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Series A Preferred Stock | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Series A Preferred Stock | Stockholders' Equity A.Common Stock We pay monthly distributions to our common stockholders. The following is a summary of monthly distributions paid per common share for the periods indicated below:
| Nine months ended September 30, |  |
Month | 2024 |  | 2023 |  |
January | $ | 0.2565 |  | $ | 0.2485 |  |  |
February | 0.2565 |  | 0.2485 |  |  |
March | 0.2565 |  | 0.2545 |  |  |
April | 0.2570 |  | 0.2550 |  |  |
May | 0.2570 |  | 0.2550 |  |  |
June | 0.2625 |  |  | 0.2550 |  |  |
July | 0.2630 |  |  | 0.2555 |  |  |
August | 0.2630 |  |  | 0.2555 |  |  |
September | 0.2630 |  |  | 0.2555 |  |  |
Total | $ | 2.3350 |  |  | $ | 2.2830 |  |  |
At September 30, 2024, a distribution of $0.2635 per common share was payable and was paid in October 2024. B. At-the-Market ("ATM") Program Under our current ATM program, which we entered into in August 2023, we may offer and sell up to 120.0 million shares of common stock (1) by us to, or through, a consortium of banks acting as our sales agents or (2) by a consortium of banks acting as forward sellers on behalf of any forward purchasers contemplated thereunder, in each case by means of ordinary brokers' transactions on the NYSE under the ticker symbol "O" at prevailing market prices or at negotiated prices. Upon settlement, subject to certain exceptions, we may elect, in our sole discretion, to cash settle or net share settle all or any portion of our obligations under any forward sale agreement, in which cases we may not receive any proceeds (in the case of cash settlement) or will not receive any proceeds (in the case of net share settlement), and we may owe cash (in the case of cash settlement) or shares of our common stock (in the case of net share settlement) to the relevant forward purchaser. As of September 30, 2024, we had 56.7 million shares remaining for future issuance under our ATM program. We anticipate maintaining the availability of our ATM program in the future, including the replenishment of authorized shares issuable thereunder. The following table outlines common stock issuances pursuant to our ATM programs (dollars in millions, shares in thousands):
| Three months ended September 30, |  | Nine months ended September 30, |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Shares of common stock issued under the ATM program (1) | 4,309 |  | 15,070 |  | 13,913 |  | 63,210 |  |
Gross proceeds | $ | 268.4 |  |  | $ | 883.0 |  |  | $ | 815.3 |  |  | $ | 3,880.4 |  |  |
Sales agents' commissions and other offering expenses | (1.8) |  |  | (9.7) |  |  | (5.4) |  |  | (30.4) |  |  |
Net proceeds | $ | 266.6 |  |  | $ | 873.3 |  |  | $ | 809.9 |  |  | $ | 3,850.0 |  |  |
(1) During the three and nine months ended September 30, 2024, 16.5 million and 24.6 million shares were sold, respectively, and 4.3 million and 13.9 million and shares were settled pursuant to forward sale confirmations. In addition, as of September 30, 2024, 16.8 million shares of common stock subject to forward sale confirmations have been executed, but not settled, at a weighted average initial gross price of $57.58 per share. We currently expect to fully settle forward sale agreements outstanding by December 31, 2024, representing $958.1 million in net proceeds, for which the weighted average forward price at September 30, 2024 was $56.88 per share. C. Dividend Reinvestment and Stock Purchase Plan ("DRSPP") Our DRSPP provides our common stockholders with a convenient and economical method of purchasing our common stock and reinvesting their distributions. It also allows our current stockholders to buy additional shares of common stock by reinvesting all or a portion of their distributions. Our DRSPP authorizes up to 26.0 million common shares to be issued. At September 30, 2024, we had 10.8 million shares remaining for future issuance under our DRSPP program. The following table outlines common stock issuances pursuant to our DRSPP program (dollars in millions, shares in thousands):
| Three months ended September 30, |  | Nine months ended September 30, |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Shares of common stock issued under the DRSPP program | 44 |  | 52 |  | 159 |  |  | 138 |  |  |
Gross proceeds | $ | 2.6 |  |  | $ | 3.0 |  |  | $ | 8.8 |  |  | $ | 8.4 |  |  |
Preferred Stock As part of the Merger Agreement with Spirit, each outstanding share of Spirit’s 6.000% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share, converted into the right to receive one share of newly issued Realty Income 6.000% Series A Cumulative Redeemable Preferred Stock, having substantially the same terms as the Spirit Series A Preferred Stock, resulting in 6.9 million shares of Realty Income Series A Preferred Stock issued. In September 2024, we redeemed all 6.9 million shares of Realty Income Series A preferred stock outstanding. The shares were redeemed at redemption value of $25.00 per share, plus accrued and unpaid dividends to September 30, 2024. The excess of the $25.00 liquidation price per share over the carrying value of Realty Income Series A preferred stock redeemed resulted in a loss on redemption of $5.1 million for the three months ended September 30, 2024.

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