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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 2013
Commission File Number 1-13374
REALTY INCOME CORPORATION
(Exact name of registrant as specified in its charter)
| Maryland | | 33-0580106 | |
| (State or Other Jurisdiction of | | (IRS Employer | |
| Incorporation or Organization) | | Identification Number) | |
600 La Terraza Boulevard, Escondido, California 92025-3873
(Address of Principal Executive Offices)
Registrant’s telephone number, including area code: (760) 741-2111
Securities registered pursuant to Section 12 (b) of the Act:
| | | Name of Each Exchange | |
| Title of Each Class | | On Which Registered | |
| Common Stock, $0.01 Par Value Class E Preferred Stock, $0.01 Par Value Class F Preferred Stock, $0.01 Par Value | | New York Stock Exchange New York Stock Exchange New York Stock Exchange | |
Securities registered pursuant to Section 12 (g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES x NO o
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES o NO x
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES x NO o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES x NO o
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer x Accelerated filer o Non-accelerated filer o Smaller reporting company o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES o NO x
At June 30, 2013, the aggregate market value of the Registrant’s shares of common stock, $0.01 par value, held by non-affiliates of the Registrant was $8.2 billion based upon the last reported sale price of $41.92 per share on the New York Stock Exchange on June 28, 2013, the last business day of the Registrant’s most recently completed second fiscal quarter.
At January 29, 2014, the number of shares of common stock outstanding was 207,593,695, the number of shares of Class E preferred stock outstanding was 8,800,000 and the number of shares of Class F preferred stock outstanding was 16,350,000.
DOCUMENTS INCORPORATED BY REFERENCE
Part III, Items 10, 11, 12, 13 and 14 incorporate by reference certain specific portions of the definitive Proxy Statement for Realty Income Corporation’s Annual Meeting to be held on May 6, 2014, to be filed pursuant to Regulation 14A. Only those portions of the proxy statement which are specifically incorporated by reference herein shall constitute a part of this annual report.
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PART I
Item 1: Business
THE COMPANY
Realty Income Corporation, The Monthly Dividend Company®, or Realty Income, is a publicly traded real estate company with the primary business objective of generating dependable monthly cash dividends from a consistent and predictable level of cash flow from operations. Our monthly dividends are supported by the cash flow from our portfolio of properties leased to commercial tenants. We have in-house acquisition, leasing, legal, credit research, real estate research, portfolio management (including property and asset management), and capital markets expertise. Over the past 45 years, Realty Income and its predecessors have been acquiring and owning freestanding commercial properties that generate rental revenue under long-term lease agreements.
Realty Income was founded in 1969, and in 1994 was listed on the New York Stock Exchange, or NYSE. We elected to be taxed as a real estate investment trust, or REIT, requiring us to distribute dividends to our stockholders aggregating at least 90% of our taxable income (excluding net capital gains).
We seek to increase distributions to stockholders and funds from operations, or FFO, per share through both active portfolio management and the acquisition of additional properties.
Generally, our portfolio management efforts seek to achieve:
· Contractual rent increases on existing leases;
· Rent increases at the termination of existing leases, when market conditions permit; and
· The active management of our property portfolio, including re-leasing vacant properties, and selectively selling properties, thereby mitigating our exposure to certain tenants and markets.
At December 31, 2013, we owned a diversified portfolio:
· Of 3,896 properties;
· With an occupancy rate of 98.2%, or 3,826 properties leased and 70 properties available for lease;
· Leased to 205 different commercial tenants doing business in 47 separate industries;
· Located in 49 states and Puerto Rico;
· With over 62.6 million square feet of leasable space; and
· With an average leasable space per property of approximately 16,100 square feet, including approximately 10,600 square feet per retail property.
Of the 3,896 properties in the portfolio, 3,876, or 99.5%, are single-tenant properties, and the remaining twenty are multi-tenant properties. At December 31, 2013, of the 3,876 single-tenant properties, 3,807 were leased with a weighted average remaining lease term (excluding rights to extend a lease at the option of the tenant) of approximately 10.8 years.
In acquiring additional properties, our strategy is primarily to acquire freestanding, single-tenant locations under long-term, net lease agreements. Our acquisition and investment activities generally focus on businesses providing goods and services that satisfy basic consumer and business needs. In general, our net lease agreements:
· Are for initial terms of 10 to 20 years;
· Require the tenant to pay minimum monthly rent and property operating expenses (taxes, insurance and maintenance); and
· Provide for future rent increases based on increases in the consumer price index (typically subject to ceilings), additional rent calculated as a percentage of the tenants’ gross sales above a specified level, or fixed increases.
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Our nine senior officers owned 0.4% of our outstanding common stock with a market value of $33.3 million at January 29, 2014. Our directors and nine senior officers, as a group, owned 0.6% of our outstanding common stock with a market value of $51.7 million at January 29, 2014.
Our common stock is listed on the NYSE under the ticker symbol “O” with a cusip number of 756109-104. Our central index key number is 726728.
Our 6.75% Monthly Income Class E Cumulative Redeemable Preferred Stock is listed on the NYSE under the ticker symbol “OprE” with a cusip number of 756109-708.
Our 6.625% Monthly Income Class F Cumulative Redeemable Preferred Stock is listed on the NYSE under the ticker symbol “OprF” with a cusip number of 756109-807.
In January 2014, we had 116 employees as compared to 97 employees in January 2013.
We maintain a corporate website at www.realtyincome.com. On our website we make available, free of charge, copies of our annual report on Form 10-K, quarterly reports on Form 10-Q, Form 3s, Form 4s, Form 5s, current reports on Form 8-K, and amendments to those reports, as soon as reasonably practicable after we electronically file these reports with the Securities and Exchange Commission, or SEC. None of the information on our website is deemed to be part of this report.
RECENT DEVELOPMENTS
Increases in Monthly Dividends to Common Stockholders
We have continued our 45-year policy of paying monthly dividends. In addition, we increased the dividend five times during 2013.
| Month | Dividend | Increase |
2013 Dividend increases | Paid | per share | per share |
1st increase | Jan 2013 | $ 0.1517500 | $ 0.0003125 |
2nd increase | Feb 2013 | 0.1809167 | 0.0291667 |
3rd increase | Apr 2013 | 0.1812292 | 0.0003125 |
4th increase | Jul 2013 | 0.1815417 | 0.0003125 |
5th increase | Oct 2013 | 0.1818542 | 0.0003125 |
The dividends paid per share during 2013 as compared to 2012 increased 21.2%, which is the largest annual increase in the company’s history. The 2013 dividends paid per share totaled $2.1474587 as compared to $1.7716250 in 2012, an increase of $0.3758337.
In December 2013, we declared an increased dividend of $0.1821667 per share, which was paid in January 2014. The increase in January 2014 was our 65th consecutive quarterly increase and the 74th increase in the amount of the dividend since our listing on the NYSE in 1994. In January 2014 and February 2014, we declared dividends of $0.1821667 per share, which will be paid in February 2014 and March 2014, respectively.
The monthly dividend of $0.1821667 per share represents a current annualized dividend of $2.186 per share, and an annualized dividend yield of approximately 5.9% based on the last reported sale price of our common stock on the NYSE of $37.33 on December 31, 2013. Although we expect to continue our policy of paying monthly dividends, we cannot guarantee that we will maintain our current level of dividends, that we will continue our pattern of increasing dividends per share, or what our actual dividend yield will be in any future period.
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Acquisitions During 2013
During 2013, we invested $1.51 billion in 459 new properties and properties under development or expansion, with an initial weighted average contractual lease rate of 7.1%. The 459 new properties and properties under development or expansion are located in 40 states, will contain approximately 9.0 million leasable square feet, and are 100% leased with a weighted average lease term of 14.0 years. The tenants occupying the new properties operate in 23 industries and the property types consist of 83.8% retail, 9.2% office, 4.9% industrial and distribution, and 2.1% manufacturing, based on rental revenue. These investments are in addition to the $3.2 billion acquisition of 515 properties of American Realty Capital Trust, Inc., or ARCT, which were added to our real estate portfolio during the first quarter of 2013. Our combined total investment in real estate assets during 2013 was $4.67 billion in 974 new properties and properties under development or expansion. During 2013, none of our real estate investments caused any one tenant to be 10% or more of our total assets at December 31, 2013.
In conjunction with our acquisition of ARCT, each outstanding share of ARCT common stock was converted into the right to receive a combination of: (i) $0.35 in cash and (ii) 0.2874 shares of our common stock, resulting in the issuance of a total of approximately 45.6 million shares of our common stock to ARCT shareholders, valued at a per share amount of $44.04, which was the closing sale price of our common stock on January 22, 2013. In connection with the closing of this acquisition, we terminated and repaid the amounts then outstanding of approximately $552.9 million under ARCT’s revolving credit facility and term loan. In connection with our acquisition of ARCT, we assumed approximately $516.3 million of mortgages payable. We incurred merger costs of $13.0 million and $7.9 million, respectively, in 2013 and 2012. The total merger costs were approximately $21 million.
Our acquisition of ARCT provided benefits to Realty Income, including accretion to net earnings, growth in the size of our real estate portfolio, diversification of industries and property type, and increase in the percentage of investment grade tenants.
The 515 properties added to our real estate portfolio as a result of the ARCT acquisition, are located in 44 states and Puerto Rico, contain over 16.0 million leasable square feet and are 100% leased with a weighted average lease term of 12.2 years. The 69 tenants, occupying the 515 properties acquired, operate in 28 industries and the property types consist of 54.0% retail, 32.6% industrial and distribution, and 13.4% office, based on rental revenue.
The estimated initial weighted average contractual lease rate for a property is generally computed as estimated contractual net operating income, which, in the case of a net leased property, is equal to the aggregate base rent under the lease for the first full year of each lease, divided by the total cost of the property. Since it is possible that a tenant could default on the payment of contractual rent, we cannot provide assurance that the actual return on the funds invested will remain at the percentages listed above.
In the case of a property under development or expansion, the estimated initial weighted average contractual lease rate is computed as follows: estimated net operating income (which is calculated by multiplying the capitalization rate determined by the lease by our projected total investment in the property, including land, construction and capitalized interest costs) for the first full year of each lease, divided by such projected total investment in the property. Of the $4.67 billion we invested during 2013, $39.6 million was invested in 21 properties under development or expansion, with an estimated initial weighted average contractual lease rate of 8.5%. We may continue to pursue development or expansion opportunities under similar arrangements in the future.
John P. Case Appointed Chief Executive Officer (CEO)
In September 2013, we announced that our Board of Directors appointed John P. Case as CEO of the company. Mr. Case, who had previously served as President and Chief Investment Officer, succeeded Tom A. Lewis, who retired as our CEO. Mr. Lewis had been our CEO since 1997. Mr. Case is only the third CEO in Realty Income’s 45-year history.
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Portfolio Discussion
Leasing Results
At December 31, 2013, we had 70 properties available for lease out of 3,896 properties in our portfolio, which represents a 98.2% occupancy rate. Since December 31, 2012, when we reported 84 properties available for lease and a 97.2% occupancy rate, we:
· Leased 27 properties;
· Sold 19 properties available for lease; and
· Have 32 new properties available for lease.
During 2013, 136 properties with expiring leases were leased to either existing or new tenants. The annual rent on these leases was $16.1 million, as compared to the previous rent on these same properties of $16.0 million. At December 31, 2013, our average annualized rental revenue was approximately $13.21 per square foot on the 3,807 leased properties in our portfolio. At December 31, 2013, we classified 12 properties with a carrying amount of $12.0 million as held for sale on our balance sheet.
Investments in Existing Properties
In 2013, we capitalized costs of $8.5 million on existing properties in our portfolio, consisting of $1.3 million for re-leasing costs and $7.2 million for building and tenant improvements. In 2012, we capitalized costs of $6.6 million on existing properties in our portfolio, consisting of $1.62 million for re-leasing costs and $4.93 million for building and tenant improvements.
As part of our re-leasing costs, we pay leasing commissions and sometimes provide tenant rent concessions. Leasing commissions are paid based on the commercial real estate industry standard and any rent concessions provided are minimal. We do not consider the collective impact of the leasing commissions or tenant rent concessions to be material to our financial position or results of operations.
The majority of our building and tenant improvements are related to roof repairs, HVAC improvements, and parking lot resurfacing and replacements. It is not customary for us to offer significant tenant improvements on our properties as tenant incentives. The amounts of our capital expenditures can vary significantly, depending on the rental market, tenant credit worthiness, and the willingness of tenants to pay higher rents over the terms of the leases.
Amendment to Credit Facility
In October 2013, we amended our credit facility by increasing the borrowing capacity by $500 million to $1.5 billion. All other material business terms of the credit facility remain unchanged.
Note Issuance
In July 2013, we issued $750 million of 4.65% senior unsecured notes due August 2023, or the 2023 Notes. The price to the investors for the 2023 Notes was 99.775% of the principal amount for an effective yield of 4.678% per annum. The total net proceeds of approximately $741.4 million from this offering were used to repay all outstanding borrowings under our acquisition credit facility, and the remaining proceeds were used for general corporate purposes, including additional property acquisitions. Interest is paid semiannually on the 2023 Notes.
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Accelerated Stock Vesting
The Compensation Committee of our Board of Directors approved, effective July 1, 2013, the accelerated vesting of each restricted stock award that had originally been granted with ten-year vesting to five years. On July 1, 2013, 212,827 restricted shares vested as a result of this acceleration, resulting in additional compensation expense of $3.7 million during 2013.
Issuance of Common Stock
In October 2013, we issued 9,775,000 shares of common stock at a price of $40.63 per share, including 1,275,000 shares purchased by the underwriters upon the exercise of their option to purchase additional shares. After underwriting discounts and other estimated offering costs of $18.7 million, the net proceeds of approximately $378.5 million were used to repay a portion of the borrowings under our acquisition credit facility, which were used to fund property acquisitions.
In March 2013, we issued 17,250,000 shares of common stock at a price of $45.90 per share. After underwriting discounts and other offering costs of $36.7 million, the net proceeds of $755.1 million were used to redeem our 5.375% notes in March 2013 and repay borrowings under our acquisition credit facility, which were used to fund property acquisitions, including our acquisition of ARCT.
In connection with our January 2013 acquisition of ARCT, we issued a total of 45,573,144 shares of our common stock to ARCT shareholders and redeemed 208,709 shares of our common stock that were previously held by ARCT.
Dividend Reinvestment and Stock Purchase Plan
In March 2011, we established a Dividend Reinvestment and Stock Purchase Plan, or the DRSPP, to provide our common stockholders, as well as new investors, with a convenient and economical method of purchasing our common stock and reinvesting their distributions. The DRSPP also allows our current stockholders to buy additional shares of common stock by reinvesting all or a portion of their distributions. The DRSPP authorizes up to 6,000,000 common shares to be issued. During 2013, we issued 1,449,139 shares and raised approximately $55.6 million under the DRSPP.
Note Repayment
In March 2013, we repaid the $100 million of outstanding 5.375% notes, plus accrued and unpaid interest, using proceeds from our March 2013 common stock offering and our credit facility.
Term Loan
In January 2013, in conjunction with our acquisition of ARCT, we entered into a $70 million senior unsecured term loan maturing January 21, 2018, to partially repay the then outstanding ARCT term loan. Borrowing under the term loan bears interest at LIBOR, plus 1.20%. In conjunction with this term loan, we also acquired an interest rate swap which essentially fixes our per annum interest rate on the term loan at 2.15%.
Noncontrolling Interests
As consideration for two separate acquisitions during 2013, partnership units of Tau Operating Partnership, L.P. and Realty Income, L.P. were issued to third parties. These units (discussed in the following paragraphs below) do not have voting rights, are entitled to monthly distributions equal to the amount paid to our common stockholders, and are redeemable in cash or our common stock, at our option and at a conversion ratio of one to one, subject to certain exceptions. As the general partner for each of these partnerships, we have operating and financial control over these entities, consolidate them in our financial statements, and record the partnership units held by third parties as noncontrolling interests.
Issuance of Common and Preferred Partnership Units
In connection with our acquisition of ARCT in January 2013, we issued 317,022 common partnership units and 6,750 preferred partnership units. These common units are entitled to monthly distributions equivalent to the per common share amounts paid to the common stockholders of Realty Income. The preferred units have a par value of $1,000, and are entitled to monthly payments at a rate of 2% per annum, or $135,000 per year.
In June 2013, we issued 534,546 common partnership units of Realty Income, L.P. These common units are entitled to monthly distributions equivalent to the per common share amount paid to the common stockholders of Realty Income.
Universal Shelf Registration
In February 2013, we filed a shelf registration statement with the SEC, which is effective for a term of three years and will expire in February 2016. This replaces our prior shelf registration statement. In accordance with SEC rules, the amount of securities to be issued pursuant to this shelf registration statement was not specified when it was filed and there is no specific dollar limit. The securities covered by this registration statement
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include (1) common stock, (2) preferred stock, (3) debt securities, (4) depositary shares representing fractional interests in shares of preferred stock, (5) warrants to purchase debt securities, common stock, preferred stock or depositary shares, and (6) any combination of these securities. We may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if the securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering.
Net Income Available to Common Stockholders
Net income available to common stockholders was $203.6 million in 2013, compared to $114.5 million in 2012, an increase of $89.1 million. On a diluted per common share basis, net income was $1.06 in 2013, as compared to $0.86 in 2012, an increase of $0.20, or 23.3%. Net income available to common stockholders for 2013 includes $13.0 million of merger-related costs for the acquisition of ARCT, which represents $0.07 on a diluted per common share basis, and $3.7 million for accelerated vesting of restricted shares that occurred in July 2013 from ten-year vesting to five years, which represents $0.02 on a diluted per common share basis. Net income available to common stockholders for 2012 includes $7.9 million of merger-related costs for the acquisition of ARCT, which represents $0.06 on a diluted per common share basis, and a $3.7 million charge for the excess of redemption value over carrying value of the shares of our 7.375% Monthly Income Class D Cumulative Redeemable Preferred Stock, or Class D preferred stock, which represents $0.03 on a diluted per common share basis.
The calculation to determine net income available to common stockholders includes gains from the sale of properties. The amount of gains varies from period to period based on the timing of property sales and can significantly impact net income available to common stockholders.
Gains from the sale of properties during 2013 were $64.7 million, as compared to gains from the sale of properties of $9.9 million during 2012.
Funds from Operations Available to Common Stockholders (FFO) and Normalized Funds from Operations Available to Common Stockholders (Normalized FFO)
In 2013, our FFO increased by $188.1 million, or 72.1%, to $449.0 million versus $260.9 million in 2012. On a diluted per common share basis, FFO was $2.34 in 2013, compared to $1.96 in 2012, an increase of $0.38, or 19.4%. FFO in 2013 includes $13.0 million of merger-related costs, which represents $0.07 on a diluted per common share basis, and $3.7 million for accelerated vesting of restricted shares that occurred in July 2013 from ten-year vesting to five years, which represents $0.02 on a diluted per common share basis. FFO for 2012 includes $7.9 million of merger-related costs, which represents $0.06 on a diluted per common share basis, and includes a $3.7 million charge for the excess of redemption value over carrying value of the shares of our Class D preferred stock, which represents $0.03 on a diluted per common share basis.
We define normalized FFO as FFO excluding the merger-related costs for our acquisition of ARCT. In 2013, our normalized FFO increased by $193.2 million, or 71.9%, to $462.0 million, versus $268.8 million in 2012. On a diluted common share basis, normalized FFO was $2.41 in 2013, compared to $2.02 in 2012, an increase of $0.39, or 19.3%.
See our discussion of FFO and normalized FFO (which are not financial measures under U.S. generally accepted accounting principles, or GAAP), in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this annual report, which includes a reconciliation of net income available to common stockholders to FFO and normalized FFO.
Adjusted Funds from Operations Available to Common Stockholders (AFFO)
In 2013, our AFFO increased by $188.9 million, or 68.9%, to $463.1 million versus $274.2 million in 2012. On a diluted per common share basis, AFFO was $2.41 in 2013, compared to $2.06 in 2012, an increase of $0.35, or 17.0%.
See our discussion of AFFO (which is not a financial measure under GAAP), in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this annual report, which includes a reconciliation of net income available to common stockholders to FFO, normalized FFO and AFFO.
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DIVIDEND POLICY
Distributions are paid monthly to holders of shares of our common stock, 6.75% Monthly Income Class E Cumulative Redeemable Preferred Stock, or Class E preferred stock, and 6.625% Monthly Income Class F Cumulative Redeemable Preferred Stock, or Class F preferred stock, if, and when, declared by our Board of Directors.
Distributions are paid monthly to the limited partners holding common units of Tau Operating Partnership, L.P. and Realty Income, L.P., each on a per unit basis that is generally equal to the amount paid per share to our common stockholders.
In order to maintain our tax status as a REIT for federal income tax purposes, we generally are required to distribute dividends to our stockholders aggregating annually at least 90% of our taxable income (excluding net capital gains), and we are subject to income tax to the extent we distribute less than 100% of our taxable income (including net capital gains). In 2013, our cash distributions to preferred and common stockholders totaled $451.2 million, or approximately 161.4% of our estimated taxable income of $279.6 million. Our estimated taxable income reflects non-cash deductions for depreciation and amortization. Our estimated taxable income is presented to show our compliance with REIT dividend requirements and is not a measure of our liquidity or operating performance. We intend to continue to make distributions to our stockholders that are sufficient to meet this dividend requirement and that will reduce or eliminate our exposure to income taxes. Furthermore, we believe our funds from operations are more than sufficient to support our current level of cash distributions to our stockholders. Our 2013 cash distributions to common stockholders totaled $409.2 million, representing 88.4% of our adjusted funds from operations available to common stockholders of $463.1 million.
The Class E preferred stockholders receive cumulative distributions at a rate of 6.75% per annum on the $25.00 per share liquidation preference (equivalent to $1.6875 per annum per share). The Class F preferred stockholders receive cumulative distributions at a rate of 6.625% per annum on the $25.00 per share liquidation preference (equivalent to $1.65625 per annum per share). Dividends on our Class E and Class F preferred stock are current.
Future distributions will be at the discretion of our Board of Directors and will depend on, among other things, our results of operations, FFO, normalized FFO, AFFO, cash flow from operations, financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986, as amended, or the Code, our debt service requirements and any other factors our Board of Directors may deem relevant. In addition, our credit facility contains financial covenants that could limit the amount of distributions paid by us in the event of a default, and which prohibit the payment of distributions on the common or preferred stock in the event that we fail to pay when due (subject to any applicable grace period) any principal or interest on borrowings under our credit facility.
Distributions of our current and accumulated earnings and profits for federal income tax purposes generally will be taxable to stockholders as ordinary income, except to the extent that we recognize capital gains and declare a capital gains dividend, or that such amounts constitute “qualified dividend income” subject to a reduced rate of tax. The maximum tax rate of non-corporate taxpayers for “qualified dividend income” is generally 20%. In general, dividends payable by REITs are not eligible for the reduced tax rate on qualified dividend income, except to the extent that certain holding requirements have been met with respect to the REIT’s stock and the REIT’s dividends are attributable to dividends received from certain taxable corporations (such as our taxable REIT subsidiaries) or to income that was subject to tax at the corporate or REIT level (for example, if we distribute taxable income that we retained and paid tax on in the prior taxable year).
Distributions in excess of earnings and profits generally will be treated as a non-taxable reduction in the stockholders’ basis in their stock, but not below zero. Distributions in excess of that basis generally will be taxable as a capital gain to stockholders who hold their shares as a capital asset. Approximately 38.7% of the distributions to our common stockholders, made or deemed to have been made in 2013, were classified as a return of capital for federal income tax purposes. We estimate that in 2014, between 15% and 30% of the distributions may be classified as a return of capital.
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BUSINESS PHILOSOPHY AND STRATEGY
Capital Philosophy
Historically, we have met our long-term capital needs by issuing common stock, preferred stock and long-term unsecured notes and bonds. Over the long term, we believe that common stock should be the majority of our capital structure. However, we may issue additional preferred stock or debt securities. We may issue common stock when we believe that our share price is at a level that allows for the proceeds of any offering to be accretively invested into additional properties. In addition, we may issue common stock to permanently finance properties that were financed by our credit facility or debt securities. However, we cannot assure you that we will have access to the capital markets at times and at terms that are acceptable to us.
Our primary cash obligations, for the current year and subsequent years, are included in the “Table of Obligations,” which is presented in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” We expect to fund our operating expenses and other short-term liquidity requirements, including property acquisitions and development costs, payment of principal and interest on our outstanding indebtedness, property improvements, re-leasing costs and cash distributions to common and preferred stockholders, primarily through cash provided by operating activities, borrowing on our $1.5 billion credit facility and occasionally through public securities offerings.
Conservative Capital Structure
We believe that our stockholders are best served by a conservative capital structure. Therefore, we seek to maintain a conservative debt level on our balance sheet and solid interest and fixed charge coverage ratios. At December 31, 2013, our total outstanding borrowings of senior unsecured notes, term loan, mortgages payable and credit facility borrowings were $4.18 billion, or approximately 33.2% of our total market capitalization of $12.59 billion.
We define our total market capitalization at December 31, 2013 as the sum of:
· Shares of our common stock outstanding of 207,485,073, plus total common units of 851,568, multiplied by the last reported sales price of our common stock on the NYSE of $37.33 per share on December 31, 2013, or $7.78 billion;
· Aggregate liquidation value (par value of $25.00 per share) of the Class E preferred stock of $220.0 million;
· Aggregate liquidation value (par value of $25.00 per share) of the Class F preferred stock of $408.8 million;
· Outstanding borrowings of $128.0 million on our credit facility;
· Outstanding mortgages payable of $783.4 million, which includes net mortgage premiums of $28.9 million;
· Outstanding borrowings of $70.0 million on our term loan; and
· Outstanding senior unsecured notes and bonds of $3.2 billion, which excludes unamortized original issuance discounts of $14.5 million.
Investment Philosophy
We believe that owning an actively managed, diversified portfolio of commercial properties under long-term, net leases produces consistent and predictable income. Net leases typically require the tenant to be responsible for monthly rent and property operating expenses including property taxes, insurance and maintenance. In addition, tenants of our properties typically pay rent increases based on: 1) increases in the consumer price index (typically subject to ceilings), 2) additional rent calculated as a percentage of the tenants’ gross sales above a specified level, or 3) fixed increases. We believe that a portfolio of properties owned under long-term net leases generally produces a more predictable income stream than many other types of real estate portfolios, while continuing to offer the potential for growth in rental income.
Investment Strategy
When identifying new properties for acquisition, we generally focus on providing capital to owners and operators of commercial tenants by acquiring the real estate they consider important to the successful operation of their business.
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We primarily focus on acquiring properties with many of the following attributes:
· Tenants with reliable and sustainable cash flow;
· Tenants with revenue and cash flow from multiple sources;
· Tenants that are willing to sign a long-term lease (10 or more years);
· Tenants that are large owners and users of real estate;
· Real estate that is critical to the tenant’s ability to generate revenue (i.e. they need the property in which they operate in order to conduct their business);
· Real estate with property valuations at or below replacement cost;
· Properties with rental or lease payments that are at or below market rents; and
· Property transactions where we can achieve an attractive spread over our cost of capital.
From a retail perspective, our investment focus has primarily been on businesses that have a service component because we believe the lease revenue from these types of businesses is more stable. Because of this investment focus, for the quarter ended December 31, 2013, approximately 59.1% of our retail rental revenue was derived from tenants with a service component in their business. We believe these service-oriented businesses would generally be difficult to duplicate over the Internet and that our properties continue to perform well relative to competition from Internet-based businesses.
Diversification is also a key objective of our investment strategy. We believe that diversification of the portfolio by tenant, industry, property type, and geographic location leads to more predictable investment results for our shareholders by reducing vulnerability that can come with any single concentration. Our investment efforts have led to a diversified property portfolio that, as of December 31, 2013, consisted of 3,896 properties located in 49 states and Puerto Rico, leased to 205 different commercial tenants doing business in 47 industry segments. Each of the 47 industry segments, represented in our property portfolio, individually accounted for no more than 10.6% of our rental revenue for the quarter ended December 31, 2013.
Credit Strategy
We typically acquire and lease properties to tenants in transactions where we can achieve an attractive risk-adjusted return. Since 1970, our occupancy rate at the end of each year has never been below 96%.
We believe the principal financial obligations for most of our tenants typically include their bank and other debt, payment obligations to suppliers and real estate lease obligations. Because we typically own the land and building in which a tenant conducts its business or which are critical to the tenant’s ability to generate revenue, we believe the risk of default on a tenant’s lease obligations is less than the tenant’s unsecured general obligations. It has been our experience that since tenants must retain their profitable and critical locations in order to survive; in the event of reorganization they are less likely to reject a lease for a profitable or critical location because this would terminate their right to use the property. Thus, as the property owner, we believe we will fare better than unsecured creditors of the same tenant in the event of reorganization. If a property is rejected by the tenant during reorganization, we own the property and can either lease it to a new tenant or sell the property. In addition, we believe that the risk of default on real estate leases can be further mitigated by monitoring the performance of the tenants’ individual locations and considering whether to sell locations that are weaker performers.
In order to qualify for inclusion in our portfolio, new property acquisitions must meet stringent investment and credit requirements. The properties must generate attractive current yields and the tenant must meet our credit profile. We have established a four-part analysis that examines each potential investment based on:
· Industry, company, market conditions and credit profile;
· Store profitability for retail locations, if profitability data is available;
· The importance of the real estate location to the operations of the company’s business; and
· Overall real estate characteristics, including property value and comparative rental rates.
Prior to entering into any transaction, our investment professionals, assisted by our research department, conduct a review of a tenant’s credit quality. The information reviewed may include reports and filings, including any public credit ratings, financial statements, debt and equity analyst reports, and reviews of corporate credit spreads, stock prices, market capitalization and other financial metrics. We conduct additional due diligence, including additional financial reviews of the tenant and a more comprehensive review of the business segment and industry in which the tenant operates. We continue to monitor our tenants’ credit quality on an ongoing basis by reviewing the available information previously discussed, and providing summaries of these findings to management.
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Acquisition Strategy
We seek to invest in industries in which several, well-organized, regional and national commercial tenants are capturing market share through service, quality control, economies of scale, strong consumer brands, advertising, and the selection of prime locations. Our acquisition strategy is to act as a source of capital to regional and national commercial tenants by acquiring and leasing back their real estate locations. In addition, we frequently acquire large portfolios of properties net leased to multiple tenants in a variety of industries. We have an internal team dedicated to sourcing such opportunities, often using our proprietary relationships with various tenants, owners/developers, and advisors to uncover and secure transactions. We also undertake thorough research and analysis to identify what we consider to be appropriate industries, tenants and property locations for investment. This research expertise is instrumental to uncovering net lease opportunities in markets where our real estate financing program adds value. In selecting potential investments, we generally seek to acquire real estate that has the following characteristics:
· Properties that are freestanding, commercially-zoned with a single tenant;
· Properties that are important locations for regional and national commercial tenants;
· Properties that we deem to be profitable for the tenants and/or can generally be characterized as important to the operations of the company’s business;
· Properties that are located within attractive demographic areas, relative to the business of our tenants, with high visibility and easy access to major thoroughfares; and
· Properties that can be purchased with the simultaneous execution or assumption of long-term, net lease agreements, offering both current income and the potential for rent increases.
Portfolio Management Strategy
The active management of the property portfolio is also an essential component of our long-term strategy. We continually monitor our portfolio for any changes that could affect the performance of the industries, tenants and locations in which we have invested. We also regularly analyze our portfolio with a view toward optimizing its returns and enhancing our credit quality.
We regularly review and analyze:
· The performance of the various industries of our tenants; and
· The operation, management, business planning, and financial condition of our tenants.
We have an active portfolio management program that incorporates the sale of assets when we believe the reinvestment of the sale proceeds will:
· Generate higher returns;
· Enhance the credit quality of our real estate portfolio;
· Extend our average remaining lease term; or
· Decrease tenant or industry concentration.
At December 31, 2013, we classified real estate with a carrying amount of $12.0 million as held for sale on our balance sheet. In 2014, we intend to continue our active disposition efforts to further enhance our real estate portfolio and anticipate approximately $50 million in property sales for all of 2014. We intend to invest these proceeds into new property acquisitions, if there are attractive opportunities available. However, we cannot guarantee that we will sell properties during the next 12 months at our estimated values or be able to invest the property sale proceeds in new properties.
Impact of Real Estate and Credit Markets
In the commercial real estate market, property prices generally continue to fluctuate. Likewise, during certain periods, the U.S. credit markets have experienced significant price volatility, dislocations and liquidity disruptions, which may impact our access to and cost of capital. We continually monitor the commercial real estate and U.S. credit markets carefully and, if required, will make decisions to adjust our business strategy accordingly.
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Universal Shelf Registration
In February 2013, we filed a shelf registration statement with the SEC, which is effective for a term of three years and will expire in February 2016. This replaces our prior shelf registration statement. In accordance with SEC rules, the amount of securities to be issued pursuant to this shelf registration statement was not specified when it was filed and there is no specific dollar limit. The securities covered by this registration statement include (1) common stock, (2) preferred stock, (3) debt securities, (4) depositary shares representing fractional interests in shares of preferred stock, (5) warrants to purchase debt securities, common stock, preferred stock or depositary shares, and (6) any combination of these securities. We may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if the securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering.
$1.5 Billion Acquisition Credit Facility
In October 2013, we increased our unsecured acquisition credit facility from $1.0 billion to $1.5 billion. The initial term of the credit facility expires in May 2016 and includes, at our election, a one-year extension option. Under this credit facility, our current investment grade credit ratings provide for financing at the London Interbank Offered Rate, commonly referred to as LIBOR, plus 1.075% with a facility commitment fee of 0.175%, for all-in drawn pricing of 1.25% over LIBOR. The borrowing rate is not subject to an interest rate floor or ceiling. We also have other interest rate options available to us under this credit facility. Our credit facility is unsecured and, accordingly, we have not pledged any assets as collateral for this obligation.
At December 31, 2013, we had a borrowing capacity of $1.372 billion available on our credit facility (subject to customary conditions to borrowing) and an outstanding balance of $128.0 million. The interest rate on borrowings outstanding under our credit facility, at December 31, 2013, was 1.2% per annum. We must comply with various financial and other covenants in our credit facility. At December 31, 2013, we remain in compliance with these covenants.
We expect to use our credit facility to acquire additional properties and for other corporate purposes. Any additional borrowings will increase our exposure to interest rate risk. We regularly review our credit facility and may seek to extend or replace our credit facility, to the extent we deem appropriate.
We generally use our credit facility for the short-term financing of new property acquisitions. Thereafter, when capital is available on acceptable terms, we generally seek to refinance those borrowings with the net proceeds of long-term or permanent financing, which may include the issuance of common stock, preferred stock or debt securities. We cannot assure you, however, that we will be able to obtain any such refinancing, or that market conditions prevailing at the time of the refinancing will enable us to issue equity or debt securities upon acceptable terms.
Cash Reserves
We are organized to operate as an equity REIT that acquires and leases properties and distributes to stockholders, in the form of monthly cash distributions, a substantial portion of our net cash flow generated from leases on our properties. We intend to retain an appropriate amount of cash as working capital. At December 31, 2013, we had cash and cash equivalents totaling $10.3 million.
We believe that our cash and cash equivalents on hand, cash provided from operating activities, and borrowing capacity is sufficient to meet our liquidity needs for the next twelve months. We intend, however, to use permanent or long-term capital to fund property acquisitions and to repay future borrowings under our credit facility.
Credit Agency Ratings
The borrowing interest rates under our credit facility are based upon our ratings assigned by credit rating agencies. We are currently assigned the following investment grade corporate credit ratings on our senior unsecured notes and bonds: Fitch Ratings has assigned a rating of BBB+ with a “stable” outlook, Moody’s Investors Service has assigned a rating of Baa1 with a “stable” outlook, and Standard & Poor’s Ratings Group has assigned a rating of BBB+ with a “stable” outlook.
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Based on our current ratings, the credit facility interest rate is LIBOR plus 1.075% with a facility commitment fee of 0.175%, for all-in drawn pricing of 1.25% basis points over LIBOR. The credit facility provides that the interest rate can range between: (i) LIBOR plus 1.85% if our credit facility is lower than BBB-/Baa3 and (ii) LIBOR plus 1.00% if our credit rating is A-/A3 or higher. In addition, our credit facility provides for a facility commitment fee based on our credit ratings, which range from: (i) 0.45% for a rating lower than BBB-/Baa3, and (ii) 0.15% for a credit rating of A-/A3 or higher.
We also issue senior debt securities and our credit ratings can impact the interest rates charged in those transactions. If our credit ratings or ratings outlook change, our cost to obtain debt financing could increase or decrease.
The credit ratings assigned to us could change based upon, among other things, our results of operations and financial condition. These ratings are subject to ongoing evaluation by credit rating agencies, and we cannot assure you that our ratings will not be changed or withdrawn by a rating agency in the future if, in its judgment, circumstances warrant. Moreover, a rating is not a recommendation to buy, sell or hold our debt securities, preferred stock or common stock.
Notes Outstanding
As of December 31, 2013, we had $3.2 billion of senior unsecured note and bond obligations, excluding unamortized original issuance discounts of $14.5 million. All of our outstanding notes and bonds have fixed interest rates. Interest on all of our senior note and bond obligations is paid semiannually.
Mortgage Debt
As of December 31, 2013, we had $754.5 million of mortgages payable, all of which were assumed in connection with our property acquisitions. Included in this amount is $514.4 million of mortgages payable assumed in connection with the ARCT acquisition. Additionally, at December 31, 2013, we had net premiums totaling $28.9 million on these mortgages, of which $16.2 million is in connection with the ARCT acquisition.
Term Loan
In January 2013, in conjunction with our acquisition of ARCT, we entered into a $70 million senior unsecured term loan maturing in January 2018. Borrowing under the term loan bears interest at LIBOR, plus 1.20%. In conjunction with this term loan, we also acquired an interest rate swap which essentially fixes our per annum interest rate on the term loan at 2.15%.
No Unconsolidated Investments
We have no unconsolidated investments, nor do we engage in trading activities involving energy or commodity contracts.
Corporate Responsibility
Realty Income is committed to providing an enjoyable, diverse and safe working atmosphere for our employees, to upholding our responsibilities as a public company operating for the benefit of our shareholders and to being mindful of the environment. As The Monthly Dividend Company®, we believe our primary responsibility is to provide a dividend return to our shareholders. How we manage and use the physical, human and financial resources that enable us to acquire and own the real estate, which provides us with the lease revenue to pay monthly dividends, demonstrates our commitment to corporate responsibility.
Social Responsibility and Ethics. We are committed to being socially responsible and conducting our business according to the highest ethical standards. Our employees enjoy compensation that is in line with those of our peers and competitors, including generous healthcare benefits for employees and their families; participation in a 401K plan with a matching contribution by Realty Income; competitive vacation and time-off benefits; paid maternity leave and an infant-at-work program for new parents. Our employees also have access to members of our Board of Directors to report anonymously, if desired, any suspicion of misconduct, by any member of our senior management or executive team. We also have a long-standing commitment to equal employment opportunity and adhere to all Equal Employer Opportunity Policy guidelines.
We apply the principles of full and fair disclosure in all of our business dealings, as outlined in our Corporate Code of Business Ethics. We are also committed to dealing fairly with all of our customers, suppliers and competitors.
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Corporate Governance. We believe that nothing is more important than a company’s reputation for integrity and serving as a responsible fiduciary for its shareholders. We are committed to managing the company for the benefit of our shareholders and are focused on maintaining good corporate governance. Practices that illustrate this commitment include:
· Our Board of Directors is comprised of eight directors, six of which are independent, non-employee directors
· Our Board of Directors is elected on an annual basis
· We employ a majority vote standard for elections
· Our Compensation Committee of the Board of Directors works with independent consultants, in conducting annual compensation reviews for our key executives, and compensates each individual based on reaching certain performance metrics that determine the success of our company
· We adhere to all other corporate governance principles outlined in our “Corporate Governance Guidelines” document.
Environmental Practices. Our focus on energy related matters is demonstrated by how we manage our day-to-day activities in our corporate headquarters building. In our headquarters building we promote energy conservation and encourage the following practices:
· Powering down office equipment at the end of the day
· Setting fax and copier machines to “energy saver mode”
· Encouraging employees to reduce paper usage whenever possible, by storing documents electronically and using “duplex” copy mode;
· Employing an automated “lights out” system that is activated 24/7; and
· Programming HVAC to only operate during normal business operating hours
In addition, our headquarters building was constructed according to the State of California energy standards and we have installed solar panels on our roof to fulfill our energy requirements. All of the windows on our building are dual-paned to increase energy efficiency and reduce our carbon footprint.
With respect to recycling and reuse practices, we encourage the use of recycled products and the recycling of materials during our operations. Recycling bins are placed in all areas where materials are regularly disposed of and at the individual desks of our employees. Cell phones, wireless devices and office equipment is recycled or donated whenever possible. We also continue to pursue a paperless environment since this reduces costs and saves trees. As a result, we encourage file-sharing networks and environments to produce and edit documents in order to reduce the dissemination of hard copy documents, and have implemented an electronic invoice approval system.
With respect to the properties that we own, these properties are net-leased to our tenants who are responsible for maintaining the buildings and are in control of their energy usage and environmental sustainability practices.
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PROPERTY PORTFOLIO INFORMATION
At December 31, 2013, we owned a diversified portfolio:
· Of 3,896 properties;
· With an occupancy rate of 98.2%, or 3,826 properties leased and 70 properties available for lease;
· Leased to 205 different commercial tenants doing business in 47 separate industries;
· Located in 49 states and Puerto Rico;
· With over 62.6 million square feet of leasable space; and
· With an average leasable space per property of approximately 16,100 square feet, including approximately 10,600 square feet per retail property.
At December 31, 2013, of our 3,896 properties, 3,807 were leased under net lease agreements. A net lease typically requires the tenant to be responsible for minimum monthly rent and certain property operating expenses including property taxes, insurance and maintenance. In addition, our tenants are typically subject to future rent increases based on increases in the consumer price index (typically subject to ceilings), additional rent calculated as a percentage of the tenants’ gross sales above a specified level, or fixed increases.
As a result of our 2013 acquisitions, the following industry table has been modified from similar tables we have prepared in the past to reflect the changes below:
· Five new industries were added: (1) “government services,” (2) “health care,” (3) “jewelry,” (4) “other manufacturing,” and (5) “electrical utilities”; and
· Some properties previously included in the “other” industry were reclassified to both the “health care” and “government services” industries to better reflect the industry in which the tenant operates.
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Industry Diversification
The following table sets forth certain information regarding Realty Income’s property portfolio classified according to the business of the respective tenants, expressed as a percentage of our total rental revenue:
| | Percentage of Rental Revenue(1) |
| | For the | | | | | | | | | | | | |
| | Quarter Ended | | For the Years Ended |
| | December 31, | | Dec 31, | | Dec 31, | | Dec 31, | | Dec 31, | | Dec 31, | | Dec 31, |
| | 2013 | | 2013 | | 2012 | | 2011 | | 2010 | | 2009 | | 2008 |
Retail industries | | | | | | | | | | | | | | | | | | | | | |
Apparel stores | | 1.7 | % | | 1.9 | % | | 1.7 | % | | 1.4 | % | | 1.2 | % | | 1.1 | % | | 1.1 | % |
Automotive collision services | | 0.8 | | | 0.8 | | | 1.1 | | | 0.9 | | | 1.0 | | | 1.1 | | | 1.0 | |
Automotive parts | | 1.4 | | | 1.2 | | | 1.0 | | | 1.2 | | | 1.4 | | | 1.5 | | | 1.6 | |
Automotive service | | 1.9 | | | 2.1 | | | 3.1 | | | 3.7 | | | 4.7 | | | 4.8 | | | 4.8 | |
Automotive tire services | | 3.3 | | | 3.6 | | | 4.7 | | | 5.6 | | | 6.4 | | | 6.9 | | | 6.7 | |
Book stores | | * | | | * | | | 0.1 | | | 0.1 | | | 0.1 | | | 0.2 | | | 0.2 | |
Child care | | 2.5 | | | 2.8 | | | 4.5 | | | 5.2 | | | 6.5 | | | 7.3 | | | 7.6 | |
Consumer electronics | | 0.3 | | | 0.3 | | | 0.5 | | | 0.5 | | | 0.6 | | | 0.7 | | | 0.8 | |
Convenience stores | | 10.6 | | | 11.2 | | | 16.3 | | | 18.5 | | | 17.1 | | | 16.9 | | | 15.8 | |
Crafts and novelties | | 0.5 | | | 0.5 | | | 0.3 | | | 0.2 | | | 0.3 | | | 0.3 | | | 0.3 | |
Dollar stores | | 7.1 | | | 6.2 | | | 2.2 | | | - | | | - | | | - | | | - | |
Drug stores | | 9.7 | | | 8.1 | | | 3.5 | | | 3.8 | | | 4.1 | | | 4.3 | | | 4.1 | |
Education | | 0.4 | | | 0.4 | | | 0.7 | | | 0.7 | | | 0.8 | | | 0.9 | | | 0.8 | |
Entertainment | | 0.6 | | | 0.6 | | | 0.9 | | | 1.0 | | | 1.2 | | | 1.3 | | | 1.2 | |
Equipment services | | 0.1 | | | 0.1 | | | 0.1 | | | 0.2 | | | 0.2 | | | 0.2 | | | 0.2 | |
Financial services | | 1.4 | | | 1.5 | | | 0.2 | | | 0.2 | | | 0.2 | | | 0.2 | | | 0.2 | |
General merchandise | | 1.2 | | | 1.1 | | | 0.6 | | | 0.6 | | | 0.8 | | | 0.8 | | | 0.8 | |
Grocery stores | | 2.8 | | | 2.9 | | | 3.7 | | | 1.6 | | | 0.9 | | | 0.7 | | | 0.7 | |
Health and fitness | | 6.8 | | | 6.3 | | | 6.8 | | | 6.4 | | | 6.9 | | | 5.9 | | | 5.6 | |
Health care | | 1.0 | | | 1.1 | | | - | | | - | | | - | | | - | | | - | |
Home furnishings | | 0.8 | | | 0.9 | | | 1.0 | | | 1.1 | | | 1.3 | | | 1.3 | | | 2.4 | |
Home improvement | | 1.5 | | | 1.6 | | | 1.5 | | | 1.7 | | | 2.0 | | | 2.2 | | | 2.1 | |
Jewelry | | 0.1 | | | 0.1 | | | - | | | - | | | - | | | - | | | - | |
Motor vehicle dealerships | | 1.6 | | | 1.6 | | | 2.1 | | | 2.2 | | | 2.6 | | | 2.7 | | | 3.2 | |
Office supplies | | 0.4 | | | 0.5 | | | 0.8 | | | 0.9 | | | 0.9 | | | 1.0 | | | 1.0 | |
Pet supplies and services | | 0.8 | | | 0.8 | | | 0.6 | | | 0.7 | | | 0.9 | | | 0.9 | | | 0.8 | |
Restaurants - casual dining | | 4.7 | | | 5.1 | | | 7.3 | | | 10.9 | | | 13.4 | | | 13.7 | | | 14.3 | |
Restaurants - quick service | | 4.3 | | | 4.4 | | | 5.9 | | | 6.6 | | | 7.7 | | | 8.3 | | | 8.2 | |
Shoe stores | | 0.1 | | | 0.1 | | | 0.1 | | | 0.2 | | | 0.1 | | | - | | | - | |
Sporting goods | | 1.6 | | | 1.7 | | | 2.5 | | | 2.7 | | | 2.7 | | | 2.6 | | | 2.3 | |
Theaters | | 5.6 | | | 6.2 | | | 9.4 | | | 8.8 | | | 8.9 | | | 9.2 | | | 9.0 | |
Transportation services | | 0.1 | | | 0.1 | | | 0.2 | | | 0.2 | | | 0.2 | | | 0.2 | | | 0.2 | |
Wholesale clubs | | 4.3 | | | 3.9 | | | 3.2 | | | 0.7 | | | - | | | - | | | - | |
Other | | * | | | 0.1 | | | 0.1 | | | 0.1 | | | 0.3 | | | 1.1 | | | 1.2 | |
| | | | | | | | | | | | | | | | | | | | | |
Retail industries | | 80.0 | % | | 79.8 | % | | 86.7 | % | | 88.6 | % | | 95.4 | % | | 98.3 | % | | 98.2 | % |
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Industry Diversification (continued)
| | | |
| | | Percentage of Rental Revenue(1) |
| | | For the | | | | | | | | | | | | | |
| | | Quarter Ended | | For the Years Ended |
| | | December 31, | | Dec 31, | | Dec 31, | | Dec 31, | | Dec 31, | | Dec 31, | | Dec 31, | |
| | | 2013 | | 2013 | | 2012 | | 2011 | | 2010 | | 2009 | | 2008 | |
| Non-retail industries | | | | | | | | | | | | | | | |
| Aerospace | | 1.3 | | 1.2 | | 0.9 | | 0.5 | | - | | - | | - | |
| Beverages | | 3.0 | | 3.3 | | 5.1 | | 5.6 | | 3.0 | | - | | - | |
| Consumer appliances | | 0.6 | | 0.6 | | 0.1 | | - | | - | | - | | - | |
| Consumer goods | | 1.0 | | 1.0 | | 0.1 | | - | | - | | - | | - | |
| Crafts and novelties | | 0.1 | | 0.1 | | - | | - | | - | | - | | - | |
| Diversified industrial | | 0.2 | | 0.2 | | 0.1 | | - | | - | | - | | - | |
| Electric Utilities | | 0.1 | | * | | - | | - | | - | | - | | - | |
| Equipment services | | 0.5 | | 0.4 | | 0.3 | | 0.2 | | - | | - | | - | |
| Financial services | | 0.5 | | 0.5 | | 0.4 | | 0.3 | | - | | - | | - | |
| Food processing | | 1.4 | | 1.5 | | 1.3 | | 0.7 | | - | | - | | - | |
| Government services | | 1.3 | | 1.4 | | 0.1 | | 0.1 | | 0.1 | | 0.1 | | - | |
| Health care | | 0.8 | | 0.8 | | * | | * | | - | | - | | - | |
| Home furnishings | | 0.2 | | 0.2 | | - | | - | | - | | - | | - | |
| Insurance | | 0.1 | | 0.1 | | * | | - | | - | | - | | - | |
| Machinery | | 0.2 | | 0.2 | | 0.1 | | - | | - | | - | | - | |
| Other manufacturing | | 0.6 | | 0.6 | | - | | - | | - | | - | | - | |
| Packaging | | 0.9 | | 0.9 | | 0.7 | | 0.4 | | - | | - | | - | |
| Paper | | 0.1 | | 0.2 | | 0.1 | | 0.1 | | - | | - | | - | |
| Shoe stores | | 0.8 | | 0.9 | | - | | - | | - | | - | | - | |
| Telecommunications | | 0.6 | | 0.7 | | 0.8 | | 0.7 | | - | | - | | - | |
| Transportation services | | 5.3 | | 5.3 | | 2.2 | | 1.6 | | - | | - | | - | |
| Other | | 0.4 | | 0.1 | | 1.0 | | 1.2 | | 1.5 | | 1.6 | | 1.8 | |
| Non-retail industries | | 20.0% | | 20.2% | | 13.3% | | 11.4% | | 4.6% | | 1.7% | | 1.8% | |
| Totals | | 100.0% | | 100.0% | | 100.0% | | 100.0% | | 100.0% | | 100.0% | | 100.0% | |
* | Less than 0.1% |
(1) | Includes rental revenue for all properties owned by Realty Income at the end of each period presented, including revenue from properties reclassified as discontinued operations. Excludes revenue from properties owned by Crest Net Lease, Inc., or Crest. |
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Property Type Diversification
The following table sets forth certain property type information regarding Realty Income’s property portfolio as of December 31, 2013 (dollars in thousands):
| | | | Approximate | | Rental Revenue for | | Percentage of | |
| | Number of | | Leasable | | the Quarter Ended | | Rental | |
Property Type | | Properties | | Square Feet | | December 31, 2013 | (1) | Revenue | |
Retail | | 3,747 | | 39,979,700 | | $ | 158,804 | | 77.4 | % |
Industrial and distribution | | 79 | | 15,661,100 | | 22,374 | | 10.9 | |
Office | | 42 | | 3,104,400 | | 13,450 | | 6.6 | |
Manufacturing | | 13 | | 3,715,200 | | 5,254 | | 2.6 | |
Agriculture | | 15 | | 184,500 | | 5,202 | | 2.5 | |
Totals | | 3,896 | | 62,644,900 | | $ | 205,084 | | 100.0 | % |
(1) | Includes rental revenue for all properties owned by Realty Income at December 31, 2013, including revenue from properties reclassified as discontinued operations of $279. Excludes revenue of $23 from properties owned by Crest. |
Tenant Diversification
The largest tenants based on percentage of total portfolio rental revenue at December 31, 2013 include the following:
FedEx | | 5.2% | | Dollar General | | 2.4 | % |
Walgreens | | 5.0% | | Rite Aid | | 2.2 | % |
Family Dollar | | 4.8% | | Regal Cinemas | | 2.1 | % |
LA Fitness | | 4.3% | | CVS Pharmacy | | 2.1 | % |
AMC Theatres | | 3.1% | | The Pantry | | 1.8 | % |
Diageo | | 2.9% | | Circle K | | 1.7 | % |
BJ’s Wholesale Clubs | | 2.9% | | Walmart/Sam’s Club | | 1.6 | % |
Northern Tier Energy/Super America | | 2.5% | | | | | |
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Service Category Diversification for our Retail Properties
The following table sets forth certain information regarding the 3,747 retail properties, included in the 3,896 total properties, owned by Realty Income at December 31, 2013, classified according to the business types and the level of services they provide at the property level (dollars in thousands):
| | Number of | | Retail Rental Revenue | | Percentage of | |
| | Retail | | for the Quarter Ended | | Retail Rental | |
| | Properties | | December 31, 2013 | (1) | Revenue | |
Tenants Providing Services | | | | | | | |
Automotive collision services | | 29 | | $ | 1,663 | | 1.0 | % |
Automotive service | | 226 | | 3,971 | | 2.5 | |
Child care | | 220 | | 5,136 | | 3.2 | |
Education | | 14 | | 790 | | 0.5 | |
Entertainment | | 9 | | 1,199 | | 0.8 | |
Equipment services | | 2 | | 150 | | 0.1 | |
Financial services | | 106 | | 2,814 | | 1.8 | |
Health and fitness | | 71 | | 13,974 | | 8.8 | |
Health care | | 26 | | 955 | | 0.6 | |
Theaters | | 44 | | 11,539 | | 7.3 | |
Transportation services | | 1 | | 206 | | 0.1 | |
Other | | 10 | | 143 | | 0.1 | |
| | 758 | | 42,540 | | 26.8 | |
Tenants Selling Goods and Services | | | | | | | |
Automotive parts (with installation) | | 46 | | 1,049 | | 0.7 | |
Automotive tire services | | 183 | | 6,775 | | 4.3 | |
Convenience stores | | 775 | | 21,704 | | 13.7 | |
Motor vehicle dealerships | | 18 | | 3,196 | | 2.0 | |
Pet supplies and services | | 13 | | 671 | | 0.4 | |
Restaurants - casual dining | | 316 | | 9,090 | | 5.7 | |
Restaurants - quick service | | 389 | | 8,789 | | 5.5 | |
| | 1,740 | | 51,274 | | 32.3 | |
Tenants Selling Goods | | | | | | | |
Apparel stores | | 22 | | 3,491 | | 2.2 | |
Automotive parts | | 68 | | 1,743 | | 1.1 | |
Book stores | | 1 | | 104 | | 0.1 | |
Consumer electronics | | 7 | | 594 | | 0.4 | |
Crafts and novelties | | 10 | | 1,002 | | 0.6 | |
Dollar stores | | 662 | | 14,524 | | 9.1 | |
Drug stores | | 203 | | 18,377 | | 11.6 | |
General merchandise | | 52 | | 2,475 | | 1.6 | |
Grocery stores | | 63 | | 5,751 | | 3.6 | |
Home furnishings | | 60 | | 1,631 | | 1.0 | |
Home improvement | | 29 | | 2,078 | | 1.3 | |
Jewelry | | 4 | | 142 | | 0.1 | |
Office supplies | | 11 | | 865 | | 0.5 | |
Shoe stores | | 1 | | 168 | | 0.1 | |
Sporting goods | | 25 | | 3,293 | | 2.1 | |
Wholesale clubs | | 31 | | 8,752 | | 5.5 | |
| | 1,249 | | 64,990 | | 40.9 | |
Total Retail Properties | | 3,747 | | $ | 158,804 | | 100.0 | % |
(1) | Includes rental revenue for all retail properties owned by Realty Income at December 31, 2013, including revenue from properties reclassified as discontinued operations of $279. Excludes revenue of $46,280 from non-retail properties and $23 from properties owned by Crest. |
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Lease Expirations
The following table sets forth certain information regarding Realty Income’s property portfolio regarding the timing of the lease term expirations (excluding rights to extend a lease at the option of the tenant) on our 3,807 net leased, single-tenant properties as of December 31, 2013 (dollars in thousands):
Total Portfolio | Initial Expirations(3) | Subsequent Expirations(4) |
| | | | | | Rental | | | | | | | Rental | | | | | | | Rental | | | |
| | | | | | Revenue | | | | | | | Revenue | | | | | | | Revenue | | | |
| | | | | | for the | | | | | | | for the | | | | | | | for the | | | |
| | | | | | Quarter | | % of | | | | | Quarter | | % of | | | | | Quarter | | % of | |
| | Number | | Approx. | | Ended | | Total | | | Number | | Ended | | Total | | | Number | | Ended | | Total | |
| | of Leases | | Leasable | | Dec 31, | | Rental | | | of Leases | | Dec 31, | | Rental | | | of Leases | | Dec 31, | | Rental | |
Year | | Expiring | (1) | Sq. Feet | | 2013 | (2) | Revenue | | | Expiring | | 2013 | | Revenue | | | Expiring | | 2013 | | Revenue | |
| | | | | | | | | | | | | | | | | | | | | | | |
2014 | | 157 | | 1,116,500 | | $ | 4,005 | | 2.0 | % | | 56 | | $ | 1,960 | | 1.0 | % | | 101 | | $ | 2,045 | | 1.0 | % |
2015 | | 174 | | 961,500 | | 4,111 | | 2.0 | | | 67 | | 1,808 | | 0.9 | | | 107 | | 2,303 | | 1.1 | |
2016 | | 200 | | 1,214,900 | | 4,618 | | 2.3 | | | 121 | | 2,807 | | 1.4 | | | 79 | | 1,811 | | 0.9 | |
2017 | | 177 | | 2,038,400 | | 6,058 | | 3.0 | | | 46 | | 3,052 | | 1.5 | | | 131 | | 3,006 | | 1.5 | |
2018 | | 278 | | 3,621,900 | | 11,276 | | 5.6 | | | 162 | | 7,920 | | 3.9 | | | 116 | | 3,356 | | 1.7 | |
2019 | | 193 | | 3,017,500 | | 10,496 | | 5.1 | | | 161 | | 9,599 | | 4.7 | | | 32 | | 897 | | 0.4 | |
2020 | | 110 | | 3,404,600 | | 8,844 | | 4.4 | | | 99 | | 8,468 | | 4.2 | | | 11 | | 376 | | 0.2 | |
2021 | | 189 | | 5,314,200 | | 13,616 | | 6.7 | | | 181 | | 13,105 | | 6.4 | | | 8 | | 511 | | 0.3 | |
2022 | | 224 | | 7,270,400 | | 14,508 | | 7.2 | | | 216 | | 14,273 | | 7.1 | | | 8 | | 235 | | 0.1 | |
2023 | | 355 | | 6,133,200 | | 19,731 | | 9.7 | | | 342 | | 19,076 | | 9.4 | | | 13 | | 655 | | 0.3 | |
2024 | | 140 | | 2,105,200 | | 7,016 | | 3.5 | | | 140 | | 7,016 | | 3.5 | | | - | | - | | - | |
2025 | | 288 | | 3,734,800 | | 16,633 | | 8.3 | | | 283 | | 16,510 | | 8.2 | | | 5 | | 123 | | 0.1 | |
2026 | | 231 | | 3,396,200 | | 12,133 | | 6.0 | | | 228 | | 12,049 | | 6.0 | | | 3 | | 84 | | * | |
2027 | | 443 | | 4,177,700 | | 14,591 | | 7.2 | | | 441 | | 14,551 | | 7.2 | | | 2 | | 40 | | * | |
2028 | | 283 | | 5,758,000 | | 15,911 | | 7.8 | | | 281 | | 15,858 | | 7.8 | | | 2 | | 53 | | * | |
2029 - 2043 | | 365 | | 7,951,300 | | 38,832 | | 19.2 | | | 358 | | 38,652 | | 19.1 | | | 7 | | 180 | | 0.1 | |
Totals | | 3,807 | | 61,216,300 | | $ | 202,379 | | 100.0 | % | | 3,182 | | $ | 186,704 | | 92.3 | % | | 625 | | $ | 15,675 | | 7.7 | % |
* Less than 0.1%
(1) Excludes 19 multi-tenant properties and 70 vacant unleased properties, one of which is a multi-tenant property. The lease expirations for properties under construction are based on the estimated date of completion of those properties.
(2) Includes rental revenue of $279 from properties reclassified as discontinued operations and excludes revenue of $2,705 from 19 multi-tenant properties and from 70 vacant and unleased properties at December 31, 2013. Excludes revenue of $23 from properties owned by Crest.
(3) Represents leases to the initial tenant of the property that are expiring for the first time.
(4) Represents lease expirations on properties in the portfolio, which have previously been renewed, extended or re-tenanted.
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Geographic Diversification
The following table sets forth certain state-by-state information regarding Realty Income’s property portfolio as of December 31, 2013 (dollars in thousands):
| | | | | | Approximate | | Rental Revenue for | | Percentage of | |
| | Number of | | Percent | | Leasable | | the Quarter Ended | | Rental | |
State | | Properties | | Leased | | Square Feet | | December 31, 2013 | (1) | Revenue | |
Alabama | | 104 | | 97 | % | 791,800 | | $ | 2,846 | | 1.4 | % |
Alaska | | 2 | | 100 | | 128,500 | | 307 | | 0.1 | |
Arizona | | 110 | | 96 | | 1,187,400 | | 5,510 | | 2.7 | |
Arkansas | | 36 | | 94 | | 619,200 | | 1,180 | | 0.6 | |
California | | 161 | | 99 | | 4,705,200 | | 22,672 | | 11.1 | |
Colorado | | 69 | | 99 | | 792,100 | | 2,969 | | 1.4 | |
Connecticut | | 22 | | 95 | | 462,100 | | 2,071 | | 1.0 | |
Delaware | | 16 | | 100 | | 29,500 | | 418 | | 0.2 | |
Florida | | 279 | | 99 | | 2,951,000 | | 12,029 | | 5.9 | |
Georgia | | 209 | | 97 | | 2,689,400 | | 8,368 | | 4.1 | |
Hawaii | | -- | | -- | | -- | | -- | | -- | |
Idaho | | 13 | | 100 | | 91,800 | | 456 | | 0.2 | |
Illinois | | 155 | | 100 | | 4,215,700 | | 12,244 | | 6.0 | |
Indiana | | 100 | | 98 | | 1,055,400 | | 4,954 | | 2.4 | |
Iowa | | 35 | | 97 | | 2,751,700 | | 3,301 | | 1.6 | |
Kansas | | 76 | | 99 | | 1,583,300 | | 3,370 | | 1.6 | |
Kentucky | | 45 | | 98 | | 808,700 | | 2,920 | | 1.4 | |
Louisiana | | 75 | | 97 | | 836,700 | | 2,456 | | 1.2 | |
Maine | | 9 | | 100 | | 126,400 | | 837 | | 0.4 | |
Maryland | | 32 | | 100 | | 654,100 | | 3,711 | | 1.8 | |
Massachusetts | | 82 | | 96 | | 728,200 | | 3,205 | | 1.6 | |
Michigan | | 103 | | 98 | | 938,600 | | 3,229 | | 1.6 | |
Minnesota | | 155 | | 100 | | 1,153,300 | | 7,416 | | 3.6 | |
Mississippi | | 96 | | 97 | | 1,307,200 | | 3,177 | | 1.5 | |
Missouri | | 122 | | 98 | | 2,307,000 | | 7,343 | | 3.6 | |
Montana | | 2 | | 50 | | 30,000 | | 13 | | * | |
Nebraska | | 30 | | 100 | | 660,200 | | 1,296 | | 0.6 | |
Nevada | | 22 | | 100 | | 413,000 | | 1,279 | | 0.6 | |
New Hampshire | | 18 | | 100 | | 290,900 | | 1,224 | | 0.6 | |
New Jersey | | 62 | | 98 | | 452,700 | | 2,608 | | 1.3 | |
New Mexico | | 24 | | 100 | | 184,600 | | 589 | | 0.3 | |
New York | | 81 | | 95 | | 2,007,900 | | 10,153 | | 5.0 | |
North Carolina | | 129 | | 99 | | 1,259,300 | | 4,795 | | 2.3 | |
North Dakota | | 7 | | 100 | | 66,000 | | 138 | | 0.1 | |
Ohio | | 200 | | 98 | | 4,795,700 | | 11,294 | | 5.5 | |
Oklahoma | | 112 | | 100 | | 1,467,200 | | 3,601 | | 1.8 | |
Oregon | | 24 | | 100 | | 455,200 | | 1,620 | | 0.8 | |
Pennsylvania | | 147 | | 99 | | 1,745,400 | | 6,957 | | 3.4 | |
Rhode Island | | 3 | | 100 | | 21,300 | | 107 | | * | |
South Carolina | | 127 | | 98 | | 897,500 | | 4,140 | | 2.0 | |
South Dakota | | 11 | | 100 | | 133,500 | | 244 | | 0.1 | |
Tennessee | | 156 | | 97 | | 2,653,200 | | 5,145 | | 2.5 | |
Texas | | 393 | | 98 | | 6,760,200 | | 19,493 | | 9.5 | |
Utah | | 13 | | 100 | | 749,000 | | 1,326 | | 0.6 | |
Vermont | | 6 | | 100 | | 100,700 | | 522 | | 0.3 | |
Virginia | | 127 | | 97 | | 2,531,900 | | 6,465 | | 3.2 | |
Washington | | 38 | | 100 | | 415,300 | | 1,609 | | 0.8 | |
West Virginia | | 12 | | 100 | | 261,200 | | 883 | | 0.4 | |
Wisconsin | | 39 | | 95 | | 1,329,300 | | 2,382 | | 1.2 | |
Wyoming | | 3 | | 100 | | 21,100 | | 63 | | * | |
Puerto Rico | | 4 | | 100 | | 28,300 | | 149 | | 0.1 | |
Totals\Average | | 3,896 | | 98 | % | 62,644,900 | | $ | 205,084 | | 100.0 | % |
* Less than 0.1%
(1) Includes rental revenue for all properties owned by Realty Income at December 31, 2013, including revenue from properties reclassified as discontinued operations of $279. Excludes revenue of $23 from properties owned by Crest.
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FORWARD-LOOKING STATEMENTS
This annual report on Form 10-K, including the documents incorporated by reference herein, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. When used in this annual report, the words “estimated”, “anticipated”, “expect”, “believe”, “intend” and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions of strategy, plans, or intentions of management. Forward-looking statements are subject to risks, uncertainties, and assumptions about Realty Income Corporation, including, among other things:
· Our anticipated growth strategies;
· Our intention to acquire additional properties and the timing of these acquisitions;
· Our intention to sell properties and the timing of these property sales;
· Our intention to re-lease vacant properties;
· Anticipated trends in our business, including trends in the market for long-term net leases of freestanding, single-tenant properties; and
· Future expenditures for development projects.
Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. In particular, some of the factors that could cause actual results to differ materially are:
· Our continued qualification as a real estate investment trust;
· General business and economic conditions;
· Competition;
· Fluctuating interest rates;
· Access to debt and equity capital markets;
· Continued volatility and uncertainty in the credit markets and broader financial markets;
· Other risks inherent in the real estate business including tenant defaults, potential liability relating to environmental matters, illiquidity of real estate investments, and potential damages from natural disasters;
· Impairments in the value of our real estate assets;
· Changes in the tax laws of the United States of America;
· The outcome of any legal proceedings to which we are a party or which may occur in the future; and
· Acts of terrorism and war.
Additional factors that may cause risks and uncertainties include those discussed in the sections entitled “Business”, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this annual report.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date that this annual report was filed with the SEC. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this annual report or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, the forward-looking events discussed in this annual report might not occur.
Item 1A: Risk Factors
This “Risk Factors” section contains references to our “capital stock” and to our “stockholders.” Unless expressly stated otherwise, the references to our “capital stock” represent our common stock and any class or series of our preferred stock, while the references to our “stockholders” represent holders of our common stock and any class or series of our preferred stock.
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In order to grow we need to continue to acquire investment properties. The acquisition of investment properties may be subject to competitive pressures.
We face competition in the acquisition, operation and sale of property. We expect competition from:
· Businesses;
· Individuals;
· Fiduciary accounts and plans; and
· Other entities engaged in real estate investment and financing.
Some of these competitors are larger than we are and have greater financial resources. This competition may result in a higher cost for properties we wish to purchase.
Negative market conditions or adverse events affecting our existing or potential tenants, or the industries in which they operate, could have an adverse impact on our ability to attract new tenants, re-lease space, collect rent or renew leases, which could adversely affect our cash flow from operations and inhibit growth.
Cash flow from operations depends in part on the ability to lease space to tenants on economically favorable terms. We could be adversely affected by various facts and events over which we have limited or no control, such as:
· Lack of demand in areas where our properties are located;
· Inability to retain existing tenants and attract new tenants;
· Oversupply of space and changes in market rental rates;
· Declines in our tenants’ creditworthiness and ability to pay rent, which may be affected by their operations, the current economic situation and competition within their industries from other operators;
· Defaults by and bankruptcies of tenants, failure of tenants to pay rent on a timely basis, or failure of tenants to comply with their contractual obligations;
· Economic or physical decline of the areas where the properties are located; and
· Deterioration of the physical condition of our properties.
At any time, any tenant may experience a downturn in its business that may weaken its operating results or overall financial condition. As a result, a tenant may delay lease commencement, fail to make rental payments when due, decline to extend a lease upon its expiration, become insolvent or declare bankruptcy. Any tenant bankruptcy or insolvency, leasing delay or failure to make rental payments when due could result in the termination of the tenant’s lease and material losses to us.
If tenants do not renew their leases as they expire, we may not be able to rent or sell the properties. Furthermore, leases that are renewed, and some new leases for properties that are re-leased, may have terms that are less economically favorable than expiring lease terms, or may require us to incur significant costs, such as renovations, tenant improvements or lease transaction costs. Negative market conditions may cause us to sell vacant properties for less than their carrying value, which could result in impairments. Any of these events could adversely affect cash flow from operations and our ability to make distributions to stockholders and service indebtedness. A significant portion of the costs of owning property, such as real estate taxes, insurance and maintenance, are not necessarily reduced when circumstances cause a decrease in rental revenue from the properties. In a weakened financial condition, tenants may not be able to pay these costs of ownership and we may be unable to recover these operating expenses from them.
Further, the occurrence of a tenant bankruptcy or insolvency could diminish the income we receive from the tenant’s lease or leases. In addition, a bankruptcy court might authorize the tenant to terminate its leases with us. If that happens, our claim against the bankrupt tenant for unpaid future rent would be subject to statutory limitations that most likely would result in rent payments that would be substantially less than the remaining rent we are owed under the leases or we may elect not to pursue claims against the tenant for terminated leases. In addition, any claim we have for unpaid past rent, if any, may not be paid in full, or at all. Moreover, in the case of a tenant’s leases that are not terminated as a result of its bankruptcy, we may be required or elect to reduce the rent payable under those leases or provide other concessions, reducing amounts we receive under those leases. As a result, tenant bankruptcies may have a material adverse effect on our results of operations. Any of these events could adversely affect cash from operations and our ability to make distributions to stockholders and service indebtedness.
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Seventy of our properties were available for lease or sale at December 31, 2013, all but one of which were single-tenant properties. At December 31, 2013, twenty-nine of our properties under lease were unoccupied and available for sublease by the tenants, all of which were current with their rent and other obligations. During 2013, each of our tenants accounted for less than 10% of our rental revenue.
For the fourth quarter of 2013, our tenants in the “convenience stores” industry accounted for approximately 10.6% of our rental revenue. A downturn in this industry, whether nationwide or limited to specific sectors of the United States, could adversely affect tenants in this industry, which in turn could have a material adverse effect on our financial position, results of operations and our ability to pay the principal of and interest on our debt securities and other indebtedness and to make distributions on our common stock and preferred stock.
Individually, each of the other industries in our property portfolio accounted for less than 10% of our rental revenue for 2013. Nevertheless, downturns in these other industries could also adversely affect our tenants, which in turn could also have a material adverse effect on our financial position, results of operations and our ability to pay the principal of and interest on our debt securities and other indebtedness and to make distributions on our common and preferred stock. In addition, we may in the future make additional investments in the “convenience store” industry, which would increase this industry’s percentage of our rental revenues, thereby increasing the effect that such a downturn in this industry would have on us.
In addition, a substantial number of our properties are leased to middle-market commercial tenants that generally have more limited financial and other resources than certain upper-market commercial tenants, and therefore, they are more likely to be adversely affected by a downturn in their respective businesses or in the regional, national or international economy.
Furthermore, we have made and may continue to make selected acquisitions of properties that fall outside our historical focus on freestanding, single-tenant, net lease retail locations in the United States. We may be exposed to a variety of new risks by expanding into new property types and/or new jurisdictions outside the United States and properties leased to tenants engaged in non-retail businesses. For example, our acquisition of ARCT included tenants in the aerospace, freight, governmental services, healthcare, home maintenance, manufacturing, pharmacy, retail banking, technology and telecommunications businesses, some of which are non-retail businesses and none of which was in an industry segment that was within our property portfolio prior to our acquisition of ARCT. These risks may include a limited knowledge and understanding of the industry in which the tenant operates, limited experience in managing certain types of new properties, new types of real estate locations and lease structures, and the laws and culture of any non-U.S. jurisdiction.
As a property owner, we may be subject to unknown environmental liabilities.
Investments in real property can create a potential for environmental liability. An owner of property can face liability for environmental contamination created by the presence or discharge of hazardous substances on the property. We can face such liability regardless of:
· Our knowledge of the contamination;
· The timing of the contamination;
· The cause of the contamination; or
· The party responsible for the contamination of the property.
There may be environmental problems associated with our properties of which we are unaware. In that regard, a number of our properties are leased to operators of convenience stores that sell petroleum-based fuels, as well as to operators of oil change and tune-up facilities and operators that use chemicals and other waste products. These facilities, and some other of our properties, use, or may have used in the past, underground lifts or underground tanks for the storage of petroleum-based or waste products, which could create a potential for the release of hazardous substances.
The presence of hazardous substances on a property may adversely affect our ability to lease or sell that property and we may incur substantial remediation costs. Although our leases generally require our tenants to operate in compliance with all applicable federal, state and local environmental laws, ordinances and regulations, and to indemnify us against any environmental liabilities arising from the tenants’ activities on the
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property, we could nevertheless be subject to strict liability by virtue of our ownership interest. There also can be no assurance that our tenants could or would satisfy their indemnification obligations under their leases. The discovery of environmental liabilities attached to our properties could have an adverse effect on our results of operations, our financial condition or our ability to make distributions to stockholders and to pay the principal of and interest on our debt securities and other indebtedness.
In addition, several of our properties were built during the period when asbestos was commonly used in building construction and we may acquire other buildings with asbestos in the future. Environmental laws govern the presence, maintenance and removal of asbestos-containing materials, or ACMs, and require that owners or operators of buildings containing asbestos properly manage and maintain the asbestos, that they adequately inform or train those who may come into contact with asbestos and that they undertake special precautions, including removal or other abatement in the event that asbestos is disturbed during renovation or demolition of a building. These laws may impose fines and penalties on building owners or operators for failure to comply with these requirements and may allow third parties to seek recovery from owners or operators for personal injury associated with exposure to asbestos fibers.
It is also possible that some of our properties may contain or develop harmful mold, which could lead to liability for adverse health effects and costs of remediation of the problem. When excessive moisture accumulates in buildings or on building materials, mold growth may occur, particularly if the moisture problem remains undiscovered or is not addressed over a period of time. Some molds may produce airborne toxins or irritants. Concern about indoor exposure to mold has been increasing, as exposure to mold may cause a variety of adverse health effects and symptoms, including allergic or other reactions. As a result, should our tenants or their employees or customers be exposed to mold at any of our properties we could be required to undertake a costly remediation program to contain or remove the mold from the affected property, which would reduce our cash available for distribution. In addition, exposure to mold by our tenants or others could expose us to liability if property damage or health concerns arise.
Compliance. We have not been notified by any governmental authority, and are not otherwise aware, of any material noncompliance, liability or claim relating to hazardous substances, toxic substances, or petroleum products in connection with any of our properties. In addition, we believe we are in compliance in all material respects with all present federal, state and local laws relating to ACMs. Nevertheless, if environmental contamination should exist, we could be subject to strict liability by virtue of our ownership interest.
Insurance and Indemnity. In July 2012, we entered into a ten-year environmental insurance policy that expires in July 2022 and replaced our previous seven-year environmental insurance policy. The limits on our current policy are $10 million per occurrence and $60 million in the aggregate. The limits on the excess policy are $5 million per occurrence and $10 million in the aggregate. Therefore, the primary and excess ten-year policies together provide a total limit of $15 million per occurrence and $70 million in the aggregate.
It is possible that our insurance could be insufficient to address any particular environmental situation and that, in the future, we could be unable to obtain insurance for environmental matters at a reasonable cost, or at all. Our tenants are generally responsible for, and indemnify us against, liabilities for environmental matters that occur on our properties. For properties that have underground storage tanks, in addition to providing an indemnity in our favor, the tenants generally obtain environmental insurance or rely upon the state funds in the states where these properties are located to reimburse tenants for environmental remediation.
If we fail to qualify as a real estate investment trust, the amount of dividends we are able to pay would decrease, which could adversely affect the market price of our capital stock and could adversely affect the value of our debt securities.
Commencing with our taxable year ended December 31, 1994, we believe that we have been organized and have operated, and we intend to continue to operate, so as to qualify as a REIT under Sections 856 through 860 of the Code. However, we cannot assure you that we have been organized or have operated in a manner that has satisfied the requirements for qualification as a REIT, or that we will continue to be organized or operate in a manner that will allow us to continue to qualify as a REIT.
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Qualification as a REIT involves the satisfaction of numerous requirements under highly technical and complex Code provisions, for which there are only limited judicial and administrative interpretations, as well as the determination of various factual matters and circumstances not entirely within our control.
For example, in order to qualify as a REIT, at least 95% of our gross income in each year must be derived from qualifying sources, and we must pay distributions to stockholders aggregating annually at least 90% of our taxable income (excluding net capital gains).
In the future, it is possible that legislation, new regulations, administrative interpretations or court decisions will change the tax laws with respect to qualification as a REIT, or the federal income tax consequences of such qualification.
If we fail to satisfy all of the requirements for qualification as a REIT, we may be subject to certain penalty taxes or, in some circumstances, we may fail to qualify as a REIT. If we were to fail to qualify as a REIT in any taxable year:
· We would be required to pay federal income tax (including any applicable alternative minimum tax) on our taxable income at regular corporate rates;
· We would not be allowed a deduction for amounts distributed to our stockholders in computing our taxable income;
· We could be disqualified from treatment as a REIT for the four taxable years following the year during which qualification is lost;
· We would no longer be required to make distributions to stockholders; and
· This treatment would substantially reduce amounts available for investment or distribution to stockholders because of the additional tax liability for the years involved, which could have a material adverse effect on the market price of our capital stock and the value of our debt securities.
Even if we qualify for and maintain our REIT status, we may be subject to certain federal, state and local taxes on our income and property. For example, if we have net income from a prohibited transaction, that income will be subject to a 100% tax. In addition, our taxable REIT subsidiaries, including Crest, are subject to federal and state taxes at the applicable tax rates on their income and property.
Distribution requirements imposed by law limit our flexibility.
To maintain our status as a REIT for federal income tax purposes, we generally are required to distribute to our stockholders at least 90% of our taxable income, excluding net capital gains, each year. We also are subject to tax at regular corporate rates to the extent that we distribute less than 100% of our taxable income (including net capital gains) each year.
In addition, we are subject to a 4% nondeductible excise tax to the extent that we fail to distribute during any calendar year at least the sum of 85% of our ordinary income for that calendar year, 95% of our capital gain net income for the calendar year, and any amount of that income that was not distributed in prior years.
We intend to continue to make distributions to our stockholders to comply with the distribution requirements of the Code as well as to reduce our exposure to federal income taxes and the nondeductible excise tax. Differences in timing between the receipt of income and the payment of expenses to arrive at taxable income, along with the effect of required debt amortization payments, could require us to borrow funds on a short-term basis to meet the distribution requirements that are necessary to achieve the tax benefits associated with qualifying as a REIT.
Future issuances of equity securities could dilute the interest of holders of our common stock.
Our future growth will depend, in large part, upon our ability to raise additional capital. If we were to raise additional capital through the issuance of equity securities, we could dilute the interests of holders of our common stock. The interests of our common stockholders could also be diluted by the issuance of shares of common stock upon the exercise of outstanding options or pursuant to stock incentive plans. Likewise, our Board of Directors is authorized to cause us to issue preferred stock of any class or series (with dividend, voting and other rights as determined by our Board of Directors). Accordingly, our Board of Directors may authorize the issuance of preferred stock with voting, dividend and other similar rights that could dilute, or otherwise adversely affect, the interest of holders of our common stock.
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We may acquire properties or portfolios of properties through tax deferred contribution transactions, which could result in stockholder dilution and limit our ability to sell or refinance such assets.
We have in the past and may in the future acquire properties or portfolios of properties through tax deferred contribution transactions in exchange for partnership units in an operating partnership, which could result in stockholder dilution through the issuance of operating partnership units that, under certain circumstances, may be exchanged for shares of our common stock. This acquisition structure may have the effect of, among other things, reducing the amount of tax depreciation we could deduct over the tax life of the acquired properties, and may require that we agree to restrictions on our ability to dispose of, or refinance the debt on, the acquired properties in order to protect the contributors’ ability to defer recognition of taxable gain. Similarly, we may be required to incur or maintain debt we would otherwise not incur so we can allocate the debt to the contributors to maintain their tax bases. These restrictions could limit our ability to sell or refinance an asset at a time, or on terms, that would be favorable absent such restrictions.
We are subject to risks associated with debt and capital stock financing.
We intend to incur additional indebtedness in the future, including borrowings under our $1.5 billion acquisition credit facility. At December 31, 2013, we had $128 million of outstanding borrowings under our acquisition credit facility, a total of $3.2 billion of outstanding unsecured senior debt securities (excluding unamortized original issuance discounts of $14.5 million), $70 million of borrowings outstanding under a senior unsecured term loan and approximately $754.5 million of outstanding mortgage debt (excluding net premiums totaling $28.9 million on these mortgages). To the extent that new indebtedness is added to our current debt levels, the related risks that we now face would increase. As a result, we are and will be subject to risks associated with debt financing, including the risk that our cash flow could be insufficient to meet required payments on our debt. We also face variable interest rate risk as the interest rates on our acquisition credit facility, our term loan and some of our mortgage debt are variable and could therefore increase over time. We also face the risk that we may be unable to refinance or repay our debt as it comes due. Given past disruptions in the financial markets and the ongoing global financial crisis, we also face the risk that one or more of the participants in our acquisition credit facility may not be able to lend us money.
In addition, our acquisition credit facility, term loan facility and mortgage loan documents contain provisions that could limit or, in certain cases, prohibit the payment of dividends and other distributions on our common stock and preferred stock. In particular, our acquisition credit facility provides that, if an event of default (as defined in the credit facility) exists, neither we nor any of our subsidiaries may make any dividends or other distributions on (except distributions payable in shares of a given class of our stock to the shareholders of that class), or repurchase or redeem, among other things, any shares of our common stock or preferred stock, during any period of four consecutive fiscal quarters in an aggregate amount in excess of the greater of:
· The sum of (a) 95% of our adjusted funds from operations (as defined by the credit facility agreement) for that period plus (b) the aggregate amount of cash distributions on our preferred stock for that period, and
· The minimum amount of cash distributions required to be made to our shareholders in order to maintain our status as a REIT for federal income tax purposes,
except that we may repurchase or redeem preferred stock with the net proceeds from the issuance of our common stock or preferred stock. The acquisition credit facility further provides that, in the event of a failure to pay principal, interest or any other amount payable thereunder when due or upon the occurrence of certain events of bankruptcy, insolvency or reorganization with respect to us or with respect to any of our subsidiaries that have guaranteed amounts payable under the credit facility or that meet a significance test set forth in the credit facility, we and our subsidiaries may not pay any dividends or other distributions on (except distributions payable in shares of a given class of our stock to the shareholders of that class), or repurchase or redeem, among other things, any shares of our common stock or preferred stock. If any such event of default under our acquisition credit facility were to occur, it would likely have a material adverse effect on the market price of our outstanding common and preferred stock and on the market value of our debt securities, could limit the amount of dividends or other distributions payable on our common stock and preferred stock or prevent us from paying those dividends or other distributions altogether, and may adversely affect our ability to qualify, or prevent us from qualifying, as a REIT. Likewise, one of our subsidiaries is the borrower under our $70 million term loan facility and that facility requires that this subsidiary maintain its consolidated tangible net worth (as defined in the
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term loan facility) above a certain minimum dollar amount and comply with certain other financial covenants. This minimum consolidated tangible net worth covenant may limit the ability of this subsidiary, as well as other subsidiaries that are owned by this subsidiary, to provide funds to us in order to pay dividend and other distributions on our common stock, including the shares of common stock offered hereby, and preferred stock and amounts due on our indebtedness. Any failure by this subsidiary to comply with these financial covenants will, and any failure by this subsidiary to comply with other covenants in the term loan facility may, result in an event of default under that facility, which could have adverse consequences similar to those that may result from an event of default under our acquisition credit facility as described above.
Our indebtedness could also have other important consequences to holders of our common and preferred stock, and preferred stock and debt securities, including:
· Increasing our vulnerability to general adverse economic and industry conditions;
· Limiting our ability to obtain additional financing to fund future working capital, acquisitions, capital expenditures and other general corporate requirements;
· Requiring the use of a substantial portion of our cash flow from operations for the payment of principal and interest on our indebtedness, thereby reducing our ability to use our cash flow to fund working capital, acquisitions, capital expenditures and general corporate requirements;
· Limiting our flexibility in planning for, or reacting to, changes in our business and our industry; and
· Putting us at a disadvantage compared to our competitors with less indebtedness.
If we default under a loan agreement or other debt instrument, the lenders will generally have the right to demand immediate repayment of the principal of and interest on all of their loans and, in the case of secured indebtedness, to exercise their rights to seize and sell the collateral. Moreover, a default under a single loan or debt instrument may trigger cross-default or cross acceleration provisions in other indebtedness and debt instruments, giving the holders of such other indebtedness and debt instruments similar rights to demand immediate repayment and seize and sell any collateral.
Our business operations may not generate the cash needed to make distributions on our capital stock or to service our indebtedness.
Our ability to make distributions on our common stock and preferred stock and payments on our indebtedness, and to fund planned acquisitions and capital expenditures will depend on our ability to generate cash in the future. We cannot assure you that our business will generate sufficient cash flow from operations or that future borrowings will be available to us in an amount sufficient to enable us to make distributions on our common stock and preferred stock, to pay our indebtedness, or to fund our other liquidity needs.
The market value of our capital stock and debt securities could be substantially affected by various factors.
The market value of our capital stock and debt securities will depend on many factors, which may change from time to time, including:
· Prevailing interest rates, increases in which may have an adverse effect on the market value of our capital stock and debt securities;
· The market for similar securities issued by other REITs;
· General economic and financial market conditions;
· The financial condition, performance and prospects of us, our tenants and our competitors;
· Changes in financial estimates or recommendations by securities analysts with respect to us, our competitors or our industry;
· Changes in our credit ratings; and
· Actual or anticipated variations in quarterly operating results of us and our competitors.
In addition, over the last several years, prices of common stock and debt securities in the U.S. trading markets have been experiencing extreme price fluctuations, and the market values of our common stock and debt securities have also fluctuated significantly during this period. As a result of these and other factors, investors who purchase our capital stock and debt securities may experience a decrease, which could be substantial and rapid, in the market value of our capital stock and debt securities, including decreases unrelated to our operating performance or prospects.
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Real estate ownership is subject to particular economic conditions that may have a negative impact on our revenue.
We are subject to all of the inherent risks associated with the ownership of real estate. In particular, we face the risk that rental revenue from our properties may be insufficient to cover all corporate operating expenses, debt service payments on indebtedness we incur and distributions on our capital stock. Additional real estate ownership risks include:
· Adverse changes in general or local economic conditions;
· Changes in supply of, or demand for, similar or competing properties;
· Changes in interest rates and operating expenses;
· Competition for tenants;
· Changes in market rental rates;
· Inability to lease properties upon termination of existing leases;
· Renewal of leases at lower rental rates;
· Inability to collect rents from tenants due to financial hardship, including bankruptcy;
· Changes in tax, real estate, zoning and environmental laws that may have an adverse impact upon the value of real estate;
· Uninsured property liability;
· Property damage or casualty losses;
· Unexpected expenditures for capital improvements or to bring properties into compliance with applicable federal, state and local laws;
· The need to periodically renovate and repair our properties;
· Physical or weather-related damage to properties;
· The potential risk of functional obsolescence of properties over time;
· Acts of terrorism and war; and
· Acts of God and other factors beyond the control of our management.
An uninsured loss or a loss that exceeds the policy limits on our properties could subject us to lost capital or revenue on those properties.
Under the terms and conditions of the leases currently in force on our properties, tenants generally are required to indemnify and hold us harmless from liabilities resulting from injury to persons, air, water, land or property, due to activities conducted on the properties, except for claims arising from the negligence or intentional misconduct of us or our agents. Additionally, tenants are generally required, at the tenant’s expense, to obtain and keep in full force during the term of the lease, liability and property damage insurance policies. The insurance policies our tenants are required to maintain for property damage are generally in amounts not less than the full replacement cost of the improvements less slab, foundations, supports and other customarily excluded improvements. Our tenants are generally required to maintain general liability coverage varying between $1,000,000 and $10,000,000 depending on the tenant and the industry in which the tenant operates.
In addition to the indemnities and required insurance policies identified above, many of our properties are also covered by flood and earthquake insurance policies (subject to substantial deductibles) obtained and paid for by the tenants as part of their risk management programs. Additionally, we have obtained blanket liability, flood and earthquake (subject to substantial deductibles) and property damage insurance policies to protect us and our properties against loss should the indemnities and insurance policies provided by the tenants fail to restore the properties to their condition prior to a loss. However, should a loss occur that is uninsured or in an amount exceeding the combined aggregate limits for the policies noted above, or in the event of a loss that is subject to a substantial deductible under an insurance policy, we could lose all or part of our capital invested in, and anticipated revenue from, one or more of the properties, which could have a material adverse effect on our results of operations or financial condition and on our ability to pay the principal of and interest on our debt securities and other indebtedness and to make distributions to our stockholders. We also face the risk that our insurance carriers may not be able to provide payment under any potential claims that might arise under the terms of our insurance policies, and we may not have the ability to purchase insurance policies we desire.
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Compliance with the Americans with Disabilities Act of 1990 and fire, safety, and other regulations may require us to make unintended expenditures that could adversely impact our results of operations.
Our properties are generally required to comply with the Americans with Disabilities Act of 1990, or the ADA. The ADA has separate compliance requirements for “public accommodations” and “commercial facilities,” but generally requires that buildings be made accessible to people with disabilities. Compliance with the ADA requirements could require removal of access barriers and non-compliance could result in imposition of fines by the U.S. government or an award of damages to private litigants. The retailers to whom we lease properties are obligated by law to comply with the ADA provisions, and we believe that these retailers may be obligated to cover costs associated with compliance. If required changes involve greater expenditures than anticipated, or if the changes must be made on a more accelerated basis than anticipated, the ability of these retailers to cover costs could be adversely affected and we could be required to expend our own funds to comply with the provisions of the ADA, which could materially adversely affect our results of operations or financial condition and our ability to pay the principal of and interest on our debt securities and other indebtedness and to make distributions to our stockholders. In addition, we are required to operate our properties in compliance with fire and safety regulations, building codes and other land use regulations, as they may be adopted by governmental agencies and bodies and become applicable to our properties. We may be required to make substantial capital expenditures to comply with those requirements and these expenditures could have a material adverse effect on our results of operations or financial condition and our ability to pay the principal of and interest on our debt securities and other indebtedness and to make distributions to our stockholders.
Property taxes may increase without notice.
The real property taxes on our properties and any other properties that we develop or acquire in the future may increase as property tax rates change and as those properties are assessed or reassessed by tax authorities.
We depend on key personnel.
We depend on the efforts of our executive officers and key employees. The loss of the services of our executive officers and key employees could have a material adverse effect on our results of operations or financial condition and on our ability to pay the principal and interest on our debt securities and other indebtedness and to make distributions to our stockholders. It is possible that we will not be able to recruit additional personnel with equivalent experience in the net lease industry.
Terrorist attacks and other acts of violence or war may affect the value of our debt and equity securities, the markets in which we operate and our results of operations.
Terrorist attacks may negatively affect our operations, the market price of our capital stock and the value of our debt securities. There can be no assurance that there will not be further terrorist attacks against the United States or U.S. businesses. These attacks, or armed conflicts, may directly impact our physical facilities or the businesses of our tenants.
If events like these were to occur, they could cause consumer confidence and spending to decrease or result in increased volatility in the U.S. and worldwide financial markets and economy. They also could result in or prolong an economic recession in the U.S. or abroad. Any of these occurrences could have a significant adverse impact on our operating results and revenues and on the market price of our capital stock and on the value of our debt securities. It could also have an adverse effect on our ability to pay principal and interest on our debt securities or other indebtedness and to make distributions to our stockholders.
Disruptions in the financial markets could affect our ability to obtain financing on reasonable terms and have other adverse effects on us and the market price of our common stock.
Over the last several years, the United States stock and credit markets have experienced significant price volatility, dislocations and liquidity disruptions, which have caused market prices of many stocks and debt securities to fluctuate substantially and the spreads on prospective debt financings to widen considerably. In addition, the ongoing global financial crisis (which includes concerns that certain European countries may be unable to pay their national debt) has had a similar effect. These circumstances have materially impacted liquidity in the financial markets, making terms for certain financings less attractive, and in certain cases have resulted in the unavailability of certain types of financing. Unrest in certain Middle Eastern countries and resultant fluctuation in petroleum prices have added to the uncertainty in the capital markets. Continued uncertainty in the stock and credit markets may negatively impact our ability to access additional financing at
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reasonable terms, which may negatively affect our ability to make acquisitions. A prolonged downturn in the stock or credit markets may cause us to seek alternative sources of potentially less attractive financing, and may require us to adjust our business plan accordingly. In addition, these factors may make it more difficult for us to sell properties or may adversely affect the price we receive for properties that we do sell, as prospective buyers may experience increased costs of financing or difficulties in obtaining financing. These events in the stock and credit markets may make it more difficult or costly for us to raise capital through the issuance of our common stock or preferred stock or debt securities. These disruptions in the financial markets also may have a material adverse effect on the market value of our common stock, preferred stock and debt securities, the income we receive from our properties and the lease rates we can charge for our properties, as well as other unknown adverse effects on us or the economy in general.
Inflation may adversely affect our financial condition and results of operations.
Although inflation has not materially impacted our results of operations in the recent past, increased inflation could have a more pronounced negative impact on any variable rate debt we incur in the future and on our results of operations. During times when inflation is greater than increases in rent, as provided for in our leases, rent increases may not keep up with the rate of inflation. Likewise, even though net leases reduce our exposure to rising property expenses due to inflation, substantial inflationary pressures and increased costs may have an adverse impact on our tenants if increases in their operating expenses exceed increases in revenue, which may adversely affect the tenants’ ability to pay rent.
Current volatility in market and economic conditions may impact the accuracy of the various estimates used in the preparation of our financial statements and footnotes to the financial statements.
Various estimates are used in the preparation of our financial statements, including estimates related to asset and liability valuations (or potential impairments), and various receivables. Often these estimates require the use of market data values that are currently difficult to assess, as well as estimates of future performance or receivables collectability that can also be difficult to accurately predict. Although management believes it has been prudent and used reasonable judgment in making these estimates, it is possible that actual results may differ from these estimates.
Changes in accounting standards may adversely impact our financial condition and results of operations.
The SEC is currently considering whether issuers in the U.S. should be required to prepare financial statements in accordance with International Financial Reporting Standards, or IFRS, instead of U.S. generally accepted accounting principles, or GAAP. IFRS is a comprehensive set of accounting standards promulgated by the International Accounting Standards Board, or IASB, which are rapidly gaining worldwide acceptance. Additionally, the Financial Accounting Standards Board, or FASB, is considering various changes to GAAP, some of which may be significant, as part of a joint effort with the IASB to converge accounting standards. Although the FASB and IASB currently have a project on their agenda to examine the accounting for leases, the project may not result in the issuance of a final standard or a standard that would be comparable to current GAAP. If IFRS is adopted, the potential issues associated with lease accounting, along with other potential changes associated with the adoption or convergence with IFRS, may adversely impact our financial condition and results of operations.
Item 1B: Unresolved Staff comments
There are no unresolved staff comments.
Item 2: Properties
Information pertaining to our properties can be found under Item 1.
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Item 3: Legal Proceedings
We are subject to certain claims and lawsuits in the ordinary course of business, the outcome of which cannot be determined at this time. In the opinion of management, any liability we might incur upon the resolution of these claims and lawsuits will not, in the aggregate, have a material adverse effect on our consolidated financial position or results of operations.
A discussion of certain legal proceedings related to our acquisition of ARCT can be found under Part I, Item 3 “Legal Proceedings” in our Annual Report on Form 10-K for the year ended December 31, 2012. In connection with our acquisition of ARCT, one action remains pending in the Supreme Court of the State of New York for New York, New York under the consolidated caption In re American Realty Capital Trust Shareholders Litigation, No. 65330-2012 (the “New York Action”). On November 9, 2012, the Court granted defendants’ motion to stay the New York Action, which currently remains stayed.
Item 4: Mine Safety Disclosures
None.
PART II
Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
A. Our common stock is traded on the NYSE under the ticker symbol “O.” The following table shows the high and low sales prices per share for our common stock as reported by the NYSE, and distributions declared per share of common stock for the periods indicated.
| | | Price Per Share
of Common Stock | | Distributions | |
| | | High | | Low | | | Declared (1) | |
| | | | | | | | | |
2013 | | | | | | | | | |
First Quarter | | | $ | 46.63 | | $ | 40.51 | | | $ | 0.5430626 | |
Second Quarter | | | 55.48 | | 39.84 | | | 0.5440001 | |
Third Quarter | | | 46.01 | | 38.41 | | | 0.5449376 | |
Fourth Quarter | | | 43.20 | | 36.58 | | | 0.5458751 | |
| | | | | | | | | |
Total | | | | | | | | $ | 2.1778754 | |
| | | | | | | | | |
2012 | | | | | | | | | |
First Quarter | | | $ | 39.03 | | $ | 34.31 | | | $ | 0.4368125 | |
Second Quarter | | | 41.89 | | 36.88 | | | 0.4377500 | |
Third Quarter | | | 44.17 | | 40.35 | | | 0.4486875 | |
Fourth Quarter | | | 41.70 | | 37.35 | | | 0.4546250 | |
| | | | | | | | | |
Total | | | | | | | | $ | 1.7778750 | |
(1) Common stock cash distributions are declared monthly by us based on financial results for the prior months. At December 31, 2013, a distribution of $0.1821667 per common share had been declared and was paid in January 2014.
B. There were 9,741 registered holders of record of our common stock as of December 31, 2013. We estimate that our total number of shareholders is over 165,000 when we include both registered and beneficial holders of our common stock.
C. During the fourth quarter of 2013, 16,780 shares of stock, at a price of $39.76, and 48,494 shares of stock, at a price of $37.33, were withheld for state and federal payroll taxes on the vesting of employee stock awards, as permitted under the 2012 Incentive Award Plan of Realty Income Corporation.
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Item 6: Selected Financial Data
(not covered by Report of Independent Registered Public Accounting Firm)
(dollars in thousands, except for per share data)
As of or for the years ended December 31, | | 2013 | | 2012 | | 2011 | | 2010 | | 2009 | |
Total assets (book value) | | $ | 9,924,441 | | $ | 5,429,348 | | $ | 4,404,492 | | $ | 3,531,269 | | $ | 2,911,562 | |
Cash and cash equivalents | | 10,257 | | 5,248 | | 4,165 | | 17,607 | | 10,026 | |
Total debt | | 4,166,840 | | 2,869,853 | | 2,040,284 | | 1,595,679 | | 1,351,375 | |
Total liabilities | | 4,503,083 | | 3,016,554 | | 2,149,638 | | 1,684,304 | | 1,423,553 | |
Total equity | | 5,421,358 | | 2,412,794 | | 2,254,854 | | 1,846,965 | | 1,488,009 | |
Net cash provided by operating activities | | 518,906 | | 326,469 | | 298,952 | | 243,368 | | 226,707 | |
Net change in cash and cash equivalents | | 5,009 | | 1,083 | | (13,442 | ) | 7,581 | | (36,789 | ) |
Total revenue | | 778,375 | | 482,847 | | 412,360 | | 333,386 | | 311,194 | |
Income from continuing operations | | 179,180 | | 140,719 | | 139,622 | | 111,422 | | 107,736 | |
Income from discontinued operations | | 67,103 | | 18,433 | | 17,410 | | 19,362 | | 23,391 | |
Net income | | 246,283 | | 159,152 | | 157,032 | | 130,784 | | 131,127 | |
Preferred stock dividends | | (41,930 | ) | (40,918 | ) | (24,253 | ) | (24,253 | ) | (24,253 | ) |
Excess of redemption value over carrying value of preferred shares redeemed | | - | | (3,696 | ) | - | | - | | - | |
Net income available to common stockholders | | 203,634 | | 114,538 | | 132,779 | | 106,531 | | 106,874 | |
Cash distributions paid to common stockholders | | 409,222 | | 236,348 | | 219,297 | | 182,500 | | 178,008 | |
Basic and diluted net income per common share | | 1.06 | | 0.86 | | 1.05 | | 1.01 | | 1.03 | |
Cash distributions paid per common share | | 2.147459 | | 1.771625 | | 1.736625 | | 1.721625 | | 1.706625 | |
Cash distributions declared per common share | | 2.177875 | | 1.777875 | | 1.737875 | | 1.722875 | | 1.707875 | |
Basic weighted average number of common shares outstanding | | 191,754,857 | | 132,817,472 | | 126,142,696 | | 105,869,637 | | 103,577,507 | |
Diluted weighted average number of common shares outstanding | | 191,781,622 | | 132,884,933 | | 126,189,399 | | 105,942,721 | | 103,581,053 | |
| | | | | | | | | | | | | | | | |
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Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations
GENERAL
Realty Income, The Monthly Dividend Company®, is a publicly traded real estate company with the primary business objective of generating dependable monthly cash dividends from a consistent and predictable level of cash flow from operations. Our monthly dividends are supported by the cash flow from our portfolio of properties leased to commercial tenants. We have in-house acquisition, leasing, legal, credit research, real estate research, portfolio management and capital markets expertise. Over the past 45 years, Realty Income and its predecessors have been acquiring and owning freestanding commercial properties that generate rental revenue under long-term lease agreements.
Realty Income was founded in 1969, and in 1994 was listed upon the NYSE. We elected to be taxed as a real estate investment trust, or REIT, requiring us to distribute dividends to our stockholders aggregating at least 90% of our taxable income (excluding net capital gains).
We seek to increase distributions to stockholders and funds from operations, or FFO, per share through both active portfolio management and the acquisition of additional properties.
At December 31, 2013, we owned a diversified portfolio:
· Of 3,896 properties;
· With an occupancy rate of 98.2%, or 3,826 properties leased and 70 properties available for lease;
· Leased to 205 different commercial tenants doing business in 47 separate industries;
· Located in 49 states and Puerto Rico;
· With over 62.6 million square feet of leasable space; and
· With an average leasable space per property of approximately 16,100 square feet, including approximately 10,600 square feet per retail property.
Of the 3,896 properties in the portfolio, 3,876, or 99.5%, are single-tenant properties, and the remaining are multi-tenant properties. At December 31, 2013, of the 3,876 single-tenant properties, 3,807 were leased with a weighted average remaining lease term (excluding rights to extend a lease at the option of the tenant) of approximately 10.8 years.
LIQUIDITY AND CAPITAL RESOURCES
Capital Philosophy
Historically, we have met our long-term capital needs by issuing common stock, preferred stock and long-term unsecured notes and bonds. Over the long term, we believe that common stock should be the majority of our capital structure. However, we may issue additional preferred stock or debt securities. We may issue common stock when we believe that our share price is at a level that allows for the proceeds of any offering to be accretively invested into additional properties. In addition, we may issue common stock to permanently finance properties that were financed by our credit facility or debt securities. However, we cannot assure you that we will have access to the capital markets at times and at terms that are acceptable to us.
Our primary cash obligations, for the current year and subsequent years, are included in the “Table of Obligations,” which is presented later in this section. We expect to fund our operating expenses and other short-term liquidity requirements, including property acquisitions and development costs, payment of principal and interest on our outstanding indebtedness, property improvements, re-leasing costs and cash distributions to common and preferred stockholders, primarily through cash provided by operating activities, borrowing on our $1.5 billion credit facility and periodically through public securities offerings.
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Conservative Capital Structure
We believe that our stockholders are best served by a conservative capital structure. Therefore, we seek to maintain a conservative debt level on our balance sheet and solid interest and fixed charge coverage ratios. At December 31, 2013, our total outstanding borrowings of senior unsecured notes and bonds, term loan, mortgages payable and credit facility borrowings were $4.18 billion, or approximately 33.2% of our total market capitalization of $12.59 billion.
We define our total market capitalization at December 31, 2013 as the sum of:
· Shares of our common stock outstanding of 207,485,073, plus total common units of 851,568, multiplied by the closing sales price of our common stock on the NYSE of $37.33 per share on December 31, 2013, or $7.78 billion;
· Aggregate liquidation value (par value of $25.00 per share) of the Class E preferred stock of $220.0 million;
· Aggregate liquidation value (par value of $25.00 per share) of the Class F preferred stock of $408.8 million;
· Outstanding borrowings of $128.0 million on our credit facility;
· Outstanding mortgages payable of $783.4 million, which includes net mortgage premiums of $28.9 million;
· Outstanding borrowings of $70.0 million on our term loan; and
· Outstanding senior unsecured notes and bonds of $3.2 billion, excluding unamortized original issuance discounts of $14.5 million.
Mortgage Debt
As of December 31, 2013, we had $754.5 million of mortgages payable, all of which were assumed in connection with our property acquisitions. Included in this amount is $514.4 million of mortgages payable assumed in connection with the ARCT acquisition. Additionally, at December 31, 2013, we had net premiums totaling $28.9 million on these mortgages, of which $16.2 million is in connection with the ARCT acquisition.
We expect to pay off the mortgages payable as soon as prepayment penalties have declined to a level that will make it economically feasible to do so. We intend to continue to primarily identify property acquisitions that are free from mortgage indebtedness. During 2013, we made $41.4 million of principal payments, which includes $11.7 million to pay off one mortgage in August 2013 and $23.1 million to pay off three mortgages in December 2013.
Term Loan
In January 2013, in conjunction with our acquisition of ARCT, we entered into a $70 million senior unsecured term loan maturing in January 2018. Borrowing under the term loan bears interest at LIBOR, plus 1.20%. In conjunction with this term loan, we also acquired an interest rate swap which essentially fixes our per annum interest rate on the term loan at 2.15%.
$1.5 Billion Acquisition Credit Facility
In October 2013, we increased our unsecured acquisition credit facility from $1.0 billion to $1.5 billion. The initial term of the credit facility expires in May 2016 and includes, at our election, a one-year extension option. Under this credit facility, our current investment grade credit ratings provide for financing at the London Interbank Offered Rate, commonly referred to as LIBOR, plus 1.075% with a facility commitment fee of 0.175%, for all-in drawn pricing of 1.25% over LIBOR. The borrowing rate is not subject to an interest rate floor or ceiling. We also have other interest rate options available to us under this credit facility. Our credit facility is unsecured and, accordingly, we have not pledged any assets as collateral for this obligation.
At December 31, 2013, we had a borrowing capacity of $1.372 billion available on our credit facility (subject to customary conditions to borrowing) and an outstanding balance of $128.0 million. The interest rate on borrowings outstanding under our credit facility, at December 31, 2013, was 1.2% per annum. We must comply with various financial and other covenants in our credit facility. At December 31, 2013, we remain in compliance with these covenants. We expect to use our credit facility to acquire additional properties and for other corporate purposes. Any additional borrowings will increase our exposure to interest rate risk. We regularly review our credit facility and may seek to extend or replace our credit facility, to the extent we deem appropriate.
On February 12, 2014, we had an outstanding balance on our credit facility of $583.0 million.
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We generally use our credit facility for the short-term financing of new property acquisitions. Thereafter, when capital is available on acceptable terms, we generally seek to refinance those borrowings with the net proceeds of long-term or permanent financing, which may include the issuance of common stock, preferred stock or debt securities. We cannot assure you, however, that we will be able to obtain any such refinancing, or that market conditions prevailing at the time of the refinancing will enable us to issue equity or debt securities upon acceptable terms.
Notes Outstanding
As of December 31, 2013, we had $3.2 billion of senior unsecured note and bond obligations, excluding unamortized original issuance discounts of $14.5 million. All of our outstanding notes and bonds have fixed interest rates. Interest on all of our senior note and bond obligations is paid semiannually.
In July 2013, we issued $750 million of 4.65% senior unsecured notes due August 2023, or the 2023 Notes. The price to the investors for the 2023 Notes was 99.775% of the principal amount for an effective yield of 4.678% per annum. The total net proceeds of approximately $741.4 million from this offering was used to repay all outstanding borrowings under our acquisition credit facility, and the remaining proceeds were used for other general corporate purposes and working capital, including additional property acquisitions.
In March 2013, we repaid the $100 million of outstanding 5.375% notes, plus accrued and unpaid interest, using proceeds from our March 2013 common stock offering and our credit facility.
Cash Reserves
We are organized to operate as an equity REIT that acquires and leases properties and distributes to stockholders, in the form of monthly cash distributions, a substantial portion of our net cash flow generated from leases on our properties. We intend to retain an appropriate amount of cash as working capital. At December 31, 2013, we had cash and cash equivalents totaling $10.3 million.
We believe that our cash and cash equivalents on hand, cash provided from operating activities, and borrowing capacity is sufficient to meet our liquidity needs for the next twelve months. We intend, however, to use permanent or long-term capital to fund property acquisitions and to repay future borrowings under our credit facility.
Acquisitions During 2013
During 2013, Realty Income invested $1.51 billion in 459 new properties and properties under development or expansion (in addition to our acquisition of ARCT, which is discussed in more detail below), with an initial weighted average contractual lease rate of 7.1%. The 459 new properties and properties under development or expansion, are located in 40 states, will contain approximately 9.0 million leasable square feet, and are 100% leased with a weighted average lease term of 14.0 years. The tenants occupying the new properties operate in 23 industries and the property types consist of 83.8% retail, 9.2% office, 4.9% industrial and distribution, and 2.1% manufacturing, based on rental revenue. These investments are in addition to the $3.2 billion acquisition of 515 properties of American Realty Capital Trust, Inc., or ARCT, which were added to our real estate portfolio during the first quarter of 2013. Our combined total investment in real estate assets during 2013 was $4.67 billion in 974 new properties and properties under development or expansion. During 2013, none of our real estate investments caused any one tenant to be 10% or more of our total assets at December 31, 2013.
Additionally, in September 2013, we purchased a property for $45.4 million in San Diego, California, which will serve as our new corporate headquarters. We plan on relocating to this facility during the second half of 2014.
In conjunction with our acquisition of ARCT, each outstanding share of ARCT common stock was converted into the right to receive a combination of: (i) $0.35 in cash and (ii) 0.2874 shares of our common stock, resulting in the issuance of a total of approximately 45.6 million shares of our common stock to ARCT shareholders, valued at a per share amount of $44.04, which was the closing sale price of our common stock on January 22, 2013. In connection with the closing of this acquisition, we terminated and repaid the amounts then outstanding of approximately $552.9 million under ARCT’s revolving credit facility and term loan. In connection with our acquisition of ARCT, we assumed approximately $516.3 million of mortgages payable. We incurred merger costs of $13.0 million and $7.9 million, respectively, in 2013 and 2012. The total merger costs were approximately $21 million.
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The acquisition of ARCT provided benefits to Realty Income, including accretion to net earnings, growth in the size of our real estate portfolio, diversification of industries and property type, and increase in the percentage of investment grade tenants.
The 515 properties added to our real estate portfolio as a result of the ARCT acquisition, are located in 44 states and Puerto Rico, contain over 16.0 million leasable square feet and are 100% leased with a weighted average lease term of 12.2 years. The 69 tenants, occupying the 515 properties acquired, operate in 28 industries and the property types consist of 54.0% retail, 32.6% industrial and distribution, and 13.4% office, based on rental revenue.
The estimated initial weighted average contractual lease rate for a property is generally computed as estimated contractual net operating income, which, in the case of a net leased property, is equal to the aggregate base rent under the lease for the first full year of each lease, divided by the total cost of the property. Since it is possible that a tenant could default on the payment of contractual rent, we cannot provide assurance that the actual return on the funds invested will remain at the percentages listed above.
In the case of a property under development or expansion, the estimated initial weighted average contractual lease rate is computed as follows: estimated net operating income (which is calculated by multiplying the capitalization rate determined by the lease by our projected total investment in the property, including land, construction and capitalized interest costs) for the first full year of each lease, divided by such projected total investment in the property. Of the $4.67 billion we invested during 2013, excluding the new corporate headquarters, $39.6 million was invested in 21 properties under development or expansion, with an estimated initial weighted average contractual lease rate of 8.5%. We may continue to pursue development or expansion opportunities under similar arrangements in the future.
John P. Case Appointed Chief Executive Officer (CEO)
In September 2013, we announced that our Board of Directors appointed John P. Case as CEO of the company. Mr. Case, who had previously served as President and Chief Investment Officer, succeeded Tom A. Lewis, who retired as our CEO. Mr. Lewis had been our CEO since 1997. Mr. Case is only the third CEO in Realty Income’s 45-year history.
Portfolio Discussion
Leasing Results
At December 31, 2013, we had 70 properties available for lease out of 3,896 properties in our portfolio, which represents a 98.2% occupancy rate. Since December 31, 2012, when we reported 84 properties available for lease and a 97.2% occupancy rate, we:
· Leased 27 properties;
· Sold 19 properties available for lease; and
· Have 32 new properties available for lease.
During 2013, 136 properties with expiring leases were leased to either existing or new tenants. The annual rent on these leases was $16.1 million, as compared to the previous rent on these same properties of $16.0 million. At December 31, 2013, our average annualized rental revenue per square foot was approximately $13.21 per square foot on the 3,807 leased properties in our portfolio. At December 31, 2013, we classified 12 properties with a carrying amount of $12.0 million as held for sale on our balance sheet.
Investments in Existing Properties
In 2013, we capitalized costs of $8.5 million on existing properties in our portfolio, consisting of $1.3 million for re-leasing costs and $7.2 million for building and tenant improvements. In 2012, we capitalized costs of $6.6 million on existing properties in our portfolio, consisting of $1.62 million for re-leasing costs and $4.93 million for building improvements.
As part of our re-leasing costs, we pay leasing commissions and sometimes provide tenant rent concessions. Leasing commissions are paid based on the commercial real estate industry standard and any rent concessions provided are minimal. We do not consider the collective impact of the leasing commissions or tenant rent concessions to be material to our financial position or results of operations.
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The majority of our building and tenant improvements are related to roof repairs, HVAC improvements, and parking lot resurfacing and replacements. It is not customary for us to offer significant tenant improvements on our properties as tenant incentives. The amounts of our capital expenditures can vary significantly, depending on the rental market, credit worthiness, and the willingness of tenants to pay higher rents over the terms of the leases.
Impact of Real Estate and Credit Markets
In the commercial real estate market, property prices generally continue to fluctuate. Likewise, during certain periods, the U.S. credit markets have experienced significant price volatility, dislocations and liquidity disruptions, which may impact our access to and cost of capital. We continually monitor the commercial real estate and U.S. credit markets carefully and, if required, make decisions to adjust our business strategy accordingly. See our discussion of “Risk Factors” in this annual report.
Increases in Monthly Dividends to Common Stockholders
We have continued our 45-year policy of paying monthly dividends. In addition, we increased the dividend five times during 2013.
| | Month | | Dividend | | Increase | |
2013 Dividend increases | | Paid | | per share | | per share | |
1st increase | | Jan 2013 | | $ 0.1517500 | | $ 0.0003125 | |
2nd increase | | Feb 2013 | | 0.1809167 | | 0.0291667 | |
3rd increase | | Apr 2013 | | 0.1812292 | | 0.0003125 | |
4th increase | | Jul 2013 | | 0.1815417 | | 0.0003125 | |
5th increase | | Oct 2013 | | 0.1818542 | | 0.0003125 | |
The dividends paid per share during 2013 as compared to 2012 increased 21.2%, which is the largest annual increase in the company’s history. The 2013 dividends paid per share totaled $2.1474587 as compared to $1.7716250 in 2012, an increase of $0.3758337.
In December 2013, we declared an increased dividend of $0.1821667 per share, which was paid in January 2014. The increase in January 2014 was our 65th consecutive quarterly increase and the 74th increase in the amount of the dividend since our listing on the NYSE in 1994. In January 2014 and February 2014, we declared dividends of $0.1821667 per share, which will be paid in February 2014 and March 2014, respectively.
The monthly dividend of $0.1821667 per share represents a current annualized dividend of $2.186 per share, and an annualized dividend yield of approximately 5.9% based on the last reported sale price of our common stock on the NYSE of $37.33 on December 31, 2013. Although we expect to continue our policy of paying monthly dividends, we cannot guarantee that we will maintain our current level of dividends, that we will continue our pattern of increasing dividends per share, or what our actual dividend yield will be in any future period.
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Universal Shelf Registration
In February 2013, we filed a shelf registration statement with the SEC, which is effective for a term of three years and will expire in February 2016. This replaces our prior shelf registration statement. In accordance with SEC rules, the amount of securities to be issued pursuant to this shelf registration statement was not specified when it was filed and there is no specific dollar limit. The securities covered by this registration statement include (1) common stock, (2) preferred stock, (3) debt securities, (4) depositary shares representing fractional interests in shares of preferred stock, (5) warrants to purchase debt securities, common stock, preferred stock or depositary shares, and (6) any combination of these securities. We may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if the securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering.
Accelerated Stock Vesting
The Compensation Committee of our Board of Directors approved, effective July 1, 2013, the accelerated vesting of each restricted stock award that had originally been granted with ten-year vesting to five years. On July 1, 2013, 212,827 restricted shares vested as a result of this acceleration, resulting in additional compensation expense of $3.7 million during 2013.
Issuance of Common Stock
In October 2013, we issued 9,775,000 shares of common stock at a price of $40.63 per share, including 1,275,000 shares purchased by the underwriters upon the exercise of their option to purchase additional shares. After underwriting discounts and other estimated offering costs of $18.7 million, the net proceeds of approximately $378.5 million were used to repay a portion of the borrowings under our acquisition credit facility, which were used to fund property acquisitions.
In March 2013, we issued 17,250,000 shares of common stock at a price of $45.90 per share. After underwriting discounts and other offering costs of $36.7 million, the net proceeds of $755.1 million were used to redeem our 5.375% notes in March 2013 and repay borrowings under our acquisition credit facility, which were used to fund property acquisitions, including our acquisition of ARCT.
In connection with our January 2013 acquisition of ARCT, we issued a total of 45,573,144 shares of our common stock to ARCT shareholders and redeemed 208,709 shares of our common stock that were previously held by ARCT.
Dividend Reinvestment and Stock Purchase Plan
In March 2011, we established a Dividend Reinvestment and Stock Purchase Plan, or the DRSPP, to provide our common stockholders, as well as new investors, with a convenient and economical method of purchasing our common stock and reinvesting their distributions. The DRSPP also allows our current stockholders to buy additional shares of common stock by reinvesting all or a portion of their distributions. The DRSPP authorizes up to 6,000,000 common shares to be issued. During 2013, we issued 1,449,139 shares and raised approximately $55.6 million under the DRSPP.
Noncontrolling Interests
As consideration for two separate acquisitions during 2013, partnership units of Tau Operating Partnership, L.P. and Realty Income, L.P. were issued to third parties. These units (discussed in the following paragraphs below) do not have voting rights, are entitled to monthly distributions equal to the amount paid to our common stockholders, and are redeemable in cash or our common stock, at our option and at a conversion ratio of one to one, subject to certain exceptions. As the general partner for each of these partnerships, we have operating and financial control over these entities, consolidate them in our financial statements, and record the partnership units held by third parties as noncontrolling interests.
Issuance of Common and Preferred Partnership Units
In connection with our acquisition of ARCT in January 2013, we issued 317,022 common partnership units and 6,750 preferred partnership units. These common units are entitled to monthly distributions equivalent to the per common share amounts paid to the common stockholders of Realty Income. The preferred units have a par value of $1,000, and are entitled to monthly payments at a rate of 2% per annum, or $135,000 per year.
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In June 2013, we issued 534,546 common partnership units of Realty Income, L.P. These common units are entitled to monthly distributions equivalent to the per common share amount paid to the common stockholders of Realty Income.
Credit Agency Ratings
The borrowing interest rates under our credit facility are based upon our ratings assigned by credit rating agencies. We are currently assigned the following investment grade corporate credit ratings on our senior unsecured notes and bonds: Fitch Ratings has assigned a rating of BBB+ with a “stable” outlook, Moody’s Investors Service has assigned a rating of Baa1 with a “stable” outlook, and Standard & Poor’s Ratings Group has assigned a rating of BBB+ with a “stable” outlook.
Based on our current ratings, the credit facility interest rate is LIBOR plus 1.075% with a facility commitment fee of 0.175%, for all-in drawn pricing of 1.25% over LIBOR. The credit facility provides that the interest rate can range between: (i) LIBOR plus 1.85% if our credit facility is lower than BBB-/Baa3 and (ii) LIBOR plus 1.00% if our credit rating is A-/A3 or higher. In addition, our credit facility provides for a facility commitment fee based on our credit ratings, which range from: (i) 0.45% for a rating lower than BBB-/Baa3, and (ii) 0.15% for a credit rating of A-/A3 or higher.
We also issue senior debt securities and our credit ratings can impact the interest rates charged in those transactions. In addition, if our credit ratings or ratings outlook change, our cost to obtain debt financing could increase or decrease.
The credit ratings assigned to us could change based upon, among other things, our results of operations and financial condition. These ratings are subject to ongoing evaluation by credit rating agencies and we cannot assure you that our ratings will not be changed or withdrawn by a rating agency in the future if, in its judgment, circumstances warrant. Moreover, a rating is not a recommendation to buy, sell or hold our debt securities, preferred stock or common stock.
Notes Outstanding
Our senior unsecured note and bond obligations consist of the following as of December 31, 2013, sorted by maturity date (dollars in millions):
5.5% notes, issued in November 2003 and due in November 2015 | | $ | 150 | |
5.95% notes, issued in September 2006 and due in September 2016 | | 275 | |
5.375% notes, issued in September 2005 and due in September 2017 | | 175 | |
2.0% notes, issued in October 2012 and due in January 2018 | | 350 | |
6.75% notes, issued in September 2007 and due in August 2019 | | 550 | |
5.75% notes, issued in June 2010 and due in January 2021 | | 250 | |
3.25% notes, issued in October 2012 and due in October 2022 | | 450 | |
4.65% notes, issued in July 2013 and due in August 2023 | | 750 | |
5.875% bonds, $100 issued in March 2005 and $150 issued in June 2011, both due in March 2035 | | 250 | |
Total principal amount | | | 3,200 | |
Unamortized original issuance discounts | | (15 | ) |
| | $ | 3,185 | |
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All of our outstanding notes and bonds have fixed interest rates. Interest on all of our senior note and bond obligations is paid semiannually. All of these notes and bonds contain various covenants. At December 31, 2013, we remain in compliance with these covenants.
The following is a summary of the key financial covenants for our senior unsecured notes, as defined and calculated per the terms of our notes. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show our ability to incur additional debt under the terms of our notes only and are not measures of our liquidity or performance. The actual amounts as of December 31, 2013 are:
Note Covenants | | Required | | Actual |
| | | | |
Limitation on incurrence of total debt | | < 60% of adjusted assets | | 41.5% |
Limitation on incurrence of secured debt | | < 40% of adjusted assets | | 7.8% |
Debt service coverage (trailing 12 months)(1) | | > 1.5 x | | 3.6 x |
Maintenance of total unencumbered assets | | > 150% of unsecured debt | | 251.9% |
(1) This covenant is calculated on a pro forma basis for the preceding four-quarter period on the assumption that: (i) the incurrence of any Debt (as defined in the covenants) incurred by us since the first day of such four-quarter period and the application of the proceeds therefrom (including to refinance other Debt since the first day of such four-quarter period), (ii) the repayment or retirement of any of our Debt since the first day of such four-quarter period, and (iii) any acquisition or disposition by us of any asset or group since the first day of such four-quarters had in each case occurred on January 1, 2013, and subject to certain additional adjustments. Such pro forma ratio has been prepared on the basis required by that debt service covenant, reflects various estimates and assumptions and is subject to other uncertainties, and therefore does not purport to reflect what our actual debt service coverage ratio would have been had transactions referred to in clauses (i), (ii) and (iii) of the preceding sentence occurred as of January 1, 2013, nor does it purport to reflect our debt service coverage ratio for any future period. The following is our calculation of debt service coverage at December 31, 2013 (in thousands, for trailing twelve months):
Net income attributable to the Company | | $ | 245,564 | |
Plus: interest expense | | 174,007 | |
Plus: provision for taxes | | 1,808 | |
Plus: depreciation and amortization | | 308,394 | |
Plus: provisions for impairment | | 3,028 | |
Plus: pro forma adjustments | | 59,625 | |
Less: gain on sales of investment properties | | (64,743 | ) |
Income available for debt service, as defined | | $ | 727,683 | |
Total pro forma debt service charge | | $ | 201,848 | |
Debt service coverage ratio | | 3.6 | |
Fixed Charge Coverage Ratio
Fixed charge coverage ratio is calculated in exactly the same manner as the debt service coverage ratio, except that preferred stock dividends are also added to the denominator. Similar to debt service coverage ratio, we consider fixed charge coverage ratio to be an appropriate supplemental measure of a company’s ability to make its interest and preferred stock dividend payments. Our calculations of both debt service and fixed charge coverage ratios may be different from the calculations used by other companies and, therefore, comparability may be limited. The presentation of debt service and fixed charge coverage ratios should not be considered as alternatives to any U.S. generally accepted accounting principles, or GAAP, operating performance measures. Below is our calculation of fixed charges at December 31, 2013 (in thousands, for trailing twelve months):
Income available for debt service, as defined | | $ | 727,683 | |
Pro forma debt service charge plus preferred stock dividends | | $ | 243,778 | |
Fixed charge coverage ratio | | 3.0 | |
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Table of Obligations
The following table summarizes the maturity of each of our obligations as of December 31, 2013 (dollars in millions):
| | | | | | | | | | | | Ground | | Ground | | | | |
| | | | | | | | | | | | Leases | | Leases | | | | |
| | | | Notes | | | | | | | | Paid by | | Paid by | | | | |
Year of | | Credit | | and | | Term | | Mortgages | | | | Realty | | Our | | | | |
Maturity | | Facility | (1) | Bonds | (2) | Loan | | Payable | (3) | Interest | (4) | Income | (5) | Tenants | (6) | Other | (7) | Totals |
2014 | | $ | - | | $ | - | | $ | - | | $ | 49.9 | | $ | 199.5 | | $ | 1.0 | | $ | 12.6 | | $ | 25.4 | | $ | 288.4 |
2015 | | - | | 150.0 | | - | | 125.5 | | 193.6 | | 1.0 | | 12.7 | | - | | 482.8 |
2016 | | 128.0 | | 275.0 | | - | | 248.5 | | 167.9 | | 1.0 | | 12.7 | | - | | 833.1 |
2017 | | - | | 175.0 | | - | | 133.0 | | 145.2 | | 1.0 | | 12.8 | | - | | 467.0 |
2018 | | - | | 350.0 | | 70.0 | | 15.0 | | 127.0 | | 1.0 | | 12.8 | | - | | 575.8 |
Thereafter | | - | | 2,250.0 | | - | | 182.6 | | 539.2 | | 9.4 | | 144.5 | | - | | 3,125.7 |
Totals | | $ | 128.0 | | $ | 3,200.0 | | $ | 70.0 | | $ | 754.5 | | $ | 1,372.4 | | $ | 14.4 | | $ | 208.1 | | $ | 25.4 | | $ | 5,772.8 |
(1) The initial term of the credit facility expires in May 2016 and includes, at our option, a one-year extension.
(2) Excludes non-cash original issuance discounts recorded on the notes payable. The unamortized balance of the original issuance discounts at December 31, 2013, is $14.5 million.
(3) Excludes non-cash net premiums recorded on the mortgages payable. The unamortized balance of these net premiums at December 31, 2013, is $28.9 million.
(4) Interest on the term loan, notes, bonds, mortgages payable, and credit facility has been calculated based on outstanding balances as of December 31, 2013 through their respective maturity dates.
(5) Realty Income currently pays the ground lessors directly for the rent under the ground leases.
(6) Our tenants, who are generally sub-tenants under ground leases, are responsible for paying the rent under these ground leases. In the event a tenant fails to pay the ground lease rent, we are primarily responsible.
(7) “Other” consists of $23.7 million of commitments under construction contracts and $1.7 million of contingent payments for tenant improvements and leasing costs.
Our credit facility and notes payable obligations are unsecured. Accordingly, we have not pledged any assets as collateral for these obligations.
Preferred Stock and Preferred Units Outstanding
In 2006, we issued 8.8 million shares of Class E preferred stock. Beginning December 7, 2011, shares of Class E preferred stock were redeemable at our option for $25.00 per share, plus any accrued and unpaid dividends. Dividends on shares of Class E preferred stock are paid monthly in arrears.
In February 2012, we issued 14.95 million shares of our Class F preferred stock at $25.00 per share. In April 2012, we issued an additional 1.4 million shares of Class F preferred stock at $25.2863 per share. Beginning February 15, 2017, shares of our Class F preferred stock are redeemable at our option for $25.00 per share, plus any accrued and unpaid dividends. Dividends on the shares of our Class F preferred stock are paid monthly in arrears.
We are current on our obligations to pay dividends on our Class E and Class F preferred stock.
As part of our acquisition of ARCT in January 2013, we issued 6,750 partnership units. Payments on these preferred units are made monthly in arrears at rate of 2% per annum, or $135,000 per year, and are included in interest expense.
No Unconsolidated Investments
We have no unconsolidated investments, nor do we engage in trading activities involving energy or commodity contracts.
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RESULTS OF OPERATIONS
Critical Accounting Policies
Our consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, and are the basis for our discussion and analysis of financial condition and results of operations. Preparing our consolidated financial statements requires us to make a number of estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. We believe that we have made these estimates and assumptions in an appropriate manner and in a way that accurately reflects our financial condition. We continually test and evaluate these estimates and assumptions using our historical knowledge of the business, as well as other factors, to ensure that they are reasonable for reporting purposes. However, actual results may differ from these estimates and assumptions. This summary should be read in conjunction with the more complete discussion of our accounting policies and procedures included in note 2 to our consolidated financial statements.
In order to prepare our consolidated financial statements according to the rules and guidelines set forth by GAAP, many subjective judgments must be made with regard to critical accounting policies. One of these judgments is our estimate for useful lives in determining depreciation expense for our properties. Depreciation on a majority of our buildings and improvements is computed using the straight-line method over an estimated useful life of 25 to 35 years for buildings and 4 to 15 years for improvements. If we use a shorter or longer estimated useful life, it could have a material impact on our results of operations. We believe that 25 to 35 years is an appropriate estimate of useful life.
Management must make significant assumptions in determining the fair value of assets acquired and liabilities assumed. When acquiring a property for investment purposes, we typically allocate the fair value of real estate acquired to: (1) land, (2) building and improvements, and (3) identified intangible assets and liabilities, based in each case on their estimated fair values. Intangible assets and liabilities consist of above-market or below-market lease value of in-place leases, the value of in-place leases, and tenant relationships, as applicable. In an acquisition of multiple properties, we must also allocate the purchase price among the properties. The allocation of the purchase price is based on our assessment of estimated fair value and is often based upon the expected future cash flows of the property and various characteristics of the markets where the property is located. In addition, any assumed mortgages receivable or payable and any assumed or issued noncontrolling interests are recorded at their estimated fair values. The estimated fair values of our mortgages payable have been calculated by discounting the future cash flows using applicable interest rates that have been adjusted for factors, such as industry type, tenant investment grade, maturity date, and comparable borrowings for similar assets. The initial allocation of the purchase price is based on management’s preliminary assessment, which may differ when final information becomes available. Subsequent adjustments made to the initial purchase price allocation are made within the allocation period, which typically does not exceed one year. The use of different assumptions in the allocation of the purchase price of the acquired properties and liabilities assumed could affect the timing of recognition of the related revenue and expenses.
Another significant judgment must be made as to if, and when, impairment losses should be taken on our properties when events or a change in circumstances indicate that the carrying amount of the asset may not be recoverable. A provision is made for impairment if estimated future operating cash flows (undiscounted and without interest charges) plus estimated disposition proceeds (undiscounted) are less than the current book value of the property. Key inputs that we estimate in this analysis include projected rental rates, estimated holding periods, capital expenditures, and property sales capitalization rates. If a property is held for sale, it is carried at the lower of carrying cost or estimated fair value, less estimated cost to sell. The carrying value of our real estate is the largest component of our consolidated balance sheet. Our strategy of primarily holding properties, long-term, directly decreases the likelihood of their carrying values not being recoverable, thus requiring the recognition of an impairment. However, if our strategy, or one or more of the above assumptions were to change in the future, an impairment may need to be recognized. If events should occur that require us to reduce the carrying value of our real estate by recording provisions for impairment, they could have a material impact on our results of operations.
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The following is a comparison of our results of operations for the years ended December 31, 2013, 2012 and 2011.
Rental Revenue
Rental revenue was $747.6 million for 2013 versus $466.5 million for 2012, an increase of $281.1 million, or 60.3%. Rental revenue was $401.0 million in 2011. The increase in rental revenue in 2013 compared to 2012 is primarily attributable to:
· The 958 properties (25.0 million square feet) acquired by Realty Income in 2013, which generated $213.1 million of rent in 2013;
· The 423 properties (10.5 million square feet) acquired by Realty Income in 2012, which generated $81.1 million of rent in 2013 compared to $22.7 million in 2012, an increase of $58.4 million;
· Same store rents generated on 2,338 properties (25.3 million square feet) during the entire years of 2013 and 2012, increased by $6.2 million, or 1.4%, to $435.2 million from $429.0 million;
· A net increase of $1.8 million relating to the aggregate of (i) rental revenue from properties (132 properties comprising 1.1 million square feet) that were available for lease during part of 2013 or 2012, (ii) rental revenue for six properties under development, (iii) rental revenue for 29 properties re-leased primarily with rent-free periods, and (iv) lease termination settlements which, in aggregate, totaled $12.56 million in 2013 compared to $10.74 million in 2012; and
· A net increase in straight-line rent and other non-cash adjustments to rent of $1.7 million in 2013 as compared to 2012.
For purposes of determining the same store rent property pool, we include all properties that were owned for the entire year-to-date period, for both the current and prior year except for properties during the current or prior year that; (i) were available for lease at any time, (ii) were under development, (iii) we have made an additional investment in, (iv) were involved in eminent domain and rent was reduced, and (v) were re-leased with rent-free periods. Each of the exclusions from the same store pool is separately addressed within the applicable sentences above explaining the changes in rental revenue for the period.
Of the 3,896 properties in the portfolio at December 31, 2013, 3,876, or 99.5%, are single-tenant properties and the remaining twenty are multi-tenant properties. Of the 3,876 single-tenant properties, 3,807, or 98.2%, were net leased with a weighted average remaining lease term (excluding rights to extend a lease at the option of the tenant) of approximately 10.8 years at December 31, 2013. Of our 3,807 leased single-tenant properties, 3,419 or 89.8% were under leases that provide for increases in rents through:
· Primarily base rent increases tied to a consumer price index (typically subject to ceilings);
· Percentage rent based on a percentage of the tenants’ gross sales;
· Fixed increases; or
· A combination of two or more of the above rent provisions.
Percentage rent, which is included in rental revenue, was $2.8 million in 2013, $1.9 million in 2012 and $1.3 million in 2011 (excluding percentage rent reclassified to discontinued operations of $115,000 in 2013, $163,000 in 2012 and $70,000 in 2011). Percentage rent in 2013 was less than 1% of rental revenue and we anticipate percentage rent to be less than 1% of rental revenue in 2014.
Our portfolio of real estate, leased primarily to regional and national commercial tenants under net leases, continues to perform well and provides dependable lease revenue supporting the payment of monthly dividends to our stockholders. At December 31, 2013, our portfolio of 3,896 properties was 98.2% leased with 70 properties available for lease as compared to 97.2% portfolio occupancy, or 84 properties available for lease at December 31, 2012. It has been our experience that approximately 2% to 4% of our property portfolio will be unleased at any given time; however, it is possible that the number of properties available for lease could exceed these levels in the future.
Tenant Reimbursements
Contractually obligated reimbursements from tenants for recoverable real estate taxes and operating expenses were $24.9 million in 2013, compared to $14.6 million in 2012 and $9.8 million in 2011. The increase in tenant reimbursements from 2012 to 2013 is primarily due to our 2012 and 2013 acquisitions, including our acquisition of ARCT. Our tenant reimbursements match our reimbursable property expenses for any given period.
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Other Revenue
Other revenue, which comprises property-related revenue not included in rental revenue or tenant reimbursements, was $5.9 million in 2013, compared to $1.7 million in 2012 and $1.6 million in 2011.
Depreciation and Amortization
Depreciation and amortization was $306.6 million in 2013, compared to $147.3 million in 2012 and $116.5 million in 2011. The increases in depreciation and amortization in 2013 and 2012 were primarily due to the acquisition of properties in 2013 and 2012, including the 515 properties acquired as part of our acquisition of ARCT, which was partially offset by property sales in those same years. As discussed in the sections entitled “Funds from Operations Available to Common Stockholders (FFO) and Normalized Funds from Operations Available to Common Stockholders (Normalized FFO)” and “Adjusted Funds from Operations Available to Common Stockholders (AFFO),” depreciation and amortization is a non-cash item that is added back to net income available to common stockholders for our calculation of FFO, normalized FFO and AFFO.
Interest Expense
Interest expense was $180.9 million in 2013, compared to $122.5 million in 2012 and $108.3 million in 2011. The increase in interest expense from 2012 to 2013 was primarily due to an increase in borrowings attributable to the issuance in October 2012 of our 2.00% senior unsecured notes due January 2018, the issuance in October 2012 of our 3.25% senior unsecured notes due October 2022, the January 2013 issuance of our $70 million senior unsecured term loan, the July 2013 issuance of our 4.65% senior unsecured notes due August 2023, and an increase in mortgages payable and higher credit facility borrowings, which were partially offset by lower average interest rates and the repayment of our 5.375% senior unsecured notes in March 2013.
The following is a summary of the components of our interest expense (dollars in thousands):
| | 2013 | | 2012 | | 2011 | |
Interest on our credit facility, term loan, notes and mortgages | | $ | 182,974 | | $ | 117,401 | | $ | 104,452 | |
Interest included in discontinued operations | | (526 | ) | (601 | ) | (785 | ) |
Credit facility commitment fees | | 1,930 | | 1,684 | | 1,508 | |
Amortization of credit facility origination costs and deferred financing costs | | 7,434 | | 5,165 | | 3,757 | |
(Gain) loss on interest rate swap | | (878 | ) | 56 | | (4 | ) |
Amortization of net mortgage premiums | | (9,481 | ) | (665 | ) | (189 | ) |
Interest capitalized | | (537 | ) | (498 | ) | (438 | ) |
Interest expense | | $ | 180,916 | | $ | 122,542 | | $ | 108,301 | |
| | | | | | | |
Credit facility, term loan, mortgages and notes | | 2013 | | 2012 | | 2011 | |
Average outstanding balances (dollars in thousands) | | $ | 3,892,089 | | $ | 2,144,690 | | $ | 1,754,935 | |
Average interest rates | | 4.67 | % | 5.47 | % | 5.95 | % |
At December 31, 2013, the weighted average interest rate on our:
· Notes and bonds payable of $3.2 billion (excluding unamortized original issuance discounts of $14.5 million) was 4.9%;
· Mortgages payable of $754.5 million (excluding net premiums totaling $28.9 million on these mortgages) was 5.4%;
· Credit facility outstanding borrowings of $128.0 million was 1.2%;
· Term loan outstanding borrowings of $70.0 million was 1.4%; and
· Combined outstanding notes, bonds, mortgages and credit facility borrowings of $4.2 billion was 4.5%.
General and Administrative Expenses
General and administrative expenses increased by $18.8 million to $56.8 million in 2013, as compared to $38.0 million in 2012. General and administrative expenses were $31.0 million in 2011. Included in general and administrative expenses are acquisition transaction costs (excluding ARCT merger-related costs) of $2.1 million for 2013, $2.4 million for 2012 and $1.5 million for 2011. Even though general and administrative expenses increased during 2013, general and administrative expenses as a percentage of total revenue decreased. The increase in expense was primarily due to increases in employee costs, including the accelerated vesting of restricted shares in July 2013 which resulted in additional compensation expense of $3.7 million, and higher
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costs as a result of our integration of ARCT. In January 2014, we had 116 employees, as compared to 97 employees in January 2013 and 83 employees in January 2012.
Dollars in thousands | | 2013 | | 2012 | | 2011 | |
General and administrative expenses | | $ | 56,827 | | $ | 37,998 | | $ | 30,954 | |
Total revenue, including discontinued operations(1) | | 759,889 | | 483,671 | | 422,224 | |
General and administrative expenses as a | | | | | | | |
percentage of total revenue | | 7.5 | % | 7.9 | % | 7.3 | % |
| | | | | | | | | | |
(1) Excludes all tenant reimbursements revenue, as well as gain on sales and Crest Net revenue included in discontinued operations.
Property Expenses (including reimbursable)
Property expenses consist of costs associated with unleased properties, non-net leased properties and general portfolio expenses, as well as contractually obligated reimbursements from tenants for recoverable real estate taxes and operating expenses. Expenses related to unleased properties and non-net leased properties include, but are not limited to, property taxes, maintenance, insurance, utilities, property inspections, bad debt expense and legal fees. General portfolio costs include, but are not limited to, insurance, legal, property inspections, and title search fees. At December 31, 2013, 70 properties were available for lease, as compared to 84 at December 31, 2012 and 87 at December 31, 2011.
Property expenses were $38.8 million (including $24.9 million reimbursable) in 2013, $21.3 million (including $14.6 million reimbursable) in 2012 and $15.5 million (including $9.8 million reimbursable) in 2011. The increase in property expenses in 2013 is primarily attributable to increased portfolio size, higher maintenance and utilities, insurance costs, property taxes, and ground rent expenses as a result of our acquisition of ARCT, along with higher contractually obligated reimbursements primarily due to our 2012 and 2013 acquisitions.
Income Taxes
Income taxes were $2.7 million in 2013, as compared to $1.4 million in 2012 and $1.5 million in 2011. These amounts are for city and state income and franchise taxes paid by Realty Income and its subsidiaries.
Merger-Related Costs
Merger-related costs include, but are not limited to, advisor fees, legal fees, accounting fees, printing fees and transfer taxes related to our acquisition of ARCT. Merger-related costs were $13.0 million in 2013 and $7.9 million in 2012. On a diluted per common share basis, these expenses represented $0.07 for 2013 and $0.06 for 2012.
Discontinued Operations
Operations from ten Realty Income investment properties, two Crest properties classified as held for sale at December 31, 2013, and properties previously sold, have been classified as discontinued operations. The following is a summary of income from discontinued operations on our consolidated statements of income (dollars in thousands):
Income from discontinued operations | | 2013 | | 2012 | | 2011 | |
Gain on sales of investment properties | | $ | 64,743 | | $ | 9,873 | | $ | 5,193 | |
Rental revenue | | 6,040 | | 15,161 | | 19,546 | |
Tenant reimbursements | | 146 | | 379 | | 370 | |
Other revenue | | 418 | | 282 | | 94 | |
Depreciation and amortization | | (1,761 | ) | (3,916 | ) | (5,568 | ) |
Property expenses (including reimbursable) | | (916 | ) | (2,529 | ) | (2,518 | ) |
Provisions for impairment | | (2,738 | ) | (1,500 | ) | (395 | ) |
Crest’s income from discontinued operations | | 1,171 | | 683 | | 688 | |
Income from discontinued operations | | $ | 67,103 | | $ | 18,433 | | $ | 17,410 | |
Per common share, basic and diluted | | $ | 0.35 | | $ | 0.14 | | $ | 0.14 | |
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Crest’s Assets and Property Sales
At December 31, 2013, Crest had an inventory of three properties, one of which was classified as held for investment. In addition to the three properties, Crest also held notes receivable of $18.7 million at December 31, 2013 and $18.9 million at December 31, 2012.
During 2013, Crest did not acquire any properties. However, Crest sold one property in 2013 for $597,000, and recorded an impairment of $308,000 upon the sale of this property. During 2012, Crest acquired one property for $890,000, but did not sell any properties. During 2011, Crest did not buy or sell any properties.
Gain on Sales of Investment Properties by Realty Income
During 2013, we sold 75 investment properties for $134.2 million, which resulted in a gain of $64.7 million. The results of operations for these properties have been reclassified as discontinued operations.
During 2012, we sold 44 investment properties for $50.6 million, which resulted in a gain of $9.9 million. The results of operations for these properties have been reclassified as discontinued operations.
During 2011, we sold 26 investment properties for $22.0 million, which resulted in a gain of $5.2 million. The results of operations for these properties have been reclassified as discontinued operations. Additionally, we sold excess real estate from five properties for $2.1 million, which resulted in a gain of $540,000. This gain is included in other revenue on our consolidated statement of income for 2011, because this excess real estate was associated with properties that continue to be owned as part of our core operations.
We have an active portfolio management program that incorporates the sale of assets when we believe the reinvestment of the sale proceeds will:
· Generate higher returns;
· Enhance the credit quality of our real estate portfolio;
· Extend our average remaining lease term; or
· Decrease tenant or industry concentration.
At December 31, 2013, we classified real estate with a carrying amount of $12.0 million as held for sale on our balance sheet. In 2014, we intend to continue our active disposition efforts to further enhance our real estate portfolio and anticipate approximately $50 million in property sales for all of 2014. We intend to invest these proceeds into new property acquisitions, if there are attractive opportunities available. However, we cannot guarantee that we will sell properties during the next 12 months at our estimated values or be able to invest the property sale proceeds in new properties.
Provisions for Impairment on Real Estate Acquired for Resale by Crest
During 2013, Crest recorded a provision for impairment of $308,000 for one property sold during the year.
During 2012 and 2011, Crest did not record any provisions for impairment.
Provisions for Impairment on Realty Income Investment Properties
In 2013, Realty Income recorded total provisions for impairment of $3.0 million. Provisions for impairment of $2.7 million are included in income from discontinued operations on seven sold properties and one property classified as held for sale. Additionally, during 2013, Realty Income recorded provisions for impairment of $290,000 on one property held for investment in the automotive service industry. This provision for impairment is included in income from continuing operations.
In 2012, Realty Income recorded total provisions for impairment of $5.1 million. Provisions for impairment of $1.5 million are included in income from discontinued operations on six properties. Additionally, during 2012, Realty Income recorded provisions for impairment of $3.6 million on four properties held for investment at December 31, 2012. These provisions for impairment are included in income from continuing operations.
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During 2011, Realty Income recorded total provisions for impairment of $405,000 on four properties. These provisions for impairment are included in income from discontinued operations, except for $10,000 which is included in income from continuing operations.
Preferred Stock Dividends
Preferred stock dividends totaled $41.9 million in 2013, $40.9 million in 2012 and $24.3 million in 2011.
Excess of Redemption Value over Carrying Value of Preferred Shares Redeemed
When we redeemed our Class D preferred stock in March 2012, we incurred a charge of $3.7 million for the excess of redemption value over the carrying value. This charge, representing the Class D preferred stock original issuance cost that was paid in 2004, was recorded as a reduction to net income available to common stockholders when the shares were redeemed during the first quarter of 2012. On a diluted per common share basis, this charge was $0.03.
Net Income Available to Common Stockholders
Net income available to common stockholders was $203.6 million in 2013, an increase of $89.1 million as compared to $114.5 million in 2012. Net income available to common stockholders in 2011 was $132.8 million. Net income available to common stockholders in 2013 includes $13.0 million of merger-related costs for the acquisition of ARCT, which represents $0.07 on a diluted per common share basis, and $3.7 million for accelerated vesting of restricted shares that occurred in July 2013 from ten-year vesting to five years, which represents $0.02 on a diluted per common share basis. Net income available to common stockholders in 2012 includes $7.9 million of merger-related costs related to the acquisition of ARCT, which represents $0.06 on a diluted per common share basis, and a $3.7 million charge for the excess of redemption value over carrying value of the Class D preferred shares, which represents $0.03 on a diluted per common share basis.
The calculation to determine net income available to common stockholders includes gains from the sale of properties. The amount of gains varies from period to period based on the timing of property sales and can significantly impact net income available to common stockholders.
Gains from the sale of investment properties during 2013 were $64.7 million, as compared to gains from the sale of investment properties of $9.9 million during 2012 and a $5.7 million gain from the sale of properties during 2011.
FUNDS FROM OPERATIONS AVAILABLE TO COMMON STOCKHOLDERS (FFO) AND NORMALIZED FUNDS FROM OPERATIONS AVAILABLE TO COMMON STOCKHOLDERS (Normalized FFO)
FFO for 2013 increased by $188.1 million, or 72.1%, to $449.0 million, as compared to $260.9 million in 2012 and $249.4 million in 2011. FFO for 2013 includes $13.0 million for merger-related costs related to our acquisition of ARCT, which represents $0.07 on a diluted per common share basis, and $3.7 million for accelerated vesting of restricted shares that occurred in July 2013 from ten-year vesting to five years, which represents $0.02 on a diluted per common share basis. FFO for 2012 includes $7.9 million of merger-related costs, which represents $0.06 on a diluted per common share basis, and a $3.7 million charge associated with the Class D preferred stock redemption in March 2012, which represents $0.03 on a diluted per common share basis.
We define normalized FFO as FFO excluding the merger-related costs for our 2013 acquisition of ARCT. Normalized FFO for 2013 increased by $193.2 million, or 71.9%, to $462.0 million, as compared to $268.8 million in 2012 and $249.4 million in 2011.
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The following is a reconciliation of net income available to common stockholders (which we believe is the most comparable GAAP measure) to FFO and normalized FFO. Also presented is information regarding distributions paid to common stockholders and the weighted average number of common shares used for the basic and diluted computation per share (dollars in thousands, except per share amounts):
| | 2013 | | 2012 | | 2011 | |
| | | | | | | |
Net income available to common stockholders | | $ | 203,634 | | $ | 114,538 | | $ | 132,779 | |
Depreciation and amortization: | | | | | | | |
Continuing operations | | 306,577 | | 147,323 | | 116,546 | |
Discontinued operations | | 1,818 | | 3,984 | | 5,633 | |
Depreciation allocated to noncontrolling interest | | (1,009 | ) | - | | - | |
Depreciation of furniture, fixtures and equipment | | (288 | ) | (249 | ) | (238 | ) |
Provisions for impairment on investment properties | | 3,028 | | 5,139 | | 405 | |
Gain on sale of investment properties: | | | | | | | |
continuing operations | | - | | - | | (540 | ) |
discontinued operations | | (64,743 | ) | (9,873 | ) | (5,193 | ) |
FFO available to common stockholders | | 449,017 | | 260,862 | | 249,392 | |
Merger-related costs | | 13,013 | | 7,899 | | - | |
Normalized FFO available to common stockholders | | $ | 462,030 | | $ | 268,761 | | $ | 249,392 | |
| | | | | | | |
FFO per common share: | | | | | | | |
Basic | | $ | 2.34 | | $ | 1.96 | | $ | 1.98 | |
Diluted | | $ | 2.34 | | $ | 1.96 | | $ | 1.98 | |
| | | | | | | |
Normalized FFO per common share, | | | | | | | |
Basic | | $ | 2.41 | | $ | 2.02 | | $ | 1.98 | |
Diluted | | $ | 2.41 | | $ | 2.02 | | $ | 1.98 | |
| | | | | | | |
Distributions paid to common stockholders | | $ | 409,222 | | $ | 236,348 | | $ | 219,297 | |
| | | | | | | |
Normalized FFO in excess of distributions paid to common stockholders | | $ | 52,808 | | $ | 32,413 | | $ | 30,095 | |
| | | | | | | |
Weighted average number of common shares used for computation per share: | | | | | | | |
Basic | | 191,754,857 | | 132,817,472 | | 126,142,696 | |
Diluted | | 191,781,622 | | 132,884,933 | | 126,189,399 | |
We define FFO, a non-GAAP measure, consistent with the National Association of Real Estate Investment Trust’s definition, as net income available to common stockholders, plus depreciation and amortization of real estate assets, plus impairments of depreciable real estate assets, reduced by gains on the sale of investment properties and extraordinary items. We define normalized FFO, a non-GAAP measure, as FFO excluding the merger-related costs for our 2013 acquisition of ARCT.
We consider FFO and normalized FFO to be appropriate supplemental measures of a REIT’s operating performance as they are based on a net income analysis of property portfolio performance that adds back items such as depreciation and impairments for FFO, and adds back merger-related costs, for normalized FFO. The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time. Since real estate values historically rise and fall with market conditions, presentations of operating results for a REIT, using historical accounting for depreciation, could be less informative. The use of FFO is recommended by the REIT industry as a supplemental performance measure. In addition, FFO is used as a measure of our compliance with the financial covenants of our credit facility.
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ADJUSTED FUNDS FROM OPERATIONS AVAILABLE TO COMMON STOCKHOLDERS (AFFO)
AFFO for 2013 increased by $188.9 million, or 68.9%, to $463.1 million, as compared to $274.2 million in 2012 and $253.4 million in 2011. We consider AFFO to be an appropriate supplemental measure of our performance. Most companies in our industry use a similar measurement, but they may use the term “CAD” (for Cash Available for Distribution), “FAD” (for Funds Available for Distribution), or other terms.
The following is a reconciliation of net income available to common stockholders (which we believe is the most comparable GAAP measure) to FFO, normalized FFO and AFFO. Also presented is information regarding distributions paid to common stockholders and the weighted average number of common shares used for the basic and diluted computation per share (dollars in thousands, except per share amounts):
| | 2013 | | 2012 | | 2011 | |
Net income available to common stockholders | | $ | 203,634 | | $ | 114,538 | | $ | 132,779 | |
Cumulative adjustments to calculate FFO(1) | | 245,383 | | 146,324 | | 116,613 | |
FFO available to common stockholders | | 449,017 | | 260,862 | | 249,392 | |
Merger-related costs | | 13,013 | | 7,899 | | - | |
Normalized FFO available to common stockholders | | 462,030 | | 268,761 | | 249,392 | |
Provisions for impairment on Crest properties | | 308 | | - | | - | |
Amortization of share-based compensation | | 20,785 | | 10,001 | | 7,873 | |
Amortization of deferred financing costs(2) | | 4,436 | | 2,786 | | 2,074 | |
Excess of redemption value over carrying value of Class D preferred share redemption | | - | | 3,696 | | - | |
Amortization of net mortgage premiums | | (9,481 | ) | (665 | ) | (189 | ) |
(Gain) loss on interest rate swaps | | (878 | ) | 56 | | (4 | ) |
Capitalized leasing costs and commissions | | (1,280 | ) | (1,619 | ) | (1,722 | ) |
Capitalized building improvements | | (7,227 | ) | (4,935 | ) | (2,450 | ) |
Straight-line rent | | (13,742 | ) | (5,674 | ) | (2,681 | ) |
Amortization of above and below-market leases | | 8,188 | | 1,776 | | 1,079 | |
Total AFFO available to common stockholders | | $ | 463,139 | | $ | 274,183 | | $ | 253,372 | |
| | | | | | | |
AFFO per common share, basic and diluted: | | | | | | | |
Basic | | $ | 2.42 | | $ | 2.06 | | $ | 2.01 | |
Diluted | | $ | 2.41 | | $ | 2.06 | | $ | 2.01 | |
| | | | | | | |
Distributions paid to common stockholders | | $ | 409,222 | | $ | 236,348 | | $ | 219,297 | |
| | | | | | | |
AFFO in excess of distributions paid to common stockholders | | $ | 53,917 | | $ | 37,835 | | $ | 34,075 | |
| | | | | | | |
Weighted average number of common shares used for computation per share: | | | | | | | |
Basic | | 191,754,857 | | 132,817,472 | | 126,142,696 | |
Diluted | | 191,781,622 | | 132,884,933 | | 126,189,399 | |
(1) See reconciling items for FFO presented under “Funds from Operations Available to Common Stockholders (FFO) and Normalized Funds from Operations Available to Common Stockholders (Normalized FFO).”
(2) Includes the amortization of costs incurred and capitalized when our notes were issued in March 2003, November 2003, March 2005, September 2005, September 2006, September 2007, June 2010, June 2011, October 2012, and July 2013. Additionally, this includes the amortization of deferred financing costs incurred and capitalized in connection with our assumption of the mortgages payable and the issuance of our term loan. The deferred financing costs are being amortized over the lives of the respective mortgages and term loan. No costs associated with our credit facility agreements or annual fees paid to credit rating agencies have been included.
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We believe the non-GAAP financial measure AFFO provides useful information to investors because it is a widely accepted industry measure of the operating performance of real estate companies that is used by industry analysts and investors who look at and compare those companies. In particular, AFFO provides an additional measure by which to compare the operating performance of different REITs without having to account for differing depreciation assumptions and other unique revenue and expense items which are not pertinent to the measurement of the particular company’s on-going operating performance. Therefore, we believe that AFFO is an appropriate supplemental performance metric, and that the most appropriate GAAP performance metric to which AFFO should be reconciled is net income available to common stockholders.
Presentation of the information regarding FFO, normalized FFO and AFFO is intended to assist the reader in comparing the operating performance of different REITs, although it should be noted that not all REITs calculate FFO, normalized FFO and AFFO in the same way, so comparisons with other REITs may not be meaningful. Furthermore, FFO, normalized FFO and AFFO are not necessarily indicative of cash flow available to fund cash needs and should not be considered as alternatives to net income as an indication of our performance. FFO, normalized FFO and AFFO should not be considered as alternatives to reviewing our cash flows from operating, investing, and financing activities. In addition, FFO, normalized FFO and AFFO should not be considered as measures of liquidity, of our ability to make cash distributions, or of our ability to pay interest payments.
IMPACT OF INFLATION
Tenant leases generally provide for limited increases in rent as a result of increases in the tenants’ sales volumes, increases in the consumer price index (typically subject to ceilings), and/or fixed increases. We expect that inflation will cause these lease provisions to result in rent increases over time. During times when inflation is greater than increases in rent, as provided for in the leases, rent increases may not keep up with the rate of inflation.
Of our 3,896 properties in our portfolio, approximately 97.7% or 3,807 are leased to tenants under net leases where the tenant is responsible for property expenses. Net leases tend to reduce our exposure to rising property expenses due to inflation. Inflation and increased costs may have an adverse impact on our tenants if increases in their operating expenses exceed increases in revenue.
IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS
As of December 31, 2013, the impact of recent accounting pronouncements on our business is not considered to be material.
Item 7A: Quantitative and Qualitative Disclosures about Market Risk
We are exposed to interest rate changes primarily as a result of our credit facility, term loan, and long-term notes and bonds used to maintain liquidity and expand our real estate investment portfolio and operations. Our interest rate risk management objective is to limit the impact of interest rate changes on earnings and cash flow and to lower our overall borrowing costs. To achieve these objectives we issue long-term notes and bonds, primarily at fixed rates.
In order to mitigate and manage the effects of interest rate risks on our operations, we may utilize a variety of financial instruments, including interest rate swaps and caps. The use of these types of instruments to hedge our exposure to changes in interest rates carries additional risks, including counterparty credit risk, the enforceability of hedging contracts and the risk that unanticipated and significant changes in interest rates will cause a significant loss of basis in the contract. To limit counterparty credit risk we will seek to enter into such agreements with major financial institutions with favorable credit ratings. There can be no assurance that we will be able to adequately protect against the foregoing risks or realize an economic benefit that exceeds the related amounts incurred in connection with engaging in such hedging activities. We do not enter into any derivative transactions for speculative or trading purposes.
The following table presents by year of expected maturity, the principal amounts, average interest rates and estimated fair values of our fixed and variable rate debt as of December 31, 2013. This information is presented to evaluate the expected cash flows and sensitivity to interest rate changes (dollars in millions):
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Expected Maturity Data
| | | | | | | | | |
| | | | Weighted average | | | | Weighted average | |
Year of | | Fixed rate | | interest rate on | | Variable rate | | interest rate on | |
maturity | | debt | | fixed rate debt | | debt | | variable rate debt | |
2014 | | $ | 48.2 | | 6.43 | % | $ | 1.7 | | 4.83 | % |
2015 | | 249.9 | | 5.42 | % | 25.6 | | 4.68 | % |
2016 | | 521.2 | | 5.39 | % | 130.3 | | 1.31 | % |
2017 | | 281.8 | | 5.68 | % | 26.2 | | 5.05 | % |
2018 | | 364.8 | | 2.15 | % | 70.2 | | 1.37 | % |
Thereafter | | 2,425.3 | | 5.18 | % | 7.3 | | 2.52 | % |
Totals (1) | | $ | 3,891.2 | | 4.99 | % | $ | 261.3 | | 2.09 | % |
Fair Value (2) | | $ | 4,057.2 | | | | $ | 261.5 | | | |
(1) Excludes net premiums recorded on mortgages payable and original issuance discounts recorded on notes payable. At December 31, 2013, the unamortized balance of net premiums on mortgages payable is $28.9 million, and the unamortized balance of original issuance discounts on notes payable is $14.5 million.
(2) We base the estimated fair value of the fixed rate senior notes at December 31, 2013 on the indicative market prices and recent trading activity of our notes payable. We base the estimated fair value of our fixed rate and variable rate mortgages at December 31, 2013 on the relevant Treasury yield curve, plus an applicable credit-adjusted spread. We believe that the carrying value of the credit facility balance and term loan balance reasonably approximate their estimated fair values at December 31, 2013.
The table incorporates only those exposures that exist as of December 31, 2013. It does not consider those exposures or positions that could arise after that date. As a result, our ultimate realized gain or loss, with respect to interest rate fluctuations, would depend on the exposures that arise during the period, our hedging strategies at the time, and interest rates.
All of our outstanding notes and bonds have fixed interest rates. All of our mortgages payable have fixed interest rates, except three with a total value of $63.3 million, excluding net premiums, at December 31, 2013. Interest on our credit facility and term loan balance is variable. However, the variable interest rate feature on our term loan has been mitigated by an interest rate swap agreement. Based on our credit facility balance of $128.0 million at December 31, 2013, a 1% change in interest rates would change our interest costs by $1.3 million per year.
Item 8: Financial Statements and Supplementary Data
Table of Contents
A. Reports of Independent Registered Public Accounting Firm
B. Consolidated Balance Sheets,
December 31, 2013 and 2012
C. Consolidated Statements of Income,
Years ended December 31, 2013, 2012 and 2011
D. Consolidated Statements of Equity,
Years ended December 31, 2013, 2012 and 2011
E. Consolidated Statements of Cash Flows,
Years ended December 31, 2013, 2012 and 2011
F. Notes to Consolidated Financial Statements
G. Consolidated Quarterly Financial Data
(unaudited) for 2013 and 2012
H. Schedule III Real Estate and Accumulated Depreciation
Schedules not filed: All schedules, other than that indicated in the Table of Contents, have been omitted as the required information is either not material, inapplicable or the information is presented in the financial statements or related notes.
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Report of Independent Registered Public Accounting Firm
The Board of Directors and Stockholders
Realty Income Corporation:
We have audited the accompanying consolidated balance sheets of Realty Income Corporation and subsidiaries as of December 31, 2013 and 2012, and the related consolidated statements of income, equity, and cash flows for each of the years in the three-year period ended December 31, 2013. In connection with our audits of the consolidated financial statements, we also have audited financial statement schedule III. These consolidated financial statements and financial statement schedule are the responsibility of Realty Income Corporation’s management. Our responsibility is to express an opinion on these consolidated financial statements and financial statement schedule based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Realty Income Corporation and subsidiaries as of December 31, 2013 and 2012, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2013, in conformity with U.S. generally accepted accounting principles. Also in our opinion, the related financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, present fairly, in all material respects, the information set forth therein.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Realty Income Corporation’s internal control over financial reporting as of December 31, 2013, based on criteria established in Internal Control — Integrated Framework (1992) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated February 14, 2014 expressed an unqualified opinion on the effectiveness of Realty Income Corporation’s internal control over financial reporting.
/s/ KPMG LLP
San Diego, California
February 14, 2014
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Report of Independent Registered Public Accounting Firm
The Board of Directors and Stockholders
Realty Income Corporation:
We have audited Realty Income Corporation’s internal control over financial reporting as of December 31, 2013, based on criteria established in Internal Control — Integrated Framework (1992) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Realty Income Corporation’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on Realty Income Corporation’s internal control over financial reporting based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
In our opinion, Realty Income Corporation maintained, in all material respects, effective internal control over financial reporting as of December 31, 2013, based on criteria established in Internal Control — Integrated Framework (1992) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Realty Income Corporation and subsidiaries as of December 31, 2013 and 2012, and the related consolidated statements of income, equity, and cash flows for each of the years in the three-year period ended December 31, 2013, and our report dated February 14, 2014 expressed an unqualified opinion on those consolidated financial statements.
/s/ KPMG LLP
San Diego, California
February 14, 2014
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REALTY INCOME CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31, 2013 and 2012
(dollars in thousands, except per share data)
| | 2013 | | 2012 | |
ASSETS | | | | | |
Real estate, at cost: | | | | | |
Land | | $ | 2,791,147 | | $ | 1,999,820 | |
Buildings and improvements | | 7,108,328 | | 3,920,865 | |
Total real estate, at cost | | 9,899,475 | | 5,920,685 | |
Less accumulated depreciation and amortization | | (1,114,888 | ) | (897,767 | ) |
Net real estate held for investment | | 8,784,587 | | 5,022,918 | |
Real estate held for sale, net | | 12,022 | | 19,219 | |
Net real estate | | 8,796,609 | | 5,042,137 | |
Cash and cash equivalents | | 10,257 | | 5,248 | |
Accounts receivable, net | | 39,323 | | 21,659 | |
Acquired lease intangible assets, net | | 935,459 | | 242,125 | |
Goodwill | | 15,660 | | 16,945 | |
Other assets, net | | 127,133 | | 101,234 | |
Total assets | | $ | 9,924,441 | | $ | 5,429,348 | |
| | | | | |
LIABILITIES AND EQUITY | | | | | |
Distributions payable | | $ | 41,452 | | $ | 23,745 | |
Accounts payable and accrued expenses | | 102,511 | | 70,426 | |
Acquired lease intangible liabilities, net | | 148,250 | | 26,471 | |
Other liabilities | | 44,030 | | 26,059 | |
Lines of credit payable | | 128,000 | | 158,000 | |
Term loan | | 70,000 | | - | |
Mortgages payable, net | | 783,360 | | 175,868 | |
Notes payable, net | | 3,185,480 | | 2,535,985 | |
Total liabilities | | 4,503,083 | | 3,016,554 | |
| | | | | |
Commitments and contingencies | | | | | |
| | | | | |
Stockholders’ equity: | | | | | |
Preferred stock and paid in capital, par value $0.01 per share, 69,900,000 shares authorized and 25,150,000 shares issued and outstanding as of December 31, 2013 and December 31, 2012 | | 609,363 | | 609,363 | |
Common stock and paid in capital, par value $0.01 per share, 370,100,000 shares authorized, 207,485,073 shares issued and outstanding as of December 31, 2013 and 133,452,411 shares issued and outstanding at December 31, 2012 | | 5,767,878 | | 2,572,092 | |
Distributions in excess of net income | | (991,794 | ) | (768,661 | ) |
Total stockholders’ equity | | 5,385,447 | | 2,412,794 | |
Noncontrolling interests | | 35,911 | | - | |
Total equity | | 5,421,358 | | 2,412,794 | |
Total liabilities and equity | | $ | 9,924,441 | | $ | 5,429,348 | |
The accompanying notes to consolidated financial statements are an integral part of these statements.
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REALTY INCOME CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Years ended December 31, 2013, 2012 and 2011
(dollars in thousands, except per share data)
| | 2013 | | 2012 | | 2011 | |
REVENUE | | | | | | | |
Rental | | $ | 747,570 | | $ | 466,498 | | $ | 400,972 | |
Tenant reimbursements | | 24,944 | | 14,619 | | 9,776 | |
Other | | 5,861 | | 1,730 | | 1,612 | |
Total revenue | | 778,375 | | 482,847 | | 412,360 | |
| | | | | | | |
EXPENSES | | | | | | | |
Depreciation and amortization | | 306,577 | | 147,323 | | 116,546 | |
Interest | | 180,916 | | 122,542 | | 108,301 | |
General and administrative | | 56,827 | | 37,998 | | 30,954 | |
Property (including reimbursable) | | 38,838 | | 21,297 | | 15,457 | |
Income taxes | | 2,734 | | 1,430 | | 1,470 | |
Merger-related costs | | 13,013 | | 7,899 | | - | |
Provisions for impairment | | 290 | | 3,639 | | 10 | |
Total expenses | | 599,195 | | 342,128 | | 272,738 | |
Income from continuing operations | | 179,180 | | 140,719 | | 139,622 | |
Income from discontinued operations | | 67,103 | | 18,433 | | 17,410 | |
Net income | | 246,283 | | 159,152 | | 157,032 | |
Net income attributable to noncontrolling interests | | (719 | ) | - | | - | |
Net income attributable to the Company | | 245,564 | | 159,152 | | 157,032 | |
Preferred stock dividends | | (41,930 | ) | (40,918 | ) | (24,253 | ) |
Excess of redemption value over carrying value of preferred shares redeemed (see note 10) | | - | | (3,696 | ) | - | |
Net income available to common stockholders | | $ | 203,634 | | $ | 114,538 | | $ | 132,779 | |
| | | | | | | |
Amounts available to common stockholders per common share: | | | | | | | |
Income from continuing operations: | | | | | | | |
Basic | | $ | 0.71 | | $ | 0.72 | | $ | 0.91 | |
Diluted | | $ | 0.71 | | $ | 0.72 | | $ | 0.91 | |
Net income: | | | | | | | |
Basic | | $ | 1.06 | | $ | 0.86 | | $ | 1.05 | |
Diluted | | $ | 1.06 | | $ | 0.86 | | $ | 1.05 | |
Weighted average common shares outstanding: | | | | | | | |
Basic | | 191,754,857 | | 132,817,472 | | 126,142,696 | |
Diluted | | 191,781,622 | | 132,884,933 | | 126,189,399 | |
The accompanying notes to consolidated financial statements are an integral part of these statements.
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REALTY INCOME CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
Years Ended December 31, 2013, 2012, and 2011
(dollars in thousands)
| | | | | | Preferred | | Common | | | | | | | | | |
| | Shares of | | Shares of | | stock and | | stock and | | Distributions | | Total | | | | | |
| | preferred | | common | | paid in | | paid in | | in excess of | | stockholders’ | | Noncontrolling | | Total | |
| | stock | | stock | | capital | | capital | | net income | | equity | | interests | | equity | |
| | | | | | | | | | | | | | | | | |
Balance, December 31, 2010 | | 13,900,000 | | 118,058,988 | | $ | 337,790 | | $ | 2,066,287 | | $ | (557,112 | ) | $ | 1,846,965 | | $ | - | | $ | 1,846,965 | |
Net Income | | - | | - | | - | | - | | 157,032 | | 157,032 | | - | | 157,032 | |
Distributions paid and payable | | - | | - | | - | | - | | (245,904 | ) | (245,904 | ) | - | | (245,904 | ) |
Shares issued in stock offerings, net of offering costs of $25,200 | | - | | 14,925,000 | | - | | 489,236 | | - | | 489,236 | | - | | 489,236 | |
Shares issued pursuant to dividend reinvestment and stock purchase plan, net | | - | | 59,605 | | - | | 1,930 | | - | | 1,930 | | - | | 1,930 | |
Share-based compensation | | - | | 179,745 | | - | | 5,595 | | - | | 5,595 | | - | | 5,595 | |
| | | | | | | | | | | | | | | | | |
Balance, December 31, 2011 | | 13,900,000 | | 133,223,338 | | 337,790 | | 2,563,048 | | (645,984 | ) | 2,254,854 | | - | | 2,254,854 | |
Net Income | | - | | - | | - | | - | | 159,152 | | 159,152 | | - | | 159,152 | |
Distributions paid and payable | | - | | - | | - | | - | | (278,133 | ) | (278,133 | ) | - | | (278,133 | ) |
Shares issued in stock offerings, net of offering costs of $13,773 | | 16,350,000 | | - | | 395,377 | | - | | - | | 395,377 | | - | | 395,377 | |
Shares issued pursuant to dividend reinvestment and stock purchase plan, net | | - | | 55,598 | | - | | 2,051 | | - | | 2,051 | | - | | 2,051 | |
Preferred shares redeemed | | (5,100,000 | ) | - | | (123,804 | ) | - | | (3,696 | ) | (127,500 | ) | - | | (127,500 | ) |
Share-based compensation | | - | | 173,475 | | - | | 6,993 | | - | | 6,993 | | - | | 6,993 | |
| | | | | | | | | | | | | | | | | |
Balance, December 31, 2012 | | 25,150,000 | | 133,452,411 | | 609,363 | | 2,572,092 | | (768,661 | ) | 2,412,794 | | - | | 2,412,794 | |
Net Income | | - | | - | | - | | - | | 245,564 | | 245,564 | | 719 | | 246,283 | |
Distributions paid and payable | | - | | - | | - | | - | | (468,697 | ) | (468,697 | ) | (1,371 | ) | (470,068 | ) |
Shares issued in stock offerings, net of offering costs of $55,359 | | - | | 27,025,000 | | - | | 1,133,574 | | - | | 1,133,574 | | - | | 1,133,574 | |
Shares issued in conjunction with acquisition of ARCT, net of our shares owned by ARCT | | - | | 45,364,435 | | - | | 1,997,850 | | - | | 1,997,850 | | - | | 1,997,850 | |
Issuance of preferred and common units | | - | | - | | - | | - | | - | | - | | 36,563 | | 36,563 | |
Shares issued pursuant to dividend reinvestment and stock purchase plan, net | | - | | 1,449,139 | | - | | 55,244 | | - | | 55,244 | | - | | 55,244 | |
Share-based compensation | | - | | 194,088 | | - | | 9,118 | | - | | 9,118 | | - | | 9,118 | |
| | | | | | | | | | | | | | | | | |
Balance, December 31, 2013 | | 25,150,000 | | 207,485,073 | | $ | 609,363 | | $ | 5,767,878 | | $ | (991,794 | ) | $ | 5,385,447 | | $ | 35,911 | | $ | 5,421,358 | |
The accompanying notes to consolidated financial statements are an integral part of these statements.
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REALTY INCOME CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 31, 2013, 2012 and 2011
(dollars in thousands)
| | 2013 | | 2012 | | 2011 | |
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | |
Net income | | $ | 246,283 | | $ | 159,152 | | $ | 157,032 | |
Adjustments to net income: | | | | | | | |
Depreciation and amortization | | 306,577 | | 147,323 | | 116,546 | |
Income from discontinued operations | | (67,103 | ) | (18,433 | ) | (17,410 | ) |
Amortization of share-based compensation | | 20,785 | | 10,001 | | 7,873 | |
Non-cash rental revenue adjustments | | (5,554 | ) | (3,898 | ) | (1,602 | ) |
Amortization of net premiums on mortgages payable | | (9,481 | ) | (665 | ) | (189 | ) |
Amortization of deferred financing costs | | 9,364 | | 6,849 | | 5,265 | |
Gain on sale of real estate | | - | | - | | (540 | ) |
Provisions for impairment on real estate held for investment | | 290 | | 3,639 | | 10 | |
Other non-cash adjustments | | - | | (301 | ) | - | |
Cash provided by discontinued operations: | | | | | | | |
Real estate | | 7,224 | | 14,044 | | 18,245 | |
Proceeds from sale of real estate | | 597 | | - | | - | |
Collection of notes receivable by Crest | | 209 | | 90 | | 3,032 | |
Change in assets and liabilities, other than from the impact of our acquisition of American Realty Capital Trust, Inc., or ARCT | | | | | | | |
Accounts receivable and other assets | | (3,131 | ) | 483 | | 2,511 | |
Accounts payable, accrued expenses and other liabilities | | 12,846 | | 8,185 | | 8,179 | |
Net cash provided by operating activities | | 518,906 | | 326,469 | | 298,952 | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | |
Acquisition of investment properties, net of cash received | | (1,429,483 | ) | (1,015,725 | ) | (953,175 | ) |
Improvements to real estate, including leasing costs | | (8,507 | ) | (6,554 | ) | (4,172 | ) |
Proceeds from sales of real estate: | | | | | | | |
Continuing operations | | 8 | | 23 | | 2,078 | |
Discontinued operations | | 126,785 | | 50,563 | | 22,049 | |
Loans receivable | | (10,656 | ) | (34,876 | ) | (1,593 | ) |
Restricted escrow deposits for Section 1031 tax-deferred exchanges and pending acquisitions | | (10,158 | ) | (1,805 | ) | (50 | ) |
Net cash used in investing activities | | (1,332,011 | ) | (1,008,374 | ) | (934,863 | ) |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | |
Cash distributions to common stockholders | | (409,222 | ) | (236,348 | ) | (219,297 | ) |
Cash dividends to preferred stockholders | | (41,930 | ) | (39,445 | ) | (24,253 | ) |
Borrowings on line of credit | | 2,624,700 | | 1,074,000 | | 612,800 | |
Payments on line of credit | | (2,654,700 | ) | (1,153,400 | ) | (375,400 | ) |
Proceeds from notes and bonds payable issued | | 750,000 | | 800,000 | | 150,000 | |
Principal payment on notes payable | | (100,000 | ) | - | | - | |
Principal payments on mortgages payable | | (32,603 | ) | (11,729 | ) | (279 | ) |
Proceeds from term loan | | 70,000 | | - | | - | |
Repayment of ARCT line of credit | | (317,207 | ) | - | | - | |
Repayment of ARCT term loan | | (235,000 | ) | - | | - | |
Proceeds from common stock offerings, net | | 1,133,574 | | - | | 489,236 | |
Proceeds from preferred stock offerings, net | | - | | 395,377 | | - | |
Redemption of preferred stock | | - | | (127,500 | ) | - | |
Distributions to noncontrolling interests | | (1,216 | ) | - | | - | |
Debt issuance costs | | (10,666 | ) | (16,979 | ) | (9,864 | ) |
Proceeds from dividend reinvestment and stock purchase plan, net | | 55,806 | | 2,159 | | 1,894 | |
Other items, including shares withheld upon vesting | | (13,422 | ) | (3,147 | ) | (2,368 | ) |
Net cash provided by financing activities | | 818,114 | | 682,988 | | 622,469 | |
Net increase (decrease) in cash and cash equivalents | | 5,009 | | 1,083 | | (13,442 | ) |
Cash and cash equivalents, beginning of year | | 5,248 | | 4,165 | | 17,607 | |
Cash and cash equivalents, end of year | | $ | 10,257 | | $ | 5,248 | | $ | 4,165 | |
For supplemental disclosures, see note 17.
The accompanying notes to consolidated financial statements are an integral part of these statements.
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REALTY INCOME CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2013, 2012 and 2011
1. Organization and Operation
Realty Income Corporation (“Realty Income,” the “Company,” “we,” “our” or “us”) is organized as a Maryland corporation. We invest in commercial real estate and have elected to be taxed as a real estate investment trust, or REIT.
At December 31, 2013, we owned 3,896 properties, located in 49 states and Puerto Rico, containing over 62.6 million leasable square feet.
Information with respect to number of properties, square feet, average initial lease term and weighted average contractual lease rate is unaudited.
2. Summary of Significant Accounting Policies
Federal Income Taxes. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, or the Code. 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 net income, we generally will not be required to pay federal corporate income taxes on such income. Accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements, except for the federal income taxes of our taxable REIT subsidiaries, which are included in discontinued operations. The income taxes recorded on our consolidated statements of income represent amounts paid by Realty Income for city and state income and franchise taxes.
Earnings and profits that determine the taxability of distributions to stockholders differ from net income reported for financial reporting purposes 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 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 income tax positions have been recorded in our financial statements.
Absent an election to the contrary, if a REIT acquires property that is or has been owned by a C corporation in a transaction in which the tax basis of the property in the hands of the REIT is determined by reference to the tax basis of the property in the hands of the C corporation, and the REIT recognizes gain on the disposition of such property during the 10 year period beginning on the date on which it acquired the property, then the REIT will be required to pay tax at the highest regular corporate tax rate on this gain to the extent of the excess of the fair value of the property over the REIT’s adjusted basis in the property, in each case determined as of the date the REIT acquired the property. In August 2007, we acquired 100% of the stock of a C corporation that owned real property. At the time of acquisition, the C corporation became a Qualified REIT Subsidiary, and was deemed to be liquidated for Federal income tax purposes; the real property was deemed to be transferred to us with a carryover tax basis. As of December 31, 2013, we have built-in gains of $59 million with respect to such properties. We do not expect that we will be required to pay income tax on the built-in gains in these properties. It is our intent, and we have the ability, to defer any dispositions of these properties to periods when the related gains would not be subject to the built-in gain income tax or otherwise to defer the recognition of the built-in gain related to these properties. However, our plans could change and it may be necessary to dispose of one or more of these properties in a taxable transaction after 2013 but before August 28, 2017, in which case we would be required to pay corporate level tax with respect to the built-in gains on these properties as described above.
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Net Income Per Common Share. Basic net income per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted net income per common share is computed by dividing net income available to common stockholders, plus income attributable to dilutive shares outstanding, for the period by the weighted average number of common shares that would have been outstanding assuming the issuance of common shares for all potentially dilutive common shares outstanding during the reporting period.
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:
| | 2013 | | 2012 | | 2011 | |
Weighted average shares used for the basic net income per share computation | | 191,754,857 | | 132,817,472 | | 126,142,696 | |
Incremental shares from share-based compensation | | 26,765 | | 67,461 | | 46,703 | |
Weighted average shares used for diluted net income per share computation | | 191,781,622 | | 132,884,933 | | 126,189,399 | |
Unvested shares from share-based compensation that were anti-dilutive | | 59,629 | | 17,570 | | 13,020 | |
Partnership common units convertible to common shares that were anti-dilutive | | 851,568 | | - | | - | |
Discontinued Operations. Operations from ten Realty Income investment properties, two properties owned by our wholly owned taxable REIT subsidiary, Crest Net Lease, Inc., or Crest, and properties previously sold, were reported as discontinued operations at December 31, 2013. Their respective results of operations have been reclassified as income from discontinued operations on our consolidated statements of income. We do not depreciate properties that are classified as held for sale.
If the property was previously reclassified as held for sale but the applicable criteria for this classification are no longer met, the property is reclassified to real estate held for investment. A property that is reclassified to held for investment is measured and recorded at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held for investment, or (ii) the fair value at the date of the subsequent decision not to sell.
No debt was assumed by buyers of our investment properties, or repaid as a result of our investment property sales, and we do not allocate interest expense to discontinued operations related to real estate held for investment. We allocate interest expense related to borrowings specifically attributable to Crest. The interest expense amounts allocated to Crest are included in income from discontinued operations.
The following is a summary of income from discontinued operations on our consolidated statements of income (dollars in thousands):
Income from discontinued operations | | 2013 | | 2012 | | 2011 | |
Gain on sales of investment properties | | $ | 64,743 | | $ | 9,873 | | $ | 5,193 | |
Rental revenue | | 6,040 | | 15,161 | | 19,546 | |
Tenant reimbursements | | 146 | | 379 | | 370 | |
Other revenue | | 418 | | 282 | | 94 | |
Depreciation and amortization | | (1,761 | ) | (3,916 | ) | (5,568 | ) |
Property expenses (including reimbursable) | | (916 | ) | (2,529 | ) | (2,518 | ) |
Provisions for impairment | | (2,738 | ) | (1,500 | ) | (395 | ) |
Crest’s income from discontinued operations | | 1,171 | | 683 | | 688 | |
Income from discontinued operations | | $ | 67,103 | | $ | 18,433 | | $ | 17,410 | |
Per common share, basic and diluted | | $ | 0.35 | | $ | 0.14 | | $ | 0.14 | |
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Revenue Recognition and Accounts Receivable. All leases are accounted for as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term. Any rental revenue contingent upon a tenant’s sales is recognized only after the tenant exceeds their sales breakpoint. Rental increases based upon changes in the consumer price indexes are recognized only after the changes in the indexes have occurred and are then applied according to the lease agreements. Contractually obligated reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursements in the period when such costs are incurred.
We recognize an allowance for doubtful accounts relating to accounts receivable for amounts deemed uncollectible. We consider tenant specific issues, such as financial stability and ability to pay, when determining collectability of accounts receivable and appropriate allowances to record. The allowance for doubtful accounts was $498,000 at December 31, 2013 and $448,000 at December 31, 2012.
Other revenue, which comprises property-related revenue not included in rental revenue or tenant reimbursements, was $5.9 million in 2013, $1.7 million in 2012 and $1.6 million in 2011.
Principles of Consolidation. The accompanying consolidated financial statements include the accounts of Realty Income and other entities for which we make operating and financial decisions (i.e. control), after elimination of all material intercompany balances and transactions. We consolidate entities that we control and record a noncontrolling interest for the portion that we do not own. Noncontrolling interest that was created or assumed as part of a business combination was recognized at fair value as of the date of the transaction (see notes 4 and 12). We have no unconsolidated investments.
Cash Equivalents. We consider all short-term, highly liquid investments that are readily convertible to cash and have an original maturity of three months or less at the time of purchase to be cash equivalents. Our cash equivalents are primarily investments in United States government money market funds.
Gain on Sales of Properties. When real estate is sold, the related net book value of the applicable assets is removed and a gain from the sale is recognized in our consolidated statements of income. We record a gain from the sale of real estate provided that various criteria, relating to the terms of the sale and any subsequent involvement by us with the real estate, have been met.
Allocation of the Purchase Price of Real Estate Acquisitions. When acquiring a property, we allocate the fair value of real estate acquired to: (1) land, (2) building and improvements, and (3) identified intangible assets and liabilities, based in each case on their estimated fair values. Intangible assets and liabilities consist of above-market or below-market lease value of in-place leases, the value of in-place leases, and tenant relationships, as applicable. In addition, any assumed mortgages receivable or payable and any assumed or issued noncontrolling interests are recorded at their estimated fair values.
Our estimated fair value determinations are based on management’s judgment, utilizing various factors, including: (1) market conditions, (2) industry that the tenant operates in, (3) characteristics of the real estate, i.e.: location, size, demographics, value and comparative rental rates, (4) tenant credit profile, (5) store profitability and the importance of the location of the real estate to the operations of the tenant’s business, and/or (6) real estate valuations, prepared either internally or by an independent valuation firm. Our methodologies for measuring fair value related to the allocation of the purchase price of real estate acquisitions include both observable market data (and thus should be categorized as level 2 on FASB’s three-level valuation hierarchy) and unobservable inputs that reflect our own internal assumptions and calculations (and thus should be categorized as level 3 on FASB’s three-level valuation hierarchy).
The fair value of the tangible assets of an acquired property with an in-place operating lease (which includes land and buildings/improvements) is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and buildings/improvements based on our determination of the fair value of these assets. Our fair value determinations are based on a real estate valuation for each property, prepared either internally or by an independent valuation firm, and consider estimates of carrying costs during the expected lease-up periods, current market conditions, as well as costs to execute similar leases. In allocating the fair value to identified intangibles for above-market or below-market leases, an amount is recorded based on the present value of the difference between (i) the contractual amount to be paid pursuant to the in-place lease and (ii) our estimate of fair market lease rate for the corresponding in-place lease, measured over the remaining term of the lease.
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Capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. Capitalized below-market lease values are amortized as an increase to rental income over the remaining terms of the respective leases and expected below-market renewal option periods.
The aggregate value of other acquired intangible assets consists of the fair value of in-place leases and tenant relationships, as applicable. The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases and expected below-market renewal option periods.
If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be recorded to revenue or expense as appropriate.
In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above or below-market interest rates. These assumed mortgage payables are amortized as a reduction to interest expense over the remaining term of the respective mortgages.
In allocating noncontrolling interests, amounts are recorded based on the fair value of units issued at the date of acquisition, as determined by the terms of the applicable agreement.
Depreciation and Amortization. Land, buildings and improvements are recorded and stated at cost. Major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives, while ordinary repairs and maintenance are expensed as incurred. Buildings and improvements that are under redevelopment, or are being developed, are carried at cost and no depreciation is recorded on these assets. Additionally, amounts essential to the development of the property, such as pre-construction, development, construction, interest and other costs incurred during the period of development are capitalized. We cease capitalization when the property is available for occupancy upon substantial completion of tenant improvements, but in any event no later than one year from the completion of major construction activity.
Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows:
Buildings | 25 years or 35 years |
Building improvements | 4 to 15 years |
Tenant improvements and lease commissions | The shorter of the term of the related lease or useful life |
Acquired in-place leases | Remaining terms of the respective leases |
Provisions for Impairment. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. A provision is made for impairment if estimated future operating cash flows (undiscounted and without interest charges) plus estimated disposition proceeds (undiscounted) are less than the current book value of the property. Key factors that we estimate in this analysis include projected rental rates, estimated holding periods, capital expenditures and property sales capitalization rates. If a property is classified as held for sale, it is carried at the lower of carrying cost or estimated fair value, less estimated cost to sell, and depreciation of the property ceases.
In 2013, Realty Income recorded total provisions for impairment of $3.0 million. Provisions for impairment of $2.7 million are included in income from discontinued operations on seven sold properties and one property classified as held for sale, in the following industries: one in the automotive parts industry, one in the automotive service industry, two in the child care industry, one in the grocery store industry, one in the pet supplies and services industry, and two in the restaurant-casual dining industry. Additionally, during 2013, Realty Income recorded provisions for impairment of $290,000 on one property held for investment in the automotive service industry. This provision for impairment is included in income from continuing operations.
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In 2013, Crest also recorded a provision for impairment of $308,000 on one sold property in the restaurant-casual dining industry, which is included in income from discontinued operations.
In 2012, Realty Income recorded total provisions for impairment of $5.1 million. Provisions for impairment of $1.5 million are included in income from discontinued operations on six properties in the following industries: one in the automotive parts industry, one in the automotive tire services industry, one in the automotive service industry, one in the child care industry, one in the convenience store industry, and one in the home improvement industry. Additionally, during 2012, Realty Income recorded provisions for impairment of $3.6 million on four properties held for investment at December 31, 2012, in the restaurant-casual dining industry. These provisions for impairment are included in income from continuing operations.
In 2011, Realty Income recorded total provisions for impairment of $405,000 on two properties in the automotive service industry, one property in the motor vehicle dealerships industry, and one property in the pet supplies and services industry. These provisions for impairment are included in income from discontinued operations, except for $10,000 which is included in income from continuing operations.
Asset Retirement Obligations. We analyze our future legal obligations associated with the other-than-temporary removal of tangible long-lived assets, also referred to as asset retirement obligations. When we determine that we have a legal obligation to provide services upon the retirement of a tangible long-lived asset, we record a liability for this obligation based on the estimated fair value of this obligation and adjust the carrying amount of the related long-lived asset by the same amount. This asset is amortized over its estimated useful life. The estimated fair value of the asset retirement obligation is calculated by discounting the future cash flows using a credit-adjusted risk-free interest rate.
Goodwill. Goodwill is tested for impairment during the second quarter of each year as well as when events or circumstances occur indicating that our goodwill might be impaired. Under the amendments issued in conjunction with ASU No. 2011-08, Intangibles – Goodwill and Other (Topic 350), an entity, through an assessment of qualitative factors, is not required to calculate the estimated fair value of a reporting unit, in connection with the two-step goodwill impairment test, unless the entity determines that it is more likely than not that its fair value is less than its carrying amount. We elected to continue testing goodwill for impairment during the second quarter of each year as well as when events or circumstances occur, indicating that our goodwill might be impaired. During our tests for impairment of goodwill, during the second quarters of 2013, 2012 and 2011, we determined that the estimated fair values of our reporting units exceeded their carrying values. We did not record any impairment on our existing goodwill during 2013, 2012 or 2011.
Equity Offering Costs. Underwriting commissions and offering costs have been reflected as a reduction of additional paid-in-capital on our consolidated balance sheets.
Noncontrolling Interests. Noncontrolling interests are reflected on our consolidated balance sheets as a component of equity. Investments in noncontrolling interests are recorded initially at fair value based on the price of the applicable units issued, and subsequently adjusted each period for distributions, contributions and the allocation of net income attributable to the noncontrolling interests.
As consideration for two separate acquisitions during 2013, partnership units of Tau Operating Partnership, L.P. and Realty Income, L.P. were issued to third parties. These common units (discussed in footnote 12) do not have voting rights, are entitled to monthly distributions equal to the amount paid to our common stockholders, and are redeemable in cash or our common stock, at our option and at a conversion ratio of one to one, subject to certain exceptions. As the general partner for each of these partnerships, we have operating and financial control over these entities, consolidate them in our financial statements, and record the partnership units held by third parties as noncontrolling interests.
Use of Estimates. The consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles, or GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
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Reclassifications. In order to conform to the 2013 presentation, certain of the 2012 and 2011 balances have been reclassified on our consolidated financial statements, including the following:
- Discontinued operations, in order to report the results of properties that either have been sold or are classified as held for sale; and
- Lease intangible assets and liabilities, which were previously reported as a component of other assets, net, and other liabilities, net, are disclosed separately on our consolidated balance sheets due to the significance of recent acquisitions.
Revisions. Certain of the 2012 and 2011 balances have been revised on our consolidated financial statements as follows:
- Tenant reimbursements as a component of total revenue and reimbursable property expenses as a component of total property expenses, which were previously reported on a net basis within property expenses, are reported on a gross basis on our consolidated statements of income; and
- Unamortized original issuance discounts on our notes payable, which were previously reported as a component of other assets, net, are reported net of our notes payable on our consolidated balance sheets.
3. Supplemental Detail for Certain Components of Consolidated Balance Sheets
| | December 31, | | December 31, | |
A. Other assets, net, consist of the following (dollars in thousands) at: | 2013 | | 2012 | |
Loans receivable | | $ | 48,844 | | $ | 35,126 | |
Deferred financing costs on notes payable, net | | 19,856 | | 15,672 | |
Notes receivable issued in connection with property sales | | 19,078 | | 19,300 | |
Prepaid expenses | | 11,674 | | 9,489 | |
Restricted escrow deposits | | 10,158 | | 1,805 | |
Credit facility origination costs, net | | 7,146 | | 8,188 | |
Impounds related to mortgages payable | | 5,555 | | - | |
Corporate assets, net | | 1,259 | | 909 | |
Deferred financing costs on mortgages payable, net | | 1,219 | | 1,541 | |
Deferred financing costs on term loan, net | | 248 | | - | |
Note receivable issued in connection with acquisition | | - | | 8,780 | |
Other items | | 2,096 | | 424 | |
| | $ | 127,133 | | $ | 101,234 | |
| | | | | |
B. Acquired lease intangible assets, net, consist of the following | | December 31, | | December 31, | |
(dollars in thousands) at: | | 2013 | | 2012 | |
Acquired in-place leases | | $ | 843,616 | | $ | 235,914 | |
Accumulated amortization of acquired in-place leases | | (95,084 | ) | (29,601 | ) |
Acquired above-market leases | | 207,641 | | 40,389 | |
Accumulated amortization of acquired above-market leases | | (20,714 | ) | (4,577 | ) |
| | $ | 935,459 | | $ | 242,125 | |
| | | | | |
C. Distributions payable consist of the following declared | | December 31, | | December 31, | |
distributions (dollars in thousands) at: | | 2013 | | 2012 | |
Common stock distributions | | $ | 37,797 | | $ | 20,251 | |
Preferred stock dividends | | 3,494 | | 3,494 | |
Noncontrolling interests distributions | | 161 | | - | |
| | $ | 41,452 | | $ | 23,745 | |
| | | | | |
D. Accounts payable and accrued expenses consist of the | | December 31, | | December 31, | |
following (dollars in thousands) at: | | 2013 | | 2012 | |
Notes payable - interest payable | | $ | 55,616 | | $ | 40,061 | |
Accrued costs on properties under development | | 14,058 | | 8,595 | |
Mortgages payable - accrued interest payable | | 2,790 | | 648 | |
Other items | | 30,047 | | 21,122 | |
| | $ | 102,511 | | $ | 70,426 | |
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E. Acquired lease intangible liabilities, net, consist of the | | December 31, | | December 31, | |
following (dollars in thousands) at: | | 2013 | | 2012 | |
Acquired below-market leases | | $ | 158,703 | | $ | 28,975 | |
Accumulated amortization of acquired below-market leases | | (10,453 | ) | (2,504 | ) |
| | $ | 148,250 | | $ | 26,471 | |
| | | | | |
F. Other liabilities consist of the following | | December 31, | | December 31, | |
(dollars in thousands) at: | | 2013 | | 2012 | |
Rent received in advance | | $ | 31,144 | | $ | 20,929 | |
Preferred units issued upon acquisition of ARCT | | 6,750 | | - | |
Security deposits | | 6,136 | | 5,130 | |
| | $ | 44,030 | | $ | 26,059 | |
4. American Realty Capital Trust
A. Acquisition
On January 22, 2013, we completed our acquisition of ARCT for approximately $3.2 billion. Each outstanding share of ARCT common stock was converted into the right to receive a combination of: (i) $0.35 in cash and (ii) 0.2874 shares of our common stock, resulting in the issuance of a total of 45,573,144 shares of our common stock to ARCT shareholders, valued at a per share amount of $44.04, which was the closing price of our common stock on January 22, 2013. In connection with the closing of the ARCT acquisition, we repaid and terminated the amounts then outstanding of approximately $552.9 million under ARCT’s revolving credit facility and term loan.
The acquisition of ARCT provided benefits to Realty Income, including accretion to net earnings, growth in the size of our real estate portfolio, diversification of industries and property type, and increase in the percentage of investment grade tenants.
With this acquisition, we added 515 properties to our portfolio. The final allocation of the purchase price reflects aggregate consideration of approximately $2.1 billion, as calculated below (in thousands):
Consideration associated with equity issued (1) | | $ | 2,027,753 | |
Cash consideration paid to previous owners of ARCT (2) | | 56,216 | |
Total purchase consideration | | $ | 2,083,969 | |
(1) Includes the value associated with the issuance of the Tau Operating Partnership units discussed in 4.C. below.
(2) Includes a $55.5 million cash payment on 158,505,108 ARCT common shares outstanding at the acquisition date.
We have accounted for the ARCT acquisition in accordance with ASC 805, Business Combinations. The following table summarizes our final purchase price allocation, which represents our acquisition date fair values of the assets acquired and liabilities assumed (in thousands):
Assets: | | | |
Real estate | | $ | 2,674,464 | |
Acquired lease intangible assets | | 561,289 | |
Cash and cash equivalents, accounts receivable, and other assets, net | | 41,371 | |
Total Assets | | 3,277,124 | |
| | | |
Liabilities: | | | |
Lines of credit payable | | 317,207 | |
Term loan | | 235,000 | |
Mortgages payable | | 538,960 | |
Acquired lease intangible liabilities | | 79,690 | |
Accounts payable, accrued expenses, and other liabilities, net | | 22,298 | |
Total Liabilities | | 1,193,155 | |
Fair value of net assets acquired | | $ | 2,083,969 | |
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The final allocation of the purchase price was based on our assessment of the fair value of the acquired assets and liabilities using both Level 2 and 3 inputs.
Investments in Real Estate Properties. We determined the fair value generally by applying an income approach methodology using both direct capitalization and discounted cash flow analysis. Key assumptions include capitalization and discount rates. Our valuations were based, in part, on valuations prepared by an independent valuation firm.
Acquired Lease Intangibles. The fair value of in-place leases was calculated based upon our estimate of the costs to obtain tenants in each of the applicable markets. An asset or liability was recognized for acquired leases with favorable or unfavorable rents based on our estimate of current market rents in each of the applicable markets. Our valuations of the intangible assets were based, in part, on valuations prepared by an independent valuation firm.
Debt. The fair value of debt was estimated based on contractual future cash flows discounted using borrowing spreads and market interest rates that would be available to us for the issuance of debt with similar terms and remaining maturities.
B. Transaction Costs
In connection with our acquisition of ARCT, we incurred total merger-related transaction costs of approximately $21 million, which include, but are not limited to, advisor fees, legal fees, accounting fees, printing fees and transfer taxes. During 2013, we incurred $13.0 million of the $21 million of total merger-related transaction costs, which are included in income from continuing operations. In 2012, we incurred $7.9 million of these total merger-related transaction costs.
C. Noncontrolling interests and preferred units
Consideration associated with equity issued includes the value of common and preferred partnership units issued in Tau Operating Partnership, L.P., or Tau Operating Partnership, the consolidated subsidiary which owns properties acquired through the ARCT acquisition. Since the date of acquisition, Realty Income and its subsidiaries hold a 99.3% interest in the Tau Operating Partnership.
The common units do not have voting rights, are entitled to monthly distributions equal to the amount paid to common stockholders of Realty Income, and are redeemable in cash or Realty Income common stock at our option and at a conversion ratio of one to one. Noncontrolling interests with redemption provisions that permit the issuer to settle in either cash or common stock, at the option of the issuer, were evaluated to determine whether temporary or permanent equity classification on the balance sheet was appropriate. We evaluated this guidance and determined that the common units meet the requirements to qualify for presentation as permanent equity. See note 12 for the change in the carrying value of these common units from January 22, 2013 through December 31, 2013.
The Tau Operating Partnership preferred units have also been recorded at fair value as of the date of acquisition. Since they are redeemable at a fixed price on a determinable date, we have classified them in other liabilities on our consolidated balance sheet. Payments on these preferred units are made monthly at a rate of 2% per annum and are included in interest expense. As of December 31, 2013, the preferred units have a carrying value of $6.75 million.
D. Litigation
In connection with our acquisition of ARCT, one action remains pending in the Supreme Court of the State of New York for New York, New York under the consolidated caption In re American Realty Capital Trust Shareholders Litigation, No. 65330-2012 (the “New York Action”). On November 9, 2012, the Court granted defendants’ motion to stay the New York Action, which currently remains stayed. We believe this pending matter will not have a material impact on our financial position or results of operations.
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5. Investments in Real Estate
We acquire the land, buildings and improvements that are necessary for the successful operations of commercial tenants.
A. 2013 and 2012 Acquisitions
During 2013, Realty Income invested $1.51 billion in 459 new properties and properties under development or expansion (in addition to our acquisition of ARCT, which is discussed in more detail in note 4), with an initial weighted average contractual lease rate of 7.1%. The 459 new properties and properties under development or expansion, are located in 40 states, will contain approximately 9.0 million leasable square feet, and are 100% leased with a weighted average lease term of 14.0 years. The tenants occupying the new properties operate in 23 industries and the property types consist of 83.8% retail, 9.2% office, 4.9% industrial and distribution, and 2.1% manufacturing, based on rental revenue. These investments are in addition to the $3.2 billion acquisition of 515 properties of American Realty Capital Trust, Inc., or ARCT, which were added to our real estate portfolio during the first quarter of 2013. Our combined total investment in real estate assets during 2013 was $4.67 billion in 974 new properties and properties under development or expansion. During 2013, none of our investments caused any one tenant to be 10% or more of our total assets at December 31, 2013.
The 515 properties added to our real estate portfolio as a result of the ARCT acquisition, are located in 44 states and Puerto Rico, contain over 16.0 million leasable square feet, and are 100% leased with a weighted average lease term of 12.2 years. The 69 tenants, occupying the 515 properties acquired, operate in 28 industries and the property types consist of 54.0% retail, 32.6% industrial and distribution, and 13.4% office, based on rental revenue. We recorded ARCT merger-related transaction costs of $13.0 million in 2013 and $7.9 million in 2012.
Additionally, in September 2013, we purchased a property for $45.4 million in San Diego, California, which will serve as our new corporate headquarters. We plan on relocating to this facility during the second half of 2014.
The $4.67 billion invested during 2013 was allocated as follows: $805.5 million to land, $3.21 billion to buildings and improvements, $772.7 million to intangible assets related to leases, $13.6 million to other assets, net, and $128.6 million to intangible liabilities related to leases and other assumed liabilities. We also recorded mortgage premiums of $28.4 million associated with the mortgages acquired. There was no contingent consideration associated with these acquisitions.
The properties acquired during 2013 generated total revenues of $225.3 million and income from continuing operations of $44.0 million.
The purchase price allocation for $120.8 million of the $4.67 billion invested by us in 2013 is based on a preliminary measurement of fair value that is subject to change. The allocation for these properties represents our current best estimate of fair value and we expect to finalize the valuations and complete the purchase price allocations in 2014. In 2013, we finalized the purchase price allocations for $106.4 million invested in the second half of 2012. There were no material changes to our consolidated financial statements as a result of the finalization of purchase price allocations during 2013.
In comparison, during 2012, Realty Income invested $1.16 billion in 439 properties and properties under development or expansion, with an initial weighted average contractual lease rate of 7.2%. The 439 properties and properties under development or expansion, are located in 38 states, will contain over 10.5 million leasable square feet, and are 100% leased with an average lease term of 13.8 years. The tenants occupying the new properties operated in 23 industries and the property types consisted of 79.6% retail, 11.3% industrial and distribution, 8.3% manufacturing, and 0.8% office, based on rental revenue.
The $1.16 billion invested during 2012 was allocated as follows: $289.2 million to land, $768.4 million to buildings and improvements, $104.8 million to intangible assets, $34.9 million to other assets, net, and $33.2 million to intangible and assumed liabilities. We also recorded mortgage premiums of $10.0 million. The majority of our 2012 acquisitions were cash purchases, except for eight transactions that included the assumption of $110.5 million of mortgages payable. There was no contingent consideration associated with these acquisitions.
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The properties acquired during 2012 generated total revenues of $23.9 million and income from continuing operations of $9.8 million.
The estimated initial weighted average contractual lease rate for a property is generally computed as estimated contractual net operating income, which, in the case of a net leased property, is equal to the aggregate base rent under the lease for the first full year of each lease, divided by the total cost of the property. Since it is possible that a tenant could default on the payment of contractual rent, we cannot provide assurance that the actual return on the funds invested will remain at the percentages listed above.
In the case of a property under development or expansion, the estimated initial weighted average contractual lease rate is computed as follows: estimated net operating income (which is calculated by multiplying the capitalization rate determined by the lease by our projected total investment in the property, including land, construction and capitalized interest costs) for the first full year of each lease, divided by such projected total investment in the property. Of the $4.67 billion we invested during 2013, $39.6 million was invested in 21 properties under development or expansion with an estimated initial weighted average contractual lease rate of 8.5%.
B. Acquisition Transaction Costs
Acquisition transaction costs (excluding ARCT merger-related costs) of $2.1 million and $2.4 million, respectively, were recorded to general and administrative expense on our consolidated statements of income for 2013 and 2012.
C. Investments in Existing Properties
During 2013, we capitalized costs of $8.5 million on existing properties in our portfolio, consisting of $1.3 million for re-leasing costs and $7.2 million for building and tenant improvements. During 2012, we capitalized costs of $6.6 million on existing properties in our portfolio, consisting of $1.62 million for re-leasing costs and $4.93 million for building and tenant improvements.
D. Properties with Existing Leases
Of the $4.67 billion we invested during 2013, approximately $4.32 billion was used to acquire 799 properties with existing leases. Associated with these 799 properties, we recorded $602.8 million as the intangible value of the in-place leases, $169.9 million as the intangible value of above-market leases and $128.6 million as the intangible value of below-market leases. The value of the in-place and above-market leases is recorded to acquired lease intangible assets, net on our consolidated balance sheet, and the value of the below-market leases is recorded to acquired lease intangible liabilities, net on our consolidated balance sheet
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 2013, 2012, and 2011, were $65.5 million, $15.6 million, and $8.3 million, respectively.
The values of the above-market and below-market leases are amortized as rental revenue on our consolidated statements of income. All of these amounts are amortized over the term of the respective leases. The amounts amortized as a net decrease to rental revenue for capitalized above-market and below-market leases, for 2013, 2012 and 2011, were $8.2 million, $1.8 million, and $1.1 million, respectively.
If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be recorded to revenue or expense as appropriate.
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The following table presents the estimated impact during the next five years and thereafter related to the net decrease to rental revenue from the amortization of the acquired above-market and below-market lease intangibles and the increase to amortization expense from the amortization of the in-place lease intangibles for properties owned at December 31, 2013 (in thousands):
| | Net decrease | | Increase to | |
| | to rental | | amortization | |
| | revenue | | expense | |
2014 | | $ | (7,708 | ) | $ | 75,164 | |
2015 | | (7,785 | ) | 72,616 | |
2016 | | (7,797 | ) | 72,210 | |
2017 | | (7,794 | ) | 70,986 | |
2018 | | (7,535 | ) | 68,649 | |
Thereafter | | (58 | ) | 388,907 | |
| | | | | |
Totals | | $ | (38,677 | ) | $ | 748,532 | |
E. Unaudited Pro Forma Information
The following pro forma total revenue and income from continuing operations, for 2013 and 2012, assumes all of our 2013 acquisitions, including ARCT, occurred on January 1, 2012 (in millions). This pro forma supplemental information does not include: (1) the impact of any synergies or lower borrowing costs that we have or may achieve as a result of the acquisitions or any strategies that management has or may consider in order to continue to efficiently manage our operations, and (2) ARCT’s historical operational costs, including general and administrative costs and property expenses. Additionally, this information does not purport to be indicative of what our operating results would have been, had the acquisitions occurred on January 1, 2012, and may not be indicative of future operating results. For purposes of calculating these pro-forma amounts, we assumed that merger-related costs of approximately $12.5 million, which represent the merger-related costs incurred after consummation of our ARCT acquisition, occurred on January 1, 2012. Other than these items specified above, no material, non-recurring pro-forma adjustments were included in the calculation of this information.
| | | | Income from | |
| | Total | | continuing | |
Dollars in millions | | revenue | | operations | |
Supplemental pro forma for the year ended December 31, 2013 | | $ | 848.6 | | $ | 223.3 | |
Supplemental pro forma for the year ended December 31, 2012 | | $ | 772.6 | | $ | 212.8 | |
6. Credit Facility
In October 2013, we increased our unsecured acquisition credit facility from $1.0 billion to $1.5 billion. The initial term of the credit facility expires in May 2016 and includes, at our election, a one-year extension option. Under this credit facility, our current investment grade credit ratings provide for financing at the London Interbank Offered Rate, commonly referred to as LIBOR, plus 1.075% with a facility commitment fee of 0.175%, for all-in drawn pricing of 1.25% over LIBOR. The borrowing rate is not subject to an interest rate floor or ceiling. We also have other interest rate options available to us under this credit facility. Our credit facility is unsecured and, accordingly, we have not pledged any assets as collateral for this obligation.
At December 31, 2013, credit facility origination costs of $7.1 million are included in other assets, net, on our consolidated balance sheet. These costs are being amortized over the remaining term of our current $1.5 billion credit facility.
At December 31, 2013, we had a borrowing capacity of $1.372 billion available on our credit facility (subject to customary conditions to borrowing) and an outstanding balance of $128.0 million, as compared to an outstanding balance of $158.0 million at December 31, 2012.
The average interest rate on outstanding borrowings under our credit facilities was 1.3% during 2013, 1.6% during 2012, and was 2.1% during 2011. At December 31, 2013, the effective interest rate was 1.2%. Our current and prior credit facilities are and were subject to various leverage and interest coverage ratio limitations. At December 31, 2013, we remain in compliance with these covenants.
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7. Mortgages Payable
During 2013, we assumed mortgages totaling $630.0 million, excluding net premiums. The mortgages are secured by the properties on which the debt was placed. Of the $630.0 million of mortgages assumed during 2013, approximately $608.8 million is considered non-recourse with limited customary exceptions for items such as bankruptcy, misrepresentation, fraud, misapplication of payments, environmental liabilities, failure to pay taxes, insurance premiums, liens on the property and uninsured losses. Approximately $6.6 million has full recourse to Realty Income, and the remaining $14.6 million of the assumed debt is not guaranteed by and is non-recourse to Realty Income. We expect to pay off the mortgages as soon as prepayment penalties have declined to a level that will make it economically feasible to do so. We intend to continue to primarily identify property acquisitions that are free from mortgage indebtedness. We repaid four mortgages in full during 2013, including one in August for $11.7 million and three in December for $23.1 million. One of the mortgages repaid in December was related to a mortgage previously assumed during 2013.
During 2013, aggregate net premiums totaling $28.4 million were recorded upon assumption of the mortgages for above-market interest rates, as compared to net premiums totaling $10.0 million recorded in 2012. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective mortgages, using a method that approximates the effective-interest method.
These mortgages contain customary covenants, such as limiting our ability to further mortgage each applicable property or to discontinue insurance coverage, without the prior consent of the lender. At December 31, 2013, we remain in compliance with these covenants.
As a result of assuming mortgages payable, we incurred deferred financing costs of $211,000 in 2013 and $1.1 million in 2012, which are classified as part of other assets, net, on our consolidated balance sheets. The balance of these deferred financing costs was $1.2 million at December 31, 2013 and $1.5 million at December 31, 2012 which is being amortized over the remaining term of each mortgage.
The following is a summary of all our mortgages payable as of December 31, 2013 and 2012, respectively (dollars in thousands):
| | | | Weighted | | Weighted | | Weighted | | | | | | |
| | | | Average | | Average | | Average | | | | | | |
| | | | Stated | | Effective | | Remaining | | Remaining | | Unamortized | | Mortgage |
| | Number of | | Interest | | Interest | | Years Until | | Principal | | Premium | | Payable |
As Of | | Properties(1) | | Rate(2) | | Rate(3) | | Maturity | | Balance | | Balance | | Balance |
12/31/13 | | 227 | | 5.3% | | 3.9% | | 4.3 | | $ | 754,508 | | $ | 28,852 | | $ | 783,360 |
12/31/12 | | 11 | | 5.8% | | 4.4% | | 4.8 | | $ | 165,927 | | $ | 9,941 | | $ | 175,868 |
(1) At December 31, 2013, there were 47 mortgages on 227 properties, while at December 31, 2012, there were 13 mortgages on 11 properties. The mortgages require monthly payments, with principal payments due at maturity. The mortgages are at fixed interest rates, except for: (1) a $23.6 million mortgage maturing on June 10, 2015 with a floating variable interest rate calculated as the sum of the current one month LIBOR plus 4.5%, not to exceed an all-in interest rate of 5.5%, (2) a $8.3 million mortgage maturing on September 3, 2021, with a floating interest rate calculated as the sum of the current one month LIBOR plus 2.4%, and (3) a $32.4 million mortgage maturing on April 10, 2017, which is fixed at 5.07% through December 28, 2015, but is reset to the greater of 4.0%, or the two-year swap rate plus 2.75% thereafter. As part of the $8.3 million mortgage payable assumed in 2012, we also acquired an interest rate swap which essentially fixes the interest rate on this mortgage payable at 6.0%. As part of the $32.4 million mortgage payable assumed in 2013, we have the opportunity to prepay the mortgage at par on December 28, 2015, prior to the variable interest rate reset. As part of two mortgages totaling $8.8 million that matured on December 28, 2013, we also acquired an $8.8 million note receivable, upon which we received interest income at a stated rate of 8.1% through December 28, 2013.
(2) Stated interest rates ranged from 2.5% to 6.9% at December 31, 2013, while stated interest rates ranged from 2.6% to 8.3% at December 31, 2012.
(3) Effective interest rates ranged from 2.4% to 9.2% at December 31, 2013, while effective interest rates ranged from 2.7% to 8.3% at December 31, 2012.
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The following table summarizes the maturity of mortgages payable, excluding net premiums of $28.9 million, as of December 31, 2013 (dollars in millions):
Year of | | |
Maturity | | |
2014 | | $ | 49.9 |
2015 | | 125.5 |
2016 | | 248.5 |
2017 | | 133.0 |
2018 | | 15.0 |
Thereafter | | 182.6 |
Totals | | $ | 754.5 |
8. Term Loan
In January 2013, in conjunction with our acquisition of ARCT, we entered into a $70 million senior unsecured term loan maturing January 21, 2018. Borrowing under the term loan bears interest at the current one month LIBOR, plus 1.2%. In conjunction with this term loan, we also acquired an interest rate swap, which essentially fixes our per annum interest rate on the term loan at 2.15%. The interest rate swap has a nominal value at December 31, 2013. As a result of entering into our term loan, we incurred deferred financing costs of $303,000, which are being amortized over the remaining term of the term loan. The net balance of these deferred financing costs was $248,000, which are classified as part of other assets, net, on our consolidated balance sheet at December 31, 2013.
9. Notes Payable
A. General
Our senior unsecured notes and bonds consisted of the following, sorted by maturity date (dollars in millions):
| | December 31, | | December 31, | |
| | 2013 | | 2012 | |
5.375% notes, issued in March 2003 and repaid in March 2013 | | $ | - | | $ | 100 | |
5.5% notes, issued in November 2003 and due in November 2015 | | 150 | | 150 | |
5.95% notes, issued in September 2006 and due in September 2016 | | 275 | | 275 | |
5.375% notes, issued in September 2005 and due in September 2017 | | 175 | | 175 | |
2.0% notes, issued in October 2012 and due in January 2018 | | 350 | | 350 | |
6.75% notes, issued in September 2007 and due in August 2019 | | 550 | | 550 | |
5.75% notes, issued in June 2010 and due in January 2021 | | 250 | | 250 | |
3.25% notes, issued in October 2012 and due in October 2022 | | 450 | | 450 | |
4.65% notes, issued in July 2013 and due in August 2023 | | 750 | | - | |
5.875% bonds, $100 issued in March 2005 and $150 issued in June 2011, both due in March 2035 | | 250 | | 250 | |
Total principal amount | | | 3,200 | | | 2,550 | |
Unamortized original issuance discounts | | (15 | ) | (14 | ) |
| | $ | 3,185 | | $ | 2,536 | |
| | | | | | | | |
The following table summarizes the maturity of our notes and bonds payable as of December 31, 2013, excluding unamortized original issuance discounts (dollars in millions):
| | Notes and | | | |
Year of Maturity | | Bonds | | | |
2014 | | $ | - | | | |
2015 | | 150 | | | |
2016 | | 275 | | | |
2017 | | 175 | | | |
2018 | | 350 | | | |
Thereafter | | 2,250 | | | |
Totals | | $ | 3,200 | | | |
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As of December 31, 2013, the weighted average interest rate on our notes and bonds payable was 4.9% and the weighted average remaining years until maturity was 7.6 years.
Interest incurred on all of the notes and bonds was $138.9 million for 2013, $110.4 million for 2012 and $101.5 million for 2011. The interest rate on each of these notes and bonds is fixed.
Our outstanding notes and bonds are unsecured; accordingly, we have not pledged any assets as collateral for these or any other obligations. Interest on all of the senior note and bond obligations is paid semiannually.
All of these notes and bonds contain various covenants, including: (i) a limitation on incurrence of any debt which would cause our debt to total adjusted assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause our secured debt to total adjusted assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause our debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of our outstanding unsecured debt. At December 31, 2013, we remain in compliance with these covenants.
B. Note Repayment
In March 2013, we repaid the $100 million of outstanding 5.375% notes, plus accrued and unpaid interest, using proceeds from our March 2013 common stock offering and our credit facility.
C. Note Issuances
In July 2013, we issued $750 million of 4.65% senior unsecured notes due August 2023, or the 2023 Notes. The price to the investors for the 2023 Notes was 99.775% of the principal amount for an effective yield of 4.678% per annum. The total net proceeds of approximately $741.4 million from this offering were used to repay all outstanding borrowings under our acquisition credit facility, and the remaining proceeds were used for other general corporate purposes and working capital, including additional property acquisitions. Interest is paid semiannually on the 2023 Notes.
In October 2012, we issued $350 million in aggregate principal amount of 2.00% senior unsecured notes due January 2018, or the 2018 Notes, and $450 million in aggregate principal amount of 3.25% senior unsecured notes due October 2022, or the 2022 Notes. The price to the investors for the 2018 Notes was 99.910% of the principal amount for an effective yield of 2.017% per annum. The price to the investors for the 2022 Notes was 99.382% of the principal amount for an effective yield of 3.323% per annum. The total net proceeds of approximately $790.1 million from these offerings were used to repay all outstanding borrowings under our acquisition credit facility, and the remaining proceeds were used for general corporate purposes, including additional property acquisitions. Interest is paid semiannually on both the 2018 and 2022 Notes.
10. Issuance and Redemption of Preferred Stock
A. In 2006, we issued 8.8 million shares of 6.75% Monthly Income Class E Cumulative Redeemable Preferred Stock, or Class E preferred stock, at a price of $25.00 per share. Since December 2011, the shares of Class E preferred stock are redeemable at our option, for $25.00 per share. During 2013, 2012 and 2011, we paid twelve monthly dividends to holders of our Class E preferred stock totaling $1.6875 per share, or $14.9 million, and at December 31, 2013, a monthly dividend of $0.140625 per share was payable and was paid in January 2014.
B. In February 2012, we issued 14.95 million shares of our 6.625% Monthly Income Class F Cumulative Redeemable Preferred Stock, or Class F preferred stock, at a price of $25.00 per share, including 1.95 million shares purchased by the underwriters upon the exercise of their overallotment option. In April 2012, we issued an additional 1.4 million shares of our Class F preferred stock at a price of $25.2863 per share. After aggregate underwriting discounts and other offering costs totaling $13.8 million, we received total net proceeds of $395.4 million for the February and April offerings combined, of which $127.5 million was used to redeem all of our outstanding 7.375% Monthly Income Class D Cumulative Redeemable Preferred Stock, or Class D preferred stock, and the balance was used to repay a portion of the borrowings under our credit facility. Beginning February 15, 2017, the shares of Class F preferred stock are redeemable at our option, for $25.00 per share. The initial dividend of $0.1702257 per share was paid on March 15, 2012 and covered 37 days. Thereafter,
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dividends of $0.138021 per share are paid monthly in arrears on the Class F preferred stock. During 2012, we paid ten monthly dividends to holders of our Class F preferred stock totaling $1.4124147, or $22.6 million. During 2013, we paid twelve monthly dividends to holders of our Class F preferred stock totaling $1.656252, or $27.1 million, and at December 31, 2013, a monthly dividend of $0.138021 per share was payable and was paid in January 2014.
C. We redeemed all of the 5.1 million shares of our Class D preferred stock in March 2012 for $25.00 per share, plus accrued dividends. We incurred a charge of $3.7 million for 2012, representing the Class D preferred stock original issuance costs that we paid in 2004.
We are current in our obligations to pay dividends on our Class E and Class F preferred stock.
11. Issuance of Common Stock
In October 2013, we issued 9,775,000 shares of common stock at a price of $40.63 per share, including 1,275,000 shares purchased by the underwriters upon the exercise of their option to purchase additional shares. After underwriting discounts and other estimated offering costs of $18.7 million, the net proceeds of approximately $378.5 million were used to repay a portion of the borrowings under our acquisition credit facility, which were used to fund property acquisitions.
In March 2013, we issued 17,250,000 shares of common stock at a price of $45.90 per share, including 2,250,000 shares purchased by the underwriters upon the exercise of their overallotment option. After underwriting discounts and other offering costs of $36.7 million, the net proceeds of $755.1 million were used to redeem our 5.375% notes in March 2013 and repay borrowings under our acquisition credit facility, which were used to fund property acquisitions, including our acquisition of ARCT.
In connection with our January 2013 acquisition of ARCT, as described in note 4, we issued a total of 45,573,144 shares of our common stock to ARCT shareholders and we received 208,709 shares of our common stock that were previously held by ARCT. The closing price per share of our common stock on the date of the ARCT acquisition was $44.04. The total value of the 45,573,144 common shares was approximately $2 billion.
12. Noncontrolling Interests
In June 2013, we completed the acquisition of a portfolio of properties by issuing units in a newly formed entity, Realty Income, L.P. The units issued as consideration for the acquisition represent a 2.2% ownership in Realty Income, L.P. at December 31, 2013. Realty Income holds the remaining 97.8% interests in this entity, and consolidates the entity.
The Realty Income, L.P. units do not have voting rights, are entitled to monthly distributions equal to the amount paid to common stockholders of Realty Income, and are redeemable in cash or Realty Income common stock, at our option, and at a conversion ratio of one to one, subject to certain exceptions. Noncontrolling interests with redemption provisions that permit the issuer to settle in either cash or common stock, at the option of the issuer, were evaluated to determine whether temporary or permanent equity classification on the balance sheet was appropriate. We evaluated this guidance and determined that the units meet the requirements to qualify for presentation as permanent equity.
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The following table represents the change in the carrying value of all noncontrolling interests, including Tau Operating Partnership units which are discussed in note 4, through December 31, 2013 (dollars in thousands):
| | Tau Operating | | Realty Income, L.P. | | | |
| | Partnership units(1) | | units(2) | | Total | |
Fair value of units issued | | $ | 13,962 | | $ | 22,601 | | $ | 36,563 | |
Distributions | | (691 | ) | (680 | ) | (1,371 | ) |
Allocation of net income | | 218 | | 501 | | 719 | |
Carrying value at December 31, 2013 | | $ | 13,489 | | $ | 22,422 | | $ | 35,911 | |
(1) 317,022 Tau Operating Partnership units were issued on January 22, 2013 and remain outstanding as of December 31, 2013.
(2) 534,546 Realty Income, L.P. units were issued on June 27, 2013 and remain outstanding as of December 31, 2013.
13. Distributions Paid and Payable
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 years:
Month | | 2013 | | 2012 | | 2011 |
January | | $ | 0.1517500 | | $ | 0.1455000 | | $ | 0.1442500 |
February | | 0.1809167 | | 0.1455000 | | 0.1442500 |
March | | 0.1809167 | | 0.1455000 | | 0.1442500 |
April | | 0.1812292 | | 0.1458125 | | 0.1445625 |
May | | 0.1812292 | | 0.1458125 | | 0.1445625 |
June | | 0.1812292 | | 0.1458125 | | 0.1445625 |
July | | 0.1815417 | | 0.1461250 | | 0.1448750 |
August | | 0.1815417 | | 0.1461250 | | 0.1448750 |
September | | 0.1815417 | | 0.1511250 | | 0.1448750 |
October | | 0.1818542 | | 0.1514375 | | 0.1451875 |
November | | 0.1818542 | | 0.1514375 | | 0.1451875 |
December | | 0.1818542 | | 0.1514375 | | 0.1451875 |
| | | | | | |
| | | | | | |
Total | | $ | 2.1474587 | | $ | 1.7716250 | | $ | 1.7366250 |
The following presents the federal income tax characterization of distributions paid or deemed to be paid per common share for the years:
| | 2013 | | 2012 | | 2011 |
Ordinary income | | $ | 1.3153791 | | $ | 1.3367481 | | $ | 1.3787863 |
Nontaxable distributions | | 0.8320796 | | 0.4348769 | | 0.3578387 |
Totals | | $ | 2.1474587 | | $ | 1.7716250 | | $ | 1.7366250 |
At December 31, 2013, a distribution of $0.1821667 per common share was payable and was paid in January 2014. At December 31, 2012, a distribution of $0.15175 per common share was payable and was paid in January 2013.
B. Class D Preferred Stock
Prior to the redemption of the Class D preferred stock in March 2012, dividends of $0.1536459 per share were paid monthly in arrears on the Class D preferred stock. We declared dividends to holders of our Class D preferred stock totaling $2.0 million in 2012 and $9.4 million in 2011. For 2012 and 2011, dividends paid per share in the amounts of $0.3841147 and $1.8437508, respectively, were characterized as ordinary income for federal income tax purposes.
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C. Class E Preferred Stock
Dividends of $0.140625 per share are paid monthly in arrears on the Class E preferred stock. We declared dividends to holders of our Class E preferred stock totaling $14.9 million in 2013, 2012 and 2011. For 2013, 2012 and 2011, dividends paid per share in the amount of $1.6875 were characterized as ordinary income for federal income tax purposes.
D. Class F Preferred Stock
Dividends of $0.138021 per share are paid monthly in arrears on the Class F preferred stock. We declared dividends to holders of our Class F preferred stock totaling $27.1 million in 2013 and $22.6 million in 2012. For 2013 and 2012, dividends paid per share of $1.656252 and $1.4124147, respectively, were characterized as ordinary income for federal income tax purposes.
14. Operating Leases
A. At December 31, 2013, we owned 3,896 properties in 49 states and Puerto Rico, plus an additional three properties owned by Crest. Of the 3,896 properties, 3,876, or 99.5%, are single-tenant properties, and the remaining twenty are multi-tenant properties. At December 31, 2013, 70 properties were vacant and available for lease or sale.
Substantially all leases are net leases where the tenant pays property taxes and assessments, maintains the interior and exterior of the building and leased premises, and carries insurance coverage for public liability, property damage, fire and extended coverage.
Rent based on a percentage of a tenants’ gross sales (percentage rents) was $2.9 million for 2013, $2.1 million for 2012 and $1.4 million for 2011, including amounts recorded to discontinued operations of $115,000 in 2013, $163,000 in 2012 and $70,000 in 2011.
At December 31, 2013, minimum future annual rents to be received on the operating leases for the next five years and thereafter are as follows (dollars in thousands):
2014 | | $ | 809,394 |
2015 | | 796,822 |
2016 | | 782,480 |
2017 | | 763,348 |
2018 | | 740,078 |
Thereafter | | 5,074,496 |
Total | | $ | 8,966,618 |
B. Major Tenants - No individual tenant’s rental revenue, including percentage rents, represented more than 10% of our total revenue for each of the years ended December 31, 2013, 2012 or 2011.
15. Gain on Sales of Investment Properties
During 2013, we sold 75 investment properties for $134.2 million, which resulted in a gain of $64.7 million. The results of operations for these properties have been reclassified as discontinued operations for all periods presented.
During 2012, we sold 44 investment properties for $50.6 million, which resulted in a gain of $9.9 million. The results of operations for these properties have been reclassified as discontinued operations for all periods presented.
During 2011, we sold 26 investment properties for $22.0 million, which resulted in a gain of $5.2 million. The results of operations for these properties have been reclassified as discontinued operations for all periods presented. Additionally, we sold excess real estate from five properties for $2.1 million, which resulted in a gain of $540,000. This gain is included in other revenue on our consolidated statement of income for 2011, because this excess real estate was associated with properties that continue to be owned as part of our core operations.
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During 2013, Crest sold one property for $597,000, which resulted in no gain. The results of operations for this property have been reclassified as discontinued operations. During 2012 and 2011, Crest did not sell any properties.
16. Fair Value of Financial Instruments
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 disclosure for assets and liabilities measured at fair value requires allocation to a three-level valuation hierarchy. This valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Categorization within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
We believe that the carrying values reflected in our consolidated balance sheets reasonably approximate the fair values for cash and cash equivalents, accounts receivable, escrow deposits, loans receivable, lines of credit payable, term loan and all other liabilities, due to their short-term nature or interest rates and terms that are consistent with market, except for our notes receivable issued in connection with property sales or acquired in connection with an acquisition, mortgages payable (which includes net mortgage premiums) and our senior notes and bonds payable, which are disclosed below (dollars in millions):
| | Carrying value per | | Estimated fair |
At December 31, 2013 | | balance sheet | | value |
Notes receivable issued in connection with property sales | | $ | 19.1 | | $ | 21.1 |
Mortgages payable assumed in connection with acquisitions | | 783.4 | | 780.0 |
Notes payable, net of unamortized original issuance discounts | | 3,185.5 | | 3,340.7 |
| | | | |
| | Carrying value per | | Estimated fair |
At December 31, 2012 | | balance sheet | | value |
Notes receivable issued in connection with property sales | | $ | 19.3 | | $ | 20.5 |
Note receivable issued in connection with an acquisition | | 8.8 | | 8.8 |
Mortgages payable assumed in connection with acquisitions | | 175.9 | | 176.7 |
Notes payable, net of unamortized original issuance discounts | | 2,536.0 | | 2,827.1 |
The estimated fair values of our notes receivable issued in connection with property sales or acquired in connection with an acquisition, and our mortgages payable have been calculated by discounting the future cash flows using an interest rate based upon the relevant Treasury yield 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 notes receivable and mortgages payable, is categorized as level three on the three-level valuation hierarchy.
The estimated fair values of our senior notes and bonds payable is based upon indicative market prices and recent trading activity of our senior notes and bonds payable. Because this methodology includes inputs that are less observable by the public and are not necessarily reflected in active markets, the measurement of the estimated fair values, related to our notes and bonds payable, is categorized as level two on the three-level valuation hierarchy.
17. Supplemental Disclosures of Cash Flow Information
Cash paid for interest was $166.1 million in 2013, $112.5 million in 2012, and $102.0 million in 2011.
Interest capitalized to properties under development was $537,000 in 2013, $498,000 in 2012, and $438,000 in 2011.
Cash paid for income taxes was $2.1 million in 2013, $1.0 million in 2012, and $871,000 in 2011.
The following non-cash activities are included in the accompanying consolidated financial statements:
A. Share-based compensation expense was $20.8 million for 2013, $10.0 million for 2012 and $7.9 million for 2011.
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B. See “Provisions for Impairment” in note 2 for a discussion of provisions for impairments recorded by Realty Income and Crest.
C. During 2013, the following components were acquired in connection with our acquisition of ARCT: (1) real estate investments and related intangible assets of $3.2 billion, (2) other assets of $19.5 million, (3) lines of credit payable of $317.2 million, (4) a term loan for $235.0 million, (5) mortgages payable of $539.0 million, (6) intangible liabilities of $79.7 million, (7) other liabilities of $29.0 million, and (8) noncontrolling interests of $14.0 million.
D. During 2013, we acquired mortgages payable, (excluding the mortgages payable discussed in items C. and E.) to third-party lenders of $81.3 million and recorded $6.1 million of net premiums related to property acquisitions. During 2012, we assumed $110.5 million of mortgages payable to third-party lenders and recorded $10.0 million of net premiums. During 2011, we assumed $67.4 million of mortgages payable to third-party lenders and recorded $820,000 of net premiums.
E. During 2013, we acquired $55.9 million of real estate through the assumption of a $32.4 million mortgage payable, the issuance of 534,546 units by Realty Income, L.P. and cash of $1.0 million. We recorded a mortgage discount of $386,000 related to this acquisition.
F. During 2013, we acquired real estate for $7.4 million via exchanges of our properties.
G. During 2013, we recorded receivables of $1.9 million for the taking of two investment properties as a result of an eminent domain action. These receivables are included in other assets, net, on our consolidated balance sheet at December 31, 2013.
H. Accrued costs on properties under development resulted in an increase in buildings and improvements and accounts payable of $5.5 million, $3.8 million and $3.7 million at December 31, 2013, 2012 and 2011, respectively.
18. Employee Benefit Plan
We have a 401(k) plan covering substantially all of our employees. Under our 401(k) plan, employees may elect to make contributions to the plan up to a maximum of 60% of their compensation, subject to limits under the Code. We match 50% of our employee’s contributions, up to 3% of the employee’s compensation. Our aggregate matching contributions each year have been immaterial to our results of operations.
19. Common Stock Incentive Plan
In 2012, our Board of Directors adopted and stockholders approved the Realty Income Corporation 2012 Incentive Award Plan, or the 2012 Plan, to enable us to motivate, attract and retain the services of directors, employees and consultants considered essential to our long-term success. The 2012 Plan offers our directors, employees and consultants an opportunity to own stock in Realty Income or rights that will reflect our growth, development and financial success. Under the terms of the 2012 plan, the aggregate number of shares of our common stock subject to options, restricted stock, stock appreciation rights, restricted stock units and other awards, will be no more than 3,985,734 shares. The 2012 Plan, which has a term of 10 years from the date it was adopted by our Board of Directors, replaced the 2003 Incentive Award Plan of Realty Income Corporation (as amended and restated February 21, 2006), or the 2003 Plan, which was set to expire in March 2013. No further awards will be granted under the 2003 Plan. The disclosures below incorporate activity for both the 2003 Plan and the 2012 Plan.
The amount of share-based compensation costs recognized in general and administrative expense on our consolidated statements of income was $20.8 million during 2013, $10.0 million during 2012, and $7.9 million during 2011.
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The following table summarizes our common stock grant activity under our 2012 Plan and the previous 2003 Plan. Our common stock grants vest over periods ranging from immediately to five years.
| | 2013 | | 2012 | | 2011 |
| | | | Weighted | | | | Weighted | | | | Weighted |
| | Number of | | average | | Number of | | average | | Number of | | average |
| | shares | | price(1) | | shares | | price(1) | | shares | | price(1) |
Outstanding nonvested shares, beginning of year | | 895,550 | | $ | 19.94 | | 925,526 | | $ | 20.21 | | 924,294 | | $ | 19.69 |
Shares granted | | 484,060 | | $ | 41.13 | | 261,811 | | $ | 35.06 | | 247,214 | | $ | 33.94 |
Shares vested | | (654,650 | ) | $ | 30.91 | | (290,877 | ) | $ | 27.47 | | (245,487 | ) | $ | 25.26 |
Shares forfeited | | (2,697 | ) | $ | 37.30 | | (910 | ) | $ | 31.67 | | (495 | ) | $ | 31.37 |
Outstanding nonvested shares, end of each period | | 722,263 | | $ | 23.37 | | 895,550 | | $ | 19.94 | | 925,526 | | $ | 20.21 |
(1) Grant date fair value.
During 2013, we issued 484,060 shares of common stock under the 2012 Plan. Of the 484,060 shares, 432,606 shares vest over the following service periods: 106,026 vested immediately, 62,989 vest over a service period of one year, 12,000 vest over a service period of three years, 77,180 shares vest over a service period of four years, and 174,411 vest over a service period of five years. Additionally, 51,454 shares of performance-based common stock was granted, of which 12,864 shares vested at the end of 2013 based on the achievement of certain 2013 performance metrics, and of which 12,864 may vest at the end of 2014, 2015 and 2016, if certain performance metrics are reached.
The vesting schedule for shares granted to non-employee directors is as follows:
– For directors with less than six years of service at the date of grant, shares vest in 33.33% increments on each of the first three anniversaries of the date the shares of stock are granted;
– For directors with six years of service at the date of grant, shares vest in 50% increments on each of the first two anniversaries of the date the shares of stock are granted;
– For directors with seven years of service at the date of grant, shares are 100% vested on the first anniversary of the date the shares of stock are granted; and
– For directors with eight or more years of service at the date of grant, there is immediate vesting as of the date the shares of stock are granted.
The typical vesting schedule for shares granted to employees is as follows:
– For employees age 55 and below at the grant date, shares vest in 20% increments on each of the first five anniversaries of the grant date;
– For employees age 56 at the grant date, shares vest in 25% increments on each of the first four anniversaries of the grant date;
– For employees age 57 at the grant date, shares vest in 33.33% increments on each of the first three anniversaries of the grant date;
– For employees age 58 at the grant date, shares vest in 50% increments on each of the first two anniversaries of the grant date;
– For employees age 59 at the grant date, shares are 100% vested on the first anniversary of the grant date; and
– For employees age 60 and above at the grant date, shares vest immediately on the grant date.
After being employed for six full months, all non-executive employees receive 200 shares of nonvested stock which vests over a five year period. Additionally, depending on certain company performance metrics or attainment of individual achievements, non-executive employees may receive grants of nonvested stock which vests over a five year period.
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As of December 31, 2013, the remaining unamortized share-based compensation expense totaled $16.9 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 condition 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.
Due to a historically low turnover rate, we do not estimate a forfeiture rate for our nonvested shares. Accordingly, unexpected forfeitures will lower share-based compensation expense during the applicable period. Under the terms of our 2012 and 2003 Plans, we pay non-refundable dividends to the holders of our nonvested shares. Applicable accounting guidance requires that the dividends paid to holders of these nonvested shares be charged as compensation expense to the extent that they relate to nonvested shares that do not or are not expected to vest. However, since we do not estimate forfeitures given our historical trends, we did not record any amount to compensation expense related to dividends paid in 2013, 2012 or 2011.
As of December 31, 2013 and 2012, there were no remaining common stock options outstanding for any of the periods presented.
20. Dividend Reinvestment and Stock Purchase Plan
In March 2011, we established a Dividend Reinvestment and Stock Purchase Plan, or the DRSPP, to provide our common stockholders, as well as new investors, with a convenient and economical method of purchasing our common stock and reinvesting their distributions. The DRSPP also allows our current stockholders to buy additional shares of common stock by reinvesting all or a portion of their distributions. The DRSPP authorizes up to 6,000,000 common shares to be issued. During 2013, we issued 1,449,139 shares and raised approximately $55.6 million under the DRSPP. These amounts include the shares issued as part of the waiver approval process discussed below. During 2012, we issued 55,598 shares and raised approximately $2.2 million under the DRSPP. During 2011, we issued 59,605 shares and raised approximately $2.0 million under the DRSPP. From the inception of the DRSPP through December 31, 2013, we have issued 1,564,342 shares and raised approximately $59.8 million, which includes the amounts issued under the waiver discount program as described below.
In March 2013, we updated our DRSPP so that we are now paying for a majority of the plan-related fees, which were previously paid by investors.
In November 2013, we revised our DRSPP to institute a waiver approval process allowing larger investors or institutions, per a formal approval process, to purchase shares at a small discount, if approved by us. In December 2013, we issued 1,308,490 shares and raised $49.7 million under this waiver approval process.
21. Segment Information
We evaluate performance and make resource allocation decisions on an industry by industry basis. For financial reporting purposes, we have grouped our tenants into 48 activity segments. All of the properties are incorporated into one of the applicable segments. Because almost all of our leases require the tenant to pay operating expenses, rental revenue is the only component of segment profit and loss we measure.
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The following tables set forth certain information regarding the properties owned by us, classified according to the business of the respective tenants, as of December 31, 2013 (dollars in thousands):
Assets, as of December 31: | | 2013 | | 2012 |
Segment net real estate: | | | | |
Automotive service | | $ | 108,940 | | $ | 96,409 |
Automotive tire services | | 258,787 | | 184,601 |
Beverages | | 306,278 | | 310,555 |
Child care | | 57,201 | | 61,747 |
Convenience stores | | 766,472 | | 671,676 |
Dollar stores | | 824,274 | | 450,566 |
Drug stores | | 943,401 | | 159,482 |
Financial services | | 252,764 | | 26,020 |
Food processing | | 138,000 | | 102,964 |
Grocery stores | | 283,207 | | 219,216 |
Health and fitness | | 493,981 | | 330,503 |
Health care | | 228,003 | | 4,562 |
Motor vehicle dealerships | | 114,203 | | 102,155 |
Restaurants-casual dining | | 477,130 | | 448,806 |
Restaurants-quick service | | 312,474 | | 250,454 |
Sporting goods | | 94,771 | | 77,737 |
Theaters | | 367,830 | | 381,123 |
Transportation services | | 623,541 | | 130,203 |
Wholesale club | | 455,875 | | 308,202 |
29 other non-reportable segments | | 1,689,477 | | 725,156 |
Total segment net real estate | | 8,796,609 | | 5,042,137 |
| | | | |
Intangible assets: | | | | |
Automotive service | | 3,248 | | - |
Automotive tire services | | 15,770 | | 470 |
Beverages | | 3,055 | | 3,313 |
Convenience stores | | 13,342 | | - |
Dollar stores | | 50,209 | | 12,475 |
Drug stores | | 180,506 | | 14,885 |
Financial services | | 40,112 | | 4,443 |
Food processing | | 25,297 | | 21,785 |
Grocery stores | | 22,377 | | 5,650 |
Health and fitness | | 53,703 | | 15,056 |
Health care | | 38,465 | | - |
Motor vehicle dealerships | | 7,790 | | 3,587 |
Restaurants-casual dining | | 11,906 | | - |
Restaurants-quick service | | 17,936 | | 3,464 |
Sporting goods | | 10,984 | | 4,862 |
Theaters | | 23,600 | | 28,475 |
Transportation services | | 107,296 | | 27,997 |
Wholesale club | | 33,221 | | - |
Other non-reportable segments | | 276,642 | | 95,663 |
| | | | |
Goodwill: | | | | |
Automotive service | | 454 | | 471 |
Automotive tire services | | 865 | | 865 |
Child care | | 5,141 | | 5,276 |
Convenience stores | | 2,031 | | 2,064 |
Restaurants-casual dining | | 2,328 | | 2,430 |
Restaurants-quick service | | 1,131 | | 1,176 |
Other non-reportable segments | | 3,710 | | 4,663 |
Other corporate assets | | 176,713 | | 128,141 |
Total assets | | $ | 9,924,441 | | $ | 5,429,348 |
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| | | Revenue |
For the years ended December 31, | | 2013 | | 2012 | | 2011 |
Segment rental revenue: | | | | | | |
Automotive service | | $ | 15,403 | | $ | 14,478 | | $ | 14,635 |
Automotive tire services | | 26,929 | | 22,604 | | 22,595 |
Beverages | | 24,848 | | 24,553 | | 23,458 |
Child care | | 20,850 | | 20,812 | | 20,966 |
Convenience stores | | 83,973 | | 76,309 | | 75,961 |
Dollar stores | | 46,483 | | 10,324 | | 143 |
Drug stores | | 60,313 | | 16,160 | | 15,374 |
Financial services | | 14,783 | | 2,787 | | 2,343 |
Food processing | | 11,151 | | 6,213 | | 2,953 |
Grocery stores | | 22,322 | | 17,746 | | 7,012 |
Health and fitness | | 46,979 | | 32,782 | | 26,769 |
Health care | | 14,346 | | 288 | | 235 |
Motor vehicle dealerships | | 12,200 | | 9,409 | | 8,796 |
Restaurants-casual dining | | 38,261 | | 33,205 | | 43,073 |
Restaurants-quick service | | 32,219 | | 26,739 | | 23,369 |
Sporting goods | | 12,875 | | 11,798 | | 11,176 |
Theaters | | 46,122 | | 45,073 | | 36,812 |
Transportation services | | 40,552 | | 11,516 | | 7,586 |
Wholesale club | | 29,448 | | 15,217 | | 3,059 |
29 other non-reportable segments | | 147,513 | | 68,485 | | 54,657 |
Total rental revenue | | 747,570 | | 466,498 | | 400,972 |
Tenant reimbursements | | 24,944 | | 14,619 | | 9,776 |
Other revenue | | 5,861 | | 1,730 | | 1,612 |
Total revenue | | $ | 778,375 | | $ | 482,847 | | $ | 412,360 |
| | | | | | | | | | |
22. Commitments and Contingencies
In the ordinary course of business, we are party to various legal actions which we believe are routine in nature and incidental to the operation of our business. We believe that the outcome of the proceedings will not have a material adverse effect upon our consolidated financial position or results of operations.
At December 31, 2013, we had contingent obligations of $1.7 million for tenant improvements and leasing costs. In addition, as of December 31, 2013, we had committed $23.7 million under construction contracts, which is expected to be paid in the next twelve months.
We have certain properties that are subject to ground leases which are accounted for as operating leases. At December 31, 2013, minimum future rental payments for the next five years and thereafter are as follows (dollars in millions):
| | Ground Leases | | Ground Leases | | |
| | Paid by | | Paid by | | |
| | Realty Income | (1) | Our Tenants | (2) | Total |
2014 | | $ | 1.0 | | $ | 12.6 | | $ | 13.6 |
2015 | | 1.0 | | 12.7 | | 13.7 |
2016 | | 1.0 | | 12.7 | | 13.7 |
2017 | | 1.0 | | 12.8 | | 13.8 |
2018 | | 1.0 | | 12.8 | | 13.8 |
Thereafter | | 9.4 | | 144.5 | | 153.9 |
Total | | $ | 14.4 | | $ | 208.1 | | $ | 222.5 |
(1) Realty Income currently pays the ground lessors directly for the rent under the ground leases. (2) Our tenants, who are generally sub-tenants under the ground leases, are responsible for paying the rent under these ground leases. In the event a tenant fails to pay the ground lease rent, we are primarily responsible. |
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23. Subsequent Events
In January 2014 and February 2014, we declared the following dividends, which will be paid in February 2014 and March 2014, respectively:
- $0.1821667 per share to our common stockholders;
- $0.140625 per share to our Class E preferred stockholders; and
- $0.138021 per share to our Class F preferred stockholders.
REALTY INCOME CORPORATION AND SUBSIDIARIES
CONSOLIDATED QUARTERLY FINANCIAL DATA
(dollars in thousands, except per share data)
(not covered by Report of Independent Registered Public Accounting Firm)
| | First | | Second | | Third | | Fourth | | |
| | Quarter | | Quarter | | Quarter | | Quarter | | Year (2) |
| | | | | | | | | | |
2013 (1) | | | | | | | | | | |
Total revenue | | $ | 175,057 | | $ | 185,990 | | $ | 201,629 | | $ | 215,699 | | $ | 778,375 |
Depreciation and amortization expense | | 66,701 | | 73,858 | | 80,774 | | 85,245 | | 306,577 |
Interest expense | | 41,468 | | 39,100 | | 49,703 | | 50,645 | | 180,916 |
Other expenses | | 33,883 | | 21,442 | | 26,002 | | 30,374 | | 111,702 |
Income from continuing operations | | 33,005 | | 51,590 | | 45,150 | | 49,435 | | 179,180 |
Income from discontinued operations | | 40,221 | | 4,926 | | 6,757 | | 15,199 | | 67,103 |
Net income | | 73,226 | | 56,516 | | 51,907 | | 64,634 | | 246,283 |
Net income available to common stockholders | | 62,735 | | 45,957 | | 41,089 | | 53,854 | | 203,634 |
Net income per common share | | | | | | | | | | |
Basic | | 0.37 | | 0.23 | | 0.21 | | 0.26 | | 1.06 |
Diluted | | 0.36 | | 0.23 | | 0.21 | | 0.26 | | 1.06 |
Dividends paid per common share | | 0.5135834 | | 0.5436876 | | 0.5446251 | | 0.5455626 | | 2.1474587 |
| | | | | | | | | | |
2012 (1) | | | | | | | | | | |
Total revenue | | $ | 114,529 | | $ | 115,532 | | $ | 119,984 | | $ | 132,803 | | $ | 482,847 |
Depreciation and amortization expense | | 34,111 | | 34,504 | | 36,952 | | 41,755 | | 147,323 |
Interest expense | | 28,952 | | 28,806 | | 29,720 | | 35,065 | | 122,542 |
Other expenses | | 15,165 | | 14,686 | | 19,878 | | 22,534 | | 72,263 |
Income from continuing operations | | 36,301 | | 37,536 | | 33,434 | | 33,449 | | 140,719 |
Income from discontinued operations | | 2,962 | | 5,871 | | 4,024 | | 5,575 | | 18,433 |
Net income | | 39,263 | | 43,407 | | 37,458 | | 39,024 | | 159,152 |
Net income available to common stockholders | | 26,071 | | 32,950 | | 26,976 | | 28,542 | | 114,538 |
Net income per common share | | | | | | | | | | |
Basic and diluted | | 0.20 | | 0.25 | | 0.20 | | 0.21 | | 0.86 |
Dividends paid per common share | | 0.4365000 | | 0.4374375 | | 0.4433750 | | 0.4543125 | | 1.7716250 |
(1) The consolidated quarterly financial data includes revenues and expenses from our continuing and discontinued operations. The results of operations related to certain properties, classified as held for sale or disposed of, have been reclassified to income from discontinued operations. Additionally, measurement period adjustments were made to the first two quarters of 2013 to adjust preliminary real estate values to reflect new information about facts and circumstances that existed as of the acquisition date. Also, tenant reimbursements have been reported as a component of total revenue and reimbursable property expense have been reported as a component of total expenses. Therefore, some of the information may not agree to our previously filed 10-Qs.
(2) Amounts for each period are calculated independently. The sum of the quarters may differ from the annual amount.
Item 9: Changes In and Disagreements With Accountants on Accounting and Financial Disclosure
We have had no disagreements with our independent registered public accounting firm on accounting matters or financial disclosure, nor have we changed accountants in the two most recent fiscal years.
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Item 9A: Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended) that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
As of and for the year ended December 31, 2013, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective and were operating at a reasonable assurance level.
Management’s Report on Internal Control Over Financial Reporting
Internal control over financial reporting refers to the process designed by, or under the supervision of, our Chief Executive Officer and Chief Financial Officer, and effected by our Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles, and includes those policies and procedures that:
(1) Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;
(2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and
(3) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.
Management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company.
Management has used the framework set forth in the report entitled “Internal Control—Integrated Framework (1992)” published by the Committee of Sponsoring Organizations of the Treadway Commission to evaluate the effectiveness of the Company’s internal control over financial reporting. Management has concluded that the Company’s internal control over financial reporting was effective as of the end of the most recent fiscal year. KPMG LLP has issued an attestation report on the effectiveness of the Company’s internal control over financial reporting.
Submitted on February 13, 2014 by,
John P. Case, Chief Executive Officer
Paul M. Meurer, Chief Financial Officer, Executive Vice President and Treasurer
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Changes in Internal Controls
There were no changes to our internal control over financial reporting that occurred during the quarter ended December 31, 2013 that have materially affected, or are reasonably likely to material affect, our internal control over financial reporting. As of December 31, 2013, there were no material weaknesses in our internal controls, and therefore, no corrective actions were taken.
Limitations on the Effectiveness of Controls
Internal control over financial reporting cannot provide absolute assurance of achieving financial reporting objectives because of its inherent limitations. Internal control over financial reporting is a process that involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures. Internal control over financial reporting also can be circumvented by collusion or improper management override. Because of such limitations, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk.
Item 9B: Other Information
None.
PART III
Item 10: Directors, Executive Officers and Corporate Governance
The information required by this item is set forth under the captions “Board of Directors” and “Executive Officers of the Company” and “Section 16(a) Beneficial Ownership Reporting Compliance” in our definitive Proxy Statement for the 2014 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference. The Annual Meeting of Stockholders is presently scheduled to be held on May 6, 2014.
Item 11: Executive Compensation
The information required by this item is set forth under the caption “Executive Compensation” in our definitive Proxy Statement for the 2014 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference.
Item 12: Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The information required by this item is set forth under the caption “Security Ownership of Certain Beneficial Owners and Management” in our definitive Proxy Statement for the 2014 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference.
Item 13: Certain Relationships, Related Transactions and Director Independence
The information required by this item is set forth under the caption “Related Party Transactions” in our definitive Proxy Statement for the 2014 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference.
Item 14: Principal Accounting Fees and Services
The information required by this item is set forth under the caption “Independent Registered Public Accounting Firm Fees and Services” in our definitive Proxy Statement for the 2014 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference.
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PART IV
Item 15: Exhibits and Financial Statement Schedules
A. The following documents are filed as part of this report.
1. Financial Statements (see Item 8)
a. Reports of Independent Registered Public Accounting Firm
b. Consolidated Balance Sheets,
December 31, 2013 and 2012
c. Consolidated Statements of Income,
Years ended December 31, 2013, 2012 and 2011
d. Consolidated Statements of Equity,
Years ended December 31, 2013, 2012 and 2011
e. Consolidated Statements of Cash Flows,
Years ended December 31, 2013, 2012 and 2011
f. Notes to Consolidated Financial Statements
g. Consolidated Quarterly Financial Data,
(unaudited) for 2013 and 2012
2. Financial Statement Schedule. Reference is made to page F-1 of this report for Schedule III Real Estate and Accumulated Depreciation (electronically filed with the Securities and Exchange Commission).
Schedules not Filed: All schedules, other than those indicated in the Table of Contents, have been omitted as the required information is either not material, inapplicable or the information is presented in the financial statements or related notes.
3. Exhibits
Articles of Incorporation and By-Laws
Exhibit No. | | Description |
| | |
2.1 | | Agreement and Plan of Merger, dated as of September 6, 2012, by and among Realty Income Corporation, Tau Acquisition LLC and American Realty Capital Trust, Inc. (filed as exhibit 2.1 to the Company’s Form 8-K, filed on September 6, 2012 and incorporated herein by reference). |
| | |
2.2 | | First Amendment to Agreement and Plan of Merger, dated as of January 6, 2013, by and among Realty Income Corporation, Tau Acquisition LLC and American Realty Capital Trust, Inc. (filed as exhibit 2.1 to the Company’s Form 8-K, filed on January 7, 2013 and incorporated herein by reference). |
| | |
3.1 | | Articles of Incorporation of the Company, as amended by amendment No. 1 dated May 10, 2005 and amendment No. 2 dated May 10, 2005 (filed as exhibit 3.1 to the Company’s Form 10-Q for the quarter ended June 30, 2005 and incorporated herein by reference), amendment No. 3 dated July 29, 2011 (filed as exhibit 3.1 to the Company’s Form 8-K, filed on August 2, 2011 and incorporated herein by reference); and amendment No. 4 dated June 21, 2012 (filed as exhibit 3.1 to the Company’s Form 8-K, filed on June 21, 2012 and incorporated herein by reference). |
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3.2 | | Amended and Restated Bylaws of the Company dated December 12, 2007 (filed as exhibit 3.1 to the Company’s Form 8-K, filed on December 13, 2007 and incorporated herein by reference), as amended on May 13, 2008 (amendment filed as exhibit 3.1 to the Company’s Form 8-K, filed on May 14, 2008 and incorporated herein by reference), February 7, 2012 (filed as exhibit 3.1 to the Company’s Form 8-K, filed on February 13, 2012 and incorporated herein by reference), February 21, 2012 (filed as exhibit 3.1 to the Company’s Form 8-K, filed on February 22, 2012 and incorporated herein by reference), March 13, 2013 (filed as exhibit 3.1 to the Company’s Form 8-K, filed on March 14, 2013 and incorporated herein by reference), and September 3, 2013 (filed as exhibit 3.1 to the Company’s Form 8-K, filed on September 6, 2013 and incorporate herein by reference). |
| | |
3.3 | | Articles Supplementary to the Articles of Incorporation of the Company classifying and designating the 6.75% Monthly Income Class E Cumulative Redeemable Preferred Stock, dated November 30, 2006 (filed as exhibit 3.5 to the Company’s Form 8-A, filed on December 5, 2006 and incorporated herein by reference). |
| | |
3.4 | | Articles Supplementary to the Articles of Incorporation of the Company classifying and designating the 6.625% Monthly Income Class F Cumulative Redeemable Preferred Stock, dated February 3, 2012 (the “First Class F Articles Supplementary”) (filed as exhibit 3.1 to the Company’s Form 8-K, filed on February 3, 2012 and incorporated herein by reference). |
| | |
3.5 | | Certificate of Correction to the First Class F Articles Supplementary, dated April 11, 2012 (filed as exhibit 3.2 to the Company’s Form 8-K, filed on April 17, 2012 and incorporated herein by reference). |
| | |
3.6 | | Articles Supplementary to the Articles of Incorporation of the Company classifying and designating additional shares of the 6.625% Monthly Income Class F Cumulative Redeemable Preferred Stock, dated April 17, 2012 (filed as exhibit 3.3 to the Company’s Form 8-K, filed on April 17, 2012 and incorporated herein by reference). |
Instruments defining the rights of security holders, including indentures
4.1 | | Indenture dated as of October 28, 1998 between the Company and The Bank of New York (filed as exhibit 4.1 to the Company’s Form 8-K, filed on October 28, 1998 and incorporated herein by reference). |
| | |
4.2 | | Form of 5.50% Senior Notes due 2015 (filed as exhibit 4.2 to the Company’s Form 8-K, filed on November 24, 2003 and incorporated herein by reference). |
| | |
4.3 | | Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York, as Trustee, establishing a series of securities entitled 5.50% Senior Notes due 2015 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on November 24, 2003 and incorporated herein by reference). |
| | |
4.4 | | Form of 5.875% Senior Notes due 2035 (filed as exhibit 4.2 to the Company’s Form 8-K, filed on March 11, 2005 and incorporated herein by reference). |
| | |
4.5 | | Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York, as Trustee, establishing a series of securities entitled 5.875% Senior Debentures due 2035 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on March 11, 2005 and incorporated herein by reference). |
| | |
4.6 | | Form of 5.375% Senior Notes due 2017 (filed as exhibit 4.2 to the Company’s Form 8-K, filed on September 16, 2005 and incorporated herein by reference). |
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4.7 | | Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York, as Trustee, establishing a series of securities entitled 5.375% Senior Notes due 2017 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on September 16, 2005 and incorporated herein by reference). |
| | |
4.8 | | Form of 5.95% Senior Notes due 2016 (filed as exhibit 4.2 to the Company’s Form 8-K, filed on September 18, 2006 and incorporated herein by reference). |
| | |
4.9 | | Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York, as Trustee, establishing a series of securities entitled 5.95% Senior Notes due 2016 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on September 18, 2006 and incorporated herein by reference). |
| | |
4.10 | | Form of 6.75% Notes due 2019 (filed as exhibit 4.2 to Company’s Form 8-K, filed on September 5, 2007 and incorporated herein by reference). |
| | |
4.11 | | Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Trust Company, N.A., as Trustee, establishing a series of securities entitled 6.75% Senior Notes due 2019 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on September 5, 2007 and incorporated herein by reference). |
| | |
4.12 | | Form of 5.750% Notes due 2021 (filed as exhibit 4.2 to Company’s Form 8-K, filed on June 29, 2010 and incorporated herein by reference). |
| | |
4.13 | | Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as Successor Trustee, establishing a series of securities entitled 5.750% Notes due 2021 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on June 29, 2010 and incorporated herein by reference). |
| | |
4.14 | | Form of Common Stock Certificate (filed as exhibit 4.16 to the Company’s Form 10-Q for the quarter ended September 30, 2011 and incorporated herein by reference). |
| | |
4.15 | | Form of Preferred Stock Certificate representing the 6.75% Monthly Income Class E Cumulative Redeemable Preferred Stock (filed as exhibit 4.1 to the Company’s Form 8-A, filed on December 5, 2006 and incorporated herein by reference). |
| | |
4.16 | | Form of Preferred Stock Certificate representing the 6.625% Monthly Income Class F Cumulative Redeemable Preferred Stock (filed as exhibit 4.1 to the Company’s Form 8-K, filed on February 3, 2012 and incorporated herein by reference). |
| | |
| | |
4.17 | | Form of 2.000% Note due 2018 (filed as exhibit 4.2 to Company’s Form 8-K, filed on October 10, 2012 and incorporated herein by reference). |
| | |
4.18 | | Form of 3.250% Note due 2022 (filed as exhibit 4.3 to Company’s Form 8-K, filed on October 10, 2012 and incorporated herein by reference). |
| | |
4.19 | | Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee, establishing a series of securities entitled “2.000% Notes due 2018” and establishing a series of securities entitled “3.250% Notes due 2022” (filed as exhibit 4.4 to the Company’s Form 8-K, filed on October 10, 2012 and incorporated herein by reference). |
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4.20 | | Form of 4.650% Note due 2023 (filed as exhibit 4.2 to Company’s Form 8-K, filed on July 16, 2013 and incorporated herein by reference). |
| | |
4.21 | | Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee, establishing a series of securities entitled “4.650% Notes due 2023” (filed as exhibit 4.3 to the Company’s Form 8-K, filed on July 16, 2013 and incorporated herein by reference). |
Material Contracts
10.1 | | Form indemnification agreement between the Company and each executive officer and each director of the Board of Directors of the Company (filed as exhibit 10.1 to the Company’s Form 8-K, filed on May 4, 2011 and dated May 3, 2011 and incorporated herein by reference). |
| | |
10.2 | | 1994 Stock Option and Incentive Plan (filed as Exhibit 4.1 to the Company’s Registration Statement on Form S-8 (registration number 33-95708), dated August 11, 1995 and incorporated herein by reference). |
| | |
10.3 | | First Amendment to the 1994 Stock Option and Incentive Plan, dated June 12, 1997 (filed as Exhibit 10.9 to the Company’s Form 8-B, filed on July 29, 1997 and incorporated herein by reference). |
| | |
10.4 | | Second Amendment to the 1994 Stock Option and Incentive Plan, dated December 16, 1997 (filed as Exhibit 10.9 to the Company’s Form 10-K for the year ended December 31, 1997 and incorporated herein by reference). |
| | |
10.5 | | Management Incentive Plan (filed as Exhibit 10.10 to the Company’s Form 10-K for the year ended December 31, 1997 and incorporated herein by reference). |
| | |
10.6 | | Form of Nonqualified Stock Option Agreement for Independent Directors (filed as Exhibit 10.11 to the Company’s Form 10-K for the year ended December 31, 1997 and incorporated herein by reference). |
| | |
10.7 | | Form of Restricted Stock Agreement between the Company and Executive Officers under the 2003 Stock Incentive Award Plan of Realty Income Corporation (filed as exhibit 10.11 to the Company’s Form 8-K, filed on January 6, 2005 and dated January 1, 2005 and incorporated herein by reference). |
| | |
10.8 | | 2003 Stock Incentive Award Plan of Realty Income Corporation, as amended and restated February 21, 2006 (filed as exhibit 10.10 to the Company’s Form 10-K for the year ended December 31, 2005 and incorporated herein by reference). |
| | |
10.9 | | Amendment dated May 15, 2007 to the Amended and Restated 2003 Stock Incentive Award Plan of Realty Income Corporation (filed as exhibit 10.1 to the Company’s Form 10-Q, for the quarter ended June 30, 2007 and incorporated herein by reference). |
| | |
10.10 | | Form of Restricted Stock Agreement under the 2003 Stock Incentive Award Plan of Realty Income Corporation (filed as exhibit 10.2 to the Company’s Form 10-Q, for the quarter ended June 30, 2007 and incorporated herein by reference). |
| | |
10.11 | | Amended and Restated Form of Employment Agreement between the Company and its Executive Officers (filed as exhibit 10.1 to the Company’s Form 8-K, filed on January 7, 2010 and dated January 5, 2010 and incorporated herein by reference). |
| | |
10.12 | | Form of Restricted Stock Agreement for John P. Case (filed as exhibit 10.1 to the Company’s Form 10-Q, for the quarter ended March 31, 2010 and incorporated herein by reference). |
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10.13 | | Realty Income Corporation 2012 Incentive Award Plan (filed as Appendix B to the Company’s Proxy Statement on Schedule 14A filed on March 30, 2012 and incorporated herein by reference). |
| | |
10.14 | | Amended and Restated Credit Agreement dated May 10, 2012 (filed as exhibit 10.1 to the Company’s Form 8-K, filed on May 11, 2012 and incorporated herein by reference). |
| | |
10.15 | | Form of Restricted Stock Agreement for Employees under the Realty Income Corporation 2012 Incentive Award Plan (filed as exhibit 10.1 to the Company’s Form 8-K, filed on January 8, 2013 and incorporated herein by reference). |
| | |
10.16 | | Form of Restricted Stock Agreement for Non-Employee Directors under the Realty Income Corporation 2012 Incentive Award Plan (filed as exhibit 10.2 to the Company’s Form 8-K, filed on January 8, 2013 and incorporated herein by reference). |
| | |
10.17 | | Term Loan Agreement, dated as of January 22, 2013, by and among Tau Operating Partnership, L.P. and Lenders (as defined therein) (filed as exhibit 10.1 to the Company’s Form 8-K, filed on January 23, 2013 and incorporated herein by reference). |
| | |
10.18 | | The First Amendment to Amended and Restated Credit Agreement among the Company, as Borrower, each of the Lenders party thereto and Wells Fargo Bank, National Association, as Administrative Agent (filed as exhibit 10.1 to the Company’s Form 8-K, filed on June 3, 2013 and incorporated herein by reference). |
| | |
10.19 | | Form of Amendment to Employment Agreement (filed as exhibit 10.1 to the Company’s Form 8-K, filed on June 19, 2013 and incorporated herein by reference). |
| | |
10.20 | | Form of Addendum to Restricted Stock Agreement (filed as exhibit 10.2 to the Company’s Form 8-K, filed on June 19, 2013 and incorporated herein by reference). |
| | |
10.21 | | The Second Amendment to Amended and Restated Credit Agreement among the Company, as Borrower, each of the Lenders party thereto and Wells Fargo Bank, National Association, as Administrative Agent (filed as exhibit 10.1 to the Company’s Form 8-K, filed on August 28, 2013 and incorporated herein by reference). |
| | |
10.22 | | Resignation Letter from Thomas A. Lewis dated September 3, 2013 (filed as exhibit 10.1 to the Company’s Form 8-K, filed on September 6, 2013 and incorporated herein by reference). |
| | |
10.23 | | Amended and Restated Employment Agreement dated September 3, 2013 between the Company and John P. Case (filed as exhibit 10.2 to the Company’s Form 8-K, filed on September 6, 2013 and incorporated herein by reference). |
| | |
10.24 | | Form of Time-Based Restricted Stock Agreement for John P. Case dated September 3, 2013 (filed as exhibit 10.7 to the Company’s Form 10-Q, for the quarter ended September 30, 2013 and incorporated herein by reference). |
| | |
10.25 | | Form of Performance-Based Restricted Stock Agreement for John P. Case dated September 26, 2013 (filed as exhibit 10.8 to the Company’s Form 10-Q, for the quarter ended September 30, 2013 and incorporated herein by reference). |
| | |
10.26 | | The Third Amendment to Amended and Restated Credit Agreement among the Company, as Borrower, each of the Lenders party thereto and Wells Fargo Bank, National Association, as Administrative Agent (filed as exhibit 10.1 to the Company’s Form 8-K, filed on October 29, 2013 and incorporated herein by reference). |
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10.27 | | Dividend Reinvestment and Stock Purchase Plan (filed pursuant to Rule 424(b)(5) under the Securities Act of 1933, as amended, on February 22, 2013 and as amended on November 21, 2013, as a prospectus supplement to the Company’s prospectus dated February 22, 2013 (File No. 333-186788) and incorporated herein by reference). |
Statement of Ratios
*12.1 | | Statements re computation of ratios. |
Subsidiaries of the Registrant
*21.1 | | Subsidiaries of the Company as of February 13, 2014. |
Consents of Experts and Counsel
*23.1 | | Consent of Independent Registered Public Accounting Firm. |
Certifications
*31.1 | | Rule 13a-14(a) Certifications as filed by the Chief Executive Officer pursuant to SEC release No. 33-8212 and 34-47551. |
| | |
*31.2 | | Rule 13a-14(a) Certifications as filed by the Chief Financial Officer pursuant to SEC release No. 33-8212 and 34-47551. |
| | |
*32 | | Section 1350 Certifications as furnished by the Chief Executive Officer and the Chief Financial Officer pursuant to SEC release No. 33-8212 and 34-47551. |
Interactive Data Files
*101 | | The following materials from Realty Income Corporation’s Annual Report on Form 10-K for the year ended December 31, 2013, formatted in Extensible Business Reporting Language: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Stockholders’ Equity, (iv) Consolidated Statements of Cash Flows, (v) Notes to Consolidated Financial Statements, and (vi) Schedule III Real Estate and Accumulated Depreciation. |
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
REALTY INCOME CORPORATION | |
| |
By: | /s/ JOHN P. CASE | | Date: February 13, 2014 |
| John P. Case | |
| Chief Executive Officer | |
| | | |
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/MICHAEL D. MCKEE | | Date: February 13, 2014 |
| Michael D. McKee | |
| Non-Executive Chairman of the Board of Directors |
| | |
By: | /s/THOMAS A. LEWIS | | Date: February 13, 2014 |
| Thomas A. Lewis | |
| Vice Chairman of the Board of Directors |
| | |
By: | /s/KATHLEEN R. ALLEN, Ph.D. | | Date: February 13, 2014 |
| Kathleen R. Allen, Ph.D. | |
| Director | |
| | |
By: | /s/ JOHN P. CASE | | Date: February 13, 2014 |
| John P. Case | |
| Director and Chief Executive Officer | |
| (Principal Executive Officer) | |
| | |
By: | /s/A. LARRY CHAPMAN | | Date: February 13, 2014 |
| A. Larry Chapman | |
| Director | |
| | |
By: | /s/PRIYA CHERIAN HUSKINS | | Date: February 13, 2014 |
| Priya Cherian Huskins | |
| Director | |
| | |
By: | /s/GREGORY T. MCLAUGHLIN | | Date: February 13, 2014 |
| Gregory T. McLaughlin | |
| Director | |
| | |
By: | /s/RONALD L. MERRIMAN | | Date: February 13, 2014 |
| Ronald L. Merriman | |
| Director | |
| | |
By: | /s/PAUL M. MEURER | | Date: February 13, 2014 |
| Paul M. Meurer | |
| Executive Vice President, Chief Financial Officer and Treasurer |
| (Principal Financial Officer) | |
| | |
By: | /s/GREGORY J. FAHEY | | Date: February 13, 2014 |
| Gregory J. Fahey | |
| Senior Vice President, Controller | |
| (Principal Accounting Officer) | |
| | | | | |
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REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Aerospace | | | | | | | | | | | | | | | | | | | | |
Batesville | MS | | 7,861,560 | | 2,160,849 | | 17,219,291 | | None | | None | | 2,160,849 | | 17,219,291 | | 19,380,140 | | 947,061 | | | | 08/09/12 | | 300 | |
Ellisville | MS | | | | 4,140,000 | | 20,930,630 | | None | | None | | 4,140,000 | | 20,930,630 | | 25,070,630 | | 323,926 | | | | 06/27/13 | | 420 | |
Columbus | OH | | 15,541,882 | | - | | 19,637,318 | | None | | None | | - | | 19,637,318 | | 19,637,318 | | 303,911 | | | | 06/19/13 | | 420 | |
DFW Airport | TX | | 11,336,846 | | - | | 37,503,886 | | 13,600 | | None | | - | | 37,517,486 | | 37,517,486 | | 3,812,112 | | | | 06/20/11 | | 300 | |
Lufkin | TX | | | | 589,925 | | 15,492,255 | | None | | None | | 589,925 | | 15,492,255 | | 16,082,180 | | 424,193 | | | | 01/22/13 | | 420 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Apparel | | | | | | | | | | | | | | | | | | | | |
Mesa | AZ | | | | 619,035 | | 867,013 | | 6,484 | | 43,549 | | 619,035 | | 917,046 | | 1,536,081 | | 563,619 | | | | 02/11/99 | | 300 | |
Elk Grove | CA | | | | 804,327 | | 2,668,492 | | 7,794 | | None | | 804,327 | | 2,676,286 | | 3,480,613 | | 138,099 | | | | 09/18/12 | | 300 | |
Hanford | CA | | | | 562,812 | | 3,468,215 | | None | | None | | 562,812 | | 3,468,215 | | 4,031,027 | | 179,191 | | | | 09/18/12 | | 300 | |
Lodi | CA | | | | 3,153,559 | | 2,661,260 | | None | | None | | 3,153,559 | | 2,661,260 | | 5,814,819 | | 137,498 | | | | 09/18/12 | | 300 | |
Manteca | CA | | | | 1,565,672 | | 4,440,141 | | None | | None | | 1,565,672 | | 4,440,141 | | 6,005,813 | | 215,407 | | | | 09/18/12 | | 300 | |
Moreno Valley | CA | | | | 1,654,486 | | 3,305,084 | | 197,969 | | None | | 1,654,486 | | 3,503,053 | | 5,157,539 | | 178,187 | | | | 09/18/12 | | 300 | |
Redlands | CA | | | | 3,006,680 | | 2,242,430 | | 275,278 | | None | | 3,006,680 | | 2,517,708 | | 5,524,388 | | 123,888 | | | | 09/18/12 | | 300 | |
Sacramento | CA | | | | 3,446,351 | | 4,460,201 | | None | | None | | 3,446,351 | | 4,460,201 | | 7,906,552 | | 230,444 | | | | 09/18/12 | | 300 | |
South Lake Tahoe | CA | | | | 3,110,000 | | 3,176,091 | | 9,750 | | None | | 3,110,000 | | 3,185,841 | | 6,295,841 | | 408,005 | | | | 10/22/10 | | 300 | |
Sun Valley | CA | | | | 4,631,964 | | 4,710,912 | | None | | None | | 4,631,964 | | 4,710,912 | | 9,342,876 | | 243,397 | | | | 09/18/12 | | 300 | |
Vacaville | CA | | | | 1,299,816 | | 3,375,574 | | 183,515 | | None | | 1,299,816 | | 3,559,089 | | 4,858,905 | | 181,286 | | | | 09/18/12 | | 300 | |
Danbury | CT | | | | 1,096,861 | | 6,217,688 | | 212,673 | | 56 | | 1,096,861 | | 6,430,417 | | 7,527,278 | | 4,114,618 | | | | 09/30/97 | | 300 | |
Manchester | CT | | | | 771,660 | | 3,653,539 | | 1,661 | | 161 | | 771,660 | | 3,655,361 | | 4,427,021 | | 2,308,646 | | | | 03/26/98 | | 300 | |
Manchester | CT | | | | 1,250,464 | | 5,917,037 | | 3,555 | | None | | 1,250,464 | | 5,920,592 | | 7,171,056 | | 3,739,296 | | | | 03/26/98 | | 300 | |
Deerfield Beach | FL | | | | 3,160,000 | | 4,832,848 | | 6,603 | | None | | 3,160,000 | | 4,839,451 | | 7,999,451 | | 622,220 | | | | 10/22/10 | | 300 | |
Collinsville | IL | | 3,570,500 | | 675,724 | | 7,021,479 | | None | | None | | 675,724 | | 7,021,479 | | 7,697,203 | | 269,157 | | | | 01/22/13 | | 300 | |
Georgetown | KY | | 5,679,500 | | 1,922,820 | | 10,448,325 | | None | | None | | 1,922,820 | | 10,448,325 | | 12,371,145 | | 400,519 | | | | 01/22/13 | | 300 | |
Missoula | MT | | | | 163,100 | | 362,249 | | 28,843 | | 16,199 | | 163,100 | | 407,291 | | 570,391 | | 366,641 | | | | 10/30/87 | | 300 | |
Staten Island | NY | | | | 4,202,093 | | 3,385,021 | | 159,549 | | None | | 4,202,093 | | 3,544,570 | | 7,746,663 | | 2,147,192 | | | | 03/26/98 | | 300 | |
Clarksville | TN | | | | 3,992,886 | | - | | None | | None | | 3,992,886 | | - | | 3,992,886 | | - | | | | 07/05/13 | | 300 | |
Dallas | TX | | | | 1,210,000 | | 2,675,265 | | 7,975 | | None | | 1,210,000 | | 2,683,240 | | 3,893,240 | | 343,499 | | | | 10/22/10 | | 300 | |
The Colony | TX | | | | 2,580,000 | | 2,214,133 | | 20,700 | | None | | 2,580,000 | | 2,234,833 | | 4,814,833 | | 289,063 | | | | 10/22/10 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Automotive collision services | | | | | | | | | | | | | | | | | | | | |
Colorado Springs | CO | | | | 1,085,560 | | 2,137,425 | | None | | None | | 1,085,560 | | 2,137,425 | | 3,222,985 | | 163,790 | | | | 01/05/12 | | 300 | |
Denver | CO | | | | 480,348 | | 2,127,792 | | None | | None | | 480,348 | | 2,127,792 | | 2,608,140 | | 136,854 | | 06/08/12 | | 09/30/11 | | 300 | |
Highlands Ranch | CO | | | | 583,289 | | 2,139,057 | | None | | None | | 583,289 | | 2,139,057 | | 2,722,346 | | 829,956 | | 07/10/07 | | 08/11/03 | | 300 | |
Littleton | CO | | | | 601,388 | | 2,169,898 | | None | | None | | 601,388 | | 2,169,898 | | 2,771,286 | | 695,155 | | 02/02/06 | | 11/12/04 | | 300 | |
Parker | CO | | | | 868,768 | | 2,653,745 | | None | | None | | 868,768 | | 2,653,745 | | 3,522,513 | | 853,956 | | 09/07/12 | | 07/03/03 | | 300 | |
Thornton | CO | | | | 693,323 | | 1,896,616 | | None | | 128 | | 693,323 | | 1,896,744 | | 2,590,067 | | 684,098 | | 10/05/04 | | 10/15/03 | | 300 | |
Cumming | GA | | | | 661,624 | | 1,822,363 | | None | | None | | 661,624 | | 1,822,363 | | 2,483,987 | | 745,462 | | 09/18/03 | | 12/31/02 | | 300 | |
Douglasville | GA | | | | 679,868 | | 1,935,515 | | None | | None | | 679,868 | | 1,935,515 | | 2,615,383 | | 797,493 | | 08/11/03 | | 12/30/02 | | 300 | |
Lilburn | GA | | | | 1,150,000 | | 1,670,724 | | None | | None | | 1,150,000 | | 1,670,724 | | 2,820,724 | | 19,519 | | 07/29/13 | | 02/20/13 | | 300 | |
Macon | GA | | | | 1,400,000 | | 1,317,435 | | None | | None | | 1,400,000 | | 1,317,435 | | 2,717,435 | | 83,413 | | 05/11/12 | | 01/10/12 | | 300 | |
Morrow | GA | | | | 725,948 | | 1,846,315 | | None | | None | | 725,948 | | 1,846,315 | | 2,572,263 | | 766,155 | | 07/07/03 | | 08/30/02 | | 300 | |
Peachtree City | GA | | | | 1,190,380 | | 689,284 | | None | | None | | 1,190,380 | | 689,284 | | 1,879,664 | | 302,979 | | 12/16/02 | | 09/19/02 | | 300 | |
Roswell | GA | | | | 1,825,000 | | 1,934,495 | | None | | None | | 1,825,000 | | 1,934,495 | | 3,759,495 | | 153,509 | | 12/22/11 | | 08/10/11 | | 300 | |
Warner Robins | GA | | | | 1,250,000 | | 1,012,258 | | None | | None | | 1,250,000 | | 1,012,258 | | 2,262,258 | | 77,282 | | 01/11/12 | | 09/01/11 | | 300 | |
Naperville | IL | | | | 1,090,000 | | 1,596,107 | | None | | None | | 1,090,000 | | 1,596,107 | | 2,686,107 | | 2,660 | | | | 12/23/13 | | 300 | |
Oak Lawn | IL | | | | 180,000 | | 547,000 | | None | | None | | 180,000 | | 547,000 | | 727,000 | | 2,735 | | | | 11/13/13 | | 300 | |
Oak Lawn | IL | | | | 370,000 | | 1,116,641 | | None | | None | | 370,000 | | 1,116,641 | | 1,486,641 | | 1,861 | | | | 12/23/13 | | 300 | |
Orland Park | IL | | | | 120,000 | | 1,015,358 | | None | | None | | 120,000 | | 1,015,358 | | 1,135,358 | | 1,692 | | | | 12/23/13 | | 300 | |
South Holland | IL | | | | 80,000 | | 1,548,690 | | None | | None | | 80,000 | | 1,548,690 | | 1,628,690 | | 2,581 | | | | 12/23/13 | | 300 | |
Ham Lake | MN | | | | 192,610 | | 1,930,958 | | None | | None | | 192,610 | | 1,930,958 | | 2,123,568 | | 698,575 | | 07/01/04 | | 10/31/03 | | 300 | |
Stillwater | MN | | | | 656,250 | | 1,218,901 | | 187,158 | | None | | 656,250 | | 1,406,059 | | 2,062,309 | | 60,287 | | | | 11/16/12 | | 300 | |
Olive Branch | MS | | | | 350,000 | | 1,965,718 | | None | | None | | 350,000 | | 1,965,718 | | 2,315,718 | | 196,706 | | 06/29/11 | | 11/02/10 | | 300 | |
Cary | NC | | | | 610,389 | | 1,492,235 | | None | | None | | 610,389 | | 1,492,235 | | 2,102,624 | | 455,132 | | | | 05/25/06 | | 300 | |
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REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Durham | NC | | | | 680,969 | | 1,323,140 | | None | | 24 | | 680,969 | | 1,323,164 | | 2,004,133 | | 403,581 | | | | 05/25/06 | | 300 | |
Wilmington | NC | | | | 378,813 | | 1,150,679 | | None | | None | | 378,813 | | 1,150,679 | | 1,529,492 | | 388,361 | | 07/15/05 | | 12/21/04 | | 300 | |
Las Vegas | NV | | | | 720,000 | | 1,660,000 | | None | | None | | 720,000 | | 1,660,000 | | 2,380,000 | | 13,833 | | | | 10/22/13 | | 300 | |
Bartlett | TN | | | | 648,526 | | 1,960,733 | | None | | None | | 648,526 | | 1,960,733 | | 2,609,259 | | 709,353 | | 08/03/04 | | 10/27/03 | | 300 | |
Riverton | UT | | | | 1,100,000 | | 1,576,390 | | None | | None | | 1,100,000 | | 1,576,390 | | 2,676,390 | | 49,952 | | 01/18/13 | | 07/26/12 | | 300 | |
Salt Lake City | UT | | | | 2,900,000 | | 1,598,391 | | None | | None | | 2,900,000 | | 1,598,391 | | 4,498,391 | | 115,444 | | 02/17/12 | | 10/11/11 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Automotive parts | | | | | | | | | | | | | | | | | | | | |
Birmingham | AL | | | | 355,823 | | 660,814 | | None | | None | | 355,823 | | 660,814 | | 1,016,637 | | 27,534 | | | | 12/07/12 | | 300 | |
Flomaton | AL | | | | 90,000 | | 808,163 | | None | | None | | 90,000 | | 808,163 | | 898,163 | | 20,204 | | | | 05/01/13 | | 300 | |
Harvest | AL | | 522,690 | | 744,737 | | 1,537,832 | | None | | None | | 744,737 | | 1,537,832 | | 2,282,569 | | 58,950 | | | | 01/22/13 | | 300 | |
Millbrook | AL | | | | 108,000 | | 518,741 | | 170,938 | | 211 | | 108,000 | | 689,890 | | 797,890 | | 327,196 | | 12/10/98 | | 01/21/99 | | 300 | |
Montgomery | AL | | | | 254,465 | | 502,350 | | 10,819 | | 295 | | 254,465 | | 513,464 | | 767,929 | | 317,914 | | | | 06/30/98 | | 300 | |
Phoenix | AZ | | | | 231,000 | | 513,057 | | None | | 62 | | 231,000 | | 513,119 | | 744,119 | | 513,072 | | | | 11/09/87 | | 300 | |
Phoenix | AZ | | | | 222,950 | | 495,178 | | None | | 102 | | 222,950 | | 495,280 | | 718,230 | | 479,419 | | | | 11/02/89 | | 300 | |
San Luis | AZ | | | | 287,508 | | 694,650 | | None | | None | | 287,508 | | 694,650 | | 982,158 | | 8,104 | | | | 09/26/13 | | 300 | |
Tucson | AZ | | | | 194,250 | | 431,434 | | None | | None | | 194,250 | | 431,434 | | 625,684 | | 431,434 | | | | 10/30/87 | | 300 | |
Grass Valley | CA | | | | 325,000 | | 384,955 | | None | | None | | 325,000 | | 384,955 | | 709,955 | | 384,955 | | | | 05/20/88 | | 300 | |
Sacramento | CA | | | | 210,000 | | 466,419 | | None | | 127 | | 210,000 | | 466,546 | | 676,546 | | 466,547 | | | | 11/25/87 | | 300 | |
Turlock | CA | | | | 222,250 | | 493,627 | | None | | None | | 222,250 | | 493,627 | | 715,877 | | 493,627 | | | | 12/30/87 | | 300 | |
Denver | CO | | | | 141,400 | | 314,056 | | None | | 82 | | 141,400 | | 314,138 | | 455,538 | | 314,091 | | | | 11/18/87 | | 300 | |
Denver | CO | | | | 315,000 | | 699,623 | | None | | 290 | | 315,000 | | 699,913 | | 1,014,913 | | 699,817 | | | | 05/16/88 | | 300 | |
Littleton | CO | | | | 252,925 | | 561,758 | | None | | 181 | | 252,925 | | 561,939 | | 814,864 | | 561,919 | | | | 02/12/88 | | 300 | |
Smyrna | DE | | | | 232,273 | | 472,855 | | 15,774 | | None | | 232,273 | | 488,629 | | 720,902 | | 292,685 | | | | 08/07/98 | | 300 | |
Apopka | FL | | | | 820,000 | | 1,115,761 | | None | | None | | 820,000 | | 1,115,761 | | 1,935,761 | | 24,175 | | | | 06/21/13 | | 300 | |
Deerfield Beach | FL | | | | 475,000 | | 871,738 | | 2,420 | | 31,798 | | 475,000 | | 905,956 | | 1,380,956 | | 540,613 | | | | 01/29/99 | | 300 | |
Kissimmee | FL | | | | 1,000,000 | | 1,169,792 | | None | | None | | 1,000,000 | | 1,169,792 | | 2,169,792 | | 25,345 | | | | 06/21/13 | | 300 | |
Merritt Island | FL | | | | 309,652 | | 482,459 | | 38,694 | | 21,831 | | 309,652 | | 542,984 | | 852,636 | | 343,484 | | | | 11/26/96 | | 300 | |
Atlanta | GA | | | | 652,551 | | 763,360 | | 27,163 | | 45,476 | | 652,551 | | 835,999 | | 1,488,550 | | 474,307 | | | | 12/18/98 | | 300 | |
Byron | GA | | | | 359,612 | | 868,859 | | None | | None | | 359,612 | | 868,859 | | 1,228,471 | | 13,033 | | | | 08/05/13 | | 300 | |
Council Bluffs | IA | | | | 194,355 | | 431,668 | | None | | None | | 194,355 | | 431,668 | | 626,023 | | 431,668 | | | | 05/19/88 | | 300 | |
Des Moines | IA | | | | 414,218 | | 1,000,794 | | None | | None | | 414,218 | | 1,000,794 | | 1,415,012 | | 1,668 | | | | 12/06/13 | | 300 | |
Boise | ID | | | | 158,400 | | 351,812 | | None | | 5,428 | | 158,400 | | 357,240 | | 515,640 | | 354,602 | | | | 05/06/88 | | 300 | |
Moscow | ID | | | | 117,250 | | 260,417 | | None | | None | | 117,250 | | 260,417 | | 377,667 | | 260,417 | | | | 09/14/87 | | 300 | |
Joliet | IL | | 1,309,100 | | 723,567 | | 2,571,856 | | None | | None | | 723,567 | | 2,571,856 | | 3,295,423 | | 98,588 | | | | 01/22/13 | | 300 | |
Brazil | IN | | | | 183,952 | | 453,831 | | 8,942 | | 173 | | 183,952 | | 462,946 | | 646,898 | | 272,749 | | | | 03/31/99 | | 300 | |
Chesterton | IN | | | | 293,382 | | 708,842 | | None | | None | | 293,382 | | 708,842 | | 1,002,224 | | 8,270 | | | | 09/27/13 | | 300 | |
Griffith | IN | | | | 343,778 | | 830,602 | | None | | None | | 343,778 | | 830,602 | | 1,174,380 | | 9,690 | | | | 09/27/13 | | 300 | |
Muncie | IN | | | | 148,901 | | 645,660 | | 214,057 | | 28,327 | | 148,901 | | 888,044 | | 1,036,945 | | 541,029 | | | | 11/26/96 | | 300 | |
Plainfield | IN | | | | 453,645 | | 908,485 | | 42,619 | | 47,114 | | 453,645 | | 998,218 | | 1,451,863 | | 594,351 | | | | 01/30/98 | | 300 | |
Princeton | IN | | | | 134,209 | | 560,113 | | None | | 211 | | 134,209 | | 560,324 | | 694,533 | | 331,606 | | | | 03/31/99 | | 300 | |
Vincennes | IN | | | | 185,312 | | 489,779 | | 17,925 | | 173 | | 185,312 | | 507,877 | | 693,189 | | 291,333 | | | | 03/31/99 | | 300 | |
Kansas City | KS | | | | 222,000 | | 455,881 | | 18,738 | | 146 | | 222,000 | | 474,765 | | 696,765 | | 468,099 | | | | 05/16/88 | | 300 | |
Scottsville | KY | | | | 503,473 | | 1,039,640 | | None | | None | | 503,473 | | 1,039,640 | | 1,543,113 | | 39,853 | | | | 01/22/13 | | 300 | |
Lafayette | LA | | 526,620 | | 740,444 | | 1,528,968 | | None | | None | | 740,444 | | 1,528,968 | | 2,269,412 | | 58,610 | | | | 01/22/13 | | 300 | |
Slidell | LA | | 564,610 | | 629,335 | | 1,299,536 | | None | | None | | 629,335 | | 1,299,536 | | 1,928,871 | | 49,816 | | | | 01/22/13 | | 300 | |
Sulphur | LA | | | | 290,047 | | 700,785 | | None | | None | | 290,047 | | 700,785 | | 990,832 | | 10,512 | | | | 08/01/13 | | 300 | |
West Monroe | LA | | 564,610 | | 462,715 | | 1,394,603 | | None | | None | | 462,715 | | 1,394,603 | | 1,857,318 | | 53,460 | | | | 01/22/13 | | 300 | |
Alma | MI | | | | 155,000 | | 600,282 | | 13,902 | | 122 | | 155,000 | | 614,306 | | 769,306 | | 354,492 | | 04/29/99 | | 02/10/99 | | 300 | |
Lansing | MI | | | | 265,000 | | 574,931 | | 132,237 | | 303 | | 265,000 | | 707,471 | | 972,471 | | 398,105 | | 04/30/99 | | 12/03/98 | | 300 | |
Rockford | MI | | 666,135 | | 870,632 | | 1,726,400 | | None | | None | | 870,632 | | 1,726,400 | | 2,597,032 | | 66,179 | | | | 01/22/13 | | 300 | |
Roseville | MI | | | | 558,997 | | 1,810,289 | | None | | None | | 558,997 | | 1,810,289 | | 2,369,286 | | 69,394 | | | | 01/22/13 | | 300 | |
Saginaw | MI | | | | 948,826 | | 1,959,264 | | None | | None | | 948,826 | | 1,959,264 | | 2,908,090 | | 75,105 | | | | 01/22/13 | | 300 | |
Saginaw | MI | | | | 859,956 | | 1,775,753 | | None | | None | | 859,956 | | 1,775,753 | | 2,635,709 | | 68,071 | | | | 01/22/13 | | 300 | |
Sturgis | MI | | | | 109,558 | | 550,274 | | 10,272 | | 94 | | 109,558 | | 560,640 | | 670,198 | | 333,444 | | | | 12/30/98 | | 300 | |
Waterford | MI | | | | 995,991 | | 2,056,657 | | None | | None | | 995,991 | | 2,056,657 | | 3,052,648 | | 78,839 | | | | 01/22/13 | | 300 | |
F-2
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Batesville | MS | | | | 190,124 | | 485,670 | | None | | 173 | | 190,124 | | 485,843 | | 675,967 | | 300,397 | | | | 07/27/98 | | 300 | |
Crystal Springs | MS | | 410,030 | | 514,234 | | 1,061,859 | | None | | None | | 514,234 | | 1,061,859 | | 1,576,093 | | 40,705 | | | | 01/22/13 | | 300 | |
Horn Lake | MS | | | | 142,702 | | 514,779 | | 3,945 | | 211 | | 142,702 | | 518,935 | | 661,637 | | 320,682 | | | | 06/30/98 | | 300 | |
Richland | MS | | | | 243,565 | | 558,645 | | 10,302 | | 211 | | 243,565 | | 569,158 | | 812,723 | | 316,960 | | | | 12/21/99 | | 300 | |
Vicksburg | MS | | 474,220 | | 631,900 | | 1,304,832 | | None | | None | | 631,900 | | 1,304,832 | | 1,936,732 | | 50,019 | | | | 01/22/13 | | 300 | |
Harrisburg | NC | | | | 680,000 | | 813,119 | | None | | None | | 680,000 | | 813,119 | | 1,493,119 | | 17,618 | | | | 06/21/13 | | 300 | |
Omaha | NE | | | | 196,000 | | 435,321 | | None | | 32 | | 196,000 | | 435,353 | | 631,353 | | 435,331 | | | | 05/26/88 | | 300 | |
Omaha | NE | | | | 199,100 | | 412,042 | | None | | 32 | | 199,100 | | 412,074 | | 611,174 | | 412,051 | | | | 05/27/88 | | 300 | |
Artesia | NM | | | | 400,000 | | 807,227 | | None | | None | | 400,000 | | 807,227 | | 1,207,227 | | 17,490 | | | | 06/21/13 | | 300 | |
Las Cruces | NM | | | | 370,000 | | 1,010,676 | | None | | None | | 370,000 | | 1,010,676 | | 1,380,676 | | 21,898 | | | | 06/21/13 | | 300 | |
Rio Rancho | NM | | | | 211,577 | | 469,923 | | None | | None | | 211,577 | | 469,923 | | 681,500 | | 469,923 | | | | 02/26/88 | | 300 | |
Santa Fe | NM | | | | 517,006 | | 1,249,140 | | None | | None | | 517,006 | | 1,249,140 | | 1,766,146 | | 10,410 | | | | 10/11/13 | | 300 | |
Fernley | NV | | | | 300,000 | | 1,027,155 | | None | | None | | 300,000 | | 1,027,155 | | 1,327,155 | | 22,255 | | | | 06/21/13 | | 300 | |
Las Vegas | NV | | | | 161,000 | | 357,585 | | 260,000 | | None | | 161,000 | | 617,585 | | 778,585 | | 522,252 | | | | 10/29/87 | | 300 | |
Dunkirk | NY | | 779,160 | | 631,375 | | 1,303,749 | | None | | None | | 631,375 | | 1,303,749 | | 1,935,124 | | 49,977 | | | | 01/22/13 | | 300 | |
Canton | OH | | | | 396,560 | | 597,553 | | None | | 25,682 | | 396,560 | | 623,235 | | 1,019,795 | | 373,956 | | | | 08/14/98 | | 300 | |
Centerville | OH | | | | 601,408 | | 758,192 | | 9,017 | | 38,193 | | 601,408 | | 805,402 | | 1,406,810 | | 480,909 | | | | 06/30/98 | | 300 | |
Hamilton | OH | | | | 183,000 | | 515,727 | | 2,941 | | 122 | | 183,000 | | 518,790 | | 701,790 | | 305,658 | | 04/07/99 | | 12/03/98 | | 300 | |
Oberlin | OH | | | | 383,506 | | 926,590 | | None | | None | | 383,506 | | 926,590 | | 1,310,096 | | 4,633 | | | | 11/07/13 | | 300 | |
Toledo | OH | | | | 130,000 | | 1,562,052 | | None | | None | | 130,000 | | 1,562,052 | | 1,692,052 | | 44,258 | | | | 04/12/13 | | 300 | |
Toledo | OH | | | | 140,000 | | 1,059,979 | | None | | None | | 140,000 | | 1,059,979 | | 1,199,979 | | 30,033 | | | | 04/12/13 | | 300 | |
Del City | OK | | | | 634,664 | | 1,178,662 | | None | | None | | 634,664 | | 1,178,662 | | 1,813,326 | | 49,111 | | | | 12/07/12 | | 300 | |
Oklahoma City | OK | | | | 602,052 | | 1,118,096 | | None | | None | | 602,052 | | 1,118,096 | | 1,720,148 | | 35,406 | | | | 03/01/13 | | 300 | |
Albany | OR | | | | 152,250 | | 338,153 | | None | | 58 | | 152,250 | | 338,211 | | 490,461 | | 338,159 | | | | 08/24/87 | | 300 | |
Beaverton | OR | | | | 210,000 | | 466,419 | | None | | 58 | | 210,000 | | 466,477 | | 676,477 | | 466,424 | | | | 08/26/87 | | 300 | |
Portland | OR | | | | 190,750 | | 423,664 | | None | | 58 | | 190,750 | | 423,722 | | 614,472 | | 423,669 | | | | 08/12/87 | | 300 | |
Portland | OR | | | | 147,000 | | 326,493 | | None | | 58 | | 147,000 | | 326,551 | | 473,551 | | 326,498 | | | | 08/26/87 | | 300 | |
Salem | OR | | | | 136,500 | | 303,170 | | None | | 58 | | 136,500 | | 303,228 | | 439,728 | | 303,175 | | | | 08/20/87 | | 300 | |
Butler | PA | | | | 339,929 | | 633,078 | | 47,758 | | 230 | | 339,929 | | 681,066 | | 1,020,995 | | 403,039 | | | | 08/07/98 | | 300 | |
Dover | PA | | | | 265,112 | | 593,341 | | None | | None | | 265,112 | | 593,341 | | 858,453 | | 368,859 | | | | 06/30/98 | | 300 | |
Enola | PA | | | | 220,228 | | 546,026 | | 11,416 | | 172 | | 220,228 | | 557,614 | | 777,842 | | 333,732 | | | | 11/10/98 | | 300 | |
Hanover | PA | | | | 132,500 | | 719,511 | | 9,982 | | 232 | | 132,500 | | 729,725 | | 862,225 | | 414,901 | | 07/26/99 | | 05/13/99 | | 300 | |
Harrisburg | PA | | | | 327,781 | | 608,291 | | 7,138 | | 172 | | 327,781 | | 615,601 | | 943,382 | | 380,221 | | | | 06/30/98 | | 300 | |
Harrisburg | PA | | | | 283,417 | | 352,473 | | 3,100 | | 172 | | 283,417 | | 355,745 | | 639,162 | | 216,231 | | | | 09/30/98 | | 300 | |
Lancaster | PA | | | | 199,899 | | 774,838 | | 24,235 | | None | | 199,899 | | 799,073 | | 998,972 | | 490,257 | | | | 08/14/98 | | 300 | |
New Castle | PA | | | | 180,009 | | 525,774 | | 91,802 | | 230 | | 180,009 | | 617,806 | | 797,815 | | 350,704 | | | | 06/30/98 | | 300 | |
Reading | PA | | | | 379,000 | | 658,722 | | 10,100 | | 232 | | 379,000 | | 669,054 | | 1,048,054 | | 392,961 | | 06/09/99 | | 12/04/98 | | 300 | |
Guayama | PR | | 988,000 | | 874,937 | | 1,806,689 | | None | | None | | 874,937 | | 1,806,689 | | 2,681,626 | | 69,256 | | | | 01/22/13 | | 300 | |
Humacao | PR | | 1,506,700 | | 1,161,891 | | 2,399,229 | | None | | None | | 1,161,891 | | 2,399,229 | | 3,561,120 | | 91,970 | | | | 01/22/13 | | 300 | |
Ponce | PR | | 1,803,100 | | 1,321,292 | | 2,728,382 | | None | | None | | 1,321,292 | | 2,728,382 | | 4,049,674 | | 104,588 | | | | 01/22/13 | | 300 | |
San Juan | PR | | 1,506,700 | | 1,158,525 | | 2,392,278 | | None | | None | | 1,158,525 | | 2,392,278 | | 3,550,803 | | 91,704 | | | | 01/22/13 | | 300 | |
Columbia | SC | | | | 474,027 | | 1,427,348 | | None | | None | | 474,027 | | 1,427,348 | | 1,901,375 | | 54,715 | | | | 01/22/13 | | 300 | |
Arlington | TN | | | | 381,083 | | 707,726 | | None | | None | | 381,083 | | 707,726 | | 1,088,809 | | 29,489 | | | | 12/07/12 | | 300 | |
Columbia | TN | | | | 273,120 | | 431,716 | | None | | 211 | | 273,120 | | 431,927 | | 705,047 | | 251,325 | | | | 06/30/99 | | 300 | |
Channelview | TX | | | | 483,804 | | 1,168,921 | | None | | None | | 483,804 | | 1,168,921 | | 1,652,725 | | 17,534 | | | | 08/14/13 | | 300 | |
Denton | TX | | | | 435,456 | | 1,052,108 | | None | | None | | 435,456 | | 1,052,108 | | 1,487,564 | | 5,261 | | | | 11/15/13 | | 300 | |
Edinburg | TX | | | | 320,000 | | 963,916 | | None | | None | | 320,000 | | 963,916 | | 1,283,916 | | 20,885 | | | | 06/21/13 | | 300 | |
Hallettsville | TX | | | | 349,985 | | 845,600 | | None | | None | | 349,985 | | 845,600 | | 1,195,585 | | 7,047 | | | | 10/11/13 | | 300 | |
Laredo | TX | | | | 807,044 | | 1,498,795 | | None | | None | | 807,044 | | 1,498,795 | | 2,305,839 | | 62,450 | | | | 12/07/12 | | 300 | |
Richmond | TX | | | | 521,238 | | 1,259,366 | | None | | None | | 521,238 | | 1,259,366 | | 1,780,604 | | 10,495 | | | | 10/24/13 | | 300 | |
Roma | TX | | | | 200,000 | | 1,004,538 | | None | | None | | 200,000 | | 1,004,538 | | 1,204,538 | | 21,765 | | | | 06/21/13 | | 300 | |
San Benito | TX | | | | 411,712 | | 994,738 | | None | | None | | 411,712 | | 994,738 | | 1,406,450 | | 8,289 | | | | 10/11/13 | | 300 | |
Bellevue | WA | | | | 185,500 | | 411,997 | | None | | 107 | | 185,500 | | 412,104 | | 597,604 | | 412,047 | | | | 08/06/87 | | 300 | |
Bellingham | WA | | | | 168,000 | | 373,133 | | None | | 107 | | 168,000 | | 373,240 | | 541,240 | | 373,183 | | | | 08/20/87 | | 300 | |
Kenmore | WA | | | | 199,500 | | 443,098 | | None | | 107 | | 199,500 | | 443,205 | | 642,705 | | 443,148 | | | | 08/20/87 | | 300 | |
Kent | WA | | | | 199,500 | | 443,091 | | None | | 107 | | 199,500 | | 443,198 | | 642,698 | | 443,141 | | | | 08/06/87 | | 300 | |
Moses Lake | WA | | | | 138,600 | | 307,831 | | None | | 107 | | 138,600 | | 307,938 | | 446,538 | | 307,882 | | | | 08/12/87 | | 300 | |
F-3
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Renton | WA | | | | 185,500 | | 412,003 | | None | | 107 | | 185,500 | | 412,110 | | 597,610 | | 412,053 | | | | 09/15/87 | | 300 | |
Seattle | WA | | | | 162,400 | | 360,697 | | None | | 107 | | 162,400 | | 360,804 | | 523,204 | | 360,747 | | | | 08/20/87 | | 300 | |
Silverdale | WA | | | | 183,808 | | 419,777 | | None | | 107 | | 183,808 | | 419,884 | | 603,692 | | 419,827 | | | | 09/16/87 | | 300 | |
Tacoma | WA | | | | 191,800 | | 425,996 | | None | | 107 | | 191,800 | | 426,103 | | 617,903 | | 426,046 | | | | 08/18/87 | | 300 | |
Tacoma | WA | | | | 196,000 | | 435,324 | | None | | 107 | | 196,000 | | 435,431 | | 631,431 | | 435,374 | | | | 10/15/87 | | 300 | |
Vancouver | WA | | | | 180,250 | | 400,343 | | None | | 58 | | 180,250 | | 400,401 | | 580,651 | | 400,348 | | | | 08/20/87 | | 300 | |
Vancouver | WA | | | | 168,000 | | 373,135 | | None | | 58 | | 168,000 | | 373,193 | | 541,193 | | 373,141 | | | | 05/23/88 | | 300 | |
Wenatchee | WA | | | | 148,400 | | 329,602 | | None | | 107 | | 148,400 | | 329,709 | | 478,109 | | 329,653 | | | | 08/25/87 | | 300 | |
Viroqua | WI | | | | 130,000 | | 751,418 | | None | | None | | 130,000 | | 751,418 | | 881,418 | | 18,785 | | | | 05/01/13 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Automotive service | | | | | | | | | | | | | | | | | | | | |
Flagstaff | AZ | | | | 144,821 | | 417,485 | | 6,150 | | 10 | | 144,821 | | 423,645 | | 568,466 | | 258,456 | | 04/11/02 | | 08/29/97 | | 300 | |
Mesa | AZ | | | | 210,620 | | 475,072 | | None | | None | | 210,620 | | 475,072 | | 685,692 | | 220,904 | | | | 05/14/02 | | 300 | |
Phoenix | AZ | | | | 189,341 | | 546,984 | | None | | 110 | | 189,341 | | 547,094 | | 736,435 | | 254,458 | | | | 05/14/02 | | 300 | |
Phoenix | AZ | | | | 384,608 | | 279,824 | | None | | None | | 384,608 | | 279,824 | | 664,432 | | 130,116 | | | | 05/14/02 | | 300 | |
Sierra Vista | AZ | | | | 175,114 | | 345,508 | | None | | None | | 175,114 | | 345,508 | | 520,622 | | 160,659 | | | | 05/14/02 | | 300 | |
Tucson | AZ | | | | 226,596 | | 437,972 | | None | | None | | 226,596 | | 437,972 | | 664,568 | | 203,655 | | | | 05/14/02 | | 300 | |
Tucson | AZ | | | | 287,369 | | 533,684 | | None | | None | | 287,369 | | 533,684 | | 821,053 | | 80,942 | | | | 03/25/10 | | 300 | |
Bakersfield | CA | | | | 65,165 | | 206,927 | | None | | None | | 65,165 | | 206,927 | | 272,092 | | 96,219 | | | | 05/14/02 | | 300 | |
Chula Vista | CA | | | | 313,293 | | 409,654 | | None | | None | | 313,293 | | 409,654 | | 722,947 | | 288,806 | | 05/01/96 | | 01/19/96 | | 300 | |
Dublin | CA | | | | 415,620 | | 1,153,928 | | None | | None | | 415,620 | | 1,153,928 | | 1,569,548 | | 536,574 | | | | 05/14/02 | | 300 | |
Folsom | CA | | | | 471,813 | | 325,610 | | None | | None | | 471,813 | | 325,610 | | 797,423 | | 151,406 | | | | 05/14/02 | | 300 | |
Indio | CA | | | | 264,956 | | 265,509 | | None | | None | | 264,956 | | 265,509 | | 530,465 | | 123,460 | | | | 05/14/02 | | 300 | |
Los Angeles | CA | | | | 580,446 | | 158,876 | | None | | None | | 580,446 | | 158,876 | | 739,322 | | 73,875 | | | | 05/14/02 | | 300 | |
Oxnard | CA | | | | 186,980 | | 198,236 | | None | | None | | 186,980 | | 198,236 | | 385,216 | | 92,178 | | | | 05/14/02 | | 300 | |
Simi Valley | CA | | | | 213,920 | | 161,012 | | None | | None | | 213,920 | | 161,012 | | 374,932 | | 74,869 | | | | 05/14/02 | | 300 | |
Stockton | CA | | | | 1,395,822 | | 2,882,282 | | None | | None | | 1,395,822 | | 2,882,282 | | 4,278,104 | | 110,487 | | | | 01/22/13 | | 300 | |
Vacaville | CA | | | | 358,067 | | 284,931 | | None | | None | | 358,067 | | 284,931 | | 642,998 | | 132,491 | | | | 05/14/02 | | 300 | |
Aurora | CO | | | | 231,314 | | 430,495 | | None | | 115 | | 231,314 | | 430,610 | | 661,924 | | 108,422 | | | | 09/04/07 | | 300 | |
Broomfield | CO | | | | 154,930 | | 503,626 | | None | | 2,564 | | 154,930 | | 506,190 | | 661,120 | | 350,676 | | 08/22/96 | | 03/15/96 | | 300 | |
Denver | CO | | | | 79,717 | | 369,587 | | None | | 208 | | 79,717 | | 369,795 | | 449,512 | | 369,744 | | | | 10/08/85 | | 300 | |
Denver | CO | | | | 239,024 | | 444,785 | | None | | 115 | | 239,024 | | 444,900 | | 683,924 | | 112,018 | | | | 09/04/07 | | 300 | |
Lakewood | CO | | | | 70,422 | | 132,296 | | None | | None | | 70,422 | | 132,296 | | 202,718 | | 33,294 | | | | 09/04/07 | | 300 | |
Longmont | CO | | | | 87,385 | | 163,169 | | None | | 115 | | 87,385 | | 163,284 | | 250,669 | | 41,144 | | | | 09/04/07 | | 300 | |
Thornton | CO | | | | 276,084 | | 415,464 | | None | | 115 | | 276,084 | | 415,579 | | 691,663 | | 281,746 | | 12/31/96 | | 10/31/96 | | 300 | |
Hartford | CT | | | | 248,540 | | 482,460 | | 35,465 | | 1,034 | | 248,540 | | 518,959 | | 767,499 | | 340,066 | | | | 09/30/96 | | 300 | |
Southington | CT | | | | 225,882 | | 672,910 | | None | | 172 | | 225,882 | | 673,082 | | 898,964 | | 445,207 | | | | 06/06/97 | | 300 | |
Vernon | CT | | | | 81,529 | | 300,518 | | None | | None | | 81,529 | | 300,518 | | 382,047 | | 138,739 | | | | 06/27/02 | | 300 | |
Jacksonville | FL | | | | 76,585 | | 355,066 | | 6,980 | | 420 | | 76,585 | | 362,466 | | 439,051 | | 358,960 | | | | 12/23/85 | | 300 | |
Miami Gardens | FL | | | | 163,239 | | 262,726 | | None | | None | | 163,239 | | 262,726 | | 425,965 | | 121,292 | | | | 06/27/02 | | 300 | |
Orange City | FL | | | | 99,613 | | 139,008 | | None | | None | | 99,613 | | 139,008 | | 238,621 | | 64,637 | | | | 05/14/02 | | 300 | |
Pensacola | FL | | | | 308,067 | | 573,708 | | 23,430 | | 2,874 | | 308,067 | | 600,012 | | 908,079 | | 183,825 | | | | 11/22/06 | | 300 | |
Atlanta | GA | | | | 309,474 | | 574,737 | | None | | None | | 309,474 | | 574,737 | | 884,211 | | 87,168 | | | | 03/25/10 | | 300 | |
Bogart | GA | | | | 66,807 | | 309,733 | | None | | None | | 66,807 | | 309,733 | | 376,540 | | 309,733 | | | | 12/20/85 | | 300 | |
Douglasville | GA | | | | 214,771 | | 129,519 | | None | | None | | 214,771 | | 129,519 | | 344,290 | | 60,224 | | | | 05/14/02 | | 300 | |
Duluth | GA | | | | 222,275 | | 316,925 | | 368 | | 4,697 | | 222,275 | | 321,990 | | 544,265 | | 205,273 | | 10/24/97 | | 06/20/97 | | 300 | |
Duluth | GA | | | | 290,842 | | 110,056 | | None | | None | | 290,842 | | 110,056 | | 400,898 | | 51,174 | | | | 05/14/02 | | 300 | |
Gainesville | GA | | | | 53,589 | | 248,452 | | None | | None | | 53,589 | | 248,452 | | 302,041 | | 248,452 | | | | 12/19/85 | | 300 | |
Kennesaw | GA | | | | 266,865 | | 139,425 | | None | | None | | 266,865 | | 139,425 | | 406,290 | | 64,831 | | | | 05/14/02 | | 300 | |
Marietta | GA | | | | 60,900 | | 293,461 | | 67,871 | | 499 | | 60,900 | | 361,831 | | 422,731 | | 317,759 | | | | 12/26/85 | | 300 | |
Marietta | GA | | | | 69,561 | | 346,024 | | None | | 3,353 | | 69,561 | | 349,377 | | 418,938 | | 347,404 | | | | 06/03/86 | | 300 | |
Norcross | GA | | | | 244,124 | | 151,831 | | None | | None | | 244,124 | | 151,831 | | 395,955 | | 70,599 | | | | 05/14/02 | | 300 | |
Norcross | GA | | | | 503,773 | | 937,121 | | 39,032 | | 21,600 | | 503,773 | | 997,753 | | 1,501,526 | | 299,264 | | | | 11/22/06 | | 300 | |
Riverdale | GA | | | | 58,444 | | 270,961 | | None | | None | | 58,444 | | 270,961 | | 329,405 | | 270,961 | | | | 01/15/86 | | 300 | |
Rome | GA | | | | 56,454 | | 261,733 | | None | | None | | 56,454 | | 261,733 | | 318,187 | | 261,733 | | | | 12/19/85 | | 300 | |
Snellville | GA | | | | 253,316 | | 132,124 | | None | | None | | 253,316 | | 132,124 | | 385,440 | | 61,436 | | | | 05/14/02 | | 300 | |
F-4
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Tucker | GA | | | | 78,646 | | 364,625 | | 15,014 | | None | | 78,646 | | 379,639 | | 458,285 | | 365,457 | | | | 12/18/85 | | 300 | |
Arlington Hts | IL | | | | 441,437 | | 215,983 | | None | | None | | 441,437 | | 215,983 | | 657,420 | | 100,430 | | | | 05/14/02 | | 300 | |
Chicago | IL | | | | 329,076 | | 255,294 | | None | | None | | 329,076 | | 255,294 | | 584,370 | | 118,710 | | | | 05/14/02 | | 300 | |
Round Lake Beach | IL | | | | 472,132 | | 236,585 | | None | | None | | 472,132 | | 236,585 | | 708,717 | | 110,010 | | | | 05/14/02 | | 300 | |
Westchester | IL | | | | 421,239 | | 184,812 | | None | | None | | 421,239 | | 184,812 | | 606,051 | | 85,936 | | | | 05/14/02 | | 300 | |
Anderson | IN | | | | 232,170 | | 385,661 | | None | | 179 | | 232,170 | | 385,840 | | 618,010 | | 247,537 | | | | 12/19/97 | | 300 | |
Indianapolis | IN | | | | 231,384 | | 428,307 | | None | | 130 | | 231,384 | | 428,437 | | 659,821 | | 296,332 | | | | 09/27/96 | | 300 | |
Michigan City | IN | | | | 392,638 | | 297,650 | | (3,065) | | None | | 389,573 | | 297,650 | | 687,223 | | 138,406 | | | | 05/14/02 | | 300 | |
Warsaw | IN | | | | 140,893 | | 228,116 | | None | | None | | 140,893 | | 228,116 | | 369,009 | | 106,072 | | | | 05/14/02 | | 300 | |
Olathe | KS | | | | 217,995 | | 367,055 | | None | | 21 | | 217,995 | | 367,076 | | 585,071 | | 244,098 | | 04/22/97 | | 11/11/96 | | 300 | |
Topeka | KS | | | | 32,022 | | 60,368 | | None | | None | | 32,022 | | 60,368 | | 92,390 | | 15,192 | | | | 09/04/07 | | 300 | |
Louisville | KY | | | | 56,054 | | 259,881 | | None | | None | | 56,054 | | 259,881 | | 315,935 | | 259,881 | | | | 12/17/85 | | 300 | |
Newport | KY | | | | 323,511 | | 289,017 | | 49,586 | | 85 | | 323,511 | | 338,688 | | 662,199 | | 198,568 | | | | 09/17/97 | | 300 | |
East Falmouth | MA | | | | 191,302 | | 340,539 | | None | | None | | 191,302 | | 340,539 | | 531,841 | | 158,349 | | | | 05/14/02 | | 300 | |
East Wareham | MA | | | | 149,680 | | 278,669 | | None | | None | | 149,680 | | 278,669 | | 428,349 | | 129,579 | | | | 05/14/02 | | 300 | |
Fairhaven | MA | | | | 138,957 | | 289,294 | | None | | None | | 138,957 | | 289,294 | | 428,251 | | 134,519 | | | | 05/14/02 | | 300 | |
Gardner | MA | | | | 138,990 | | 289,361 | | None | | None | | 138,990 | | 289,361 | | 428,351 | | 134,550 | | | | 05/14/02 | | 300 | |
Hyannis | MA | | | | 180,653 | | 458,522 | | None | | None | | 180,653 | | 458,522 | | 639,175 | | 211,684 | | | | 06/27/02 | | 300 | |
Lenox | MA | | | | 287,769 | | 535,273 | | None | | 232 | | 287,769 | | 535,505 | | 823,274 | | 316,924 | | | | 03/31/99 | | 300 | |
Newburyport | MA | | | | 274,698 | | 466,449 | | None | | None | | 274,698 | | 466,449 | | 741,147 | | 215,344 | | | | 06/27/02 | | 300 | |
North Reading | MA | | | | 180,546 | | 351,161 | | None | | None | | 180,546 | | 351,161 | | 531,707 | | 163,287 | | | | 05/14/02 | | 300 | |
Orleans | MA | | | | 138,212 | | 394,065 | | None | | None | | 138,212 | | 394,065 | | 532,277 | | 183,238 | | | | 05/14/02 | | 300 | |
Aberdeen | MD | | | | 223,617 | | 225,605 | | None | | None | | 223,617 | | 225,605 | | 449,222 | | 104,154 | | | | 06/27/02 | | 300 | |
Bethesda | MD | | | | 282,717 | | 525,928 | | None | | None | | 282,717 | | 525,928 | | 808,645 | | 132,358 | | | | 09/04/07 | | 300 | |
Capital Heights | MD | | | | 547,173 | | 219,979 | | (12,319) | | None | | 534,854 | | 219,979 | | 754,833 | | 102,286 | | | | 05/14/02 | | 300 | |
Clinton | MD | | | | 70,880 | | 328,620 | | 11,440 | | None | | 70,880 | | 340,060 | | 410,940 | | 333,482 | | | | 11/15/85 | | 300 | |
Lexington Park | MD | | | | 111,396 | | 335,288 | | (7,600) | | None | | 103,796 | | 335,288 | | 439,084 | | 155,905 | | | | 05/14/02 | | 300 | |
Kalamazoo | MI | | | | 391,745 | | 296,975 | | (2,196) | | None | | 389,549 | | 296,975 | | 686,524 | | 138,092 | | | | 05/14/02 | | 300 | |
Portage | MI | | | | 402,409 | | 286,441 | | (2,112) | | None | | 400,297 | | 286,441 | | 686,738 | | 133,193 | | | | 05/14/02 | | 300 | |
Southfield | MI | | | | 275,952 | | 350,765 | | None | | None | | 275,952 | | 350,765 | | 626,717 | | 163,104 | | | | 05/14/02 | | 300 | |
Troy | MI | | | | 214,893 | | 199,299 | | None | | None | | 214,893 | | 199,299 | | 414,192 | | 92,672 | | | | 05/14/02 | | 300 | |
St. Cloud | MN | | | | 203,338 | | 258,626 | | None | | None | | 203,338 | | 258,626 | | 461,964 | | 119,399 | | | | 06/27/02 | | 300 | |
Independence | MO | | | | 297,641 | | 233,152 | | None | | 181 | | 297,641 | | 233,333 | | 530,974 | | 158,963 | | | | 12/20/96 | | 300 | |
Asheville | NC | | | | 441,746 | | 242,565 | | None | | None | | 441,746 | | 242,565 | | 684,311 | | 112,791 | | | | 05/14/02 | | 300 | |
Concord | NC | | | | 237,688 | | 357,976 | | None | | 26 | | 237,688 | | 358,002 | | 595,690 | | 221,434 | | | | 11/05/97 | | 300 | |
Durham | NC | | | | 55,074 | | 255,336 | | None | | 1,490 | | 55,074 | | 256,826 | | 311,900 | | 256,546 | | | | 11/13/85 | | 300 | |
Durham | NC | | | | 354,676 | | 361,203 | | 3,400 | | 168 | | 354,676 | | 364,771 | | 719,447 | | 238,887 | | 08/29/97 | | 03/31/97 | | 300 | |
Fayetteville | NC | | | | 224,326 | | 257,733 | | None | | 337 | | 224,326 | | 258,070 | | 482,396 | | 165,615 | | | | 12/03/97 | | 300 | |
Greensboro | NC | | | | 286,068 | | 244,606 | | None | | None | | 286,068 | | 244,606 | | 530,674 | | 113,733 | | | | 05/14/02 | | 300 | |
Matthews | NC | | | | 295,580 | | 338,472 | | 10,000 | | 13,703 | | 295,580 | | 362,175 | | 657,755 | | 225,619 | | 08/28/98 | | 02/27/98 | | 300 | |
Pineville | NC | | | | 254,460 | | 355,630 | | None | | 10 | | 254,460 | | 355,640 | | 610,100 | | 231,715 | | 08/28/97 | | 04/16/97 | | 300 | |
Raleigh | NC | | | | 89,145 | | 413,301 | | None | | None | | 89,145 | | 413,301 | | 502,446 | | 413,301 | | | | 10/28/85 | | 300 | |
Raleigh | NC | | | | 398,694 | | 263,621 | | None | | None | | 398,694 | | 263,621 | | 662,315 | | 170,879 | | | | 10/01/97 | | 300 | |
Salisbury | NC | | | | 235,614 | | 150,592 | | None | | None | | 235,614 | | 150,592 | | 386,206 | | 70,023 | | | | 05/14/02 | | 300 | |
Fargo | ND | | | | 53,973 | | 100,262 | | None | | None | | 53,973 | | 100,262 | | 154,235 | | 25,233 | | | | 09/04/07 | | 300 | |
Lincoln | NE | | | | 337,138 | | 316,958 | | None | | None | | 337,138 | | 316,958 | | 654,096 | | 147,383 | | | | 05/14/02 | | 300 | |
Scottsbluff | NE | | | | 33,307 | | 63,355 | | None | | None | | 33,307 | | 63,355 | | 96,662 | | 15,944 | | | | 09/04/07 | | 300 | |
Cherry Hill | NJ | | | | 463,808 | | 862,240 | | None | | None | | 463,808 | | 862,240 | | 1,326,048 | | 216,997 | | | | 09/04/07 | | 300 | |
Edison | NJ | | | | 448,936 | | 238,773 | | None | | None | | 448,936 | | 238,773 | | 687,709 | | 111,026 | | | | 05/14/02 | | 300 | |
Glassboro | NJ | | | | 182,013 | | 312,480 | | None | | None | | 182,013 | | 312,480 | | 494,493 | | 144,261 | | | | 06/27/02 | | 300 | |
Hamilton Square | NJ | | | | 422,477 | | 291,555 | | None | | None | | 422,477 | | 291,555 | | 714,032 | | 135,569 | | | | 05/14/02 | | 300 | |
Hamilton Township | NJ | | | | 265,238 | | 298,167 | | None | | None | | 265,238 | | 298,167 | | 563,405 | | 138,644 | | | | 05/14/02 | | 300 | |
Pleasantville | NJ | | | | 77,105 | | 144,693 | | None | | None | | 77,105 | | 144,693 | | 221,798 | | 36,414 | | | | 09/04/07 | | 300 | |
Randolph | NJ | | | | 452,629 | | 390,163 | | None | | None | | 452,629 | | 390,163 | | 842,792 | | 181,423 | | | | 05/14/02 | | 300 | |
Westfield | NJ | | | | 705,337 | | 288,720 | | None | | None | | 705,337 | | 288,720 | | 994,057 | | 134,250 | | | | 05/14/02 | | 300 | |
Albuquerque | NM | | | | 231,553 | | 430,026 | | None | | None | | 231,553 | | 430,026 | | 661,579 | | 65,221 | | | | 03/25/10 | | 300 | |
Las Vegas | NV | | | | 326,879 | | 359,101 | | None | | None | | 326,879 | | 359,101 | | 685,980 | | 166,980 | | | | 05/14/02 | | 300 | |
F-5
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Las Vegas | NV | | | | 316,441 | | 369,768 | | None | | None | | 316,441 | | 369,768 | | 686,209 | | 171,940 | | | | 05/14/02 | | 300 | |
Las Vegas | NV | | | | 252,169 | | 562,715 | | None | | None | | 252,169 | | 562,715 | | 814,884 | | 261,660 | | | | 05/14/02 | | 300 | |
Las Vegas | NV | | | | 1,940,015 | | 3,624,877 | | None | | None | | 1,940,015 | | 3,624,877 | | 5,564,892 | | 138,954 | | | | 01/22/13 | | 300 | |
Sparks | NV | | | | 326,813 | | 306,311 | | None | | None | | 326,813 | | 306,311 | | 633,124 | | 142,433 | | | | 05/14/02 | | 300 | |
Albion | NY | | | | 170,589 | | 317,424 | | None | | None | | 170,589 | | 317,424 | | 488,013 | | 187,801 | | | | 03/31/99 | | 300 | |
Bethpage | NY | | | | 334,120 | | 621,391 | | None | | None | | 334,120 | | 621,391 | | 955,511 | | 156,383 | | | | 09/04/07 | | 300 | |
Commack | NY | | | | 400,427 | | 744,533 | | None | | None | | 400,427 | | 744,533 | | 1,144,960 | | 187,374 | | | | 09/04/07 | | 300 | |
East Amherst | NY | | | | 260,708 | | 484,788 | | None | | 156 | | 260,708 | | 484,944 | | 745,652 | | 286,957 | | | | 03/31/99 | | 300 | |
East Syracuse | NY | | | | 250,609 | | 466,264 | | None | | 156 | | 250,609 | | 466,420 | | 717,029 | | 275,994 | | | | 03/31/99 | | 300 | |
Freeport | NY | | | | 134,828 | | 251,894 | | None | | None | | 134,828 | | 251,894 | | 386,722 | | 63,393 | | | | 09/04/07 | | 300 | |
Johnson City | NY | | | | 242,863 | | 451,877 | | None | | 156 | | 242,863 | | 452,033 | | 694,896 | | 267,482 | | | | 03/31/99 | | 300 | |
Queens Village | NY | | | | 242,775 | | 451,749 | | None | | None | | 242,775 | | 451,749 | | 694,524 | | 113,690 | | | | 09/04/07 | | 300 | |
Riverhead | NY | | | | 143,929 | | 268,795 | | None | | None | | 143,929 | | 268,795 | | 412,724 | | 67,646 | | | | 09/04/07 | | 300 | |
Wellsville | NY | | | | 161,331 | | 300,231 | | None | | None | | 161,331 | | 300,231 | | 461,562 | | 177,628 | | | | 03/31/99 | | 300 | |
West Amherst | NY | | | | 268,692 | | 499,619 | | None | | 156 | | 268,692 | | 499,775 | | 768,467 | | 295,732 | | | | 03/31/99 | | 300 | |
Akron | OH | | | | 139,126 | | 460,334 | | None | | 165 | | 139,126 | | 460,499 | | 599,625 | | 300,014 | | | | 09/18/97 | | 300 | |
Beavercreek | OH | | | | 205,000 | | 492,538 | | None | | None | | 205,000 | | 492,538 | | 697,538 | | 330,821 | | 02/13/97 | | 09/09/96 | | 300 | |
Beavercreek | OH | | | | 349,091 | | 251,127 | | None | | None | | 349,091 | | 251,127 | | 600,218 | | 93,335 | | | | 09/17/04 | | 300 | |
Canal Winchester | OH | | | | 443,751 | | 825,491 | | None | | None | | 443,751 | | 825,491 | | 1,269,242 | | 362,886 | | 12/19/02 | | 08/21/02 | | 300 | |
Centerville | OH | | | | 305,000 | | 420,448 | | None | | None | | 305,000 | | 420,448 | | 725,448 | | 293,613 | | 07/24/96 | | 06/28/96 | | 300 | |
Cincinnati | OH | | | | 211,185 | | 392,210 | | None | | None | | 211,185 | | 392,210 | | 603,395 | | 158,845 | | | | 11/03/03 | | 300 | |
Cincinnati | OH | | | | 305,556 | | 244,662 | | None | | None | | 305,556 | | 244,662 | | 550,218 | | 90,932 | | | | 09/17/04 | | 300 | |
Cincinnati | OH | | | | 589,286 | | 160,932 | | None | | None | | 589,286 | | 160,932 | | 750,218 | | 59,813 | | | | 09/17/04 | | 300 | |
Cincinnati | OH | | | | 159,375 | | 265,842 | | None | | None | | 159,375 | | 265,842 | | 425,217 | | 98,804 | | | | 09/17/04 | | 300 | |
Cincinnati | OH | | | | 350,000 | | 300,217 | | None | | None | | 350,000 | | 300,217 | | 650,217 | | 108,579 | | | | 12/20/04 | | 300 | |
Cleveland | OH | | | | 215,111 | | 216,517 | | None | | None | | 215,111 | | 216,517 | | 431,628 | | 99,959 | | | | 06/27/02 | | 300 | |
Columbus | OH | | | | 71,098 | | 329,627 | | None | | None | | 71,098 | | 329,627 | | 400,725 | | 329,627 | | | | 10/02/85 | | 300 | |
Columbus | OH | | | | 75,761 | | 351,247 | | None | | None | | 75,761 | | 351,247 | | 427,008 | | 351,247 | | | | 10/24/85 | | 300 | |
Columbus | OH | | | | 432,110 | | 386,553 | | None | | None | | 432,110 | | 386,553 | | 818,663 | | 164,284 | | | | 05/27/03 | | 300 | |
Columbus | OH | | | | 466,696 | | 548,133 | | None | | None | | 466,696 | | 548,133 | | 1,014,829 | | 232,956 | | | | 05/27/03 | | 300 | |
Columbus | OH | | | | 337,679 | | 272,484 | | None | | None | | 337,679 | | 272,484 | | 610,163 | | 101,273 | | | | 09/17/04 | | 300 | |
Columbus | OH | | | | 190,000 | | 260,162 | | None | | None | | 190,000 | | 260,162 | | 450,162 | | 96,693 | | | | 09/17/04 | | 300 | |
Columbus | OH | | | | 371,429 | | 278,734 | | None | | None | | 371,429 | | 278,734 | | 650,163 | | 103,596 | | | | 09/17/04 | | 300 | |
Cuyahoga Falls | OH | | | | 253,750 | | 271,400 | | None | | None | | 253,750 | | 271,400 | | 525,150 | | 100,870 | | | | 09/17/04 | | 300 | |
Dayton | OH | | | | 70,000 | | 324,538 | | None | | 122 | | 70,000 | | 324,660 | | 394,660 | | 324,660 | | | | 10/31/85 | | 300 | |
Dublin | OH | | | | 437,887 | | 428,046 | | None | | None | | 437,887 | | 428,046 | | 865,933 | | 181,918 | | | | 05/27/03 | | 300 | |
Eastlake | OH | | | | 321,347 | | 459,774 | | None | | 209 | | 321,347 | | 459,983 | | 781,330 | | 331,990 | | | | 12/22/95 | | 300 | |
Fairfield | OH | | | | 323,408 | | 235,024 | | 44,232 | | 3,330 | | 323,408 | | 282,586 | | 605,994 | | 162,766 | | | | 09/17/97 | | 300 | |
Fairlawn | OH | | | | 280,000 | | 270,150 | | None | | None | | 280,000 | | 270,150 | | 550,150 | | 100,405 | | | | 09/17/04 | | 300 | |
Findlay | OH | | | | 283,515 | | 397,004 | | None | | 114 | | 283,515 | | 397,118 | | 680,633 | | 254,809 | | | | 12/24/97 | | 300 | |
Hamilton | OH | | | | 252,608 | | 413,279 | | None | | None | | 252,608 | | 413,279 | | 665,887 | | 273,450 | | 03/31/97 | | 10/04/96 | | 300 | |
Huber Heights | OH | | | | 282,000 | | 449,381 | | None | | None | | 282,000 | | 449,381 | | 731,381 | | 304,830 | | 12/03/96 | | 07/18/96 | | 300 | |
Lima | OH | | | | 241,132 | | 114,085 | | None | | None | | 241,132 | | 114,085 | | 355,217 | | 42,401 | | | | 09/17/04 | | 300 | |
Marion | OH | | | | 100,000 | | 275,162 | | None | | None | | 100,000 | | 275,162 | | 375,162 | | 99,517 | | | | 12/20/04 | | 300 | |
Mason | OH | | | | 310,990 | | 405,373 | | None | | None | | 310,990 | | 405,373 | | 716,363 | | 172,283 | | | | 05/27/03 | | 300 | |
Middleburg Hghts | OH | | | | 317,308 | | 307,842 | | None | | None | | 317,308 | | 307,842 | | 625,150 | | 114,414 | | | | 09/17/04 | | 300 | |
Mt. Vernon | OH | | | | 216,115 | | 375,357 | | None | | 114 | | 216,115 | | 375,471 | | 591,586 | | 240,915 | | | | 12/30/97 | | 300 | |
Norwalk | OH | | | | 200,205 | | 366,000 | | None | | 114 | | 200,205 | | 366,114 | | 566,319 | | 234,909 | | | | 12/19/97 | | 300 | |
Parma | OH | | | | 268,966 | | 381,184 | | None | | None | | 268,966 | | 381,184 | | 650,150 | | 141,673 | | | | 09/17/04 | | 300 | |
Reynoldsburg | OH | | | | 267,750 | | 497,371 | | None | | None | | 267,750 | | 497,371 | | 765,121 | | 184,856 | | | | 09/15/04 | | 300 | |
Reynoldsburg | OH | | | | 374,000 | | 176,162 | | None | | None | | 374,000 | | 176,162 | | 550,162 | | 65,473 | | | | 09/17/04 | | 300 | |
S. Euclid | OH | | | | 337,593 | | 451,944 | | None | | None | | 337,593 | | 451,944 | | 789,537 | | 192,076 | | | | 05/27/03 | | 300 | |
Sandusky | OH | | | | 264,708 | | 404,011 | | None | | 343 | | 264,708 | | 404,354 | | 669,062 | | 259,534 | | | | 12/19/97 | | 300 | |
Solon | OH | | | | 794,305 | | 222,797 | | None | | None | | 794,305 | | 222,797 | | 1,017,102 | | 94,689 | | | | 05/27/03 | | 300 | |
Springboro | OH | | | | 191,911 | | 522,902 | | None | | None | | 191,911 | | 522,902 | | 714,813 | | 351,057 | | | | 03/07/97 | | 300 | |
Springfield | OH | | | | 320,000 | | 280,217 | | None | | None | | 320,000 | | 280,217 | | 600,217 | | 104,147 | | | | 09/17/04 | | 300 | |
Springfield | OH | | | | 189,091 | | 136,127 | | None | | None | | 189,091 | | 136,127 | | 325,218 | | 50,593 | | | | 09/17/04 | | 300 | |
F-6
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Stow | OH | | | | 310,000 | | 415,150 | | None | | None | | 310,000 | | 415,150 | | 725,150 | | 154,297 | | | | 09/17/04 | | 300 | |
Toledo | OH | | | | 120,000 | | 230,217 | | None | | None | | 120,000 | | 230,217 | | 350,217 | | 85,564 | | | | 09/17/04 | | 300 | |
Toledo | OH | | | | 250,000 | | 175,217 | | None | | 25 | | 250,000 | | 175,242 | | 425,242 | | 65,147 | | | | 09/17/04 | | 300 | |
Toledo | OH | | | | 320,000 | | 280,217 | | None | | None | | 320,000 | | 280,217 | | 600,217 | | 104,147 | | | | 09/17/04 | | 300 | |
Toledo | OH | | | | 250,000 | | 530,217 | | None | | None | | 250,000 | | 530,217 | | 780,217 | | 197,064 | | | | 09/17/04 | | 300 | |
West Chester | OH | | | | 446,449 | | 768,644 | | None | | None | | 446,449 | | 768,644 | | 1,215,093 | | 320,654 | | 06/27/03 | | 03/11/03 | | 300 | |
Zanesville | OH | | | | 125,000 | | 300,162 | | None | | None | | 125,000 | | 300,162 | | 425,162 | | 111,560 | | | | 09/17/04 | | 300 | |
Midwest City | OK | | | | 106,312 | | 333,551 | | None | | 5 | | 106,312 | | 333,556 | | 439,868 | | 205,217 | | 08/06/98 | | 08/08/97 | | 300 | |
Tulsa | OK | | | | 133,648 | | 249,702 | | None | | None | | 133,648 | | 249,702 | | 383,350 | | 62,842 | | | | 09/04/07 | | 300 | |
Portland | OR | | | | 251,499 | | 345,952 | | None | | 58 | | 251,499 | | 346,010 | | 597,509 | | 155,683 | | | | 09/26/02 | | 300 | |
Salem | OR | | | | 337,711 | | 253,855 | | None | | 58 | | 337,711 | | 253,913 | | 591,624 | | 118,046 | | | | 05/14/02 | | 300 | |
Bethel Park | PA | | | | 299,595 | | 331,264 | | None | | 114 | | 299,595 | | 331,378 | | 630,973 | | 212,629 | | | | 12/19/97 | | 300 | |
Bethlehem | PA | | | | 275,328 | | 389,067 | | None | | 629 | | 275,328 | | 389,696 | | 665,024 | | 250,190 | | | | 12/19/97 | | 300 | |
Bethlehem | PA | | | | 229,162 | | 310,526 | | None | | 172 | | 229,162 | | 310,698 | | 539,860 | | 199,326 | | | | 12/24/97 | | 300 | |
Bridgeville | PA | | | | 275,000 | | 375,150 | | None | | None | | 275,000 | | 375,150 | | 650,150 | | 139,430 | | | | 09/17/04 | | 300 | |
Coraopolis | PA | | | | 225,000 | | 375,150 | | None | | None | | 225,000 | | 375,150 | | 600,150 | | 139,430 | | | | 09/17/04 | | 300 | |
Harrisburg | PA | | | | 131,529 | | 220,317 | | (2,515) | | None | | 129,014 | | 220,317 | | 349,331 | | 102,444 | | | | 05/14/02 | | 300 | |
Monroeville | PA | | | | 275,000 | | 250,150 | | None | | None | | 275,000 | | 250,150 | | 525,150 | | 92,972 | | | | 09/17/04 | | 300 | |
North Wales | PA | | | | 2,813,873 | | 4,379,809 | | None | | None | | 2,813,873 | | 4,379,809 | | 7,193,682 | | 167,893 | | | | 01/22/13 | | 300 | |
Philadelphia | PA | | | | 858,500 | | 877,744 | | (287,681) | | 1,736 | | 858,500 | | 591,799 | | 1,450,299 | | 688,706 | | 05/19/95 | | 12/05/94 | | 300 | |
Pittsburgh | PA | | | | 378,715 | | 685,374 | | None | | None | | 378,715 | | 685,374 | | 1,064,089 | | 306,488 | | 08/22/02 | | 01/17/02 | | 300 | |
Pittsburgh | PA | | | | 219,938 | | 408,466 | | None | | None | | 219,938 | | 408,466 | | 628,404 | | 165,429 | | | | 11/03/03 | | 300 | |
Pittsburgh | PA | | | | 175,000 | | 300,150 | | None | | None | | 175,000 | | 300,150 | | 475,150 | | 111,555 | | | | 09/17/04 | | 300 | |
Pittsburgh | PA | | | | 243,750 | | 406,400 | | None | | None | | 243,750 | | 406,400 | | 650,150 | | 151,045 | | | | 09/17/04 | | 300 | |
Pittsburgh | PA | | | | 208,333 | | 416,817 | | None | | None | | 208,333 | | 416,817 | | 625,150 | | 154,916 | | | | 09/17/04 | | 300 | |
Pittsburgh | PA | | | | 121,429 | | 303,721 | | None | | None | | 121,429 | | 303,721 | | 425,150 | | 112,883 | | | | 09/17/04 | | 300 | |
Warminster | PA | | | | 323,847 | | 216,999 | | (3,929) | | None | | 319,918 | | 216,999 | | 536,917 | | 100,901 | | | | 05/14/02 | | 300 | |
Wexford | PA | | | | 284,375 | | 240,775 | | None | | None | | 284,375 | | 240,775 | | 525,150 | | 89,488 | | | | 09/17/04 | | 300 | |
York | PA | | | | 249,436 | | 347,424 | | None | | 404 | | 249,436 | | 347,828 | | 597,264 | | 223,239 | | | | 12/30/97 | | 300 | |
Charleston | SC | | | | 217,250 | | 294,079 | | 6,700 | | 159 | | 217,250 | | 300,938 | | 518,188 | | 193,842 | | 07/14/97 | | 03/13/97 | | 300 | |
Columbia | SC | | | | 267,622 | | 298,594 | | None | | 428 | | 267,622 | | 299,022 | | 566,644 | | 188,092 | | 03/31/98 | | 11/05/97 | | 300 | |
Greenville | SC | | | | 221,946 | | 315,163 | | None | | 168 | | 221,946 | | 315,331 | | 537,277 | | 204,448 | | 09/05/97 | | 03/31/97 | | 300 | |
Lexington | SC | | | | 241,534 | | 342,182 | | None | | 302 | | 241,534 | | 342,484 | | 584,018 | | 201,740 | | | | 09/24/98 | | 300 | |
North Charleston | SC | | | | 174,980 | | 341,466 | | 5,875 | | 5,413 | | 174,980 | | 352,754 | | 527,734 | | 218,106 | | 08/06/98 | | 03/12/98 | | 300 | |
Sioux Falls | SD | | | | 48,833 | | 91,572 | | None | | None | | 48,833 | | 91,572 | | 140,405 | | 23,045 | | | | 09/04/07 | | 300 | |
Brentwood | TN | | | | 305,546 | | 505,728 | | None | | None | | 305,546 | | 505,728 | | 811,274 | | 322,815 | | 03/13/98 | | 05/28/97 | | 300 | |
Hendersonville | TN | | | | 175,764 | | 327,096 | | None | | None | | 175,764 | | 327,096 | | 502,860 | | 143,377 | | | | 01/21/03 | | 300 | |
Hermitage | TN | | | | 204,296 | | 172,695 | | None | | None | | 204,296 | | 172,695 | | 376,991 | | 80,301 | | | | 05/14/02 | | 300 | |
Madison | TN | | | | 175,769 | | 327,068 | | None | | None | | 175,769 | | 327,068 | | 502,837 | | 143,365 | | | | 01/21/03 | | 300 | |
Memphis | TN | | | | 108,094 | | 217,079 | | None | | None | | 108,094 | | 217,079 | | 325,173 | | 100,939 | | | | 05/14/02 | | 300 | |
Memphis | TN | | | | 214,110 | | 193,591 | | None | | None | | 214,110 | | 193,591 | | 407,701 | | 90,017 | | | | 05/14/02 | | 300 | |
Memphis | TN | | | | 215,017 | | 216,794 | | None | | None | | 215,017 | | 216,794 | | 431,811 | | 100,087 | | | | 06/27/02 | | 300 | |
Murfreesboro | TN | | | | 150,411 | | 215,528 | | None | | None | | 150,411 | | 215,528 | | 365,939 | | 100,219 | | | | 05/14/02 | | 300 | |
Nashville | TN | | | | 342,960 | | 227,440 | | None | | None | | 342,960 | | 227,440 | | 570,400 | | 148,165 | | | | 09/17/97 | | 300 | |
Carrollton | TX | | | | 174,284 | | 98,623 | | None | | None | | 174,284 | | 98,623 | | 272,907 | | 45,858 | | | | 05/14/02 | | 300 | |
Carrolton | TX | | | | 177,041 | | 199,088 | | None | | None | | 177,041 | | 199,088 | | 376,129 | | 92,574 | | | | 05/14/02 | | 300 | |
Dallas | TX | | | | 234,604 | | 325,951 | | 12,719 | | 15,373 | | 234,604 | | 354,043 | | 588,647 | | 232,141 | | 08/09/96 | | 02/19/96 | | 300 | |
Fort Worth | TX | | | | 83,530 | | 111,960 | | None | | None | | 83,530 | | 111,960 | | 195,490 | | 52,060 | | | | 05/14/02 | | 300 | |
Houston | TX | | | | 285,000 | | 369,697 | | None | | 234 | | 285,000 | | 369,931 | | 654,931 | | 239,737 | | 08/08/97 | | 08/08/97 | | 300 | |
Humble | TX | | | | 257,169 | | 325,652 | | None | | None | | 257,169 | | 325,652 | | 582,821 | | 151,426 | | | | 05/14/02 | | 300 | |
Lake Jackson | TX | | | | 197,170 | | 256,376 | | None | | None | | 197,170 | | 256,376 | | 453,546 | | 119,213 | | | | 05/14/02 | | 300 | |
Lewisville | TX | | | | 199,942 | | 324,736 | | None | | 149 | | 199,942 | | 324,885 | | 524,827 | | 225,783 | | 08/02/96 | | 02/14/96 | | 300 | |
Lewisville | TX | | | | 130,238 | | 207,683 | | None | | None | | 130,238 | | 207,683 | | 337,921 | | 95,881 | | | | 06/27/02 | | 300 | |
Mansfield | TX | | | | 420,000 | | 780,000 | | None | | None | | 420,000 | | 780,000 | | 1,200,000 | | 118,300 | | | | 03/25/10 | | 300 | |
Waco | TX | | | | 232,105 | | 431,053 | | None | | None | | 232,105 | | 431,053 | | 663,158 | | 65,376 | | | | 03/25/10 | | 300 | |
Wylie | TX | | | | 252,000 | | 468,000 | | None | | None | | 252,000 | | 468,000 | | 720,000 | | 70,980 | | | | 03/25/10 | | 300 | |
Richmond | VA | | | | 403,549 | | 876,981 | | None | | None | | 403,549 | | 876,981 | | 1,280,530 | | 348,271 | | 07/08/04 | | 10/17/02 | | 300 | |
F-7
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Roanoke | VA | | | | 349,628 | | 322,545 | | None | | 153 | | 349,628 | | 322,698 | | 672,326 | | 207,059 | | | | 12/19/97 | | 300 | |
Warrenton | VA | | | | 186,723 | | 241,173 | | None | | None | | 186,723 | | 241,173 | | 427,896 | | 112,142 | | | | 05/14/02 | | 300 | |
Bremerton | WA | | | | 261,172 | | 373,080 | | None | | 2,621 | | 261,172 | | 375,701 | | 636,873 | | 256,335 | | 03/19/97 | | 07/24/96 | | 300 | |
Tacoma | WA | | | | 109,127 | | 202,691 | | None | | None | | 109,127 | | 202,691 | | 311,818 | | 51,010 | | | | 09/04/07 | | 300 | |
Milwaukee | WI | | | | 173,005 | | 499,244 | | None | | None | | 173,005 | | 499,244 | | 672,249 | | 360,287 | | | | 12/22/95 | | 300 | |
Milwaukee | WI | | | | 152,509 | | 475,480 | | None | | 197 | | 152,509 | | 475,677 | | 628,186 | | 329,004 | | | | 09/27/96 | | 300 | |
New Berlin | WI | | | | 188,491 | | 466,268 | | None | | 1,414 | | 188,491 | | 467,682 | | 656,173 | | 337,688 | | | | 12/22/95 | | 300 | |
Racine | WI | | | | 184,002 | | 114,167 | | None | | None | | 184,002 | | 114,167 | | 298,169 | | 53,086 | | | | 05/14/02 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Automotive tire services | | | | | | | | | | | | | | | | | | | | | | | |
Athens | AL | | | | 760,031 | | 1,413,494 | | None | | None | | 760,031 | | 1,413,494 | | 2,173,525 | | 402,842 | | | | 11/22/06 | | 300 | |
Auburn | AL | | | | 660,210 | | 1,228,112 | | None | | 500 | | 660,210 | | 1,228,612 | | 1,888,822 | | 350,483 | | | | 11/22/06 | | 300 | |
Birmingham | AL | | | | 635,111 | | 1,180,909 | | None | | 500 | | 635,111 | | 1,181,409 | | 1,816,520 | | 337,030 | | | | 11/22/06 | | 300 | |
Daphne | AL | | | | 876,139 | | 1,629,123 | | None | | 500 | | 876,139 | | 1,629,623 | | 2,505,762 | | 464,771 | | | | 11/22/06 | | 300 | |
Decatur | AL | | | | 635,111 | | 1,181,499 | | None | | 500 | | 635,111 | | 1,181,999 | | 1,817,110 | | 337,198 | | | | 11/22/06 | | 300 | |
Dothan | AL | | | | 455,651 | | 565,343 | | None | | None | | 455,651 | | 565,343 | | 1,020,994 | | 116,455 | | 10/17/08 | | 06/10/08 | | 300 | |
Foley | AL | | | | 870,031 | | 1,617,357 | | None | | 500 | | 870,031 | | 1,617,857 | | 2,487,888 | | 461,418 | | | | 11/22/06 | | 300 | |
Gardendale | AL | | | | 610,055 | | 1,134,554 | | None | | 500 | | 610,055 | | 1,135,054 | | 1,745,109 | | 323,334 | | | | 11/22/06 | | 300 | |
Hoover | AL | | | | 504,396 | | 938,299 | | None | | None | | 504,396 | | 938,299 | | 1,442,695 | | 267,411 | | | | 11/22/06 | | 300 | |
Hoover | AL | | | | 620,270 | | 1,153,493 | | None | | None | | 620,270 | | 1,153,493 | | 1,773,763 | | 328,742 | | | | 11/22/06 | | 300 | |
Huntsville | AL | | | | 499,843 | | 929,863 | | None | | 500 | | 499,843 | | 930,363 | | 1,430,206 | | 265,482 | | | | 11/22/06 | | 300 | |
Huntsville | AL | | | | 635,111 | | 1,181,499 | | None | | None | | 635,111 | | 1,181,499 | | 1,816,610 | | 336,723 | | | | 11/22/06 | | 300 | |
Madison | AL | | | | 635,111 | | 1,181,532 | | None | | None | | 635,111 | | 1,181,532 | | 1,816,643 | | 336,732 | | | | 11/22/06 | | 300 | |
Mobile | AL | | | | 635,111 | | 1,181,499 | | None | | None | | 635,111 | | 1,181,499 | | 1,816,610 | | 336,723 | | | | 11/22/06 | | 300 | |
Mobile | AL | | | | 525,750 | | 977,810 | | None | | None | | 525,750 | | 977,810 | | 1,503,560 | | 278,672 | | | | 11/22/06 | | 300 | |
Montgomery | AL | | | | 544,181 | | 654,046 | | None | | 500 | | 544,181 | | 654,546 | | 1,198,727 | | 146,098 | | | | 01/24/08 | | 300 | |
Orange Beach | AL | | | | 630,244 | | 1,172,036 | | None | | 500 | | 630,244 | | 1,172,536 | | 1,802,780 | | 334,501 | | | | 11/22/06 | | 300 | |
Pelham | AL | | | | 635,111 | | 1,180,909 | | None | | None | | 635,111 | | 1,180,909 | | 1,816,020 | | 336,555 | | | | 11/22/06 | | 300 | |
Phenix City | AL | | | | 630,244 | | 1,172,024 | | None | | 500 | | 630,244 | | 1,172,524 | | 1,802,768 | | 334,498 | | | | 11/22/06 | | 300 | |
Benton | AR | | 1,295,160 | | 976,474 | | 2,016,354 | | None | | None | | 976,474 | | 2,016,354 | | 2,992,828 | | 77,294 | | | | 01/22/13 | | 300 | |
Tucson | AZ | | | | 178,297 | | 396,004 | | None | | None | | 178,297 | | 396,004 | | 574,301 | | 379,321 | | | | 01/19/90 | | 300 | |
Arvada | CO | | | | 301,489 | | 931,092 | | None | | None | | 301,489 | | 931,092 | | 1,232,581 | | 488,861 | | 09/22/00 | | 11/18/99 | | 300 | |
Aurora | CO | | | | 221,691 | | 492,382 | | None | | None | | 221,691 | | 492,382 | | 714,073 | | 471,638 | | | | 01/29/90 | | 300 | |
Aurora | CO | | | | 353,283 | | 1,135,051 | | None | | None | | 353,283 | | 1,135,051 | | 1,488,334 | | 580,805 | | 01/03/01 | | 03/10/00 | | 300 | |
Colorado Springs | CO | | | | 280,193 | | 622,317 | | None | | None | | 280,193 | | 622,317 | | 902,510 | | 596,099 | | | | 01/23/90 | | 300 | |
Colorado Springs | CO | | | | 192,988 | | 433,542 | | None | | None | | 192,988 | | 433,542 | | 626,530 | | 366,729 | | | | 05/20/93 | | 300 | |
Denver | CO | | | | 688,292 | | 1,331,224 | | None | | None | | 688,292 | | 1,331,224 | | 2,019,516 | | 585,513 | | 01/10/03 | | 05/30/02 | | 300 | |
Grand Junction | CO | | 1,382,880 | | 1,121,415 | | 2,315,649 | | None | | None | | 1,121,415 | | 2,315,649 | | 3,437,064 | | 88,767 | | | | 01/22/13 | | 300 | |
Westminster | CO | | | | 526,620 | | 1,099,523 | | None | | None | | 526,620 | | 1,099,523 | | 1,626,143 | | 562,624 | | 01/12/01 | | 01/18/00 | | 300 | |
Destin | FL | | | | 1,034,411 | | 1,922,591 | | None | | None | | 1,034,411 | | 1,922,591 | | 2,957,002 | | 547,934 | | | | 11/22/06 | | 300 | |
Ft. Walton Bch | FL | | | | 635,111 | | 1,181,032 | | None | | 500 | | 635,111 | | 1,181,532 | | 1,816,643 | | 337,065 | | | | 11/22/06 | | 300 | |
Ft. Walton Bch | FL | | | | 635,111 | | 1,181,032 | | None | | 500 | | 635,111 | | 1,181,532 | | 1,816,643 | | 337,065 | | | | 11/22/06 | | 300 | |
Lakeland | FL | | | | 500,000 | | 645,402 | | None | | None | | 500,000 | | 645,402 | | 1,145,402 | | 394,959 | | 06/04/98 | | 12/31/97 | | 300 | |
Middleburg | FL | | | | 1,167,247 | | 2,410,289 | | None | | None | | 1,167,247 | | 2,410,289 | | 3,577,536 | | 92,394 | | | | 01/22/13 | | 300 | |
Milton | FL | | | | 635,111 | | 1,181,145 | | None | | None | | 635,111 | | 1,181,145 | | 1,816,256 | | 336,622 | | | | 11/22/06 | | 300 | |
Niceville | FL | | | | 920,803 | | 1,711,621 | | None | | None | | 920,803 | | 1,711,621 | | 2,632,424 | | 487,808 | | | | 11/22/06 | | 300 | |
Orlando | FL | | | | 635,111 | | 1,181,076 | | None | | 500 | | 635,111 | | 1,181,576 | | 1,816,687 | | 337,078 | | | | 11/22/06 | | 300 | |
Orlando | FL | | | | 630,244 | | 1,172,023 | | None | | None | | 630,244 | | 1,172,023 | | 1,802,267 | | 334,023 | | | | 11/22/06 | | 300 | |
Oviedo | FL | | | | 971,996 | | 1,806,780 | | None | | None | | 971,996 | | 1,806,780 | | 2,778,776 | | 514,928 | | | | 11/22/06 | | 300 | |
Pace | FL | | | | 630,244 | | 1,171,993 | | None | | 500 | | 630,244 | | 1,172,493 | | 1,802,737 | | 334,489 | | | | 11/22/06 | | 300 | |
Panama City | FL | | | | 635,111 | | 1,181,076 | | None | | 500 | | 635,111 | | 1,181,576 | | 1,816,687 | | 337,078 | | | | 11/22/06 | | 300 | |
Pensacola | FL | | | | 635,111 | | 1,181,063 | | None | | None | | 635,111 | | 1,181,063 | | 1,816,174 | | 336,599 | | | | 11/22/06 | | 300 | |
Pensacola | FL | | | | 588,305 | | 1,094,130 | | None | | None | | 588,305 | | 1,094,130 | | 1,682,435 | | 311,823 | | | | 11/22/06 | | 300 | |
Sanford | FL | | | | 630,244 | | 1,172,023 | | None | | None | | 630,244 | | 1,172,023 | | 1,802,267 | | 334,023 | | | | 11/22/06 | | 300 | |
St. Cloud | FL | | | | 525,207 | | 976,968 | | None | | None | | 525,207 | | 976,968 | | 1,502,175 | | 278,432 | | | | 11/22/06 | | 300 | |
Tallahassee | FL | | | | 419,902 | | 781,405 | | None | | None | | 419,902 | | 781,405 | | 1,201,307 | | 222,696 | | | | 11/22/06 | | 300 | |
F-8
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Tallahassee | FL | | | | 611,916 | | 1,137,986 | | None | | 500 | | 611,916 | | 1,138,486 | | 1,750,402 | | 324,797 | | | | 11/22/06 | | 300 | |
Tampa | FL | | | | 427,395 | | 472,030 | | None | | None | | 427,395 | | 472,030 | | 899,425 | | 288,885 | | 06/10/98 | | 12/05/97 | | 300 | |
Union Park | FL | | | | 1,004,103 | | 1,866,287 | | None | | None | | 1,004,103 | | 1,866,287 | | 2,870,390 | | 531,888 | | | | 11/22/06 | | 300 | |
Alpharetta | GA | | | | 630,244 | | 1,171,870 | | None | | 500 | | 630,244 | | 1,172,370 | | 1,802,614 | | 334,454 | | | | 11/22/06 | | 300 | |
Atlanta | GA | | | | 55,840 | | 258,889 | | 16,005 | | 14,141 | | 55,840 | | 289,035 | | 344,875 | | 267,482 | | | | 11/27/85 | | 300 | |
Columbus | GA | | | | 630,244 | | 1,171,988 | | None | | None | | 630,244 | | 1,171,988 | | 1,802,232 | | 334,012 | | | | 11/22/06 | | 300 | |
Conyers | GA | | | | 531,935 | | 1,180,296 | | None | | None | | 531,935 | | 1,180,296 | | 1,712,231 | | 552,457 | | 03/28/02 | | 11/13/01 | | 300 | |
Conyers | GA | | | | 635,111 | | 1,181,027 | | None | | None | | 635,111 | | 1,181,027 | | 1,816,138 | | 336,589 | | | | 11/22/06 | | 300 | |
Douglasville | GA | | | | 795,842 | | 1,643,361 | | None | | None | | 795,842 | | 1,643,361 | | 2,439,203 | | 62,996 | | | | 01/22/13 | | 300 | |
Duluth | GA | | | | 638,509 | | 1,186,594 | | None | | None | | 638,509 | | 1,186,594 | | 1,825,103 | | 480,566 | | | | 11/29/03 | | 300 | |
Hiram | GA | | | | 635,111 | | 1,181,017 | | None | | None | | 635,111 | | 1,181,017 | | 1,816,128 | | 336,586 | | | | 11/22/06 | | 300 | |
Kennesaw | GA | | | | 519,903 | | 967,180 | | None | | None | | 519,903 | | 967,180 | | 1,487,083 | | 275,642 | | | | 11/22/06 | | 300 | |
Kennesaw | GA | | | | 659,964 | | 1,827,997 | | None | | None | | 659,964 | | 1,827,997 | | 2,487,961 | | 70,073 | | | | 01/22/13 | | 300 | |
Lawrenceville | GA | | | | 635,111 | | 1,181,137 | | None | | 500 | | 635,111 | | 1,181,637 | | 1,816,748 | | 337,095 | | | | 11/22/06 | | 300 | |
Lilburn | GA | | | | 994,894 | | 1,807,565 | | None | | None | | 994,894 | | 1,807,565 | | 2,802,459 | | 69,290 | | | | 01/22/13 | | 300 | |
Marietta | GA | | | | 500,293 | | 930,657 | | None | | None | | 500,293 | | 930,657 | | 1,430,950 | | 265,233 | | | | 11/22/06 | | 300 | |
McDonough | GA | | | | 635,111 | | 1,181,032 | | None | | 500 | | 635,111 | | 1,181,532 | | 1,816,643 | | 337,065 | | | | 11/22/06 | | 300 | |
Peachtree City | GA | | | | 625,316 | | 1,162,827 | | None | | None | | 625,316 | | 1,162,827 | | 1,788,143 | | 331,402 | | | | 11/22/06 | | 300 | |
Roswell | GA | | | | 515,617 | | 959,138 | | None | | None | | 515,617 | | 959,138 | | 1,474,755 | | 273,350 | | | | 11/22/06 | | 300 | |
Sandy Springs | GA | | | | 586,211 | | 1,090,241 | | None | | None | | 586,211 | | 1,090,241 | | 1,676,452 | | 310,715 | | | | 11/22/06 | | 300 | |
Stockbridge | GA | | | | 632,128 | | 1,175,478 | | None | | 500 | | 632,128 | | 1,175,978 | | 1,808,106 | | 335,482 | | | | 11/22/06 | | 300 | |
Aurora | IL | | | | 513,204 | | 953,885 | | None | | None | | 513,204 | | 953,885 | | 1,467,089 | | 386,319 | | | | 11/29/03 | | 300 | |
Joliet | IL | | | | 452,267 | | 840,716 | | None | | None | | 452,267 | | 840,716 | | 1,292,983 | | 340,486 | | | | 11/29/03 | | 300 | |
Lombard | IL | | | | 428,170 | | 795,965 | | None | | 2,000 | | 428,170 | | 797,965 | | 1,226,135 | | 323,315 | | | | 11/29/03 | | 300 | |
Niles | IL | | | | 366,969 | | 682,306 | | None | | None | | 366,969 | | 682,306 | | 1,049,275 | | 276,330 | | | | 11/29/03 | | 300 | |
Orland Park | IL | | | | 663,087 | | 1,232,240 | | None | | None | | 663,087 | | 1,232,240 | | 1,895,327 | | 499,053 | | | | 11/29/03 | | 300 | |
Vernon Hills | IL | | | | 524,948 | | 975,668 | | None | | None | | 524,948 | | 975,668 | | 1,500,616 | | 395,142 | | | | 11/29/03 | | 300 | |
West Dundee | IL | | | | 530,835 | | 986,628 | | None | | None | | 530,835 | | 986,628 | | 1,517,463 | | 399,580 | | | | 11/29/03 | | 300 | |
Overland Park | KS | | | | 1,101,841 | | 2,047,067 | | None | | None | | 1,101,841 | | 2,047,067 | | 3,148,908 | | 829,058 | | | | 11/29/03 | | 300 | |
Wichita | KS | | 1,228,080 | | 963,692 | | 1,989,962 | | None | | None | | 963,692 | | 1,989,962 | | 2,953,654 | | 76,282 | | | | 01/22/13 | | 300 | |
Winchester | KY | | | | 355,474 | | 929,177 | | 20,045 | | 22,651 | | 355,474 | | 971,873 | | 1,327,347 | | 586,181 | | | | 06/30/98 | | 300 | |
Baton Rouge | LA | | 1,444,800 | | 1,158,316 | | 2,391,847 | | None | | None | | 1,158,316 | | 2,391,847 | | 3,550,163 | | 91,687 | | | | 01/22/13 | | 300 | |
Allston | MA | | | | 576,505 | | 1,071,520 | | None | | None | | 576,505 | | 1,071,520 | | 1,648,025 | | 433,960 | | | | 11/29/03 | | 300 | |
Billerica | MA | | | | 399,043 | | 462,240 | | None | | 172 | | 399,043 | | 462,412 | | 861,455 | | 308,908 | | | | 04/02/97 | | 300 | |
Shrewsbury | MA | | | | 721,065 | | 1,339,913 | | None | | None | | 721,065 | | 1,339,913 | | 2,060,978 | | 542,661 | | | | 11/29/03 | | 300 | |
Waltham | MA | | | | 338,955 | | 630,279 | | None | | None | | 338,955 | | 630,279 | | 969,234 | | 255,259 | | | | 11/29/03 | | 300 | |
Weymouth | MA | | | | 752,234 | | 1,397,799 | | None | | None | | 752,234 | | 1,397,799 | | 2,150,033 | | 566,104 | | | | 11/29/03 | | 300 | |
Woburn | MA | | | | 676,968 | | 1,258,018 | | None | | None | | 676,968 | | 1,258,018 | | 1,934,986 | | 509,493 | | | | 11/29/03 | | 300 | |
Annapolis | MD | | | | 780,806 | | 1,450,860 | | None | | None | | 780,806 | | 1,450,860 | | 2,231,666 | | 587,594 | | | | 11/29/03 | | 300 | |
Bowie | MD | | | | 734,558 | | 1,364,970 | | None | | None | | 734,558 | | 1,364,970 | | 2,099,528 | | 552,809 | | | | 11/29/03 | | 300 | |
Capital Heights | MD | | | | 701,705 | | 1,303,958 | | None | | None | | 701,705 | | 1,303,958 | | 2,005,663 | | 528,099 | | | | 11/29/03 | | 300 | |
Germantown | MD | | | | 808,296 | | 1,501,913 | | None | | None | | 808,296 | | 1,501,913 | | 2,310,209 | | 608,271 | | | | 11/29/03 | | 300 | |
Waldorf | MD | | | | 427,033 | | 793,854 | | None | | None | | 427,033 | | 793,854 | | 1,220,887 | | 321,507 | | | | 11/29/03 | | 300 | |
Eagan | MN | | | | 902,443 | | 845,536 | | None | | None | | 902,443 | | 845,536 | | 1,747,979 | | 520,030 | | 06/19/98 | | 02/20/98 | | 300 | |
Ferguson | MO | | | | 386,112 | | 717,856 | | None | | None | | 386,112 | | 717,856 | | 1,103,968 | | 290,728 | | | | 11/29/03 | | 300 | |
Grandview | MO | | | | 347,150 | | 711,024 | | None | | None | | 347,150 | | 711,024 | | 1,058,174 | | 434,943 | | 08/20/98 | | 02/20/98 | | 300 | |
Independence | MO | | | | 721,020 | | 1,339,829 | | None | | None | | 721,020 | | 1,339,829 | | 2,060,849 | | 542,627 | | | | 11/29/03 | | 300 | |
St. Louis | MO | | | | 1,222,303 | | 2,019,908 | | None | | None | | 1,222,303 | | 2,019,908 | | 3,242,211 | | 77,430 | | | | 01/22/13 | | 300 | |
Charlotte | NC | | | | 508,100 | | 457,295 | | None | | None | | 508,100 | | 457,295 | | 965,395 | | 194,350 | | | | 05/27/03 | | 300 | |
Charlotte | NC | | | | 181,662 | | 338,164 | | None | | None | | 181,662 | | 338,164 | | 519,826 | | 136,952 | | | | 11/29/03 | | 300 | |
Clemmons | NC | | | | 630,000 | | 1,100,160 | | None | | None | | 630,000 | | 1,100,160 | | 1,730,160 | | 269,539 | | | | 11/09/07 | | 300 | |
Jamestown | NC | | | | 650,000 | | 857,823 | | None | | None | | 650,000 | | 857,823 | | 1,507,823 | | 210,167 | | | | 11/09/07 | | 300 | |
Matthews | NC | | | | 489,063 | | 909,052 | | None | | None | | 489,063 | | 909,052 | | 1,398,115 | | 368,162 | | | | 11/29/03 | | 300 | |
Omaha | NE | | | | 253,128 | | 810,922 | | None | | 32 | | 253,128 | | 810,954 | | 1,064,082 | | 463,635 | | 07/22/99 | | 03/04/99 | | 300 | |
Manchester | NH | | | | 722,532 | | 1,342,636 | | None | | None | | 722,532 | | 1,342,636 | | 2,065,168 | | 543,763 | | | | 11/29/03 | | 300 | |
Newington | NH | | | | 690,753 | | 1,283,624 | | None | | None | | 690,753 | | 1,283,624 | | 1,974,377 | | 519,864 | | | | 11/29/03 | | 300 | |
Salem | NH | | | | 597,833 | | 1,111,059 | | None | | None | | 597,833 | | 1,111,059 | | 1,708,892 | | 449,975 | | | | 11/29/03 | | 300 | |
F-9
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and��7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Deptford | NJ | | | | 619,376 | | 1,151,062 | | None | | None | | 619,376 | | 1,151,062 | | 1,770,438 | | 466,176 | | | | 11/29/03 | | 300 | |
Maple Shade | NJ | | | | 508,285 | | 944,750 | | None | | None | | 508,285 | | 944,750 | | 1,453,035 | | 382,620 | | | | 11/29/03 | | 300 | |
Northfield | NJ | | | | 1,364,997 | | 2,361,337 | | None | | None | | 1,364,997 | | 2,361,337 | | 3,726,334 | | 90,518 | | | | 01/22/13 | | 300 | |
Woodbury | NJ | | | | 212,788 | | 320,283 | | None | | None | | 212,788 | | 320,283 | | 533,071 | | 148,928 | | | | 05/14/02 | | 300 | |
Albuquerque | NM | | | | 1,210,015 | | 2,498,602 | | None | | None | | 1,210,015 | | 2,498,602 | | 3,708,617 | | 95,780 | | | | 01/22/13 | | 300 | |
Akron | OH | | | | 242,133 | | 450,467 | | None | | None | | 242,133 | | 450,467 | | 692,600 | | 182,435 | | | | 11/29/03 | | 300 | |
Cambridge | OH | | | | 103,368 | | 192,760 | | None | | None | | 103,368 | | 192,760 | | 296,128 | | 78,064 | | | | 11/29/03 | | 300 | |
Canton | OH | | | | 337,161 | | 626,948 | | None | | None | | 337,161 | | 626,948 | | 964,109 | | 253,910 | | | | 11/29/03 | | 300 | |
Cleveland | OH | | | | 582,107 | | 1,081,848 | | None | | None | | 582,107 | | 1,081,848 | | 1,663,955 | | 438,145 | | | | 11/29/03 | | 300 | |
Columbus | OH | | | | 385,878 | | 717,422 | | None | | None | | 385,878 | | 717,422 | | 1,103,300 | | 290,552 | | | | 11/29/03 | | 300 | |
Edmond | OK | | | | 1,240,403 | | 2,561,350 | | None | | None | | 1,240,403 | | 2,561,350 | | 3,801,753 | | 98,185 | | | | 01/22/13 | | 300 | |
Oklahoma City | OK | | | | 509,370 | | 752,691 | | None | | None | | 509,370 | | 752,691 | | 1,262,061 | | 437,986 | | 04/14/99 | | 09/24/98 | | 300 | |
Oklahoma City | OK | | | | 404,815 | | 771,625 | | None | | None | | 404,815 | | 771,625 | | 1,176,440 | | 448,984 | | 04/09/99 | | 10/16/98 | | 300 | |
Oklahoma City | OK | | | | 1,127,056 | | 2,327,297 | | None | | None | | 1,127,056 | | 2,327,297 | | 3,454,353 | | 89,213 | | | | 01/22/13 | | 300 | |
Owasso | OK | | | | 1,078,296 | | 2,226,612 | | 5,698 | | None | | 1,078,296 | | 2,232,310 | | 3,310,606 | | 85,532 | | | | 01/22/13 | | 300 | |
Tulsa | OK | | | | 964,367 | | 1,996,137 | | 5,993 | | None | | 964,367 | | 2,002,130 | | 2,966,497 | | 76,779 | | | | 01/22/13 | | 300 | |
Yukon | OK | | | | 1,173,070 | | 2,422,313 | | None | | None | | 1,173,070 | | 2,422,313 | | 3,595,383 | | 92,855 | | | | 01/22/13 | | 300 | |
Greensburg | PA | | | | 594,891 | | 1,105,589 | | None | | None | | 594,891 | | 1,105,589 | | 1,700,480 | | 447,759 | | | | 11/29/03 | | 300 | |
Lancaster | PA | | | | 431,050 | | 801,313 | | None | | None | | 431,050 | | 801,313 | | 1,232,363 | | 324,528 | | | | 11/29/03 | | 300 | |
Mechanicsburg | PA | | | | 455,854 | | 847,377 | | None | | None | | 455,854 | | 847,377 | | 1,303,231 | | 343,184 | | | | 11/29/03 | | 300 | |
Monroeville | PA | | | | 723,660 | | 1,344,733 | | None | | None | | 723,660 | | 1,344,733 | | 2,068,393 | | 544,613 | | | | 11/29/03 | | 300 | |
Philadelphia | PA | | | | 334,939 | | 622,821 | | None | | None | | 334,939 | | 622,821 | | 957,760 | | 252,238 | | | | 11/29/03 | | 300 | |
Pittsburgh | PA | | | | 384,756 | | 715,339 | | None | | None | | 384,756 | | 715,339 | | 1,100,095 | | 289,708 | | | | 11/29/03 | | 300 | |
York | PA | | | | 389,291 | | 723,760 | | None | | None | | 389,291 | | 723,760 | | 1,113,051 | | 293,119 | | | | 11/29/03 | | 300 | |
Columbia | SC | | | | 343,785 | | 295,001 | | 183,130 | | None | | 343,785 | | 478,131 | | 821,916 | | 369,072 | | 05/27/97 | | 02/07/97 | | 300 | |
Sioux Falls | SD | | | | 332,979 | | 498,108 | | None | | None | | 332,979 | | 498,108 | | 831,087 | | 306,351 | | 06/01/99 | | 02/27/98 | | 300 | |
Goodlettsville | TN | | | | 601,306 | | 1,117,504 | | None | | None | | 601,306 | | 1,117,504 | | 1,718,810 | | 452,585 | | | | 11/29/03 | | 300 | |
Hermitage | TN | | | | 560,443 | | 1,011,799 | | None | | None | | 560,443 | | 1,011,799 | | 1,572,242 | | 461,851 | | 10/15/01 | | 05/09/01 | | 300 | |
Allen | TX | | | | 1,162,614 | | 2,400,722 | | None | | None | | 1,162,614 | | 2,400,722 | | 3,563,336 | | 92,028 | | | | 01/22/13 | | 300 | |
Arlington | TX | | | | 599,558 | | 1,114,256 | | None | | None | | 599,558 | | 1,114,256 | | 1,713,814 | | 451,269 | | | | 11/29/03 | | 300 | |
Austin | TX | | | | 185,454 | | 411,899 | | None | | None | | 185,454 | | 411,899 | | 597,353 | | 393,119 | | | | 02/06/90 | | 300 | |
Austin | TX | | | | 710,485 | | 1,320,293 | | None | | None | | 710,485 | | 1,320,293 | | 2,030,778 | | 534,714 | | | | 11/29/03 | | 300 | |
Austin | TX | | | | 590,828 | | 1,098,073 | | None | | None | | 590,828 | | 1,098,073 | | 1,688,901 | | 444,715 | | | | 11/29/03 | | 300 | |
Austin | TX | | | | 569,909 | | 1,059,195 | | None | | None | | 569,909 | | 1,059,195 | | 1,629,104 | | 428,970 | | | | 11/29/03 | | 300 | |
Austin | TX | | | | 532,497 | | 989,715 | | None | | None | | 532,497 | | 989,715 | | 1,522,212 | | 400,830 | | | | 11/29/03 | | 300 | |
Austin | TX | | 1,367,400 | | 1,066,021 | | 2,201,264 | | None | | None | | 1,066,021 | | 2,201,264 | | 3,267,285 | | 84,382 | | | | 01/22/13 | | 300 | |
Carrollton | TX | | | | 568,401 | | 1,056,394 | | None | | None | | 568,401 | | 1,056,394 | | 1,624,795 | | 427,835 | | | | 11/29/03 | | 300 | |
Conroe | TX | | | | 396,068 | | 736,346 | | None | | None | | 396,068 | | 736,346 | | 1,132,414 | | 298,216 | | | | 11/29/03 | | 300 | |
Crowley | TX | | | | 1,103,218 | | 2,278,074 | | None | | None | | 1,103,218 | | 2,278,074 | | 3,381,292 | | 87,326 | | | | 01/22/13 | | 300 | |
Dallas | TX | | | | 191,267 | | 424,811 | | None | | 73 | | 191,267 | | 424,884 | | 616,151 | | 406,987 | | | | 01/26/90 | | 300 | |
Fort Worth | TX | | | | 543,950 | | 1,010,984 | | None | | None | | 543,950 | | 1,010,984 | | 1,554,934 | | 409,444 | | | | 11/29/03 | | 300 | |
Garland | TX | | | | 242,887 | | 539,461 | | None | | 91 | | 242,887 | | 539,552 | | 782,439 | | 516,736 | | | | 01/19/90 | | 300 | |
Harlingen | TX | | | | 134,599 | | 298,948 | | None | | None | | 134,599 | | 298,948 | | 433,547 | | 286,354 | | | | 01/17/90 | | 300 | |
Houston | TX | | | | 151,018 | | 335,417 | | None | | None | | 151,018 | | 335,417 | | 486,435 | | 321,286 | | | | 01/25/90 | | 300 | |
Houston | TX | | | | 392,113 | | 729,002 | | None | | None | | 392,113 | | 729,002 | | 1,121,115 | | 295,242 | | | | 11/29/03 | | 300 | |
Houston | TX | | | | 1,030,379 | | 1,914,353 | | None | | None | | 1,030,379 | | 1,914,353 | | 2,944,732 | | 775,309 | | | | 11/29/03 | | 300 | |
Houston | TX | | | | 619,101 | | 1,150,551 | | None | | None | | 619,101 | | 1,150,551 | | 1,769,652 | | 465,969 | | | | 11/29/03 | | 300 | |
Houston | TX | | | | 642,495 | | 1,193,997 | | None | | None | | 642,495 | | 1,193,997 | | 1,836,492 | | 483,565 | | | | 11/29/03 | | 300 | |
Houston | TX | | | | 872,866 | | 1,621,829 | | None | | None | | 872,866 | | 1,621,829 | | 2,494,695 | | 656,837 | | | | 11/29/03 | | 300 | |
Humble | TX | | | | 612,414 | | 1,138,132 | | None | | None | | 612,414 | | 1,138,132 | | 1,750,546 | | 460,940 | | | | 11/29/03 | | 300 | |
League City | TX | | | | 1,032,003 | | 2,131,018 | | None | | None | | 1,032,003 | | 2,131,018 | | 3,163,021 | | 81,689 | | | | 01/22/13 | | 300 | |
Leon Valley | TX | | | | 178,221 | | 395,834 | | None | | None | | 178,221 | | 395,834 | | 574,055 | | 379,158 | | | | 01/17/90 | | 300 | |
Leon Valley | TX | | | | 529,967 | | 985,046 | | None | | None | | 529,967 | | 985,046 | | 1,515,013 | | 398,939 | | | | 11/29/03 | | 300 | |
Mesquite | TX | | | | 591,538 | | 1,099,363 | | None | | None | | 591,538 | | 1,099,363 | | 1,690,901 | | 445,238 | | | | 11/29/03 | | 300 | |
Pasadena | TX | | | | 107,391 | | 238,519 | | None | | None | | 107,391 | | 238,519 | | 345,910 | | 228,470 | | | | 01/24/90 | | 300 | |
Pearland | TX | | 1,290,000 | | 935,739 | | 1,932,240 | | None | | None | | 935,739 | | 1,932,240 | | 2,867,979 | | 74,069 | | | | 01/22/13 | | 300 | |
Plano | TX | | | | 187,564 | | 417,157 | | 700 | | 91 | | 187,564 | | 417,948 | | 605,512 | | 399,404 | | | | 01/18/90 | | 300 | |
F-10
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Plano | TX | | | | 494,407 | | 918,976 | | None | | None | | 494,407 | | 918,976 | | 1,413,383 | | 372,181 | | | | 11/29/03 | | 300 | |
Richardson | TX | | | | 555,188 | | 1,031,855 | | None | | None | | 555,188 | | 1,031,855 | | 1,587,043 | | 417,897 | | | | 11/29/03 | | 300 | |
Rockwall | TX | | | | 1,178,158 | | 2,432,819 | | None | | None | | 1,178,158 | | 2,432,819 | | 3,610,977 | | 93,258 | | | | 01/22/13 | | 300 | |
San Antonio | TX | | | | 245,164 | | 544,518 | | None | | None | | 245,164 | | 544,518 | | 789,682 | | 519,691 | | | | 02/14/90 | | 300 | |
San Antonio | TX | | | | 688,249 | | 1,278,967 | | None | | None | | 688,249 | | 1,278,967 | | 1,967,216 | | 517,978 | | | | 11/29/03 | | 300 | |
Stafford | TX | | | | 706,786 | | 1,313,395 | | None | | None | | 706,786 | | 1,313,395 | | 2,020,181 | | 531,921 | | | | 11/29/03 | | 300 | |
Waco | TX | | | | 401,999 | | 747,362 | | None | | None | | 401,999 | | 747,362 | | 1,149,361 | | 302,677 | | | | 11/29/03 | | 300 | |
Weatherford | TX | | | | 971,317 | | 2,005,706 | | None | | None | | 971,317 | | 2,005,706 | | 2,977,023 | | 76,885 | | | | 01/22/13 | | 300 | |
Webster | TX | | | | 600,261 | | 1,115,563 | | None | | None | | 600,261 | | 1,115,563 | | 1,715,824 | | 451,799 | | | | 11/29/03 | | 300 | |
Bountiful | UT | | | | 183,750 | | 408,115 | | None | | 111 | | 183,750 | | 408,226 | | 591,976 | | 391,023 | | | | 01/30/90 | | 300 | |
Alexandria | VA | | | | 542,791 | | 1,008,832 | | None | | None | | 542,791 | | 1,008,832 | | 1,551,623 | | 408,573 | | | | 11/29/03 | | 300 | |
Alexandria | VA | | | | 592,698 | | 1,101,517 | | None | | None | | 592,698 | | 1,101,517 | | 1,694,215 | | 446,110 | | | | 11/29/03 | | 300 | |
Chesapeake | VA | | | | 770,000 | | 1,112,334 | | None | | None | | 770,000 | | 1,112,334 | | 1,882,334 | | 272,522 | | | | 11/09/07 | | 300 | |
Chester | VA | | | | 1,204,525 | | 2,487,265 | | None | | None | | 1,204,525 | | 2,487,265 | | 3,691,790 | | 95,345 | | | | 01/22/13 | | 300 | |
Lynchburg | VA | | | | 342,751 | | 637,329 | | None | | None | | 342,751 | | 637,329 | | 980,080 | | 258,114 | | | | 11/29/03 | | 300 | |
Virginia Beach | VA | | | | 780,000 | | 1,026,384 | | None | | None | | 780,000 | | 1,026,384 | | 1,806,384 | | 251,464 | | | | 11/09/07 | | 300 | |
Woodbridge | VA | | | | 774,854 | | 1,439,806 | | None | | None | | 774,854 | | 1,439,806 | | 2,214,660 | | 583,117 | | | | 11/29/03 | | 300 | |
Tacoma | WA | | | | 187,111 | | 415,579 | | None | | None | | 187,111 | | 415,579 | | 602,690 | | 398,071 | | | | 01/25/90 | | 300 | |
Brown Deer | WI | | | | 257,408 | | 802,141 | | None | | None | | 257,408 | | 802,141 | | 1,059,549 | | 482,684 | | 12/15/98 | | 07/16/98 | | 300 | |
Delafield | WI | | | | 324,574 | | 772,702 | | None | | None | | 324,574 | | 772,702 | | 1,097,276 | | 441,073 | | 07/29/99 | | 02/26/99 | | 300 | |
Madison | WI | | | | 452,630 | | 811,977 | | None | | None | | 452,630 | | 811,977 | | 1,264,607 | | 494,009 | | 10/20/98 | | 04/07/98 | | 300 | |
Milwaukee | WI | | | | 1,304,098 | | 2,692,877 | | None | | None | | 1,304,098 | | 2,692,877 | | 3,996,975 | | 103,227 | | | | 01/22/13 | | 300 | |
Oak Creek | WI | | | | 420,465 | | 852,408 | | None | | None | | 420,465 | | 852,408 | | 1,272,873 | | 518,608 | | 08/07/98 | | 03/20/98 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Beverages | | | | | | | | | | | | | | | | | | | | | | | |
Calistoga | CA | | | | 12,677,285 | | 2,750,715 | | None | | None | | 12,677,285 | | 2,750,715 | | 15,428,000 | | 398,151 | | | | 06/25/10 | | 300 | |
Calistoga | CA | | | | 5,445,030 | | 21,154,970 | | None | | None | | 5,445,030 | | 21,154,970 | | 26,600,000 | | 2,996,954 | | | | 06/25/10 | | 300 | |
Calistoga | CA | | | | 6,039,131 | | 1,576,869 | | None | | None | | 6,039,131 | | 1,576,869 | | 7,616,000 | | 223,390 | | | | 06/25/10 | | 300 | |
Calistoga | CA | | | | 4,988,527 | | 1,999,473 | | None | | None | | 4,988,527 | | 1,999,473 | | 6,988,000 | | 284,839 | | | | 06/25/10 | | 300 | |
Calistoga | CA | | | | 8,146,907 | | 2,067,093 | | None | | None | | 8,146,907 | | 2,067,093 | | 10,214,000 | | 292,838 | | | | 06/25/10 | | 300 | |
Calistoga | CA | | | | 12,675,172 | | 4,907,828 | | None | | None | | 12,675,172 | | 4,907,828 | | 17,583,000 | | 696,781 | | | | 06/25/10 | | 300 | |
Calistoga | CA | | | | 45,184,528 | | 10,437,472 | | None | | None | | 45,184,528 | | 10,437,472 | | 55,622,000 | | 1,482,593 | | | | 06/25/10 | | 300 | |
Calistoga | CA | | | | 10,630,191 | | 5,580,929 | | None | | None | | 10,630,191 | | 5,580,929 | | 16,211,120 | | 679,789 | | | | 12/15/10 | | 300 | |
Napa | CA | | | | 6,000,000 | | 25,000,000 | | None | | None | | 6,000,000 | | 25,000,000 | | 31,000,000 | | 3,541,667 | | | | 06/25/10 | | 300 | |
Napa | CA | | | | 11,253,989 | | 2,846,011 | | None | | None | | 11,253,989 | | 2,846,011 | | 14,100,000 | | 406,346 | | | | 06/25/10 | | 300 | |
Napa | CA | | | | 17,590,091 | | 5,898,149 | | None | | None | | 17,590,091 | | 5,898,149 | | 23,488,240 | | 871,245 | | | | 06/25/10 | | 300 | |
Napa | CA | | | | 10,777,485 | | 390,515 | | None | | None | | 10,777,485 | | 390,515 | | 11,168,000 | | 54,999 | | | | 09/17/10 | | 300 | |
Napa | CA | | | | 4,675,262 | | 298,928 | | None | | None | | 4,675,262 | | 298,928 | | 4,974,190 | | 36,370 | | | | 12/15/10 | | 300 | |
Napa | CA | | | | 6,860,862 | | 524,117 | | None | | None | | 6,860,862 | | 524,117 | | 7,384,979 | | 42,803 | | | | 12/15/11 | | 300 | |
Paicines | CA | | | | 12,058,127 | | 1,607,783 | | None | | None | | 12,058,127 | | 1,607,783 | | 13,665,910 | | 254,458 | | | | 12/15/10 | | 300 | |
St. Helena | CA | | | | 15,254,700 | | 4,150,300 | | None | | None | | 15,254,700 | | 4,150,300 | | 19,405,000 | | 598,706 | | | | 06/25/10 | | 300 | |
St. Helena | CA | | | | 23,471,336 | | 6,589,664 | | None | | None | | 23,471,336 | | 6,589,664 | | 30,061,000 | | 939,180 | | | | 06/25/10 | | 300 | |
Shreveport | LA | | | | 1,320,003 | | 8,130,438 | | None | | 147 | | 1,320,003 | | 8,130,585 | | 9,450,588 | | 880,869 | | | | 04/22/11 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Book stores | | | | | | | | | | | | | | | | | | | | | | | |
Tampa | FL | | | | 998,250 | | 3,696,707 | | 129,751 | | 79 | | 998,250 | | 3,826,537 | | 4,824,787 | | 2,494,395 | | | | 03/11/97 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Child care | | | | | | | | | | | | | | | | | | | | | | | |
Hoover | AL | | | | 63,800 | | 295,791 | | 9,240 | | 84 | | 63,800 | | 305,115 | | 368,915 | | 296,072 | | | | 10/31/84 | | 300 | |
Avondale | AZ | | | | 242,723 | | 1,129,139 | | None | | None | | 242,723 | | 1,129,139 | | 1,371,862 | | 656,869 | | 04/20/99 | | 07/28/98 | | 300 | |
Chandler | AZ | | | | 291,720 | | 647,923 | | None | | 171 | | 291,720 | | 648,094 | | 939,814 | | 648,082 | | | | 12/11/87 | | 300 | |
Chandler | AZ | | | | 271,695 | | 603,446 | | 9,758 | | 19,469 | | 271,695 | | 632,673 | | 904,368 | | 611,118 | | | | 12/14/87 | | 300 | |
Mesa | AZ | | | | 308,951 | | 1,025,612 | | None | | None | | 308,951 | | 1,025,612 | | 1,334,563 | | 586,345 | | 07/26/99 | | 01/13/99 | | 300 | |
Phoenix | AZ | | | | 260,719 | | 516,181 | | None | | 32,296 | | 260,719 | | 548,477 | | 809,196 | | 491,022 | | | | 12/26/90 | | 300 | |
Scottsdale | AZ | | | | 291,993 | | 648,529 | | None | | 171 | | 291,993 | | 648,700 | | 940,693 | | 648,688 | | | | 12/14/87 | | 300 | |
Scottsdale | AZ | | | | 264,504 | | 587,471 | | None | | 27,528 | | 264,504 | | 614,999 | | 879,503 | | 566,683 | | | | 06/29/90 | | 300 | |
F-11
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Tempe | AZ | | | | 292,200 | | 648,989 | | None | | 16,676 | | 292,200 | | 665,665 | | 957,865 | | 665,569 | | | | 03/10/88 | | 300 | |
Tucson | AZ | | | | 304,500 | | 676,303 | | None | | 62 | | 304,500 | | 676,365 | | 980,865 | | 676,317 | | | | 09/28/88 | | 300 | |
Tucson | AZ | | | | 283,500 | | 546,878 | | None | | 337 | | 283,500 | | 547,215 | | 830,715 | | 547,105 | | | | 09/29/88 | | 300 | |
Calabasas | CA | | | | 156,430 | | 725,248 | | 100,838 | | 58,741 | | 156,430 | | 884,827 | | 1,041,257 | | 808,322 | | | | 09/26/85 | | 300 | |
Carmichael | CA | | | | 131,035 | | 607,507 | | 80,368 | | 21,673 | | 131,035 | | 709,548 | | 840,583 | | 622,734 | | | | 08/22/86 | | 300 | |
Chino | CA | | | | 155,000 | | 634,071 | | None | | 22 | | 155,000 | | 634,093 | | 789,093 | | 634,091 | | | | 10/06/83 | | 180 | |
Chula Vista | CA | | | | 350,563 | | 778,614 | | None | | 43,353 | | 350,563 | | 821,967 | | 1,172,530 | | 804,625 | | | | 10/30/87 | | 300 | |
El Cajon | CA | | | | 157,804 | | 731,621 | | 2,540 | | 44,802 | | 157,804 | | 778,963 | | 936,767 | | 749,886 | | | | 12/19/85 | | 300 | |
Escondido | CA | | | | 276,286 | | 613,638 | | 5,000 | | 44,389 | | 276,286 | | 663,027 | | 939,313 | | 642,385 | | | | 12/31/87 | | 300 | |
Folsom | CA | | | | 281,563 | | 625,363 | | None | | None | | 281,563 | | 625,363 | | 906,926 | | 625,363 | | | | 10/23/87 | | 300 | |
Mission Viejo | CA | | | | 353,891 | | 744,367 | | 12,500 | | None | | 353,891 | | 756,867 | | 1,110,758 | | 637,806 | | | | 06/24/93 | | 300 | |
Oceanside | CA | | | | 145,568 | | 674,889 | | 17,000 | | None | | 145,568 | | 691,889 | | 837,457 | | 684,899 | | | | 12/23/85 | | 300 | |
Palmdale | CA | | | | 249,490 | | 554,125 | | 9,864 | | None | | 249,490 | | 563,989 | | 813,479 | | 563,441 | | | | 09/14/88 | | 300 | |
Rancho Cordova | CA | | | | 276,328 | | 613,733 | | 24,967 | | None | | 276,328 | | 638,700 | | 915,028 | | 628,308 | | | | 03/22/89 | | 300 | |
Rancho Cucamonga | CA | | | | 471,733 | | 1,047,739 | | 149,765 | | 170 | | 471,733 | | 1,197,674 | | 1,669,407 | | 1,068,656 | | | | 12/30/87 | | 300 | |
Sacramento | CA | | | | 290,734 | | 645,732 | | None | | None | | 290,734 | | 645,732 | | 936,466 | | 645,732 | | | | 10/05/87 | | 300 | |
Simi Valley | CA | | | | 208,585 | | 967,055 | | 79,082 | | 31 | | 208,585 | | 1,046,168 | | 1,254,753 | | 1,000,732 | | | | 12/20/85 | | 300 | |
Valencia | CA | | | | 301,295 | | 669,185 | | 67,995 | | 46 | | 301,295 | | 737,226 | | 1,038,521 | | 700,700 | | | | 06/23/88 | | 300 | |
Walnut | CA | | | | 217,365 | | 1,007,753 | | 1,200 | | 51,214 | | 217,365 | | 1,060,167 | | 1,277,532 | | 1,029,967 | | | | 08/22/86 | | 300 | |
Aurora | CO | | | | 287,000 | | 637,440 | | 20,313 | | 18,188 | | 287,000 | | 675,941 | | 962,941 | | 640,546 | | | | 12/31/87 | | 300 | |
Broomfield | CO | | | | 155,306 | | 344,941 | | 25,000 | | 82 | | 155,306 | | 370,023 | | 525,329 | | 364,341 | | | | 03/15/88 | | 300 | |
Colorado Springs | CO | | | | 58,400 | | 271,217 | | 25,000 | | 82 | | 58,400 | | 296,299 | | 354,699 | | 287,994 | | | | 12/22/82 | | 180 | |
Fort Collins | CO | | | | 55,200 | | 256,356 | | 15,030 | | 79 | | 55,200 | | 271,465 | | 326,665 | | 256,573 | | | | 12/22/82 | | 180 | |
Greenwood Village | CO | | | | 131,216 | | 608,372 | | 6,862 | | 21,268 | | 131,216 | | 636,502 | | 767,718 | | 627,877 | | | | 12/05/86 | | 300 | |
Littleton | CO | | | | 161,617 | | 358,956 | | None | | 82 | | 161,617 | | 359,038 | | 520,655 | | 358,992 | | | | 12/10/87 | | 300 | |
Longmont | CO | | | | 115,592 | | 535,931 | | None | | 71 | | 115,592 | | 536,002 | | 651,594 | | 535,962 | | | | 03/25/86 | | 300 | |
Louisville | CO | | | | 58,089 | | 269,313 | | 22,582 | | 89 | | 58,089 | | 291,984 | | 350,073 | | 271,424 | | | | 06/22/84 | | 300 | |
Parker | CO | | | | 153,551 | | 341,042 | | None | | 82 | | 153,551 | | 341,124 | | 494,675 | | 341,078 | | | | 10/19/87 | | 300 | |
Westminster | CO | | | | 306,387 | | 695,737 | | 32,991 | | 11,233 | | 306,387 | | 739,961 | | 1,046,348 | | 683,432 | | | | 09/27/89 | | 300 | |
Bradenton | FL | | | | 160,060 | | 355,501 | | 25,000 | | 79 | | 160,060 | | 380,580 | | 540,640 | | 374,358 | | | | 05/05/88 | | 300 | |
Clearwater | FL | | | | 42,223 | | 269,380 | | None | | 79 | | 42,223 | | 269,459 | | 311,682 | | 269,437 | | | | 12/22/81 | | 180 | |
Jacksonville | FL | | | | 48,000 | | 243,060 | | None | | None | | 48,000 | | 243,060 | | 291,060 | | 243,060 | | | | 12/22/81 | | 180 | |
Jacksonville | FL | | | | 184,800 | | 410,447 | | 22,872 | | 189 | | 184,800 | | 433,508 | | 618,308 | | 423,595 | | | | 03/30/89 | | 300 | |
Margate | FL | | | | 66,686 | | 309,183 | | None | | 240 | | 66,686 | | 309,423 | | 376,109 | | 309,390 | | | | 12/16/86 | | 300 | |
Melbourne | FL | | | | 256,439 | | 549,345 | | None | | 79 | | 256,439 | | 549,424 | | 805,863 | | 467,068 | | | | 04/16/93 | | 300 | |
Niceville | FL | | | | 73,696 | | 341,688 | | None | | None | | 73,696 | | 341,688 | | 415,384 | | 341,688 | | | | 12/03/86 | | 300 | |
Orlando | FL | | | | 68,001 | | 313,922 | | None | | None | | 68,001 | | 313,922 | | 381,923 | | 313,922 | | | | 09/04/85 | | 300 | |
Orlando | FL | | | | 159,177 | | 353,538 | | None | | 154 | | 159,177 | | 353,692 | | 512,869 | | 353,615 | | | | 07/02/87 | | 300 | |
Oviedo | FL | | | | 166,409 | | 369,598 | | None | | 154 | | 166,409 | | 369,752 | | 536,161 | | 369,676 | | | | 11/20/87 | | 300 | |
Panama City | FL | | | | 69,500 | | 244,314 | | 82,701 | | 4,560 | | 69,500 | | 331,575 | | 401,075 | | 278,824 | | | | 06/15/82 | | 180 | |
Pensacola | FL | | | | 147,000 | | 326,492 | | 20,000 | | 240 | | 147,000 | | 346,732 | | 493,732 | | 332,195 | | | | 03/28/89 | | 300 | |
Royal Palm Beach | FL | | | | 194,193 | | 431,309 | | 25,000 | | None | | 194,193 | | 456,309 | | 650,502 | | 445,337 | | | | 11/15/88 | | 300 | |
St. Augustine | FL | | | | 44,800 | | 213,040 | | 23,090 | | 189 | | 44,800 | | 236,319 | | 281,119 | | 224,131 | | | | 12/22/81 | | 180 | |
Sunrise | FL | | | | 245,000 | | 533,280 | | 92,266 | | 28,616 | | 245,000 | | 654,162 | | 899,162 | | 594,816 | | | | 05/25/89 | | 300 | |
Tampa | FL | | | | 53,385 | | 199,846 | | None | | 154 | | 53,385 | | 200,000 | | 253,385 | | 199,924 | | | | 12/22/81 | | 180 | |
Duluth | GA | | | | 310,000 | | 1,040,008 | | None | | None | | 310,000 | | 1,040,008 | | 1,350,008 | | 591,121 | | 08/25/99 | | 06/07/99 | | 300 | |
Ellenwood | GA | | | | 119,678 | | 275,414 | | 58,545 | | 479 | | 119,678 | | 334,438 | | 454,116 | | 290,805 | | | | 11/16/88 | | 300 | |
Lawrenceville | GA | | | | 141,449 | | 314,161 | | 156,426 | | 14,614 | | 141,449 | | 485,201 | | 626,650 | | 361,457 | | | | 07/07/88 | | 300 | |
Lithia Springs | GA | | | | 187,444 | | 363,358 | | None | | 84 | | 187,444 | | 363,442 | | 550,886 | | 349,946 | | | | 12/28/89 | | 300 | |
Lithonia | GA | | | | 239,715 | | 524,459 | | 24,410 | | 26,132 | | 239,715 | | 575,001 | | 814,716 | | 511,430 | | | | 08/20/91 | | 300 | |
Marietta | GA | | | | 148,620 | | 330,090 | | 25,000 | | 205 | | 148,620 | | 355,295 | | 503,915 | | 349,413 | | | | 09/16/88 | | 300 | |
Marietta | GA | | | | 292,250 | | 649,095 | | 74,491 | | 10,464 | | 292,250 | | 734,050 | | 1,026,300 | | 662,776 | | | | 12/02/88 | | 300 | |
Marietta | GA | | | | 295,750 | | 596,299 | | None | | 17,678 | | 295,750 | | 613,977 | | 909,727 | | 611,247 | | | | 12/30/88 | | 300 | |
Marietta | GA | | | | 301,000 | | 668,529 | | 71,474 | | 19,961 | | 301,000 | | 759,964 | | 1,060,964 | | 692,485 | | | | 12/30/88 | | 300 | |
Smyrna | GA | | | | 274,750 | | 610,229 | | None | | 415 | | 274,750 | | 610,644 | | 885,394 | | 610,639 | | | | 11/15/88 | | 300 | |
Stockbridge | GA | | | | 168,700 | | 374,688 | | 62,622 | | 92 | | 168,700 | | 437,402 | | 606,102 | | 393,204 | | | | 03/28/89 | | 300 | |
Cedar Rapids | IA | | | | 194,950 | | 427,085 | | None | | None | | 194,950 | | 427,085 | | 622,035 | | 372,778 | | | | 09/24/92 | | 300 | |
F-12
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Iowa City | IA | | | | 186,900 | | 408,910 | | None | | None | | 186,900 | | 408,910 | | 595,810 | | 356,846 | | | | 09/24/92 | | 300 | |
Addison | IL | | | | 125,780 | | 583,146 | | None | | 134 | | 125,780 | | 583,280 | | 709,060 | | 583,240 | | | | 03/25/86 | | 300 | |
Algonquin | IL | | | | 241,500 | | 509,629 | | 28,260 | | 134 | | 241,500 | | 538,023 | | 779,523 | | 482,325 | | | | 07/10/90 | | 300 | |
Aurora | IL | | | | 165,679 | | 398,738 | | 27,450 | | 21,087 | | 165,679 | | 447,275 | | 612,954 | | 435,281 | | | | 12/21/88 | | 300 | |
Aurora | IL | | | | 468,000 | | 1,259,926 | | None | | None | | 468,000 | | 1,259,926 | | 1,727,926 | | 707,749 | | 10/26/99 | | 06/14/99 | | 300 | |
Bartlett | IL | | | | 120,824 | | 560,166 | | 73,302 | | 8,536 | | 120,824 | | 642,004 | | 762,828 | | 572,032 | | | | 03/25/86 | | 300 | |
Carol Stream | IL | | | | 122,831 | | 586,416 | | None | | 134 | | 122,831 | | 586,550 | | 709,381 | | 586,510 | | | | 03/25/86 | | 300 | |
Crystal Lake | IL | | | | 400,000 | | 1,259,424 | | None | | None | | 400,000 | | 1,259,424 | | 1,659,424 | | 711,655 | | 09/28/99 | | 05/14/99 | | 300 | |
Glendale Heights | IL | | | | 318,500 | | 707,399 | | None | | 172 | | 318,500 | | 707,571 | | 1,026,071 | | 707,571 | | | | 11/16/88 | | 300 | |
Hoffman Estates | IL | | | | 318,500 | | 707,399 | | None | | 257 | | 318,500 | | 707,656 | | 1,026,156 | | 702,588 | | | | 03/31/89 | | 300 | |
Homer Glen | IL | | | | 189,477 | | 442,018 | | None | | 85 | | 189,477 | | 442,103 | | 631,580 | | 442,055 | | | | 10/29/87 | | 300 | |
Lake in the Hills | IL | | | | 375,000 | | 1,127,678 | | None | | None | | 375,000 | | 1,127,678 | | 1,502,678 | | 637,215 | | 09/03/99 | | 05/14/99 | | 300 | |
Naperville | IL | | | | 425,000 | | 1,230,654 | | None | | None | | 425,000 | | 1,230,654 | | 1,655,654 | | 691,300 | | 10/06/99 | | 05/19/99 | | 300 | |
O’Fallon | IL | | | | 141,250 | | 313,722 | | None | | 232 | | 141,250 | | 313,954 | | 455,204 | | 313,834 | | | | 10/30/87 | | 300 | |
Oswego | IL | | | | 380,000 | | 1,165,818 | | None | | None | | 380,000 | | 1,165,818 | | 1,545,818 | | 662,627 | | 08/18/99 | | 06/30/99 | | 300 | |
Palatine | IL | | | | 121,911 | | 565,232 | | None | | 134 | | 121,911 | | 565,366 | | 687,277 | | 565,327 | | | | 03/25/86 | | 300 | |
Roselle | IL | | | | 297,541 | | 561,037 | | None | | 172 | | 297,541 | | 561,209 | | 858,750 | | 561,209 | | | | 12/30/88 | | 300 | |
Schaumburg | IL | | | | 218,798 | | 485,955 | | 20,461 | | None | | 218,798 | | 506,416 | | 725,214 | | 495,103 | | | | 12/17/87 | | 300 | |
Vernon Hills | IL | | | | 132,523 | | 614,430 | | None | | 134 | | 132,523 | | 614,564 | | 747,087 | | 614,525 | | | | 03/25/86 | | 300 | |
Westmont | IL | | | | 124,742 | | 578,330 | | 77,621 | | 167 | | 124,742 | | 656,118 | | 780,860 | | 578,630 | | | | 03/25/86 | | 300 | |
Fishers | IN | | | | 212,118 | | 419,958 | | None | | 419 | | 212,118 | | 420,377 | | 632,495 | | 386,725 | | | | 12/27/90 | | 300 | |
Highland | IN | | | | 220,460 | | 436,476 | | None | | 314 | | 220,460 | | 436,790 | | 657,250 | | 401,887 | | | | 12/26/90 | | 300 | |
Indianapolis | IN | | | | 245,000 | | 544,153 | | None | | 211 | | 245,000 | | 544,364 | | 789,364 | | 512,051 | | | | 06/29/90 | | 300 | |
Lenexa | KS | | | | 318,500 | | 707,399 | | 14,200 | | 127 | | 318,500 | | 721,726 | | 1,040,226 | | 714,340 | | | | 03/31/89 | | 300 | |
Olathe | KS | | | | 304,500 | | 676,308 | | 71,023 | | 186 | | 304,500 | | 747,517 | | 1,052,017 | | 700,842 | | | | 09/28/88 | | 300 | |
Overland Park | KS | | | | 357,500 | | 1,115,171 | | None | | None | | 357,500 | | 1,115,171 | | 1,472,671 | | 637,543 | | 07/23/99 | | 05/14/99 | | 300 | |
Shawnee | KS | | | | 315,000 | | 699,629 | | None | | 429 | | 315,000 | | 700,058 | | 1,015,058 | | 699,902 | | | | 10/27/88 | | 300 | |
Shawnee | KS | | | | 288,246 | | 935,875 | | None | | 127 | | 288,246 | | 936,002 | | 1,224,248 | | 556,895 | | 12/29/98 | | 08/24/98 | | 300 | |
Wichita | KS | | | | 209,890 | | 415,549 | | 33,984 | | 16,592 | | 209,890 | | 466,125 | | 676,015 | | 404,024 | | | | 12/26/90 | | 300 | |
Acton | MA | | | | 315,533 | | 700,813 | | None | | 278 | | 315,533 | | 701,091 | | 1,016,624 | | 701,091 | | | | 09/30/88 | | 300 | |
Marlborough | MA | | | | 352,765 | | 776,488 | | None | | 232 | | 352,765 | | 776,720 | | 1,129,485 | | 776,720 | | | | 11/04/88 | | 300 | |
Westborough | MA | | | | 359,412 | | 773,877 | | 63,037 | | 22,543 | | 359,412 | | 859,457 | | 1,218,869 | | 791,531 | | | | 11/01/88 | | 300 | |
Ellicott City | MD | | | | 219,368 | | 630,839 | | 26,550 | | None | | 219,368 | | 657,389 | | 876,757 | | 648,237 | | | | 12/19/88 | | 300 | |
Frederick | MD | | | | 203,352 | | 1,017,109 | | None | | 2,874 | | 203,352 | | 1,019,983 | | 1,223,335 | | 629,303 | | | | 07/06/98 | | 300 | |
Olney | MD | | | | 342,500 | | 760,701 | | 4,400 | | 41,605 | | 342,500 | | 806,706 | | 1,149,206 | | 783,883 | | | | 12/18/87 | | 300 | |
Waldorf | MD | | | | 130,430 | | 604,702 | | None | | 580 | | 130,430 | | 605,282 | | 735,712 | | 605,091 | | | | 09/26/84 | | 300 | |
Waldorf | MD | | | | 237,207 | | 526,844 | | None | | 172 | | 237,207 | | 527,016 | | 764,223 | | 526,919 | | | | 12/31/87 | | 300 | |
Canton | MI | | | | 55,000 | | 378,848 | | 2,913 | | 11,071 | | 55,000 | | 392,832 | | 447,832 | | 391,031 | | | | 10/06/82 | | 180 | |
Apple Valley | MN | | | | 113,523 | | 526,319 | | None | | 238 | | 113,523 | | 526,557 | | 640,080 | | 526,453 | | | | 03/26/86 | | 300 | |
Brooklyn Park | MN | | | | 118,111 | | 547,587 | | None | | 197 | | 118,111 | | 547,784 | | 665,895 | | 547,718 | | | | 03/26/86 | | 300 | |
Eden Prairie | MN | | | | 124,286 | | 576,243 | | None | | 197 | | 124,286 | | 576,440 | | 700,726 | | 576,374 | | | | 03/27/86 | | 300 | |
Maple Grove | MN | | | | 313,250 | | 660,149 | | None | | 278 | | 313,250 | | 660,427 | | 973,677 | | 619,424 | | | | 07/11/90 | | 300 | |
Plymouth | MN | | | | 134,221 | | 622,350 | | None | | 197 | | 134,221 | | 622,547 | | 756,768 | | 622,481 | | | | 12/12/86 | | 300 | |
White Bear Lake | MN | | | | 242,165 | | 537,856 | | None | | 278 | | 242,165 | | 538,134 | | 780,299 | | 502,506 | | | | 08/30/90 | | 300 | |
Florissant | MO | | | | 181,300 | | 402,672 | | 34,635 | | 12,626 | | 181,300 | | 449,933 | | 631,233 | | 422,208 | | | | 03/29/89 | | 300 | |
Florissant | MO | | | | 318,500 | | 707,399 | | 78,556 | | 11,102 | | 318,500 | | 797,057 | | 1,115,557 | | 735,843 | | | | 03/30/89 | | 300 | |
Gladstone | MO | | | | 294,000 | | 652,987 | | None | | 9,422 | | 294,000 | | 662,409 | | 956,409 | | 659,818 | | | | 09/29/88 | | 300 | |
Lee’s Summit | MO | | | | 239,627 | | 532,220 | | None | | 179 | | 239,627 | | 532,399 | | 772,026 | | 517,340 | | | | 09/27/89 | | 300 | |
Lee’s Summit | MO | | | | 330,000 | | 993,787 | | None | | 127 | | 330,000 | | 993,914 | | 1,323,914 | | 568,154 | | 07/26/99 | | 06/17/99 | | 300 | |
Lee’s Summit | MO | | | | 313,740 | | 939,367 | | None | | None | | 313,740 | | 939,367 | | 1,253,107 | | 533,921 | | 09/08/99 | | 06/30/99 | | 300 | |
North Kansas City | MO | | | | 307,784 | | 910,401 | | None | | None | | 307,784 | | 910,401 | | 1,218,185 | | 547,237 | | 09/28/99 | | 08/21/98 | | 300 | |
Jackson | MS | | | | 248,483 | | 572,522 | | 54,227 | | 17,780 | | 248,483 | | 644,529 | | 893,012 | | 342,354 | | | | 11/16/99 | | 300 | |
Pearl | MS | | | | 121,801 | | 270,524 | | 18,837 | | 4,207 | | 121,801 | | 293,568 | | 415,369 | | 287,704 | | | | 11/15/88 | | 300 | |
Tupelo | MS | | | | 121,697 | | 637,691 | | 26,216 | | 9,587 | | 121,697 | | 673,494 | | 795,191 | | 452,449 | | | | 11/26/96 | | 300 | |
Cary | NC | | | | 75,200 | | 262,973 | | 15,000 | | 187 | | 75,200 | | 278,160 | | 353,360 | | 268,323 | | | | 01/25/84 | | 180 | |
Charlotte | NC | | | | 134,582 | | 268,222 | | 24,478 | | 139 | | 134,582 | | 292,839 | | 427,421 | | 286,969 | | | | 11/16/88 | | 300 | |
Concord | NC | | | | 32,441 | | 190,859 | | None | | 326 | | 32,441 | | 191,185 | | 223,626 | | 191,139 | | | | 12/23/81 | | 180 | |
F-13
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Durham | NC | | | | 175,700 | | 390,234 | | 26,312 | | 187 | | 175,700 | | 416,733 | | 592,433 | | 407,529 | | | | 03/29/89 | | 300 | |
Durham | NC | | | | 220,728 | | 429,380 | | None | | None | | 220,728 | | 429,380 | | 650,108 | | 413,532 | | | | 12/29/89 | | 300 | |
Kernersville | NC | | | | 162,216 | | 316,300 | | None | | 223 | | 162,216 | | 316,523 | | 478,739 | | 304,876 | | | | 12/14/89 | | 300 | |
Bellevue | NE | | | | 60,568 | | 280,819 | | None | | None | | 60,568 | | 280,819 | | 341,387 | | 280,819 | | | | 12/16/86 | | 300 | |
Omaha | NE | | | | 60,500 | | 280,491 | | None | | 32 | | 60,500 | | 280,523 | | 341,023 | | 280,501 | | | | 08/01/84 | | 300 | |
Omaha | NE | | | | 53,000 | | 245,720 | | 22,027 | | 211 | | 53,000 | | 267,958 | | 320,958 | | 255,747 | | | | 10/11/84 | | 300 | |
Omaha | NE | | | | 142,867 | | 317,315 | | None | | 32 | | 142,867 | | 317,347 | | 460,214 | | 317,325 | | | | 12/09/87 | | 300 | |
Londonderry | NH | | | | 335,467 | | 745,082 | | None | | None | | 335,467 | | 745,082 | | 1,080,549 | | 726,675 | | | | 08/18/89 | | 300 | |
Clementon | NJ | | | | 279,851 | | 554,060 | | 18,899 | | 50 | | 279,851 | | 573,009 | | 852,860 | | 498,424 | | | | 09/09/91 | | 300 | |
Las Vegas | NV | | | | 201,250 | | 446,983 | | None | | 126 | | 201,250 | | 447,109 | | 648,359 | | 420,566 | | | | 06/29/90 | | 300 | |
Beavercreek | OH | | | | 179,552 | | 398,786 | | None | | 122 | | 179,552 | | 398,908 | | 578,460 | | 398,908 | | | | 06/30/87 | | 300 | |
Centerville | OH | | | | 174,519 | | 387,613 | | None | | 237 | | 174,519 | | 387,850 | | 562,369 | | 387,814 | | | | 07/23/87 | | 300 | |
Dublin | OH | | | | 84,000 | | 389,446 | | None | | 230 | | 84,000 | | 389,676 | | 473,676 | | 389,675 | | | | 10/08/85 | | 300 | |
Englewood | OH | | | | 74,000 | | 343,083 | | None | | 85 | | 74,000 | | 343,168 | | 417,168 | | 343,120 | | | | 10/23/85 | | 300 | |
Forest Park | OH | | | | 170,778 | | 379,305 | | None | | 85 | | 170,778 | | 379,390 | | 550,168 | | 379,341 | | | | 09/28/87 | | 300 | |
Huber Heights | OH | | | | 245,000 | | 544,153 | | None | | 122 | | 245,000 | | 544,275 | | 789,275 | | 506,370 | | | | 09/27/90 | | 300 | |
Pickerington | OH | | | | 87,580 | | 406,055 | | None | | None | | 87,580 | | 406,055 | | 493,635 | | 406,055 | | | | 12/11/86 | | 300 | |
Westerville | OH | | | | 82,000 | | 380,173 | | None | | 122 | | 82,000 | | 380,295 | | 462,295 | | 380,295 | | | | 10/08/85 | | 300 | |
Westerville | OH | | | | 294,350 | | 646,557 | | None | | 122 | | 294,350 | | 646,679 | | 941,029 | | 602,231 | | | | 09/26/90 | | 300 | |
Broken Arrow | OK | | | | 78,705 | | 220,434 | | None | | None | | 78,705 | | 220,434 | | 299,139 | | 220,434 | | | | 01/27/83 | | 180 | |
Midwest City | OK | | | | 67,800 | | 314,338 | | None | | None | | 67,800 | | 314,338 | | 382,138 | | 314,338 | | | | 08/14/85 | | 300 | |
Oklahoma City | OK | | | | 50,800 | | 214,474 | | None | | 173 | | 50,800 | | 214,647 | | 265,447 | | 214,647 | | | | 06/15/82 | | 180 | |
Oklahoma City | OK | | | | 79,000 | | 366,261 | | 17,659 | | 173 | | 79,000 | | 384,093 | | 463,093 | | 382,963 | | | | 11/14/84 | | 300 | |
Yukon | OK | | | | 61,000 | | 282,812 | | 27,000 | | 173 | | 61,000 | | 309,985 | | 370,985 | | 303,538 | | | | 05/02/85 | | 300 | |
Charleston | SC | | | | 140,700 | | 312,498 | | 25,000 | | 376 | | 140,700 | | 337,874 | | 478,574 | | 328,424 | | | | 03/28/89 | | 300 | |
Columbia | SC | | | | 58,160 | | 269,643 | | None | | 139 | | 58,160 | | 269,782 | | 327,942 | | 269,781 | | | | 11/14/84 | | 300 | |
Columbia | SC | | | | 160,831 | | 313,600 | | None | | 223 | | 160,831 | | 313,823 | | 474,654 | | 302,276 | | | | 12/14/89 | | 300 | |
Goose Creek | SC | | | | 61,635 | | 192,905 | | None | | 153 | | 61,635 | | 193,058 | | 254,693 | | 192,971 | | | | 12/22/81 | | 180 | |
North Charleston | SC | | | | 125,593 | | 278,947 | | 2,060 | | 567 | | 125,593 | | 281,574 | | 407,167 | | 279,436 | | | | 05/26/88 | | 300 | |
Summerville | SC | | | | 44,400 | | 174,500 | | None | | 321 | | 44,400 | | 174,821 | | 219,221 | | 174,712 | | | | 12/22/81 | | 180 | |
Memphis | TN | | | | 238,263 | | 504,897 | | None | | None | | 238,263 | | 504,897 | | 743,160 | | 504,897 | | | | 09/29/88 | | 300 | |
Memphis | TN | | | | 238,000 | | 528,608 | | 2,734 | | 263 | | 238,000 | | 531,605 | | 769,605 | | 531,448 | | | | 09/30/88 | | 300 | |
Arlington | TX | | | | 82,109 | | 380,677 | | 14,595 | | 139 | | 82,109 | | 395,411 | | 477,520 | | 384,667 | | | | 12/13/84 | | 300 | |
Arlington | TX | | | | 241,500 | | 550,559 | | 33,725 | | 192 | | 241,500 | | 584,476 | | 825,976 | | 571,681 | | | | 09/22/89 | | 300 | |
Austin | TX | | | | 103,600 | | 230,532 | | 8,750 | | 16 | | 103,600 | | 239,298 | | 342,898 | | 239,286 | | | | 10/29/82 | | 180 | |
Austin | TX | | | | 88,872 | | 222,684 | | 54,562 | | 15,026 | | 88,872 | | 292,272 | | 381,144 | | 264,951 | | | | 01/12/83 | | 180 | |
Austin | TX | | | | 134,383 | | 623,103 | | 2,379 | | 13,967 | | 134,383 | | 639,449 | | 773,832 | | 632,768 | | | | 12/23/86 | | 300 | |
Austin | TX | | | | 236,733 | | 640,023 | | 46,171 | | 171 | | 236,733 | | 686,365 | | 923,098 | | 587,887 | | | | 09/27/88 | | 300 | |
Austin | TX | | | | 191,636 | | 425,629 | | 15,530 | | 294 | | 191,636 | | 441,453 | | 633,089 | | 440,069 | | | | 12/22/88 | | 300 | |
Austin | TX | | | | 217,878 | | 483,913 | | 82,048 | | 9,167 | | 217,878 | | 575,128 | | 793,006 | | 502,025 | | | | 06/22/89 | | 300 | |
Bedford | TX | | | | 241,500 | | 550,559 | | 34,949 | | 73 | | 241,500 | | 585,581 | | 827,081 | | 567,212 | | | | 09/22/89 | | 300 | |
Carrollton | TX | | | | 277,850 | | 617,113 | | 52,614 | | 18,544 | | 277,850 | | 688,271 | | 966,121 | | 642,720 | | | | 12/11/87 | | 300 | |
Cedar Park | TX | | | | 168,857 | | 375,036 | | 5,200 | | 282 | | 168,857 | | 380,518 | | 549,375 | | 379,702 | | | | 11/21/88 | | 300 | |
Colleyville | TX | | | | 250,000 | | 1,070,360 | | None | | 102 | | 250,000 | | 1,070,462 | | 1,320,462 | | 608,389 | | 08/17/99 | | 05/14/99 | | 300 | |
Converse | TX | | | | 217,000 | | 481,963 | | None | | None | | 217,000 | | 481,963 | | 698,963 | | 481,963 | | | | 09/28/88 | | 300 | |
Corinth | TX | | | | 285,000 | | 1,041,626 | | None | | None | | 285,000 | | 1,041,626 | | 1,326,626 | | 598,930 | | 06/04/99 | | 05/19/99 | | 300 | |
Euless | TX | | | | 234,111 | | 519,962 | | None | | 217 | | 234,111 | | 520,179 | | 754,290 | | 520,180 | | | | 05/08/87 | | 300 | |
Flower Mound | TX | | | | 202,773 | | 442,845 | | 32,069 | | 16,315 | | 202,773 | | 491,229 | | 694,002 | | 463,228 | | | | 04/20/87 | | 300 | |
Flower Mound | TX | | | | 281,735 | | 1,099,726 | | 12,769 | | 31,678 | | 281,735 | | 1,144,173 | | 1,425,908 | | 643,998 | | 04/23/99 | | 01/13/99 | | 300 | |
Fort Worth | TX | | | | 85,518 | | 396,495 | | 33,279 | | 6,357 | | 85,518 | | 436,131 | | 521,649 | | 423,219 | | | | 12/03/86 | | 300 | |
Fort Worth | TX | | | | 238,000 | | 528,608 | | 73,662 | | 4,282 | | 238,000 | | 606,552 | | 844,552 | | 543,502 | | | | 09/26/88 | | 300 | |
Fort Worth | TX | | | | 216,160 | | 427,962 | | None | | 149 | | 216,160 | | 428,111 | | 644,271 | | 391,004 | | | | 02/07/91 | | 300 | |
Garland | TX | | | | 211,050 | | 468,749 | | 31,233 | | 101 | | 211,050 | | 500,083 | | 711,133 | | 458,749 | | | | 12/12/89 | | 300 | |
Grand Prairie | TX | | | | 167,164 | | 371,276 | | 58,206 | | 16,412 | | 167,164 | | 445,894 | | 613,058 | | 409,264 | | | | 12/13/88 | | 300 | |
Houston | TX | | | | 60,000 | | 278,175 | | 24,492 | | 783 | | 60,000 | | 303,450 | | 363,450 | | 289,092 | | | | 05/01/85 | | 300 | |
Houston | TX | | | | 139,125 | | 308,997 | | 19,128 | | 229 | | 139,125 | | 328,354 | | 467,479 | | 321,903 | | | | 05/22/87 | | 300 | |
Houston | TX | | | | 141,296 | | 313,824 | | 12,442 | | 5,289 | | 141,296 | | 331,555 | | 472,851 | | 326,682 | | | | 07/24/87 | | 300 | |
F-14
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Houston | TX | | | | 219,100 | | 486,631 | | 2,583 | | 12,853 | | 219,100 | | 502,067 | | 721,167 | | 486,890 | | | | 09/30/88 | | 300 | |
Houston | TX | | | | 149,109 | | 323,314 | | 27,979 | | 10,061 | | 149,109 | | 361,354 | | 510,463 | | 327,702 | | | | 06/26/89 | | 300 | |
Houston | TX | | | | 294,582 | | 919,276 | | None | | None | | 294,582 | | 919,276 | | 1,213,858 | | 543,954 | | 01/11/99 | | 08/14/98 | | 300 | |
Humble | TX | | | | 278,915 | | 1,034,868 | | None | | None | | 278,915 | | 1,034,868 | | 1,313,783 | | 591,630 | | 07/19/99 | | 05/14/99 | | 300 | |
Katy | TX | | | | 309,898 | | 983,041 | | None | | None | | 309,898 | | 983,041 | | 1,292,939 | | 588,212 | | 11/30/98 | | 08/21/98 | | 300 | |
Lewisville | TX | | | | 192,777 | | 428,121 | | 36,000 | | 95 | | 192,777 | | 464,216 | | 656,993 | | 434,572 | | | | 01/07/87 | | 300 | |
Mansfield | TX | | | | 181,375 | | 402,839 | | 46,878 | | 17,274 | | 181,375 | | 466,991 | | 648,366 | | 425,140 | | | | 12/20/89 | | 300 | |
Mesquite | TX | | | | 85,000 | | 394,079 | | 9,855 | | 12,976 | | 85,000 | | 416,910 | | 501,910 | | 411,897 | | | | 10/24/84 | | 300 | |
Mesquite | TX | | | | 139,466 | | 326,525 | | 39,638 | | 13,047 | | 139,466 | | 379,210 | | 518,676 | | 328,683 | | | | 10/08/92 | | 300 | |
Pasadena | TX | | | | 60,000 | | 278,173 | | 23,529 | | 15,075 | | 60,000 | | 316,777 | | 376,777 | | 294,492 | | | | 10/23/84 | | 300 | |
Plano | TX | | | | 261,912 | | 581,658 | | 30,831 | | 18,268 | | 261,912 | | 630,757 | | 892,669 | | 614,745 | | | | 01/06/87 | | 300 | |
Plano | TX | | | | 250,514 | | 556,399 | | 19,869 | | 10,306 | | 250,514 | | 586,574 | | 837,088 | | 571,996 | | | | 12/10/87 | | 300 | |
Round Rock | TX | | | | 80,525 | | 373,347 | | None | | 19,117 | | 80,525 | | 392,464 | | 472,989 | | 386,979 | | | | 12/16/86 | | 300 | |
Round Rock | TX | | | | 186,380 | | 413,957 | | 45,752 | | None | | 186,380 | | 459,709 | | 646,089 | | 434,644 | | | | 04/19/89 | | 300 | |
San Antonio | TX | | | | 130,833 | | 606,596 | | 43,050 | | 22,373 | | 130,833 | | 672,019 | | 802,852 | | 613,130 | | | | 03/24/86 | | 300 | |
San Antonio | TX | | | | 102,512 | | 475,288 | | 50,798 | | 17 | | 102,512 | | 526,103 | | 628,615 | | 478,149 | | | | 12/03/86 | | 300 | |
San Antonio | TX | | | | 81,530 | | 378,007 | | None | | 266 | | 81,530 | | 378,273 | | 459,803 | | 378,248 | | | | 12/11/86 | | 300 | |
San Antonio | TX | | | | 181,412 | | 402,923 | | None | | 139 | | 181,412 | | 403,062 | | 584,474 | | 402,984 | | | | 07/07/87 | | 300 | |
San Antonio | TX | | | | 234,500 | | 520,831 | | None | | 282 | | 234,500 | | 521,113 | | 755,613 | | 521,034 | | | | 12/29/87 | | 300 | |
San Antonio | TX | | | | 217,000 | | 481,967 | | 32,529 | | 115 | | 217,000 | | 514,611 | | 731,611 | | 509,287 | | | | 10/14/88 | | 300 | |
San Antonio | TX | | | | 182,868 | | 406,155 | | 18,940 | | None | | 182,868 | | 425,095 | | 607,963 | | 423,846 | | | | 12/06/88 | | 300 | |
San Antonio | TX | | | | 220,500 | | 447,108 | | None | | 115 | | 220,500 | | 447,223 | | 667,723 | | 444,050 | | | | 03/30/89 | | 300 | |
Sugar Land | TX | | | | 339,310 | | 1,000,876 | | None | | None | | 339,310 | | 1,000,876 | | 1,340,186 | | 578,838 | | 05/30/99 | | 01/13/99 | | 300 | |
Layton | UT | | | | 136,574 | | 269,008 | | None | | None | | 136,574 | | 269,008 | | 405,582 | | 257,444 | | | | 02/01/90 | | 300 | |
Sandy | UT | | | | 168,089 | | 373,330 | | None | | None | | 168,089 | | 373,330 | | 541,419 | | 356,309 | | | | 02/01/90 | | 300 | |
Centreville | VA | | | | 371,000 | | 824,003 | | None | | 592 | | 371,000 | | 824,595 | | 1,195,595 | | 801,094 | | | | 09/29/89 | | 300 | |
Chesapeake | VA | | | | 190,050 | | 422,107 | | 24,568 | | None | | 190,050 | | 446,675 | | 636,725 | | 437,078 | | | | 03/28/89 | | 300 | |
Glen Allen | VA | | | | 74,643 | | 346,060 | | None | | 283 | | 74,643 | | 346,343 | | 420,986 | | 346,264 | | | | 06/20/84 | | 300 | |
Portsmouth | VA | | | | 171,575 | | 381,073 | | 24,932 | | None | | 171,575 | | 406,005 | | 577,580 | | 399,189 | | | | 12/21/88 | | 300 | |
Virginia Beach | VA | | | | 69,080 | | 320,270 | | 29,024 | | 13,825 | | 69,080 | | 363,119 | | 432,199 | | 339,995 | | | | 11/15/84 | | 300 | |
Federal Way | WA | | | | 150,785 | | 699,101 | | None | | 107 | | 150,785 | | 699,208 | | 849,993 | | 699,151 | | | | 12/17/86 | | 300 | |
Federal Way | WA | | | | 261,943 | | 581,782 | | 27,500 | | 107 | | 261,943 | | 609,389 | | 871,332 | | 600,526 | | | | 11/21/88 | | 300 | |
Kent | WA | | | | 128,300 | | 539,141 | | None | | None | | 128,300 | | 539,141 | | 667,441 | | 539,141 | | | | 06/03/83 | | 180 | |
Kent | WA | | | | 140,763 | | 678,809 | | 36,500 | | None | | 140,763 | | 715,309 | | 856,072 | | 700,062 | | | | 12/17/86 | | 300 | |
Kirkland | WA | | | | 301,000 | | 668,534 | | None | | 107 | | 301,000 | | 668,641 | | 969,641 | | 668,584 | | | | 03/31/88 | | 300 | |
Puyallup | WA | | | | 195,552 | | 434,327 | | 27,000 | | 107 | | 195,552 | | 461,434 | | 656,986 | | 453,783 | | | | 12/06/88 | | 300 | |
Redmond | WA | | | | 279,830 | | 621,513 | | None | | 107 | | 279,830 | | 621,620 | | 901,450 | | 621,563 | | | | 07/27/87 | | 300 | |
Renton | WA | | | | 111,183 | | 515,490 | | None | | None | | 111,183 | | 515,490 | | 626,673 | | 515,490 | | | | 03/24/86 | | 300 | |
Appleton | WI | | | | 196,000 | | 424,038 | | None | | 581 | | 196,000 | | 424,619 | | 620,619 | | 398,132 | | | | 07/10/90 | | 300 | |
Waukesha | WI | | | | 233,100 | | 461,500 | | None | | 211 | | 233,100 | | 461,711 | | 694,811 | | 424,700 | | | | 12/13/90 | | 300 | |
Waukesha | WI | | | | 215,950 | | 427,546 | | None | | 581 | | 215,950 | | 428,127 | | 644,077 | | 393,762 | | | | 12/13/90 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer appliances | | | | | | | | | | | | | | | | | | | | | | | |
Iowa City | IA | | | | 6,395,970 | | 19,385,806 | | None | | None | | 6,395,970 | | 19,385,806 | | 25,781,776 | | 530,802 | | | | 01/22/13 | | 420 | |
Greenville | OH | | | | 820,230 | | 12,985,433 | | 77,047 | | None | | 820,230 | | 13,062,480 | | 13,882,710 | | 758,944 | | | | 07/31/12 | | 300 | |
Marion | OH | | | | 801,003 | | 25,410,810 | | None | | None | | 801,003 | | 25,410,810 | | 26,211,813 | | 695,772 | | | | 01/22/13 | | 420 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer electronics | | | | | | | | | | | | | | | | | | | | | | | |
Tampa | FL | | | | 401,874 | | 933,768 | | 103,336 | | 31,913 | | 401,874 | | 1,069,017 | | 1,470,891 | | 670,146 | | | | 12/23/97 | | 300 | |
Smyrna | GA | | | | 1,094,058 | | 3,090,236 | | None | | None | | 1,094,058 | | 3,090,236 | | 4,184,294 | | 2,044,592 | | | | 06/09/97 | | 300 | |
Richmond | IN | | | | 93,999 | | 193,753 | | 4,447 | | 179 | | 93,999 | | 198,379 | | 292,378 | | 135,665 | | | | 11/26/96 | | 300 | |
Jackson | MI | | | | 550,162 | | 571,590 | | None | | None | | 550,162 | | 571,590 | | 1,121,752 | | 340,220 | | 01/15/99 | | 09/25/98 | | 300 | |
Pineville | NC | | | | 567,864 | | 840,284 | | 37,249 | | 39,217 | | 567,864 | | 916,750 | | 1,484,614 | | 552,311 | | | | 12/31/98 | | 300 | |
Westbury | NY | | | | 6,333,590 | | 3,952,773 | | 44,677 | | None | | 6,333,590 | | 3,997,450 | | 10,331,040 | | 2,592,566 | | | | 09/29/97 | | 300 | |
Bartlett | TN | | | | 420,000 | | 674,437 | | 49,629 | | 6,323 | | 420,000 | | 730,389 | | 1,150,389 | | 406,830 | | 05/12/99 | | 02/23/99 | | 300 | |
F-15
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer goods | | | | | | | | | | | | | | | | | | | | | | | |
West Branch | IA | | 12,714,379 | | 969,797 | | 19,896,576 | | 107,902 | | None | | 969,797 | | 20,004,478 | | 20,974,275 | | 1,028,801 | | | | 09/20/12 | | 300 | |
DeKalb | IL | | 20,498,000 | | 3,507,503 | | 50,808,610 | | None | | None | | 3,507,503 | | 50,808,610 | | 54,316,113 | | 1,391,188 | | | | 01/22/13 | | 420 | |
Loves Park | IL | | | | 1,010,778 | | 10,068,142 | | None | | None | | 1,010,778 | | 10,068,142 | | 11,078,920 | | 275,675 | | | | 01/22/13 | | 420 | |
Tooele | UT | | | | 1,719,381 | | 40,160,295 | | None | | None | | 1,719,381 | | 40,160,295 | | 41,879,676 | | 1,099,627 | | | | 01/22/13 | | 420 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Convenience stores | | | | | | | | | | | | | | | | | | | | | | | |
Daphne | AL | | | | 140,000 | | 391,637 | | None | | None | | 140,000 | | 391,637 | | 531,637 | | 153,388 | | | | 03/18/04 | | 300 | |
Mobile | AL | | | | 190,000 | | 301,637 | | None | | None | | 190,000 | | 301,637 | | 491,637 | | 118,138 | | | | 03/18/04 | | 300 | |
Mobile | AL | | | | 180,000 | | 421,637 | | None | | None | | 180,000 | | 421,637 | | 601,637 | | 165,138 | | | | 03/18/04 | | 300 | |
North Little Rock | AR | | | | 1,138,381 | | 2,114,137 | | None | | None | | 1,138,381 | | 2,114,137 | | 3,252,518 | | 67,013 | | | | 03/29/13 | | 300 | |
Florence | AZ | | | | 150,000 | | 371,637 | | None | | None | | 150,000 | | 371,637 | | 521,637 | | 145,555 | | | | 03/18/04 | | 300 | |
Gilbert | AZ | | | | 680,000 | | 1,111,637 | | None | | None | | 680,000 | | 1,111,637 | | 1,791,637 | | 435,388 | | | | 03/18/04 | | 300 | |
Litchfield Park | AZ | | | | 610,000 | | 531,637 | | None | | None | | 610,000 | | 531,637 | | 1,141,637 | | 208,222 | | | | 03/18/04 | | 300 | |
Marana | AZ | | | | 180,000 | | 331,637 | | None | | None | | 180,000 | | 331,637 | | 511,637 | | 129,888 | | | | 03/18/04 | | 300 | |
Marana | AZ | | | | 330,000 | | 911,637 | | None | | None | | 330,000 | | 911,637 | | 1,241,637 | | 357,055 | | | | 03/18/04 | | 300 | |
Maricopa | AZ | | | | 170,000 | | 361,637 | | None | | None | | 170,000 | | 361,637 | | 531,637 | | 141,638 | | | | 03/18/04 | | 300 | |
Mesa | AZ | | | | 560,000 | | 821,637 | | None | | None | | 560,000 | | 821,637 | | 1,381,637 | | 321,805 | | | | 03/18/04 | | 300 | |
Mesa | AZ | | | | 750,000 | | 1,071,637 | | None | | None | | 750,000 | | 1,071,637 | | 1,821,637 | | 419,722 | | | | 03/18/04 | | 300 | |
Mesa | AZ | | | | 810,000 | | 1,061,637 | | None | | None | | 810,000 | | 1,061,637 | | 1,871,637 | | 415,805 | | | | 03/18/04 | | 300 | |
Mesa | AZ | | | | 890,000 | | 1,081,637 | | None | | None | | 890,000 | | 1,081,637 | | 1,971,637 | | 423,638 | | | | 03/18/04 | | 300 | |
Mesa | AZ | | | | 780,000 | | 1,071,637 | | None | | None | | 780,000 | | 1,071,637 | | 1,851,637 | | 419,722 | | | | 03/18/04 | | 300 | |
Mesa | AZ | | | | 900,000 | | 1,191,637 | | None | | None | | 900,000 | | 1,191,637 | | 2,091,637 | | 466,722 | | | | 03/18/04 | | 300 | |
Payson | AZ | | | | 210,000 | | 351,637 | | None | | None | | 210,000 | | 351,637 | | 561,637 | | 137,722 | | | | 03/18/04 | | 300 | |
Payson | AZ | | | | 260,000 | | 311,637 | | None | | None | | 260,000 | | 311,637 | | 571,637 | | 122,055 | | | | 03/18/04 | | 300 | |
Peoria | AZ | | | | 520,000 | | 751,637 | | None | | None | | 520,000 | | 751,637 | | 1,271,637 | | 294,388 | | | | 03/18/04 | | 300 | |
Phoenix | AZ | | | | 440,000 | | 511,637 | | None | | None | | 440,000 | | 511,637 | | 951,637 | | 200,388 | | | | 03/18/04 | | 300 | |
Phoenix | AZ | | | | 360,000 | | 421,637 | | None | | None | | 360,000 | | 421,637 | | 781,637 | | 165,138 | | | | 03/18/04 | | 300 | |
Phoenix | AZ | | | | 710,000 | | 591,637 | | None | | None | | 710,000 | | 591,637 | | 1,301,637 | | 231,722 | | | | 03/18/04 | | 300 | |
Phoenix | AZ | | | | 320,000 | | 661,637 | | None | | None | | 320,000 | | 661,637 | | 981,637 | | 259,138 | | | | 03/18/04 | | 300 | |
Phoenix | AZ | | | | 450,000 | | 651,637 | | None | | None | | 450,000 | | 651,637 | | 1,101,637 | | 255,222 | | | | 03/18/04 | | 300 | |
Phoenix | AZ | | | | 430,000 | | 711,637 | | None | | None | | 430,000 | | 711,637 | | 1,141,637 | | 278,722 | | | | 03/18/04 | | 300 | |
Phoenix | AZ | | | | 730,000 | | 931,637 | | None | | None | | 730,000 | | 931,637 | | 1,661,637 | | 364,888 | | | | 03/18/04 | | 300 | |
Phoenix | AZ | | | | 400,000 | | 931,637 | | None | | None | | 400,000 | | 931,637 | | 1,331,637 | | 364,888 | | | | 03/18/04 | | 300 | |
Phoenix | AZ | | | | 790,000 | | 1,051,637 | | None | | None | | 790,000 | | 1,051,637 | | 1,841,637 | | 411,888 | | | | 03/18/04 | | 300 | |
Pinetop | AZ | | | | 170,000 | | 311,637 | | None | | None | | 170,000 | | 311,637 | | 481,637 | | 122,055 | | | | 03/18/04 | | 300 | |
Queen Creek | AZ | | | | 520,000 | | 891,637 | | None | | None | | 520,000 | | 891,637 | | 1,411,637 | | 349,222 | | | | 03/18/04 | | 300 | |
Scottsdale | AZ | | | | 210,000 | | 201,637 | | None | | None | | 210,000 | | 201,637 | | 411,637 | | 78,972 | | | | 03/18/04 | | 300 | |
Scottsdale | AZ | | | | 660,000 | | 1,031,637 | | None | | None | | 660,000 | | 1,031,637 | | 1,691,637 | | 404,055 | | | | 03/18/04 | | 300 | |
Sierra Vista | AZ | | | | 110,000 | | 301,637 | | None | | None | | 110,000 | | 301,637 | | 411,637 | | 118,138 | | | | 03/18/04 | | 300 | |
Tempe | AZ | | | | 620,000 | | 1,071,637 | | None | | None | | 620,000 | | 1,071,637 | | 1,691,637 | | 419,722 | | | | 03/18/04 | | 300 | |
Tempe | AZ | | | | 270,000 | | 461,637 | | None | | None | | 270,000 | | 461,637 | | 731,637 | | 180,805 | | | | 03/18/04 | | 300 | |
Tolleson | AZ | | | | 460,000 | | 1,231,637 | | None | | None | | 460,000 | | 1,231,637 | | 1,691,637 | | 482,388 | | | | 03/18/04 | | 300 | |
Tombstone | AZ | | | | 110,000 | | 381,637 | | None | | None | | 110,000 | | 381,637 | | 491,637 | | 149,472 | | | | 03/18/04 | | 300 | |
Tucson | AZ | | | | 220,000 | | 311,637 | | None | | None | | 220,000 | | 311,637 | | 531,637 | | 122,055 | | | | 03/18/04 | | 300 | |
Tucson | AZ | | | | 240,000 | | 341,637 | | None | | None | | 240,000 | | 341,637 | | 581,637 | | 133,805 | | | | 03/18/04 | | 300 | |
Tucson | AZ | | | | 550,000 | | 511,637 | | None | | None | | 550,000 | | 511,637 | | 1,061,637 | | 200,388 | | | | 03/18/04 | | 300 | |
Tucson | AZ | | | | 126,000 | | 234,565 | | None | | None | | 126,000 | | 234,565 | | 360,565 | | 91,089 | | | | 04/14/04 | | 300 | |
Wellton | AZ | | | | 120,000 | | 291,637 | | None | | None | | 120,000 | | 291,637 | | 411,637 | | 114,222 | | | | 03/18/04 | | 300 | |
Wickenburg | AZ | | | | 150,000 | | 291,637 | | None | | None | | 150,000 | | 291,637 | | 441,637 | | 114,222 | | | | 03/18/04 | | 300 | |
Colorado Springs | CO | | | | 1,103,650 | | 2,049,635 | | None | | None | | 1,103,650 | | 2,049,635 | | 3,153,285 | | 64,970 | | | | 03/29/13 | | 300 | |
Manchester | CT | | | | 118,262 | | 305,510 | | None | | None | | 118,262 | | 305,510 | | 423,772 | | 229,642 | | | | 03/03/95 | | 300 | |
Vernon | CT | | | | 179,646 | | 319,372 | | None | | 13 | | 179,646 | | 319,385 | | 499,031 | | 240,062 | | | | 03/09/95 | | 300 | |
Westbrook | CT | | | | 98,247 | | 373,340 | | None | | None | | 98,247 | | 373,340 | | 471,587 | | 280,627 | | | | 03/09/95 | | 300 | |
Camden | DE | | | | 113,811 | | 174,435 | | None | | None | | 113,811 | | 174,435 | | 288,246 | | 75,291 | | | | 03/19/03 | | 300 | |
Camden | DE | | | | 250,528 | | 379,165 | | None | | None | | 250,528 | | 379,165 | | 629,693 | | 163,666 | | | | 03/19/03 | | 300 | |
F-16
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Dewey | DE | | | | 147,465 | | 224,665 | | None | | None | | 147,465 | | 224,665 | | 372,130 | | 96,973 | | | | 03/19/03 | | 300 | |
Dover | DE | | | | 278,804 | | 421,707 | | None | | None | | 278,804 | | 421,707 | | 700,511 | | 182,030 | | | | 03/19/03 | | 300 | |
Dover | DE | | | | 367,137 | | 554,207 | | None | | None | | 367,137 | | 554,207 | | 921,344 | | 239,226 | | | | 03/19/03 | | 300 | |
Dover | DE | | | | 367,425 | | 554,884 | | None | | None | | 367,425 | | 554,884 | | 922,309 | | 239,518 | | | | 03/19/03 | | 300 | |
Felton | DE | | | | 307,260 | | 464,391 | | None | | None | | 307,260 | | 464,391 | | 771,651 | | 200,455 | | | | 03/19/03 | | 300 | |
Greenwood | DE | | | | 632,303 | | 1,176,711 | | None | | None | | 632,303 | | 1,176,711 | | 1,809,014 | | 288,292 | | | | 11/29/07 | | 300 | |
Harrington | DE | | | | 563,812 | | 849,220 | | None | | None | | 563,812 | | 849,220 | | 1,413,032 | | 366,573 | | | | 03/19/03 | | 300 | |
Milford | DE | | | | 310,049 | | 468,575 | | None | | None | | 310,049 | | 468,575 | | 778,624 | | 202,261 | | | | 03/19/03 | | 300 | |
Newcastle | DE | | | | 589,325 | | 887,488 | | None | | None | | 589,325 | | 887,488 | | 1,476,813 | | 383,092 | | | | 03/19/03 | | 300 | |
Smyrna | DE | | | | 121,774 | | 186,436 | | None | | None | | 121,774 | | 186,436 | | 308,210 | | 80,471 | | | | 03/19/03 | | 300 | |
Smyrna | DE | | | | 401,135 | | 605,332 | | None | | None | | 401,135 | | 605,332 | | 1,006,467 | | 261,294 | | | | 03/19/03 | | 300 | |
Townsend | DE | | | | 241,416 | | 365,749 | | None | | None | | 241,416 | | 365,749 | | 607,165 | | 157,874 | | | | 03/19/03 | | 300 | |
Wilmington | DE | | | | 280,682 | | 424,525 | | None | | None | | 280,682 | | 424,525 | | 705,207 | | 183,246 | | | | 03/19/03 | | 300 | |
Archer | FL | | | | 296,238 | | 578,145 | | None | | None | | 296,238 | | 578,145 | | 874,383 | | 338,214 | | | | 05/07/99 | | 300 | |
Bradenton | FL | | | | 946,638 | | 1,671,528 | | 499 | | None | | 946,638 | | 1,672,027 | | 2,618,665 | | 64,121 | | | | 01/22/13 | | 300 | |
Bradenton | FL | | | | 414,000 | | 109,000 | | None | | None | | 414,000 | | 109,000 | | 523,000 | | 3,529 | | | | 03/08/13 | | 300 | |
Bushnell | FL | | | | 130,000 | | 291,637 | | None | | None | | 130,000 | | 291,637 | | 421,637 | | 114,222 | | | | 03/18/04 | | 300 | |
Clearwater | FL | | | | 359,792 | | 311,845 | | None | | None | | 359,792 | | 311,845 | | 671,637 | | 122,137 | | | | 03/18/04 | | 300 | |
Cocoa | FL | | | | 323,827 | | 287,810 | | None | | None | | 323,827 | | 287,810 | | 611,637 | | 112,723 | | | | 03/18/04 | | 300 | |
Deltona | FL | | | | 140,000 | | 321,637 | | None | | None | | 140,000 | | 321,637 | | 461,637 | | 125,972 | | | | 03/18/04 | | 300 | |
Englewood | FL | | | | 270,000 | | 331,637 | | None | | None | | 270,000 | | 331,637 | | 601,637 | | 129,888 | | | | 03/18/04 | | 300 | |
Gainesville | FL | | | | 515,834 | | 873,187 | | None | | None | | 515,834 | | 873,187 | | 1,389,021 | | 510,813 | | | | 05/07/99 | | 300 | |
Gainesville | FL | | | | 480,318 | | 600,633 | | None | | None | | 480,318 | | 600,633 | | 1,080,951 | | 351,369 | | | | 05/07/99 | | 300 | |
Gainesville | FL | | | | 347,310 | | 694,859 | | None | | None | | 347,310 | | 694,859 | | 1,042,169 | | 406,491 | | | | 05/07/99 | | 300 | |
Gainesville | FL | | | | 339,263 | | 658,807 | | None | | None | | 339,263 | | 658,807 | | 998,070 | | 385,401 | | | | 05/07/99 | | 300 | |
Gainesville | FL | | | | 351,921 | | 552,557 | | None | | None | | 351,921 | | 552,557 | | 904,478 | | 323,245 | | | | 05/07/99 | | 300 | |
Gainesville | FL | | | | 500,032 | | 850,291 | | None | | None | | 500,032 | | 850,291 | | 1,350,323 | | 497,419 | | | | 05/07/99 | | 300 | |
Homosassa Springs | FL | | | | 740,000 | | 621,637 | | None | | None | | 740,000 | | 621,637 | | 1,361,637 | | 243,472 | | | | 03/18/04 | | 300 | |
Hudson | FL | | | | 300,000 | | 351,637 | | None | | None | | 300,000 | | 351,637 | | 651,637 | | 137,722 | | | | 03/18/04 | | 300 | |
Intercession City | FL | | | | 161,776 | | 319,861 | | None | | None | | 161,776 | | 319,861 | | 481,637 | | 125,276 | | | | 03/18/04 | | 300 | |
Jacksonville | FL | | | | 266,111 | | 494,206 | | None | | None | | 266,111 | | 494,206 | | 760,317 | | 191,917 | | | | 04/01/04 | | 300 | |
Key West | FL | | | | 873,700 | | 627,937 | | None | | None | | 873,700 | | 627,937 | | 1,501,637 | | 245,939 | | | | 03/18/04 | | 300 | |
Key West | FL | | | | 492,785 | | 208,852 | | None | | None | | 492,785 | | 208,852 | | 701,637 | | 81,798 | | | | 03/18/04 | | 300 | |
Lakeland | FL | | | | 527,076 | | 464,561 | | None | | None | | 527,076 | | 464,561 | | 991,637 | | 181,950 | | | | 03/18/04 | | 300 | |
Lakeland | FL | | | | 300,000 | | 321,637 | | None | | None | | 300,000 | | 321,637 | | 621,637 | | 125,972 | | | | 03/18/04 | | 300 | |
Lakeport | FL | | | | 180,342 | | 331,295 | | None | | None | | 180,342 | | 331,295 | | 511,637 | | 129,755 | | | | 03/18/04 | | 300 | |
Land O’ Lakes | FL | | | | 120,000 | | 361,637 | | None | | None | | 120,000 | | 361,637 | | 481,637 | | 141,638 | | | | 03/18/04 | | 300 | |
Largo | FL | | | | 900,000 | | 888,367 | | None | | None | | 900,000 | | 888,367 | | 1,788,367 | | 74 | | In-progress | | 08/13/13 | | 300 | |
Lutz | FL | | | | 480,000 | | 421,637 | | None | | None | | 480,000 | | 421,637 | | 901,637 | | 165,138 | | | | 03/18/04 | | 300 | |
Mount Dora | FL | | | | 1,423,518 | | 2,513,578 | | 751 | | None | | 1,423,518 | | 2,514,329 | | 3,937,847 | | 96,423 | | | | 01/22/13 | | 300 | |
Naples | FL | | | | 150,000 | | 301,637 | | None | | None | | 150,000 | | 301,637 | | 451,637 | | 118,138 | | | | 03/18/04 | | 300 | |
Naples | FL | | | | 620,000 | | 381,637 | | None | | None | | 620,000 | | 381,637 | | 1,001,637 | | 149,472 | | | | 03/18/04 | | 300 | |
New Port Richey | FL | | | | 190,000 | | 601,637 | | None | | None | | 190,000 | | 601,637 | | 791,637 | | 235,638 | | | | 03/18/04 | | 300 | |
North Fort Meyers | FL | | | | 140,000 | | 281,637 | | None | | None | | 140,000 | | 281,637 | | 421,637 | | 110,305 | | | | 03/18/04 | | 300 | |
Okeechobee | FL | | | | 195,075 | | 346,562 | | None | | None | | 195,075 | | 346,562 | | 541,637 | | 135,734 | | | | 03/18/04 | | 300 | |
Orlando | FL | | | | 240,000 | | 301,637 | | None | | None | | 240,000 | | 301,637 | | 541,637 | | 118,138 | | | | 03/18/04 | | 300 | |
Palm Bay | FL | | | | 230,880 | | 300,757 | | None | | None | | 230,880 | | 300,757 | | 531,637 | | 117,794 | | | | 03/18/04 | | 300 | |
Palm Harbor | FL | | | | 510,000 | | 381,637 | | None | | None | | 510,000 | | 381,637 | | 891,637 | | 149,472 | | | | 03/18/04 | | 300 | |
Panama City | FL | | | | 210,000 | | 431,637 | | None | | None | | 210,000 | | 431,637 | | 641,637 | | 169,055 | | | | 03/18/04 | | 300 | |
Pensacola | FL | | | | 168,000 | | 312,727 | | None | | None | | 168,000 | | 312,727 | | 480,727 | | 121,440 | | | | 04/14/04 | | 300 | |
Port Charlotte | FL | | | | 170,000 | | 311,637 | | None | | None | | 170,000 | | 311,637 | | 481,637 | | 122,055 | | | | 03/18/04 | | 300 | |
Port Charlotte | FL | | | | 200,000 | | 356,637 | | None | | None | | 200,000 | | 356,637 | | 556,637 | | 139,680 | | | | 03/18/04 | | 300 | |
Port Orange | FL | | | | 609,438 | | 512,199 | | None | | None | | 609,438 | | 512,199 | | 1,121,637 | | 200,609 | | | | 03/18/04 | | 300 | |
Punta Gorda | FL | | | | 400,000 | | 511,637 | | None | | None | | 400,000 | | 511,637 | | 911,637 | | 200,388 | | | | 03/18/04 | | 300 | |
Riverview | FL | | | | 1,930,000 | | 1,423,720 | | None | | None | | 1,930,000 | | 1,423,720 | | 3,353,720 | | 7,343 | | In-progress | | 08/13/12 | | 300 | |
Tallahassee | FL | | | | 600,000 | | 341,637 | | None | | None | | 600,000 | | 341,637 | | 941,637 | | 133,805 | | | | 03/18/04 | | 300 | |
Tampa | FL | | | | 300,000 | | 301,637 | | None | | None | | 300,000 | | 301,637 | | 601,637 | | 118,138 | | | | 03/18/04 | | 300 | |
F-17
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Tampa | FL | | | | 380,000 | | 361,637 | | None | | None | | 380,000 | | 361,637 | | 741,637 | | 141,638 | | | | 03/18/04 | | 300 | |
Tampa | FL | | | | 320,000 | | 591,637 | | None | | None | | 320,000 | | 591,637 | | 911,637 | | 231,722 | | | | 03/18/04 | | 300 | |
Webster | FL | | | | 640,000 | | 1,071,637 | | None | | None | | 640,000 | | 1,071,637 | | 1,711,637 | | 419,722 | | | | 03/18/04 | | 300 | |
Winter Springs | FL | | | | 150,000 | | 291,637 | | None | | None | | 150,000 | | 291,637 | | 441,637 | | 114,222 | | | | 03/18/04 | | 300 | |
Augusta | GA | | | | 620,000 | | 383,232 | | None | | None | | 620,000 | | 383,232 | | 1,003,232 | | 221,631 | | | | 07/22/99 | | 300 | |
Augusta | GA | | | | 540,000 | | 337,853 | | None | | None | | 540,000 | | 337,853 | | 877,853 | | 195,387 | | | | 07/22/99 | | 300 | |
Augusta | GA | | | | 510,000 | | 392,929 | | None | | None | | 510,000 | | 392,929 | | 902,929 | | 227,239 | | | | 07/22/99 | | 300 | |
Augusta | GA | | | | 180,000 | | 422,020 | | None | | None | | 180,000 | | 422,020 | | 602,020 | | 244,065 | | | | 07/22/99 | | 300 | |
Augusta | GA | | | | 260,000 | | 392,171 | | None | | None | | 260,000 | | 392,171 | | 652,171 | | 226,802 | | | | 07/22/99 | | 300 | |
Augusta | GA | | | | 240,000 | | 451,637 | | None | | None | | 240,000 | | 451,637 | | 691,637 | | 176,888 | | | | 03/18/04 | | 300 | |
Cahutta | GA | | | | 437,500 | | 813,742 | | None | | None | | 437,500 | | 813,742 | | 1,251,242 | | 332,272 | | | | 10/16/03 | | 300 | |
Calhoun | GA | | | | 122,500 | | 228,742 | | None | | None | | 122,500 | | 228,742 | | 351,242 | | 93,397 | | | | 10/16/03 | | 300 | |
Calhoun | GA | | | | 262,500 | | 488,742 | | None | | None | | 262,500 | | 488,742 | | 751,242 | | 199,563 | | | | 10/16/03 | | 300 | |
Cartersville | GA | | | | 262,500 | | 488,742 | | None | | None | | 262,500 | | 488,742 | | 751,242 | | 199,563 | | | | 10/16/03 | | 300 | |
Chatsworth | GA | | | | 140,000 | | 261,242 | | None | | 47 | | 140,000 | | 261,289 | | 401,289 | | 106,713 | | | | 10/16/03 | | 300 | |
Chatsworth | GA | | | | 140,000 | | 261,242 | | None | | 47 | | 140,000 | | 261,289 | | 401,289 | | 106,713 | | | | 10/16/03 | | 300 | |
Chatsworth | GA | | | | 140,000 | | 261,242 | | None | | 47 | | 140,000 | | 261,289 | | 401,289 | | 106,713 | | | | 10/16/03 | | 300 | |
Chickamauga | GA | | | | 181,731 | | 338,742 | | None | | None | | 181,731 | | 338,742 | | 520,473 | | 138,313 | | | | 10/16/03 | | 300 | |
Dalton | GA | | | | 171,500 | | 319,742 | | None | | None | | 171,500 | | 319,742 | | 491,242 | | 130,555 | | | | 10/16/03 | | 300 | |
Dalton | GA | | | | 87,500 | | 163,742 | | None | | None | | 87,500 | | 163,742 | | 251,242 | | 66,855 | | | | 10/16/03 | | 300 | |
Dalton | GA | | | | 485,650 | | 903,162 | | None | | None | | 485,650 | | 903,162 | | 1,388,812 | | 368,785 | | | | 10/16/03 | | 300 | |
Dalton | GA | | | | 146,000 | | 272,385 | | None | | None | | 146,000 | | 272,385 | | 418,385 | | 111,218 | | | | 10/16/03 | | 300 | |
Dalton | GA | | | | 420,000 | | 781,242 | | None | | None | | 420,000 | | 781,242 | | 1,201,242 | | 319,001 | | | | 10/16/03 | | 300 | |
Dalton | GA | | | | 210,000 | | 391,242 | | None | | None | | 210,000 | | 391,242 | | 601,242 | | 159,751 | | | | 10/16/03 | | 300 | |
Dalton | GA | | | | 332,500 | | 618,742 | | None | | None | | 332,500 | | 618,742 | | 951,242 | | 252,647 | | | | 10/16/03 | | 300 | |
Decatur | GA | | | | 529,383 | | 532,429 | | None | | 296 | | 529,383 | | 532,725 | | 1,062,108 | | 352,333 | | | | 06/27/97 | | 300 | |
Decatur | GA | | 1,860,265 | | 1,622,631 | | 2,865,162 | | 856 | | None | | 1,622,631 | | 2,866,018 | | 4,488,649 | | 109,910 | | | | 01/22/13 | | 300 | |
Dunwoody | GA | | | | 545,462 | | 724,254 | | None | | 296 | | 545,462 | | 724,550 | | 1,270,012 | | 479,249 | | | | 06/27/97 | | 300 | |
Flintstone | GA | | | | 157,500 | | 293,742 | | None | | None | | 157,500 | | 293,742 | | 451,242 | | 119,938 | | | | 10/16/03 | | 300 | |
Lafayette | GA | | | | 122,500 | | 228,742 | | None | | None | | 122,500 | | 228,742 | | 351,242 | | 93,397 | | | | 10/16/03 | | 300 | |
Lithonia | GA | | | | 386,784 | | 776,436 | | None | | None | | 386,784 | | 776,436 | | 1,163,220 | | 513,685 | | | | 06/27/97 | | 300 | |
Mableton | GA | | | | 491,069 | | 355,957 | | None | | None | | 491,069 | | 355,957 | | 847,026 | | 235,477 | | | | 06/27/97 | | 300 | |
Martinez | GA | | | | 450,000 | | 402,777 | | None | | None | | 450,000 | | 402,777 | | 852,777 | | 232,935 | | | | 07/22/99 | | 300 | |
Martinez | GA | | | | 830,000 | | 871,637 | | None | | None | | 830,000 | | 871,637 | | 1,701,637 | | 341,388 | | | | 03/18/04 | | 300 | |
Norcross | GA | | | | 384,162 | | 651,273 | | None | | None | | 384,162 | | 651,273 | | 1,035,435 | | 430,865 | | | | 06/27/97 | | 300 | |
Ringgold | GA | | | | 234,500 | | 1,168,914 | | (7,829) | | None | | 226,671 | | 1,168,914 | | 1,395,585 | | 426,077 | | | | 10/16/03 | | 300 | |
Ringgold | GA | | | | 385,000 | | 716,242 | | (21,175) | | None | | 363,825 | | 716,242 | | 1,080,067 | | 292,459 | | | | 10/16/03 | | 300 | |
Ringgold | GA | | | | 482,251 | | 896,851 | | None | | None | | 482,251 | | 896,851 | | 1,379,102 | | 366,208 | | | | 10/16/03 | | 300 | |
Rocky Face | GA | | | | 164,231 | | 306,241 | | None | | None | | 164,231 | | 306,241 | | 470,472 | | 125,042 | | | | 10/16/03 | | 300 | |
Rome | GA | | | | 210,000 | | 391,242 | | None | | None | | 210,000 | | 391,242 | | 601,242 | | 159,751 | | | | 10/16/03 | | 300 | |
Rome | GA | | | | 199,199 | | 371,183 | | None | | None | | 199,199 | | 371,183 | | 570,382 | | 151,560 | | | | 10/16/03 | | 300 | |
Rome | GA | | | | 201,791 | | 375,997 | | (22,030) | | None | | 179,761 | | 375,997 | | 555,758 | | 153,526 | | | | 10/16/03 | | 300 | |
Rome | GA | | | | 315,000 | | 586,242 | | None | | None | | 315,000 | | 586,242 | | 901,242 | | 239,376 | | | | 10/16/03 | | 300 | |
Rossville | GA | | | | 157,500 | | 293,742 | | None | | None | | 157,500 | | 293,742 | | 451,242 | | 119,938 | | | | 10/16/03 | | 300 | |
Summerville | GA | | | | 66,231 | | 124,242 | | None | | None | | 66,231 | | 124,242 | | 190,473 | | 50,726 | | | | 10/16/03 | | 300 | |
Trenton | GA | | | | 129,231 | | 241,242 | | None | | None | | 129,231 | | 241,242 | | 370,473 | | 98,501 | | | | 10/16/03 | | 300 | |
Adair | IA | | | | 779,853 | | 1,377,027 | | 411 | | None | | 779,853 | | 1,377,438 | | 2,157,291 | | 52,824 | | | | 01/22/13 | | 300 | |
Neola | IA | | | | 784,675 | | 1,385,540 | | 414 | | None | | 784,675 | | 1,385,954 | | 2,170,629 | | 53,150 | | | | 01/22/13 | | 300 | |
Belvidere | IL | | | | 768,748 | | 1,427,676 | | None | | None | | 768,748 | | 1,427,676 | | 2,196,424 | | 231,165 | | | | 12/28/09 | | 300 | |
Dekalb | IL | | | | 661,500 | | 1,228,500 | | None | | None | | 661,500 | | 1,228,500 | | 1,890,000 | | 199,084 | | | | 12/28/09 | | 300 | |
Godfrey | IL | | | | 374,586 | | 733,190 | | None | | 314 | | 374,586 | | 733,504 | | 1,108,090 | | 485,338 | | | | 06/27/97 | | 300 | |
Granite City | IL | | | | 362,287 | | 737,255 | | None | | 314 | | 362,287 | | 737,569 | | 1,099,856 | | 488,029 | | | | 06/27/97 | | 300 | |
Harford | IL | | | | 599,172 | | 1,112,747 | | None | | None | | 599,172 | | 1,112,747 | | 1,711,919 | | 180,371 | | | | 12/28/09 | | 300 | |
Loves Park | IL | | | | 547,582 | | 1,018,023 | | None | | None | | 547,582 | | 1,018,023 | | 1,565,605 | | 246,558 | | | | 12/20/07 | | 300 | |
Loves Park | IL | | | | 760,725 | | 1,412,775 | | None | | None | | 760,725 | | 1,412,775 | | 2,173,500 | | 228,875 | | | | 12/28/09 | | 300 | |
Machesney Park | IL | | | | 562,275 | | 1,044,225 | | None | | None | | 562,275 | | 1,044,225 | | 1,606,500 | | 169,055 | | | | 12/28/09 | | 300 | |
Madison | IL | | | | 173,812 | | 625,030 | | None | | 314 | | 173,812 | | 625,344 | | 799,156 | | 413,792 | | | | 06/27/97 | | 300 | |
F-18
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Marengo | IL | | | | 501,948 | | 932,188 | | None | | None | | 501,948 | | 932,188 | | 1,434,136 | | 151,061 | | | | 12/28/09 | | 300 | |
Rochelle | IL | | | | 607,418 | | 1,129,145 | | None | | None | | 607,418 | | 1,129,145 | | 1,736,563 | | 273,234 | | | | 12/20/07 | | 300 | |
Rockford | IL | | | | 463,050 | | 859,950 | | None | | None | | 463,050 | | 859,950 | | 1,323,000 | | 139,383 | | | | 12/28/09 | | 300 | |
Rockford | IL | | | | 388,631 | | 721,744 | | None | | None | | 388,631 | | 721,744 | | 1,110,375 | | 117,039 | | | | 12/28/09 | | 300 | |
Tuscola | IL | | | | 752,456 | | 1,397,419 | | None | | None | | 752,456 | | 1,397,419 | | 2,149,875 | | 226,631 | | | | 12/28/09 | | 300 | |
Albany | IN | | | | 427,437 | | 796,632 | | None | | None | | 427,437 | | 796,632 | | 1,224,069 | | 211,891 | | | | 05/25/07 | | 300 | |
Alexandria | IN | | | | 139,219 | | 259,369 | | None | | None | | 139,219 | | 259,369 | | 398,588 | | 68,729 | | | | 05/25/07 | | 300 | |
Anderson | IN | | | | 147,263 | | 274,307 | | None | | None | | 147,263 | | 274,307 | | 421,570 | | 72,688 | | | | 05/25/07 | | 300 | |
Anderson | IN | | | | 283,430 | | 529,190 | | None | | None | | 283,430 | | 529,190 | | 812,620 | | 141,019 | | | | 05/25/07 | | 300 | |
Elkhart | IN | | | | 495,914 | | 923,971 | | None | | None | | 495,914 | | 923,971 | | 1,419,885 | | 245,439 | | | | 05/25/07 | | 300 | |
Frankfort | IN | | | | 208,666 | | 390,345 | | None | | None | | 208,666 | | 390,345 | | 599,011 | | 104,225 | | | | 05/25/07 | | 300 | |
Greenwood | IN | | | | 173,250 | | 323,022 | | None | | None | | 173,250 | | 323,022 | | 496,272 | | 85,597 | | | | 05/25/07 | | 300 | |
Hartford City | IN | | | | 250,310 | | 467,702 | | None | | None | | 250,310 | | 467,702 | | 718,012 | | 124,724 | | | | 05/25/07 | | 300 | |
Indianapolis | IN | | | | 129,938 | | 242,134 | | None | | None | | 129,938 | | 242,134 | | 372,072 | | 64,162 | | | | 05/25/07 | | 300 | |
Indianapolis | IN | | | | 269,294 | | 502,439 | | None | | None | | 269,294 | | 502,439 | | 771,733 | | 133,733 | | | | 05/25/07 | | 300 | |
Indianapolis | IN | | | | 318,432 | | 593,693 | | None | | None | | 318,432 | | 593,693 | | 912,125 | | 157,915 | | | | 05/25/07 | | 300 | |
Knox | IN | | | | 341,250 | | 634,999 | | None | | None | | 341,250 | | 634,999 | | 976,249 | | 158,256 | | | | 10/09/07 | | 300 | |
Lafayette | IN | | | | 147,263 | | 274,309 | | None | | None | | 147,263 | | 274,309 | | 421,572 | | 72,689 | | | | 05/25/07 | | 300 | |
Lafayette | IN | | | | 112,613 | | 209,959 | | None | | None | | 112,613 | | 209,959 | | 322,572 | | 55,636 | | | | 05/25/07 | | 300 | |
Marion | IN | | | | 209,196 | | 391,495 | | None | | None | | 209,196 | | 391,495 | | 600,691 | | 104,333 | | | | 05/25/07 | | 300 | |
Michigan City | IN | | | | 227,500 | | 423,749 | | None | | None | | 227,500 | | 423,749 | | 651,249 | | 105,796 | | | | 10/09/07 | | 300 | |
Mishawaka | IN | | | | 123,983 | | 233,743 | | None | | None | | 123,983 | | 233,743 | | 357,726 | | 62,725 | | | | 05/25/07 | | 300 | |
Morristown | IN | | | | 366,590 | | 684,082 | | None | | None | | 366,590 | | 684,082 | | 1,050,672 | | 182,065 | | | | 05/25/07 | | 300 | |
Muncie | IN | | | | 103,950 | | 193,870 | | None | | None | | 103,950 | | 193,870 | | 297,820 | | 51,372 | | | | 05/25/07 | | 300 | |
Muncie | IN | | | | 184,237 | | 344,974 | | None | | None | | 184,237 | | 344,974 | | 529,211 | | 92,201 | | | | 05/25/07 | | 300 | |
New Albany | IN | | | | 181,459 | | 289,353 | | None | | 211 | | 181,459 | | 289,564 | | 471,023 | | 217,708 | | | | 03/03/95 | | 300 | |
New Albany | IN | | | | 262,465 | | 331,796 | | None | | 211 | | 262,465 | | 332,007 | | 594,472 | | 249,611 | | | | 03/06/95 | | 300 | |
New Castle | IN | | | | 138,600 | | 258,672 | | None | | None | | 138,600 | | 258,672 | | 397,272 | | 68,545 | | | | 05/25/07 | | 300 | |
New Castle | IN | | | | 79,854 | | 150,572 | | None | | None | | 79,854 | | 150,572 | | 230,426 | | 40,292 | | | | 05/25/07 | | 300 | |
New Castle | IN | | | | 203,941 | | 381,519 | | None | | None | | 203,941 | | 381,519 | | 585,460 | | 101,689 | | | | 05/25/07 | | 300 | |
Richmond | IN | | | | 281,248 | | 525,089 | | None | | None | | 281,248 | | 525,089 | | 806,337 | | 139,735 | | | | 05/25/07 | | 300 | |
Richmond | IN | | | | 255,908 | | 478,528 | | None | | None | | 255,908 | | 478,528 | | 734,436 | | 127,593 | | | | 05/25/07 | | 300 | |
Rushville | IN | | | | 138,600 | | 258,672 | | None | | None | | 138,600 | | 258,672 | | 397,272 | | 68,545 | | | | 05/25/07 | | 300 | |
Rushville | IN | | | | 121,275 | | 226,497 | | None | | None | | 121,275 | | 226,497 | | 347,772 | | 60,018 | | | | 05/25/07 | | 300 | |
South Bend | IN | | | | 372,387 | | 695,064 | | None | | None | | 372,387 | | 695,064 | | 1,067,451 | | 184,975 | | | | 05/25/07 | | 300 | |
Wabash | IN | | | | 430,437 | | 802,871 | | None | | None | | 430,437 | | 802,871 | | 1,233,308 | | 213,544 | | | | 05/25/07 | | 300 | |
Wabash | IN | | | | 334,923 | | 624,988 | | None | | 13 | | 334,923 | | 625,001 | | 959,924 | | 166,209 | | | | 05/25/07 | | 300 | |
Warsaw | IN | | | | 415,275 | | 774,213 | | None | | 13 | | 415,275 | | 774,226 | | 1,189,501 | | 205,754 | | | | 05/25/07 | | 300 | |
West Lafayette | IN | | | | 1,052,628 | | 1,342,855 | | None | | None | | 1,052,628 | | 1,342,855 | | 2,395,483 | | 356,417 | | | | 05/25/07 | | 300 | |
Zionsville | IN | | | | 910,595 | | 1,693,926 | | None | | None | | 910,595 | | 1,693,926 | | 2,604,521 | | 449,674 | | | | 05/25/07 | | 300 | |
Berea | KY | | | | 252,077 | | 360,815 | | None | | 197 | | 252,077 | | 361,012 | | 613,089 | | 271,400 | | | | 03/08/95 | | 300 | |
Elizabethtown | KY | | | | 286,106 | | 286,106 | | None | | 364 | | 286,106 | | 286,470 | | 572,576 | | 215,333 | | | | 03/03/95 | | 300 | |
Lebanon | KY | | | | 158,052 | | 316,105 | | None | | 350 | | 158,052 | | 316,455 | | 474,507 | | 237,859 | | | | 03/03/95 | | 300 | |
Louisville | KY | | | | 198,926 | | 368,014 | | None | | 211 | | 198,926 | | 368,225 | | 567,151 | | 276,835 | | | | 03/03/95 | | 300 | |
Louisville | KY | | | | 216,849 | | 605,697 | | None | | 187 | | 216,849 | | 605,884 | | 822,733 | | 425,005 | | 06/18/96 | | 11/17/95 | | 300 | |
Mt. Washington | KY | | | | 327,245 | | 479,593 | | None | | None | | 327,245 | | 479,593 | | 806,838 | | 328,553 | | 12/06/96 | | 05/31/96 | | 300 | |
Owensboro | KY | | | | 360,000 | | 590,000 | | None | | None | | 360,000 | | 590,000 | | 950,000 | | 433,650 | | | | 08/25/95 | | 300 | |
Alexandria | LA | | | | 170,000 | | 371,637 | | None | | None | | 170,000 | | 371,637 | | 541,637 | | 145,555 | | | | 03/18/04 | | 300 | |
Baton Rouge | LA | | | | 500,000 | | 521,637 | | None | | None | | 500,000 | | 521,637 | | 1,021,637 | | 204,305 | | | | 03/18/04 | | 300 | |
Baton Rouge | LA | | | | 210,000 | | 361,637 | | None | | None | | 210,000 | | 361,637 | | 571,637 | | 141,638 | | | | 03/18/04 | | 300 | |
Bossier City | LA | | | | 230,000 | | 431,637 | | None | | None | | 230,000 | | 431,637 | | 661,637 | | 169,055 | | | | 03/18/04 | | 300 | |
Destrehan | LA | | | | 200,000 | | 411,637 | | None | | None | | 200,000 | | 411,637 | | 611,637 | | 161,222 | | | | 03/18/04 | | 300 | |
Lafayette | LA | | | | 240,000 | | 391,637 | | None | | None | | 240,000 | | 391,637 | | 631,637 | | 153,388 | | | | 03/18/04 | | 300 | |
Shreveport | LA | | | | 192,500 | | 358,227 | | None | | None | | 192,500 | | 358,227 | | 550,727 | | 139,109 | | | | 04/14/04 | | 300 | |
North Reading | MA | | | | 574,601 | | 756,174 | | None | | None | | 574,601 | | 756,174 | | 1,330,775 | | 313,812 | | | | 08/18/03 | | 300 | |
Seekonk | MA | | | | 298,354 | | 268,518 | | None | | None | | 298,354 | | 268,518 | | 566,872 | | 201,836 | | | | 03/03/95 | | 300 | |
South Amherst | MA | | | | 110,969 | | 639,806 | | None | | None | | 110,969 | | 639,806 | | 750,775 | | 265,519 | | | | 08/18/03 | | 300 | |
F-19
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Berlin | MD | | | | 255,951 | | 387,395 | | None | | None | | 255,951 | | 387,395 | | 643,346 | | 167,218 | | | | 03/19/03 | | 300 | |
Crisfield | MD | | | | 219,704 | | 333,024 | | None | | None | | 219,704 | | 333,024 | | 552,728 | | 143,748 | | | | 03/19/03 | | 300 | |
Hebron | MD | | | | 376,251 | | 567,844 | | None | | None | | 376,251 | | 567,844 | | 944,095 | | 245,112 | | | | 03/19/03 | | 300 | |
La Plata | MD | | | | 1,017,544 | | 2,706,729 | | None | | None | | 1,017,544 | | 2,706,729 | | 3,724,273 | | 1,231,314 | | | | 08/06/02 | | 300 | |
Mechanicsville | MD | | | | 1,540,335 | | 2,860,928 | | None | | None | | 1,540,335 | | 2,860,928 | | 4,401,263 | | 1,320,736 | | | | 06/27/02 | | 300 | |
Millersville | MD | | | | 830,737 | | 2,696,245 | | None | | None | | 830,737 | | 2,696,245 | | 3,526,982 | | 1,244,813 | | | | 06/27/02 | | 300 | |
Breckenridge | MI | | | | 437,500 | | 813,468 | | None | | None | | 437,500 | | 813,468 | | 1,250,968 | | 202,576 | | | | 10/09/07 | | 300 | |
Carson City | MI | | | | 262,500 | | 488,468 | | None | | None | | 262,500 | | 488,468 | | 750,968 | | 122,056 | | | | 10/09/07 | | 300 | |
Charlevoix | MI | | | | 385,000 | | 715,513 | | None | | None | | 385,000 | | 715,513 | | 1,100,513 | | 178,627 | | | | 10/09/07 | | 300 | |
Cheboygan | MI | | | | 280,000 | | 520,513 | | None | | None | | 280,000 | | 520,513 | | 800,513 | | 130,202 | | | | 10/09/07 | | 300 | |
Clare | MI | | | | 306,250 | | 569,718 | | None | | None | | 306,250 | | 569,718 | | 875,968 | | 142,233 | | | | 10/09/07 | | 300 | |
Clare | MI | | | | 229,250 | | 426,718 | | None | | None | | 229,250 | | 426,718 | | 655,968 | | 106,157 | | | | 10/09/07 | | 300 | |
Comstock | MI | | | | 315,000 | | 586,261 | | None | | None | | 315,000 | | 586,261 | | 901,261 | | 146,529 | | | | 10/09/07 | | 300 | |
Farwell | MI | | | | 437,500 | | 813,468 | | None | | None | | 437,500 | | 813,468 | | 1,250,968 | | 202,765 | | | | 10/09/07 | | 300 | |
Flint | MI | | | | 194,492 | | 476,504 | | None | | 348 | | 194,492 | | 476,852 | | 671,344 | | 344,161 | | | | 12/21/95 | | 300 | |
Gladwin | MI | | | | 140,000 | | 260,513 | | None | | None | | 140,000 | | 260,513 | | 400,513 | | 65,259 | | | | 10/09/07 | | 300 | |
Grand Rapids | MI | | | | 437,500 | | 813,761 | | None | | None | | 437,500 | | 813,761 | | 1,251,261 | | 202,649 | | | | 10/09/07 | | 300 | |
Kalamazoo | MI | | | | 238,000 | | 443,249 | | None | | None | | 238,000 | | 443,249 | | 681,249 | | 110,450 | | | | 10/09/07 | | 300 | |
Kalkaska | MI | | | | 437,500 | | 813,013 | | None | | None | | 437,500 | | 813,013 | | 1,250,513 | | 203,217 | | | | 10/09/07 | | 300 | |
Lake City | MI | | | | 115,500 | | 215,013 | | None | | None | | 115,500 | | 215,013 | | 330,513 | | 53,960 | | | | 10/09/07 | | 300 | |
Lakeview | MI | | | | 96,250 | | 179,718 | | None | | None | | 96,250 | | 179,718 | | 275,968 | | 45,383 | | | | 10/09/07 | | 300 | |
Mackinaw City | MI | | | | 455,000 | | 845,513 | | None | | None | | 455,000 | | 845,513 | | 1,300,513 | | 210,346 | | | | 10/09/07 | | 300 | |
Mecosta | MI | | | | 122,500 | | 228,468 | | None | | None | | 122,500 | | 228,468 | | 350,968 | | 57,113 | | | | 10/09/07 | | 300 | |
Midland | MI | | | | 437,500 | | 813,013 | | None | | None | | 437,500 | | 813,013 | | 1,250,513 | | 202,652 | | | | 10/09/07 | | 300 | |
Mount Pleasant | MI | | | | 162,750 | | 303,294 | | None | | 13 | | 162,750 | | 303,307 | | 466,057 | | 76,259 | | | | 10/09/07 | | 300 | |
Mount Pleasant | MI | | | | 463,750 | | 862,218 | | None | | None | | 463,750 | | 862,218 | | 1,325,968 | | 214,682 | | | | 10/09/07 | | 300 | |
Mount Pleasant | MI | | | | 210,000 | | 390,968 | | None | | None | | 210,000 | | 390,968 | | 600,968 | | 97,844 | | | | 10/09/07 | | 300 | |
Mount Pleasant | MI | | | | 437,500 | | 813,468 | | None | | None | | 437,500 | | 813,468 | | 1,250,968 | | 202,953 | | | | 10/09/07 | | 300 | |
Mount Pleasant | MI | | | | 350,000 | | 650,968 | | None | | None | | 350,000 | | 650,968 | | 1,000,968 | | 162,222 | | | | 10/09/07 | | 300 | |
Mount Pleasant | MI | | | | 175,000 | | 325,968 | | None | | None | | 175,000 | | 325,968 | | 500,968 | | 81,514 | | | | 10/09/07 | | 300 | |
Petoskey | MI | | | | 490,000 | | 910,513 | | None | | None | | 490,000 | | 910,513 | | 1,400,513 | | 226,487 | | | | 10/09/07 | | 300 | |
Prudenville | MI | | | | 133,000 | | 247,513 | | None | | None | | 133,000 | | 247,513 | | 380,513 | | 62,407 | | | | 10/09/07 | | 300 | |
Saginaw | MI | | | | 262,500 | | 488,013 | | None | | None | | 262,500 | | 488,013 | | 750,513 | | 121,755 | | | | 10/09/07 | | 300 | |
Standish | MI | | | | 92,750 | | 172,763 | | None | | None | | 92,750 | | 172,763 | | 265,513 | | 43,468 | | | | 10/09/07 | | 300 | |
Traverse City | MI | | | | 210,000 | | 391,002 | | None | | None | | 210,000 | | 391,002 | | 601,002 | | 97,852 | | | | 10/09/07 | | 300 | |
Walker | MI | | | | 586,250 | | 1,089,999 | | None | | None | | 586,250 | | 1,089,999 | | 1,676,249 | | 271,248 | | | | 10/09/07 | | 300 | |
Alexandria | MN | | | | 132,924 | | 246,858 | | None | | None | | 132,924 | | 246,858 | | 379,782 | | 30,408 | | | | 12/01/10 | | 300 | |
Andover | MN | | | | 888,706 | | 1,650,454 | | None | | None | | 888,706 | | 1,650,454 | | 2,539,160 | | 201,179 | | | | 12/01/10 | | 300 | |
Apple Valley | MN | | | | 350,000 | | 650,000 | | None | | None | | 350,000 | | 650,000 | | 1,000,000 | | 79,457 | | | | 12/01/10 | | 300 | |
Baxter | MN | | | | 350,000 | | 650,000 | | None | | None | | 350,000 | | 650,000 | | 1,000,000 | | 79,457 | | | | 12/01/10 | | 300 | |
Blaine | MN | | | | 767,270 | | 1,424,929 | | None | | None | | 767,270 | | 1,424,929 | | 2,192,199 | | 173,740 | | | | 12/01/10 | | 300 | |
Bloomington | MN | | | | 262,500 | | 487,500 | | None | | None | | 262,500 | | 487,500 | | 750,000 | | 59,686 | | | | 12/01/10 | | 300 | |
Bloomington | MN | | | | 676,771 | | 1,256,859 | | None | | None | | 676,771 | | 1,256,859 | | 1,933,630 | | 153,198 | | | | 12/01/10 | | 300 | |
Brainerd | MN | | | | 490,000 | | 910,000 | | None | | None | | 490,000 | | 910,000 | | 1,400,000 | | 111,277 | | | | 12/01/10 | | 300 | |
Brooklyn Center | MN | | | | 979,764 | | 1,819,561 | | None | | None | | 979,764 | | 1,819,561 | | 2,799,325 | | 221,660 | | | | 12/01/10 | | 300 | |
Brooklyn Center | MN | | | | 979,764 | | 1,819,561 | | None | | None | | 979,764 | | 1,819,561 | | 2,799,325 | | 221,753 | | | | 12/01/10 | | 300 | |
Brooklyn Center | MN | | | | 979,764 | | 1,819,561 | | None | | None | | 979,764 | | 1,819,561 | | 2,799,325 | | 221,753 | | | | 12/01/10 | | 300 | |
Brooklyn Park | MN | | | | 830,336 | | 1,542,052 | | None | | None | | 830,336 | | 1,542,052 | | 2,372,388 | | 187,990 | | | | 12/01/10 | | 300 | |
Brooklyn Park | MN | | | | 578,964 | | 1,075,220 | | None | | None | | 578,964 | | 1,075,220 | | 1,654,184 | | 131,192 | | | | 12/01/10 | | 300 | |
Brooklyn Park | MN | | | | 750,697 | | 1,394,151 | | None | | None | | 750,697 | | 1,394,151 | | 2,144,848 | | 34,958 | | | | 05/01/13 | | 300 | |
Burnsville | MN | | | | 615,240 | | 1,142,589 | | None | | None | | 615,240 | | 1,142,589 | | 1,757,829 | | 139,295 | | | | 12/01/10 | | 300 | |
Burnsville | MN | | | | 515,298 | | 956,981 | | None | | None | | 515,298 | | 956,981 | | 1,472,279 | | 116,806 | | | | 12/01/10 | | 300 | |
Burnsville | MN | | | | 350,000 | | 650,000 | | None | | None | | 350,000 | | 650,000 | | 1,000,000 | | 79,457 | | | | 12/01/10 | | 300 | |
Burnsville | MN | | | | 932,558 | | 1,731,892 | | None | | None | | 932,558 | | 1,731,892 | | 2,664,450 | | 211,087 | | | | 12/01/10 | | 300 | |
Chaska | MN | | | | 979,764 | | 1,819,561 | | None | | None | | 979,764 | | 1,819,561 | | 2,799,325 | | 221,753 | | | | 12/01/10 | | 300 | |
Chaska | MN | | | | 490,000 | | 910,000 | | None | | None | | 490,000 | | 910,000 | | 1,400,000 | | 111,090 | | | | 12/01/10 | | 300 | |
Chaska | MN | | | | 410,797 | | 762,908 | | None | | None | | 410,797 | | 762,908 | | 1,173,705 | | 19,177 | | | | 05/01/13 | | 300 | |
F-20
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Columbia Heights | MN | | | | 673,068 | | 1,249,983 | | None | | None | | 673,068 | | 1,249,983 | | 1,923,051 | | 152,361 | | | | 12/01/10 | | 300 | |
Coon Rapids | MN | | | | 490,000 | | 910,000 | | None | | None | | 490,000 | | 910,000 | | 1,400,000 | | 111,090 | | | | 12/01/10 | | 300 | |
Cottage Grove | MN | | | | 805,888 | | 1,496,650 | | None | | None | | 805,888 | | 1,496,650 | | 2,302,538 | | 182,466 | | | | 12/01/10 | | 300 | |
Crystal | MN | | | | 552,641 | | 1,026,332 | | None | | None | | 552,641 | | 1,026,332 | | 1,578,973 | | 125,244 | | | | 12/01/10 | | 300 | |
Crystal | MN | | | | 740,518 | | 1,375,248 | | None | | None | | 740,518 | | 1,375,248 | | 2,115,766 | | 167,695 | | | | 12/01/10 | | 300 | |
Eagan | MN | | | | 906,287 | | 1,683,104 | | None | | None | | 906,287 | | 1,683,104 | | 2,589,391 | | 205,244 | | | | 12/01/10 | | 300 | |
Eagan | MN | | | | 699,277 | | 1,298,658 | | None | | None | | 699,277 | | 1,298,658 | | 1,997,935 | | 158,377 | | | | 12/01/10 | | 300 | |
Eden Prairie | MN | | | | 947,702 | | 1,760,019 | | None | | None | | 947,702 | | 1,760,019 | | 2,707,721 | | 214,416 | | | | 12/01/10 | | 300 | |
Eden Prairie | MN | | | | 485,526 | | 901,690 | | None | | None | | 485,526 | | 901,690 | | 1,387,216 | | 110,079 | | | | 12/01/10 | | 300 | |
Edina | MN | | | | 568,893 | | 1,056,516 | | None | | None | | 568,893 | | 1,056,516 | | 1,625,409 | | 128,916 | | | | 12/01/10 | | 300 | |
Elk River | MN | | | | 613,113 | | 1,138,637 | | None | | None | | 613,113 | | 1,138,637 | | 1,751,750 | | 138,814 | | | | 12/01/10 | | 300 | |
Elk River | MN | | | | 456,850 | | 848,435 | | None | | None | | 456,850 | | 848,435 | | 1,305,285 | | 103,600 | | | | 12/01/10 | | 300 | |
Excelsior | MN | | | | 262,500 | | 487,500 | | None | | None | | 262,500 | | 487,500 | | 750,000 | | 59,686 | | | | 12/01/10 | | 300 | |
Falcon Heights | MN | | | | 494,415 | | 918,199 | | None | | None | | 494,415 | | 918,199 | | 1,412,614 | | 112,088 | | | | 12/01/10 | | 300 | |
Farmington | MN | | | | 437,500 | | 812,500 | | None | | None | | 437,500 | | 812,500 | | 1,250,000 | | 99,228 | | | | 12/01/10 | | 300 | |
Forest Lake | MN | | | | 398,985 | | 740,973 | | None | | None | | 398,985 | | 740,973 | | 1,139,958 | | 90,432 | | | | 12/01/10 | | 300 | |
Fridley | MN | | | | 519,325 | | 964,461 | | None | | None | | 519,325 | | 964,461 | | 1,483,786 | | 117,716 | | | | 12/01/10 | | 300 | |
Fridley | MN | | | | 706,295 | | 1,311,691 | | None | | None | | 706,295 | | 1,311,691 | | 2,017,986 | | 159,962 | | | | 12/01/10 | | 300 | |
Fridley | MN | | | | 175,000 | | 325,000 | | None | | None | | 175,000 | | 325,000 | | 500,000 | | 39,915 | | | | 12/01/10 | | 300 | |
Golden Valley | MN | | | | 979,764 | | 1,819,561 | | None | | None | | 979,764 | | 1,819,561 | | 2,799,325 | | 221,753 | | | | 12/01/10 | | 300 | |
Ham Lake | MN | | | | 979,764 | | 1,819,561 | | None | | None | | 979,764 | | 1,819,561 | | 2,799,325 | | 221,753 | | | | 12/01/10 | | 300 | |
Hastings | MN | | | | 979,764 | | 1,819,561 | | None | | None | | 979,764 | | 1,819,561 | | 2,799,325 | | 221,753 | | | | 12/01/10 | | 300 | |
Inver Grove Hghts | MN | | | | 134,705 | | 250,166 | | None | | None | | 134,705 | | 250,166 | | 384,871 | | 30,717 | | | | 12/01/10 | | 300 | |
Inver Grove Hghts | MN | | | | 979,764 | | 1,819,561 | | None | | None | | 979,764 | | 1,819,561 | | 2,799,325 | | 221,753 | | | | 12/01/10 | | 300 | |
Lakeville | MN | | | | 631,855 | | 1,173,446 | | None | | None | | 631,855 | | 1,173,446 | | 1,805,301 | | 143,143 | | | | 12/01/10 | | 300 | |
Lakeville | MN | | | | 654,912 | | 1,216,266 | | None | | None | | 654,912 | | 1,216,266 | | 1,871,178 | | 148,352 | | | | 12/01/10 | | 300 | |
Litchfield | MN | | | | 388,788 | | 722,036 | | None | | None | | 388,788 | | 722,036 | | 1,110,824 | | 88,128 | | | | 12/01/10 | | 300 | |
Little Falls | MN | | | | 175,000 | | 325,000 | | None | | None | | 175,000 | | 325,000 | | 500,000 | | 39,822 | | | | 12/01/10 | | 300 | |
Long Lake | MN | | | | 808,543 | | 1,501,579 | | None | | None | | 808,543 | | 1,501,579 | | 2,310,122 | | 183,065 | | | | 12/01/10 | | 300 | |
Maplewood | MN | | | | 931,427 | | 1,729,793 | | None | | None | | 931,427 | | 1,729,793 | | 2,661,220 | | 210,738 | | | | 12/01/10 | | 300 | |
Maplewood | MN | | | | 175,000 | | 325,000 | | None | | None | | 175,000 | | 325,000 | | 500,000 | | 39,915 | | | | 12/01/10 | | 300 | |
Mendota Heights | MN | | | | 827,026 | | 1,535,906 | | None | | None | | 827,026 | | 1,535,906 | | 2,362,932 | | 187,242 | | | | 12/01/10 | | 300 | |
Mendota Heights | MN | | | | 717,808 | | 1,333,072 | | None | | None | | 717,808 | | 1,333,072 | | 2,050,880 | | 162,564 | | | | 12/01/10 | | 300 | |
Minneapolis | MN | | | | 967,640 | | 1,797,045 | | None | | None | | 967,640 | | 1,797,045 | | 2,764,685 | | 219,014 | | | | 12/01/10 | | 300 | |
Minneapolis | MN | | | | 856,122 | | 1,589,941 | | None | | None | | 856,122 | | 1,589,941 | | 2,446,063 | | 193,816 | | | | 12/01/10 | | 300 | |
Minneapolis | MN | | | | 979,764 | | 1,819,561 | | None | | None | | 979,764 | | 1,819,561 | | 2,799,325 | | 221,753 | | | | 12/01/10 | | 300 | |
Minneapolis | MN | | | | 979,764 | | 1,819,561 | | None | | None | | 979,764 | | 1,819,561 | | 2,799,325 | | 221,753 | | | | 12/01/10 | | 300 | |
Minneapolis | MN | | | | 938,237 | | 1,742,440 | | None | | None | | 938,237 | | 1,742,440 | | 2,680,677 | | 212,370 | | | | 12/01/10 | | 300 | |
Minneapolis | MN | | | | 365,977 | | 679,671 | | None | | None | | 365,977 | | 679,671 | | 1,045,648 | | 82,973 | | | | 12/01/10 | | 300 | |
Minneapolis | MN | | | | 979,764 | | 1,819,561 | | None | | None | | 979,764 | | 1,819,561 | | 2,799,325 | | 221,753 | | | | 12/01/10 | | 300 | |
Minneapolis | MN | | | | 738,535 | | 1,371,564 | | None | | None | | 738,535 | | 1,371,564 | | 2,110,099 | | 167,154 | | | | 12/01/10 | | 300 | |
Minneapolis | MN | | | | 811,510 | | 1,507,090 | | None | | None | | 811,510 | | 1,507,090 | | 2,318,600 | | 183,643 | | | | 12/01/10 | | 300 | |
Minneapolis | MN | | | | 539,242 | | 1,001,450 | | None | | None | | 539,242 | | 1,001,450 | | 1,540,692 | | 122,216 | | | | 12/01/10 | | 300 | |
Minneapolis | MN | | | | 577,070 | | 1,071,702 | | None | | None | | 577,070 | | 1,071,702 | | 1,648,772 | | 130,764 | | | | 12/01/10 | | 300 | |
Minneapolis | MN | | | | 175,000 | | 325,000 | | None | | None | | 175,000 | | 325,000 | | 500,000 | | 39,915 | | | | 12/01/10 | | 300 | |
Minneapolis | MN | | | | 979,764 | | 1,819,561 | | None | | None | | 979,764 | | 1,819,561 | | 2,799,325 | | 221,753 | | | | 12/01/10 | | 300 | |
Minneapolis | MN | | | | 350,000 | | 650,000 | | None | | None | | 350,000 | | 650,000 | | 1,000,000 | | 79,363 | | | | 12/01/10 | | 300 | |
Minneapolis | MN | | | | 759,822 | | 1,411,097 | | None | | None | | 759,822 | | 1,411,097 | | 2,170,919 | | 171,963 | | | | 12/01/10 | | 300 | |
Minnetonka | MN | | | | 582,162 | | 1,081,158 | | None | | None | | 582,162 | | 1,081,158 | | 1,663,320 | | 27,112 | | | | 05/01/13 | | 300 | |
Monticello | MN | | | | 589,643 | | 1,095,051 | | None | | None | | 589,643 | | 1,095,051 | | 1,684,694 | | 133,605 | | | | 12/01/10 | | 300 | |
Mounds View | MN | | | | 743,926 | | 1,381,578 | | None | | None | | 743,926 | | 1,381,578 | | 2,125,504 | | 168,465 | | | | 12/01/10 | | 300 | |
New Brighton | MN | | | | 585,039 | | 1,086,502 | | None | | None | | 585,039 | | 1,086,502 | | 1,671,541 | | 132,471 | | | | 12/01/10 | | 300 | |
New Hope | MN | | | | 175,000 | | 325,000 | | None | | None | | 175,000 | | 325,000 | | 500,000 | | 39,822 | | | | 12/01/10 | | 300 | |
Newport | MN | | | | 967,228 | | 1,796,280 | | None | | None | | 967,228 | | 1,796,280 | | 2,763,508 | | 218,921 | | | | 12/01/10 | | 300 | |
Oak Park Heights | MN | | | | 635,158 | | 1,179,579 | | None | | None | | 635,158 | | 1,179,579 | | 1,814,737 | | 143,889 | | | | 12/01/10 | | 300 | |
Pine City | MN | | | | 644,412 | | 1,196,765 | | None | | None | | 644,412 | | 1,196,765 | | 1,841,177 | | 146,073 | | | | 12/01/10 | | 300 | |
Princeton | MN | | | | 546,257 | | 1,014,476 | | None | | None | | 546,257 | | 1,014,476 | | 1,560,733 | | 123,801 | | | | 12/01/10 | | 300 | |
F-21
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Ramsey | MN | | | | 650,205 | | 1,207,523 | | None | | None | | 650,205 | | 1,207,523 | | 1,857,728 | | 147,289 | | | | 12/01/10 | | 300 | |
Richfield | MN | | | | 630,540 | | 1,171,003 | | None | | None | | 630,540 | | 1,171,003 | | 1,801,543 | | 142,845 | | | | 12/01/10 | | 300 | |
Richfield | MN | | | | 678,216 | | 1,259,543 | | None | | None | | 678,216 | | 1,259,543 | | 1,937,759 | | 153,618 | | | | 12/01/10 | | 300 | |
Richfield | MN | | | | 436,919 | | 811,421 | | None | | None | | 436,919 | | 811,421 | | 1,248,340 | | 99,003 | | | | 12/01/10 | | 300 | |
Richfield | MN | | | | 839,497 | | 1,559,065 | | None | | None | | 839,497 | | 1,559,065 | | 2,398,562 | | 190,060 | | | | 12/01/10 | | 300 | |
Rogers | MN | | | | 781,303 | | 1,450,991 | | None | | None | | 781,303 | | 1,450,991 | | 2,232,294 | | 176,911 | | | | 12/01/10 | | 300 | |
Roseville | MN | | | | 403,786 | | 749,887 | | None | | None | | 403,786 | | 749,887 | | 1,153,673 | | 91,516 | | | | 12/01/10 | | 300 | |
Roseville | MN | | | | 979,764 | | 1,819,561 | | None | | None | | 979,764 | | 1,819,561 | | 2,799,325 | | 221,753 | | | | 12/01/10 | | 300 | |
Roseville | MN | | | | 979,764 | | 1,819,561 | | None | | None | | 979,764 | | 1,819,561 | | 2,799,325 | | 221,753 | | | | 12/01/10 | | 300 | |
Roseville | MN | | | | 979,764 | | 1,819,561 | | None | | None | | 979,764 | | 1,819,561 | | 2,799,325 | | 221,753 | | | | 12/01/10 | | 300 | |
Sauk Rapids | MN | | | | 175,000 | | 325,000 | | None | | None | | 175,000 | | 325,000 | | 500,000 | | 39,915 | | | | 12/01/10 | | 300 | |
Savage | MN | | | | 605,220 | | 1,123,981 | | None | | None | | 605,220 | | 1,123,981 | | 1,729,201 | | 137,031 | | | | 12/01/10 | | 300 | |
Savage | MN | | | | 569,195 | | 1,057,075 | | None | | None | | 569,195 | | 1,057,075 | | 1,626,270 | | 128,891 | | | | 12/01/10 | | 300 | |
Savage | MN | | | | 175,000 | | 325,000 | | None | | None | | 175,000 | | 325,000 | | 500,000 | | 39,915 | | | | 12/01/10 | | 300 | |
Shakopee | MN | | | | 522,391 | | 970,156 | | None | | None | | 522,391 | | 970,156 | | 1,492,547 | | 118,782 | | | | 12/01/10 | | 300 | |
Shakopee | MN | | | | 477,517 | | 886,817 | | None | | None | | 477,517 | | 886,817 | | 1,364,334 | | 108,456 | | | | 12/01/10 | | 300 | |
Shakopee | MN | | | | 688,324 | | 1,278,317 | | None | | None | | 688,324 | | 1,278,317 | | 1,966,641 | | 155,902 | | | | 12/01/10 | | 300 | |
Shakopee | MN | | | | 783,764 | | 1,455,562 | | None | | None | | 783,764 | | 1,455,562 | | 2,239,326 | | 177,373 | | | | 12/01/10 | | 300 | |
St. Cloud | MN | | | | 786,129 | | 1,459,954 | | None | | None | | 786,129 | | 1,459,954 | | 2,246,083 | | 177,908 | | | | 12/01/10 | | 300 | |
St. Cloud | MN | | | | 175,000 | | 325,000 | | None | | None | | 175,000 | | 325,000 | | 500,000 | | 40,102 | | | | 12/01/10 | | 300 | |
St. Cloud | MN | | | | 677,052 | | 1,257,383 | | None | | None | | 677,052 | | 1,257,383 | | 1,934,435 | | 153,355 | | | | 12/01/10 | | 300 | |
St. Louis Park | MN | | | | 175,000 | | 325,000 | | None | | None | | 175,000 | | 325,000 | | 500,000 | | 39,822 | | | | 12/01/10 | | 300 | |
St. Michael | MN | | | | 561,604 | | 1,042,980 | | None | | None | | 561,604 | | 1,042,980 | | 1,604,584 | | 127,363 | | | | 12/01/10 | | 300 | |
St. Paul | MN | | | | 808,755 | | 1,501,973 | | None | | None | | 808,755 | | 1,501,973 | | 2,310,728 | | 183,020 | | | | 12/01/10 | | 300 | |
St. Paul | MN | | | | 418,774 | | 777,723 | | None | | None | | 418,774 | | 777,723 | | 1,196,497 | | 94,903 | | | | 12/01/10 | | 300 | |
St. Paul | MN | | | | 175,000 | | 325,000 | | None | | None | | 175,000 | | 325,000 | | 500,000 | | 39,822 | | | | 12/01/10 | | 300 | |
St. Paul | MN | | | | 832,144 | | 1,545,409 | | None | | None | | 832,144 | | 1,545,409 | | 2,377,553 | | 188,398 | | | | 12/01/10 | | 300 | |
St. Paul | MN | | | | 979,764 | | 1,819,561 | | None | | None | | 979,764 | | 1,819,561 | | 2,799,325 | | 221,753 | | | | 12/01/10 | | 300 | |
St. Paul | MN | | | | 175,000 | | 325,000 | | None | | None | | 175,000 | | 325,000 | | 500,000 | | 39,822 | | | | 12/01/10 | | 300 | |
St. Paul | MN | | | | 979,764 | | 1,819,561 | | None | | None | | 979,764 | | 1,819,561 | | 2,799,325 | | 221,660 | | | | 12/01/10 | | 300 | |
St. Paul | MN | | | | 576,820 | | 1,071,236 | | None | | None | | 576,820 | | 1,071,236 | | 1,648,056 | | 130,614 | | | | 12/01/10 | | 300 | |
St. Paul | MN | | | | 531,091 | | 986,311 | | None | | None | | 531,091 | | 986,311 | | 1,517,402 | | 120,375 | | | | 12/01/10 | | 300 | |
St. Paul | MN | | | | 592,617 | | 1,100,575 | | None | | None | | 592,617 | | 1,100,575 | | 1,693,192 | | 134,183 | | | | 12/01/10 | | 300 | |
St. Paul | MN | | | | 739,277 | | 1,372,944 | | None | | None | | 739,277 | | 1,372,944 | | 2,112,221 | | 167,322 | | | | 12/01/10 | | 300 | |
St. Paul | MN | | | | 788,752 | | 1,464,824 | | None | | None | | 788,752 | | 1,464,824 | | 2,253,576 | | 178,500 | | | | 12/01/10 | | 300 | |
St. Paul | MN | | | | 950,678 | | 1,765,546 | | None | | None | | 950,678 | | 1,765,546 | | 2,716,224 | | 215,088 | | | | 12/01/10 | | 300 | |
St. Paul | MN | | | | 175,000 | | 325,000 | | None | | None | | 175,000 | | 325,000 | | 500,000 | | 39,822 | | | | 12/01/10 | | 300 | |
St. Paul | MN | | | | 262,500 | | 487,500 | | None | | None | | 262,500 | | 487,500 | | 750,000 | | 59,593 | | | | 12/01/10 | | 300 | |
St. Paul | MN | | | | 541,547 | | 1,005,731 | | None | | None | | 541,547 | | 1,005,731 | | 1,547,278 | | 122,644 | | | | 12/01/10 | | 300 | |
St. Paul | MN | | | | 827,608 | | 1,536,987 | | None | | None | | 827,608 | | 1,536,987 | | 2,364,595 | | 187,187 | | | | 12/01/10 | | 300 | |
St. Paul | MN | | | | 789,790 | | 1,466,752 | | None | | None | | 789,790 | | 1,466,752 | | 2,256,542 | | 178,828 | | | | 12/01/10 | | 300 | |
St. Paul | MN | | | | 648,354 | | 1,204,086 | | None | | None | | 648,354 | | 1,204,086 | | 1,852,440 | | 30,165 | | | | 05/01/13 | | 300 | |
St. Paul Park | MN | | | | 979,764 | | 1,819,561 | | None | | None | | 979,764 | | 1,819,561 | | 2,799,325 | | 221,660 | | | | 12/01/10 | | 300 | |
St. Paul Park | MN | | | | 1,925,000 | | 3,575,000 | | None | | None | | 1,925,000 | | 3,575,000 | | 5,500,000 | | 434,958 | | | | 12/01/10 | | 300 | |
Vadnais Heights | MN | | | | 931,400 | | 1,729,742 | | None | | None | | 931,400 | | 1,729,742 | | 2,661,142 | | 210,825 | | | | 12/01/10 | | 300 | |
West St. Paul | MN | | | | 979,764 | | 1,819,561 | | None | | None | | 979,764 | | 1,819,561 | | 2,799,325 | | 221,660 | | | | 12/01/10 | | 300 | |
White Bear Lake | MN | | | | 943,945 | | 1,753,040 | | None | | None | | 943,945 | | 1,753,040 | | 2,696,985 | | 213,660 | | | | 12/01/10 | | 300 | |
White Bear Lake | MN | | | | 860,523 | | 1,598,113 | | None | | None | | 860,523 | | 1,598,113 | | 2,458,636 | | 194,810 | | | | 12/01/10 | | 300 | |
Woodbury | MN | | | | 962,500 | | 1,787,500 | | None | | None | | 962,500 | | 1,787,500 | | 2,750,000 | | 217,759 | | | | 12/01/10 | | 300 | |
Zimmerman | MN | | | | 979,764 | | 1,819,561 | | None | | None | | 979,764 | | 1,819,561 | | 2,799,325 | | 221,753 | | | | 12/01/10 | | 300 | |
Bolivar | MO | | | | 712,586 | | 1,258,249 | | 376 | | None | | 712,586 | | 1,258,625 | | 1,971,211 | | 48,267 | | | | 01/22/13 | | 300 | |
Bolivar | MO | | | | 734,876 | | 1,297,609 | | 388 | | None | | 734,876 | | 1,297,997 | | 2,032,873 | | 49,777 | | | | 01/22/13 | | 300 | |
Fair Grove | MO | | | | 331,197 | | 584,812 | | 32,417 | | 127 | | 331,197 | | 617,356 | | 948,553 | | 22,891 | | | | 01/22/13 | | 300 | |
Hollister | MO | | | | 660,909 | | 1,167,001 | | 349 | | None | | 660,909 | | 1,167,350 | | 1,828,259 | | 44,767 | | | | 01/22/13 | | 300 | |
Monett | MO | | | | 493,610 | | 871,592 | | 260 | | None | | 493,610 | | 871,852 | | 1,365,462 | | 33,435 | | | | 01/22/13 | | 300 | |
Springfield | MO | | | | 471,920 | | 833,292 | | 249 | | None | | 471,920 | | 833,541 | | 1,305,461 | | 31,966 | | | | 01/22/13 | | 300 | |
Springfield | MO | | | | 794,438 | | 1,402,780 | | 419 | | None | | 794,438 | | 1,403,199 | | 2,197,637 | | 53,812 | | | | 01/22/13 | | 300 | |
F-22
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Springfield | MO | | | | 805,817 | | 1,422,872 | | 425 | | None | | 805,817 | | 1,423,297 | | 2,229,114 | | 54,582 | | | | 01/22/13 | | 300 | |
Springfield | MO | | | | 600,117 | | 1,059,657 | | 317 | | None | | 600,117 | | 1,059,974 | | 1,660,091 | | 40,649 | | | | 01/22/13 | | 300 | |
Springfield | MO | | | | 735,236 | | 1,298,243 | | 388 | | None | | 735,236 | | 1,298,631 | | 2,033,867 | | 49,802 | | | | 01/22/13 | | 300 | |
Springfield | MO | | | | 782,041 | | 1,380,889 | | 413 | | None | | 782,041 | | 1,381,302 | | 2,163,343 | | 52,972 | | | | 01/22/13 | | 300 | |
Springfield | MO | | | | 1,955,824 | | 3,453,498 | | 1,032 | | None | | 1,955,824 | | 3,454,530 | | 5,410,354 | | 132,479 | | | | 01/22/13 | | 300 | |
Springfield | MO | | | | 839,527 | | 1,482,396 | | 443 | | None | | 839,527 | | 1,482,839 | | 2,322,366 | | 56,866 | | | | 01/22/13 | | 300 | |
Waynesville | MO | | | | 511,912 | | 903,909 | | 270 | | None | | 511,912 | | 904,179 | | 1,416,091 | | 34,675 | | | | 01/22/13 | | 300 | |
Brandon | MS | | | | 671,486 | | 1,247,588 | | None | | None | | 671,486 | | 1,247,588 | | 1,919,074 | | 426,260 | | | | 06/30/05 | | 300 | |
Flowood | MS | | | | 437,926 | | 813,832 | | None | | None | | 437,926 | | 813,832 | | 1,251,758 | | 278,060 | | | | 06/30/05 | | 300 | |
Flowood | MS | | | | 399,972 | | 743,347 | | None | | None | | 399,972 | | 743,347 | | 1,143,319 | | 253,978 | | | | 06/30/05 | | 300 | |
Jackson | MS | | | | 329,904 | | 613,221 | | None | | None | | 329,904 | | 613,221 | | 943,125 | | 209,518 | | | | 06/30/05 | | 300 | |
Jackson | MS | | | | 540,108 | | 1,003,600 | | None | | None | | 540,108 | | 1,003,600 | | 1,543,708 | | 342,897 | | | | 06/30/05 | | 300 | |
Marion | MS | | | | 350,341 | | 651,013 | | None | | None | | 350,341 | | 651,013 | | 1,001,354 | | 222,430 | | | | 06/30/05 | | 300 | |
Meridian | MS | | | | 437,926 | | 813,671 | | None | | None | | 437,926 | | 813,671 | | 1,251,597 | | 278,005 | | | | 06/30/05 | | 300 | |
Meridian | MS | | | | 405,811 | | 754,030 | | None | | None | | 405,811 | | 754,030 | | 1,159,841 | | 257,628 | | | | 06/30/05 | | 300 | |
Meridian | MS | | | | 145,975 | | 271,478 | | None | | None | | 145,975 | | 271,478 | | 417,453 | | 92,755 | | | | 06/30/05 | | 300 | |
Meridian | MS | | | | 280,273 | | 520,887 | | None | | None | | 280,273 | | 520,887 | | 801,160 | | 177,970 | | | | 06/30/05 | | 300 | |
Meridian | MS | | | | 321,146 | | 596,794 | | None | | None | | 321,146 | | 596,794 | | 917,940 | | 201,915 | | | | 07/19/05 | | 300 | |
Newton | MS | | | | 467,121 | | 867,891 | | None | | None | | 467,121 | | 867,891 | | 1,335,012 | | 296,530 | | | | 06/30/05 | | 300 | |
Pearl | MS | | | | 544,488 | | 1,011,733 | | None | | None | | 544,488 | | 1,011,733 | | 1,556,221 | | 345,676 | | | | 06/30/05 | | 300 | |
Philadelphia | MS | | | | 472,960 | | 878,735 | | None | | None | | 472,960 | | 878,735 | | 1,351,695 | | 300,235 | | | | 06/30/05 | | 300 | |
Southaven | MS | | | | 310,000 | | 641,637 | | None | | None | | 310,000 | | 641,637 | | 951,637 | | 251,305 | | | | 03/18/04 | | 300 | |
Terry | MS | | | | 583,901 | | 1,084,930 | | None | | None | | 583,901 | | 1,084,930 | | 1,668,831 | | 370,685 | | | | 06/30/05 | | 300 | |
Waveland | MS | | | | 180,000 | | 331,637 | | None | | None | | 180,000 | | 331,637 | | 511,637 | | 129,888 | | | | 03/18/04 | | 300 | |
Aberdeen | NC | | | | 600,000 | | 300,625 | | None | | None | | 600,000 | | 300,625 | | 900,625 | | 155,801 | | | | 01/25/01 | | 300 | |
Archdale | NC | | | | 410,000 | | 731,637 | | None | | None | | 410,000 | | 731,637 | | 1,141,637 | | 286,555 | | | | 03/18/04 | | 300 | |
Banner Elk | NC | | | | 386,993 | | 720,861 | | None | | None | | 386,993 | | 720,861 | | 1,107,854 | | 167,685 | | | | 03/27/08 | | 300 | |
Banner Elk | NC | | | | 355,330 | | 662,058 | | None | | None | | 355,330 | | 662,058 | | 1,017,388 | | 153,891 | | | | 03/27/08 | | 300 | |
Burgaw | NC | | | | 198,774 | | 370,653 | | None | | None | | 198,774 | | 370,653 | | 569,427 | | 86,210 | | | | 03/27/08 | | 300 | |
Burgaw | NC | | | | 457,356 | | 850,877 | | None | | None | | 457,356 | | 850,877 | | 1,308,233 | | 197,634 | | | | 03/27/08 | | 300 | |
Carolina Beach | NC | | | | 457,356 | | 850,929 | | None | | None | | 457,356 | | 850,929 | | 1,308,285 | | 197,817 | | | | 03/27/08 | | 300 | |
Cary | NC | | | | 255,064 | | 475,849 | | None | | None | | 255,064 | | 475,849 | | 730,913 | | 111,096 | | | | 03/27/08 | | 300 | |
Charlotte | NC | | | | 300,000 | | 291,637 | | None | | None | | 300,000 | | 291,637 | | 591,637 | | 114,222 | | | | 03/18/04 | | 300 | |
Charlotte | NC | | | | 640,000 | | 581,637 | | None | | None | | 640,000 | | 581,637 | | 1,221,637 | | 227,805 | | | | 03/18/04 | | 300 | |
Durham | NC | | | | 720,000 | | 851,637 | | None | | None | | 720,000 | | 851,637 | | 1,571,637 | | 333,555 | | | | 03/18/04 | | 300 | |
Goldsboro | NC | | | | 460,000 | | 740,625 | | None | | None | | 460,000 | | 740,625 | | 1,200,625 | | 383,867 | | | | 01/25/01 | | 300 | |
Greensboro | NC | | | | 700,000 | | 655,000 | | None | | None | | 700,000 | | 655,000 | | 1,355,000 | | 372,258 | | | | 10/27/99 | | 300 | |
Greenville | NC | | | | 330,000 | | 515,000 | | None | | None | | 330,000 | | 515,000 | | 845,000 | | 378,525 | | | | 08/25/95 | | 300 | |
Hampstead | NC | | | | 562,900 | | 1,046,971 | | None | | None | | 562,900 | | 1,046,971 | | 1,609,871 | | 242,891 | | | | 03/27/08 | | 300 | |
Holly Ridge | NC | | | | 721,215 | | 1,340,986 | | None | | None | | 721,215 | | 1,340,986 | | 2,062,201 | | 311,176 | | | | 03/27/08 | | 300 | |
Hubert | NC | | | | 404,584 | | 752,872 | | None | | None | | 404,584 | | 752,872 | | 1,157,456 | | 175,273 | | | | 03/27/08 | | 300 | |
Jacksonville | NC | | | | 150,000 | | 530,000 | | None | | None | | 150,000 | | 530,000 | | 680,000 | | 389,550 | | | | 08/25/95 | | 300 | |
Jacksonville | NC | | | | 180,000 | | 371,637 | | None | | None | | 180,000 | | 371,637 | | 551,637 | | 145,555 | | | | 03/18/04 | | 300 | |
Jacksonville | NC | | | | 140,000 | | 260,727 | | None | | None | | 140,000 | | 260,727 | | 400,727 | | 101,246 | | | | 04/14/04 | | 300 | |
Jacksonville | NC | | | | 351,812 | | 654,867 | | None | | None | | 351,812 | | 654,867 | | 1,006,679 | | 152,225 | | | | 03/27/08 | | 300 | |
Kinston | NC | | | | 550,000 | | 1,057,833 | | None | | 153 | | 550,000 | | 1,057,986 | | 1,607,986 | | 685,843 | | | | 10/24/97 | | 300 | |
Raleigh | NC | | | | 740,000 | | 791,637 | | None | | None | | 740,000 | | 791,637 | | 1,531,637 | | 310,055 | | | | 03/18/04 | | 300 | |
Richlands | NC | | | | 492,537 | | 916,235 | | None | | None | | 492,537 | | 916,235 | | 1,408,772 | | 212,775 | | | | 03/27/08 | | 300 | |
Richlands | NC | | | | 376,439 | | 700,603 | | None | | None | | 376,439 | | 700,603 | | 1,077,042 | | 163,164 | | | | 03/27/08 | | 300 | |
Riegelwood | NC | | | | - | | 453,916 | | None | | None | | - | | 453,916 | | 453,916 | | 111,964 | | | | 03/27/08 | | 283 | |
Roanoke Rapids | NC | | | | 834,223 | | 1,551,226 | | 480 | | 131 | | 834,223 | | 1,551,837 | | 2,386,060 | | 442,190 | | | | 11/01/06 | | 300 | |
Rose Hill | NC | | | | 198,774 | | 370,653 | | None | | None | | 198,774 | | 370,653 | | 569,427 | | 86,382 | | | | 03/27/08 | | 300 | |
Roxboro | NC | | | | 243,112 | | 368,107 | | None | | None | | 243,112 | | 368,107 | | 611,219 | | 158,892 | | | | 03/19/03 | | 300 | |
Shallotte | NC | | | | 492,537 | | 916,266 | | None | | None | | 492,537 | | 916,266 | | 1,408,803 | | 212,782 | | | | 03/27/08 | | 300 | |
Wallace | NC | | | | - | | 177,408 | | None | | None | | - | | 177,408 | | 177,408 | | 56,794 | | | | 03/27/08 | | 219 | |
Whitelake | NC | | | | 351,812 | | 654,867 | | None | | None | | 351,812 | | 654,867 | | 1,006,679 | | 152,225 | | | | 03/27/08 | | 300 | |
Wilmington | NC | | | | 228,678 | | 426,274 | | None | | None | | 228,678 | | 426,274 | | 654,952 | | 99,267 | | | | 03/27/08 | | 300 | |
F-23
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Wilmington | NC | | | | 527,718 | | 981,645 | | None | | None | | 527,718 | | 981,645 | | 1,509,363 | | 228,272 | | | | 03/27/08 | | 300 | |
Wilmington | NC | | | | 351,812 | | 654,930 | | None | | None | | 351,812 | | 654,930 | | 1,006,742 | | 152,068 | | | | 03/27/08 | | 300 | |
Wilmington | NC | | | | 474,946 | | 883,640 | | None | | None | | 474,946 | | 883,640 | | 1,358,586 | | 205,395 | | | | 03/27/08 | | 300 | |
Wilmington | NC | | | | - | | 353,366 | | None | | None | | - | | 353,366 | | 353,366 | | 144,753 | | | | 03/27/08 | | 170 | |
Wilmington | NC | | | | 364,126 | | 677,787 | | None | | None | | 364,126 | | 677,787 | | 1,041,913 | | 157,535 | | | | 03/27/08 | | 300 | |
Wilmington | NC | | | | 439,765 | | 818,271 | | None | | None | | 439,765 | | 818,271 | | 1,258,036 | | 189,908 | | | | 03/27/08 | | 300 | |
Wilmington | NC | | | | - | | 805,696 | | None | | None | | - | | 805,696 | | 805,696 | | 187,167 | | | | 03/27/08 | | 300 | |
Wilmington | NC | | | | 386,993 | | 720,288 | | None | | None | | 386,993 | | 720,288 | | 1,107,281 | | 167,381 | | | | 03/27/08 | | 300 | |
Wilmington | NC | | | | 527,718 | | 981,602 | | None | | None | | 527,718 | | 981,602 | | 1,509,320 | | 228,262 | | | | 03/27/08 | | 300 | |
Wilmington | NC | | | | 334,222 | | 622,284 | | None | | None | | 334,222 | | 622,284 | | 956,506 | | 144,848 | | | | 03/27/08 | | 300 | |
Wilmington | NC | | | | 334,222 | | 622,251 | | None | | None | | 334,222 | | 622,251 | | 956,473 | | 144,669 | | | | 03/27/08 | | 300 | |
Winston-Salem | NC | | | | 320,000 | | 311,637 | | None | | None | | 320,000 | | 311,637 | | 631,637 | | 122,055 | | | | 03/18/04 | | 300 | |
Zebulon | NC | | | | 306,077 | | 570,587 | | None | | None | | 306,077 | | 570,587 | | 876,664 | | 133,043 | | | | 03/27/08 | | 300 | |
Farmingdale | NJ | | | | 1,459,957 | | 2,712,264 | | None | | None | | 1,459,957 | | 2,712,264 | | 4,172,221 | | 1,234,041 | | | | 08/06/02 | | 300 | |
Galloway | NJ | | | | 1,367,872 | | 2,540,604 | | None | | None | | 1,367,872 | | 2,540,604 | | 3,908,476 | | 1,172,869 | | | | 06/27/02 | | 300 | |
Hamilton | NJ | | | | 1,539,117 | | 2,858,630 | | None | | None | | 1,539,117 | | 2,858,630 | | 4,397,747 | | 1,320,628 | | | | 06/27/02 | | 300 | |
Millville | NJ | | | | 953,891 | | 1,771,782 | | None | | None | | 953,891 | | 1,771,782 | | 2,725,673 | | 817,963 | | | | 06/27/02 | | 300 | |
Toms River | NJ | | | | 1,265,861 | | 2,351,154 | | None | | None | | 1,265,861 | | 2,351,154 | | 3,617,015 | | 1,085,803 | | | | 06/27/02 | | 300 | |
Toms River | NJ | | | | 982,526 | | 1,824,961 | | None | | None | | 982,526 | | 1,824,961 | | 2,807,487 | | 842,172 | | | | 06/27/02 | | 300 | |
Albuquerque | NM | | | | 200,000 | | 271,637 | | None | | None | | 200,000 | | 271,637 | | 471,637 | | 106,388 | | | | 03/18/04 | | 300 | |
Irondequoit | NY | | | | 632,586 | | 1,116,989 | | 334 | | None | | 632,586 | | 1,117,323 | | 1,749,909 | | 42,849 | | | | 01/22/13 | | 300 | |
Kingston | NY | | | | 257,763 | | 456,042 | | None | | None | | 257,763 | | 456,042 | | 713,805 | | 341,271 | | | | 04/06/95 | | 300 | |
Alliance | OH | | | | 454,440 | | 843,960 | | None | | None | | 454,440 | | 843,960 | | 1,298,400 | | 120,082 | | | | 06/22/10 | | 300 | |
Atwater | OH | | | | 118,555 | | 266,748 | | None | | 209 | | 118,555 | | 266,957 | | 385,512 | | 200,692 | | | | 03/03/95 | | 300 | |
Bellefontaine | OH | | | | 560,000 | | 1,042,110 | | None | | None | | 560,000 | | 1,042,110 | | 1,602,110 | | 245,756 | | | | 02/29/08 | | 300 | |
Bellefontaine | OH | | | | 455,000 | | 847,110 | | None | | None | | 455,000 | | 847,110 | | 1,302,110 | | 199,583 | | | | 02/29/08 | | 300 | |
Columbus | OH | | | | 147,296 | | 304,411 | | None | | 122 | | 147,296 | | 304,533 | | 451,829 | | 228,937 | | | | 03/03/95 | | 300 | |
Columbus | OH | | | | 273,085 | | 471,693 | | 13,088 | | None | | 273,085 | | 484,781 | | 757,866 | | 342,750 | | | | 12/21/95 | | 300 | |
Cuyahoga Falls | OH | | | | 321,792 | | 1,144,619 | | None | | None | | 321,792 | | 1,144,619 | | 1,466,411 | | 486,581 | | | | 03/03/95 | | 300 | |
De Graff | OH | | | | 302,750 | | 564,360 | | None | | None | | 302,750 | | 564,360 | | 867,110 | | 133,485 | | | | 02/29/08 | | 300 | |
Eaton | OH | | | | 164,588 | | 306,934 | | None | | None | | 164,588 | | 306,934 | | 471,522 | | 81,334 | | | | 05/25/07 | | 300 | |
Galion | OH | | | | 138,981 | | 327,597 | | None | | 209 | | 138,981 | | 327,806 | | 466,787 | | 246,430 | | | | 03/06/95 | | 300 | |
Jackson Center | OH | | | | 367,500 | | 684,610 | | None | | None | | 367,500 | | 684,610 | | 1,052,110 | | 161,744 | | | | 02/29/08 | | 300 | |
Kenton | OH | | | | 140,000 | | 262,462 | | None | | None | | 140,000 | | 262,462 | | 402,462 | | 56,737 | | | | 08/29/08 | | 300 | |
Marysville | OH | | | | 507,500 | | 944,610 | | None | | None | | 507,500 | | 944,610 | | 1,452,110 | | 222,495 | | | | 02/29/08 | | 300 | |
Marysville | OH | | | | 700,000 | | 1,302,110 | | None | | None | | 700,000 | | 1,302,110 | | 2,002,110 | | 306,508 | | | | 02/29/08 | | 300 | |
Marysville | OH | | | | 350,000 | | 652,110 | | None | | None | | 350,000 | | 652,110 | | 1,002,110 | | 153,758 | | | | 02/29/08 | | 300 | |
Perrysburg | OH | | | | 211,678 | | 390,680 | | None | | 134 | | 211,678 | | 390,814 | | 602,492 | | 266,759 | | 01/10/96 | | 09/01/95 | | 300 | |
Russells Point | OH | | | | 546,000 | | 1,016,110 | | None | | None | | 546,000 | | 1,016,110 | | 1,562,110 | | 239,646 | | | | 02/29/08 | | 300 | |
Streetsboro | OH | | | | 402,988 | | 533,349 | | None | | 114 | | 402,988 | | 533,463 | | 936,451 | | 336,070 | | 01/27/97 | | 09/03/96 | | 300 | |
Tiffin | OH | | | | 117,017 | | 273,040 | | None | | 209 | | 117,017 | | 273,249 | | 390,266 | | 205,422 | | | | 03/07/95 | | 300 | |
Tipp City | OH | | | | 355,009 | | 588,111 | | None | | 85 | | 355,009 | | 588,196 | | 943,205 | | 375,440 | | 01/31/97 | | 06/27/96 | | 300 | |
Wadsworth | OH | | | | 266,507 | | 496,917 | | None | | 116 | | 266,507 | | 497,033 | | 763,540 | | 324,069 | | 11/26/96 | | 07/01/96 | | 300 | |
Edmond | OK | | 1,034,667 | | 529,988 | | 1,039,325 | | None | | None | | 529,988 | | 1,039,325 | | 1,569,313 | | 22,575 | | | | 06/27/13 | | 300 | |
Edmond | OK | | 931,387 | | 520,386 | | 1,021,067 | | None | | None | | 520,386 | | 1,021,067 | | 1,541,453 | | 22,166 | | | | 06/27/13 | | 300 | |
Edmond | OK | | 653,520 | | 365,152 | | 716,425 | | None | | None | | 365,152 | | 716,425 | | 1,081,577 | | 15,551 | | | | 06/27/13 | | 300 | |
Edmond | OK | | 545,811 | | 352,862 | | 694,398 | | None | | None | | 352,862 | | 694,398 | | 1,047,260 | | 15,102 | | | | 06/27/13 | | 300 | |
Edmond | OK | | 1,027,549 | | 519,976 | | 1,019,075 | | None | | None | | 519,976 | | 1,019,075 | | 1,539,051 | | 22,122 | | | | 06/27/13 | | 300 | |
Edmond | OK | | 1,722,228 | | 962,803 | | 1,887,389 | | None | | None | | 962,803 | | 1,887,389 | | 2,850,192 | | 40,922 | | | | 06/27/13 | | 420 | |
Midwest City | OK | | 725,441 | | 405,372 | | 795,228 | | None | | None | | 405,372 | | 795,228 | | 1,200,600 | | 17,258 | | | | 06/27/13 | | 300 | |
Midwest City | OK | | 796,640 | | 445,188 | | 873,239 | | None | | None | | 445,188 | | 873,239 | | 1,318,427 | | 18,949 | | | | 06/27/13 | | 300 | |
Moore | OK | | 548,919 | | 306,341 | | 602,193 | | None | | None | | 306,341 | | 602,193 | | 908,534 | | 13,104 | | | | 06/27/13 | | 300 | |
Moore | OK | | 528,114 | | 294,864 | | 579,209 | | None | | None | | 294,864 | | 579,209 | | 874,073 | | 12,592 | | | | 06/27/13 | | 300 | |
Norman | OK | | 428,892 | | 248,874 | | 489,810 | | None | | None | | 248,874 | | 489,810 | | 738,684 | | 10,669 | | | | 06/27/13 | | 300 | |
Norman | OK | | 577,195 | | 390,000 | | 523,739 | | None | | None | | 390,000 | | 523,739 | | 913,739 | | 11,404 | | | | 06/27/13 | | 300 | |
Norman | OK | | 889,998 | | 470,199 | | 922,644 | | None | | None | | 470,199 | | 922,644 | | 1,392,843 | | 20,047 | | | | 06/27/13 | | 300 | |
Norman | OK | | 1,248,929 | | 697,964 | | 1,368,992 | | None | | None | | 697,964 | | 1,368,992 | | 2,066,956 | | 29,704 | | | | 06/27/13 | | 300 | |
F-24
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Norman | OK | | 292,767 | | 163,252 | | 321,345 | | None | | None | | 163,252 | | 321,345 | | 484,597 | | 7,005 | | | | 06/27/13 | | 300 | |
Oklahoma City | OK | | 847,977 | | 453,873 | | 890,815 | | None | | None | | 453,873 | | 890,815 | | 1,344,688 | | 19,358 | | | | 06/27/13 | | 300 | |
Oklahoma City | OK | | 735,339 | | 410,750 | | 806,262 | | None | | None | | 410,750 | | 806,262 | | 1,217,012 | | 17,512 | | | | 06/27/13 | | 300 | |
Oklahoma City | OK | | 754,488 | | 421,459 | | 827,243 | | None | | None | | 421,459 | | 827,243 | | 1,248,702 | | 17,966 | | | | 06/27/13 | | 300 | |
Oklahoma City | OK | | 273,635 | | 166,843 | | 329,194 | | None | | None | | 166,843 | | 329,194 | | 496,037 | | 7,189 | | | | 06/27/13 | | 300 | |
Oklahoma City | OK | | 764,600 | | 426,956 | | 838,510 | | None | | None | | 426,956 | | 838,510 | | 1,265,466 | | 18,224 | | | | 06/27/13 | | 300 | |
Oklahoma City | OK | | 752,503 | | 456,873 | | 897,930 | | None | | None | | 456,873 | | 897,930 | | 1,354,803 | | 19,512 | | | | 06/27/13 | | 300 | |
Oklahoma City | OK | | 414,139 | | 220,000 | | 513,453 | | None | | None | | 220,000 | | 513,453 | | 733,453 | | 11,196 | | | | 06/27/13 | | 300 | |
Oklahoma City | OK | | 616,879 | | 344,347 | | 676,656 | | None | | None | | 344,347 | | 676,656 | | 1,021,003 | | 14,718 | | | | 06/27/13 | | 300 | |
Oklahoma City | OK | | 292,767 | | 178,588 | | 352,229 | | None | | None | | 178,588 | | 352,229 | | 530,817 | | 7,688 | | | | 06/27/13 | | 300 | |
Oklahoma City | OK | | 359,752 | | 200,554 | | 394,926 | | None | | None | | 200,554 | | 394,926 | | 595,480 | | 8,613 | | | | 06/27/13 | | 300 | |
Oklahoma City | OK | | 813,164 | | 479,805 | | 941,620 | | None | | None | | 479,805 | | 941,620 | | 1,421,425 | | 20,430 | | | | 06/27/13 | | 300 | |
Oklahoma City | OK | | 695,254 | | 388,491 | | 762,152 | | None | | None | | 388,491 | | 762,152 | | 1,150,643 | | 16,542 | | | | 06/27/13 | | 300 | |
Oklahoma City | OK | | 794,057 | | 514,604 | | 1,010,798 | | None | | None | | 514,604 | | 1,010,798 | | 1,525,402 | | 21,929 | | | | 06/27/13 | | 300 | |
Oklahoma City | OK | | 1,096,739 | | 612,698 | | 1,202,429 | | None | | None | | 612,698 | | 1,202,429 | | 1,815,127 | | 26,109 | | | | 06/27/13 | | 300 | |
Oklahoma City | OK | | 397,754 | | 221,963 | | 436,376 | | None | | None | | 221,963 | | 436,376 | | 658,339 | | 9,497 | | | | 06/27/13 | | 300 | |
Oklahoma City | OK | | 589,710 | | 306,360 | | 600,729 | | None | | None | | 306,360 | | 600,729 | | 907,089 | | 13,044 | | | | 06/27/13 | | 300 | |
Oklahoma City | OK | | 510,162 | | 180,000 | | 618,260 | | None | | None | | 180,000 | | 618,260 | | 798,260 | | 13,452 | | | | 06/27/13 | | 300 | |
Oklahoma City | OK | | 766,420 | | 440,000 | | 829,361 | | None | | None | | 440,000 | | 829,361 | | 1,269,361 | | 18,026 | | | | 06/27/13 | | 300 | |
Oklahoma City | OK | | 690,448 | | 411,910 | | 808,611 | | None | | None | | 411,910 | | 808,611 | | 1,220,521 | | 17,548 | | | | 06/27/13 | | 300 | |
Oklahoma City | OK | | 912,795 | | 471,600 | | 924,640 | | None | | None | | 471,600 | | 924,640 | | 1,396,240 | | 20,076 | | | | 06/27/13 | | 300 | |
Oklahoma City | OK | | 744,803 | | 481,598 | | 946,011 | | None | | None | | 481,598 | | 946,011 | | 1,427,609 | | 20,525 | | | | 06/27/13 | | 300 | |
Oklahoma City | OK | | 506,636 | | 275,094 | | 540,304 | | None | | None | | 275,094 | | 540,304 | | 815,398 | | 11,749 | | | | 06/27/13 | | 300 | |
Oklahoma City | OK | | 724,867 | | 404,894 | | 794,787 | | None | | None | | 404,894 | | 794,787 | | 1,199,681 | | 17,263 | | | | 06/27/13 | | 300 | |
Tulsa | OK | | | | 126,545 | | 508,266 | | None | | 173 | | 126,545 | | 508,439 | | 634,984 | | 336,434 | | | | 06/27/97 | | 300 | |
Yukon | OK | | 1,106,498 | | 618,155 | | 1,213,121 | | None | | None | | 618,155 | | 1,213,121 | | 1,831,276 | | 26,341 | | | | 06/27/13 | | 300 | |
Yukon | OK | | 709,170 | | 390,000 | | 698,226 | | None | | None | | 390,000 | | 698,226 | | 1,088,226 | | 15,171 | | | | 06/27/13 | | 300 | |
Yukon | OK | | 1,185,652 | | 713,299 | | 1,399,650 | | None | | None | | 713,299 | | 1,399,650 | | 2,112,949 | | 30,354 | | | | 06/27/13 | | 300 | |
Yukon | OK | | 1,455,662 | | 813,732 | | 1,595,318 | | None | | None | | 813,732 | | 1,595,318 | | 2,409,050 | | 34,594 | | | | 06/27/13 | | 300 | |
Aliquippa | PA | | | | 226,195 | | 452,631 | | None | | None | | 226,195 | | 452,631 | | 678,826 | | 180,296 | | | | 01/29/04 | | 300 | |
Allentown | PA | | 4,684,217 | | 3,922,420 | | 5,971,780 | | None | | None | | 3,922,420 | | 5,971,780 | | 9,894,200 | | 229,002 | | | | 01/22/13 | | 300 | |
Beaver | PA | | | | 95,626 | | 223,368 | | None | | None | | 95,626 | | 223,368 | | 318,994 | | 88,973 | | | | 01/29/04 | | 300 | |
Beaver Falls | PA | | | | 92,207 | | 230,758 | | None | | None | | 92,207 | | 230,758 | | 322,965 | | 91,916 | | | | 01/29/04 | | 300 | |
Cornwells Heights | PA | | | | 569,763 | | 387,611 | | None | | None | | 569,763 | | 387,611 | | 957,374 | | 164,729 | | | | 05/29/03 | | 300 | |
East Caln | PA | | | | 1,722,222 | | 576 | | None | | None | | 1,722,222 | | 576 | | 1,722,798 | | 249 | | | | 02/25/03 | | 300 | |
Penndel | PA | | | | 739,487 | | 1,003,809 | | None | | None | | 739,487 | | 1,003,809 | | 1,743,296 | | 426,613 | | | | 05/29/03 | | 300 | |
Perryopolis | PA | | | | 148,953 | | 134,299 | | None | | None | | 148,953 | | 134,299 | | 283,252 | | 53,494 | | | | 01/29/04 | | 300 | |
Philadelphia | PA | | | | 808,681 | | 256,843 | | None | | None | | 808,681 | | 256,843 | | 1,065,524 | | 109,153 | | | | 05/29/03 | | 300 | |
Philadelphia | PA | | | | 425,928 | | 167,147 | | None | | None | | 425,928 | | 167,147 | | 593,075 | | 71,032 | | | | 05/29/03 | | 300 | |
Philadelphia | PA | | | | 390,342 | | 226,919 | | None | | None | | 390,342 | | 226,919 | | 617,261 | | 96,435 | | | | 05/29/03 | | 300 | |
Philadelphia | PA | | | | 541,792 | | 236,049 | | None | | None | | 541,792 | | 236,049 | | 777,841 | | 100,315 | | | | 05/29/03 | | 300 | |
Philadelphia | PA | | | | 614,101 | | 277,277 | | None | | None | | 614,101 | | 277,277 | | 891,378 | | 117,837 | | | | 05/29/03 | | 300 | |
Philadelphia | PA | | | | 1,011,389 | | 491,302 | | None | | None | | 1,011,389 | | 491,302 | | 1,502,691 | | 208,798 | | | | 05/29/03 | | 300 | |
Philadelphia | PA | | | | 935,672 | | 448,426 | | None | | None | | 935,672 | | 448,426 | | 1,384,098 | | 190,576 | | | | 05/29/03 | | 300 | |
Philadelphia | PA | | | | 689,172 | | 426,596 | | None | | None | | 689,172 | | 426,596 | | 1,115,768 | | 181,298 | | | | 05/29/03 | | 300 | |
Philadelphia | PA | | | | 349,294 | | 134,485 | | None | | None | | 349,294 | | 134,485 | | 483,779 | | 57,150 | | | | 05/29/03 | | 300 | |
Pittsburgh | PA | | | | 497,668 | | 320,170 | | None | | None | | 497,668 | | 320,170 | | 817,838 | | 127,533 | | | | 01/29/04 | | 300 | |
Pittsburgh | PA | | | | 296,277 | | 287,540 | | None | | None | | 296,277 | | 287,540 | | 583,817 | | 114,535 | | | | 01/29/04 | | 300 | |
Pittsburgh | PA | | | | 395,417 | | 474,741 | | None | | None | | 395,417 | | 474,741 | | 870,158 | | 189,103 | | | | 01/29/04 | | 300 | |
Pittsburgh | PA | | | | 118,118 | | 231,108 | | None | | None | | 118,118 | | 231,108 | | 349,226 | | 92,056 | | | | 01/29/04 | | 300 | |
South Park | PA | | | | 252,247 | | 436,182 | | None | | None | | 252,247 | | 436,182 | | 688,429 | | 173,704 | | | | 01/29/04 | | 300 | |
Southampton | PA | | | | 783,279 | | 163,721 | | None | | None | | 783,279 | | 163,721 | | 947,000 | | 69,576 | | | | 05/29/03 | | 300 | |
Valencia | PA | | | | 440,565 | | 278,492 | | None | | None | | 440,565 | | 278,492 | | 719,057 | | 110,931 | | | | 01/29/04 | | 300 | |
Verona | PA | | | | 171,411 | | 257,358 | | None | | None | | 171,411 | | 257,358 | | 428,769 | | 102,512 | | | | 01/29/04 | | 300 | |
Willow Grove | PA | | | | 329,934 | | 73,123 | | None | | None | | 329,934 | | 73,123 | | 403,057 | | 31,072 | | | | 05/29/03 | | 300 | |
Aiken | SC | | | | 320,000 | | 432,527 | | None | | None | | 320,000 | | 432,527 | | 752,527 | | 250,141 | | | | 07/22/99 | | 300 | |
Aiken | SC | | | | 330,000 | | 472,679 | | None | | None | | 330,000 | | 472,679 | | 802,679 | | 273,362 | | | | 07/22/99 | | 300 | |
F-25
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Aiken | SC | | | | 560,000 | | 543,588 | | None | | None | | 560,000 | | 543,588 | | 1,103,588 | | 314,369 | | | | 07/22/99 | | 300 | |
Aiken | SC | | | | 360,000 | | 542,982 | | None | | None | | 360,000 | | 542,982 | | 902,982 | | 314,020 | | | | 07/22/99 | | 300 | |
Aiken | SC | | | | 540,000 | | 388,058 | | None | | None | | 540,000 | | 388,058 | | 928,058 | | 224,422 | | | | 07/22/99 | | 300 | |
Aiken | SC | | | | 250,000 | | 251,770 | | None | | None | | 250,000 | | 251,770 | | 501,770 | | 145,604 | | | | 07/22/99 | | 300 | |
Beech Island | SC | | | | 330,000 | | 481,637 | | None | | None | | 330,000 | | 481,637 | | 811,637 | | 188,638 | | | | 03/18/04 | | 300 | |
Belvedere | SC | | | | 490,000 | | 463,080 | | None | | None | | 490,000 | | 463,080 | | 953,080 | | 267,810 | | | | 07/22/99 | | 300 | |
Bishopville | SC | | | | 191,738 | | 357,630 | | None | | None | | 191,738 | | 357,630 | | 549,368 | | 83,365 | | | | 03/27/08 | | 300 | |
Bonneau | SC | | | | 128,411 | | 240,691 | | None | | None | | 128,411 | | 240,691 | | 369,102 | | 56,274 | | | | 03/27/08 | | 300 | |
Camden | SC | | | | 269,136 | | 501,397 | | None | | None | | 269,136 | | 501,397 | | 770,533 | | 116,671 | | | | 03/27/08 | | 300 | |
Charleston | SC | | | | 170,000 | | 350,000 | | None | | None | | 170,000 | | 350,000 | | 520,000 | | 257,250 | | | | 08/25/95 | | 300 | |
Columbia | SC | | | | 150,000 | | 450,000 | | None | | None | | 150,000 | | 450,000 | | 600,000 | | 330,750 | | | | 08/25/95 | | 300 | |
Columbia | SC | | | | 520,000 | | 471,637 | | None | | None | | 520,000 | | 471,637 | | 991,637 | | 184,722 | | | | 03/18/04 | | 300 | |
Conway | SC | | | | - | | 252,890 | | None | | None | | - | | 252,890 | | 252,890 | | 91,250 | | | | 03/27/08 | | 193 | |
Cordova | SC | | | | 137,207 | | 257,025 | | None | | None | | 137,207 | | 257,025 | | 394,232 | | 60,230 | | | | 03/27/08 | | 300 | |
Eastover | SC | | | | 138,966 | | 259,625 | | None | | None | | 138,966 | | 259,625 | | 398,591 | | 60,489 | | | | 03/27/08 | | 300 | |
Florence | SC | | | | 193,497 | | 360,913 | | None | | None | | 193,497 | | 360,913 | | 554,410 | | 84,125 | | | | 03/27/08 | | 300 | |
Florence | SC | | | | 337,740 | | 628,793 | | None | | None | | 337,740 | | 628,793 | | 966,533 | | 146,184 | | | | 03/27/08 | | 300 | |
Goose Creek | SC | | | | 150,000 | | 241,637 | | None | | None | | 150,000 | | 241,637 | | 391,637 | | 94,638 | | | | 03/18/04 | | 300 | |
Greenville | SC | | | | 390,000 | | 462,847 | | None | | None | | 390,000 | | 462,847 | | 852,847 | | 267,675 | | | | 07/22/99 | | 300 | |
Greenville | SC | | | | 300,000 | | 402,392 | | None | | None | | 300,000 | | 402,392 | | 702,392 | | 232,713 | | | | 07/22/99 | | 300 | |
Greenville | SC | | | | 370,000 | | 432,695 | | None | | None | | 370,000 | | 432,695 | | 802,695 | | 250,238 | | | | 07/22/99 | | 300 | |
Greenville | SC | | | | 620,000 | | 483,604 | | None | | None | | 620,000 | | 483,604 | | 1,103,604 | | 279,679 | | | | 07/22/99 | | 300 | |
Greenville | SC | | | | 680,000 | | 423,604 | | None | | None | | 680,000 | | 423,604 | | 1,103,604 | | 244,979 | | | | 07/22/99 | | 300 | |
Greer | SC | | | | 400,000 | | 502,879 | | None | | None | | 400,000 | | 502,879 | | 902,879 | | 290,827 | | | | 07/22/99 | | 300 | |
Hemingway | SC | | | | 246,269 | | 459,569 | | None | | None | | 246,269 | | 459,569 | | 705,838 | | 106,981 | | | | 03/27/08 | | 300 | |
Hilton Head | SC | | | | 500,000 | | 691,637 | | None | | None | | 500,000 | | 691,637 | | 1,191,637 | | 270,888 | | | | 03/18/04 | | 300 | |
Hilton Head | SC | | | | 185,500 | | 344,510 | | None | | None | | 185,500 | | 344,510 | | 530,010 | | 133,785 | | | | 04/14/04 | | 300 | |
Irmo | SC | | | | 690,000 | | 461,637 | | None | | None | | 690,000 | | 461,637 | | 1,151,637 | | 180,805 | | | | 03/18/04 | | 300 | |
Jackson | SC | | | | 170,000 | | 632,626 | | None | | None | | 170,000 | | 632,626 | | 802,626 | | 365,865 | | | | 07/22/99 | | 300 | |
Kingstree | SC | | | | - | | 303,766 | | None | | None | | - | | 303,766 | | 303,766 | | 102,442 | | | | 03/27/08 | | 207 | |
Kingstree | SC | | | | 209,328 | | 390,965 | | None | | None | | 209,328 | | 390,965 | | 600,293 | | 90,916 | | | | 03/27/08 | | 300 | |
Lake City | SC | | | | 202,292 | | 377,898 | | None | | None | | 202,292 | | 377,898 | | 580,190 | | 88,060 | | | | 03/27/08 | | 300 | |
Lexington | SC | | | | 255,000 | | 545,000 | | None | | None | | 255,000 | | 545,000 | | 800,000 | | 400,575 | | | | 08/25/95 | | 300 | |
Lexington | SC | | | | 640,000 | | 563,891 | | None | | None | | 640,000 | | 563,891 | | 1,203,891 | | 326,111 | | | | 07/22/99 | | 300 | |
Lexington | SC | | | | 540,000 | | 563,588 | | None | | None | | 540,000 | | 563,588 | | 1,103,588 | | 325,936 | | | | 07/22/99 | | 300 | |
Lexington | SC | | | | 360,000 | | 843,891 | | None | | None | | 360,000 | | 843,891 | | 1,203,891 | | 488,044 | | | | 07/22/99 | | 300 | |
Lugoff | SC | | | | 200,533 | | 373,990 | | None | | None | | 200,533 | | 373,990 | | 574,523 | | 87,155 | | | | 03/27/08 | | 300 | |
Moncks Corner | SC | | | | 351,812 | | 655,578 | | None | | None | | 351,812 | | 655,578 | | 1,007,390 | | 152,218 | | | | 03/27/08 | | 300 | |
Mt. Pleasant | SC | | | | 668,443 | | 1,242,940 | | None | | None | | 668,443 | | 1,242,940 | | 1,911,383 | | 288,290 | | | | 03/27/08 | | 300 | |
Myrtle Beach | SC | | | | 140,725 | | 262,942 | | None | | None | | 140,725 | | 262,942 | | 403,667 | | 61,257 | | | | 03/27/08 | | 300 | |
Myrtle Beach | SC | | | | 492,537 | | 916,307 | | None | | None | | 492,537 | | 916,307 | | 1,408,844 | | 213,135 | | | | 03/27/08 | | 300 | |
Myrtle Beach | SC | | | | 527,718 | | 982,266 | | None | | None | | 527,718 | | 982,266 | | 1,509,984 | | 228,072 | | | | 03/27/08 | | 300 | |
Myrtle Beach | SC | | | | 703,624 | | 1,308,326 | | None | | None | | 703,624 | | 1,308,326 | | 2,011,950 | | 303,438 | | | | 03/27/08 | | 300 | |
Myrtle Beach | SC | | | | - | | 177,502 | | None | | None | | - | | 177,502 | | 177,502 | | 41,635 | | | | 03/27/08 | | 300 | |
Myrtle Beach | SC | | | | - | | 755,479 | | None | | None | | - | | 755,479 | | 755,479 | | 175,533 | | | | 03/27/08 | | 300 | |
Myrtle Beach | SC | | | | - | | 328,278 | | None | | None | | - | | 328,278 | | 328,278 | | 138,382 | | | | 03/27/08 | | 165 | |
Myrtle Beach | SC | | | | - | | 278,019 | | None | | None | | - | | 278,019 | | 278,019 | | 102,408 | | | | 03/27/08 | | 189 | |
North Augusta | SC | | | | 400,000 | | 452,777 | | None | | None | | 400,000 | | 452,777 | | 852,777 | | 261,852 | | | | 07/22/99 | | 300 | |
North Augusta | SC | | | | 490,000 | | 1,221,637 | | None | | None | | 490,000 | | 1,221,637 | | 1,711,637 | | 478,472 | | | | 03/18/04 | | 300 | |
North Charleston | SC | | | | 400,000 | | 650,000 | | None | | 8 | | 400,000 | | 650,008 | | 1,050,008 | | 477,752 | | | | 08/25/95 | | 300 | |
Orangeburg | SC | | | | 320,000 | | 691,637 | | None | | None | | 320,000 | | 691,637 | | 1,011,637 | | 270,888 | | | | 03/18/04 | | 300 | |
Pinewood | SC | | | | 325,426 | | 606,576 | | None | | None | | 325,426 | | 606,576 | | 932,002 | | 141,037 | | | | 03/27/08 | | 300 | |
Simpsonville | SC | | | | 530,000 | | 573,485 | | None | | None | | 530,000 | | 573,485 | | 1,103,485 | | 331,660 | | | | 07/22/99 | | 300 | |
Spartanburg | SC | | | | 470,000 | | 432,879 | | None | | None | | 470,000 | | 432,879 | | 902,879 | | 250,344 | | | | 07/22/99 | | 300 | |
Summerton | SC | | | | 142,484 | | 266,826 | | None | | None | | 142,484 | | 266,826 | | 409,310 | | 62,328 | | | | 03/27/08 | | 300 | |
Summerville | SC | | | | 115,000 | | 515,000 | | None | | None | | 115,000 | | 515,000 | | 630,000 | | 378,525 | | | | 08/25/95 | | 300 | |
Summerville | SC | | | | 297,500 | | 553,227 | | None | | None | | 297,500 | | 553,227 | | 850,727 | | 214,834 | | | | 04/14/04 | | 300 | |
F-26
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Sumter | SC | | | | 211,087 | | 393,565 | | None | | None | | 211,087 | | 393,565 | | 604,652 | | 91,690 | | | | 03/27/08 | | 300 | |
Sumter | SC | | | | 263,859 | | 491,628 | | None | | None | | 263,859 | | 491,628 | | 755,487 | | 114,408 | | | | 03/27/08 | | 300 | |
Sumter | SC | | | | 362,367 | | 674,512 | | None | | None | | 362,367 | | 674,512 | | 1,036,879 | | 156,776 | | | | 03/27/08 | | 300 | |
Sumter | SC | | | | 181,183 | | 338,087 | | None | | None | | 181,183 | | 338,087 | | 519,270 | | 78,837 | | | | 03/27/08 | | 300 | |
Sumter | SC | | | | 154,797 | | 289,084 | | None | | None | | 154,797 | | 289,084 | | 443,881 | | 67,485 | | | | 03/27/08 | | 300 | |
Sumter | SC | | | | 351,812 | | 654,969 | | None | | None | | 351,812 | | 654,969 | | 1,006,781 | | 152,248 | | | | 03/27/08 | | 300 | |
Sumter | SC | | | | 334,222 | | 622,301 | | None | | None | | 334,222 | | 622,301 | | 956,523 | | 144,680 | | | | 03/27/08 | | 300 | |
Sumter | SC | | | | 281,450 | | 524,296 | | None | | None | | 281,450 | | 524,296 | | 805,746 | | 121,976 | | | | 03/27/08 | | 300 | |
Sumter | SC | | | | 149,520 | | 279,284 | | None | | None | | 149,520 | | 279,284 | | 428,804 | | 65,043 | | | | 03/27/08 | | 300 | |
Sumter | SC | | | | 146,002 | | 272,750 | | None | | None | | 146,002 | | 272,750 | | 418,752 | | 63,701 | | | | 03/27/08 | | 300 | |
Sumter | SC | | | | 372,921 | | 694,113 | | None | | None | | 372,921 | | 694,113 | | 1,067,034 | | 161,145 | | | | 03/27/08 | | 300 | |
Sumter | SC | | | | 149,520 | | 279,226 | | None | | None | | 149,520 | | 279,226 | | 428,746 | | 65,201 | | | | 03/27/08 | | 300 | |
Sumter | SC | | | | 262,100 | | 488,361 | | None | | None | | 262,100 | | 488,361 | | 750,461 | | 113,651 | | | | 03/27/08 | | 300 | |
Sumter | SC | | | | 184,701 | | 344,620 | | None | | None | | 184,701 | | 344,620 | | 529,321 | | 79,836 | | | | 03/27/08 | | 300 | |
West Aiken | SC | | | | 400,000 | | 402,665 | | None | | None | | 400,000 | | 402,665 | | 802,665 | | 232,871 | | | | 07/22/99 | | 300 | |
West Columbia | SC | | | | 410,000 | | 693,574 | | None | | None | | 410,000 | | 693,574 | | 1,103,574 | | 401,111 | | | | 07/22/99 | | 300 | |
West Columbia | SC | | | | 336,000 | | 624,727 | | None | | None | | 336,000 | | 624,727 | | 960,727 | | 242,600 | | | | 04/14/04 | | 300 | |
Arrington | TN | | | | 385,000 | | 716,242 | | None | | None | | 385,000 | | 716,242 | | 1,101,242 | | 292,459 | | | | 10/16/03 | | 300 | |
Athens | TN | | | | 175,000 | | 326,242 | | None | | None | | 175,000 | | 326,242 | | 501,242 | | 133,209 | | | | 10/16/03 | | 300 | |
Athens | TN | | | | 124,179 | | 231,860 | | None | | None | | 124,179 | | 231,860 | | 356,039 | | 94,670 | | | | 10/16/03 | | 300 | |
Benton | TN | | | | 192,500 | | 358,742 | | None | | None | | 192,500 | | 358,742 | | 551,242 | | 146,480 | | | | 10/16/03 | | 300 | |
Chattanooga | TN | | | | 181,731 | | 338,741 | | None | | None | | 181,731 | | 338,741 | | 520,472 | | 138,313 | | | | 10/16/03 | | 300 | |
Chattanooga | TN | | | | 168,000 | | 313,242 | | None | | None | | 168,000 | | 313,242 | | 481,242 | | 127,901 | | | | 10/16/03 | | 300 | |
Chattanooga | TN | | | | 175,000 | | 326,242 | | (79,571) | | None | | 162,879 | | 258,792 | | 421,671 | | 105,667 | | | | 10/16/03 | | 300 | |
Chattanooga | TN | | | | 159,979 | | 298,346 | | None | | None | | 159,979 | | 298,346 | | 458,325 | | 121,818 | | | | 10/16/03 | | 300 | |
Chattanooga | TN | | | | 105,000 | | 196,242 | | None | | None | | 105,000 | | 196,242 | | 301,242 | | 80,126 | | | | 10/16/03 | | 300 | |
Chattanooga | TN | | | | 245,000 | | 456,242 | | None | | None | | 245,000 | | 456,242 | | 701,242 | | 186,292 | | | | 10/16/03 | | 300 | |
Chattanooga | TN | | | | 297,500 | | 553,742 | | None | | None | | 297,500 | | 553,742 | | 851,242 | | 226,105 | | | | 10/16/03 | | 300 | |
Chattanooga | TN | | | | 323,750 | | 822,529 | | None | | None | | 323,750 | | 822,529 | | 1,146,279 | | 315,946 | | | | 10/16/03 | | 300 | |
Chattanooga | TN | | | | 280,000 | | 521,242 | | None | | None | | 280,000 | | 521,242 | | 801,242 | | 212,834 | | | | 10/16/03 | | 300 | |
Chattanooga | TN | | | | 257,250 | | 478,992 | | None | | None | | 257,250 | | 478,992 | | 736,242 | | 195,582 | | | | 10/16/03 | | 300 | |
Chattanooga | TN | | | | 283,209 | | 527,201 | | None | | None | | 283,209 | | 527,201 | | 810,410 | | 215,267 | | | | 10/16/03 | | 300 | |
Chattanooga | TN | | | | 542,500 | | 1,008,742 | | None | | None | | 542,500 | | 1,008,742 | | 1,551,242 | | 411,897 | | | | 10/16/03 | | 300 | |
Chattanooga | TN | | | | 332,500 | | 618,742 | | None | | None | | 332,500 | | 618,742 | | 951,242 | | 252,647 | | | | 10/16/03 | | 300 | |
Chattanooga | TN | | | | 300,373 | | 559,077 | | (39,679) | | None | | 260,694 | | 556,077 | | 816,771 | | 228,284 | | | | 10/16/03 | | 300 | |
Chattanooga | TN | | | | 175,000 | | 326,242 | | (24,664) | | None | | 150,336 | | 326,242 | | 476,578 | | 133,209 | | | | 10/16/03 | | 300 | |
Cleveland | TN | | | | 110,009 | | 205,545 | | None | | None | | 110,009 | | 205,545 | | 315,554 | | 83,924 | | | | 10/16/03 | | 300 | |
Cleveland | TN | | | | 227,500 | | 423,742 | | None | | None | | 227,500 | | 423,742 | | 651,242 | | 173,022 | | | | 10/16/03 | | 300 | |
Cleveland | TN | | | | 280,000 | | 521,242 | | None | | None | | 280,000 | | 521,242 | | 801,242 | | 212,834 | | | | 10/16/03 | | 300 | |
Cleveland | TN | | | | 245,000 | | 456,242 | | None | | None | | 245,000 | | 456,242 | | 701,242 | | 186,292 | | | | 10/16/03 | | 300 | |
Cleveland | TN | | | | 157,500 | | 293,742 | | None | | None | | 157,500 | | 293,742 | | 451,242 | | 119,938 | | | | 10/16/03 | | 300 | |
Cleveland | TN | | | | 122,500 | | 228,742 | | None | | None | | 122,500 | | 228,742 | | 351,242 | | 93,397 | | | | 10/16/03 | | 300 | |
Cleveland | TN | | | | 300,373 | | 559,077 | | None | | None | | 300,373 | | 559,077 | | 859,450 | | 228,284 | | | | 10/16/03 | | 300 | |
Dayton | TN | | | | 262,500 | | 488,742 | | None | | None | | 262,500 | | 488,742 | | 751,242 | | 199,563 | | | | 10/16/03 | | 300 | |
Decatur | TN | | | | 181,731 | | 338,742 | | None | | None | | 181,731 | | 338,742 | | 520,473 | | 138,313 | | | | 10/16/03 | | 300 | |
Dunlap | TN | | | | 315,000 | | 586,242 | | None | | None | | 315,000 | | 586,242 | | 901,242 | | 239,376 | | | | 10/16/03 | | 300 | |
Etowah | TN | | | | 192,500 | | 358,742 | | None | | None | | 192,500 | | 358,742 | | 551,242 | | 146,480 | | | | 10/16/03 | | 300 | |
Gallatin | TN | | | | 525,000 | | 976,242 | | None | | None | | 525,000 | | 976,242 | | 1,501,242 | | 398,626 | | | | 10/16/03 | | 300 | |
Gray | TN | | | | 191,151 | | 355,563 | | None | | None | | 191,151 | | 355,563 | | 546,714 | | 87,111 | | | | 11/29/07 | | 300 | |
Harrison | TN | | | | 484,313 | | 900,680 | | None | | None | | 484,313 | | 900,680 | | 1,384,993 | | 367,771 | | | | 10/16/03 | | 300 | |
Hixson | TN | | | | 271,250 | | 504,992 | | None | | None | | 271,250 | | 504,992 | | 776,242 | | 206,199 | | | | 10/16/03 | | 300 | |
Hixson | TN | | | | 513,215 | | 954,355 | | None | | None | | 513,215 | | 954,355 | | 1,467,570 | | 389,689 | | | | 10/16/03 | | 300 | |
Hixson | TN | | | | 94,500 | | 176,742 | | None | | None | | 94,500 | | 176,742 | | 271,242 | | 72,163 | | | | 10/16/03 | | 300 | |
Hixson | TN | | | | 300,373 | | 559,077 | | None | | None | | 300,373 | | 559,077 | | 859,450 | | 228,284 | | | | 10/16/03 | | 300 | |
Kimball | TN | | | | 332,500 | | 618,742 | | None | | None | | 332,500 | | 618,742 | | 951,242 | | 252,647 | | | | 10/16/03 | | 300 | |
Kingsport | TN | | | | 155,603 | | 289,545 | | None | | None | | 155,603 | | 289,545 | | 445,148 | | 70,937 | | | | 11/29/07 | | 300 | |
Kingsport | TN | | | | 310,303 | | 576,845 | | None | | None | | 310,303 | | 576,845 | | 887,148 | | 141,325 | | | | 11/29/07 | | 300 | |
F-27
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
La Vergne | TN | | | | 340,000 | | 650,000 | | None | | None | | 340,000 | | 650,000 | | 990,000 | | 477,750 | | | | 08/25/95 | | 300 | |
La Vergne | TN | | | | 577,500 | | 1,073,742 | | (15,745) | | None | | 561,755 | | 1,073,742 | | 1,635,497 | | 438,438 | | | | 10/16/03 | | 300 | |
Manchester | TN | | | | 266,119 | | 495,463 | | None | | None | | 266,119 | | 495,463 | | 761,582 | | 202,308 | | | | 10/16/03 | | 300 | |
Manchester | TN | | | | 281,675 | | 524,352 | | None | | None | | 281,675 | | 524,352 | | 806,027 | | 214,104 | | | | 10/16/03 | | 300 | |
Manchester | TN | | | | 319,846 | | 595,242 | | None | | None | | 319,846 | | 595,242 | | 915,088 | | 243,051 | | | | 10/16/03 | | 300 | |
Monteagle | TN | | | | 271,173 | | 504,849 | | None | | None | | 271,173 | | 504,849 | | 776,022 | | 206,140 | | | | 10/16/03 | | 300 | |
Mt. Juliet | TN | | | | 397,128 | | 738,764 | | None | | None | | 397,128 | | 738,764 | | 1,135,892 | | 301,656 | | | | 10/16/03 | | 300 | |
Murfreesboro | TN | | | | 549,500 | | 1,021,742 | | None | | None | | 549,500 | | 1,021,742 | | 1,571,242 | | 417,205 | | | | 10/16/03 | | 300 | |
Murfreesboro | TN | | | | 467,810 | | 870,032 | | None | | None | | 467,810 | | 870,032 | | 1,337,842 | | 355,257 | | | | 10/16/03 | | 300 | |
Murfreesboro | TN | | | | 300,373 | | 559,077 | | None | | None | | 300,373 | | 559,077 | | 859,450 | | 228,284 | | | | 10/16/03 | | 300 | |
Nashville | TN | | | | 498,628 | | 927,264 | | None | | None | | 498,628 | | 927,264 | | 1,425,892 | | 378,627 | | | | 10/16/03 | | 300 | |
Ocoee | TN | | | | 119,792 | | 223,713 | | (11,239) | | None | | 108,553 | | 223,713 | | 332,266 | | 91,343 | | | | 10/16/03 | | 300 | |
Ooltewah | TN | | | | 234,231 | | 436,241 | | None | | None | | 234,231 | | 436,241 | | 670,472 | | 178,126 | | | | 10/16/03 | | 300 | |
Ooltewah | TN | | | | 700,000 | | 1,301,242 | | (190,623) | | None | | 635,909 | | 1,174,710 | | 1,810,619 | | 483,665 | | | | 10/16/03 | | 300 | |
Ooltewah | TN | | | | 105,000 | | 196,242 | | None | | None | | 105,000 | | 196,242 | | 301,242 | | 80,126 | | | | 10/16/03 | | 300 | |
Red Bank | TN | | | | 350,000 | | 651,242 | | None | | None | | 350,000 | | 651,242 | | 1,001,242 | | 265,917 | | | | 10/16/03 | | 300 | |
Roan Mountain | TN | | | | 286,303 | | 532,274 | | None | | None | | 286,303 | | 532,274 | | 818,577 | | 130,405 | | | | 11/29/07 | | 300 | |
Shelbyville | TN | | | | 320,229 | | 595,953 | | None | | None | | 320,229 | | 595,953 | | 916,182 | | 243,341 | | | | 10/16/03 | | 300 | |
Smyrna | TN | | | | 426,466 | | 793,251 | | None | | None | | 426,466 | | 793,251 | | 1,219,717 | | 323,904 | | | | 10/16/03 | | 300 | |
Smyrna | TN | | | | 630,000 | | 1,170,036 | | None | | None | | 630,000 | | 1,170,036 | | 1,800,036 | | 341,260 | | | | 09/27/06 | | 300 | |
Soddy Daisy | TN | | | | 297,500 | | 553,732 | | None | | None | | 297,500 | | 553,732 | | 851,232 | | 226,101 | | | | 10/16/03 | | 300 | |
Soddy Daisy | TN | | | | 350,000 | | 651,242 | | None | | None | | 350,000 | | 651,242 | | 1,001,242 | | 265,917 | | | | 10/16/03 | | 300 | |
Soddy Daisy | TN | | | | 245,000 | | 456,242 | | None | | None | | 245,000 | | 456,242 | | 701,242 | | 186,292 | | | | 10/16/03 | | 300 | |
Sweetwater | TN | | | | 122,500 | | 228,742 | | None | | None | | 122,500 | | 228,742 | | 351,242 | | 93,397 | | | | 10/16/03 | | 300 | |
Sweetwater | TN | | | | 339,231 | | 1,131,287 | | None | | None | | 339,231 | | 1,131,287 | | 1,470,518 | | 384,429 | | | | 10/16/03 | | 300 | |
Sweetwater | TN | | | | 133,000 | | 248,242 | | None | | None | | 133,000 | | 248,242 | | 381,242 | | 101,359 | | | | 10/16/03 | | 300 | |
Abingdon | VA | | | | 57,847 | | 107,997 | | None | | None | | 57,847 | | 107,997 | | 165,844 | | 26,458 | | | | 11/29/07 | | 300 | |
Big Stone Gap | VA | | | | 527,303 | | 979,860 | | None | | None | | 527,303 | | 979,860 | | 1,507,163 | | 240,064 | | | | 11/29/07 | | 300 | |
Bristol | VA | | | | 213,369 | | 396,824 | | None | | None | | 213,369 | | 396,824 | | 610,193 | | 97,220 | | | | 11/29/07 | | 300 | |
Bristol | VA | | | | 268,303 | | 498,845 | | None | | None | | 268,303 | | 498,845 | | 767,148 | | 122,215 | | | | 11/29/07 | | 300 | |
Bristol | VA | | | | 171,156 | | 318,428 | | None | | None | | 171,156 | | 318,428 | | 489,584 | | 78,013 | | | | 11/29/07 | | 300 | |
Castlewood | VA | | | | 387,303 | | 720,307 | | None | | None | | 387,303 | | 720,307 | | 1,107,610 | | 176,474 | | | | 11/29/07 | | 300 | |
Cedar Bluff | VA | | | | 492,303 | | 915,307 | | None | | None | | 492,303 | | 915,307 | | 1,407,610 | | 224,249 | | | | 11/29/07 | | 300 | |
Chatham | VA | | | | 347,728 | | 525,031 | | None | | None | | 347,728 | | 525,031 | | 872,759 | | 226,631 | | | | 03/19/03 | | 300 | |
Chesapeake | VA | | | | 225,000 | | 400,366 | | None | | None | | 225,000 | | 400,366 | | 625,366 | | 134,123 | | | | 08/18/05 | | 300 | |
Clintwood | VA | | | | 378,553 | | 703,610 | | None | | None | | 378,553 | | 703,610 | | 1,082,163 | | 172,383 | | | | 11/29/07 | | 300 | |
Coeburn | VA | | | | 168,934 | | 314,764 | | None | | None | | 168,934 | | 314,764 | | 483,698 | | 77,116 | | | | 11/29/07 | | 300 | |
Coeburn | VA | | | | 312,303 | | 581,021 | | None | | None | | 312,303 | | 581,021 | | 893,324 | | 142,349 | | | | 11/29/07 | | 300 | |
Coeburn | VA | | | | 282,303 | | 525,307 | | None | | None | | 282,303 | | 525,307 | | 807,610 | | 128,699 | | | | 11/29/07 | | 300 | |
Collinsville | VA | | | | 84,465 | | 130,137 | | None | | None | | 84,465 | | 130,137 | | 214,602 | | 56,168 | | | | 03/19/03 | | 300 | |
Danville | VA | | | | 149,276 | | 227,333 | | None | | None | | 149,276 | | 227,333 | | 376,609 | | 98,125 | | | | 03/19/03 | | 300 | |
Danville | VA | | | | 83,644 | | 128,884 | | None | | None | | 83,644 | | 128,884 | | 212,528 | | 55,628 | | | | 03/19/03 | | 300 | |
Danville | VA | | | | 266,722 | | 403,501 | | None | | None | | 266,722 | | 403,501 | | 670,223 | | 174,171 | | | | 03/19/03 | | 300 | |
Franklin | VA | | | | 536,667 | | 863,699 | | None | | None | | 536,667 | | 863,699 | | 1,400,366 | | 289,339 | | | | 08/18/05 | | 300 | |
Gate City | VA | | | | 422,303 | | 784,845 | | None | | None | | 422,303 | | 784,845 | | 1,207,148 | | 192,285 | | | | 11/29/07 | | 300 | |
Glen Allen | VA | | | | 700,000 | | 440,965 | | None | | None | | 700,000 | | 440,965 | | 1,140,965 | | 277,064 | | | | 04/17/98 | | 300 | |
Hampton | VA | | | | 433,985 | | 459,108 | | None | | None | | 433,985 | | 459,108 | | 893,093 | | 288,462 | | | | 04/17/98 | | 300 | |
Highland Springs | VA | | | | 396,720 | | 598,547 | | None | | None | | 396,720 | | 598,547 | | 995,267 | | 258,366 | | | | 03/19/03 | | 300 | |
Honaker | VA | | | | 492,303 | | 915,307 | | None | | None | | 492,303 | | 915,307 | | 1,407,610 | | 224,249 | | | | 11/29/07 | | 300 | |
Martinsville | VA | | | | 246,820 | | 373,653 | | None | | None | | 246,820 | | 373,653 | | 620,473 | | 161,286 | | | | 03/19/03 | | 300 | |
Martinsville | VA | | | | 83,521 | | 128,706 | | None | | None | | 83,521 | | 128,706 | | 212,227 | | 55,551 | | | | 03/19/03 | | 300 | |
Midlothian | VA | | | | 325,000 | | 302,872 | | None | | 153 | | 325,000 | | 303,025 | | 628,025 | | 198,422 | | | | 08/21/97 | | 300 | |
Newport News | VA | | | | 490,616 | | 605,304 | | None | | None | | 490,616 | | 605,304 | | 1,095,920 | | 350,990 | | 01/20/00 | | 04/17/98 | | 300 | |
Norton | VA | | | | 157,826 | | 293,688 | | None | | None | | 157,826 | | 293,688 | | 451,514 | | 71,952 | | | | 11/29/07 | | 300 | |
Norton | VA | | | | 457,303 | | 849,860 | | None | | None | | 457,303 | | 849,860 | | 1,307,163 | | 208,214 | | | | 11/29/07 | | 300 | |
Norton | VA | | | | 222,256 | | 413,344 | | None | | None | | 222,256 | | 413,344 | | 635,600 | | 101,268 | | | | 11/29/07 | | 300 | |
Pound | VA | | | | 256,170 | | 476,327 | | None | | None | | 256,170 | | 476,327 | | 732,497 | | 116,698 | | | | 11/29/07 | | 300 | |
F-28
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Pound | VA | | | | 276,303 | | 513,717 | | None | | None | | 276,303 | | 513,717 | | 790,020 | | 125,859 | | | | 11/29/07 | | 300 | |
Richlands | VA | | | | 140,051 | | 261,125 | | None | | None | | 140,051 | | 261,125 | | 401,176 | | 63,974 | | | | 11/29/07 | | 300 | |
Richmond | VA | | | | 700,000 | | 400,740 | | None | | None | | 700,000 | | 400,740 | | 1,100,740 | | 251,791 | | | | 04/17/98 | | 300 | |
Richmond | VA | | | | 400,000 | | 250,875 | | None | | None | | 400,000 | | 250,875 | | 650,875 | | 157,624 | | | | 04/17/98 | | 300 | |
Richmond | VA | | | | 1,000,000 | | 740 | | None | | None | | 1,000,000 | | 740 | | 1,000,740 | | 457 | | | | 04/17/98 | | 300 | |
Richmond | VA | | | | 700,000 | | 100,695 | | None | | None | | 700,000 | | 100,695 | | 800,695 | | 63,263 | | | | 04/17/98 | | 300 | |
Richmond | VA | | | | 1,144,841 | | 3,371,146 | | None | | None | | 1,144,841 | | 3,371,146 | | 4,515,987 | | 1,532,031 | | | | 08/22/02 | | 300 | |
Richmond | VA | | | | 298,227 | | 451,014 | | None | | None | | 298,227 | | 451,014 | | 749,241 | | 194,680 | | | | 03/19/03 | | 300 | |
Richmond | VA | | | | 329,698 | | 498,015 | | None | | None | | 329,698 | | 498,015 | | 827,713 | | 214,969 | | | | 03/19/03 | | 300 | |
Richmond | VA | | | | 213,982 | | 324,659 | | None | | None | | 213,982 | | 324,659 | | 538,641 | | 140,137 | | | | 03/19/03 | | 300 | |
Richmond | VA | | | | 482,735 | | 727,776 | | None | | None | | 482,735 | | 727,776 | | 1,210,511 | | 314,150 | | | | 03/19/03 | | 300 | |
Richmond | VA | | | | 350,453 | | 529,365 | | None | | None | | 350,453 | | 529,365 | | 879,818 | | 228,502 | | | | 03/19/03 | | 300 | |
Richmond | VA | | | | 323,496 | | 488,918 | | None | | None | | 323,496 | | 488,918 | | 812,414 | | 211,042 | | | | 03/19/03 | | 300 | |
Richmond | VA | | | | 278,443 | | 421,584 | | None | | None | | 278,443 | | 421,584 | | 700,027 | | 181,977 | | | | 03/19/03 | | 300 | |
Roanoke | VA | | | | 325,000 | | 575,366 | | None | | None | | 325,000 | | 575,366 | | 900,366 | | 192,748 | | | | 08/18/05 | | 300 | |
Rosedale | VA | | | | 211,147 | | 393,160 | | None | | None | | 211,147 | | 393,160 | | 604,307 | | 96,323 | | | | 11/29/07 | | 300 | |
Sandston | VA | | | | 152,535 | | 232,528 | | None | | None | | 152,535 | | 232,528 | | 385,063 | | 100,367 | | | | 03/19/03 | | 300 | |
South Boston | VA | | | | 160,893 | | 244,778 | | None | | None | | 160,893 | | 244,778 | | 405,671 | | 105,655 | | | | 03/19/03 | | 300 | |
St. Paul | VA | | | | 334,803 | | 622,807 | | None | | None | | 334,803 | | 622,807 | | 957,610 | | 152,586 | | | | 11/29/07 | | 300 | |
St. Paul | VA | | | | 422,303 | | 785,307 | | None | | None | | 422,303 | | 785,307 | | 1,207,610 | | 192,399 | | | | 11/29/07 | | 300 | |
Stafford | VA | | | | 271,865 | | 601,997 | | None | | 167 | | 271,865 | | 602,164 | | 874,029 | | 410,471 | | | | 12/20/96 | | 300 | |
Staunton | VA | | | | 675,000 | | 1,000,366 | | None | | None | | 675,000 | | 1,000,366 | | 1,675,366 | | 335,123 | | | | 08/18/05 | | 300 | |
Suffolk | VA | | | | 700,000 | | 1,000,366 | | None | | None | | 700,000 | | 1,000,366 | | 1,700,366 | | 335,123 | | | | 08/18/05 | | 300 | |
Tazewell | VA | | | | 153,382 | | 285,882 | | None | | None | | 153,382 | | 285,882 | | 439,264 | | 70,039 | | | | 11/29/07 | | 300 | |
Troutville | VA | | | | 575,000 | | 975,366 | | None | | None | | 575,000 | | 975,366 | | 1,550,366 | | 326,748 | | | | 08/18/05 | | 300 | |
Virginia Beach | VA | | | | 1,194,560 | | 2,218,773 | | None | | None | | 1,194,560 | | 2,218,773 | | 3,413,333 | | 1,024,318 | | | | 06/27/02 | | 300 | |
Warrenton | VA | | | | 515,971 | | 649,125 | | None | | 161 | | 515,971 | | 649,286 | | 1,165,257 | | 442,591 | | | | 12/20/96 | | 300 | |
Weber City | VA | | | | 369,803 | | 687,345 | | None | | None | | 369,803 | | 687,345 | | 1,057,148 | | 168,398 | | | | 11/29/07 | | 300 | |
Williamsburg | VA | | | | 838,172 | | 1,556,910 | | None | | None | | 838,172 | | 1,556,910 | | 2,395,082 | | 718,698 | | | | 06/27/02 | | 300 | |
Wise | VA | | | | 334,803 | | 622,360 | | None | | None | | 334,803 | | 622,360 | | 957,163 | | 152,477 | | | | 11/29/07 | | 300 | |
Wise | VA | | | | 66,733 | | 124,517 | | None | | None | | 66,733 | | 124,517 | | 191,250 | | 30,505 | | | | 11/29/07 | | 300 | |
Wise | VA | | | | 527,303 | | 979,860 | | None | | None | | 527,303 | | 979,860 | | 1,507,163 | | 240,064 | | | | 11/29/07 | | 300 | |
Wytheville | VA | | | | 1,222,535 | | 1,577,830 | | None | | None | | 1,222,535 | | 1,577,830 | | 2,800,365 | | 528,573 | | | | 08/18/05 | | 300 | |
Yorktown | VA | | | | 309,435 | | 447,144 | | None | | None | | 309,435 | | 447,144 | | 756,579 | | 280,940 | | | | 04/17/98 | | 300 | |
Yorktown | VA | | 3,324,510 | | 2,121,289 | | 4,701,469 | | 1,623 | | None | | 2,121,289 | | 4,703,092 | | 6,824,381 | | 180,372 | | | | 01/22/13 | | 300 | |
East Troy | WI | | | | 578,813 | | 1,074,938 | | None | | None | | 578,813 | | 1,074,938 | | 1,653,751 | | 174,258 | | | | 12/28/09 | | 300 | |
Ellsworth | WI | | | | 175,000 | | 325,000 | | None | | None | | 175,000 | | 325,000 | | 500,000 | | 39,822 | | | | 12/01/10 | | 300 | |
Menomonie | WI | | | | 770,442 | | 1,430,821 | | None | | None | | 770,442 | | 1,430,821 | | 2,201,263 | | 174,457 | | | | 12/01/10 | | 300 | |
Menomonie | WI | | | | 175,000 | | 325,000 | | None | | None | | 175,000 | | 325,000 | | 500,000 | | 39,915 | | | | 12/01/10 | | 300 | |
Menomonie | WI | | | | 441,256 | | 819,475 | | None | | None | | 441,256 | | 819,475 | | 1,260,731 | | 99,983 | | | | 12/01/10 | | 300 | |
Mondovi | WI | | | | 175,000 | | 325,000 | | None | | None | | 175,000 | | 325,000 | | 500,000 | | 39,822 | | | | 12/01/10 | | 300 | |
Osseo | WI | | | | 613,373 | | 1,139,122 | | None | | None | | 613,373 | | 1,139,122 | | 1,752,495 | | 139,060 | | | | 12/01/10 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Crafts and novelties | | | | | | | | | | | | | | | | | | | | | | | |
Morgan Hill | CA | | | | 319,063 | | 2,518,205 | | None | | None | | 319,063 | | 2,518,205 | | 2,837,268 | | 130,107 | | | | 09/18/12 | | 300 | |
Rancho Cucamonga | CA | | | | 2,790,740 | | 4,713,106 | | None | | None | | 2,790,740 | | 4,713,106 | | 7,503,846 | | 243,510 | | | | 09/18/12 | | 300 | |
Roseville | CA | | | | 1,415,674 | | 4,367,269 | | None | | None | | 1,415,674 | | 4,367,269 | | 5,782,943 | | 225,642 | | | | 09/18/12 | | 300 | |
Temecula | CA | | | | 2,027,441 | | 4,644,558 | | None | | None | | 2,027,441 | | 4,644,558 | | 6,671,999 | | 239,969 | | | | 09/18/12 | | 300 | |
Clermont | FL | | | | 980,500 | | 4,580,549 | | None | | None | | 980,500 | | 4,580,549 | | 5,561,049 | | 133,352 | | 05/10/13 | | 06/26/12 | | 300 | |
Cutler Bay | FL | | | | 743,498 | | 657,485 | | 392,136 | | 154 | | 743,498 | | 1,049,775 | | 1,793,273 | | 526,563 | | | | 12/31/98 | | 300 | |
Albany | GA | | | | 653,464 | | 11,425,058 | | None | | None | | 653,464 | | 11,425,058 | | 12,078,522 | | 312,829 | | | | 01/22/13 | | 420 | |
Rockford | IL | | | | 159,587 | | 618,398 | | None | | 211 | | 159,587 | | 618,609 | | 778,196 | | 423,666 | | | | 11/26/96 | | 300 | |
Stony Brook | NY | | | | 980,000 | | 1,801,586 | | 5,641 | | 232 | | 980,000 | | 1,807,459 | | 2,787,459 | | 1,081,108 | | | | 01/11/99 | | 300 | |
Pleasant Hills | PA | | | | 631,084 | | 1,172,563 | | None | | None | | 631,084 | | 1,172,563 | | 1,803,647 | | 521,788 | | | | 11/01/02 | | 300 | |
Columbia | SC | | | | 1,102,910 | | 1,369,049 | | None | | None | | 1,102,910 | | 1,369,049 | | 2,471,959 | | 26 | | In-progress | | 06/21/13 | | 300 | |
F-29
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Diversified industrial | | | | | | | | | | | | | | | | | | | | | | | |
Cedar Rapids | IA | | | | 1,000,000 | | 12,981,440 | | None | | None | | 1,000,000 | | 12,981,440 | | 13,981,440 | | 77,270 | | | | 10/10/13 | | 420 | |
Portland | TN | | 10,089,942 | | 1,481,370 | | 10,969,189 | | None | | None | | 1,481,370 | | 10,969,189 | | 12,450,559 | | 566,741 | | | | 09/19/12 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Dollar stores | | | | | | | | | | | | | | | | | | | | | | | |
Andalusia | AL | | | | 334,025 | | 1,085,582 | | None | | None | | 334,025 | | 1,085,582 | | 1,419,607 | | 41,614 | | | | 01/22/13 | | 300 | |
Bessemer | AL | | | | 391,797 | | 1,273,339 | | None | | None | | 391,797 | | 1,273,339 | | 1,665,136 | | 48,811 | | | | 01/22/13 | | 300 | |
Bessemer | AL | | | | 279,833 | | 1,100,867 | | None | | None | | 279,833 | | 1,100,867 | | 1,380,700 | | 16,513 | | | | 08/22/13 | | 300 | |
Birmingham | AL | | | | 707,673 | | 1,314,251 | | None | | None | | 707,673 | | 1,314,251 | | 2,021,924 | | 81,045 | | | | 06/01/12 | | 300 | |
Birmingham | AL | | | | 322,861 | | 599,600 | | None | | None | | 322,861 | | 599,600 | | 922,461 | | 24,983 | | | | 12/14/12 | | 300 | |
Birmingham | AL | | | | 248,925 | | 979,275 | | None | | None | | 248,925 | | 979,275 | | 1,228,200 | | 14,689 | | | | 08/22/13 | | 300 | |
Birmingham | AL | | | | 235,245 | | 925,455 | | None | | None | | 235,245 | | 925,455 | | 1,160,700 | | 13,882 | | | | 08/22/13 | | 300 | |
Birmingham | AL | | | | 265,160 | | 1,043,140 | | None | | None | | 265,160 | | 1,043,140 | | 1,308,300 | | 15,647 | | | | 08/22/13 | | 300 | |
Birmingham | AL | | | | 312,444 | | 1,229,156 | | None | | None | | 312,444 | | 1,229,156 | | 1,541,600 | | 18,437 | | | | 08/22/13 | | 300 | |
Birmingham | AL | | | | 266,882 | | 1,049,918 | | None | | None | | 266,882 | | 1,049,918 | | 1,316,800 | | 15,749 | | | | 08/22/13 | | 300 | |
Center Point | AL | | | | 232,043 | | 912,857 | | None | | None | | 232,043 | | 912,857 | | 1,144,900 | | 13,693 | | | | 08/22/13 | | 300 | |
Crossville | AL | | | | 268,814 | | 873,647 | | None | | None | | 268,814 | | 873,647 | | 1,142,461 | | 33,490 | | | | 01/22/13 | | 300 | |
Decatur | AL | | | | 301,085 | | 559,159 | | None | | None | | 301,085 | | 559,159 | | 860,244 | | 34,481 | | | | 06/01/12 | | 300 | |
Florence | AL | | | | 419,440 | | 778,959 | | None | | None | | 419,440 | | 778,959 | | 1,198,399 | | 32,457 | | | | 12/14/12 | | 300 | |
Forestdale | AL | | | | 287,839 | | 1,132,361 | | None | | None | | 287,839 | | 1,132,361 | | 1,420,200 | | 16,985 | | | | 08/22/13 | | 300 | |
Huntsville | AL | | | | 501,318 | | 931,020 | | None | | None | | 501,318 | | 931,020 | | 1,432,338 | | 57,413 | | | | 06/01/12 | | 300 | |
Jasper | AL | | | | 276,246 | | 897,800 | | None | | None | | 276,246 | | 897,800 | | 1,174,046 | | 34,416 | | | | 01/22/13 | | 300 | |
Jasper | AL | | | | 282,574 | | 918,366 | | None | | None | | 282,574 | | 918,366 | | 1,200,940 | | 35,204 | | | | 01/22/13 | | 300 | |
Jasper | AL | | | | 280,753 | | 912,446 | | None | | None | | 280,753 | | 912,446 | | 1,193,199 | | 34,977 | | | | 01/22/13 | | 300 | |
Livingston | AL | | | | 239,319 | | 941,481 | | None | | None | | 239,319 | | 941,481 | | 1,180,800 | | 14,122 | | | | 08/22/13 | | 300 | |
Mobile | AL | | | | 212,971 | | 837,829 | | None | | None | | 212,971 | | 837,829 | | 1,050,800 | | 12,567 | | | | 08/22/13 | | 300 | |
Montgomery | AL | | | | 532,170 | | 988,317 | | None | | None | | 532,170 | | 988,317 | | 1,520,487 | | 41,180 | | | | 12/14/12 | | 300 | |
Montgomery | AL | | | | 366,980 | | 681,533 | | None | | None | | 366,980 | | 681,533 | | 1,048,513 | | 28,397 | | | | 12/14/12 | | 300 | |
Moundville | AL | | | | 230,583 | | 907,117 | | None | | None | | 230,583 | | 907,117 | | 1,137,700 | | 13,607 | | | | 08/22/13 | | 300 | |
Opelika | AL | | | | 331,598 | | 1,077,694 | | None | | None | | 331,598 | | 1,077,694 | | 1,409,292 | | 41,312 | | | | 01/22/13 | | 300 | |
Prichard | AL | | | | 429,411 | | 797,478 | | None | | None | | 429,411 | | 797,478 | | 1,226,889 | | 33,228 | | | | 12/14/12 | | 300 | |
Shelby | AL | | | | 277,350 | | 901,388 | | None | | None | | 277,350 | | 901,388 | | 1,178,738 | | 34,553 | | | | 01/22/13 | | 300 | |
Slocomb | AL | | | | 268,240 | | 1,055,260 | | None | | None | | 268,240 | | 1,055,260 | | 1,323,500 | | 15,829 | | | | 08/22/13 | | 300 | |
Smiths Station | AL | | | | 359,391 | | 1,168,019 | | None | | None | | 359,391 | | 1,168,019 | | 1,527,410 | | 44,774 | | | | 01/22/13 | | 300 | |
Thorsby | AL | | | | 298,516 | | 970,178 | | None | | None | | 298,516 | | 970,178 | | 1,268,694 | | 37,190 | | | | 01/22/13 | | 300 | |
Troy | AL | | | | 257,985 | | 1,014,915 | | None | | None | | 257,985 | | 1,014,915 | | 1,272,900 | | 15,224 | | | | 08/22/13 | | 300 | |
Weaver | AL | | | | 171,006 | | 672,737 | | None | | None | | 171,006 | | 672,737 | | 843,743 | | 1,121 | | | | 12/20/13 | | 300 | |
Wedowee | AL | | | | 251,256 | | 988,444 | | None | | None | | 251,256 | | 988,444 | | 1,239,700 | | 14,827 | | | | 08/22/13 | | 300 | |
York | AL | | | | 218,727 | | 860,473 | | None | | None | | 218,727 | | 860,473 | | 1,079,200 | | 12,907 | | | | 08/22/13 | | 300 | |
Atkins | AR | | | | 264,657 | | 491,507 | | None | | None | | 264,657 | | 491,507 | | 756,164 | | 20,479 | | | | 12/14/12 | | 300 | |
Dermott | AR | | | | 137,299 | | 540,136 | | None | | None | | 137,299 | | 540,136 | | 677,435 | | 6,302 | | | | 09/18/13 | | 300 | |
Gurdon | AR | | | | 169,157 | | 665,466 | | None | | None | | 169,157 | | 665,466 | | 834,623 | | 3,327 | | | | 11/20/13 | | 300 | |
Hope | AR | | | | 421,413 | | 782,623 | | None | | None | | 421,413 | | 782,623 | | 1,204,036 | | 48,262 | | | | 06/01/12 | | 300 | |
Little Rock | AR | | | | 248,520 | | 977,680 | | None | | None | | 248,520 | | 977,680 | | 1,226,200 | | 14,665 | | | | 08/22/13 | | 300 | |
Little Rock | AR | | | | 157,195 | | 618,405 | | None | | None | | 157,195 | | 618,405 | | 775,600 | | 9,276 | | | | 08/22/13 | | 300 | |
Malvern | AR | | | | 139,776 | | 570,280 | | None | | None | | 139,776 | | 570,280 | | 710,056 | | 21,861 | | | | 01/24/13 | | 300 | |
Marianna | AR | | | | 230,373 | | 427,836 | | None | | None | | 230,373 | | 427,836 | | 658,209 | | 17,826 | | | | 12/14/12 | | 300 | |
Pine Bluff | AR | | | | 562,282 | | 1,044,237 | | None | | None | | 562,282 | | 1,044,237 | | 1,606,519 | | 64,395 | | | | 06/01/12 | | 300 | |
Pine Bluff | AR | | | | 579,851 | | 1,076,865 | | None | | None | | 579,851 | | 1,076,865 | | 1,656,716 | | 44,869 | | | | 12/14/12 | | 300 | |
Sherwood | AR | | | | 225,665 | | 887,766 | | None | | None | | 225,665 | | 887,766 | | 1,113,431 | | 16,276 | | | | 07/09/13 | | 300 | |
West Helena | AR | | | | 331,612 | | 615,851 | | None | | None | | 331,612 | | 615,851 | | 947,463 | | 25,660 | | | | 12/14/12 | | 300 | |
Camp Verde | AZ | | | | 244,826 | | 454,678 | | None | | None | | 244,826 | | 454,678 | | 699,504 | | 28,038 | | | | 06/01/12 | | 300 | |
Lake Havasu | AZ | | | | 439,388 | | 816,005 | | None | | None | | 439,388 | | 816,005 | | 1,255,393 | | 50,320 | | | | 06/01/12 | | 300 | |
Phoenix | AZ | | | | 712,708 | | 1,323,600 | | None | | None | | 712,708 | | 1,323,600 | | 2,036,308 | | 81,622 | | | | 06/01/12 | | 300 | |
Phoenix | AZ | | | | 642,917 | | 1,193,990 | | None | | None | | 642,917 | | 1,193,990 | | 1,836,907 | | 73,629 | | | | 06/01/12 | | 300 | |
Phoenix | AZ | | | | 721,637 | | 1,340,182 | | None | | None | | 721,637 | | 1,340,182 | | 2,061,819 | | 82,645 | | | | 06/01/12 | | 300 | |
F-30
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Phoenix | AZ | | | | 580,167 | | 1,077,452 | | None | | None | | 580,167 | | 1,077,452 | | 1,657,619 | | 66,443 | | | | 06/01/12 | | 300 | |
Salome | AZ | | | | 251,540 | | 989,560 | | None | | None | | 251,540 | | 989,560 | | 1,241,100 | | 14,843 | | | | 08/22/13 | | 300 | |
Tolleson | AZ | | | | 581,123 | | 1,079,228 | | None | | None | | 581,123 | | 1,079,228 | | 1,660,351 | | 66,552 | | | | 06/01/12 | | 300 | |
Tucson | AZ | | | | 461,061 | | 856,257 | | None | | None | | 461,061 | | 856,257 | | 1,317,318 | | 52,803 | | | | 06/01/12 | | 300 | |
Tucson | AZ | | | | 259,447 | | 1,020,665 | | None | | None | | 259,447 | | 1,020,665 | | 1,280,112 | | 22,114 | | | | 06/21/13 | | 300 | |
Williams | AZ | | | | 271,816 | | 1,069,324 | | None | | None | | 271,816 | | 1,069,324 | | 1,341,140 | | 8,911 | | | | 10/15/13 | | 300 | |
Yuma | AZ | | | | 225,609 | | 418,988 | | None | | None | | 225,609 | | 418,988 | | 644,597 | | 25,838 | | | | 06/01/12 | | 300 | |
Yuma | AZ | | | | 276,672 | | 1,088,428 | | None | | None | | 276,672 | | 1,088,428 | | 1,365,100 | | 16,326 | | | | 08/22/13 | | 300 | |
Akron | CO | | | | 318,751 | | 1,035,939 | | None | | None | | 318,751 | | 1,035,939 | | 1,354,690 | | 39,711 | | | | 01/22/13 | | 300 | |
Federal Heights | CO | | | | 561,752 | | 1,043,254 | | None | | None | | 561,752 | | 1,043,254 | | 1,605,006 | | 64,334 | | | | 06/01/12 | | 300 | |
Federal Heights | CO | | | | 501,314 | | 931,013 | | None | | None | | 501,314 | | 931,013 | | 1,432,327 | | 57,412 | | | | 06/01/12 | | 300 | |
Holyoke | CO | | | | 361,977 | | 1,176,425 | | None | | None | | 361,977 | | 1,176,425 | | 1,538,402 | | 45,096 | | | | 01/22/13 | | 300 | |
Keenesburg | CO | | | | 339,959 | | 1,104,866 | | None | | None | | 339,959 | | 1,104,866 | | 1,444,825 | | 42,353 | | | | 01/22/13 | | 300 | |
Silver Cliff | CO | | | | 245,520 | | 797,939 | | 1,950 | | None | | 245,520 | | 799,889 | | 1,045,409 | | 30,770 | | | | 01/22/13 | | 300 | |
Baldwin | FL | | | | 252,938 | | 995,062 | | None | | None | | 252,938 | | 995,062 | | 1,248,000 | | 14,926 | | | | 08/22/13 | | 300 | |
Bartow | FL | | | | 476,372 | | 884,692 | | None | | None | | 476,372 | | 884,692 | | 1,361,064 | | 36,862 | | | | 12/14/12 | | 300 | |
Brandon | FL | | | | 605,652 | | 1,124,782 | | None | | None | | 605,652 | | 1,124,782 | | 1,730,434 | | 46,866 | | | | 12/14/12 | | 300 | |
Cape Coral | FL | | | | 310,235 | | 1,220,465 | | None | | None | | 310,235 | | 1,220,465 | | 1,530,700 | | 18,307 | | | | 08/22/13 | | 300 | |
Cape Coral | FL | | | | 299,371 | | 1,177,729 | | None | | None | | 299,371 | | 1,177,729 | | 1,477,100 | | 17,666 | | | | 08/22/13 | | 300 | |
Casselberry | FL | | | | 314,673 | | 1,237,927 | | None | | None | | 314,673 | | 1,237,927 | | 1,552,600 | | 18,569 | | | | 08/22/13 | | 300 | |
Century | FL | | | | 215,484 | | 847,716 | | None | | None | | 215,484 | | 847,716 | | 1,063,200 | | 12,716 | | | | 08/22/13 | | 300 | |
Cottondale | FL | | | | 458,337 | | 851,196 | | None | | None | | 458,337 | | 851,196 | | 1,309,533 | | 35,467 | | | | 12/14/12 | | 300 | |
Crystal River | FL | | | | 432,782 | | 803,739 | | None | | None | | 432,782 | | 803,739 | | 1,236,521 | | 33,489 | | | | 12/14/12 | | 300 | |
Daytona Beach | FL | | | | 315,423 | | 1,240,877 | | None | | None | | 315,423 | | 1,240,877 | | 1,556,300 | | 18,613 | | | | 08/22/13 | | 300 | |
Debary | FL | | | | 257,762 | | 1,014,038 | | None | | None | | 257,762 | | 1,014,038 | | 1,271,800 | | 15,211 | | | | 08/22/13 | | 300 | |
DeFuniak Springs | FL | | | | 282,063 | | 1,109,637 | | None | | None | | 282,063 | | 1,109,637 | | 1,391,700 | | 16,645 | | | | 08/22/13 | | 300 | |
Dundee | FL | | | | 250,810 | | 986,690 | | None | | None | | 250,810 | | 986,690 | | 1,237,500 | | 14,800 | | | | 08/22/13 | | 300 | |
Dunedin | FL | | | | 353,830 | | 1,391,970 | | None | | None | | 353,830 | | 1,391,970 | | 1,745,800 | | 20,880 | | | | 08/22/13 | | 300 | |
Fern Park | FL | | | | 663,492 | | 1,232,199 | | None | | None | | 663,492 | | 1,232,199 | | 1,895,691 | | 51,342 | | | | 12/14/12 | | 300 | |
Floral City | FL | | | | 259,079 | | 1,019,221 | | None | | None | | 259,079 | | 1,019,221 | | 1,278,300 | | 15,288 | | | | 08/22/13 | | 300 | |
Fort Myers | FL | | | | 352,006 | | 1,384,794 | | None | | None | | 352,006 | | 1,384,794 | | 1,736,800 | | 20,772 | | | | 08/22/13 | | 300 | |
Fort Myers | FL | | | | 313,964 | | 1,235,136 | | None | | None | | 313,964 | | 1,235,136 | | 1,549,100 | | 18,527 | | | | 08/22/13 | | 300 | |
Fort Myers | FL | | | | 282,549 | | 1,111,551 | | None | | None | | 282,549 | | 1,111,551 | | 1,394,100 | | 16,673 | | | | 08/22/13 | | 300 | |
Ft. Walton Beach | FL | | | | 294,345 | | 1,157,955 | | None | | None | | 294,345 | | 1,157,955 | | 1,452,300 | | 17,369 | | | | 08/22/13 | | 300 | |
Ft. White | FL | | | | 204,195 | | 803,305 | | None | | None | | 204,195 | | 803,305 | | 1,007,500 | | 12,050 | | | | 08/22/13 | | 300 | |
Gainesville | FL | | | | 491,957 | | 913,635 | | None | | None | | 491,957 | | 913,635 | | 1,405,592 | | 38,068 | | | | 12/14/12 | | 300 | |
Groveland | FL | | | | 101,782 | | 189,258 | | None | | 189 | | 101,782 | | 189,447 | | 291,229 | | 112,163 | | | | 03/31/99 | | 300 | |
Hilliard | FL | | 748,200 | | 461,328 | | 1,499,315 | | None | | None | | 461,328 | | 1,499,315 | | 1,960,643 | | 57,474 | | | | 01/22/13 | | 300 | |
Holiday | FL | | | | 287,353 | | 1,130,447 | | None | | None | | 287,353 | | 1,130,447 | | 1,417,800 | | 16,957 | | | | 08/22/13 | | 300 | |
Holiday | FL | | | | 296,473 | | 1,166,327 | | None | | None | | 296,473 | | 1,166,327 | | 1,462,800 | | 17,495 | | | | 08/22/13 | | 300 | |
Hudson | FL | | | | 485,785 | | 902,173 | | None | | None | | 485,785 | | 902,173 | | 1,387,958 | | 37,591 | | | | 12/14/12 | | 300 | |
Immokalee | FL | | | | 659,438 | | 1,224,671 | | None | | None | | 659,438 | | 1,224,671 | | 1,884,109 | | 75,521 | | | | 06/01/12 | | 300 | |
Inglis | FL | | | | 221,544 | | 871,556 | | None | | None | | 221,544 | | 871,556 | | 1,093,100 | | 13,073 | | | | 08/22/13 | | 300 | |
Jacksonville | FL | | | | 479,745 | | 890,954 | | None | | None | | 479,745 | | 890,954 | | 1,370,699 | | 54,942 | | | | 06/01/12 | | 300 | |
Jacksonville | FL | | | | 635,245 | | 1,179,740 | | None | | None | | 635,245 | | 1,179,740 | | 1,814,985 | | 49,156 | | | | 12/14/12 | | 300 | |
Jacksonville | FL | | | | 577,368 | | 1,072,255 | | None | | None | | 577,368 | | 1,072,255 | | 1,649,623 | | 44,677 | | | | 12/14/12 | | 300 | |
Jacksonville | FL | | | | 774,832 | | 1,438,974 | | None | | None | | 774,832 | | 1,438,974 | | 2,213,806 | | 59,957 | | | | 12/14/12 | | 300 | |
Jacksonville | FL | | | | 580,539 | | 1,078,144 | | None | | None | | 580,539 | | 1,078,144 | | 1,658,683 | | 44,923 | | | | 12/14/12 | | 300 | |
Jacksonville | FL | | 810,120 | | 484,992 | | 1,576,223 | | None | | None | | 484,992 | | 1,576,223 | | 2,061,215 | | 60,422 | | | | 01/22/13 | | 300 | |
Jacksonville | FL | | | | 284,535 | | 1,119,365 | | None | | None | | 284,535 | | 1,119,365 | | 1,403,900 | | 16,790 | | | | 08/22/13 | | 300 | |
Jacksonville | FL | | | | 316,457 | | 1,244,943 | | None | | None | | 316,457 | | 1,244,943 | | 1,561,400 | | 18,674 | | | | 08/22/13 | | 300 | |
Jasper | FL | | | | 397,823 | | 738,814 | | None | | None | | 397,823 | | 738,814 | | 1,136,637 | | 30,784 | | | | 12/14/12 | | 300 | |
Kissimmee | FL | | | | 375,699 | | 1,478,001 | | None | | None | | 375,699 | | 1,478,001 | | 1,853,700 | | 22,170 | | | | 08/22/13 | | 300 | |
Kissimmee | FL | | | | 283,238 | | 1,114,262 | | None | | None | | 283,238 | | 1,114,262 | | 1,397,500 | | 16,714 | | | | 08/22/13 | | 300 | |
Lakeland | FL | | | | 342,755 | | 636,546 | | None | | None | | 342,755 | | 636,546 | | 979,301 | | 39,254 | | | | 06/01/12 | | 300 | |
Lakeland | FL | | | | 455,575 | | 846,067 | | None | | None | | 455,575 | | 846,067 | | 1,301,642 | | 35,253 | | | | 12/14/12 | | 300 | |
Lakeland | FL | | | | 249,452 | | 981,348 | | None | | None | | 249,452 | | 981,348 | | 1,230,800 | | 14,720 | | | | 08/22/13 | | 300 | |
F-31
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Largo | FL | | | | 567,646 | | 1,054,201 | | None | | None | | 567,646 | | 1,054,201 | | 1,621,847 | | 43,925 | | | | 12/14/12 | | 300 | |
Laurel Hill | FL | | | | 330,715 | | 1,074,825 | | None | | None | | 330,715 | | 1,074,825 | | 1,405,540 | | 41,202 | | | | 01/22/13 | | 300 | |
Leesburg | FL | | | | 277,016 | | 1,089,784 | | None | | None | | 277,016 | | 1,089,784 | | 1,366,800 | | 16,347 | | | | 08/22/13 | | 300 | |
Lehigh Acres | FL | | | | 560,116 | | 1,040,215 | | None | | None | | 560,116 | | 1,040,215 | | 1,600,331 | | 43,342 | | | | 12/14/12 | | 300 | |
Lehigh Acres | FL | | | | 391,588 | | 1,540,512 | | None | | None | | 391,588 | | 1,540,512 | | 1,932,100 | | 23,108 | | | | 08/22/13 | | 300 | |
Masaryktown | FL | | | | 290,081 | | 1,141,181 | | None | | None | | 290,081 | | 1,141,181 | | 1,431,262 | | 24,726 | | | | 06/10/13 | | 300 | |
Mascotte | FL | | | | 279,063 | | 1,097,837 | | None | | None | | 279,063 | | 1,097,837 | | 1,376,900 | | 16,468 | | | | 08/22/13 | | 300 | |
Miami | FL | | | | 648,087 | | 1,203,591 | | None | | None | | 648,087 | | 1,203,591 | | 1,851,678 | | 50,150 | | | | 12/14/12 | | 300 | |
Micco | FL | | | | 276,043 | | 1,085,957 | | None | | None | | 276,043 | | 1,085,957 | | 1,362,000 | | 16,289 | | | | 08/22/13 | | 300 | |
Ocala | FL | | | | 482,475 | | 896,026 | | None | | None | | 482,475 | | 896,026 | | 1,378,501 | | 37,334 | | | | 12/14/12 | | 300 | |
Ocala | FL | | | | 258,877 | | 1,018,423 | | None | | None | | 258,877 | | 1,018,423 | | 1,277,300 | | 15,276 | | | | 08/22/13 | | 300 | |
Opa Locka | FL | | | | 665,870 | | 1,236,615 | | None | | None | | 665,870 | | 1,236,615 | | 1,902,485 | | 76,258 | | | | 06/01/12 | | 300 | |
Orlando | FL | | | | 351,337 | | 1,382,163 | | None | | None | | 351,337 | | 1,382,163 | | 1,733,500 | | 20,732 | | | | 08/22/13 | | 300 | |
Orlando | FL | | | | 401,945 | | - | | None | | None | | 401,945 | | - | | 401,945 | | - | | | | 08/22/13 | | N/A | |
Palatka | FL | | | | 311,775 | | 1,226,525 | | None | | None | | 311,775 | | 1,226,525 | | 1,538,300 | | 18,398 | | | | 08/22/13 | | 300 | |
Palm Bay | FL | | | | 290,940 | | 1,144,560 | | None | | None | | 290,940 | | 1,144,560 | | 1,435,500 | | 17,168 | | | | 08/22/13 | | 300 | |
Panama City | FL | | | | 468,060 | | 869,253 | | None | | None | | 468,060 | | 869,253 | | 1,337,313 | | 36,219 | | | | 12/14/12 | | 300 | |
Perry | FL | | | | 244,021 | | 959,979 | | None | | None | | 244,021 | | 959,979 | | 1,204,000 | | 14,400 | | | | 08/22/13 | | 300 | |
Pinellas Park | FL | | | | 324,807 | | 1,277,793 | | None | | None | | 324,807 | | 1,277,793 | | 1,602,600 | | 19,167 | | | | 08/22/13 | | 300 | |
Riverview | FL | | | | 318,240 | | 1,251,960 | | None | | None | | 318,240 | | 1,251,960 | | 1,570,200 | | 18,779 | | | | 08/22/13 | | 300 | |
Riviera Beach | FL | | | | 395,095 | | 1,554,305 | | None | | None | | 395,095 | | 1,554,305 | | 1,949,400 | | 23,315 | | | | 08/22/13 | | 300 | |
Rockledge | FL | | | | 246,149 | | 968,351 | | None | | None | | 246,149 | | 968,351 | | 1,214,500 | | 14,525 | | | | 08/22/13 | | 300 | |
S Daytona Beach | FL | | | | 652,903 | | 1,212,534 | | None | | None | | 652,903 | | 1,212,534 | | 1,865,437 | | 50,522 | | | | 12/14/12 | | 300 | |
Saint Cloud | FL | | | | 403,749 | | 1,588,351 | | None | | None | | 403,749 | | 1,588,351 | | 1,992,100 | | 23,825 | | | | 08/22/13 | | 300 | |
San Antonio | FL | | | | 258,167 | | 1,015,633 | | None | | None | | 258,167 | | 1,015,633 | | 1,273,800 | | 15,234 | | | | 08/22/13 | | 300 | |
San Mateo | FL | | | | 455,279 | | 1,479,656 | | None | | None | | 455,279 | | 1,479,656 | | 1,934,935 | | 56,720 | | | | 01/22/13 | | 300 | |
Seminole | FL | | | | 541,317 | | 1,005,304 | | None | | None | | 541,317 | | 1,005,304 | | 1,546,621 | | 41,888 | | | | 12/14/12 | | 300 | |
Sneads | FL | | | | 222,497 | | 875,303 | | None | | None | | 222,497 | | 875,303 | | 1,097,800 | | 13,130 | | | | 08/22/13 | | 300 | |
Sorrento | FL | | | | 253,303 | | 996,497 | | None | | None | | 253,303 | | 996,497 | | 1,249,800 | | 14,947 | | | | 08/22/13 | | 300 | |
Spring Hill | FL | | | | 315,224 | | 1,286,099 | | None | | None | | 315,224 | | 1,286,099 | | 1,601,323 | | 32,152 | | | | 05/23/13 | | 300 | |
Spring Hill | FL | | | | 314,531 | | 1,237,369 | | None | | None | | 314,531 | | 1,237,369 | | 1,551,900 | | 18,561 | | | | 08/22/13 | | 300 | |
Tampa | FL | | | | 559,416 | | 1,038,915 | | None | | None | | 559,416 | | 1,038,915 | | 1,598,331 | | 64,066 | | | | 06/01/12 | | 300 | |
Tampa | FL | | | | 552,447 | | 1,025,973 | | None | | None | | 552,447 | | 1,025,973 | | 1,578,420 | | 63,268 | | | | 06/01/12 | | 300 | |
Tampa | FL | | | | 549,314 | | 1,020,154 | | None | | None | | 549,314 | | 1,020,154 | | 1,569,468 | | 42,506 | | | | 12/14/12 | | 300 | |
Tampa | FL | | | | 611,153 | | 1,134,998 | | None | | None | | 611,153 | | 1,134,998 | | 1,746,151 | | 47,292 | | | | 12/14/12 | | 300 | |
Tampa | FL | | | | 634,199 | | 1,177,799 | | None | | None | | 634,199 | | 1,177,799 | | 1,811,998 | | 49,075 | | | | 12/14/12 | | 300 | |
Tampa | FL | | | | 378,121 | | 1,228,892 | | None | | None | | 378,121 | | 1,228,892 | | 1,607,013 | | 47,108 | | | | 01/22/13 | | 300 | |
Temple Terrace | FL | | | | 666,400 | | 1,237,599 | | None | | None | | 666,400 | | 1,237,599 | | 1,903,999 | | 76,319 | | | | 06/01/12 | | 300 | |
Webster | FL | | | | 244,703 | | 962,663 | | 4,066 | | None | | 244,703 | | 966,729 | | 1,211,432 | | 14,457 | | | | 08/02/13 | | 300 | |
Winter Haven | FL | | | | 441,079 | | 819,148 | | None | | None | | 441,079 | | 819,148 | | 1,260,227 | | 50,514 | | | | 06/01/12 | | 300 | |
Winter Haven | FL | | | | 437,109 | | 811,775 | | None | | None | | 437,109 | | 811,775 | | 1,248,884 | | 33,824 | | | | 12/14/12 | | 300 | |
Winter Springs | FL | | | | 336,947 | | 1,325,553 | | None | | None | | 336,947 | | 1,325,553 | | 1,662,500 | | 19,883 | | | | 08/22/13 | | 300 | |
Yulee | FL | | | | 331,698 | | 1,304,902 | | None | | None | | 331,698 | | 1,304,902 | | 1,636,600 | | 19,574 | | | | 08/22/13 | | 300 | |
Zephyrhills | FL | | | | 304,398 | | 1,197,502 | | None | | None | | 304,398 | | 1,197,502 | | 1,501,900 | | 17,963 | | | | 08/22/13 | | 300 | |
Atlanta | GA | | | | 285,124 | | 1,121,681 | | None | | None | | 285,124 | | 1,121,681 | | 1,406,805 | | 1,869 | | | | 12/04/13 | | 300 | |
Auburn | GA | | | | 234,333 | | 921,867 | | None | | None | | 234,333 | | 921,867 | | 1,156,200 | | 13,828 | | | | 08/22/13 | | 300 | |
Augusta | GA | | | | 572,784 | | 1,063,741 | | None | | None | | 572,784 | | 1,063,741 | | 1,636,525 | | 65,597 | | | | 06/01/12 | | 300 | |
Augusta | GA | | | | 396,046 | | 735,513 | | None | | None | | 396,046 | | 735,513 | | 1,131,559 | | 30,646 | | | | 12/14/12 | | 300 | |
Augusta | GA | | | | 244,244 | | 960,856 | | None | | None | | 244,244 | | 960,856 | | 1,205,100 | | 14,413 | | | | 08/22/13 | | 300 | |
Augusta | GA | | | | 240,656 | | 946,744 | | None | | None | | 240,656 | | 946,744 | | 1,187,400 | | 14,201 | | | | 08/22/13 | | 300 | |
Bogart | GA | | | | 264,584 | | 1,040,876 | | None | | None | | 264,584 | | 1,040,876 | | 1,305,460 | | 1,735 | | | | 12/04/13 | | 300 | |
Brunswick | GA | | | | 525,784 | | 976,455 | | None | | None | | 525,784 | | 976,455 | | 1,502,239 | | 40,686 | | | | 12/14/12 | | 300 | |
Brunswick | GA | | | | 374,722 | | 695,913 | | None | | None | | 374,722 | | 695,913 | | 1,070,635 | | 28,996 | | | | 12/14/12 | | 300 | |
Carrollton | GA | | | | 184,110 | | 724,290 | | None | | None | | 184,110 | | 724,290 | | 908,400 | | 10,864 | | | | 08/22/13 | | 300 | |
Carrollton | GA | | | | 266,882 | | 1,049,918 | | None | | None | | 266,882 | | 1,049,918 | | 1,316,800 | | 15,749 | | | | 08/22/13 | | 300 | |
Conyers | GA | | | | 737,753 | | 1,370,114 | | None | | None | | 737,753 | | 1,370,114 | | 2,107,867 | | 84,490 | | | | 06/01/12 | | 300 | |
Dawson | GA | | | | 413,732 | | 768,359 | | None | | None | | 413,732 | | 768,359 | | 1,182,091 | | 32,015 | | | | 12/14/12 | | 300 | |
F-32
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Dewy Rose | GA | | | | 190,003 | | 747,472 | | None | | None | | 190,003 | | 747,472 | | 937,475 | | 11,212 | | | | 08/20/13 | | 300 | |
Dexter | GA | | | | 98,693 | | 388,260 | | None | | None | | 98,693 | | 388,260 | | 486,953 | | 647 | | | | 12/20/13 | | 300 | |
Elberton | GA | | | | 194,222 | | 764,071 | | None | | None | | 194,222 | | 764,071 | | 958,293 | | 11,461 | | | | 08/20/13 | | 300 | |
Forest Park | GA | | | | 288,001 | | 1,132,999 | | None | | None | | 288,001 | | 1,132,999 | | 1,421,000 | | 16,995 | | | | 08/22/13 | | 300 | |
Glennville | GA | | | | 245,706 | | 966,610 | | None | | None | | 245,706 | | 966,610 | | 1,212,316 | | 17,721 | | | | 07/03/13 | | 300 | |
Gordon | GA | | | | 179,124 | | 704,676 | | None | | None | | 179,124 | | 704,676 | | 883,800 | | 10,570 | | | | 08/22/13 | | 300 | |
Hartwell | GA | | | | 222,699 | | 876,101 | | None | | None | | 222,699 | | 876,101 | | 1,098,800 | | 13,142 | | | | 08/22/13 | | 300 | |
Hoschton | GA | | | | 312,038 | | 1,227,562 | | None | | None | | 312,038 | | 1,227,562 | | 1,539,600 | | 18,413 | | | | 08/22/13 | | 300 | |
Irwinton | GA | | | | 331,310 | | 1,076,757 | | None | | None | | 331,310 | | 1,076,757 | | 1,408,067 | | 41,276 | | | | 01/22/13 | | 300 | |
Jonesboro | GA | | | | 316,862 | | 1,246,538 | | None | | None | | 316,862 | | 1,246,538 | | 1,563,400 | | 18,698 | | | | 08/22/13 | | 300 | |
Lilburn | GA | | | | 323,652 | | 1,273,248 | | None | | None | | 323,652 | | 1,273,248 | | 1,596,900 | | 19,099 | | | | 08/22/13 | | 300 | |
Ludowici | GA | | | | 344,543 | | 1,119,765 | | 12,235 | | None | | 344,543 | | 1,132,000 | | 1,476,543 | | 43,394 | | | | 01/22/13 | | 300 | |
Macon | GA | | | | 245,825 | | 967,075 | | None | | None | | 245,825 | | 967,075 | | 1,212,900 | | 14,506 | | | | 08/22/13 | | 300 | |
Marietta | GA | | | | 289,116 | | 1,137,384 | | None | | None | | 289,116 | | 1,137,384 | | 1,426,500 | | 17,061 | | | | 08/22/13 | | 300 | |
Midway | GA | | | | 243,028 | | 956,072 | | None | | None | | 243,028 | | 956,072 | | 1,199,100 | | 14,341 | | | | 08/22/13 | | 300 | |
Nicholls | GA | | | | 198,723 | | 781,777 | | None | | None | | 198,723 | | 781,777 | | 980,500 | | 11,727 | | | | 08/22/13 | | 300 | |
Patterson | GA | | | | 307,714 | | 1,000,069 | | 13,972 | | None | | 307,714 | | 1,014,041 | | 1,321,755 | | 38,839 | | | | 01/22/13 | | 300 | |
Pooler | GA | | | | 279,935 | | 1,101,265 | | None | | None | | 279,935 | | 1,101,265 | | 1,381,200 | | 16,519 | | | | 08/22/13 | | 300 | |
Powder Springs | GA | | | | 290,373 | | 1,142,327 | | None | | None | | 290,373 | | 1,142,327 | | 1,432,700 | | 17,135 | | | | 08/22/13 | | 300 | |
Richmond Hill | GA | | | | 297,203 | | 1,169,197 | | None | | None | | 297,203 | | 1,169,197 | | 1,466,400 | | 17,538 | | | | 08/22/13 | | 300 | |
Savannah | GA | | | | 450,992 | | 1,774,208 | | None | | None | | 450,992 | | 1,774,208 | | 2,225,200 | | 26,613 | | | | 08/22/13 | | 300 | |
Screven | GA | | | | 198,288 | | 780,067 | | None | | None | | 198,288 | | 780,067 | | 978,355 | | 11,701 | | | | 08/08/13 | | 300 | |
Thomasville | GA | | | | 407,954 | | 757,629 | | None | | None | | 407,954 | | 757,629 | | 1,165,583 | | 31,568 | | | | 12/14/12 | | 300 | |
Tifton | GA | | | | 202,011 | | 824,197 | | None | | None | | 202,011 | | 824,197 | | 1,026,208 | | 20,605 | | | | 05/23/13 | | 300 | |
Uvalda | GA | | | | 187,576 | | 737,924 | | None | | None | | 187,576 | | 737,924 | | 925,500 | | 11,069 | | | | 08/22/13 | | 300 | |
Warrenton | GA | | | | 298,668 | | 554,669 | | None | | None | | 298,668 | | 554,669 | | 853,337 | | 23,111 | | | | 12/14/12 | | 300 | |
Waycross | GA | | | | 417,843 | | 775,994 | | None | | None | | 417,843 | | 775,994 | | 1,193,837 | | 32,333 | | | | 12/14/12 | | 300 | |
Wrightsville | GA | | | | 274,254 | | 509,328 | | None | | None | | 274,254 | | 509,328 | | 783,582 | | 21,222 | | | | 12/14/12 | | 300 | |
Des Moines | IA | | | | 455,336 | | 845,625 | | None | | None | | 455,336 | | 845,625 | | 1,300,961 | | 52,147 | | | | 06/01/12 | | 300 | |
Des Moines | IA | | | | 214,167 | | 842,533 | | None | | None | | 214,167 | | 842,533 | | 1,056,700 | | 12,638 | | | | 08/22/13 | | 300 | |
Mason City | IA | | | | 242,135 | | 449,678 | | None | | None | | 242,135 | | 449,678 | | 691,813 | | 27,730 | | | | 06/01/12 | | 300 | |
Montrose | IA | | | | 307,533 | | 999,483 | | None | | None | | 307,533 | | 999,483 | | 1,307,016 | | 38,314 | | | | 01/22/13 | | 300 | |
Waterloo | IA | | | | 366,422 | | 1,190,872 | | None | | None | | 366,422 | | 1,190,872 | | 1,557,294 | | 45,650 | | | | 01/22/13 | | 300 | |
Calumet City | IL | | | | 561,828 | | 1,043,394 | | None | | None | | 561,828 | | 1,043,394 | | 1,605,222 | | 64,343 | | | | 06/01/12 | | 300 | |
Catlin | IL | | | | 373,096 | | 1,212,561 | | None | | None | | 373,096 | | 1,212,561 | | 1,585,657 | | 46,482 | | | | 01/22/13 | | 300 | |
Cerro Gordo | IL | | | | 312,718 | | 1,016,334 | | None | | None | | 312,718 | | 1,016,334 | | 1,329,052 | | 38,959 | | | | 01/22/13 | | 300 | |
Chicago | IL | | | | 759,213 | | 1,409,966 | | None | | None | | 759,213 | | 1,409,966 | | 2,169,179 | | 58,749 | | | | 12/14/12 | | 300 | |
Columbia | IL | | | | 383,895 | | 1,247,660 | | None | | None | | 383,895 | | 1,247,660 | | 1,631,555 | | 47,827 | | | | 01/22/13 | | 300 | |
Dwight | IL | | | | 355,224 | | 659,701 | | None | | None | | 355,224 | | 659,701 | | 1,014,925 | | 27,488 | | | | 12/14/12 | | 300 | |
East Saint Louis | IL | | | | 564,367 | | 1,048,111 | | None | | None | | 564,367 | | 1,048,111 | | 1,612,478 | | 43,671 | | | | 12/14/12 | | 300 | |
Galesburg | IL | | | | 325,959 | | 605,353 | | None | | None | | 325,959 | | 605,353 | | 931,312 | | 37,330 | | | | 06/01/12 | | 300 | |
Gillespie | IL | | 541,800 | | 346,508 | | 1,126,153 | | None | | None | | 346,508 | | 1,126,153 | | 1,472,661 | | 43,169 | | | | 01/22/13 | | 300 | |
Goreville | IL | | | | 175,538 | | 690,566 | | None | | None | | 175,538 | | 690,566 | | 866,104 | | 8,057 | | | | 09/13/13 | | 300 | |
Harvey | IL | | | | 356,530 | | 662,127 | | None | | None | | 356,530 | | 662,127 | | 1,018,657 | | 27,589 | | | | 12/14/12 | | 300 | |
Joliet | IL | | | | 396,961 | | 737,212 | | None | | None | | 396,961 | | 737,212 | | 1,134,173 | | 30,717 | | | | 12/14/12 | | 300 | |
La Salle | IL | | | | 457,726 | | 1,487,609 | | None | | None | | 457,726 | | 1,487,609 | | 1,945,335 | | 57,025 | | | | 01/22/13 | | 300 | |
Marseilles | IL | | 598,560 | | 364,551 | | 1,184,791 | | None | | None | | 364,551 | | 1,184,791 | | 1,549,342 | | 45,417 | | | | 01/22/13 | | 300 | |
Metropolis | IL | | | | 522,911 | | 971,120 | | None | | None | | 522,911 | | 971,120 | | 1,494,031 | | 40,463 | | | | 12/14/12 | | 300 | |
Mt. Zion | IL | | 614,040 | | 344,938 | | 1,121,050 | | None | | None | | 344,938 | | 1,121,050 | | 1,465,988 | | 42,974 | | | | 01/22/13 | | 300 | |
Peoria | IL | | | | 378,198 | | 702,367 | | None | | None | | 378,198 | | 702,367 | | 1,080,565 | | 43,313 | | | | 06/01/12 | | 300 | |
Virden | IL | | | | 546,679 | | 1,015,261 | | None | | None | | 546,679 | | 1,015,261 | | 1,561,940 | | 42,303 | | | | 12/14/12 | | 300 | |
Anderson | IN | | | | 634,963 | | 1,179,216 | | None | | None | | 634,963 | | 1,179,216 | | 1,814,179 | | 49,134 | | | | 12/14/12 | | 300 | |
Indianapolis | IN | | | | 454,789 | | 844,607 | | None | | None | | 454,789 | | 844,607 | | 1,299,396 | | 52,084 | | | | 06/01/12 | | 300 | |
New Albany | IN | | | | 437,343 | | 812,209 | | None | | None | | 437,343 | | 812,209 | | 1,249,552 | | 33,842 | | | | 12/14/12 | | 300 | |
Parker City | IN | | | | 266,530 | | 494,983 | | None | | None | | 266,530 | | 494,983 | | 761,513 | | 30,524 | | | | 06/01/12 | | 300 | |
Rockport | IN | | | | 203,782 | | 378,451 | | None | | None | | 203,782 | | 378,451 | | 582,233 | | 15,769 | | | | 12/14/12 | | 300 | |
South Bend | IN | | | | 507,845 | | 943,140 | | None | | None | | 507,845 | | 943,140 | | 1,450,985 | | 39,298 | | | | 12/14/12 | | 300 | |
F-33
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | �� | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Arma | KS | | | | 170,875 | | 793,860 | | None | | None | | 170,875 | | 793,860 | | 964,735 | | 43,662 | | | | 08/30/12 | | 300 | |
Basehor | KS | | | | 171,627 | | 872,548 | | None | | None | | 171,627 | | 872,548 | | 1,044,175 | | 47,990 | | | | 08/30/12 | | 300 | |
Burlington | KS | | | | 173,930 | | 806,439 | | None | | None | | 173,930 | | 806,439 | | 980,369 | | 44,354 | | | | 08/30/12 | | 300 | |
Cheney | KS | | | | 161,300 | | 770,354 | | None | | None | | 161,300 | | 770,354 | | 931,654 | | 42,369 | | | | 08/30/12 | | 300 | |
Cherryvale | KS | | | | 90,248 | | 811,836 | | None | | None | | 90,248 | | 811,836 | | 902,084 | | 44,651 | | | | 08/30/12 | | 300 | |
Coffeyville | KS | | | | 519,254 | | 964,328 | | None | | None | | 519,254 | | 964,328 | | 1,483,582 | | 40,180 | | | | 12/14/12 | | 300 | |
Edwardsville | KS | | | | 161,785 | | 906,004 | | None | | None | | 161,785 | | 906,004 | | 1,067,789 | | 49,830 | | | | 08/30/12 | | 300 | |
Elkhart | KS | | | | 119,882 | | 848,233 | | None | | None | | 119,882 | | 848,233 | | 968,115 | | 46,653 | | | | 08/30/12 | | 300 | |
Fort Scott | KS | | | | 486,062 | | 752,183 | | None | | None | | 486,062 | | 752,183 | | 1,238,245 | | 36,355 | | | | 10/31/12 | | 300 | |
Fredonia | KS | | | | 412,134 | | 637,779 | | None | | None | | 412,134 | | 637,779 | | 1,049,913 | | 30,826 | | | | 10/31/12 | | 300 | |
Galena | KS | | | | 419,578 | | 649,300 | | None | | None | | 419,578 | | 649,300 | | 1,068,878 | | 31,383 | | | | 10/31/12 | | 300 | |
Horton | KS | | | | 101,571 | | 844,142 | | None | | None | | 101,571 | | 844,142 | | 945,713 | | 46,428 | | | | 08/30/12 | | 300 | |
Hoxie | KS | | | | 393,962 | | 609,658 | | None | | None | | 393,962 | | 609,658 | | 1,003,620 | | 29,467 | | | | 10/31/12 | | 300 | |
Independence | KS | | | | 370,000 | | 671,122 | | None | | None | | 370,000 | | 671,122 | | 1,041,122 | | 32,438 | | | | 10/31/12 | | 300 | |
Kansas City | KS | | | | 577,037 | | 1,071,640 | | None | | None | | 577,037 | | 1,071,640 | | 1,648,677 | | 66,084 | | | | 06/01/12 | | 300 | |
Kansas City | KS | | | | 140,147 | | 922,934 | | None | | None | | 140,147 | | 922,934 | | 1,063,081 | | 50,761 | | | | 08/30/12 | | 300 | |
Kansas City | KS | | | | 147,689 | | 581,011 | | None | | None | | 147,689 | | 581,011 | | 728,700 | | 8,715 | | | | 08/22/13 | | 300 | |
Lawrence | KS | | | | 236,948 | | 965,247 | | None | | None | | 236,948 | | 965,247 | | 1,202,195 | | 53,089 | | | | 08/30/12 | | 300 | |
Leavenworth | KS | | | | 430,140 | | 665,644 | | None | | None | | 430,140 | | 665,644 | | 1,095,784 | | 32,173 | | | | 10/31/12 | | 300 | |
Liberal | KS | | | | 394,833 | | 611,006 | | None | | None | | 394,833 | | 611,006 | | 1,005,839 | | 29,532 | | | | 10/31/12 | | 300 | |
Lyndon | KS | | | | 100,642 | | 822,510 | | None | | None | | 100,642 | | 822,510 | | 923,152 | | 45,238 | | | | 08/30/12 | | 300 | |
Neodesha | KS | | | | 124,388 | | 867,203 | | None | | None | | 124,388 | | 867,203 | | 991,591 | | 47,696 | | | | 08/30/12 | | 300 | |
Newton | KS | | | | 110,986 | | 873,540 | | None | | None | | 110,986 | | 873,540 | | 984,526 | | 48,045 | | | | 08/30/12 | | 300 | |
Salina | KS | | | | 194,508 | | 889,894 | | None | | None | | 194,508 | | 889,894 | | 1,084,402 | | 48,944 | | | | 08/30/12 | | 300 | |
Topeka | KS | | | | 395,822 | | 612,536 | | None | | None | | 395,822 | | 612,536 | | 1,008,358 | | 29,606 | | | | 10/31/12 | | 300 | |
Washington | KS | | | | 81,586 | | 828,885 | | None | | None | | 81,586 | | 828,885 | | 910,471 | | 45,589 | | | | 08/30/12 | | 300 | |
Wichita | KS | | | | 533,216 | | 825,154 | | None | | None | | 533,216 | | 825,154 | | 1,358,370 | | 39,882 | | | | 10/31/12 | | 300 | |
Wichita | KS | | | | 530,000 | | 901,373 | | None | | None | | 530,000 | | 901,373 | | 1,431,373 | | 43,566 | | | | 10/31/12 | | 300 | |
Wichita | KS | | | | 625,585 | | 968,095 | | None | | None | | 625,585 | | 968,095 | | 1,593,680 | | 46,791 | | | | 10/31/12 | | 300 | |
Wichita | KS | | | | 541,521 | | 838,007 | | None | | None | | 541,521 | | 838,007 | | 1,379,528 | | 40,504 | | | | 10/31/12 | | 300 | |
Wichita | KS | | | | 498,745 | | 771,810 | | None | | None | | 498,745 | | 771,810 | | 1,270,555 | | 37,304 | | | | 10/31/12 | | 300 | |
Bronston | KY | | | | 297,256 | | 966,082 | | None | | None | | 297,256 | | 966,082 | | 1,263,338 | | 37,033 | | | | 01/22/13 | | 300 | |
Dorton | KY | | | | 283,556 | | 921,558 | | None | | None | | 283,556 | | 921,558 | | 1,205,114 | | 35,326 | | | | 01/22/13 | | 300 | |
Louisville | KY | | | | 499,759 | | 928,124 | | None | | None | | 499,759 | | 928,124 | | 1,427,883 | | 38,672 | | | | 12/14/12 | | 300 | |
Louisville | KY | | | | 265,221 | | 1,043,379 | | None | | None | | 265,221 | | 1,043,379 | | 1,308,600 | | 15,651 | | | | 08/22/13 | | 300 | |
Louisville | KY | | | | 251,195 | | 988,205 | | None | | None | | 251,195 | | 988,205 | | 1,239,400 | | 14,823 | | | | 08/22/13 | | 300 | |
Louisville | KY | | | | 353,679 | | 1,391,374 | | None | | None | | 353,679 | | 1,391,374 | | 1,745,053 | | 11,595 | | | | 10/11/13 | | 300 | |
Mount Vernon | KY | | | | 470,619 | | 874,008 | | None | | None | | 470,619 | | 874,008 | | 1,344,627 | | 36,417 | | | | 12/14/12 | | 300 | |
Paducah | KY | | | | 200,750 | | 789,750 | | None | | None | | 200,750 | | 789,750 | | 990,500 | | 11,846 | | | | 08/22/13 | | 300 | |
Prestonsburg | KY | | | | 265,190 | | 1,043,257 | | None | | None | | 265,190 | | 1,043,257 | | 1,308,447 | | 8,694 | | | | 10/11/13 | | 300 | |
Providence | KY | | | | 199,919 | | 786,481 | | None | | None | | 199,919 | | 786,481 | | 986,400 | | 11,797 | | | | 08/22/13 | | 300 | |
Radcliff | KY | | | | 280,806 | | 1,104,694 | | None | | None | | 280,806 | | 1,104,694 | | 1,385,500 | | 16,570 | | | | 08/22/13 | | 300 | |
Somerset | KY | | | | 456,467 | | 847,725 | | None | | None | | 456,467 | | 847,725 | | 1,304,192 | | 52,276 | | | | 06/01/12 | | 300 | |
Abbeville | LA | | | | 386,990 | | 1,257,716 | | None | | None | | 386,990 | | 1,257,716 | | 1,644,706 | | 48,212 | | | | 01/22/13 | | 300 | |
Baton Rouge | LA | | | | 563,114 | | 1,045,783 | | None | | None | | 563,114 | | 1,045,783 | | 1,608,897 | | 64,490 | | | | 06/01/12 | | 300 | |
Baton Rouge | LA | | | | 433,213 | | 804,539 | | None | | None | | 433,213 | | 804,539 | | 1,237,752 | | 33,522 | | | | 12/14/12 | | 300 | |
Baton Rouge | LA | | | | 279,327 | | 1,098,873 | | None | | None | | 279,327 | | 1,098,873 | | 1,378,200 | | 16,483 | | | | 08/22/13 | | 300 | |
Baton Rouge | LA | | | | 145,998 | | 574,355 | | None | | None | | 145,998 | | 574,355 | | 720,353 | | 957 | | | | 12/20/13 | | 300 | |
Blanchard | LA | | | | 210,698 | | 828,887 | | None | | None | | 210,698 | | 828,887 | | 1,039,585 | | 1,381 | | | | 12/20/13 | | 300 | |
Colfax | LA | | | | 148,313 | | 583,465 | | None | | None | | 148,313 | | 583,465 | | 731,778 | | 8,752 | | | | 08/21/13 | | 300 | |
Deridder | LA | | | | 250,446 | | 985,254 | | None | | None | | 250,446 | | 985,254 | | 1,235,700 | | 14,779 | | | | 08/22/13 | | 300 | |
Dixie Inn | LA | | | | 318,870 | | 592,187 | | None | | None | | 318,870 | | 592,187 | | 911,057 | | 24,674 | | | | 12/14/12 | | 300 | |
Duson | LA | | | | 355,640 | | 1,155,831 | | None | | None | | 355,640 | | 1,155,831 | | 1,511,471 | | 44,307 | | | | 01/22/13 | | 300 | |
Dutch Town | LA | | | | 489,660 | | 909,368 | | None | | None | | 489,660 | | 909,368 | | 1,399,028 | | 37,890 | | | | 12/14/12 | | 300 | |
Florien | LA | | | | 323,203 | | 1,050,409 | | None | | None | | 323,203 | | 1,050,409 | | 1,373,612 | | 40,266 | | | | 01/22/13 | | 300 | |
Hammond | LA | | | | 417,284 | | 774,955 | | None | | None | | 417,284 | | 774,955 | | 1,192,239 | | 47,789 | | | | 06/01/12 | | 300 | |
Lafayette | LA | | | | 402,767 | | 1,308,994 | | None | | None | | 402,767 | | 1,308,994 | | 1,711,761 | | 50,178 | | | | 01/22/13 | | 300 | |
F-34
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Lafayette | LA | | | | 203,291 | | 799,748 | | None | | None | | 203,291 | | 799,748 | | 1,003,039 | | 1,333 | | | | 12/20/13 | | 300 | |
Leonville | LA | | | | 350,277 | | 1,138,401 | | None | | None | | 350,277 | | 1,138,401 | | 1,488,678 | | 43,639 | | | | 01/22/13 | | 300 | |
Logansport | LA | | | | 494,202 | | 917,805 | | None | | None | | 494,202 | | 917,805 | | 1,412,007 | | 38,242 | | | | 12/14/12 | | 300 | |
Melville | LA | | | | 367,000 | | 1,192,748 | | None | | None | | 367,000 | | 1,192,748 | | 1,559,748 | | 45,722 | | | | 01/22/13 | | 300 | |
Mermentau | LA | | | | 352,771 | | 1,146,506 | | None | | None | | 352,771 | | 1,146,506 | | 1,499,277 | | 43,949 | | | | 01/22/13 | | 300 | |
Minden | LA | | | | 339,679 | | 630,832 | | None | | None | | 339,679 | | 630,832 | | 970,511 | | 38,901 | | | | 06/01/12 | | 300 | |
Natchitoches | LA | | | | 250,162 | | 984,138 | | None | | None | | 250,162 | | 984,138 | | 1,234,300 | | 14,762 | | | | 08/22/13 | | 300 | |
Opelousas | LA | | | | 365,368 | | 1,187,446 | | None | | None | | 365,368 | | 1,187,446 | | 1,552,814 | | 45,519 | | | | 01/22/13 | | 300 | |
Port Vincent | LA | | | | 398,039 | | 1,293,627 | | None | | None | | 398,039 | | 1,293,627 | | 1,691,666 | | 49,589 | | | | 01/22/13 | | 300 | |
Robeline | LA | | | | 329,964 | | 1,072,382 | | None | | None | | 329,964 | | 1,072,382 | | 1,402,346 | | 41,108 | | | | 01/22/13 | | 300 | |
Saint Bernard | LA | | | | 447,884 | | 831,784 | | None | | None | | 447,884 | | 831,784 | | 1,279,668 | | 51,293 | | | | 06/01/12 | | 300 | |
Shreveport | LA | | | | 605,336 | | 1,124,196 | | None | | None | | 605,336 | | 1,124,196 | | 1,729,532 | | 69,325 | | | | 06/01/12 | | 300 | |
Shreveport | LA | | | | 719,595 | | 1,336,390 | | None | | None | | 719,595 | | 1,336,390 | | 2,055,985 | | 55,683 | | | | 12/14/12 | | 300 | |
West Monroe | LA | | | | 362,591 | | 1,178,420 | | None | | None | | 362,591 | | 1,178,420 | | 1,541,011 | | 45,173 | | | | 01/22/13 | | 300 | |
West Monroe | LA | | | | 262,241 | | 1,031,659 | | None | | None | | 262,241 | | 1,031,659 | | 1,293,900 | | 15,475 | | | | 08/22/13 | | 300 | |
Alanson | MI | | | | 314,390 | | 1,021,767 | | None | | None | | 314,390 | | 1,021,767 | | 1,336,157 | | 39,168 | | | | 01/22/13 | | 300 | |
Bangor | MI | | | | 513,772 | | 954,149 | | None | | None | | 513,772 | | 954,149 | | 1,467,921 | | 58,839 | | | | 06/01/12 | | 300 | |
Battle Creek | MI | | | | 438,869 | | 815,042 | | None | | None | | 438,869 | | 815,042 | | 1,253,911 | | 50,261 | | | | 06/01/12 | | 300 | |
Beaverton | MI | | | | 242,135 | | 449,678 | | None | | None | | 242,135 | | 449,678 | | 691,813 | | 27,730 | | | | 06/01/12 | | 300 | |
Buckley | MI | | | | 296,289 | | 962,940 | | None | | None | | 296,289 | | 962,940 | | 1,259,229 | | 36,913 | | | | 01/22/13 | | 300 | |
Clinton | MI | | | | 326,088 | | 1,059,786 | | None | | None | | 326,088 | | 1,059,786 | | 1,385,874 | | 40,625 | | | | 01/22/13 | | 300 | |
Copemish | MI | | | | 292,975 | | 952,167 | | None | | None | | 292,975 | | 952,167 | | 1,245,142 | | 36,500 | | | | 01/22/13 | | 300 | |
Croswell | MI | | | | 387,461 | | 719,571 | | None | | None | | 387,461 | | 719,571 | | 1,107,032 | | 44,374 | | | | 06/01/12 | | 300 | |
Dearborn | MI | | | | 522,650 | | 970,637 | | None | | None | | 522,650 | | 970,637 | | 1,493,287 | | 59,856 | | | | 06/01/12 | | 300 | |
Detroit | MI | | | | 667,232 | | 1,239,145 | | None | | None | | 667,232 | | 1,239,145 | | 1,906,377 | | 76,414 | | | | 06/01/12 | | 300 | |
Detroit | MI | | | | 264,876 | | 860,847 | | 5,054 | | None | | 264,876 | | 865,901 | | 1,130,777 | | 33,184 | | | | 01/22/13 | | 300 | |
Farmington | MI | | | | 325,172 | | 1,279,228 | | None | | None | | 325,172 | | 1,279,228 | | 1,604,400 | | 19,188 | | | | 08/22/13 | | 300 | |
Flat Rock | MI | | | | 264,268 | | 1,039,632 | | None | | None | | 264,268 | | 1,039,632 | | 1,303,900 | | 15,594 | | | | 08/22/13 | | 300 | |
Flint | MI | | | | 510,751 | | 948,537 | | None | | None | | 510,751 | | 948,537 | | 1,459,288 | | 58,493 | | | | 06/01/12 | | 300 | |
Gladwin | MI | | | | 265,925 | | 864,258 | | None | | None | | 265,925 | | 864,258 | | 1,130,183 | | 33,130 | | | | 01/22/13 | | 300 | |
Grand Rapids | MI | | | | 526,567 | | 977,911 | | None | | None | | 526,567 | | 977,911 | | 1,504,478 | | 40,746 | | | | 12/14/12 | | 300 | |
Jackson | MI | | | | 473,329 | | 879,039 | | None | | None | | 473,329 | | 879,039 | | 1,352,368 | | 54,207 | | | | 06/01/12 | | 300 | |
Jackson | MI | | | | 592,388 | | 1,100,149 | | None | | None | | 592,388 | | 1,100,149 | | 1,692,537 | | 45,840 | | | | 12/14/12 | | 300 | |
Litchfield | MI | | | | 314,519 | | 1,022,185 | | None | | None | | 314,519 | | 1,022,185 | | 1,336,704 | | 39,184 | | | | 01/22/13 | | 300 | |
Mancelona | MI | | | | 294,344 | | 956,617 | | None | | None | | 294,344 | | 956,617 | | 1,250,961 | | 36,670 | | | | 01/22/13 | | 300 | |
Marion | MI | | | | 354,869 | | 659,042 | | None | | None | | 354,869 | | 659,042 | | 1,013,911 | | 27,460 | | | | 12/14/12 | | 300 | |
Mount Morris | MI | | | | 604,949 | | 1,123,476 | | None | | None | | 604,949 | | 1,123,476 | | 1,728,425 | | 46,812 | | | | 12/14/12 | | 300 | |
New Baltimore | MI | | | | 237,040 | | 932,516 | | None | | None | | 237,040 | | 932,516 | | 1,169,556 | | 20,205 | | | | 06/25/13 | | 300 | |
North Muskegon | MI | | | | 318,001 | | 1,033,502 | | None | | None | | 318,001 | | 1,033,502 | | 1,351,503 | | 39,618 | | | | 01/22/13 | | 300 | |
Onaway | MI | | | | 510,098 | | 947,326 | | None | | None | | 510,098 | | 947,326 | | 1,457,424 | | 39,472 | | | | 12/14/12 | | 300 | |
Pinckney | MI | | | | 305,815 | | 993,898 | | None | | None | | 305,815 | | 993,898 | | 1,299,713 | | 38,099 | | | | 01/22/13 | | 300 | |
Romulus | MI | | | | 578,474 | | 1,074,310 | | None | | None | | 578,474 | | 1,074,310 | | 1,652,784 | | 66,249 | | | | 06/01/12 | | 300 | |
Sheridan | MI | | | | 307,737 | | 1,000,144 | | None | | None | | 307,737 | | 1,000,144 | | 1,307,881 | | 38,339 | | | | 01/22/13 | | 300 | |
Spring Arbor | MI | | | | 325,553 | | 1,058,048 | | None | | None | | 325,553 | | 1,058,048 | | 1,383,601 | | 40,558 | | | | 01/22/13 | | 300 | |
St John’s | MI | | | | 324,325 | | 1,054,055 | | None | | None | | 324,325 | | 1,054,055 | | 1,378,380 | | 40,405 | | | | 01/22/13 | | 300 | |
Tekonsha | MI | | | | 269,258 | | 875,089 | | None | | None | | 269,258 | | 875,089 | | 1,144,347 | | 33,545 | | | | 01/22/13 | | 300 | |
Wellston | MI | | | | 270,942 | | 880,562 | | None | | None | | 270,942 | | 880,562 | | 1,151,504 | | 33,755 | | | | 01/22/13 | | 300 | |
Yale | MI | | | | 248,856 | | 462,160 | | None | | None | | 248,856 | | 462,160 | | 711,016 | | 28,500 | | | | 06/01/12 | | 300 | |
Advance | MO | | | | 327,985 | | 1,065,951 | | None | | None | | 327,985 | | 1,065,951 | | 1,393,936 | | 40,861 | | | | 01/22/13 | | 300 | |
Bonne Terre | MO | | | | 254,437 | | 826,921 | | None | | None | | 254,437 | | 826,921 | | 1,081,358 | | 31,699 | | | | 01/22/13 | | 300 | |
Cole Camp | MO | | | | 296,537 | | 963,746 | | None | | None | | 296,537 | | 963,746 | | 1,260,283 | | 36,944 | | | | 01/22/13 | | 300 | |
Jackson | MO | | | | 396,040 | | 1,287,131 | | None | | None | | 396,040 | | 1,287,131 | | 1,683,171 | | 49,340 | | | | 01/22/13 | | 300 | |
Jackson | MO | | | | 201,264 | | 791,776 | | None | | None | | 201,264 | | 791,776 | | 993,040 | | 9,237 | | | | 09/13/13 | | 300 | |
Kansas City | MO | | | | 443,895 | | 824,377 | | None | | None | | 443,895 | | 824,377 | | 1,268,272 | | 50,837 | | | | 06/01/12 | | 300 | |
Kansas City | MO | | | | 557,439 | | 1,035,244 | | None | | None | | 557,439 | | 1,035,244 | | 1,592,683 | | 63,840 | | | | 06/01/12 | | 300 | |
Kansas City | MO | | | | 414,347 | | 641,204 | | None | | None | | 414,347 | | 641,204 | | 1,055,551 | | 30,992 | | | | 10/31/12 | | 300 | |
Louisiana | MO | | | | 186,741 | | 734,640 | | None | | None | | 186,741 | | 734,640 | | 921,381 | | 15,917 | | | | 06/28/13 | | 300 | |
F-35
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Oronogo | MO | | | | 327,756 | | 1,065,207 | | None | | None | | 327,756 | | 1,065,207 | | 1,392,963 | | 40,833 | | | | 01/22/13 | | 300 | |
Queen City | MO | | | | 309,915 | | 1,007,222 | | None | | None | | 309,915 | | 1,007,222 | | 1,317,137 | | 38,610 | | | | 01/22/13 | | 300 | |
St Louis | MO | | | | 647,256 | | 1,202,046 | | None | | None | | 647,256 | | 1,202,046 | | 1,849,302 | | 74,126 | | | | 06/01/12 | | 300 | |
Unionville | MO | | | | 324,616 | | 1,055,004 | | None | | None | | 324,616 | | 1,055,004 | | 1,379,620 | | 40,442 | | | | 01/22/13 | | 300 | |
Belzoni | MS | | | | 222,063 | | 873,597 | | None | | None | | 222,063 | | 873,597 | | 1,095,660 | | 16,016 | | | | 07/24/13 | | 300 | |
Brookhaven | MS | | | | 198,152 | | 779,533 | | None | | None | | 198,152 | | 779,533 | | 977,685 | | 9,095 | | | | 09/30/13 | | 300 | |
Durant | MS | | | | 259,403 | | 1,020,492 | | None | | None | | 259,403 | | 1,020,492 | | 1,279,895 | | 22,111 | | | | 06/26/13 | | 300 | |
Jackson | MS | | | | 465,674 | | 864,824 | | None | | None | | 465,674 | | 864,824 | | 1,330,498 | | 53,331 | | | | 06/01/12 | | 300 | |
Jackson | MS | | | | 668,518 | | 1,241,534 | | None | | None | | 668,518 | | 1,241,534 | | 1,910,052 | | 76,561 | | | | 06/01/12 | | 300 | |
Jackson | MS | | | | 219,884 | | 865,026 | | None | | None | | 219,884 | | 865,026 | | 1,084,910 | | 18,742 | | | | 06/06/13 | | 300 | |
Jackson | MS | | | | 234,313 | | 921,789 | | None | | None | | 234,313 | | 921,789 | | 1,156,102 | | 19,972 | | | | 06/26/13 | | 300 | |
Jackson | MS | | | | 218,911 | | 861,196 | | None | | None | | 218,911 | | 861,196 | | 1,080,107 | | 12,918 | | | | 08/22/13 | | 300 | |
Liberty | MS | | | | 432,170 | | 802,601 | | None | | None | | 432,170 | | 802,601 | | 1,234,771 | | 49,494 | | | | 06/01/12 | | 300 | |
Lucedale | MS | | | | 185,603 | | 730,164 | | None | | None | | 185,603 | | 730,164 | | 915,767 | | 15,820 | | | | 06/26/13 | | 300 | |
Moss Point | MS | | | | 205,776 | | 809,525 | | None | | None | | 205,776 | | 809,525 | | 1,015,301 | | 17,540 | | | | 06/26/13 | | 300 | |
Picayune | MS | | | | 203,708 | | 801,388 | | None | | None | | 203,708 | | 801,388 | | 1,005,096 | | 17,363 | | | | 06/26/13 | | 300 | |
Southaven | MS | | | | 284,495 | | 1,119,205 | | None | | None | | 284,495 | | 1,119,205 | | 1,403,700 | | 16,788 | | | | 08/22/13 | | 300 | |
Stonewall | MS | | | | 255,520 | | 830,439 | | 1,250 | | None | | 255,520 | | 831,689 | | 1,087,209 | | 31,951 | | | | 01/22/13 | | 300 | |
Tunica | MS | | | | 166,859 | | 656,426 | | None | | None | | 166,859 | | 656,426 | | 823,285 | | 7,658 | | | | 09/13/13 | | 300 | |
Vicksburg | MS | | | | 577,491 | | 1,072,483 | | None | | None | | 577,491 | | 1,072,483 | | 1,649,974 | | 66,136 | | | | 06/01/12 | | 300 | |
Bridgeton | NC | | | | 193,010 | | 759,304 | | None | | None | | 193,010 | | 759,304 | | 952,314 | | 1,266 | | | | 12/20/13 | | 300 | |
Candor | NC | | | | 203,498 | | 800,561 | | None | | None | | 203,498 | | 800,561 | | 1,004,059 | | 9,340 | | | | 09/06/13 | | 300 | |
Chocowinity | NC | | | | 225,493 | | 920,001 | | None | | None | | 225,493 | | 920,001 | | 1,145,494 | | 26,067 | | | | 04/04/13 | | 300 | |
Durham | NC | | | | 442,367 | | 821,540 | | None | | None | | 442,367 | | 821,540 | | 1,263,907 | | 34,231 | | | | 12/14/12 | | 300 | |
Erwin | NC | | | | 151,418 | | 595,681 | | None | | None | | 151,418 | | 595,681 | | 747,099 | | 993 | | | | 12/20/13 | | 300 | |
Gibonsville | NC | | | | 196,942 | | 774,770 | | None | | None | | 196,942 | | 774,770 | | 971,712 | | 9,039 | | | | 09/10/13 | | 300 | |
Greensboro | NC | | | | 325,349 | | 1,279,926 | | None | | None | | 325,349 | | 1,279,926 | | 1,605,275 | | 19,199 | | | | 08/08/13 | | 300 | |
Hudson | NC | | | | 222,436 | | 875,064 | | None | | None | | 222,436 | | 875,064 | | 1,097,500 | | 13,126 | | | | 08/22/13 | | 300 | |
Kings Mountain | NC | | | | 492,867 | | 915,324 | | None | | None | | 492,867 | | 915,324 | | 1,408,191 | | 38,139 | | | | 12/14/12 | | 300 | |
Kinston | NC | | | | 261,745 | | 1,029,709 | | None | | None | | 261,745 | | 1,029,709 | | 1,291,454 | | 22,310 | | | | 06/11/13 | | 300 | |
Lexington | NC | | | | 242,683 | | 954,717 | | None | | None | | 242,683 | | 954,717 | | 1,197,400 | | 14,321 | | | | 08/22/13 | | 300 | |
Lincolnton | NC | | | | 343,797 | | 638,479 | | None | | None | | 343,797 | | 638,479 | | 982,276 | | 26,603 | | | | 12/14/12 | | 300 | |
Lumberton | NC | | | | 459,702 | | 853,731 | | None | | None | | 459,702 | | 853,731 | | 1,313,433 | | 35,572 | | | | 12/14/12 | | 300 | |
Marion | NC | | | | 475,680 | | 883,406 | | None | | None | | 475,680 | | 883,406 | | 1,359,086 | | 36,809 | | | | 12/14/12 | | 300 | |
Morganton | NC | | | | 197,304 | | 776,196 | | None | | None | | 197,304 | | 776,196 | | 973,500 | | 11,643 | | | | 08/22/13 | | 300 | |
Rocky Mount | NC | | | | 218,842 | | 860,925 | | None | | None | | 218,842 | | 860,925 | | 1,079,767 | | 10,044 | | | | 09/19/13 | | 300 | |
Snow Hill | NC | | | | 224,094 | | 914,294 | | None | | None | | 224,094 | | 914,294 | | 1,138,388 | | 25,905 | | | | 04/04/13 | | 300 | |
Taylorsville | NC | | | | 336,401 | | 624,744 | | None | | None | | 336,401 | | 624,744 | | 961,145 | | 26,031 | | | | 12/14/12 | | 300 | |
Taylorsville | NC | | | | 222,473 | | 875,210 | | None | | None | | 222,473 | | 875,210 | | 1,097,683 | | 16,046 | | | | 07/03/13 | | 300 | |
Winterville | NC | | | | 250,429 | | 465,082 | | None | | None | | 250,429 | | 465,082 | | 715,511 | | 28,680 | | | | 06/01/12 | | 300 | |
Holdrege | NE | | | | 256,994 | | 1,011,018 | | None | | None | | 256,994 | | 1,011,018 | | 1,268,012 | | 5,055 | | | | 11/15/13 | | 300 | |
Lexington | NE | | | | 370,620 | | 688,294 | | None | | None | | 370,620 | | 688,294 | | 1,058,914 | | 28,679 | | | | 12/14/12 | | 300 | |
Nebraska City | NE | | | | 190,852 | | 354,439 | | None | | None | | 190,852 | | 354,439 | | 545,291 | | 14,768 | | | | 12/14/12 | | 300 | |
Norfolk | NE | | | | 222,044 | | 873,523 | | None | | None | | 222,044 | | 873,523 | | 1,095,567 | | 10,191 | | | | 09/25/13 | | 300 | |
South Sioux City | NE | | | | 290,379 | | 539,274 | | None | | None | | 290,379 | | 539,274 | | 829,653 | | 33,255 | | | | 06/01/12 | | 300 | |
Valentine | NE | | | | 248,487 | | 977,548 | | None | | None | | 248,487 | | 977,548 | | 1,226,035 | | 4,888 | | | | 11/15/13 | | 300 | |
Manchester | NH | | | | 457,288 | | 849,249 | | None | | None | | 457,288 | | 849,249 | | 1,306,537 | | 35,385 | | | | 12/14/12 | | 300 | |
Walpole | NH | | | | 477,671 | | 887,103 | | None | | None | | 477,671 | | 887,103 | | 1,364,774 | | 36,963 | | | | 12/14/12 | | 300 | |
Malaga | NJ | | | | 513,159 | | 953,010 | | None | | None | | 513,159 | | 953,010 | | 1,466,169 | | 39,709 | | | | 12/14/12 | | 300 | |
Penns Grove | NJ | | | | 416,842 | | 1,639,858 | | None | | None | | 416,842 | | 1,639,858 | | 2,056,700 | | 24,598 | | | | 08/22/13 | | 300 | |
Albuquerque | NM | | | | 589,570 | | 1,094,917 | | None | | None | | 589,570 | | 1,094,917 | | 1,684,487 | | 67,520 | | | | 06/01/12 | | 300 | |
Albuquerque | NM | | | | 281,887 | | 523,504 | | None | | None | | 281,887 | | 523,504 | | 805,391 | | 32,283 | | | | 06/01/12 | | 300 | |
Bloomfield | NM | | | | 458,086 | | 850,732 | | None | | None | | 458,086 | | 850,732 | | 1,308,818 | | 52,462 | | | | 06/01/12 | | 300 | |
Chama | NM | | | | 392,836 | | 729,552 | | None | | None | | 392,836 | | 729,552 | | 1,122,388 | | 30,398 | | | | 12/14/12 | | 300 | |
Clovis | NM | | | | 194,637 | | 765,705 | | None | | None | | 194,637 | | 765,705 | | 960,342 | | 16,590 | | | | 06/21/13 | | 300 | |
Cuba | NM | | | | 543,339 | | 1,009,059 | | None | | None | | 543,339 | | 1,009,059 | | 1,552,398 | | 62,225 | | | | 06/01/12 | | 300 | |
Gallup | NM | | | | 667,383 | | 1,239,426 | | None | | None | | 667,383 | | 1,239,426 | | 1,906,809 | | 76,431 | | | | 06/01/12 | | 300 | |
F-36
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Kirtland | NM | | | | 688,532 | | 1,278,703 | | None | | None | | 688,532 | | 1,278,703 | | 1,967,235 | | 78,853 | | | | 06/01/12 | | 300 | |
Las Cruces | NM | | | | 331,422 | | 615,497 | | None | | None | | 331,422 | | 615,497 | | 946,919 | | 37,956 | | | | 06/01/12 | | 300 | |
Los Lunas | NM | | | | 505,257 | | 938,335 | | None | | None | | 505,257 | | 938,335 | | 1,443,592 | | 57,864 | | | | 06/01/12 | | 300 | |
Tularosa | NM | | | | 233,037 | | 432,782 | | None | | None | | 233,037 | | 432,782 | | 665,819 | | 18,033 | | | | 12/14/12 | | 300 | |
Mesquite | NV | | | | 225,609 | | 418,988 | | None | | None | | 225,609 | | 418,988 | | 644,597 | | 25,838 | | | | 06/01/12 | | 300 | |
Mesquite | NV | | | | 273,624 | | 1,076,441 | | None | | None | | 273,624 | | 1,076,441 | | 1,350,065 | | 1,794 | | | | 12/10/13 | | 300 | |
Sun Valley | NV | | | | 364,207 | | 1,432,793 | | None | | None | | 364,207 | | 1,432,793 | | 1,797,000 | | 21,492 | | | | 08/22/13 | | 300 | |
Gouverneur | NY | | | | 485,614 | | 901,855 | | None | | None | | 485,614 | | 901,855 | | 1,387,469 | | 37,577 | | | | 12/14/12 | | 300 | |
Gowanda | NY | | | | 503,722 | | 935,484 | | None | | None | | 503,722 | | 935,484 | | 1,439,206 | | 57,688 | | | | 06/01/12 | | 300 | |
Malone | NY | | | | 141,494 | | 556,637 | | None | | None | | 141,494 | | 556,637 | | 698,131 | | 928 | | | | 12/20/13 | | 300 | |
Schenectady | NY | | | | 468,077 | | 869,287 | | None | | None | | 468,077 | | 869,287 | | 1,337,364 | | 36,220 | | | | 12/14/12 | | 300 | |
Schroon Lake | NY | | | | 172,273 | | 677,722 | | None | | None | | 172,273 | | 677,722 | | 849,995 | | 1,130 | | | | 12/20/13 | | 300 | |
Andover | OH | | | | 469,209 | | 871,388 | | None | | None | | 469,209 | | 871,388 | | 1,340,597 | | 36,308 | | | | 12/14/12 | | 300 | |
Blanchester | OH | | | | 359,899 | | 668,383 | | None | | None | | 359,899 | | 668,383 | | 1,028,282 | | 27,849 | | | | 12/14/12 | | 300 | |
Bradford | OH | | | | 204,833 | | 805,813 | | None | | None | | 204,833 | | 805,813 | | 1,010,646 | | 6,715 | | | | 10/22/13 | | 300 | |
Bremen | OH | | | | 354,866 | | 1,153,316 | | None | | None | | 354,866 | | 1,153,316 | | 1,508,182 | | 44,210 | | | | 01/22/13 | | 300 | |
Cardington | OH | | | | 364,843 | | 1,185,739 | | None | | None | | 364,843 | | 1,185,739 | | 1,550,582 | | 45,453 | | | | 01/22/13 | | 300 | |
Chillicothe | OH | | | | 322,923 | | 1,049,499 | | 17,350 | | None | | 322,923 | | 1,066,849 | | 1,389,772 | | 40,871 | | | | 01/22/13 | | 300 | |
Cincinnati | OH | | | | 263,944 | | 1,038,356 | | None | | None | | 263,944 | | 1,038,356 | | 1,302,300 | | 15,575 | | | | 08/22/13 | | 300 | |
Columbus | OH | | | | 574,968 | | 1,067,799 | | None | | None | | 574,968 | | 1,067,799 | | 1,642,767 | | 65,848 | | | | 06/01/12 | | 300 | |
Columbus | OH | | | | 359,083 | | 666,868 | | None | | None | | 359,083 | | 666,868 | | 1,025,951 | | 41,124 | | | | 06/01/12 | | 300 | |
Conneaut | OH | | | | 197,370 | | 776,453 | | None | | None | | 197,370 | | 776,453 | | 973,823 | | 6,470 | | | | 10/22/13 | | 300 | |
Dayton | OH | | | | 315,477 | | 1,025,302 | | None | | None | | 315,477 | | 1,025,302 | | 1,340,779 | | 39,303 | | | | 01/22/13 | | 300 | |
East Cleveland | OH | | | | 141,508 | | 556,692 | | None | | None | | 141,508 | | 556,692 | | 698,200 | | 8,350 | | | | 08/22/13 | | 300 | |
Elyria | OH | | | | 251,256 | | 988,444 | | None | | None | | 251,256 | | 988,444 | | 1,239,700 | | 14,827 | | | | 08/22/13 | | 300 | |
Fairfield | OH | | | | 219,943 | | 865,257 | | None | | None | | 219,943 | | 865,257 | | 1,085,200 | | 12,979 | | | | 08/22/13 | | 300 | |
Fayette | OH | | | | 316,318 | | 1,028,034 | | None | | None | | 316,318 | | 1,028,034 | | 1,344,352 | | 39,408 | | | | 01/22/13 | | 300 | |
Findlay | OH | | | | 238,609 | | 938,689 | | None | | None | | 238,609 | | 938,689 | | 1,177,298 | | 20,338 | | | | 06/21/13 | | 300 | |
Fostoria | OH | | | | 262,910 | | 1,034,290 | | None | | None | | 262,910 | | 1,034,290 | | 1,297,200 | | 15,514 | | | | 08/22/13 | | 300 | |
Georgetown | OH | | | | 381,051 | | 707,665 | | None | | None | | 381,051 | | 707,665 | | 1,088,716 | | 29,486 | | | | 12/14/12 | | 300 | |
Huber Heights | OH | | | | 230,867 | | 908,233 | | None | | None | | 230,867 | | 908,233 | | 1,139,100 | | 13,623 | | | | 08/22/13 | | 300 | |
Kenton | OH | | | | 400,787 | | 744,320 | | None | | None | | 400,787 | | 744,320 | | 1,145,107 | | 45,900 | | | | 06/01/12 | | 300 | |
Kingston | OH | | | | 373,121 | | 1,212,643 | | None | | None | | 373,121 | | 1,212,643 | | 1,585,764 | | 46,485 | | | | 01/22/13 | | 300 | |
Lorain | OH | | | | 248,933 | | 979,305 | | None | | None | | 248,933 | | 979,305 | | 1,228,238 | | 21,218 | | | | 06/21/13 | | 300 | |
Manchester | OH | | | | 371,453 | | 689,842 | | None | | None | | 371,453 | | 689,842 | | 1,061,295 | | 28,743 | | | | 12/14/12 | | 300 | |
Marengo | OH | | | | 213,500 | | 839,910 | | None | | None | | 213,500 | | 839,910 | | 1,053,410 | | 9,799 | | | | 09/26/13 | | 300 | |
Mechanicsburg | OH | | | | 350,151 | | 650,280 | | None | | None | | 350,151 | | 650,280 | | 1,000,431 | | 40,101 | | | | 06/01/12 | | 300 | |
Nashport | OH | | | | 319,015 | | 1,036,799 | | None | | None | | 319,015 | | 1,036,799 | | 1,355,814 | | 39,744 | | | | 01/22/13 | | 300 | |
New Miami | OH | | | | 212,241 | | 834,959 | | None | | None | | 212,241 | | 834,959 | | 1,047,200 | | 12,524 | | | | 08/22/13 | | 300 | |
Oak Harbor | OH | | | | 373,483 | | 1,213,820 | | None | | None | | 373,483 | | 1,213,820 | | 1,587,303 | | 46,530 | | | | 01/22/13 | | 300 | |
Orwell | OH | | | | 293,628 | | 545,309 | | None | | None | | 293,628 | | 545,309 | | 838,937 | | 33,627 | | | | 06/01/12 | | 300 | |
Peebles | OH | | | | 436,054 | | 809,815 | | None | | None | | 436,054 | | 809,815 | | 1,245,869 | | 33,742 | | | | 12/14/12 | | 300 | |
Ripley | OH | | | | 359,515 | | 667,671 | | None | | None | | 359,515 | | 667,671 | | 1,027,186 | | 41,173 | | | | 06/01/12 | | 300 | |
Rockford | OH | | | | 198,302 | | 780,123 | | None | | None | | 198,302 | | 780,123 | | 978,425 | | 3,901 | | | | 11/15/13 | | 300 | |
Seville | OH | | | | 335,945 | | 1,091,822 | | None | | None | | 335,945 | | 1,091,822 | | 1,427,767 | | 41,853 | | | | 01/22/13 | | 300 | |
Springfield | OH | | | | 246,216 | | 968,616 | | None | | None | | 246,216 | | 968,616 | | 1,214,832 | | 20,987 | | | | 06/21/13 | | 300 | |
Thornport | OH | | | | 285,644 | | 928,344 | | 17,943 | | None | | 285,644 | | 946,287 | | 1,231,931 | | 35,697 | | | | 01/22/13 | | 300 | |
Toronto | OH | | | | 275,794 | | 1,084,976 | | None | | None | | 275,794 | | 1,084,976 | | 1,360,770 | | 1,808 | | | | 12/17/13 | | 300 | |
Warren | OH | | | | 505,805 | | 939,353 | | None | | None | | 505,805 | | 939,353 | | 1,445,158 | | 57,927 | | | | 06/01/12 | | 300 | |
Withamsville | OH | | | | 276,510 | | 1,087,790 | | None | | None | | 276,510 | | 1,087,790 | | 1,364,300 | | 16,317 | | | | 08/22/13 | | 300 | |
Ardmore | OK | | | | 347,932 | | 646,160 | | None | | None | | 347,932 | | 646,160 | | 994,092 | | 39,847 | | | | 06/01/12 | | 300 | |
Claremore | OK | | | | 231,355 | | 774,203 | | None | | None | | 231,355 | | 774,203 | | 1,005,558 | | 42,581 | | | | 08/30/12 | | 300 | |
Clayton | OK | | | | 533,789 | | 826,041 | | None | | None | | 533,789 | | 826,041 | | 1,359,830 | | 39,925 | | | | 10/31/12 | | 300 | |
Davis | OK | | | | 569,738 | | 881,672 | | None | | None | | 569,738 | | 881,672 | | 1,451,410 | | 42,614 | | | | 10/31/12 | | 300 | |
Drumright | OK | | | | 169,840 | | 315,418 | | None | | None | | 169,840 | | 315,418 | | 485,258 | | 13,142 | | | | 12/14/12 | | 300 | |
Duncan | OK | | | | 430,448 | | 799,403 | | None | | None | | 430,448 | | 799,403 | | 1,229,851 | | 33,308 | | | | 12/14/12 | | 300 | |
Elgin | OK | | | | 230,905 | | 908,381 | | None | | None | | 230,905 | | 908,381 | | 1,139,286 | | 4,542 | | | | 11/15/13 | | 300 | |
F-37
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Eufaula | OK | | | | 195,573 | | 769,386 | | None | | None | | 195,573 | | 769,386 | | 964,959 | | 14,105 | | | | 07/09/13 | | 300 | |
Grove | OK | | | | 424,722 | | 657,258 | | None | | None | | 424,722 | | 657,258 | | 1,081,980 | | 31,767 | | | | 10/31/12 | | 300 | |
Haskell | OK | | | | 228,333 | | 424,047 | | None | | None | | 228,333 | | 424,047 | | 652,380 | | 26,150 | | | | 06/01/12 | | 300 | |
Hollis | OK | | | | 61,713 | | 880,041 | | None | | None | | 61,713 | | 880,041 | | 941,754 | | 48,402 | | | | 08/30/12 | | 300 | |
Hulbert | OK | | | | 395,384 | | 611,858 | | None | | None | | 395,384 | | 611,858 | | 1,007,242 | | 29,573 | | | | 10/31/12 | | 300 | |
Kansas | OK | | | | 398,387 | | 616,506 | | None | | None | | 398,387 | | 616,506 | | 1,014,893 | | 29,798 | | | | 10/31/12 | | 300 | |
Kellyville | OK | | | | 422,292 | | 653,499 | | None | | None | | 422,292 | | 653,499 | | 1,075,791 | | 31,586 | | | | 10/31/12 | | 300 | |
Konawa | OK | | | | 390,916 | | 604,945 | | None | | None | | 390,916 | | 604,945 | | 995,861 | | 29,239 | | | | 10/31/12 | | 300 | |
Lawton | OK | | | | 445,994 | | 690,178 | | None | | None | | 445,994 | | 690,178 | | 1,136,172 | | 33,359 | | | | 10/31/12 | | 300 | |
Oklahoma City | OK | | | | 400,000 | | 678,788 | | None | | None | | 400,000 | | 678,788 | | 1,078,788 | | 32,808 | | | | 10/31/12 | | 300 | |
Oklahoma City | OK | | | | 318,134 | | 590,821 | | None | | None | | 318,134 | | 590,821 | | 908,955 | | 24,618 | | | | 12/14/12 | | 300 | |
Shawnee | OK | | | | 288,016 | | 534,887 | | None | | None | | 288,016 | | 534,887 | | 822,903 | | 32,985 | | | | 06/01/12 | | 300 | |
Shawnee | OK | | | | 419,371 | | 648,979 | | None | | None | | 419,371 | | 648,979 | | 1,068,350 | | 31,367 | | | | 10/31/12 | | 300 | |
Stratford | OK | | | | 392,814 | | 607,881 | | None | | None | | 392,814 | | 607,881 | | 1,000,695 | | 29,381 | | | | 10/31/12 | | 300 | |
Tulsa | OK | | | | 433,486 | | 670,822 | | None | | None | | 433,486 | | 670,822 | | 1,104,308 | | 32,423 | | | | 10/31/12 | | 300 | |
Wilson | OK | | | | 89,538 | | 814,202 | | None | | None | | 89,538 | | 814,202 | | 903,740 | | 44,781 | | | | 08/30/12 | | 300 | |
Woodward | OK | | | | 221,150 | | 802,563 | | None | | None | | 221,150 | | 802,563 | | 1,023,713 | | 44,141 | | | | 08/30/12 | | 300 | |
Smithfield | PA | | | | 255,705 | | 1,005,946 | | None | | None | | 255,705 | | 1,005,946 | | 1,261,651 | | 11,736 | | | | 09/26/13 | | 300 | |
Somerset | PA | | | | 301,986 | | 1,188,014 | | None | | None | | 301,986 | | 1,188,014 | | 1,490,000 | | 17,820 | | | | 08/22/13 | | 300 | |
Yeadon | PA | | | | 324,665 | | 1,277,235 | | None | | None | | 324,665 | | 1,277,235 | | 1,601,900 | | 19,159 | | | | 08/22/13 | | 300 | |
Cayce | SC | | | | 207,965 | | 818,135 | | None | | None | | 207,965 | | 818,135 | | 1,026,100 | | 12,272 | | | | 08/22/13 | | 300 | |
Denmark | SC | | | | 220,498 | | 867,442 | | None | | None | | 220,498 | | 867,442 | | 1,087,940 | | 10,120 | | | | 09/30/13 | | 300 | |
Florence | SC | | | | 190,573 | | 777,528 | | None | | None | | 190,573 | | 777,528 | | 968,101 | | 22,030 | | | | 04/23/13 | | 300 | |
Kingstree | SC | | | | 198,491 | | 780,866 | | None | | None | | 198,491 | | 780,866 | | 979,357 | | 9,110 | | | | 09/18/13 | | 300 | |
Myrtle Beach | SC | | | | 268,056 | | 497,817 | | None | | None | | 268,056 | | 497,817 | | 765,873 | | 20,742 | | | | 12/14/12 | | 300 | |
N Myrtle Beach | SC | | | | 155,168 | | 610,432 | | None | | None | | 155,168 | | 610,432 | | 765,600 | | 9,156 | | | | 08/22/13 | | 300 | |
Newberry | SC | | | | 383,286 | | 711,817 | | None | | None | | 383,286 | | 711,817 | | 1,095,103 | | 29,659 | | | | 12/14/12 | | 300 | |
North Charleston | SC | | | | 254,479 | | 1,001,121 | | None | | None | | 254,479 | | 1,001,121 | | 1,255,600 | | 15,017 | | | | 08/22/13 | | 300 | |
Timmonsville | SC | | | | 209,841 | | 856,141 | | None | | None | | 209,841 | | 856,141 | | 1,065,982 | | 24,257 | | | | 04/23/13 | | 300 | |
Union | SC | | | | 225,174 | | 885,835 | | None | | None | | 225,174 | | 885,835 | | 1,111,009 | | 10,335 | | | | 09/30/13 | | 300 | |
Caryville | TN | | | | 218,883 | | 861,087 | | None | | None | | 218,883 | | 861,087 | | 1,079,970 | | 10,046 | | | | 09/24/13 | | 300 | |
Church Hill | TN | | | | 220,676 | | 868,141 | | None | | None | | 220,676 | | 868,141 | | 1,088,817 | | 13,022 | | | | 08/01/13 | | 300 | |
Crossville | TN | | | | 224,273 | | 882,294 | | None | | None | | 224,273 | | 882,294 | | 1,106,567 | | 10,293 | | | | 09/24/13 | | 300 | |
Grimsley | TN | | | | 190,000 | | 832,058 | | None | | None | | 190,000 | | 832,058 | | 1,022,058 | | 9,707 | | | | 09/24/13 | | 300 | |
Humboldt | TN | | | | 163,042 | | 665,204 | | None | | None | | 163,042 | | 665,204 | | 828,246 | | 21,065 | | | | 03/19/13 | | 300 | |
Madisonville | TN | | | | 185,976 | | 731,631 | | None | | None | | 185,976 | | 731,631 | | 917,607 | | 10,974 | | | | 08/30/13 | | 300 | |
Mascot | TN | | | | 428,927 | | 663,766 | | None | | None | | 428,927 | | 663,766 | | 1,092,693 | | 32,082 | | | | 10/31/12 | | 300 | |
Memphis | TN | | | | 225,548 | | 418,876 | | None | | None | | 225,548 | | 418,876 | | 644,424 | | 25,831 | | | | 06/01/12 | | 300 | |
Memphis | TN | | | | 493,000 | | 915,572 | | None | | None | | 493,000 | | 915,572 | | 1,408,572 | | 56,460 | | | | 06/01/12 | | 300 | |
Memphis | TN | | | | 369,950 | | 687,049 | | None | | None | | 369,950 | | 687,049 | | 1,056,999 | | 42,368 | | | | 06/01/12 | | 300 | |
Memphis | TN | | | | 563,795 | | 1,047,048 | | None | | None | | 563,795 | | 1,047,048 | | 1,610,843 | | 64,568 | | | | 06/01/12 | | 300 | |
Memphis | TN | | | | 552,777 | | 1,026,586 | | None | | None | | 552,777 | | 1,026,586 | | 1,579,363 | | 63,306 | | | | 06/01/12 | | 300 | |
Rogerville | TN | | | | 206,436 | | 812,120 | | None | | None | | 206,436 | | 812,120 | | 1,018,556 | | 12,182 | | | | 08/14/13 | | 300 | |
Sunbright | TN | | | | 355,282 | | 1,154,668 | | None | | None | | 355,282 | | 1,154,668 | | 1,509,950 | | 44,262 | | | | 01/22/13 | | 300 | |
Alton | TX | | | | 345,945 | | 642,468 | | None | | None | | 345,945 | | 642,468 | | 988,413 | | 39,619 | | | | 06/01/12 | | 300 | |
Amarillo | TX | | | | 191,492 | | 811,497 | | None | | None | | 191,492 | | 811,497 | | 1,002,989 | | 44,632 | | | | 08/30/12 | | 300 | |
Amarillo | TX | | | | 260,864 | | 712,639 | | None | | None | | 260,864 | | 712,639 | | 973,503 | | 39,195 | | | | 08/30/12 | | 300 | |
Anahuac | TX | | | | 531,601 | | 987,259 | | None | | None | | 531,601 | | 987,259 | | 1,518,860 | | 41,136 | | | | 12/14/12 | | 300 | |
Arcola | TX | | | | 309,969 | | 961,069 | | None | | None | | 309,969 | | 961,069 | | 1,271,038 | | 52,859 | | | | 08/30/12 | | 300 | |
Atlanta | TX | | | | 427,591 | | 661,699 | | None | | None | | 427,591 | | 661,699 | | 1,089,290 | | 31,982 | | | | 10/31/12 | | 300 | |
Austin | TX | | | | 590,000 | | 812,479 | | None | | None | | 590,000 | | 812,479 | | 1,402,479 | | 39,270 | | | | 10/31/12 | | 300 | |
Austin | TX | | | | 258,308 | | 1,016,185 | | None | | None | | 258,308 | | 1,016,185 | | 1,274,493 | | 8,468 | | | | 10/24/13 | | 300 | |
Bacliff | TX | | | | 557,574 | | 1,035,495 | | None | | None | | 557,574 | | 1,035,495 | | 1,593,069 | | 63,856 | | | | 06/01/12 | | 300 | |
Balch Springs | TX | | | | 588,809 | | 1,093,502 | | None | | None | | 588,809 | | 1,093,502 | | 1,682,311 | | 45,563 | | | | 12/14/12 | | 300 | |
Baytown | TX | | | | 486,394 | | 903,304 | | None | | None | | 486,394 | | 903,304 | | 1,389,698 | | 55,704 | | | | 06/01/12 | | 300 | |
Baytown | TX | | | | 447,005 | | 830,152 | | None | | None | | 447,005 | | 830,152 | | 1,277,157 | | 51,193 | | | | 06/01/12 | | 300 | |
Beaumont | TX | | | | 526,746 | | 978,243 | | None | | None | | 526,746 | | 978,243 | | 1,504,989 | | 60,325 | | | | 06/01/12 | | 300 | |
F-38
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Beaumont | TX | | | | 186,877 | | 1,007,961 | | None | | None | | 186,877 | | 1,007,961 | | 1,194,838 | | 55,438 | | | | 08/30/12 | | 300 | |
Beeville | TX | | | | 382,613 | | 710,566 | | None | | None | | 382,613 | | 710,566 | | 1,093,179 | | 43,818 | | | | 06/01/12 | | 300 | |
Bloomington | TX | | | | 330,656 | | 1,074,634 | | None | | None | | 330,656 | | 1,074,634 | | 1,405,290 | | 41,194 | | | | 01/22/13 | | 300 | |
Blossom | TX | | | | 82,320 | | 825,297 | | None | | None | | 82,320 | | 825,297 | | 907,617 | | 45,391 | | | | 08/30/12 | | 300 | |
Brownsville | TX | | | | 287,319 | | 533,592 | | None | | None | | 287,319 | | 533,592 | | 820,911 | | 32,905 | | | | 06/01/12 | | 300 | |
Canton | TX | | | | 165,267 | | 1,358,083 | | None | | None | | 165,267 | | 1,358,083 | | 1,523,350 | | 74,695 | | | | 08/30/12 | | 300 | |
Canyon Lake | TX | | | | 183,707 | | 1,170,581 | | None | | None | | 183,707 | | 1,170,581 | | 1,354,288 | | 64,382 | | | | 08/30/12 | | 300 | |
Cedar Creek | TX | | | | 183,296 | | 933,294 | | None | | None | | 183,296 | | 933,294 | | 1,116,590 | | 51,331 | | | | 08/30/12 | | 300 | |
Corpus Christi | TX | | | | 460,501 | | 855,215 | | None | | None | | 460,501 | | 855,215 | | 1,315,716 | | 52,738 | | | | 06/01/12 | | 300 | |
Corpus Christi | TX | | | | 577,037 | | 1,071,640 | | None | | None | | 577,037 | | 1,071,640 | | 1,648,677 | | 66,084 | | | | 06/01/12 | | 300 | |
Corpus Christi | TX | | | | 291,106 | | 540,626 | | None | | None | | 291,106 | | 540,626 | | 831,732 | | 33,339 | | | | 06/01/12 | | 300 | |
Corpus Christi | TX | | | | 408,524 | | 1,327,703 | | None | | None | | 408,524 | | 1,327,703 | | 1,736,227 | | 50,895 | | | | 01/22/13 | | 300 | |
Corpus Christi | TX | | | | 287,912 | | 1,132,648 | | None | | None | | 287,912 | | 1,132,648 | | 1,420,560 | | 24,541 | | | | 06/21/13 | | 300 | |
Corrigan | TX | | | | 256,676 | | 834,196 | | 1,514 | | None | | 256,676 | | 835,710 | | 1,092,386 | | 32,119 | | | | 01/22/13 | | 300 | |
Cotulla | TX | | | | 919,863 | | 1,708,316 | | None | | None | | 919,863 | | 1,708,316 | | 2,628,179 | | 71,180 | | | | 12/14/12 | | 300 | |
Creedmoor | TX | | | | 490,979 | | 759,793 | | None | | None | | 490,979 | | 759,793 | | 1,250,772 | | 36,723 | | | | 10/31/12 | | 300 | |
Crystal City | TX | | | | 549,519 | | 1,020,535 | | None | | None | | 549,519 | | 1,020,535 | | 1,570,054 | | 42,522 | | | | 12/14/12 | | 300 | |
Dallas | TX | | | | 660,890 | | 1,227,367 | | None | | None | | 660,890 | | 1,227,367 | | 1,888,257 | | 75,688 | | | | 06/01/12 | | 300 | |
Dallas | TX | | | | 474,480 | | 881,177 | | None | | None | | 474,480 | | 881,177 | | 1,355,657 | | 54,339 | | | | 06/01/12 | | 300 | |
Del Rio | TX | | | | 507,216 | | 784,918 | | None | | None | | 507,216 | | 784,918 | | 1,292,134 | | 37,938 | | | | 10/31/12 | | 300 | |
Desoto | TX | | | | 510,567 | | 790,105 | | None | | None | | 510,567 | | 790,105 | | 1,300,672 | | 38,188 | | | | 10/31/12 | | 300 | |
Eagle Pass | TX | | | | 516,608 | | 959,416 | | None | | None | | 516,608 | | 959,416 | | 1,476,024 | | 59,164 | | | | 06/01/12 | | 300 | |
Eagle Pass | TX | | | | 433,864 | | 671,406 | | None | | None | | 433,864 | | 671,406 | | 1,105,270 | | 32,451 | | | | 10/31/12 | | 300 | |
Elsa | TX | | | | 379,998 | | 1,234,994 | | None | | None | | 379,998 | | 1,234,994 | | 1,614,992 | | 47,341 | | | | 01/22/13 | | 300 | |
Fort Stockton | TX | | | | 465,636 | | 864,752 | | None | | None | | 465,636 | | 864,752 | | 1,330,388 | | 36,031 | | | | 12/14/12 | | 300 | |
Fort Worth | TX | | | | 547,855 | | 1,019,204 | | None | | None | | 547,855 | | 1,019,204 | | 1,567,059 | | 56,056 | | | | 08/30/12 | | 300 | |
Fort Worth | TX | | | | 213,683 | | 848,314 | | None | | None | | 213,683 | | 848,314 | | 1,061,997 | | 46,657 | | | | 08/30/12 | | 300 | |
Fort Worth | TX | | | | 600,746 | | 1,115,672 | | None | | None | | 600,746 | | 1,115,672 | | 1,716,418 | | 46,486 | | | | 12/14/12 | | 300 | |
Fort Worth | TX | | | | 160,563 | | 631,657 | | None | | None | | 160,563 | | 631,657 | | 792,220 | | 9,475 | | | | 08/15/13 | | 300 | |
Freer | TX | | | | 269,137 | | 499,827 | | None | | None | | 269,137 | | 499,827 | | 768,964 | | 20,826 | | | | 12/14/12 | | 300 | |
Garland | TX | | | | 228,333 | | 424,047 | | None | | None | | 228,333 | | 424,047 | | 652,380 | | 26,150 | | | | 06/01/12 | | 300 | |
Granite Shoals | TX | | | | 371,795 | | 1,208,334 | | None | | None | | 371,795 | | 1,208,334 | | 1,580,129 | | 46,319 | | | | 01/22/13 | | 300 | |
Grape Creek | TX | | | | 232,999 | | 710,940 | | None | | None | | 232,999 | | 710,940 | | 943,939 | | 39,102 | | | | 08/30/12 | | 300 | |
Hardin | TX | | | | 143,336 | | 805,614 | | None | | None | | 143,336 | | 805,614 | | 948,950 | | 44,309 | | | | 08/30/12 | | 300 | |
Harker Heights | TX | | | | 488,753 | | 907,685 | | None | | None | | 488,753 | | 907,685 | | 1,396,438 | | 55,974 | | | | 06/01/12 | | 300 | |
Harker Heights | TX | | | | 469,370 | | 726,352 | | None | | None | | 469,370 | | 726,352 | | 1,195,722 | | 35,107 | | | | 10/31/12 | | 300 | |
Hebbronville | TX | | | | 481,250 | | 893,750 | | None | | None | | 481,250 | | 893,750 | | 1,375,000 | | 37,240 | | | | 12/14/12 | | 300 | |
Hewitt | TX | | | | 493,299 | | 763,382 | | None | | None | | 493,299 | | 763,382 | | 1,256,681 | | 36,897 | | | | 10/31/12 | | 300 | |
Houston | TX | | | | 279,181 | | 518,479 | | None | | None | | 279,181 | | 518,479 | | 797,660 | | 31,973 | | | | 06/01/12 | | 300 | |
Houston | TX | | | | 434,980 | | 807,819 | | None | | None | | 434,980 | | 807,819 | | 1,242,799 | | 49,816 | | | | 06/01/12 | | 300 | |
Houston | TX | | | | 429,081 | | 796,866 | | None | | None | | 429,081 | | 796,866 | | 1,225,947 | | 49,140 | | | | 06/01/12 | | 300 | |
Houston | TX | | | | 490,377 | | 910,700 | | None | | None | | 490,377 | | 910,700 | | 1,401,077 | | 56,160 | | | | 06/01/12 | | 300 | |
Houston | TX | | | | 565,402 | | 874,961 | | None | | None | | 565,402 | | 874,961 | | 1,440,363 | | 42,290 | | | | 10/31/12 | | 300 | |
Houston | TX | | | | 650,000 | | 866,899 | | None | | None | | 650,000 | | 866,899 | | 1,516,899 | | 41,900 | | | | 10/31/12 | | 300 | |
Houston | TX | | | | 467,805 | | 868,780 | | None | | None | | 467,805 | | 868,780 | | 1,336,585 | | 36,199 | | | | 12/14/12 | | 300 | |
Houston | TX | | | | 610,149 | | 1,133,135 | | None | | None | | 610,149 | | 1,133,135 | | 1,743,284 | | 47,214 | | | | 12/14/12 | | 300 | |
Houston | TX | | | | 474,480 | | 881,178 | | None | | None | | 474,480 | | 881,178 | | 1,355,658 | | 36,716 | | | | 12/14/12 | | 300 | |
Houston | TX | | | | 310,255 | | 1,220,545 | | None | | None | | 310,255 | | 1,220,545 | | 1,530,800 | | 18,308 | | | | 08/22/13 | | 300 | |
Houston | TX | | | | 283,623 | | 1,115,777 | | None | | None | | 283,623 | | 1,115,777 | | 1,399,400 | | 16,737 | | | | 08/22/13 | | 300 | |
Jefferson | TX | | | | 339,075 | | 1,333,925 | | None | | None | | 339,075 | | 1,333,925 | | 1,673,000 | | 20,009 | | | | 08/22/13 | | 300 | |
Katy | TX | | | | 554,109 | | 857,486 | | None | | None | | 554,109 | | 857,486 | | 1,411,595 | | 41,445 | | | | 10/31/12 | | 300 | |
Katy | TX | | | | 268,646 | | 1,056,855 | | None | | None | | 268,646 | | 1,056,855 | | 1,325,501 | | 8,807 | | | | 10/11/13 | | 300 | |
Kaufman | TX | | | | 488,687 | | 907,561 | | None | | None | | 488,687 | | 907,561 | | 1,396,248 | | 55,966 | | | | 06/01/12 | | 300 | |
Kermit | TX | | | | 234,478 | | 922,439 | | None | | None | | 234,478 | | 922,439 | | 1,156,917 | | 19,986 | | | | 06/21/13 | | 300 | |
Killeen | TX | | | | 480,758 | | 892,837 | | None | | None | | 480,758 | | 892,837 | | 1,373,595 | | 55,058 | | | | 06/01/12 | | 300 | |
Killeen | TX | | | | 471,572 | | 729,760 | | None | | None | | 471,572 | | 729,760 | | 1,201,332 | | 35,272 | | | | 10/31/12 | | 300 | |
Lacy Lakeview | TX | | | | 429,768 | | 798,141 | | None | | None | | 429,768 | | 798,141 | | 1,227,909 | | 49,219 | | | | 06/01/12 | | 300 | |
F-39
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Lake Hills | TX | | | | 183,968 | | 795,341 | | None | | None | | 183,968 | | 795,341 | | 979,309 | | 43,744 | | | | 08/30/12 | | 300 | |
Lamesa | TX | | | | 450,012 | | 835,736 | | None | | None | | 450,012 | | 835,736 | | 1,285,748 | | 51,537 | | | | 06/01/12 | | 300 | |
Leonard | TX | | | | 277,575 | | 515,496 | | None | | None | | 277,575 | | 515,496 | | 793,071 | | 31,789 | | | | 06/01/12 | | 300 | |
Longview | TX | | | | 435,985 | | 809,687 | | None | | None | | 435,985 | | 809,687 | | 1,245,672 | | 33,737 | | | | 12/14/12 | | 300 | |
Longview | TX | | | | 473,119 | | 878,650 | | None | | None | | 473,119 | | 878,650 | | 1,351,769 | | 36,610 | | | | 12/14/12 | | 300 | |
Longview | TX | | | | 150,012 | | 278,594 | | None | | None | | 150,012 | | 278,594 | | 428,606 | | 11,608 | | | | 12/14/12 | | 300 | |
Los Fresnos | TX | | | | 533,059 | | 989,968 | | None | | None | | 533,059 | | 989,968 | | 1,523,027 | | 61,048 | | | | 06/01/12 | | 300 | |
Lufkin | TX | | | | 267,700 | | 497,158 | | None | | None | | 267,700 | | 497,158 | | 764,858 | | 20,715 | | | | 12/14/12 | | 300 | |
Marshall | TX | | | | 665,113 | | 1,235,211 | | None | | None | | 665,113 | | 1,235,211 | | 1,900,324 | | 76,171 | | | | 06/01/12 | | 300 | |
Midland | TX | | | | 544,075 | | 1,322,431 | | None | | None | | 544,075 | | 1,322,431 | | 1,866,506 | | 839,631 | | | | 02/03/98 | | 300 | |
Midland | TX | | | | 194,594 | | 790,843 | | None | | None | | 194,594 | | 790,843 | | 985,437 | | 43,496 | | | | 08/30/12 | | 300 | |
Missouri City | TX | | | | 562,086 | | 869,831 | | None | | None | | 562,086 | | 869,831 | | 1,431,917 | | 42,042 | | | | 10/31/12 | | 300 | |
Monahans | TX | | | | 473,723 | | 879,770 | | None | | None | | 473,723 | | 879,770 | | 1,353,493 | | 36,657 | | | | 12/14/12 | | 300 | |
Monte Alto | TX | | | | 370,770 | | 1,205,004 | | None | | None | | 370,770 | | 1,205,004 | | 1,575,774 | | 46,192 | | | | 01/22/13 | | 300 | |
Morton | TX | | | | 190,918 | | 751,074 | | None | | None | | 190,918 | | 751,074 | | 941,992 | | 16,273 | | | | 06/21/13 | | 300 | |
Mt Enterprise | TX | | | | 510,030 | | 947,198 | | None | | None | | 510,030 | | 947,198 | | 1,457,228 | | 39,467 | | | | 12/14/12 | | 300 | |
Nacogdoches | TX | | | | 585,075 | | 1,086,567 | | None | | None | | 585,075 | | 1,086,567 | | 1,671,642 | | 45,274 | | | | 12/14/12 | | 300 | |
New Boston | TX | | | | 226,547 | | 420,730 | | None | | None | | 226,547 | | 420,730 | | 647,277 | | 25,945 | | | | 06/01/12 | | 300 | |
Odessa | TX | | | | 200,900 | | 874,978 | | None | | None | | 200,900 | | 874,978 | | 1,075,878 | | 48,124 | | | | 08/30/12 | | 300 | |
Odessa | TX | | | | 393,275 | | 795,622 | | None | | None | | 393,275 | | 795,622 | | 1,188,897 | | 43,759 | | | | 08/30/12 | | 300 | |
Odessa | TX | | | | 299,235 | | 687,360 | | None | | None | | 299,235 | | 687,360 | | 986,595 | | 37,805 | | | | 08/30/12 | | 300 | |
Onalaska | TX | | | | 455,522 | | 845,970 | | None | | None | | 455,522 | | 845,970 | | 1,301,492 | | 35,249 | | | | 12/14/12 | | 300 | |
Orange | TX | | | | 359,323 | | 1,413,577 | | None | | None | | 359,323 | | 1,413,577 | | 1,772,900 | | 21,204 | | | | 08/22/13 | | 300 | |
Orange | TX | | | | 267,166 | | 1,051,034 | | None | | None | | 267,166 | | 1,051,034 | | 1,318,200 | | 15,766 | | | | 08/22/13 | | 300 | |
Paris | TX | | | | 194,054 | | 844,235 | | None | | None | | 194,054 | | 844,235 | | 1,038,289 | | 46,433 | | | | 08/30/12 | | 300 | |
Pasadena | TX | | | | 274,400 | | 1,079,491 | | None | | None | | 274,400 | | 1,079,491 | | 1,353,891 | | 23,389 | | | | 06/21/13 | | 300 | |
Pearsall | TX | | | | 314,465 | | 584,006 | | None | | None | | 314,465 | | 584,006 | | 898,471 | | 36,014 | | | | 06/01/12 | | 300 | |
Perryton | TX | | | | 534,489 | | 992,623 | | None | | None | | 534,489 | | 992,623 | | 1,527,112 | | 41,359 | | | | 12/14/12 | | 300 | |
Pharr | TX | | | | 506,911 | | 941,407 | | None | | None | | 506,911 | | 941,407 | | 1,448,318 | | 58,053 | | | | 06/01/12 | | 300 | |
Pinehurst | TX | | | | 556,823 | | 861,686 | | None | | None | | 556,823 | | 861,686 | | 1,418,509 | | 41,648 | | | | 10/31/12 | | 300 | |
Pittsburg | TX | | | | 469,724 | | 872,344 | | None | | None | | 469,724 | | 872,344 | | 1,342,068 | | 53,795 | | | | 06/01/12 | | 300 | |
Port Acres | TX | | | | 268,899 | | 499,384 | | None | | None | | 268,899 | | 499,384 | | 768,283 | | 30,795 | | | | 06/01/12 | | 300 | |
Port Arthur | TX | | | | 253,535 | | 828,487 | | None | | None | | 253,535 | | 828,487 | | 1,082,022 | | 45,567 | | | | 08/30/12 | | 300 | |
Port Isabel | TX | | | | 225,609 | | 418,988 | | None | | None | | 225,609 | | 418,988 | | 644,597 | | 25,838 | | | | 06/01/12 | | 300 | |
Port Neches | TX | | | | 498,469 | | 925,729 | | None | | None | | 498,469 | | 925,729 | | 1,424,198 | | 38,572 | | | | 12/14/12 | | 300 | |
Porter | TX | | | | 559,462 | | 1,039,001 | | None | | None | | 559,462 | | 1,039,001 | | 1,598,463 | | 43,292 | | | | 12/14/12 | | 300 | |
Progreso | TX | | | | 200,597 | | 372,537 | | None | | None | | 200,597 | | 372,537 | | 573,134 | | 15,522 | | | | 12/14/12 | | 300 | |
Rio Vista | TX | | | | 61,254 | | 829,871 | | None | | None | | 61,254 | | 829,871 | | 891,125 | | 45,643 | | | | 08/30/12 | | 300 | |
Rosenburg | TX | | | | 408,933 | | 759,448 | | None | | None | | 408,933 | | 759,448 | | 1,168,381 | | 46,833 | | | | 06/01/12 | | 300 | |
Rusk | TX | | | | 446,174 | | 828,610 | | None | | None | | 446,174 | | 828,610 | | 1,274,784 | | 34,525 | | | | 12/14/12 | | 300 | |
Saginaw | TX | | | | 485,162 | | 901,016 | | None | | None | | 485,162 | | 901,016 | | 1,386,178 | | 55,563 | | | | 06/01/12 | | 300 | |
San Angelo | TX | | | | 308,573 | | 1,000,504 | | None | | None | | 308,573 | | 1,000,504 | | 1,309,077 | | 55,028 | | | | 08/30/12 | | 300 | |
San Antonio | TX | | | | 663,903 | | 1,232,962 | | None | | None | | 663,903 | | 1,232,962 | | 1,896,865 | | 76,033 | | | | 06/01/12 | | 300 | |
San Antonio | TX | | | | 474,828 | | 881,824 | | None | | None | | 474,828 | | 881,824 | | 1,356,652 | | 54,379 | | | | 06/01/12 | | 300 | |
San Antonio | TX | | | | 357,827 | | 664,536 | | None | | None | | 357,827 | | 664,536 | | 1,022,363 | | 40,980 | | | | 06/01/12 | | 300 | |
San Antonio | TX | | | | 637,451 | | 1,183,837 | | None | | None | | 637,451 | | 1,183,837 | | 1,821,288 | | 73,003 | | | | 06/01/12 | | 300 | |
San Antonio | TX | | | | 265,044 | | 818,313 | | None | | None | | 265,044 | | 818,313 | | 1,083,357 | | 45,007 | | | | 08/30/12 | | 300 | |
San Antonio | TX | | | | 273,109 | | 896,601 | | None | | None | | 273,109 | | 896,601 | | 1,169,710 | | 49,313 | | | | 08/30/12 | | 300 | |
San Antonio | TX | | | | 408,997 | | 1,329,239 | | None | | None | | 408,997 | | 1,329,239 | | 1,738,236 | | 50,954 | | | | 01/22/13 | | 300 | |
San Antonio | TX | | | | 325,537 | | 1,280,663 | | None | | None | | 325,537 | | 1,280,663 | | 1,606,200 | | 19,210 | | | | 08/22/13 | | 300 | |
San Augustine | TX | | | | 468,018 | | 869,176 | | None | | None | | 468,018 | | 869,176 | | 1,337,194 | | 36,216 | | | | 12/14/12 | | 300 | |
Sattler | TX | | | | 424,566 | | 788,481 | | None | | None | | 424,566 | | 788,481 | | 1,213,047 | | 48,623 | | | | 06/01/12 | | 300 | |
Schertz | TX | | | | 300,878 | | 558,773 | | None | | None | | 300,878 | | 558,773 | | 859,651 | | 34,458 | | | | 06/01/12 | | 300 | |
Seminole | TX | | | | 103,470 | | 899,122 | | None | | None | | 103,470 | | 899,122 | | 1,002,592 | | 49,452 | | | | 08/30/12 | | 300 | |
Seminole | TX | | | | 364,491 | | 1,433,909 | | None | | None | | 364,491 | | 1,433,909 | | 1,798,400 | | 21,509 | | | | 08/22/13 | | 300 | |
Sherman | TX | | | | 242,135 | | 449,678 | | None | | None | | 242,135 | | 449,678 | | 691,813 | | 27,730 | | | | 06/01/12 | | 300 | |
Sullivan City | TX | | | | 496,544 | | 922,154 | | None | | None | | 496,544 | | 922,154 | | 1,418,698 | | 38,423 | | | | 12/14/12 | | 300 | |
F-40
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Temple | TX | | | | 248,015 | | 805,588 | | None | | None | | 248,015 | | 805,588 | | 1,053,603 | | 44,307 | | | | 08/30/12 | | 300 | |
Temple | TX | | | | 580,869 | | 1,078,758 | | None | | None | | 580,869 | | 1,078,758 | | 1,659,627 | | 44,948 | | | | 12/14/12 | | 300 | |
Texas City | TX | | | | 238,472 | | 973,286 | | None | | None | | 238,472 | | 973,286 | | 1,211,758 | | 53,531 | | | | 08/30/12 | | 300 | |
Waco | TX | | | | 527,779 | | 980,161 | | None | | None | | 527,779 | | 980,161 | | 1,507,940 | | 60,443 | | | | 06/01/12 | | 300 | |
Wells | TX | | | | 141,780 | | 840,639 | | None | | None | | 141,780 | | 840,639 | | 982,419 | | 46,235 | | | | 08/30/12 | | 300 | |
Wichita Falls | TX | | | | 297,454 | | 552,415 | | None | | None | | 297,454 | | 552,415 | | 849,869 | | 34,066 | | | | 06/01/12 | | 300 | |
Willis | TX | | | | 664,432 | | 1,233,946 | | None | | None | | 664,432 | | 1,233,946 | | 1,898,378 | | 76,093 | | | | 06/01/12 | | 300 | |
Wills Point | TX | | | | 417,304 | | 774,994 | | None | | None | | 417,304 | | 774,994 | | 1,192,298 | | 32,291 | | | | 12/14/12 | | 300 | |
Wilmer | TX | | | | 489,576 | | 909,212 | | None | | None | | 489,576 | | 909,212 | | 1,398,788 | | 37,884 | | | | 12/14/12 | | 300 | |
Winnsboro | TX | | | | 446,940 | | 830,031 | | None | | None | | 446,940 | | 830,031 | | 1,276,971 | | 34,585 | | | | 12/14/12 | | 300 | |
Winters | TX | | | | 50,842 | | 811,377 | | None | | None | | 50,842 | | 811,377 | | 862,219 | | 44,626 | | | | 08/30/12 | | 300 | |
Kanab | UT | | | | 563,114 | | 1,045,783 | | None | | None | | 563,114 | | 1,045,783 | | 1,608,897 | | 64,490 | | | | 06/01/12 | | 300 | |
Mt Pleasant | UT | | | | 573,530 | | 1,065,126 | | None | | None | | 573,530 | | 1,065,126 | | 1,638,656 | | 65,683 | | | | 06/01/12 | | 300 | |
Colonial Heights | VA | | | | 337,535 | | 1,327,865 | | None | | None | | 337,535 | | 1,327,865 | | 1,665,400 | | 19,918 | | | | 08/22/13 | | 300 | |
Colonial Heights | VA | | | | 283,623 | | 1,115,777 | | None | | None | | 283,623 | | 1,115,777 | | 1,399,400 | | 16,737 | | | | 08/22/13 | | 300 | |
Concord | VA | | | | 259,997 | | 906,036 | | None | | None | | 259,997 | | 906,036 | | 1,166,033 | | 49,832 | | | | 08/30/12 | | 300 | |
Danville | VA | | | | 223,469 | | 879,131 | | None | | None | | 223,469 | | 879,131 | | 1,102,600 | | 13,187 | | | | 08/22/13 | | 300 | |
Goshen | VA | | | | 80,157 | | 831,602 | | None | | None | | 80,157 | | 831,602 | | 911,759 | | 45,738 | | | | 08/30/12 | | 300 | |
Madison Heights | VA | | | | 276,413 | | 936,546 | | None | | None | | 276,413 | | 936,546 | | 1,212,959 | | 51,510 | | | | 08/30/12 | | 300 | |
Onley | VA | | | | 313,433 | | 582,089 | | None | | None | | 313,433 | | 582,089 | | 895,522 | | 24,254 | | | | 12/14/12 | | 300 | |
Portsmouth | VA | | | | 524,294 | | 973,688 | | None | | None | | 524,294 | | 973,688 | | 1,497,982 | | 60,044 | | | | 06/01/12 | | 300 | |
Richmond | VA | | | | 709,379 | | 1,317,417 | | None | | None | | 709,379 | | 1,317,417 | | 2,026,796 | | 81,241 | | | | 06/01/12 | | 300 | |
Richmond | VA | | | | 344,912 | | 1,356,888 | | None | | None | | 344,912 | | 1,356,888 | | 1,701,800 | | 20,353 | | | | 08/22/13 | | 300 | |
Roanoke | VA | | | | 591,344 | | 1,098,210 | | None | | None | | 591,344 | | 1,098,210 | | 1,689,554 | | 67,723 | | | | 06/01/12 | | 300 | |
Roanoke | VA | | | | 655,795 | | 1,217,906 | | None | | None | | 655,795 | | 1,217,906 | | 1,873,701 | | 50,746 | | | | 12/14/12 | | 300 | |
Roanoke | VA | | | | 478,904 | | 889,394 | | None | | None | | 478,904 | | 889,394 | | 1,368,298 | | 37,058 | | | | 12/14/12 | | 300 | |
Shawsville | VA | | | | 334,624 | | 1,066,596 | | None | | None | | 334,624 | | 1,066,596 | | 1,401,220 | | 58,663 | | | | 08/30/12 | | 300 | |
Spotsylvania | VA | | | | 300,324 | | 1,181,476 | | None | | None | | 300,324 | | 1,181,476 | | 1,481,800 | | 17,722 | | | | 08/22/13 | | 300 | |
Stanleytown | VA | | | | 359,846 | | 668,286 | | None | | None | | 359,846 | | 668,286 | | 1,028,132 | | 27,845 | | | | 12/14/12 | | 300 | |
Stony Creek | VA | | | | 237,764 | | 935,366 | | None | | None | | 237,764 | | 935,366 | | 1,173,130 | | 20,266 | | | | 06/21/13 | | 300 | |
Victoria | VA | | | | 194,099 | | 914,642 | | None | | None | | 194,099 | | 914,642 | | 1,108,741 | | 50,305 | | | | 08/30/12 | | 300 | |
Eagle River | WI | | | | 208,955 | | 388,060 | | None | | None | | 208,955 | | 388,060 | | 597,015 | | 16,169 | | | | 12/14/12 | | 300 | |
Milwaukee | WI | | | | 538,419 | | 999,922 | | None | | None | | 538,419 | | 999,922 | | 1,538,341 | | 61,662 | | | | 06/01/12 | | 300 | |
Spooner | WI | | | | 564,022 | | 1,047,470 | | None | | None | | 564,022 | | 1,047,470 | | 1,611,492 | | 64,594 | | | | 06/01/12 | | 300 | |
Huntington | WV | | | | 376,119 | | 698,508 | | None | | None | | 376,119 | | 698,508 | | 1,074,627 | | 29,104 | | | | 12/14/12 | | 300 | |
Lashmeet | WV | | | | 332,222 | | 1,079,721 | | None | | None | | 332,222 | | 1,079,721 | | 1,411,943 | | 41,389 | | | | 01/22/13 | | 300 | |
Mt Hope | WV | | | | 186,300 | | 732,905 | | None | | None | | 186,300 | | 732,905 | | 919,205 | | 13,437 | | | | 07/23/13 | | 300 | |
Princeton | WV | | | | 280,344 | | 911,119 | | 8,500 | | None | | 280,344 | | 919,619 | | 1,199,963 | | 35,338 | | | | 01/22/13 | | 300 | |
Shady Spring | WV | | | | 204,338 | | 833,689 | | None | | None | | 204,338 | | 833,689 | | 1,038,027 | | 26,400 | | | | 03/27/13 | | 300 | |
Cheyenne | WY | | | | 521,603 | | 968,690 | | None | | None | | 521,603 | | 968,690 | | 1,490,293 | | 59,736 | | | | 06/01/12 | | 300 | |
Cheyenne | WY | | | | 564,022 | | 1,047,470 | | None | | None | | 564,022 | | 1,047,470 | | 1,611,492 | | 64,594 | | | | 06/01/12 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Drug stores | | | | | | | | | | | | | | | | | | | | | | | |
Auburn | AL | | 2,258,399 | | 1,696,833 | | 3,901,754 | | None | | None | | 1,696,833 | | 3,901,754 | | 5,598,587 | | 149,567 | | | | 01/22/13 | | 300 | |
Chelsea | AL | | 2,998,800 | | 1,157,579 | | 3,575,632 | | None | | None | | 1,157,579 | | 3,575,632 | | 4,733,211 | | 137,066 | | | | 01/22/13 | | 300 | |
Montgomery | AL | | | | 1,150,000 | | 1,479,627 | | None | | None | | 1,150,000 | | 1,479,627 | | 2,629,627 | | 525,275 | | | | 02/09/05 | | 300 | |
Van Buren | AR | | | | 1,328,049 | | 3,008,245 | | None | | None | | 1,328,049 | | 3,008,245 | | 4,336,294 | | 35,096 | | | | 09/25/13 | | 300 | |
Chandler | AZ | | 2,043,313 | | - | | 3,540,215 | | None | | None | | - | | 3,540,215 | | 3,540,215 | | 135,708 | | | | 01/22/13 | | 300 | |
Chandler | AZ | | | | 1,086,262 | | 2,460,559 | | None | | None | | 1,086,262 | | 2,460,559 | | 3,546,821 | | 28,707 | | | | 09/25/13 | | 300 | |
El Mirage | AZ | | | | 1,179,770 | | 2,672,369 | | None | | None | | 1,179,770 | | 2,672,369 | | 3,852,139 | | 31,178 | | | | 09/25/13 | | 300 | |
Mesa | AZ | | | | 1,347,649 | | 3,790,620 | | None | | None | | 1,347,649 | | 3,790,620 | | 5,138,269 | | 82,130 | | | | 06/14/13 | | 300 | |
Mesa | AZ | | | | 1,545,555 | | 4,347,285 | | None | | None | | 1,545,555 | | 4,347,285 | | 5,892,840 | | 94,191 | | | | 06/14/13 | | 300 | |
Phoenix | AZ | | 1,870,645 | | - | | 3,381,632 | | None | | None | | - | | 3,381,632 | | 3,381,632 | | 129,629 | | | | 01/22/13 | | 300 | |
Phoenix | AZ | | | | 1,562,759 | | 4,395,676 | | None | | None | | 1,562,759 | | 4,395,676 | | 5,958,435 | | 95,240 | | | | 06/14/13 | | 300 | |
Surprise | AZ | | | | 1,358,528 | | 3,821,220 | | None | | None | | 1,358,528 | | 3,821,220 | | 5,179,748 | | 82,793 | | | | 06/14/13 | | 300 | |
Tucson | AZ | | | | 959,875 | | 2,350,208 | | None | | None | | 959,875 | | 2,350,208 | | 3,310,083 | | 129,261 | | | | 08/10/12 | | 300 | |
F-41
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Bakersfield | CA | | | | - | | 3,501,678 | | None | | None | | - | | 3,501,678 | | 3,501,678 | | 822,894 | | | | 02/26/08 | | 300 | |
Encinitas | CA | | | | - | | 3,751,713 | | None | | None | | - | | 3,751,713 | | 3,751,713 | | 881,652 | | | | 02/26/08 | | 300 | |
Indio | CA | | | | 2,205,539 | | 4,096,524 | | None | | None | | 2,205,539 | | 4,096,524 | | 6,302,063 | | 962,682 | | | | 02/21/08 | | 300 | |
Pico Rivera | CA | | 2,318,669 | | - | | 4,633,063 | | None | | None | | - | | 4,633,063 | | 4,633,063 | | 177,601 | | | | 01/22/13 | | 300 | |
Sacramento | CA | | | | 1,490,000 | | 3,473,583 | | None | | None | | 1,490,000 | | 3,473,583 | | 4,963,583 | | 445,777 | | | | 10/22/10 | | 300 | |
Tracy | CA | | | | 2,467,993 | | 4,584,246 | | None | | None | | 2,467,993 | | 4,584,246 | | 7,052,239 | | 1,107,859 | | | | 12/20/07 | | 300 | |
Visalia | CA | | 1,627,658 | | - | | 4,333,023 | | None | | None | | - | | 4,333,023 | | 4,333,023 | | 166,099 | | | | 01/22/13 | | 300 | |
Colorado Springs | CO | | | | 1,025,000 | | 1,645,371 | | 36,980 | | 79 | | 1,025,000 | | 1,682,430 | | 2,707,430 | | 590,876 | | | | 02/09/05 | | 300 | |
Colorado Springs | CO | | | | 1,547,023 | | 3,504,257 | | None | | None | | 1,547,023 | | 3,504,257 | | 5,051,280 | | 52,564 | | | | 08/29/13 | | 300 | |
Fort Collins | CO | | | | 1,100,000 | | 1,385,014 | | None | | 79 | | 1,100,000 | | 1,385,093 | | 2,485,093 | | 491,700 | | | | 02/09/05 | | 300 | |
Littleton | CO | | | | 1,498,300 | | 3,393,892 | | None | | None | | 1,498,300 | | 3,393,892 | | 4,892,192 | | 50,908 | | | | 08/29/13 | | 300 | |
Casselberry | FL | | | | 1,075,020 | | 1,664,284 | | None | | None | | 1,075,020 | | 1,664,284 | | 2,739,304 | | 1,018,015 | | | | 09/30/98 | | 300 | |
Delray | FL | | | | 4,893,115 | | 3,541,070 | | None | | None | | 4,893,115 | | 3,541,070 | | 8,434,185 | | 135,741 | | | | 01/22/13 | | 300 | |
Deltona | FL | | | | 849,162 | | 2,388,495 | | None | | None | | 849,162 | | 2,388,495 | | 3,237,657 | | 51,751 | | | | 06/04/13 | | 300 | |
Gainesville | FL | | 3,140,250 | | 1,935,853 | | 3,620,924 | | None | | None | | 1,935,853 | | 3,620,924 | | 5,556,777 | | 138,802 | | | | 01/22/13 | | 300 | |
Jacksonville | FL | | 2,318,669 | | 1,605,187 | | 3,691,020 | | None | | None | | 1,605,187 | | 3,691,020 | | 5,296,207 | | 141,489 | | | | 01/22/13 | | 300 | |
Milton | FL | | | | 500,000 | | 1,774,311 | | None | | None | | 500,000 | | 1,774,311 | | 2,274,311 | | 227,703 | | | | 10/22/10 | | 300 | |
Orlando | FL | | | | 1,315,198 | | 2,979,136 | | None | | None | | 1,315,198 | | 2,979,136 | | 4,294,334 | | 4,965 | | | | 12/10/13 | | 300 | |
Rockledge | FL | | | | 1,626,972 | | 4,576,292 | | None | | None | | 1,626,972 | | 4,576,292 | | 6,203,264 | | 99,153 | | | | 06/07/13 | | 300 | |
St. Augustine | FL | | | | 1,442,096 | | 4,056,278 | | None | | None | | 1,442,096 | | 4,056,278 | | 5,498,374 | | 87,886 | | | | 06/11/13 | | 300 | |
Acworth | GA | | | | 1,534,095 | | 3,527,548 | | None | | None | | 1,534,095 | | 3,527,548 | | 5,061,643 | | 135,223 | | | | 01/22/13 | | 300 | |
Adel | GA | | | | 500,000 | | 1,056,116 | | 48,524 | | None | | 500,000 | | 1,104,640 | | 1,604,640 | | 368,009 | | | | 04/29/05 | | 300 | |
Blackshear | GA | | | | 430,000 | | 1,005,393 | | None | | None | | 430,000 | | 1,005,393 | | 1,435,393 | | 350,206 | | | | 04/29/05 | | 300 | |
Bowdon | GA | | | | 410,000 | | 1,010,615 | | None | | None | | 410,000 | | 1,010,615 | | 1,420,615 | | 352,025 | | | | 04/29/05 | | 300 | |
Cairo | GA | | | | 330,000 | | 1,152,243 | | None | | None | | 330,000 | | 1,152,243 | | 1,482,243 | | 401,359 | | | | 04/29/05 | | 300 | |
Columbus | GA | | | | 1,740,000 | | 5,024,581 | | None | | None | | 1,740,000 | | 5,024,581 | | 6,764,581 | | 108,866 | | | | 06/14/13 | | 300 | |
Decatur | GA | | 1,999,200 | | 1,546,047 | | 3,555,032 | | 28,765 | | None | | 1,546,047 | | 3,583,797 | | 5,129,844 | | 137,104 | | | | 01/22/13 | | 300 | |
East Ellijay | GA | | 2,021,805 | | 1,317,709 | | 3,029,984 | | None | | None | | 1,317,709 | | 3,029,984 | | 4,347,693 | | 116,149 | | | | 01/22/13 | | 300 | |
Lawrenceville | GA | | | | 1,109,742 | | 3,121,445 | | None | | None | | 1,109,742 | | 3,121,445 | | 4,231,187 | | 67,631 | | | | 06/28/13 | | 300 | |
Lithia Springs | GA | | | | 1,543,512 | | 3,549,202 | | None | | None | | 1,543,512 | | 3,549,202 | | 5,092,714 | | 136,053 | | | | 01/22/13 | | 300 | |
Quitman | GA | | | | 730,000 | | 856,586 | | None | | None | | 730,000 | | 856,586 | | 1,586,586 | | 304,079 | | | | 02/09/05 | | 300 | |
Rome | GA | | 1,591,633 | | - | | 3,389,465 | | None | | None | | - | | 3,389,465 | | 3,389,465 | | 129,929 | | | | 01/22/13 | | 300 | |
Rome | GA | | | | 1,293,890 | | 3,639,408 | | None | | None | | 1,293,890 | | 3,639,408 | | 4,933,298 | | 78,854 | | | | 06/12/13 | | 300 | |
Smyrna | GA | | 2,505,678 | | 1,234,384 | | 3,610,300 | | None | | None | | 1,234,384 | | 3,610,300 | | 4,844,684 | | 138,395 | | | | 01/22/13 | | 300 | |
Ottumwa | IA | | 2,860,134 | | 1,687,561 | | 3,880,433 | | None | | None | | 1,687,561 | | 3,880,433 | | 5,567,994 | | 148,750 | | | | 01/22/13 | | 300 | |
Blackfoot | ID | | | | 560,000 | | 1,932,186 | | None | | None | | 560,000 | | 1,932,186 | | 2,492,186 | | 685,917 | | | | 02/09/05 | | 300 | |
Burley | ID | | | | 700,000 | | 2,011,543 | | None | | None | | 700,000 | | 2,011,543 | | 2,711,543 | | 714,089 | | | | 02/09/05 | | 300 | |
Chubbuck | ID | | | | 890,000 | | 1,267,183 | | None | | None | | 890,000 | | 1,267,183 | | 2,157,183 | | 449,841 | | | | 02/09/05 | | 300 | |
Chicago | IL | | | | 1,589,068 | | 2,841,507 | | 90,118 | | None | | 1,589,068 | | 2,931,625 | | 4,520,693 | | 175,607 | | | | 06/29/12 | | 300 | |
Chicago | IL | | 5,073,893 | | 1,462,870 | | 3,735,267 | | None | | None | | 1,462,870 | | 3,735,267 | | 5,198,137 | | 143,185 | | | | 01/22/13 | | 300 | |
Chicago | IL | | | | 1,744,950 | | 3,952,594 | | None | | None | | 1,744,950 | | 3,952,594 | | 5,697,544 | | 46,114 | | | | 09/03/13 | | 300 | |
Chicago | IL | | | | 1,771,532 | | 4,012,807 | | None | | None | | 1,771,532 | | 4,012,807 | | 5,784,339 | | 20,064 | | | | 11/12/13 | | 300 | |
Chicago Heights | IL | | | | 1,272,921 | | 3,580,429 | | None | | None | | 1,272,921 | | 3,580,429 | | 4,853,350 | | 77,576 | | | | 06/04/13 | | 300 | |
Darien | IL | | | | 1,198,099 | | 3,369,971 | | None | | None | | 1,198,099 | | 3,369,971 | | 4,568,070 | | 84,249 | | | | 05/31/13 | | 300 | |
Deerfield | IL | | | | 4,092,687 | | 11,511,770 | | None | | None | | 4,092,687 | | 11,511,770 | | 15,604,457 | | 123,340 | | | | 08/27/13 | | 420 | |
Deerfield | IL | | | | 4,261,874 | | 11,987,653 | | None | | None | | 4,261,874 | | 11,987,653 | | 16,249,527 | | 128,439 | | | | 08/27/13 | | 420 | |
Deerfield | IL | | | | 4,082,432 | | 11,482,923 | | None | | None | | 4,082,432 | | 11,482,923 | | 15,565,355 | | 123,031 | | | | 08/27/13 | | 420 | |
Deerfield | IL | | | | 4,089,453 | | 11,502,673 | | None | | None | | 4,089,453 | | 11,502,673 | | 15,592,126 | | 123,243 | | | | 08/27/13 | | 420 | |
Deerfield | IL | | | | 2,586,157 | | 7,274,253 | | None | | None | | 2,586,157 | | 7,274,253 | | 9,860,410 | | 77,938 | | | | 08/27/13 | | 420 | |
Deerfield | IL | | | | 3,180,926 | | 8,947,200 | | None | | None | | 3,180,926 | | 8,947,200 | | 12,128,126 | | 95,863 | | | | 08/27/13 | | 420 | |
Joliet | IL | | 1,803,200 | | 1,463,785 | | 3,365,876 | | None | | None | | 1,463,785 | | 3,365,876 | | 4,829,661 | | 129,025 | | | | 01/22/13 | | 300 | |
Maryville | IL | | | | 780,685 | | 2,344,436 | | None | | None | | 780,685 | | 2,344,436 | | 3,125,121 | | 261,795 | | | | 03/16/11 | | 300 | |
Moline | IL | | 2,518,277 | | 1,104,813 | | 3,748,707 | | None | | None | | 1,104,813 | | 3,748,707 | | 4,853,520 | | 143,700 | | | | 01/22/13 | | 300 | |
Oak Forest | IL | | | | 1,562,490 | | 4,394,918 | | None | | None | | 1,562,490 | | 4,394,918 | | 5,957,408 | | 95,223 | | | | 06/06/13 | | 300 | |
Springfield | IL | | | | 1,343,188 | | 3,778,072 | | None | | None | | 1,343,188 | | 3,778,072 | | 5,121,260 | | 81,858 | | | | 06/07/13 | | 300 | |
Springfield | IL | | | | 1,227,859 | | 3,453,680 | | None | | None | | 1,227,859 | | 3,453,680 | | 4,681,539 | | 74,830 | | | | 06/11/13 | | 300 | |
Troy | IL | | | | 768,515 | | 1,991,358 | | None | | None | | 768,515 | | 1,991,358 | | 2,759,873 | | 222,368 | | | | 03/16/11 | | 300 | |
F-42
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Anderson | IN | | | | 937,591 | | 2,123,795 | | None | | None | | 937,591 | | 2,123,795 | | 3,061,386 | | 24,778 | | | | 09/11/13 | | 300 | |
Chesterton | IN | | 3,140,250 | | 616,498 | | 4,930,886 | | None | | None | | 616,498 | | 4,930,886 | | 5,547,384 | | 189,017 | | | | 01/22/13 | | 300 | |
Elkhart | IN | | | | 1,772,161 | | 4,074,966 | | None | | None | | 1,772,161 | | 4,074,966 | | 5,847,127 | | 156,207 | | | | 01/22/13 | | 300 | |
Hammond | IN | | | | 667,821 | | 2,656,839 | | None | | None | | 667,821 | | 2,656,839 | | 3,324,660 | | 181,551 | | | | 04/12/12 | | 300 | |
Indianapolis | IN | | | | 1,630,000 | | 5,235,915 | | None | | None | | 1,630,000 | | 5,235,915 | | 6,865,915 | | 113,445 | | | | 06/04/13 | | 300 | |
Indianapolis | IN | | | | 1,123,685 | | 3,160,662 | | None | | None | | 1,123,685 | | 3,160,662 | | 4,284,347 | | 68,481 | | | | 06/28/13 | | 300 | |
Kokomo | IN | | | | 978,592 | | 2,216,668 | | None | | None | | 978,592 | | 2,216,668 | | 3,195,260 | | 25,861 | | | | 09/11/13 | | 300 | |
Marion | IN | | | | 1,247,236 | | 3,508,184 | | None | | None | | 1,247,236 | | 3,508,184 | | 4,755,420 | | 76,011 | | | | 06/27/13 | | 300 | |
Monticello | IN | | | | 694,032 | | 1,952,148 | | None | | None | | 694,032 | | 1,952,148 | | 2,646,180 | | 42,297 | | | | 06/07/13 | | 300 | |
Princeton | IN | | 3,013,640 | | 2,033,742 | | 4,676,454 | | None | | None | | 2,033,742 | | 4,676,454 | | 6,710,196 | | 179,264 | | | | 01/22/13 | | 300 | |
Salem | IN | | | | - | | 2,351,296 | | None | | None | | - | | 2,351,296 | | 2,351,296 | | 693,632 | | | | 08/16/06 | | 300 | |
South Bend | IN | | | | 1,665,544 | | 4,684,786 | | None | | None | | 1,665,544 | | 4,684,786 | | 6,350,330 | | 101,504 | | | | 06/04/13 | | 300 | |
Merriam | KS | | | | 1,441,117 | | 4,053,526 | | None | | None | | 1,441,117 | | 4,053,526 | | 5,494,643 | | 87,826 | | | | 06/04/13 | | 300 | |
Louisville | KY | | 3,675,450 | | 2,386,891 | | 4,017,753 | | None | | None | | 2,386,891 | | 4,017,753 | | 6,404,644 | | 154,014 | | | | 01/22/13 | | 300 | |
Louisville | KY | | 3,061,730 | | 1,785,691 | | 4,106,077 | | None | | None | | 1,785,691 | | 4,106,077 | | 5,891,768 | | 157,400 | | | | 01/22/13 | | 300 | |
Louisville | KY | | 3,265,540 | | 1,565,241 | | 3,947,885 | | None | | None | | 1,565,241 | | 3,947,885 | | 5,513,126 | | 151,336 | | | | 01/22/13 | | 300 | |
Mayfield | KY | | 2,995,320 | | 1,782,381 | | 4,098,467 | | None | | None | | 1,782,381 | | 4,098,467 | | 5,880,848 | | 157,108 | | | | 01/22/13 | | 300 | |
Radcliff | KY | | 3,256,380 | | 1,305,607 | | 3,960,699 | | None | | None | | 1,305,607 | | 3,960,699 | | 5,266,306 | | 151,827 | | | | 01/22/13 | | 300 | |
Amite | LA | | 2,689,843 | | 1,633,328 | | 3,755,728 | | None | | None | | 1,633,328 | | 3,755,728 | | 5,389,056 | | 143,970 | | | | 01/22/13 | | 300 | |
Morgan City | LA | | | | 1,378,894 | | 3,170,675 | | None | | None | | 1,378,894 | | 3,170,675 | | 4,549,569 | | 121,543 | | | | 01/22/13 | | 300 | |
Elkton | MD | | | | 1,751,013 | | 3,252,546 | | None | | None | | 1,751,013 | | 3,252,546 | | 5,003,559 | | 764,347 | | | | 02/21/08 | | 300 | |
Laurel | MD | | | | - | | 2,400,696 | | None | | None | | - | | 2,400,696 | | 2,400,696 | | 708,205 | | | | 08/16/06 | | 300 | |
Biddeford | ME | | 1,914,262 | | - | | 3,587,125 | | None | | None | | - | | 3,587,125 | | 3,587,125 | | 137,506 | | | | 01/22/13 | | 300 | |
Brewer | ME | | | | 2,030,000 | | 4,935,503 | | None | | None | | 2,030,000 | | 4,935,503 | | 6,965,503 | | 106,936 | | | | 06/06/13 | | 300 | |
Farmington | ME | | | | 1,310,995 | | 3,687,522 | | None | | None | | 1,310,995 | | 3,687,522 | | 4,998,517 | | 79,896 | | | | 06/12/13 | | 300 | |
Lisbon | ME | | | | 1,403,949 | | 3,948,979 | | None | | None | | 1,403,949 | | 3,948,979 | | 5,352,928 | | 85,561 | | | | 06/13/13 | | 300 | |
Machias | ME | | | | 1,250,032 | | 3,516,047 | | None | | None | | 1,250,032 | | 3,516,047 | | 4,766,079 | | 76,181 | | | | 06/05/13 | | 300 | |
Portland | ME | | | | 2,100,849 | | 3,902,402 | | None | | None | | 2,100,849 | | 3,902,402 | | 6,003,251 | | 943,080 | | | | 12/20/07 | | 300 | |
Charlotte | MI | | 2,882,100 | | 466,474 | | 3,640,666 | | None | | None | | 466,474 | | 3,640,666 | | 4,107,140 | | 139,559 | | | | 01/22/13 | | 300 | |
Gladwin | MI | | | | 1,365,747 | | 2,536,910 | | None | | None | | 1,365,747 | | 2,536,910 | | 3,902,657 | | 596,173 | | | | 02/21/08 | | 300 | |
Macomb | MI | | | | 1,084,185 | | 3,049,559 | | None | | None | | 1,084,185 | | 3,049,559 | | 4,133,744 | | 66,074 | | | | 06/25/13 | | 300 | |
Metamora | MI | | | | 859,139 | | 2,291,557 | | None | | None | | 859,139 | | 2,291,557 | | 3,150,696 | | 676,009 | | | | 08/16/06 | | 300 | |
Mount Pleasant | MI | | 2,692,300 | | 879,419 | | 3,713,692 | | None | | None | | 879,419 | | 3,713,692 | | 4,593,111 | | 142,358 | | | | 01/22/13 | | 300 | |
Northville | MI | | 2,425,972 | | 982,099 | | 3,849,614 | | None | | None | | 982,099 | | 3,849,614 | | 4,831,713 | | 147,569 | | | | 01/22/13 | | 300 | |
Rockwood | MI | | | | 972,962 | | 2,736,715 | | None | | None | | 972,962 | | 2,736,715 | | 3,709,677 | | 59,296 | | | | 06/25/13 | | 300 | |
Troy | MI | | | | 3,184,828 | | - | | None | | None | | 3,184,828 | | - | | 3,184,828 | | - | | | | 06/27/13 | | 300 | |
Washington Twnshp | MI | | | | 1,028,277 | | 2,892,301 | | None | | None | | 1,028,277 | | 2,892,301 | | 3,920,578 | | 62,667 | | | | 06/25/13 | | 300 | |
Brooklyn Park | MN | | 1,419,565 | | - | | 4,106,753 | | None | | None | | - | | 4,106,753 | | 4,106,753 | | 157,426 | | | | 01/22/13 | | 300 | |
Cloquet | MN | | | | 1,220,000 | | 5,151,588 | | None | | None | | 1,220,000 | | 5,151,588 | | 6,371,588 | | 111,618 | | | | 06/07/13 | | 300 | |
Grand Rapids | MN | | 3,482,700 | | 499,111 | | 4,072,537 | | None | | None | | 499,111 | | 4,072,537 | | 4,571,648 | | 156,114 | | | | 01/22/13 | | 300 | |
Dellwood | MO | | | | 766,461 | | 2,438,272 | | None | | None | | 766,461 | | 2,438,272 | | 3,204,733 | | 272,274 | | | | 03/16/11 | | 300 | |
Farmington | MO | | | | 1,580,000 | | 5,184,052 | | None | | None | | 1,580,000 | | 5,184,052 | | 6,764,052 | | 112,321 | | | | 06/27/13 | | 300 | |
Harrisonville | MO | | 2,016,234 | | 1,473,335 | | 3,387,834 | | None | | None | | 1,473,335 | | 3,387,834 | | 4,861,169 | | 129,867 | | | | 01/22/13 | | 300 | |
Saint Joseph | MO | | | | 1,293,855 | | 3,639,311 | | None | | None | | 1,293,855 | | 3,639,311 | | 4,933,166 | | 78,852 | | | | 06/07/13 | | 300 | |
St. Louis | MO | | | | 744,817 | | 2,300,087 | | None | | None | | 744,817 | | 2,300,087 | | 3,044,904 | | 256,843 | | | | 03/16/11 | | 300 | |
St. Louis | MO | | | | 1,117,749 | | 3,143,966 | | None | | None | | 1,117,749 | | 3,143,966 | | 4,261,715 | | 68,119 | | | | 06/14/13 | | 300 | |
St. Louis | MO | | | | 2,190,000 | | 5,109,166 | | None | | None | | 2,190,000 | | 5,109,166 | | 7,299,166 | | 110,699 | | | | 06/27/13 | | 300 | |
Wildwood | MO | | | | 681,200 | | 2,649,759 | | None | | None | | 681,200 | | 2,649,759 | | 3,330,959 | | 295,890 | | | | 03/16/11 | | 300 | |
Byram | MS | | | | 1,243,088 | | 3,425,993 | | None | | None | | 1,243,088 | | 3,425,993 | | 4,669,081 | | 131,330 | | | | 01/22/13 | | 300 | |
Forest | MS | | | | - | | 2,991,069 | | None | | None | | - | | 2,991,069 | | 2,991,069 | | 114,658 | | | | 01/22/13 | | 300 | |
Asheville | NC | | 1,004,402 | | - | | 3,118,366 | | None | | None | | - | | 3,118,366 | | 3,118,366 | | 119,537 | | | | 01/22/13 | | 300 | |
Charlotte | NC | | | | 923,616 | | 2,092,139 | | None | | None | | 923,616 | | 2,092,139 | | 3,015,755 | | 24,408 | | | | 09/27/13 | | 300 | |
Creedmoor | NC | | 1,814,610 | | 1,280,821 | | 2,945,163 | | None | | None | | 1,280,821 | | 2,945,163 | | 4,225,984 | | 112,898 | | | | 01/22/13 | | 300 | |
High Point | NC | | | | 1,573,851 | | 4,426,874 | | None | | None | | 1,573,851 | | 4,426,874 | | 6,000,725 | | 95,916 | | | | 06/11/13 | | 300 | |
Holly Springs | NC | | 2,021,805 | | 1,451,019 | | 3,336,520 | | None | | None | | 1,451,019 | | 3,336,520 | | 4,787,539 | | 127,900 | | | | 01/22/13 | | 300 | |
Roanoke Rapids | NC | | | | 1,103,934 | | 2,538,422 | | None | | None | | 1,103,934 | | 2,538,422 | | 3,642,356 | | 97,306 | | | | 01/22/13 | | 300 | |
Walkertown | NC | | 1,957,279 | | 1,351,535 | | 3,107,765 | | None | | None | | 1,351,535 | | 3,107,765 | | 4,459,300 | | 119,131 | | | | 01/22/13 | | 300 | |
F-43
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Plaistow | NH | | | | 940,000 | | 4,421,512 | | None | | None | | 940,000 | | 4,421,512 | | 5,361,512 | | 95,799 | | | | 06/14/13 | | 300 | |
Carson City | NV | | | | 800,000 | | 2,770,950 | | None | | None | | 800,000 | | 2,770,950 | | 3,570,950 | | 983,679 | | | | 02/09/05 | | 300 | |
Reno | NV | | | | 1,100,000 | | 2,602,911 | | None | | 175 | | 1,100,000 | | 2,603,086 | | 3,703,086 | | 924,083 | | | | 02/09/05 | | 300 | |
Reno | NV | | | | 850,000 | | 2,306,647 | | None | | None | | 850,000 | | 2,306,647 | | 3,156,647 | | 818,851 | | | | 02/09/05 | | 300 | |
Reno | NV | | 1,612,987 | | - | | 3,951,105 | | None | | None | | - | | 3,951,105 | | 3,951,105 | | 151,459 | | | | 01/22/13 | | 300 | |
Sparks | NV | | | | 1,000,000 | | 2,271,513 | | None | | None | | 1,000,000 | | 2,271,513 | | 3,271,513 | | 806,378 | | | | 02/09/05 | | 300 | |
Sun Valley | NV | | | | 550,000 | | 2,678,380 | | None | | None | | 550,000 | | 2,678,380 | | 3,228,380 | | 950,816 | | | | 02/09/05 | | 300 | |
Angola | NY | | | | 1,644,457 | | 3,781,320 | | None | | None | | 1,644,457 | | 3,781,320 | | 5,425,777 | | 144,951 | | | | 01/22/13 | | 300 | |
Auburn | NY | | 3,434,614 | | 1,319,171 | | 4,557,735 | | None | | None | | 1,319,171 | | 4,557,735 | | 5,876,906 | | 174,713 | | | | 01/22/13 | | 300 | |
Brooklyn | NY | | | | - | | 3,169,829 | | None | | None | | - | | 3,169,829 | | 3,169,829 | | 121,510 | | | | 01/22/13 | | 300 | |
Brooklyn | NY | | | | 6,286,888 | | 3,091,053 | | None | | None | | 6,286,888 | | 3,091,053 | | 9,377,941 | | 118,490 | | | | 01/22/13 | | 300 | |
Cohoes | NY | | | | 993,687 | | 2,284,916 | | None | | None | | 993,687 | | 2,284,916 | | 3,278,603 | | 87,588 | | | | 01/22/13 | | 300 | |
Flushing | NY | | | | - | | 2,844,843 | | None | | None | | - | | 2,844,843 | | 2,844,843 | | 109,052 | | | | 01/22/13 | | 300 | |
Greece | NY | | | | 1,530,625 | | 4,305,290 | | None | | None | | 1,530,625 | | 4,305,290 | | 5,835,915 | | 93,281 | | | | 06/12/13 | | 300 | |
LeRoy | NY | | 2,821,085 | | 664,571 | | 4,160,651 | | None | | None | | 664,571 | | 4,160,651 | | 4,825,222 | | 159,492 | | | | 01/22/13 | | 300 | |
Orchard Park | NY | | 3,305,840 | | 715,690 | | 4,719,148 | | None | | None | | 715,690 | | 4,719,148 | | 5,434,838 | | 180,901 | | | | 01/22/13 | | 300 | |
Patchogue | NY | | | | 1,717,702 | | 5,188,982 | | None | | None | | 1,717,702 | | 5,188,982 | | 6,906,684 | | 198,911 | | | | 01/22/13 | | 300 | |
Penn Yan | NY | | | | 843,439 | | 3,784,664 | | None | | None | | 843,439 | | 3,784,664 | | 4,628,103 | | 145,079 | | | | 01/22/13 | | 300 | |
Plattsburgh | NY | | 3,674,864 | | 2,122,505 | | 4,610,552 | | None | | None | | 2,122,505 | | 4,610,552 | | 6,733,057 | | 176,738 | | | | 01/22/13 | | 300 | |
Queens | NY | | | | - | | 3,265,890 | | None | | None | | - | | 3,265,890 | | 3,265,890 | | 125,192 | | | | 01/22/13 | | 300 | |
Ridgewood | NY | | | | 6,872,644 | | 3,221,483 | | None | | None | | 6,872,644 | | 3,221,483 | | 10,094,127 | | 123,490 | | | | 01/22/13 | | 300 | |
Rochester | NY | | | | 519,775 | | 3,589,694 | | None | | None | | 519,775 | | 3,589,694 | | 4,109,469 | | 137,605 | | | | 01/22/13 | | 300 | |
Rochester | NY | | 3,355,812 | | 495,551 | | 3,585,587 | | None | | None | | 495,551 | | 3,585,587 | | 4,081,138 | | 137,448 | | | | 01/22/13 | | 300 | |
Rochester | NY | | 1,775,928 | | - | | 4,562,079 | | None | | None | | - | | 4,562,079 | | 4,562,079 | | 174,880 | | | | 01/22/13 | | 300 | |
St. Albans | NY | | | | 6,550,000 | | 4,455,729 | | None | | None | | 6,550,000 | | 4,455,729 | | 11,005,729 | | 96,541 | | | | 06/26/13 | | 300 | |
Stony Point | NY | | 3,089,020 | | 2,340,671 | | 4,770,714 | | None | | None | | 2,340,671 | | 4,770,714 | | 7,111,385 | | 182,877 | | | | 01/22/13 | | 300 | |
Syracuse | NY | | 3,672,942 | | 1,474,646 | | 4,898,244 | | None | | None | | 1,474,646 | | 4,898,244 | | 6,372,890 | | 187,766 | | | | 01/22/13 | | 300 | |
Wilton | NY | | 2,283,223 | | 1,763,372 | | 4,054,756 | | None | | None | | 1,763,372 | | 4,054,756 | | 5,818,128 | | 155,432 | | | | 01/22/13 | | 300 | |
Cadiz | OH | | 1,225,038 | | 904,795 | | 2,080,515 | | None | | None | | 904,795 | | 2,080,515 | | 2,985,310 | | 79,753 | | | | 01/22/13 | | 300 | |
Carrollton | OH | | 1,709,738 | | 1,001,306 | | 2,302,436 | | None | | None | | 1,001,306 | | 2,302,436 | | 3,303,742 | | 88,260 | | | | 01/22/13 | | 300 | |
Columbus | OH | | | | 1,153,997 | | 3,245,924 | | None | | None | | 1,153,997 | | 3,245,924 | | 4,399,921 | | 70,328 | | | | 06/13/13 | | 300 | |
Cortland | OH | | | | 1,440,000 | | 1,364,725 | | 1,250 | | None | | 1,440,000 | | 1,365,975 | | 2,805,975 | | 485,130 | | | | 02/09/05 | | 300 | |
East Liverpool | OH | | 1,611,026 | | 958,357 | | 2,203,679 | | None | | None | | 958,357 | | 2,203,679 | | 3,162,036 | | 84,474 | | | | 01/22/13 | | 300 | |
Lisbon | OH | | 1,076,970 | | 706,599 | | 1,624,777 | | None | | None | | 706,599 | | 1,624,777 | | 2,331,376 | | 62,283 | | | | 01/22/13 | | 300 | |
Madison | OH | | | | 580,000 | | 1,272,742 | | None | | None | | 580,000 | | 1,272,742 | | 1,852,742 | | 443,333 | | | | 04/29/05 | | 300 | |
Mansfield | OH | | 3,120,466 | | 1,653,932 | | 3,803,106 | | None | | None | | 1,653,932 | | 3,803,106 | | 5,457,038 | | 145,786 | | | | 01/22/13 | | 300 | |
Marysville | OH | | 1,901,200 | | 1,654,400 | | 3,804,182 | | None | | None | | 1,654,400 | | 3,804,182 | | 5,458,582 | | 145,827 | | | | 01/22/13 | | 300 | |
Mayfield Heights | OH | | | | - | | 2,703,730 | | None | | None | | - | | 2,703,730 | | 2,703,730 | | 635,376 | | | | 02/21/08 | | 300 | |
Reynoldsburg | OH | | | | 1,286,721 | | 3,619,244 | | None | | None | | 1,286,721 | | 3,619,244 | | 4,905,965 | | 78,417 | | | | 06/07/13 | | 300 | |
Upper Arlington | OH | | 2,704,800 | | 3,010,646 | | 5,513,043 | | None | | None | | 3,010,646 | | 5,513,043 | | 8,523,689 | | 211,333 | | | | 01/22/13 | | 300 | |
Warren | OH | | | | 960,000 | | 1,326,083 | | None | | None | | 960,000 | | 1,326,083 | | 2,286,083 | | 470,751 | | | | 02/09/05 | | 300 | |
Warren | OH | | | | 800,000 | | 1,241,503 | | None | | None | | 800,000 | | 1,241,503 | | 2,041,503 | | 440,725 | | | | 02/09/05 | | 300 | |
Willowick | OH | | | | 530,000 | | 1,241,308 | | None | | None | | 530,000 | | 1,241,308 | | 1,771,308 | | 432,383 | | | | 04/29/05 | | 300 | |
Tulsa | OK | | | | 813,500 | | 5,659 | | 1,500 | | None | | 813,500 | | 7,159 | | 820,659 | | 216 | | 10/31/13 | | 05/03/13 | | 300 | |
Beaver | PA | | | | 1,933,000 | | 3,003,160 | | None | | None | | 1,933,000 | | 3,003,160 | | 4,936,160 | | 725,763 | | | | 12/20/07 | | 300 | |
Carlisle | PA | | 2,971,476 | | 1,687,948 | | 3,881,323 | | None | | None | | 1,687,948 | | 3,881,323 | | 5,569,271 | | 148,784 | | | | 01/22/13 | | 300 | |
Delmont | PA | | | | 720,000 | | 1,246,023 | | 10,475 | | None | | 720,000 | | 1,256,498 | | 1,976,498 | | 448,354 | | | | 02/09/05 | | 300 | |
Emmaus | PA | | | | 1,568,237 | | 4,411,084 | | None | | None | | 1,568,237 | | 4,411,084 | | 5,979,321 | | 95,573 | | | | 06/20/13 | | 300 | |
Export | PA | | | | 710,000 | | 1,666,912 | | None | | None | | 710,000 | | 1,666,912 | | 2,376,912 | | 591,742 | | | | 02/09/05 | | 300 | |
Girard | PA | | | | - | | 1,352,590 | | 524,696 | | None | | - | | 1,877,286 | | 1,877,286 | | 1,008,608 | | | | 02/09/05 | | 183 | |
Johnstown | PA | | | | 250,000 | | 2,593,436 | | None | | None | | 250,000 | | 2,593,436 | | 2,843,436 | | 920,661 | | | | 02/09/05 | | 300 | |
Johnstown | PA | | | | 600,000 | | 2,010,255 | | None | | None | | 600,000 | | 2,010,255 | | 2,610,255 | | 713,632 | | | | 02/09/05 | | 300 | |
Oakdale | PA | | | | 1,255,750 | | 2,995,001 | | None | | None | | 1,255,750 | | 2,995,001 | | 4,250,751 | | 883,525 | | | | 08/16/06 | | 300 | |
Philadelphia | PA | | | | - | | 3,803,732 | | None | | None | | - | | 3,803,732 | | 3,803,732 | | 893,875 | | | | 02/26/08 | | 300 | |
Phoenixville | PA | | | | 3,510,000 | | 5,123,285 | | None | | None | | 3,510,000 | | 5,123,285 | | 8,633,285 | | 111,005 | | | | 06/05/13 | | 300 | |
Pittsburgh | PA | | 4,061,102 | | 2,784,426 | | 5,002,215 | | None | | None | | 2,784,426 | | 5,002,215 | | 7,786,641 | | 191,752 | | | | 01/22/13 | | 300 | |
Reading | PA | | | | 1,400,000 | | 3,304,996 | | None | | None | | 1,400,000 | | 3,304,996 | | 4,704,996 | | 776,673 | | | | 02/21/08 | | 300 | |
F-44
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Saint Marys | PA | | | | 1,663,632 | | 3,090,403 | | None | | None | | 1,663,632 | | 3,090,403 | | 4,754,035 | | 746,847 | | | | 12/20/07 | | 300 | |
Slippery Rock | PA | | | | - | | 1,295,495 | | 588,702 | | None | | - | | 1,884,197 | | 1,884,197 | | 1,008,096 | | | | 02/09/05 | | 183 | |
Uniontown | PA | | | | 1,617,507 | | 4,549,669 | | None | | None | | 1,617,507 | | 4,549,669 | | 6,167,176 | | 98,576 | | | | 06/11/13 | | 300 | |
West Norriton | PA | | | | - | | 3,603,611 | | None | | None | | - | | 3,603,611 | | 3,603,611 | | 846,847 | | | | 02/21/08 | | 300 | |
Wexford | PA | | | | 2,300,000 | | 2,606,080 | | None | | None | | 2,300,000 | | 2,606,080 | | 4,906,080 | | 612,428 | | | | 02/21/08 | | 300 | |
Yeadon | PA | | | | - | | 3,253,285 | | None | | None | | - | | 3,253,285 | | 3,253,285 | | 786,210 | | | | 12/20/07 | | 300 | |
Woonsocket | RI | | | | 1,297,497 | | 2,939,041 | | None | | None | | 1,297,497 | | 2,939,041 | | 4,236,538 | | 44,086 | | | | 08/01/13 | | 300 | |
Columbia | SC | | 1,716,013 | | 1,430,093 | | 3,288,404 | | None | | None | | 1,430,093 | | 3,288,404 | | 4,718,497 | | 126,055 | | | | 01/22/13 | | 300 | |
Conway | SC | | 1,800,840 | | - | | 3,451,662 | | None | | None | | - | | 3,451,662 | | 3,451,662 | | 132,314 | | | | 01/22/13 | | 300 | |
Franklin | TN | | | | 754,510 | | 2,122,261 | | None | | None | | 754,510 | | 2,122,261 | | 2,876,771 | | 45,982 | | | | 06/06/13 | | 300 | |
Austin | TX | | 2,293,200 | | 1,623,904 | | 3,734,059 | | None | | None | | 1,623,904 | | 3,734,059 | | 5,357,963 | | 143,139 | | | | 01/22/13 | | 300 | |
Coppell | TX | | 3,115,651 | | 1,076,551 | | 3,097,830 | | None | | None | | 1,076,551 | | 3,097,830 | | 4,174,381 | | 118,750 | | | | 01/22/13 | | 300 | |
Houston | TX | | | | 1,268,978 | | 3,569,338 | | None | | None | | 1,268,978 | | 3,569,338 | | 4,838,316 | | 77,336 | | | | 06/11/13 | | 300 | |
Lubbock | TX | | | | 973,713 | | 2,738,827 | | None | | None | | 973,713 | | 2,738,827 | | 3,712,540 | | 59,341 | | | | 06/05/13 | | 300 | |
Sealy | TX | | | | 1,514,567 | | 3,482,644 | | None | | None | | 1,514,567 | | 3,482,644 | | 4,997,211 | | 133,501 | | | | 01/22/13 | | 300 | |
Fredericksburg | VA | | | | - | | 2,901,815 | | None | | None | | - | | 2,901,815 | | 2,901,815 | | 681,925 | | | | 02/21/08 | | 300 | |
King George | VA | | 2,942,157 | | 1,772,216 | | 4,075,092 | | None | | None | | 1,772,216 | | 4,075,092 | | 5,847,308 | | 156,212 | | | | 01/22/13 | | 300 | |
Martinsville | VA | | 3,600,673 | | 560,565 | | 3,290,085 | | None | | None | | 560,565 | | 3,290,085 | | 3,850,650 | | 126,120 | | | | 01/22/13 | | 300 | |
South Burlington | VT | | | | 2,049,745 | | 4,643,003 | | None | | None | | 2,049,745 | | 4,643,003 | | 6,692,748 | | 85,122 | | | | 07/19/13 | | 300 | |
Graham | WA | | | | 1,396,502 | | 3,928,032 | | None | | None | | 1,396,502 | | 3,928,032 | | 5,324,534 | | 85,107 | | | | 06/04/13 | | 300 | |
Lynnwood | WA | | | | 1,410,480 | | 3,967,350 | | None | | None | | 1,410,480 | | 3,967,350 | | 5,377,830 | | 85,959 | | | | 06/28/13 | | 300 | |
Puyallup | WA | | | | 1,723,865 | | 3,904,832 | | None | | None | | 1,723,865 | | 3,904,832 | | 5,628,697 | | 6,508 | | | | 12/11/13 | | 300 | |
Monona | WI | | | | 1,181,148 | | 2,675,492 | | None | | None | | 1,181,148 | | 2,675,492 | | 3,856,640 | | 4,459 | | | | 12/17/13 | | 300 | |
Buckhannon | WV | | | | 1,716,898 | | 3,189,190 | | None | | None | | 1,716,898 | | 3,189,190 | | 4,906,088 | | 749,458 | | | | 02/21/08 | | 300 | |
Huntington | WV | | 3,631,940 | | 1,085,818 | | 3,802,536 | | None | | None | | 1,085,818 | | 3,802,536 | | 4,888,354 | | 145,764 | | | | 01/22/13 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Education | | | | | | | | | | | | | | | | | | | | | | | |
Peoria | AZ | | | | 281,750 | | 625,779 | | 69,854 | | 126 | | 281,750 | | 695,759 | | 977,509 | | 660,731 | | | | 03/30/88 | | 300 | |
Corona | CA | | | | 144,856 | | 671,584 | | None | | 26,846 | | 144,856 | | 698,430 | | 843,286 | | 682,978 | | | | 12/19/84 | | 300 | |
Santee | CA | | | | 248,418 | | 551,748 | | 37,230 | | 29,831 | | 248,418 | | 618,809 | | 867,227 | | 558,502 | | | | 07/23/87 | | 300 | |
Coconut Creek | FL | | | | 310,111 | | 1,243,682 | | None | | None | | 310,111 | | 1,243,682 | | 1,553,793 | | 715,404 | | 08/02/99 | | 12/01/98 | | 300 | |
Las Vegas | NV | | | | 1,080,444 | | 3,346,772 | | None | | 73 | | 1,080,444 | | 3,346,845 | | 4,427,289 | | 2,113,986 | | | | 03/04/98 | | 300 | |
Beaverton | OR | | | | 135,148 | | 626,647 | | None | | 26,992 | | 135,148 | | 653,639 | | 788,787 | | 637,594 | | | | 12/17/86 | | 300 | |
Arlington | TX | | | | 195,650 | | 387,355 | | 7,779 | | 2,816 | | 195,650 | | 397,950 | | 593,600 | | 356,717 | | | | 02/07/91 | | 300 | |
Austin | TX | | | | 238,000 | | 528,604 | | 90,133 | | 24,911 | | 238,000 | | 643,648 | | 881,648 | | 577,141 | | | | 04/06/89 | | 300 | |
Mesquite | TX | | | | 1,049,287 | | 1,949,085 | | 211,064 | | 64,012 | | 1,049,287 | | 2,224,161 | | 3,273,448 | | 1,067,119 | | | | 03/28/02 | | 300 | |
Missouri City | TX | | | | 221,025 | | 437,593 | | 248,454 | | 128 | | 221,025 | | 686,175 | | 907,200 | | 439,957 | | | | 12/13/90 | | 300 | |
Southlake | TX | | | | 228,279 | | 511,750 | | None | | 25,453 | | 228,279 | | 537,203 | | 765,482 | | 457,492 | | | | 03/10/93 | | 300 | |
Sugar Land | TX | | | | 1,600,000 | | 6,300,995 | | None | | None | | 1,600,000 | | 6,300,995 | | 7,900,995 | | 1,900,797 | | | | 06/28/06 | | 300 | |
Chantilly | VA | | | | 688,917 | | 3,208,607 | | None | | None | | 688,917 | | 3,208,607 | | 3,897,524 | | 1,808,669 | | 05/07/99 | | 09/30/98 | | 300 | |
Kingstowne | VA | | | | 300,000 | | 1,191,396 | | None | | None | | 300,000 | | 1,191,396 | | 1,491,396 | | 645,641 | | 08/22/00 | | 11/08/99 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Electric utilities | | | | | | | | | | | | | | | | | | | | | | | |
Fairfield | CA | | | | 1,450,000 | | 9,207,989 | | 2,000 | | None | | 1,450,000 | | 9,209,989 | | 10,659,989 | | 98,724 | | | | 08/30/13 | | 420 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Entertainment | | | | | | | | | | | | | | | | | | | | | | | |
Riverside | CA | | | | 7,800,000 | | 130 | | (416,985) | | None | | 7,383,015 | | 130 | | 7,383,145 | | 57 | | | | 07/05/02 | | 300 | |
Vista | CA | | | | 2,300,000 | | 22 | | None | | None | | 2,300,000 | | 22 | | 2,300,022 | | 12 | | | | 03/31/99 | | 300 | |
Dania Beach | FL | | | | 8,272,080 | | 1,713 | | None | | 36 | | 8,272,080 | | 1,749 | | 8,273,829 | | 1,025 | | | | 03/31/99 | | 300 | |
Marietta | GA | | | | 1,500,000 | | 768 | | None | | None | | 1,500,000 | | 768 | | 1,500,768 | | 370 | | | | 06/29/01 | | 300 | |
Norcross | GA | | | | 1,600,000 | | 768 | | None | | None | | 1,600,000 | | 768 | | 1,600,768 | | 370 | | | | 06/29/01 | | 300 | |
Greensboro | NC | | | | 4,000,000 | | 463 | | None | | None | | 4,000,000 | | 463 | | 4,000,463 | | 204 | | | | 07/05/02 | | 300 | |
Omaha | NE | | | | 1,956,296 | | 3,949,402 | | 208,052 | | 140,173 | | 1,956,296 | | 4,297,627 | | 6,253,923 | | 2,676,030 | | | | 04/04/97 | | 300 | |
Brookhaven | NY | | | | 1,500,000 | | 745 | | None | | None | | 1,500,000 | | 745 | | 1,500,745 | | 431 | | | | 07/23/99 | | 300 | |
Riverhead | NY | | | | 6,200,000 | | 744 | | None | | None | | 6,200,000 | | 744 | | 6,200,744 | | 430 | | | | 07/23/99 | | 300 | |
F-45
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Equipment services | | | | | | | | | | | | | | | | | | | | | | | |
Lake Worth | FL | | | | 679,079 | | 1,262,568 | | None | | None | | 679,079 | | 1,262,568 | | 1,941,647 | | 528,174 | | | | 07/03/03 | | 300 | |
Cameron | MO | | 17,268,560 | | 940,000 | | 18,280,024 | | 61,921 | | None | | 940,000 | | 18,341,945 | | 19,281,945 | | 283,667 | | | | 06/25/13 | | 420 | |
Sanford | NC | | 8,206,648 | | 226,784 | | 15,056,005 | | None | | None | | 226,784 | | 15,056,005 | | 15,282,789 | | 777,894 | | | | 09/25/12 | | 300 | |
Elko | NV | | | | 1,401,115 | | 10,342,501 | | 17,091 | | None | | 1,401,115 | | 10,359,592 | | 11,760,707 | | 1,156,230 | | | | 03/15/11 | | 300 | |
Lewisville | TX | | | | 1,010,134 | | 1,877,384 | | None | | None | | 1,010,134 | | 1,877,384 | | 2,887,518 | | 785,372 | | | | 07/03/03 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial services | | | | | | | | | | | | | | | | | | | | | | | |
Phoenix | AZ | | | | 245,137 | | 456,324 | | None | | None | | 245,137 | | 456,324 | | 701,461 | | 107,236 | | | | 02/01/08 | | 300 | |
Canon City | CO | | | | 66,500 | | 147,699 | | None | | None | | 66,500 | | 147,699 | | 214,199 | | 147,699 | | | | 11/12/87 | | 300 | |
Colorado Springs | CO | | | | 313,250 | | 695,730 | | 40,500 | | 79 | | 313,250 | | 736,309 | | 1,049,559 | | 736,259 | | | | 03/10/87 | | 300 | |
Clearwater | FL | | | | 476,179 | | 725,023 | | 10,154 | | 224 | | 476,179 | | 735,401 | | 1,211,580 | | 440,958 | | | | 12/31/98 | | 300 | |
Fort Myers | FL | | 2,306,520 | | 1,025,624 | | 2,407,011 | | None | | None | | 1,025,624 | | 2,407,011 | | 3,432,635 | | 92,269 | | | | 01/22/13 | | 300 | |
Orlando | FL | | | | 532,556 | | 940,177 | | None | | None | | 532,556 | | 940,177 | | 1,472,733 | | 280,454 | | 06/09/06 | | 12/15/05 | | 300 | |
Palm Coast | FL | | | | 713,370 | | 2,421,133 | | None | | None | | 713,370 | | 2,421,133 | | 3,134,503 | | 92,810 | | | | 01/22/13 | | 300 | |
Pompano Beach | FL | | | | 1,563,202 | | 2,354,641 | | None | | None | | 1,563,202 | | 2,354,641 | | 3,917,843 | | 90,261 | | | | 01/22/13 | | 300 | |
Hinesville | GA | | | | 172,611 | | 383,376 | | 48,425 | | 18,118 | | 172,611 | | 449,919 | | 622,530 | | 406,567 | | | | 12/22/87 | | 300 | |
Coeur D’Alene | ID | | | | 165,900 | | 368,468 | | None | | None | | 165,900 | | 368,468 | | 534,368 | | 368,468 | | | | 09/21/87 | | 300 | |
Carpentersville | IL | | 1,391,600 | | 1,752,080 | | - | | None | | None | | 1,752,080 | | - | | 1,752,080 | | - | | | | 01/22/13 | | 300 | |
Montgomery | IL | | 1,195,600 | | 1,636,238 | | - | | None | | None | | 1,636,238 | | - | | 1,636,238 | | - | | | | 01/22/13 | | 300 | |
Northlake | IL | | 1,705,200 | | 1,461,799 | | - | | None | | None | | 1,461,799 | | - | | 1,461,799 | | - | | | | 01/22/13 | | 300 | |
Oak Lawn | IL | | | | 2,052,944 | | 2,383,995 | | None | | None | | 2,052,944 | | 2,383,995 | | 4,436,939 | | 91,386 | | | | 01/22/13 | | 300 | |
Schaumberg | IL | | 1,607,200 | | 3,252,143 | | - | | None | | None | | 3,252,143 | | - | | 3,252,143 | | - | | | | 01/22/13 | | 300 | |
Stickney | IL | | | | 743,660 | | 1,363,377 | | None | | None | | 743,660 | | 1,363,377 | | 2,107,037 | | 52,263 | | | | 01/22/13 | | 300 | |
Brockton | MA | | | | 229,846 | | 741,196 | | None | | None | | 229,846 | | 741,196 | | 971,042 | | 28,413 | | | | 01/22/13 | | 300 | |
Centerville | MA | | | | 378,555 | | 1,220,743 | | None | | None | | 378,555 | | 1,220,743 | | 1,599,298 | | 46,795 | | | | 01/22/13 | | 300 | |
Chatham | MA | | | | 513,702 | | 1,656,556 | | None | | None | | 513,702 | | 1,656,556 | | 2,170,258 | | 63,501 | | | | 01/22/13 | | 300 | |
Duxbury | MA | | | | 411,113 | | 1,325,735 | | None | | None | | 411,113 | | 1,325,735 | | 1,736,848 | | 50,820 | | | | 01/22/13 | | 300 | |
Hanover | MA | | | | 434,396 | | 1,400,817 | | None | | None | | 434,396 | | 1,400,817 | | 1,835,213 | | 53,698 | | | | 01/22/13 | | 300 | |
Hull | MA | | | | 242,499 | | 781,996 | | None | | None | | 242,499 | | 781,996 | | 1,024,495 | | 29,977 | | | | 01/22/13 | | 300 | |
Hyannis | MA | | | | 830,700 | | 2,678,796 | | None | | None | | 830,700 | | 2,678,796 | | 3,509,496 | | 102,687 | | | | 01/22/13 | | 300 | |
Middleborough | MA | | | | 1,225,841 | | 3,953,025 | | None | | None | | 1,225,841 | | 3,953,025 | | 5,178,866 | | 151,533 | | | | 01/22/13 | | 300 | |
Middleborough | MA | | | | 625,848 | | 724,941 | | None | | None | | 625,848 | | 724,941 | | 1,350,789 | | 27,789 | | | | 01/22/13 | | 300 | |
Orleans | MA | | | | 496,997 | | 1,602,690 | | None | | None | | 496,997 | | 1,602,690 | | 2,099,687 | | 61,436 | | | | 01/22/13 | | 300 | |
Pembroke | MA | | | | 520,463 | | 1,678,359 | | None | | None | | 520,463 | | 1,678,359 | | 2,198,822 | | 64,337 | | | | 01/22/13 | | 300 | |
Plymouth | MA | | | | 555,446 | | 7,109,710 | | None | | None | | 555,446 | | 7,109,710 | | 7,665,156 | | 272,539 | | | | 01/22/13 | | 300 | |
Quincy | MA | | | | 289,121 | | 539,719 | | 50,595 | | 15,595 | | 289,121 | | 605,909 | | 895,030 | | 145,915 | | | | 08/30/07 | | 300 | |
Randolph | MA | | | | 530,316 | | 1,710,132 | | None | | None | | 530,316 | | 1,710,132 | | 2,240,448 | | 65,555 | | | | 01/22/13 | | 300 | |
Rockland | MA | | | | 1,341,048 | | 6,112,682 | | None | | None | | 1,341,048 | | 6,112,682 | | 7,453,730 | | 234,319 | | | | 01/22/13 | | 300 | |
S. Yarmouth | MA | | | | 477,020 | | 1,538,269 | | None | | None | | 477,020 | | 1,538,269 | | 2,015,289 | | 58,967 | | | | 01/22/13 | | 300 | |
Scituate | MA | | | | 403,299 | | 1,300,535 | | None | | None | | 403,299 | | 1,300,535 | | 1,703,834 | | 49,854 | | | | 01/22/13 | | 300 | |
West Dennis | MA | | | | 1,065,353 | | 898,827 | | None | | None | | 1,065,353 | | 898,827 | | 1,964,180 | | 34,455 | | | | 01/22/13 | | 300 | |
Blue Springs | MO | | | | 222,569 | | 494,333 | | None | | None | | 222,569 | | 494,333 | | 716,902 | | 483,855 | | | | 07/31/89 | | 300 | |
Bloomfield | NJ | | | | 392,983 | | 1,267,269 | | None | | None | | 392,983 | | 1,267,269 | | 1,660,252 | | 48,579 | | | | 01/22/13 | | 300 | |
Cedar Grove | NJ | | | | 409,890 | | 1,321,792 | | None | | None | | 409,890 | | 1,321,792 | | 1,731,682 | | 50,669 | | | | 01/22/13 | | 300 | |
Clementon | NJ | | | | 424,795 | | 1,369,857 | | None | | None | | 424,795 | | 1,369,857 | | 1,794,652 | | 52,511 | | | | 01/22/13 | | 300 | |
Dayton | NJ | | | | 376,731 | | 1,214,861 | | None | | None | | 376,731 | | 1,214,861 | | 1,591,592 | | 46,570 | | | | 01/22/13 | | 300 | |
Deptford | NJ | | | | 308,425 | | 994,592 | | None | | None | | 308,425 | | 994,592 | | 1,303,017 | | 38,126 | | | | 01/22/13 | | 300 | |
Dunellen | NJ | | | | 319,003 | | 1,028,702 | | None | | None | | 319,003 | | 1,028,702 | | 1,347,705 | | 39,434 | | | | 01/22/13 | | 300 | |
East Brunswick | NJ | | | | 445,430 | | 1,436,398 | | None | | None | | 445,430 | | 1,436,398 | | 1,881,828 | | 55,062 | | | | 01/22/13 | | 300 | |
Fairfield | NJ | | | | 612,188 | | 1,974,149 | | None | | None | | 612,188 | | 1,974,149 | | 2,586,337 | | 75,676 | | | | 01/22/13 | | 300 | |
Fanwood | NJ | | | | 376,731 | | 1,214,861 | | None | | None | | 376,731 | | 1,214,861 | | 1,591,592 | | 46,570 | | | | 01/22/13 | | 300 | |
Garfield | NJ | | | | 372,910 | | 1,202,541 | | None | | None | | 372,910 | | 1,202,541 | | 1,575,451 | | 46,097 | | | | 01/22/13 | | 300 | |
Haddonfield | NJ | | | | 312,763 | | 1,008,581 | | None | | None | | 312,763 | | 1,008,581 | | 1,321,344 | | 38,662 | | | | 01/22/13 | | 300 | |
Kearny | NJ | | | | 278,653 | | 898,584 | | None | | None | | 278,653 | | 898,584 | | 1,177,237 | | 34,446 | | | | 01/22/13 | | 300 | |
Mahwah | NJ | | | | 253,447 | | 817,302 | | None | | None | | 253,447 | | 817,302 | | 1,070,749 | | 31,330 | | | | 01/22/13 | | 300 | |
F-46
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Martinsville | NJ | | | | 447,368 | | 1,442,647 | | None | | None | | 447,368 | | 1,442,647 | | 1,890,015 | | 55,301 | | | | 01/22/13 | | 300 | |
Millstone | NJ | | | | 270,310 | | 871,681 | | None | | None | | 270,310 | | 871,681 | | 1,141,991 | | 33,414 | | | | 01/22/13 | | 300 | |
Mountain Lakes | NJ | | | | 531,890 | | 887,417 | | None | | None | | 531,890 | | 887,417 | | 1,419,307 | | 34,018 | | | | 01/22/13 | | 300 | |
Northvale | NJ | | | | 259,002 | | 835,217 | | None | | None | | 259,002 | | 835,217 | | 1,094,219 | | 32,017 | | | | 01/22/13 | | 300 | |
Orange | NJ | | | | 450,522 | | 1,452,819 | | None | | None | | 450,522 | | 1,452,819 | | 1,903,341 | | 55,691 | | | | 01/22/13 | | 300 | |
Parlin | NJ | | | | 345,431 | | 1,113,926 | | None | | None | | 345,431 | | 1,113,926 | | 1,459,357 | | 42,701 | | | | 01/22/13 | | 300 | |
Paterson | NJ | | | | 122,722 | | 395,747 | | None | | None | | 122,722 | | 395,747 | | 518,469 | | 15,170 | | | | 01/22/13 | | 300 | |
Paterson | NJ | | | | 469,318 | | 639,560 | | None | | None | | 469,318 | | 639,560 | | 1,108,878 | | 24,516 | | | | 01/22/13 | | 300 | |
Pompton Plains | NJ | | | | 226,298 | | 729,755 | | None | | None | | 226,298 | | 729,755 | | 956,053 | | 27,974 | | | | 01/22/13 | | 300 | |
Raritan | NJ | | | | 370,127 | | 1,193,564 | | None | | None | | 370,127 | | 1,193,564 | | 1,563,691 | | 45,753 | | | | 01/22/13 | | 300 | |
Somerville | NJ | | | | 376,597 | | 1,214,429 | | None | | None | | 376,597 | | 1,214,429 | | 1,591,026 | | 46,553 | | | | 01/22/13 | | 300 | |
Tenafly | NJ | | | | 463,499 | | 1,494,667 | | None | | None | | 463,499 | | 1,494,667 | | 1,958,166 | | 57,296 | | | | 01/22/13 | | 300 | |
Trenton | NJ | | | | 459,146 | | 1,480,629 | | None | | None | | 459,146 | | 1,480,629 | | 1,939,775 | | 56,757 | | | | 01/22/13 | | 300 | |
Vineland | NJ | | | | 236,628 | | 763,064 | | None | | None | | 236,628 | | 763,064 | | 999,692 | | 29,251 | | | | 01/22/13 | | 300 | |
West Orange | NJ | | | | 174,486 | | 562,673 | | None | | None | | 174,486 | | 562,673 | | 737,159 | | 21,569 | | | | 01/22/13 | | 300 | |
West Orange | NJ | | | | 259,916 | | 838,164 | | None | | None | | 259,916 | | 838,164 | | 1,098,080 | | 32,130 | | | | 01/22/13 | | 300 | |
West Paterson | NJ | | | | 206,695 | | 666,539 | | None | | None | | 206,695 | | 666,539 | | 873,234 | | 25,551 | | | | 01/22/13 | | 300 | |
Westwood | NJ | | | | 205,094 | | 661,375 | | None | | None | | 205,094 | | 661,375 | | 866,469 | | 25,353 | | | | 01/22/13 | | 300 | |
Albuquerque | NM | | | | 80,500 | | 178,794 | | 8,003 | | 299 | | 80,500 | | 187,096 | | 267,596 | | 183,795 | | | | 10/29/87 | | 300 | |
Santa Fe | NM | | | | 70,000 | | 155,473 | | None | | 295 | | 70,000 | | 155,768 | | 225,768 | | 155,768 | | | | 10/29/87 | | 300 | |
Stony Point | NY | | 1,404,100 | | 950,455 | | 2,963,243 | | None | | None | | 950,455 | | 2,963,243 | | 3,913,698 | | 113,591 | | | | 01/22/13 | | 300 | |
Columbus | OH | | | | 214,737 | | 85,425 | | 25,900 | | 5,335 | | 214,737 | | 116,660 | | 331,397 | | 44,439 | | | | 09/17/04 | | 300 | |
Dublin | OH | | | | 2,399,969 | | 17,044,099 | | None | | None | | 2,399,969 | | 17,044,099 | | 19,444,068 | | 1,903,258 | | | | 03/31/11 | | 300 | |
Groveport | OH | | | | 277,198 | | 445,497 | | 16,381 | | None | | 277,198 | | 461,878 | | 739,076 | | 325,627 | | | | 12/21/95 | | 300 | |
Milford | OH | | | | 353,324 | | 269,997 | | (36,723) | | 98 | | 314,484 | | 272,212 | | 586,696 | | 176,413 | | | | 09/18/97 | | 300 | |
West Chester | OH | | | | 618,270 | | 1,055,888 | | None | | None | | 618,270 | | 1,055,888 | | 1,674,158 | | 40,476 | | | | 01/22/13 | | 300 | |
Blairsville | PA | | | | 297,140 | | 958,202 | | None | | None | | 297,140 | | 958,202 | | 1,255,342 | | 36,731 | | | | 01/22/13 | | 300 | |
Clarks Summit | PA | | | | 165,407 | | 533,394 | | None | | None | | 165,407 | | 533,394 | | 698,801 | | 20,447 | | | | 01/22/13 | | 300 | |
Dillsburg | PA | | | | 157,114 | | 506,653 | | None | | None | | 157,114 | | 506,653 | | 663,767 | | 19,422 | | | | 01/22/13 | | 300 | |
Harleysville | PA | | | | 1,486,141 | | 16,590,526 | | None | | None | | 1,486,141 | | 16,590,526 | | 18,076,667 | | 635,970 | | | | 01/22/13 | | 300 | |
Lansdale | PA | | | | 658,040 | | 2,122,012 | | None | | None | | 658,040 | | 2,122,012 | | 2,780,052 | | 81,344 | | | | 01/22/13 | | 300 | |
Lansdale | PA | | | | 582,679 | | 1,878,990 | | None | | None | | 582,679 | | 1,878,990 | | 2,461,669 | | 72,028 | | | | 01/22/13 | | 300 | |
Lansford | PA | | | | 724,643 | | 2,336,788 | | None | | None | | 724,643 | | 2,336,788 | | 3,061,431 | | 89,577 | | | | 01/22/13 | | 300 | |
Lehighton | PA | | | | 353,743 | | 1,140,729 | | None | | None | | 353,743 | | 1,140,729 | | 1,494,472 | | 43,728 | | | | 01/22/13 | | 300 | |
Limerick | PA | | | | 1,198,208 | | 1,141,397 | | None | | None | | 1,198,208 | | 1,141,397 | | 2,339,605 | | 43,754 | | | | 01/22/13 | | 300 | |
Media | PA | | | | 93,870 | | 302,705 | | None | | None | | 93,870 | | 302,705 | | 396,575 | | 11,604 | | | | 01/22/13 | | 300 | |
Media | PA | | | | 312,084 | | 1,006,391 | | None | | None | | 312,084 | | 1,006,391 | | 1,318,475 | | 38,578 | | | | 01/22/13 | | 300 | |
Palmerton | PA | | | | 1,152,944 | | 3,717,949 | | None | | None | | 1,152,944 | | 3,717,949 | | 4,870,893 | | 142,521 | | | | 01/22/13 | | 300 | |
Philadelphia | PA | | | | 680,814 | | 938,913 | | None | | None | | 680,814 | | 938,913 | | 1,619,727 | | 35,992 | | | | 01/22/13 | | 300 | |
Philadelphia | PA | | | | 287,110 | | 925,857 | | None | | None | | 287,110 | | 925,857 | | 1,212,967 | | 35,491 | | | | 01/22/13 | | 300 | |
Philadelphia | PA | | | | 300,032 | | 967,528 | | None | | None | | 300,032 | | 967,528 | | 1,267,560 | | 37,089 | | | | 01/22/13 | | 300 | |
Philadelphia | PA | | | | 200,022 | | 645,020 | | None | | None | | 200,022 | | 645,020 | | 845,042 | | 24,726 | | | | 01/22/13 | | 300 | |
Philadelphia | PA | | | | 130,580 | | 421,086 | | None | | None | | 130,580 | | 421,086 | | 551,666 | | 16,142 | | | | 01/22/13 | | 300 | |
Philadelphia | PA | | | | 270,560 | | 872,488 | | None | | None | | 270,560 | | 872,488 | | 1,143,048 | | 33,445 | | | | 01/22/13 | | 300 | |
Pittsburgh | PA | | | | 203,808 | | 657,230 | | None | | None | | 203,808 | | 657,230 | | 861,038 | | 25,194 | | | | 01/22/13 | | 300 | |
Sellersville | PA | | | | 436,843 | | 1,408,706 | | None | | None | | 436,843 | | 1,408,706 | | 1,845,549 | | 54,000 | | | | 01/22/13 | | 300 | |
Skippack | PA | | | | 484,437 | | 1,562,185 | | None | | None | | 484,437 | | 1,562,185 | | 2,046,622 | | 59,884 | | | | 01/22/13 | | 300 | |
Slatington | PA | | | | 467,608 | | 1,507,917 | | None | | None | | 467,608 | | 1,507,917 | | 1,975,525 | | 57,803 | | | | 01/22/13 | | 300 | |
Slatington | PA | | | | 1,331,882 | | 4,294,979 | | None | | None | | 1,331,882 | | 4,294,979 | | 5,626,861 | | 164,641 | | | | 01/22/13 | | 300 | |
Somerset | PA | | | | 369,856 | | 1,192,691 | | None | | None | | 369,856 | | 1,192,691 | | 1,562,547 | | 45,720 | | | | 01/22/13 | | 300 | |
Springhouse | PA | | | | 1,374,943 | | 4,862,810 | | None | | None | | 1,374,943 | | 4,862,810 | | 6,237,753 | | 186,408 | | | | 01/22/13 | | 300 | |
Summit Hill | PA | | | | 94,816 | | 2,266,101 | | None | | None | | 94,816 | | 2,266,101 | | 2,360,917 | | 86,867 | | | | 01/22/13 | | 300 | |
Swarthmore | PA | | | | 165,423 | | 533,447 | | None | | None | | 165,423 | | 533,447 | | 698,870 | | 20,449 | | | | 01/22/13 | | 300 | |
Tannersville | PA | | | | 277,284 | | 894,170 | | None | | None | | 277,284 | | 894,170 | | 1,171,454 | | 34,277 | | | | 01/22/13 | | 300 | |
Walnutport | PA | | | | 1,068,012 | | 1,437,132 | | None | | None | | 1,068,012 | | 1,437,132 | | 2,505,144 | | 55,090 | | | | 01/22/13 | | 300 | |
Warren | PA | | | | 253,725 | | 818,198 | | None | | None | | 253,725 | | 818,198 | | 1,071,923 | | 31,364 | | | | 01/22/13 | | 300 | |
Wyomissing | PA | | | | 553,724 | | 1,785,618 | | None | | None | | 553,724 | | 1,785,618 | | 2,339,342 | | 68,449 | | | | 01/22/13 | | 300 | |
F-47
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Mount Pleasant | SC | | 13,800,000 | | 10,803,051 | | 25,511,279 | | None | | None | | 10,803,051 | | 25,511,279 | | 36,314,330 | | 698,523 | | | | 01/22/13 | | 420 | |
Lubbock | TX | | | | 49,000 | | 108,831 | | 42,051 | | 6,264 | | 49,000 | | 157,146 | | 206,146 | | 123,370 | | | | 10/29/87 | | 300 | |
Pasadena | TX | | | | 385,199 | | 716,468 | | None | | None | | 385,199 | | 716,468 | | 1,101,667 | | 168,370 | | | | 02/01/08 | | 300 | |
Madison | WI | | | | 154,375 | | 287,794 | | None | | None | | 154,375 | | 287,794 | | 442,169 | | 67,632 | | | | 02/01/08 | | 300 | |
Milwaukee | WI | | | | 265,985 | | 495,071 | | None | | None | | 265,985 | | 495,071 | | 761,056 | | 116,342 | | | | 02/01/08 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Food processing | | | | | | | | | | | | | | | | | | | | | | | |
Cedar Rapids | IA | | 29,307,500 | | 1,784,980 | | 36,815,951 | | None | | None | | 1,784,980 | | 36,815,951 | | 38,600,931 | | 1,902,157 | | | | 09/26/12 | | 300 | |
St. Louis | MO | | | | 3,112,401 | | 32,725,202 | | None | | 147 | | 3,112,401 | | 32,725,349 | | 35,837,750 | | 3,218,049 | | | | 07/13/11 | | 300 | |
Weldon Springs | MO | | | | 3,675,034 | | 13,827,581 | | None | | None | | 3,675,034 | | 13,827,581 | | 17,502,615 | | 1,497,988 | | | | 04/01/11 | | 300 | |
Omaha | NE | | | | 2,022,114 | | 24,664,964 | | None | | None | | 2,022,114 | | 24,664,964 | | 26,687,078 | | 675,350 | | | | 01/22/13 | | 420 | |
York | NE | | | | 460,000 | | 7,432,181 | | None | | None | | 460,000 | | 7,432,181 | | 7,892,181 | | 8,848 | | | | 12/13/13 | | 420 | |
Oklahoma City | OK | | | | 201,507 | | 1,828,803 | | None | | None | | 201,507 | | 1,828,803 | | 2,030,310 | | 50,074 | | | | 01/22/13 | | 420 | |
Memphis | TN | | 6,780,143 | | 1,568,476 | | 13,510,652 | | 41,581 | | None | | 1,568,476 | | 13,552,233 | | 15,120,709 | | 356,988 | | | | 12/20/12 | | 420 | |
Weslaco | TX | | | | 207,384 | | 1,882,135 | | None | | None | | 207,384 | | 1,882,135 | | 2,089,519 | | 51,535 | | | | 01/22/13 | | 420 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
General merchandise | | | | | | | | | | | | | | | | | | | | | | | |
Demopolis | AL | | 1,300,640 | | 658,601 | | 2,140,452 | | 14,135 | | None | | 658,601 | | 2,154,587 | | 2,813,188 | | 82,475 | | | | 01/22/13 | | 300 | |
Batesville | AR | | | | 360,000 | | 1,839,677 | | None | | None | | 360,000 | | 1,839,677 | | 2,199,677 | | 45,992 | | | | 05/23/13 | | 300 | |
Blytheville | AR | | 5,809,800 | | 772,319 | | 15,370,177 | | None | | None | | 772,319 | | 15,370,177 | | 16,142,496 | | 589,190 | | | | 01/22/13 | | 300 | |
Sonora | CA | | 2,894,760 | | 1,199,554 | | 3,898,549 | | None | | None | | 1,199,554 | | 3,898,549 | | 5,098,103 | | 149,444 | | | | 01/22/13 | | 300 | |
Canon City | CO | | | | 339,045 | | 630,531 | | None | | None | | 339,045 | | 630,531 | | 969,576 | | 179,701 | | | | 11/02/06 | | 300 | |
Monte Vista | CO | | | | 47,652 | | 582,159 | | None | | None | | 47,652 | | 582,159 | | 629,811 | | 350,279 | | | | 12/23/98 | | 300 | |
Pawcatuck | CT | | | | 1,090,816 | | 3,545,153 | | 13,565 | | None | | 1,090,816 | | 3,558,718 | | 4,649,534 | | 136,887 | | | | 01/22/13 | | 300 | |
Orange Park | FL | | | | 478,314 | | 618,348 | | 163,348 | | 27,981 | | 478,314 | | 809,677 | | 1,287,991 | | 433,272 | | | | 12/31/98 | | 300 | |
Madison | GA | | | | 597,637 | | 1,942,320 | | 20,582 | | None | | 597,637 | | 1,962,902 | | 2,560,539 | | 75,615 | | | | 01/22/13 | | 300 | |
Clarinda | IA | | | | 439,267 | | 816,010 | | None | | None | | 439,267 | | 816,010 | | 1,255,277 | | 248,883 | | | | 05/25/06 | | 300 | |
Garnett | KS | | | | 59,690 | | 518,121 | | None | | None | | 59,690 | | 518,121 | | 577,811 | | 311,750 | | | | 12/23/98 | | 300 | |
Hillsboro | KS | | | | 335,292 | | 622,914 | | None | | None | | 335,292 | | 622,914 | | 958,206 | | 189,989 | | | | 05/25/06 | | 300 | |
Phillipsburg | KS | | | | 423,725 | | 787,146 | | None | | None | | 423,725 | | 787,146 | | 1,210,871 | | 240,080 | | | | 05/25/06 | | 300 | |
Maysville | KY | | | | 1,030,000 | | 1,440,622 | | None | | None | | 1,030,000 | | 1,440,622 | | 2,470,622 | | 36,016 | | | | 05/28/13 | | 300 | |
Mansura | LA | | 1,439,640 | | 557,316 | | 1,811,276 | | 11,163 | | None | | 557,316 | | 1,822,439 | | 2,379,755 | | 70,246 | | | | 01/22/13 | | 300 | |
Kalamazoo | MI | | | | - | | 2,547,854 | | 14,000 | | None | | - | | 2,561,854 | | 2,561,854 | | 98,287 | | | | 01/22/13 | | 300 | |
Caledonia | MN | | | | 89,723 | | 559,300 | | None | | None | | 89,723 | | 559,300 | | 649,023 | | 336,529 | | | | 12/23/98 | | 300 | |
Long Prarie | MN | | | | 88,892 | | 553,997 | | None | | None | | 88,892 | | 553,997 | | 642,889 | | 333,336 | | | | 12/23/98 | | 300 | |
Paynesvile | MN | | | | 49,483 | | 525,406 | | None | | None | | 49,483 | | 525,406 | | 574,889 | | 316,134 | | | | 12/23/98 | | 300 | |
Spring Valley | MN | | | | 69,785 | | 579,238 | | None | | None | | 69,785 | | 579,238 | | 649,023 | | 348,525 | | | | 12/23/98 | | 300 | |
Warroad | MN | | | | 70,000 | | 580,000 | | None | | None | | 70,000 | | 580,000 | | 650,000 | | 348,967 | | | | 12/23/98 | | 300 | |
Independence | MO | | | | 210,643 | | 467,844 | | None | | 127 | | 210,643 | | 467,971 | | 678,614 | | 457,936 | | | | 07/31/89 | | 300 | |
Kansas City | MO | | | | 210,070 | | 466,571 | | None | | 146 | | 210,070 | | 466,717 | | 676,787 | | 466,717 | | | | 05/13/88 | | 300 | |
Kansas City | MO | | | | 168,350 | | 373,910 | | None | | 146 | | 168,350 | | 374,056 | | 542,406 | | 374,056 | | | | 05/26/88 | | 300 | |
Willow Springs | MO | | | | 416,494 | | 773,718 | | None | | None | | 416,494 | | 773,718 | | 1,190,212 | | 235,984 | | | | 05/25/06 | | 300 | |
Corinth | MS | | | | 386,655 | | 1,768,764 | | None | | None | | 386,655 | | 1,768,764 | | 2,155,419 | | 2,948 | | | | 12/04/13 | | 300 | |
Ridgeland | MS | | | | 281,867 | | 769,890 | | None | | 36 | | 281,867 | | 769,926 | | 1,051,793 | | 509,337 | | | | 06/27/97 | | 300 | |
Mayville | ND | | | | 59,333 | | 565,562 | | None | | None | | 59,333 | | 565,562 | | 624,895 | | 340,311 | | | | 12/23/98 | | 300 | |
Ainsworth | NE | | | | 362,675 | | 673,768 | | None | | None | | 362,675 | | 673,768 | | 1,036,443 | | 205,499 | | | | 05/25/06 | | 300 | |
Imperial | NE | | | | 388,599 | | 721,914 | | None | | None | | 388,599 | | 721,914 | | 1,110,513 | | 217,777 | | | | 06/28/06 | | 300 | |
Bloomfield | NM | | | | 59,559 | | 616,252 | | None | | None | | 59,559 | | 616,252 | | 675,811 | | 370,792 | | | | 12/23/98 | | 300 | |
Milwaukie | OR | | | | 180,250 | | 400,336 | | 49,088 | | 23,925 | | 180,250 | | 473,349 | | 653,599 | | 448,524 | | | | 08/06/87 | | 300 | |
Dubois | PA | | 1,407,900 | | 682,202 | | 2,217,155 | | 10,440 | | None | | 682,202 | | 2,227,595 | | 2,909,797 | | 85,382 | | | | 01/22/13 | | 300 | |
Ebensburg | PA | | | | 581,699 | | 16,421,564 | | None | | None | | 581,699 | | 16,421,564 | | 17,003,263 | | 629,493 | | | | 01/22/13 | | 300 | |
Elizabethville | PA | | 1,309,100 | | 691,197 | | 2,246,390 | | 5,000 | | None | | 691,197 | | 2,251,390 | | 2,942,587 | | 86,580 | | | | 01/22/13 | | 300 | |
Mansfield | PA | | 1,309,100 | | 759,190 | | 2,467,367 | | 3,651 | | None | | 759,190 | | 2,471,018 | | 3,230,208 | | 94,774 | | | | 01/22/13 | | 300 | |
Florence | SC | | | | 712,114 | | 2,314,371 | | 13,000 | | None | | 712,114 | | 2,327,371 | | 3,039,485 | | 89,843 | | | | 01/22/13 | | 300 | |
Memphis | TN | | | | 197,708 | | 507,647 | | 17,670 | | 23,118 | | 197,708 | | 548,435 | | 746,143 | | 335,321 | | | | 09/30/98 | | 300 | |
Amarillo | TX | | | | 140,000 | | 419,734 | | None | | 173 | | 140,000 | | 419,907 | | 559,907 | | 419,907 | | | | 09/12/88 | | 300 | |
F-48
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Coleman | TX | | | | 243,060 | | 451,661 | | None | | None | | 243,060 | | 451,661 | | 694,721 | | 137,757 | | | | 05/25/06 | | 300 | |
Colorado City | TX | | | | 92,535 | | 505,276 | | None | | None | | 92,535 | | 505,276 | | 597,811 | | 304,021 | | | | 12/23/98 | | 300 | |
Devine | TX | | | | 212,408 | | 394,735 | | None | | None | | 212,408 | | 394,735 | | 607,143 | | 120,394 | | | | 05/25/06 | | 300 | |
New Boston | TX | | 1,271,080 | | 564,285 | | 1,833,926 | | 25,360 | | None | | 564,285 | | 1,859,286 | | 2,423,571 | | 72,025 | | | | 01/22/13 | | 300 | |
Orange | TX | | | | 491,781 | | 2,249,668 | | None | | None | | 491,781 | | 2,249,668 | | 2,741,449 | | 3,749 | | In-progress | | 12/20/13 | | 300 | |
Presidio | TX | | | | 407,657 | | 757,362 | | None | | None | | 407,657 | | 757,362 | | 1,165,019 | | 230,995 | | | | 05/25/06 | | 300 | |
Winnsboro | TX | | | | 79,280 | | 1,299,056 | | None | | None | | 79,280 | | 1,299,056 | | 1,378,336 | | 370,421 | | 10/19/06 | | 09/07/06 | | 300 | |
Yoakum | TX | | | | 390,147 | | 724,821 | | None | | None | | 390,147 | | 724,821 | | 1,114,968 | | 221,071 | | | | 05/25/06 | | 300 | |
Puyallup | WA | | | | 173,250 | | 384,795 | | None | | 22,814 | | 173,250 | | 407,609 | | 580,859 | | 399,054 | | | | 09/15/87 | | 300 | |
Redmond | WA | | | | 196,000 | | 435,317 | | 42,356 | | 29,173 | | 196,000 | | 506,846 | | 702,846 | | 461,766 | | | | 09/17/87 | | 300 | |
Tacoma | WA | | | | 189,000 | | 419,777 | | None | | 19,146 | | 189,000 | | 438,923 | | 627,923 | | 431,902 | | | | 08/25/87 | | 300 | |
Green Bay | WI | | | | 1,510,000 | | 5,852,883 | | None | | None | | 1,510,000 | | 5,852,883 | | 7,362,883 | | 126,812 | | | | 06/25/13 | | 300 | |
Sussex | WI | | | | 650,000 | | 7,106,415 | | None | | None | | 650,000 | | 7,106,415 | | 7,756,415 | | 153,972 | | | | 06/25/13 | | 300 | |
Lewisburg | WV | | 1,407,900 | | 772,945 | | 2,512,071 | | 2,500 | | None | | 772,945 | | 2,514,571 | | 3,287,516 | | 96,306 | | | | 01/22/13 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Government services | | | | | | | | | | | | | | | | | | | | | | | |
Sierra Vista | AZ | | | | 368,655 | | 9,028,151 | | 224,791 | | None | | 368,655 | | 9,252,942 | | 9,621,597 | | 251,473 | | | | 01/22/13 | | 420 | |
El Centro | CA | | | | 520,000 | | 2,185,899 | | None | | None | | 520,000 | | 2,185,899 | | 2,705,899 | | 375,246 | | | | 09/17/09 | | 300 | |
Redding | CA | | | | 675,805 | | 20,005,327 | | 24,493 | | None | | 675,805 | | 20,029,820 | | 20,705,625 | | 549,551 | | | | 01/22/13 | | 420 | |
Colorado Springs | CO | | | | 672,578 | | 9,520,731 | | 326,700 | | None | | 672,578 | | 9,847,431 | | 10,520,009 | | 262,333 | | | | 01/22/13 | | 420 | |
New Port Richey | FL | | | | 779,626 | | 9,386,180 | | 35,102 | | None | | 779,626 | | 9,421,282 | | 10,200,908 | | 258,985 | | | | 01/22/13 | | 420 | |
Sioux City | IA | | | | 77,340 | | 4,538,558 | | 13,775 | | None | | 77,340 | | 4,552,333 | | 4,629,673 | | 124,892 | | | | 01/22/13 | | 420 | |
Caldwell | ID | | | | 666,412 | | 2,891,593 | | 7,400 | | None | | 666,412 | | 2,898,993 | | 3,565,405 | | 79,560 | | | | 01/22/13 | | 420 | |
Minneapolis | MN | | | | 1,045,866 | | 8,587,804 | | None | | None | | 1,045,866 | | 8,587,804 | | 9,633,670 | | 235,142 | | | | 01/22/13 | | 420 | |
Malone | NY | | | | 823,630 | | 9,270,887 | | None | | None | | 823,630 | | 9,270,887 | | 10,094,517 | | 253,846 | | | | 01/22/13 | | 420 | |
Knoxville | TN | | | | 760,745 | | 8,994,542 | | 4,930 | | None | | 760,745 | | 8,999,472 | | 9,760,217 | | 246,330 | | | | 01/22/13 | | 420 | |
Brownsville | TX | | | | 320,661 | | 6,564,200 | | None | | None | | 320,661 | | 6,564,200 | | 6,884,861 | | 179,734 | | | | 01/22/13 | | 420 | |
Dallas | TX | | | | 399,222 | | 9,540,572 | | 1,000 | | None | | 399,222 | | 9,541,572 | | 9,940,794 | | 261,303 | | | | 01/22/13 | | 420 | |
Eagle Pass | TX | | | | 146,259 | | 1,880,444 | | 18,733 | | None | | 146,259 | | 1,899,177 | | 2,045,436 | | 52,035 | | | | 01/22/13 | | 420 | |
Eagle Pass | TX | | | | 68,097 | | 708,427 | | None | | None | | 68,097 | | 708,427 | | 776,524 | | 19,397 | | | | 01/22/13 | | 420 | |
Paris | TX | | | | 274,223 | | 5,385,490 | | None | | None | | 274,223 | | 5,385,490 | | 5,659,713 | | 147,460 | | | | 01/22/13 | | 420 | |
Parkersburg | WV | | | | 494,436 | | 12,703,842 | | 13,426 | | None | | 494,436 | | 12,717,268 | | 13,211,704 | | 348,769 | | | | 01/22/13 | | 420 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Grocery stores | | | | | | | | | | | | | | | | | | | | | | | |
Mesa | AZ | | | | 807,252 | | 1,499,183 | | None | | None | | 807,252 | | 1,499,183 | | 2,306,435 | | 122,433 | | | | 12/21/11 | | 300 | |
Phoenix | AZ | | | | 664,796 | | 1,234,621 | | None | | None | | 664,796 | | 1,234,621 | | 1,899,417 | | 100,827 | | | | 12/21/11 | | 300 | |
Phoenix | AZ | | | | 546,083 | | 1,014,153 | | None | | None | | 546,083 | | 1,014,153 | | 1,560,236 | | 82,823 | | | | 12/21/11 | | 300 | |
Yuma | AZ | | | | 783,510 | | 1,455,089 | | None | | None | | 783,510 | | 1,455,089 | | 2,238,599 | | 118,832 | | | | 12/21/11 | | 300 | |
Buena Park | CA | | | | 2,136,844 | | 3,968,425 | | None | | None | | 2,136,844 | | 3,968,425 | | 6,105,269 | | 324,088 | | | | 12/21/11 | | 300 | |
Burbank | CA | | | | 2,193,827 | | 4,074,250 | | None | | None | | 2,193,827 | | 4,074,250 | | 6,268,077 | | 332,730 | | | | 12/21/11 | | 300 | |
Carson | CA | | | | 949,709 | | 1,763,744 | | None | | None | | 949,709 | | 1,763,744 | | 2,713,453 | | 144,039 | | | | 12/21/11 | | 300 | |
Chula Vista | CA | | | | 1,044,679 | | 1,940,119 | | None | | None | | 1,044,679 | | 1,940,119 | | 2,984,798 | | 158,443 | | | | 12/21/11 | | 300 | |
Cloverdale | CA | | | | 1,505,000 | | 2,795,321 | | None | | None | | 1,505,000 | | 2,795,321 | | 4,300,321 | | 1,150,740 | | | | 09/30/03 | | 300 | |
El Centro | CA | | | | 394,903 | | 733,392 | | None | | None | | 394,903 | | 733,392 | | 1,128,295 | | 59,894 | | | | 12/21/11 | | 300 | |
Fortuna | CA | | | | 1,190,000 | | 2,210,308 | | None | | None | | 1,190,000 | | 2,210,308 | | 3,400,308 | | 909,910 | | | | 09/30/03 | | 300 | |
Glendale | CA | | | | 3,270,797 | | 6,074,336 | | None | | None | | 3,270,797 | | 6,074,336 | | 9,345,133 | | 496,071 | | | | 12/21/11 | | 300 | |
Hanford | CA | | | | 1,234,621 | | 2,292,868 | | None | | None | | 1,234,621 | | 2,292,868 | | 3,527,489 | | 187,251 | | | | 12/21/11 | | 300 | |
Inglewood | CA | | | | 1,661,990 | | 3,086,553 | | None | | None | | 1,661,990 | | 3,086,553 | | 4,748,543 | | 252,069 | | | | 12/21/11 | | 300 | |
Los Angeles | CA | | | | 712,282 | | 1,322,809 | | None | | None | | 712,282 | | 1,322,809 | | 2,035,091 | | 108,029 | | | | 12/21/11 | | 300 | |
Los Angeles | CA | | | | 1,424,563 | | 2,645,617 | | None | | None | | 1,424,563 | | 2,645,617 | | 4,070,180 | | 216,059 | | | | 12/21/11 | | 300 | |
Los Angeles | CA | | | | 1,576,516 | | 2,927,816 | | None | | None | | 1,576,516 | | 2,927,816 | | 4,504,332 | | 239,105 | | | | 12/21/11 | | 300 | |
Los Angeles | CA | | | | 1,638,247 | | 3,042,460 | | None | | None | | 1,638,247 | | 3,042,460 | | 4,680,707 | | 248,468 | | | | 12/21/11 | | 300 | |
Los Angeles | CA | | | | 1,994,388 | | 3,703,864 | | None | | None | | 1,994,388 | | 3,703,864 | | 5,698,252 | | 302,482 | | | | 12/21/11 | | 300 | |
Los Angeles | CA | | | | 3,111,111 | | 5,777,778 | | None | | None | | 3,111,111 | | 5,777,778 | | 8,888,889 | | 471,852 | | | | 12/21/11 | | 300 | |
Monrovia | CA | | | | 1,139,650 | | 2,116,494 | | None | | None | | 1,139,650 | | 2,116,494 | | 3,256,144 | | 172,847 | | | | 12/21/11 | | 300 | |
North Hollywood | CA | | | | 4,036,263 | | 7,495,917 | | None | | None | | 4,036,263 | | 7,495,917 | | 11,532,180 | | 612,167 | | | | 12/21/11 | | 300 | |
F-49
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Oakland | CA | | | | 2,374,272 | | 4,409,361 | | None | | None | | 2,374,272 | | 4,409,361 | | 6,783,633 | | 360,098 | | | | 12/21/11 | | 300 | |
Pacoima | CA | | | | 949,709 | | 1,763,744 | | None | | None | | 949,709 | | 1,763,744 | | 2,713,453 | | 144,039 | | | | 12/21/11 | | 300 | |
Pasadena | CA | | | | 2,113,102 | | 3,924,331 | | None | | None | | 2,113,102 | | 3,924,331 | | 6,037,433 | | 320,487 | | | | 12/21/11 | | 300 | |
Redlands | CA | | | | 1,187,136 | | 2,204,680 | | None | | None | | 1,187,136 | | 2,204,680 | | 3,391,816 | | 180,049 | | | | 12/21/11 | | 300 | |
Redondo Beach | CA | | | | 1,306,667 | | 2,426,666 | | None | | None | | 1,306,667 | | 2,426,666 | | 3,733,333 | | 198,178 | | | | 12/21/11 | | 300 | |
Redwood City | CA | | | | 1,638,247 | | 3,042,460 | | None | | None | | 1,638,247 | | 3,042,460 | | 4,680,707 | | 248,468 | | | | 12/21/11 | | 300 | |
Riverside | CA | | | | 1,068,422 | | 1,984,213 | | None | | None | | 1,068,422 | | 1,984,213 | | 3,052,635 | | 162,044 | | | | 12/21/11 | | 300 | |
Sacramento | CA | | | | 759,767 | | 1,410,995 | | None | | None | | 759,767 | | 1,410,995 | | 2,170,762 | | 115,231 | | | | 12/21/11 | | 300 | |
Sacramento | CA | | | | 1,139,650 | | 2,116,494 | | None | | None | | 1,139,650 | | 2,116,494 | | 3,256,144 | | 172,847 | | | | 12/21/11 | | 300 | |
Salinas | CA | | | | 1,044,679 | | 1,940,119 | | None | | None | | 1,044,679 | | 1,940,119 | | 2,984,798 | | 158,443 | | | | 12/21/11 | | 300 | |
San Diego | CA | | | | 1,633,333 | | 3,033,334 | | None | | None | | 1,633,333 | | 3,033,334 | | 4,666,667 | | 247,722 | | | | 12/21/11 | | 300 | |
Stockton | CA | | | | 1,424,563 | | 2,645,617 | | None | | None | | 1,424,563 | | 2,645,617 | | 4,070,180 | | 216,059 | | | | 12/21/11 | | 300 | |
Thousand Oaks | CA | | | | 2,018,131 | | 3,747,957 | | None | | None | | 2,018,131 | | 3,747,957 | | 5,766,088 | | 306,083 | | | | 12/21/11 | | 300 | |
Boulder | CO | | | | 426,675 | | 1,199,508 | | None | | 91,534 | | 426,675 | | 1,291,042 | | 1,717,717 | | 1,143,400 | | | | 01/05/84 | | 300 | |
Brandon | FL | | | | 2,570,000 | | 676,996 | | None | | 154 | | 2,570,000 | | 677,150 | | 3,247,150 | | 86,959 | | | | 10/22/10 | | 300 | |
Tampa | FL | | | | 2,610,000 | | 5,769,576 | | 34,918 | | None | | 2,610,000 | | 5,804,494 | | 8,414,494 | | 746,341 | | | | 10/22/10 | | 300 | |
Warsaw | IN | | | | 2,140,000 | | 4,689,646 | | None | | None | | 2,140,000 | | 4,689,646 | | 6,829,646 | | 1,289,641 | | | | 02/09/07 | | 300 | |
Lawrence | KS | | 3,315,335 | | 706,512 | | 5,338,974 | | 140 | | None | | 706,512 | | 5,339,114 | | 6,045,626 | | 204,674 | | | | 01/22/13 | | 300 | |
Wichita | KS | | | | 1,672,828 | | 7,617,013 | | 1,539 | | None | | 1,672,828 | | 7,618,552 | | 9,291,380 | | 292,127 | | | | 01/22/13 | | 300 | |
Portland | ME | | | | - | | 6,357,617 | | None | | None | | - | | 6,357,617 | | 6,357,617 | | 243,709 | | | | 01/22/13 | | 300 | |
Reno | NV | | | | 456,000 | | 562,344 | | 19,733 | | 30,746 | | 456,000 | | 612,823 | | 1,068,823 | | 603,398 | | | | 05/26/88 | | 300 | |
Reno | NV | | | | 721,365 | | 1,339,679 | | None | | None | | 721,365 | | 1,339,679 | | 2,061,044 | | 109,407 | | | | 12/21/11 | | 300 | |
Canandaigua | NY | | | | 757,160 | | 13,354,409 | | None | | None | | 757,160 | | 13,354,409 | | 14,111,569 | | 511,919 | | | | 01/22/13 | | 300 | |
Nanuet | NY | | 10,800,000 | | 3,149,527 | | 20,960,357 | | None | | None | | 3,149,527 | | 20,960,357 | | 24,109,884 | | 803,480 | | | | 01/22/13 | | 300 | |
Bartlesville | OK | | | | 1,650,000 | | 1,573,823 | | 1,000 | | None | | 1,650,000 | | 1,574,823 | | 3,224,823 | | 202,253 | | | | 10/22/10 | | 300 | |
Norman | OK | | | | 1,580,000 | | 1,900,618 | | 1,000 | | None | | 1,580,000 | | 1,901,618 | | 3,481,618 | | 244,191 | | | | 10/22/10 | | 300 | |
Norman | OK | | | | 3,000,000 | | 2,474,669 | | 1,000 | | None | | 3,000,000 | | 2,475,669 | | 5,475,669 | | 317,668 | | | | 10/22/10 | | 300 | |
Stillwater | OK | | | | 2,590,000 | | 2,472,123 | | 1,000 | | None | | 2,590,000 | | 2,473,123 | | 5,063,123 | | 317,535 | | | | 10/22/10 | | 300 | |
Tulsa | OK | | | | 1,550,000 | | 203,990 | | None | | None | | 1,550,000 | | 203,990 | | 1,753,990 | | 26,179 | | | | 10/22/10 | | 300 | |
Tulsa | OK | | | | 2,000,000 | | 753,609 | | None | | None | | 2,000,000 | | 753,609 | | 2,753,609 | | 96,713 | | | | 10/22/10 | | 300 | |
Tulsa | OK | | | | 1,850,000 | | 1,785,277 | | None | | None | | 1,850,000 | | 1,785,277 | | 3,635,277 | | 229,111 | | | | 10/22/10 | | 300 | |
Tulsa | OK | | | | 1,700,000 | | 978,092 | | None | | None | | 1,700,000 | | 978,092 | | 2,678,092 | | 125,522 | | | | 10/22/10 | | 300 | |
Tulsa | OK | | | | 2,900,000 | | 1,197,386 | | None | | None | | 2,900,000 | | 1,197,386 | | 4,097,386 | | 153,664 | | | | 10/22/10 | | 300 | |
Tulsa | OK | | | | 3,000,000 | | 3,485,618 | | 1,000 | | None | | 3,000,000 | | 3,486,618 | | 6,486,618 | | 447,600 | | | | 10/22/10 | | 300 | |
Central Point | OR | | | | 840,000 | | 1,560,308 | | None | | None | | 840,000 | | 1,560,308 | | 2,400,308 | | 642,327 | | | | 09/30/03 | | 300 | |
Pendleton | OR | | | | 546,083 | | 1,014,153 | | None | | None | | 546,083 | | 1,014,153 | | 1,560,236 | | 82,823 | | | | 12/21/11 | | 300 | |
Phoenix | OR | | | | 840,000 | | 1,560,308 | | None | | None | | 840,000 | | 1,560,308 | | 2,400,308 | | 642,327 | | | | 09/30/03 | | 300 | |
Rapid City | SD | | | | 2,140,000 | | 1,465,451 | | None | | None | | 2,140,000 | | 1,465,451 | | 3,605,451 | | 188,066 | | | | 10/22/10 | | 300 | |
Colchester | VT | | 11,212,943 | | 983,640 | | 13,718,577 | | None | | None | | 983,640 | | 13,718,577 | | 14,702,217 | | 525,879 | | | | 01/22/13 | | 300 | |
Richland | WA | | | | 1,756,961 | | 3,262,927 | | None | | None | | 1,756,961 | | 3,262,927 | | 5,019,888 | | 266,472 | | | | 12/21/11 | | 300 | |
Sheboygan | WI | | | | 1,513,216 | | 4,427,968 | | (2,174,738) | | 172 | | 1,513,217 | | 2,253,402 | | 3,766,619 | | 2,468,284 | | 06/03/99 | | 08/24/98 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Health and fitness | | | | | | | | | | | | | | | | | | | | | | | |
Paradise Valley | AZ | | | | 2,608,389 | | 3,418,783 | | None | | None | | 2,608,389 | | 3,418,783 | | 6,027,172 | | 1,623,888 | | 06/06/02 | | 06/26/01 | | 300 | |
Phoenix | AZ | | | | 2,100,000 | | 6,556,549 | | None | | None | | 2,100,000 | | 6,556,549 | | 8,656,549 | | 351,834 | | 03/20/12 | | 06/29/11 | | 300 | |
Antioch | CA | | | | 5,375,000 | | 9,982,143 | | None | | None | | 5,375,000 | | 9,982,143 | | 15,357,143 | | 915,030 | | | | 09/21/11 | | 300 | |
Bakersfield | CA | | | | 2,259,649 | | 4,698,845 | | None | | None | | 2,259,649 | | 4,698,845 | | 6,958,494 | | 430,727 | | | | 09/21/11 | | 300 | |
Bakersfield | CA | | | | 3,260,933 | | 6,056,019 | | None | | None | | 3,260,933 | | 6,056,019 | | 9,316,952 | | 555,135 | | | | 09/21/11 | | 300 | |
Carmichael | CA | | | | 812,570 | | 3,467,558 | | None | | None | | 812,570 | | 3,467,558 | | 4,280,128 | | 52,013 | | | | 08/30/13 | | 300 | |
Carmichael | CA | | | | 755,676 | | 3,224,770 | | None | | None | | 755,676 | | 3,224,770 | | 3,980,446 | | 48,372 | | | | 08/30/13 | | 300 | |
Ceres | CA | | | | 2,145,750 | | 3,984,963 | | None | | None | | 2,145,750 | | 3,984,963 | | 6,130,713 | | 365,288 | | | | 09/21/11 | | 300 | |
Chula Vista | CA | | | | 4,226,250 | | 7,848,750 | | None | | None | | 4,226,250 | | 7,848,750 | | 12,075,000 | | 1,190,394 | | | | 03/30/10 | | 300 | |
Diamond Bar | CA | | | | 3,038,879 | | 5,494,141 | | None | | 882 | | 3,038,879 | | 5,495,023 | | 8,533,902 | | 2,564,580 | | 03/21/00 | | 09/29/98 | | 300 | |
Elk Grove | CA | | | | 2,570,000 | | 10,206,994 | | None | | None | | 2,570,000 | | 10,206,994 | | 12,776,994 | | 119,082 | | | | 09/27/13 | | 300 | |
Fairfield | CA | | | | 836,500 | | 2,053,500 | | None | | None | | 836,500 | | 2,053,500 | | 2,890,000 | | 75,086 | | | | 10/03/12 | | 300 | |
Folsom | CA | | | | 1,290,000 | | 13,537,029 | | None | | None | | 1,290,000 | | 13,537,029 | | 14,827,029 | | 203,055 | | | | 08/30/13 | | 300 | |
F-50
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Los Banos | CA | | | | 1,378,343 | | 2,559,779 | | None | | None | | 1,378,343 | | 2,559,779 | | 3,938,122 | | 234,646 | | | | 09/21/11 | | 300 | |
McClellan | CA | | | | 396,459 | | 1,691,850 | | None | | None | | 396,459 | | 1,691,850 | | 2,088,309 | | 25,378 | | | | 08/30/13 | | 300 | |
Merced | CA | | | | 910,000 | | 2,282,000 | | None | | None | | 910,000 | | 2,282,000 | | 3,192,000 | | 81,683 | | | | 10/03/12 | | 300 | |
Norco | CA | | | | 1,247,243 | | 4,907,430 | | None | | 130 | | 1,247,243 | | 4,907,560 | | 6,154,803 | | 2,192,608 | | 12/13/00 | | 06/29/99 | | 300 | |
Rancho Cordova | CA | | | | 1,040,000 | | 6,791,316 | | None | | None | | 1,040,000 | | 6,791,316 | | 7,831,316 | | 101,870 | | | | 08/30/13 | | 300 | |
Rocklin | CA | | | | 1,165,243 | | 4,972,558 | | None | | None | | 1,165,243 | | 4,972,558 | | 6,137,801 | | 74,588 | | | | 08/30/13 | | 300 | |
Roseville | CA | | | | 1,970,000 | | 7,743,081 | | None | | None | | 1,970,000 | | 7,743,081 | | 9,713,081 | | 90,336 | | | | 09/27/13 | | 300 | |
Sacramento | CA | | | | 449,230 | | 1,917,043 | | None | | None | | 449,230 | | 1,917,043 | | 2,366,273 | | 28,756 | | | | 08/30/13 | | 300 | |
Sacramento | CA | | | | 2,400,000 | | 14,079,539 | | None | | None | | 2,400,000 | | 14,079,539 | | 16,479,539 | | 164,261 | | | | 09/30/13 | | 300 | |
Shingle Springs | CA | | | | 1,575,000 | | 3,293,000 | | None | | None | | 1,575,000 | | 3,293,000 | | 4,868,000 | | 141,375 | | | | 10/03/12 | | 300 | |
Stockton | CA | | | | 2,320,442 | | 4,309,392 | | None | | None | | 2,320,442 | | 4,309,392 | | 6,629,834 | | 395,028 | | | | 09/21/11 | | 300 | |
Stockton | CA | | | | 1,602,459 | | 2,975,994 | | None | | None | | 1,602,459 | | 2,975,994 | | 4,578,453 | | 272,800 | | | | 09/21/11 | | 300 | |
Stockton | CA | | | | 509,091 | | 945,454 | | None | | None | | 509,091 | | 945,454 | | 1,454,545 | | 48,848 | | | | 09/28/12 | | 300 | |
Tracy | CA | | | | 556,906 | | 1,034,254 | | None | | None | | 556,906 | | 1,034,254 | | 1,591,160 | | 94,807 | | | | 09/21/11 | | 300 | |
Tracy | CA | | | | 3,228,902 | | 5,996,532 | | None | | None | | 3,228,902 | | 5,996,532 | | 9,225,434 | | 549,682 | | | | 09/21/11 | | 300 | |
Vacaville | CA | | | | 1,575,000 | | 3,675,000 | | None | | None | | 1,575,000 | | 3,675,000 | | 5,250,000 | | 141,375 | | | | 10/03/12 | | 300 | |
Vallejo | CA | | | | 756,000 | | 3,404,000 | | None | | None | | 756,000 | | 3,404,000 | | 4,160,000 | | 67,860 | | | | 10/03/12 | | 300 | |
Casselberry | FL | | | | 1,979,598 | | 8,256,394 | | 40,863 | | 167,804 | | 1,979,598 | | 8,465,061 | | 10,444,659 | | 4,377,053 | | 12/30/03 | | 05/31/95 | | 300 | |
Hialeah | FL | | | | 2,104,393 | | 3,910,500 | | None | | None | | 2,104,393 | | 3,910,500 | | 6,014,893 | | 1,062,336 | | | | 03/26/07 | | 300 | |
Miami | FL | | | | 3,115,101 | | 5,670,715 | | None | | 106 | | 3,115,101 | | 5,670,821 | | 8,785,922 | | 2,496,933 | | 05/19/00 | | 06/07/99 | | 300 | |
Oakland Park | FL | | | | 2,800,000 | | 2,196,480 | | None | | None | | 2,800,000 | | 2,196,480 | | 4,996,480 | | 1,003,251 | | 07/06/01 | | 03/27/01 | | 300 | |
Orlando | FL | | | | 2,144,778 | | 3,755,905 | | None | | None | | 2,144,778 | | 3,755,905 | | 5,900,683 | | 1,524,376 | | 08/07/03 | | 11/26/02 | | 300 | |
Pembroke Pines | FL | | | | 1,714,388 | | 4,387,824 | | None | | None | | 1,714,388 | | 4,387,824 | | 6,102,212 | | 2,297,565 | | 12/11/00 | | 10/01/99 | | 300 | |
Stuart | FL | | | | 1,150,000 | | 8,258,878 | | None | | None | | 1,150,000 | | 8,258,878 | | 9,408,878 | | 178,942 | | | | 06/28/13 | | 300 | |
Sunrise | FL | | | | 2,850,000 | | 3,601,884 | | None | | None | | 2,850,000 | | 3,601,884 | | 6,451,884 | | 462,242 | | | | 10/22/10 | | 300 | |
Alsip | IL | | | | 2,944,221 | | 5,467,839 | | None | | None | | 2,944,221 | | 5,467,839 | | 8,412,060 | | 883,967 | | | | 12/30/09 | | 300 | |
Bolinbrook | IL | | | | 3,010,512 | | 8,161,186 | | None | | None | | 3,010,512 | | 8,161,186 | | 11,171,698 | | 1,980,965 | | 10/26/07 | | 01/24/07 | | 300 | |
Glendale Heights | IL | | | | 1,963,770 | | 10,037,408 | | None | | None | | 1,963,770 | | 10,037,408 | | 12,001,178 | | 612,819 | | In-progress | | 03/26/07 | | 300 | |
Lansing | IL | | | | 460,000 | | 6,656,488 | | None | | None | | 460,000 | | 6,656,488 | | 7,116,488 | | 11,094 | | | | 12/11/13 | | 300 | |
Waukegan | IL | | | | 2,961,951 | | 5,500,766 | | None | | None | | 2,961,951 | | 5,500,766 | | 8,462,717 | | 889,291 | | | | 12/30/09 | | 300 | |
Carmel | IN | | | | 3,675,000 | | 6,825,000 | | None | | None | | 3,675,000 | | 6,825,000 | | 10,500,000 | | 1,035,125 | | | | 03/29/10 | | 300 | |
Indianapolis | IN | | | | 3,008,186 | | 6,999,881 | | None | | None | | 3,008,186 | | 6,999,881 | | 10,008,067 | | 1,857,584 | | 03/20/07 | | 08/03/06 | | 300 | |
Southport | IN | | | | 2,121,873 | | 7,522,735 | | None | | None | | 2,121,873 | | 7,522,735 | | 9,644,608 | | 1,777,834 | | 12/20/07 | | 06/08/07 | | 300 | |
Florence | KY | | | | 2,560,000 | | 8,523,096 | | None | | None | | 2,560,000 | | 8,523,096 | | 11,083,096 | | 383,539 | | | | 11/30/12 | | 300 | |
Louisville | KY | | 9,982,583 | | 1,480,000 | | 13,081,657 | | None | | None | | 1,480,000 | | 13,081,657 | | 14,561,657 | | 457,858 | | | | 02/01/13 | | 300 | |
Woburn | MA | | | | 3,930,000 | | 6,125,110 | | None | | None | | 3,930,000 | | 6,125,110 | | 10,055,110 | | 153,128 | | | | 05/22/13 | | 300 | |
Nottingham | MD | | | | 3,055,453 | | 5,675,230 | | None | | None | | 3,055,453 | | 5,675,230 | | 8,730,683 | | 1,541,770 | | | | 03/26/07 | | 300 | |
Roseville | MN | | | | 3,611,925 | | 8,804,654 | | None | | None | | 3,611,925 | | 8,804,654 | | 12,416,579 | | 2,084,710 | | 06/05/08 | | 04/18/07 | | 300 | |
East Brunswick | NJ | | | | 1,654,529 | | 3,073,912 | | None | | None | | 1,654,529 | | 3,073,912 | | 4,728,441 | | 845,325 | | | | 02/16/07 | | 300 | |
Yonkers | NY | | | | 1,488,894 | | 2,765,894 | | None | | None | | 1,488,894 | | 2,765,894 | | 4,254,788 | | 751,400 | | | | 03/26/07 | �� | 300 | |
Beachwood | OH | | | | 1,504,354 | | 2,794,305 | | 35,236 | | 151 | | 1,504,354 | | 2,829,692 | | 4,334,046 | | 769,372 | | | | 02/16/07 | | 300 | |
Columbus | OH | | | | - | | 6,891,202 | | None | | None | | - | | 6,891,202 | | 6,891,202 | | 247,554 | | | | 11/30/12 | | 300 | |
Columbus | OH | | 7,658,983 | | - | | 11,662,219 | | None | | None | | - | | 11,662,219 | | 11,662,219 | | 408,178 | | | | 02/01/13 | | 300 | |
Columbus | OH | | | | - | | 7,517,501 | | None | | None | | - | | 7,517,501 | | 7,517,501 | | 162,879 | | | | 06/28/13 | | 300 | |
Hilliard | OH | | 8,525,100 | | 1,010,000 | | 10,307,569 | | None | | None | | 1,010,000 | | 10,307,569 | | 11,317,569 | | 360,765 | | | | 02/01/13 | | 300 | |
Powell | OH | | | | 1,110,000 | | 8,659,894 | | None | | None | | 1,110,000 | | 8,659,894 | | 9,769,894 | | 389,695 | | | | 11/30/12 | | 300 | |
West Chester | OH | | 6,780,480 | | 1,670,000 | | 7,738,611 | | None | | None | | 1,670,000 | | 7,738,611 | | 9,408,611 | | 270,851 | | | | 02/22/13 | | 300 | |
Philadelphia | PA | | | | 2,254,830 | | 4,188,725 | | None | | None | | 2,254,830 | | 4,188,725 | | 6,443,555 | | 1,151,899 | | | | 02/16/07 | | 300 | |
PIttsburgh | PA | | | | 4,420,799 | | 5,543,009 | | None | | None | | 4,420,799 | | 5,543,009 | | 9,963,808 | | 451,579 | | 09/01/11 | | 01/12/11 | | 300 | |
Cypress | TX | | | | 1,417,377 | | 5,696,789 | | None | | None | | 1,417,377 | | 5,696,789 | | 7,114,166 | | 1,718,450 | | 05/15/06 | | 09/14/05 | | 300 | |
Dallas | TX | | | | 5,293,733 | | 6,555,637 | | None | | None | | 5,293,733 | | 6,555,637 | | 11,849,370 | | 1,915,487 | | 08/04/06 | | 11/09/05 | | 300 | |
Fort Worth | TX | | | | 1,445,901 | | 5,277,886 | | None | | None | | 1,445,901 | | 5,277,886 | | 6,723,787 | | 2,864,748 | | 06/02/00 | | 06/30/99 | | 300 | |
Keller | TX | | | | 1,478,222 | | 5,679,604 | | None | | None | | 1,478,222 | | 5,679,604 | | 7,157,826 | | 1,860,448 | | 09/08/05 | | 12/16/04 | | 300 | |
McKinney | TX | | | | 1,805,460 | | 5,972,111 | | None | | None | | 1,805,460 | | 5,972,111 | | 7,777,571 | | 1,902,091 | | 12/07/05 | | 04/20/05 | | 300 | |
Plano | TX | | | | 3,178,115 | | 5,832,224 | | None | | None | | 3,178,115 | | 5,832,224 | | 9,010,339 | | 1,857,735 | | 12/06/05 | | 04/22/05 | | 300 | |
San Antonio | TX | | | | 1,120,000 | | 2,075,196 | | None | | None | | 1,120,000 | | 2,075,196 | | 3,195,196 | | 370,077 | | | | 07/29/09 | | 300 | |
San Antonio | TX | | | | 1,200,000 | | 2,489,568 | | None | | None | | 1,200,000 | | 2,489,568 | | 3,689,568 | | 443,973 | | | | 07/29/09 | | 300 | |
F-51
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Kent | WA | | | | 4,086,250 | | 7,588,750 | | None | | None | | 4,086,250 | | 7,588,750 | | 11,675,000 | | 1,226,848 | | | | 12/21/09 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Health care | | | | | | | | | | | | | | | | | | | | | | | |
Enterprise | AL | | | | 697,210 | | 2,265,932 | | None | | None | | 697,210 | | 2,265,932 | | 2,963,142 | | 86,861 | | | | 01/22/13 | | 300 | |
Hot Springs | AR | | 889,200 | | 210,979 | | 2,003,689 | | None | | None | | 210,979 | | 2,003,689 | | 2,214,668 | | 54,863 | | | | 01/22/13 | | 420 | |
Hot Springs | AR | | 988,000 | | 235,299 | | 2,234,659 | | None | | None | | 235,299 | | 2,234,659 | | 2,469,958 | | 61,187 | | | | 01/22/13 | | 420 | |
Hot Springs | AR | | 2,494,700 | | 904,597 | | 5,821,180 | | None | | None | | 904,597 | | 5,821,180 | | 6,725,777 | | 159,389 | | | | 01/22/13 | | 420 | |
Apple Valley | CA | | 2,856,939 | | 486,371 | | 10,271,320 | | None | | None | | 486,371 | | 10,271,320 | | 10,757,691 | | 281,156 | | | | 01/22/13 | | 420 | |
Shasta Lake | CA | | 2,975,929 | | 390,906 | | 9,754,092 | | None | | None | | 390,906 | | 9,754,092 | | 10,144,998 | | 267,076 | | | | 01/22/13 | | 420 | |
Augusta | GA | | | | 526,247 | | 1,710,304 | | None | | None | | 526,247 | | 1,710,304 | | 2,236,551 | | 65,562 | | | | 01/22/13 | | 300 | |
Brunswick | GA | | | | 290,369 | | 788,880 | | 36,532 | | 31,150 | | 290,369 | | 856,562 | | 1,146,931 | | 522,329 | | | | 12/31/97 | | 300 | |
Valdosta | GA | | | | 432,035 | | 1,404,115 | | None | | None | | 432,035 | | 1,404,115 | | 1,836,150 | | 53,824 | | | | 01/22/13 | | 300 | |
Valdosta | GA | | | | 413,489 | | 1,343,840 | | None | | None | | 413,489 | | 1,343,840 | | 1,757,329 | | 51,514 | | | | 01/22/13 | | 300 | |
Blackfoot | ID | | | | 494,854 | | 1,608,277 | | None | | None | | 494,854 | | 1,608,277 | | 2,103,131 | | 61,651 | | | | 01/22/13 | | 300 | |
New Castle | IN | | | | 564,055 | | 1,833,180 | | None | | None | | 564,055 | | 1,833,180 | | 2,397,235 | | 70,272 | | | | 01/22/13 | | 300 | |
Kansas City | KS | | | | 521,988 | | 1,696,460 | | None | | None | | 521,988 | | 1,696,460 | | 2,218,448 | | 65,031 | | | | 01/22/13 | | 300 | |
Shreveport | LA | | 974,965 | | 423,234 | | 1,375,511 | | None | | None | | 423,234 | | 1,375,511 | | 1,798,745 | | 52,728 | | | | 01/22/13 | | 300 | |
Billerica | MA | | | | 398,292 | | 740,107 | | 21,044 | | 15,024 | | 398,292 | | 776,175 | | 1,174,467 | | 186,236 | | | | 11/14/07 | | 300 | |
Kansas City | MO | | | | 467,883 | | 1,770,703 | | None | | None | | 467,883 | | 1,770,703 | | 2,238,586 | | 2,951 | | | | 12/20/13 | | 300 | |
St. Louis | MO | | 17,208,774 | | 2,852,903 | | 38,464,698 | | 4,467 | | None | | 2,852,903 | | 38,469,165 | | 41,322,068 | | 1,053,619 | | | | 01/22/13 | | 420 | |
St. Louis | MO | | 11,501,226 | | 4,278,685 | | 19,900,592 | | None | | None | | 4,278,685 | | 19,900,592 | | 24,179,277 | | 544,897 | | | | 01/22/13 | | 420 | |
Wilmington | NC | | 3,704,640 | | 811,533 | | 5,498,659 | | None | | None | | 811,533 | | 5,498,659 | | 6,310,192 | | 210,782 | | | | 01/22/13 | | 300 | |
Lincoln | NE | | 1,738,920 | | 707,636 | | 2,299,818 | | None | | None | | 707,636 | | 2,299,818 | | 3,007,454 | | 88,160 | | | | 01/22/13 | | 300 | |
Lakewood | NY | | | | 144,859 | | 526,301 | | 96,813 | | 197 | | 144,859 | | 623,311 | | 768,170 | | 387,852 | | | | 11/26/96 | | 300 | |
Mt. Vernon | OH | | | | 726,626 | | 1,351,151 | | None | | 22,995 | | 726,626 | | 1,374,146 | | 2,100,772 | | 387,190 | | | | 11/01/06 | | 300 | |
Okmulgee | OK | | 679,865 | | 397,605 | | 1,292,216 | | None | | None | | 397,605 | | 1,292,216 | | 1,689,821 | | 49,535 | | | | 01/22/13 | | 300 | |
Sellersville | PA | | | | 763,355 | | 2,480,903 | | None | | None | | 763,355 | | 2,480,903 | | 3,244,258 | | 95,101 | | | | 01/22/13 | | 300 | |
Abbeville | SC | | 814,930 | | 446,204 | | 1,450,164 | | None | | None | | 446,204 | | 1,450,164 | | 1,896,368 | | 55,590 | | | | 01/22/13 | | 300 | |
North Augusta | SC | | | | 498,284 | | 1,619,423 | | None | | None | | 498,284 | | 1,619,423 | | 2,117,707 | | 62,078 | | | | 01/22/13 | | 300 | |
Dickson | TN | | | | 531,717 | | 1,728,079 | | None | | None | | 531,717 | | 1,728,079 | | 2,259,796 | | 66,243 | | | | 01/22/13 | | 300 | |
Memphis | TN | | | | 602,208 | | 1,957,176 | | None | | None | | 602,208 | | 1,957,176 | | 2,559,384 | | 75,025 | | | | 01/22/13 | | 300 | |
Memphis | TN | | | | 822,791 | | 2,674,071 | | None | | None | | 822,791 | | 2,674,071 | | 3,496,862 | | 102,506 | | | | 01/22/13 | | 300 | |
Bedford | TX | | | | 1,607,524 | | 56,219,108 | | None | | None | | 1,607,524 | | 56,219,108 | | 57,826,632 | | 1,539,333 | | | | 01/22/13 | | 420 | |
Hampton | VA | | | | 373,499 | | 836,071 | | 7,601 | | 33,111 | | 373,499 | | 876,783 | | 1,250,282 | | 554,764 | | | | 12/19/97 | | 300 | |
Muskego | WI | | | | 1,528,232 | | 26,297,695 | | None | | None | | 1,528,232 | | 26,297,695 | | 27,825,927 | | 720,056 | | | | 01/22/13 | | 420 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Home furnishings | | | | | | | | | | | | | | | | | | | | | | | |
Little Rock | AR | | | | 1,079,232 | | 2,594,956 | | 132,816 | | 13,503 | | 1,079,232 | | 2,741,275 | | 3,820,507 | | 1,671,654 | | | | 07/21/98 | | 300 | |
Osceola | AR | | | | 88,759 | | 520,047 | | 4,083 | | None | | 88,759 | | 524,130 | | 612,889 | | 327,377 | | | | 06/30/98 | | 300 | |
Wynne | AR | | | | 70,000 | | 547,576 | | 58,039 | | 2,024 | | 70,000 | | 607,639 | | 677,639 | | 357,981 | | 11/10/98 | | 02/24/99 | | 300 | |
Jackson | CA | | | | 300,000 | | 390,849 | | 6,775 | | 8,819 | | 300,000 | | 406,443 | | 706,443 | | 405,191 | | | | 05/17/88 | | 300 | |
Pueblo | CO | | | | 371,645 | | 1,207,845 | | None | | None | | 371,645 | | 1,207,845 | | 1,579,490 | | 46,301 | | | | 01/22/13 | | 300 | |
Danbury | CT | | | | 643,736 | | 3,621,163 | | 126,053 | | 243,250 | | 643,736 | | 3,990,466 | | 4,634,202 | | 2,443,617 | | | | 09/30/97 | | 300 | |
Brandon | FL | | | | 430,000 | | 1,020,608 | | None | | 218 | | 430,000 | | 1,020,826 | | 1,450,826 | | 634,664 | | | | 06/26/98 | | 300 | |
Hudson | FL | | | | 397,101 | | 1,290,578 | | None | | None | | 397,101 | | 1,290,578 | | 1,687,679 | | 49,472 | | | | 01/22/13 | | 300 | |
Ocala | FL | | | | 339,690 | | 543,504 | | None | | 25,065 | | 339,690 | | 568,569 | | 908,259 | | 397,362 | | | | 11/26/96 | | 300 | |
Palm Harbor | FL | | | | 364,939 | | 1,186,052 | | None | | None | | 364,939 | | 1,186,052 | | 1,550,991 | | 45,465 | | | | 01/22/13 | | 300 | |
Pensacola | FL | | | | 370,809 | | 1,205,128 | | None | | None | | 370,809 | | 1,205,128 | | 1,575,937 | | 46,197 | | | | 01/22/13 | | 300 | |
Spring Hill | FL | | | | 370,810 | | 1,205,131 | | None | | None | | 370,810 | | 1,205,131 | | 1,575,941 | | 46,197 | | | | 01/22/13 | | 300 | |
Tampa | FL | | | | 685,000 | | 885,624 | | None | | 218 | | 685,000 | | 885,842 | | 1,570,842 | | 550,749 | | | | 06/26/98 | | 300 | |
Tampa | FL | | | | 494,763 | | 767,737 | | 71,880 | | 233 | | 494,763 | | 839,850 | | 1,334,613 | | 533,930 | | | | 12/31/98 | | 300 | |
West Palm Beach | FL | | | | 347,651 | | 706,081 | | 69,111 | | 233 | | 347,651 | | 775,425 | | 1,123,076 | | 460,085 | | | | 12/31/98 | | 300 | |
Rome | GA | | | | 254,902 | | 486,812 | | 32,783 | | 499 | | 254,902 | | 520,094 | | 774,996 | | 339,380 | | | | 11/26/96 | | 300 | |
Davenport | IA | | | | 270,000 | | 930,689 | | None | | 205 | | 270,000 | | 930,894 | | 1,200,894 | | 578,734 | | | | 06/26/98 | | 300 | |
Joliet | IL | | | | 440,000 | | 910,689 | | None | | 338 | | 440,000 | | 911,027 | | 1,351,027 | | 566,387 | | | | 06/26/98 | | 300 | |
Anderson | IN | | | | 180,628 | | 653,162 | | 100,170 | | 15,352 | | 180,628 | | 768,684 | | 949,312 | | 515,196 | | | | 11/26/96 | | 300 | |
F-52
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Kansas City | KS | | | | 185,955 | | 413,014 | | 31,870 | | 8,629 | | 185,955 | | 453,513 | | 639,468 | | 434,891 | | | | 05/13/88 | | 300 | |
Wichita | KS | | | | 430,000 | | 740,725 | | None | | 205 | | 430,000 | | 740,930 | | 1,170,930 | | 460,639 | | | | 06/26/98 | | 300 | |
Alexandria | LA | | | | 400,000 | | 810,608 | | None | | 168 | | 400,000 | | 810,776 | | 1,210,776 | | 504,016 | | | | 06/26/98 | | 300 | |
Monroe | LA | | | | 450,000 | | 835,608 | | None | | None | | 450,000 | | 835,608 | | 1,285,608 | | 519,468 | | | | 06/26/98 | | 300 | |
Shreveport | LA | | | | 525,000 | | 725,642 | | None | | 132 | | 525,000 | | 725,774 | | 1,250,774 | | 451,149 | | | | 06/26/98 | | 300 | |
Battle Creek | MI | | | | 485,000 | | 895,689 | | None | | 265 | | 485,000 | | 895,954 | | 1,380,954 | | 557,023 | | | | 06/26/98 | | 300 | |
Bay City | MI | | | | 397,531 | | 1,291,976 | | None | | None | | 397,531 | | 1,291,976 | | 1,689,507 | | 49,526 | | | | 01/22/13 | | 300 | |
Eden Prairie | MN | | | | 500,502 | | 1,055,244 | | None | | None | | 500,502 | | 1,055,244 | | 1,555,746 | | 627,834 | | | | 03/01/99 | | 300 | |
Fort Myers | MS | | | | 306,460 | | 995,995 | | None | | None | | 306,460 | | 995,995 | | 1,302,455 | | 38,180 | | | | 01/22/13 | | 300 | |
Gulfport | MS | | | | 299,464 | | 502,326 | | 49,988 | | 193 | | 299,464 | | 552,507 | | 851,971 | | 364,121 | | | | 11/26/96 | | 300 | |
Hattiesburg | MS | | | | 300,000 | | 660,608 | | None | | 168 | | 300,000 | | 660,776 | | 960,776 | | 410,766 | | | | 06/26/98 | | 300 | |
Asheboro | NC | | | | 373,128 | | 1,212,666 | | None | | None | | 373,128 | | 1,212,666 | | 1,585,794 | | 46,486 | | | | 01/22/13 | | 300 | |
Matthews | NC | | | | 768,222 | | 843,401 | | 46,414 | | 38,052 | | 768,222 | | 927,867 | | 1,696,089 | | 556,865 | | | | 12/31/98 | | 300 | |
Grand Island | NE | | | | 455,921 | | 1,481,742 | | None | | None | | 455,921 | | 1,481,742 | | 1,937,663 | | 56,800 | | | | 01/22/13 | | 300 | |
Cortland | NY | | | | 448,156 | | 1,456,507 | | None | | None | | 448,156 | | 1,456,507 | | 1,904,663 | | 55,833 | | | | 01/22/13 | | 300 | |
Green Island | NY | | 10,064,426 | | 1,181,947 | | 20,808,780 | | 16,000 | | None | | 1,181,947 | | 20,824,780 | | 22,006,727 | | 570,075 | | | | 01/22/13 | | 420 | |
Oneonta | NY | | | | 354,283 | | 1,151,419 | | None | | None | | 354,283 | | 1,151,419 | | 1,505,702 | | 44,138 | | | | 01/22/13 | | 300 | |
Rotterdam | NY | | | | 390,926 | | 1,270,510 | | None | | None | | 390,926 | | 1,270,510 | | 1,661,436 | | 48,703 | | | | 01/22/13 | | 300 | |
Ashtabula | OH | | | | 359,857 | | 1,169,537 | | None | | None | | 359,857 | | 1,169,537 | | 1,529,394 | | 44,832 | | | | 01/22/13 | | 300 | |
Dayton | OH | | | | 401,723 | | 698,872 | | 13,435 | | 11,200 | | 401,723 | | 723,507 | | 1,125,230 | | 453,383 | | | | 06/29/98 | | 300 | |
Kettering | OH | | | | 316,341 | | 1,028,109 | | None | | None | | 316,341 | | 1,028,109 | | 1,344,450 | | 39,411 | | | | 01/22/13 | | 300 | |
Lancaster | OH | | | | 250,000 | | 830,689 | | None | | 319 | | 250,000 | | 831,008 | | 1,081,008 | | 516,705 | | | | 06/26/98 | | 300 | |
Piqua | OH | | | | 375,833 | | 1,221,457 | | None | | None | | 375,833 | | 1,221,457 | | 1,597,290 | | 46,823 | | | | 01/22/13 | | 300 | |
Altoona | PA | | | | 455,000 | | 745,694 | | None | | None | | 455,000 | | 745,694 | | 1,200,694 | | 463,571 | | | | 06/26/98 | | 300 | |
Cranberry | PA | | | | 369,761 | | 1,201,723 | | None | | None | | 369,761 | | 1,201,723 | | 1,571,484 | | 46,066 | | | | 01/22/13 | | 300 | |
Erie | PA | | | | 510,000 | | 900,689 | | None | | None | | 510,000 | | 900,689 | | 1,410,689 | | 559,926 | | | | 06/26/98 | | 300 | |
Pennsdale | PA | | | | 315,000 | | 835,648 | | None | | None | | 315,000 | | 835,648 | | 1,150,648 | | 519,492 | | | | 06/26/98 | | 300 | |
Whitehall | PA | | | | 515,525 | | 1,146,868 | | None | | 457 | | 515,525 | | 1,147,325 | | 1,662,850 | | 713,425 | | | | 06/30/98 | | 300 | |
Columbia | SC | | | | 600,000 | | 900,725 | | None | | 724 | | 600,000 | | 901,449 | | 1,501,449 | | 560,480 | | | | 06/26/98 | | 300 | |
Murells Inlet | SC | | | | 296,236 | | 962,766 | | None | | None | | 296,236 | | 962,766 | | 1,259,002 | | 36,906 | | | | 01/22/13 | | 300 | |
Jackson | TN | | | | 381,076 | | 857,261 | | 35,685 | | 16,534 | | 381,076 | | 909,480 | | 1,290,556 | | 586,963 | | | | 09/26/97 | | 300 | |
Jackson | TN | | | | 380,000 | | 750,608 | | None | | 82 | | 380,000 | | 750,690 | | 1,130,690 | | 466,699 | | | | 06/26/98 | | 300 | |
Memphis | TN | | | | 804,262 | | 1,432,520 | | 56,623 | | 249 | | 804,262 | | 1,489,392 | | 2,293,654 | | 966,121 | | | | 06/30/97 | | 300 | |
Abilene | TX | | | | 400,000 | | 680,616 | | None | | None | | 400,000 | | 680,616 | | 1,080,616 | | 423,114 | | | | 06/26/98 | | 300 | |
Plainview | TX | | | | 125,000 | | 734,558 | | 40,000 | | None | | 125,000 | | 774,558 | | 899,558 | | 524,373 | | | | 01/24/84 | | 300 | |
San Antonio | TX | | | | 323,451 | | 637,991 | | 47,914 | | 115 | | 323,451 | | 686,020 | | 1,009,471 | | 431,871 | | | | 12/31/98 | | 300 | |
Victoria | TX | | | | 291,380 | | 946,984 | | None | | None | | 291,380 | | 946,984 | | 1,238,364 | | 36,301 | | | | 01/22/13 | | 300 | |
Webster | TX | | | | 283,604 | | 538,002 | | 2,470 | | 354 | | 283,604 | | 540,826 | | 824,430 | | 358,286 | | | | 06/13/97 | | 300 | |
Pasco | WA | | | | 161,700 | | 359,142 | | 56,707 | | 14,444 | | 161,700 | | 430,293 | | 591,993 | | 403,728 | | | | 08/18/87 | | 300 | |
Eau Claire | WI | | | | 260,000 | | 820,689 | | None | | 357 | | 260,000 | | 821,046 | | 1,081,046 | | 510,402 | | | | 06/26/98 | | 300 | |
La Crosse | WI | | | | 372,883 | | 877,812 | | None | | 395 | | 372,883 | | 878,207 | | 1,251,090 | | 545,926 | | | | 06/26/98 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Home improvement | | | | | | | | | | | | | | | | | | | | | | | |
Prescott | AR | | | | 593,604 | | 11,944,641 | | None | | None | | 593,604 | | 11,944,641 | | 12,538,245 | | 327,056 | | | | 01/22/13 | | 420 | |
Lawndale | CA | | | | 667,007 | | 1,238,841 | | None | | 49 | | 667,007 | | 1,238,890 | | 1,905,897 | | 745,372 | | | | 12/31/98 | | 300 | |
Los Angeles | CA | | | | 902,494 | | 1,676,204 | | None | | 31 | | 902,494 | | 1,676,235 | | 2,578,729 | | 1,008,527 | | | | 12/31/98 | | 300 | |
Los Angeles | CA | | | | 163,668 | | 304,097 | | None | | 126 | | 163,668 | | 304,223 | | 467,891 | | 183,044 | | | | 12/31/98 | | 300 | |
Van Nuys | CA | | | | 750,293 | | 1,393,545 | | None | | 49 | | 750,293 | | 1,393,594 | | 2,143,887 | | 838,451 | | | | 12/31/98 | | 300 | |
West Covina | CA | | | | 311,040 | | 577,733 | | None | | 54 | | 311,040 | | 577,787 | | 888,827 | | 347,614 | | | | 12/31/98 | | 300 | |
Augusta | GA | | | | 2,701,584 | | 18,072,555 | | 158,739 | | None | | 2,701,584 | | 18,231,294 | | 20,932,878 | | 693,914 | | | | 01/22/13 | | 300 | |
Austell | GA | | 3,900,000 | | 9,161,124 | | - | | None | | None | | 9,161,124 | | - | | 9,161,124 | | - | | | | 01/22/13 | | 300 | |
Broadview | IL | | | | 345,166 | | 641,739 | | None | | 94 | | 345,166 | | 641,833 | | 986,999 | | 386,155 | | | | 12/31/98 | | 300 | |
Lenexa | KS | | | | 1,051,077 | | 1,952,233 | | None | | None | | 1,051,077 | | 1,952,233 | | 3,003,310 | | 621,461 | | | | 01/06/06 | | 300 | |
Lenexa | KS | | | | 3,688,591 | | 6,850,770 | | None | | None | | 3,688,591 | | 6,850,770 | | 10,539,361 | | 2,180,829 | | | | 01/06/06 | | 300 | |
Topeka | KS | | 12,150,000 | | 2,189,122 | | 35,657,677 | | None | | None | | 2,189,122 | | 35,657,677 | | 37,846,799 | | 985,793 | | | | 01/22/13 | | 420 | |
Baltimore | MD | | | | 171,320 | | 318,882 | | None | | 86 | | 171,320 | | 318,968 | | 490,288 | | 191,948 | | | | 12/31/98 | | 300 | |
F-53
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Chillicothe | MO | | | | 804,948 | | 1,495,138 | | None | | None | | 804,948 | | 1,495,138 | | 2,300,086 | | 475,952 | | | | 01/06/06 | | 300 | |
Columbia | MO | | | | 2,039,436 | | 3,787,757 | | None | | 30 | | 2,039,436 | | 3,787,787 | | 5,827,223 | | 1,205,798 | | | | 01/06/06 | | 300 | |
Columbia | MO | | | | 1,080,521 | | 2,006,915 | | None | | None | | 1,080,521 | | 2,006,915 | | 3,087,436 | | 638,868 | | | | 01/06/06 | | 300 | |
Fulton | MO | | | | 791,603 | | 1,470,353 | | None | | None | | 791,603 | | 1,470,353 | | 2,261,956 | | 468,063 | | | | 01/06/06 | | 300 | |
Jefferson City | MO | | | | 1,481,299 | | 2,751,217 | | None | | None | | 1,481,299 | | 2,751,217 | | 4,232,516 | | 875,804 | | | | 01/06/06 | | 300 | |
Kirksville | MO | | | | 1,421,788 | | 2,640,696 | | None | | None | | 1,421,788 | | 2,640,696 | | 4,062,484 | | 840,622 | | | | 01/06/06 | | 300 | |
Macon | MO | | | | 493,394 | | 916,537 | | None | | None | | 493,394 | | 916,537 | | 1,409,931 | | 291,764 | | | | 01/06/06 | | 300 | |
Moberly | MO | | | | 1,293,387 | | 2,402,283 | | None | | None | | 1,293,387 | | 2,402,283 | | 3,695,670 | | 764,726 | | | | 01/06/06 | | 300 | |
Omaha | NE | | | | 1,515,773 | | 2,816,678 | | None | | 32 | | 1,515,773 | | 2,816,710 | | 4,332,483 | | 896,653 | | | | 01/06/06 | | 300 | |
Rochester | NY | | | | 158,168 | | 294,456 | | None | | None | | 158,168 | | 294,456 | | 452,624 | | 177,175 | | | | 12/31/98 | | 300 | |
Knoxville | TN | | 6,006,240 | | 6,486,801 | | - | | None | | None | | 6,486,801 | | - | | 6,486,801 | | - | | | | 01/22/13 | | 300 | |
Carrollton | TX | | | | 201,569 | | 374,342 | | None | | 102 | | 201,569 | | 374,444 | | 576,013 | | 150,384 | | | | 12/05/03 | | 300 | |
Cedar Park | TX | | | | 253,591 | | 827,237 | | 96,847 | | 41,396 | | 253,591 | | 965,480 | | 1,219,071 | | 567,703 | | | | 03/26/97 | | 300 | |
Midland | TX | | | | 1,590,052 | | 2,953,473 | | None | | None | | 1,590,052 | | 2,953,473 | | 4,543,525 | | 940,189 | | | | 01/06/06 | | 300 | |
Odessa | TX | | | | 1,346,834 | | 2,501,783 | | None | | None | | 1,346,834 | | 2,501,783 | | 3,848,617 | | 796,401 | | | | 01/06/06 | | 300 | |
Pasadena | TX | | | | 147,535 | | 274,521 | | None | | 128 | | 147,535 | | 274,649 | | 422,184 | | 165,237 | | | | 12/31/98 | | 300 | |
Plano | TX | | | | 363,851 | | 676,249 | | None | | 102 | | 363,851 | | 676,351 | | 1,040,202 | | 406,902 | | | | 12/31/98 | | 300 | |
San Antonio | TX | | | | 367,890 | | 683,750 | | None | | None | | 367,890 | | 683,750 | | 1,051,640 | | 411,392 | | | | 12/31/98 | | 300 | |
Chesapeake | VA | | | | 144,014 | | 649,869 | | None | | 11,754 | | 144,014 | | 661,623 | | 805,637 | | 659,312 | | | | 12/22/86 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Insurance | | | | | | | | | | | | | | | | | | | | | | | |
Cedar Falls | IA | | | | 634,343 | | 6,331,030 | | None | | None | | 634,343 | | 6,331,030 | | 6,965,373 | | 348,207 | | | | 08/28/12 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Jewelry | | | | | | | | | | | | | | | | | | | | | | | |
Plymouth | MA | | | | - | | 1,809,315 | | None | | None | | - | | 1,809,315 | | 1,809,315 | | 69,357 | | | | 01/22/13 | | 300 | |
Watchung | NJ | | | | - | | 2,446,115 | | None | | None | | - | | 2,446,115 | | 2,446,115 | | 93,768 | | | | 01/22/13 | | 300 | |
Amherst | NY | | | | - | | 1,841,863 | | None | | None | | - | | 1,841,863 | | 1,841,863 | | 70,605 | | | | 01/22/13 | | 300 | |
Lake Grove | NY | | | | - | | 2,171,696 | | None | | None | | - | | 2,171,696 | | 2,171,696 | | 83,248 | | | | 01/22/13 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Machinery | | | | | | | | | | | | | | | | | | | | | | | |
Tomah | WI | | | | 1,630,917 | | 12,938,430 | | None | | None | | 1,630,917 | | 12,938,430 | | 14,569,347 | | 754,742 | | | | 07/31/12 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Motor vehicle dealerships | | | | | | | | | | | | | | | | | | | | | | | |
Robertsdale | AL | | | | 3,026,015 | | 6,117,490 | | None | | None | | 3,026,015 | | 6,117,490 | | 9,143,505 | | 1,715,759 | | 01/29/07 | | 04/07/06 | | 300 | |
Longmont | CO | | | | 2,502,092 | | 6,906,609 | | None | | 115 | | 2,502,092 | | 6,906,724 | | 9,408,816 | | 2,590,058 | | | | 08/25/04 | | 300 | |
Gulf Breeze | FL | | | | 3,518,413 | | 905,480 | | None | | None | | 3,518,413 | | 905,480 | | 4,423,893 | | 279,190 | | | | 04/07/06 | | 300 | |
Stockbridge | GA | | | | 2,470,000 | | 8,693,515 | | None | | None | | 2,470,000 | | 8,693,515 | | 11,163,515 | | 159,381 | | | | 07/18/13 | | 300 | |
Woodstock | GA | | | | 2,509,102 | | 2,509,993 | | None | | None | | 2,509,102 | | 2,509,993 | | 5,019,095 | | 824,114 | | | | 10/25/05 | | 300 | |
Island Lake | IL | | | | 2,107,134 | | 6,383,412 | | None | | None | | 2,107,134 | | 6,383,412 | | 8,490,546 | | 2,189,870 | | | | 12/31/04 | | 300 | |
Charlotte | NC | | | | 3,560,000 | | 5,847,436 | | None | | None | | 3,560,000 | | 5,847,436 | | 9,407,436 | | 29,237 | | | | 11/26/13 | | 300 | |
Colfax | NC | | | | 1,125,979 | | 2,196,033 | | None | | None | | 1,125,979 | | 2,196,033 | | 3,322,012 | | 791,817 | | | | 12/31/04 | | 300 | |
Statesville | NC | | | | 2,353,825 | | 4,159,653 | | None | | None | | 2,353,825 | | 4,159,653 | | 6,513,478 | | 1,476,158 | | | | 05/13/04 | | 300 | |
Chichester | NH | | | | 578,314 | | 4,546,307 | | None | | None | | 578,314 | | 4,546,307 | | 5,124,621 | | 1,627,283 | | | | 10/01/04 | | 300 | |
Churchville | NY | | | | 1,000,000 | | 5,755,166 | | None | | None | | 1,000,000 | | 5,755,166 | | 6,755,166 | | 1,741,916 | | 06/06/06 | | 03/23/06 | | 300 | |
Green | OH | | | | 715,953 | | 554,589 | | None | | None | | 715,953 | | 554,589 | | 1,270,542 | | 184,371 | | 02/13/06 | | 01/19/05 | | 300 | |
Hillsboro | OR | | | | 1,611,084 | | 1,936,755 | | None | | 58 | | 1,611,084 | | 1,936,813 | | 3,547,897 | | 564,892 | | | | 09/01/06 | | 300 | |
Woods Village | OR | | | | 3,822,277 | | 5,687,110 | | None | | 58 | | 3,822,277 | | 5,687,168 | | 9,509,445 | | 1,594,190 | | | | 09/01/06 | | 300 | |
Myrtle Beach | SC | | | | 4,099,824 | | 2,081,997 | | (1,800,804) | | None | | 2,299,020 | | 2,081,997 | | 4,381,017 | | 732,054 | | 07/28/00 | | 03/03/05 | | 300 | |
Garland | TX | | | | 3,233,329 | | 12,064,417 | | 500 | | None | | 3,233,329 | | 12,064,917 | | 15,298,246 | | 542,953 | | | | 11/19/12 | | 300 | |
Katy | TX | | | | 1,347,454 | | 8,564,135 | | None | | None | | 1,347,454 | | 8,564,135 | | 9,911,589 | | 2,790,384 | | 10/28/05 | | 01/25/05 | | 300 | |
San Antonio | TX | | | | 4,337,454 | | 7,312,625 | | 500 | | None | | 4,337,454 | | 7,313,125 | | 11,650,579 | | 304,747 | | | | 12/13/12 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Office supplies | | | | | | | | | | | | | | | | | | | | | | | |
Lakewood | CA | | | | 1,398,387 | | 3,098,607 | | None | | 10,284 | | 1,398,387 | | 3,108,891 | | 4,507,278 | | 2,104,773 | | | | 01/29/97 | | 300 | |
Riverside | CA | | | | 1,410,177 | | 1,659,850 | | None | | None | | 1,410,177 | | 1,659,850 | | 3,070,027 | | 1,081,603 | | | | 09/17/97 | | 300 | |
F-54
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Casselberry | FL | | | | - | | 1,277,112 | | 85,473 | | None | | - | | 1,362,585 | | 1,362,585 | | 421,581 | | 07/14/05 | | 01/25/05 | | 300 | |
Hutchinson | KS | | | | 269,964 | | 1,704,013 | | 62,362 | | None | | 269,964 | | 1,766,375 | | 2,036,339 | | 1,160,783 | | | | 06/25/97 | | 300 | |
Salina | KS | | | | 240,423 | | 1,829,837 | | 82,815 | | None | | 240,423 | | 1,912,652 | | 2,153,075 | | 1,251,398 | | | | 06/25/97 | | 300 | |
Sikeston | MO | | | | 409,114 | | 2,005,416 | | None | | None | | 409,114 | | 2,005,416 | | 2,414,530 | | 959,245 | | | | 01/24/02 | | 300 | |
Helena | MT | | | | 564,241 | | 1,503,118 | | 26,111 | | None | | 564,241 | | 1,529,229 | | 2,093,470 | | 996,197 | | | | 06/09/97 | | 300 | |
Asheboro | NC | | | | 465,557 | | 2,176,416 | | 21,418 | | 340 | | 465,557 | | 2,198,174 | | 2,663,731 | | 1,396,284 | | | | 03/27/98 | | 300 | |
Westbury | NY | | | | 3,808,076 | | 2,377,932 | | 17,819 | | 338,968 | | 3,808,076 | | 2,734,719 | | 6,542,795 | | 1,637,085 | | | | 09/29/97 | | 300 | |
New Philadelphia | OH | | | | 726,636 | | 1,650,672 | | 29,340 | | 114 | | 726,636 | | 1,680,126 | | 2,406,762 | | 1,107,813 | | | | 05/30/97 | | 300 | |
Edmond | OK | | | | 1,390,000 | | 3,009,650 | | 8,201 | | None | | 1,390,000 | | 3,017,851 | | 4,407,851 | | 390,424 | | | | 10/22/10 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Other manufacturing | | | | | | | | | | | | | | | | | | | | | | | |
Tucson | AZ | | 15,000,000 | | 3,799,899 | | 32,101,539 | | 173,336 | | None | | 3,799,899 | | 32,274,875 | | 36,074,774 | | 886,383 | | | | 01/22/13 | | 420 | |
Duncan | SC | | | | 490,000 | | 2,292,068 | | None | | None | | 490,000 | | 2,292,068 | | 2,782,068 | | 24,558 | | | | 08/29/13 | | 420 | |
El Paso | TX | | | | 1,769,633 | | 17,892,956 | | 316,800 | | 38,893 | | 1,769,633 | | 18,248,649 | | 20,018,282 | | 492,441 | | | | 01/22/13 | | 420 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Packaging | | | | | | | | | | | | | | | | | | | | | | | |
Lewisburg | OH | | 3,849,322 | | 641,174 | | 11,787,510 | | None | | None | | 641,174 | | 11,787,510 | | 12,428,684 | | 569,730 | | | | 10/19/12 | | 300 | |
Raphine | VA | | 23,625,000 | | 2,679,884 | | 21,236,904 | | None | | None | | 2,679,884 | | 21,236,904 | | 23,916,788 | | 2,159,085 | | | | 06/03/11 | | 300 | |
Wytheville | VA | | 29,075,284 | | 2,175,524 | | 33,138,859 | | None | | None | | 2,175,524 | | 33,138,859 | | 35,314,383 | | 1,491,249 | | | | 11/29/12 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Paper | | | | | | | | | | | | | | | | | | | | | | | |
Marianna | FL | | | | 1,473,182 | | 6,930,359 | | None | | None | | 1,473,182 | | 6,930,359 | | 8,403,541 | | 727,688 | | | | 05/02/11 | | 300 | |
Columbia | SC | | | | 989,232 | | 5,004,326 | | None | | None | | 989,232 | | 5,004,326 | | 5,993,558 | | 148,938 | | | | 12/21/12 | | 420 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Pet supplies and services | | | | | | | | | | | | | | | | | | | | | | | |
Duluth | GA | | | | 361,058 | | 1,591,629 | | None | | None | | 361,058 | | 1,591,629 | | 1,952,687 | | 893,083 | | 01/27/99 | | 09/29/98 | | 300 | |
Marietta | GA | | | | 495,412 | | 1,526,370 | | None | | None | | 495,412 | | 1,526,370 | | 2,021,782 | | 839,811 | | 05/28/99 | | 09/29/98 | | 300 | |
Ottawa | IL | | | | 2,351,842 | | 52,407,677 | | 226,269 | | None | | 2,351,842 | | 52,633,946 | | 54,985,788 | | 1,439,214 | | | | 01/22/13 | | 420 | |
Indianapolis | IN | | | | 427,000 | | 1,296,901 | | None | | None | | 427,000 | | 1,296,901 | | 1,723,901 | | 707,618 | | 03/10/00 | | 01/19/99 | | 300 | |
Sudbury | MA | | | | 543,038 | | 2,477,213 | | None | | None | | 543,038 | | 2,477,213 | | 3,020,251 | | 1,332,634 | | 11/12/99 | | 09/30/98 | | 300 | |
Tyngsborough | MA | | | | 312,204 | | 1,222,522 | | None | | None | | 312,204 | | 1,222,522 | | 1,534,726 | | 759,994 | | | | 06/12/98 | | 300 | |
Warren | MI | | | | 356,348 | | 903,351 | | 155,408 | | 31,687 | | 356,348 | | 1,090,446 | | 1,446,794 | | 648,111 | | | | 01/09/98 | | 300 | |
Matthews | NC | | | | 610,177 | | 1,394,743 | | 83,465 | | None | | 610,177 | | 1,478,208 | | 2,088,385 | | 874,391 | | | | 07/17/98 | | 300 | |
North Plainfield | NJ | | | | 985,430 | | 1,590,447 | | None | | None | | 985,430 | | 1,590,447 | | 2,575,877 | | 904,815 | | | | 09/24/98 | | 300 | |
Albuquerque | NM | | | | 684,036 | | 874,914 | | 308,265 | | 21,585 | | 684,036 | | 1,204,764 | | 1,888,800 | | 721,087 | | | | 12/31/98 | | 300 | |
Franklin | OH | | | | 337,572 | | 777,943 | | 41,328 | | 22,715 | | 337,572 | | 841,986 | | 1,179,558 | | 526,987 | | | | 12/30/97 | | 300 | |
Maineville | OH | | | | 173,105 | | 384,468 | | 24,215 | | 12,804 | | 173,105 | | 421,487 | | 594,592 | | 401,205 | | | | 03/06/87 | | 300 | |
Mt Pleasant | SC | | | | 40,700 | | 180,400 | | 58,508 | | 3,273 | | 40,700 | | 242,181 | | 282,881 | | 189,868 | | | | 12/22/81 | | 180 | |
Clarksville | TN | | | | 290,775 | | 395,870 | | None | | 340 | | 290,775 | | 396,210 | | 686,985 | | 271,379 | | | | 11/26/96 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Restaurants - casual dining | | | | | | | | | | | | | | | | | | | | | | | |
Boaz | AL | | | | 829,001 | | 1,541,245 | | 480 | | 14,413 | | 829,001 | | 1,556,138 | | 2,385,139 | | 441,867 | | | | 11/01/06 | | 300 | |
Enterprise | AL | | | | 840,946 | | 1,563,474 | | None | | None | | 840,946 | | 1,563,474 | | 2,404,420 | | 445,589 | | | | 11/01/06 | | 300 | |
Fort Payne | AL | | | | 814,113 | | 1,513,596 | | None | | None | | 814,113 | | 1,513,596 | | 2,327,709 | | 431,374 | | | | 11/01/06 | | 300 | |
Gadsden | AL | | | | 851,124 | | 1,582,332 | | 24,859 | | 25,239 | | 851,124 | | 1,632,430 | | 2,483,554 | | 463,269 | | | | 11/01/06 | | 300 | |
Huntsville | AL | | | | 826,840 | | 1,537,233 | | (1,149,285) | | 48 | | 826,840 | | 387,996 | | 1,214,836 | | 460,979 | | | | 11/01/06 | | 300 | |
Huntsville | AL | | | | 811,599 | | 1,508,927 | | None | | None | | 811,599 | | 1,508,927 | | 2,320,526 | | 430,043 | | | | 11/01/06 | | 300 | |
Sylacauga | AL | | | | 801,413 | | 1,490,012 | | 21,716 | | 9,589 | | 801,413 | | 1,521,317 | | 2,322,730 | | 434,964 | | | | 11/01/06 | | 300 | |
Conway | AR | | | | 941,465 | | 1,750,100 | | 14,696 | | None | | 941,465 | | 1,764,796 | | 2,706,261 | | 499,960 | | | | 11/01/06 | | 300 | |
El Dorado | AR | | | | 907,534 | | 1,687,608 | | 32,717 | | 20,759 | | 907,534 | | 1,741,084 | | 2,648,618 | | 488,790 | | | | 11/01/06 | | 300 | |
Russellville | AR | | | | 864,497 | | 1,607,158 | | 23,476 | | 20,378 | | 864,497 | | 1,651,012 | | 2,515,509 | | 465,951 | | | | 11/01/06 | | 300 | |
Glendale | AZ | | | | 624,761 | | 895,976 | | None | | 51,014 | | 624,761 | | 946,990 | | 1,571,751 | | 670,895 | | | | 03/06/96 | | 300 | |
Glendale | AZ | | | | 1,511,430 | | 3,264,231 | | None | | 62 | | 1,511,430 | | 3,264,293 | | 4,775,723 | | 922,312 | | 11/06/06 | | 05/16/06 | | 300 | |
Goodyear | AZ | | | | 794,360 | | 1,274,445 | | None | | None | | 794,360 | | 1,274,445 | | 2,068,805 | | 370,778 | | 02/23/06 | | 04/08/05 | | 300 | |
Surprise | AZ | | | | 681,288 | | 1,008,310 | | None | | None | | 681,288 | | 1,008,310 | | 1,689,598 | | 356,717 | | 09/29/04 | | 04/16/04 | | 300 | |
F-55
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
La Verne | CA | | 591,375 | | - | | 1,477,413 | | None | | None | | - | | 1,477,413 | | 1,477,413 | | 56,634 | | | | 01/22/13 | | 300 | |
San Dimas | CA | | | | 240,562 | | 445,521 | | 91,821 | | 2,690 | | 240,562 | | 540,032 | | 780,594 | | 485,678 | | | | 03/12/81 | | 180 | |
Denver | CO | | | | 540,250 | | 1,132,450 | | None | | None | | 540,250 | | 1,132,450 | | 1,672,700 | | 407,117 | | 07/29/04 | | 03/29/04 | | 300 | |
Lakewood | CO | | | | 1,606,511 | | 5,865 | | None | | None | | 1,606,511 | | 5,865 | | 1,612,376 | | 2,201 | | | | 12/31/02 | | 300 | |
Parker | CO | | | | 778,054 | | 1,148,443 | | None | | 13,629 | | 778,054 | | 1,162,072 | | 1,940,126 | | 398,412 | | 06/10/05 | | 02/23/05 | | 300 | |
Parker | CO | | 663,585 | | - | | 1,789,040 | | None | | None | | - | | 1,789,040 | | 1,789,040 | | 68,580 | | | | 01/22/13 | | 300 | |
Cromwell | CT | | | | 531,861 | | 989,638 | | None | | None | | 531,861 | | 989,638 | | 1,521,499 | | 239,157 | | | | 12/19/07 | | 300 | |
East Windsor | CT | | | | - | | 1,235,134 | | None | | None | | - | | 1,235,134 | | 1,235,134 | | 314,937 | | | | 08/30/07 | | 300 | |
Manchester | CT | | | | - | | 1,353,727 | | None | | None | | - | | 1,353,727 | | 1,353,727 | | 345,178 | | | | 08/30/07 | | 300 | |
New Milford | CT | | | | - | | 705,127 | | 14,559 | | 26,125 | | - | | 745,811 | | 745,811 | | 182,147 | | | | 08/30/07 | | 300 | |
Plainville | CT | | | | - | | 1,452,933 | | None | | None | | - | | 1,452,933 | | 1,452,933 | | 370,476 | | | | 08/30/07 | | 300 | |
Torrington | CT | | | | 504,167 | | 939,051 | | 52,256 | | 10,000 | | 504,167 | | 1,001,307 | | 1,505,474 | | 244,983 | | | | 08/30/07 | | 300 | |
West Haven | CT | | | | 540,663 | | 1,006,829 | | 2,488 | | 12,640 | | 540,663 | | 1,021,957 | | 1,562,620 | | 259,108 | | | | 08/30/07 | | 300 | |
Windsor Locks | CT | | | | 844,967 | | 1,571,965 | | None | | None | | 844,967 | | 1,571,965 | | 2,416,932 | | 400,834 | | | | 08/30/07 | | 300 | |
Jacksonville | FL | | | | 1,451,180 | | 658,461 | | 59,396 | | 23,220 | | 1,451,180 | | 741,077 | | 2,192,257 | | 227,218 | | 08/04/06 | | 05/09/06 | | 300 | |
Lakeland | FL | | | | 1,018,551 | | 1,273,189 | | None | | None | | 1,018,551 | | 1,273,189 | | 2,291,740 | | 48,806 | | | | 01/22/13 | | 300 | |
Land O’ Lakes | FL | | | | 770,136 | | 1,190,937 | | None | | None | | 770,136 | | 1,190,937 | | 1,961,073 | | 375,834 | | 10/21/05 | | 03/24/05 | | 300 | |
Melbourne | FL | | | | - | | 790,083 | | 500 | | 145 | | - | | 790,728 | | 790,728 | | 234,567 | | | | 08/30/07 | | 258 | |
New Port Richey | FL | | | | 929,402 | | 1,459,392 | | 56,969 | | 32,400 | | 929,402 | | 1,548,761 | | 2,478,163 | | 455,108 | | 11/13/06 | | 08/01/06 | | 300 | |
Orange City | FL | | | | 1,290,082 | | 1,612,603 | | None | | None | | 1,290,082 | | 1,612,603 | | 2,902,685 | | 61,816 | | | | 01/22/13 | | 300 | |
Orlando | FL | | | | 230,000 | | 1,066,339 | | None | | None | | 230,000 | | 1,066,339 | | 1,296,339 | | 1,066,339 | | | | 11/18/85 | | 300 | |
Orlando | FL | | | | 1,135,310 | | 1,306,940 | | None | | 18,336 | | 1,135,310 | | 1,325,276 | | 2,460,586 | | 364,648 | | 01/10/07 | | 06/30/06 | | 300 | |
Orlando | FL | | | | 735,000 | | 1,367,891 | | None | | None | | 735,000 | | 1,367,891 | | 2,102,891 | | 348,795 | | | | 08/30/07 | | 300 | |
Orlando | FL | | | | - | | 790,583 | | 24,415 | | 38,527 | | - | | 853,525 | | 853,525 | | 214,926 | | | | 08/30/07 | | 300 | |
Sebring | FL | | | | 737,465 | | 921,832 | | None | | None | | 737,465 | | 921,832 | | 1,659,297 | | 35,337 | | | | 01/22/13 | | 300 | |
Vero Beach | FL | | | | 1,381,247 | | 1,726,559 | | None | | None | | 1,381,247 | | 1,726,559 | | 3,107,806 | | 66,185 | | | | 01/22/13 | | 300 | |
Americus | GA | | | | 709,624 | | 1,319,578 | | 71,622 | | 6,036 | | 709,624 | | 1,397,236 | | 2,106,860 | | 389,580 | | | | 11/01/06 | | 300 | |
Augusta | GA | | | | 827,895 | | 1,539,237 | | None | | 240 | | 827,895 | | 1,539,477 | | 2,367,372 | | 438,773 | | | | 11/01/06 | | 300 | |
Buford | GA | | 1,398,360 | | 1,229,933 | | 1,537,417 | | None | | None | | 1,229,933 | | 1,537,417 | | 2,767,350 | | 58,934 | | | | 01/22/13 | | 300 | |
Gainesville | GA | | | | 952,660 | | 1,770,931 | | 180,860 | | 27,247 | | 952,660 | | 1,979,038 | | 2,931,698 | | 526,273 | | | | 11/01/06 | | 300 | |
Garden City | GA | | | | 197,225 | | 438,043 | | 32,125 | | 1,673 | | 197,225 | | 471,841 | | 669,066 | | 450,738 | | | | 04/20/89 | | 300 | |
Lagrange | GA | | | | 853,599 | | 1,586,959 | | 52,468 | | 240 | | 853,599 | | 1,639,667 | | 2,493,266 | | 455,719 | | | | 11/01/06 | | 300 | |
Lithonia | GA | | | | 89,220 | | - | | None | | None | | 89,220 | | - | | 89,220 | | - | | | | 01/04/85 | | N/A | |
Norcross | GA | | | | 827,707 | | 1,538,875 | | 115,596 | | 16,522 | | 827,707 | | 1,670,993 | | 2,498,700 | | 459,800 | | | | 11/01/06 | | 300 | |
Savannah | GA | | | | 719,188 | | 1,337,352 | | 53,291 | | 23,190 | | 719,188 | | 1,413,833 | | 2,133,021 | | 386,084 | | | | 11/01/06 | | 300 | |
Snellville | GA | | | | 710,600 | | 1,321,389 | | 64,999 | | 882 | | 710,600 | | 1,387,270 | | 2,097,870 | | 401,251 | | | | 11/01/06 | | 300 | |
Statesboro | GA | | | | 926,462 | | 1,722,290 | | None | | 240 | | 926,462 | | 1,722,530 | | 2,648,992 | | 490,943 | | | | 11/01/06 | | 300 | |
Thomasville | GA | | | | 894,504 | | 1,662,939 | | 87,387 | | 26,155 | | 894,504 | | 1,776,481 | | 2,670,985 | | 489,952 | | | | 11/01/06 | | 300 | |
Valdosta | GA | | | | 901,658 | | 1,676,225 | | 4,820 | | 30,696 | | 901,658 | | 1,711,741 | | 2,613,399 | | 486,636 | | | | 11/01/06 | | 300 | |
Warner Robins | GA | | | | 896,841 | | 1,667,267 | | 112,087 | | 349 | | 896,841 | | 1,779,703 | | 2,676,544 | | 487,964 | | | | 11/01/06 | | 300 | |
Waycross | GA | | | | 956,765 | | 1,778,566 | | None | | 536 | | 956,765 | | 1,779,102 | | 2,735,867 | | 507,086 | | | | 11/01/06 | | 300 | |
Ankeny | IA | | | | 100,000 | | 349,218 | | 25,075 | | None | | 100,000 | | 374,293 | | 474,293 | | 374,293 | | | | 07/28/83 | | 180 | |
Burlington | IA | | | | 653,057 | | 1,214,571 | | 1,052 | | 7 | | 653,057 | | 1,215,630 | | 1,868,687 | | 346,264 | | | | 11/01/06 | | 300 | |
Cedar Rapids | IA | | | | 822,331 | | 1,528,939 | | None | | None | | 822,331 | | 1,528,939 | | 2,351,270 | | 435,746 | | | | 11/01/06 | | 300 | |
Clive | IA | | | | 840,697 | | 1,563,046 | | None | | None | | 840,697 | | 1,563,046 | | 2,403,743 | | 445,467 | | | | 11/01/06 | | 300 | |
Nampa | ID | | | | 74,156 | | 343,820 | | 28,206 | | 127 | | 74,156 | | 372,153 | | 446,309 | | 348,252 | | | | 12/31/86 | | 300 | |
Rexburg | ID | | | | 90,760 | | 420,787 | | 59,798 | | None | | 90,760 | | 480,585 | | 571,345 | | 430,470 | | | | 11/25/85 | | 300 | |
Alton | IL | | | | 225,785 | | 419,315 | | None | | 127 | | 225,785 | | 419,442 | | 645,227 | | 419,324 | | | | 10/18/88 | | 300 | |
Champaign | IL | | | | 805,888 | | 1,498,402 | | None | | 18 | | 805,888 | | 1,498,420 | | 2,304,308 | | 427,046 | | | | 11/01/06 | | 300 | |
Effingham | IL | | | | 783,528 | | 1,456,874 | | None | | None | | 783,528 | | 1,456,874 | | 2,240,402 | | 415,208 | | | | 11/01/06 | | 300 | |
Marion | IL | | | | 831,323 | | 1,545,566 | | None | | None | | 831,323 | | 1,545,566 | | 2,376,889 | | 440,485 | | | | 11/01/06 | | 300 | |
Moline | IL | | | | 781,044 | | 1,452,262 | | None | | None | | 781,044 | | 1,452,262 | | 2,233,306 | | 413,894 | | | | 11/01/06 | | 300 | |
Mt Vernon | IL | | | | 883,110 | | 1,641,741 | | None | | None | | 883,110 | | 1,641,741 | | 2,524,851 | | 467,895 | | | | 11/01/06 | | 300 | |
Oswego | IL | | | | 953,394 | | 1,208,677 | | 1,988 | | 32,452 | | 953,394 | | 1,243,117 | | 2,196,511 | | 404,310 | | 06/15/05 | | 06/24/05 | | 300 | |
Peoria | IL | | | | 662,460 | | 1,060,577 | | 14,651 | | 24,139 | | 662,460 | | 1,099,367 | | 1,761,827 | | 402,235 | | 10/13/04 | | 06/15/04 | | 300 | |
Springfield | IL | | | | 846,830 | | 1,574,436 | | 10,480 | | 31,549 | | 846,830 | | 1,616,465 | | 2,463,295 | | 456,448 | | | | 11/01/06 | | 300 | |
Swansea | IL | | | | 890,625 | | 1,655,743 | | 288,559 | | 22,030 | | 890,625 | | 1,966,332 | | 2,856,957 | | 534,258 | | | | 11/01/06 | | 300 | |
F-56
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Waukegan | IL | | | | 1,330,000 | | 2,470,909 | | None | | None | | 1,330,000 | | 2,470,909 | | 3,800,909 | | 597,136 | | | | 12/21/07 | | 300 | |
Anderson | IN | | | | 831,077 | | 1,545,131 | | 16,655 | | 30,694 | | 831,077 | | 1,592,480 | | 2,423,557 | | 449,281 | | | | 11/01/06 | | 300 | |
Elkhart | IN | | | | 835,890 | | 1,554,487 | | None | | 94 | | 835,890 | | 1,554,581 | | 2,390,471 | | 443,045 | | | | 11/01/06 | | 300 | |
Marion | IN | | | | 685,194 | | 1,274,206 | | 45,372 | | 19,275 | | 685,194 | | 1,338,853 | | 2,024,047 | | 376,824 | | | | 11/01/06 | | 300 | |
Michigan City | IN | | | | 840,998 | | 1,563,545 | | None | | 75 | | 840,998 | | 1,563,620 | | 2,404,618 | | 445,634 | | | | 11/01/06 | | 300 | |
Terre Haute | IN | | | | 767,189 | | 1,426,532 | | None | | None | | 767,189 | | 1,426,532 | | 2,193,721 | | 406,560 | | | | 11/01/06 | | 300 | |
Derby | KS | | | | 96,060 | | 445,359 | | 9,565 | | 5,775 | | 96,060 | | 460,699 | | 556,759 | | 446,460 | | | | 10/29/85 | | 300 | |
El Dorado | KS | | | | 87,400 | | 405,206 | | 50,518 | | 4,338 | | 87,400 | | 460,062 | | 547,462 | | 407,737 | | | | 04/10/86 | | 300 | |
Shawnee | KS | | | | 953,916 | | 1,773,245 | | None | | None | | 953,916 | | 1,773,245 | | 2,727,161 | | 505,374 | | | | 11/01/06 | | 300 | |
Shawnee | KS | | 525,390 | | - | | 1,573,049 | | None | | None | | - | | 1,573,049 | | 1,573,049 | | 60,300 | | | | 01/22/13 | | 300 | |
Topeka | KS | | 849,090 | | 1,005,484 | | 1,256,855 | | None | | None | | 1,005,484 | | 1,256,855 | | 2,262,339 | | 48,179 | | | | 01/22/13 | | 300 | |
Wichita | KS | | | | 787,377 | | 1,463,936 | | 78,745 | | 22,988 | | 787,377 | | 1,565,669 | | 2,353,046 | | 429,019 | | | | 11/01/06 | | 300 | |
Hopkinsville | KY | | | | 801,532 | | 1,490,241 | | None | | 31 | | 801,532 | | 1,490,272 | | 2,291,804 | | 424,720 | | | | 11/01/06 | | 300 | |
Louisville | KY | | | | 821,990 | | 1,528,282 | | None | | None | | 821,990 | | 1,528,282 | | 2,350,272 | | 435,559 | | | | 11/01/06 | | 300 | |
Middlesboro | KY | | | | 859,709 | | 1,598,332 | | None | | None | | 859,709 | | 1,598,332 | | 2,458,041 | | 455,523 | | | | 11/01/06 | | 300 | |
Murray | KY | | | | 831,246 | | 1,545,422 | | 73,307 | | 26,190 | | 831,246 | | 1,644,919 | | 2,476,165 | | 447,954 | | | | 11/01/06 | | 300 | |
Richmond | KY | | | | 913,770 | | 1,698,726 | | None | | None | | 913,770 | | 1,698,726 | | 2,612,496 | | 484,136 | | | | 11/01/06 | | 300 | |
Alexandria | LA | | | | 1,270,223 | | 2,361,174 | | None | | None | | 1,270,223 | | 2,361,174 | | 3,631,397 | | 672,934 | | | | 11/01/06 | | 300 | |
Alexandria | LA | | 501,735 | | - | | 1,118,270 | | None | | None | | - | | 1,118,270 | | 1,118,270 | | 42,867 | | | | 01/22/13 | | 300 | |
Baton Rouge | LA | | | | - | | 1,748,499 | | None | | None | | - | | 1,748,499 | | 1,748,499 | | 67,026 | | | | 01/22/13 | | 300 | |
Hammond | LA | | | | 1,011,084 | | 1,879,972 | | None | | None | | 1,011,084 | | 1,879,972 | | 2,891,056 | | 535,791 | | | | 11/01/06 | | 300 | |
Houma | LA | | | | 1,061,671 | | 1,973,864 | | 12,063 | | 48,086 | | 1,061,671 | | 2,034,013 | | 3,095,684 | | 568,117 | | | | 11/01/06 | | 300 | |
Jennings | LA | | | | 107,120 | | 496,636 | | None | | 1,742 | | 107,120 | | 498,378 | | 605,498 | | 497,141 | | | | 10/17/85 | | 300 | |
Morgan City | LA | | | | 832,895 | | 1,548,993 | | 26,151 | | 27,846 | | 832,895 | | 1,602,990 | | 2,435,885 | | 451,202 | | | | 11/01/06 | | 300 | |
New Iberia | LA | | | | 917,582 | | 1,706,269 | | 80,944 | | 30,339 | | 917,582 | | 1,817,552 | | 2,735,134 | | 509,150 | | | | 11/01/06 | | 300 | |
Opelousas | LA | | | | 949,157 | | 1,764,908 | | 36,600 | | 20,693 | | 949,157 | | 1,822,201 | | 2,771,358 | | 537,059 | | | | 11/01/06 | | 300 | |
Pineville | LA | | | | 1,136,612 | | 2,113,040 | | None | | None | | 1,136,612 | | 2,113,040 | | 3,249,652 | | 602,215 | | | | 11/01/06 | | 300 | |
Ruston | LA | | | | 982,427 | | 1,826,696 | | None | | None | | 982,427 | | 1,826,696 | | 2,809,123 | | 520,607 | | | | 11/01/06 | | 300 | |
Zachary | LA | | | | 898,306 | | 1,670,527 | | 11,717 | | None | | 898,306 | | 1,682,244 | | 2,580,550 | | 477,164 | | | | 11/01/06 | | 300 | |
Amesbury | MA | | | | - | | 790,494 | | None | | None | | - | | 790,494 | | 790,494 | | 335,707 | | | | 08/30/07 | | 180 | |
Attleboro | MA | | | | 369,815 | | 693,655 | | None | | None | | 369,815 | | 693,655 | | 1,063,470 | | 334,109 | | | | 12/19/01 | | 300 | |
Auburn | MA | | | | 418,250 | | 779,623 | | 500 | | None | | 418,250 | | 780,123 | | 1,198,373 | | 199,103 | | | | 08/30/07 | | 300 | |
Chicopee | MA | | | | 761,606 | | 1,417,624 | | None | | None | | 761,606 | | 1,417,624 | | 2,179,230 | | 361,477 | | | | 08/30/07 | | 300 | |
Chicopee Falls | MA | | | | 302,982 | | 565,894 | | 23,374 | | 3,943 | | 302,982 | | 593,211 | | 896,193 | | 145,707 | | | | 08/30/07 | | 300 | |
East Longmeadow | MA | | | | 614,319 | | 1,144,128 | | None | | None | | 614,319 | | 1,144,128 | | 1,758,447 | | 291,735 | | | | 08/30/07 | | 300 | |
Gardner | MA | | | | 625,000 | | 828,564 | | None | | None | | 625,000 | | 828,564 | | 1,453,564 | | 321,549 | | | | 08/30/07 | | 197 | |
Great Barrington | MA | | | | 422,625 | | 788,089 | | 69,608 | | 10,225 | | 422,625 | | 867,922 | | 1,290,547 | | 210,865 | | | | 08/30/07 | | 300 | |
Greenfield | MA | | | | 389,436 | | 726,452 | | (385,126) | | 145 | | 389,436 | | 341,471 | | 730,907 | | 194,097 | | | | 08/30/07 | | 300 | |
Greenfield | MA | | | | 761,417 | | 1,417,273 | | None | | None | | 761,417 | | 1,417,273 | | 2,178,690 | | 361,388 | | | | 08/30/07 | | 300 | |
Haverhill | MA | | | | 568,635 | | 1,058,815 | | None | | None | | 568,635 | | 1,058,815 | | 1,627,450 | | 269,981 | | | | 08/30/07 | | 300 | |
Holyoke | MA | | | | 577,667 | | 1,076,023 | | None | | None | | 577,667 | | 1,076,023 | | 1,653,690 | | 274,369 | | | | 08/30/07 | | 300 | |
Hyannis | MA | | | | 687,917 | | 1,280,767 | | None | | None | | 687,917 | | 1,280,767 | | 1,968,684 | | 326,578 | | | | 08/30/07 | | 300 | |
Lee | MA | | | | 540,506 | | 1,007,010 | | None | | None | | 540,506 | | 1,007,010 | | 1,547,516 | | 256,770 | | | | 08/30/07 | | 300 | |
North Adams | MA | | | | 377,300 | | 703,914 | | None | | None | | 377,300 | | 703,914 | | 1,081,214 | | 179,481 | | | | 08/30/07 | | 300 | |
Norwood | MA | | | | 840,616 | | 1,563,923 | | None | | None | | 840,616 | | 1,563,923 | | 2,404,539 | | 398,783 | | | | 08/30/07 | | 300 | |
Palmer | MA | | | | 141,524 | | 598,480 | | None | | None | | 141,524 | | 598,480 | | 740,004 | | 288,266 | | | | 12/19/01 | | 300 | |
Peabody | MA | | | | 529,555 | | 222,590 | | None | | None | | 529,555 | | 222,590 | | 752,145 | | 107,212 | | | | 12/19/01 | | 300 | |
Pittsfield | MA | | | | 286,241 | | 950,022 | | None | | None | | 286,241 | | 950,022 | | 1,236,263 | | 457,592 | | | | 12/19/01 | | 300 | |
Raynham | MA | | | | 761,417 | | 1,417,287 | | None | | None | | 761,417 | | 1,417,287 | | 2,178,704 | | 361,390 | | | | 08/30/07 | | 300 | |
Sagamore Beach | MA | | | | 620,188 | | 1,155,007 | | None | | None | | 620,188 | | 1,155,007 | | 1,775,195 | | 294,510 | | | | 08/30/07 | | 300 | |
Saugus | MA | | | | - | | 737,971 | | None | | None | | - | | 737,971 | | 737,971 | | 263,646 | | | | 08/30/07 | | 214 | |
Seekonk | MA | | | | 614,417 | | 1,144,267 | | None | | None | | 614,417 | | 1,144,267 | | 1,758,684 | | 291,771 | | | | 08/30/07 | | 300 | |
South Dartmouth | MA | | | | 379,217 | | 707,492 | | 1,845 | | 79 | | 379,217 | | 709,416 | | 1,088,633 | | 180,538 | | | | 08/30/07 | | 300 | |
Springfield | MA | | | | 230,030 | | 865,572 | | None | | None | | 230,030 | | 865,572 | | 1,095,602 | | 416,915 | | | | 12/19/01 | | 300 | |
Springfield | MA | | | | 227,207 | | 958,444 | | None | | None | | 227,207 | | 958,444 | | 1,185,651 | | 461,649 | | | | 12/19/01 | | 300 | |
Stoneham | MA | | | | 397,544 | | 191,717 | | None | | None | | 397,544 | | 191,717 | | 589,261 | | 92,342 | | | | 12/19/01 | | 300 | |
Sudbury | MA | | | | - | | 633,843 | | None | | None | | - | | 633,843 | | 633,843 | | 216,343 | | | | 08/30/07 | | 224 | |
F-57
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Swansea | MA | | | | 173,853 | | 488,699 | | None | | None | | 173,853 | | 488,699 | | 662,552 | | 235,389 | | | | 12/19/01 | | 300 | |
Tewksbury | MA | | | | 392,079 | | 730,927 | | None | | None | | 392,079 | | 730,927 | | 1,123,006 | | 186,369 | | | | 08/30/07 | | 300 | |
Ware | MA | | | | 220,457 | | 412,133 | | 14,989 | | 317 | | 220,457 | | 427,439 | | 647,896 | | 107,087 | | | | 08/30/07 | | 300 | |
West Springfield | MA | | | | 243,556 | | 455,532 | | 27,995 | | 5,115 | | 243,556 | | 488,642 | | 732,198 | | 116,734 | | | | 08/30/07 | | 300 | |
West Springfield | MA | | | | 761,417 | | 1,417,273 | | None | | None | | 761,417 | | 1,417,273 | | 2,178,690 | | 361,388 | | | | 08/30/07 | | 300 | |
Wilbraham | MA | | | | 9,626,112 | | 19,963,767 | | 2,500 | | None | | 9,626,112 | | 19,966,267 | | 29,592,379 | | 4,560,412 | | | | 08/30/07 | | 300 | |
Wollaston | MA | | | | 411,366 | | 766,745 | | None | | None | | 411,366 | | 766,745 | | 1,178,111 | | 195,503 | | | | 08/30/07 | | 300 | |
Worcester | MA | | | | 578,336 | | 1,077,426 | | None | | None | | 578,336 | | 1,077,426 | | 1,655,762 | | 274,726 | | | | 08/30/07 | | 300 | |
Waterville | ME | | | | - | | 717,653 | | None | | None | | - | | 717,653 | | 717,653 | | 182,979 | | | | 08/30/07 | | 300 | |
Windham | ME | | | | - | | 831,301 | | 1,000 | | None | | - | | 832,301 | | 832,301 | | 212,593 | | | | 08/30/07 | | 300 | |
Comstock Park | MI | | | | 810,477 | | 1,506,864 | | 68,086 | | 17 | | 810,477 | | 1,574,967 | | 2,385,444 | | 434,406 | | | | 11/01/06 | | 300 | |
Flint | MI | | | | 827,853 | | - | | None | | 94 | | 827,853 | | 94 | | 827,947 | | 32 | | | | 04/13/95 | | 60 | |
Flint | MI | | | | 885,144 | | 1,645,531 | | 70,987 | | 32,018 | | 885,144 | | 1,748,536 | | 2,633,680 | | 483,495 | | | | 11/01/06 | | 300 | |
Lansing | MI | | | | 873,536 | | 1,623,973 | | None | | 94 | | 873,536 | | 1,624,067 | | 2,497,603 | | 462,863 | | | | 11/01/06 | | 300 | |
Saginaw | MI | | | | 766,531 | | 1,425,263 | | 14,030 | | 23,051 | | 766,531 | | 1,462,344 | | 2,228,875 | | 413,275 | | | | 11/01/06 | | 300 | |
Taylor | MI | | | | 847,070 | | 1,574,821 | | 72,308 | | 3,145 | | 847,070 | | 1,650,274 | | 2,497,344 | | 455,974 | | | | 11/01/06 | | 300 | |
Westland | MI | | | | 869,530 | | 1,616,568 | | None | | 228 | | 869,530 | | 1,616,796 | | 2,486,326 | | 460,847 | | | | 11/01/06 | | 300 | |
Champlin | MN | | | | 583,515 | | 729,394 | | None | | None | | 583,515 | | 729,394 | | 1,312,909 | | 27,960 | | | | 01/22/13 | | 300 | |
Roseville | MN | | | | 281,600 | | 1,305,560 | | None | | None | | 281,600 | | 1,305,560 | | 1,587,160 | | 1,305,560 | | | | 12/18/84 | | 300 | |
Bridgeton | MO | | | | 743,559 | | 1,585,207 | | 158,517 | | 21,922 | | 743,559 | | 1,765,646 | | 2,509,205 | | 481,145 | | | | 11/01/06 | | 300 | |
Cape Girardeau | MO | | | | 745,915 | | 1,386,950 | | None | | None | | 745,915 | | 1,386,950 | | 2,132,865 | | 395,280 | | | | 11/01/06 | | 300 | |
Farmington | MO | | | | 780,812 | | 1,451,767 | | 126,580 | | 12,608 | | 780,812 | | 1,590,955 | | 2,371,767 | | 415,579 | | | | 11/01/06 | | 300 | |
Festus | MO | | | | 808,595 | | 1,503,364 | | 17,390 | | 4,854 | | 808,595 | | 1,525,608 | | 2,334,203 | | 429,131 | | | | 11/01/06 | | 300 | |
Fulton | MO | | | | 210,199 | | 466,861 | | 31,624 | | 127 | | 210,199 | | 498,612 | | 708,811 | | 475,263 | | | | 07/30/87 | | 300 | |
Hazelwood | MO | | | | 157,117 | | 725,327 | | (104,329) | | None | | 157,117 | | 620,998 | | 778,115 | | 620,998 | | | | 08/28/85 | | 300 | |
Independence | MO | | | | 715,640 | | 894,550 | | None | | None | | 715,640 | | 894,550 | | 1,610,190 | | 34,291 | | | | 01/22/13 | | 300 | |
Jefferson City | MO | | | | 713,088 | | 1,325,993 | | 43,785 | | 22,035 | | 713,088 | | 1,391,813 | | 2,104,901 | | 383,627 | | | | 11/01/06 | | 300 | |
Kansas City | MO | | | | 872,364 | | 1,090,455 | | None | | None | | 872,364 | | 1,090,455 | | 1,962,819 | | 41,801 | | | | 01/22/13 | | 300 | |
Ozark | MO | | | | 140,000 | | 292,482 | | None | | None | | 140,000 | | 292,482 | | 432,482 | | 188,641 | | | | 11/20/97 | | 300 | |
Poplar Bluff | MO | | | | 774,256 | | 1,439,603 | | None | | None | | 774,256 | | 1,439,603 | | 2,213,859 | | 410,286 | | | | 11/01/06 | | 300 | |
Raymore | MO | | | | 726,583 | | 1,351,055 | | None | | None | | 726,583 | | 1,351,055 | | 2,077,638 | | 385,049 | | | | 11/01/06 | | 300 | |
Sedalia | MO | | | | 269,798 | | 599,231 | | 11,556 | | None | | 269,798 | | 610,787 | | 880,585 | | 596,865 | | | | 07/31/89 | | 300 | |
Sedalia | MO | | | | 696,604 | | 1,295,380 | | 39,992 | | 794 | | 696,604 | | 1,336,166 | | 2,032,770 | | 372,278 | | | | 11/01/06 | | 300 | |
Springfield | MO | | 719,610 | | - | | 1,390,167 | | None | | None | | - | | 1,390,167 | | 1,390,167 | | 53,290 | | | | 01/22/13 | | 300 | |
St. Charles | MO | | | | 175,413 | | 809,791 | | None | | 47 | | 175,413 | | 809,838 | | 985,251 | | 809,837 | | | | 08/28/85 | | 300 | |
St. Charles | MO | | | | 695,121 | | 1,001,878 | | None | | 1,149 | | 695,121 | | 1,003,027 | | 1,698,148 | | 723,243 | | 12/22/95 | | 03/16/95 | | 300 | |
St. Joseph | MO | | | | 775,660 | | 1,785,308 | | None | | None | | 775,660 | | 1,785,308 | | 2,560,968 | | 508,812 | | | | 11/01/06 | | 300 | |
St. Robert | MO | | | | 744,158 | | 1,383,694 | | None | | 15,796 | | 744,158 | | 1,399,490 | | 2,143,648 | | 394,599 | | | | 11/01/06 | | 300 | |
Sullivan | MO | | | | 85,500 | | 396,400 | | (40,743) | | 13,500 | | 85,500 | | 369,157 | | 454,657 | | 362,500 | | | | 12/27/84 | | 300 | |
Columbus | MS | | | | 720,310 | | 1,339,963 | | None | | None | | 720,310 | | 1,339,963 | | 2,060,273 | | 381,888 | | | | 11/01/06 | | 300 | |
Corinth | MS | | | | 867,086 | | 1,612,029 | | None | | None | | 867,086 | | 1,612,029 | | 2,479,115 | | 459,427 | | | | 11/01/06 | | 300 | |
Hattiesburg | MS | | | | 856,070 | | 1,592,088 | | None | | None | | 856,070 | | 1,592,088 | | 2,448,158 | | 453,744 | | | | 11/01/06 | | 300 | |
Laurel | MS | | | | 778,938 | | 1,448,844 | | 27,259 | | 17,277 | | 778,938 | | 1,493,380 | | 2,272,318 | | 417,266 | | | | 11/01/06 | | 300 | |
Meridian | MS | | | | - | | 2,481,172 | | None | | None | | - | | 2,481,172 | | 2,481,172 | | 699,902 | | | | 11/01/06 | | 300 | |
Vicksburg | MS | | | | 698,189 | | 1,298,881 | | (736,105) | | 141 | | 698,189 | | 562,917 | | 1,261,106 | | 393,640 | | | | 11/01/06 | | 300 | |
Albemarle | NC | | | | 721,392 | | 1,341,825 | | 480 | | 860 | | 721,392 | | 1,343,165 | | 2,064,557 | | 382,653 | | | | 11/01/06 | | 300 | |
Asheville | NC | | | | 838,421 | | 1,558,792 | | 480 | | 145 | | 838,421 | | 1,559,417 | | 2,397,838 | | 444,376 | | | | 11/01/06 | | 300 | |
Forest City | NC | | | | 872,424 | | 1,621,940 | | None | | 131 | | 872,424 | | 1,622,071 | | 2,494,495 | | 462,300 | | | | 11/01/06 | | 300 | |
Goldsboro | NC | | | | 811,502 | | 1,509,029 | | 72,109 | | 17,591 | | 811,502 | | 1,598,729 | | 2,410,231 | | 455,685 | | | | 11/01/06 | | 300 | |
Kernersville | NC | | | | 836,896 | | 1,556,334 | | None | | 13,017 | | 836,896 | | 1,569,351 | | 2,406,247 | | 448,622 | | | | 11/01/06 | | 300 | |
Salisbury | NC | | | | 777,412 | | 1,445,863 | | None | | 131 | | 777,412 | | 1,445,994 | | 2,223,406 | | 412,118 | | | | 11/01/06 | | 300 | |
Sylva | NC | | | | 919,724 | | 1,709,783 | | None | | 131 | | 919,724 | | 1,709,914 | | 2,629,638 | | 487,335 | | | | 11/01/06 | | 300 | |
Bellevue | NE | | | | 656,061 | | 1,004,384 | | None | | None | | 656,061 | | 1,004,384 | | 1,660,445 | | 327,652 | | 09/20/05 | | 02/24/05 | | 300 | |
Omaha | NE | | | | 592,716 | | 1,009,253 | | None | | 32 | | 592,716 | | 1,009,285 | | 1,602,001 | | 340,798 | | 05/05/05 | | 12/21/04 | | 300 | |
Papillion | NE | | | | 654,788 | | 908,685 | | None | | None | | 654,788 | | 908,685 | | 1,563,473 | | 311,171 | | 03/09/05 | | 01/12/05 | | 300 | |
Concord | NH | | | | 577,667 | | 1,075,628 | | None | | None | | 577,667 | | 1,075,628 | | 1,653,295 | | 274,268 | | | | 08/30/07 | | 300 | |
Concord | NH | | | | 849,884 | | 1,581,175 | | None | | None | | 849,884 | | 1,581,175 | | 2,431,059 | | 403,182 | | | | 08/30/07 | | 300 | |
F-58
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Dover | NH | | | | 687,917 | | 1,280,378 | | None | | None | | 687,917 | | 1,280,378 | | 1,968,295 | | 326,479 | | | | 08/30/07 | | 300 | |
Laconia | NH | | | | 330,520 | | 467,594 | | None | | None | | 330,520 | | 467,594 | | 798,114 | | 225,223 | | | | 12/19/01 | | 300 | |
Manchester | NH | | | | 266,337 | | 486,676 | | None | | None | | 266,337 | | 486,676 | | 753,013 | | 234,414 | | | | 12/19/01 | | 300 | |
North Conway | NH | | | | 473,031 | | 607,020 | | None | | None | | 473,031 | | 607,020 | | 1,080,051 | | 292,380 | | | | 12/19/01 | | 300 | |
Portmouth | NH | | | | 391,650 | | 730,167 | | 37,475 | | 18,167 | | 391,650 | | 785,809 | | 1,177,459 | | 193,330 | | | | 08/30/07 | | 300 | |
Rochester | NH | | | | 262,059 | | 695,771 | | None | | None | | 262,059 | | 695,771 | | 957,830 | | 335,128 | | | | 12/19/01 | | 300 | |
Clark | NJ | | | | 541,792 | | 1,009,085 | | None | | None | | 541,792 | | 1,009,085 | | 1,550,877 | | 257,299 | | | | 08/30/07 | | 300 | |
Hackettstown | NJ | | | | 307,186 | | 525,142 | | None | | None | | 307,186 | | 525,142 | | 832,328 | | 252,942 | | | | 12/19/01 | | 300 | |
Middletown | NJ | | | | - | | 640,403 | | None | | None | | - | | 640,403 | | 640,403 | | 264,574 | | | | 08/30/07 | | 185 | |
Mt. Holly | NJ | | | | - | | 1,092,178 | | None | | None | | - | | 1,092,178 | | 1,092,178 | | 263,940 | | | | 12/17/07 | | 300 | |
Pompton Plains | NJ | | | | 455,700 | | 849,125 | | None | | None | | 455,700 | | 849,125 | | 1,304,825 | | 216,510 | | | | 08/30/07 | | 300 | |
Toms River | NJ | | | | 826,449 | | 1,537,659 | | None | | None | | 826,449 | | 1,537,659 | | 2,364,108 | | 392,086 | | | | 08/30/07 | | 300 | |
Albuquerque | NM | | 525,390 | | - | | 1,307,933 | | None | | None | | - | | 1,307,933 | | 1,307,933 | | 50,137 | | | | 01/22/13 | | 300 | |
Albany | NY | | | | 457,538 | | 852,510 | | 42,302 | | 13,692 | | 457,538 | | 908,504 | | 1,366,042 | | 225,645 | | | | 08/30/07 | | 300 | |
Clifton Park | NY | | | | 1,040,997 | | 1,936,100 | | None | | None | | 1,040,997 | | 1,936,100 | | 2,977,097 | | 493,688 | | | | 08/30/07 | | 300 | |
Delmar | NY | | | | 316,382 | | 590,387 | | 24,178 | | 14,789 | | 316,382 | | 629,354 | | 945,736 | | 160,170 | | | | 08/30/07 | | 300 | |
East Greenbush | NY | | | | 623,313 | | 1,160,389 | | None | | None | | 623,313 | | 1,160,389 | | 1,783,702 | | 295,882 | | | | 08/30/07 | | 300 | |
Latham | NY | | | | 651,167 | | 1,212,133 | | 595 | | None | | 651,167 | | 1,212,728 | | 1,863,895 | | 309,114 | | | | 08/30/07 | | 300 | |
Middletown | NY | | | | 242,459 | | 796,905 | | None | | 151 | | 242,459 | | 797,056 | | 1,039,515 | | 383,992 | | | | 12/19/01 | | 300 | |
New Hartford | NY | | | | 226,041 | | 422,563 | | None | | None | | 226,041 | | 422,563 | | 648,604 | | 107,736 | | | | 08/30/07 | | 300 | |
Plattsburgh | NY | | | | 977,012 | | 1,817,269 | | None | | None | | 977,012 | | 1,817,269 | | 2,794,281 | | 463,387 | | | | 08/30/07 | | 300 | |
Rochester | NY | | 668,565 | | - | | 1,911,958 | | None | | None | | - | | 1,911,958 | | 1,911,958 | | 73,292 | | | | 01/22/13 | | 300 | |
Akron | OH | | | | 723,347 | | 17 | | 29,908 | | 99 | | 723,347 | | 30,024 | | 753,371 | | 8,563 | | | | 12/22/94 | | 180 | |
Akron | OH | | | | 318,182 | | 593,654 | | None | | None | | 318,182 | | 593,654 | | 911,836 | | 151,365 | | | | 08/30/07 | | 300 | |
Akron | OH | | | | 318,182 | | 593,654 | | None | | None | | 318,182 | | 593,654 | | 911,836 | | 151,365 | | | | 08/30/07 | | 300 | |
Defiance | OH | | | | 71,273 | | 135,109 | | None | | 358 | | 71,273 | | 135,467 | | 206,740 | | 34,761 | | | | 08/30/07 | | 300 | |
Elyria | OH | | | | 79,545 | | 150,491 | | None | | None | | 79,545 | | 150,491 | | 230,036 | | 38,358 | | | | 08/30/07 | | 300 | |
Marion | OH | | | | 739,651 | | 1,375,358 | | None | | None | | 739,651 | | 1,375,358 | | 2,115,009 | | 391,976 | | | | 11/01/06 | | 300 | |
Maumee | OH | | | | 296,970 | | 555,134 | | None | | None | | 296,970 | | 555,134 | | 852,104 | | 141,539 | | | | 08/30/07 | | 300 | |
Mt. Vernon | OH | | | | 147,212 | | 276,407 | | None | | None | | 147,212 | | 276,407 | | 423,619 | | 70,465 | | | | 08/30/07 | | 300 | |
Parma Heights | OH | | | | 275,758 | | 514,866 | | None | | None | | 275,758 | | 514,866 | | 790,624 | | 131,274 | | | | 08/30/07 | | 300 | |
Sandusky | OH | | | | 824,270 | | 1,532,494 | | None | | None | | 824,270 | | 1,532,494 | | 2,356,764 | | 436,759 | | | | 11/01/06 | | 300 | |
Sandusky | OH | | | | 128,158 | | 240,761 | | None | | None | | 128,158 | | 240,761 | | 368,919 | | 61,377 | | | | 08/30/07 | | 300 | |
Springdale | OH | | 1,248,735 | | 1,895,200 | | 2,369,000 | | None | | None | | 1,895,200 | | 2,369,000 | | 4,264,200 | | 90,812 | | | | 01/22/13 | | 300 | |
Stow | OH | | | | 317,546 | | 712,455 | | None | | 114 | | 317,546 | | 712,569 | | 1,030,115 | | 712,516 | | | | 12/31/87 | | 300 | |
Troy | OH | | | | 255,353 | | 476,973 | | None | | None | | 255,353 | | 476,973 | | 732,326 | | 121,611 | | | | 08/30/07 | | 300 | |
Vandalia | OH | | | | 145,833 | | 273,579 | | None | | None | | 145,833 | | 273,579 | | 419,412 | | 69,745 | | | | 08/30/07 | | 300 | |
Westlake | OH | | | | 169,697 | | 317,897 | | None | | None | | 169,697 | | 317,897 | | 487,594 | | 81,046 | | | | 08/30/07 | | 300 | |
Wooster | OH | | | | 763,642 | | 1,419,901 | | None | | 399 | | 763,642 | | 1,420,300 | | 2,183,942 | | 405,033 | | | | 11/01/06 | | 300 | |
Broken Arrow | OK | | | | 245,000 | | 369,002 | | 30,742 | | 10,278 | | 245,000 | | 410,022 | | 655,022 | | 240,201 | | | | 12/12/97 | | 300 | |
Norman | OK | | | | 734,335 | | 335,097 | | None | | 78,164 | | 734,335 | | 413,261 | | 1,147,596 | | 139,846 | | 09/29/95 | | 06/05/95 | | 300 | |
Oklahoma City | OK | | | | 759,826 | | - | | None | | None | | 759,826 | | - | | 759,826 | | - | | | | 07/06/95 | | N/A | |
Oklahoma City | OK | | | | 1,165,405 | | 2,165,989 | | None | | 45,131 | | 1,165,405 | | 2,211,120 | | 3,376,525 | | 620,595 | | | | 11/01/06 | | 300 | |
Tulsa | OK | | | | 490,000 | | 910,004 | | None | | 173 | | 490,000 | | 910,177 | | 1,400,177 | | 289,858 | | | | 01/24/06 | | 300 | |
Tulsa | OK | | | | 360,500 | | 669,605 | | None | | 173 | | 360,500 | | 669,778 | | 1,030,278 | | 204,403 | | | | 05/10/06 | | 300 | |
Tulsa | OK | | | | 1,021,904 | | 1,899,486 | | 2,440 | | 11,054 | | 1,021,904 | | 1,912,980 | | 2,934,884 | | 543,077 | | | | 11/01/06 | | 300 | |
Beaverton | OR | | 618,765 | | - | | 1,689,352 | | None | | None | | - | | 1,689,352 | | 1,689,352 | | 64,758 | | | | 01/22/13 | | 300 | |
Hermiston | OR | | | | 85,560 | | 396,675 | | 18,088 | | 7 | | 85,560 | | 414,770 | | 500,330 | | 409,905 | | | | 12/18/84 | | 300 | |
Lake Oswego | OR | | | | 175,899 | | 815,508 | | None | | 163 | | 175,899 | | 815,671 | | 991,570 | | 815,519 | | | | 05/16/84 | | 300 | |
Salem | OR | | | | - | | 865,668 | | None | | None | | - | | 865,668 | | 865,668 | | 33,184 | | | | 01/22/13 | | 300 | |
Feasterville | PA | | | | 236,303 | | 441,673 | | None | | None | | 236,303 | | 441,673 | | 677,976 | | 112,610 | | | | 08/30/07 | | 300 | |
Gap | PA | | | | - | | 1,012,812 | | 1,000 | | None | | - | | 1,013,812 | | 1,013,812 | | 258,878 | | | | 08/30/07 | | 300 | |
Gettysburg | PA | | | | 289,040 | | 809,676 | | None | | None | | 289,040 | | 809,676 | | 1,098,716 | | 389,992 | | | | 12/19/01 | | 300 | |
Harrisburg | PA | | | | 577,667 | | 1,075,635 | | None | | None | | 577,667 | | 1,075,635 | | 1,653,302 | | 274,270 | | | | 08/30/07 | | 300 | |
Horsham | PA | | | | 554,361 | | 1,032,352 | | None | | None | | 554,361 | | 1,032,352 | | 1,586,713 | | 263,233 | | | | 08/30/07 | | 300 | |
Indiana | PA | | | | 828,653 | | 1,540,630 | | 53,833 | | 17,739 | | 828,653 | | 1,612,202 | | 2,440,855 | | 450,914 | | | | 11/01/06 | | 300 | |
Lancaster | PA | | | | 170,304 | | 413,960 | | None | | None | | 170,304 | | 413,960 | | 584,264 | | 199,389 | | | | 12/19/01 | | 300 | |
F-59
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Lancaster | PA | | | | 276,251 | | 460,784 | | None | | None | | 276,251 | | 460,784 | | 737,035 | | 221,943 | | | | 12/19/01 | | 300 | |
Lebanon | PA | | | | - | | 1,292,172 | | None | | None | | - | | 1,292,172 | | 1,292,172 | | 383,065 | | | | 08/30/07 | | 258 | |
Philadelphia | PA | | | | 503,556 | | 937,999 | | None | | None | | 503,556 | | 937,999 | | 1,441,555 | | 239,173 | | | | 08/30/07 | | 300 | |
North Providence | RI | | | | - | | 790,921 | | None | | None | | - | | 790,921 | | 790,921 | | 290,716 | | | | 08/30/07 | | 208 | |
Pawtucket | RI | | | | - | | 457,462 | | None | | None | | - | | 457,462 | | 457,462 | | 152,028 | | | | 08/30/07 | | 230 | |
Gaffney | SC | | | | 727,738 | | 1,353,238 | | 57,635 | | 15,218 | | 727,738 | | 1,426,091 | | 2,153,829 | | 399,136 | | | | 11/01/06 | | 300 | |
Hilton Head | SC | | 1,486,080 | | 1,218,232 | | 1,522,790 | | None | | None | | 1,218,232 | | 1,522,790 | | 2,741,022 | | 58,374 | | | | 01/22/13 | | 300 | |
Lancaster | SC | | | | 778,616 | | 1,448,099 | | (1,056,134) | | 24 | | 778,616 | | 391,989 | | 1,170,605 | | 414,451 | | | | 11/01/06 | | 300 | |
Rock Hill | SC | | | | 826,216 | | 1,536,499 | | 480 | | 23,396 | | 826,216 | | 1,560,375 | | 2,386,591 | | 438,924 | | | | 11/01/06 | | 300 | |
Chattanooga | TN | | | | 827,594 | | 1,538,633 | | 186,235 | | 15,632 | | 827,594 | | 1,740,500 | | 2,568,094 | | 464,489 | | | | 11/01/06 | | 300 | |
Chattanooga | TN | | | | 933,003 | | 1,734,392 | | 158,902 | | 20,112 | | 933,003 | | 1,913,406 | | 2,846,409 | | 547,110 | | | | 11/01/06 | | 300 | |
Dyersburg | TN | | | | 695,135 | | 1,292,644 | | 90,256 | | 25,739 | | 695,135 | | 1,408,639 | | 2,103,774 | | 436,221 | | | | 11/01/06 | | 300 | |
Greeneville | TN | | | | 936,669 | | 1,741,253 | | None | | 131 | | 936,669 | | 1,741,384 | | 2,678,053 | | 496,304 | | | | 11/01/06 | | 300 | |
Johnson City | TN | | | | 881,225 | | 1,638,285 | | 83,254 | | 15,973 | | 881,225 | | 1,737,512 | | 2,618,737 | | 481,825 | | | | 11/01/06 | | 300 | |
Kingsport | TN | | | | 786,332 | | 1,462,055 | | 107,280 | | 10,878 | | 786,332 | | 1,580,213 | | 2,366,545 | | 475,965 | | | | 11/01/06 | | 300 | |
McMinnville | TN | | | | 703,355 | | 1,307,903 | | 17,538 | | 172 | | 703,355 | | 1,325,613 | | 2,028,968 | | 379,409 | | | | 11/01/06 | | 300 | |
Memphis | TN | | | | 405,274 | | 1,060,680 | | None | | None | | 405,274 | | 1,060,680 | | 1,465,954 | | 783,136 | | 06/30/95 | | 03/17/95 | | 300 | |
Memphis | TN | | | | 871,951 | | 1,621,017 | | 74,039 | | 22,166 | | 871,951 | | 1,717,222 | | 2,589,173 | | 511,764 | | | | 11/01/06 | | 300 | |
Memphis | TN | | 901,380 | | 1,217,412 | | 1,521,765 | | None | | None | | 1,217,412 | | 1,521,765 | | 2,739,177 | | 58,334 | | | | 01/22/13 | | 300 | |
Memphis | TN | | 627,480 | | - | | 1,336,687 | | None | | None | | - | | 1,336,687 | | 1,336,687 | | 51,240 | | | | 01/22/13 | | 300 | |
Newport | TN | | | | 640,841 | | 1,191,858 | | 15,271 | | 20,202 | | 640,841 | | 1,227,331 | | 1,868,172 | | 365,898 | | | | 11/01/06 | | 300 | |
Amarillo | TX | | | | 763,283 | | 1,995,460 | | None | | None | | 763,283 | | 1,995,460 | | 2,758,743 | | 407,342 | | 09/12/08 | | 03/03/08 | | 300 | |
Austin | TX | | | | 699,395 | | 1,167,223 | | None | | 33,872 | | 699,395 | | 1,201,095 | | 1,900,490 | | 389,297 | | 02/15/06 | | 09/15/05 | | 300 | |
Austin | TX | | | | 976,803 | | 1,361,281 | | 36,880 | | 30,504 | | 976,803 | | 1,428,665 | | 2,405,468 | | 415,515 | | 10/23/06 | | 06/19/06 | | 300 | |
Austin | TX | | | | 1,049,946 | | 1,952,028 | | 13,898 | | 30,875 | | 1,049,946 | | 1,996,801 | | 3,046,747 | | 568,930 | | | | 11/01/06 | | 300 | |
Bedford | TX | | | | 919,303 | | 98,231 | | 23,966 | | 186 | | 919,303 | | 122,383 | | 1,041,686 | | 103,221 | | | | 12/27/94 | | 120 | |
Cedar Park | TX | | | | 634,489 | | 1,472,504 | | None | | 266 | | 634,489 | | 1,472,770 | | 2,107,259 | | 437,371 | | 06/19/06 | | 01/13/06 | | 300 | |
Crockett | TX | | | | 90,780 | | 420,880 | | 22,638 | | 1,971 | | 90,780 | | 445,489 | | 536,269 | | 433,708 | | | | 12/17/85 | | 300 | |
El Campo | TX | | | | 98,060 | | 454,631 | | None | | None | | 98,060 | | 454,631 | | 552,691 | | 454,631 | | | | 11/25/85 | | 300 | |
El Paso | TX | | 546,555 | | - | | 1,399,487 | | None | | None | | - | | 1,399,487 | | 1,399,487 | | 53,647 | | | | 01/22/13 | | 300 | |
El Paso | TX | | 679,770 | | - | | 1,591,758 | | None | | None | | - | | 1,591,758 | | 1,591,758 | | 61,017 | | | | 01/22/13 | | 300 | |
Georgetown | TX | | | | 870,981 | | 1,177,824 | | 168,185 | | 34,110 | | 870,981 | | 1,380,119 | | 2,251,100 | | 436,922 | | 06/02/06 | | 01/13/06 | | 300 | |
Greenville | TX | | | | 909,311 | | 1,690,848 | | 34,606 | | 28,745 | | 909,311 | | 1,754,199 | | 2,663,510 | | 519,160 | | | | 11/01/06 | | 300 | |
Harker Heights | TX | | | | 943,812 | | 1,897,644 | | None | | None | | 943,812 | | 1,897,644 | | 2,841,456 | | 393,749 | | 08/28/08 | | 03/20/08 | | 300 | |
Hillsboro | TX | | | | 75,992 | | 352,316 | | 78,212 | | 14,563 | | 75,992 | | 445,091 | | 521,083 | | 403,386 | | | | 08/01/84 | | 300 | |
Houston | TX | | | | 1,096,376 | | 2,300,690 | | 235,500 | | 102,443 | | 1,096,376 | | 2,638,633 | | 3,735,009 | | 1,708,123 | | | | 09/05/97 | | 300 | |
Houston | TX | | | | 989,152 | | 1,838,713 | | None | | 25,765 | | 989,152 | | 1,864,478 | | 2,853,630 | | 527,499 | | | | 11/01/06 | | 300 | |
Irving | TX | | | | 1,500,411 | | 2,156 | | None | | None | | 1,500,411 | | 2,156 | | 1,502,567 | | 938 | | | | 02/05/03 | | 300 | |
Killeen | TX | | | | 1,327,348 | | 2,467,204 | | 17,494 | | 28,703 | | 1,327,348 | | 2,513,401 | | 3,840,749 | | 708,390 | | | | 11/01/06 | | 300 | |
Live Oak | TX | | | | 727,956 | | 1,214,835 | | 181,920 | | 33,148 | | 727,956 | | 1,429,903 | | 2,157,859 | | 484,546 | | 09/27/05 | | 06/01/05 | | 300 | |
Longview | TX | | | | 1,231,857 | | 2,289,864 | | None | | None | | 1,231,857 | | 2,289,864 | | 3,521,721 | | 652,610 | | | | 11/01/06 | | 300 | |
Lufkin | TX | | | | 105,904 | | 490,998 | | None | | None | | 105,904 | | 490,998 | | 596,902 | | 490,998 | | | | 10/08/85 | | 300 | |
Mesquite | TX | | | | 134,940 | | 625,612 | | None | | None | | 134,940 | | 625,612 | | 760,552 | | 625,612 | | | | 03/20/86 | | 300 | |
Mesquite | TX | | | | 729,596 | | 120,820 | | None | | 91 | | 729,596 | | 120,911 | | 850,507 | | 120,822 | | | | 12/23/94 | | 300 | |
Mesquite | TX | | | | 984,909 | | 1,831,268 | | 28,576 | | 91 | | 984,909 | | 1,859,935 | | 2,844,844 | | 526,181 | | | | 11/01/06 | | 300 | |
Mexia | TX | | | | 93,620 | | 434,046 | | 50,273 | | 11,861 | | 93,620 | | 496,180 | | 589,800 | | 450,926 | | | | 12/18/85 | | 300 | |
New Braunfels | TX | | | | 860,262 | | 1,169,016 | | 250,000 | | 56,872 | | 860,262 | | 1,475,888 | | 2,336,150 | | 504,189 | | 02/14/06 | | 10/12/05 | | 300 | |
Palestine | TX | | | | 825,066 | | 1,534,394 | | 31,586 | | 26,411 | | 825,066 | | 1,592,391 | | 2,417,457 | | 444,233 | | | | 11/01/06 | | 300 | |
Plano | TX | | | | 2,420,222 | | 769 | | None | | None | | 2,420,222 | | 769 | | 2,420,991 | | 354 | | 03/12/03 | | 06/27/02 | | 300 | |
San Antonio | TX | | | | 835,431 | | 1,185,257 | | None | | 49,931 | | 835,431 | | 1,235,188 | | 2,070,619 | | 402,845 | | 12/02/05 | | 06/24/05 | | 300 | |
San Antonio | TX | | | | 690,443 | | 1,109,136 | | None | | 40,933 | | 690,443 | | 1,150,069 | | 1,840,512 | | 376,600 | | 10/24/05 | | 06/27/05 | | 300 | |
San Antonio | TX | | | | 835,586 | | 1,227,220 | | None | | 45,378 | | 835,586 | | 1,272,598 | | 2,108,184 | | 377,445 | | 09/14/06 | | 05/09/06 | | 300 | |
Sugar Land | TX | | 1,012,185 | | 1,376,186 | | 1,720,233 | | None | | None | | 1,376,186 | | 1,720,233 | | 3,096,419 | | 65,942 | | | | 01/22/13 | | 300 | |
Temple | TX | | | | 797,574 | | 1,193,813 | | 1,350 | | 19,714 | | 797,574 | | 1,214,877 | | 2,012,451 | | 369,453 | | 09/14/06 | | 04/07/06 | | 300 | |
Waxahachie | TX | | | | 326,935 | | 726,137 | | 41,232 | | 10,572 | | 326,935 | | 777,941 | | 1,104,876 | | 731,062 | | | | 12/29/87 | | 300 | |
Waxahachie | TX | | | | 1,035,794 | | 1,925,746 | | None | | 165 | | 1,035,794 | | 1,925,911 | | 2,961,705 | | 548,903 | | | | 11/01/06 | | 300 | |
Centerville | UT | | 820,455 | | 1,056,314 | | 1,320,393 | | None | | None | | 1,056,314 | | 1,320,393 | | 2,376,707 | | 50,615 | | | | 01/22/13 | | 300 | |
F-60
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Sandy | UT | | | | 635,945 | | 884,792 | | None | | 286 | | 635,945 | | 885,078 | | 1,521,023 | | 638,797 | | | | 12/22/95 | | 300 | |
Bluefield | VA | | | | 845,277 | | 1,571,754 | | None | | 302 | | 845,277 | | 1,572,056 | | 2,417,333 | | 448,059 | | | | 11/01/06 | | 300 | |
Charlottesville | VA | | 444,465 | | - | | 1,283,010 | | None | | None | | - | | 1,283,010 | | 1,283,010 | | 49,182 | | | | 01/22/13 | | 300 | |
Chester | VA | | | | 541,628 | | 1,008,771 | | None | | None | | 541,628 | | 1,008,771 | | 1,550,399 | | 257,220 | | | | 08/30/07 | | 300 | |
Danville | VA | | | | 751,055 | | 1,396,772 | | 66,062 | | 18,715 | | 751,055 | | 1,481,549 | | 2,232,604 | | 425,285 | | | | 11/01/06 | | 300 | |
Martinsville | VA | | | | 833,114 | | 1,549,167 | | 480 | | 302 | | 833,114 | | 1,549,949 | | 2,383,063 | | 441,692 | | | | 11/01/06 | | 300 | |
Midlothian | VA | | | | 421,479 | | 785,639 | | 248,110 | | 27,205 | | 421,479 | | 1,060,954 | | 1,482,433 | | 229,172 | | | | 08/30/07 | | 300 | |
Richmond | VA | | | | 385,000 | | 717,891 | | 3,850 | | 145 | | 385,000 | | 721,886 | | 1,106,886 | | 183,763 | | | | 08/30/07 | | 300 | |
Roanoke | VA | | 505,470 | | - | | 1,660,095 | | None | | None | | - | | 1,660,095 | | 1,660,095 | | 63,637 | | | | 01/22/13 | | 300 | |
Staunton | VA | | | | 867,684 | | 1,613,368 | | 31,039 | | 39,801 | | 867,684 | | 1,684,208 | | 2,551,892 | | 508,475 | | | | 11/01/06 | | 300 | |
Williamsburg | VA | | | | 651,167 | | 1,212,201 | | None | | None | | 651,167 | | 1,212,201 | | 1,863,368 | | 309,094 | | | | 08/30/07 | | 300 | |
Bennington | VT | | | | 118,823 | | 673,551 | | None | | None | | 118,823 | | 673,551 | | 792,374 | | 324,425 | | | | 12/19/01 | | 300 | |
Brattleboro | VT | | | | - | | 738,115 | | None | | None | | - | | 738,115 | | 738,115 | | 279,343 | | | | 08/30/07 | | 202 | |
Rutland | VT | | | | 812,197 | | 1,511,184 | | None | | None | | 812,197 | | 1,511,184 | | 2,323,381 | | 385,335 | | | | 08/30/07 | | 300 | |
Williston | VT | | | | - | | 1,197,659 | | None | | None | | - | | 1,197,659 | | 1,197,659 | | 380,063 | | | | 08/30/07 | | 241 | |
Tacoma | WA | | | | 198,857 | | 921,947 | | 107,708 | | 13,588 | | 198,857 | | 1,043,243 | | 1,242,100 | | 955,855 | | | | 05/29/84 | | 300 | |
Sturgeon Bay | WI | | | | 214,865 | | 477,221 | | 34,385 | | 454 | | 214,865 | | 512,060 | | 726,925 | | 495,858 | | | | 12/01/87 | | 300 | |
Parkersburg | WV | | | | 722,732 | | 1,343,920 | | 63,217 | | 33,305 | | 722,732 | | 1,440,442 | | 2,163,174 | | 411,511 | | | | 11/01/06 | | 300 | |
Laramie | WY | | | | 210,000 | | 466,417 | | 43,443 | | 7,115 | | 210,000 | | 516,975 | | 726,975 | | 452,781 | | | | 03/12/90 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Restaurants - quick service | | | | | | | | | | | | | | | | | | | | | | | |
Alabaster | AL | | | | 335,197 | | 622,697 | | None | | None | | 335,197 | | 622,697 | | 957,894 | | 181,620 | | | | 09/14/06 | | 300 | |
Andalusia | AL | | | | 252,403 | | 468,949 | | None | | None | | 252,403 | | 468,949 | | 721,352 | | 136,777 | | | | 09/14/06 | | 300 | |
Atmore | AL | | | | 272,044 | | 505,636 | | None | | None | | 272,044 | | 505,636 | | 777,680 | | 250,284 | | | | 08/31/01 | | 300 | |
Attalla | AL | | | | 148,993 | | 276,890 | | None | | None | | 148,993 | | 276,890 | | 425,883 | | 80,759 | | | | 09/14/06 | | 300 | |
Bessemer | AL | | | | 172,438 | | 320,429 | | None | | None | | 172,438 | | 320,429 | | 492,867 | | 93,459 | | | | 09/14/06 | | 300 | |
Brent | AL | | | | 134,432 | | 249,846 | | None | | None | | 134,432 | | 249,846 | | 384,278 | | 72,872 | | | | 09/14/06 | | 300 | |
Clanton | AL | | | | 230,036 | | 427,391 | | None | | None | | 230,036 | | 427,391 | | 657,427 | | 211,556 | | | | 08/31/01 | | 300 | |
Demopolis | AL | | | | 251,349 | | 466,972 | | None | | None | | 251,349 | | 466,972 | | 718,321 | | 231,149 | | | | 08/31/01 | | 300 | |
Fort Payne | AL | | | | 303,056 | | 563,001 | | None | | None | | 303,056 | | 563,001 | | 866,057 | | 278,683 | | | | 08/31/01 | | 300 | |
Gadsden | AL | | | | 242,194 | | 449,977 | | None | | None | | 242,194 | | 449,977 | | 692,171 | | 131,243 | | | | 09/14/06 | | 300 | |
Gardendale | AL | | | | 398,669 | | 740,568 | | None | | None | | 398,669 | | 740,568 | | 1,139,237 | | 366,579 | | | | 08/31/01 | | 300 | |
Greenville | AL | | | | 226,108 | | 420,117 | | None | | None | | 226,108 | | 420,117 | | 646,225 | | 122,534 | | | | 09/14/06 | | 300 | |
Haleyville | AL | | | | 262,500 | | 488,357 | | None | | None | | 262,500 | | 488,357 | | 750,857 | | 118,019 | | | | 12/21/07 | | 300 | |
Hamilton | AL | | | | 214,198 | | 397,991 | | None | | None | | 214,198 | | 397,991 | | 612,189 | | 116,081 | | | | 09/14/06 | | 300 | |
Hoover | AL | | | | 251,434 | | 467,185 | | None | | None | | 251,434 | | 467,185 | | 718,619 | | 231,253 | | | | 08/31/01 | | 300 | |
Hueytown | AL | | | | 281,422 | | 522,828 | | None | | None | | 281,422 | | 522,828 | | 804,250 | | 152,492 | | | | 09/14/06 | | 300 | |
Leeds | AL | | | | 171,145 | | 318,028 | | None | | None | | 171,145 | | 318,028 | | 489,173 | | 92,758 | | | | 09/14/06 | | 300 | |
Mobile | AL | | | | 286,333 | | 531,950 | | None | | None | | 286,333 | | 531,950 | | 818,283 | | 155,152 | | | | 09/14/06 | | 300 | |
Montgomery | AL | | | | 143,693 | | 267,060 | | None | | None | | 143,693 | | 267,060 | | 410,753 | | 77,892 | | | | 09/14/06 | | 300 | |
Montgomery | AL | | | | 145,206 | | 269,870 | | None | | None | | 145,206 | | 269,870 | | 415,076 | | 78,712 | | | | 09/14/06 | | 300 | |
Montgomery | AL | | | | 380,468 | | 706,777 | | None | | None | | 380,468 | | 706,777 | | 1,087,245 | | 203,787 | | | | 10/12/06 | | 300 | |
Northport | AL | | | | 832,541 | | 1,040,676 | | None | | None | | 832,541 | | 1,040,676 | | 1,873,217 | | 39,893 | | | | 01/22/13 | | 300 | |
Opp | AL | | | | 160,778 | | 298,782 | | None | | None | | 160,778 | | 298,782 | | 459,560 | | 86,149 | | | | 10/12/06 | | 300 | |
Prattville | AL | | | | 254,278 | | 472,432 | | None | | None | | 254,278 | | 472,432 | | 726,710 | | 137,793 | | | | 09/14/06 | | 300 | |
South Alabaster | AL | | | | 148,982 | | 276,881 | | None | | None | | 148,982 | | 276,881 | | 425,863 | | 80,757 | | | | 09/14/06 | | 300 | |
Trussville | AL | | | | 256,485 | | 476,510 | | None | | None | | 256,485 | | 476,510 | | 732,995 | | 137,394 | | | | 10/12/06 | | 300 | |
Warrior | AL | | | | 159,109 | | 295,676 | | None | | None | | 159,109 | | 295,676 | | 454,785 | | 86,239 | | | | 09/14/06 | | 300 | |
Arkadelphia | AR | | | | 248,868 | | 462,744 | | None | | None | | 248,868 | | 462,744 | | 711,612 | | 133,425 | | | | 10/12/06 | | 300 | |
Bentonville | AR | | | | 377,086 | | 700,582 | | None | | None | | 377,086 | | 700,582 | | 1,077,668 | | 346,785 | | | | 08/31/01 | | 300 | |
Hope | AR | | | | 288,643 | | 536,715 | | None | | None | | 288,643 | | 536,715 | | 825,358 | | 265,665 | | | | 08/31/01 | | 300 | |
Jacksonville | AR | | | | 267,376 | | 497,124 | | None | | None | | 267,376 | | 497,124 | | 764,500 | | 144,995 | | | | 09/14/06 | | 300 | |
Jonesboro | AR | | | | 173,984 | | 323,371 | | 2,200 | | 70 | | 173,984 | | 325,641 | | 499,625 | | 79,381 | | | | 11/16/07 | | 300 | |
Little Rock | AR | | | | 317,000 | | 589,377 | | None | | None | | 317,000 | | 589,377 | | 906,377 | | 291,733 | | | | 08/31/01 | | 300 | |
Malvern | AR | | | | 219,703 | | 408,588 | | None | | None | | 219,703 | | 408,588 | | 628,291 | | 119,172 | | | | 09/14/06 | | 300 | |
Pocahontas | AR | | | | 241,128 | | 447,988 | | None | | None | | 241,128 | | 447,988 | | 689,116 | | 129,170 | | | | 10/12/06 | | 300 | |
F-61
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Siloam Springs | AR | | | | 190,000 | | 352,808 | | None | | None | | 190,000 | | 352,808 | | 542,808 | | 227,551 | | | | 11/20/97 | | 300 | |
Glendale | AZ | | | | 740,707 | | 1,376,143 | | None | | None | | 740,707 | | 1,376,143 | | 2,116,850 | | 350,915 | | | | 08/28/07 | | 300 | |
Phoenix | AZ | | | | 704,014 | | 1,307,998 | | (145,542) | | None | | 558,472 | | 1,307,998 | | 1,866,470 | | 333,538 | | | | 08/28/07 | | 300 | |
Phoenix | AZ | | | | 813,750 | | 1,511,928 | | None | | None | | 813,750 | | 1,511,928 | | 2,325,678 | | 385,539 | | | | 08/28/07 | | 300 | |
Tempe | AZ | | | | 525,463 | | 976,404 | | None | | None | | 525,463 | | 976,404 | | 1,501,867 | | 248,981 | | | | 08/28/07 | | 300 | |
Tucson | AZ | | | | 107,393 | | 500,154 | | None | | 61 | | 107,393 | | 500,215 | | 607,608 | | 498,570 | | | | 01/17/86 | | 300 | |
Tucson | AZ | | | | 463,231 | | 860,982 | | None | | None | | 463,231 | | 860,982 | | 1,324,213 | | 219,548 | | | | 08/28/07 | | 300 | |
Tucson | AZ | | | | 496,194 | | 922,053 | | None | | None | | 496,194 | | 922,053 | | 1,418,247 | | 235,122 | | | | 08/28/07 | | 300 | |
Yuma | AZ | | | | 236,121 | | 541,651 | | None | | None | | 236,121 | | 541,651 | | 777,772 | | 338,528 | | | | 05/28/98 | | 300 | |
Barstow | CA | | | | 689,842 | | 690,204 | | None | | None | | 689,842 | | 690,204 | | 1,380,046 | | 422,177 | | | | 09/24/98 | | 300 | |
Fresno | CA | | | | 561,502 | | 1,043,688 | | None | | None | | 561,502 | | 1,043,688 | | 1,605,190 | | 266,136 | | | | 08/28/07 | | 300 | |
Livermore | CA | | | | 662,161 | | 823,242 | | None | | None | | 662,161 | | 823,242 | | 1,485,403 | | 503,553 | | | | 09/23/98 | | 300 | |
Rancho Cucamonga | CA | | | | 95,192 | | 441,334 | | None | | 5 | | 95,192 | | 441,339 | | 536,531 | | 441,337 | | | | 12/20/85 | | 300 | |
Riverside | CA | | | | 90,000 | | 170,394 | | 135,301 | | None | | 90,000 | | 305,695 | | 395,695 | | 236,238 | | | | 12/09/76 | | 300 | |
Sacramento | CA | | | | 386,793 | | 417,290 | | None | | 127 | | 386,793 | | 417,417 | | 804,210 | | 258,151 | | | | 07/31/98 | | 300 | |
San Ramon | CA | | | | 406,000 | | 1,126,930 | | None | | None | | 406,000 | | 1,126,930 | | 1,532,930 | | 1,126,930 | | | | 12/08/83 | | 180 | |
Aurora | CO | | | | 288,558 | | 537,322 | | None | | None | | 288,558 | | 537,322 | | 825,880 | | 137,013 | | | | 08/28/07 | | 300 | |
Aurora | CO | | | | 210,000 | | 540,346 | | None | | None | | 210,000 | | 540,346 | | 750,346 | | 51,333 | | | | 08/29/11 | | 300 | |
Broomfield | CO | | | | 444,277 | | - | | None | | None | | 444,277 | | - | | 444,277 | | - | | | | 08/29/11 | | N/A | |
Brush | CO | | | | 90,000 | | 220,976 | | None | | None | | 90,000 | | 220,976 | | 310,976 | | 20,993 | | | | 08/29/11 | | 300 | |
Colorado Springs | CO | | | | 152,000 | | 704,736 | | None | | None | | 152,000 | | 704,736 | | 856,736 | | 704,736 | | | | 09/30/86 | | 300 | |
Fort Morgan | CO | | | | 80,000 | | 350,452 | | None | | None | | 80,000 | | 350,452 | | 430,452 | | 33,293 | | | | 08/29/11 | | 300 | |
Lafayette | CO | | | | 450,000 | | 59,281 | | None | | None | | 450,000 | | 59,281 | | 509,281 | | 5,632 | | | | 08/29/11 | | 300 | |
Lakewood | CO | | | | 510,000 | | 124,971 | | None | | None | | 510,000 | | 124,971 | | 634,971 | | 11,872 | | | | 08/29/11 | | 300 | |
Littleton | CO | | | | 260,000 | | 508,347 | | None | | None | | 260,000 | | 508,347 | | 768,347 | | 48,293 | | | | 08/29/11 | | 300 | |
Littleton | CO | | | | 470,000 | | 207,744 | | None | | None | | 470,000 | | 207,744 | | 677,744 | | 19,736 | | | | 08/29/11 | | 300 | |
Westminster | CO | | | | 261,466 | | 487,102 | | None | | None | | 261,466 | | 487,102 | | 748,568 | | 124,209 | | | | 08/28/07 | | 300 | |
Meriden | CT | | | | 369,482 | | 687,116 | | None | | None | | 369,482 | | 687,116 | | 1,056,598 | | 175,212 | | | | 08/28/07 | | 300 | |
Chipley | FL | | | | 270,439 | | 502,655 | | None | | None | | 270,439 | | 502,655 | | 773,094 | | 248,809 | | | | 08/31/01 | | 300 | |
Clearwater | FL | | | | 484,090 | | 899,658 | | None | | None | | 484,090 | | 899,658 | | 1,383,748 | | 229,411 | | | | 08/28/07 | | 300 | |
Clearwater | FL | | | | 370,000 | | 512,393 | | None | | None | | 370,000 | | 512,393 | | 882,393 | | 48,677 | | | | 08/29/11 | | 300 | |
Dade City | FL | | | | 140,000 | | 387,991 | | None | | None | | 140,000 | | 387,991 | | 527,991 | | 36,859 | | | | 08/29/11 | | 300 | |
DeFuniak Springs | FL | | | | 269,554 | | 501,010 | | None | | None | | 269,554 | | 501,010 | | 770,564 | | 247,995 | | | | 08/31/01 | | 300 | |
Dunedin | FL | | | | 440,000 | | 100,727 | | None | | None | | 440,000 | | 100,727 | | 540,727 | | 9,569 | | | | 08/29/11 | | 300 | |
Jacksonville | FL | | | | 150,210 | | 693,445 | | None | | 253 | | 150,210 | | 693,698 | | 843,908 | | 693,664 | | | | 09/13/85 | | 300 | |
Lake Placid | FL | | | | 220,000 | | 206,076 | | None | | None | | 220,000 | | 206,076 | | 426,076 | | 19,577 | | | | 08/29/11 | | 300 | |
Lakeland | FL | | | | 310,000 | | 519,387 | | None | | None | | 310,000 | | 519,387 | | 829,387 | | 49,342 | | | | 08/29/11 | | 300 | |
Lakeland | FL | | | | 530,000 | | 556,704 | | None | | None | | 530,000 | | 556,704 | | 1,086,704 | | 52,887 | | | | 08/29/11 | | 300 | |
Lakeland | FL | | | | 170,000 | | 288,777 | | None | | None | | 170,000 | | 288,777 | | 458,777 | | 27,434 | | | | 08/29/11 | | 300 | |
New Port Richey | FL | | | | 260,000 | | 579,385 | | None | | None | | 260,000 | | 579,385 | | 839,385 | | 55,042 | | | | 08/29/11 | | 300 | |
Orlando | FL | | | | 600,000 | | 949,489 | | None | | None | | 600,000 | | 949,489 | | 1,549,489 | | 555,672 | | 05/27/99 | | 12/18/98 | | 300 | |
Oviedo | FL | | | | 204,200 | | 911,338 | | None | | None | | 204,200 | | 911,338 | | 1,115,538 | | 502,909 | | 03/27/00 | | 08/24/99 | | 300 | |
Oviedo | FL | | | | 456,108 | | 847,515 | | None | | 18 | | 456,108 | | 847,533 | | 1,303,641 | | 275,460 | | | | 11/21/05 | | 300 | |
Oviedo | FL | | | | 465,993 | | 866,048 | | None | | None | | 465,993 | | 866,048 | | 1,332,041 | | 220,841 | | | | 08/28/07 | | 300 | |
Palm Bay | FL | | | | 330,000 | | 556,668 | | None | | None | | 330,000 | | 556,668 | | 886,668 | | 329,483 | | 02/17/99 | | 12/29/98 | | 300 | |
Panama City | FL | | | | 202,047 | | 375,424 | | None | | None | | 202,047 | | 375,424 | | 577,471 | | 108,247 | | | | 10/12/06 | | 300 | |
Pensacola | FL | | | | 767,303 | | 1,424,991 | | None | | None | | 767,303 | | 1,424,991 | | 2,192,294 | | 68,875 | | | | 10/15/12 | | 300 | |
Port Richey | FL | | | | 848,210 | | 1,575,247 | | None | | None | | 848,210 | | 1,575,247 | | 2,423,457 | | 76,137 | | | | 10/15/12 | | 300 | |
Seffner | FL | | | | 200,000 | | 209,679 | | None | | None | | 200,000 | | 209,679 | | 409,679 | | 19,919 | | | | 08/29/11 | | 300 | |
St. Petersburg | FL | | | | 379,455 | | 705,487 | | None | | None | | 379,455 | | 705,487 | | 1,084,942 | | 179,897 | | | | 08/28/07 | | 300 | |
St. Petersburg | FL | | | | 370,000 | | 675,403 | | None | | None | | 370,000 | | 675,403 | | 1,045,403 | | 64,163 | | | | 08/29/11 | | 300 | |
Tallahassee | FL | | | | 385,000 | | 715,857 | | None | | None | | 385,000 | | 715,857 | | 1,100,857 | | 172,998 | | | | 12/25/07 | | 300 | |
Tallahassee | FL | | | | 175,000 | | 325,857 | | None | | None | | 175,000 | | 325,857 | | 500,857 | | 78,748 | | | | 12/25/07 | | 300 | |
Tampa | FL | | | | 962,500 | | 1,788,133 | | None | | None | | 962,500 | | 1,788,133 | | 2,750,633 | | 455,972 | | | | 08/28/07 | | 300 | |
Tampa | FL | | | | 545,211 | | 1,013,321 | | None | | None | | 545,211 | | 1,013,321 | | 1,558,532 | | 258,394 | | | | 08/28/07 | | 300 | |
Tampa | FL | | | | 470,000 | | 208,666 | | None | | None | | 470,000 | | 208,666 | | 678,666 | | 19,823 | | | | 08/29/11 | | 300 | |
Tampa | FL | | | | 430,000 | | 589,949 | | None | | None | | 430,000 | | 589,949 | | 1,019,949 | | 56,045 | | | | 08/29/11 | | 300 | |
F-62
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Venice | FL | | | | 340,000 | | 28,239 | | None | | None | | 340,000 | | 28,239 | | 368,239 | | 2,683 | | | | 08/29/11 | | 300 | |
Wauchula | FL | | | | 260,000 | | 324,525 | | None | | None | | 260,000 | | 324,525 | | 584,525 | | 30,830 | | | | 08/29/11 | | 300 | |
Zephyrhills | FL | | | | 220,000 | | 662,046 | | None | | None | | 220,000 | | 662,046 | | 882,046 | | 62,894 | | | | 08/29/11 | | 300 | |
Albany | GA | | | | 326,690 | | 607,247 | | None | | None | | 326,690 | | 607,247 | | 933,937 | | 195,331 | | | | 12/22/05 | | 300 | |
Buford | GA | | | | 400,000 | | 361,957 | | None | | None | | 400,000 | | 361,957 | | 761,957 | | 34,386 | | | | 08/29/11 | | 300 | |
Buford | GA | | | | 1,085,401 | | 1,356,752 | | None | | None | | 1,085,401 | | 1,356,752 | | 2,442,153 | | 52,009 | | | | 01/22/13 | | 300 | |
Cairo | GA | | | | 210,000 | | 390,566 | | None | | None | | 210,000 | | 390,566 | | 600,566 | | 94,387 | | | | 12/25/07 | | 300 | |
Cumming | GA | | | | 520,000 | | 248,510 | | None | | None | | 520,000 | | 248,510 | | 768,510 | | 23,608 | | | | 08/29/11 | | 300 | |
Duluth | GA | | | | 536,205 | | 996,521 | | None | | None | | 536,205 | | 996,521 | | 1,532,726 | | 254,111 | | | | 08/28/07 | | 300 | |
Hartwell | GA | | | | 869,716 | | 1,087,145 | | None | | None | | 869,716 | | 1,087,145 | | 1,956,861 | | 41,674 | | | | 01/22/13 | | 300 | |
Lawrenceville | GA | | | | 220,000 | | 384,908 | | None | | None | | 220,000 | | 384,908 | | 604,908 | | 36,566 | | | | 08/29/11 | | 300 | |
Lilburn | GA | | | | 237,822 | | 442,409 | | None | | None | | 237,822 | | 442,409 | | 680,231 | | 112,812 | | | | 08/28/07 | | 300 | |
Lilburn | GA | | | | 380,000 | | 338,634 | | None | | None | | 380,000 | | 338,634 | | 718,634 | | 32,170 | | | | 08/29/11 | | 300 | |
Loganville | GA | | | | 340,000 | | 422,840 | | None | | None | | 340,000 | | 422,840 | | 762,840 | | 40,170 | | | | 08/29/11 | | 300 | |
Marietta | GA | | | | 423,132 | | 786,530 | | None | | None | | 423,132 | | 786,530 | | 1,209,662 | | 200,563 | | | | 08/28/07 | | 300 | |
Norcross | GA | | | | 310,000 | | 286,762 | | None | | None | | 310,000 | | 286,762 | | 596,762 | | 27,242 | | | | 08/29/11 | | 300 | |
Oakwood | GA | | | | 440,000 | | 100,481 | | None | | None | | 440,000 | | 100,481 | | 540,481 | | 9,546 | | | | 08/29/11 | | 300 | |
Roswell | GA | | | | 310,767 | | 578,088 | | None | | None | | 310,767 | | 578,088 | | 888,855 | | 147,409 | | | | 08/28/07 | | 300 | |
Thomasville | GA | | | | 300,211 | | 558,074 | | None | | None | | 300,211 | | 558,074 | | 858,285 | | 179,513 | | | | 12/22/05 | | 300 | |
Washington | GA | | | | 292,628 | | 543,862 | | None | | None | | 292,628 | | 543,862 | | 836,490 | | 269,206 | | | | 08/31/01 | | 300 | |
Waycross | GA | | | | 223,475 | | 415,563 | | None | | None | | 223,475 | | 415,563 | | 639,038 | | 133,672 | | | | 12/22/05 | | 300 | |
Winder | GA | | | | 230,000 | | 429,116 | | None | | None | | 230,000 | | 429,116 | | 659,116 | | 40,766 | | | | 08/29/11 | | 300 | |
Altoona | IA | | | | 426,834 | | 792,693 | | None | | None | | 426,834 | | 792,693 | | 1,219,527 | | 54,167 | | | | 04/17/12 | | 300 | |
Cedar Falls | IA | | | | 208,411 | | 387,971 | | None | | None | | 208,411 | | 387,971 | | 596,382 | | 124,796 | | | | 12/22/05 | | 300 | |
Cedar Falls | IA | | | | 187,250 | | 349,057 | | None | | None | | 187,250 | | 349,057 | | 536,307 | | 84,351 | | | | 12/21/07 | | 300 | |
Cedar Rapids | IA | | | | 125,076 | | 233,206 | | None | | None | | 125,076 | | 233,206 | | 358,282 | | 75,014 | | | | 12/22/05 | | 300 | |
Fort Dodge | IA | | | | 388,815 | | 722,573 | | None | | None | | 388,815 | | 722,573 | | 1,111,388 | | 210,751 | | | | 09/14/06 | | 300 | |
Oelwein | IA | | | | 84,244 | | 157,375 | | None | | None | | 84,244 | | 157,375 | | 241,619 | | 50,621 | | | | 12/22/05 | | 300 | |
Ottumwa | IA | | | | 393,010 | | 729,875 | | None | | None | | 393,010 | | 729,875 | | 1,122,885 | | 47,442 | | | | 05/25/12 | | 300 | |
Urbandale | IA | | | | 395,896 | | 735,724 | | None | | None | | 395,896 | | 735,724 | | 1,131,620 | | 214,586 | | | | 09/14/06 | | 300 | |
Waterloo | IA | | | | 263,555 | | 490,374 | | None | | None | | 263,555 | | 490,374 | | 753,929 | | 154,468 | | | | 02/28/06 | | 300 | |
Boise | ID | | | | 190,894 | | 824,305 | | None | | 283 | | 190,894 | | 824,588 | | 1,015,482 | | 464,155 | | | | 05/17/88 | | 300 | |
Boise | ID | | | | 161,352 | | 735,104 | | None | | 283 | | 161,352 | | 735,387 | | 896,739 | | 374,257 | | | | 10/07/88 | | 300 | |
Bethalto | IL | | | | 180,000 | | 166,596 | | None | | None | | 180,000 | | 166,596 | | 346,596 | | 15,827 | | | | 08/29/11 | | 300 | |
Buffalo Grove | IL | | | | 306,250 | | 569,693 | | None | | None | | 306,250 | | 569,693 | | 875,943 | | 145,269 | | | | 08/28/07 | | 300 | |
Cahokia | IL | | | | 70,000 | | 613,995 | | None | | None | | 70,000 | | 613,995 | | 683,995 | | 58,330 | | | | 08/29/11 | | 300 | |
Carlyle | IL | | | | 80,000 | | 428,860 | | None | | None | | 80,000 | | 428,860 | | 508,860 | | 40,742 | | | | 08/29/11 | | 300 | |
Centralia | IL | | | | 225,966 | | 420,573 | | None | | None | | 225,966 | | 420,573 | | 646,539 | | 135,283 | | | | 12/22/05 | | 300 | |
Countryside | IL | | | | 301,000 | | 559,824 | | None | | None | | 301,000 | | 559,824 | | 860,824 | | 142,751 | | | | 08/28/07 | | 300 | |
Edwardsville | IL | | | | 360,000 | | 328,978 | | None | | None | | 360,000 | | 328,978 | | 688,978 | | 31,253 | | | | 08/29/11 | | 300 | |
Elgin | IL | | | | 700,000 | | 1,300,943 | | None | | None | | 700,000 | | 1,300,943 | | 2,000,943 | | 331,738 | | | | 08/28/07 | | 300 | |
Fairview Heights | IL | | | | 660,652 | | 1,227,321 | | None | | None | | 660,652 | | 1,227,321 | | 1,887,973 | | 398,879 | | | | 11/21/05 | | 300 | |
Godfrey | IL | | | | 200,000 | | 282,701 | | None | | None | | 200,000 | | 282,701 | | 482,701 | | 26,857 | | | | 08/29/11 | | 300 | |
Gurnee | IL | | | | 735,000 | | 1,365,747 | | None | | None | | 735,000 | | 1,365,747 | | 2,100,747 | | 348,264 | | | | 08/28/07 | | 300 | |
Harrisburg | IL | | | | 401,819 | | 1,303,225 | | None | | None | | 401,819 | | 1,303,225 | | 1,705,044 | | 28,237 | | | | 06/14/13 | | 300 | |
Highland | IL | | | | 130,000 | | 454,866 | | None | | None | | 130,000 | | 454,866 | | 584,866 | | 43,212 | | | | 08/29/11 | | 300 | |
Jerseyville | IL | | | | 150,000 | | 420,481 | | None | | None | | 150,000 | | 420,481 | | 570,481 | | 39,946 | | | | 08/29/11 | | 300 | |
Joliet | IL | | | | 280,903 | | 522,424 | | None | | None | | 280,903 | | 522,424 | | 803,327 | | 133,216 | | | | 08/28/07 | | 300 | |
Lincoln | IL | | | | 206,532 | | 383,970 | | None | | None | | 206,532 | | 383,970 | | 590,502 | | 190,060 | | | | 08/31/01 | | 300 | |
Litchfield | IL | | | | 130,000 | | 363,760 | | None | | None | | 130,000 | | 363,760 | | 493,760 | | 34,557 | | | | 08/29/11 | | 300 | |
Marion | IL | | | | 423,340 | | 1,373,026 | | None | | None | | 423,340 | | 1,373,026 | | 1,796,366 | | 29,749 | | | | 06/14/13 | | 300 | |
Mascoutah | IL | | | | 80,000 | | 435,792 | | None | | None | | 80,000 | | 435,792 | | 515,792 | | 41,400 | | | | 08/29/11 | | 300 | |
Mount Vernon | IL | | | | 385,304 | | 1,249,662 | | None | | None | | 385,304 | | 1,249,662 | | 1,634,966 | | 27,076 | | | | 06/14/13 | | 300 | |
Red Bud | IL | | | | 180,000 | | 251,200 | | None | | None | | 180,000 | | 251,200 | | 431,200 | | 23,864 | | | | 08/29/11 | | 300 | |
Rock Island | IL | | | | 138,463 | | 258,066 | | None | | None | | 138,463 | | 258,066 | | 396,529 | | 83,010 | | | | 12/22/05 | | 300 | |
Sparta | IL | | | | 240,000 | | 236,571 | | None | | None | | 240,000 | | 236,571 | | 476,571 | | 22,474 | | | | 08/29/11 | | 300 | |
Sparta | IL | | | | 228,687 | | 741,703 | | None | | None | | 228,687 | | 741,703 | | 970,390 | | 16,070 | | | | 06/14/13 | | 300 | |
F-63
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Troy | IL | | | | 230,000 | | 281,230 | | None | | None | | 230,000 | | 281,230 | | 511,230 | | 26,717 | | | | 08/29/11 | | 300 | |
Waukegan | IL | | | | 496,908 | | 923,576 | | None | | None | | 496,908 | | 923,576 | | 1,420,484 | | 235,510 | | | | 08/28/07 | | 300 | |
Westmont | IL | | | | 475,300 | | 883,468 | | None | | None | | 475,300 | | 883,468 | | 1,358,768 | | 225,282 | | | | 08/28/07 | | 300 | |
Wood River | IL | | | | 180,000 | | 369,377 | | None | | None | | 180,000 | | 369,377 | | 549,377 | | 35,091 | | | | 08/29/11 | | 300 | |
Elkhart | IN | | | | 496,306 | | 922,168 | | None | | None | | 496,306 | | 922,168 | | 1,418,474 | | 299,705 | | | | 11/21/05 | | 300 | |
Evansville | IN | | | | 136,738 | | 254,864 | | None | | None | | 136,738 | | 254,864 | | 391,602 | | 81,980 | | | | 12/22/05 | | 300 | |
Indianapolis | IN | | | | 437,500 | | 813,225 | | None | | None | | 437,500 | | 813,225 | | 1,250,725 | | 207,371 | | | | 08/28/07 | | 300 | |
Jasper | IN | | | | 129,919 | | 242,199 | | None | | None | | 129,919 | | 242,199 | | 372,118 | | 77,906 | | | | 12/22/05 | | 300 | |
Kokomo | IN | | | | 417,330 | | 775,555 | | None | | None | | 417,330 | | 775,555 | | 1,192,885 | | 241,715 | | | | 03/28/06 | | 300 | |
Marion | IN | | | | 426,384 | | 792,314 | | None | | None | | 426,384 | | 792,314 | | 1,218,698 | | 254,861 | | | | 12/13/05 | | 300 | |
Muncie | IN | | | | 136,400 | | 632,380 | | 8,000 | | None | | 136,400 | | 640,380 | | 776,780 | | 632,380 | | | | 03/18/86 | | 300 | |
Muncie | IN | | | | 67,156 | | 149,157 | | 13,837 | | 179 | | 67,156 | | 163,173 | | 230,329 | | 155,292 | | | | 03/30/88 | | 300 | |
Muncie | IN | | | | 644,177 | | 1,196,786 | | None | | None | | 644,177 | | 1,196,786 | | 1,840,963 | | 388,956 | | | | 11/21/05 | | 300 | |
Munster | IN | | | | 560,000 | | 1,040,943 | | None | | None | | 560,000 | | 1,040,943 | | 1,600,943 | | 265,438 | | | | 08/28/07 | | 300 | |
Newburgh | IN | | | | 161,193 | | 300,280 | | None | | None | | 161,193 | | 300,280 | | 461,473 | | 96,589 | | | | 12/22/05 | | 300 | |
South Bend | IN | | | | 133,200 | | 617,545 | | None | | 134 | | 133,200 | | 617,679 | | 750,879 | | 617,639 | | | | 04/28/86 | | 300 | |
Valparaiso | IN | | | | 365,612 | | 679,507 | | None | | None | | 365,612 | | 679,507 | | 1,045,119 | | 216,310 | | | | 01/11/06 | | 300 | |
Washington | IN | | | | 155,856 | | 290,368 | | None | | None | | 155,856 | | 290,368 | | 446,224 | | 93,401 | | | | 12/22/05 | | 300 | |
Chanute | KS | | | | 330,852 | | 615,008 | | None | | None | | 330,852 | | 615,008 | | 945,860 | | 179,377 | | | | 09/14/06 | | 300 | |
Fort Scott | KS | | | | 269,301 | | 500,698 | | None | | None | | 269,301 | | 500,698 | | 769,999 | | 146,037 | | | | 09/14/06 | | 300 | |
Kansas City | KS | | | | 190,000 | | 700,039 | | None | | None | | 190,000 | | 700,039 | | 890,039 | | 66,504 | | | | 08/29/11 | | 300 | |
Kansas City | KS | | | | 170,000 | | 214,040 | | None | | None | | 170,000 | | 214,040 | | 384,040 | | 20,334 | | | | 08/29/11 | | 300 | |
Kansas City | KS | | | | 210,000 | | 624,304 | | None | | None | | 210,000 | | 624,304 | | 834,304 | | 59,309 | | | | 08/29/11 | | 300 | |
Kansas City | KS | | | | 140,000 | | 767,812 | | None | | None | | 140,000 | | 767,812 | | 907,812 | | 72,942 | | | | 08/29/11 | | 300 | |
Lawrence | KS | | | | 410,000 | | 338,788 | | None | | None | | 410,000 | | 338,788 | | 748,788 | | 32,185 | | | | 08/29/11 | | 300 | |
Overland Park | KS | | | | 408,578 | | 759,513 | | None | | None | | 408,578 | | 759,513 | | 1,168,091 | | 193,674 | | | | 08/28/07 | | 300 | |
Overland Park | KS | | | | 754,020 | | 1,401,069 | | None | | None | | 754,020 | | 1,401,069 | | 2,155,089 | | 357,270 | | | | 08/28/07 | | 300 | |
Parsons | KS | | | | 318,516 | | 592,099 | | None | | None | | 318,516 | | 592,099 | | 910,615 | | 172,695 | | | | 09/14/06 | | 300 | |
Bowling Green | KY | | | | 685,246 | | 1,273,002 | | None | | None | | 685,246 | | 1,273,002 | | 1,958,248 | | 413,726 | | | | 11/21/05 | | 300 | |
Hazard | KY | | | | 243,836 | | 453,025 | | None | | 8 | | 243,836 | | 453,033 | | 696,869 | | 132,136 | | | | 09/14/06 | | 300 | |
Lexington | KY | | | | 122,200 | | 1,400 | | None | | 31,682 | | 122,200 | | 33,082 | | 155,282 | | 11,318 | | | | 12/03/86 | | 240 | |
Madisonville | KY | | | | 422,501 | | 784,831 | | None | | None | | 422,501 | | 784,831 | | 1,207,332 | | 228,909 | | | | 09/14/06 | | 300 | |
Paducah | KY | | | | 673,551 | | 1,251,276 | | None | | None | | 673,551 | | 1,251,276 | | 1,924,827 | | 406,665 | | | | 11/21/05 | | 300 | |
Bossier City | LA | | | | 172,269 | | 320,497 | | None | | None | | 172,269 | | 320,497 | | 492,766 | | 93,478 | | | | 09/14/06 | | 300 | |
Deridder | LA | | | | 371,127 | | 690,819 | | None | | None | | 371,127 | | 690,819 | | 1,061,946 | | 180,751 | | | | 06/22/07 | | 300 | |
Jonesboro | LA | | | | 163,651 | | 304,492 | | None | | None | | 163,651 | | 304,492 | | 468,143 | | 88,810 | | | | 09/14/06 | | 300 | |
Natchitoches | LA | | | | 291,675 | | 541,890 | | None | | None | | 291,675 | | 541,890 | | 833,565 | | 268,233 | | | | 08/31/01 | | 300 | |
Ruston | LA | | | | 170,274 | | 316,792 | | None | | None | | 170,274 | | 316,792 | | 487,066 | | 92,398 | | | | 09/14/06 | | 300 | |
Shreveport | LA | | | | 359,268 | | 667,417 | | None | | None | | 359,268 | | 667,417 | | 1,026,685 | | 330,369 | | | | 08/31/01 | | 300 | |
Shreveport | LA | | | | 154,671 | | 287,815 | | None | | None | | 154,671 | | 287,815 | | 442,486 | | 83,946 | | | | 09/14/06 | | 300 | |
Shreveport | LA | | | | 200,033 | | 372,059 | | None | | None | | 200,033 | | 372,059 | | 572,092 | | 108,517 | | | | 09/14/06 | | 300 | |
Shreveport | LA | | | | 259,987 | | 483,401 | | None | | None | | 259,987 | | 483,401 | | 743,388 | | 140,992 | | | | 09/14/06 | | 300 | |
Shreveport | LA | | | | 269,130 | | 500,382 | | None | | None | | 269,130 | | 500,382 | | 769,512 | | 145,945 | | | | 09/14/06 | | 300 | |
Vivian | LA | | | | 135,568 | | 252,338 | | None | | None | | 135,568 | | 252,338 | | 387,906 | | 73,599 | | | | 09/14/06 | | 300 | |
Winnfield | LA | | | | 145,973 | | 271,661 | | None | | None | | 145,973 | | 271,661 | | 417,634 | | 79,234 | | | | 09/14/06 | | 300 | |
Fall River | MA | | | | 962,500 | | 1,787,831 | | None | | None | | 962,500 | | 1,787,831 | | 2,750,331 | | 455,897 | | | | 08/28/07 | | 300 | |
Lawrence | MA | | | | 910,000 | | 1,690,877 | | None | | None | | 910,000 | | 1,690,877 | | 2,600,877 | | 431,170 | | | | 08/28/07 | | 300 | |
Hagerstown | MD | | | | 499,396 | | 928,250 | | None | | None | | 499,396 | | 928,250 | | 1,427,646 | | 236,702 | | | | 08/28/07 | | 300 | |
Canton | MI | | | | 279,923 | | 521,223 | | None | | None | | 279,923 | | 521,223 | | 801,146 | | 132,910 | | | | 08/28/07 | | 300 | |
Livonia | MI | | | | 350,000 | | 651,446 | | None | | None | | 350,000 | | 651,446 | | 1,001,446 | | 166,116 | | | | 08/28/07 | | 300 | |
Affton | MO | | | | 120,000 | | 171,955 | | None | | None | | 120,000 | | 171,955 | | 291,955 | | 16,336 | | | | 08/29/11 | | 300 | |
Bolivar | MO | | | | 237,094 | | 440,596 | | None | | None | | 237,094 | | 440,596 | | 677,690 | | 218,091 | | | | 08/31/01 | | 300 | |
Bridgeton | MO | | | | 570,000 | | 228,347 | | None | | None | | 570,000 | | 228,347 | | 798,347 | | 21,693 | | | | 08/29/11 | | 300 | |
Buffalo | MO | | | | 159,346 | | 296,519 | | None | | 24 | | 159,346 | | 296,543 | | 455,889 | | 86,508 | | | | 09/14/06 | | 300 | |
Cape Girardeau | MO | | | | 450,078 | | 836,372 | | None | | None | | 450,078 | | 836,372 | | 1,286,450 | | 266,245 | | | | 01/11/06 | | 300 | |
Desloge | MO | | | | 1,020,010 | | 1,275,012 | | None | | None | | 1,020,010 | | 1,275,012 | | 2,295,022 | | 48,875 | | | | 01/22/13 | | 300 | |
Dexter | MO | | | | 315,830 | | 1,024,338 | | None | | None | | 315,830 | | 1,024,338 | | 1,340,168 | | 22,194 | | | | 06/14/13 | | 300 | |
F-64
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Farmington | MO | | | | 340,042 | | 1,102,863 | | None | | None | | 340,042 | | 1,102,863 | | 1,442,905 | | 23,895 | | | | 06/14/13 | | 300 | |
Florissant | MO | | | | 290,000 | | 86,396 | | None | | None | | 290,000 | | 86,396 | | 376,396 | | 8,208 | | | | 08/29/11 | | 300 | |
Florissant | MO | | | | 250,000 | | 239,221 | | None | | None | | 250,000 | | 239,221 | | 489,221 | | 22,726 | | | | 08/29/11 | | 300 | |
Grandview | MO | | | | 280,000 | | 235,370 | | None | | None | | 280,000 | | 235,370 | | 515,370 | | 22,360 | | | | 08/29/11 | | 300 | |
Joplin | MO | | | | 301,207 | | 749,000 | | None | | None | | 301,207 | | 749,000 | | 1,050,207 | | 51,671 | | | | 09/14/06 | | 300 | |
Joplin | MO | | | | 281,001 | | 522,428 | | None | | None | | 281,001 | | 522,428 | | 803,429 | | 152,375 | | | | 09/14/06 | | 300 | |
Kansas City | MO | | | | 230,000 | | 484,010 | | None | | None | | 230,000 | | 484,010 | | 714,010 | | 45,981 | | | | 08/29/11 | | 300 | |
Kansas City | MO | | | | 200,000 | | 339,994 | | None | | None | | 200,000 | | 339,994 | | 539,994 | | 32,299 | | | | 08/29/11 | | 300 | |
Lee’s Summit | MO | | | | 500,000 | | 450,156 | | None | | None | | 500,000 | | 450,156 | | 950,156 | | 42,765 | | | | 08/29/11 | | 300 | |
Mountain Grove | MO | | | | 219,704 | | 408,591 | | None | | None | | 219,704 | | 408,591 | | 628,295 | | 119,172 | | | | 09/14/06 | | 300 | |
Mt. Vernon | MO | | | | 160,000 | | 282,586 | | None | | None | | 160,000 | | 282,586 | | 442,586 | | 182,258 | | | | 11/20/97 | | 300 | |
Nevada | MO | | | | 290,795 | | 540,616 | | None | | None | | 290,795 | | 540,616 | | 831,411 | | 157,680 | | | | 09/14/06 | | 300 | |
Nixa | MO | | | | 251,387 | | 467,430 | | None | | None | | 251,387 | | 467,430 | | 718,817 | | 136,334 | | | | 09/14/06 | | 300 | |
Olivette | MO | | | | 319,958 | | 1,037,725 | | None | | None | | 319,958 | | 1,037,725 | | 1,357,683 | | 22,484 | | | | 06/14/13 | | 300 | |
Poplar Bluff | MO | | | | 362,265 | | 1,174,938 | | None | | None | | 362,265 | | 1,174,938 | | 1,537,203 | | 25,457 | | | | 06/14/13 | | 300 | |
Poplar Bluff | MO | | | | 383,603 | | 1,244,145 | | None | | None | | 383,603 | | 1,244,145 | | 1,627,748 | | 26,956 | | | | 06/14/13 | | 300 | |
Potosi | MO | | | | 242,154 | | 785,383 | | None | | None | | 242,154 | | 785,383 | | 1,027,537 | | 17,017 | | | | 06/14/13 | | 300 | |
Raymore | MO | | | | 460,000 | | 663,580 | | None | | None | | 460,000 | | 663,580 | | 1,123,580 | | 63,040 | | | | 08/29/11 | | 300 | |
Sikeston | MO | | | | 327,805 | | 1,063,176 | | None | | None | | 327,805 | | 1,063,176 | | 1,390,981 | | 23,035 | | | | 06/14/13 | | 300 | |
Springfield | MO | | | | 251,381 | | 467,418 | | None | | None | | 251,381 | | 467,418 | | 718,799 | | 136,330 | | | | 09/14/06 | | 300 | |
Springfield | MO | | | | 225,939 | | 420,162 | | None | | None | | 225,939 | | 420,162 | | 646,101 | | 121,147 | | | | 10/12/06 | | 300 | |
St Louis | MO | | | | 263,107 | | 853,340 | | None | | None | | 263,107 | | 853,340 | | 1,116,447 | | 18,489 | | | | 06/14/13 | | 300 | |
St. Louis | MO | | | | 340,000 | | 88,519 | | None | | None | | 340,000 | | 88,519 | | 428,519 | | 8,409 | | | | 08/29/11 | | 300 | |
St. Louis | MO | | | | 500,000 | | 184,049 | | None | | None | | 500,000 | | 184,049 | | 684,049 | | 17,485 | | | | 08/29/11 | | 300 | |
St. Robert | MO | | | | 329,242 | | 611,728 | | None | | None | | 329,242 | | 611,728 | | 940,970 | | 302,802 | | | | 08/31/01 | | 300 | |
Webb City | MO | | | | 337,647 | | 627,628 | | None | | None | | 337,647 | | 627,628 | | 965,275 | | 183,058 | | | | 09/14/06 | | 300 | |
Biloxi | MS | | | | 414,902 | | 770,725 | | None | | None | | 414,902 | | 770,725 | | 1,185,627 | | 224,795 | | | | 09/14/06 | | 300 | |
Canton | MS | | | | 163,193 | | 303,268 | | None | | None | | 163,193 | | 303,268 | | 466,461 | | 88,453 | | | | 09/14/06 | | 300 | |
Carthage | MS | | | | 157,803 | | 293,257 | | None | | None | | 157,803 | | 293,257 | | 451,060 | | 85,533 | | | | 09/14/06 | | 300 | |
Columbus | MS | | | | 128,409 | | 238,775 | | None | | None | | 128,409 | | 238,775 | | 367,184 | | 76,806 | | | | 12/22/05 | | 300 | |
Columbus | MS | | | | 117,411 | | 218,350 | | None | | None | | 117,411 | | 218,350 | | 335,761 | | 70,235 | | | | 12/22/05 | | 300 | |
Corinth | MS | | | | 285,607 | | 530,598 | | None | | None | | 285,607 | | 530,598 | | 816,205 | | 154,758 | | | | 09/14/06 | | 300 | |
Flowood | MS | | | | 154,733 | | 287,549 | | None | | 168 | | 154,733 | | 287,717 | | 442,450 | | 83,887 | | | | 09/14/06 | | 300 | |
Forest | MS | | | | 106,457 | | 198,007 | | None | | None | | 106,457 | | 198,007 | | 304,464 | | 63,692 | | | | 12/22/05 | | 300 | |
Fulton | MS | | | | 239,686 | | 445,337 | | None | | None | | 239,686 | | 445,337 | | 685,023 | | 220,439 | | | | 08/31/01 | | 300 | |
Gautier | MS | | | | 241,995 | | 449,607 | | None | | None | | 241,995 | | 449,607 | | 691,602 | | 131,135 | | | | 09/14/06 | | 300 | |
Greenville | MS | | | | 311,324 | | 578,378 | | None | | None | | 311,324 | | 578,378 | | 889,702 | | 286,295 | | | | 08/31/01 | | 300 | |
Greenwood | MS | | | | 177,329 | | 329,520 | | None | | None | | 177,329 | | 329,520 | | 506,849 | | 96,110 | | | | 09/14/06 | | 300 | |
Hernando | MS | | | | 137,898 | | 256,282 | | None | | None | | 137,898 | | 256,282 | | 394,180 | | 74,749 | | | | 09/14/06 | | 300 | |
Houston | MS | | | | 226,962 | | 421,695 | | None | | None | | 226,962 | | 421,695 | | 648,657 | | 122,994 | | | | 09/14/06 | | 300 | |
Indianola | MS | | | | 270,639 | | 502,822 | | None | | None | | 270,639 | | 502,822 | | 773,461 | | 248,894 | | | | 08/31/01 | | 300 | |
Iuka | MS | | | | 139,243 | | 258,779 | | None | | None | | 139,243 | | 258,779 | | 398,022 | | 75,477 | | | | 09/14/06 | | 300 | |
Jackson | MS | | | | 237,982 | | 442,154 | | None | | None | | 237,982 | | 442,154 | | 680,136 | | 128,962 | | | | 09/14/06 | | 300 | |
Jackson | MS | | | | 352,003 | | 653,900 | | None | | None | | 352,003 | | 653,900 | | 1,005,903 | | 188,541 | | | | 10/12/06 | | 300 | |
Kosciusko | MS | | | | 311,422 | | 578,550 | | None | | None | | 311,422 | | 578,550 | | 889,972 | | 168,744 | | | | 09/14/06 | | 300 | |
Magee | MS | | | | 264,395 | | 491,206 | | None | | None | | 264,395 | | 491,206 | | 755,601 | | 143,268 | | | | 09/14/06 | | 300 | |
Moss Point | MS | | | | 287,821 | | 534,713 | | None | | None | | 287,821 | | 534,713 | | 822,534 | | 155,958 | | | | 09/14/06 | | 300 | |
Natchez | MS | | | | 402,589 | | 747,934 | | None | | None | | 402,589 | | 747,934 | | 1,150,523 | | 210,668 | | | | 12/21/06 | | 300 | |
Newton | MS | | | | 284,350 | | 528,311 | | None | | None | | 284,350 | | 528,311 | | 812,661 | | 261,511 | | | | 08/31/01 | | 300 | |
Olive Branch | MS | | | | 332,234 | | 617,192 | | None | | None | | 332,234 | | 617,192 | | 949,426 | | 180,014 | | | | 09/14/06 | | 300 | |
Olive Branch | MS | | | | 362,276 | | 673,055 | | None | | None | | 362,276 | | 673,055 | | 1,035,331 | | 164,899 | | | | 11/16/07 | | 300 | |
Oxford | MS | | | | 164,058 | | 304,873 | | None | | None | | 164,058 | | 304,873 | | 468,931 | | 88,921 | | | | 09/14/06 | | 300 | |
Oxford | MS | | | | 297,182 | | 552,097 | | None | | None | | 297,182 | | 552,097 | | 849,279 | | 159,188 | | | | 10/12/06 | | 300 | |
Philadelphia | MS | | | | 292,868 | | 543,912 | | None | | None | | 292,868 | | 543,912 | | 836,780 | | 158,641 | | | | 09/14/06 | | 300 | |
Pontotoc | MS | | | | 285,006 | | 529,492 | | None | | None | | 285,006 | | 529,492 | | 814,498 | | 154,435 | | | | 09/14/06 | | 300 | |
Southaven | MS | | | | 498,426 | | 925,905 | | None | | None | | 498,426 | | 925,905 | | 1,424,331 | | 226,847 | | | | 11/16/07 | | 300 | |
Starkville | MS | | | | 175,436 | | 326,005 | | None | | None | | 175,436 | | 326,005 | | 501,441 | | 95,085 | | | | 09/14/06 | | 300 | |
F-65
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Tupelo | MS | | | | 166,869 | | 310,095 | | None | | None | | 166,869 | | 310,095 | | 476,964 | | 90,444 | | | | 09/14/06 | | 300 | |
Tupelo | MS | | | | 225,934 | | 419,857 | | None | | None | | 225,934 | | 419,857 | | 645,791 | | 122,458 | | | | 09/28/06 | | 300 | |
Vicksburg | MS | | | | 275,895 | | 512,632 | | None | | None | | 275,895 | | 512,632 | | 788,527 | | 149,518 | | | | 09/28/06 | | 300 | |
West Point | MS | | | | 87,859 | | 163,468 | | None | | None | | 87,859 | | 163,468 | | 251,327 | | 52,582 | | | | 12/22/05 | | 300 | |
Wiggins | MS | | | | 268,104 | | 498,095 | | None | | None | | 268,104 | | 498,095 | | 766,199 | | 145,278 | | | | 09/14/06 | | 300 | |
Asheville | NC | | | | 264,226 | | 491,419 | | None | | None | | 264,226 | | 491,419 | | 755,645 | | 125,310 | | | | 08/28/07 | | 300 | |
Granite Falls | NC | | | | 1,412,026 | | 1,765,032 | | None | | None | | 1,412,026 | | 1,765,032 | | 3,177,058 | | 67,660 | | | | 01/22/13 | | 300 | |
High Point | NC | | | | 872,587 | | 1,090,734 | | None | | None | | 872,587 | | 1,090,734 | | 1,963,321 | | 41,811 | | | | 01/22/13 | | 300 | |
Hildebran | NC | | | | 966,417 | | 1,208,021 | | None | | None | | 966,417 | | 1,208,021 | | 2,174,438 | | 46,307 | | | | 01/22/13 | | 300 | |
Lincolnton | NC | | | | 1,811,063 | | 2,263,829 | | None | | None | | 1,811,063 | | 2,263,829 | | 4,074,892 | | 86,780 | | | | 01/22/13 | | 300 | |
Raeford | NC | | | | 773,505 | | 966,881 | | None | | None | | 773,505 | | 966,881 | | 1,740,386 | | 37,064 | | | | 01/22/13 | | 300 | |
Thomasville | NC | | | | 983,522 | | 1,229,402 | | None | | None | | 983,522 | | 1,229,402 | | 2,212,924 | | 47,127 | | | | 01/22/13 | | 300 | |
Walkertown | NC | | | | 1,033,636 | | 1,292,046 | | None | | None | | 1,033,636 | | 1,292,046 | | 2,325,682 | | 49,528 | | | | 01/22/13 | | 300 | |
Winston Salem | NC | | | | 126,423 | | 235,323 | | None | | None | | 126,423 | | 235,323 | | 361,746 | | 75,695 | | | | 12/22/05 | | 300 | |
Winston-Salem | NC | | | | 353,239 | | 656,427 | | None | | None | | 353,239 | | 656,427 | | 1,009,666 | | 324,926 | | | | 08/31/01 | | 300 | |
Devils Lake | ND | | | | 150,390 | | 279,798 | | None | | None | | 150,390 | | 279,798 | | 430,188 | | 90,002 | | | | 12/22/05 | | 300 | |
Fargo | ND | | | | 217,057 | | 403,609 | | None | | None | | 217,057 | | 403,609 | | 620,666 | | 129,827 | | | | 12/22/05 | | 300 | |
Jamestown | ND | | | | 136,523 | | 254,045 | | None | | None | | 136,523 | | 254,045 | | 390,568 | | 81,718 | | | | 12/22/05 | | 300 | |
Minot | ND | | | | 153,870 | | 286,260 | | None | | None | | 153,870 | | 286,260 | | 440,130 | | 92,080 | | | | 12/22/05 | | 300 | |
Omaha | NE | | | | 444,460 | | 825,938 | | None | | 32 | | 444,460 | | 825,970 | | 1,270,430 | | 262,933 | | | | 01/11/06 | | 300 | |
Omaha | NE | | | | 350,000 | | 650,877 | | None | | 32 | | 350,000 | | 650,909 | | 1,000,909 | | 165,981 | | | | 08/28/07 | | 300 | |
Albuquerque | NM | | | | 471,899 | | 876,928 | | None | | None | | 471,899 | | 876,928 | | 1,348,827 | | 223,615 | | | | 08/28/07 | | 300 | |
Amherst | NY | | | | 412,349 | | 767,082 | | None | | None | | 412,349 | | 767,082 | | 1,179,431 | | 195,604 | | | | 08/28/07 | | 300 | |
Buffalo | NY | | | | 317,454 | | 591,060 | | None | | None | | 317,454 | | 591,060 | | 908,514 | | 150,716 | | | | 08/28/07 | | 300 | |
Cincinnati | OH | | | | 299,187 | | 556,978 | | None | | None | | 299,187 | | 556,978 | | 856,165 | | 142,006 | | | | 08/28/07 | | 300 | |
Mentor | OH | | | | 394,450 | | 734,205 | | None | | None | | 394,450 | | 734,205 | | 1,128,655 | | 187,208 | | | | 08/28/07 | | 300 | |
Parma | OH | | | | 473,710 | | 881,038 | | None | | None | | 473,710 | | 881,038 | | 1,354,748 | | 224,663 | | | | 08/28/07 | | 300 | |
Toledo | OH | | | | 633,461 | | 1,177,718 | | None | | None | | 633,461 | | 1,177,718 | | 1,811,179 | | 300,316 | | | | 08/28/07 | | 300 | |
Bixby | OK | | | | 145,791 | | 271,272 | | None | | None | | 145,791 | | 271,272 | | 417,063 | | 87,259 | | | | 12/22/05 | | 300 | |
Checotah | OK | | | | 153,232 | | 285,092 | | None | | None | | 153,232 | | 285,092 | | 438,324 | | 91,705 | | | | 12/22/05 | | 300 | |
Idabel | OK | | | | 214,244 | | 398,545 | | None | | None | | 214,244 | | 398,545 | | 612,789 | | 197,271 | | | | 08/31/01 | | 300 | |
Owasso | OK | | | | 327,043 | | 607,645 | | None | | None | | 327,043 | | 607,645 | | 934,688 | | 300,781 | | | | 08/31/01 | | 300 | |
Tahlequah | OK | | | | 224,982 | | 418,341 | | None | | None | | 224,982 | | 418,341 | | 643,323 | | 134,566 | | | | 12/22/05 | | 300 | |
Tulsa | OK | | | | 295,993 | | 549,981 | | None | | None | | 295,993 | | 549,981 | | 845,974 | | 272,237 | | | | 08/31/01 | | 300 | |
Salem | OR | | | | 198,540 | | 689,507 | | None | | None | | 198,540 | | 689,507 | | 888,047 | | 471,077 | | | | 05/23/89 | | 300 | |
The Dalles | OR | | | | 1,034,805 | | 1,293,506 | | None | | None | | 1,034,805 | | 1,293,506 | | 2,328,311 | | 49,584 | | | | 01/22/13 | | 300 | |
Abington | PA | | | | 778,103 | | 1,445,849 | | None | | None | | 778,103 | | 1,445,849 | | 2,223,952 | | 368,690 | | | | 08/28/07 | | 300 | |
Greensburg | PA | | | | 315,000 | | 586,368 | | None | | None | | 315,000 | | 586,368 | | 901,368 | | 149,520 | | | | 08/28/07 | | 300 | |
Philadelphia | PA | | | | 423,333 | | 787,125 | | None | | None | | 423,333 | | 787,125 | | 1,210,458 | | 200,715 | | | | 08/28/07 | | 300 | |
Aiken | SC | | | | 240,937 | | 447,656 | | None | | None | | 240,937 | | 447,656 | | 688,593 | | 130,566 | | | | 09/14/06 | | 300 | |
Batesburg | SC | | | | 899,686 | | 1,124,607 | | None | | None | | 899,686 | | 1,124,607 | | 2,024,293 | | 43,110 | | | | 01/22/13 | | 300 | |
Columbia | SC | | | | 952,423 | | 1,190,529 | | None | | None | | 952,423 | | 1,190,529 | | 2,142,952 | | 45,637 | | | | 01/22/13 | | 300 | |
Columbia | SC | | | | 812,611 | | 1,015,764 | | None | | None | | 812,611 | | 1,015,764 | | 1,828,375 | | 38,938 | | | | 01/22/13 | | 300 | |
Inman | SC | | | | 809,987 | | 1,012,483 | | None | | None | | 809,987 | | 1,012,483 | | 1,822,470 | | 38,812 | | | | 01/22/13 | | 300 | |
Newberry | SC | | | | 708,489 | | 885,611 | | None | | None | | 708,489 | | 885,611 | | 1,594,100 | | 33,948 | | | | 01/22/13 | | 300 | |
Piedmont | SC | | | | 841,862 | | 1,052,327 | | None | | None | | 841,862 | | 1,052,327 | | 1,894,189 | | 40,339 | | | | 01/22/13 | | 300 | |
Spartanburg | SC | | | | 957,339 | | 1,196,673 | | None | | None | | 957,339 | | 1,196,673 | | 2,154,012 | | 45,872 | | | | 01/22/13 | | 300 | |
Chamberlain | SD | | | | 139,587 | | 259,627 | | None | | None | | 139,587 | | 259,627 | | 399,214 | | 83,513 | | | | 12/22/05 | | 300 | |
Madison | SD | | | | 112,143 | | 208,660 | | None | | None | | 112,143 | | 208,660 | | 320,803 | | 67,118 | | | | 12/22/05 | | 300 | |
Rapid City | SD | | | | 197,967 | | 368,047 | | None | | None | | 197,967 | | 368,047 | | 566,014 | | 118,388 | | | | 12/22/05 | | 300 | |
Sioux Falls | SD | | | | 340,718 | | 633,332 | | None | | None | | 340,718 | | 633,332 | | 974,050 | | 176,277 | | | | 01/19/07 | | 300 | |
Spearfish | SD | | | | 142,114 | | 264,320 | | None | | None | | 142,114 | | 264,320 | | 406,434 | | 85,023 | | | | 12/22/05 | | 300 | |
Watertown | SD | | | | 197,559 | | 367,289 | | None | | None | | 197,559 | | 367,289 | | 564,848 | | 118,144 | | | | 12/22/05 | | 300 | |
Winner | SD | | | | 115,591 | | 215,063 | | None | | None | | 115,591 | | 215,063 | | 330,654 | | 69,178 | | | | 12/22/05 | | 300 | |
Antioch | TN | | | | 244,470 | | 454,016 | | None | | None | | 244,470 | | 454,016 | | 698,486 | | 130,908 | | | | 10/02/06 | | 300 | |
Bartlett | TN | | | | 152,469 | | 283,343 | | None | | None | | 152,469 | | 283,343 | | 435,812 | | 82,642 | | | | 09/14/06 | | 300 | |
Brownsville | TN | | | | 289,379 | | 538,081 | | None | | None | | 289,379 | | 538,081 | | 827,460 | | 266,342 | | | | 08/31/01 | | 300 | |
F-66
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Collierville | TN | | | | 433,503 | | 805,339 | | None | | None | | 433,503 | | 805,339 | | 1,238,842 | | 197,308 | | | | 11/16/07 | | 300 | |
Columbia | TN | | | | 410,242 | | 761,878 | | None | | None | | 410,242 | | 761,878 | | 1,172,120 | | 219,675 | | | | 10/02/06 | | 300 | |
Germantown | TN | | | | 356,774 | | 662,837 | | None | | None | | 356,774 | | 662,837 | | 1,019,611 | | 162,395 | | | | 11/16/07 | | 300 | |
Henderson | TN | | | | 155,954 | | 289,815 | | None | | None | | 155,954 | | 289,815 | | 445,769 | | 84,529 | | | | 09/14/06 | | 300 | |
Hermitage | TN | | | | 341,251 | | 633,753 | | None | | None | | 341,251 | | 633,753 | | 975,004 | | 182,732 | | | | 10/02/06 | | 300 | |
Jackson | TN | | | | 126,158 | | 234,594 | | None | | None | | 126,158 | | 234,594 | | 360,752 | | 75,460 | | | | 12/22/05 | | 300 | |
Jackson | TN | | | | 312,734 | | 581,049 | | 44,881 | | 52 | | 312,734 | | 625,982 | | 938,716 | | 144,349 | | | | 11/16/07 | | 300 | |
Manchester | TN | | | | 411,504 | | 764,222 | | None | | None | | 411,504 | | 764,222 | | 1,175,726 | | 220,351 | | | | 10/02/06 | | 300 | |
Martin | TN | | | | 173,616 | | 322,616 | | None | | None | | 173,616 | | 322,616 | | 496,232 | | 94,096 | | | | 09/14/06 | | 300 | |
McMinnville | TN | | | | 442,735 | | 635,260 | | None | | None | | 442,735 | | 635,260 | | 1,077,995 | | 178,913 | | | | 12/21/06 | | 300 | |
Memphis | TN | | | | 148,386 | | 275,760 | | None | | None | | 148,386 | | 275,760 | | 424,146 | | 80,430 | | | | 09/14/06 | | 300 | |
Memphis | TN | | | | 254,423 | | 472,680 | | None | | None | | 254,423 | | 472,680 | | 727,103 | | 136,290 | | | | 10/12/06 | | 300 | |
Memphis | TN | | | | 309,358 | | 574,779 | | None | | None | | 309,358 | | 574,779 | | 884,137 | | 140,821 | | | | 11/16/07 | | 300 | |
Milan | TN | | | | 138,159 | | 256,766 | | None | | None | | 138,159 | | 256,766 | | 394,925 | | 74,890 | | | | 09/14/06 | | 300 | |
Millington | TN | | | | 285,613 | | 530,630 | | None | | None | | 285,613 | | 530,630 | | 816,243 | | 262,659 | | | | 08/31/01 | | 300 | |
Morristown | TN | | | | 182,935 | | 340,274 | | None | | None | | 182,935 | | 340,274 | | 523,209 | | 109,454 | | | | 12/22/05 | | 300 | |
Murfreesboro | TN | | | | 376,568 | | 699,340 | | None | | None | | 376,568 | | 699,340 | | 1,075,908 | | 201,643 | | | | 10/02/06 | | 300 | |
Murfreesboro | TN | | | | 383,266 | | 712,027 | | None | | None | | 383,266 | | 712,027 | | 1,095,293 | | 200,554 | | | | 12/21/06 | | 300 | |
Nashville | TN | | | | 147,915 | | 274,700 | | None | | None | | 147,915 | | 274,700 | | 422,615 | | 79,205 | | | | 10/02/06 | | 300 | |
Nashville | TN | | | | 432,494 | | 803,203 | | None | | None | | 432,494 | | 803,203 | | 1,235,697 | | 231,590 | | | | 10/02/06 | | 300 | |
Nashville | TN | | | | 350,983 | | 651,825 | | None | | None | | 350,983 | | 651,825 | | 1,002,808 | | 187,943 | | | | 10/02/06 | | 300 | |
Ripley | TN | | | | 231,552 | | 430,232 | | None | | None | | 231,552 | | 430,232 | | 661,784 | | 212,962 | | | | 08/31/01 | | 300 | |
Sevierville | TN | | | | 423,790 | | 787,301 | | None | | None | | 423,790 | | 787,301 | | 1,211,091 | | 229,629 | | | | 09/28/06 | | 300 | |
Shelbyville | TN | | | | 245,370 | | 455,687 | | None | | None | | 245,370 | | 455,687 | | 701,057 | | 131,390 | | | | 10/02/06 | | 300 | |
Trenton | TN | | | | 174,379 | | 324,032 | | None | | None | | 174,379 | | 324,032 | | 498,411 | | 94,509 | | | | 09/14/06 | | 300 | |
Allen | TX | | | | 165,000 | | 306,771 | | None | | None | | 165,000 | | 306,771 | | 471,771 | | 177,416 | | 07/09/99 | | 05/28/99 | | 300 | |
Arlington | TX | | | | 560,000 | | 1,040,667 | | None | | None | | 560,000 | | 1,040,667 | | 1,600,667 | | 265,368 | | | | 08/28/07 | | 300 | |
Arlington | TX | | | | 536,130 | | 996,532 | | None | | None | | 536,130 | | 996,532 | | 1,532,662 | | 254,113 | | | | 08/28/07 | | 300 | |
Arlington | TX | | | | 269,284 | | 500,766 | | None | | None | | 269,284 | | 500,766 | | 770,050 | | 127,694 | | | | 08/28/07 | | 300 | |
Beaumont | TX | | 1,269,360 | | 1,175,014 | | 1,468,768 | | None | | None | | 1,175,014 | | 1,468,768 | | 2,643,782 | | 56,303 | | | | 01/22/13 | | 300 | |
Coppell | TX | | | | 212,875 | | 396,007 | | None | | None | | 212,875 | | 396,007 | | 608,882 | | 100,980 | | | | 08/28/07 | | 300 | |
Corpus Christi | TX | | | | 826,321 | | 1,032,902 | | None | | None | | 826,321 | | 1,032,902 | | 1,859,223 | | 39,595 | | | | 01/22/13 | | 300 | |
Dallas | TX | | | | 386,451 | | 718,361 | | None | | None | | 386,451 | | 718,361 | | 1,104,812 | | 183,180 | | | | 08/28/07 | | 300 | |
Ennis | TX | | | | 173,250 | | 384,793 | | 45,798 | | 12,600 | | 173,250 | | 443,191 | | 616,441 | | 394,541 | | | | 12/28/87 | | 300 | |
Ferris | TX | | 1,026,840 | | 922,690 | | 1,153,363 | | None | | None | | 922,690 | | 1,153,363 | | 2,076,053 | | 44,212 | | | | 01/22/13 | | 300 | |
Forney | TX | | 1,264,200 | | 1,141,991 | | 1,427,489 | | None | | None | | 1,141,991 | | 1,427,489 | | 2,569,480 | | 54,720 | | | | 01/22/13 | | 300 | |
Fort Worth | TX | | | | 223,195 | | 492,067 | | None | | 54 | | 223,195 | | 492,121 | | 715,316 | | 450,586 | | | | 06/26/91 | | 300 | |
Fort Worth | TX | | | | 423,281 | | 382,059 | | None | | None | | 423,281 | | 382,059 | | 805,340 | | 288,455 | | | | 02/10/95 | | 300 | |
Grand Prairie | TX | | | | 280,000 | | 520,197 | | None | | None | | 280,000 | | 520,197 | | 800,197 | | 132,650 | | | | 08/28/07 | | 300 | |
Houston | TX | | | | 194,994 | | 386,056 | | None | | 128 | | 194,994 | | 386,184 | | 581,178 | | 347,456 | | | | 06/25/91 | | 300 | |
Houston | TX | | | | 113,693 | | - | | None | | None | | 113,693 | | - | | 113,693 | | - | | | | 03/07/97 | | N/A | |
Houston | TX | | | | 335,664 | | 624,233 | | None | | None | | 335,664 | | 624,233 | | 959,897 | | 159,178 | | | | 08/28/07 | | 300 | |
Houston | TX | | | | 1,003,721 | | 1,254,651 | | None | | None | | 1,003,721 | | 1,254,651 | | 2,258,372 | | 48,095 | | | | 01/22/13 | | 300 | |
Houston | TX | | 1,197,120 | | 1,139,426 | | 1,424,283 | | None | | None | | 1,139,426 | | 1,424,283 | | 2,563,709 | | 54,598 | | | | 01/22/13 | | 300 | |
Hurst | TX | | | | 215,623 | | 401,245 | | None | | None | | 215,623 | | 401,245 | | 616,868 | | 102,315 | | | | 08/28/07 | | 300 | |
Irving | TX | | | | 291,971 | | 543,094 | | None | | None | | 291,971 | | 543,094 | | 835,065 | | 138,487 | | | | 08/28/07 | | 300 | |
Killeen | TX | | | | 262,500 | | 583,014 | | None | | 14,398 | | 262,500 | | 597,412 | | 859,912 | | 596,741 | | | | 05/29/87 | | 300 | |
Lewisville | TX | | | | 448,000 | | 832,667 | | None | | None | | 448,000 | | 832,667 | | 1,280,667 | | 212,328 | | | | 08/28/07 | | 300 | |
Lufkin | TX | | | | 128,842 | | 239,585 | | None | | None | | 128,842 | | 239,585 | | 368,427 | | 77,066 | | | | 12/22/05 | | 300 | |
Lumberton | TX | | | | 111,146 | | 206,720 | | None | | None | | 111,146 | | 206,720 | | 317,866 | | 66,495 | | | | 12/22/05 | | 300 | |
Porter | TX | | | | 227,067 | | 333,031 | | None | | None | | 227,067 | | 333,031 | | 560,098 | | 251,439 | | | | 02/09/95 | | 300 | |
Santa Fe | TX | | | | 304,414 | | 623,331 | | None | | None | | 304,414 | | 623,331 | | 927,745 | | 393,679 | | | | 03/23/98 | | 300 | |
Sealy | TX | | | | 197,871 | | 391,753 | | None | | 128 | | 197,871 | | 391,881 | | 589,752 | | 352,582 | | | | 06/25/91 | | 300 | |
Stafford | TX | | | | 214,024 | | 423,733 | | None | | 128 | | 214,024 | | 423,861 | | 637,885 | | 381,359 | | | | 06/26/91 | | 300 | |
Temple | TX | | | | 302,505 | | 291,414 | | None | | None | | 302,505 | | 291,414 | | 593,919 | | 220,017 | | | | 02/09/95 | | 300 | |
Texarkana | TX | | | | 311,263 | | 578,266 | | None | | None | | 311,263 | | 578,266 | | 889,529 | | 286,239 | | | | 08/31/01 | | 300 | |
Victoria | TX | | 1,140,360 | | 1,062,212 | | 1,327,765 | | None | | None | | 1,062,212 | | 1,327,765 | | 2,389,977 | | 50,898 | | | | 01/22/13 | | 300 | |
F-67
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Victoria | TX | | 990,720 | | 884,385 | | 1,105,481 | | None | | None | | 884,385 | | 1,105,481 | | 1,989,866 | | 42,377 | | | | 01/22/13 | | 300 | |
Vidor | TX | | | | 146,291 | | 271,990 | | None | | None | | 146,291 | | 271,990 | | 418,281 | | 87,490 | | | | 12/22/05 | | 300 | |
Hampton | VA | | | | 805,000 | | 1,495,800 | | None | | None | | 805,000 | | 1,495,800 | | 2,300,800 | | 381,427 | | | | 08/28/07 | | 300 | |
Lynchburg | VA | | | | 308,824 | | 573,529 | | None | | None | | 308,824 | | 573,529 | | 882,353 | | 75,515 | | | | 09/14/10 | | 300 | |
Virginia Beach | VA | | | | 551,588 | | 797,260 | | 18,045 | | 19,745 | | 551,588 | | 835,050 | | 1,386,638 | | 518,920 | | | | 02/23/98 | | 300 | |
Spokane | WA | | | | 479,531 | | 646,719 | | None | | None | | 479,531 | | 646,719 | | 1,126,250 | | 408,458 | | | | 03/27/98 | | 300 | |
Vancouver | WA | | | | 1,302,457 | | 1,628,071 | | None | | None | | 1,302,457 | | 1,628,071 | | 2,930,528 | | 62,409 | | | | 01/22/13 | | 300 | |
Appleton | WI | | | | 340,126 | | 631,662 | | None | | None | | 340,126 | | 631,662 | | 971,788 | | 43,164 | | | | 04/17/12 | | 300 | |
Grafton | WI | | | | 149,778 | | 332,664 | | None | | 172 | | 149,778 | | 332,836 | | 482,614 | | 332,836 | | | | 10/29/87 | | 300 | |
Green Bay | WI | | | | 308,131 | | 572,756 | | None | | None | | 308,131 | | 572,756 | | 880,887 | | 182,327 | | | | 01/11/06 | | 300 | |
Oshkosh | WI | | | | 385,870 | | 716,616 | | None | | None | | 385,870 | | 716,616 | | 1,102,486 | | 48,969 | | | | 04/17/12 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Shoe stores | | | | | | | | | | | | | | | | | | | | | | | |
Lebec | CA | | 9,100,140 | | 2,357,234 | | 30,943,343 | | None | | None | | 2,357,234 | | 30,943,343 | | 33,300,577 | | 847,258 | | | | 01/22/13 | | 420 | |
Staten Island | NY | | | | 3,190,883 | | 3,413,933 | | 104,361 | | 207,462 | | 3,190,883 | | 3,725,756 | | 6,916,639 | | 1,808,102 | | | | 03/26/98 | | 300 | |
Brookville | OH | | 19,099,860 | | 2,577,129 | | 48,823,456 | | None | | None | | 2,577,129 | | 48,823,456 | | 51,400,585 | | 1,336,833 | | | | 01/22/13 | | 420 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Sporting goods | | | | | | | | | | | | | | | | | | | | | | | |
Anchorage | AK | | | | 1,486,000 | | 5,045,244 | | None | | None | | 1,486,000 | | 5,045,244 | | 6,531,244 | | 2,463,752 | | | | 10/17/01 | | 300 | |
Mesa | AZ | | | | 984,890 | | 1,536,269 | | None | | None | | 984,890 | | 1,536,269 | | 2,521,159 | | 422,456 | | | | 02/12/07 | | 300 | |
Phoenix | AZ | | | | 2,730,000 | | 4,509,356 | | None | | None | | 2,730,000 | | 4,509,356 | | 7,239,356 | | 578,701 | | | | 10/22/10 | | 300 | |
Phoenix | AZ | | | | 3,250,000 | | 5,735,722 | | None | | None | | 3,250,000 | | 5,735,722 | | 8,985,722 | | 736,084 | | | | 10/22/10 | | 300 | |
Fresno | CA | | | | 1,650,000 | | 3,321,244 | | None | | None | | 1,650,000 | | 3,321,244 | | 4,971,244 | | 1,621,866 | | | | 10/17/01 | | 300 | |
Daytona Beach | FL | | | | 608,790 | | 2,557,564 | | None | | None | | 608,790 | | 2,557,564 | | 3,166,354 | | 1,033,082 | | 09/10/03 | | 04/18/03 | | 300 | |
Fort Myers | FL | | | | 1,695,000 | | 2,025,554 | | None | | None | | 1,695,000 | | 2,025,554 | | 3,720,554 | | 989,142 | | | | 10/17/01 | | 300 | |
Gainesville | FL | | | | 1,296,000 | | 2,234,554 | | None | | None | | 1,296,000 | | 2,234,554 | | 3,530,554 | | 1,091,203 | | | | 10/17/01 | | 300 | |
Jupiter | FL | | | | 1,698,316 | | 4,352,255 | | None | | 247,488 | | 1,698,316 | | 4,599,743 | | 6,298,059 | | 1,974,709 | | | | 05/03/00 | | 300 | |
Melbourne | FL | | | | 994,000 | | 4,076,554 | | None | | None | | 994,000 | | 4,076,554 | | 5,070,554 | | 1,990,713 | | | | 10/17/01 | | 300 | |
Orlando | FL | | | | 1,197,000 | | 2,573,554 | | None | | None | | 1,197,000 | | 2,573,554 | | 3,770,554 | | 1,256,748 | | | | 10/17/01 | | 300 | |
Pooler | GA | | | | 1,339,957 | | 1,831,350 | | None | | None | | 1,339,957 | | 1,831,350 | | 3,171,307 | | 564,331 | | | | 03/01/06 | | 300 | |
Geneva | IL | | | | 2,082,000 | | 1,838,888 | | None | | None | | 2,082,000 | | 1,838,888 | | 3,920,888 | | 897,984 | | | | 10/17/01 | | 300 | |
Avon | IN | | | | 2,200,000 | | 1,092,251 | | None | | None | | 2,200,000 | | 1,092,251 | | 3,292,251 | | 41 | | In-progress | | 10/11/13 | | 300 | |
Bowie | MD | | | | 2,084,000 | | 3,046,888 | | None | | None | | 2,084,000 | | 3,046,888 | | 5,130,888 | | 1,487,891 | | | | 10/17/01 | | 300 | |
Winston Salem | NC | | | | 2,390,000 | | 3,416,323 | | None | | None | | 2,390,000 | | 3,416,323 | | 5,806,323 | | 96,796 | | | | 04/12/13 | | 300 | |
Kearney | NE | | | | 173,950 | | 344,393 | | None | | 203 | | 173,950 | | 344,596 | | 518,546 | | 325,323 | | | | 05/01/90 | | 300 | |
Glendale | NY | | | | 5,559,686 | | 4,447,566 | | None | | None | | 5,559,686 | | 4,447,566 | | 10,007,252 | | 1,608,536 | | | | 12/29/04 | | 300 | |
Eugene | OR | | | | 720,000 | | 7,434,760 | | 25,586 | | None | | 720,000 | | 7,460,346 | | 8,180,346 | | 237,554 | | | | 03/22/13 | | 300 | |
Mechanicsburg | PA | | | | 2,101,415 | | 3,902,912 | | None | | None | | 2,101,415 | | 3,902,912 | | 6,004,327 | | 1,892,911 | | | | 11/08/01 | | 300 | |
Columbia | SC | | | | 1,145,120 | | 2,770,957 | | None | | 432 | | 1,145,120 | | 2,771,389 | | 3,916,509 | | 687,228 | | | | 03/03/05 | | 300 | |
Spartanburg | SC | | | | 1,234,815 | | 3,111,921 | | (428,405) | | None | | 806,409 | | 3,111,921 | | 3,918,330 | | 1,093,128 | | | | 03/03/05 | | 300 | |
Mt Juliet | TN | | | | 2,449,395 | | 253,756 | | None | | None | | 2,449,395 | | 253,756 | | 2,703,151 | | 5 | | In-progress | | 12/10/13 | | 300 | |
El Paso | TX | | | | 700,000 | | 2,501,244 | | None | | None | | 700,000 | | 2,501,244 | | 3,201,244 | | 1,221,432 | | | | 10/17/01 | | 300 | |
Fredericksburg | VA | | | | 1,941,000 | | 2,979,888 | | None | | None | | 1,941,000 | | 2,979,888 | | 4,920,888 | | 1,455,173 | | | | 10/17/01 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Telecommunications | | | | | | | | | | | | | | | | | | | | | | | |
Augusta | GA | | | | 2,720,359 | | 11,128,077 | | None | | 147 | | 2,720,359 | | 11,128,224 | | 13,848,583 | | 1,205,613 | | | | 04/01/11 | | 300 | |
Harmans | MD | | | | 3,411,391 | | 11,757,946 | | None | | None | | 3,411,391 | | 11,757,946 | | 15,169,337 | | 321,944 | | | | 01/22/13 | | 420 | |
Salem | OR | | | | 1,721,686 | | 9,387,216 | | 2,750 | | 58 | | 1,721,686 | | 9,390,024 | | 11,111,710 | | 954,956 | | | | 06/22/11 | | 300 | |
Brownsville | TX | | | | 1,740,479 | | 11,570,294 | | None | | 147 | | 1,740,479 | | 11,570,441 | | 13,310,920 | | 1,253,520 | | | | 04/01/11 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Theaters | | | | | | | | | | | | | | | | | | | | | | | |
Fairbanks | AK | | | | 2,586,879 | | 9,575 | | None | | None | | 2,586,879 | | 9,575 | | 2,596,454 | | 4,995 | | | | 09/27/00 | | 300 | |
Huntsville | AL | | | | 2,810,868 | | 14,308 | | None | | None | | 2,810,868 | | 14,308 | | 2,825,176 | | 7,464 | | | | 09/27/00 | | 300 | |
Chula Vista | CA | | | | 2,060,287 | | 8,914,162 | | None | | None | | 2,060,287 | | 8,914,162 | | 10,974,449 | | 846,845 | | | | 08/08/11 | | 300 | |
Norwalk | CA | | | | 2,466,208 | | 13,463,098 | | None | | None | | 2,466,208 | | 13,463,098 | | 15,929,306 | | 1,278,994 | | | | 08/08/11 | | 300 | |
Naples | FL | | | | 2,618,441 | | 8,979,199 | | None | | None | | 2,618,441 | | 8,979,199 | | 11,597,640 | | 4,773,921 | | | | 09/27/00 | | 300 | |
F-68
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Austell | GA | | | | 2,497,504 | | 10,148,237 | | None | | None | | 2,497,504 | | 10,148,237 | | 12,645,741 | | 964,082 | | | | 08/08/11 | | 300 | |
Chamblee | GA | | | | 4,329,404 | | 14,942 | | None | | None | | 4,329,404 | | 14,942 | | 4,344,346 | | 7,606 | | | | 09/27/00 | | 300 | |
Morrow | GA | | | | 2,962,468 | | 13,170,143 | | 96,973 | | None | | 2,962,468 | | 13,267,116 | | 16,229,584 | | 1,265,746 | | | | 08/08/11 | | 300 | |
Council Bluffs | IA | | | | 4,924,553 | | 11,652,293 | | None | | None | | 4,924,553 | | 11,652,293 | | 16,576,846 | | 2,743,718 | | | | 01/31/08 | | 300 | |
Dubuque | IA | | | | 3,185,053 | | 5,915,983 | | None | | None | | 3,185,053 | | 5,915,983 | | 9,101,036 | | 1,409,976 | | | | 01/31/08 | | 300 | |
Edwardsville | IL | | | | 4,270,500 | | 9,070,885 | | None | | None | | 4,270,500 | | 9,070,885 | | 13,341,385 | | 3,008,500 | | | | 09/28/05 | | 300 | |
Lake in the Hills | IL | | | | 3,297,566 | | 9,364,286 | | None | | None | | 3,297,566 | | 9,364,286 | | 12,661,852 | | 3,105,812 | | | | 09/28/05 | | 300 | |
Marion | IL | | | | 832,500 | | 3,499,885 | | None | | None | | 832,500 | | 3,499,885 | | 4,332,385 | | 1,160,785 | | | | 09/28/05 | | 300 | |
Mattoon | IL | | | | 543,183 | | 5,110,193 | | None | | None | | 543,183 | | 5,110,193 | | 5,653,376 | | 1,694,871 | | | | 09/28/05 | | 300 | |
Pekin | IL | | | | 1,575,231 | | 9,183,100 | | None | | None | | 1,575,231 | | 9,183,100 | | 10,758,331 | | 3,045,719 | | | | 09/28/05 | | 300 | |
Rockford | IL | | | | 4,270,500 | | 16,675,954 | | (1,779) | | None | | 4,268,721 | | 16,675,954 | | 20,944,675 | | 5,530,848 | | | | 09/28/05 | | 300 | |
Springfield | IL | | | | 3,151,838 | | 10,404,452 | | None | | None | | 3,151,838 | | 10,404,452 | | 13,556,290 | | 3,450,800 | | | | 09/28/05 | | 300 | |
Bloomington | IN | | | | 2,498,642 | | 7,934,745 | | None | | None | | 2,498,642 | | 7,934,745 | | 10,433,387 | | 2,631,681 | | | | 09/28/05 | | 300 | |
Columbus | IN | | | | 1,999,812 | | 7,234,361 | | None | | None | | 1,999,812 | | 7,234,361 | | 9,234,173 | | 2,399,387 | | | | 09/28/05 | | 300 | |
Indianapolis | IN | | | | 2,700,395 | | 17,672,980 | | None | | None | | 2,700,395 | | 17,672,980 | | 20,373,375 | | 5,659,742 | | | | 09/28/05 | | 300 | |
Terre Haute | IN | | | | 1,249,321 | | 9,835,885 | | None | | None | | 1,249,321 | | 9,835,885 | | 11,085,206 | | 3,262,226 | | | | 09/28/05 | | 300 | |
Coon Rapids | MN | | | | 2,460,040 | | 14,964,514 | | None | | None | | 2,460,040 | | 14,964,514 | | 17,424,554 | | 4,963,221 | | | | 09/28/05 | | 300 | |
Inver Grove | MN | | | | 2,863,272 | | 15,274,237 | | None | | None | | 2,863,272 | | 15,274,237 | | 18,137,509 | | 5,065,945 | | | | 09/28/05 | | 300 | |
Poplar Bluff | MO | | | | 1,106,618 | | 4,872,502 | | None | | None | | 1,106,618 | | 4,872,502 | | 5,979,120 | | 1,616,037 | | | | 09/28/05 | | 300 | |
Rockaway | NJ | | | | 8,634,576 | | 14,679,823 | | None | | None | | 8,634,576 | | 14,679,823 | | 23,314,399 | | 4,138,841 | | 12/06/06 | | 04/13/05 | | 300 | |
Binghamton | NY | | | | 2,700,000 | | 5,570,505 | | 17,458 | | None | | 2,700,000 | | 5,587,963 | | 8,287,963 | | 1,858,078 | | | | 09/29/05 | | 300 | |
Henrietta | NY | | | | 2,152,546 | | 8,953,645 | | None | | None | | 2,152,546 | | 8,953,645 | | 11,106,191 | | 850,596 | | | | 08/08/11 | | 300 | |
Akron | OH | | | | 1,511,018 | | 1,386 | | None | | None | | 1,511,018 | | 1,386 | | 1,512,404 | | 723 | | | | 09/27/00 | | 300 | |
Beavercreek | OH | | | | 2,062,545 | | 8,467,551 | | 421,563 | | None | | 2,062,545 | | 8,889,114 | | 10,951,659 | | 860,968 | | | | 08/08/11 | | 300 | |
Columbus | OH | | | | 2,103,351 | | 5,161,550 | | None | | None | | 2,103,351 | | 5,161,550 | | 7,264,901 | | 2,296,877 | | | | 11/01/02 | | 300 | |
Hillsboro | OR | | | | 4,915,032 | | 16,377 | | None | | 58 | | 4,915,032 | | 16,435 | | 4,931,467 | | 8,548 | | | | 09/27/00 | | 300 | |
Portland | OR | | | | 2,793,001 | | 9,942 | | None | | 58 | | 2,793,001 | | 10,000 | | 2,803,001 | | 5,192 | | | | 09/27/00 | | 300 | |
Spartanburg | SC | | | | 2,072,738 | | 8,340,814 | | 2,000 | | None | | 2,072,738 | | 8,342,814 | | 10,415,552 | | 486,689 | | | | 07/31/12 | | 300 | |
Burleson | TX | | | | 2,280,000 | | 2,802,189 | | None | | 134 | | 2,280,000 | | 2,802,323 | | 5,082,323 | | 836,012 | | | | 07/26/06 | | 300 | |
Laredo | TX | | | | 2,161,477 | | 5,561,558 | | None | | None | | 2,161,477 | | 5,561,558 | | 7,723,035 | | 1,586,600 | | 10/11/06 | | 08/09/05 | | 300 | |
Live Oak | TX | | | | 2,910,035 | | 12,674,850 | | None | | None | | 2,910,035 | | 12,674,850 | | 15,584,885 | | 1,204,111 | | | | 08/08/11 | | 300 | |
Longview | TX | | | | 2,887,500 | | 5,363,826 | | None | | None | | 2,887,500 | | 5,363,826 | | 8,251,326 | | 1,725,364 | | | | 12/21/05 | | 300 | |
Lubbock | TX | | | | 1,642,533 | | 6,984,372 | | None | | None | | 1,642,533 | | 6,984,372 | | 8,626,905 | | 663,515 | | | | 08/08/11 | | 300 | |
Waco | TX | | | | 1,013,706 | | 5,880,539 | | None | | None | | 1,013,706 | | 5,883,538 | | 6,897,244 | | 1,695,555 | | | | 10/06/06 | | 300 | |
Glen Allen | VA | | | | 1,314,065 | | 9,748,457 | | None | | None | | 1,314,065 | | 9,748,457 | | 11,062,522 | | 5,182,894 | | | | 09/27/00 | | 300 | |
Roanoke | VA | | | | 2,212,494 | | 9,324,958 | | None | | None | | 2,212,494 | | 9,324,958 | | 11,537,452 | | 885,871 | | | | 08/08/11 | | 300 | |
Sterling | VA | | | | 4,546,305 | | 33,325 | | None | | None | | 4,546,305 | | 33,325 | | 4,579,630 | | 16,824 | | | | 09/27/00 | | 300 | |
Marysville | WA | | | | 1,988,142 | | - | | None | | None | | 1,988,142 | | - | | 1,988,142 | | - | | | | 07/27/00 | | N/A | |
Fitchburg | WI | | | | 5,540,553 | | 10,290,483 | | None | | None | | 5,540,553 | | 10,290,483 | | 15,831,036 | | 2,452,565 | | | | 01/31/08 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Transportation services | | | | | | | | | | | | | | | | | | | | | | | |
North Phoenix | AZ | | | | 4,106,903 | | 23,819,301 | | None | | None | | 4,106,903 | | 23,819,301 | | 27,926,204 | | 652,195 | | | | 01/22/13 | | 420 | |
W. Sacramento | CA | | 15,000,000 | | 12,277,918 | | 29,165,650 | | None | | None | | 12,277,918 | | 29,165,650 | | 41,443,568 | | 798,583 | | | | 01/22/13 | | 420 | |
Palmetto | FL | | | | 1,853,907 | | 9,635,997 | | 12,345 | | None | | 1,853,907 | | 9,648,342 | | 11,502,249 | | 1,077,177 | | | | 03/17/11 | | 300 | |
Conley | GA | | | | 420,000 | | 780,000 | | None | | None | | 420,000 | | 780,000 | | 1,200,000 | | 92,300 | | | | 01/10/11 | | 300 | |
Chicago | IL | | | | 612,500 | | 1,137,500 | | None | | None | | 612,500 | | 1,137,500 | | 1,750,000 | | 134,604 | | | | 01/10/11 | | 300 | |
Grayslake | IL | | | | 5,044,195 | | 26,211,730 | | 500 | | None | | 5,044,195 | | 26,212,230 | | 31,256,425 | | 1,987,268 | | | | 04/21/11 | | 300 | |
Evansville | IN | | | | 959,651 | | 4,053,122 | | None | | None | | 959,651 | | 4,053,122 | | 5,012,773 | | 371,536 | | | | 09/13/11 | | 300 | |
Dodge City | KS | | 1,228,080 | | 244,811 | | 3,713,722 | | None | | None | | 244,811 | | 3,713,722 | | 3,958,533 | | 62,652 | | | | 01/22/13 | | 420 | |
Hays | KS | | 897,840 | | 171,304 | | 1,555,203 | | None | | None | | 171,304 | | 1,555,203 | | 1,726,507 | | 42,572 | | | | 01/22/13 | | 420 | |
Wichita | KS | | | | 2,840,499 | | 7,375,302 | | 1,000 | | None | | 2,840,499 | | 7,376,302 | | 10,216,801 | | 823,850 | | | | 03/16/11 | | 300 | |
Louisville | KY | | | | 472,500 | | 877,500 | | None | | None | | 472,500 | | 877,500 | | 1,350,000 | | 103,838 | | | | 01/10/11 | | 300 | |
Louisville | KY | | 14,801,130 | | 5,732,055 | | 30,841,995 | | 53,637 | | None | | 5,732,055 | | 30,895,632 | | 36,627,687 | | 844,937 | | | | 01/22/13 | | 420 | |
St. Rose | LA | | | | 3,147,428 | | 8,283,048 | | None | | None | | 3,147,428 | | 8,283,048 | | 11,430,476 | | 676,449 | | | | 12/20/11 | | 300 | |
Baltimore | MD | | | | 1,740,080 | | 4,580,068 | | None | | None | | 1,740,080 | | 4,580,068 | | 6,320,148 | | 1,909,063 | | 12/24/03 | | 04/01/03 | | 300 | |
Baltimore | MD | | | | 4,499,317 | | 46,065,637 | | 36,500 | | None | | 4,499,317 | | 46,102,137 | | 50,601,454 | | 1,264,499 | | | | 01/22/13 | | 420 | |
F-69
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Detroit | MI | | | | 280,000 | | 520,000 | | None | | None | | 280,000 | | 520,000 | | 800,000 | | 61,533 | | | | 01/10/11 | | 300 | |
Gibraltar | MI | | | | 245,000 | | 455,000 | | None | | None | | 245,000 | | 455,000 | | 700,000 | | 53,842 | | | | 01/10/11 | | 300 | |
Saginaw | MI | | | | 219,564 | | 10,638,391 | | None | | None | | 219,564 | | 10,638,391 | | 10,857,955 | | 291,289 | | | | 01/22/13 | | 420 | |
Saline | MI | | 4,833,060 | | 1,275,995 | | 13,484,105 | | None | | None | | 1,275,995 | | 13,484,105 | | 14,760,100 | | 369,199 | | | | 01/22/13 | | 420 | |
Shakopee | MN | | | | 2,451,948 | | 12,617,768 | | None | | 98,424 | | 2,451,948 | | 12,716,192 | | 15,168,140 | | 914,281 | | | | 03/17/11 | | 300 | |
St. Cloud | MN | | 2,203,320 | | 474,860 | | 4,309,642 | | None | | None | | 474,860 | | 4,309,642 | | 4,784,502 | | 118,002 | | | | 01/22/13 | | 420 | |
Springfield | MO | | 9,498,870 | | 2,669,300 | | 19,440,332 | | None | | None | | 2,669,300 | | 19,440,332 | | 22,109,632 | | 532,295 | | | | 01/22/13 | | 420 | |
Petal | MS | | | | 315,000 | | 3,661,567 | | None | | None | | 315,000 | | 3,661,567 | | 3,976,567 | | 53,604 | | 05/24/13 | | 07/12/12 | | 420 | |
Charlotte | NC | | | | 735,000 | | 1,365,000 | | None | | None | | 735,000 | | 1,365,000 | | 2,100,000 | | 161,525 | | | | 01/10/11 | | 300 | |
Grand Forks | ND | | 1,692,480 | | 366,876 | | 3,329,620 | | None | | None | | 366,876 | | 3,329,620 | | 3,696,496 | | 91,168 | | | | 01/22/13 | | 420 | |
Lincoln | NE | | 3,668,760 | | 792,802 | | 8,030,247 | | None | | None | | 792,802 | | 8,030,247 | | 8,823,049 | | 219,876 | | | | 01/22/13 | | 420 | |
West Lebanon | NH | | | | 996,755 | | 8,076,928 | | None | | None | | 996,755 | | 8,076,928 | | 9,073,683 | | 221,154 | | | | 01/22/13 | | 420 | |
Bronx | NY | | 14,041,217 | | - | | 19,765,973 | | 75,475 | | None | | - | | 19,841,448 | | 19,841,448 | | 548,287 | | | | 01/22/13 | | 420 | |
East Greenbush | NY | | | | 5,393,842 | | 59,455,985 | | None | | None | | 5,393,842 | | 59,455,985 | | 64,849,827 | | 1,627,961 | | | | 01/22/13 | | 420 | |
Columbus | OH | | | | 245,000 | | 455,000 | | None | | None | | 245,000 | | 455,000 | | 700,000 | | 53,842 | | | | 01/10/11 | | 300 | |
North Canton | OH | | | | - | | 10,641,063 | | None | | None | | - | | 10,641,063 | | 10,641,063 | | 291,362 | | | | 01/22/13 | | 420 | |
Uniontown | OH | | | | 2,237,958 | | 53,040,112 | | None | | None | | 2,237,958 | | 53,040,112 | | 55,278,070 | | 1,452,289 | | | | 01/22/13 | | 420 | |
Vandalia | OH | | | | 719,985 | | 10,102,113 | | None | | None | | 719,985 | | 10,102,113 | | 10,822,098 | | 690,311 | | | | 04/10/12 | | 300 | |
Walbridge | OH | | | | 210,000 | | 390,000 | | None | | None | | 210,000 | | 390,000 | | 600,000 | | 46,150 | | | | 01/10/11 | | 300 | |
Coraopolis | PA | | | | 350,000 | | 650,000 | | None | | None | | 350,000 | | 650,000 | | 1,000,000 | | 76,917 | | | | 01/10/11 | | 300 | |
Franklin | PA | | | | 405,243 | | 1,831,240 | | 22,294 | | None | | 405,243 | | 1,853,534 | | 2,258,777 | | 209,488 | | | | 03/15/11 | | 300 | |
Parker | PA | | | | 210,000 | | 390,000 | | None | | None | | 210,000 | | 390,000 | | 600,000 | | 46,150 | | | | 01/10/11 | | 300 | |
Snow Shoe | PA | | 6,965,000 | | 591,101 | | 12,994,366 | | None | | None | | 591,101 | | 12,994,366 | | 13,585,467 | | 355,798 | | | | 01/22/13 | | 420 | |
Sioux Falls | SD | | 1,605,500 | | 416,023 | | 3,775,664 | | None | | None | | 416,023 | | 3,775,664 | | 4,191,687 | | 102,763 | | | | 01/22/13 | | 420 | |
Chattanooga | TN | | | | 2,024,239 | | 8,974,591 | | 500 | | None | | 2,024,239 | | 8,975,091 | | 10,999,330 | | 1,002,300 | | | | 03/17/11 | | 300 | |
Memphis | TN | | | | 3,570,000 | | 16,398,303 | | None | | None | | 3,570,000 | | 16,398,303 | | 19,968,303 | | 409,958 | | | | 02/27/13 | | 420 | |
Freeport | TX | | | | 245,000 | | 455,000 | | None | | None | | 245,000 | | 455,000 | | 700,000 | | 53,842 | | | | 01/10/11 | | 300 | |
Houston | TX | | | | 5,802,459 | | 45,111,656 | | None | | None | | 5,802,459 | | 45,111,656 | | 50,914,115 | | 1,235,200 | | | | 01/22/13 | | 420 | |
La Porte | TX | | | | 875,000 | | 1,625,000 | | None | | None | | 875,000 | | 1,625,000 | | 2,500,000 | | 192,292 | | | | 01/10/11 | | 300 | |
Sherman | TX | | | | 439,127 | | 9,850,546 | | None | | None | | 439,127 | | 9,850,546 | | 10,289,673 | | 269,716 | | | | 01/22/13 | | 420 | |
Vineyard | UT | | | | 1,732,107 | | 5,356,844 | | None | | None | | 1,732,107 | | 5,356,844 | | 7,088,951 | | 598,181 | | | | 03/17/11 | | 300 | |
Spokane | WA | | | | 805,923 | | 9,103,792 | | None | | None | | 805,923 | | 9,103,792 | | 9,909,715 | | 249,270 | | | | 01/22/13 | | 420 | |
Beckley | WV | | 2,306,520 | | 497,198 | | 4,512,378 | | None | | None | | 497,198 | | 4,512,378 | | 5,009,576 | | 123,553 | | | | 01/22/13 | | 420 | |
Charleston | WV | | | | 2,251,894 | | 4,053,565 | | None | | None | | 2,251,894 | | 4,053,565 | | 6,305,459 | | 120,642 | | | | 12/28/12 | | 420 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Wholesale clubs | | | | | | | | | | | | | | | | | | | | | | | |
Colorado Springs | CO | | | | 3,540,000 | | 6,208,464 | | None | | None | | 3,540,000 | | 6,208,464 | | 9,748,464 | | 134,559 | | | | 06/28/13 | | 300 | |
Derby | CT | | | | 5,699,931 | | 10,585,586 | | None | | None | | 5,699,931 | | 10,585,586 | | 16,285,517 | | 546,995 | | | | 09/20/12 | | 300 | |
Waterford | CT | | | | 11,841,797 | | 21,991,910 | | None | | None | | 11,841,797 | | 21,991,910 | | 33,833,707 | | 1,136,322 | | | | 09/20/12 | | 300 | |
Sanford | FL | | | | 5,788,032 | | 10,749,203 | | None | | None | | 5,788,032 | | 10,749,203 | | 16,537,235 | | 555,449 | | | | 09/20/12 | | 300 | |
Augusta | GA | | 5,690,200 | | 4,673,148 | | 9,903,758 | | 2,072 | | None | | 4,673,148 | | 9,905,830 | | 14,578,978 | | 379,834 | | | | 01/22/13 | | 300 | |
Louisville | KY | | | | 2,760,000 | | 4,165,646 | | None | | None | | 2,760,000 | | 4,165,646 | | 6,925,646 | | 90,298 | | | | 06/28/13 | | 300 | |
Kenner | LA | | | | 2,570,000 | | 6,296,219 | | None | | None | | 2,570,000 | | 6,296,219 | | 8,866,219 | | 136,461 | | | | 06/28/13 | | 300 | |
Bel Air | MD | | | | 8,965,840 | | 16,650,846 | | None | | None | | 8,965,840 | | 16,650,846 | | 25,616,686 | | 860,367 | | | | 09/20/12 | | 300 | |
Columbia | MD | | | | 10,208,201 | | 18,958,088 | | None | | None | | 10,208,201 | | 18,958,088 | | 29,166,289 | | 1,737,825 | | | | 09/30/11 | | 300 | |
Nashua | NH | | | | 7,204,581 | | 13,379,935 | | None | | None | | 7,204,581 | | 13,379,935 | | 20,584,516 | | 1,226,494 | | | | 09/30/11 | | 300 | |
Clay | NY | | | | 6,902,476 | | 12,818,884 | | None | | None | | 6,902,476 | | 12,818,884 | | 19,721,360 | | 662,419 | | | | 09/20/12 | | 300 | |
Freeport | NY | | | | 13,122,718 | | 24,370,763 | | None | | None | | 13,122,718 | | 24,370,763 | | 37,493,481 | | 2,234,120 | | | | 09/30/11 | | 300 | |
Yorktown Heights | NY | | | | 11,225,391 | | 20,847,154 | | None | | None | | 11,225,391 | | 20,847,154 | | 32,072,545 | | 1,910,989 | | | | 09/30/11 | | 300 | |
Oklahoma City | OK | | | | 3,130,000 | | 6,609,026 | | None | | None | | 3,130,000 | | 6,609,026 | | 9,739,026 | | 143,238 | | | | 06/28/13 | | 300 | |
Tulsa | OK | | | | 3,100,000 | | 6,282,393 | | None | | None | | 3,100,000 | | 6,282,393 | | 9,382,393 | | 136,161 | | | | 06/28/13 | | 300 | |
Conshohocken | PA | | | | 7,231,557 | | 13,430,034 | | None | | None | | 7,231,557 | | 13,430,034 | | 20,661,591 | | 1,231,086 | | | | 09/30/11 | | 300 | |
Stroudsburg | PA | | | | 5,192,837 | | 9,643,840 | | None | | None | | 5,192,837 | | 9,643,840 | | 14,836,677 | | 498,375 | | | | 09/20/12 | | 300 | |
York | PA | | | | 5,433,864 | | 10,091,462 | | None | | None | | 5,433,864 | | 10,091,462 | | 15,525,326 | | 521,466 | | | | 09/20/12 | | 300 | |
Memphis | TN | | | | 4,810,000 | | 4,880,207 | | None | | None | | 4,810,000 | | 4,880,207 | | 9,690,207 | | 105,738 | | | | 06/28/13 | | 300 | |
Nashville | TN | | | | 3,750,000 | | 6,192,254 | | None | | None | | 3,750,000 | | 6,192,254 | | 9,942,254 | | 134,208 | | | | 06/28/13 | | 300 | |
F-70
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| | | | | | | | | Cost Capitalized | | | | | | | | | | Life on | |
| | | | | | | | | Subsequent | | Gross Amount at Which Carried | | | | | | | | which | |
| | | | | Initial Cost to Company | | to Acquisition | | at Close of Period (Notes 3, 4, 6 and 7) | | | | | | | | depreciation | |
| | | | | | | Buildings, | | | | | | | | Buildings, | | | | | | | | | | in latest | |
| | | | | | | Improvements | | | | | | | | Improvements | | | | | | | | | | Income | |
| | | | | | | and | | | | | | | | and | | | | Accumulated | | | | | | Statement | |
Description | | | Encumbrances | | | | Acquisition | | | | Carrying | | | | Acquisition | | | | Depreciation | | Date of | | Date | | is Computed | |
(Note 1) | | | (Note 2) | | Land | | Fees | | Improvements | | Costs | | Land | | Fees | | Total | | (Note 5) | | Construction | | Acquired | | (in Months) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Amarillo | TX | | | | 1,190,000 | | 5,821,158 | | None | | None | | 1,190,000 | | 5,821,158 | | 7,011,158 | | 126,153 | | | | 06/28/13 | | 300 | |
El Paso | TX | | | | 2,720,000 | | 6,294,142 | | None | | None | | 2,720,000 | | 6,294,142 | | 9,014,142 | | 136,401 | | | | 06/28/13 | | 300 | |
Houston | TX | | | | 3,370,000 | | 5,867,135 | | None | | None | | 3,370,000 | | 5,867,135 | | 9,237,135 | | 127,164 | | | | 06/28/13 | | 300 | |
Houston | TX | | | | 3,410,000 | | 5,761,123 | | None | | None | | 3,410,000 | | 5,761,123 | | 9,171,123 | | 124,867 | | | | 06/28/13 | | 300 | |
Plano | TX | | | | 6,750,000 | | 7,581,624 | | None | | None | | 6,750,000 | | 7,581,624 | | 14,331,624 | | 164,297 | | | | 06/28/13 | | 300 | |
San Antonio | TX | | | | 3,660,000 | | 5,214,663 | | None | | None | | 3,660,000 | | 5,214,663 | | 8,874,663 | | 113,027 | | | | 06/28/13 | | 300 | |
San Antonio | TX | | | | 3,830,000 | | 5,021,369 | | None | | None | | 3,830,000 | | 5,021,369 | | 8,851,369 | | 108,839 | | | | 06/28/13 | | 300 | |
Tyler | TX | | | | 1,940,000 | | 4,640,372 | | None | | None | | 1,940,000 | | 4,640,372 | | 6,580,372 | | 100,584 | | | | 06/28/13 | | 300 | |
Waco | TX | | | | 2,000,000 | | 4,264,280 | | None | | None | | 2,000,000 | | 4,264,280 | | 6,264,280 | | 92,435 | | | | 06/28/13 | | 300 | |
Mechanicsville | VA | | | | 5,650,222 | | 10,493,270 | | None | | None | | 5,650,222 | | 10,493,270 | | 16,143,492 | | 542,152 | | | | 09/20/12 | | 300 | |
Woodbridge | VA | | | | 5,659,285 | | 10,510,101 | | None | | None | | 5,659,285 | | 10,510,101 | | 16,169,386 | | 963,559 | | | | 09/30/11 | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Other | | | | | | | | | | | | | | | | | | | | | | | |
Birmingham | AL | | | | 392,795 | | 865,115 | | 39,818 | | 522 | | 392,795 | | 905,455 | | 1,298,250 | | 575,438 | | | | 09/30/97 | | 300 | |
Escondido | CA | | | | 1,949,375 | | 12,966,248 | | 831,069 | | None | | 1,949,375 | | 13,797,317 | | 15,746,692 | | 3,433,428 | | 08/13/07 | | 01/18/06 | | 300 | |
San Diego | CA | | | | 5,699,757 | | 15,242,374 | | None | | None | | 5,699,757 | | 15,242,374 | | 20,942,131 | | 126,541 | | | | 09/13/13 | | 420 | |
San Diego | CA | | | | 5,810,243 | | 14,480,903 | | (15,825) | | None | | 5,810,243 | | 14,465,078 | | 20,275,321 | | 120,542 | | | | 09/13/13 | | 420 | |
Nampa | ID | | | | 183,743 | | 408,101 | | None | | 9,024 | | 183,743 | | 417,125 | | 600,868 | | 410,872 | | | | 05/06/88 | | 300 | |
Wichita | KS | | | | 289,714 | | 797,856 | | 10,910 | | 16,580 | | 289,714 | | 825,346 | | 1,115,060 | | 491,998 | | | | 11/23/98 | | 300 | |
Forest Park | OH | | | | 328,187 | | 921,232 | | 118,422 | | 300 | | 328,187 | | 1,039,954 | | 1,368,141 | | 623,685 | | | | 11/14/97 | | 300 | |
Humble | TX | | | | 106,000 | | 545,518 | | 91,611 | | 8,372 | | 106,000 | | 645,501 | | 751,501 | | 594,237 | | | | 03/25/86 | | 300 | |
Venice | FL | | | | 259,686 | | 362,562 | | 56,657 | | 154 | | 259,686 | | 419,373 | | 679,059 | | 255,567 | | | | 11/26/96 | | 300 | |
Jackson | MS | | | | 405,360 | | 656,296 | | (124,313) | | 21,751 | | 405,360 | | 553,734 | | 959,094 | | 483,074 | | | | 11/26/96 | | 300 | |
Meridian | MS | | | | 181,156 | | 515,598 | | 107,001 | | None | | 181,156 | | 622,599 | | 803,755 | | 406,607 | | | | 11/26/96 | | 300 | |
Watertown | NY | | | | 139,199 | | - | | None | | None | | 139,199 | | - | | 139,199 | | - | | | | 08/18/86 | | N/A | |
American Fork | UT | | | | 849,848 | | 2,561,827 | | None | | None | | 849,848 | | 2,561,827 | | 3,411,675 | | 29,888 | | | | 09/26/13 | | 300 | |
South Jordan | UT | | | | 1,620,150 | | 1,879,850 | | None | | None | | 1,620,150 | | 1,879,850 | | 3,500,000 | | 15,665 | | | | 10/15/13 | | 300 | |
Crest Net Lease | | | | | 2,735,484 | | 3,495,137 | | (3,336,209) | | 17,090 | | 2,735,484 | | 176,019 | | 2,911,503 | | 222,687 | | | | Various | | 300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 754,508,243 | | 2,800,717,241 | | 7,100,811,966 | | 10,211,675 | | 6,328,853 | | 2,797,632,577 | | 7,120,437,158 | | 9,918,069,735 | | 1,121,460,394 | | | | | | | |
| | | | | | | | | | |
Note 1. | Realty Income Corporation ownes 3,876 single-tenant properties and Crest Net Lease, Inc. owns three properties. | | | | | | | | | |
| | | | | | | | | | |
| Realty Income Corporation also owns 20 multi-tenant properties, two are located in San Diego, CA and one is located in each of the following cities: Elk Grove, CA; Escondido, CA; Hanford, CA; Danbury, CT; Brandon, FL; Cutler Ridge, FL; Deerfield Beach, FL; Macon, GA; Fair Grove, MO; Columbus, OH; Edmond, OK; Jackson, TN; Cedar Park, TX; Dallas, TX; Humble, TX; The Colony, TX; Virginia Beach, VA and Sheboygan, WI. | | | | | | | | | |
| | | | | | | | | | |
Note 2. | Includes mortgages payable secured by 227 properties, but excludes unamortized net debt premiums of $28.9 million. | | | | | | | | | |
| | | | | | | | | | |
Note 3. | The aggregate cost for federal income tax purposes for Realty Income Corporation is $9,337,053,736 and for Crest Net Lease, Inc. is $6,393,453. | | | | | | | | | |
| | | | | | | | | | | | |
Note 4. | The following is a reconciliation of total real estate carrying value for the years ended December 31: | | 2013 | | 2012 | | 2011 | | | | | |
| | | | | | | | | | | | |
| Balance at Beginning of Period | | 5,978,155,929 | | 4,976,096,132 | | 4,119,901,302 | | | | | |
| | | | | | | | | | | | |
| Additions During Period: | | | | | | | | | | | |
| Acquisitions | | 4,701,785,534 | | 1,130,059,158 | | 1,016,170,863 | | | | | |
| Less amounts allocated to intangible assets that are included in Other Assets on our Consolidated Balance Sheets | | (645,225,410) | | (86,100,036) | | (133,491,909) | | | | | |
| Equipment | | 0 | | 0 | | 14,238 | | | | | |
| Improvements, Etc. | | 7,226,683 | | 4,934,558 | | 2,435,950 | | | | | |
| Other (Leasing Costs and Building Adjustments as a result of net debt premiums) | | 6,997,768 | | 13,081,252 | | 3,286,251 | | | | | |
| | | | | | | | | | | | |
| Total Additions | | 4,070,784,575 | | 1,061,974,932 | | 888,415,393 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
F-71
Table of Contents
REALTY INCOME CORPORATION AND SUBSIDIARIES
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2013
| Deductions During Period: | | | | | | | | | | | |
| Cost of Real Estate sold or disposed of | | 127,218,307 | | 54,223,955 | | 31,383,561 | | | | | |
| Cost of Equipment sold | | 0 | | 0 | | 0 | | | | | |
| Releasing costs | | 251,616 | | 582,705 | | 584,192 | | | | | |
| Other (including Provisions for Impairment) | | 3,400,846 | | 5,108,475 | | 252,810 | | | | | |
| | | | | | | | | | | | |
| Total Deductions | | 130,870,769 | | 59,915,135 | | 32,220,563 | | | | | |
| | | | | | | | | | | | |
| Balance at Close of Period | | 9,918,069,735 | | 5,978,155,929 | | 4,976,096,132 | | | | | |
| | | | | | | | | | | | |
Note 5. | The following is a reconciliation of accumulated depreciation for the years ended: | | | | | | | | | | | |
| | | | | | | | | | | | |
| Balance at Beginning of Period | | 936,019,074 | | 816,087,890 | | 715,023,381 | | | | | |
| | | | | | | | | | | | |
| Additions During Period - Provision for Depreciation | | 242,619,990 | | 135,470,091 | | 113,671,104 | | | | | |
| | | | | | | | | | | | |
| Deductions During Period: | | | | | | | | | | | |
| Accumulated depreciation of real estate and equipment sold or disposed of | | 57,178,670 | | 15,538,907 | | 12,606,595 | | | | | |
| | | | | | | | | | | | |
| Balance at Close of Period | | 1,121,460,394 | | 936,019,074 | | 816,087,890 | | | | | |
| | | | | | | | | | | | |
Note 6. | In 2013, provisions for impairment were recorded on nine Realty Income properties. | | | | | | | | | | | |
| In 2012, provisions for impairment were recorded on ten Realty Income properties. | | | | | | | | | | | |
| In 2011, provisions for impairment were recorded on five Realty Income properties. | | | | | | | | | | | |
| | | | | | | | | | | | |
Note 7. | In accordance with FASB 143 and FASB interpretation No. 47, we recorded in aggregate negative $64,339 in 2013, $30,553 in 2012 and $152,277 in 2011 to two buildings for the fair value of legal obligations to peform asset-retirement activities that are conditional on future events. These two properties are reported in the drug store industry and are located in Girard, PA and Slippery Rock, PA. | | | | | | | | | | | |
| | | | | | | | | | | | |
| See report of independent registered public accounting firm. | | | | | | | | | | | |
F-72
