Realty Income (O) 10-Q 5 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		875,211,050
Entity Central Index Key	0000726728
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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
5.000% Notes due 2029
Document Information [Line Items]
Title of 12(b) Security	5.000% Notes due 2029
Trading Symbol	O29B
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
4.875% Notes due 2030
Document Information [Line Items]
Title of 12(b) Security	4.875% Notes due 2030
Trading Symbol	O30A
Security Exchange Name	NYSE
5.750% Notes due 2031
Document Information [Line Items]
Title of 12(b) Security	5.750% Notes due 2031
Trading Symbol	O31A
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
5.125% Notes due 2034
Document Information [Line Items]
Title of 12(b) Security	5.125% Notes due 2034
Trading Symbol	O34
Security Exchange Name	NYSE
6.000% Notes due 2039
Document Information [Line Items]
Title of 12(b) Security	6.000% Notes due 2039
Trading Symbol	O39
Security Exchange Name	NYSE
5.250% Notes due 2041
Document Information [Line Items]
Title of 12(b) Security	5.250% Notes due 2041
Trading Symbol	O41
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

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real estate held for investment, at cost:
Land	$ 17,140,719	$ 14,929,310
Buildings and improvements	40,608,341	34,657,094
Total real estate held for investment, at cost	57,749,060	49,586,404
Less accumulated depreciation and amortization	(7,066,449)	(6,072,118)
Real estate held for investment, net	50,682,611	43,514,286
Real estate and lease intangibles held for sale, net	60,467	31,466
Cash and cash equivalents	396,956	232,923
Accounts receivable, net	835,328	710,536
Lease intangible assets, net	6,600,058	5,017,907
Goodwill	4,932,199	3,731,478
Investment in unconsolidated entities	1,224,974	1,172,118
Other assets, net	3,736,173	3,368,643
Total assets	68,468,766	57,779,357
LIABILITIES AND EQUITY
Distributions payable	233,139	195,222
Accounts payable and accrued expenses	880,122	738,526
Lease intangible liabilities, net	1,676,549	1,406,853
Other liabilities	863,683	811,650
Line of credit payable and commercial paper	427,546	764,390
Term loans, net	2,428,279	1,331,841
Mortgages payable, net	197,522	821,587
Notes payable, net	23,092,216	18,602,319
Total liabilities	29,799,056	24,672,388
Commitments and contingencies
Stockholders’ equity:
Common stock and paid in capital, par value $0.01 per share, 1,300,000 shares authorized, 875,197 and 752,460 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	46,505,688	39,629,709
Distributions in excess of net income	(8,151,359)	(6,762,136)
Accumulated other comprehensive income	103,463	73,894
Total stockholders’ equity	38,457,792	32,941,467
Noncontrolling interests	211,918	165,502
Total equity	38,669,710	33,106,969
Total liabilities and equity	$ 68,468,766	$ 57,779,357

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Sep. 30, 2024	Dec. 31, 2023
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	1,300,000
Common stock and paid in capital, issued (in shares)	875,197	752,460
Common stock and paid in capital, outstanding (in shares)	875,197	752,460

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
REVENUE
Rental (including reimbursable)	$ 1,271,153	$ 1,008,862	$ 3,764,050	$ 2,929,440
Other	59,762	30,242	166,793	73,268
Total revenue	1,330,915	1,039,104	3,930,843	3,002,708
EXPENSES
Depreciation and amortization	602,339	495,566	1,788,973	1,419,321
Interest	261,261	184,121	748,806	522,110
Property (including reimbursable)	92,154	70,981	281,366	235,081
General and administrative	41,869	35,525	127,781	106,521
Provisions for impairment	96,920	16,808	282,867	59,801
Merger, transaction, and other costs	8,610	2,884	105,468	4,532
Total expenses	1,103,153	805,885	3,335,261	2,347,366
Gain on sales of real estate	50,563	7,572	92,290	19,675
Foreign currency and derivative (loss) gain, net	(1,672)	(2,813)	2,885	4,957
Equity in earnings of unconsolidated entities	5,087	0	5,440	411
Other income, net	4,739	7,235	16,293	12,985
Income before income taxes	286,479	245,213	712,490	693,370
Income taxes	(15,355)	(11,336)	(46,499)	(36,218)
Net income	271,124	233,877	665,991	657,152
Net income attributable to noncontrolling interests	(1,639)	(404)	(4,831)	(3,248)
Net income attributable to the Company	269,485	233,473	661,160	653,904
Preferred stock dividends	(2,588)	0	(7,763)	0
Excess of redemption value over carrying value of preferred shares redeemed	(5,116)	0	(5,116)	0
Net income available to common stockholders	$ 261,781	$ 233,473	$ 648,281	$ 653,904
Amounts available to common stockholders per common share:
Net income, basic (in dollars per share)	$ 0.30	$ 0.33	$ 0.75	$ 0.96
Net income, diluted (in dollars per share)	$ 0.30	$ 0.33	$ 0.75	$ 0.96
Weighted average common shares outstanding:
Basic (in shares)	870,665	709,165	858,679	681,419
Diluted (in shares)	872,052	709,543	859,462	682,129
Total other comprehensive income (loss)
Foreign currency translation adjustment	$ 74,615	$ (61,401)	$ 59,797	$ (3,605)
Unrealized (loss) gain on derivatives, net	(46,474)	7,193	(30,228)	(1,379)
Total other comprehensive income (loss)	28,141	(54,208)	29,569	(4,984)
Comprehensive income available to common stockholders	$ 289,922	$ 179,265	$ 677,850	$ 648,920

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	Non-controlling interests
Beginning balance (in shares) at Dec. 31, 2022	0
Beginning balance at Dec. 31, 2022	$ 0
Ending balance (in shares) at Sep. 30, 2023	0
Ending balance at Sep. 30, 2023	$ 0
Beginning balance (in shares) at Dec. 31, 2022			660,300,000
Beginning balance at Dec. 31, 2022	28,843,289	$ 28,713,149		$ 34,159,509	$ (5,493,193)	$ 46,833	$ 130,140
Increase (Decrease) in Stockholders' Equity
Net income	657,152	653,904			653,904		3,248
Other comprehensive income (loss)	(4,984)	(4,984)				(4,984)
Dividends, Common Stock, Cash	(1,584,353)	(1,577,245)			(1,577,245)		(7,108)
Share issuances, net of costs (in shares)			63,348,000
Share issuances, net of costs	3,858,347	3,858,347		3,858,347
Contributions by noncontrolling interests	39,994						39,994
Share-based compensation, net (in shares)			246,000
Share-based compensation, net	13,973	13,973		13,973
Ending balance (in shares) at Sep. 30, 2023			723,894,000
Ending balance at Sep. 30, 2023	$ 31,823,418	31,657,144		38,031,829	(6,416,534)	41,849	166,274
Beginning balance (in shares) at Jun. 30, 2023	0
Beginning balance at Jun. 30, 2023	$ 0
Ending balance (in shares) at Sep. 30, 2023	0
Ending balance at Sep. 30, 2023	$ 0
Beginning balance (in shares) at Jun. 30, 2023			708,773,000
Beginning balance at Jun. 30, 2023	31,311,143	31,143,211		37,149,380	(6,102,226)	96,057	167,932
Increase (Decrease) in Stockholders' Equity
Net income	233,877	233,473			233,473		404
Other comprehensive income (loss)	(54,208)	(54,208)				(54,208)
Dividends, Common Stock, Cash	(550,278)	(547,781)			(547,781)		(2,497)
Share issuances, net of costs (in shares)			15,122,000
Share issuances, net of costs	876,253	876,253		876,253
Contributions by noncontrolling interests	435						435
Share-based compensation, net (in shares)			(1,000)
Share-based compensation, net	6,196	6,196		6,196
Ending balance (in shares) at Sep. 30, 2023			723,894,000
Ending balance at Sep. 30, 2023	$ 31,823,418	31,657,144		38,031,829	(6,416,534)	41,849	166,274
Beginning balance (in shares) at Dec. 31, 2023	0
Beginning balance at Dec. 31, 2023	$ 0
Increase (Decrease) in Temporary Equity
Shares issued with merger (in shares)	6,900,000
Shares issued with merger	$ 167,394
Preferred shares redeemed (in shares)	(6,900,000)
Preferred shares redeemed	$ (167,394)
Ending balance (in shares) at Sep. 30, 2024	0
Ending balance at Sep. 30, 2024	$ 0
Beginning balance (in shares) at Dec. 31, 2023	752,460,000		752,460,000
Beginning balance at Dec. 31, 2023	$ 33,106,969	32,941,467		39,629,709	(6,762,136)	73,894	165,502
Increase (Decrease) in Stockholders' Equity
Net income	665,991	661,160			661,160		4,831
Other comprehensive income (loss)	29,569	29,569				29,569
Dividends, Common Stock, Cash	(2,052,705)	(2,045,267)			(2,045,267)		(7,438)
Share issuances, net of costs (in shares)			14,073,000
Share issuances, net of costs	818,724	818,724		818,724
Shares issued with merger (in shares)			108,308,000
Shares issued with merger	6,043,641	6,043,641		6,043,641
Contributions by noncontrolling interests	1,770						1,770
Issuance of common partnership units	46,485	(768)		(768)			47,253
Preferred shares redeemed	(5,116)	(5,116)			(5,116)
Share-based compensation, net (in shares)			356,000
Share-based compensation, net	$ 14,382	14,382		14,382
Ending balance (in shares) at Sep. 30, 2024	875,197,000		875,197,000
Ending balance at Sep. 30, 2024	$ 38,669,710	38,457,792		46,505,688	(8,151,359)	103,463	211,918
Beginning balance (in shares) at Jun. 30, 2024	6,900,000
Beginning balance at Jun. 30, 2024	$ 167,394
Increase (Decrease) in Temporary Equity
Preferred shares redeemed (in shares)	(6,900,000)
Preferred shares redeemed	$ (167,394)
Ending balance (in shares) at Sep. 30, 2024	0
Ending balance at Sep. 30, 2024	$ 0
Beginning balance (in shares) at Jun. 30, 2024			870,848,000
Beginning balance at Jun. 30, 2024	38,747,070	38,581,793		46,230,789	(7,724,318)	75,322	165,277
Increase (Decrease) in Stockholders' Equity
Net income	271,124	269,485			269,485		1,639
Other comprehensive income (loss)	28,141	28,141				28,141
Dividends, Common Stock, Cash	(694,150)	(691,410)			(691,410)		(2,740)
Share issuances, net of costs (in shares)			4,354,000
Share issuances, net of costs	269,272	269,272		269,272
Contributions by noncontrolling interests	489						489
Issuance of common partnership units	46,485	(768)		(768)			47,253
Preferred shares redeemed	(5,116)	(5,116)			(5,116)
Share-based compensation, net (in shares)			(5,000)
Share-based compensation, net	$ 6,395	6,395		6,395
Ending balance (in shares) at Sep. 30, 2024	875,197,000		875,197,000
Ending balance at Sep. 30, 2024	$ 38,669,710	$ 38,457,792		$ 46,505,688	$ (8,151,359)	$ 103,463	$ 211,918

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 665,991	$ 657,152
Adjustments to net income:
Depreciation and amortization	1,788,973	1,419,321
Amortization of share-based compensation	47,671	20,154
Non-cash revenue adjustments	(95,324)	(51,272)
Amortization of deferred financing costs	17,694	19,498
Foreign currency and unrealized derivative (gain) loss, net	(33,582)	10,188
Non-cash interest expense (income)	9,179	(5,390)
Gain on sales of real estate	(92,290)	(19,675)
Equity in earnings of unconsolidated entities	(5,440)	(411)
Distributions on common equity from unconsolidated entities	15,608	0
Provisions for impairment	282,867	59,801
Change in assets and liabilities
Accounts receivable and other assets	40,338	(17,538)
Accounts payable, accrued expenses and other liabilities	(36,471)	161,527
Net cash provided by operating activities	2,601,313	2,198,111
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in real estate	(1,611,794)	(6,702,140)
Improvements to real estate, including leasing costs	(85,204)	(47,107)
Investment in unconsolidated entities	(57,014)	0
Investment in loans	(377,490)	0
Proceeds from sales of real estate	451,365	92,772
Return of investment from unconsolidated entities	0	3,927
Proceeds from note receivable	51,562	0
Insurance proceeds received	2,418	15,177
Non-refundable escrow deposits	(38,750)	(1,188)
Net cash acquired in merger	93,683	0
Net cash used in investing activities	(1,571,224)	(6,638,559)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash distributions to common stockholders	(1,999,858)	(1,555,679)
Cash distributions to preferred stockholders	(7,763)	0
Borrowings on line of credit and commercial paper programs	24,698,502	33,021,401
Payments on line of credit and commercial paper programs	(25,079,449)	(34,909,165)
Proceeds from term loan	0	1,029,383
Principal payment on term loan	(250,000)	0
Proceeds from notes payable issued	2,657,925	3,263,294
Principal payment on notes payable	(849,999)	0
Principal payments on mortgages payable	(626,321)	(20,842)
Proceeds from common stock offerings, net	809,910	3,849,963
Proceeds from dividend reinvestment and stock purchase plan	8,814	8,382
Redemption of preferred stock	(172,510)	0
Distributions to noncontrolling interests	(7,185)	(5,585)
Net receipts on derivative settlements	0	2,191
Debt issuance costs	(59,285)	(35,014)
Other items, including shares withheld upon vesting	(8,591)	(6,181)
Net cash (used in) provided by financing activities	(885,810)	4,642,148
Effect of exchange rate changes on cash and cash equivalents	11,423	2,083
Net increase in cash, cash equivalents and restricted cash	155,702	203,783
Cash, cash equivalents and restricted cash, beginning of period	292,175	226,881
Cash, cash equivalents and restricted cash, end of period	447,877	430,664
Mortgages
Adjustments to net income:
Amortization of net premiums	(18)	(9,597)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgages payable	(626,300)
Notes payable
Adjustments to net income:
Amortization of net premiums	$ (3,883)	$ (45,647)

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Realty Income Corporation (“Realty Income,” the “Company,” “we,” “our” or “us”), a Maryland corporation, is an S&P 500 company and real estate partner to the world's leading companies. The Company was founded in 1969 and our shares of common stock trade on the New York Stock Exchange ("NYSE") under the symbol “O”. As of September 30, 2024, we owned or held interests in a diversified portfolio of 15,457 properties located in all 50 states of the United States ("U.S."), the United Kingdom ("U.K."), and six other countries in Europe, with approximately 336.6 million square feet of leasable space. In January 2024, we completed our merger with Spirit Realty Capital, Inc. (“Spirit”). For more details, please see note 2 , Merger with Spirit Realty Capital, Inc. 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") on our 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 our consolidated statements of income and comprehensive income. In the statement of cash flows, cash flows denominated in foreign currencies are translated using the exchange rates in effect at the time of the respective cash flows or at average exchange rates for the period, depending on the nature of the cash flow items. In the opinion of management, all adjustments (consisting of only normal recurring accruals) necessary to present a fair statement of results for the interim periods presented have been included. Operating results for the three and nine months ended September 30, 2024 are not necessarily an indication of the results that may be expected for the entire year. Readers of this quarterly report should refer to our audited consolidated financial statements for the year ended December 31, 2023, which are included in our 2023 Annual Report on Form 10-K , as certain disclosures that would substantially duplicate those contained in the audited financial statements have not been included in this report. 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 ("VOEs") 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. At September 30, 2024, we are considered the primary beneficiary of Realty Income, L.P. and certain investments, including investments in joint ventures. Below is a summary of selected financial data of such consolidated VIEs, included on our consolidated balance sheets at September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 December 31, 2023 Net real estate $ 2,907,604 $ 2,866,272 Total assets $ 3,549,127 $ 3,588,720 Total liabilities $ 154,092 $ 134,366 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 ). 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. Segment Reporting. We report our results in a single reportable segment, which reflects how our chief operating decision maker allocates resources and assesses our performance. Income Taxes. We have elected to be taxed as a real estate investment trust ("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 TRS entities 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 U.K. 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 d eterminable rent increases are recognized on a straight-line basis over the lease term. Any rental revenue contingent upon a client’s sales, or percentage rent, is recognized only after such client exceeds its sales breakpoint. Rental increases based upon changes in the consumer price indices 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 above-market leases acquired through sale-leaseback transactions. We assess the probability of collecting substantially all of the lease payments to which we are entitled under the original lease contract as required under ASC 842, Leases . We assess the collectability of our future lease payments based on an analysis of creditworthiness, economic trends and other facts and circumstances related to the applicable clients. If we conclude the collection of substantially all of the 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. Loans Receivable . We hold our loans receivable for long-term investment. We recognize interest income on loans receivable using the effective-interest method. Direct costs associated with originating loans, along with any premium or discount, are deferred and amortized as an adjustment to interest income over the term of the loan using the effective interest method. When management identifies the full recovery of the contractually specified payments of principal and interest of a loan is less than probable, we evaluate the expected loss amount and place it on non-accrual status. We made the accounting policy election to record accrued interest on our loan portfolio separate from our loan receivable and other lending investments. These loans and the related interest receivable are presented in 'Other assets, net' on our consolidated balance sheets. Financing Receivables. For properties we acquire that qualify as sale-leaseback transactions and the purchase price is in excess of the fair value of the real estate acquired, the difference is accounted for as financing receivables, presented within 'Other assets, net' on our consolidated balance sheets. Rent payments are allocated between rental income and the financing receivable. Interest income on the financing receivable is recognized using the interest rate implicit in the leaseback and presented within 'Other' revenue in our consolidated statement of income and comprehensive income. Allowance for Credit Losses . The allowance for credit losses, which is recorded as a reduction to loans receivable and financing receivable within 'Other assets, net' on our consolidated balance sheets, is measured using a probability of default method based on our clients' respective credit ratings, our historical experience, and the expected value of the underlying collateral upon its repossession. If we determine a financing receivable no longer shares risk characteristics with other financing receivables in the pool, we evaluate the financing receivable for expected credit losses on an individual basis. Included in our model are factors that incorporate forward-looking information. Changes in our allowance for credit losses are presented in 'Provisions for impairment' in our consolidated statements of income and comprehensive income. The following summarizes the activity within the allowance for credit losses related to loans and financing receivable for the nine months ended September 30, 2024 (in millions): Loans Receivable Financing Receivable Total Allowance for credit losses at December 31, 2023 $ 2.5 $ 2.4 $ 4.9 Provision for credit losses (1) 4.5 69.8 74.3 Initial allowance for PCD assets (2) 1.8 — 1.8 Write-offs (3) (1.8) — (1.8) Foreign currency remeasurement 0.4 — 0.4 Allowance for credit losses at September 30, 2024 $ 7.4 $ 72.2 $ 79.6 (1) During the nine months ended September 30, 2024, provisions for credit losses on loans receivable were primarily attributable to loans acquired during 2024. The increase in provision for credit losses on financing receivables is primarily due to a client in the convenience store industry that has defaulted on their lease payments and was fully reserved for as of September 30, 2024. (2) Includes the recognition of an initial expected credit loss of $1.8 million for a purchased credit deteriorated ("PCD") loan we acquired in conjunction with our merger with Spirit. (3) Includes a reduction due to the sale of a PCD loan in September 2024. Merger, Transaction, and Other Costs. Merger, transaction, and other costs include (i) merger-related transaction costs, primarily consisting of employee severance, post-combination share-based compensation, transfer taxes, and various professional fees directly attributable to a merger, (ii) organization costs for potential strategic ventures and business lines, (iii) corporate facilities lease termination costs, and (iv) other costs that do not align with the ongoing operations of our business. During the three and nine months ended September 30, 2024, we incurred $8.6 million and $105.5 million, respectively, of merger, transaction, and other costs consisting primarily of $2.9 million and $99.8 million, respectively, of transaction and integration-related costs related to Spirit and $5.1 million for each of the respective periods related to the lease termination of a legacy corporate facility. Recent Accounting Standards Not Yet Adopted. In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes , to enhance income tax disclosures, provide more information about tax risks and opportunities present in worldwide operations, and to disaggregate existing income tax disclosures. The guidance is effective for annual periods beginning after December 15, 2024 on a prospective basis, with the option to apply the standard retrospectively. Early adoption is permitted. We are currently evaluating the impact on our financial statement disclosures. In November 2023, FASB issued Accounting Standards Update ASU 2023-07, Segment Reporting , establishing improvements to reportable segments disclosures to enhance segment reporting under Topic 280. This ASU aims to change how public entities identify and aggregate operating segments and apply quantitative thresholds to determine their reportable segments. This ASU also requires public entities that operate as a single reportable segment to provide all segment disclosures in Topic 280, not just entity level disclosures. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 and the amendments should be applied retrospectively to all periods presented in the financial statements. We are currently evaluating the impact on our financial statement disclosures.

Merger with Spirit Realty Capit

Merger with Spirit Realty Capital, Inc	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Merger with Spirit Realty Capital, Inc	Merger with Spirit Realty Capital, Inc. On October 29, 2023, we entered into an Agreement and Plan of Merger (as amended, or the “Merger Agreement”) with Saints MD Subsidiary, Inc., (“Merger Sub”) a Maryland corporation and direct wholly owned subsidiary of Realty Income and Spirit, a Maryland corporation. On January 23, 2024, we completed our merger with Spirit. Pursuant to the terms and subject to the conditions of the Merger Agreement, Spirit merged with and into Merger Sub, with Merger Sub continuing as the surviving corporation (the “Merger”). At the effective time of the Merger (the “Effective Time”), (i) each outstanding share of Spirit common stock, par value $0.05 per share, automatically converted into 0.762 (the “Exchange Ratio”) of a newly issued share of our common stock, subject to adjustments as set forth in the Merger Agreement, and cash in lieu of fractional shares, and (ii) each outstanding share of Spirit’s 6.000% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share, converted into the right to receive one share of newly issued Realty Income 6.000% Series A Cumulative Redeemable Preferred Stock (“Realty Income Series A preferred stock”), having substantially the same terms as the Spirit Series A Preferred Stock. Immediately prior to the Effective Time, each award of outstanding restricted Spirit common stock and Spirit performance share award was cancelled and converted into Realty Income common stock, using the Exchange Ratio. For more details, see note 16, Series A Preferred Stock. The primary reason for the merger was to expand our size, scale and diversification, in order to further position us as the real estate partner of choice for large net lease transactions. Our merger with Spirit 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 Spirit common stock exchanged (1) 142,136,567 Exchange Ratio 0.762 Shares of Realty Income common stock issued 108,308,064 Opening price of Realty Income common stock on January 23, 2024 $ 55.80 Fair value of Realty Income common stock issued to the former holders of Spirit common stock $ 6,043,590 Shares of Realty Income Series A preferred stock issued in exchange for Spirit Series A preferred stock 6,900,000 Opening price of Realty Income Series A preferred stock on January 23, 2024 $ 24.26 Fair value of Realty Income Series A preferred stock issued to the former holders of Spirit Series A preferred stock $ 167,394 Cash paid for fractional shares $ 51 Less: Fair value of Spirit restricted stock and performance awards attributable to post-combination costs (2) $ (24,751) Consideration transferred $ 6,186,284 (1) Includes 142,136,567 shares of Spirit common stock outstanding as of January 23, 2024, which were converted into Realty Income common stock at the Effective Time at an Exchange Ratio of 0.762 per share of Spirit common stock. The portion of the converted unvested Spirit Restricted Stock Awards related to post-combination expense is removed in footnote (2) below. (2) Represents the fair value of fully vested Spirit restricted stock and performance share awards that were accelerated and converted into Realty Income common stock at the Effective Time, reflecting the value attributable to post-combination services. Spirit restricted stock and performance share awards are included in Spirit's outstanding common stock as of the merger date. The fair value attributable to pre-combination services was $41.7 million and is included in the consideration transferred above. A. Preliminary Purchase Price Allocation The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands): At Acquisition Date As Reported Measurement Period Adjustments At Acquisition Date As Reported ASSETS Land $ 1,853,895 $ 3,247 $ 1,857,142 Buildings and improvements 4,859,162 90,314 4,949,476 Total real estate held for investment 6,713,057 93,561 6,806,618 Real estate and lease intangibles held for sale 35,650 (1,583) 34,067 Cash and cash equivalents 93,683 — 93,683 Accounts receivable 12,959 (145) 12,814 Lease intangible assets (1) 2,214,615 (32,804) 2,181,811 Goodwill 1,259,864 (59,143) 1,200,721 Other assets (2) 174,672 (1,881) 172,791 Total assets acquired $ 10,504,500 $ (1,995) $ 10,502,505 LIABILITIES Accounts payable and accrued expenses $ 56,407 $ (1,934) $ 54,473 Lease intangible liabilities (3) 378,369 (203) 378,166 Other liabilities 101,954 142 102,096 Term loans 1,300,000 — 1,300,000 Notes payable 2,481,486 — 2,481,486 Total liabilities assumed $ 4,318,216 $ (1,995) $ 4,316,221 Net assets acquired, at fair value $ 6,186,284 $ — $ 6,186,284 Total purchase price $ 6,186,284 $ — $ 6,186,284 (1) The weighted average amortization period for acquired lease intangible assets is 10.8 years. (2) Includes $53.9 million of gross contractual loans receivable, the fair value of which was $47.1 million, and we expect to collect substantially all of the loans receivable as of the acquisition date. (3) The weighted average amortization period for acquired lease intangible liabilities is 8.2 years. The assessment of fair value is considered preliminary and is based on a valuation prepared by the Company with assistance of a third-party valuation specialist. We are in the process of finalizing our review of the inputs used in the valuation to ensure accuracy and procedures are performed within our policy. Accordingly, certain tangible assets acquired and liabilities assumed, the valuation of intangible assets acquired, loss contingencies, and goodwill are subject to change. We expect to complete our purchase accounting assessment in the fourth quarter of 2024. Measurement period adjustments are recorded in the period in which they are determined, as if they had been completed at the acquisition date. The measurement period adjustments recorded in the nine months ended September 30, 2024 resulted from updated valuations related to real estate assets and liabilities, in addition to loans receivable. The adjustments were determined based on additional information that existed at the acquisition date but was not contemplated in our initial fair value assessment and resulted in a decrease to goodwill of $59.1 million. A preliminary estimate of approximately $1.20 billion has been 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 is attributable to expected synergies and benefits arising from the merger transaction, including anticipated financing and corporate overhead cost savings. None of the goodwill recognized is expected to be deductible for tax purposes. B. Merger, transaction, and other costs C. Unaudited Pro Forma Financial Information The following unaudited pro forma information presents a summary of our combined results of operations for the nine months ended September 30, 2024 and three and nine months ended September 30, 2023, respectively, as if our merger with Spirit had occurred on January 1, 2023 (in millions, except per share data). 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. Three months ended Nine months ended 2023 2024 2023 Total revenues $ 1,239.3 $ 3,978.8 $ 3,595.3 Net income $ 250.5 $ 759.4 $ 673.3 Basic and diluted earnings per share $ 0.31 $ 0.88 $ 0.85

Supplemental Detail for Certain

Supplemental Detail for Certain Components of Consolidated Balance Sheets	9 Months Ended
	Sep. 30, 2024
Disclosure Text Block Supplement [Abstract]
Supplemental Detail for Certain Components of Consolidated Balance Sheets	Supplemental Detail for Certain Components of Consolidated Balance Sheets (in thousands): A. Accounts receivable, net, consist of the following at: September 30, 2024 December 31, 2023 Straight-line rent receivables, net $ 662,569 $ 516,692 Client receivables, net 172,759 193,844 $ 835,328 $ 710,536 B. Lease intangible assets, net, consist of the following at: September 30, 2024 December 31, 2023 In-place leases $ 7,393,345 $ 5,500,404 Above-market leases 2,225,473 1,811,400 Accumulated amortization of in-place leases (2,318,087) (1,746,377) Accumulated amortization of above-market leases (702,732) (549,319) Other items 2,059 1,799 $ 6,600,058 $ 5,017,907 C. Other assets, net, consist of the following at: September 30, 2024 December 31, 2023 Financing receivables, net $ 1,500,862 $ 1,570,943 Right of use asset - financing leases, net 671,831 706,837 Right of use asset - operating leases, net 624,939 594,712 Loan receivable, net 622,593 205,339 Prepaid expenses 58,520 33,252 Value-added tax receivable 49,412 100,672 Non-refundable escrow deposits 38,750 200 Restricted escrow deposits 37,317 6,247 Interest receivable 25,712 6,139 Derivative assets and receivables - at fair value 15,524 21,170 Impounds related to mortgages payable 13,604 53,005 Corporate assets, net 12,576 12,948 Credit facility origination costs, net 8,564 12,264 Investment in sales type lease 6,120 6,056 Other items 49,849 38,859 $ 3,736,173 $ 3,368,643 D. Accounts payable and accrued expenses consist of the following at: September 30, 2024 December 31, 2023 Notes payable - interest payable $ 245,089 $ 218,811 Derivative liabilities and payables - at fair value 158,024 119,620 Property taxes payable 104,752 78,809 Accrued costs on properties under development 78,833 65,967 Accrued income taxes 77,287 61,070 Accrued property expenses 63,912 54,208 Value-added tax payable 55,676 64,885 Accrued merger-related costs 18,786 4,551 Mortgages, term loans, and credit line - interest payable 4,239 8,580 Other items 73,524 62,025 $ 880,122 $ 738,526 E. Lease intangible liabilities, net, consist of the following at: September 30, 2024 December 31, 2023 Below-market leases $ 2,120,722 $ 1,728,027 Accumulated amortization of below-market leases (444,173) (321,174) $ 1,676,549 $ 1,406,853 F. Other liabilities consist of the following at: September 30, 2024 December 31, 2023 Lease liability - operating leases $ 458,545 $ 425,213 Rent received in advance and other deferred revenue 317,206 312,195 Lease liability - financing leases 55,262 44,345 Security deposits 31,008 28,250 Other acquisition liabilities 1,662 1,647 $ 863,683 $ 811,650

Investments in Real Estate

Investments in Real Estate	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Investments in Real Estate	Investments in Real Estate A. Acquisitions of Real Estate Below is a summary of our acquisitions for the nine months ended September 30, 2024: Number of Leasable Investment Weighted Average Initial Weighted Average Cash Lease Yield (1) Acquisitions - U.S. 87 2,370 $ 414.3 13.4 7.5 % Acquisitions - Europe 29 2,457 744.4 6.8 7.8 % Total acquisitions 116 4,827 $ 1,158.7 9.1 7.7 % Properties under development (2) 182 6,306 548.9 15.6 7.4 % Total (3) 298 11,133 $ 1,707.6 11.1 7.6 % (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 (defined as the monthly aggregate cash amount charged to clients, inclusive of monthly base rent receivables), 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 lease yield includes approximately $1.2 million received as settlement credits as reimbursement of free rent periods for the nine months ended September 30, 2024. 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) Includes £50.6 million of Sterling-denominated investments, and €38.9 million of Euro-denominated investments, converted at the applicable exchange rates on the funding dates. (3) Our clients occupying the new properties are 84.9% retail and 15.1% industrial based on net operating income. Approximately 28% of the net operating income generated from acquisitions during the nine months ended September 30, 2024 was from investment grade rated clients, their subsidiaries, or affiliated companies at the date of acquisition. The aggregate purchase price of the assets acquired during the nine months ended September 30, 2024 has been allocated as follows (in millions): Acquisitions - USD Acquisitions - Sterling Acquisitions - Euro Land $ 117.1 £ 134.2 € 15.5 Buildings and improvements 413.1 302.2 41.6 Lease intangible assets (1) 87.5 97.0 12.3 Other assets (2) 13.8 — — Lease intangible liabilities (3) (32.5) (5.5) (2.5) $ 599.0 £ 527.9 € 66.9 (1) The weighted average amortization period for acquired lease intangible assets is 8.8 years. (2) USD-denominated other assets consist entirely of financing receivables with above-market terms. (3) The weighted average amortization period for acquired lease intangible liabilities is 10.6 years. The aggregate purchase price of the assets acquired during the nine months ended September 30, 2024 included contingent consideration obligations related to leasing activities for a multi-tenant property acquired. At September 30, 2024, we had accrued $15.7 million for remaining amounts deemed probable and estimable. The properties acquired during the nine months ended September 30, 2024 generated total revenue and net income of $34.2 million and $10.8 million, respectively. B. Investments in Existing Properties During the nine months ended September 30, 2024, we capitalized costs of $84.7 million on existing properties in our portfolio, consisting of $78.6 million for non-recurring building improvements, $5.9 million for re-leasing costs, and $0.2 million for recurring capital expenditures. In comparison, during the nine months ended September 30, 2023, we capitalized costs of $43.6 million on existing properties in our portfolio, consisting of $36.5 million for non-recurring building improvements, $6.9 million for re-leasing costs, and $0.2 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 liabilities, 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 nine months ended September 30, 2024, and 2023 were $652.8 million and $489.2 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 our 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 nine months ended September 30, 2024, and 2023 were $26.1 million and $48.6 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 September 30, 2024 (dollars in thousands): Net increase (decrease) to rental revenue Increase to amortization expense 2024 $ (9,108) $ 211,751 2025 (34,482) 781,553 2026 (37,215) 685,034 2027 (38,012) 586,735 2028 (30,989) 497,501 Thereafter 303,614 2,312,684 Totals $ 153,808 $ 5,075,258 D. Gain on Sales of Real Estate The following table summarizes our properties sold during the periods indicated below (dollars in millions): Three months ended Nine months ended 2024 2023 2024 2023 Number of properties 92 24 214 79 Net sales proceeds $ 249.5 $ 32.3 $ 451.4 $ 92.8 Gain on sales of real estate $ 50.6 $ 7.6 $ 92.3 $ 19.7

Investments in Unconsolidated E

Investments in Unconsolidated Entities	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities The following is a summary of our investments in unconsolidated entities as of September 30, 2024 and December 31, 2023 (dollars in thousands): Ownership % Number of Properties Carrying Amount (1) of Investment as of Investment As of September 30, 2024 September 30, 2024 December 31, 2023 Bellagio Las Vegas Joint Venture - Common Equity Interest 21.9% 1 $ 278,944 $ 296,097 Bellagio Las Vegas Joint Venture - Preferred Equity Interest n/a n/a 650,000 650,000 Data Center Joint Venture 80.0% 2 296,030 226,021 Total investment in unconsolidated entities $ 1,224,974 $ 1,172,118 (1) The total carrying amount of the investments was greater than the underlying equity in net assets (i.e., basis difference) by $7.7 million as of September 30, 2024. The basis difference is primarily attributable to capitalized interest for the data center joint venture development funding. A. Bellagio Las Vegas Joint Venture Interests The joint venture we formed with Blackstone Real Estate Income Trust owns a 95.0% interest in the real estate of The Bellagio Las Vegas. We made an initial investment in October 2023, including $301.4 million of common equity for an indirect interest of 21.9% in the property and a $650.0 million preferred equity interest. During the nine months ended September 30, 2024, we recognized interest income of $39.5 million for 8.1% preferential cumulative distributions within 'Other' revenue in our consolidated statements of income and comprehensive income. The unconsolidated entity had total debt outstanding of $3.0 billion as of September 30, 2024, all of which was non-recourse to us with limited customary exceptions. B. Data Center Joint Venture We own an 80.0% equity interest in the joint venture that we formed with Digital Realty Trust. As we do not control this VOE, we account for it under the equity method. This joint venture owns and operates two data centers. Our maximum exposure to loss associated with this joint venture is limited to our equity investment and our pro rata share of the remaining

Investments in Loans

Investments in Loans	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Investments in Loans	Investments in Loans The following table presents information about our loans as of September 30, 2024 and December 31, 2023 (dollars in thousands): September 30, 2024 Maturity Date Amortized Cost Allowance Carrying Amount (1) Senior Secured Notes Receivable October 2029 - May 2030 $ 586,414 $ (6,476) $ 579,938 Mortgage Loans September 2038 33,500 — 33,500 Unsecured Loan December 2026 10,053 (898) 9,155 Total $ 629,967 $ (7,374) $ 622,593 December 31, 2023 Maturity Date Amortized Cost Allowance Carrying Amount (1) Senior Secured Note Receivable October 2029 $ 174,337 $ (2,498) $ 171,839 Mortgage Loan September 2038 33,500 — 33,500 Total $ 207,837 $ (2,498) $ 205,339 (1) The total carrying amount of the investment in loans excludes accrued interest of $23.5 million and $3.4 million as of September 30, 2024 and December 31, 2023, respectively, which is recorded to 'Other assets, net' on our consolidated balance sheets. A . Senior Secured Notes Receivable In May 2024, we acquired a GBP-denominated senior secured note, maturing in May 2030, with a principal amount of £300.0 million, equivalent to $402.1 million as of September 30, 2024. The interest only note bears interest at a fixed rate of 8.125% and is callable at par beginning in May 2026. In September 2024, our interest in a loan with a carrying amount of $5.3 million, which was acquired in conjunction with our merger with Spirit, was transferred to a third-party buyer. As a result of this transfer, we recorded a loss of $1.5 million, presented in

Revolving Credit Facility and C

Revolving Credit Facility and Commercial Paper Programs	9 Months Ended
	Sep. 30, 2024
Debt
Debt	Mortgages Payable During the nine months ended September 30, 2024, we made $626.3 million in principal payments, including the full repayment of three mortgages for $622.7 million. No mortgages were assumed during the nine months ended September 30, 2024. 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. 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 September 30, 2024, we were in compliance with these covenants. The following table summarizes our mortgages payable as of September 30, 2024 and December 31, 2023 (dollars in millions): As Of Number of Properties (1) Weighted Average Stated Interest Rate (2) Weighted Average Effective Interest Rate (3) Weighted Remaining Unamortized Premium (Discount) and Deferred Financing Costs Balance, net Mortgage September 30, 2024 48 4.3 % 4.6 % 0.8 $ 198.1 $ (0.6) $ 197.5 December 31, 2023 131 4.8 % 3.3 % 0.4 $ 822.4 $ (0.8) $ 821.6 (1) At September 30, 2024, there were 13 mortgages on 48 properties and at December 31, 2023, there were 16 mortgages on 131 properties. With the exception of one GBP-denominated mortgage which is paid quarterly, the mortgages require monthly payments with principal payments due at maturity. At September 30, 2024 and December 31, 2023, all mortgages were at fixed interest rates. (2) Stated interest rates ranged from 3.0% to 6.9% at September 30, 2024 and December 31, 2023, respectively. (3) Effective interest rates ranged from 2.8% to 6.8% and 0.5% to 6.6% at September 30, 2024 and December 31, 2023, respectively. The following table summarizes the maturity of mortgages payable as of September 30, 2024, excluding $0.6 million related to unamortized net discounts and deferred financing costs (dollars in millions): Year of Maturity Principal 2024 $ 114.2 2025 46.0 2026 12.0 2027 22.3 2028 1.3 Thereafter 2.3 Totals $ 198.1
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 multi-currency 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 USD. 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 investment grade credit ratings at September 30, 2024 provide for USD borrowings at 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, GBP 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 ("EUR") 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 September 30, 2024, we had a borrowing capacity of $3.82 billion available on our revolving credit facility (subject to customary conditions to borrowing) and an outstanding balance of $0.4 billion, including £0.3 billion GBP and €6.0 million EUR borrowings. There was no outstanding balance at December 31, 2023. The weighted average interest rate on outstanding borrowings under our revolving credit facility was 5.4% and 4.8% during the nine months ended September 30, 2024, and 2023, respectively. At September 30, 2024, our weighted average interest rate on borrowings outstanding under our revolving credit facility was 5.7%. Our revolving credit facility is subject to various leverage and interest coverage ratio limitations, and at September 30, 2024, we were in compliance with the covenants under our revolving credit facility. As of September 30, 2024, credit facility origination costs of $8.6 million are included in 'Other assets, net', as compared to $12.3 million at December 31, 2023, on our consolidated balance sheets. These costs are being amortized over the remaining term of our revolving credit facility. B. Commercial Paper Programs We have a USD-denominated unsecured commercial paper program, under which we may issue unsecured commercial paper notes up to a maximum aggregate amount outstanding of $1.5 billion, as well as a EUR-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). Our EUR-denominated unsecured commercial paper program may be issued in USD or various foreign currencies, including but not limited to, EUR, GBP, 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 pari passu in right of payment with all of our other unsecured senior indebtedness outstanding, exclusive of unexchanged VEREIT, Inc. (“VEREIT”) and Spirit bonds, including borrowings under our revolving credit facility, our term loans and our outstanding senior unsecured notes (and is structurally subordinated to all our subsidiary debt). Proceeds from commercial paper borrowings are used for general corporate purposes. As of September 30, 2024, we have no outstanding borrowings under our commercial paper programs, as compared to $764.4 million outstanding commercial paper borrowings, including €583.0 million of EUR borrowings, at December 31, 2023. The weighted average interest rate on outstanding borrowings under our commercial paper programs was 4.6% and 4.7% for the nine months ended September 30, 2024, and 2023, respectively. 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. We review our credit facility and commercial paper programs and may seek to extend, renew, or replace our credit facility and commercial paper programs, to the extent we deem appropriate.

Term Loans

Term Loans	9 Months Ended
	Sep. 30, 2024
Debt
Debt	Mortgages Payable During the nine months ended September 30, 2024, we made $626.3 million in principal payments, including the full repayment of three mortgages for $622.7 million. No mortgages were assumed during the nine months ended September 30, 2024. 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. 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 September 30, 2024, we were in compliance with these covenants. The following table summarizes our mortgages payable as of September 30, 2024 and December 31, 2023 (dollars in millions): As Of Number of Properties (1) Weighted Average Stated Interest Rate (2) Weighted Average Effective Interest Rate (3) Weighted Remaining Unamortized Premium (Discount) and Deferred Financing Costs Balance, net Mortgage September 30, 2024 48 4.3 % 4.6 % 0.8 $ 198.1 $ (0.6) $ 197.5 December 31, 2023 131 4.8 % 3.3 % 0.4 $ 822.4 $ (0.8) $ 821.6 (1) At September 30, 2024, there were 13 mortgages on 48 properties and at December 31, 2023, there were 16 mortgages on 131 properties. With the exception of one GBP-denominated mortgage which is paid quarterly, the mortgages require monthly payments with principal payments due at maturity. At September 30, 2024 and December 31, 2023, all mortgages were at fixed interest rates. (2) Stated interest rates ranged from 3.0% to 6.9% at September 30, 2024 and December 31, 2023, respectively. (3) Effective interest rates ranged from 2.8% to 6.8% and 0.5% to 6.6% at September 30, 2024 and December 31, 2023, respectively. The following table summarizes the maturity of mortgages payable as of September 30, 2024, excluding $0.6 million related to unamortized net discounts and deferred financing costs (dollars in millions): Year of Maturity Principal 2024 $ 114.2 2025 46.0 2026 12.0 2027 22.3 2028 1.3 Thereafter 2.3 Totals $ 198.1
Term Loans
Debt
Debt	Term Loans In January 2024, in connection with our merger with Spirit, we entered into an amended and restated term loan agreement (which replaced Spirit's then-existing term loans with various lenders). The amended and restated term loan agreements are fixed through interest rate swaps at a weighted average interest rate of 3.9%. Pursuant to the amended and restated term loan agreement, we borrowed $800.0 million in aggregate total borrowings, $300.0 million of which matures in August 2025 and $500.0 million of which matures in August 2027 (the “$800 million term loan agreement”). We also entered into an amended and restated term loan agreement pursuant to which we borrowed $500.0 million in aggregate total borrowings which matures in June 2025 (the “$500 million term loan agreement”). In January 2023, we entered into our 2023 term loan agreement, which allows us to incur up to an aggregate of $1.5 billion in multi-currency borrowings. As of September 30, 2024, we had $1.1 billion in multi-currency borrowings, including $90.0 million, £705.0 million, and €85.0 million in outstanding borrowings. The 2023 term loans mature in January 2025, with one remaining twelve-month maturity extension available at our 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 GBP-denominated loans, and EURIBOR for EUR-denominated loans. In January 2024, we entered into interest rate swaps which fix our per annum interest rate at 4.9% until January 2026, which is the term loan maturity date if our remaining extension option is exercised.

Mortgages Payable

Mortgages Payable	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Mortgages Payable	Mortgages Payable During the nine months ended September 30, 2024, we made $626.3 million in principal payments, including the full repayment of three mortgages for $622.7 million. No mortgages were assumed during the nine months ended September 30, 2024. 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. 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 September 30, 2024, we were in compliance with these covenants. The following table summarizes our mortgages payable as of September 30, 2024 and December 31, 2023 (dollars in millions): As Of Number of Properties (1) Weighted Average Stated Interest Rate (2) Weighted Average Effective Interest Rate (3) Weighted Remaining Unamortized Premium (Discount) and Deferred Financing Costs Balance, net Mortgage September 30, 2024 48 4.3 % 4.6 % 0.8 $ 198.1 $ (0.6) $ 197.5 December 31, 2023 131 4.8 % 3.3 % 0.4 $ 822.4 $ (0.8) $ 821.6 (1) At September 30, 2024, there were 13 mortgages on 48 properties and at December 31, 2023, there were 16 mortgages on 131 properties. With the exception of one GBP-denominated mortgage which is paid quarterly, the mortgages require monthly payments with principal payments due at maturity. At September 30, 2024 and December 31, 2023, all mortgages were at fixed interest rates. (2) Stated interest rates ranged from 3.0% to 6.9% at September 30, 2024 and December 31, 2023, respectively. (3) Effective interest rates ranged from 2.8% to 6.8% and 0.5% to 6.6% at September 30, 2024 and December 31, 2023, respectively. The following table summarizes the maturity of mortgages payable as of September 30, 2024, excluding $0.6 million related to unamortized net discounts and deferred financing costs (dollars in millions): Year of Maturity Principal 2024 $ 114.2 2025 46.0 2026 12.0 2027 22.3 2028 1.3 Thereafter 2.3 Totals $ 198.1

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2024
Debt
Debt	Mortgages Payable During the nine months ended September 30, 2024, we made $626.3 million in principal payments, including the full repayment of three mortgages for $622.7 million. No mortgages were assumed during the nine months ended September 30, 2024. 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. 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 September 30, 2024, we were in compliance with these covenants. The following table summarizes our mortgages payable as of September 30, 2024 and December 31, 2023 (dollars in millions): As Of Number of Properties (1) Weighted Average Stated Interest Rate (2) Weighted Average Effective Interest Rate (3) Weighted Remaining Unamortized Premium (Discount) and Deferred Financing Costs Balance, net Mortgage September 30, 2024 48 4.3 % 4.6 % 0.8 $ 198.1 $ (0.6) $ 197.5 December 31, 2023 131 4.8 % 3.3 % 0.4 $ 822.4 $ (0.8) $ 821.6 (1) At September 30, 2024, there were 13 mortgages on 48 properties and at December 31, 2023, there were 16 mortgages on 131 properties. With the exception of one GBP-denominated mortgage which is paid quarterly, the mortgages require monthly payments with principal payments due at maturity. At September 30, 2024 and December 31, 2023, all mortgages were at fixed interest rates. (2) Stated interest rates ranged from 3.0% to 6.9% at September 30, 2024 and December 31, 2023, respectively. (3) Effective interest rates ranged from 2.8% to 6.8% and 0.5% to 6.6% at September 30, 2024 and December 31, 2023, respectively. The following table summarizes the maturity of mortgages payable as of September 30, 2024, excluding $0.6 million related to unamortized net discounts and deferred financing costs (dollars in millions): Year of Maturity Principal 2024 $ 114.2 2025 46.0 2026 12.0 2027 22.3 2028 1.3 Thereafter 2.3 Totals $ 198.1
Notes Payable
Debt
Debt	Notes Payable A. General At September 30, 2024, our senior unsecured notes and bonds are USD-denominated, GBP-denominated, and EUR-denominated. Foreign-denominated notes are converted at the applicable exchange rate on the balance sheet date. The carrying value within the table below includes a portion of certain outstanding notes that have been assumed in both current and historical mergers that were not exchanged for new notes issued by Realty Income. We expect to fund the next twelve months of obligations through a combination of the following: (i) cash and cash equivalents, (ii) future cash flows from operations, (iii) issuances of common stock, debt, or other securities offerings, (iv) additional borrowings under our revolving credit facility, (v) short term loans, and (vi) asset dispositions and/or credit investment repayments. The following are sorted by maturity date (in thousands): Maturity Dates Principal (Currency Denomination) Carrying Value (USD) as of September 30, 2024 December 31, 2023 4.600% Notes due 2024 February 6, 2024 $ 499,999 $ — $ 499,999 3.875% Notes due 2024 July 15, 2024 $ 350,000 — 350,000 3.875% Notes due 2025 April 15, 2025 $ 500,000 500,000 500,000 4.625% Notes due 2025 November 1, 2025 $ 549,997 549,997 549,997 5.050% Notes due 2026 January 13, 2026 $ 500,000 500,000 500,000 0.750% Notes due 2026 March 15, 2026 $ 325,000 325,000 325,000 4.875% Notes due 2026 June 1, 2026 $ 599,997 599,997 599,997 4.450% Notes due 2026 (1) September 15, 2026 $ 299,968 299,968 — 4.125% Notes due 2026 October 15, 2026 $ 650,000 650,000 650,000 1.875% Notes due 2027 (2) January 14, 2027 £ 250,000 335,075 318,450 3.000% Notes due 2027 January 15, 2027 $ 600,000 600,000 600,000 3.200% Notes due 2027 (1) January 15, 2027 $ 299,984 299,984 — 1.125% Notes due 2027 (2) July 13, 2027 £ 400,000 536,120 509,520 3.950% Notes due 2027 August 15, 2027 $ 599,873 599,873 599,873 3.650% Notes due 2028 January 15, 2028 $ 550,000 550,000 550,000 Maturity Dates Principal (Currency Denomination) Carrying Value (USD) as of September 30, 2024 December 31, 2023 3.400% Notes due 2028 January 15, 2028 $ 599,816 599,816 599,816 2.100% Notes due 2028 (1) March 15, 2028 $ 449,994 449,994 — 2.200% Notes due 2028 June 15, 2028 $ 499,959 499,959 499,959 4.700% Notes due 2028 December 15, 2028 $ 400,000 400,000 400,000 4.750% Notes due 2029 February 15, 2029 $ 450,000 450,000 — 3.250% Notes due 2029 June 15, 2029 $ 500,000 500,000 500,000 4.000% Notes due 2029 (1) July 15, 2029 $ 399,999 399,999 — 5.000% Notes due 2029 (2) October 15, 2029 £ 350,000 469,105 — 3.100% Notes due 2029 December 15, 2029 $ 599,291 599,291 599,291 3.400% Notes due 2030 (1) January 15, 2030 $ 500,000 500,000 — 4.850% Notes due 2030 March 15, 2030 $ 600,000 600,000 600,000 3.160% Notes due 2030 June 30, 2030 £ 140,000 187,642 178,332 4.875% Notes due 2030 (2) July 6, 2030 € 550,000 613,415 607,915 1.625% Notes due 2030 (2) December 15, 2030 £ 400,000 536,120 509,520 3.250% Notes due 2031 January 15, 2031 $ 950,000 950,000 950,000 3.200% Notes due 2031 (1) February 15, 2031 $ 449,995 449,995 — 5.750% Notes due 2031 (2) December 5, 2031 £ 300,000 402,090 382,140 2.700% Notes due 2032 (1) February 15, 2032 $ 350,000 350,000 — 3.180% Notes due 2032 June 30, 2032 £ 345,000 462,404 439,461 5.625% Notes due 2032 October 13, 2032 $ 750,000 750,000 750,000 2.850% Notes due 2032 December 15, 2032 $ 699,655 699,655 699,655 1.800% Notes due 2033 March 15, 2033 $ 400,000 400,000 400,000 1.750% Notes due 2033 (2) July 13, 2033 £ 350,000 469,105 445,830 4.900% Notes due 2033 July 15, 2033 $ 600,000 600,000 600,000 5.125% Notes due 2034 February 15, 2034 $ 800,000 800,000 — 2.730% Notes due 2034 May 20, 2034 £ 315,000 422,194 401,247 5.125% Notes due 2034 (2) July 6, 2034 € 550,000 613,415 607,915 5.875% Bonds due 2035 March 15, 2035 $ 250,000 250,000 250,000 3.390% Notes due 2037 June 30, 2037 £ 115,000 154,135 146,487 6.000% Notes due 2039 (2) December 5, 2039 £ 450,000 603,135 573,210 5.250% Notes due 2041 (2) September 4, 2041 £ 350,000 469,105 — 2.500% Notes due 2042 (2) January 14, 2042 £ 250,000 335,075 318,450 4.650% Notes due 2047 March 15, 2047 $ 550,000 550,000 550,000 5.375% Notes due 2054 September 1, 2054 $ 500,000 500,000 — Total principal amount $ 23,381,663 $ 18,562,064 Unamortized net (discounts) premiums, deferred financing costs, and cumulative basis adjustment on fair value hedges (3) (289,447) 40,255 $ 23,092,216 $ 18,602,319 (1) In connection with our merger with Spirit, we completed our debt exchange offer to exchange all outstanding notes issued by Spirit Realty, L.P. ("Spirit OP") on January 23, 2024 for new notes issued by Realty Income. Prior to the completion of our merger with Spirit on January 23, 2024, these notes were not the obligation of Realty Income. Additional details regarding the exchange offers are provided in the Note Exchange Offers Associated with our Merger with Spirit section below. (2) Interest paid annually. Interest on the remaining senior unsecured notes and bond obligations included in the table is paid semi-annually. (3) As a result of our merger with Spirit, the carrying values of the senior notes exchanged were adjusted to fair value. In conjunction with the pricing of our senior unsecured notes due January 2026, we entered into three-year, fixed-to-variable interest rate swaps, which are accounted for as fair value hedges. See note 13, Derivative Instruments for further details. The following table summarizes the maturity of our notes and bonds payable as of September 30, 2024, excluding unamortized net discounts, deferred financing costs, and basis adjustments on interest rate swaps designated as fair value hedges (dollars in millions): Year of Maturity Principal 2024 $ — 2025 1,050.0 2026 2,375.0 2027 2,371.1 2028 2,499.8 Thereafter 15,085.8 Totals $ 23,381.7 As of September 30, 2024, the weighted average interest rate on our notes and bonds payable was 3.8%, and the weighted average remaining years until maturity was 6.9 years. Interest incurred on all of the notes and bonds was $211.4 million and $159.7 million for the three months ended September 30, 2024, and 2023, respectively, and $618.0 million and $434.1 million for the nine months ended September 30, 2024, and 2023, respectively. Our outstanding notes and bonds are unsecured; accordingly, we have not pledged any assets as collateral for these or any other obligations. 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 September 30, 2024, we were in compliance with these covenants. B. Note Issuances During the nine months ended September 30, 2024, we issued the following notes and bonds (in millions): 2024 Issuances Date of Issuance Maturity Date Principal amount Price of par value Effective yield to maturity 4.750% Notes January 2024 February 2029 $ 450.0 99.23 % 4.923 % 5.125% Notes January 2024 February 2034 $ 800.0 98.91 % 5.265 % 5.375% Notes August 2024 September 2054 $ 500.0 98.37 % 5.486 % 5.000% Notes September 2024 October 2029 £ 350.0 99.14 % 5.199 % 5.250% Notes September 2024 September 2041 £ 350.0 96.21 % 5.601 % C. Note Exchange Offers Associated with our Merger with Spirit As part of our merger with Spirit, Realty Income exchanged the following notes issued by Spirit OP, a wholly owned subsidiary of the Company with notes of identical terms issued by Realty Income (in millions): Series of Spirit Notes Tenders and Consents Received as of the Expiration Date Percentage of Total Outstanding Principal Amount of Such Series of Spirit Notes 4.450% Notes due September 2026 $291.7 97.24% 3.200% Notes due January 2027 $292.7 97.56% 2.100% Notes due March 2028 $443.8 98.62% 4.000% Notes due July 2029 $391.7 97.93% 3.400% Notes due January 2030 $484.5 96.91% 3.200% Notes due February 2031 $445.0 98.90% 2.700% Notes due February 2032 $347.6 99.31% To induce holders of the Spirit 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. Across the various note classes, Realty Income had a success rate of approximately 98.1% on the exchange, resulting in a cash payment of $2.7 million to participating noteholders. The exchange was accounted for as a modification of the existing Spirit OP notes assumed in our merger with Spirit . The interest rate, interest payment dates, redemption terms and maturity of each series of Realty Income notes issued by Realty Income in the exchange offers were the same as those of the corresponding series of Spirit notes exchanged. With respect to the notes originally issued by Spirit 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.

Noncontrolling Interests

Noncontrolling Interests	9 Months Ended
	Sep. 30, 2024
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests As of September 30, 2024, we have eight entities with noncontrolling interests that we consolidate, including an operating partnership, Realty Income, L.P., and interests in consolidated property partnerships not wholly-owned by us. The following table represents the change in the carrying value of all noncontrolling interests through September 30, 2024 (in thousands): Realty Income, L.P. units (1) Other Noncontrolling Interests Total Carrying value at December 31, 2023 $ 114,072 $ 51,430 $ 165,502 Contributions — 1,770 1,770 Distributions (4,627) (2,811) (7,438) Allocation of net income 4,287 544 4,831 Issuance of common partnership units (2) 54,643 (7,390) 47,253 Carrying value at September 30, 2024 $ 168,375 $ 43,543 $ 211,918 (1) 2,681,808 and 1,795,167 units were outstanding as of September 30, 2024 and December 31, 2023, respectively. (2) In July 2024, a joint venture partner converted their interests in two consolidated property partnerships into 156,621 common partnership units in Realty Income, LP and recorded the excess over carrying value of $0.8 million as a reduction to common stock and paid in capital. In September 2024, we completed the acquisition of 42 properties by paying cash and by issuing 730,020 common partnership units in Realty Income, LP. At September 30, 2024, we are considered the primary beneficiary of Realty Income, L.P. and other VIEs. For further information, see note

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	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 – Quoted market prices in active markets for identical assets and liabilities • Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other market-corroborated inputs • Level 3 – Inputs that are unobservable and significant to the overall fair value measurement 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. The following tables present the carrying values and estimated fair values of financial instruments as of September 30, 2024 and December 31, 2023 (in millions): September 30, 2024 Hierarchy Level Carrying Value Level 1 Level 2 Level 3 Assets: Loans receivable $ 622.6 $ — $ 628.8 $ 35.3 Derivative assets 15.5 — 15.5 — Total assets $ 638.1 $ — $ 644.3 $ 35.3 Liabilities: Mortgages payable $ 198.1 $ — $ — $ 196.3 Notes and bonds payable 23,381.7 — 21,480.6 1,023.1 Derivative liabilities 158.0 — 158.0 — Total liabilities $ 23,737.8 $ — $ 21,638.6 $ 1,219.4 December 31, 2023 Hierarchy Level Carrying Value Level 1 Level 2 Level 3 Assets: Loans receivable $ 205.3 $ — $ 171.8 $ 33.5 Derivative assets 21.2 — 21.2 — Total assets $ 226.5 $ — $ 193.0 $ 33.5 Liabilities: Mortgages payable $ 822.4 $ — $ — $ 814.5 Notes and bonds payable 18,562.1 — 16,620.8 982.9 Derivative liabilities 119.6 — 119.6 — Total liabilities $ 19,504.1 $ — $ 16,740.4 $ 1,797.4 A. Financial Instruments Not Measured at Fair Value on our Consolidated Balance Sheets The fair value of short-term financial instruments such as cash and cash equivalents, accounts receivable, escrow deposits, 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 aggregate fair value of our term loans approximates carrying value due to the frequent repricing of the variable interest rate charged on the borrowing. The following table reflects the carrying amounts and estimated fair values of our financial instruments not measured at fair value on our consolidated balance sheets (in millions): September 30, 2024 December 31, 2023 Carrying value Fair value Carrying value Fair value Mortgages payable (1) $ 198.1 $ 196.3 $ 822.4 $ 814.5 Notes and bonds payable (1) $ 23,381.7 $ 22,503.7 $ 18,562.1 $ 17,603.7 (1) Excludes non-cash net premiums and discounts as well as deferred financing costs recorded on mortgages payable. Excludes non-cash net premiums and discounts, deferred financing costs, and the cumulative basis adjustment on fair value hedges recorded on notes payable. The estimated fair values of our mortgages payable 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 and private senior notes payable are categorized as level 3 of the fair value 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 2 of the fair value hierarchy. B. Financial Instruments Measured at Fair Value on a Recurring Basis For derivative assets and liabilities, we may utilize interest rate swaps, interest rate swaptions, and forward-starting swaps to manage interest rate risk, and cross-currency swaps, currency exchange swaps, and foreign currency forwards 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 2 on the fair value 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 September 30, 2024, and December 31, 2023, 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 2. For more details on our derivatives, see note 13, Derivative Instruments . 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. Depending on impairment triggering events during the applicable period, impairments are typically recorded for properties sold, in the process of being sold, vacant, in bankruptcy, or experiencing difficulties with collection of rent. The following table summarizes our provisions for impairment on real estate investments during the periods indicated below (in millions): Three months ended Nine months ended 2024 2023 2024 2023 Carrying value prior to impairment $ 133.8 $ 37.5 $ 488.7 $ 161.4 Less: total provisions for impairment of real estate (1) (33.1) (16.8) (208.6) (59.8) Carrying value after impairment $ 100.7 $ 20.7 $ 280.1 $ 101.6 Number of properties: Classified as held for sale 11 — 13 — Classified as held for investment 26 9 93 18 Sold 24 23 59 66 (1) Real estate assets that were deemed to be impaired for the nine months ended September 30, 2024 primarily relate to two office properties which were acquired and retained in our merger with VEREIT in 2021, 23 properties leased to clients in bankruptcies, as well as certain properties that are more likely than not to be sold in the next twelve months. The valuation of impaired assets is determined using valuation techniques including discounted cash flow analysis, analysis of recent comparable sales transactions and purchase offers received from third parties, which are level 3 inputs. We may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of such real estate. Estimating future cash flows is highly subjective and estimates can differ materially from actual results.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments In the normal course of business, our operations are exposed to economic risks from interest rates and foreign currency exchange rates. We may enter into derivative financial instruments to offset these underlying economic risks. Derivatives Designated as Hedging Instruments - Cash Flow Hedges We enter into foreign currency forward contracts to sell GBP and EUR and buy USD to hedge the foreign currency risk associated with interest payments on intercompany loans denominated in GBP and EUR. Forward points on the forward contracts are included in the assessment of hedge effectiveness. We also execute variable-to-fixed interest rate swaps to add stability to interest expense and to manage our exposure to interest rate movements associated with our term loans and may also enter into interest rate swaption agreements. Derivatives Designated as Hedging Instruments - Fair Value Hedges Periodically, we enter into and designate fixed-to-floating interest rate swaps to manage interest rate risk by managing our mix of fixed-rate and variable-rate debt. These swaps involve the receipt of fixed-rate amounts for variable interest rate payments over the life of the swaps without exchange of the underlying principal amount. We also designate some of our cross-currency swaps as fair value hedges as we use them to hedge foreign currency risk associated with changes in spot rates on foreign-denominated debt. For these hedging instruments, 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 these excluded components are recorded to other comprehensive income and subsequently 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. Derivatives Designated as Hedging Instruments - Net Investment Hedges To mitigate the foreign currency exchange rate variations associated with our investment in EUR-denominated foreign operations, we may enter into derivative instruments, such as cross-currency swaps that qualify as net investment hedges under the criteria prescribed in accordance with ASC Topic 815-20, Hedging - General . We use the spot method of assessing hedge effectiveness and apply the consistent election to the excluded component by recognizing changes in the fair value of the hedging instruments attributable to the excluded component in the same manner as described above. Any difference between the change in the fair value of the excluded components and the amounts recognized in earnings is reported in other comprehensive income as part of the foreign cumulative translation adjustment. The gain or loss on the portion of the derivative instruments included in the assessment of effectiveness is reported in other comprehensive income as part of the 'Foreign currency translation adjustment' line item, to the extent the relationship is highly effective. If our net investment changes during a reporting period, the hedge relationship will be assessed for whether a de-designation is warranted (only if the hedge notional amount is outside of prescribed tolerance). Further, certain EUR-denominated bonds and borrowings under our Revolving Credit Facility and Term Loans (all as defined in notes 7 and 8 , respectively) may be also designated as, and are effective as, net investment hedges. Changes in the value of such borrowings, related to changes in the spot rates, will be recorded in the same manner as foreign currency translation adjustments. As of September 30, 2024, the total principal amount of foreign currency debt obligations designated as net investment hedges was $60.1 million. 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 USD, our reporting currency, and GBP and EUR. 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 our consolidated statements of income and comprehensive income. The following table summarizes the terms and fair values of our derivative financial instruments at September 30, 2024 and December 31, 2023 (dollars in millions): Derivative Type Number of Instruments (1) Notional Amount as of Weighted Average Strike Rate (2) Maturity Date (3) Fair Value - asset (liability) as of Derivatives Designated as Hedging Instruments September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Interest rate swaps (4) 12 $ 2,680.0 $ 1,630.0 3.71% Jun 2025 - Aug 2027 $ 13.9 $ 0.3 Interest rate swaptions (5) — — 1,000.0 — — 2.6 Cross-currency swaps - Fair Value 3 320.0 320.0 (6) Oct 2032 (59.5) (59.8) Cross-currency swaps - Net Investment 3 280.0 280.0 (7) Oct 2032 (52.8) (53.2) Foreign currency forwards 31 357.6 162.3 (8) Oct 2024 - Jun 2026 (15.2) 2.7 $ 3,637.6 $ 3,392.3 $ (113.6) $ (107.4) Derivatives not Designated as Hedging Instruments Currency exchange swaps 3 $ 1,251.0 $ 1,810.6 (9) Oct 2024 $ (28.9) $ 8.9 $ 1,251.0 $ 1,810.6 $ (28.9) $ 8.9 Total of all Derivatives $ 4,888.6 $ 5,202.9 $ (142.5) $ (98.5) (1) This column represents the number of instruments outstanding as of September 30, 2024. (2) Weighted average strike rate is calculated using the notional value as of September 30, 2024. (3) This column represents maturity dates for instruments outstanding as of September 30, 2024. (4) During the nine months ended September 30, 2024, we entered into five variable-to-fixed interest rate swaps when we extended maturity of the 2023 term loans and designated them as cash flow hedges. We also designated five variable-to-fixed interest rate swaps we acquired from Spirit as cash flow hedges to mitigate the interest rate risk associated with the term loans we assumed in conjunction with our merger with Spirit. The acquisition date fair value of these derivatives was $35.1 million in total and will be reclassified from AOCI to interest expense over the remaining life of the term loans. (5) There were six interest swaptions equal to $1 billion in notional entered into in March 2023, of which $800 million was terminated in January 2024 in connection with a senior unsecured note issuance. A total termination premium of $3.4 million we received was deferred in other comprehensive income and will be recognized in interest expense over the 10-year tenor of the notes due 2034. The remaining swaption of the $200 million notional expired in January 2024. (6) USD fixed rate of 5.625% and EUR weighted average fixed rate of 4.681%. (7) USD fixed rate of 5.625% and EUR weighted average fixed rate of 4.716%. (8) Weighted average forward GBP-USD exchange rate of 1.28. (9) Weighted average exchange rates of 0.84 for EUR-GBP and 1.31 for GBP-USD. We measure our derivatives at fair value and include the balances within 'Other assets, net' and 'Accounts payable and accrued expenses' on our consolidated balance sheets. We have agreements with each of our derivative counterparties containing provisions under which we could be declared in default on our derivative obligations if repayment of our indebtedness is accelerated by the lender due to our default. The following table summarizes the amount of unrealized gain (loss) on derivatives and foreign currency translation adjustments in other comprehensive income (in thousands): Three months ended Nine months ended Derivatives in Cash Flow Hedging Relationships 2024 2023 2024 2023 Interest rate swaps $ (30,051) $ (7,172) $ (18,206) $ (5,328) Foreign currency forwards (17,414) 3,156 (17,947) (6,039) Interest rate swaptions 640 15,126 2,284 18,679 Total derivatives in cash flow hedging relationships $ (46,825) $ 11,110 $ (33,869) $ 7,312 Derivatives in Fair Value Hedging Relationships Cross-currency swaps - Fair Value $ 351 $ (3,917) $ 3,641 $ (8,691) Total derivatives in fair value hedging relationships $ 351 $ (3,917) $ 3,641 $ (8,691) Total unrealized (loss) gain on derivatives, net $ (46,474) $ 7,193 $ (30,228) $ (1,379) Derivatives and Non-derivatives in Net Investment Hedging Relationships Cross-currency swaps - Net Investment $ (12,715) $ — $ (1,094) $ — Foreign currency debt (2,232) — (2,232) — Total unrealized loss recorded in foreign currency translation adjustment $ (14,947) $ — $ (3,326) $ — The following table summarizes the amount of gain (loss) on derivatives reclassified from AOCI (in thousands): Three months ended Nine months ended Derivatives in Cash Flow Hedging Relationships Location of Gain Recognized in Income 2024 2023 2024 2023 Interest rate swaps Interest $ 8,316 $ 5,316 $ 25,836 $ 10,055 Foreign currency forwards Foreign currency and derivative (loss) gain, net 739 1,662 4,419 3,985 Interest rate swaptions Interest 82 (2,250) (827) (4,609) Total derivatives in cash flow hedging relationships $ 9,137 $ 4,728 $ 29,428 $ 9,431 Derivatives in Fair Value Hedging Relationships Cross-currency swaps - Fair Value Foreign currency and derivative (loss) gain, net $ 98 $ 570 $ 1,097 $ 1,054 Total derivatives in fair value hedging relationships $ 98 $ 570 $ 1,097 $ 1,054 Derivatives in Net Investment Hedging Relationships Cross-currency swaps - Net Investment (excluded component) Foreign currency and derivative (loss) gain, net $ 549 $ — $ 2,356 $ — Total derivatives in net investment hedging relationships $ 549 $ — $ 2,356 $ — Net increase to net income $ 9,784 $ 5,298 $ 32,881 $ 10,485 We expect to reclassify $5.5 million from AOCI as a decrease to interest expense relating to interest rate swaps and $11.4 million from AOCI to foreign currency gain relating to foreign currency forwards within the next twelve months. The following table details our foreign currency and derivative gains (losses), net included in income (in thousands): Three months ended Nine months ended 2024 2023 2024 2023 Realized foreign currency and derivative (loss) gain, net: (Loss) gain on the settlement of undesignated derivatives $ (34,164) $ 11,432 $ (54,548) $ 10,106 Gain on the settlement of designated derivatives reclassified from AOCI 1,386 2,233 7,872 5,039 (Loss) gain on the settlement of transactions with third parties (18) 410 (33) 1,685 Total realized foreign currency and derivative (loss) gain, net $ (32,796) $ 14,075 $ (46,709) $ 16,830 Unrealized foreign currency and derivative (loss) gain, net: (Loss) gain on the change in fair value of undesignated derivatives $ (28,915) $ 12,910 $ (23,369) $ 4,734 Gain (loss) on remeasurement of certain assets and liabilities 60,039 (29,798) 72,963 (16,607) Total unrealized foreign currency and derivative gain (loss), net $ 31,124 $ (16,888) $ 49,594 $ (11,873) Total foreign currency and derivative (loss) gain, net $ (1,672) $ (2,813) $ 2,885 $ 4,957

Lessor Operating Leases

Lessor Operating Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Lessor Operating Leases	Lessor Operating Leases At September 30, 2024, we owned or held interests in 15,457 properties. Of the 15,457 properties, 15,156, or 98.1%, are single-client properties, and the remaining are multi-client properties. At September 30, 2024, 196 properties were available for lease or sale. The majority of our leases are accounted for as operating leases. At September 30, 2024, most of the properties in our portfolio were leased under net lease agreements where our client pays or reimburses us for property taxes and assessments and carries insurance coverage for public liability, property damage, fire, and extended coverage. Rent based on a percentage of our clients' gross sales, or percentage rent, for the three months ended September 30, 2024, and 2023 was $3.1 million, and $2.2 million, respectively. Percentage rent for the nine months ended September 30, 2024, and 2023 was $10.8 million, and $8.0 million, respectively. No individual client’s rental revenue, including percentage rents, represented more than 10% of our total revenue for each of the nine months ended September 30, 2024, and 2023.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity A. Common Stock We pay monthly distributions to our common stockholders. The following is a summary of monthly distributions paid per common share for the periods indicated below: Nine months ended Month 2024 2023 January $ 0.2565 $ 0.2485 February 0.2565 0.2485 March 0.2565 0.2545 April 0.2570 0.2550 May 0.2570 0.2550 June 0.2625 0.2550 July 0.2630 0.2555 August 0.2630 0.2555 September 0.2630 0.2555 Total $ 2.3350 $ 2.2830 At September 30, 2024, a distribution of $0.2635 per common share was payable and was paid in October 2024. B. At-the-Market ("ATM") Program Under our current ATM program, which we entered into in August 2023, we may offer and sell up to 120.0 million 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. 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. As of September 30, 2024, we had 56.7 million 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, shares in thousands): Three months ended Nine months ended 2024 2023 2024 2023 Shares of common stock issued under the ATM program (1) 4,309 15,070 13,913 63,210 Gross proceeds $ 268.4 $ 883.0 $ 815.3 $ 3,880.4 Sales agents' commissions and other offering expenses (1.8) (9.7) (5.4) (30.4) Net proceeds $ 266.6 $ 873.3 $ 809.9 $ 3,850.0 (1) During the three and nine months ended September 30, 2024, 16.5 million and 24.6 million shares were sold, respectively, and 4.3 million and 13.9 million and shares were settled pursuant to forward sale confirmations. In addition, as of September 30, 2024, 16.8 million shares of common stock subject to forward sale confirmations have been executed, but not settled, at a weighted average initial gross price of $57.58 per share. We currently expect to fully settle forward sale agreements outstanding by December 31, 2024, representing $958.1 million in net proceeds, for which the weighted average forward price at September 30, 2024 was $56.88 per share. C. Dividend Reinvestment and Stock Purchase Plan ("DRSPP") Our DRSPP provides our common stockholders with a convenient and economical method of purchasing our common stock and reinvesting their distributions. It 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 26.0 million common shares to be issued. At September 30, 2024, we had 10.8 million shares remaining for future issuance under our DRSPP program. The following table outlines common stock issuances pursuant to our DRSPP program (dollars in millions, shares in thousands): Three months ended Nine months ended 2024 2023 2024 2023 Shares of common stock issued under the DRSPP program 44 52 159 138 Gross proceeds $ 2.6 $ 3.0 $ 8.8 $ 8.4 As part of the Merger Agreement with Spirit, each outstanding share of Spirit’s 6.000% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share, converted into the right to receive one share of newly issued Realty Income 6.000% Series A Cumulative Redeemable Preferred Stock, having substantially the same terms as the Spirit Series A Preferred Stock, resulting in 6.9 million shares of Realty Income Series A Preferred Stock issued. In September 2024, we redeemed all 6.9 million shares of Realty Income Series A preferred stock outstanding. The shares were redeemed at redemption value of $25.00 per share, plus accrued and unpaid dividends to September 30, 2024. The excess of the $25.00 liquidation price per share over the carrying value of Realty Income Series A preferred stock redeemed resulted in a loss on redemption of $5.1 million for the three months ended September 30, 2024.

Series A Preferred Stock

Series A Preferred Stock	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Series A Preferred Stock	Stockholders' Equity A. Common Stock We pay monthly distributions to our common stockholders. The following is a summary of monthly distributions paid per common share for the periods indicated below: Nine months ended Month 2024 2023 January $ 0.2565 $ 0.2485 February 0.2565 0.2485 March 0.2565 0.2545 April 0.2570 0.2550 May 0.2570 0.2550 June 0.2625 0.2550 July 0.2630 0.2555 August 0.2630 0.2555 September 0.2630 0.2555 Total $ 2.3350 $ 2.2830 At September 30, 2024, a distribution of $0.2635 per common share was payable and was paid in October 2024. B. At-the-Market ("ATM") Program Under our current ATM program, which we entered into in August 2023, we may offer and sell up to 120.0 million 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. 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. As of September 30, 2024, we had 56.7 million 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, shares in thousands): Three months ended Nine months ended 2024 2023 2024 2023 Shares of common stock issued under the ATM program (1) 4,309 15,070 13,913 63,210 Gross proceeds $ 268.4 $ 883.0 $ 815.3 $ 3,880.4 Sales agents' commissions and other offering expenses (1.8) (9.7) (5.4) (30.4) Net proceeds $ 266.6 $ 873.3 $ 809.9 $ 3,850.0 (1) During the three and nine months ended September 30, 2024, 16.5 million and 24.6 million shares were sold, respectively, and 4.3 million and 13.9 million and shares were settled pursuant to forward sale confirmations. In addition, as of September 30, 2024, 16.8 million shares of common stock subject to forward sale confirmations have been executed, but not settled, at a weighted average initial gross price of $57.58 per share. We currently expect to fully settle forward sale agreements outstanding by December 31, 2024, representing $958.1 million in net proceeds, for which the weighted average forward price at September 30, 2024 was $56.88 per share. C. Dividend Reinvestment and Stock Purchase Plan ("DRSPP") Our DRSPP provides our common stockholders with a convenient and economical method of purchasing our common stock and reinvesting their distributions. It 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 26.0 million common shares to be issued. At September 30, 2024, we had 10.8 million shares remaining for future issuance under our DRSPP program. The following table outlines common stock issuances pursuant to our DRSPP program (dollars in millions, shares in thousands): Three months ended Nine months ended 2024 2023 2024 2023 Shares of common stock issued under the DRSPP program 44 52 159 138 Gross proceeds $ 2.6 $ 3.0 $ 8.8 $ 8.4 As part of the Merger Agreement with Spirit, each outstanding share of Spirit’s 6.000% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share, converted into the right to receive one share of newly issued Realty Income 6.000% Series A Cumulative Redeemable Preferred Stock, having substantially the same terms as the Spirit Series A Preferred Stock, resulting in 6.9 million shares of Realty Income Series A Preferred Stock issued. In September 2024, we redeemed all 6.9 million shares of Realty Income Series A preferred stock outstanding. The shares were redeemed at redemption value of $25.00 per share, plus accrued and unpaid dividends to September 30, 2024. The excess of the $25.00 liquidation price per share over the carrying value of Realty Income Series A preferred stock redeemed resulted in a loss on redemption of $5.1 million for the three months ended September 30, 2024.

Common Stock Incentive Plan

Common Stock Incentive Plan	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Common Stock Incentive Plan	Common Stock Incentive Plan This note should be read in conjunction with the more complete discussion of the Realty Income 2021 Incentive Award Plan (the “2021 Plan”), included in note 19 to our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2023. The amount of share-based compensation costs recognized in 'General and administrative' in our consolidated statements of income and comprehensive income was $6.4 million and $6.2 million during the three months ended September 30, 2024, and 2023, respectively, and $22.9 million and $20.2 million during the nine months ended September 30, 2024, and 2023, respectively. In connection with the Merger, each outstanding Spirit restricted stock award and performance share award was cancelled and converted into Realty Income common stock, using the Exchange Ratio in accordance with the Merger Agreement. The issuance is excluded from the sections below, as the awards were not granted under the 2021 Plan. The aggregate fair value of fully vested Spirit awards converted into Realty Income common stock was $66.5 million, of which i.) $41.7 million related to pre-combination services and is included in the consideration transferred in the merger and ii.) $24.8 million of expense was recognized in January in merger, transaction, and other costs related to the value attributable to post-combination services. For more details, please see note 2, Merger with Spirit Realty Capital, Inc. A. Restricted Stock and Restricted Stock Units During the nine months ended September 30, 2024, we granted 343,890 shares of common stock under the 2021 Plan. This included 44,000 total shares of restricted stock granted to the independent members of our Board of Directors, 4,000 of which were granted to a new member in the first quarter of 2024, and the remaining 40,000 shares of which were granted in connection with our annual awards in May 2024. The vesting schedule for these shares is up to three-years, based on each director's years of service, and is subject to the director’s continued service through each applicable vesting date. Our restricted stock awards granted to employees vest over a service period not exceeding four-years. During the nine months ended September 30, 2024, we also granted 30,538 restricted stock units, all of which vest over a four-year service period. As of September 30, 2024, the remaining unamortized share-based compensation expense related to restricted stock awards and units totaled $23.8 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 the nine months ended September 30, 2024, we granted 274,358 performance shares, as well as dividend equivalent rights, to our executive officers. The performance shares are earned based on our Total Shareholder Return (“TSR”) performance relative to select industry indices and peer groups as well as achievement of certain operating metrics, and vest 50% after the end of the three-year performance period and the remaining 50% on January 1 of the following year, subject to continued service. As of September 30, 2024, the remaining share-based compensation expense related to the performance shares totaled $22.5 million. The performance shares are being recognized on a tranche-by-tranche basis over the service period. The fair value of the performance shares was estimated on the date of grant using a Monte Carlo Simulation model.

Net Income per Common Share

Net Income per Common Share	9 Months Ended
	Sep. 30, 2024
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 (shares in thousands): Three months ended Nine months ended 2024 2023 2024 2023 Weighted average shares used for the basic net income per share computation 870,665 709,165 858,679 681,419 Incremental shares from share-based compensation 525 378 442 360 Dilutive effect of forward ATM offerings 862 — 341 350 Weighted average shares used for diluted net income per share computation 872,052 709,543 859,462 682,129 Unvested shares from share-based compensation that were anti-dilutive 72 309 151 243 Weighted average partnership common units convertible to common shares that were anti-dilutive 1,922 1,795 1,838 1,795 Weighted average forward ATM offerings that were anti-dilutive 488 535 477 460

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information	9 Months Ended
	Sep. 30, 2024
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 (in thousands): Nine months ended 2024 2023 Supplemental disclosures: Cash paid for interest $ 732,123 $ 501,162 Cash paid for income taxes $ 29,818 $ 11,462 Non-cash activities: Net decrease in fair value of derivatives $ (44,050) $ (51,386) Term loans assumed at fair value $ 1,300,000 $ — Notes payable assumed at fair value $ 2,481,486 $ — Increase in noncontrolling interests from property acquisitions $ — $ 39,156 Issuance/conversion of common partnership units of Realty Income, L.P. (1) $ 47,253 $ — (1) See note 11, Noncontrolling Interests for further details. The following table provides a reconciliation of cash and cash equivalents reported on our consolidated balance sheets to the total of the cash, cash equivalents, and restricted cash reported within our consolidated statements of cash flows (in thousands): September 30, 2024 September 30, 2023 Cash and cash equivalents shown in the consolidated balance sheets $ 396,956 $ 344,129 Restricted escrow deposits (1) 37,317 41,311 Impounds related to mortgages payable (1) 13,604 45,224 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 447,877 $ 430,664 (1) Included within 'other assets, net' on our consolidated balance sheets (see note 3, 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.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024, we had commitments of $77.8 million, which primarily relate to tenant improvements, re-leasing costs, recurring capital expenditures, and non-recurring building improvements. In addition, as of September 30, 2024, we had committed $394.9 million under construction contracts related to development projects, which have estimated rental revenue commencement dates between November 2024 and July 2025.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events A. Dividends In October 2024, we declared a dividend of $0.2635 per share to our common stockholders, which will be paid in November 2024. B. ATM Forward Offerings

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 269,485	$ 233,473	$ 661,160	$ 653,904

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
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") on our 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 our consolidated statements of income and comprehensive income. In the statement of cash flows, cash flows denominated in foreign currencies are translated using the exchange rates in effect at the time of the respective cash flows or at average exchange rates for the period, depending on the nature of the cash flow items. In the opinion of management, all adjustments (consisting of only normal recurring accruals) necessary to present a fair statement of results for the interim periods presented have been included. Operating results for the three and nine months ended September 30, 2024 are not necessarily an indication of the results that may be expected for the entire year. Readers of this quarterly report should refer to our audited consolidated financial statements for the year ended December 31, 2023, which are included in our 2023 Annual Report on Form 10-K , as certain disclosures that would substantially duplicate those contained in the audited financial statements have not been included in this report.
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 ("VOEs") 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	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 revenues and expenses during the reporting period. Actual results could differ from those estimates.
Segment Reporting	Segment Reporting.
Income Taxes	Income Taxes. We have elected to be taxed as a real estate investment trust ("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 TRS entities 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 U.K. 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 d eterminable rent increases are recognized on a straight-line basis over the lease term. Any rental revenue contingent upon a client’s sales, or percentage rent, is recognized only after such client exceeds its sales breakpoint. Rental increases based upon changes in the consumer price indices 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 above-market leases acquired through sale-leaseback transactions. We assess the probability of collecting substantially all of the lease payments to which we are entitled under the original lease contract as required under ASC 842, Leases . We assess the collectability of our future lease payments based on an analysis of creditworthiness, economic trends and other facts and circumstances related to the applicable clients. If we conclude the collection of substantially all of the 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.
Loans Receivable and Financing Receivables	Loans Receivable . We hold our loans receivable for long-term investment. We recognize interest income on loans receivable using the effective-interest method. Direct costs associated with originating loans, along with any premium or discount, are deferred and amortized as an adjustment to interest income over the term of the loan using the effective interest method. When management identifies the full recovery of the contractually specified payments of principal and interest of a loan is less than probable, we evaluate the expected loss amount and place it on non-accrual status. We made the accounting policy election to record accrued interest on our loan portfolio separate from our loan receivable and other lending investments. These loans and the related interest receivable are presented in 'Other assets, net' on our consolidated balance sheets. Financing Receivables.
Allowance for Credit Losses	Allowance for Credit Losses . The allowance for credit losses, which is recorded as a reduction to loans receivable and financing receivable within 'Other assets, net' on our consolidated balance sheets, is measured using a probability of default method based on our clients' respective credit ratings, our historical experience, and the expected value of the underlying collateral upon its repossession. If we determine a financing receivable no longer shares risk characteristics with other financing receivables in the pool, we evaluate the financing receivable for expected credit losses on an individual basis. Included in our model are factors that incorporate forward-looking information. Changes in our allowance for credit losses are presented in 'Provisions for impairment' in our consolidated statements of income and comprehensive income.
Merger, Transaction, and Other Costs	Merger, Transaction, and Other Costs.
Recent Accounting Standards Not Yet Adopted	Recent Accounting Standards Not Yet Adopted. In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes , to enhance income tax disclosures, provide more information about tax risks and opportunities present in worldwide operations, and to disaggregate existing income tax disclosures. The guidance is effective for annual periods beginning after December 15, 2024 on a prospective basis, with the option to apply the standard retrospectively. Early adoption is permitted. We are currently evaluating the impact on our financial statement disclosures. In November 2023, FASB issued Accounting Standards Update ASU 2023-07, Segment Reporting , establishing improvements to reportable segments disclosures to enhance segment reporting under Topic 280. This ASU aims to change how public entities identify and aggregate operating segments and apply quantitative thresholds to determine their reportable segments. This ASU also requires public entities that operate as a single reportable segment to provide all segment disclosures in Topic 280, not just entity level disclosures. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 and the amendments should be applied retrospectively to all periods presented in the financial statements. We are currently evaluating the impact on our financial statement disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Schedule of Summary selected financial data of consolidated VIEs	Below is a summary of selected financial data of such consolidated VIEs, included on our consolidated balance sheets at September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 December 31, 2023 Net real estate $ 2,907,604 $ 2,866,272 Total assets $ 3,549,127 $ 3,588,720 Total liabilities $ 154,092 $ 134,366
Schedule of Allowance for Credit Losses Related to Loans and Financing Receivable	The following summarizes the activity within the allowance for credit losses related to loans and financing receivable for the nine months ended September 30, 2024 (in millions): Loans Receivable Financing Receivable Total Allowance for credit losses at December 31, 2023 $ 2.5 $ 2.4 $ 4.9 Provision for credit losses (1) 4.5 69.8 74.3 Initial allowance for PCD assets (2) 1.8 — 1.8 Write-offs (3) (1.8) — (1.8) Foreign currency remeasurement 0.4 — 0.4 Allowance for credit losses at September 30, 2024 $ 7.4 $ 72.2 $ 79.6 (1) During the nine months ended September 30, 2024, provisions for credit losses on loans receivable were primarily attributable to loans acquired during 2024. The increase in provision for credit losses on financing receivables is primarily due to a client in the convenience store industry that has defaulted on their lease payments and was fully reserved for as of September 30, 2024. (2) Includes the recognition of an initial expected credit loss of $1.8 million for a purchased credit deteriorated ("PCD") loan we acquired in conjunction with our merger with Spirit. (3)

Merger with Spirit Realty Cap_2

Merger with Spirit Realty Capital, Inc (Tables)	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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 Spirit common stock exchanged (1) 142,136,567 Exchange Ratio 0.762 Shares of Realty Income common stock issued 108,308,064 Opening price of Realty Income common stock on January 23, 2024 $ 55.80 Fair value of Realty Income common stock issued to the former holders of Spirit common stock $ 6,043,590 Shares of Realty Income Series A preferred stock issued in exchange for Spirit Series A preferred stock 6,900,000 Opening price of Realty Income Series A preferred stock on January 23, 2024 $ 24.26 Fair value of Realty Income Series A preferred stock issued to the former holders of Spirit Series A preferred stock $ 167,394 Cash paid for fractional shares $ 51 Less: Fair value of Spirit restricted stock and performance awards attributable to post-combination costs (2) $ (24,751) Consideration transferred $ 6,186,284 (1) Includes 142,136,567 shares of Spirit common stock outstanding as of January 23, 2024, which were converted into Realty Income common stock at the Effective Time at an Exchange Ratio of 0.762 per share of Spirit common stock. The portion of the converted unvested Spirit Restricted Stock Awards related to post-combination expense is removed in footnote (2) below. (2) Represents the fair value of fully vested Spirit restricted stock and performance share awards that were accelerated and converted into Realty Income common stock at the Effective Time, reflecting the value attributable to post-combination services. Spirit restricted stock and performance share awards are included in Spirit's outstanding common stock as of the merger date. The fair value attributable to pre-combination services was $41.7 million and is included in the consideration transferred above.
Schedule of Preliminary Estimated Fair Values of the Assets Acquired and Liabilities Assumed at the Date of Acquisition	The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands): At Acquisition Date As Reported Measurement Period Adjustments At Acquisition Date As Reported ASSETS Land $ 1,853,895 $ 3,247 $ 1,857,142 Buildings and improvements 4,859,162 90,314 4,949,476 Total real estate held for investment 6,713,057 93,561 6,806,618 Real estate and lease intangibles held for sale 35,650 (1,583) 34,067 Cash and cash equivalents 93,683 — 93,683 Accounts receivable 12,959 (145) 12,814 Lease intangible assets (1) 2,214,615 (32,804) 2,181,811 Goodwill 1,259,864 (59,143) 1,200,721 Other assets (2) 174,672 (1,881) 172,791 Total assets acquired $ 10,504,500 $ (1,995) $ 10,502,505 LIABILITIES Accounts payable and accrued expenses $ 56,407 $ (1,934) $ 54,473 Lease intangible liabilities (3) 378,369 (203) 378,166 Other liabilities 101,954 142 102,096 Term loans 1,300,000 — 1,300,000 Notes payable 2,481,486 — 2,481,486 Total liabilities assumed $ 4,318,216 $ (1,995) $ 4,316,221 Net assets acquired, at fair value $ 6,186,284 $ — $ 6,186,284 Total purchase price $ 6,186,284 $ — $ 6,186,284 (1) The weighted average amortization period for acquired lease intangible assets is 10.8 years. (2) Includes $53.9 million of gross contractual loans receivable, the fair value of which was $47.1 million, and we expect to collect substantially all of the loans receivable as of the acquisition date. (3)
Schedule of Pro Forma Information	The following unaudited pro forma information presents a summary of our combined results of operations for the nine months ended September 30, 2024 and three and nine months ended September 30, 2023, respectively, as if our merger with Spirit had occurred on January 1, 2023 (in millions, except per share data). 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. Three months ended Nine months ended 2023 2024 2023 Total revenues $ 1,239.3 $ 3,978.8 $ 3,595.3 Net income $ 250.5 $ 759.4 $ 673.3 Basic and diluted earnings per share $ 0.31 $ 0.88 $ 0.85

Supplemental Detail for Certa_2

Supplemental Detail for Certain Components of Consolidated Balance Sheets (Tables)	9 Months Ended
	Sep. 30, 2024
Disclosure Text Block Supplement [Abstract]
Schedule of Accounts Receivable, Net	A. Accounts receivable, net, consist of the following at: September 30, 2024 December 31, 2023 Straight-line rent receivables, net $ 662,569 $ 516,692 Client receivables, net 172,759 193,844 $ 835,328 $ 710,536 The following table presents information about our loans as of September 30, 2024 and December 31, 2023 (dollars in thousands): September 30, 2024 Maturity Date Amortized Cost Allowance Carrying Amount (1) Senior Secured Notes Receivable October 2029 - May 2030 $ 586,414 $ (6,476) $ 579,938 Mortgage Loans September 2038 33,500 — 33,500 Unsecured Loan December 2026 10,053 (898) 9,155 Total $ 629,967 $ (7,374) $ 622,593 December 31, 2023 Maturity Date Amortized Cost Allowance Carrying Amount (1) Senior Secured Note Receivable October 2029 $ 174,337 $ (2,498) $ 171,839 Mortgage Loan September 2038 33,500 — 33,500 Total $ 207,837 $ (2,498) $ 205,339 (1)
Schedule of Lease Intangible Assets, Net	B. Lease intangible assets, net, consist of the following at: September 30, 2024 December 31, 2023 In-place leases $ 7,393,345 $ 5,500,404 Above-market leases 2,225,473 1,811,400 Accumulated amortization of in-place leases (2,318,087) (1,746,377) Accumulated amortization of above-market leases (702,732) (549,319) Other items 2,059 1,799 $ 6,600,058 $ 5,017,907
Schedule of Other Assets, Net	C. Other assets, net, consist of the following at: September 30, 2024 December 31, 2023 Financing receivables, net $ 1,500,862 $ 1,570,943 Right of use asset - financing leases, net 671,831 706,837 Right of use asset - operating leases, net 624,939 594,712 Loan receivable, net 622,593 205,339 Prepaid expenses 58,520 33,252 Value-added tax receivable 49,412 100,672 Non-refundable escrow deposits 38,750 200 Restricted escrow deposits 37,317 6,247 Interest receivable 25,712 6,139 Derivative assets and receivables - at fair value 15,524 21,170 Impounds related to mortgages payable 13,604 53,005 Corporate assets, net 12,576 12,948 Credit facility origination costs, net 8,564 12,264 Investment in sales type lease 6,120 6,056 Other items 49,849 38,859 $ 3,736,173 $ 3,368,643
Schedule of Account Payable and Accrued Expenses	D. Accounts payable and accrued expenses consist of the following at: September 30, 2024 December 31, 2023 Notes payable - interest payable $ 245,089 $ 218,811 Derivative liabilities and payables - at fair value 158,024 119,620 Property taxes payable 104,752 78,809 Accrued costs on properties under development 78,833 65,967 Accrued income taxes 77,287 61,070 Accrued property expenses 63,912 54,208 Value-added tax payable 55,676 64,885 Accrued merger-related costs 18,786 4,551 Mortgages, term loans, and credit line - interest payable 4,239 8,580 Other items 73,524 62,025 $ 880,122 $ 738,526
Schedule of Lease Intangible Liabilities, Net	E. Lease intangible liabilities, net, consist of the following at: September 30, 2024 December 31, 2023 Below-market leases $ 2,120,722 $ 1,728,027 Accumulated amortization of below-market leases (444,173) (321,174) $ 1,676,549 $ 1,406,853
Schedule of Other Liabilities	F. Other liabilities consist of the following at: September 30, 2024 December 31, 2023 Lease liability - operating leases $ 458,545 $ 425,213 Rent received in advance and other deferred revenue 317,206 312,195 Lease liability - financing leases 55,262 44,345 Security deposits 31,008 28,250 Other acquisition liabilities 1,662 1,647 $ 863,683 $ 811,650

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Schedule of Acquisitions	Below is a summary of our acquisitions for the nine months ended September 30, 2024: Number of Leasable Investment Weighted Average Initial Weighted Average Cash Lease Yield (1) Acquisitions - U.S. 87 2,370 $ 414.3 13.4 7.5 % Acquisitions - Europe 29 2,457 744.4 6.8 7.8 % Total acquisitions 116 4,827 $ 1,158.7 9.1 7.7 % Properties under development (2) 182 6,306 548.9 15.6 7.4 % Total (3) 298 11,133 $ 1,707.6 11.1 7.6 % (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 (defined as the monthly aggregate cash amount charged to clients, inclusive of monthly base rent receivables), 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 lease yield includes approximately $1.2 million received as settlement credits as reimbursement of free rent periods for the nine months ended September 30, 2024. 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) Includes £50.6 million of Sterling-denominated investments, and €38.9 million of Euro-denominated investments, converted at the applicable exchange rates on the funding dates. (3) Our clients occupying the new properties are 84.9% retail and 15.1% industrial based on net operating income. Approximately 28% of the net operating income generated from acquisitions during the nine months ended September 30, 2024 was from investment grade rated clients, their subsidiaries, or affiliated companies at the date of acquisition.
Schedule Allocation of Acquisitions	The aggregate purchase price of the assets acquired during the nine months ended September 30, 2024 has been allocated as follows (in millions): Acquisitions - USD Acquisitions - Sterling Acquisitions - Euro Land $ 117.1 £ 134.2 € 15.5 Buildings and improvements 413.1 302.2 41.6 Lease intangible assets (1) 87.5 97.0 12.3 Other assets (2) 13.8 — — Lease intangible liabilities (3) (32.5) (5.5) (2.5) $ 599.0 £ 527.9 € 66.9 (1) The weighted average amortization period for acquired lease intangible assets is 8.8 years. (2) USD-denominated other assets consist entirely of financing receivables with above-market terms. (3)
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 September 30, 2024 (dollars in thousands): Net increase (decrease) to rental revenue Increase to amortization expense 2024 $ (9,108) $ 211,751 2025 (34,482) 781,553 2026 (37,215) 685,034 2027 (38,012) 586,735 2028 (30,989) 497,501 Thereafter 303,614 2,312,684 Totals $ 153,808 $ 5,075,258
Schedule of Properties Sold	The following table summarizes our properties sold during the periods indicated below (dollars in millions): Three months ended Nine months ended 2024 2023 2024 2023 Number of properties 92 24 214 79 Net sales proceeds $ 249.5 $ 32.3 $ 451.4 $ 92.8 Gain on sales of real estate $ 50.6 $ 7.6 $ 92.3 $ 19.7

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investment in Unconsolidated Entities	The following is a summary of our investments in unconsolidated entities as of September 30, 2024 and December 31, 2023 (dollars in thousands): Ownership % Number of Properties Carrying Amount (1) of Investment as of Investment As of September 30, 2024 September 30, 2024 December 31, 2023 Bellagio Las Vegas Joint Venture - Common Equity Interest 21.9% 1 $ 278,944 $ 296,097 Bellagio Las Vegas Joint Venture - Preferred Equity Interest n/a n/a 650,000 650,000 Data Center Joint Venture 80.0% 2 296,030 226,021 Total investment in unconsolidated entities $ 1,224,974 $ 1,172,118 (1)

Investments in Loans (Tables)

Investments in Loans (Tables)	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Schedule of Loans Receivable and Investments	A. Accounts receivable, net, consist of the following at: September 30, 2024 December 31, 2023 Straight-line rent receivables, net $ 662,569 $ 516,692 Client receivables, net 172,759 193,844 $ 835,328 $ 710,536 The following table presents information about our loans as of September 30, 2024 and December 31, 2023 (dollars in thousands): September 30, 2024 Maturity Date Amortized Cost Allowance Carrying Amount (1) Senior Secured Notes Receivable October 2029 - May 2030 $ 586,414 $ (6,476) $ 579,938 Mortgage Loans September 2038 33,500 — 33,500 Unsecured Loan December 2026 10,053 (898) 9,155 Total $ 629,967 $ (7,374) $ 622,593 December 31, 2023 Maturity Date Amortized Cost Allowance Carrying Amount (1) Senior Secured Note Receivable October 2029 $ 174,337 $ (2,498) $ 171,839 Mortgage Loan September 2038 33,500 — 33,500 Total $ 207,837 $ (2,498) $ 205,339 (1)

Mortgages Payable (Tables)

Mortgages Payable (Tables) - Mortgages	9 Months Ended
	Sep. 30, 2024
Debt
Schedule of Debt	The following table summarizes our mortgages payable as of September 30, 2024 and December 31, 2023 (dollars in millions): As Of Number of Properties (1) Weighted Average Stated Interest Rate (2) Weighted Average Effective Interest Rate (3) Weighted Remaining Unamortized Premium (Discount) and Deferred Financing Costs Balance, net Mortgage September 30, 2024 48 4.3 % 4.6 % 0.8 $ 198.1 $ (0.6) $ 197.5 December 31, 2023 131 4.8 % 3.3 % 0.4 $ 822.4 $ (0.8) $ 821.6 (1) At September 30, 2024, there were 13 mortgages on 48 properties and at December 31, 2023, there were 16 mortgages on 131 properties. With the exception of one GBP-denominated mortgage which is paid quarterly, the mortgages require monthly payments with principal payments due at maturity. At September 30, 2024 and December 31, 2023, all mortgages were at fixed interest rates. (2) Stated interest rates ranged from 3.0% to 6.9% at September 30, 2024 and December 31, 2023, respectively. (3) Effective interest rates ranged from 2.8% to 6.8% and 0.5% to 6.6% at September 30, 2024 and December 31, 2023, respectively.
Schedule of Maturity of Debt, Net	The following table summarizes the maturity of mortgages payable as of September 30, 2024, excluding $0.6 million related to unamortized net discounts and deferred financing costs (dollars in millions): Year of Maturity Principal 2024 $ 114.2 2025 46.0 2026 12.0 2027 22.3 2028 1.3 Thereafter 2.3 Totals $ 198.1

Notes Payable (Tables)

Notes Payable (Tables) - Notes and bonds payable	9 Months Ended
	Sep. 30, 2024
Debt
Schedule of Unsecured Notes and Bonds	At September 30, 2024, our senior unsecured notes and bonds are USD-denominated, GBP-denominated, and EUR-denominated. Foreign-denominated notes are converted at the applicable exchange rate on the balance sheet date. The carrying value within the table below includes a portion of certain outstanding notes that have been assumed in both current and historical mergers that were not exchanged for new notes issued by Realty Income. We expect to fund the next twelve months of obligations through a combination of the following: (i) cash and cash equivalents, (ii) future cash flows from operations, (iii) issuances of common stock, debt, or other securities offerings, (iv) additional borrowings under our revolving credit facility, (v) short term loans, and (vi) asset dispositions and/or credit investment repayments. The following are sorted by maturity date (in thousands): Maturity Dates Principal (Currency Denomination) Carrying Value (USD) as of September 30, 2024 December 31, 2023 4.600% Notes due 2024 February 6, 2024 $ 499,999 $ — $ 499,999 3.875% Notes due 2024 July 15, 2024 $ 350,000 — 350,000 3.875% Notes due 2025 April 15, 2025 $ 500,000 500,000 500,000 4.625% Notes due 2025 November 1, 2025 $ 549,997 549,997 549,997 5.050% Notes due 2026 January 13, 2026 $ 500,000 500,000 500,000 0.750% Notes due 2026 March 15, 2026 $ 325,000 325,000 325,000 4.875% Notes due 2026 June 1, 2026 $ 599,997 599,997 599,997 4.450% Notes due 2026 (1) September 15, 2026 $ 299,968 299,968 — 4.125% Notes due 2026 October 15, 2026 $ 650,000 650,000 650,000 1.875% Notes due 2027 (2) January 14, 2027 £ 250,000 335,075 318,450 3.000% Notes due 2027 January 15, 2027 $ 600,000 600,000 600,000 3.200% Notes due 2027 (1) January 15, 2027 $ 299,984 299,984 — 1.125% Notes due 2027 (2) July 13, 2027 £ 400,000 536,120 509,520 3.950% Notes due 2027 August 15, 2027 $ 599,873 599,873 599,873 3.650% Notes due 2028 January 15, 2028 $ 550,000 550,000 550,000 Maturity Dates Principal (Currency Denomination) Carrying Value (USD) as of September 30, 2024 December 31, 2023 3.400% Notes due 2028 January 15, 2028 $ 599,816 599,816 599,816 2.100% Notes due 2028 (1) March 15, 2028 $ 449,994 449,994 — 2.200% Notes due 2028 June 15, 2028 $ 499,959 499,959 499,959 4.700% Notes due 2028 December 15, 2028 $ 400,000 400,000 400,000 4.750% Notes due 2029 February 15, 2029 $ 450,000 450,000 — 3.250% Notes due 2029 June 15, 2029 $ 500,000 500,000 500,000 4.000% Notes due 2029 (1) July 15, 2029 $ 399,999 399,999 — 5.000% Notes due 2029 (2) October 15, 2029 £ 350,000 469,105 — 3.100% Notes due 2029 December 15, 2029 $ 599,291 599,291 599,291 3.400% Notes due 2030 (1) January 15, 2030 $ 500,000 500,000 — 4.850% Notes due 2030 March 15, 2030 $ 600,000 600,000 600,000 3.160% Notes due 2030 June 30, 2030 £ 140,000 187,642 178,332 4.875% Notes due 2030 (2) July 6, 2030 € 550,000 613,415 607,915 1.625% Notes due 2030 (2) December 15, 2030 £ 400,000 536,120 509,520 3.250% Notes due 2031 January 15, 2031 $ 950,000 950,000 950,000 3.200% Notes due 2031 (1) February 15, 2031 $ 449,995 449,995 — 5.750% Notes due 2031 (2) December 5, 2031 £ 300,000 402,090 382,140 2.700% Notes due 2032 (1) February 15, 2032 $ 350,000 350,000 — 3.180% Notes due 2032 June 30, 2032 £ 345,000 462,404 439,461 5.625% Notes due 2032 October 13, 2032 $ 750,000 750,000 750,000 2.850% Notes due 2032 December 15, 2032 $ 699,655 699,655 699,655 1.800% Notes due 2033 March 15, 2033 $ 400,000 400,000 400,000 1.750% Notes due 2033 (2) July 13, 2033 £ 350,000 469,105 445,830 4.900% Notes due 2033 July 15, 2033 $ 600,000 600,000 600,000 5.125% Notes due 2034 February 15, 2034 $ 800,000 800,000 — 2.730% Notes due 2034 May 20, 2034 £ 315,000 422,194 401,247 5.125% Notes due 2034 (2) July 6, 2034 € 550,000 613,415 607,915 5.875% Bonds due 2035 March 15, 2035 $ 250,000 250,000 250,000 3.390% Notes due 2037 June 30, 2037 £ 115,000 154,135 146,487 6.000% Notes due 2039 (2) December 5, 2039 £ 450,000 603,135 573,210 5.250% Notes due 2041 (2) September 4, 2041 £ 350,000 469,105 — 2.500% Notes due 2042 (2) January 14, 2042 £ 250,000 335,075 318,450 4.650% Notes due 2047 March 15, 2047 $ 550,000 550,000 550,000 5.375% Notes due 2054 September 1, 2054 $ 500,000 500,000 — Total principal amount $ 23,381,663 $ 18,562,064 Unamortized net (discounts) premiums, deferred financing costs, and cumulative basis adjustment on fair value hedges (3) (289,447) 40,255 $ 23,092,216 $ 18,602,319 (1) In connection with our merger with Spirit, we completed our debt exchange offer to exchange all outstanding notes issued by Spirit Realty, L.P. ("Spirit OP") on January 23, 2024 for new notes issued by Realty Income. Prior to the completion of our merger with Spirit on January 23, 2024, these notes were not the obligation of Realty Income. Additional details regarding the exchange offers are provided in the Note Exchange Offers Associated with our Merger with Spirit section below. (2) Interest paid annually. Interest on the remaining senior unsecured notes and bond obligations included in the table is paid semi-annually. (3) As a result of our merger with Spirit, the carrying values of the senior notes exchanged were adjusted to fair value. In conjunction with the pricing of our senior unsecured notes due January 2026, we entered into three-year, fixed-to-variable interest rate swaps, which are accounted for as fair value hedges. See note 13, Derivative Instruments
Schedule of Maturity of Debt, Net	The following table summarizes the maturity of our notes and bonds payable as of September 30, 2024, excluding unamortized net discounts, deferred financing costs, and basis adjustments on interest rate swaps designated as fair value hedges (dollars in millions): Year of Maturity Principal 2024 $ — 2025 1,050.0 2026 2,375.0 2027 2,371.1 2028 2,499.8 Thereafter 15,085.8 Totals $ 23,381.7
Schedule of Note Issuances	During the nine months ended September 30, 2024, we issued the following notes and bonds (in millions): 2024 Issuances Date of Issuance Maturity Date Principal amount Price of par value Effective yield to maturity 4.750% Notes January 2024 February 2029 $ 450.0 99.23 % 4.923 % 5.125% Notes January 2024 February 2034 $ 800.0 98.91 % 5.265 % 5.375% Notes August 2024 September 2054 $ 500.0 98.37 % 5.486 % 5.000% Notes September 2024 October 2029 £ 350.0 99.14 % 5.199 % 5.250% Notes September 2024 September 2041 £ 350.0 96.21 % 5.601 % As part of our merger with Spirit, Realty Income exchanged the following notes issued by Spirit OP, a wholly owned subsidiary of the Company with notes of identical terms issued by Realty Income (in millions): Series of Spirit Notes Tenders and Consents Received as of the Expiration Date Percentage of Total Outstanding Principal Amount of Such Series of Spirit Notes 4.450% Notes due September 2026 $291.7 97.24% 3.200% Notes due January 2027 $292.7 97.56% 2.100% Notes due March 2028 $443.8 98.62% 4.000% Notes due July 2029 $391.7 97.93% 3.400% Notes due January 2030 $484.5 96.91% 3.200% Notes due February 2031 $445.0 98.90% 2.700% Notes due February 2032 $347.6 99.31%

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 (in thousands): Realty Income, L.P. units (1) Other Noncontrolling Interests Total Carrying value at December 31, 2023 $ 114,072 $ 51,430 $ 165,502 Contributions — 1,770 1,770 Distributions (4,627) (2,811) (7,438) Allocation of net income 4,287 544 4,831 Issuance of common partnership units (2) 54,643 (7,390) 47,253 Carrying value at September 30, 2024 $ 168,375 $ 43,543 $ 211,918 (1) 2,681,808 and 1,795,167 units were outstanding as of September 30, 2024 and December 31, 2023, respectively. (2)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Instrument Assets and Liabilities	The following tables present the carrying values and estimated fair values of financial instruments as of September 30, 2024 and December 31, 2023 (in millions): September 30, 2024 Hierarchy Level Carrying Value Level 1 Level 2 Level 3 Assets: Loans receivable $ 622.6 $ — $ 628.8 $ 35.3 Derivative assets 15.5 — 15.5 — Total assets $ 638.1 $ — $ 644.3 $ 35.3 Liabilities: Mortgages payable $ 198.1 $ — $ — $ 196.3 Notes and bonds payable 23,381.7 — 21,480.6 1,023.1 Derivative liabilities 158.0 — 158.0 — Total liabilities $ 23,737.8 $ — $ 21,638.6 $ 1,219.4 December 31, 2023 Hierarchy Level Carrying Value Level 1 Level 2 Level 3 Assets: Loans receivable $ 205.3 $ — $ 171.8 $ 33.5 Derivative assets 21.2 — 21.2 — Total assets $ 226.5 $ — $ 193.0 $ 33.5 Liabilities: Mortgages payable $ 822.4 $ — $ — $ 814.5 Notes and bonds payable 18,562.1 — 16,620.8 982.9 Derivative liabilities 119.6 — 119.6 — Total liabilities $ 19,504.1 $ — $ 16,740.4 $ 1,797.4
Schedule of Fair Value by Balance Sheet Groupings	The following table reflects the carrying amounts and estimated fair values of our financial instruments not measured at fair value on our consolidated balance sheets (in millions): September 30, 2024 December 31, 2023 Carrying value Fair value Carrying value Fair value Mortgages payable (1) $ 198.1 $ 196.3 $ 822.4 $ 814.5 Notes and bonds payable (1) $ 23,381.7 $ 22,503.7 $ 18,562.1 $ 17,603.7 (1)
Schedule of Provisions for Impairment	The following table summarizes our provisions for impairment on real estate investments during the periods indicated below (in millions): Three months ended Nine months ended 2024 2023 2024 2023 Carrying value prior to impairment $ 133.8 $ 37.5 $ 488.7 $ 161.4 Less: total provisions for impairment of real estate (1) (33.1) (16.8) (208.6) (59.8) Carrying value after impairment $ 100.7 $ 20.7 $ 280.1 $ 101.6 Number of properties: Classified as held for sale 11 — 13 — Classified as held for investment 26 9 93 18 Sold 24 23 59 66 (1)

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Financial Instruments	The following table summarizes the terms and fair values of our derivative financial instruments at September 30, 2024 and December 31, 2023 (dollars in millions): Derivative Type Number of Instruments (1) Notional Amount as of Weighted Average Strike Rate (2) Maturity Date (3) Fair Value - asset (liability) as of Derivatives Designated as Hedging Instruments September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Interest rate swaps (4) 12 $ 2,680.0 $ 1,630.0 3.71% Jun 2025 - Aug 2027 $ 13.9 $ 0.3 Interest rate swaptions (5) — — 1,000.0 — — 2.6 Cross-currency swaps - Fair Value 3 320.0 320.0 (6) Oct 2032 (59.5) (59.8) Cross-currency swaps - Net Investment 3 280.0 280.0 (7) Oct 2032 (52.8) (53.2) Foreign currency forwards 31 357.6 162.3 (8) Oct 2024 - Jun 2026 (15.2) 2.7 $ 3,637.6 $ 3,392.3 $ (113.6) $ (107.4) Derivatives not Designated as Hedging Instruments Currency exchange swaps 3 $ 1,251.0 $ 1,810.6 (9) Oct 2024 $ (28.9) $ 8.9 $ 1,251.0 $ 1,810.6 $ (28.9) $ 8.9 Total of all Derivatives $ 4,888.6 $ 5,202.9 $ (142.5) $ (98.5) (1) This column represents the number of instruments outstanding as of September 30, 2024. (2) Weighted average strike rate is calculated using the notional value as of September 30, 2024. (3) This column represents maturity dates for instruments outstanding as of September 30, 2024. (4) During the nine months ended September 30, 2024, we entered into five variable-to-fixed interest rate swaps when we extended maturity of the 2023 term loans and designated them as cash flow hedges. We also designated five variable-to-fixed interest rate swaps we acquired from Spirit as cash flow hedges to mitigate the interest rate risk associated with the term loans we assumed in conjunction with our merger with Spirit. The acquisition date fair value of these derivatives was $35.1 million in total and will be reclassified from AOCI to interest expense over the remaining life of the term loans. (5) There were six interest swaptions equal to $1 billion in notional entered into in March 2023, of which $800 million was terminated in January 2024 in connection with a senior unsecured note issuance. A total termination premium of $3.4 million we received was deferred in other comprehensive income and will be recognized in interest expense over the 10-year tenor of the notes due 2034. The remaining swaption of the $200 million notional expired in January 2024. (6) USD fixed rate of 5.625% and EUR weighted average fixed rate of 4.681%. (7) USD fixed rate of 5.625% and EUR weighted average fixed rate of 4.716%. (8) Weighted average forward GBP-USD exchange rate of 1.28. (9)
Schedule of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income	The following table summarizes the amount of unrealized gain (loss) on derivatives and foreign currency translation adjustments in other comprehensive income (in thousands): Three months ended Nine months ended Derivatives in Cash Flow Hedging Relationships 2024 2023 2024 2023 Interest rate swaps $ (30,051) $ (7,172) $ (18,206) $ (5,328) Foreign currency forwards (17,414) 3,156 (17,947) (6,039) Interest rate swaptions 640 15,126 2,284 18,679 Total derivatives in cash flow hedging relationships $ (46,825) $ 11,110 $ (33,869) $ 7,312 Derivatives in Fair Value Hedging Relationships Cross-currency swaps - Fair Value $ 351 $ (3,917) $ 3,641 $ (8,691) Total derivatives in fair value hedging relationships $ 351 $ (3,917) $ 3,641 $ (8,691) Total unrealized (loss) gain on derivatives, net $ (46,474) $ 7,193 $ (30,228) $ (1,379) Derivatives and Non-derivatives in Net Investment Hedging Relationships Cross-currency swaps - Net Investment $ (12,715) $ — $ (1,094) $ — Foreign currency debt (2,232) — (2,232) — Total unrealized loss recorded in foreign currency translation adjustment $ (14,947) $ — $ (3,326) $ —
Schedule 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): Three months ended Nine months ended Derivatives in Cash Flow Hedging Relationships Location of Gain Recognized in Income 2024 2023 2024 2023 Interest rate swaps Interest $ 8,316 $ 5,316 $ 25,836 $ 10,055 Foreign currency forwards Foreign currency and derivative (loss) gain, net 739 1,662 4,419 3,985 Interest rate swaptions Interest 82 (2,250) (827) (4,609) Total derivatives in cash flow hedging relationships $ 9,137 $ 4,728 $ 29,428 $ 9,431 Derivatives in Fair Value Hedging Relationships Cross-currency swaps - Fair Value Foreign currency and derivative (loss) gain, net $ 98 $ 570 $ 1,097 $ 1,054 Total derivatives in fair value hedging relationships $ 98 $ 570 $ 1,097 $ 1,054 Derivatives in Net Investment Hedging Relationships Cross-currency swaps - Net Investment (excluded component) Foreign currency and derivative (loss) gain, net $ 549 $ — $ 2,356 $ — Total derivatives in net investment hedging relationships $ 549 $ — $ 2,356 $ — Net increase to net income $ 9,784 $ 5,298 $ 32,881 $ 10,485
Schedule of Foreign Currency and Derivative (Loss) Gain	The following table details our foreign currency and derivative gains (losses), net included in income (in thousands): Three months ended Nine months ended 2024 2023 2024 2023 Realized foreign currency and derivative (loss) gain, net: (Loss) gain on the settlement of undesignated derivatives $ (34,164) $ 11,432 $ (54,548) $ 10,106 Gain on the settlement of designated derivatives reclassified from AOCI 1,386 2,233 7,872 5,039 (Loss) gain on the settlement of transactions with third parties (18) 410 (33) 1,685 Total realized foreign currency and derivative (loss) gain, net $ (32,796) $ 14,075 $ (46,709) $ 16,830 Unrealized foreign currency and derivative (loss) gain, net: (Loss) gain on the change in fair value of undesignated derivatives $ (28,915) $ 12,910 $ (23,369) $ 4,734 Gain (loss) on remeasurement of certain assets and liabilities 60,039 (29,798) 72,963 (16,607) Total unrealized foreign currency and derivative gain (loss), net $ 31,124 $ (16,888) $ 49,594 $ (11,873) Total foreign currency and derivative (loss) gain, net $ (1,672) $ (2,813) $ 2,885 $ 4,957

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Class of Stock [Line Items]
Schedule of Monthly Distributions Paid per Common Share	The following is a summary of monthly distributions paid per common share for the periods indicated below: Nine months ended Month 2024 2023 January $ 0.2565 $ 0.2485 February 0.2565 0.2485 March 0.2565 0.2545 April 0.2570 0.2550 May 0.2570 0.2550 June 0.2625 0.2550 July 0.2630 0.2555 August 0.2630 0.2555 September 0.2630 0.2555 Total $ 2.3350 $ 2.2830
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, shares in thousands): Three months ended Nine months ended 2024 2023 2024 2023 Shares of common stock issued under the ATM program (1) 4,309 15,070 13,913 63,210 Gross proceeds $ 268.4 $ 883.0 $ 815.3 $ 3,880.4 Sales agents' commissions and other offering expenses (1.8) (9.7) (5.4) (30.4) Net proceeds $ 266.6 $ 873.3 $ 809.9 $ 3,850.0 (1)
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, shares in thousands): Three months ended Nine months ended 2024 2023 2024 2023 Shares of common stock issued under the DRSPP program 44 52 159 138 Gross proceeds $ 2.6 $ 3.0 $ 8.8 $ 8.4

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	9 Months Ended
	Sep. 30, 2024
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 (shares in thousands): Three months ended Nine months ended 2024 2023 2024 2023 Weighted average shares used for the basic net income per share computation 870,665 709,165 858,679 681,419 Incremental shares from share-based compensation 525 378 442 360 Dilutive effect of forward ATM offerings 862 — 341 350 Weighted average shares used for diluted net income per share computation 872,052 709,543 859,462 682,129 Unvested shares from share-based compensation that were anti-dilutive 72 309 151 243 Weighted average partnership common units convertible to common shares that were anti-dilutive 1,922 1,795 1,838 1,795 Weighted average forward ATM offerings that were anti-dilutive 488 535 477 460

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2024
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 (in thousands): Nine months ended 2024 2023 Supplemental disclosures: Cash paid for interest $ 732,123 $ 501,162 Cash paid for income taxes $ 29,818 $ 11,462 Non-cash activities: Net decrease in fair value of derivatives $ (44,050) $ (51,386) Term loans assumed at fair value $ 1,300,000 $ — Notes payable assumed at fair value $ 2,481,486 $ — Increase in noncontrolling interests from property acquisitions $ — $ 39,156 Issuance/conversion of common partnership units of Realty Income, L.P. (1) $ 47,253 $ — (1) See note 11, Noncontrolling Interests
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash and cash equivalents reported on our consolidated balance sheets to the total of the cash, cash equivalents, and restricted cash reported within our consolidated statements of cash flows (in thousands): September 30, 2024 September 30, 2023 Cash and cash equivalents shown in the consolidated balance sheets $ 396,956 $ 344,129 Restricted escrow deposits (1) 37,317 41,311 Impounds related to mortgages payable (1) 13,604 45,224 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 447,877 $ 430,664 (1) Included within 'other assets, net' on our consolidated balance sheets (see note 3, 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.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands, ft² in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) ft² property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) ft² property	Sep. 30, 2023 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of properties owned | property	15,457		15,457
Leasable square feet (sq ft) | ft²	336.6		336.6
Merger, transaction, and other costs	$ 8,610	$ 2,884	$ 105,468	$ 4,532
Spirit Realty Capital, Inc.
Financing Receivable, Allowance for Credit Loss [Line Items]
Merger, transaction, and other costs	2,900		99,800
Integration related costs	2,900		99,800
Termination costs	$ 5,100		$ 5,100

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Variable interest entity
Net real estate	$ 50,682,611	$ 43,514,286
Total assets	68,468,766	57,779,357
Total liabilities	29,799,056	24,672,388
Primary Beneficiary
Variable interest entity
Net real estate	2,907,604	2,866,272
Total assets	3,549,127	3,588,720
Total liabilities	$ 154,092	$ 134,366

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Allowance for Credit Losses Related to Loans and Financing Receivable (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance	$ 4,900
Provision for credit losses	74,300
Initial allowance for PCD assets	1,800
Write-offs	(1,800)
Foreign currency remeasurement	400
Allowance for credit losses, ending balance	79,600
Spirit Realty Capital, Inc.
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Initial allowance for PCD assets	1,800
Loans Receivable
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance	2,498
Provision for credit losses	4,500
Initial allowance for PCD assets	1,800
Write-offs	(1,800)
Foreign currency remeasurement	400
Allowance for credit losses, ending balance	7,374
Financing Receivable
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance	2,400
Provision for credit losses	69,800
Initial allowance for PCD assets	0
Write-offs	0
Foreign currency remeasurement	0
Allowance for credit losses, ending balance	$ 72,200

Merger with Spirit Realty Cap_3

Merger with Spirit Realty Capital, Inc - Narrative (Details)		3 Months Ended		9 Months Ended
	Jan. 23, 2024 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) $ / shares
Business Acquisition [Line Items]
Common stock and paid in capital, par value (in dollars per share) | $ / shares		$ 0.01		$ 0.01		$ 0.01
Goodwill		$ 4,932,199,000		$ 4,932,199,000		$ 3,731,478,000
Goodwill expected to be deductible for tax purposes	$ 0
Merger, transaction, and other costs		8,610,000	$ 2,884,000	105,468,000	$ 4,532,000
Spirit Realty Capital, Inc.
Business Acquisition [Line Items]
Conversion for common stock and common units per merger agreement	0.762
Redeemable preferred stock dividend rate (percent)	6%
Decrease in goodwill				(59,100,000)
Goodwill	$ 1,200,000,000	1,200,721,000		1,200,721,000
Merger, transaction, and other costs		2,900,000		99,800,000
Revenues associated with Spirit since merger closing date		202,800,000		563,800,000
Net income generated from acquired properties during the period		$ 40,200,000		$ 96,000,000
Spirit Realty Capital, Inc. | Spirit Realty Capital, Inc.
Business Acquisition [Line Items]
Common stock and paid in capital, par value (in dollars per share) | $ / shares	$ 0.05
Redeemable preferred stock dividend rate (percent)	6%			6%
Preferred stock and paid in capital, par value (in dollars per share) | $ / shares	$ 0.01
Preferred stock and paid in capital, issued (in shares) | shares	1

Merger with Spirit Realty Cap_4

Merger with Spirit Realty Capital, Inc - Schedule of Fair Value of the Consideration Transferred on the Date of the Acquisition (Details) $ / shares in Units, $ in Thousands	Jan. 23, 2024 USD ($) $ / shares shares	Sep. 30, 2024 shares	Dec. 31, 2023 shares
Fair value of the consideration transferred on the date of the acquisition
Common stock and paid in capital, outstanding (in shares) | shares		875,197,000	752,460,000
Spirit Realty Capital, Inc.
Fair value of the consideration transferred on the date of the acquisition
Shares of Spirit common stock exchanged (in shares) | shares	142,136,567
Exchange Ratio	0.762
Shares of Realty Income common stock issued (in shares) | shares	108,308,064
Opening price of Realty Income common stock and Series A preferred stock on January 23, 2024 (in dollars per share) | $ / shares	$ 55.80
Fair value of Realty Income common stock and Series A preferred stock issued to the former holders of Spirit common stock and Series A preferred stock	$ 6,043,590
Shares of Realty Income Series A preferred stock issued in exchange for Spirit Series A preferred stock | shares	6,900,000
Cash paid for fractional shares	$ 51
Less: Fair value of Spirit restricted stock and performance awards attributable to post-combination costs	(24,751)
Consideration transferred	6,186,284
Fair value of pre-combination services	$ 41,700
Spirit Realty Capital, Inc. | Series A Preferred Stock
Fair value of the consideration transferred on the date of the acquisition
Opening price of Realty Income common stock and Series A preferred stock on January 23, 2024 (in dollars per share) | $ / shares	$ 24.26
Fair value of Realty Income common stock and Series A preferred stock issued to the former holders of Spirit common stock and Series A preferred stock	$ 167,394
Spirit Realty Capital, Inc.
Fair value of the consideration transferred on the date of the acquisition
Common stock and paid in capital, outstanding (in shares) | shares	142,136,567

Merger with Spirit Realty Cap_5

Merger with Spirit Realty Capital, Inc - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands		9 Months Ended
	Jan. 23, 2024	Sep. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Goodwill		$ 4,932,199		$ 3,731,478
LIABILITIES
Weighted average amortization period for acquired lease intangible assets		8 years 9 months 18 days
Weighted average amortization period for acquired lease intangible liabilities		10 years 7 months 6 days
Spirit Realty Capital, Inc.
ASSETS
Land		$ 1,857,142
Buildings and improvements		4,949,476
Total real estate held for investment		6,806,618
Real estate and lease intangibles held for sale		34,067
Cash and cash equivalents		93,683
Accounts receivable		12,814
Lease intangible assets		2,181,811
Goodwill	$ 1,200,000	1,200,721
Other assets		172,791
Total assets acquired		10,502,505
LIABILITIES
Accounts payable and accrued expenses		54,473
Lease intangible liabilities		378,166
Other liabilities		102,096
Total liabilities assumed		4,316,221
Net assets acquired, at fair value		6,186,284
Total purchase price		6,186,284
Weighted average amortization period for acquired lease intangible assets	10 years 9 months 18 days
Gross contractual loans receivable		53,900
Fair value of gross contractual loans receivable		47,100
Weighted average amortization period for acquired lease intangible liabilities	8 years 2 months 12 days
Spirit Realty Capital, Inc. | Term loans
LIABILITIES
Notes payable		1,300,000
Spirit Realty Capital, Inc. | Notes payable
LIABILITIES
Notes payable		2,481,486
Spirit Realty Capital, Inc. | Previously Reported
ASSETS
Land			$ 1,853,895
Buildings and improvements			4,859,162
Total real estate held for investment			6,713,057
Real estate and lease intangibles held for sale			35,650
Cash and cash equivalents			93,683
Accounts receivable			12,959
Lease intangible assets			2,214,615
Goodwill			1,259,864
Other assets			174,672
Total assets acquired			10,504,500
LIABILITIES
Accounts payable and accrued expenses			56,407
Lease intangible liabilities			378,369
Other liabilities			101,954
Total liabilities assumed			4,318,216
Net assets acquired, at fair value			6,186,284
Total purchase price			6,186,284
Spirit Realty Capital, Inc. | Previously Reported | Term loans
LIABILITIES
Notes payable			1,300,000
Spirit Realty Capital, Inc. | Previously Reported | Notes payable
LIABILITIES
Notes payable			$ 2,481,486
Spirit Realty Capital, Inc. | Measurement Period Adjustments
ASSETS
Land		3,247
Buildings and improvements		90,314
Total real estate held for investment		93,561
Real estate and lease intangibles held for sale		(1,583)
Cash and cash equivalents		0
Accounts receivable		(145)
Lease intangible assets		(32,804)
Goodwill		(59,143)
Other assets		(1,881)
Total assets acquired		(1,995)
LIABILITIES
Accounts payable and accrued expenses		(1,934)
Lease intangible liabilities		(203)
Other liabilities		142
Total liabilities assumed		(1,995)
Net assets acquired, at fair value		0
Total purchase price		0
Spirit Realty Capital, Inc. | Measurement Period Adjustments | Term loans
LIABILITIES
Notes payable		0
Spirit Realty Capital, Inc. | Measurement Period Adjustments | Notes payable
LIABILITIES
Notes payable		$ 0

Merger with Spirit Realty Cap_6

Merger with Spirit Realty Capital, Inc - Schedule of Pro Forma Information (Details) - Spirit Realty Capital, Inc. - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pro Forma Information
Total revenues	$ 1,239.3	$ 3,978.8	$ 3,595.3
Net income	$ 250.5	$ 759.4	$ 673.3
Basic earnings per share (in dollars per share)	$ 0.31	$ 0.88	$ 0.85
Diluted earnings per share (in dollars per share)	$ 0.31	$ 0.88	$ 0.85

Supplemental Detail for Certa_3

Supplemental Detail for Certain Components of Consolidated Balance Sheets -Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts receivable, net
Straight-line rent receivables, net	$ 662,569	$ 516,692
Client receivables, net	172,759	193,844
Accounts receivable	$ 835,328	$ 710,536

Supplemental Detail for Certa_4

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Schedule of Lease Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Lease intangible assets, net
Other items	$ 2,059	$ 1,799
Total acquired lease intangible assets, net	6,600,058	5,017,907
In-place leases
Lease intangible assets, net
Lease intangible assets, gross	7,393,345	5,500,404
Accumulated amortization of lease intangible assets	(2,318,087)	(1,746,377)
Above-market leases
Lease intangible assets, net
Lease intangible assets, gross	2,225,473	1,811,400
Accumulated amortization of lease intangible assets	$ (702,732)	$ (549,319)

Supplemental Detail for Certa_5

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Schedule of Other Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Other assets, net
Financing receivables, net	$ 1,500,862	$ 1,570,943
Right of use asset - financing leases, net	671,831	706,837
Right of use asset - operating leases, net	624,939	594,712
Loan receivable, net	622,593	205,339
Prepaid expenses	58,520	33,252
Value-added tax receivable	49,412	100,672
Non-refundable escrow deposits	38,750	200
Restricted escrow deposits	37,317	6,247	$ 41,311
Interest Receivable	25,712	6,139
Derivative assets and receivables - at fair value	15,524	21,170
Impounds related to mortgages payable	13,604	53,005	$ 45,224
Corporate assets, net	12,576	12,948
Credit facility origination costs, net	8,564	12,264
Investment in sales type lease	6,120	6,056
Other items	49,849	38,859
Total other assets, net	$ 3,736,173	$ 3,368,643
Right-of-use asset, financing leases, balance sheet line item	Total other assets, net	Total other assets, net
Right-of-use asset, operating 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 - Schedule of Account Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts payable and accrued expenses
Derivative liabilities and payables - at fair value	$ 158,024	$ 119,620
Property taxes payable	104,752	78,809
Accrued costs on properties under development	78,833	65,967
Accrued Income Taxes	77,287	61,070
Accrued property expenses	63,912	54,208
Value-added tax payable	55,676	64,885
Accrued merger-related costs	18,786	4,551
Other items	73,524	62,025
Accounts payable and accrued expenses	880,122	738,526
Notes payable
Accounts payable and accrued expenses
Interest payable	245,089	218,811
Mortgages, term loans, credit line
Accounts payable and accrued expenses
Interest payable	$ 4,239	$ 8,580

Supplemental Detail for Certa_7

Supplemental Detail for Certain Components of Consolidated Balance Sheets -Schedule of Lease Intangible Liabilities, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Lease intangible liabilities, net
Below-market leases	$ 2,120,722	$ 1,728,027
Accumulated amortization of below-market leases	(444,173)	(321,174)
Total lease intangible liabilities, net	$ 1,676,549	$ 1,406,853

Supplemental Detail for Certa_8

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Lease intangible liabilities, net
Lease liability - operating leases	$ 458,545	$ 425,213
Rent received in advance and other deferred revenue	317,206	312,195
Lease liability - financing leases	55,262	44,345
Security deposits	31,008	28,250
Other acquisition liabilities	1,662	1,647
Total other liabilities	$ 863,683	$ 811,650
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) - 9 months ended Sep. 30, 2024 ft² in Thousands, € in Millions, £ in Millions, $ in Millions	USD ($) ft² property	GBP (£) ft² property	EUR (€) ft² property
Real Estate [Line Items]
Number of properties | property	298	298	298
Leasable square feet (sq ft) | ft²	11,133	11,133	11,133
Investment	$ 1,707.6
Weighted average lease term (years)	11 years 1 month 6 days	11 years 1 month 6 days	11 years 1 month 6 days
Initial weighted average cash lease yield (percent)	7.60%	7.60%	7.60%
Settlement credits as reimbursement for acquired rent free period	$ 1.2
Rental revenue generated from acquisitions from investment grade tenants (as a percent)	28%	28%	28%
Retail
Real Estate [Line Items]
Property type acquired based on rental revenue (as a percent)	84.90%	84.90%	84.90%
Industrial
Real Estate [Line Items]
Property type acquired based on rental revenue (as a percent)	15.10%	15.10%	15.10%
Acquisitions - Europe
Real Estate [Line Items]
Investment | €			€ 38.9
New properties
Real Estate [Line Items]
Number of properties, new | property	116	116	116
Leasable square feet (sq ft) | ft²	4,827	4,827	4,827
Investment	$ 1,158.7
Weighted average lease term (years)	9 years 1 month 6 days	9 years 1 month 6 days	9 years 1 month 6 days
Initial weighted average cash lease yield (percent)	7.70%	7.70%	7.70%
New properties | Acquisitions - U.S.
Real Estate [Line Items]
Number of properties, new | property	87	87	87
Leasable square feet (sq ft) | ft²	2,370	2,370	2,370
Investment	$ 414.3
Weighted average lease term (years)	13 years 4 months 24 days	13 years 4 months 24 days	13 years 4 months 24 days
Initial weighted average cash lease yield (percent)	7.50%	7.50%	7.50%
New properties | Acquisitions - Europe
Real Estate [Line Items]
Number of properties, new | property	29	29	29
Leasable square feet (sq ft) | ft²	2,457	2,457	2,457
Investment	$ 744.4
Weighted average lease term (years)	6 years 9 months 18 days	6 years 9 months 18 days	6 years 9 months 18 days
Initial weighted average cash lease yield (percent)	7.80%	7.80%	7.80%
Properties under development
Real Estate [Line Items]
Number of properties, under development | property	182	182	182
Leasable square feet (sq ft) | ft²	6,306	6,306	6,306
Investment	$ 548.9
Weighted average lease term (years)	15 years 7 months 6 days	15 years 7 months 6 days	15 years 7 months 6 days
Initial weighted average cash lease yield (percent)	7.40%	7.40%	7.40%
Properties under development | U.K.
Real Estate [Line Items]
Investment | £		£ 50.6

Investments in Real Estate - Al

Investments in Real Estate - Allocation of Acquisitions (Details) € in Millions, £ in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 GBP (£)	Sep. 30, 2024 EUR (€)
Real Estate [Abstract]
Land	$ 117.1	£ 134.2	€ 15.5
Buildings and improvements	413.1	302.2	41.6
Lease intangible assets	87.5	97	12.3
Other assets	13.8	0	0
Lease intangible liabilities	(32.5)	(5.5)	(2.5)
Net	$ 599	£ 527.9	€ 66.9
Weighted average amortization period for acquired lease intangible assets	8 years 9 months 18 days	8 years 9 months 18 days	8 years 9 months 18 days
Weighted average amortization period for acquired lease intangible liabilities	10 years 7 months 6 days	10 years 7 months 6 days	10 years 7 months 6 days

Investments in Real Estate - _2

Investments in Real Estate - Acquisitions Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Real Estate [Abstract]
Accrued remaining obligations to seller	$ 15.7
Revenue generated from acquired properties during the period	34.2
Net income generated from acquired properties during the period	$ 10.8

Investments in Real Estate - In

Investments in Real Estate - Investments in Existing Properties Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Investments in real estate properties
Capitalized costs on existing portfolio	$ 85,204	$ 47,107
Investments in existing properties
Investments in real estate properties
Capitalized costs on existing portfolio	84,700	43,600
Non-recurring building improvements	78,600	36,500
Re-leasing costs	5,900	6,900
Recurring capital expenditures	$ 200	$ 200

Investments in Real Estate - Pr

Investments in Real Estate - Properties with Existing Leases Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
In-place leases
Real Estate Properties [Line Items]
Depreciation and amortization expense	$ 652.8	$ 489.2
Above and below market leases
Real Estate Properties [Line Items]
Amortization of above and below market leases	$ 26.1	$ 48.6

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Future Impact Related to Amortization of Above-Market, Below-Market and in-place Lease Intangibles (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Above and below market leases
Net increase (decrease) to rental revenue
2024	$ (9,108)
2025	(34,482)
2026	(37,215)
2027	(38,012)
2028	(30,989)
Thereafter	303,614
Totals	153,808
In-place leases
Increase to amortization expense
2024	211,751
2025	781,553
2026	685,034
2027	586,735
2028	497,501
Thereafter	2,312,684
Totals	$ 5,075,258

Investments in Real Estate - Ga

Investments in Real Estate - Gain on Sales of Real Estate (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property
Properties sold during the period
Number of properties | property	92	24	214	79
Net sales proceeds	$ 249.5	$ 32.3	$ 451.4	$ 92.8
Gain on sales of real estate	$ 50.6	$ 7.6	$ 92.3	$ 19.7

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Schedule of Investment in Unconsolidated Entities (Details) $ in Thousands	Sep. 30, 2024 USD ($) property	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	$ 1,224,974	$ 1,172,118
Carrying amount of investments in excess of underlying equity in net assets	$ 7,700
Bellagio Las Vegas Joint Venture - Common Equity Interest
Schedule of Equity Method Investments [Line Items]
Ownership percentage	21.90%
Number of Properties | property	1
Investment in unconsolidated entities	$ 278,944	296,097
Bellagio Las Vegas Joint Venture - Preferred Equity Interest
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	$ 650,000	650,000
Data Center Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage	80%
Number of Properties | property	2
Investment in unconsolidated entities	$ 296,030	$ 226,021

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Additional Information (Details) $ in Millions	1 Months Ended	9 Months Ended
	Oct. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) property
Schedule of Equity Method Investments [Line Items]
Debt outstanding		$ 3,000
Blackstone Real Estate Trust, Inc.
Schedule of Equity Method Investments [Line Items]
Common equity interests acquired	$ 301.4
Preferred equity interests acquired	$ 650
Preferred cumulative return		8.10%
The Bellagio Las Vegas | Blackstone Real Estate Trust, Inc.
Schedule of Equity Method Investments [Line Items]
Ownership percentage		95%
Bellagio Las Vegas Joint Venture - Common Equity Interest
Schedule of Equity Method Investments [Line Items]
Ownership percentage		21.90%
Indirect voting interests acquired	21.90%
Bellagio Las Vegas Joint Venture - Preferred Equity Interest
Schedule of Equity Method Investments [Line Items]
Interest income, other		$ 39.5
Data Center Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage		80%
Data Center Joint Venture | Digital Realty Trust
Schedule of Equity Method Investments [Line Items]
Ownership percentage		80%
Number of build-to-suit data centers | property		2
Pro rata share of remaining development costs		$ 35.4

Investments in Loans - Schedule

Investments in Loans - Schedule of Loan Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance	$ (79,600)	$ (4,900)
Loans Receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Amortized Cost	629,967	207,837
Allowance	(7,374)	(2,498)
Carrying Amount	622,593	205,339
Senior Secured Notes Receivable | Loans Receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Amortized Cost	586,414	174,337
Allowance	(6,476)	(2,498)
Carrying Amount	579,938	171,839
Mortgage Loans | Loans Receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Amortized Cost	33,500	33,500
Allowance	0	0
Carrying Amount	33,500	33,500
Accrued interest	23,500	$ 3,400
Unsecured Loan | Loans Receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Amortized Cost	10,053
Allowance	(898)
Carrying Amount	$ 9,155

Investments in Loans - Narrativ

Investments in Loans - Narrative (Details) £ in Millions, $ in Millions	1 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 GBP (£)	May 31, 2024
Spirit Realty Capital, Inc.
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan acquired in conjunction with acquisition, fair value	$ 5.3
Loss on sale	1.5
Senior Secured Note
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued interest | £		£ 300
Financing receivables, net	$ 402.1
Interest rate			8.125%

Revolving Credit Facility and_2

Revolving Credit Facility and Commercial Paper Programs (Details) € in Millions, £ in Billions	9 Months Ended
	Sep. 30, 2024 USD ($) currency extension	Sep. 30, 2023	Sep. 30, 2024 GBP (£) extension	Sep. 30, 2024 EUR (€) extension	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)
Credit facility
Credit facility origination costs	$ 8,564,000				$ 12,264,000
Commercial paper borrowings outstanding	$ 0				764,400,000	€ 583
Commercial paper
Credit facility
Weighted average borrowing rate during the period (as a percent)	4.60%	4.70%
U.S. Dollar-Denominated Unsecured Commercial Paper Program | Unsecured Debt
Credit facility
Maximum aggregate capacity of commercial paper program	$ 1,500,000,000
Euro-Denominated Unsecured Commercial Paper Program | Unsecured Debt
Credit facility
Maximum aggregate capacity of commercial paper program	$ 1,500,000,000
Revolving credit facility
Credit facility
Weighted average interest rate at the end of the period (as a percent)	5.70%		5.70%	5.70%
Revolving credit facility | Unsecured Debt
Credit facility
Current borrowing capacity	$ 3,820,000,000
Outstanding balance	$ 400,000,000		£ 0.3	€ 6	0
Weighted average borrowing rate during the period (as a percent)	5.40%	4.80%
Credit facility origination costs	$ 8,600,000				$ 12,300,000
Revolving credit facility | Multicurrency Credit Facility | Unsecured Debt
Credit facility
Maximum borrowing capacity	$ 4,250,000,000
Number of extensions | extension	2		2	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 | Multicurrency Credit Facility | Unsecured Debt | Secured Overnight Financing Rate (SOFR)
Credit facility
Basis spread on variable rate (as a percent)	0.725%
Basis spread on variable rate, adjustment share (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 | Multicurrency Credit Facility | Unsecured Debt | Sterling Overnight Indexed Average (SONIA)
Credit facility
Basis spread on variable rate (as a percent)	0.725%
Basis spread on variable rate, adjustment share (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 | Multicurrency Credit Facility | Unsecured Debt | Euro Interbank Offered Rate (EURIBOR)
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%

Term Loans (Details)

Term Loans (Details) € in Millions, £ in Millions, $ in Millions	1 Months Ended
	Jan. 31, 2024 USD ($)	Jan. 31, 2023 USD ($) extension	Sep. 30, 2024 USD ($)	Sep. 30, 2024 GBP (£)	Sep. 30, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Senior Unsecured Term Loans
Debt
Deferred finance costs balance			$ 1.4			$ 0.1
Unsecured Debt Maturing In January 2024 | Multicurrency Unsecured Debt
Debt
Face amount of loan			1,100
Maximum amount of loan		$ 1,500
Number of extension options | extension		1
Length of extension option		12 months
Borrowing rate over applicable benchmark rate (in basis points) | extension		0.0080
Stated interest rate (as a percent)	4.90%
Unsecured Debt Maturing In January 2024 | Term loans | Multicurrency Unsecured Debt
Debt
Face amount of loan			$ 90	£ 705	€ 85
Spirit Realty Capital, Inc. | Term loans
Debt
Proceeds from loan	$ 800
Face amount of loan	800
Spirit Realty Capital, Inc. | Term Loan Agreement One | Revolving credit facility
Debt
Proceeds from loan	300
Spirit Realty Capital, Inc. | Term Loan Agreement Two
Debt
Proceeds from loan	500
Face amount of loan	500
Spirit Realty Capital, Inc. | Term Loan Agreement Two | Revolving credit facility
Debt
Proceeds from loan	$ 500
Interest rate swaps | Spirit Realty Capital, Inc.
Debt
Weighted average interest rate (as a percent)	3.90%

Mortgages Payable - Additional

Mortgages Payable - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) mortgage	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt
Principal payments	$ 626,321	$ 20,842
Mortgages
Debt
Principal payments	$ 626,300
Number of mortgages assumed during period | mortgage	0
Unamortized net premiums, deferred financing costs and basis adjustment on interest rate swaps designated as fair value hedge	$ (600)		$ (800)
Mortgages | Mortgages repaid in full
Debt
Principal payments	$ 622,700
Mortgages repaid in full | mortgage	3

Mortgages Payable - Schedule of

Mortgages Payable - Schedule of Debt (Details) - Mortgages $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) property mortgage	Dec. 31, 2023 USD ($) property mortgage
Debt
Number of properties | property	48	131
Weighted Average Stated Interest Rate (as a percent)	4.30%	4.80%
Weighted Average Effective Interest Rate (as a percent)	4.60%	3.30%
Weighted Average Remaining Years Until Maturity	9 months 18 days	4 months 24 days
Remaining Principal Balance	$ 198.1	$ 822.4
Unamortized Premium (Discount) and Deferred Financing Costs Balance, net	(0.6)	(0.8)
Mortgage Payable Balance	$ 197.5	$ 821.6
Number of mortgages | mortgage	13	16
Number of Sterling-denominated mortgages paid quarterly | mortgage	1	1
Minimum
Debt
Weighted Average Effective Interest Rate (as a percent)	2.80%	0.50%
Stated interest rate (as a percent)	3%	3%
Maximum
Debt
Weighted Average Effective Interest Rate (as a percent)	6.80%	6.60%
Stated interest rate (as a percent)	6.90%	6.90%

Mortgages Payable - Schedule _2

Mortgages Payable - Schedule of Maturity of Debt, Net (Details) - Mortgages - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Maturity of mortgages payable
2024	$ 114.2
2025	46
2026	12
2027	22.3
2028	1.3
Thereafter	2.3
Totals	$ 198.1	$ 822.4

Notes Payable - General (Detail

Notes Payable - General (Details)	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 GBP (£)	Sep. 30, 2024 EUR (€)	Dec. 31, 2023 USD ($)
5.050% Notes due 2026 | Interest rate swaps
Debt
Length of swap contracts	3 years
Notes and bonds payable
Debt
Total principal amount	$ 23,381,663,000			$ 18,562,064,000
Unamortized net premiums, deferred financing costs and basis adjustment on interest rate swaps designated as fair value hedge	(289,447,000)			40,255,000
Net payable amount	$ 23,092,216,000			18,602,319,000
Notes and bonds payable | 4.600% Notes due 2024
Debt
Interest rate (as a percent)	4.60%	4.60%	4.60%
Principal (Currency Denomination)	$ 499,999,000
Total principal amount	$ 0			499,999,000
Notes and bonds payable | 3.875% Notes due 2024
Debt
Interest rate (as a percent)	3.875%	3.875%	3.875%
Principal (Currency Denomination)	$ 350,000,000
Total principal amount	$ 0			350,000,000
Notes and bonds payable | 3.875% Notes due 2025
Debt
Interest rate (as a percent)	3.875%	3.875%	3.875%
Principal (Currency Denomination)	$ 500,000,000
Total principal amount	$ 500,000,000			500,000,000
Notes and bonds payable | 4.625% Notes due 2025
Debt
Interest rate (as a percent)	4.625%	4.625%	4.625%
Principal (Currency Denomination)	$ 549,997,000
Total principal amount	$ 549,997,000			549,997,000
Notes and bonds payable | 5.050% Notes due 2026
Debt
Interest rate (as a percent)	5.05%	5.05%	5.05%
Principal (Currency Denomination)	$ 500,000,000
Total principal amount	$ 500,000,000			500,000,000
Notes and bonds payable | 0.750% Notes due 2026
Debt
Interest rate (as a percent)	0.75%	0.75%	0.75%
Principal (Currency Denomination)	$ 325,000,000
Total principal amount	$ 325,000,000			325,000,000
Notes and bonds payable | 4.875% Notes due 2026
Debt
Interest rate (as a percent)	4.875%	4.875%	4.875%
Principal (Currency Denomination)	$ 599,997,000
Total principal amount	$ 599,997,000			599,997,000
Notes and bonds payable | 4.450% Notes due 2026
Debt
Interest rate (as a percent)	4.45%	4.45%	4.45%
Principal (Currency Denomination)	$ 299,968,000
Total principal amount	$ 299,968,000			0
Notes and bonds payable | 4.125% Notes due 2026
Debt
Interest rate (as a percent)	4.125%	4.125%	4.125%
Principal (Currency Denomination)	$ 650,000,000
Total principal amount	$ 650,000,000			650,000,000
Notes and bonds payable | 1.875% Notes due 2027
Debt
Interest rate (as a percent)	1.875%	1.875%	1.875%
Principal (Currency Denomination) | £		£ 250,000,000
Total principal amount	$ 335,075,000			318,450,000
Notes and bonds payable | 3.000% Notes due 2027
Debt
Interest rate (as a percent)	3%	3%	3%
Principal (Currency Denomination)	$ 600,000,000
Total principal amount	$ 600,000,000			600,000,000
Notes and bonds payable | 3.200% Notes due 2027
Debt
Interest rate (as a percent)	3.20%	3.20%	3.20%
Principal (Currency Denomination)	$ 299,984,000
Total principal amount	$ 299,984,000			0
Notes and bonds payable | 1.125% Notes due 2027
Debt
Interest rate (as a percent)	1.125%	1.125%	1.125%
Principal (Currency Denomination) | £		£ 400,000,000
Total principal amount	$ 536,120,000			509,520,000
Notes and bonds payable | 3.950% Notes due 2027
Debt
Interest rate (as a percent)	3.95%	3.95%	3.95%
Principal (Currency Denomination)	$ 599,873,000
Total principal amount	$ 599,873,000			599,873,000
Notes and bonds payable | 3.650% Notes due 2028
Debt
Interest rate (as a percent)	3.65%	3.65%	3.65%
Principal (Currency Denomination)	$ 550,000,000
Total principal amount	$ 550,000,000			550,000,000
Notes and bonds payable | 3.400% Notes due 2028
Debt
Interest rate (as a percent)	3.40%	3.40%	3.40%
Principal (Currency Denomination)	$ 599,816,000
Total principal amount	$ 599,816,000			599,816,000
Notes and bonds payable | 2.100% Notes due 2028
Debt
Interest rate (as a percent)	2.10%	2.10%	2.10%
Principal (Currency Denomination)	$ 449,994,000
Total principal amount	$ 449,994,000			0
Notes and bonds payable | 2.200% Notes due 2028
Debt
Interest rate (as a percent)	2.20%	2.20%	2.20%
Principal (Currency Denomination)	$ 499,959,000
Total principal amount	$ 499,959,000			499,959,000
Notes and bonds payable | 4.700% Notes due 2028
Debt
Interest rate (as a percent)	4.70%	4.70%	4.70%
Principal (Currency Denomination)	$ 400,000,000
Total principal amount	$ 400,000,000			400,000,000
Notes and bonds payable | 4.750% Notes
Debt
Interest rate (as a percent)	4.75%	4.75%	4.75%
Principal (Currency Denomination)	$ 450,000,000
Total principal amount	$ 450,000,000			0
Notes and bonds payable | 3.250% Notes due 2029
Debt
Interest rate (as a percent)	3.25%	3.25%	3.25%
Principal (Currency Denomination)	$ 500,000,000
Total principal amount	$ 500,000,000			500,000,000
Notes and bonds payable | 4.000% Notes due 2029
Debt
Interest rate (as a percent)	4%	4%	4%
Principal (Currency Denomination)	$ 399,999,000
Total principal amount	$ 399,999,000			0
Notes and bonds payable | 5.000% Notes due 2029
Debt
Interest rate (as a percent)	5%	5%	5%
Principal (Currency Denomination) | £		£ 350,000,000
Total principal amount	$ 469,105,000			0
Notes and bonds payable | 3.100% Notes due 2029
Debt
Interest rate (as a percent)	3.10%	3.10%	3.10%
Principal (Currency Denomination)	$ 599,291,000
Total principal amount	$ 599,291,000			599,291,000
Notes and bonds payable | 3.400% Notes due 2030
Debt
Interest rate (as a percent)	3.40%	3.40%	3.40%
Principal (Currency Denomination)	$ 500,000,000
Total principal amount	$ 500,000,000			0
Notes and bonds payable | 4.850% Notes due 2030
Debt
Interest rate (as a percent)	4.85%	4.85%	4.85%
Principal (Currency Denomination)	$ 600,000,000
Total principal amount	$ 600,000,000			600,000,000
Notes and bonds payable | 3.160% Notes due 2030
Debt
Interest rate (as a percent)	3.16%	3.16%	3.16%
Principal (Currency Denomination) | £		£ 140,000,000
Total principal amount	$ 187,642,000			178,332,000
Notes and bonds payable | 4.875% Notes due 2030
Debt
Interest rate (as a percent)	4.875%	4.875%	4.875%
Principal (Currency Denomination) | €			€ 550,000,000
Total principal amount	$ 613,415,000			607,915,000
Notes and bonds payable | 1.625% Notes due 2030
Debt
Interest rate (as a percent)	1.625%	1.625%	1.625%
Principal (Currency Denomination) | £		£ 400,000,000
Total principal amount	$ 536,120,000			509,520,000
Notes and bonds payable | 3.250% Notes due 2031
Debt
Interest rate (as a percent)	3.25%	3.25%	3.25%
Principal (Currency Denomination)	$ 950,000,000
Total principal amount	$ 950,000,000			950,000,000
Notes and bonds payable | 3.200% Notes due 2031
Debt
Interest rate (as a percent)	3.20%	3.20%	3.20%
Principal (Currency Denomination)	$ 449,995,000
Total principal amount	$ 449,995,000			0
Notes and bonds payable | 5.750% Notes due 2031
Debt
Interest rate (as a percent)	5.75%	5.75%	5.75%
Principal (Currency Denomination) | £		£ 300,000,000
Total principal amount	$ 402,090,000			382,140,000
Notes and bonds payable | 2.700% Notes due 2032
Debt
Interest rate (as a percent)	2.70%	2.70%	2.70%
Principal (Currency Denomination)	$ 350,000,000
Total principal amount	$ 350,000,000			0
Notes and bonds payable | 3.180% Notes due 2032
Debt
Interest rate (as a percent)	3.18%	3.18%	3.18%
Principal (Currency Denomination) | £		£ 345,000,000
Total principal amount	$ 462,404,000			439,461,000
Notes and bonds payable | 5.625% Notes due 2032
Debt
Interest rate (as a percent)	5.625%	5.625%	5.625%
Principal (Currency Denomination)	$ 750,000,000
Total principal amount	$ 750,000,000			750,000,000
Notes and bonds payable | 2.850% Notes due 2032
Debt
Interest rate (as a percent)	2.85%	2.85%	2.85%
Principal (Currency Denomination)	$ 699,655,000
Total principal amount	$ 699,655,000			699,655,000
Notes and bonds payable | 1.800% Notes due 2033
Debt
Interest rate (as a percent)	1.80%	1.80%	1.80%
Principal (Currency Denomination)	$ 400,000,000
Total principal amount	$ 400,000,000			400,000,000
Notes and bonds payable | 1.750% Notes due 2033
Debt
Interest rate (as a percent)	1.75%	1.75%	1.75%
Principal (Currency Denomination) | £		£ 350,000,000
Total principal amount	$ 469,105,000			445,830,000
Notes and bonds payable | 4.900% Notes due 2033
Debt
Interest rate (as a percent)	4.90%	4.90%	4.90%
Principal (Currency Denomination)	$ 600,000,000
Total principal amount	$ 600,000,000			600,000,000
Notes and bonds payable | 5.125% Notes
Debt
Interest rate (as a percent)	5.125%	5.125%	5.125%
Principal (Currency Denomination)	$ 800,000,000
Total principal amount	$ 800,000,000			0
Notes and bonds payable | 2.730% Notes due 2034
Debt
Interest rate (as a percent)	2.73%	2.73%	2.73%
Principal (Currency Denomination) | £		£ 315,000,000
Total principal amount	$ 422,194,000			401,247,000
Notes and bonds payable | 5.125% Notes due 2034
Debt
Interest rate (as a percent)	5.125%	5.125%	5.125%
Principal (Currency Denomination) | €			€ 550,000,000
Total principal amount	$ 613,415,000			607,915,000
Notes and bonds payable | 5.875% Bonds due 2035
Debt
Interest rate (as a percent)	5.875%	5.875%	5.875%
Principal (Currency Denomination)	$ 250,000,000
Total principal amount	$ 250,000,000			250,000,000
Notes and bonds payable | 3.390% Notes due 2037
Debt
Interest rate (as a percent)	3.39%	3.39%	3.39%
Principal (Currency Denomination) | £		£ 115,000,000
Total principal amount	$ 154,135,000			146,487,000
Notes and bonds payable | 6.000% Notes due 2039
Debt
Interest rate (as a percent)	6%	6%	6%
Principal (Currency Denomination) | £		£ 450,000,000
Total principal amount	$ 603,135,000			573,210,000
Notes and bonds payable | 5.250% Notes due 2041
Debt
Interest rate (as a percent)	5.25%	5.25%	5.25%
Principal (Currency Denomination) | £		£ 350,000,000
Total principal amount	$ 469,105,000			0
Notes and bonds payable | 2.500% Notes due 2042
Debt
Interest rate (as a percent)	2.50%	2.50%	2.50%
Principal (Currency Denomination) | £		£ 250,000,000
Total principal amount	$ 335,075,000			318,450,000
Notes and bonds payable | 4.650% Notes due 2047
Debt
Interest rate (as a percent)	4.65%	4.65%	4.65%
Principal (Currency Denomination)	$ 550,000,000
Total principal amount	$ 550,000,000			550,000,000
Notes and bonds payable | 5.375% Notes due 2054
Debt
Interest rate (as a percent)	5.375%	5.375%	5.375%
Principal (Currency Denomination)	$ 500,000,000
Total principal amount	$ 500,000,000			$ 0

Notes Payable - Maturities (Det

Notes Payable - Maturities (Details) - Notes and bonds payable - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt
2024	$ 0
2025	1,050,000
2026	2,375,000
2027	2,371,100
2028	2,499,800
Thereafter	15,085,800
Totals	$ 23,381,663	$ 18,562,064

Notes Payable - Additional Info

Notes Payable - Additional Information (Details) - Notes payable - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt
Weighted average interest rate (as a percent)	3.80%		3.80%
Weighted average remaining years until maturity			6 years 10 months 24 days
Interest incurred on notes and bonds	$ 211.4	$ 159.7	$ 618	$ 434.1
Maximum
Debt
Debt to total adjusted assets ratio (as a percent)			60%
Secured debt to total adjusted assets ratio (as a percent)			40%
Minimum
Debt
Debt service coverage ratio			1.5
Total unencumbered assets as a percentage of outstanding unsecured debt			150%

Notes Payable - Note Issuances

Notes Payable - Note Issuances (Details) - Notes payable £ in Millions, $ in Millions	Sep. 30, 2024 USD ($)	Sep. 30, 2024 GBP (£)
4.750% Notes
Debt
Interest rate (as a percent)	4.75%	4.75%
Principal amount	$ 450
Price of par value (as a percent)	99.23%	99.23%
Effective yield to maturity (as a percent)	4.923%	4.923%
5.125% Notes
Debt
Interest rate (as a percent)	5.125%	5.125%
Principal amount	$ 800
Price of par value (as a percent)	98.91%	98.91%
Effective yield to maturity (as a percent)	5.265%	5.265%
5.375% Notes due 2054
Debt
Interest rate (as a percent)	5.375%	5.375%
Principal amount	$ 500
Price of par value (as a percent)	98.37%	98.37%
Effective yield to maturity (as a percent)	5.486%	5.486%
5.000% Notes due 2029
Debt
Interest rate (as a percent)	5%	5%
Principal amount | £		£ 350
Price of par value (as a percent)	99.14%	99.14%
Effective yield to maturity (as a percent)	5.199%	5.199%
5.250% Notes due 2041
Debt
Interest rate (as a percent)	5.25%	5.25%
Principal amount | £		£ 350
Price of par value (as a percent)	96.21%	96.21%
Effective yield to maturity (as a percent)	5.601%	5.601%

Notes Payable - Merger with Spi

Notes Payable - Merger with Spirit (Details) - Notes payable	9 Months Ended
	Sep. 30, 2024 USD ($)
4.450% Notes due September 2026
Debt
Stated interest rate (as a percent)	4.45%
Tenders and Consents Received as of the Expiration Date	$ 291,700,000
Percentage of Total Outstanding Principal Amount of Such Series of Spirit Notes	97.24%
3.200% Notes due January 2027
Debt
Stated interest rate (as a percent)	3.20%
Tenders and Consents Received as of the Expiration Date	$ 292,700,000
Percentage of Total Outstanding Principal Amount of Such Series of Spirit Notes	97.56%
2.100% Notes due March 2028
Debt
Stated interest rate (as a percent)	2.10%
Tenders and Consents Received as of the Expiration Date	$ 443,800,000
Percentage of Total Outstanding Principal Amount of Such Series of Spirit Notes	98.62%
4.000% Notes due July 2029
Debt
Stated interest rate (as a percent)	4%
Tenders and Consents Received as of the Expiration Date	$ 391,700,000
Percentage of Total Outstanding Principal Amount of Such Series of Spirit Notes	97.93%
3.400% Notes due January 2030
Debt
Stated interest rate (as a percent)	3.40%
Tenders and Consents Received as of the Expiration Date	$ 484,500,000
Percentage of Total Outstanding Principal Amount of Such Series of Spirit Notes	96.91%
3.200% Notes due February 2031
Debt
Stated interest rate (as a percent)	3.20%
Tenders and Consents Received as of the Expiration Date	$ 445,000,000
Percentage of Total Outstanding Principal Amount of Such Series of Spirit Notes	98.90%
2.700% Notes due February 2032
Debt
Stated interest rate (as a percent)	2.70%
Tenders and Consents Received as of the Expiration Date	$ 347,600,000
Percentage of Total Outstanding Principal Amount of Such Series of Spirit Notes	99.31%
Spirit Notes
Debt
Notes exchange, cash payment equal to basis points of note principal amount held	0.10%
Notes exchange, success rate	98.10%
Notes exchange, payments to participating shareholders	$ 2,700,000

Noncontrolling Interests - Narr

Noncontrolling Interests - Narrative (Details)	1 Months Ended
	Sep. 30, 2024 property noncontrollingInterest shares
Noncontrolling interests
Number of noncontrolling interests consolidated | noncontrollingInterest	8
Realty Income, L.P.
Noncontrolling interests
Number of properties acquired by acquiring a controlling interest | property	42
Number of partnership units issued (in units) | shares	730,020

Noncontrolling Interests - Sche

Noncontrolling Interests - Schedule of the Change in the Carrying Value of all Noncontrolling Interests (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2024 USD ($) partnership shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 shares
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period				$ 165,502
Allocation of net income		$ 1,639	$ 404	4,831	$ 3,248
Issuance of common partnership units		46,485		46,485
Carrying value at end of the period		$ 211,918		$ 211,918
Realty Income, L.P.
Change in the carrying value of all noncontrolling interests
Number of partnership units outstanding (in units) | shares	156,621	2,681,808		2,681,808		1,795,167
Number of consolidated property partnerships interests converted by joint venture partner | partnership	2
Non-controlling interests
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period				$ 165,502
Contributions				1,770
Distributions				(7,438)
Allocation of net income				4,831
Issuance of common partnership units		$ 47,253		47,253
Carrying value at end of the period		211,918		211,918
Non-controlling interests | Realty Income, L.P.
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period				114,072
Contributions				0
Distributions				(4,627)
Allocation of net income				4,287
Issuance of common partnership units				54,643
Carrying value at end of the period		168,375		168,375
Non-controlling interests | Other Noncontrolling Interests
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period				51,430
Contributions				1,770
Distributions				(2,811)
Allocation of net income				544
Issuance of common partnership units				(7,390)
Carrying value at end of the period		43,543		43,543
Common stock and paid in capital
Change in the carrying value of all noncontrolling interests
Issuance of common partnership units		$ (768)		$ (768)
Common stock and paid in capital | Realty Income, L.P.
Change in the carrying value of all noncontrolling interests
Issuance of common partnership units	$ 800

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instrument Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Derivative assets	$ 15,524	$ 21,170
Liabilities:
Derivative liabilities	158,024	119,620
Carrying value
Assets:
Loans receivable	622,600	205,300
Derivative assets	15,500	21,200
Total assets	638,100	226,500
Liabilities:
Mortgages payable	198,100	822,400
Notes and bonds payable	23,381,700	18,562,100
Derivative liabilities	158,000	119,600
Total liabilities	23,737,800	19,504,100
Fair value
Liabilities:
Mortgages payable	196,300	814,500
Notes and bonds payable	22,503,700	17,603,700
Level 1 | Fair value
Assets:
Loans receivable	0	0
Derivative assets	0	0
Total assets	0	0
Liabilities:
Mortgages payable	0	0
Notes and bonds payable	0	0
Derivative liabilities	0	0
Total liabilities	0	0
Level 2 | Fair value
Assets:
Loans receivable	628,800	171,800
Derivative assets	15,500	21,200
Total assets	644,300	193,000
Liabilities:
Mortgages payable	0	0
Notes and bonds payable	21,480,600	16,620,800
Derivative liabilities	158,000	119,600
Total liabilities	21,638,600	16,740,400
Level 3 | Fair value
Assets:
Loans receivable	35,300	33,500
Derivative assets	0	0
Total assets	35,300	33,500
Liabilities:
Mortgages payable	196,300	814,500
Notes and bonds payable	1,023,100	982,900
Derivative liabilities	0	0
Total liabilities	$ 1,219,400	$ 1,797,400

Fair Value Measurements - Fin_2

Fair Value Measurements - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Carrying value
Fair value of financial assets and liabilities
Mortgages payable	$ 198.1	$ 822.4
Notes and bonds payable	23,381.7	18,562.1
Fair value
Fair value of financial assets and liabilities
Mortgages payable	196.3	814.5
Notes and bonds payable	$ 22,503.7	$ 17,603.7

Fair Value Measurements - Items

Fair Value Measurements - Items Measured at Fair Value on a Non-Recurring Basis (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property
Provisions for impairment
Less: total provisions for impairment of real estate | $	$ (96,920)	$ (16,808)	$ (282,867)	$ (59,801)
Number of properties:
Classified as held for sale	11	0	13	0
Classified as held for investment	26	9	93	18
Sold	24	23	59	66
Properties impaired 2022
Provisions for impairment
Carrying value prior to impairment | $	$ 133,800	$ 37,500	$ 488,700	$ 161,400
Less: total provisions for impairment of real estate | $	(33,100)	(16,800)	(208,600)	(59,800)
Carrying value after impairment | $	$ 100,700	$ 20,700	$ 280,100	$ 101,600
Number of properties:
Number Of properties leased			23
Properties impaired 2022 | Office properties
Number of properties:
Number of properties acquired			2

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Currency exchange swaps | Not designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Remaining maturities	1 year
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate swap unrealized gain expected to be reclassified within next twelve months	$ 5.5
Foreign currency forwards
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cross-currency swap unrealized gains expected to be reclassified within next twelve months	11.4
Foreign currency forwards | Designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net investment hedges	$ 60.1

Derivative Instruments - Summar

Derivative Instruments - Summary of Derivative Financial Instruments (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2024 USD ($)	Sep. 30, 2024 USD ($) derivative Rate	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) derivative Rate	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($) derivative
Derivative [Line Items]
Notional Amount		$ 4,888,600		$ 4,888,600		$ 5,202,900
Fair Value - asset (liability)		(142,500)		(142,500)		(98,500)
Gain on the settlement of designated derivatives reclassified from AOCI		1,386	$ 2,233	7,872	$ 5,039
Designated as hedging instrument
Derivative [Line Items]
Notional Amount		3,637,600		3,637,600		3,392,300
Fair Value - asset (liability)		(113,600)		(113,600)		(107,400)
Designated as hedging instrument | Cash flow hedge
Derivative [Line Items]
Length of note	10 years
Not designated as hedging instrument
Derivative [Line Items]
Notional Amount		1,251,000		1,251,000		1,810,600
Fair Value - asset (liability)		$ (28,900)		(28,900)		8,900
Interest rate swaps | Spirit Realty Capital, Inc.
Derivative [Line Items]
Gain on the settlement of designated derivatives reclassified from AOCI				$ 35,100
Interest rate swaps | Designated as hedging instrument
Derivative [Line Items]
Number of Instruments | derivative		12		12
Notional Amount		$ 2,680,000		$ 2,680,000		1,630,000
Weighted Average Strike Rate		3.71%		3.71%
Fair Value - asset (liability)		$ 13,900		$ 13,900		300
Interest rate swaps | Designated as hedging instrument | Cash flow hedge
Derivative [Line Items]
Number of Instruments | derivative		5		5
Interest rate swaps | Designated as hedging instrument | Cash flow hedge | Spirit Realty Capital, Inc.
Derivative [Line Items]
Number of Instruments | derivative		5		5
Interest rate swaptions | Designated as hedging instrument
Derivative [Line Items]
Number of Instruments | derivative		0		0
Notional Amount		$ 0		$ 0		1,000,000
Fair Value - asset (liability)		$ 0		$ 0		2,600
Interest rate swaptions | Designated as hedging instrument | Cash flow hedge
Derivative [Line Items]
Number of Instruments | derivative							6
Notional Amount	$ 200,000						$ 1,000,000
Amount terminated	800,000
Termination premium	$ 3,400
Cross-currency swaps | Designated as hedging instrument | Fair value hedge
Derivative [Line Items]
Number of Instruments | derivative		3		3
Notional Amount		$ 320,000		$ 320,000		320,000
Fair Value - asset (liability)		$ (59,500)		$ (59,500)		(59,800)
Cross-currency swaps | Designated as hedging instrument | Net Investment Hedging
Derivative [Line Items]
Number of Instruments | derivative		3		3
Notional Amount		$ 280,000		$ 280,000		280,000
Fair Value - asset (liability)		$ (52,800)		$ (52,800)		(53,200)
Currency Swap, USD | Designated as hedging instrument | Fair value hedge
Derivative [Line Items]
Weighted Average Strike Rate		5.625%		5.625%
Currency Swap, USD | Designated as hedging instrument | Net Investment Hedging
Derivative [Line Items]
Weighted Average Strike Rate		5.625%		5.625%
Currency Swap, EUR | Designated as hedging instrument | Fair value hedge
Derivative [Line Items]
Weighted Average Strike Rate		4.681%		4.681%
Currency Swap, EUR | Designated as hedging instrument | Net Investment Hedging
Derivative [Line Items]
Weighted Average Strike Rate		4.716%		4.716%
Foreign currency forwards | Designated as hedging instrument
Derivative [Line Items]
Number of Instruments | derivative		31		31
Notional Amount		$ 357,600		$ 357,600		162,300
Fair Value - asset (liability)		$ (15,200)		$ (15,200)		2,700
Weighted average forward exchange rate | Rate		128%		128%
Currency exchange swaps | Not designated as hedging instrument
Derivative [Line Items]
Number of Instruments | derivative		3		3
Notional Amount		$ 1,251,000		$ 1,251,000		1,810,600
Fair Value - asset (liability)		$ (28,900)		$ (28,900)		$ 8,900
EUR currency exchange swap | Not designated as hedging instrument
Derivative [Line Items]
Weighted average forward exchange rate | Rate		84%		84%
GBP currency exchange swap | Not designated as hedging instrument
Derivative [Line Items]
Weighted average forward exchange rate | Rate		131%		131%

Derivative Instruments - Unreal

Derivative Instruments - Unrealized Gain (Loss) on Derivatives in Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on derivatives	$ (46,474)	$ 7,193	$ (30,228)	$ (1,379)
Cash flow hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on derivatives	(46,825)	11,110	(33,869)	7,312
Fair value hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives in fair value hedging relationships	351	(3,917)	3,641	(8,691)
Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives in fair value hedging relationships	(14,947)	0	(3,326)	0
Interest rate swaps | Cash flow hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on derivatives	(30,051)	(7,172)	(18,206)	(5,328)
Foreign currency forwards | Cash flow hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on derivatives	(17,414)	3,156	(17,947)	(6,039)
Foreign currency forwards | Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives in fair value hedging relationships	(2,232)	0	(2,232)	0
Interest rate swaptions | Cash flow hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on derivatives	640	15,126	2,284	18,679
Cross-currency swaps | Fair value hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives in fair value hedging relationships	351	(3,917)	3,641	(8,691)
Cross-currency swaps | Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives in fair value hedging relationships	$ (12,715)	$ 0	$ (1,094)	$ 0

Derivative Instruments - Unre_2

Derivative Instruments - Unrealized Gain (Loss) on Derivatives and Amounts Reclassified (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) on the settlement of designated derivatives reclassified from AOCI	$ 9,784	$ 5,298	$ 32,881	$ 10,485
Cash flow hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) on the settlement of designated derivatives reclassified from AOCI	9,137	4,728	29,428	9,431
Fair value hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) on the settlement of designated derivatives reclassified from AOCI	98	570	1,097	1,054
Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) on the settlement of designated derivatives reclassified from AOCI	549	0	2,356	0
Interest rate swaps | Interest | Cash flow hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) on the settlement of designated derivatives reclassified from AOCI	8,316	5,316	25,836	10,055
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	739	1,662	4,419	3,985
Interest rate swaptions | Interest | Cash flow hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) on the settlement of designated derivatives reclassified from AOCI	82	(2,250)	(827)	(4,609)
Cross-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	98	570	1,097	1,054
Cross-currency swaps | Foreign currency and derivative (loss) gain, net | Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) on the settlement of designated derivatives reclassified from AOCI	$ 549	$ 0	$ 2,356	$ 0

Derivative Instruments - Foreig

Derivative Instruments - Foreign Currency and Derivative Gain (Loss), Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Realized foreign currency and derivative (loss) gain, net:
(Loss) gain on the settlement of undesignated derivatives	$ (34,164)	$ 11,432	$ (54,548)	$ 10,106
Gain on the settlement of designated derivatives reclassified from AOCI	1,386	2,233	7,872	5,039
(Loss) gain on the settlement of transactions with third parties	(18)	410	(33)	1,685
Total realized foreign currency and derivative (loss) gain, net	(32,796)	14,075	(46,709)	16,830
Unrealized foreign currency and derivative (loss) gain, net:
(Loss) gain on the change in fair value of undesignated derivatives	(28,915)	12,910	(23,369)	4,734
Gain (loss) on remeasurement of certain assets and liabilities	60,039	(29,798)	72,963	(16,607)
Total unrealized foreign currency and derivative gain (loss), net	31,124	(16,888)	49,594	(11,873)
Total foreign currency and derivative (loss) gain, net	$ (1,672)	$ (2,813)	$ 2,885	$ 4,957

Lessor Operating Leases - Addit

Lessor Operating Leases - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)
Operating Leases
Number of properties owned	15,457		15,457
Percentage rent received | $	$ 3.1	$ 2.2	$ 10.8	$ 8
Single-client properties
Operating Leases
Number of properties owned	15,156		15,156
Single-client properties as percentage of total properties	98.10%		98.10%
Properties available for lease or sale
Operating Leases
Number of properties owned	196		196

Stockholders' Equity - Monthly

Stockholders' Equity - Monthly Distributions Paid (Details) - $ / shares	1 Months Ended																		9 Months Ended
	Sep. 30, 2024	Aug. 30, 2024	Jul. 31, 2024	Jun. 30, 2024	May 31, 2024	Apr. 30, 2024	Mar. 31, 2024	Feb. 29, 2024	Jan. 31, 2024	Sep. 30, 2023	Aug. 31, 2023	Jul. 31, 2023	Jun. 30, 2023	May 31, 2023	Apr. 30, 2023	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Distributions paid per common share (in dollars per share)	$ 0.2630	$ 0.2630	$ 0.2630	$ 0.2625	$ 0.2570	$ 0.2570	$ 0.2565	$ 0.2565	$ 0.2565	$ 0.2555	$ 0.2555	$ 0.2555	$ 0.2550	$ 0.2550	$ 0.2550	$ 0.2545	$ 0.2485	$ 0.2485	$ 2.3350	$ 2.2830
Distributions payable (in dollars per share)	$ 0.2635																		$ 0.2635

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - shares	Sep. 30, 2024	Dec. 31, 2023	Aug. 31, 2023
Class of Stock [Line Items]
Common stock and paid in capital, authorized (in shares)	1,300,000,000	1,300,000,000
ATM Program
Class of Stock [Line Items]
Common stock and paid in capital, authorized (in shares)			120,000,000
Shares remaining for future issuance (in shares)	56,700,000
DRSPP
Class of Stock [Line Items]
Shares remaining for future issuance (in shares)	10,800,000
Dividend reinvestment and stock purchase plan, authorized shares (in shares)	26,000,000

Stockholders' Equity - At-the-M

Stockholders' Equity - At-the-Market (ATM) Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
At-the-Market (ATM) Program
Net proceeds			$ 809,910	$ 3,849,963
ATM Program
At-the-Market (ATM) Program
Net proceeds	$ 266,600	$ 873,300	$ 809,900	$ 3,850,000
Weighted average forward ATM offerings that were anti-dilutive
At-the-Market (ATM) Program
Shares sold pursuant to forward sale confirmations (in shares)			16,800,000
Proceeds from shares intended to settle	$ 958,100		$ 958,100
Common stock | ATM Program
At-the-Market (ATM) Program
Shares of common stock issued under the ATM program (in shares)	4,309,000	15,070,000	13,913,000	63,210,000
Gross proceeds	$ 268,400	$ 883,000	$ 815,300	$ 3,880,400
Sales agents' commissions and other offering expenses	$ (1,800)	$ (9,700)	$ (5,400)	$ (30,400)
Weighted average forward price (in dollars per share)			$ 56.88
Common stock | Weighted average forward ATM offerings that were anti-dilutive
At-the-Market (ATM) Program
Shares of common stock issued under the ATM program (in shares)	16,500,000		24,600,000
Shares sold pursuant to forward sale confirmations (in shares)	4,300,000		13,900,000
Weighted average forward price (in dollars per share)			$ 57.58

Stockholders' Equity - Dividend

Stockholders' Equity - Dividend Reinvestment and Stock Purchase Plan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Dividend Reinvestment and Stock Purchase Plan
Gross proceeds			$ 8,814	$ 8,382
Common stock | DRSPP
Dividend Reinvestment and Stock Purchase Plan
Shares of common stock issued under the DRSPP program (in shares)	44,000	52,000	159,000	138,000
Gross proceeds	$ 2,600	$ 3,000	$ 8,800	$ 8,400

Series A Preferred Stock_ (Deta

Series A Preferred Stock (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 23, 2024	Sep. 30, 2024 $ / shares shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) shares	Jun. 30, 2024 shares	Dec. 31, 2023 shares	Jun. 30, 2023 shares	Dec. 31, 2022 shares
Class of Stock [Line Items]
Redeemable preferred stock and paid in capital, outstanding (in shares) | shares		0	0	0	0	0	6,900,000	0	0	0
Excess of redemption value over carrying value of preferred shares redeemed | $			$ 5,116	$ 0	$ 5,116	$ 0
Series A Preferred Stock
Class of Stock [Line Items]
Redeemable preferred stock redemption price per share (in dollars per share) | $ / shares		$ 25	$ 25		$ 25
Spirit Realty Capital, Inc.
Class of Stock [Line Items]
Redeemable preferred stock dividend rate (percent)	6%
Spirit Realty Capital, Inc. | Series A Preferred Stock
Class of Stock [Line Items]
Redeemable preferred stock and paid in capital, issued (in shares) | shares		6,900,000	6,900,000		6,900,000
Spirit Realty Capital, Inc. | Spirit Realty Capital, Inc.
Class of Stock [Line Items]
Redeemable preferred stock dividend rate (percent)	6%				6%
Redeemable preferred stock and paid in capital, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01		$ 0.01
Redeemable preferred stock, conversion ratio		1	1		1
Realty Income, L.P. | Series A Preferred Stock
Class of Stock [Line Items]
Shares redeemed (in shares) | shares		6,900,000
Redeemable preferred stock, liquidation preference (in dollars per share) | $ / shares		$ 25	$ 25		$ 25

Common Stock Incentive Plan - N

Common Stock Incentive Plan - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended			9 Months Ended
	May 31, 2024	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate fair value of converted awards		$ 66.5			$ 66.5
Restricted stock awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted (in shares)					343,890
Vesting period (in years)					4 years
Restricted stock awards | Directors
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted (in shares)	40,000		4,000		44,000
Restricted stock awards | Directors | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period (in years)					3 years
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted (in shares)					30,538
Vesting period (in years)					4 years
Remaining unamortized share-based compensation expense		23.8			$ 23.8
Performance shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted (in shares)					274,358
Remaining unamortized share-based compensation expense		22.5			$ 22.5
Performance shares | Immediate vesting
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting rights percentage					50%
Performance shares | Three-year vesting period
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period (in years)					3 years
Vesting rights percentage					50%
Spirit Realty Capital, Inc.
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of Spirit's equity-based compensation awards attributable to pre-combination services					$ 41.7
General and administrative expense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation costs recognized		$ 6.4		$ 6.2	22.9	$ 20.2
Merger And Integration Related Costs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Accelerated share-based compensation costs					$ 24.8

Net Income per Common Share (De

Net Income per Common Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
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)	870,665	709,165	858,679	681,419
Incremental shares from share-based compensation (in shares)	525	378	442	360
Dilutive effect of forward ATM offerings (in shares)	862	0	341	350
Weighted average shares used for diluted net income per share computation (in shares)	872,052	709,543	859,462	682,129
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)	72	309	151	243
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)	1,922	1,795	1,838	1,795
Weighted average forward ATM offerings that were anti-dilutive
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation (in shares)	488	535	477	460

Supplemental Disclosures of C_3

Supplemental Disclosures of Cash Flow Information - Summary (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Supplemental disclosures:
Cash paid for interest	$ 732,123	$ 501,162
Cash paid for income taxes	29,818	11,462
Non-cash activities:
Net decrease in fair value of derivatives	(44,050)	(51,386)
Increase in noncontrolling interests from property acquisitions	0	39,156
Issuance/conversion of common partnership units of Realty Income, L.P.	47,253	0
Term loans
Non-cash activities:
Notes payable assumed at fair value	1,300,000	0
Notes payable
Non-cash activities:
Notes payable assumed at fair value	$ 2,481,486	$ 0

Supplemental Disclosures of C_4

Supplemental Disclosures of Cash Flow Information - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Reconciliation of cash,cash equivalents, and restricted cash
Cash and cash equivalents shown in the consolidated balance sheets	$ 396,956	$ 232,923	$ 344,129
Restricted escrow deposits	37,317	6,247	41,311
Impounds related to mortgages payable	13,604	53,005	45,224
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$ 447,877	$ 292,175	$ 430,664	$ 226,881

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2024 USD ($)
Re-leasing costs, recurring capital expenditures, and non-recurring building improvements
Commitments and Contingencies [Line Items]
Other commitments	$ 77.8
Construction contracts
Commitments and Contingencies [Line Items]
Other commitments	$ 394.9

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		1 Months Ended
	Nov. 04, 2024	Oct. 31, 2024	Sep. 30, 2024
Subsequent Event [Line Items]
Distributions payable (in dollars per share)			$ 0.2635
Subsequent event
Subsequent Event [Line Items]
Common stock dividend declared (in dollars per share)		$ 0.2635
At-The-Market Forward Agreements | Subsequent event
Subsequent Event [Line Items]
Share issuances, net of costs (in shares)	17
Estimated net proceeds	$ 968.7
Shares executed (in shares)		0.2