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v3.24.3

Notes Payable (Tables) - Notes and bonds payable | 9 Months Ended
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Sep. 30, 2024
Debt |
Schedule of Unsecured Notes and Bonds | At September 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, (iii) issuances of common stock, debt, or other securities offerings, (iv) additional borrowings under our revolving credit facility, (v) short term loans, and (vi) asset 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
|  |  |  | September 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 |
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 |  |  | 335,075 |  |  | 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 |  |  | 536,120 |  |  | 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 |
|  | Maturity Dates |  | Principal (Currency Denomination) |  | Carrying Value (USD) as of
|  |  |  | September 30, 2024 |  | December 31, 2023
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 |  |  | — |
5.000% Notes due 2029 (2) |  | October 15, 2029 |  | £ | 350,000 |  |  | 469,105 |  |  | — |
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 |  |  | 187,642 |  |  | 178,332 |
4.875% Notes due 2030 (2) |  | July 6, 2030 |  | € | 550,000 |  |  | 613,415 |  |  | 607,915 |
1.625% Notes due 2030 (2) |  | December 15, 2030 |  | £ | 400,000 |  |  | 536,120 |  |  | 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 |  |  | 402,090 |  |  | 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 |  |  | 462,404 |  |  | 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 |  |  | 469,105 |  |  | 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 |  |  | 422,194 |  |  | 401,247 |
5.125% Notes due 2034 (2) |  | July 6, 2034 |  | € | 550,000 |  |  | 613,415 |  |  | 607,915 |
5.875% Bonds due 2035 |  | March 15, 2035 |  | $ | 250,000 |  |  | 250,000 |  |  | 250,000 |
3.390% Notes due 2037 |  | June 30, 2037 |  | £ | 115,000 |  |  | 154,135 |  |  | 146,487 |
6.000% Notes due 2039 (2) |  | December 5, 2039 |  | £ | 450,000 |  |  | 603,135 |  |  | 573,210 |
5.250% Notes due 2041 (2) |  | September 4, 2041 |  | £ | 350,000 |  |  | 469,105 |  |  | — |
2.500% Notes due 2042 (2) |  | January 14, 2042 |  | £ | 250,000 |  |  | 335,075 |  |  | 318,450 |
4.650% Notes due 2047 |  | March 15, 2047 |  | $ | 550,000 |  |  | 550,000 |  |  | 550,000 |
5.375% Notes due 2054 |  | September 1, 2054 |  | $ | 500,000 |  |  | 500,000 |  |  | — |
Total principal amount |  | $ | 23,381,663 |  |  | $ | 18,562,064 |
Unamortized net (discounts) premiums, deferred financing costs, and cumulative basis adjustment on fair value hedges (3) |  | (289,447) |  |  | 40,255 |
|  |  |  |  |  | $ | 23,092,216 |  |  | $ | 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.
Schedule of Maturity of Debt, Net | The following table summarizes the maturity of our notes and bonds payable as of September 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 |  | $ | — |
2025 |  | 1,050.0 |
2026 |  | 2,375.0 |
2027 |  | 2,371.1 |
2028 |  | 2,499.8 |
Thereafter |  | 15,085.8 |
Totals |  | $ | 23,381.7 |
Schedule of Note Issuances | During the nine months ended September 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 | %
5.375% Notes |  | August 2024 |  | September 2054 |  | $ | 500.0 |  |  | 98.37 | % |  | 5.486 | %
5.000% Notes |  | September 2024 |  | October 2029 |  | £ | 350.0 |  |  | 99.14 | % |  | 5.199 | %
5.250% Notes |  | September 2024 |  | September 2041 |  | £ | 350.0 |  |  | 96.21 | % |  | 5.601 | %
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%

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