 EUR (€) derivative	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($) derivative	Feb. 29, 2020 USD ($) derivative	May 31, 2019 GBP (£) derivative	May 31, 2019 USD ($) derivative
Derivative [Line Items]
Notional Amount			$ 3,463.2					$ 2,731.9
Fair Value - asset (liability)			17.7					(41.1)
Designated as hedging instrument | Cash flow hedge
Derivative [Line Items]
Notional Amount			755.5					1,092.4
Fair Value - asset (liability)			$ (11.6)					(26.4)
Interest rate swap | Cash flow hedge
Derivative [Line Items]
Number of Instruments | derivative			1
Interest rate swap | Designated as hedging instrument | Cash flow hedge
Derivative [Line Items]
Number of Instruments | derivative			1
Notional Amount			$ 250					250
Weighted Average Strike Rate			2.88%
Fair Value - asset (liability)			$ 5.6					(11.9)
Cross-currency swaps
Derivative [Line Items]
Number of derivative instruments terminated | derivative	4
Cross-currency swaps | Cash flow hedge
Derivative [Line Items]
Number of Instruments | derivative				6	6	6				4	4
Notional Amount				£ 612	$ 600					£ 130	$ 166
Cross-currency swaps | Designated as hedging instrument | Cash flow hedge
Derivative [Line Items]
Number of Instruments | derivative			3	6	6	6
Notional Amount			$ 320		$ 600	€ 612	$ 166.3	166.3
Weighted Average Strike Rate				4.697%	4.697%	4.697%
Fair Value - asset (liability)			$ (33.3)					(13.8)
Number of derivative instruments terminated | derivative	4
Fixed strike rate				5.625%	5.625%	5.625%
Cross-currency swaps | Not designated as hedging instrument
Derivative [Line Items]
Number of Instruments | derivative			3
Notional Amount			$ 280					0
Fair Value - asset (liability)			$ (29.5)					0
Foreign currency forwards | Designated as hedging instrument | Cash flow hedge
Derivative [Line Items]
Number of Instruments | derivative			30
Notional Amount			$ 185.5					176.1
Fair Value - asset (liability)			$ 16.1					$ 7.6
Weighted average forward exchange rate | Rate			1.34%
Forward-starting swaps | Cash flow hedge
Derivative [Line Items]
Number of Instruments | derivative		6						6
Notional Amount		$ 500
Forward-starting swaps | Designated as hedging instrument | Cash flow hedge
Derivative [Line Items]
Number of Instruments | derivative			6
Forward-starting swap, derivative | Designated as hedging instrument | Cash flow hedge
Derivative [Line Items]
Number of Instruments | derivative			0
Notional Amount			$ 0					$ 300
Weighted Average Strike Rate			0%
Fair Value - asset (liability)			$ 0					(3.2)
Forward-starting swaps, hybrid debt | Designated as hedging instrument | Cash flow hedge
Derivative [Line Items]
Number of Instruments | derivative			0
Notional Amount			$ 0					200
Weighted Average Strike Rate			0%
Fair Value - asset (liability)			$ 0					(5.1)
Currency exchange swaps | Not designated as hedging instrument
Derivative [Line Items]
Number of Instruments | derivative			4
Notional Amount			$ 2,427.7					1,639.5
Fair Value - asset (liability)			$ 58.8					(14.7)
GBP currency exchange swap | Not designated as hedging instrument
Derivative [Line Items]
Number of Instruments | derivative			1
Notional Amount			$ 836.4
Weighted average forward exchange rate | Rate			0.86%
EUR currency exchange swap | Not designated as hedging instrument
Derivative [Line Items]
Number of Instruments | derivative			3
Notional Amount			$ 1,600
Weighted average forward exchange rate | Rate			1.05%
Treasury rate locks | Cash flow hedge
Derivative [Line Items]
Notional Amount								$ 500	$ 500
Number of derivative instruments terminated | derivative		5
Treasury rate locks | Designated as hedging instrument | Cash flow hedge
Derivative [Line Items]
Number of Instruments | derivative									5

Lessor Operating and Finance _3

Lessor Operating and Finance Leases - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Operating Leases
Number of properties owned	12,237
Percentage rent received | $	$ 14.9	$ 6.5	$ 5.1
Single-client properties
Operating Leases
Number of properties owned	12,018
Single-client properties as percentage of total properties	98.20%
Properties available for lease or sale
Operating Leases
Number of properties owned	126

Lessor Operating and Finance _4

Lessor Operating and Finance Leases - Minimum Future Annual Rental Revenue to be Received (Details) $ in Thousands	Dec. 31, 2022 USD ($) property
Future Minimum Operating Lease Payments
2023	$ 3,417,312
2024	3,314,029
2025	3,162,006
2026	2,987,790
2027	2,769,839
Thereafter	20,149,647
Totals	35,800,623
Future Minimum Direct Financing Lease Payments
2023	2,024
2024	1,118
2025	893
2026	894
2027	771
Thereafter	25,848
Totals	$ 31,548
Properties subject to direct financing leases | property	17,000
Properties subject to sales-type leases | property	2,000

Distributions Paid and Payabl_2

Distributions Paid and Payable - Additional Information (Details) - $ / shares	1 Months Ended																																					12 Months Ended
	Jan. 31, 2023	Dec. 31, 2022	Nov. 30, 2022	Oct. 31, 2022	Sep. 30, 2022	Aug. 31, 2022	Jul. 31, 2022	Jun. 30, 2022	May 31, 2022	Apr. 30, 2022	Mar. 31, 2022	Feb. 28, 2022	Jan. 31, 2022	Dec. 31, 2021	Nov. 30, 2021	Oct. 31, 2021	Sep. 30, 2021	Aug. 31, 2021	Jul. 31, 2021	Jun. 30, 2021	May 31, 2021	Apr. 30, 2021	Mar. 31, 2021	Feb. 28, 2021	Jan. 31, 2021	Dec. 31, 2020	Nov. 30, 2020	Oct. 31, 2020	Sep. 30, 2020	Aug. 31, 2020	Jul. 31, 2020	Jun. 30, 2020	May 31, 2020	Apr. 30, 2020	Mar. 31, 2020	Feb. 29, 2020	Jan. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Distributions Paid and Payable
Distributions paid per common share (in dollars per share)		$ 0.2480	$ 0.2480	$ 0.2480	$ 0.2475	$ 0.2475	$ 0.2475	$ 0.2470	$ 0.2470	$ 0.2470	$ 0.2465	$ 0.2465	$ 0.2465	$ 0.2460	$ 0.2360	$ 0.2360	$ 0.2355	$ 0.2355	$ 0.2355	$ 0.2350	$ 0.2350	$ 0.2350	$ 0.2345	$ 0.2345	$ 0.2345	$ 0.2340	$ 0.2340	$ 0.2340	$ 0.2335	$ 0.2335	$ 0.2335	$ 0.2330	$ 0.2330	$ 0.2330	$ 0.2325	$ 0.2325	$ 0.2275	$ 2.9670	$ 2.8330	$ 2.7940
Distributions payable (in dollars per share)		$ 0.2485												$ 0.2465																								$ 0.2485	$ 0.2465
Subsequent event
Distributions Paid and Payable
Distributions paid per common share (in dollars per share)	$ 0.2485

Distributions Paid and Payabl_3

Distributions Paid and Payable - Tax Characterization of Distributions Paid (Details) - $ / shares		12 Months Ended
	Nov. 12, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Dividends [Abstract]
Distributions characterized as ordinary income (in dollars per share)		$ 2.7867654	$ 1.5146899	$ 2.2798764
Distributions characterized as nontaxable distributions (in dollars per share)		0	3.2925615	0.4902835
Distributions characterized as capital gain distributions (in dollars per share)		0.1802346	0.0854609	0.0238401
Totals (in dollars per share)		2.9670000	$ 4.8927123	$ 2.7940000
Distributions characterized as capital gain distributions, unrecaptured Section 1250 Gain component (in dollars per share)		$ 0.0784152
Distributions characterized as capital gain distributions, unrecaptured Section 1250 Gain component as percentage of total dividends paid		2.643%
Distributions characterized as capital gain distributions, Section 897 Gain component (in dollars per share)		$ 0.1802346
Distributions characterized as capital gain distributions, Section 897 Gain component as percentage of total dividends paid		6.075%
Tax distribution upon divestiture of Orion shares (in dollars per share)	$ 2.060
Fair market value of shares related to tax distribution upon divestiture of Orion shares (in dollars per share)	$ 20.6272

Net Income per Common Share (De

Net Income per Common Share (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average shares used for the basic net income per share computation (in shares)	611,765,815	414,535,283	345,280,126
Incremental shares from share-based compensation (in shares)	394,579	234,563	135,132
Dilutive effect of forward ATM offerings (in shares)	20,125	0	0
Weighted average shares used for diluted net income per share computation (in shares)	612,180,519	414,769,846	345,415,258
Unvested shares from share-based compensation that were anti-dilutive
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation (in shares)	32,165	45,404	70,581
Weighted average partnership common units convertible to common shares that were anti-dilutive
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation (in shares)	1,292,114	500,217	463,119
Forward ATM offerings
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation (in shares)	644,458	0	0

Supplemental Disclosures of C_3

Supplemental Disclosures of Cash Flow Information - Summary (Details) $ in Thousands, £ in Millions	1 Months Ended			12 Months Ended
	Sep. 30, 2022 property	Dec. 31, 2021 USD ($) shares	Nov. 30, 2021 USD ($) shares	Dec. 31, 2022 USD ($) mortgage property shares	Dec. 31, 2021 USD ($)	Dec. 31, 2021 mortgage	Dec. 31, 2021 sterlingDenominatedMortgage	Dec. 31, 2021 property	Dec. 31, 2021 GBP (£)	Dec. 31, 2020 USD ($)
Supplemental disclosures:
Cash paid for interest				$ 501,716	$ 355,483					$ 285,617
Cash paid for income taxes				45,031	19,676					13,128
Cash paid for merger and integration-related costs				22,783	157,115					0
Non-cash activities:
Notes payable assumed at fair value				0	4,946,965					0
Non-cash assets and liabilities assumed in merger				0	11,559,875					0
Non-cash assets and liabilities distributed in Orion Divestiture				0	1,142,121					0
Number of mortgages assumed | property								1
Contributions by noncontrolling interests				51,221	43,390					3,168
Realty Income, L.P.
Non-cash activities:
Issuance of common partnership units of Realty Income, L.P.				$ 51,221	38,783					0
Number of partnership units issued (in units) | shares		240,586	300,604	734,458
Properties acquired | property	9			9
Contributions by noncontrolling interests		$ 16,600	$ 20,400
Realty Income, L.P. | VEREIT Inc
Non-cash activities:
Number of partnership units issued (in units) | shares			56,400
Contributions by noncontrolling interests			$ 1,800
Mortgages
Non-cash activities:
Mortgages assumed at fair value				$ 45,079	911,525				£ 31	0
Number of mortgages assumed				8		11	1
Mortgages | VEREIT Inc
Non-cash activities:
Mortgages assumed at fair value					869,100
Number of mortgages assumed | mortgage						10
Derivative
Non-cash activities:
Net increase (decrease) in fair value of derivatives				$ 58,753	$ 40,489					$ (55,205)

Supplemental Disclosures of C_4

Supplemental Disclosures of Cash Flow Information - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of cash,cash equivalents, and restricted cash
Cash and cash equivalents shown in the consolidated balance sheets	$ 171,102	$ 258,579
Restricted escrow deposits	37,627	68,541
Impounds related to mortgages payable	18,152	5,249
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$ 226,881	$ 332,369	$ 850,679	$ 71,005

Common Stock Incentive Plan - N

Common Stock Incentive Plan - Narrative (Details)		12 Months Ended
	Nov. 01, 2021 USD ($) shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Nov. 12, 2021	May 31, 2021 USD ($) shares
Common Stock Incentive Plan
Common stock issued in settlement of equity awards that vested in connection with the merger | shares	442,418
Equitable adjustment factor					1.002342
Converted stock options and RSUs
Common Stock Incentive Plan
Aggregate fair value of converted awards	$ 71,600,000
Remaining unamortized share-based compensation expense	2,000,000
Stock Option, Restricted Stock Unit, Performance Award
Common Stock Incentive Plan
Equitable adjustment factor					1.002342
VEREIT Inc
Common Stock Incentive Plan
Fair value of VEREIT's equity-based compensation awards attributable to pre-combination services	44,000,000
General and administrative expense
Common Stock Incentive Plan
Share-based compensation costs recognized		$ 21,600,000	$ 16,200,000	$ 16,500,000
Accelerated share-based compensation costs				$ 1,800,000
Merger And Integration Related Costs
Common Stock Incentive Plan
Accelerated share-based compensation costs	$ 25,600,000
Incentive Award Plan 2021
Common Stock Incentive Plan
Authorized shares | shares						8,924,231
Maximum number of shares that may be granted to any individual in any calendar year | shares						3,200,000
Maximum aggregate amount of cash that may be paid during any calendar year with respect to one or more shares payable in cash						$ 10,000,000
Additional shares available for issuance | shares	6,186,101

Common Stock Incentive Plan - R

Common Stock Incentive Plan - Restricted Stock Activity (Details) - Restricted stock - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of shares
Outstanding nonvested shares, beginning of year (in shares)		212,630	219,482	259,698
Shares granted (in shares)		156,274	133,052	103,473
Shares vested (in shares)		(118,160)	(124,505)	(141,486)
Shares forfeited (in shares)		(8,084)	(15,399)	(2,203)
Outstanding nonvested shares, end of each period (in shares)		242,660	212,630	219,482
Weighted average price
Outstanding nonvested shares, beginning of year (in dollars per share)		$ 65.20	$ 63.69	$ 58.39
Shares granted (in dollars per share)		67.37	64.27	67.84
Shares vested (in dollars per share)		63.95	61.57	56.94
Shares forfeited (in dollars per share)		67.78	65.09	66.48
Outstanding nonvested shares, end of each period (in dollars per share)		$ 67.12	$ 65.20	$ 63.69
Vesting period (in years)		4 years
Remaining unamortized share-based compensation expense		$ 11.4
Directors
Number of shares
Shares granted (in shares)	8,000	40,000	36,000	36,000
Weighted average price
Service period as basis for restricted stock award vesting (in years)	3 years	3 years
Directors | One-year vesting period
Number of shares
Shares granted (in shares)		20,000	24,000	24,000
Weighted average price
Service period as basis for restricted stock award vesting (in years)		7 years
Vesting rights percentage		100%
Directors | Two-year vesting period
Number of shares
Shares granted (in shares)		20,000	12,000	12,000
Weighted average price
Vesting period (in years)		2 years
Service period as basis for restricted stock award vesting (in years)		6 years
Vesting rights percentage		50%
Directors | Three-year vesting period
Weighted average price
Vesting period (in years)		3 years
Vesting rights percentage		33.33%
Directors | Three-year vesting period | Maximum
Weighted average price
Service period as basis for restricted stock award vesting (in years)		6 years
Directors | Immediate vesting | Minimum
Weighted average price
Service period as basis for restricted stock award vesting (in years)		8 years

Common Stock Incentive Plan - P

Common Stock Incentive Plan - Performance Shares Basis for Vesting (Details) - Performance shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Performance shares vesting based on achievement of performance goals
Total shareholder return (TSR) ranking relative to MSCI US REIT Index (as a percent)	55%	70%	70%
Dividend per share Growth Rate (as a percent)	20%	15%	15%
Net Debt-to-Pro Forma Adjusted EBITD Are Ratio (as a percent)	25%
Net Debt-to-Adjusted EBITDAre Ratio (as a percent)		15%	15%

Common Stock Incentive Plan -_2

Common Stock Incentive Plan - Performance Shares Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Nov. 15, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Performance shares
Common Stock Incentive Plan
Vesting rights percentage		50%
Performance period (in years)		3 years
Remaining unamortized share-based compensation expense		$ 15.9
Performance shares, one-time grant | AFFO accretion
Common Stock Incentive Plan
Performance period (in years)	1 year
Weighting for earning shares (percent)	50%
Performance shares, one-time grant | General and administrative expense synergies
Common Stock Incentive Plan
Performance period (in years)	2 years
Weighting for earning shares (percent)	50%
Performance shares, one-time grant | Completion of performance period
Common Stock Incentive Plan
Vesting rights percentage	50%
Performance shares, one-time grant | One-year anniversary of completion of performance period
Common Stock Incentive Plan
Vesting rights percentage	50%
Restricted stock units
Common Stock Incentive Plan
Remaining unamortized share-based compensation expense		$ 1.4
Vesting period (in years)		4 years
Restricted stock units | Minimum
Common Stock Incentive Plan
Vesting period (in years)		3 years	3 years	3 years
Restricted stock units | Maximum
Common Stock Incentive Plan
Vesting period (in years)		4 years	4 years	4 years

Common Stock Incentive Plan -_3

Common Stock Incentive Plan - Performance Shares Activity (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 $ / shares shares	Nov. 12, 2021
Weighted average price
Conversion ratio				1.002342
Performance shares
Number of shares
Outstanding nonvested shares, beginning of year (in shares)	388,139	291,759	304,663
Equitable adjustment - Orion Divestiture (in shares)	174,940	752	0
Shares granted (in shares)	0	257,149	136,729
Shares vested (in shares)	(74,247)	(109,113)	(139,012)
Shares forfeited (in shares)	(17,952)	(52,408)	(10,621)
Outstanding nonvested shares, end of each period (in shares)	470,880	388,139	291,759
Weighted average price
Outstanding nonvested shares, beginning of year (in dollars per share) | $ / shares	$ 68.09	$ 69.73	$ 62.25
Equitable adjustment - Orion Divestiture (in dollars per share) | $ / shares	77.73
Shares granted (in dollars per share) | $ / shares		64.18	79.98
Shares vested (in dollars per share) | $ / shares	59.62	62.52	63.66
Shares forfeited (in dollars per share) | $ / shares	58.59	65.83	66.64
Outstanding nonvested shares, end of each period (in dollars per share) | $ / shares	$ 73.37	$ 68.09	$ 69.73
Vesting rights percentage	50%
Restricted stock units
Number of shares
Outstanding nonvested shares, beginning of year (in shares)	67,367	18,670	15,511
Equitable adjustment - Orion Divestiture (in shares)	0	109	0
Shares granted (in shares)	24,820	71,956	9,966
Shares vested (in shares)	(26,917)	(23,368)	(6,807)
Shares forfeited (in shares)	(6,757)	0	0
Outstanding nonvested shares, end of each period (in shares)	58,513	67,367	18,670
Weighted average price
Outstanding nonvested shares, beginning of year (in dollars per share) | $ / shares	$ 69.69	$ 70.38	$ 59.82
Shares granted (in dollars per share) | $ / shares	66.82	68.96	78.79
Shares vested (in dollars per share) | $ / shares	70.55	66.96	58.63
Shares forfeited (in dollars per share) | $ / shares	71.14
Outstanding nonvested shares, end of each period (in dollars per share) | $ / shares	$ 67.91	$ 69.69	$ 70.38
Vesting period (in years)	4 years

Common Stock Incentive Plan - S

Common Stock Incentive Plan - Stock Options Activity (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Nov. 12, 2021
Number of stock options
Outstanding nonvested options, beginning of year	315,070	0
Options granted		709,426
Equitable adjustment - Orion Divestiture		1,547
Options exercised	(262,267)	(395,903)
Options forfeited	(7,424)	0
Outstanding nonvested options, end of each period	45,379	315,070
Weighted average exercise price
Options granted (in dollars per share) | $ / shares		$ 53.80
Options exercised (in dollars per share) | $ / shares	$ 52.41	54.54
Options forfeited (in dollars per share) | $ / shares	58.46
Outstanding nonvested options, end of each period (in dollars per share) | $ / shares	$ 54.75	$ 52.89
Weighted average remaining contractual term (Years)	5 years 9 months 18 days	2 years 4 months 24 days
Aggregate intrinsic value | $	$ 393,710	$ 5,891,639
Conversion ratio			1.002342

Common Stock Incentive Plan -_4

Common Stock Incentive Plan - Stock Options Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Common Stock Incentive Plan
Remaining unamortized share-based compensation expense	$ 0
Stock options
Common Stock Incentive Plan
Share-based compensation costs recognized	$ 47,000	$ 68,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	Dec. 31, 2022 USD ($)
Re-leasing costs, recurring capital expenditures, and non-recurring building improvements
Commitments and Contingencies [Line Items]
Other commitments	$ 21.7
Construction contracts
Commitments and Contingencies [Line Items]
Other commitments	$ 606.3

Commitments and Contingencies_2

Commitments and Contingencies - Minimum Future Rental Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating Leases
2023	$ 39,600
2024	38,900
2025	38,100
2026	37,300
2027	33,900
Thereafter	508,100
Total	695,900
Present value adjustment for remaining lease payments	(255,800)
Total lease liability	440,096	$ 461,748
Finance Leases
2023	2,200
2024	5,100
2025	3,400
2026	9,000
2027	1,300
Thereafter	44,100
Total	65,100
Present value adjustment for remaining lease payments	(15,600)
Total lease liability	49,469	$ 43,987
Total
2023	41,800
2024	44,000
2025	41,500
2026	46,300
2027	35,200
Thereafter	552,200
Total	$ 761,000
Weighted average discount rate, operating lease (percent)	3.54%
Weighted average remaining operating lease term (in years)	23 years
Weighted average discount rate, finance lease (percent)	3.40%
Weighted average remaining finance lease term (in years)	19 years 10 months 24 days
Minimum
Total
Discount rate used to present value operating lease payments (percent)	0.41%
Discount rate used to present value finance lease payments (percent)	1.14%
Maximum
Total
Discount rate used to present value operating lease payments (percent)	6.30%
Discount rate used to present value finance lease payments (percent)	5.50%

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, € in Millions, £ in Millions		1 Months Ended		2 Months Ended
	Jan. 06, 2023 USD ($) extension	Feb. 28, 2023 $ / shares	Jan. 31, 2023 USD ($) $ / shares	Feb. 22, 2023 USD ($) shares	Jan. 06, 2023 GBP (£) extension	Jan. 06, 2023 EUR (€) extension	Dec. 31, 2022	Oct. 31, 2018 USD ($)
$250 million senior unsecured term loan due March 2024 | Senior Unsecured Term Loans
Subsequent Event [Line Items]
Face amount of loan								$ 250,000,000
Effective yield (as a percent)							3.83%
Subsequent event
Subsequent Event [Line Items]
Common stock dividend declared (in dollars per share) | $ / shares		$ 0.2545	$ 0.2485
Subsequent event | Forward ATM offerings
Subsequent Event [Line Items]
Share issuances, net of costs (in shares) | shares				13,400,000
Estimated net proceeds				$ 850,000,000
Shares executed (in shares) | shares				6,700,000
Subsequent event | Senior Unsecured Notes Payable Due January 2026 | Notes payable
Subsequent Event [Line Items]
Face amount of loan			$ 500,000,000
Stated interest rate (as a percent)			5.05%
Price of par value (as a percent)			99.618%
Effective yield (as a percent)			5.189%
Subsequent event | Senior Unsecured Notes Payable Due March 2030 | Notes payable
Subsequent Event [Line Items]
Face amount of loan			$ 600,000,000
Stated interest rate (as a percent)			4.85%
Price of par value (as a percent)			98.813%
Effective yield (as a percent)			5.047%
Subsequent event | Unsecured Debt Maturing In January 2024 | Multicurrency Unsecured Debt
Subsequent Event [Line Items]
Face amount of loan	$ 1,000,000,000		$ 1,000,000,000
Maximum amount of loan	$ 1,500,000,000
Number of extension options | extension	2				2	2
Length of extension option	12 months
Borrowing rate over applicable benchmark rate (in basis points) | extension	80				80	80
Subsequent event | Unsecured Debt Maturing In January 2024 | Multicurrency Unsecured Debt | Term Loans
Subsequent Event [Line Items]
Face amount of loan	$ 90,000,000				£ 705	€ 85

Schedule III Real Estate and _2

Schedule III Real Estate and Accumulated Depreciation - Balances (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
SEC Schedule III
Number of Properties | property	12,238
Encumbrances	$ 842,343
Initial Cost to Company
Land	12,960,754
Buildings, Improvements and Acquisition Fees	29,445,148
Cost Capitalized Subsequent to Acquisition
Improvements	275,991
Carrying Costs	7,806
Gross Amounts at Which Carried at Close of Period
Land	12,960,754
Buildings, Improvements and Acquisition Fees	29,728,945
Total	42,689,699	$ 35,952,659	$ 21,048,334	$ 19,637,627
Accumulated Depreciation	$ 4,908,658	$ 3,963,753	$ 3,563,178	$ 3,140,855
U.S. | Advertising
SEC Schedule III
Number of Properties | property	5
Encumbrances	$ 0
Initial Cost to Company
Land	18,687
Buildings, Improvements and Acquisition Fees	70,757
Cost Capitalized Subsequent to Acquisition
Improvements	(81)
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	18,687
Buildings, Improvements and Acquisition Fees	70,676
Total	89,363
Accumulated Depreciation	$ 3,516
U.S. | Aerospace
SEC Schedule III
Number of Properties | property	6
Encumbrances	$ 24,133
Initial Cost to Company
Land	9,280
Buildings, Improvements and Acquisition Fees	104,596
Cost Capitalized Subsequent to Acquisition
Improvements	3,092
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	9,280
Buildings, Improvements and Acquisition Fees	107,688
Total	116,968
Accumulated Depreciation	$ 38,709
U.S. | Apparel
SEC Schedule III
Number of Properties | property	64
Encumbrances	$ 53,577
Initial Cost to Company
Land	144,586
Buildings, Improvements and Acquisition Fees	407,383
Cost Capitalized Subsequent to Acquisition
Improvements	4,256
Carrying Costs	199
Gross Amounts at Which Carried at Close of Period
Land	144,586
Buildings, Improvements and Acquisition Fees	411,838
Total	556,424
Accumulated Depreciation	$ 66,728
U.S. | Automotive Collision Service
SEC Schedule III
Number of Properties | property	187
Encumbrances	$ 0
Initial Cost to Company
Land	130,102
Buildings, Improvements and Acquisition Fees	281,957
Cost Capitalized Subsequent to Acquisition
Improvements	6,907
Carrying Costs	10
Gross Amounts at Which Carried at Close of Period
Land	130,102
Buildings, Improvements and Acquisition Fees	288,874
Total	418,976
Accumulated Depreciation	$ 51,722
U.S. | Automotive Parts
SEC Schedule III
Number of Properties | property	408
Encumbrances	$ 0
Initial Cost to Company
Land	161,438
Buildings, Improvements and Acquisition Fees	387,335
Cost Capitalized Subsequent to Acquisition
Improvements	5,568
Carrying Costs	827
Gross Amounts at Which Carried at Close of Period
Land	161,438
Buildings, Improvements and Acquisition Fees	393,730
Total	555,168
Accumulated Depreciation	$ 99,794
U.S. | Automotive Service
SEC Schedule III
Number of Properties | property	696
Encumbrances	$ 0
Initial Cost to Company
Land	500,964
Buildings, Improvements and Acquisition Fees	975,615
Cost Capitalized Subsequent to Acquisition
Improvements	9,268
Carrying Costs	145
Gross Amounts at Which Carried at Close of Period
Land	500,964
Buildings, Improvements and Acquisition Fees	985,028
Total	1,485,992
Accumulated Depreciation	$ 108,958
U.S. | Automotive Tire Services
SEC Schedule III
Number of Properties | property	249
Encumbrances	$ 0
Initial Cost to Company
Land	202,115
Buildings, Improvements and Acquisition Fees	429,838
Cost Capitalized Subsequent to Acquisition
Improvements	22,636
Carrying Costs	83
Gross Amounts at Which Carried at Close of Period
Land	202,115
Buildings, Improvements and Acquisition Fees	452,557
Total	654,672
Accumulated Depreciation	$ 145,128
U.S. | Beverage
SEC Schedule III
Number of Properties | property	18
Encumbrances	$ 0
Initial Cost to Company
Land	183,323
Buildings, Improvements and Acquisition Fees	185,539
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	183,323
Buildings, Improvements and Acquisition Fees	185,539
Total	368,862
Accumulated Depreciation	$ 54,313
U.S. | Child Care
SEC Schedule III
Number of Properties | property	321
Encumbrances	$ 0
Initial Cost to Company
Land	147,817
Buildings, Improvements and Acquisition Fees	344,390
Cost Capitalized Subsequent to Acquisition
Improvements	4,903
Carrying Costs	769
Gross Amounts at Which Carried at Close of Period
Land	147,817
Buildings, Improvements and Acquisition Fees	350,062
Total	497,879
Accumulated Depreciation	$ 118,998
U.S. | Consumer Electronics
SEC Schedule III
Number of Properties | property	27
Encumbrances	$ 0
Initial Cost to Company
Land	51,172
Buildings, Improvements and Acquisition Fees	155,347
Cost Capitalized Subsequent to Acquisition
Improvements	6,652
Carrying Costs	52
Gross Amounts at Which Carried at Close of Period
Land	51,172
Buildings, Improvements and Acquisition Fees	162,051
Total	213,223
Accumulated Depreciation	$ 20,115
U.S. | Consumer Goods
SEC Schedule III
Number of Properties | property	9
Encumbrances	$ 17,990
Initial Cost to Company
Land	24,077
Buildings, Improvements and Acquisition Fees	259,494
Cost Capitalized Subsequent to Acquisition
Improvements	894
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	24,077
Buildings, Improvements and Acquisition Fees	260,388
Total	284,465
Accumulated Depreciation	$ 37,761
U.S. | Convenience Stores
SEC Schedule III
Number of Properties | property	1,622
Encumbrances	$ 0
Initial Cost to Company
Land	1,505,613
Buildings, Improvements and Acquisition Fees	2,008,689
Cost Capitalized Subsequent to Acquisition
Improvements	320
Carrying Costs	145
Gross Amounts at Which Carried at Close of Period
Land	1,505,613
Buildings, Improvements and Acquisition Fees	2,009,154
Total	3,514,767
Accumulated Depreciation	$ 500,986
U.S. | Crafts and Novelties
SEC Schedule III
Number of Properties | property	50
Encumbrances	$ 0
Initial Cost to Company
Land	99,292
Buildings, Improvements and Acquisition Fees	290,977
Cost Capitalized Subsequent to Acquisition
Improvements	1,235
Carrying Costs	440
Gross Amounts at Which Carried at Close of Period
Land	99,292
Buildings, Improvements and Acquisition Fees	292,652
Total	391,944
Accumulated Depreciation	$ 34,909
U.S. | Diversified Industrial
SEC Schedule III
Number of Properties | property	18
Encumbrances	$ 49,838
Initial Cost to Company
Land	52,524
Buildings, Improvements and Acquisition Fees	302,351
Cost Capitalized Subsequent to Acquisition
Improvements	38,018
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	52,524
Buildings, Improvements and Acquisition Fees	340,369
Total	392,893
Accumulated Depreciation	$ 28,257
U.S. | Dollar Stores
SEC Schedule III
Number of Properties | property	2,617
Encumbrances	$ 1,983
Initial Cost to Company
Land	871,107
Buildings, Improvements and Acquisition Fees	2,224,486
Cost Capitalized Subsequent to Acquisition
Improvements	5,358
Carrying Costs	9
Gross Amounts at Which Carried at Close of Period
Land	871,107
Buildings, Improvements and Acquisition Fees	2,229,853
Total	3,100,960
Accumulated Depreciation	$ 439,227
U.S. | Drug Stores
SEC Schedule III
Number of Properties | property	568
Encumbrances	$ 262,868
Initial Cost to Company
Land	725,794
Buildings, Improvements and Acquisition Fees	1,805,788
Cost Capitalized Subsequent to Acquisition
Improvements	5,181
Carrying Costs	100
Gross Amounts at Which Carried at Close of Period
Land	725,794
Buildings, Improvements and Acquisition Fees	1,811,069
Total	2,536,863
Accumulated Depreciation	$ 457,567
U.S. | Education
SEC Schedule III
Number of Properties | property	19
Encumbrances	$ 0
Initial Cost to Company
Land	28,362
Buildings, Improvements and Acquisition Fees	53,373
Cost Capitalized Subsequent to Acquisition
Improvements	2,150
Carrying Costs	103
Gross Amounts at Which Carried at Close of Period
Land	28,362
Buildings, Improvements and Acquisition Fees	55,626
Total	83,988
Accumulated Depreciation	$ 15,116
U.S. | Energy
SEC Schedule III
Number of Properties | property	33
Encumbrances	$ 0
Initial Cost to Company
Land	23,699
Buildings, Improvements and Acquisition Fees	76,052
Cost Capitalized Subsequent to Acquisition
Improvements	75
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	23,699
Buildings, Improvements and Acquisition Fees	76,127
Total	99,826
Accumulated Depreciation	$ 2,542
U.S. | Entertainment
SEC Schedule III
Number of Properties | property	22
Encumbrances	$ 0
Initial Cost to Company
Land	80,537
Buildings, Improvements and Acquisition Fees	165,639
Cost Capitalized Subsequent to Acquisition
Improvements	1,311
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	80,537
Buildings, Improvements and Acquisition Fees	166,950
Total	247,487
Accumulated Depreciation	$ 8,956
U.S. | Equipment Services
SEC Schedule III
Number of Properties | property	25
Encumbrances	$ 0
Initial Cost to Company
Land	23,386
Buildings, Improvements and Acquisition Fees	83,409
Cost Capitalized Subsequent to Acquisition
Improvements	912
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	23,386
Buildings, Improvements and Acquisition Fees	84,321
Total	107,707
Accumulated Depreciation	$ 15,822
U.S. | Financial Services
SEC Schedule III
Number of Properties | property	364
Encumbrances	$ 135,382
Initial Cost to Company
Land	178,826
Buildings, Improvements and Acquisition Fees	466,321
Cost Capitalized Subsequent to Acquisition
Improvements	69
Carrying Costs	101
Gross Amounts at Which Carried at Close of Period
Land	178,826
Buildings, Improvements and Acquisition Fees	466,491
Total	645,317
Accumulated Depreciation	$ 95,909
U.S. | Food Processing
SEC Schedule III
Number of Properties | property	8
Encumbrances	$ 0
Initial Cost to Company
Land	21,190
Buildings, Improvements and Acquisition Fees	176,837
Cost Capitalized Subsequent to Acquisition
Improvements	871
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	21,190
Buildings, Improvements and Acquisition Fees	177,708
Total	198,898
Accumulated Depreciation	$ 16,257
U.S. | General Merchandise
SEC Schedule III
Number of Properties | property	250
Encumbrances	$ 7,592
Initial Cost to Company
Land	401,176
Buildings, Improvements and Acquisition Fees	1,089,731
Cost Capitalized Subsequent to Acquisition
Improvements	44,930
Carrying Costs	535
Gross Amounts at Which Carried at Close of Period
Land	401,176
Buildings, Improvements and Acquisition Fees	1,135,196
Total	1,536,372
Accumulated Depreciation	$ 141,268
U.S. | Gaming
SEC Schedule III
Number of Properties | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	419,464
Buildings, Improvements and Acquisition Fees	1,277,403
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	419,464
Buildings, Improvements and Acquisition Fees	1,277,403
Total	1,696,867
Accumulated Depreciation	$ 4,258
U.S. | Grocery
SEC Schedule III
Number of Properties | property	234
Encumbrances	$ 72,426
Initial Cost to Company
Land	570,474
Buildings, Improvements and Acquisition Fees	1,453,526
Cost Capitalized Subsequent to Acquisition
Improvements	2,783
Carrying Costs	325
Gross Amounts at Which Carried at Close of Period
Land	570,474
Buildings, Improvements and Acquisition Fees	1,456,634
Total	2,027,108
Accumulated Depreciation	$ 240,001
U.S. | Health and Beauty
SEC Schedule III
Number of Properties | property	6
Encumbrances	$ 0
Initial Cost to Company
Land	4,930
Buildings, Improvements and Acquisition Fees	47,836
Cost Capitalized Subsequent to Acquisition
Improvements	157
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	4,930
Buildings, Improvements and Acquisition Fees	47,993
Total	52,923
Accumulated Depreciation	$ 6,710
U.S. | Health and Fitness
SEC Schedule III
Number of Properties | property	134
Encumbrances	$ 0
Initial Cost to Company
Land	339,302
Buildings, Improvements and Acquisition Fees	1,445,569
Cost Capitalized Subsequent to Acquisition
Improvements	10,178
Carrying Costs	172
Gross Amounts at Which Carried at Close of Period
Land	339,302
Buildings, Improvements and Acquisition Fees	1,455,919
Total	1,795,221
Accumulated Depreciation	$ 352,249
U.S. | Health Care
SEC Schedule III
Number of Properties | property	466
Encumbrances	$ 69,083
Initial Cost to Company
Land	329,471
Buildings, Improvements and Acquisition Fees	1,029,584
Cost Capitalized Subsequent to Acquisition
Improvements	18,488
Carrying Costs	225
Gross Amounts at Which Carried at Close of Period
Land	329,471
Buildings, Improvements and Acquisition Fees	1,048,297
Total	1,377,768
Accumulated Depreciation	$ 78,509
U.S. | Home Furnishings
SEC Schedule III
Number of Properties | property	177
Encumbrances	$ 41,472
Initial Cost to Company
Land	202,472
Buildings, Improvements and Acquisition Fees	545,144
Cost Capitalized Subsequent to Acquisition
Improvements	9,564
Carrying Costs	128
Gross Amounts at Which Carried at Close of Period
Land	202,472
Buildings, Improvements and Acquisition Fees	554,836
Total	757,308
Accumulated Depreciation	$ 53,068
U.S. | Home Improvement
SEC Schedule III
Number of Properties | property	163
Encumbrances	$ 22,629
Initial Cost to Company
Land	503,817
Buildings, Improvements and Acquisition Fees	832,727
Cost Capitalized Subsequent to Acquisition
Improvements	5,259
Carrying Costs	63
Gross Amounts at Which Carried at Close of Period
Land	503,817
Buildings, Improvements and Acquisition Fees	838,049
Total	1,341,866
Accumulated Depreciation	$ 131,329
U.S. | Insurance
SEC Schedule III
Number of Properties | property	3
Encumbrances	$ 10,998
Initial Cost to Company
Land	1,587
Buildings, Improvements and Acquisition Fees	4,500
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	1,587
Buildings, Improvements and Acquisition Fees	4,500
Total	6,087
Accumulated Depreciation	$ 157
U.S. | Jewelry
SEC Schedule III
Number of Properties | property	5
Encumbrances	$ 0
Initial Cost to Company
Land	5,367
Buildings, Improvements and Acquisition Fees	58,688
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	5,367
Buildings, Improvements and Acquisition Fees	58,688
Total	64,055
Accumulated Depreciation	$ 5,314
U.S. | Machinery
SEC Schedule III
Number of Properties | property	3
Encumbrances	$ 0
Initial Cost to Company
Land	5,925
Buildings, Improvements and Acquisition Fees	60,300
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	5,925
Buildings, Improvements and Acquisition Fees	60,300
Total	66,225
Accumulated Depreciation	$ 6,768
U.S. | Motor Vehicle Dealerships
SEC Schedule III
Number of Properties | property	48
Encumbrances	$ 0
Initial Cost to Company
Land	189,195
Buildings, Improvements and Acquisition Fees	314,252
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	189,195
Buildings, Improvements and Acquisition Fees	314,252
Total	503,447
Accumulated Depreciation	$ 72,955
U.S. | Office Supplies
SEC Schedule III
Number of Properties | property	7
Encumbrances	$ 0
Initial Cost to Company
Land	12,844
Buildings, Improvements and Acquisition Fees	39,856
Cost Capitalized Subsequent to Acquisition
Improvements	707
Carrying Costs	339
Gross Amounts at Which Carried at Close of Period
Land	12,844
Buildings, Improvements and Acquisition Fees	40,902
Total	53,746
Accumulated Depreciation	$ 9,361
U.S. | Other Manufacturing
SEC Schedule III
Number of Properties | property	15
Encumbrances	$ 0
Initial Cost to Company
Land	27,768
Buildings, Improvements and Acquisition Fees	200,933
Cost Capitalized Subsequent to Acquisition
Improvements	1,663
Carrying Costs	240
Gross Amounts at Which Carried at Close of Period
Land	27,768
Buildings, Improvements and Acquisition Fees	202,836
Total	230,604
Accumulated Depreciation	$ 18,816
U.S. | Packaging
SEC Schedule III
Number of Properties | property	12
Encumbrances	$ 1,059
Initial Cost to Company
Land	35,530
Buildings, Improvements and Acquisition Fees	190,280
Cost Capitalized Subsequent to Acquisition
Improvements	2,480
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	35,530
Buildings, Improvements and Acquisition Fees	192,760
Total	228,290
Accumulated Depreciation	$ 45,011
U.S. | Paper
SEC Schedule III
Number of Properties | property	2
Encumbrances	$ 0
Initial Cost to Company
Land	2,462
Buildings, Improvements and Acquisition Fees	11,935
Cost Capitalized Subsequent to Acquisition
Improvements	45
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	2,462
Buildings, Improvements and Acquisition Fees	11,980
Total	14,442
Accumulated Depreciation	$ 4,693
U.S. | Pet Supplies and Services
SEC Schedule III
Number of Properties | property	128
Encumbrances	$ 2,509
Initial Cost to Company
Land	121,395
Buildings, Improvements and Acquisition Fees	327,677
Cost Capitalized Subsequent to Acquisition
Improvements	6,331
Carrying Costs	239
Gross Amounts at Which Carried at Close of Period
Land	121,395
Buildings, Improvements and Acquisition Fees	334,247
Total	455,642
Accumulated Depreciation	$ 40,529
U.S. | Restaurants-Casual
SEC Schedule III
Number of Properties | property	840
Encumbrances	$ 12,823
Initial Cost to Company
Land	653,289
Buildings, Improvements and Acquisition Fees	1,453,831
Cost Capitalized Subsequent to Acquisition
Improvements	(1,881)
Carrying Costs	1,577
Gross Amounts at Which Carried at Close of Period
Land	653,289
Buildings, Improvements and Acquisition Fees	1,453,527
Total	2,106,816
Accumulated Depreciation	$ 199,179
U.S. | Restaurants-Quick Service
SEC Schedule III
Number of Properties | property	1,832
Encumbrances	$ 0
Initial Cost to Company
Land	939,782
Buildings, Improvements and Acquisition Fees	1,964,726
Cost Capitalized Subsequent to Acquisition
Improvements	1,598
Carrying Costs	174
Gross Amounts at Which Carried at Close of Period
Land	939,782
Buildings, Improvements and Acquisition Fees	1,966,498
Total	2,906,280
Accumulated Depreciation	$ 263,921
U.S. | Shoe Stores
SEC Schedule III
Number of Properties | property	6
Encumbrances	$ 0
Initial Cost to Company
Land	6,992
Buildings, Improvements and Acquisition Fees	41,985
Cost Capitalized Subsequent to Acquisition
Improvements	316
Carrying Costs	215
Gross Amounts at Which Carried at Close of Period
Land	6,992
Buildings, Improvements and Acquisition Fees	42,516
Total	49,508
Accumulated Depreciation	$ 13,285
U.S. | Sporting Goods
SEC Schedule III
Number of Properties | property	56
Encumbrances	$ 12,255
Initial Cost to Company
Land	112,684
Buildings, Improvements and Acquisition Fees	365,437
Cost Capitalized Subsequent to Acquisition
Improvements	5,157
Carrying Costs	178
Gross Amounts at Which Carried at Close of Period
Land	112,684
Buildings, Improvements and Acquisition Fees	370,772
Total	483,456
Accumulated Depreciation	$ 48,817
U.S. | Telecommunications
SEC Schedule III
Number of Properties | property	5
Encumbrances	$ 0
Initial Cost to Company
Land	4,234
Buildings, Improvements and Acquisition Fees	12,114
Cost Capitalized Subsequent to Acquisition
Improvements	364
Carrying Costs	11
Gross Amounts at Which Carried at Close of Period
Land	4,234
Buildings, Improvements and Acquisition Fees	12,489
Total	16,723
Accumulated Depreciation	$ 2,538
U.S. | Theaters
SEC Schedule III
Number of Properties | property	79
Encumbrances	$ 0
Initial Cost to Company
Land	229,925
Buildings, Improvements and Acquisition Fees	745,852
Cost Capitalized Subsequent to Acquisition
Improvements	10,272
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	229,925
Buildings, Improvements and Acquisition Fees	756,124
Total	986,049
Accumulated Depreciation	$ 269,763
U.S. | Transportation Services
SEC Schedule III
Number of Properties | property	87
Encumbrances	$ 0
Initial Cost to Company
Land	177,691
Buildings, Improvements and Acquisition Fees	1,059,840
Cost Capitalized Subsequent to Acquisition
Improvements	7,906
Carrying Costs	402
Gross Amounts at Which Carried at Close of Period
Land	177,691
Buildings, Improvements and Acquisition Fees	1,068,148
Total	1,245,839
Accumulated Depreciation	$ 220,342
U.S. | Warehousing and Storage
SEC Schedule III
Number of Properties | property	3
Encumbrances	$ 0
Initial Cost to Company
Land	2,157
Buildings, Improvements and Acquisition Fees	21,319
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	2,157
Buildings, Improvements and Acquisition Fees	21,319
Total	23,476
Accumulated Depreciation	$ 3,161
U.S. | Wholesale Club
SEC Schedule III
Number of Properties | property	54
Encumbrances	$ 6,787
Initial Cost to Company
Land	306,006
Buildings, Improvements and Acquisition Fees	713,020
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	306,006
Buildings, Improvements and Acquisition Fees	713,020
Total	1,019,026
Accumulated Depreciation	$ 149,815
U.S. | Other
SEC Schedule III
Number of Properties | property	15
Encumbrances	$ 0
Initial Cost to Company
Land	23,403
Buildings, Improvements and Acquisition Fees	50,498
Cost Capitalized Subsequent to Acquisition
Improvements	1,396
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	23,403
Buildings, Improvements and Acquisition Fees	51,894
Total	75,297
Accumulated Depreciation	$ 9,297
Europe | Apparel
SEC Schedule III
Number of Properties | property	2
Encumbrances	$ 0
Initial Cost to Company
Land	13,704
Buildings, Improvements and Acquisition Fees	47,956
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	13,704
Buildings, Improvements and Acquisition Fees	47,956
Total	61,660
Accumulated Depreciation	$ 2,001
Europe | Automotive Parts
SEC Schedule III
Number of Properties | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	1,705
Buildings, Improvements and Acquisition Fees	2,296
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	1,705
Buildings, Improvements and Acquisition Fees	2,296
Total	4,001
Accumulated Depreciation	$ 49
Europe | Automotive Tire Services
SEC Schedule III
Number of Properties | property	3
Encumbrances	$ 0
Initial Cost to Company
Land	1,615
Buildings, Improvements and Acquisition Fees	4,925
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	1,615
Buildings, Improvements and Acquisition Fees	4,925
Total	6,540
Accumulated Depreciation	$ 353
Europe | Consumer Electronics
SEC Schedule III
Number of Properties | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	4,845
Buildings, Improvements and Acquisition Fees	6,964
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	4,845
Buildings, Improvements and Acquisition Fees	6,964
Total	11,809
Accumulated Depreciation	$ 230
Europe | Convenience Stores
SEC Schedule III
Number of Properties | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	2,933
Buildings, Improvements and Acquisition Fees	2,369
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	2,933
Buildings, Improvements and Acquisition Fees	2,369
Total	5,302
Accumulated Depreciation	$ 99
Europe | Diversified Industrial
SEC Schedule III
Number of Properties | property	2
Encumbrances	$ 0
Initial Cost to Company
Land	21,152
Buildings, Improvements and Acquisition Fees	12,460
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	21,152
Buildings, Improvements and Acquisition Fees	12,460
Total	33,612
Accumulated Depreciation	$ 771
Europe | Energy
SEC Schedule III
Number of Properties | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	9,045
Buildings, Improvements and Acquisition Fees	10,100
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	9,045
Buildings, Improvements and Acquisition Fees	10,100
Total	19,145
Accumulated Depreciation	$ 391
Europe | Entertainment
SEC Schedule III
Number of Properties | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	21,536
Buildings, Improvements and Acquisition Fees	33,947
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	21,536
Buildings, Improvements and Acquisition Fees	33,947
Total	55,483
Accumulated Depreciation	$ 1,313
Europe | Food Processing
SEC Schedule III
Number of Properties | property	5
Encumbrances	$ 0
Initial Cost to Company
Land	29,549
Buildings, Improvements and Acquisition Fees	69,108
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	29,549
Buildings, Improvements and Acquisition Fees	69,108
Total	98,657
Accumulated Depreciation	$ 2,481
Europe | General Merchandise
SEC Schedule III
Number of Properties | property	12
Encumbrances	$ 0
Initial Cost to Company
Land	79,154
Buildings, Improvements and Acquisition Fees	61,966
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	79,154
Buildings, Improvements and Acquisition Fees	61,966
Total	141,120
Accumulated Depreciation	$ 2,129
Europe | Grocery
SEC Schedule III
Number of Properties | property	125
Encumbrances	$ 36,939
Initial Cost to Company
Land	1,053,299
Buildings, Improvements and Acquisition Fees	1,506,227
Cost Capitalized Subsequent to Acquisition
Improvements	8,950
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	1,053,299
Buildings, Improvements and Acquisition Fees	1,515,177
Total	2,568,476
Accumulated Depreciation	$ 104,530
Europe | Health and Fitness
SEC Schedule III
Number of Properties | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	21,214
Buildings, Improvements and Acquisition Fees	17,053
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	21,214
Buildings, Improvements and Acquisition Fees	17,053
Total	38,267
Accumulated Depreciation	$ 525
Europe | Health Care
SEC Schedule III
Number of Properties | property	6
Encumbrances	$ 0
Initial Cost to Company
Land	25,694
Buildings, Improvements and Acquisition Fees	49,523
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	25,694
Buildings, Improvements and Acquisition Fees	49,523
Total	75,217
Accumulated Depreciation	$ 2,193
Europe | Home Furnishings
SEC Schedule III
Number of Properties | property	11
Encumbrances	$ 0
Initial Cost to Company
Land	78,435
Buildings, Improvements and Acquisition Fees	104,208
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	78,435
Buildings, Improvements and Acquisition Fees	104,208
Total	182,643
Accumulated Depreciation	$ 2,941
Europe | Home Improvement
SEC Schedule III
Number of Properties | property	70
Encumbrances	$ 0
Initial Cost to Company
Land	562,014
Buildings, Improvements and Acquisition Fees	607,373
Cost Capitalized Subsequent to Acquisition
Improvements	319
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	562,014
Buildings, Improvements and Acquisition Fees	607,692
Total	1,169,706
Accumulated Depreciation	$ 30,222
Europe | Motor Vehicle Dealerships
SEC Schedule III
Number of Properties | property	3
Encumbrances	$ 0
Initial Cost to Company
Land	15,490
Buildings, Improvements and Acquisition Fees	26,624
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	15,490
Buildings, Improvements and Acquisition Fees	26,624
Total	42,114
Accumulated Depreciation	$ 712
Europe | Other Manufacturing
SEC Schedule III
Number of Properties | property	2
Encumbrances	$ 0
Initial Cost to Company
Land	38,006
Buildings, Improvements and Acquisition Fees	12,457
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	38,006
Buildings, Improvements and Acquisition Fees	12,457
Total	50,463
Accumulated Depreciation	$ 315
Europe | Restaurants-Quick Service
SEC Schedule III
Number of Properties | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	675
Buildings, Improvements and Acquisition Fees	1,797
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	675
Buildings, Improvements and Acquisition Fees	1,797
Total	2,472
Accumulated Depreciation	$ 140
Europe | Sporting Goods
SEC Schedule III
Number of Properties | property	11
Encumbrances	$ 0
Initial Cost to Company
Land	48,036
Buildings, Improvements and Acquisition Fees	106,656
Cost Capitalized Subsequent to Acquisition
Improvements	13,800
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	48,036
Buildings, Improvements and Acquisition Fees	120,456
Total	168,492
Accumulated Depreciation	$ 1,595
Europe | Theaters
SEC Schedule III
Number of Properties | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	1,376
Buildings, Improvements and Acquisition Fees	0
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	1,376
Buildings, Improvements and Acquisition Fees	0
Total	1,376
Accumulated Depreciation	$ 0
Europe | Transportation Services
SEC Schedule III
Number of Properties | property	3
Encumbrances	$ 0
Initial Cost to Company
Land	12,617
Buildings, Improvements and Acquisition Fees	18,972
Cost Capitalized Subsequent to Acquisition
Improvements	5,614
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	12,617
Buildings, Improvements and Acquisition Fees	24,586
Total	37,203
Accumulated Depreciation	$ 327
Europe | Warehousing and Storage
SEC Schedule III
Number of Properties | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	49,873
Buildings, Improvements and Acquisition Fees	46,273
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	49,873
Buildings, Improvements and Acquisition Fees	46,273
Total	96,146
Accumulated Depreciation	$ 2,369
Europe | Wholesale Club
SEC Schedule III
Number of Properties | property	7
Encumbrances	$ 0
Initial Cost to Company
Land	55,554
Buildings, Improvements and Acquisition Fees	81,158
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	55,554
Buildings, Improvements and Acquisition Fees	81,158
Total	136,712
Accumulated Depreciation	$ 568

Schedule III Real Estate and _3

Schedule III Real Estate and Accumulated Depreciation - Summary of Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($) property
Reconciliation of total real estate carrying value
Balance at Beginning of Period	$ 35,952,659	$ 21,048,334	$ 19,637,627
Acquisitions and development	8,021,159	5,851,945	2,163,707
Merger Additions (1)	0	11,722,801	0
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)	97,482	64,807	22,491
Total Additions	7,592,395	16,870,056	1,809,542
Cost of Real Estate sold	402,386	1,206,837	253,506
Cost of Equipment sold	0	8	25
Orion Divestiture	0	634,254	0
Releasing costs	53	40	259
Other	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
Reconciliation of accumulated depreciation
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
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
Other Disclosure Notes
Number of properties | property	12,238
Unamortized net debt premiums on mortgages payable excluded from encumbrances	$ 11,600
Number of properties secured by mortgages | property	136
Aggregate cost for federal income tax purposes	$ 47,600,000
Reclassification of right of use assets under finance leases	3,300	20,100
Mortgage assumption	43,000	43,700
Limited partnership units	51,200
Building razed	13,600	43,000
Provisions for impairment	$ 25,860	$ 38,967	$ 147,232
Number of properties on which provisions for impairment were recorded | property	94	103	99
U.S. | Single-client properties
Other Disclosure Notes
Number of properties | property	11,813
U.S. | Multi-client properties
Other Disclosure Notes
Number of properties | property	147
U.K. | Single-client properties
Other Disclosure Notes
Number of properties | property	141
U.K. | Multi-client properties
Other Disclosure Notes
Number of properties | property	71
Spain | Single-client properties
Other Disclosure Notes
Number of properties | property	51
Spain | Multi-client properties
Other Disclosure Notes
Number of properties | property	1
Italy | Single-client properties
Other Disclosure Notes
Number of properties | property	7
Crest Net Lease, Inc
Other Disclosure Notes
Aggregate cost for federal income tax purposes	$ 23,000
Crest Net Lease, Inc | U.S. | Single-client properties
Other Disclosure Notes
Number of properties | property	6