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Common Stock Incentive Plan (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Nonvested Restricted Stock Activity | The following table summarizes our common stock grant activity:
|  | 2023 |  | 2022 |  | 2021
|  | Number of shares |  | Weighted average price (1) |  | Number of shares |  | Weighted average price (1) |  | Number of shares |  | Weighted average price (1)
Outstanding nonvested shares, beginning of year |  | 242,660 |  |  | $ | 67.12 |  |  | 212,630 |  |  | $ | 65.20 |  |  | 219,482 |  |  | $ | 63.69 |
Shares granted (2) |  | 222,511 |  |  | $ | 65.40 |  |  | 156,274 |  |  | $ | 67.37 |  |  | 133,052 |  |  | $ | 64.27 |
Shares vested |  | (110,634) |  |  | $ | 61.28 |  |  | (118,160) |  |  | $ | 63.95 |  |  | (124,505) |  |  | $ | 61.57 |
Shares forfeited |  | (7,486) |  |  | $ | 66.91 |  |  | (8,084) |  |  | $ | 67.78 |  |  | (15,399) |  |  | $ | 65.09 |
Outstanding nonvested shares, end of each period |  | 347,051 |  |  | $ | 67.89 |  |  | 242,660 |  |  | $ | 67.12 |  |  | 212,630 |  |  | $ | 65.20 |
(1) Grant date fair value. (2) Our restricted stock awards granted to employees vest over a service periods not exceeding four-years. Additionally effective November 1, 2022, and applied retroactively for all outstanding awards, we have a retirement provision whereby the vesting date for eligible participants is accelerated based on certain criteria.
Schedule of Nonvested Restricted Stock Units Activity | During 2023, 2022 and 2021, and in connection with our merger with VEREIT Inc., we also granted restricted stock units that primarily vest over service periods of three or four-years and have the same economic rights as shares of restricted stock:
|  | 2023 |  | 2022 |  | 2021
|  | Number of restricted stock units |  | Weighted average price (1) |  | Number of restricted stock units |  | Weighted average price (1) |  | Number of restricted stock units |  | Weighted average price (1)
Outstanding nonvested shares, beginning of year |  | 58,513 |  |  | $ | 67.91 |  |  | 67,367 |  |  | $ | 69.69 |  |  | 18,670 |  |  | $ | 70.38 |
Equitable adjustment - Orion Divestiture (2) |  | — |  |  |  |  | — |  |  |  |  | 109 |  |  |
Shares granted |  | 15,065 |  |  | $ | 66.41 |  |  | 24,820 |  |  | $ | 66.82 |  |  | 71,956 |  |  | $ | 68.96 |
Shares vested |  | (29,492) |  |  | $ | 70.30 |  |  | (26,917) |  |  | $ | 70.55 |  |  | (23,368) |  |  | $ | 66.96 |
Shares forfeited |  | (1,474) |  |  | $ | 71.02 |  |  | (6,757) |  |  | $ | 71.14 |  |  | — |  |  |
Outstanding nonvested shares, end of each period |  | 42,612 |  |  | $ | 65.62 |  |  | 58,513 |  |  | $ | 67.91 |  |  | 67,367 |  |  | $ | 69.69 |
(1) Grant date fair value. (2) Effective with the Orion Divestiture on November 12, 2021, outstanding equity awards were adjusted by a conversion ratio of 1.002342 per one Realty Income share then held. The following table summarizes our performance share grant activity, inclusive of annual performance shares and the one-time performance shares related to the merger with VEREIT:
|  | 2023 |  | 2022 |  | 2021
|  | Number of performance shares |  | Weighted average price (1) |  | Number of performance shares |  | Weighted average price (1) |  | Number of performance shares |  | Weighted average price (1)
Outstanding nonvested shares, beginning of year |  | 470,880 |  |  | $ | 73.37 |  |  | 388,139 |  |  | $ | 68.09 |  |  | 291,759 |  |  | $ | 69.73 |
Equitable adjustment - Orion Divestiture (2) |  | — |  |  |  |  | — |  |  |  |  | 752 |  |  |
Shares granted |  | 215,040 |  |  | $ | 73.32 |  |  | 174,940 |  |  | $ | 77.73 |  |  | 257,149 |  |  | $ | 64.18 |
Shares vested |  | (124,151) |  |  | $ | 76.59 |  |  | (74,247) |  |  | $ | 59.62 |  |  | (109,113) |  |  | $ | 62.52 |
Shares forfeited |  | — |  |  | $ | — |  |  | (17,952) |  |  | $ | 58.59 |  |  | (52,408) |  |  | $ | 65.83 |
Outstanding nonvested shares, end of each period |  | 561,769 |  |  | $ | 72.64 |  |  | 470,880 |  |  | $ | 73.37 |  |  | 388,139 |  |  | $ | 68.09 |
(1) Grant date fair value. (2) Effective with the Orion Divestiture on November 12, 2021, outstanding equity awards were adjusted by a conversion ratio of 1.002342 per one Realty Income share then held.
Schedule of Number of Performance Shares that Vest Based on the Achievement of Performance Goals | The number of performance shares that vest for each of the three years is based on the achievement of the following performance goals:
|  | Weighting for year granted
Annual Performance Awards Metrics |  | 2023 |  | 2022 |  | 2021
Total shareholder return (“TSR”) ranking relative to MSCI US REIT Index |  | 55 | % |  | 55 | % |  | 70 | %
Dividend per share growth rate |  | 20 | % |  | 20 | % |  | 15 | %
Net Debt-to-Pro Forma Adjusted EBITDA re Ratio |  | 25 | % |  | 25 | % |  | N/A
Net Debt-to-Adjusted EBITDA re Ratio |  | N/A |  | N/A |  | 15 | %

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- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (c) -Paragraph 2 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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