XML 41 R31.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Notes Payable (Tables) - Notes and bonds payable | 9 Months Ended
--- | ---
Sep. 30, 2022
Debt |
Schedule of unsecured notes and bonds | Our senior unsecured notes and bonds are U.S. dollar denominated and Sterling denominated. Foreign denominated notes are converted at the applicable exchange rate on the balance sheet date. The following are sorted by maturity date (in millions):
| Principal Amount (Currency Denomination) |  | Carrying Value (USD) as of
|  |  | September 30, 2022 |  | December 31, 2021
4.600% notes, $500 issued February 2014, of which $485 was exchanged in November 2021, both due in February 2024 (1) | $ | 500 |  |  | $ | 500 |  |  | $ | 500 |
3.875% notes, issued in June 2014 and due in July 2024 | $ | 350 |  |  | 350 |  |  | 350 |
3.875% notes, issued in April 2018 and due in April 2025 | $ | 500 |  |  | 500 |  |  | 500 |
4.625% notes, $550 issued October 2018, of which $544 was exchanged in November 2021, both due in November 2025 (1) | $ | 550 |  |  | 550 |  |  | 550 |
0.750% notes, issued December 2020 and due in March 2026 | $ | 325 |  |  | 325 |  |  | 325 |
4.875% notes, $600 issued June 2016, of which $596 was exchanged in November 2021, both due in June 2026 (1) | $ | 600 |  |  | 600 |  |  | 600 |
4.125% notes, $250 issued in September 2014 and $400 issued in March 2017, both due in October 2026 | $ | 650 |  |  | 650 |  |  | 650 |
1.875% notes, issued in January 2022 and due in January 2027 | £ | 250 |  |  | 279 |  |  | — |
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 |  |  | 446 |  |  | 541 |
3.950% notes, $600 issued August 2017, of which $594 was exchanged in November 2021, both due in August 2027 (1) | $ | 600 |  |  | 600 |  |  | 600 |
3.650% notes, issued in December 2017 and due in January 2028 | $ | 550 |  |  | 550 |  |  | 550 |
3.400% notes, $600 issued June 2020, of which $598 was exchanged in November 2021, both due in January 2028 (1) | $ | 600 |  |  | 600 |  |  | 600 |
2.200% notes, $500 issued November 2020, of which $497 was exchanged in November 2021, both due in June 2028 (1) | $ | 500 |  |  | 500 |  |  | 500 |
3.250% notes, issued in June 2019 and due in June 2029 | $ | 500 |  |  | 500 |  |  | 500 |
3.100% notes, $600 issued December 2019, of which $596 was exchanged in November 2021, both due in December 2029 (1)(2) | $ | 599 |  |  | 599 |  |  | 599 |
3.160% notes, issued in June 2022 and due in June 2030 | £ | 140 |  |  | 156 |  |  | — |
1.625% notes, issued in October 2020 and due December 2030 | £ | 400 |  |  | 446 |  |  | 541 |
3.250% notes, $600 issued in May 2020 and $350 issued in July 2020, both due in January 2031 | $ | 950 |  |  | 950 |  |  | 950 |
3.180% notes, issued in June 2022 and due in June 2032 | £ | 345 |  |  | 384 |  |  | — |
2.850% notes, $700 issued November 2020, of which $699 was exchanged in November 2021, both due in December 2032 (1) | $ | 700 |  |  | 700 |  |  | 700 |
1.800% notes, issued in December 2020 and due in March 2033 | $ | 400 |  |  | 400 |  |  | 400 |
1.750% notes, issued in July 2021 and due in July 2033 | £ | 350 |  |  | 390 |  |  | 474 |
2.730% notes, issued in May 2019 and due in May 2034 | £ | 315 |  |  | 350 |  |  | 427 |
5.875% bonds, $100 issued in March 2005 and $150 issued in June 2011, both due in March 2035 | $ | 250 |  |  | 250 |  |  | 250 |
3.390% notes, issued in June 2022 and due in June 2037 | £ | 115 |  |  | 128 |  | — |
2.500% notes, issued in January 2022 and due in January 2042 | £ | 250 |  |  | 279 |  |  | — |
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 |  |  | $ | 13,132 |  |  | $ | 12,257 |
Unamortized net premiums and deferred financing costs |  |  | 184 |  |  | 243 |
|  |  | $ | 13,316 |  |  | $ | 12,500 |
(1) Carrying Value (USD) includes the portion of the VEREIT OP notes that remained outstanding, totaling $39.1 million in the aggregate at each of September 30, 2022, and December 31, 2021, that were not exchanged in the exchange offers commenced by us with respect to the outstanding bonds of VEREIT OP in connection with the consummation of the merger with VEREIT (the "Exchange Offers"). (2) These notes were originally issued by VEREIT OP in December of 2019 for the principal amount of $600 million. The amount of Realty Income debt issued through the Exchange Offers was $599 million, resulting from cancellations due to late tenders that forfeited the early participation premium of $30 per $1,000 principal amount and cash paid in lieu of fractional shares.
Schedule of maturity of debt, net | The following table summarizes the maturity of our notes and bonds payable as of September 30, 2022, excluding net unamortized premiums of $241.3 million and deferred financing costs of $56.6 million (dollars in millions):
Year of Maturity |  | Principal
2024 |  | $ | 850 |
2025 |  | 1,050 |
2026 |  | 1,575 |
Thereafter |  | 9,657 |
Totals |  | $ | 13,132 |
Schedule of note issuances | During the nine months ended September 30, 2022 and 2021, we issued the following notes and bonds (in millions):
2022 Issuances | Date of Issuance |  | Maturity Date |  | Principal amount used |  | Price of par value |  | Effective yield to maturity
1.875% Notes | January 2022 |  | January 2027 |  | £ | 250 |  |  | 99.487 | % |  | 1.974 | %
2.500% Notes | January 2022 |  | January 2042 |  | £ | 250 |  |  | 98.445 | % |  | 2.584 | %
3.160% Notes | June 2022 |  | June 2030 |  | £ | 140 |  |  | 100.000 | % |  | 3.160 | %
3.180% Notes | June 2022 |  | June 2032 |  | £ | 345 |  |  | 100.000 | % |  | 3.180 | %
3.390% Notes | June 2022 |  | June 2037 |  | £ | 115 |  |  | 100.000 | % |  | 3.390 | %
2021 Issuances | Date of Issuance |  | Maturity Date |  | Principal amount used |  | Price of par value |  | Effective yield to maturity
1.125% Notes | July 2021 |  | July 2027 |  | £ | 400 |  |  | 99.305 | % |  | 1.242 | %
1.750% Notes | July 2021 |  | July 2033 |  | £ | 350 |  |  | 99.842 | % |  | 1.757 | %

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_DebtInstrumentLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69B -URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69E -URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21521-112644 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_LongtermDebtTypeAxis=us-gaap_NotesPayableToBanksMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |