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Notes Payable (Tables) - Notes and bonds payable | 12 Months Ended
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Dec. 31, 2021
Debt |
Schedule of unsecured notes and bonds | Our senior unsecured notes and bonds consist of the following, sorted by maturity date (in millions):
| Principal Amount (Currency Denomination) |  | Carrying Value (USD) as of
|  |  | December 31, 2021 |  | December 31, 2020
3.250% notes, $450 issued in October 2012 and $500 issued in December 2017, both due in October 2022 (1) | $ | 950 |  |  | $ | — |  |  | $ | 950 |
4.650% notes, issued in July 2013 and due in August 2023 (2) | $ | 750 |  |  | — |  |  | 750 |
4.600% notes, $500 issued February 2014, of which $485 was exchanged in November 2021, both due in February 2024 (3) | $ | 500 |  |  | 500 |  |  | — |
3.875% notes, issued in June 2014 and due in July 2024 | $ | 350 |  |  | 350 |  |  | 350 |
3.875% notes, issued in April 2018 and due in April 2025 | $ | 500 |  |  | 500 |  |  | 500 |
4.625% notes, $550 issued October 2018, of which $544 was exchanged in November 2021, both due in November 2025 (3) | $ | 550 |  |  | 550 |  |  | — |
0.750% notes, issued December 2020 and due in March 2026 | $ | 325 |  |  | 325 |  |  | 325 |
4.875% notes, $600 issued June 2016, of which $596 was exchanged in November 2021, both due in June 2026 (3) | $ | 600 |  |  | 600 |  |  | — |
4.125% notes, $250 issued in September 2014 and $400 issued in March 2017, both due in October 2026 | $ | 650 |  |  | 650 |  |  | 650 |
3.000% notes, issued in October 2016 and due in January 2027 | $ | 600 |  |  | 600 |  |  | 600 |
1.125% notes, issued in July 2021 and due in July 2027 | £ | 400 |  |  | 541 |  |  | — |
3.950% notes, $600 issued August 2017, of which $594 was exchanged in November 2021, both due in August 2027 (3) | $ | 600 |  |  | 600 |  |  | — |
3.650% notes, issued in December 2017 and due in January 2028 | $ | 550 |  |  | 550 |  |  | 550 |
3.400% notes, $600 issued June 2020, of which $598 was exchanged in November 2021, both due in January 2028 (3) | $ | 600 |  |  | 600 |  |  | — |
2.200% notes, $500 issued November 2020, of which $497 was exchanged in November 2021, both due in June 2028 (3) | $ | 500 |  |  | 500 |  |  | — |
3.250% notes, issued in June 2019 and due in June 2029 | $ | 500 |  |  | 500 |  |  | 500 |
3.100% notes, $600 issued December 2019, of which $596 was exchanged in November 2021, both due in December 2029 (3) (4) | $ | 599 |  |  | 599 |  |  | — |
1.625% notes, issued in October 2020 and due December 2030 | £ | 400 |  |  | 541 |  |  | 547 |
3.250% notes, $600 issued in May 2020 and $350 issued in July 2020, both due in January 2031 | $ | 950 |  |  | 950 |  |  | 950 |
2.850% notes, $700 issued November 2020, of which $699 was exchanged in November 2021, both due in December 2032 (3) | $ | 700 |  |  | 700 |  |  | — |
1.800% notes, issued in December 2020 and due in March 2033 | $ | 400 |  |  | 400 |  |  | 400 |
1.750% notes, issued in July 2021 and due in July 2033 | £ | 350 |  |  | 474 |  |  | — |
2.730% notes, issued in May 2019 and due in May 2034 | £ | 315 |  |  | 427 |  |  | 431 |
5.875% bonds, $100 issued in March 2005 and $150 issued in June 2011, both due in March 2035 | $ | 250 |  |  | 250 |  |  | 250 |
4.650% notes, $300 issued in March 2017 and $250 issued in December 2017, both due in March 2047 | $ | 550 |  |  | 550 |  |  | 550 |
Total principal amount |  |  | $ | 12,257 |  |  | $ | 8,303 |
Unamortized net premiums and deferred financing costs |  |  | 243 |  |  | (35) |
|  |  | $ | 12,500 |  |  | $ | 8,268 |
(1)In January 2021, we completed the early redemption of all $950.0 million in principal amount. (2) In December 2021, we completed the early redemption of all $750.0 million in principal amount. (3) In connection with our merger with VEREIT, we completed our debt exchange offer to exchange certain outstanding notes issued by VEREIT on November 9, 2021 for new notes issued by Realty Income. Please refer to Exchange Offers Associated with our Merger with VEREIT below for more details. Prior to the completion of our merger with VEREIT on November 1, 2021, these notes were not the obligation of Realty Income. (4) These notes were originally issued by VEREIT in December of 2019 for the principal amount of $600 million. The amount of Realty Income debt issued through the Exchange Offers was $599 million, resulting from cancellations due to late tenders that forfeited the early participation premium of $30 per $1,000 principal amount and cash paid in lieu of fractional shares.
Schedule of maturity of debt, net | The following table summarizes the maturity of our notes and bonds payable as of December 31, 2021, excluding unamortized net premiums of $295.5 million and deferred financing costs of $53.1 million (in millions):
Year of Maturity |  | Principal
2024 |  | $ | 850 |
2025 |  | 1,050 |
2026 |  | 1,575 |
Thereafter |  | 8,782 |
Totals |  | $ | 12,257 |
Schedule of notes repayment | We have redeemed the following principal amounts (in millions) of certain outstanding notes, prior to their maturity. As a result of these early redemptions, we have recognized the following losses on extinguishment of debt (in millions) recognized in our consolidated statements of income and comprehensive income:
|  |  |  | Loss on Extinguishment of Debt
2021 Repayments |  | Principal Amount (1) |  | Amount of Loss |  | Period Recognized
4.650% notes due August 2023 redeemed in December 2021 |  | $ | 750.0 |  |  | $ | 46.4 |  |  | December 31, 2021
3.250% notes due October 2022 redeemed in January 2021 |  | $ | 950.0 |  |  | $ | 46.5 |  |  | March 31, 2021
2020 Repayments |  |  |  |  |  |
5.750% notes due January 2021 redeemed in January 2020 |  | $ | 250.0 |  |  | $ | 9.8 |  |  | March 31, 2020
(1) The redeemed principal amounts presented exclude the amounts we paid in accrued and unpaid interest..
Schedule of notes and bonds issued during the year | During the three year period ended December 31, 2021 we issued the following notes and bonds (in millions):
2021 Issuances |  | Date of Issuance |  | Maturity Date |  | Principal amount used |  | Price of par value |  | Effective yield to maturity
1.125% notes |  | July 2021 |  | July 2027 |  | £ | 400 |  |  | 99.31 | % |  | 1.24 | %
1.750% notes |  | July 2021 |  | July 2033 |  | £ | 350 |  |  | 99.84 | % |  | 1.76 | %
4.600% notes (1) |  | November 2021 |  | February 2024 |  | $ | 485 |  |  | 100.00 | % |  | 4.60 | %
4.625% notes (1) |  | November 2021 |  | November 2025 |  | $ | 544 |  |  | 100.00 | % |  | 4.63 | %
4.875% notes (1) |  | November 2021 |  | June 2026 |  | $ | 596 |  |  | 100.00 | % |  | 4.88 | %
3.950% notes (1) |  | November 2021 |  | August 2027 |  | $ | 594 |  |  | 100.00 | % |  | 3.95 | %
3.400% notes (1) |  | November 2021 |  | January 2028 |  | $ | 598 |  |  | 100.00 | % |  | 3.40 | %
2.200% notes (1) |  | November 2021 |  | June 2028 |  | $ | 497 |  |  | 100.00 | % |  | 2.20 | %
3.100% notes (1) |  | November 2021 |  | December 2029 |  | $ | 596 |  |  | 100.00 | % |  | 3.10 | %
2.850% notes (1) |  | November 2021 |  | December 2032 |  | $ | 699 |  |  | 100.00 | % |  | 2.85 | %
2020 Issuances |  | Date of Issuance |  | Maturity Date |  | Principal amount used |  | Price of par value |  | Effective yield to maturity
3.250% notes (2) |  | May 2020 |  | January 2031 |  | $ | 600 |  |  | 98.99 | % |  | 3.36 | %
3.250% notes (2) |  | July 2020 |  | January 2031 |  | $ | 350 |  |  | 108.24 | % |  | 2.34 | %
1.625% notes |  | October 2020 |  | December 2030 |  | £ | 400 |  |  | 99.19 | % |  | 1.71 | %
0.750% notes |  | December 2020 |  | March 2026 |  | $ | 325 |  |  | 99.19 | % |  | 0.91 | %
1.800% notes |  | December 2020 |  | March 2033 |  | $ | 400 |  |  | 98.47 | % |  | 1.94 | %
2019 Issuances |  | Date of Issuance |  | Maturity Date |  | Principal amount used |  | Price of par value |  | Effective yield to maturity
2.730% notes |  | May 2019 |  | May 2034 |  | £ | 315 |  |  | 100.00 | % |  | 2.73 | %
3.250% notes |  | June 2019 |  | June 2029 |  | $ | 500 |  |  | 99.36 | % |  | 3.33 | %
(1) In connection with our merger with VEREIT, we completed our debt exchange offer to exchange all outstanding notes issued by VEREIT OP on November 9, 2021 for new notes issued by Realty Income, pursuant to which approximately 99.2% of the outstanding notes issued by VEREIT OP were exchanged. We issued $1,000 principal amount of Realty Notes for each validly tendered VEREIT Notes with $1,000 principal amount. For this reason, we denote our “Price of par value” as 100%. Prior to the completion of our merger with VEREIT on November 1, 2021, these notes were not the obligation of Realty Income. With respect to the notes originally issued by VEREIT OP that remained outstanding, we amended the indenture governing such notes to, among other things, eliminate substantially all of the restrictive covenants in such indenture. Additional details regarding the exchange offers are provided in the Exchange Offers Associated with our Merger with VEREIT section below. (2) In July 2020, we issued $350.0 million of 3.250% senior unsecured notes due January 2031 (the "2031 Notes"), which constituted a further issuance of, and formed a single series with, the $600.0 million of 2031 Notes issued in May 2020.
Schedule of exchange offers associated with merger | As part of our merger with VEREIT, Realty Income exchanged the following notes issued by VEREIT OP with notes of identical terms issued by Realty Income (in millions):
Series of VEREIT Notes | Tenders and Consents Received as of the Expiration Date (1) |  | Percentage of Total Outstanding Principal Amount of Such Series of VEREIT Notes
4.600% Notes due 2024 | $485 |  | 97.06%
4.625% Notes due 2025 | $544 |  | 98.95%
4.875% Notes due 2026 | $596 |  | 99.29%
3.950% Notes due 2027 | $594 |  | 99.02%
3.400% Notes due January 2028 | $598 |  | 99.66%
2.200% Notes due June 2028 | $497 |  | 99.42%
3.100% Notes due 2029 | $597 |  | 99.48%
2.850% Notes due 2032 | $700 |  | 99.93%
(1) The amount of VEREIT notes exchanged are higher than the amount that Realty Income issued as a result of cancellations due to late tenders that forfeited the early participation premium of $30 per $1,000 principal amount and cash paid in lieu of fractional shares.

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