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Notes Payable | 6 Months Ended
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Jun. 30, 2024
Debt |
Debt | Mortgages Payable During the six months ended June 30, 2024, we made $622.4 million in principal payments, including the full repayment of two mortgages for $620.0 million. No mortgages were assumed during the six months ended June 30, 2024. Assumed mortgages are secured by the properties on which the debt was placed and are considered non-recourse debt with limited customary exceptions which vary from loan to loan. Our mortgages contain customary covenants, such as limiting our ability to further mortgage each applicable property or to discontinue insurance coverage without the prior consent of the lender. At June 30, 2024, we were in compliance with these covenants. The balance of our deferred financing costs, which are classified as part of 'Mortgages payable, net', on our consolidated balance sheets, was $0.3 million at June 30, 2024 and $0.4 million at December 31, 2023. These costs are being amortized over the remaining term of each mortgage. The following table summarizes our mortgages payable as of June 30, 2024 and December 31, 2023 (dollars in millions):
As Of | Number of Properties (1) |  | Weighted Average Stated Interest Rate (2) |  | Weighted Average Effective Interest Rate (3) |  | Weighted Average Remaining Years Until Maturity |  | Remaining Principal Balance |  | Unamortized Premium (Discount) and Deferred Financing Costs Balance, net |  | Mortgage Payable Balance
June 30, 2024 | 49 |  | 4.3 | % |  | 4.6 | % |  | 1.1 |  | $ | 199.8 |  |  | $ | (0.7) |  |  | $ | 199.0 |
December 31, 2023 | 131 |  | 4.8 | % |  | 3.3 | % |  | 0.4 |  | $ | 822.4 |  |  | $ | (0.8) |  |  | $ | 821.6 |
(1)At June 30, 2024, there were 14 mortgages on 49 properties and at December 31, 2023, there were 16 mortgages on 131 properties. With the exception of one GBP-denominated mortgage which is paid quarterly, the mortgages require monthly payments with principal payments due at maturity. At June 30, 2024 and December 31, 2023, all mortgages were at fixed interest rates. (2) Stated interest rates ranged from 3.0% to 6.9% at June 30, 2024 and December 31, 2023, respectively. (3) Effective interest rates ranged from 2.8% to 6.6% and 0.5% to 6.6% at June 30, 2024 and December 31, 2023, respectively. The following table summarizes the maturity of mortgages payable as of June 30, 2024, excluding $0.7 million related to unamortized net discounts and deferred financing costs (dollars in millions):
Year of Maturity |  | Principal
2024 |  | $ | 118.1
2025 |  | 43.7
2026 |  | 12.0
2027 |  | 22.3
2028 |  | 1.3
Thereafter |  | 2.4
Totals |  | $ | 199.8
Notes Payable |
Debt |
Debt | Notes Payable A. General At June 30, 2024, our senior unsecured notes and bonds are USD-denominated, GBP-denominated, and EUR-denominated. Foreign-denominated notes are converted at the applicable exchange rate on the balance sheet date. The carrying value within the table below includes a portion of certain outstanding notes that have been assumed in both current and historical mergers that were not exchanged for new notes issued by Realty Income. We expect to fund the next twelve months of obligations through a combination of the following: (i) cash and cash equivalents, (ii) future cash flows from operations, (ii) issuances of common stock or debt, (iv) additional borrowings under our revolving credit facility and (v) investment dispositions and/or credit investment repayments. The following are sorted by maturity date (in thousands):
|  | Maturity Dates |  | Principal (Currency Denomination) |  | Carrying Value (USD) as of
|  |  |  | June 30, 2024 |  | December 31, 2023
4.600% Notes due 2024 |  | February 6, 2024 |  | $ | 499,999 |  |  | $ | — |  |  | $ | 499,999 |
3.875% Notes due 2024 |  | July 15, 2024 |  | $ | 350,000 |  |  | 350,000 |  |  | 350,000 |
3.875% Notes due 2025 |  | April 15, 2025 |  | $ | 500,000 |  |  | 500,000 |  |  | 500,000 |
4.625% Notes due 2025 |  | November 1, 2025 |  | $ | 549,997 |  |  | 549,997 |  |  | 549,997 |
5.050% Notes due 2026 |  | January 13, 2026 |  | $ | 500,000 |  |  | 500,000 |  |  | 500,000 |
0.750% Notes due 2026 |  | March 15, 2026 |  | $ | 325,000 |  |  | 325,000 |  |  | 325,000 |
4.875% Notes due 2026 |  | June 1, 2026 |  | $ | 599,997 |  |  | 599,997 |  |  | 599,997 |
4.450% Notes due 2026 (1) |  | September 15, 2026 |  | $ | 299,968 |  |  | 299,968 |  |  | — |
4.125% Notes due 2026 |  | October 15, 2026 |  | $ | 650,000 |  |  | 650,000 |  |  | 650,000 |
1.875% Notes due 2027 (2) |  | January 14, 2027 |  | £ | 250,000 |  |  | 315,950 |  |  | 318,450 |
3.000% Notes due 2027 |  | January 15, 2027 |  | $ | 600,000 |  |  | 600,000 |  |  | 600,000 |
3.200% Notes due 2027 (1) |  | January 15, 2027 |  | $ | 299,984 |  |  | 299,984 |  |  | — |
1.125% Notes due 2027 (2) |  | July 13, 2027 |  | £ | 400,000 |  |  | 505,520 |  |  | 509,520 |
3.950% Notes due 2027 |  | August 15, 2027 |  | $ | 599,873 |  |  | 599,873 |  |  | 599,873 |
3.650% Notes due 2028 |  | January 15, 2028 |  | $ | 550,000 |  |  | 550,000 |  |  | 550,000 |
3.400% Notes due 2028 |  | January 15, 2028 |  | $ | 599,816 |  |  | 599,816 |  |  | 599,816 |
2.100% Notes due 2028 (1) |  | March 15, 2028 |  | $ | 449,994 |  |  | 449,994 |  |  | — |
2.200% Notes due 2028 |  | June 15, 2028 |  | $ | 499,959 |  |  | 499,959 |  |  | 499,959 |
4.700% Notes due 2028 |  | December 15, 2028 |  | $ | 400,000 |  |  | 400,000 |  |  | 400,000 |
4.750% Notes due 2029 |  | February 15, 2029 |  | $ | 450,000 |  |  | 450,000 |  |  | — |
3.250% Notes due 2029 |  | June 15, 2029 |  | $ | 500,000 |  |  | 500,000 |  |  | 500,000 |
4.000% Notes due 2029 (1) |  | July 15, 2029 |  | $ | 399,999 |  |  | 399,999 |  |  | — |
3.100% Notes due 2029 |  | December 15, 2029 |  | $ | 599,291 |  |  | 599,291 |  |  | 599,291 |
3.400% Notes due 2030 (1) |  | January 15, 2030 |  | $ | 500,000 |  |  | 500,000 |  |  | — |
4.850% Notes due 2030 |  | March 15, 2030 |  | $ | 600,000 |  |  | 600,000 |  |  | 600,000 |
3.160% Notes due 2030 |  | June 30, 2030 |  | £ | 140,000 |  |  | 176,932 |  |  | 178,332 |
4.875% Notes due 2030 (2) |  | July 6, 2030 |  | € | 550,000 |  |  | 589,325 |  |  | 607,915 |
1.625% Notes due 2030 (2) |  | December 15, 2030 |  | £ | 400,000 |  |  | 505,520 |  |  | 509,520 |
3.250% Notes due 2031 |  | January 15, 2031 |  | $ | 950,000 |  |  | 950,000 |  |  | 950,000 |
3.200% Notes due 2031 (1) |  | February 15, 2031 |  | $ | 449,995 |  |  | 449,995 |  |  | — |
5.750% Notes due 2031 (2) |  | December 5, 2031 |  | £ | 300,000 |  |  | 379,140 |  |  | 382,140 |
2.700% Notes due 2032 (1) |  | February 15, 2032 |  | $ | 350,000 |  |  | 350,000 |  |  | — |
3.180% Notes due 2032 |  | June 30, 2032 |  | £ | 345,000 |  |  | 436,011 |  |  | 439,461 |
5.625% Notes due 2032 |  | October 13, 2032 |  | $ | 750,000 |  |  | 750,000 |  |  | 750,000 |
2.850% Notes due 2032 |  | December 15, 2032 |  | $ | 699,655 |  |  | 699,655 |  |  | 699,655 |
1.800% Notes due 2033 |  | March 15, 2033 |  | $ | 400,000 |  |  | 400,000 |  |  | 400,000 |
1.750% Notes due 2033 (2) |  | July 13, 2033 |  | £ | 350,000 |  |  | 442,330 |  |  | 445,830 |
4.900% Notes due 2033 |  | July 15, 2033 |  | $ | 600,000 |  |  | 600,000 |  |  | 600,000 |
5.125% Notes due 2034 |  | February 15, 2034 |  | $ | 800,000 |  |  | 800,000 |  |  | — |
2.730% Notes due 2034 |  | May 20, 2034 |  | £ | 315,000 |  |  | 398,097 |  |  | 401,247 |
5.125% Notes due 2034 (2) |  | July 6, 2034 |  | € | 550,000 |  |  | 589,325 |  |  | 607,915 |
5.875% Bonds due 2035 |  | March 15, 2035 |  | $ | 250,000 |  |  | 250,000 |  |  | 250,000 |
|  | Maturity Dates |  | Principal (Currency Denomination) |  | Carrying Value (USD) as of
|  |  |  | June 30, 2024 |  | December 31, 2023
3.390% Notes due 2037 |  | June 30, 2037 |  | £ | 115,000 |  |  | 145,337 |  |  | 146,487 |
6.000% Notes due 2039 (2) |  | December 5, 2039 |  | £ | 450,000 |  |  | 568,710 |  |  | 573,210 |
2.500% Notes due 2042 (2) |  | January 14, 2042 |  | £ | 250,000 |  |  | 315,950 |  |  | 318,450 |
4.650% Notes due 2047 |  | March 15, 2047 |  | $ | 550,000 |  |  | 550,000 |  |  | 550,000 |
Total principal amount |  | $ | 21,991,675 |  |  | $ | 18,562,064 |
Unamortized net (discounts) premiums, deferred financing costs, and cumulative basis adjustment on fair value hedges (3) |  | (250,069) |  |  | 40,255 |
|  |  |  |  |  | $ | 21,741,606 |  |  | $ | 18,602,319 |
(1) In connection with our merger with Spirit, we completed our debt exchange offer to exchange all outstanding notes issued by Spirit Realty, L.P. ("Spirit OP") on January 23, 2024 for new notes issued by Realty Income. Prior to the completion of our merger with Spirit on January 23, 2024, these notes were not the obligation of Realty Income. Additional details regarding the exchange offers are provided in the Note Exchange Offers Associated with our Merger with Spirit section below. (2) Interest paid annually. Interest on the remaining senior unsecured notes and bond obligations included in the table is paid semi-annually. (3) As a result of our merger with Spirit, the carrying values of the senior notes exchanged were adjusted to fair value. In conjunction with the pricing of our senior unsecured notes due January 2026, we entered into three-year, fixed-to-variable interest rate swaps, which are accounted for as fair value hedges. See note 13, Derivative Instruments for further details. The following table summarizes the maturity of our notes and bonds payable as of June 30, 2024, excluding unamortized net discounts, deferred financing costs, and basis adjustments on interest rate swaps designated as fair value hedges (dollars in millions):
Year of Maturity |  | Principal
2024 |  | $ | 350.0 |
2025 |  | 1,050.0 |
2026 |  | 2,375.0 |
2027 |  | 2,321.3 |
2028 |  | 2,499.8 |
Thereafter |  | 13,395.6 |
Totals |  | $ | 21,991.7 |
In July 2024, we repaid $350.0 million of outstanding 3.875% senior unsecured notes, plus accrued and unpaid interest, upon maturity. As of June 30, 2024, the weighted average interest rate on our notes and bonds payable was 3.8%, and the weighted average remaining years until maturity was 6.3 years. Interest incurred on all of the notes and bonds was $206.1 million and $144.1 million for the three months ended June 30, 2024, and 2023, respectively, and $406.6 million and $274.4 million for the six months ended June 30, 2024, and 2023, respectively. Our outstanding notes and bonds are unsecured; accordingly, we have not pledged any assets as collateral for these or any other obligations. All of these notes and bonds contain various covenants, including: (i) a limitation on incurrence of any debt which would cause our debt to total adjusted assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause our secured debt to total adjusted assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause our debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of our outstanding unsecured debt. At June 30, 2024, we were in compliance with these covenants. B. Note Issuances During the six months ended June 30, 2024, we issued the following notes and bonds (in millions):
2024 Issuances |  | Date of Issuance |  | Maturity Date |  | Principal amount |  | Price of par value |  | Effective yield to maturity
4.750% Notes |  | January 2024 |  | February 2029 |  | $ | 450.0 |  |  | 99.23 | % |  | 4.923 | %
5.125% Notes |  | January 2024 |  | February 2034 |  | $ | 800.0 |  |  | 98.91 | % |  | 5.265 | %
C. Note Exchange Offers Associated with our Merger with Spirit As part of our merger with Spirit, Realty Income exchanged the following notes issued by Spirit OP, a wholly owned subsidiary of the Company with notes of identical terms issued by Realty Income (in millions):
Series of Spirit Notes |  | Tenders and Consents Received as of the Expiration Date |  | Percentage of Total Outstanding Principal Amount of Such Series of Spirit Notes
4.450% Notes due September 2026 |  | $291.7 |  | 97.24%
3.200% Notes due January 2027 |  | $292.7 |  | 97.56%
2.100% Notes due March 2028 |  | $443.8 |  | 98.62%
4.000% Notes due July 2029 |  | $391.7 |  | 97.93%
3.400% Notes due January 2030 |  | $484.5 |  | 96.91%
3.200% Notes due February 2031 |  | $445.0 |  | 98.90%
2.700% Notes due February 2032 |  | $347.6 |  | 99.31%
To induce holders of the Spirit OP notes to participate in the exchange, Realty Income offered noteholders electing to exchange their notes a cash payment equal to 10 basis points of the note principal amount held. Across the various note classes, Realty Income had a success rate of approximately 98.1% on the exchange, resulting in a cash payment of $2.7 million to participating noteholders. The exchange was accounted for as a modification of the existing Spirit OP notes assumed in our merger with Spirit. The interest rate, interest payment dates, redemption terms and maturity of each series of Realty Income notes issued by Realty Income in the exchange offers were the same as those of the corresponding series of Spirit notes exchanged. With respect to the notes originally issued by Spirit OP that remained outstanding, we amended the indenture governing such notes to, among other things, eliminate substantially all of the restrictive covenants in such indenture.

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