<SEC-DOCUMENT>0001104659-24-024901.txt : 20240216
<SEC-HEADER>0001104659-24-024901.hdr.sgml : 20240216
<ACCEPTANCE-DATETIME>20240216160826
ACCESSION NUMBER:		0001104659-24-024901
CONFORMED SUBMISSION TYPE:	8-K/A
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20240122
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20240216
DATE AS OF CHANGE:		20240216

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REALTY INCOME CORP
		CENTRAL INDEX KEY:			0000726728
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				330580106
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13374
		FILM NUMBER:		24648383

	BUSINESS ADDRESS:	
		STREET 1:		11995 EL CAMINO REAL
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92130
		BUSINESS PHONE:		8582845000

	MAIL ADDRESS:	
		STREET 1:		11995 EL CAMINO REAL
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92130
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K/A
<SEQUENCE>1
<FILENAME>tm246284d7_8ka.htm
<DESCRIPTION>8-K/A
<TEXT>
<XBRL>
<?xml version='1.0' encoding='ASCII'?>
<html xmlns="http://www.w3.org/1999/xhtml" xmlns:xs="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2015-02-26" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:dei="http://xbrl.sec.gov/dei/2023" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:us-gaap="http://fasb.org/us-gaap/2023" xmlns:us-roles="http://fasb.org/us-roles/2023" xmlns:dtr-types="http://www.xbrl.org/dtr/type/2022-03-31" xmlns:country="http://xbrl.sec.gov/country/2023" xmlns:srt="http://fasb.org/srt/2023" xmlns:o="http://realtyincome.com/20240122">
<head>
     <title></title>
<meta http-equiv="Content-Type" content="text/html"/>
</head>
<!-- Field: Set; Name: xdx; ID: xdx_02C_US%2DGAAP%2D2023 -->
<!-- Field: Set; Name: xdx; ID: xdx_038_o_realtyincome.com_20240122 -->
<!-- Field: Set; Name: xdx; ID: xdx_04D_20240122_20240122 -->
<!-- Field: Set; Name: xdx; ID: xdx_059_edei%2D%2DAmendmentFlag_false -->
<!-- Field: Set; Name: xdx; ID: xdx_059_edei%2D%2DEntityCentralIndexKey_0000726728 -->
<!-- Field: Set; Name: xdx; ID: xdx_072_SO_T%2D%2D\DeptFiles%2DiXBRL 8%2DK Covers Templates\+++%2DROOT%2DElement%2D+++\DocumentInformationLineItems.xdxs -->
<!-- Field: Set; Name: xdx; ID: xdx_06B_USD_1_iso4217%2D%2DUSD -->
<!-- Field: Set; Name: xdx; ID: xdx_062_Shares_2_xbrli%2D%2Dshares -->
<!-- Field: Set; Name: xdx; ID: xdx_06D_USDPShares_3_iso4217%2D%2DUSD_xbrli%2D%2Dshares -->
<body style="font: 10pt Times New Roman, Times, Serif">
<div style="display: none">
<ix:header>
 <ix:hidden>
  <ix:nonNumeric contextRef="AsOf2024-01-22" name="dei:AmendmentFlag" id="ixv-340">false</ix:nonNumeric>
  <ix:nonNumeric contextRef="AsOf2024-01-22" name="dei:EntityCentralIndexKey" id="ixv-341">0000726728</ix:nonNumeric>
  </ix:hidden>
 <ix:references>
  <link:schemaRef xlink:href="o-20240122.xsd" xlink:type="simple"/>
  </ix:references>
 <ix:resources>
    <xbrli:context id="AsOf2024-01-22">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0000726728</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2024-01-22</xbrli:startDate>
        <xbrli:endDate>2024-01-22</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2024-01-222024-01-22_us-gaap_CommonStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0000726728</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2024-01-22</xbrli:startDate>
        <xbrli:endDate>2024-01-22</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2024-01-222024-01-22_custom_Series6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0000726728</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">o:Series6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2024-01-22</xbrli:startDate>
        <xbrli:endDate>2024-01-22</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2024-01-222024-01-22_custom_Notes1.125PercentDue2027Member">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0000726728</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">o:Notes1.125PercentDue2027Member</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2024-01-22</xbrli:startDate>
        <xbrli:endDate>2024-01-22</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2024-01-222024-01-22_custom_Notes1.875PercentDue2027Member">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0000726728</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">o:Notes1.875PercentDue2027Member</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2024-01-22</xbrli:startDate>
        <xbrli:endDate>2024-01-22</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2024-01-222024-01-22_custom_Notes1.625PercentDue2030Member">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0000726728</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">o:Notes1.625PercentDue2030Member</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2024-01-22</xbrli:startDate>
        <xbrli:endDate>2024-01-22</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2024-01-222024-01-22_custom_Notes4.875PercentDue2030Member">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0000726728</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">o:Notes4.875PercentDue2030Member</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2024-01-22</xbrli:startDate>
        <xbrli:endDate>2024-01-22</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2024-01-222024-01-22_custom_Notes5.750PercentDue2031Member">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0000726728</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">o:Notes5.750PercentDue2031Member</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2024-01-22</xbrli:startDate>
        <xbrli:endDate>2024-01-22</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2024-01-222024-01-22_custom_Notes1.750PercentDue2033Member">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0000726728</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">o:Notes1.750PercentDue2033Member</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2024-01-22</xbrli:startDate>
        <xbrli:endDate>2024-01-22</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2024-01-222024-01-22_custom_Notes5.125PercentDue2034Member">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0000726728</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">o:Notes5.125PercentDue2034Member</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2024-01-22</xbrli:startDate>
        <xbrli:endDate>2024-01-22</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2024-01-222024-01-22_custom_Notes6.000PercentDue2039Member">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0000726728</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">o:Notes6.000PercentDue2039Member</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2024-01-22</xbrli:startDate>
        <xbrli:endDate>2024-01-22</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2024-01-222024-01-22_custom_Notes2.500PercentDue2042Member">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0000726728</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">o:Notes2.500PercentDue2042Member</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2024-01-22</xbrli:startDate>
        <xbrli:endDate>2024-01-22</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:unit id="USD">
      <xbrli:measure>iso4217:USD</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="Shares">
      <xbrli:measure>xbrli:shares</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="USDPShares">
      <xbrli:divide>
        <xbrli:unitNumerator>
          <xbrli:measure>iso4217:USD</xbrli:measure>
        </xbrli:unitNumerator>
        <xbrli:unitDenominator>
          <xbrli:measure>xbrli:shares</xbrli:measure>
        </xbrli:unitDenominator>
      </xbrli:divide>
    </xbrli:unit>
  </ix:resources>
 </ix:header>
</div>


<div style="display: none">

</div>


<p style="margin: 0">&#160;</p>

<!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 100%"><div style="border-top: Black 2pt solid; border-bottom: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&#160;</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 14pt"><b>United States<br/>
Securities
and Exchange Commission</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 14pt"><b>Form <span id="xdx_90C_edei--DocumentType_c20240122__20240122_zAGmV2ZF2Y14"><ix:nonNumeric contextRef="AsOf2024-01-22" name="dei:DocumentType" id="ixv-449">8-K/A</ix:nonNumeric> <br/>
(Amendment No. 1)</span></b></span></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 14pt"><b>Current Report</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Pursuant to Section 13 or 15(d) of the<br/> Securities Exchange Act of 1934</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of report: <b><span id="xdx_902_edei--DocumentPeriodEndDate_c20240122__20240122_zmp0HqOTBsXh"><ix:nonNumeric contextRef="AsOf2024-01-22" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate" id="ixv-450">January 22, 2024</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Date of Earliest Event Reported)</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 14pt"><b><span id="xdx_907_edei--EntityRegistrantName_c20240122__20240122_zTbGTP5oYSrc"><ix:nonNumeric contextRef="AsOf2024-01-22" name="dei:EntityRegistrantName" id="ixv-451">REALTY
INCOME CORPORATION</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: top; width: 32%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="xdx_903_edei--EntityIncorporationStateCountryCode_c20240122__20240122_zImm1W3a5GZf"><ix:nonNumeric contextRef="AsOf2024-01-22" format="ixt-sec:stateprovnameen" name="dei:EntityIncorporationStateCountryCode" id="ixv-452">Maryland</ix:nonNumeric></span></b></span></td>
    <td style="vertical-align: bottom; width: 2%">&#160;</td>
    <td style="vertical-align: top; width: 32%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="xdx_90A_edei--EntityFileNumber_c20240122__20240122_zpSMFCmN8Mal"><ix:nonNumeric contextRef="AsOf2024-01-22" name="dei:EntityFileNumber" id="ixv-453">1-13374</ix:nonNumeric></span></b></span></td>
    <td style="vertical-align: bottom; width: 2%">&#160;</td>
    <td style="vertical-align: top; width: 32%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="xdx_909_edei--EntityTaxIdentificationNumber_c20240122__20240122_zWnuilmasa6c"><ix:nonNumeric contextRef="AsOf2024-01-22" name="dei:EntityTaxIdentificationNumber" id="ixv-454">33-0580106</ix:nonNumeric></span></b></span></td></tr>
<tr>
    <td style="vertical-align: top; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">(State or Other Jurisdiction of<br/> Incorporation or Organization)</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">(Commission File Number)</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">(IRS
    Employer Identification No.)</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b><span id="xdx_902_edei--EntityAddressAddressLine1_c20240122__20240122_zJEqj6MPXW35"><ix:nonNumeric contextRef="AsOf2024-01-22" name="dei:EntityAddressAddressLine1" id="ixv-455">11995 El Camino Real</ix:nonNumeric></span>, <span id="xdx_90E_edei--EntityAddressCityOrTown_c20240122__20240122_zRxDG6FdSpqc"><ix:nonNumeric contextRef="AsOf2024-01-22" name="dei:EntityAddressCityOrTown" id="ixv-456">San Diego</ix:nonNumeric></span>, <span id="xdx_902_edei--EntityAddressStateOrProvince_c20240122__20240122_zYqtRwix1pIj"><ix:nonNumeric contextRef="AsOf2024-01-22" format="ixt-sec:stateprovnameen" name="dei:EntityAddressStateOrProvince" id="ixv-457">California</ix:nonNumeric></span> <span id="xdx_903_edei--EntityAddressPostalZipCode_c20240122__20240122_zA54SE0AcSWj"><ix:nonNumeric contextRef="AsOf2024-01-22" name="dei:EntityAddressPostalZipCode" id="ixv-458">92130</ix:nonNumeric></span><br/>
</b>(Address of principal executive offices)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>(<span id="xdx_90F_edei--CityAreaCode_c20240122__20240122_zFYYzwvsDt77"><ix:nonNumeric contextRef="AsOf2024-01-22" name="dei:CityAreaCode" id="ixv-459">858</ix:nonNumeric></span>) <span id="xdx_905_edei--LocalPhoneNumber_c20240122__20240122_zs7Cn5HeCGLd"><ix:nonNumeric contextRef="AsOf2024-01-22" name="dei:LocalPhoneNumber" id="ixv-460">284-5000</ix:nonNumeric></span><br/>
</b></span>(Registrant&#8217;s telephone number, including area code)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>N/A<br/>
</b></span>(former name or former address, if changed since last report)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the Form&#160;8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span id="xdx_90A_edei--WrittenCommunications_c20240122__20240122_zjyUKOcTDj4e" style="font-family: Wingdings; font-size: 10pt"><ix:nonNumeric contextRef="AsOf2024-01-22" format="ixt:booleanfalse" name="dei:WrittenCommunications" id="ixv-461">&#168;</ix:nonNumeric></span></td><td style="text-align: justify">Written communications pursuant to Rule&#160;425 under the Securities
Act (17 CFR 230.425)</td>
</tr></table>



<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span id="xdx_90B_edei--SolicitingMaterial_c20240122__20240122_zG7ES7crnrng" style="font-family: Wingdings; font-size: 10pt"><ix:nonNumeric contextRef="AsOf2024-01-22" format="ixt:booleanfalse" name="dei:SolicitingMaterial" id="ixv-462">&#168;</ix:nonNumeric></span></td>
<td style="text-align: justify">Soliciting material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR 240.14a-12)</td></tr>
</table>




<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Wingdings"><span id="xdx_900_edei--PreCommencementTenderOffer_c20240122__20240122_zZH9F8Lhyvlc"><ix:nonNumeric contextRef="AsOf2024-01-22" format="ixt:booleanfalse" name="dei:PreCommencementTenderOffer" id="ixv-463">&#168;</ix:nonNumeric></span></span></td><td style="text-align: justify">Pre-commencement communications pursuant to Rule&#160;14d-2(b)&#160;under
the Exchange Act (17 CFR 240.14d-2(b))</td>
</tr></table>



<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Wingdings"><span id="xdx_905_edei--PreCommencementIssuerTenderOffer_c20240122__20240122_zM7KLw9qM4Ka"><ix:nonNumeric contextRef="AsOf2024-01-22" format="ixt:booleanfalse" name="dei:PreCommencementIssuerTenderOffer" id="ixv-464">&#168;</ix:nonNumeric></span></span></td><td style="text-align: justify">Pre-commencement communications pursuant to Rule&#160;13e-4(c)&#160;under
the Exchange Act (17 CFR 240.13e-4(c))</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section&#160;12(b)&#160;of
the Act:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: white">
    <td style="border-bottom: Black 1pt solid; padding-left: 3pt; vertical-align: top; width: 36%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title
    of each class</span></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5pt; text-align: center; width: 2%; vertical-align: top; padding-left: 5pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5pt; vertical-align: top; width: 24%; text-align: center; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
    symbol</span></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5pt; text-align: center; width: 2%; vertical-align: top; padding-left: 5pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5pt; vertical-align: top; width: 36%; text-align: center; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
    of Each Exchange On Which <br/>
Registered</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 3pt; background-color: white; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_901_edei--Security12bTitle_c20240122__20240122__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zyKqMKm2NQv1"><ix:nonNumeric contextRef="From2024-01-222024-01-22_us-gaap_CommonStockMember" name="dei:Security12bTitle" id="ixv-465">Common
    Stock, $0.01 Par Value</ix:nonNumeric>  </span></span></td>
    <td style="padding-right: 5pt; padding-left: 5pt">&#160;</td>
    <td style="padding-right: 5pt; background-color: white; text-align: center; padding-left: 5pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90D_edei--TradingSymbol_c20240122__20240122__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z68rz24NNdL4"><ix:nonNumeric contextRef="From2024-01-222024-01-22_us-gaap_CommonStockMember" name="dei:TradingSymbol" id="ixv-466">O</ix:nonNumeric></span></span></td>
    <td style="padding-right: 5pt; padding-left: 5pt">&#160;</td>
    <td style="padding-right: 5pt; text-align: center; padding-left: 5pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90B_edei--SecurityExchangeName_c20240122__20240122__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z8KI2B3lmAoh"><ix:nonNumeric contextRef="From2024-01-222024-01-22_us-gaap_CommonStockMember" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="ixv-467">New York Stock Exchange</ix:nonNumeric></span></span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 3pt; background-color: white; text-align: left"><span id="xdx_900_edei--Security12bTitle_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Series6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember_zrJjHGTtw2ra"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Series6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember" name="dei:Security12bTitle" id="ixv-468">6.000% Series A Cumulative Redeemable Preferred Stock, $0.01 Par Value</ix:nonNumeric></span></td>
    <td style="padding-right: 5pt; padding-left: 5pt">&#160;</td>
    <td style="padding-right: 5pt; background-color: white; text-align: center; padding-left: 5pt"><span id="xdx_909_edei--TradingSymbol_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Series6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember_zViymRJ8gAhi"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Series6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember" name="dei:TradingSymbol" id="ixv-469">O PR</ix:nonNumeric></span></td>
    <td style="padding-right: 5pt; padding-left: 5pt">&#160;</td>
    <td style="padding-right: 5pt; text-align: center; padding-left: 5pt"><span id="xdx_903_edei--SecurityExchangeName_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Series6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember_zZeuuzm1Gqy4"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Series6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="ixv-470">New York Stock Exchange</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="padding-left: 3pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_906_edei--Security12bTitle_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Notes1.125PercentDue2027Member_zgFNVT7WOrId"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Notes1.125PercentDue2027Member" name="dei:Security12bTitle" id="ixv-471">1.125% Notes due 2027</ix:nonNumeric></span></span></td>
    <td style="padding-right: 5pt; padding-left: 5pt">&#160;</td>
    <td style="padding-right: 5pt; text-align: center; padding-left: 5pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90A_edei--TradingSymbol_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Notes1.125PercentDue2027Member_zSvuPwFa9UR"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Notes1.125PercentDue2027Member" name="dei:TradingSymbol" id="ixv-472">O27A</ix:nonNumeric></span></span></td>
    <td style="padding-right: 5pt; padding-left: 5pt">&#160;</td>
    <td style="padding-right: 5pt; text-align: center; padding-left: 5pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_909_edei--SecurityExchangeName_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Notes1.125PercentDue2027Member_zxfimIyPKfLh"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Notes1.125PercentDue2027Member" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="ixv-473">New York Stock Exchange</ix:nonNumeric></span></span></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="padding-left: 3pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_906_edei--Security12bTitle_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Notes1.875PercentDue2027Member_z8DQdfmIP1kk"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Notes1.875PercentDue2027Member" name="dei:Security12bTitle" id="ixv-474">1.875% Notes due 2027</ix:nonNumeric></span></span></td>
    <td style="padding-right: 5pt; padding-left: 5pt">&#160;</td>
    <td style="padding-right: 5pt; text-align: center; padding-left: 5pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_907_edei--TradingSymbol_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Notes1.875PercentDue2027Member_zJjEgtEOKdP4"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Notes1.875PercentDue2027Member" name="dei:TradingSymbol" id="ixv-475">O27B</ix:nonNumeric></span></span></td>
    <td style="padding-right: 5pt; padding-left: 5pt">&#160;</td>
    <td style="padding-right: 5pt; text-align: center; padding-left: 5pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90E_edei--SecurityExchangeName_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Notes1.875PercentDue2027Member_zhxnSWPV1Mp1"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Notes1.875PercentDue2027Member" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="ixv-476">New York Stock Exchange</ix:nonNumeric></span></span></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="padding-left: 3pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90F_edei--Security12bTitle_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Notes1.625PercentDue2030Member_zIwmLolgrDll"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Notes1.625PercentDue2030Member" name="dei:Security12bTitle" id="ixv-477">1.625% Notes due 2030</ix:nonNumeric></span></span></td>
    <td style="padding-right: 5pt; padding-left: 5pt">&#160;</td>
    <td style="padding-right: 5pt; text-align: center; padding-left: 5pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90D_edei--TradingSymbol_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Notes1.625PercentDue2030Member_zaLfD6O3NzH8"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Notes1.625PercentDue2030Member" name="dei:TradingSymbol" id="ixv-478">O30</ix:nonNumeric></span></span></td>
    <td style="padding-right: 5pt; padding-left: 5pt">&#160;</td>
    <td style="padding-right: 5pt; text-align: center; padding-left: 5pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_907_edei--SecurityExchangeName_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Notes1.625PercentDue2030Member_zZwZkVJu3Exa"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Notes1.625PercentDue2030Member" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="ixv-479">New York Stock Exchange</ix:nonNumeric></span></span></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="padding-left: 3pt; text-align: left"><span id="xdx_901_edei--Security12bTitle_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Notes4.875PercentDue2030Member_zfwqi8km7cg1"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Notes4.875PercentDue2030Member" name="dei:Security12bTitle" id="ixv-480">4.875% Notes due 2030</ix:nonNumeric></span></td>
    <td style="padding-right: 5pt; padding-left: 5pt">&#160;</td>
    <td style="padding-right: 5pt; text-align: center; padding-left: 5pt"><span id="xdx_90E_edei--TradingSymbol_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Notes4.875PercentDue2030Member_zEUwiCOngm0k"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Notes4.875PercentDue2030Member" name="dei:TradingSymbol" id="ixv-481">O30A</ix:nonNumeric></span></td>
    <td style="padding-right: 5pt; padding-left: 5pt">&#160;</td>
    <td style="padding-right: 5pt; text-align: center; padding-left: 5pt"><span id="xdx_90F_edei--SecurityExchangeName_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Notes4.875PercentDue2030Member_zJi1Z2W8PkEd"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Notes4.875PercentDue2030Member" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="ixv-482">New York Stock Exchange</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="padding-left: 3pt; text-align: left"><span id="xdx_90F_edei--Security12bTitle_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Notes5.750PercentDue2031Member_zYk7t5Dbc3I8"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Notes5.750PercentDue2031Member" name="dei:Security12bTitle" id="ixv-483">5.750% Notes due 2031</ix:nonNumeric></span></td>
    <td style="padding-right: 5pt; padding-left: 5pt">&#160;</td>
    <td style="padding-right: 5pt; text-align: center; padding-left: 5pt"><span id="xdx_908_edei--TradingSymbol_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Notes5.750PercentDue2031Member_zHne6lievIH5"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Notes5.750PercentDue2031Member" name="dei:TradingSymbol" id="ixv-484">O31A</ix:nonNumeric></span></td>
    <td style="padding-right: 5pt; padding-left: 5pt">&#160;</td>
    <td style="padding-right: 5pt; text-align: center; padding-left: 5pt"><span id="xdx_903_edei--SecurityExchangeName_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Notes5.750PercentDue2031Member_z3mTnahl0v7"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Notes5.750PercentDue2031Member" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="ixv-485">New York Stock Exchange</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="padding-left: 3pt; text-align: left"><span id="xdx_903_edei--Security12bTitle_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Notes1.750PercentDue2033Member_zHHgoMWdTXo8"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Notes1.750PercentDue2033Member" name="dei:Security12bTitle" id="ixv-486">1.750% Notes due 2033</ix:nonNumeric></span></td>
    <td style="padding-right: 5pt; padding-left: 5pt">&#160;</td>
    <td style="padding-right: 5pt; text-align: center; padding-left: 5pt"><span id="xdx_900_edei--TradingSymbol_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Notes1.750PercentDue2033Member_zVvSSaIxuIJ6"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Notes1.750PercentDue2033Member" name="dei:TradingSymbol" id="ixv-487">O33A</ix:nonNumeric></span></td>
    <td style="padding-right: 5pt; padding-left: 5pt">&#160;</td>
    <td style="padding-right: 5pt; text-align: center; padding-left: 5pt"><span id="xdx_905_edei--SecurityExchangeName_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Notes1.750PercentDue2033Member_zkCVJ75yK4Xj"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Notes1.750PercentDue2033Member" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="ixv-488">New York Stock Exchange</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="padding-left: 3pt; text-align: left"><span id="xdx_90B_edei--Security12bTitle_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Notes5.125PercentDue2034Member_zvqojzgjumLg"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Notes5.125PercentDue2034Member" name="dei:Security12bTitle" id="ixv-489">5.125% Notes due 2034</ix:nonNumeric></span></td>
    <td style="padding-right: 5pt; padding-left: 5pt">&#160;</td>
    <td style="padding-right: 5pt; text-align: center; padding-left: 5pt"><span id="xdx_90E_edei--TradingSymbol_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Notes5.125PercentDue2034Member_ziWhvHE5O27a"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Notes5.125PercentDue2034Member" name="dei:TradingSymbol" id="ixv-490">O34</ix:nonNumeric></span></td>
    <td style="padding-right: 5pt; padding-left: 5pt">&#160;</td>
    <td style="padding-right: 5pt; text-align: center; padding-left: 5pt"><span id="xdx_90F_edei--SecurityExchangeName_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Notes5.125PercentDue2034Member_zJDrK0Ewstac"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Notes5.125PercentDue2034Member" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="ixv-491">New York Stock Exchange</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="padding-left: 3pt; text-align: left"><span id="xdx_902_edei--Security12bTitle_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Notes6.000PercentDue2039Member_zshxjSvXr5S8"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Notes6.000PercentDue2039Member" name="dei:Security12bTitle" id="ixv-492">6.000% Notes due 2039</ix:nonNumeric></span></td>
    <td style="padding-right: 5pt; padding-left: 5pt">&#160;</td>
    <td style="padding-right: 5pt; text-align: center; padding-left: 5pt"><span id="xdx_90A_edei--TradingSymbol_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Notes6.000PercentDue2039Member_zyTaR4eeuL7c"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Notes6.000PercentDue2039Member" name="dei:TradingSymbol" id="ixv-493">O39</ix:nonNumeric></span></td>
    <td style="padding-right: 5pt; padding-left: 5pt">&#160;</td>
    <td style="padding-right: 5pt; text-align: center; padding-left: 5pt"><span id="xdx_908_edei--SecurityExchangeName_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Notes6.000PercentDue2039Member_zVBEEREjJlBg"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Notes6.000PercentDue2039Member" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="ixv-494">New York Stock Exchange</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="padding-left: 3pt; text-align: left"><span id="xdx_90F_edei--Security12bTitle_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Notes2.500PercentDue2042Member_zoLJgcfeduGh"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Notes2.500PercentDue2042Member" name="dei:Security12bTitle" id="ixv-495">2.500% Notes due 2042</ix:nonNumeric></span></td>
    <td style="padding-right: 5pt; padding-left: 5pt">&#160;</td>
    <td style="padding-right: 5pt; text-align: center; padding-left: 5pt"><span id="xdx_904_edei--TradingSymbol_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Notes2.500PercentDue2042Member_z5dOSaVpKR23"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Notes2.500PercentDue2042Member" name="dei:TradingSymbol" id="ixv-496">O42</ix:nonNumeric></span></td>
    <td style="padding-right: 5pt; padding-left: 5pt">&#160;</td>
    <td style="padding-right: 5pt; text-align: center; padding-left: 5pt"><span id="xdx_908_edei--SecurityExchangeName_c20240122__20240122__us-gaap--StatementClassOfStockAxis__custom--Notes2.500PercentDue2042Member_zRHQl9VaM5x5"><ix:nonNumeric contextRef="From2024-01-222024-01-22_custom_Notes2.500PercentDue2042Member" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="ixv-497">New York Stock Exchange</ix:nonNumeric></span></td></tr>
  </table>
<p style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Emerging
growth company <span id="xdx_908_edei--EntityEmergingGrowthCompany_c20240122__20240122_zTJYDvb5P7tc" style="font-family: Wingdings; font-size: 10pt"><ix:nonNumeric contextRef="AsOf2024-01-22" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany" id="ixv-498">&#168;</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section&#160;13(a)&#160;of the Exchange Act. <span style="font-family: Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Rule-Page --><div style="width: 100%"><div style="border-top: Black 1pt solid; border-bottom: Black 2pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<!-- Field: Page; Sequence: 1 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Introductory Note</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January&#160;24, 2024, Realty Income Corporation
(&#8220;Realty Income&#8221;) filed with the Securities and Exchange Commission a Current Report on Form&#160;8-K (the &#8220;Original
Form&#160;8-K&#8221;) reporting, among other events and pursuant to Items 1.01, 2.01, 2.03, 3.03, 5.03 and 9.01 of Form&#160;8-K, the
consummation of the transactions contemplated by that certain Agreement and Plan of Merger, dated October&#160;29, 2023, by and among
Realty Income, Saints MD Subsidiary,&#160;Inc., a Maryland corporation (&#8220;Merger Sub&#8221;), and Spirit Realty Capital,&#160;Inc.,
a Maryland corporation (&#8220;Spirit&#8221;). Pursuant to the Merger Agreement, upon the terms and subject to the conditions set forth
in the Merger Agreement, among other things, Spirit has merged with and into Merger Sub, with Merger Sub continuing as the surviving corporation
(the &#8220;Merger&#8221; and the effective time of the Merger, the &#8220;Effective Time&#8221;). This Current Report on Form&#160;8-K/A
amends the Original Form&#160;8-K to include an updated Item 9.01(b)&#160;Pro Forma Financial Information, which Realty Income indicated
would be provided no later than 71 days from the date on which the Original Form&#160;8-K was required to be filed.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Item 9.01 of the Original Form&#160;8-K is hereby
amended and restated in its entirety as set forth below. The Original Form&#160;8-K otherwise remains unchanged.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 9.01&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; Financial Statements
and Exhibits</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>(a)&#160;Financial Statements and Exhibits.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The audited consolidated financial statements
of Spirit as of December&#160;31, 2022 and 2021, and for each of the years in the three year period ended December&#160;31, 2022 are incorporated
by reference to Exhibit&#160;99.1 to the Current Report on Form&#160;8-K filed by Realty Income on November&#160;27, 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The unaudited consolidated financial statements
of Spirit as of September&#160;30, 2023 and for the nine month periods ended September&#160;30, 2023 and 2022 are incorporated by reference
to Exhibit&#160;99.2 to the Current Report on Form&#160;8-K filed by Realty Income on November&#160;27, 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>(b)&#160;Pro Forma Financial Information.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The unaudited pro forma condensed combined balance
sheet of Realty Income as of September&#160;30, 2023 and the unaudited pro forma condensed combined statements of operations for the nine
months ended September&#160;30, 2023 and the year ended December&#160;31, 2022, giving effect to the Merger, are filed as Exhibit&#160;99.1
to this Current Report on Form&#160;8-K and are incorporated by reference herein.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(d)&#160;Exhibits.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: center; width: 8%; font-size: 10pt"><a href="tm246284d7_ex99-1.htm">99.1</a></td>
    <td style="text-align: justify; width: 92%; font-size: 10pt"><a href="tm246284d7_ex99-1.htm">Unaudited pro forma condensed combined financial statements of Realty Income as of September&#160;30, 2023 and for the nine months ended September&#160;30, 2023 and for the year ended December&#160;31, 2022.</a></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center; font-size: 10pt">104</td>
    <td style="text-align: justify; font-size: 10pt">Cover Page&#160;Interactive Data File (formatted as inline XBRL and contained in Exhibit&#160;101)</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<!-- Field: Page; Sequence: 2 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>SIGNATURE</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td>Dated: February&#160;16, 2024</td>
    <td colspan="2">REALTY INCOME CORPORATION</td></tr>
  <tr style="vertical-align: top">
    <td style="width: 50%">&#160;</td>
    <td style="width: 3%">&#160;</td>
    <td style="width: 47%">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>By:</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 1pt solid; padding-bottom: 1.5pt">/s/ Jonathan Pong</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>Jonathan Pong</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">Executive Vice President, Chief Financial Officer and Treasurer </td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

</body>
</html>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm246284d7_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B>Exhibit&nbsp;99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>UNAUDITED PRO FORMA
CONDENSED COMBINED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
following unaudited pro forma condensed combined financial statements and notes thereto present the unaudited pro forma condensed combined
balance sheet as of September&nbsp;30, 2023 and the unaudited pro forma condensed combined statements of operations for the nine months
ended September&nbsp;30, 2023 and the year ended December&nbsp;31, 2022. The unaudited pro forma condensed combined financial information
was prepared in accordance with Article&nbsp;11 of Regulation S-X as amended by the final rule, Release No.&nbsp;33-10786 &ldquo;Amendments
to Financial Disclosures about Acquired and Disposed Businesses&rdquo;, in order to give effect to the Pro Forma Transactions (as defined
and described below) and the assumptions and adjustments described in the accompanying notes to the unaudited pro forma condensed combined
financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October&nbsp;29, 2023, Realty Income Corporation (&ldquo;Realty Income&rdquo;) entered into an Agreement and Plan of Merger (as amended
from time to time, the &ldquo;Merger Agreement&rdquo;) with Saints MD Subsidiary,&nbsp;Inc., (&ldquo;Merger Sub&rdquo;) a Maryland corporation
and direct wholly owned subsidiary of Realty Income, and Spirit Realty Capital,&nbsp;Inc. (&ldquo;Spirit&rdquo;). Pursuant to the terms
and conditions of the Merger Agreement, upon the closing, Spirit merged with and into Merger Sub, with Merger Sub continuing as the surviving
corporation (the &ldquo;Merger&rdquo;). At the time the Merger became effective (the &ldquo;Effective Time&rdquo;), (i)&nbsp;each outstanding
share of Spirit common stock, par value $0.05 per share was converted into 0.762 (the &ldquo;Exchange Ratio&rdquo;) shares of Realty Income
common stock, par value $0.01 per share, and (ii)&nbsp;each outstanding share of Spirit Series&nbsp;A preferred stock, par value $0.01
per share was converted into one share of newly created Realty Income Series&nbsp;A preferred stock, par value $0.01 per share having
substantially the same terms as the Spirit Series&nbsp;A preferred stock. Holders of shares of Spirit common stock and Spirit Series&nbsp;A
preferred stock (other than those held by Spirit, Realty Income or their respective affiliates) received cash in lieu of fractional shares.
At the Effective Time, each award of outstanding restricted Spirit common stock (a &ldquo;Spirit Restricted Stock Award&rdquo;), was cancelled
and automatically converted into Realty Income common stock using the Exchange Ratio as a multiplier and cash consideration in respect
of any fractional shares, and each outstanding vested or unvested </FONT>Spirit performance share award (a &ldquo;Spirit Performance Share
Award&rdquo;) whether or not then vested, was cancelled and automatically converted into Realty Income common stock in accordance with
the Merger Agreement based on the greater of target level of achievement of the applicable performance goals and actual level of achievement
of the applicable performance goals as of immediately prior to the Effective Time, and cash consideration in lieu of any fractional share
of Realty Income common stock, and the amount of any accrued and unpaid cash dividend equivalents corresponding to each such Spirit Performance
Share Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
following unaudited pro forma condensed combined financial statements have been prepared by applying the acquisition method of accounting
with Realty Income treated as the acquiror. The unaudited pro forma condensed combined financial statements are based on the historical
consolidated financial statements of Realty Income and historical consolidated financial statements of Spirit as adjusted to give effect
to the following (collectively referred to as the &ldquo;Pro Forma Transactions&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Merger;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Merger transaction costs specifically related to the Merger;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Adjustments to reflect compensation expense as a result of the acceleration of certain pre-existing Spirit
stock-based compensation awards in connection with the Merger;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Adjustments to reflect Spirit&rsquo;s additional $200 million term loan draw in December&nbsp;2023 prior
to the Merger; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Adjustments to reflect hedge accounting assessment and redesignation related to the existing interest
rate swaps of Spirit.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
unaudited pro forma condensed combined balance sheet as of September&nbsp;30, 2023 gives effect to the Pro Forma Transactions as if they
had occurred on September&nbsp;30, 2023. The unaudited pro forma condensed combined statements of operations for the nine months ended
September&nbsp;30, 2023, and the year ended December&nbsp;31, 2022, give effect to the Pro Forma Transactions as if they had occurred
on January&nbsp;1, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">These
unaudited pro forma condensed combined financial statements are prepared for informational purposes only and are based on assumptions
and estimates considered appropriate by Realty Income&rsquo;s management. The unaudited pro forma adjustments represent Realty Income&rsquo;s
management&rsquo;s estimates based on information available as of the date of the unaudited pro forma condensed combined financial statements
and are subject to change as additional information becomes available and additional analyses are performed. However, Realty Income&rsquo;s
management believes that the assumptions provide a reasonable basis for presenting the significant effects that are directly attributable
to the Pro Forma Transactions, and that the pro forma adjustments give appropriate effect to those assumptions and are properly applied
in the unaudited pro forma condensed combined financial statements. The unaudited pro forma condensed combined financial statements do
not purport to be indicative of what Realty Income&rsquo;s financial condition or results of operations actually would have been if the
Pro Forma Transactions had been consummated as of the dates indicated, nor do they purport to represent Realty Income&rsquo;s financial
position or results of operations for future periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Additionally,
these unaudited pro forma condensed combined financial statements do not include any adjustments not otherwise described herein,
including such adjustments associated with: (1)&nbsp;Realty Income or Spirit&rsquo;s real estate acquisitions that have closed after
September&nbsp;30, 2023 or the related financing of those acquisitions, (2)&nbsp;Realty Income or Spirit&rsquo;s real estate
dispositions that have closed after September&nbsp;30, 2023 or the application or use of those disposition proceeds, (3)&nbsp;certain Realty Income or Spirit rental rate increases that
occurred after September&nbsp;30, 2023, (4)&nbsp;potential synergies that may be achieved following the Merger, including potential
overall savings in general and administrative expense, or any strategies that Realty Income&rsquo;s management may consider in order
to continue to efficiently manage Realty Income&rsquo;s operations, (5)&nbsp;any one-time integration and other costs (including
estimated transaction expenses) related to the Merger that may be incurred following the Merger closing, including those that may be
necessary to achieve the potential synergies, since the extent of such costs is not reasonably certain, and (6)&nbsp;any debt or
equity issuances, repayments, or redemptions, by Realty Income or Spirit, which occurred subsequent to the Merger closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-variant: small-caps"><B>REALTY
INCOME CORPORATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-variant: small-caps"><B>UNAUDITED
PRO FORMA CONDENSED COMBINED BALANCE SHEET</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>AS OF SEPTEMBER 30,
2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>(in thousands)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Realty Income<BR> Historical</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Spirit Historical,<BR> As Reclassified<BR> (Note 3)</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><BR>Pro Forma<BR> Transactions</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Adjustments</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Note 4)</B></P></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Item in <BR>
Note
    4</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pro Forma</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Combined</B></P></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -6.6pt; padding-left: 6.6pt">ASSETS</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -6.6pt; padding-left: 6.6pt">Real estate held for investment, at cost:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; font: 10pt Times New Roman, Times, Serif; text-indent: -6.5pt; padding-left: 13.7pt">Land</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">14,408,324</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,808,364</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">55,089</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.15pt">[1]</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">16,271,777</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -6.5pt; padding-left: 13.7pt">Buildings and improvements</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">33,606,951</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7,015,086</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,744,133</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 2.15pt">[1]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">38,877,904</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -6.5pt; padding-left: 13.7pt">Total real estate held for investment, at cost</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">48,015,275</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,823,450</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,689,044</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">55,149,681</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -6.5pt; padding-left: 13.7pt">Less accumulated depreciation and amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(5,781,056</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,354,807</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,354,807</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 2.15pt">[2]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(5,781,056</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -6.6pt; padding-left: 6.6pt">Real estate held for investment, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">42,234,219</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7,468,643</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(334,237</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">49,368,625</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Real estate and lease intangibles held for sale, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">19,927</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">61,545</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18,509</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.15pt">[3]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">99,981</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -6.6pt; padding-left: 6.6pt">Cash and cash equivalents</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">344,129</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">134,166</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10,612</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.15pt">[4]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">488,907</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -6.6pt; padding-left: 6.6pt">Accounts receivable, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">678,441</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">199,826</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(185,245</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.15pt">[5]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">693,022</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -6.6pt; padding-left: 6.6pt">Lease intangible assets, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,089,293</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">389,100</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,358,707</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.15pt">[6]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6,837,100</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -6.6pt; padding-left: 6.6pt">Goodwill</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,731,478</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">225,600</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">721,739</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.15pt">[7]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,678,817</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -6.6pt; padding-left: 6.6pt">Other assets, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,239,433</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">171,328</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(32,624</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 2.15pt">[8]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,378,137</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; text-indent: -4.1pt; padding-left: 11.5pt">Total assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">55,336,920</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">8,650,208</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,557,461</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 2.5pt; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">65,544,589</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: -6.6pt; padding-left: 6.6pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -6.6pt; padding-left: 6.6pt">LIABILITIES AND EQUITY</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -6.6pt; padding-left: 6.6pt">Distributions payable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">187,288</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">99,571</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(99,571</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.15pt">[4]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">187,288</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Accounts payable and accrued expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">660,366</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">69,045</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">40,225</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.15pt">[9]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">769,636</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -6.6pt; padding-left: 6.6pt">Lease intangible liabilities, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,426,264</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">106,814</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">35,510</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.15pt">[10]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,568,588</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -6.6pt; padding-left: 6.6pt">Other liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">786,437</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">61,737</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">848,174</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -6.6pt; padding-left: 6.6pt">Line of credit payable and commercial paper</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">858,260</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">858,260</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -6.6pt; padding-left: 6.6pt">Term loan, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,287,995</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,090,198</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">208,167</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.15pt">[11]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,586,360</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -6.6pt; padding-left: 6.6pt">Mortgages payable, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">824,240</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,545</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(4,545</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.15pt">[11]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">824,240</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -6.6pt; padding-left: 6.6pt">Notes payable, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">17,482,652</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,725,505</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(246,741</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 2.15pt">[11]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">19,961,416</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -4.1pt; padding-left: 11.5pt">Total liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">23,513,502</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,157,415</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(66,955</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">27,603,962</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -6.6pt; padding-left: 6.6pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -6.6pt; padding-left: 6.6pt">Commitments and contingencies</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -6.6pt; padding-left: 6.6pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -6.6pt; padding-left: 6.6pt">STOCKHOLDERS&rsquo; EQUITY:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -6.6pt; padding-left: 6.6pt">Preferred stock and paid-in capital</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">166,177</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,217</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.15pt">[12]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">167,394</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -6.6pt; padding-left: 6.6pt">Common stock and paid-in capital</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">38,031,829</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7,307,795</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,264,205</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.15pt">[12]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">44,075,419</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -6.6pt; padding-left: 6.6pt">Distributions in excess of net income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(6,416,534</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(3,036,475</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,942,700</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.15pt">[12]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(6,510,309</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -6.6pt; padding-left: 6.6pt">Accumulated other comprehensive income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">41,849</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">55,296</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(55,296</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 2.15pt">[12]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">41,849</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -4.1pt; padding-left: 11.5pt">Total stockholders&rsquo; equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">31,657,144</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,492,793</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,624,416</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">37,774,353</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -6.6pt; padding-left: 6.6pt">Noncontrolling interests</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">166,274</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">166,274</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -4.1pt; padding-left: 11.5pt">Total equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">31,823,418</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,492,793</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,624,416</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 1pt; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">37,940,627</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; text-indent: -4.1pt; padding-left: 11.5pt">Total liabilities and equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">55,336,920</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">8,650,208</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,557,461</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 2.5pt; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">65,544,589</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>REALTY
INCOME CORPORATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>UNAUDITED
PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(in thousands, except per share data)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Realty Income<BR> Historical</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Spirit<BR> Historical, As<BR> Reclassified<BR> (Note 3)</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pro Forma<BR> Transactions</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Adjustments</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Note 4)</B></P></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Item in<BR> Note 4</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Pro Forma<BR> Combined</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">REVENUE</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -4.5pt; padding-left: 11.5pt">Rental (including reimbursable)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,929,440</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">561,765</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,685</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.15pt">[13]</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,493,890</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 7pt">Other</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">73,268</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9,200</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">961</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 2.15pt">[14]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">83,429</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Total revenue</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,002,708</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">570,965</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,646</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,577,319</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">EXPENSES</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -4.5pt; padding-left: 11.5pt">Depreciation and amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,419,321</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">236,527</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">31,342</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.15pt">[15]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,687,190</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 7pt">Interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">522,110</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">104,993</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">59,511</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.15pt">[16]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">686,614</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -4.5pt; padding-left: 11.5pt">Property (including reimbursable)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">235,081</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">24,077</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">80</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.15pt">[17]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">259,238</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -4.5pt; padding-left: 11.5pt">General and administrative</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">106,521</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">46,190</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">152,711</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -4.5pt; padding-left: 11.5pt">Provisions for impairment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">59,801</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">36,052</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">95,853</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -4.5pt; padding-left: 11.5pt">Merger and integration-related costs</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,532</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,532</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Total expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,347,366</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">447,839</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">90,933</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,886,138</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -4.1pt; padding-left: 11.1pt">Gain on sales of real estate</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">19,675</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">66,450</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">86,125</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -4.1pt; padding-left: 11.1pt">Foreign currency and derivative gain, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,957</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,957</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -4.1pt; padding-left: 11.1pt">Equity in income and impairment of investment in unconsolidated entities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">411</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">411</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -4.1pt; padding-left: 11.1pt">Other income, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">12,985</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">12,985</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -2.5pt; padding-left: 2.5pt">Income before income taxes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">693,370</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">189,576</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(87,287</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">795,659</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -2.15pt; padding-left: 9.35pt">Income taxes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(36,218</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(754</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(36,972</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -2.5pt; padding-left: 2.5pt">Net income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">657,152</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">188,822</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(87,287</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">758,687</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -7pt; padding-left: 7pt">Net income attributable to noncontrolling interests</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(3,248</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(3,248</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -7pt; padding-left: 7pt">Dividends paid to preferred stockholders</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(7,763</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(7,763</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; text-indent: -7pt; padding-left: 7pt">Net income&nbsp;available to common stockholders</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">653,904</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">181,059</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(87,287</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 2.5pt; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">747,676</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Amounts available to common stockholders per common share:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Note 5)</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 16pt">Net income, basic and diluted</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.96</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.28</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.95</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Weighted average common shares outstanding:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Note 5)</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 16pt">Basic</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">681,419</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">141,095</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">789,727</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 16pt">Diluted</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">682,129</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">141,103</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">790,437</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>REALTY
INCOME CORPORATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>UNAUDITED
PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FOR THE YEAR ENDED DECEMBER 31, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(in thousands, except per share data)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Realty Income<BR> Historical</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Spirit Historical,<BR> As Reclassified</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Note 3)</B></P></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>P</B></FONT><B>ro Forma<BR> Transactions<BR> Adjustments</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Note 4)</B></P></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Item in<BR> Note 4</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Pro Forma<BR> Combined</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">REVENUE</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -4.5pt; padding-left: 11.5pt">Rental (including reimbursable)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,299,657</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">703,029</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">8,030</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.15pt">[13]</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">4,010,716</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 7pt">Other</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">44,024</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,600</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,281</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 2.15pt">[14]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">51,905</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Total revenue</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,343,681</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">709,629</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9,311</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,062,621</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">EXPENSES</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -4.5pt; padding-left: 11.5pt">Depreciation and amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,670,389</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">292,985</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">64,173</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.15pt">[15]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,027,547</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -4.5pt; padding-left: 11.5pt">Interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">465,223</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">117,622</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">121,580</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.15pt">[16]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">704,425</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -4.5pt; padding-left: 11.5pt">Property (including reimbursable)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">226,330</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">29,837</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">106</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.15pt">[17]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">256,273</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -4.5pt; padding-left: 11.5pt">General and administrative</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">138,459</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">62,023</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">200,482</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -4.5pt; padding-left: 11.5pt">Provisions for impairment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25,860</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">37,156</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">63,016</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -4.5pt; padding-left: 11.5pt">Merger and integration-related costs</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">13,897</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">92,550</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 2.15pt">[18]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">106,447</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Total expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,540,158</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">539,623</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">278,409</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,358,190</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -4.5pt; padding-left: 11.5pt">Gain on sales of real estate</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">102,957</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">110,900</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">213,857</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -4.5pt; padding-left: 11.5pt">Foreign currency and derivative (loss), net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(13,311</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(13,311</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -4.5pt; padding-left: 11.5pt">Gain (loss) on extinguishment of debt</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">367</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(172</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">195</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -4.5pt; padding-left: 11.5pt">Equity in income and impairment of investment in unconsolidated entities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(6,448</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(6,448</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -4.5pt; padding-left: 11.5pt">Other income, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">30,511</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,679</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">36,190</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -6.6pt; padding-left: 6.6pt">Income before income taxes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">917,599</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">286,413</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(269,098</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">934,914</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -6.5pt; padding-left: 13.7pt">Income taxes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(45,183</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(897</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(46,080</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -2.5pt; padding-left: 2.5pt">Net income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">872,416</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">285,516</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(269,098</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">888,834</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -7pt; padding-left: 7pt">Net income attributable to noncontrolling interests</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(3,008</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(3,008</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -7pt; padding-left: 7pt">Dividends paid to preferred stockholders</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(10,350</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 1pt; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(10,350</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; text-indent: -7pt; padding-left: 7pt">Net income available to common stockholders</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">869,408</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">275,166</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(269,098</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 2.5pt; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">875,476</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; text-align: left; padding-left: 0.125in">Amounts available to common stockholders per common share:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Note 5)</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 16pt">Net income, basic and diluted</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.42</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.04</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.22</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 2.15pt">Weighted average common shares outstanding:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Note 5)&nbsp;</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 16pt">Basic</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">611,766</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">134,548</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">720,074</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 16pt">Diluted</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">612,181</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">134,646</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 2.15pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">720,489</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>NOTES TO UNAUDITED
PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 1 &ndash; Basis of Presentation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Realty Income and Spirit
historical financial information has been derived from, in the case of Realty Income, its consolidated financial statements included in
its Quarterly Report on Form&nbsp;10-Q for the quarter ended September&nbsp;30, 2023, and Annual Report on Form&nbsp;10-K for the year
ended December&nbsp;31, 2022, and, in the case of Spirit, its consolidated financial statements included as Exhibits 99.1 and 99.2 to
Realty Income&rsquo;s Current Report on Form&nbsp;8-K filed with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on
November&nbsp;27, 2023 (the &ldquo;Form&nbsp;8-K&rdquo;). Certain historical amounts of Spirit have been reclassified to conform to Realty
Income&rsquo;s financial statement presentation, as discussed further in Note 3. The unaudited pro forma condensed combined financial
statements should be read in conjunction with Realty Income&rsquo;s and Spirit&rsquo;s consolidated financial statements and the notes
thereto. The unaudited pro forma condensed combined balance sheet gives effect to the Pro Forma Transactions as if they had been completed
on September&nbsp;30, 2023. The unaudited pro forma condensed combined statements of operations give effect to the Pro Forma Transactions
as if they had been completed on January&nbsp;1, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The historical financial statements of Realty
Income and Spirit have been adjusted in the unaudited pro forma condensed combined financial statements to give pro forma effect to the
accounting for the Pro Forma Transactions under U.S. Generally Accepted Accounting Principles (&ldquo;U.S. GAAP&rdquo;) (&ldquo;Pro Forma
Transactions Adjustments&rdquo;). The unaudited pro forma condensed combined financial statements and related notes were prepared using
the acquisition method of accounting in accordance with Financial Accounting Standards Board Accounting Standards Codification 805, Business
Combinations (&ldquo;ASC 805&rdquo;), with Realty Income treated as the acquiror of Spirit. ASC 805 requires, among other things, that
the assets acquired and liabilities assumed in a business combination be recognized at their fair values as of the acquisition date. For
purposes of the unaudited pro forma condensed combined financial statements, the estimated preliminary purchase consideration in the Merger
has been allocated to the assets acquired and liabilities assumed of Spirit based upon Realty Income management&rsquo;s preliminary estimate
of their fair values as of September&nbsp;30, 2023. The allocations of the purchase price reflected in these unaudited pro forma condensed
combined financial statements have not been finalized and are based upon the best available information at the current time. A final determination
of the fair values of the assets and liabilities is anticipated to occur during the first quarter of 2024, will be based on the actual
valuations of the tangible and intangible assets and liabilities that exist as of the date of completion of the Merger. The completion
of the final valuations, the allocations of the purchase price, the impact of ongoing integration activities and other changes in tangible
and intangible assets and liabilities that occur prior to the completion of the Merger could cause material differences in the information
presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The unaudited pro forma condensed
combined financial statements and related notes herein present unaudited pro forma condensed combined financial condition and results
of operations of Realty Income, after giving pro forma effect to the Pro Forma Transactions, which include the issuance of Realty Income
common stock to Spirit stockholders, the assumption of Spirit&rsquo;s outstanding debt, the conversion of each outstanding Spirit Series&nbsp;A
preferred stock outstanding into newly issued shares of Realty Income Series&nbsp;A preferred stock, and related transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Merger, the Pro Forma
Transactions and the related adjustments are described in these accompanying notes to the unaudited pro forma condensed combined financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the opinion of Realty Income&rsquo;s
management, all material adjustments have been made that are necessary to present fairly, in accordance with Article&nbsp;11 of Regulation
S-X of the SEC, the unaudited pro forma condensed combined financial statements. The unaudited pro forma condensed combined financial
statements do not purport to be indicative of the combined company&rsquo;s financial position or results of operations of the combined
company that would have occurred if the Pro Forma Transactions had been completed on the dates indicated, nor are they indicative of the
combined company&rsquo;s financial position or results of operations that may be expected for any future period or date. In addition,
future results may vary significantly from those reflected in the unaudited pro forma condensed combined financial statements due to factors
discussed in the &ldquo;Supplemental Risk Factors&rdquo; in Exhibit&nbsp;99.4 to the November&nbsp;27 Form&nbsp;8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 2 &ndash; Significant Accounting Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The accounting policies used in the preparation of these unaudited
pro forma condensed combined financial statements are those set out in Realty Income&rsquo;s audited consolidated financial statements
as of and for the year ended December&nbsp;31, 2022, and Realty Income&rsquo;s unaudited consolidated financial statements as of and for
the nine months ended September&nbsp;30, 2023. During the preparation of this unaudited pro forma condensed combined financial information,
management performed a preliminary analysis of Spirit&rsquo;s financial information to identify differences in accounting policies as
compared to those of Realty Income. With the information currently available, Realty Income&rsquo;s management has determined that there
were no significant accounting policy differences between Realty Income and Spirit and, therefore, no adjustments were made to conform
Spirit&rsquo;s financial statements to the accounting policies used by Realty Income in the preparation of the unaudited pro forma condensed
combined financial statements. This conclusion is subject to change as further assessment will be performed and finalized for purchase
accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As part of the application of ASC 805, Realty Income will continue
to conduct a more detailed review of Spirit&rsquo;s accounting policies in an effort to determine if differences in accounting policies
require further reclassification or adjustment of Spirit&rsquo;s results of operations or reclassification or adjustment of assets or
liabilities to conform to Realty Income&rsquo;s accounting policies and classifications. Therefore, Realty Income may identify additional
differences between the accounting policies of the two companies that, when conformed, could have a material impact on the unaudited pro
forma condensed combined financial information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 3 &ndash; Reclassification Adjustments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Spirit&rsquo;s
historical financial statement line items include the reclassification of certain historical balances to conform to the post-combination
Realty Income presentation of these unaudited pro forma condensed combined financial statements, as described below. These reclassifications
have no effect on previously reported total assets, total liabilities, stockholders&rsquo; equity or net income available to common stockholders
of Spirit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><I>Balance Sheet</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The components of Spirit&rsquo;s September&nbsp;30, 2023 Land and improvements on Spirit&rsquo;s consolidated
balance sheet have been reclassified to Realty Income&rsquo;s (i)&nbsp;Land and (ii)&nbsp;Building and improvements, as follows (in thousands):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 88%; font: 10pt Times New Roman, Times, Serif; margin-right: 0.5in; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">September&nbsp;30, 2023</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 87%; text-align: left">Land and improvements:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">2,742,072</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land (as presented)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,808,364</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Building and improvements</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">933,708</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Spirit&rsquo;s September&nbsp;30, 2023 balance of $1.4 billion previously classified as Accumulated depreciation
on Spirit's consolidated balance sheet, has been reclassified to Realty Income&rsquo;s Accumulated depreciation and amortization.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Spirit&rsquo;s September&nbsp;30, 2023 balance of $61.5 million previously classified as Real estate assets
held for sale, net on Spirit&rsquo;s consolidated balance sheet, has been reclassified to Realty Income&rsquo;s Real estate and lease
intangibles held for sale, net.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Spirit&rsquo;s September&nbsp;30, 2023 balances for the accounts previously classified as Loan receivables,
net, components of Deferred costs and other assets, net (as shown in table below) and Real estate assets under direct financing leases,
net have been reclassified to Realty Income&rsquo;s Other assets, net, as follows (in thousands):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 88%; font: 10pt Times New Roman, Times, Serif; margin-right: 0.5in; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">September&nbsp;30, 2023</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font: 10pt Times New Roman, Times, Serif; text-align: left">Loans receivable, net</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">52,949</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Portion of deferred costs and other assets, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">110,975</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Real estate assets under direct financing leases, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7,404</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Other assets, net (as presented)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">171,328</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">$199.8 million of Spirit&rsquo;s September&nbsp;30, 2023 receivables and straight-line rent previously
classified by Spirit as Deferred costs and other assets, net have been reclassified from Deferred costs and other assets, net to Realty
Income&rsquo;s Account receivable, net.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Spirit&rsquo;s September&nbsp;30, 2023 balance of $2.7 billion previously classified as Senior unsecured
notes, net on Spirit&rsquo;s consolidated balance sheet, has been reclassified to Realty Income&rsquo;s Notes payable, net.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The components of Spirit&rsquo;s September&nbsp;30, 2023 Accounts payable, accrued expenses and other
liabilities on Spirit&rsquo;s consolidated balance sheet, have been reclassified to Realty Income&rsquo;s (i)&nbsp;Distributions payable,
(ii)&nbsp;Accounts payable and accrued expenses, and (iii)&nbsp;Other liabilities, as follows (in thousands):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 88%; font: 10pt Times New Roman, Times, Serif; margin-right: 0.5in; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">September&nbsp;30, 2023</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font: 10pt Times New Roman, Times, Serif; text-align: left">Accounts payable, accrued expenses and other liabilities:</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">230,353</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions payable (as presented)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">99,571</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses (as presented)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">69,045</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities (as presented)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">61,737</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Spirit&rsquo;s September&nbsp;30, 2023 balance of $3.0 billion previously classified as Accumulated deficit
has been reclassified to Realty Income&rsquo;s Distributions in excess of net income.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Spirit&rsquo;s September&nbsp;30, 2023 balances previously classified as Common stock and Capital in excess
of common stock par value have been reclassified to Realty Income&rsquo;s Common stock and paid-in capital, as follows (in thousands):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 88%; font: 10pt Times New Roman, Times, Serif; margin-right: 0.5in; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">September&nbsp;30, 2023</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font: 10pt Times New Roman, Times, Serif; text-align: left">Common stock</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">7,067</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Capital in excess of common stock par value</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7,300,728</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Common stock and paid-in capital (as presented)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">7,307,795</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Income Statement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Spirit&rsquo;s balances for Interest income on loans receivable, Earned income from direct financing leases and Other operating income
previously classified as separate components of Spirit&rsquo;s Revenues, have been reclassified to Realty Income&rsquo;s Other revenue,
as follows (in thousands):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 88%; font: 10pt Times New Roman, Times, Serif; margin-right: 0.5in; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the nine months ended<BR>
 September&nbsp;30, 2023</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the year ended<BR>
 December&nbsp;31, 2022</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font: 10pt Times New Roman, Times, Serif; text-align: left">Interest income on loans receivable</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,919</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,884</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Earned income from direct financing leases</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">393</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">525</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other operating income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,888</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,191</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Other revenue (as presented)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">9,200</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">6,600</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Spirit&rsquo;s balances of Deal pursuit costs of $1.2 million and $4.7 million for the nine months ended
September&nbsp;30, 2023, and year ended December&nbsp;31, 2022, respectively, have been reclassified to Realty Income&rsquo;s General
and administrative.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Spirit&rsquo;s balances for Gain on disposition of assets of $66.5 million and $110.9 million for the
nine months ended September&nbsp;30, 2023, and year ended December&nbsp;31, 2022, respectively, have been reclassified to Realty Income&rsquo;s
Gain on sales of real estate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Note
4 &ndash; </B></FONT><B><FONT STYLE="font-size: 10pt">Preliminary Purchase Price Allocation and Pro Forma </FONT>Transactions Adjustments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Estimated Preliminary
Purchase Price</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
unaudited pro forma condensed combined financial statements reflect the preliminary allocation of the purchase consideration to Spirit&rsquo;s
identifiable net assets acquired. The preliminary allocation of purchase consideration in these unaudited pro forma condensed combined
financial statements is based upon an estimated preliminary purchase price of approximately $6.2 billion. The calculation of the estimated
preliminary-purchase price related to the Merger is as follows (in thousands, except share and per share data):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Amount</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; width: 87%; font: 10pt Times New Roman, Times, Serif; text-align: left">Shares of Spirit&rsquo;s common stock exchanged (a)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">140,851,483</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Exchange Ratio</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.762</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Shares of Realty Income common stock issued</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">107,328,830</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Opening price of Realty Income common stock on January&nbsp;23, 2024</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">55.80</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Fair value of Realty Income common stock issued to the former holders of Spirit common stock</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,988,949</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Shares of Realty Income Series&nbsp;A preferred stock issued in exchange for Spirit Series&nbsp;A preferred stock (b)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6,900,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Opening price of Realty Income Series&nbsp;A preferred stock on January&nbsp;23, 2024 (b)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">24.26</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Fair value of Realty Income Series&nbsp;A preferred stock issued to the former holders of Spirit Series&nbsp;A preferred stock</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">167,394</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Estimated fair value of Spirit&rsquo;s Performance Share Awards attributable to pre-combination services (c)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">28,197</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Cash payment for accrued and unpaid dividend equivalents to Spirit Performance Share Awards holders settled by Realty Income (d)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6,338</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Less: estimated fair value of Spirit Restricted Stock Awards attributable to post-combination costs (e)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(5,560</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total estimated preliminary purchase price</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">6,185,318</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">Includes 140,851,483 shares of Spirit common stock outstanding as of September&nbsp;30, 2023, inclusive
of 206,817 unvested Restricted Stock Awards which were converted into Realty Income common stock at the Effective Time. The portion of
the converted unvested Restricted Stock Awards related to post-combination expense is removed in footnote (e)&nbsp;below. Under the Merger
Agreement, these shares and units were converted to Realty Income common stock at an Exchange Ratio of 0.762 per share of Spirit&rsquo;s
common stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">Includes 6,900,000 shares of Spirit Series&nbsp;A preferred stock outstanding as of September&nbsp;30,
2023. Under the Merger Agreement, these shares were converted to the newly issued Realty Income Series&nbsp;A preferred stock at an exchange
ratio of 1.0 per share of Spirit Series&nbsp;A preferred stock at the Effective Time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">c)</TD><TD STYLE="text-align: justify">Represents the estimated fair value of fully vested Spirit Performance Share Awards that were converted into Realty Income common
stock at the Merger Effective Time that are attributable to pre-combination services.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">d)</TD><TD STYLE="text-align: justify">Represents the amount of -accrued and unpaid cash dividend equivalents corresponding to each Spirit Performance Share Award that were
settled by Realty income in cash.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">e)</TD><TD STYLE="text-align: justify">Represents the estimated fair value of Spirit Restricted Stock Awards that were accelerated and converted into Realty Income common
stock upon the Effective Time, reflecting the value attributable to post-combination services.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Preliminary Purchase
Price Allocation</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
preliminary purchase price allocation to assets acquired and liabilities assumed is provided throughout these notes to the unaudited pro
forma condensed combined financial statements. The following table provides a summary of the preliminary purchase price allocation by
major categories of assets acquired and liabilities assumed based on Realty Income management&rsquo;s preliminary estimate of their respective
fair values as of September&nbsp;30, 2023 (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Amount</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font: 10pt Times New Roman, Times, Serif; text-align: left">Total estimated preliminary purchase price</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">6,185,318</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Assets:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Real estate held for investment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7,134,406</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Real estate and lease intangibles held for sale</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">80,054</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Lease intangible assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,747,807</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Cash and cash equivalents (a)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">239,531</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Accounts receivable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14,581</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">139,885</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Total assets acquired</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9,356,264</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Liabilities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Accounts payable and accrued expenses (b)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">132,738</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Lease intangible liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">142,324</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Other liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">61,737</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Term loan</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,300,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Mortgages payable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Notes payable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,481,486</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Total liabilities assumed</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,118,285</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Estimated preliminary fair value of net assets acquired</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,237,979</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Goodwill</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">947,339</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</FONT></TD><TD STYLE="text-align: justify">This balance does not include $6.3 million of the Pro Forma Transactions Adjustments related to Realty
Income&rsquo;s cash payment for accrued and unpaid dividend equivalents to Performance Share Award holders, that is included in the Total
estimated preliminary purchase price. The balance also does not include the Pro Forma Transactions Adjustment related to the settlement
of $63.7 million of Spirit&rsquo;s estimated transaction-related costs following the Effective Time and the severance payment of $17.4
million in connection with employment arrangements with certain executive officers and employees of Spirit which were settled by Spirit
in cash before the Effective Time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This balance includes $63.7
million of estimated transaction-related costs incurred by Spirit which have not yet been reflected in the historical consolidated financial
statements of Spirit and were settled by Realty Income </FONT><FONT STYLE="font-size: 10pt">following the</FONT> Effective Time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The preliminary fair values of
identifiable assets acquired, and liabilities assumed are based on an estimated valuation as of an assumed date upon which the
Effective Time occurred that was prepared by Realty Income with the assistance of a third-party valuation advisor. For the
preliminary estimate of fair values of assets acquired and liabilities assumed of Spirit, Realty Income performed a preliminary
valuation by utilizing market participant assumptions. The allocation is dependent upon certain valuation and other studies that
have not yet been finalized. Accordingly, the pro forma preliminary purchase price allocation is subject to further adjustment as
additional information becomes available and as additional analyses and final valuations are completed, and such differences could
be material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In determining the estimated fair value of
Spirit&rsquo;s assets and liabilities, Realty Income utilized customary methods, including the income, market, and cost approaches. For
commercial properties reliance is placed on the income approach. For certain specialized retail properties, the cost approach is relied
upon. Real estate components include land, building improvements, site improvements, leases in place, above-market and below-market leases,
and the avoided lease origination costs. These components were valued individually by utilizing one or more of the three approaches to
value. Construction in progress is valued using cost as a primary indicator of fair value. The Notes payable and Term loan were valued
based on available market data. Loans receivables were valued using market based yields for loans with a similar credit ratings and weighted
average life. The CECL provision associated with each individual loan was calculated based on an estimated lifetime probability of default
and loss given default. The fair values of interest rate&nbsp;swaps are determined using the market standard methodology of netting the
discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash
payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate
curves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The purchase price allocation presented above
is preliminary and it has not been finalized. The final determination of the allocation of the purchase price will be completed no later
than twelve months following the Effective Time. These final fair values will be determined based on Realty Income&rsquo;s management&rsquo;s
judgment, which is based on various factors, including (1)&nbsp;market conditions, (2)&nbsp;the industry in which the client operates,
(3)&nbsp;the characteristics of the real estate (i.e., location, size, demographics, value and comparative rental rates), (4)&nbsp;the
client credit profile, (5)&nbsp;store profitability metrics and the importance of the location of the real estate to the operations of
the client&rsquo;s business, and/or (6)&nbsp;real estate valuations. The final determination of these estimated fair values, the assets&rsquo;
useful lives and the depreciation and amortization methods are dependent upon certain valuations and other analyses that have not yet
been completed, and as previously stated could differ materially from the amounts presented in the unaudited pro forma condensed combined
financial statements. The final determination will be completed as soon as practicable but no later than one year after the consummation
of the Merger. Any increase or decrease in the fair value of the net assets acquired, as compared to the information shown herein, could
change the portion of the purchase consideration allocable to goodwill and could impact the operating results of the combined company
following the Merger due to differences in the allocation of the purchase consideration, as well as changes in the depreciation and amortization
related to some of the acquired assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><U>Balance Sheet</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
pro forma adjustments reflect the effect of the Pro Forma Transactions on Realty Income&rsquo;s and Spirit&rsquo;s historical consolidated
balance sheets as if the Pro Forma Transactions occurred on September&nbsp;30, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><U>Assets</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</FONT></TD><TD STYLE="text-align: justify">The pro forma adjustments for Land and Buildings and improvements reflect: (i)&nbsp;the elimination of
Spirit's historical carrying values of $1.8 billion for Land and $7.0 billion for Buildings and improvements, and (ii)&nbsp;the recognition
of the fair value of these assets of $1.9 billion for Land and $5.3 billion for Buildings and improvements, based upon the preliminary
valuation of the tangible real estate assets acquired. For information regarding the valuation methodology applied to the tangible real
estate assets, refer to the Preliminary Purchase Price Allocation section of Note 4. The pro forma adjustments are presented as follows
(in thousands):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 97%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Estimated fair<BR>
 value</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Less: Elimination<BR>
 of historical gross<BR>
 carrying value</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total pro forma<BR>
 adjustment</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif">Land</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,863,453</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,808,364</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">55,089</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Buildings and improvements</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,270,953</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(7,015,086</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,744,133</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</FONT></TD><TD STYLE="text-align: justify">Accumulated depreciation and amortization were adjusted to eliminate Spirit&rsquo;s historical accumulated
depreciation balance of $1.4 billion.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3)</FONT></TD><TD STYLE="text-align: justify">Spirit's Real estate and lease intangibles held for sale, net was adjusted to remove the historical carrying
value of $61.5 million, and reflect its assets at fair value, less estimated selling expenses, on those assets, totaling $80.1 million.
The fair value was determined based on the contractual sale prices from executed sale agreements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4)</FONT></TD><TD STYLE="text-align: justify">Pro forma adjustment to Cash and cash equivalents and Distributions Payable includes a $101.0 million
payment of dividends declared, but not paid, as of the Effective Date to Spirit's common stock, Restricted Stock Award, and Performance
Stock Award holders. The Cash and cash equivalents line also includes (i)&nbsp;a settlement of Spirit&rsquo;s estimated transaction-related
costs of $63.7 million, (ii)&nbsp;a new draw down on Spirit&rsquo;s term loan of $200.0 million, (iii)&nbsp; debt issuance costs of $7.3
million, $2.9 million of which is assumed to be immediately expensed as third party fees in connection with the assumed debt that was
exchanged and $4.4 million of which are capitalized as fees paid to lenders in a debt modification, and (iv)&nbsp;of $17.4 million related
to certain severance payments in connection with certain executive officers and employees of Spirit in accordance with the terms of their
employment agreements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5)</FONT></TD><TD STYLE="text-align: justify">Accounts receivable, net was adjusted to eliminate Spirit&rsquo;s historical straight-line rent receivable,
net, of $185.2 million, which is not treated as a separately recognized asset on the combined company&rsquo;s balance sheet.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6)</FONT></TD><TD STYLE="text-align: justify">The pro forma adjustments for Lease intangible assets, net reflect: (i)&nbsp;the elimination of Spirit&rsquo;s
historical carrying values for these assets, net of the associated accumulated amortization, of $389.1 million and (ii)&nbsp;the recognition
of the fair value of these assets of $1.7 billion, based upon the preliminary valuation of the intangible real estate assets acquired.
For information regarding the valuation methodology applied to the lease intangible assets, refer to the Preliminary Purchase Price Allocation
section of Note 4. The following table summarizes the major classes of lease intangible assets acquired and the total pro forma adjustment
to Lease intangible assets, net (in thousands):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 97%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Amount</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Preliminary allocation of fair value:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 87%; font: 10pt Times New Roman, Times, Serif; text-align: left">In-place leases</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,137,278</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Leasing commissions, legal and marketing costs</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">386,953</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Above-market lease assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">223,576</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Less: Elimination of historical carrying value of lease intangible assets, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(389,100</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total pro forma adjustment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,358,707</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7)</FONT></TD><TD STYLE="text-align: justify">The pro forma adjustments for Goodwill reflect: (i)&nbsp;the elimination of Spirit&rsquo;s historical
goodwill balance of $225.6 million, and (ii)&nbsp;the recognition of the preliminary goodwill balance associated with the Merger of $947.3
million based on the preliminary purchase price allocation. For additional information, refer to the Preliminary Purchase Price Allocation
section of Note 4.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8)</FONT></TD><TD STYLE="text-align: justify">Other assets, net was adjusted to reflect (i)&nbsp;the elimination of Spirit&rsquo;s deferred financing
costs, net and capitalized lease transaction costs, (ii)&nbsp;the elimination of Spirit&rsquo;s historical carrying value for Loans receivable,
net, (iii)&nbsp;the settlement of Spirit's non-cash related transaction costs, (iv)&nbsp;the recognition of the ground leases right of
use assets, (v)&nbsp;the recognition of the fair value of purchased with credit deterioration (&ldquo;PCD&rdquo;) loans and Non-PCD loans,
respectively, and (vi)&nbsp;the fair value adjustment to mark-to-market the interest rate swaps currently held, including the interest
rate swaps entered concurrently with new draw term loan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white">The following
table summarizes the pro forma adjustments to Other assets, net (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 97%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font: 10pt Times New Roman, Times, Serif; text-align: left">Elimination of Spirit's deferred financing costs, net and capitalized lease transaction costs</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(9,179</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Elimination Spirit's historical carrying value for Loans receivable, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(52,949</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Elimination of certain non-cash assets associated with Spirit's transaction costs</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(227</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Recognition of the fair value of ground leases</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,625</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Fair Value of Non-PCD loans and allowance for loan losses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">40,617</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Fair Value of PCD loans, net of allowance for loan losses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6,984</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Fair value adjustment to interest rate swaps</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(20,495</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total pro forma adjustment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(32,624</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><U>Liabilities</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9)</FONT></TD><TD STYLE="text-align: justify">The pro forma adjustment for Accounts payable and accrued expenses represents: (i)&nbsp;$40.2 million
of estimated transaction-related costs to be incurred by Realty Income which have not yet been reflected in the historical consolidated
financial statements of Realty Income. This line item also contains an accrual of $63.7 million of the estimated transaction-related costs
to be incurred by Spirit which have not yet been reflected in the historical consolidated financial statements, as well as the assumed
settlement of this amount. See Note 4 for additional details.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10)</FONT></TD><TD STYLE="text-align: justify">The pro forma adjustments for Lease intangible liabilities, net reflect: (i)&nbsp;the elimination of Spirit&rsquo;s
historical carrying values for the intangible lease liabilities, net of the associated accumulated amortization, of $106.8 million, and
(ii)&nbsp;the recognition of the fair value of these intangible liabilities of $142.3 million, based upon the preliminary valuation of
the intangible lease liabilities assumed. For information regarding the valuation methodology applied to the lease intangible liabilities,
refer to the Preliminary Purchase Price Allocation section of Note 4.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11)</FONT></TD><TD STYLE="text-align: justify">In connection with the Merger, Realty Income assumed $4.1 billion of total historical cost debt
                                                                                                                                             outstanding as of September&nbsp;30, 2023 with a weighted average interest rate of 5.8% and weighted average remaining term of 4.3
                                                                                                                                             years. The pro forma adjustments for Term loan, net, Mortgages payable, net and Notes payable, net reflect: (i)&nbsp;the elimination
                                                                                                                                             of Spirit's historical carrying values of the Term loan, net, Mortgages payable, net and Notes payables, net including the
                                                                                                                                             associated unamortized deferred financing costs and net discounts, of $1.1 billion, $4.5 million and $2.7 billion for the Term loan,
                                                                                                                                             net, Mortgages payable, net and Notes payable, net respectively, (ii)&nbsp;the recognition of the fair value of $1.1 billion and
                                                                                                                                             $2.5 billion for the Term loan, net and Notes payable, net respectively, based upon the valuation of these liabilities,
                                                                                                                                             (iii)&nbsp;the recognition of the fair value of $0.2 billion the Term loan, net (new draw) entered prior the Merger and
                                                                                                                                             (iv)&nbsp;capitalized debt issuance costs of $4.4 million associated with the exchange. The fair value of Term loan, net and Notes
                                                                                                                                             payable, net is derived either based on (i)&nbsp;market quotes for identical or similar instruments in markets or
                                                                                                                                             (ii)&nbsp;discounted cash flow analyses using estimates of the amount and timing of future cash flows, market rates and credit
                                                                                                                                             spreads. The following table summarizes the pro forma adjustments to the Term loan, Mortgages payable, net and Notes payable, net
                                                                                                                                             (in thousands):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; padding-left: 0.125in; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Term loan, net</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Mortgages payable, net</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Notes payable, net</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; width: 61%; font: 10pt Times New Roman, Times, Serif; text-align: left">Elimination of historical carrying value of the remaining debt instruments, including unamortized deferred financing costs and net discounts</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,090,198</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(4,545</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,725,505</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Estimated pro forma fair value of liabilities assumed in the Merger</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,100,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,481,486</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Estimated pro forma fair value of additional draw on the term loan (new draw) entered prior to the Merger</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">200,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Capitalized debt issuance costs incurred in conjunction with the exchange of the notes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,635</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,722</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total pro forma adjustment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">208,167</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(4,545</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(246,741</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><U>Equity</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12)</FONT></TD><TD STYLE="text-align: justify">The following table summarizes the pro forma adjustments for equity (in thousands):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Preferred stock<BR>
 and paid-in<BR>
 capital</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Common stock<BR>
 and paid-in capital</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Distributions in<BR>
 excess of net<BR>
 income</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Accumulated<BR>
 other<BR>
 comprehensive<BR>
 loss</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif; text-align: left">Issuance of Realty Income common stock (a)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">6,011,586</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Issuance of Realty Income Series&nbsp;A preferred stock (b)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">167,394</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Settlement of Spirit&rsquo;s equity-based awards (c)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">32,004</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(32,004</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Spirit transaction-related costs (d)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(63,920</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Elimination of Spirit&rsquo;s historical equity balances (e)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(166,177</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(7,307,795</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,100,395</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(55,296</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Realty Income transaction- related costs (f)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(40,225</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Debt issuance costs (g)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,944</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Provision for loan losses for Non-PCD loans (h)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,181</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Spirit severance payment (i)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(17,421</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total pro forma adjustment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,217</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,264,205</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,942,700</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(55,296</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">The pro forma adjustment represents the issuance of Realty Income common stock as consideration for the
Merger, as described in the Estimated Preliminary Purchase Price section of Note 4. The fair value of Realty Income common stock issued
to former holders of Spirit&rsquo;s common stock is based on the adjusted per share opening price of Realty Income common stock of $55.80
on January&nbsp;23, 2024.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">The pro forma adjustment represents the issuance of Realty Income Series&nbsp;A preferred stock as consideration
for the Merger, as described in the Estimated Preliminary Purchase Price section of Note 4. The fair value of Realty Income Series&nbsp;A
preferred stock issued to former holders of Spirit Series&nbsp;A preferred stock is based on the fair value of Spirit Series&nbsp;A preferred
stock, which is based on the opening price of Realty Income Series&nbsp;A preferred stock of $24.26 on January&nbsp;23, 2024.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">c)</TD><TD STYLE="text-align: justify">Represents the estimated fair value of fully vested Spirit Restricted Stock Awards and Spirit Performance
Share Award units of $32.0 million which were converted into Realty Income common stock upon the Effective Time. The vesting of these
awards was discretionarily accelerated and they were converted into Realty Income common stock upon the Effective Time, reflecting the
value attributable to the post-combination services.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">d)</TD><TD STYLE="text-align: justify">The pro forma adjustment to distributions in excess of net income includes $63.9 million of estimated
transaction-related costs to be incurred by Spirit which have not yet been reflected in the historical consolidated financial statements
of Spirit and which was settled by Realty Income following the Effective Time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">e)</TD><TD STYLE="text-align: justify">The pro forma adjustment represents the elimination of Spirit&rsquo;s historical equity balances and the
$63.9 million of estimated transaction-related costs to be incurred by Spirit which have not yet been reflected in the historical consolidated
financial statements of Spirit. Refer to note (d)&nbsp;above.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">f)</TD><TD STYLE="text-align: justify">The pro forma adjustment to distributions in excess of net income includes $40.2 million of estimated
transaction costs to be incurred by Realty Income as a result of the Merger, which have not yet been reflected in Realty Income's historical
consolidated financial statements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">g)</TD><TD STYLE="text-align: justify">The pro forma adjustment to distributions in excess of net income represents a pro forma adjustment of
debt exchange costs of $2.9 million, which represents fees paid to third parties assumed to be immediately expensed in connection with
the assumed and then exchanged debt as the debt is deemed to be modified.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">h)</TD><TD STYLE="text-align: justify">The pro forma adjustment to distributions in excess of net income includes an adjustment for the Current
Expected Credit Losses (CECL) allowance for credit losses of $1.2 million for Non-PCD loans. The pro forma statements of operations does
not include this one-time provision expense.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">i)</TD><TD STYLE="text-align: justify">To reflect post-combination expense of $17.4 million related to certain severance payments in
                                                                connection with certain executive officers and employees of Spirit in accordance with the terms of their employment agreements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><U>Statements of Operations</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
pro forma adjustments reflect the effect of the Pro Forma Transactions on Realty Income&rsquo;s and Spirit&rsquo;s historical consolidated
statements of operations as if the Pro Forma Transactions occurred on January&nbsp;1, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><U>Revenues</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13)</FONT></TD><TD>Rental (including reimbursable)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white">The historical
rental revenues for Realty Income and Spirit represent contractual and straight-line rents and amortization of above-market and below-market
lease intangibles associated with the leases in effect during the periods presented. The adjustments included in the unaudited pro forma
condensed combined statements of operations are presented to: (i)&nbsp;eliminate the historical straight-line rents and amortization of
above-market and below-market lease intangibles for the real estate properties of Spirit acquired as part of the Merger, and (ii)&nbsp;adjust
contractual rental property revenue for the acquired properties to a straight-line basis and amortize above-market and below-market lease
intangibles recognized as a result of the Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white">The pro forma
adjustment for the amortization of above-market and below-market lease intangibles recognized as a result of the Merger was estimated
based on a straight-line methodology and the estimated remaining weighted average contractual, in-place lease term of 10.2 years. The
lease intangible asset and liability fair values and estimated amortization expense may differ materially from the preliminary determination
within these unaudited pro forma condensed combined financial statements. The pro forma adjustments to rental revenues do not purport
to be indicative of the expected change in rental revenues of the combined company in any future periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white">The following
table summarizes the adjustments made to rental revenues for the nine months ended September&nbsp;30, 2023, and year ended December&nbsp;31,
2022 (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 97%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; white-space: nowrap; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Elimination of<BR> historical<BR> amounts</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Recognition of<BR> post-combination<BR> amounts<SUP>(a)</SUP></B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Total pro forma<BR> adjustment</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif">For the nine months ended September&nbsp;30, 2023</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; width: 61%; font: 10pt Times New Roman, Times, Serif; text-align: left">Straight-line rent, net</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(26,127</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">35,555</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">9,428</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Amortization of above-market and below-market lease intangibles and deferred lease incentives, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(767</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(5,976</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(6,743</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total pro forma adjustment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(26,894</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">29,579</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,685</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif">For the year ended December&nbsp;31, 2022</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Straight-line rent, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(36,902</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">55,090</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18,188</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Amortization of above-market and below-market lease intangibles and deferred lease incentives, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,190</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(7,968</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(10,158</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total pro forma adjustment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(39,092</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">47,122</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">8,030</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">Recognition of post-combination amounts excludes amounts related to Spirit properties that were sold between
January&nbsp;1, 2022 and September&nbsp;30, 2023, because such properties were not a part of the net assets acquired in the Merger.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14)</FONT></TD><TD STYLE="text-align: justify">The pro forma adjustment to Other Revenue of $(1.0) million and $(1.3) million for the nine months ended
September&nbsp;30, 2023 and year ended December&nbsp;31, 2022, respectively, reflects the impact of the Merger on the amount recognized
in Spirit's historical consolidated statements of operations for the periods presented from the amortization of the fair value adjustment
on Spirit's Loans Receivables assumed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><U>Expenses</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15)</FONT></TD><TD STYLE="text-align: justify">The adjustments included in the unaudited pro forma condensed combined statements of operations are presented
to: (i)&nbsp;eliminate the historical depreciation and amortization of real estate properties of Spirit acquired as part of the Merger,
and (ii)&nbsp;to recognize additional depreciation and amortization expense associated with the fair value of acquired real estate tangible
and intangible assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white">The pro forma
adjustment for the depreciation and amortization of acquired assets is calculated using a straight-line methodology and is based on estimated
useful lives for building and site improvements, the remaining contractual, in-place lease term for intangible lease assets, and the lesser
of the estimated useful life and the remaining contractual, in-place lease term for tenant improvements. The useful life of a particular
building depends upon a number of factors including the condition of the building upon acquisition. For purposes of the unaudited pro
forma condensed combined statements of operations, the weighted average useful life for buildings and site improvements is 29.3 years;
the weighted average useful life for tenant improvements is 10.2 years; and the weighted average remaining contractual, in-place lease
term is 10.2 years. The fair value of acquired real estate tangible and intangible assets, estimated useful lives of such assets, and
estimated depreciation and amortization expense may differ materially from the preliminary determination within these unaudited pro forma
condensed combined financial statements. The pro forma adjustments to depreciation and amortization expense are not necessarily indicative
of the expected change in depreciation and amortization expense of the combined company in any future periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white">The following
table summarizes adjustments made to depreciation and amortization expense by asset category for Spirit&rsquo;s real estate properties
acquired as part of the Merger for the nine months ended September&nbsp;30, 2023, and year ended December&nbsp;31, 2022 (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 97%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the nine months<BR>
 ended September&nbsp;30, 2023</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the year ended<BR>
 December&nbsp;31, 2022</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font: 10pt Times New Roman, Times, Serif; text-align: left">Buildings and improvements (a)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">132,231</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">176,308</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Tenant improvements (a)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">23,525</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">31,366</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">In-place leases and leasing commissions and marketing costs (a)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">112,113</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">149,484</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Less: Elimination of historical depreciation and amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(236,527</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(292,985</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total pro forma adjustment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">31,342</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">64,173</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">Recognition of post-combination amounts excludes amounts related to Spirit properties that were sold between
January&nbsp;1, 2022 and September&nbsp;30, 2023, because such properties were not a part of the net assets acquired in the Merger.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16)</FONT></TD><TD STYLE="text-align: justify">The pro forma adjustments to interest expense reflect the impact of the Merger on the amounts recognized
in Spirit&rsquo;s historical consolidated statements of operations for the periods presented from: (i)&nbsp;the elimination of historical
interest expense including deferred financing cost amortization, historical amortization on net premiums/discounts, and historical interest
expense on the revolver, term loan, mortgages payable, and notes payable, (ii)&nbsp;the recognition of interest expense of assumed existing
term loan and notes payable inclusive of the amortization of fair value adjustment and the interest expense on the additional draw on
term loan (new draw), which has a term of approximately 17 months, and (iii)&nbsp;the amortization of the fair value adjustment on Spirit&rsquo;s
interest swap assets assumed in the Merger.. The following table summarizes the pro forma adjustments to interest expense for the nine
months ended September&nbsp;30, 2023, and year ended December&nbsp;31, 2022 (in thousands):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 97%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the nine months<BR> ended September&nbsp;30, 2023</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the year ended<BR> December&nbsp;31, 2022</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 74%; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Elimination of historical interest expense on the revolver, term loan, mortgages payable and notes payable</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(102,887</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(114,815</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Recognition of interest expense of assumed existing and new draw term loan and notes payable inclusive of the amortization of any fair value adjustment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">150,553</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">220,601</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 2.15pt">Amortization of the fair value adjustment on swap assets</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11,845</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">15,794</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 2.15pt">Total pro forma adjustment</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">59,511</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">121,580</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white">The pro forma
adjustments for the amortization of the fair value adjustment on Spirit&rsquo;s interest rate swaps, term loan, and notes payable assumed
in the Merger were estimated based on effective interest rate approach and the weighted average remaining contractual term of 2.7 years
for the interest rate swaps, remaining contractual term of 2.3 years for term loan and 5.4 years for notes payable. The fair value adjustment
on Spirit&rsquo;s interest rate swaps, term loan and notes payable and estimated amortization expense may differ materially from the preliminary
determination within these unaudited pro forma condensed combined financial statements. The pro forma adjustments to interest expense
do not purport to be indicative of the expected change in interest expense of the combined company in any future periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17)</FONT></TD><TD STYLE="text-align: justify">Represents an adjustment to increase ground leases rent expense by $0.1 million for the nine months ended
September&nbsp;30, 2023, and $0.1 million for the year ended December&nbsp;31, 2022 as a result of the revaluation of operating lease
right-of-use assets and recognition of the above-market and below-market ground lease intangible assets. The adjustment is computed based
on a straight-line approach and using a weighted average remaining lease term of 8.0 years. The fair value adjustment on Spirit&rsquo;s
ground leases may differ materially from the preliminary determination within these unaudited pro forma condensed combined financial statements.
The pro forma adjustments to property (including reimbursable) expense do not purport to be indicative of the expected change in ground
rent expense of the combined company in any future periods.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18)</FONT></TD><TD STYLE="text-align: justify">Represents the adjustment to Merger and integration-related costs of $92.5 million for the year ended
December&nbsp;31, 2022 to recognize (i)&nbsp;additional post-combination compensation expense of $ 32.0 million associated with the fair
value of Realty Income common stock issued to the holders of Spirit&rsquo;s restricted stock awards and performance stock awards. The
pro forma adjustments to Merger and integration-related costs do not purport to be indicative of the expected change in compensation expense
of the combined company in any future periods, (ii)&nbsp;estimated transaction-related costs of $40.2 million that are not currently reflected
in the historical consolidated financial statements of Realty Income. These estimated transaction-related costs consist primarily of transfer
taxes, advisor, legal, and accounting fees. It is assumed that these costs will not affect the combined statements of operations beyond
twelve months after the closing date of the Merger, (iii)&nbsp;post-combination expenses of $17.4 million related to severance payments
in connection with the certain executive officers and employees of Spirit in accordance with the terms of their employment agreements
with Spirit and (iv)&nbsp;debt exchange costs of $2.9 million assumed to be immediately expensed in connection with the assumed debt which
was immediately exchanged.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><B>Note 5
 &ndash; Pro Forma Net Income Available to Common Stockholders per Common Share</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.25in; background-color: white">The following table summarizes
the unaudited pro forma net income from continuing operations per common share for the nine months ended September&nbsp;30, 2023, and
the year ended December&nbsp;31, 2022, as if the Pro Forma Transactions occurred on January&nbsp;1, 2022 (in thousands, except per share
data):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 97%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the nine months ended<BR> September&nbsp;30, 2023</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the year ended<BR> December&nbsp;31, 2022</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Numerator</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; width: 74%; font: 10pt Times New Roman, Times, Serif; text-align: left">Pro forma net income available to common stockholders</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">747,676</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">875,476</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Denominator</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Realty Income historical weighted average common shares outstanding</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">681,419</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">611,766</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Spirit&rsquo;s common stock converted into Realty Income common stock (140,851 shares and units outstanding, multiplied by the Exchange Ratio of 0.762)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">107,329</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">107,329</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Spirit&rsquo;s Performance Share Awards converted into Realty Income common stock (1,285 shares and units outstanding, multiplied by the Exchange Ratio of 0.762)</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">979</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">979</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Pro forma weighted average common shares outstanding &ndash; basic</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">789,727</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">720,074</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Realty Income historical weighted average dilutive shares</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">710</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">415</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Pro forma weighted average Realty Income common shares outstanding &ndash; diluted</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">790,437</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">720,489</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Pro forma amounts of net income available to common stockholders per common share:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Basic and diluted</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.95</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.22</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"></P>

<!-- Field: Page; Sequence: 18; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>3
<FILENAME>o-20240122.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" ?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.21a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
    <!-- Field: Doc-Info; Name: Misc; Value: +aA5w7xRiXgen8uLa3ZcWa2CibOdzZR+iYkxtmB3bZnafyMhwCsrnii77bgmUQIC -->
<schema xmlns="http://www.w3.org/2001/XMLSchema" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:dei="http://xbrl.sec.gov/dei/2023" xmlns:us-gaap="http://fasb.org/us-gaap/2023" xmlns:srt="http://fasb.org/srt/2023" xmlns:srt-types="http://fasb.org/srt-types/2023" xmlns:dtr-types="http://www.xbrl.org/dtr/type/2022-03-31" xmlns:o="http://realtyincome.com/20240122" elementFormDefault="qualified" targetNamespace="http://realtyincome.com/20240122">
    <annotation>
      <appinfo>
        <link:roleType roleURI="http://realtyincome.com/role/Cover" id="Cover">
          <link:definition>00000001 - Document - Cover</link:definition>
          <link:usedOn>link:presentationLink</link:usedOn>
          <link:usedOn>link:calculationLink</link:usedOn>
          <link:usedOn>link:definitionLink</link:usedOn>
        </link:roleType>
        <link:linkbaseRef xlink:type="simple" xlink:href="o-20240122_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Presentation Links" />
        <link:linkbaseRef xlink:type="simple" xlink:href="o-20240122_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Label Links" />
        <link:linkbaseRef xlink:type="simple" xlink:href="o-20240122_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Definition Links" />
      </appinfo>
    </annotation>
    <import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
    <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
    <import namespace="http://xbrl.sec.gov/dei/2023" schemaLocation="https://xbrl.sec.gov/dei/2023/dei-2023.xsd" />
    <import namespace="http://fasb.org/us-gaap/2023" schemaLocation="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd" />
    <import namespace="http://fasb.org/us-types/2023" schemaLocation="https://xbrl.fasb.org/us-gaap/2023/elts/us-types-2023.xsd" />
    <import namespace="http://www.xbrl.org/dtr/type/2022-03-31" schemaLocation="https://www.xbrl.org/dtr/type/2022-03-31/types.xsd" />
    <import namespace="http://xbrl.sec.gov/country/2023" schemaLocation="https://xbrl.sec.gov/country/2023/country-2023.xsd" />
    <import namespace="http://fasb.org/srt/2023" schemaLocation="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd" />
    <import namespace="http://fasb.org/srt-types/2023" schemaLocation="https://xbrl.fasb.org/srt/2023/elts/srt-types-2023.xsd" />
    <element id="o_Series6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember" name="Series6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="o_Notes1.125PercentDue2027Member" name="Notes1.125PercentDue2027Member" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="o_Notes1.875PercentDue2027Member" name="Notes1.875PercentDue2027Member" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="o_Notes1.625PercentDue2030Member" name="Notes1.625PercentDue2030Member" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="o_Notes4.875PercentDue2030Member" name="Notes4.875PercentDue2030Member" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="o_Notes5.750PercentDue2031Member" name="Notes5.750PercentDue2031Member" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="o_Notes1.750PercentDue2033Member" name="Notes1.750PercentDue2033Member" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="o_Notes5.125PercentDue2034Member" name="Notes5.125PercentDue2034Member" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="o_Notes6.000PercentDue2039Member" name="Notes6.000PercentDue2039Member" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="o_Notes2.500PercentDue2042Member" name="Notes2.500PercentDue2042Member" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>4
<FILENAME>o-20240122_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.21a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef roleURI="http://realtyincome.com/role/Cover" xlink:href="o-20240122.xsd#Cover" xlink:type="simple" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#hypercube-dimension" arcroleURI="http://xbrl.org/int/dim/arcrole/hypercube-dimension" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-domain" arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-domain" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#domain-member" arcroleURI="http://xbrl.org/int/dim/arcrole/domain-member" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#all" arcroleURI="http://xbrl.org/int/dim/arcrole/all" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#notAll" arcroleURI="http://xbrl.org/int/dim/arcrole/notAll" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-default" arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-default" />
    <link:definitionLink xlink:type="extended" xlink:role="http://realtyincome.com/role/Cover" xlink:title="00000001 - Document - Cover">
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentInformationLineItems" xlink:label="loc_deiDocumentInformationLineItems" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xbrldt:contextElement="segment" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_us-gaapStatementTable" xlink:type="arc" order="10" xbrldt:closed="true" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaapStatementClassOfStockAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementClassOfStockAxis" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaapClassOfStockDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapStatementClassOfStockAxis" xlink:to="loc_us-gaapClassOfStockDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaapClassOfStockDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapStatementClassOfStockAxis" xlink:to="loc_us-gaapClassOfStockDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaapCommonStockMember_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_us-gaapCommonStockMember_10" xlink:type="arc" order="11" />
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Series6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember" xlink:label="loc_oSeries6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember_20" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_oSeries6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember_20" xlink:type="arc" order="21" />
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Notes1.125PercentDue2027Member" xlink:label="loc_oNotes1.125PercentDue2027Member_30" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_oNotes1.125PercentDue2027Member_30" xlink:type="arc" order="31" />
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Notes1.875PercentDue2027Member" xlink:label="loc_oNotes1.875PercentDue2027Member_40" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_oNotes1.875PercentDue2027Member_40" xlink:type="arc" order="41" />
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Notes1.625PercentDue2030Member" xlink:label="loc_oNotes1.625PercentDue2030Member_50" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_oNotes1.625PercentDue2030Member_50" xlink:type="arc" order="51" />
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Notes4.875PercentDue2030Member" xlink:label="loc_oNotes4.875PercentDue2030Member_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_oNotes4.875PercentDue2030Member_60" xlink:type="arc" order="61" />
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Notes5.750PercentDue2031Member" xlink:label="loc_oNotes5.750PercentDue2031Member_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_oNotes5.750PercentDue2031Member_70" xlink:type="arc" order="71" />
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Notes1.750PercentDue2033Member" xlink:label="loc_oNotes1.750PercentDue2033Member_80" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_oNotes1.750PercentDue2033Member_80" xlink:type="arc" order="81" />
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Notes5.125PercentDue2034Member" xlink:label="loc_oNotes5.125PercentDue2034Member_90" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_oNotes5.125PercentDue2034Member_90" xlink:type="arc" order="91" />
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Notes6.000PercentDue2039Member" xlink:label="loc_oNotes6.000PercentDue2039Member_100" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_oNotes6.000PercentDue2039Member_100" xlink:type="arc" order="101" />
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Notes2.500PercentDue2042Member" xlink:label="loc_oNotes2.500PercentDue2042Member_110" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_oNotes2.500PercentDue2042Member_110" xlink:type="arc" order="111" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentType" xlink:label="loc_deiDocumentType_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentType_130" xlink:type="arc" order="0" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentFlag" xlink:label="loc_deiAmendmentFlag_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAmendmentFlag_130" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentDescription" xlink:label="loc_deiAmendmentDescription_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAmendmentDescription_130" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentRegistrationStatement" xlink:label="loc_deiDocumentRegistrationStatement_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentRegistrationStatement_130" xlink:type="arc" order="3" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentAnnualReport" xlink:label="loc_deiDocumentAnnualReport_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentAnnualReport_130" xlink:type="arc" order="4" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentQuarterlyReport" xlink:label="loc_deiDocumentQuarterlyReport_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentQuarterlyReport_130" xlink:type="arc" order="5" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentTransitionReport" xlink:label="loc_deiDocumentTransitionReport_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentTransitionReport_130" xlink:type="arc" order="6" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentShellCompanyReport" xlink:label="loc_deiDocumentShellCompanyReport_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentShellCompanyReport_130" xlink:type="arc" order="7" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentShellCompanyEventDate" xlink:label="loc_deiDocumentShellCompanyEventDate_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentShellCompanyEventDate_130" xlink:type="arc" order="8" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodStartDate" xlink:label="loc_deiDocumentPeriodStartDate_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentPeriodStartDate_130" xlink:type="arc" order="9" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_deiDocumentPeriodEndDate_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentPeriodEndDate_130" xlink:type="arc" order="10" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_deiDocumentFiscalPeriodFocus_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentFiscalPeriodFocus_130" xlink:type="arc" order="11" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_deiDocumentFiscalYearFocus_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentFiscalYearFocus_130" xlink:type="arc" order="12" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_deiCurrentFiscalYearEndDate_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiCurrentFiscalYearEndDate_130" xlink:type="arc" order="13" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber" xlink:label="loc_deiEntityFileNumber_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityFileNumber_130" xlink:type="arc" order="14" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName" xlink:label="loc_deiEntityRegistrantName_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityRegistrantName_130" xlink:type="arc" order="15" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCentralIndexKey" xlink:label="loc_deiEntityCentralIndexKey_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityCentralIndexKey_130" xlink:type="arc" order="16" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityPrimarySicNumber" xlink:label="loc_deiEntityPrimarySicNumber_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityPrimarySicNumber_130" xlink:type="arc" order="17" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityTaxIdentificationNumber" xlink:label="loc_deiEntityTaxIdentificationNumber_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityTaxIdentificationNumber_130" xlink:type="arc" order="18" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="loc_deiEntityIncorporationStateCountryCode_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityIncorporationStateCountryCode_130" xlink:type="arc" order="19" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1" xlink:label="loc_deiEntityAddressAddressLine1_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressAddressLine1_130" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine2" xlink:label="loc_deiEntityAddressAddressLine2_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressAddressLine2_130" xlink:type="arc" order="21" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine3" xlink:label="loc_deiEntityAddressAddressLine3_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressAddressLine3_130" xlink:type="arc" order="22" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown" xlink:label="loc_deiEntityAddressCityOrTown_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressCityOrTown_130" xlink:type="arc" order="23" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressStateOrProvince" xlink:label="loc_deiEntityAddressStateOrProvince_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressStateOrProvince_130" xlink:type="arc" order="24" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCountry" xlink:label="loc_deiEntityAddressCountry_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressCountry_130" xlink:type="arc" order="25" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode" xlink:label="loc_deiEntityAddressPostalZipCode_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressPostalZipCode_130" xlink:type="arc" order="26" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CountryRegion" xlink:label="loc_deiCountryRegion_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiCountryRegion_130" xlink:type="arc" order="27" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CityAreaCode" xlink:label="loc_deiCityAreaCode_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiCityAreaCode_130" xlink:type="arc" order="28" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LocalPhoneNumber" xlink:label="loc_deiLocalPhoneNumber_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiLocalPhoneNumber_130" xlink:type="arc" order="29" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Extension" xlink:label="loc_deiExtension_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiExtension_130" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_WrittenCommunications" xlink:label="loc_deiWrittenCommunications_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiWrittenCommunications_130" xlink:type="arc" order="31" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SolicitingMaterial" xlink:label="loc_deiSolicitingMaterial_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSolicitingMaterial_130" xlink:type="arc" order="32" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementTenderOffer" xlink:label="loc_deiPreCommencementTenderOffer_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiPreCommencementTenderOffer_130" xlink:type="arc" order="33" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="loc_deiPreCommencementIssuerTenderOffer_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiPreCommencementIssuerTenderOffer_130" xlink:type="arc" order="34" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle" xlink:label="loc_deiSecurity12bTitle_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurity12bTitle_130" xlink:type="arc" order="35" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_NoTradingSymbolFlag" xlink:label="loc_deiNoTradingSymbolFlag_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiNoTradingSymbolFlag_130" xlink:type="arc" order="36" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_TradingSymbol" xlink:label="loc_deiTradingSymbol_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiTradingSymbol_130" xlink:type="arc" order="37" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName" xlink:label="loc_deiSecurityExchangeName_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurityExchangeName_130" xlink:type="arc" order="38" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12gTitle" xlink:label="loc_deiSecurity12gTitle_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurity12gTitle_130" xlink:type="arc" order="39" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityReportingObligation" xlink:label="loc_deiSecurityReportingObligation_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurityReportingObligation_130" xlink:type="arc" order="40" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AnnualInformationForm" xlink:label="loc_deiAnnualInformationForm_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAnnualInformationForm_130" xlink:type="arc" order="41" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="loc_deiAuditedAnnualFinancialStatements_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAuditedAnnualFinancialStatements_130" xlink:type="arc" order="42" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="loc_deiEntityWellKnownSeasonedIssuer_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityWellKnownSeasonedIssuer_130" xlink:type="arc" order="43" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityVoluntaryFilers" xlink:label="loc_deiEntityVoluntaryFilers_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityVoluntaryFilers_130" xlink:type="arc" order="44" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCurrentReportingStatus" xlink:label="loc_deiEntityCurrentReportingStatus_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityCurrentReportingStatus_130" xlink:type="arc" order="45" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityInteractiveDataCurrent" xlink:label="loc_deiEntityInteractiveDataCurrent_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityInteractiveDataCurrent_130" xlink:type="arc" order="46" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFilerCategory" xlink:label="loc_deiEntityFilerCategory_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityFilerCategory_130" xlink:type="arc" order="47" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntitySmallBusiness" xlink:label="loc_deiEntitySmallBusiness_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntitySmallBusiness_130" xlink:type="arc" order="48" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityEmergingGrowthCompany" xlink:label="loc_deiEntityEmergingGrowthCompany_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityEmergingGrowthCompany_130" xlink:type="arc" order="49" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityExTransitionPeriod" xlink:label="loc_deiEntityExTransitionPeriod_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityExTransitionPeriod_130" xlink:type="arc" order="50" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentAccountingStandard" xlink:label="loc_deiDocumentAccountingStandard_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentAccountingStandard_130" xlink:type="arc" order="51" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_OtherReportingStandardItemNumber" xlink:label="loc_deiOtherReportingStandardItemNumber_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiOtherReportingStandardItemNumber_130" xlink:type="arc" order="52" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityShellCompany" xlink:label="loc_deiEntityShellCompany_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityShellCompany_130" xlink:type="arc" order="53" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityPublicFloat" xlink:label="loc_deiEntityPublicFloat_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityPublicFloat_130" xlink:type="arc" order="54" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="loc_deiEntityBankruptcyProceedingsReportingCurrent_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityBankruptcyProceedingsReportingCurrent_130" xlink:type="arc" order="55" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_deiEntityCommonStockSharesOutstanding_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityCommonStockSharesOutstanding_130" xlink:type="arc" order="56" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentsIncorporatedByReferenceTextBlock" xlink:label="loc_deiDocumentsIncorporatedByReferenceTextBlock_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentsIncorporatedByReferenceTextBlock_130" xlink:type="arc" order="57" />
    </link:definitionLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>5
<FILENAME>o-20240122_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.21a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
    <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="us-gaap_StatementClassOfStockAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_StatementClassOfStockAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xml:lang="en-US">Class of Stock [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CommonStockMember" xlink:label="us-gaap_CommonStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockMember" xlink:to="us-gaap_CommonStockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockMember_lbl" xml:lang="en-US">Common Stock [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Series6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember" xlink:label="o_Series6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="o_Series6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember" xlink:to="o_Series6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="o_Series6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember_lbl" xml:lang="en-US">Series 6. 000 Percent A Cumulative Redeemable Preferred Stock 0. 01 Par Value [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Notes1.125PercentDue2027Member" xlink:label="o_Notes1.125PercentDue2027Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="o_Notes1.125PercentDue2027Member" xlink:to="o_Notes1.125PercentDue2027Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="o_Notes1.125PercentDue2027Member_lbl" xml:lang="en-US">Notes 1. 125 Percent Due 2027 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Notes1.875PercentDue2027Member" xlink:label="o_Notes1.875PercentDue2027Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="o_Notes1.875PercentDue2027Member" xlink:to="o_Notes1.875PercentDue2027Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="o_Notes1.875PercentDue2027Member_lbl" xml:lang="en-US">Notes 1. 875 Percent Due 2027 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Notes1.625PercentDue2030Member" xlink:label="o_Notes1.625PercentDue2030Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="o_Notes1.625PercentDue2030Member" xlink:to="o_Notes1.625PercentDue2030Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="o_Notes1.625PercentDue2030Member_lbl" xml:lang="en-US">Notes 1. 625 Percent Due 2030 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Notes4.875PercentDue2030Member" xlink:label="o_Notes4.875PercentDue2030Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="o_Notes4.875PercentDue2030Member" xlink:to="o_Notes4.875PercentDue2030Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="o_Notes4.875PercentDue2030Member_lbl" xml:lang="en-US">Notes 4. 875 Percent Due 2030 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Notes5.750PercentDue2031Member" xlink:label="o_Notes5.750PercentDue2031Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="o_Notes5.750PercentDue2031Member" xlink:to="o_Notes5.750PercentDue2031Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="o_Notes5.750PercentDue2031Member_lbl" xml:lang="en-US">Notes 5. 750 Percent Due 2031 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Notes1.750PercentDue2033Member" xlink:label="o_Notes1.750PercentDue2033Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="o_Notes1.750PercentDue2033Member" xlink:to="o_Notes1.750PercentDue2033Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="o_Notes1.750PercentDue2033Member_lbl" xml:lang="en-US">Notes 1. 750 Percent Due 2033 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Notes5.125PercentDue2034Member" xlink:label="o_Notes5.125PercentDue2034Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="o_Notes5.125PercentDue2034Member" xlink:to="o_Notes5.125PercentDue2034Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="o_Notes5.125PercentDue2034Member_lbl" xml:lang="en-US">Notes 5. 125 Percent Due 2034 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Notes6.000PercentDue2039Member" xlink:label="o_Notes6.000PercentDue2039Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="o_Notes6.000PercentDue2039Member" xlink:to="o_Notes6.000PercentDue2039Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="o_Notes6.000PercentDue2039Member_lbl" xml:lang="en-US">Notes 6. 000 Percent Due 2039 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Notes2.500PercentDue2042Member" xlink:label="o_Notes2.500PercentDue2042Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="o_Notes2.500PercentDue2042Member" xlink:to="o_Notes2.500PercentDue2042Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="o_Notes2.500PercentDue2042Member_lbl" xml:lang="en-US">Notes 2. 500 Percent Due 2042 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US">Statement [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentInformationLineItems" xlink:label="dei_DocumentInformationLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentInformationLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentInformationLineItems_lbl" xml:lang="en-US">Document Information [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentDescription" xlink:label="dei_AmendmentDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentDescription" xlink:to="dei_AmendmentDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentDescription_lbl" xml:lang="en-US">Amendment Description</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentRegistrationStatement" xlink:label="dei_DocumentRegistrationStatement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentRegistrationStatement" xlink:to="dei_DocumentRegistrationStatement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentRegistrationStatement_lbl" xml:lang="en-US">Document Registration Statement</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentAnnualReport" xlink:label="dei_DocumentAnnualReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAnnualReport" xlink:to="dei_DocumentAnnualReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAnnualReport_lbl" xml:lang="en-US">Document Annual Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentQuarterlyReport" xlink:label="dei_DocumentQuarterlyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentQuarterlyReport" xlink:to="dei_DocumentQuarterlyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentQuarterlyReport_lbl" xml:lang="en-US">Document Quarterly Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentTransitionReport" xlink:label="dei_DocumentTransitionReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentTransitionReport_lbl" xml:lang="en-US">Document Transition Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyReport" xlink:to="dei_DocumentShellCompanyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyReport_lbl" xml:lang="en-US">Document Shell Company Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentShellCompanyEventDate" xlink:label="dei_DocumentShellCompanyEventDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyEventDate" xlink:to="dei_DocumentShellCompanyEventDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyEventDate_lbl" xml:lang="en-US">Document Shell Company Event Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodStartDate" xlink:label="dei_DocumentPeriodStartDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodStartDate" xlink:to="dei_DocumentPeriodStartDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_OtherReportingStandardItemNumber" xlink:label="dei_OtherReportingStandardItemNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_OtherReportingStandardItemNumber" xlink:to="dei_OtherReportingStandardItemNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_OtherReportingStandardItemNumber_lbl" xml:lang="en-US">Other Reporting Standard Item Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityBankruptcyProceedingsReportingCurrent" xlink:to="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xml:lang="en-US">Entity Bankruptcy Proceedings, Reporting Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentsIncorporatedByReferenceTextBlock" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentsIncorporatedByReferenceTextBlock" xlink:to="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xml:lang="en-US">Documents Incorporated by Reference [Text Block]</link:label>
    </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>6
<FILENAME>o-20240122_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.21a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef roleURI="http://realtyincome.com/role/Cover" xlink:href="o-20240122.xsd#Cover" xlink:type="simple" />
    <link:presentationLink xlink:type="extended" xlink:role="http://realtyincome.com/role/Cover" xlink:title="00000001 - Document - Cover">
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CoverAbstract" xlink:label="loc_deiCoverAbstract" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_us-gaapStatementTable" order="100" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentInformationLineItems" xlink:label="loc_deiDocumentInformationLineItems" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_deiDocumentInformationLineItems" order="200" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaapStatementClassOfStockAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementClassOfStockAxis" order="10" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaapClassOfStockDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementClassOfStockAxis" xlink:to="loc_us-gaapClassOfStockDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaapCommonStockMember" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_us-gaapCommonStockMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Series6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember" xlink:label="loc_oSeries6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_oSeries6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Notes1.125PercentDue2027Member" xlink:label="loc_oNotes1.125PercentDue2027Member" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_oNotes1.125PercentDue2027Member" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Notes1.875PercentDue2027Member" xlink:label="loc_oNotes1.875PercentDue2027Member" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_oNotes1.875PercentDue2027Member" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Notes1.625PercentDue2030Member" xlink:label="loc_oNotes1.625PercentDue2030Member" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_oNotes1.625PercentDue2030Member" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Notes4.875PercentDue2030Member" xlink:label="loc_oNotes4.875PercentDue2030Member" />
      <link:presentationArc order="70" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_oNotes4.875PercentDue2030Member" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Notes5.750PercentDue2031Member" xlink:label="loc_oNotes5.750PercentDue2031Member" />
      <link:presentationArc order="80" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_oNotes5.750PercentDue2031Member" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Notes1.750PercentDue2033Member" xlink:label="loc_oNotes1.750PercentDue2033Member" />
      <link:presentationArc order="90" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_oNotes1.750PercentDue2033Member" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Notes5.125PercentDue2034Member" xlink:label="loc_oNotes5.125PercentDue2034Member" />
      <link:presentationArc order="100" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_oNotes5.125PercentDue2034Member" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Notes6.000PercentDue2039Member" xlink:label="loc_oNotes6.000PercentDue2039Member" />
      <link:presentationArc order="110" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_oNotes6.000PercentDue2039Member" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="o-20240122.xsd#o_Notes2.500PercentDue2042Member" xlink:label="loc_oNotes2.500PercentDue2042Member" />
      <link:presentationArc order="120" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_oNotes2.500PercentDue2042Member" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentType" xlink:label="loc_deiDocumentType" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentType" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentFlag" xlink:label="loc_deiAmendmentFlag" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAmendmentFlag" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentDescription" xlink:label="loc_deiAmendmentDescription" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAmendmentDescription" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentRegistrationStatement" xlink:label="loc_deiDocumentRegistrationStatement" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentRegistrationStatement" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentAnnualReport" xlink:label="loc_deiDocumentAnnualReport" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentAnnualReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentQuarterlyReport" xlink:label="loc_deiDocumentQuarterlyReport" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentQuarterlyReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentTransitionReport" xlink:label="loc_deiDocumentTransitionReport" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentTransitionReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentShellCompanyReport" xlink:label="loc_deiDocumentShellCompanyReport" />
      <link:presentationArc order="70" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentShellCompanyReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentShellCompanyEventDate" xlink:label="loc_deiDocumentShellCompanyEventDate" />
      <link:presentationArc order="80" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentShellCompanyEventDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodStartDate" xlink:label="loc_deiDocumentPeriodStartDate" />
      <link:presentationArc order="90" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentPeriodStartDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_deiDocumentPeriodEndDate" />
      <link:presentationArc order="100" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentPeriodEndDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_deiDocumentFiscalPeriodFocus" />
      <link:presentationArc order="110" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentFiscalPeriodFocus" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_deiDocumentFiscalYearFocus" />
      <link:presentationArc order="120" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentFiscalYearFocus" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_deiCurrentFiscalYearEndDate" />
      <link:presentationArc order="130" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiCurrentFiscalYearEndDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber" xlink:label="loc_deiEntityFileNumber" />
      <link:presentationArc order="140" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityFileNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName" xlink:label="loc_deiEntityRegistrantName" />
      <link:presentationArc order="150" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityRegistrantName" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCentralIndexKey" xlink:label="loc_deiEntityCentralIndexKey" />
      <link:presentationArc order="160" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityCentralIndexKey" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityPrimarySicNumber" xlink:label="loc_deiEntityPrimarySicNumber" />
      <link:presentationArc order="170" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityPrimarySicNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityTaxIdentificationNumber" xlink:label="loc_deiEntityTaxIdentificationNumber" />
      <link:presentationArc order="180" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityTaxIdentificationNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="loc_deiEntityIncorporationStateCountryCode" />
      <link:presentationArc order="190" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityIncorporationStateCountryCode" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1" xlink:label="loc_deiEntityAddressAddressLine1" />
      <link:presentationArc order="200" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressAddressLine1" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine2" xlink:label="loc_deiEntityAddressAddressLine2" />
      <link:presentationArc order="210" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressAddressLine2" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine3" xlink:label="loc_deiEntityAddressAddressLine3" />
      <link:presentationArc order="220" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressAddressLine3" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown" xlink:label="loc_deiEntityAddressCityOrTown" />
      <link:presentationArc order="230" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressCityOrTown" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressStateOrProvince" xlink:label="loc_deiEntityAddressStateOrProvince" />
      <link:presentationArc order="240" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressStateOrProvince" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCountry" xlink:label="loc_deiEntityAddressCountry" />
      <link:presentationArc order="250" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressCountry" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode" xlink:label="loc_deiEntityAddressPostalZipCode" />
      <link:presentationArc order="260" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressPostalZipCode" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CountryRegion" xlink:label="loc_deiCountryRegion" />
      <link:presentationArc order="270" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiCountryRegion" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CityAreaCode" xlink:label="loc_deiCityAreaCode" />
      <link:presentationArc order="280" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiCityAreaCode" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LocalPhoneNumber" xlink:label="loc_deiLocalPhoneNumber" />
      <link:presentationArc order="290" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiLocalPhoneNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Extension" xlink:label="loc_deiExtension" />
      <link:presentationArc order="300" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiExtension" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_WrittenCommunications" xlink:label="loc_deiWrittenCommunications" />
      <link:presentationArc order="310" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiWrittenCommunications" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SolicitingMaterial" xlink:label="loc_deiSolicitingMaterial" />
      <link:presentationArc order="320" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSolicitingMaterial" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementTenderOffer" xlink:label="loc_deiPreCommencementTenderOffer" />
      <link:presentationArc order="330" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiPreCommencementTenderOffer" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="loc_deiPreCommencementIssuerTenderOffer" />
      <link:presentationArc order="340" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiPreCommencementIssuerTenderOffer" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle" xlink:label="loc_deiSecurity12bTitle" />
      <link:presentationArc order="350" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurity12bTitle" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_NoTradingSymbolFlag" xlink:label="loc_deiNoTradingSymbolFlag" />
      <link:presentationArc order="360" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiNoTradingSymbolFlag" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_TradingSymbol" xlink:label="loc_deiTradingSymbol" />
      <link:presentationArc order="370" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiTradingSymbol" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName" xlink:label="loc_deiSecurityExchangeName" />
      <link:presentationArc order="380" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurityExchangeName" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12gTitle" xlink:label="loc_deiSecurity12gTitle" />
      <link:presentationArc order="390" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurity12gTitle" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityReportingObligation" xlink:label="loc_deiSecurityReportingObligation" />
      <link:presentationArc order="400" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurityReportingObligation" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AnnualInformationForm" xlink:label="loc_deiAnnualInformationForm" />
      <link:presentationArc order="410" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAnnualInformationForm" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="loc_deiAuditedAnnualFinancialStatements" />
      <link:presentationArc order="420" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAuditedAnnualFinancialStatements" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="loc_deiEntityWellKnownSeasonedIssuer" />
      <link:presentationArc order="430" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityWellKnownSeasonedIssuer" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityVoluntaryFilers" xlink:label="loc_deiEntityVoluntaryFilers" />
      <link:presentationArc order="440" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityVoluntaryFilers" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCurrentReportingStatus" xlink:label="loc_deiEntityCurrentReportingStatus" />
      <link:presentationArc order="450" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityCurrentReportingStatus" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityInteractiveDataCurrent" xlink:label="loc_deiEntityInteractiveDataCurrent" />
      <link:presentationArc order="460" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityInteractiveDataCurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFilerCategory" xlink:label="loc_deiEntityFilerCategory" />
      <link:presentationArc order="470" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityFilerCategory" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntitySmallBusiness" xlink:label="loc_deiEntitySmallBusiness" />
      <link:presentationArc order="480" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntitySmallBusiness" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityEmergingGrowthCompany" xlink:label="loc_deiEntityEmergingGrowthCompany" />
      <link:presentationArc order="490" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityEmergingGrowthCompany" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityExTransitionPeriod" xlink:label="loc_deiEntityExTransitionPeriod" />
      <link:presentationArc order="500" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityExTransitionPeriod" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentAccountingStandard" xlink:label="loc_deiDocumentAccountingStandard" />
      <link:presentationArc order="510" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentAccountingStandard" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_OtherReportingStandardItemNumber" xlink:label="loc_deiOtherReportingStandardItemNumber" />
      <link:presentationArc order="520" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiOtherReportingStandardItemNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityShellCompany" xlink:label="loc_deiEntityShellCompany" />
      <link:presentationArc order="530" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityShellCompany" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityPublicFloat" xlink:label="loc_deiEntityPublicFloat" />
      <link:presentationArc order="540" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityPublicFloat" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="loc_deiEntityBankruptcyProceedingsReportingCurrent" />
      <link:presentationArc order="550" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityBankruptcyProceedingsReportingCurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_deiEntityCommonStockSharesOutstanding" />
      <link:presentationArc order="560" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityCommonStockSharesOutstanding" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentsIncorporatedByReferenceTextBlock" xlink:label="loc_deiDocumentsIncorporatedByReferenceTextBlock" />
      <link:presentationArc order="570" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentsIncorporatedByReferenceTextBlock" xlink:type="arc" />
    </link:presentationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>7
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm139850629090528">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Jan. 22, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K/A<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Jan. 22,  2024<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-13374<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">REALTY
INCOME CORPORATION<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000726728<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">33-0580106<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">11995 El Camino Real<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">San Diego<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">CA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">92130<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">858<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">284-5000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common
    Stock, $0.01 Par Value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">O<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=o_Series6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember', window );">Series 6. 000 Percent A Cumulative Redeemable Preferred Stock 0. 01 Par Value [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">6.000% Series A Cumulative Redeemable Preferred Stock, $0.01 Par Value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">O PR<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=o_Notes1.125PercentDue2027Member', window );">Notes 1. 125 Percent Due 2027 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">1.125% Notes due 2027<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">O27A<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=o_Notes1.875PercentDue2027Member', window );">Notes 1. 875 Percent Due 2027 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">1.875% Notes due 2027<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">O27B<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=o_Notes1.625PercentDue2030Member', window );">Notes 1. 625 Percent Due 2030 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">1.625% Notes due 2030<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">O30<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=o_Notes4.875PercentDue2030Member', window );">Notes 4. 875 Percent Due 2030 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">4.875% Notes due 2030<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">O30A<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=o_Notes5.750PercentDue2031Member', window );">Notes 5. 750 Percent Due 2031 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">5.750% Notes due 2031<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">O31A<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=o_Notes1.750PercentDue2033Member', window );">Notes 1. 750 Percent Due 2033 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">1.750% Notes due 2033<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">O33A<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=o_Notes5.125PercentDue2034Member', window );">Notes 5. 125 Percent Due 2034 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">5.125% Notes due 2034<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">O34<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=o_Notes6.000PercentDue2039Member', window );">Notes 6. 000 Percent Due 2039 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">6.000% Notes due 2039<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">O39<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=o_Notes2.500PercentDue2042Member', window );">Notes 2. 500 Percent Due 2042 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">2.500% Notes due 2042<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">O42<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>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.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=o_Series6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=o_Series6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=o_Notes1.125PercentDue2027Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=o_Notes1.125PercentDue2027Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=o_Notes1.875PercentDue2027Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=o_Notes1.875PercentDue2027Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=o_Notes1.625PercentDue2030Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=o_Notes1.625PercentDue2030Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=o_Notes4.875PercentDue2030Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=o_Notes4.875PercentDue2030Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=o_Notes5.750PercentDue2031Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=o_Notes5.750PercentDue2031Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=o_Notes1.750PercentDue2033Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=o_Notes1.750PercentDue2033Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=o_Notes5.125PercentDue2034Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=o_Notes5.125PercentDue2034Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=o_Notes6.000PercentDue2039Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=o_Notes6.000PercentDue2039Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=o_Notes2.500PercentDue2042Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=o_Notes2.500PercentDue2042Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>9
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xlsx
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MR8F#^A'J,44HH18WBR"O&@H8;.$OO/;R+363M^(A*?4)RXU9@BY#/A60.0T
M#+?P;7/K.H]2<1\F?OE,PIH]B E80P'#77W;VDAD4@7YGW"^>_'!BB<$4POR
MID&!X?Y>U/!"G4#NM@(+=!VHF6"-!0SW]$_"5W,RFHD$XH)!A'3M8T<U.<B1
M1@.&>_J7-)22)VIBXGB1K)I;5NH*%C)1'6L28+B!CT44^J$,DRFZ4LL[#;>3
MO?(#JQC]: 1@N&./4G[LJ^GA*E_+TR]U_L-3-)Q,=M0/UC,Y([KY$[@]OW V
MR+*%<F8R:) U&M2-GU1J_/V8I].\GG\H!3G+%]N<):5L-P@:K6V<_,.-.5_P
M"N-C*?SOZ-L5S\-8?L;?Q"D_T2V?T ;>I8 M?U_/F@4$[MRWH50GOF*",/GU
M[C<TYOY"M9GR>L-*RRJ]0>JGJ-01^MEJ6QB-6(H^LV@!K@7-!P*W]]N4!?GR
M'#_%=Z*TV1@$AI -30<"-_;G>4+]1W_&DBG?>9YN$+K^.NY#CC0="-S4QZK[
M\@RY;:1XD[_/\O.5>(%ZBW@1L?S:ACKQ"CB/V9TJN&I'JN&D/%BERE+#-DH%
MIPPTLN^*U<PAW092!A)H7\^:2P3FR&M2!BNY;57>MVA5[8KE?4T4J48:A=EC
MCJ)!8(A&-Y 3S2X*HZ9Z&@U"AC12C2P*(^M:2%4>W%8%=]9AO%3!(A;QP'3!
MPOM>MMJX;M4 PV@3#*.:8;0VAAF4<%O5ZRU:5B]8E0ORJ+E%#^6606!(/.C=
M']7HHG6ARR!D"HM&%X71M0Y+UWMM6)I $=4HH@V@B#:!(JI11&M#D4$)MU6]
M7A$66Y/%/I0L!@$5EO>0$TT6NRZR&(0,8;$U6>R*9'%?D(5:8%A@X3T7GJW)
M8C= %KL)LM@;'Y_41A:#$FZ[VV0!KYC9FBSVH60Q" QA(QHL=EU@,0B9LJ+!
M8E<!BUT&%E-6F@"+K<%B-P 6NPFPV!HL=FU@,2C9+\$"+E%'@\4Y%"P& 945
MZ"S,T6!QZ@*+0<@0%D>#Q:D"%J>-/,?:#@L&PP(+[[GP' T6IP&P.$V Q=%@
M<6H#BT')::MZ;84%0QXW/K,_%"P&@2'%8%@T69RZR&(0,H5%D\6I^):E)"P4
M#DL39'$T69P&R.(T019'D\6IC2P&)5P2%@K=1*+)XAY*%H/ D%(H+*XFBUL7
M60Q"AK"XFBQN1;*\O!A&;3 LL/">"\_59'$;((O;!%E<31:W-K(8E)R7%\,H
M>,>5)HM[*%D, D/8R,:]7W6!Q2!DRHH&BUL%+%N?XJRR<@)GI0FPN!HL;@-@
M<9L BZO!XM8&%H/2ZF.9'[)R MT/J,'B'0H6@\ 0-J*YXM7%%8.0(2N>YHI7
MA2NDC9P76;$)F!58>,]UYVFN> UPQ6N"*Y[FBE<;5PQ*I.UL9\4FD$?-%>]0
MKA@$AK 1S16O+JX8A'9EI;-Q2W_^]8@KEM^UDZ&(3Y2.U<Z/,UU^XV"Y(<6\
MN,O_3D@IXN+AC+. I_D.ZO6)4.58;>1?'%A_[^/\?U!+ P04    "  +@5!8
MGZ ;\+$"  #B#   #0   'AL+W-T>6QE<RYX;6S=5VUKVS 0_BM"/V!N8FKB
MD1BV0&&PC4+S85^56'8$>O%DN7/ZZZ>S;"=I=67=A['-H<G=/;J[1W<GF:Y;
M=Y+\X<BY([V2NMW0HW/-^R1I#T>N6/O.-%Q[I#)6,>=56R=M8SDK6W!2,EG>
MW&2)8D+38JT[=:=<2PZFTVY#;VA2K"NCSY:4!H-?RA0GCTQNZ)9)L;=B6,N4
MD*=@7H+A8*2QQ'DJ?$,78&F? KP(&K <XRBAC05C$C*$[_VX_!DP::U7A90S
MP24-AF+=,.>XU7=>&18/QA<0&>7=J?$,:\M.B^4M/3L,/S[)WMB2VSG-@DZF
M8BUY!72LJ(_PZTR3 .B<45XH!:N-9@.'R6,4?-@#E_(!6OBMNHK=5R3TXE,)
M;2"PU4GTA$8QA D*Q+^,%F)?A+W]K;"D$8_&?>S\;O2@?^^,X_>65Z(?]+Z:
M\V/1%WATUC3R]$&*6BL>]O[+"8LUF_S(T5CQY+/!I!R\@5M*'KEUXG!I^6%9
ML^.]FZ:IKW#.RW^0\Y^M<\TUMTQ>DO:C_S=7^2V,D_'T7!S1JP,Z6PE<A!OZ
M%>Y7>>9 ]IV03NA1.XJRY/K%.?7A'=O["_PJOE]?\HIUTNUF<$//\A=>BD[E
M\ZI[J,NXZBQ_AOMHD<VWL,\E=,E[7FY'U=;[021>\%G'!QR>(W?#$T<PGX#%
M$<"P/!@#S"=X87G^I_VLT/T$#..VBB(KU&>%^@2O&+(=/EB>N$_NG_A.\SQ-
MLPRKZ'8;9;#%ZI9E\!>/AG$##RP/9'I;K?%NXQ/R^AQ@/7UM0K"=XI.([12O
M-2#QNH%'GL>[C>4!#ZP+V.Q _G@>F*FX3YI"5S%NV G&D3S'$)C%^(QF&5*=
M##[Q_F"G)$WS/(X %F>0IA@"IQ%', ;  4/2='@//GL?)=-[*CG_5U/\!%!+
M P04    "  +@5!8EXJ[',     3 @  "P   %]R96QS+RYR96QSG9*Y;L,P
M#$!_Q=">, ?0(8@S9?$6!/D!5J(/V!(%BD6=OZ_:I7&0"QEY/3P2W!YI0.TX
MI+:+J1C]$%)I6M6X 4BV)8]ISI%"KM0L'C6'TD!$VV-#L%HL/D N&6:WO606
MIW.D5XA<UYVE/=LO3T%O@*\Z3'%":4A+,P[PS=)_,O?S##5%Y4HCE5L:>-/E
M_G;@2=&A(E@6FD7)TZ(=I7\=Q_:0T^FO8R*T>EOH^7%H5 J.W&,EC'%BM/XU
M@LD/['X 4$L#!!0    (  N!4%BJQ"(6,P$  "("   /    >&PO=V]R:V)O
M;VLN>&ULC5'1;L(P#/R5*A^P%K0A#5%>0-N0I@V-B??0NM0BB2O'A8VOG]NJ
M&M)>]I3<V;K<7187XM.!Z)1\>1=B;FJ19IZFL:C!VWA'#02=5,3>BD(^IK%A
ML&6L <2[=)IEL]1;#&:Y&+6VG-X"$B@$*2C9$7N$2_R==S Y8\0#.I3OW/1W
M!R;Q&-#C%<K<9":)-5U>B/%*0:S;%4S.Y68R#/; @L4?>M>9_+2'V#-B#Q]6
MC>1FEJE@A1REW^CUK7H\@RX/J!5Z0B? :ROPS-0V&(Z=C*9(;V+T/8SG4.*<
M_U,C5146L*:B]1!DZ)'!=09#K+&))@G60VY6= ;N\N@#FW+()FKJIBF>HPYX
M4P[V1D\E5!B@?%.9J+SV4VPYZ8Y>9WK_,'G4'EKG5LJ]AU>RY1AQ_)[E#U!+
M P04    "  +@5!8)!Z;HJT   #X 0  &@   'AL+U]R96QS+W=O<FMB;V]K
M+GAM;"YR96QSM9$]#H,P#(6O$N4 -5"I0P5,75@K+A %\R,2$L6N"K<OA0&0
M.G1ALIXM?^_)3I]H%'=NH+;S)$9K!LIDR^SO *1;M(HNSN,P3VH7K.)9A@:\
MTKUJ$)(HND'8,V2>[IFBG#S^0W1UW6E\./VR./ /,+Q=Z*E%9"E*%1KD3,)H
MMC;!4N++3):BJ#(9BBJ6<%H@XLD@;6E6?;!/3K3G>1<W]T6NS>,)KM\,<'AT
M_@%02P,$%     @ "X%06&60>9(9 0  SP,  !,   !;0V]N=&5N=%]4>7!E
M<UTN>&ULK9--3L,P$(6O$F5;)2XL6*"F&V +77 !8T\:J_Z39UK2VS-.VDJ@
M$A6%3:QXWKS/GI>LWH\1L.B=]=B4'5%\% )5!TYB'2)XKK0A.4G\FK8B2K63
M6Q#WR^6#4,$3>*HH>Y3KU3.T<F^I>.EY&TWP39G 8ED\C<+,:DH9HS5*$M?%
MP>L?E.I$J+EST&!G(BY84(JKA%SY'7#J>SM 2D9#L9&)7J5CE>BM0#I:P'K:
MXLH90]L:!3JHO>.6&F,"J;$#(&?KT70Q32:>,(S/N]G\P68*R,I-"A$YL01_
MQYTCR=U59"-(9*:O>"&R]>S[04Y;@[Z1S>/]#&DWY(%B6.;/^'O&%_\;SO$1
MPNZ_/[&\UDX:?^:+X3]>?P%02P$"% ,4    "  +@5!8!T%-8H$   "Q
M$               @ $     9&]C4')O<',O87!P+GAM;%!+ 0(4 Q0    (
M  N!4%AL%;@L[@   "L"   1              "  :\   !D;V-0<F]P<R]C
M;W)E+GAM;%!+ 0(4 Q0    (  N!4%B97)PC$ 8  )PG   3
M  "  <P!  !X;"]T:&5M92]T:&5M93$N>&UL4$L! A0#%     @ "X%06#-"
MP1U4!P   S(  !@              ("!#0@  'AL+W=O<FMS:&5E=',O<VAE
M970Q+GAM;%!+ 0(4 Q0    (  N!4%B?H!OPL0(  .(,   -
M  "  9</  !X;"]S='EL97,N>&UL4$L! A0#%     @ "X%06)>*NQS
M$P(   L              ( !<Q(  %]R96QS+RYR96QS4$L! A0#%     @
M"X%06*K$(A8S 0  (@(   \              ( !7!,  'AL+W=O<FMB;V]K
M+GAM;%!+ 0(4 Q0    (  N!4%@D'INBK0   /@!   :              "
M ;P4  !X;"]?<F5L<R]W;W)K8F]O:RYX;6PN<F5L<U!+ 0(4 Q0    (  N!
M4%AED'F2&0$  ,\#   3              "  :$5  !;0V]N=&5N=%]4>7!E
<<UTN>&UL4$L%!@     )  D /@(  .L6      $!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>10
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
// Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission.  Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105.
var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0);
e.removeAttribute('id');a.parentNode.appendChild(e)}}
if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'}
e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>11
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

..report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

..report td.pl div.a {
	width: 200px;
}

..report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
	background-color: white;
}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
..report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
..report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

..report .nump {
	padding-left: 2em;
}

..report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
..report .text {
	text-align: left;
	white-space: normal;
}

..report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

..report .text .more {
	display: none;
}

..report .text .note {
	font-style: italic;
	font-weight: bold;
}

..report .text .small {
	width: 10em;
}

..report sup {
	font-style: italic;
}

..report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>13
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='utf-8'?>
<FilingSummary>
  <Version>3.24.0.1</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>12</ContextCount>
  <ElementCount>22</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>false</FootnotesReported>
  <SegmentCount>11</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>3</UnitCount>
  <MyReports>
    <Report instance="tm246284d7_8ka.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>00000001 - Document - Cover</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://realtyincome.com/role/Cover</Role>
      <ShortName>Cover</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>1</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <InputFiles>
    <File>o-20240122.xsd</File>
    <File>o-20240122_def.xml</File>
    <File>o-20240122_lab.xml</File>
    <File>o-20240122_pre.xml</File>
    <File doctype="8-K/A" isOnlyDei="true" isUsgaap="true" original="tm246284d7_8ka.htm">tm246284d7_8ka.htm</File>
  </InputFiles>
  <SupplementalFiles/>
  <BaseTaxonomies>
    <BaseTaxonomy items="52">http://xbrl.sec.gov/dei/2023</BaseTaxonomy>
  </BaseTaxonomies>
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>false</HasCalculationLinkbase>
</FilingSummary>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>JSON
<SEQUENCE>15
<FILENAME>MetaLinks.json
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
{
 "version": "2.2",
 "instance": {
  "tm246284d7_8ka.htm": {
   "nsprefix": "o",
   "nsuri": "http://realtyincome.com/20240122",
   "dts": {
    "schema": {
     "local": [
      "o-20240122.xsd"
     ],
     "remote": [
      "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xl-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xlink-2003-12-31.xsd",
      "http://www.xbrl.org/2005/xbrldt-2005.xsd",
      "http://www.xbrl.org/2006/ref-2006-02-27.xsd",
      "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd",
      "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd",
      "https://www.xbrl.org/2020/extensible-enumerations-2.0.xsd",
      "https://www.xbrl.org/dtr/type/2020-01-21/types.xsd",
      "https://www.xbrl.org/dtr/type/2022-03-31/types.xsd",
      "https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd",
      "https://xbrl.fasb.org/srt/2023/elts/srt-roles-2023.xsd",
      "https://xbrl.fasb.org/srt/2023/elts/srt-types-2023.xsd",
      "https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd",
      "https://xbrl.fasb.org/us-gaap/2023/elts/us-roles-2023.xsd",
      "https://xbrl.fasb.org/us-gaap/2023/elts/us-types-2023.xsd",
      "https://xbrl.sec.gov/country/2023/country-2023.xsd",
      "https://xbrl.sec.gov/dei/2023/dei-2023.xsd"
     ]
    },
    "definitionLink": {
     "local": [
      "o-20240122_def.xml"
     ]
    },
    "labelLink": {
     "local": [
      "o-20240122_lab.xml"
     ]
    },
    "presentationLink": {
     "local": [
      "o-20240122_pre.xml"
     ]
    },
    "inline": {
     "local": [
      "tm246284d7_8ka.htm"
     ]
    }
   },
   "keyStandard": 22,
   "keyCustom": 0,
   "axisStandard": 1,
   "axisCustom": 0,
   "memberStandard": 1,
   "memberCustom": 10,
   "hidden": {
    "total": 2,
    "http://xbrl.sec.gov/dei/2023": 2
   },
   "contextCount": 12,
   "entityCount": 1,
   "segmentCount": 11,
   "elementCount": 74,
   "unitCount": 3,
   "baseTaxonomies": {
    "http://xbrl.sec.gov/dei/2023": 52
   },
   "report": {
    "R1": {
     "role": "http://realtyincome.com/role/Cover",
     "longName": "00000001 - Document - Cover",
     "shortName": "Cover",
     "isDefault": "true",
     "groupType": "document",
     "subGroupType": "",
     "menuCat": "Cover",
     "order": "1",
     "firstAnchor": {
      "contextRef": "AsOf2024-01-22",
      "name": "dei:DocumentType",
      "unitRef": null,
      "xsiNil": "false",
      "lang": "en-US",
      "decimals": null,
      "ancestors": [
       "span",
       "b",
       "span",
       "p",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "tm246284d7_8ka.htm",
      "first": true,
      "unique": true
     },
     "uniqueAnchor": {
      "contextRef": "AsOf2024-01-22",
      "name": "dei:DocumentType",
      "unitRef": null,
      "xsiNil": "false",
      "lang": "en-US",
      "decimals": null,
      "ancestors": [
       "span",
       "b",
       "span",
       "p",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "tm246284d7_8ka.htm",
      "first": true,
      "unique": true
     }
    }
   },
   "tag": {
    "dei_AmendmentDescription": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "AmendmentDescription",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Amendment Description",
        "documentation": "Description of changes contained within amended document."
       }
      }
     },
     "auth_ref": []
    },
    "dei_AmendmentFlag": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "AmendmentFlag",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Amendment Flag",
        "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission."
       }
      }
     },
     "auth_ref": []
    },
    "dei_AnnualInformationForm": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "AnnualInformationForm",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Annual Information Form",
        "documentation": "Boolean flag with value true on a form if it is an annual report containing an annual information form."
       }
      }
     },
     "auth_ref": [
      "r14"
     ]
    },
    "dei_AuditedAnnualFinancialStatements": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "AuditedAnnualFinancialStatements",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Audited Annual Financial Statements",
        "documentation": "Boolean flag with value true on a form if it is an annual report containing audited financial statements."
       }
      }
     },
     "auth_ref": [
      "r14"
     ]
    },
    "dei_CityAreaCode": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "CityAreaCode",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "City Area Code",
        "documentation": "Area code of city"
       }
      }
     },
     "auth_ref": []
    },
    "us-gaap_ClassOfStockDomain": {
     "xbrltype": "domainItemType",
     "nsuri": "http://fasb.org/us-gaap/2023",
     "localname": "ClassOfStockDomain",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "auth_ref": []
    },
    "us-gaap_CommonStockMember": {
     "xbrltype": "domainItemType",
     "nsuri": "http://fasb.org/us-gaap/2023",
     "localname": "CommonStockMember",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Common Stock [Member]"
       }
      }
     },
     "auth_ref": []
    },
    "dei_CountryRegion": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "CountryRegion",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Country Region",
        "documentation": "Region code of country"
       }
      }
     },
     "auth_ref": []
    },
    "dei_CoverAbstract": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "CoverAbstract",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Cover page."
       }
      }
     },
     "auth_ref": []
    },
    "dei_CurrentFiscalYearEndDate": {
     "xbrltype": "gMonthDayItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "CurrentFiscalYearEndDate",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Current Fiscal Year End Date",
        "documentation": "End date of current fiscal year in the format --MM-DD."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentAccountingStandard": {
     "xbrltype": "accountingStandardItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentAccountingStandard",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Accounting Standard",
        "documentation": "The basis of accounting the registrant has used to prepare the financial statements included in this filing This can either be 'U.S. GAAP', 'International Financial Reporting Standards', or 'Other'."
       }
      }
     },
     "auth_ref": [
      "r13"
     ]
    },
    "dei_DocumentAnnualReport": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentAnnualReport",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Annual Report",
        "documentation": "Boolean flag that is true only for a form used as an annual report."
       }
      }
     },
     "auth_ref": [
      "r11",
      "r13",
      "r14"
     ]
    },
    "dei_DocumentFiscalPeriodFocus": {
     "xbrltype": "fiscalPeriodItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentFiscalPeriodFocus",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Fiscal Period Focus",
        "documentation": "Fiscal period values are FY, Q1, Q2, and Q3.  1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentFiscalYearFocus": {
     "xbrltype": "gYearItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentFiscalYearFocus",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Fiscal Year Focus",
        "documentation": "This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentInformationLineItems": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentInformationLineItems",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Information [Line Items]",
        "documentation": "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."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentPeriodEndDate": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentPeriodEndDate",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Period End Date",
        "documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentPeriodStartDate": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentPeriodStartDate",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Period Start Date",
        "documentation": "The start date of the period covered in the document, in YYYY-MM-DD format."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentQuarterlyReport": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentQuarterlyReport",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Quarterly Report",
        "documentation": "Boolean flag that is true only for a form used as an quarterly report."
       }
      }
     },
     "auth_ref": [
      "r12"
     ]
    },
    "dei_DocumentRegistrationStatement": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentRegistrationStatement",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Registration Statement",
        "documentation": "Boolean flag that is true only for a form used as a registration statement."
       }
      }
     },
     "auth_ref": [
      "r0"
     ]
    },
    "dei_DocumentShellCompanyEventDate": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentShellCompanyEventDate",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Shell Company Event Date",
        "documentation": "Date of event requiring a shell company report."
       }
      }
     },
     "auth_ref": [
      "r13"
     ]
    },
    "dei_DocumentShellCompanyReport": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentShellCompanyReport",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Shell Company Report",
        "documentation": "Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act."
       }
      }
     },
     "auth_ref": [
      "r13"
     ]
    },
    "dei_DocumentTransitionReport": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentTransitionReport",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Transition Report",
        "documentation": "Boolean flag that is true only for a form used as a transition report."
       }
      }
     },
     "auth_ref": [
      "r15"
     ]
    },
    "dei_DocumentType": {
     "xbrltype": "submissionTypeItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentType",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Type",
        "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentsIncorporatedByReferenceTextBlock": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentsIncorporatedByReferenceTextBlock",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Documents Incorporated by Reference [Text Block]",
        "documentation": "Documents incorporated by reference."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "dei_EntityAddressAddressLine1": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressAddressLine1",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Address, Address Line One",
        "documentation": "Address Line 1 such as Attn, Building Name, Street Name"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressAddressLine2": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressAddressLine2",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Address, Address Line Two",
        "documentation": "Address Line 2 such as Street or Suite number"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressAddressLine3": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressAddressLine3",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Address, Address Line Three",
        "documentation": "Address Line 3 such as an Office Park"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressCityOrTown": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressCityOrTown",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Address, City or Town",
        "documentation": "Name of the City or Town"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressCountry": {
     "xbrltype": "countryCodeItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressCountry",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Address, Country",
        "documentation": "ISO 3166-1 alpha-2 country code."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressPostalZipCode": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressPostalZipCode",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Address, Postal Zip Code",
        "documentation": "Code for the postal or zip code"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressStateOrProvince": {
     "xbrltype": "stateOrProvinceItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressStateOrProvince",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Address, State or Province",
        "documentation": "Name of the state or province."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityBankruptcyProceedingsReportingCurrent": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityBankruptcyProceedingsReportingCurrent",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Bankruptcy Proceedings, Reporting Current",
        "documentation": "For registrants involved in bankruptcy proceedings during the preceding five years, the value Yes indicates that the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court; the value No indicates the registrant has not.  Registrants not involved in bankruptcy proceedings during the preceding five years should not report this element."
       }
      }
     },
     "auth_ref": [
      "r6"
     ]
    },
    "dei_EntityCentralIndexKey": {
     "xbrltype": "centralIndexKeyItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityCentralIndexKey",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Central Index Key",
        "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "dei_EntityCommonStockSharesOutstanding": {
     "xbrltype": "sharesItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityCommonStockSharesOutstanding",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Common Stock, Shares Outstanding",
        "documentation": "Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityCurrentReportingStatus": {
     "xbrltype": "yesNoItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityCurrentReportingStatus",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Current Reporting Status",
        "documentation": "Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityEmergingGrowthCompany": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityEmergingGrowthCompany",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Emerging Growth Company",
        "documentation": "Indicate if registrant meets the emerging growth company criteria."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "dei_EntityExTransitionPeriod": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityExTransitionPeriod",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Elected Not To Use the Extended Transition Period",
        "documentation": "Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards."
       }
      }
     },
     "auth_ref": [
      "r19"
     ]
    },
    "dei_EntityFileNumber": {
     "xbrltype": "fileNumberItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityFileNumber",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity File Number",
        "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityFilerCategory": {
     "xbrltype": "filerCategoryItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityFilerCategory",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Filer Category",
        "documentation": "Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "dei_EntityIncorporationStateCountryCode": {
     "xbrltype": "edgarStateCountryItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityIncorporationStateCountryCode",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Incorporation, State or Country Code",
        "documentation": "Two-character EDGAR code representing the state or country of incorporation."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityInteractiveDataCurrent": {
     "xbrltype": "yesNoItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityInteractiveDataCurrent",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Interactive Data Current",
        "documentation": "Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)."
       }
      }
     },
     "auth_ref": [
      "r16"
     ]
    },
    "dei_EntityPrimarySicNumber": {
     "xbrltype": "sicNumberItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityPrimarySicNumber",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Primary SIC Number",
        "documentation": "Primary Standard Industrial Classification (SIC) Number for the Entity."
       }
      }
     },
     "auth_ref": [
      "r14"
     ]
    },
    "dei_EntityPublicFloat": {
     "xbrltype": "monetaryItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityPublicFloat",
     "crdr": "credit",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Public Float",
        "documentation": "The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityRegistrantName": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityRegistrantName",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Registrant Name",
        "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "dei_EntityShellCompany": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityShellCompany",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Shell Company",
        "documentation": "Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "dei_EntitySmallBusiness": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntitySmallBusiness",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Small Business",
        "documentation": "Indicates that the company is a Smaller Reporting Company (SRC)."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "dei_EntityTaxIdentificationNumber": {
     "xbrltype": "employerIdItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityTaxIdentificationNumber",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Tax Identification Number",
        "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "dei_EntityVoluntaryFilers": {
     "xbrltype": "yesNoItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityVoluntaryFilers",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Voluntary Filers",
        "documentation": "Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityWellKnownSeasonedIssuer": {
     "xbrltype": "yesNoItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityWellKnownSeasonedIssuer",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Well-known Seasoned Issuer",
        "documentation": "Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A."
       }
      }
     },
     "auth_ref": [
      "r17"
     ]
    },
    "dei_Extension": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "Extension",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Extension",
        "documentation": "Extension number for local phone number."
       }
      }
     },
     "auth_ref": []
    },
    "dei_LocalPhoneNumber": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "LocalPhoneNumber",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Local Phone Number",
        "documentation": "Local phone number for entity."
       }
      }
     },
     "auth_ref": []
    },
    "dei_NoTradingSymbolFlag": {
     "xbrltype": "trueItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "NoTradingSymbolFlag",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "No Trading Symbol Flag",
        "documentation": "Boolean flag that is true only for a security having no trading symbol."
       }
      }
     },
     "auth_ref": []
    },
    "o_Notes1.125PercentDue2027Member": {
     "xbrltype": "domainItemType",
     "nsuri": "http://realtyincome.com/20240122",
     "localname": "Notes1.125PercentDue2027Member",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Notes 1. 125 Percent Due 2027 [Member]"
       }
      }
     },
     "auth_ref": []
    },
    "o_Notes1.625PercentDue2030Member": {
     "xbrltype": "domainItemType",
     "nsuri": "http://realtyincome.com/20240122",
     "localname": "Notes1.625PercentDue2030Member",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Notes 1. 625 Percent Due 2030 [Member]"
       }
      }
     },
     "auth_ref": []
    },
    "o_Notes1.750PercentDue2033Member": {
     "xbrltype": "domainItemType",
     "nsuri": "http://realtyincome.com/20240122",
     "localname": "Notes1.750PercentDue2033Member",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Notes 1. 750 Percent Due 2033 [Member]"
       }
      }
     },
     "auth_ref": []
    },
    "o_Notes1.875PercentDue2027Member": {
     "xbrltype": "domainItemType",
     "nsuri": "http://realtyincome.com/20240122",
     "localname": "Notes1.875PercentDue2027Member",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Notes 1. 875 Percent Due 2027 [Member]"
       }
      }
     },
     "auth_ref": []
    },
    "o_Notes2.500PercentDue2042Member": {
     "xbrltype": "domainItemType",
     "nsuri": "http://realtyincome.com/20240122",
     "localname": "Notes2.500PercentDue2042Member",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Notes 2. 500 Percent Due 2042 [Member]"
       }
      }
     },
     "auth_ref": []
    },
    "o_Notes4.875PercentDue2030Member": {
     "xbrltype": "domainItemType",
     "nsuri": "http://realtyincome.com/20240122",
     "localname": "Notes4.875PercentDue2030Member",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Notes 4. 875 Percent Due 2030 [Member]"
       }
      }
     },
     "auth_ref": []
    },
    "o_Notes5.125PercentDue2034Member": {
     "xbrltype": "domainItemType",
     "nsuri": "http://realtyincome.com/20240122",
     "localname": "Notes5.125PercentDue2034Member",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Notes 5. 125 Percent Due 2034 [Member]"
       }
      }
     },
     "auth_ref": []
    },
    "o_Notes5.750PercentDue2031Member": {
     "xbrltype": "domainItemType",
     "nsuri": "http://realtyincome.com/20240122",
     "localname": "Notes5.750PercentDue2031Member",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Notes 5. 750 Percent Due 2031 [Member]"
       }
      }
     },
     "auth_ref": []
    },
    "o_Notes6.000PercentDue2039Member": {
     "xbrltype": "domainItemType",
     "nsuri": "http://realtyincome.com/20240122",
     "localname": "Notes6.000PercentDue2039Member",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Notes 6. 000 Percent Due 2039 [Member]"
       }
      }
     },
     "auth_ref": []
    },
    "dei_OtherReportingStandardItemNumber": {
     "xbrltype": "otherReportingStandardItemNumberItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "OtherReportingStandardItemNumber",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Other Reporting Standard Item Number",
        "documentation": "\"Item 17\" or \"Item 18\" specified when the basis of accounting is neither US GAAP nor IFRS."
       }
      }
     },
     "auth_ref": [
      "r13"
     ]
    },
    "dei_PreCommencementIssuerTenderOffer": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "PreCommencementIssuerTenderOffer",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Pre-commencement Issuer Tender Offer",
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act."
       }
      }
     },
     "auth_ref": [
      "r7"
     ]
    },
    "dei_PreCommencementTenderOffer": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "PreCommencementTenderOffer",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Pre-commencement Tender Offer",
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act."
       }
      }
     },
     "auth_ref": [
      "r8"
     ]
    },
    "dei_Security12bTitle": {
     "xbrltype": "securityTitleItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "Security12bTitle",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Title of 12(b) Security",
        "documentation": "Title of a 12(b) registered security."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "dei_Security12gTitle": {
     "xbrltype": "securityTitleItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "Security12gTitle",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Title of 12(g) Security",
        "documentation": "Title of a 12(g) registered security."
       }
      }
     },
     "auth_ref": [
      "r5"
     ]
    },
    "dei_SecurityExchangeName": {
     "xbrltype": "edgarExchangeCodeItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "SecurityExchangeName",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Security Exchange Name",
        "documentation": "Name of the Exchange on which a security is registered."
       }
      }
     },
     "auth_ref": [
      "r4"
     ]
    },
    "dei_SecurityReportingObligation": {
     "xbrltype": "securityReportingObligationItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "SecurityReportingObligation",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Security Reporting Obligation",
        "documentation": "15(d), indicating whether the security has a reporting obligation under that section of the Exchange Act."
       }
      }
     },
     "auth_ref": [
      "r9"
     ]
    },
    "o_Series6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember": {
     "xbrltype": "domainItemType",
     "nsuri": "http://realtyincome.com/20240122",
     "localname": "Series6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Series 6. 000 Percent A Cumulative Redeemable Preferred Stock 0. 01 Par Value [Member]"
       }
      }
     },
     "auth_ref": []
    },
    "dei_SolicitingMaterial": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "SolicitingMaterial",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Soliciting Material",
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act."
       }
      }
     },
     "auth_ref": [
      "r10"
     ]
    },
    "us-gaap_StatementClassOfStockAxis": {
     "xbrltype": "stringItemType",
     "nsuri": "http://fasb.org/us-gaap/2023",
     "localname": "StatementClassOfStockAxis",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Class of Stock [Axis]"
       }
      }
     },
     "auth_ref": []
    },
    "us-gaap_StatementTable": {
     "xbrltype": "stringItemType",
     "nsuri": "http://fasb.org/us-gaap/2023",
     "localname": "StatementTable",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Statement [Table]"
       }
      }
     },
     "auth_ref": []
    },
    "dei_TradingSymbol": {
     "xbrltype": "tradingSymbolItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "TradingSymbol",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Trading Symbol",
        "documentation": "Trading symbol of an instrument as listed on an exchange."
       }
      }
     },
     "auth_ref": []
    },
    "dei_WrittenCommunications": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "WrittenCommunications",
     "presentation": [
      "http://realtyincome.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Written Communications",
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act."
       }
      }
     },
     "auth_ref": [
      "r18"
     ]
    }
   }
  }
 },
 "std_ref": {
  "r0": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12"
  },
  "r1": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "b"
  },
  "r2": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "b-2"
  },
  "r3": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "b-23"
  },
  "r4": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "d1-1"
  },
  "r5": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "g"
  },
  "r6": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12, 13, 15d"
  },
  "r7": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "13e",
   "Subsection": "4c"
  },
  "r8": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "14d",
   "Subsection": "2b"
  },
  "r9": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "15",
   "Subsection": "d"
  },
  "r10": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Section": "14a",
   "Number": "240",
   "Subsection": "12"
  },
  "r11": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Form 10-K",
   "Number": "249",
   "Section": "310"
  },
  "r12": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Form 10-Q",
   "Number": "240",
   "Section": "308",
   "Subsection": "a"
  },
  "r13": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Form 20-F",
   "Number": "249",
   "Section": "220",
   "Subsection": "f"
  },
  "r14": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Form 40-F",
   "Number": "249",
   "Section": "240",
   "Subsection": "f"
  },
  "r15": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Forms 10-K, 10-Q, 20-F",
   "Number": "240",
   "Section": "13",
   "Subsection": "a-1"
  },
  "r16": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Regulation S-T",
   "Number": "232",
   "Section": "405"
  },
  "r17": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "405"
  },
  "r18": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "425"
  },
  "r19": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "7A",
   "Section": "B",
   "Subsection": "2"
  }
 }
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>16
<FILENAME>0001104659-24-024901-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001104659-24-024901-xbrl.zip
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M"7.*;"Q#X8A,J(_7O^*-B?R*J3OL:X&#]%M*E%-H=SP($=], Z^^PZG:NB.
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MO$!D)!JMZ(_QDL0%"_R/+0+\?[Y_H-%&5"^>,V)K^9C-:9R2$VY*O75JE[O
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MD=1X6<S"4$?IFA[ JLJ-(@N*&+TWD)5"CJ3>/R0?TV4O1&J='T 4FWH\2E&
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MFYM.^5]\<[6)_VN!,\*W_!]02P,$%     @ "X%06*Q>AY<?"0  BW$  !(
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MJLI'=79U1O_2WYRGCOP-4$L#!!0    (  N!4%B;&.:D3AD  ,Z[   2
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M_=%-B]7NE\X[L?:I4FG!+]I_E$A$K)PI=O7N*G-=E[GH[61KBTI/J)TK=0D
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M<4;'UN*!H0R&5B#OM! UWP16E0&(5R5]Z*DCV]_8 Y^.5_M1C-H/UCPEZB5
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M*XOLJ9XNS^E]<I#GJ^7_ 5!+ P04    "  +@5!8%Q'K*=!K  !7O@4 %0
M '1M,C0V,C@T9#=?97@Y.2TQ+FAT;>U]:6_CQK+H=P'Z#[R#G!P/T-:0U#XS
M&<"+)O%],[:O[>3<@X?W@9):-A.*5$C*'I]?_ZJZFYM(2=1"F9(Z0!)9(GNI
MJJZM:_G\V\/W;U^JE<^_]<XNX?\*_O/YX>KA6^_+YP_\__#K!_'SY_.;RW\K
M]P___M;[Y=W(L?V/BJ9.?.7!'%-/N:8ORITS-FS"OR#*/77-T3MX$5Z]#=X;
M&^ZC:7]4U'=??K;[WN33YP^W,X_D'?J3$@X&CZJ?%)_^\$\-RWR$KUSS\<G_
MI/2-P5^/KC.UAZ<#QW+<C\K+D^G3=U\^GW_I_7@R^Z;/E]'MUK3/'\Z_;&TY
M!>]O0&V?NHLW^/OUV>^75P^]2^7V[D;Y>G/W_:Q:N;BYONQ=W\.7%S??SZ^N
MX</7J^NSZXNKLV^PPK.'WO?>]</]/L'BSZGGFZ-7\:5I#RD.JM::IKT 0 ]/
MM%H9.9;EO)CVHS*UC>D0?A@J$]=11HX[-I2!@V-Y\-W &?=-&SZ,3-NP!Z9A
M*9YO^'0,4WF*80\5V_%A^?X3=:GOP!C4@Y_P[YPC5RM]PX*AJ>(]4>HKAJ<X
M(]C\!";I4Y<#L*X215?U.ILQ_]CQM<*@SH2ZAF\ZMH=OL'%L>$P9 S*>O&J%
MPOO#I5._4L-5^*.7=!!_4F-/ZC7E(?\*([B:-GL(UU>MO  8 )83PX5G3%LQ
M!@/''3(PO9C^DW+F^N; HGQB3</=W=''J<5>5^Y/_Q?A:(SY,ONO;.$XE:6X
M4XL2>-BBAD>5:Z<F%E\_U=1VIZ7\; W_GCJ?SO!=!KEJ!?#Z-5SFI>D-+,>;
M J(5H^],?>5L\/?4Q'4BA.#GB8,[/)]ZL$'/H][/+AN1X#Y@$Q0@[RB/YC-5
MZ&A$!S[^B>N[!3A]97!Z< W;,P8<52>PDR$=<5K!*8;4&[AF'S=&@8C?AY@Q
M/&\ZGO"W\#MCB">$HS]Z"5;!'@:(CB>&_8J'0!"QLQ+=9AV)VF'SCL]?;ZX?
MXNLX'1ECTWK]N&PE[%G/_ _E"W_WY0:(_&;@.^'IT;O\G"%M&I;_JES9 &JJ
M7#CNQ.''5CD1Q)EX0I#7>X5)!H9@0*1A*V>/+F588<1P"TP&C\EWZCX""9Y$
MYP,PZ3ICQ8<%,Q* _Q-&"&(V\48X7#@A.XGWAHGT]?U2N9_V/7-H&NXKX5N"
M]=5(N&@Q##P5#F HW^%I"Y<WB+8IJ!R.%)R-ER?@U*^*\\+863@#/_ Q*!"V
MR?N)Z9I^\,N%,3%]PXJM)EP,?S!82$VYG;K>U+##LPB0''M\(4CZ)C]4,"G^
M. L0HDPG#C]5R!K@0)%@)6-\=,@AA8,QW$20(/R7Z N<S3?M*1Y*@XD5V+3[
M;#[#%]7*($X+*0Q%NSGC HAC-%IPGPX Y8+K(/^)C]$+OT7*#<8"])GO.?RH
M,7A2@-_!80> X'*\)V#/3%KQS0(>0)0 -W &?Q$%>+?R;%A3JORDUM2F L)'
MX6\@<X=]/E/7#\A5K;5;>G(]/P9/AOU(E3O<;T@R; 0OA7Z$S?S)M6AR3B<G
MYKQ=*;.;P@,,/)P]?(8R:41=EXG6K(FJE87;=&P:36#3%Z#L@4L-_#UYZE>;
M-0;;)X.3"AX5V)(/[-GBXL]#W#.Z#B@KSPYKRF^.!3*+@3P"?@;&XP<P,23
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M_@5$!HHTL#6FL (FD#0=3FVP?$:!WA3^DZ:;:H41#C]I!ZZ#;M%^!6%!02N
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MA\ J/'/ RW^9UM2GP_+=(:94_8WT>+7632GQAWA?OEVH:36]L,:24FH<?!C
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M@7 K?Y[UF&W[!TJ+%VR##@GLT67X9#Z#U/9BDFJ3_;%MC(U7!"'],>&:+5K
MN,?1U)^B70BTAW:?*XR/*[3-N= BU8IX*!@>QWI&XO/@/#!CSO:!&Z-_%B8#
M<R6E06]DR@ZG+.%K!/!U7#@YD6--#!XX$*<3 #>^@TY7T_M+^<I?$:8C/BX<
MG_P@=+NU1L"Y9KV-2?]FB7E3OON\UG'=Y[7D?5XA5U=Z>'5U'QW]A$,,Z&#
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MQ7^ WI)3<H,M.*ZS[OC7B+L%)@$::UDL8=[I#/R^+XXP9 +O)OJIF*%D\\-
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M&NFH'5)OE3/CMM#:7LM(8J[^<!2$T:W727N[[8,*3^R;$UPM+8/M6 8Y[8!
MHP?+X2>MUE# %K;,I/D<4^V!Y9X-!M/QE(?*#"D\!H:[B"\,C(=_SF14)*P&
M$N4UY;,:YDW(HT?'8-F;_PD<6X68 ^R_]0Y#I23:LA%M2ZLUE?$RJD72PM!I
M#)KE_I]JY8E:_+K!,_ 2";T[B^W?#0DYL0:,=*7LBB,*@\5 R]DE%4K4PHK;
MLE<I/G2>T(SV<85FM(\Y-&,!V4FFN1.FZ87Q$.*BRIO/-;\Y!F-NU'Q&7[='
MJA4;&5_2XW@9A!4/',^/1_X'CG;DK&BM>4_."\^I89YSYM-_'\9<)-FS2$$;
MFB[Z\\4- :CWC&F*A:SL@+R97=8;.!>S3\ 1.OQ6]N^M4! P?[>X#/]?Y@*R
M1,2*BUHFH#9Q!2[H [=.?<K"'0%Q!^ F5BIR*"_&HMBIGL>#5YAKL?6_QH"Y
M/(5Q_]]&_H"F3KJ-5)V?+2V[-&["K,7=HCW([Z"'.>3247B'-$TEW7;S^)R&
M<P3!RMK&)I0B6Y>V22-=3K_0/K@EXTISN\VE]-$M76K(]G;(]=H:J>N[;D::
M=I5+_^/^F-(_:=UNK1.Z$_.'T\2,9*9H>+YK(!F>LH@\5]1'$E9VM1(S5ONO
M8=BXE\^4GF/ULNRS7 /,K^LD$EEF%6KI6=][RE[#LZ[7VLNO@^ZIC849IK:'
MQ<XP1HSE0^_ G7[-\JXGQJLDT\,AT[7C&<]"9V9 $,9@X&)Q!,SXM;UX29)D
M&L&J1+IFS..E"3+![$]YWD.PRFHE"H&<W0*_X)S9!0GB)H.WN Z9B&+>N4]3
MAB]F1>,M9!0E\WFN'?.X9I>6;80_'JO/<Q56%V<,J0C*X_.+ZD!@]6::O([
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M.&"H'O5]BS=Z2#+IDVV&^NX1[;9(O7Y8E4+>F(J_4<_[&+LNSN*Y0'M8Q&^
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MNN*$&]P)5"MN0+E:3<VBV^7#97 "2=7%4W7:;Y-)U7=4Y,5ZR;C5&1MG-+6
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M !R",FX 18%Z 6HO%JBR'SVA_J)["U=CH('ZB+$U([&1B][%-YY<[G&%RW.
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M\ANP))2H_B2^B!7B$5GD\=3N)\/GA98]]+#VJ?]"J5VM9)4-X54%YN6@]>G
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M?&5F*N8Q-S"%=Z7DX]#CKM?:/-68I6,G7?OQO2P;1613BU3IN.'2K#5BOR6
MD$IOSBS-DA/(63"&;R)8;IB\7*VLEKV<E=B^1O+RK-T(RW#8I2]+KG=9G: ^
MC64J*_,3E;-LT%+D),N+XHTOBMLK713?47';BC'6,U6G3'O@LBH3'!!!C#96
MKH^GPOZDUK0-RDYQGI@YR/*K+G9I"!N86N&5M4N1A83,6]PS [\2Q168 #YU
M1J?3L$0'6\',Q2H3! N+8<>ADE'S14G6XV'53.!434-NSCC;;#V3!!L/2IXL
M8.6Q,B"PZ$Y-G5,O8O$M:!+!A=5QR,T)JY6%K%"$OKSB36=PP^]2<]R?NA[R
M^_<A>:[/(CE(@%SBU+XJFRS3Q:MDF@N89F==INDG#SD0F-#?1/T5^LBC7$Z#
M$#&>NX(E_+J@W"]@>=7*')Z7J' 5QL;$XBU2<6M(ID"_QFP9DI^4N@X<(ZPB
M.*?X5;42UIRYHX8%Y^[*AB'9.1BC3\MWP 8R08_E(7"L!)AC@9D4J^,5JXL
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M(?^H?#,\_RCR6CJKYK44EF2R!>Q^.+^Y_#<FWW[X[>'[MR__'U!+ 0(4 Q0
M   (  N!4%CX_P5J.00  #45   .              "  0    !O+3(P,C0P
M,3(R+GAS9%!+ 0(4 Q0    (  N!4%B0XURJUPD  (QW   2
M  "  64$  !O+3(P,C0P,3(R7V1E9BYX;6Q02P$"% ,4    "  +@5!8M"$'
M!#L-   FI   $@              @ %L#@  ;RTR,#(T,#$R,E]L86(N>&UL
M4$L! A0#%     @ "X%06*Q>AY<?"0  BW$  !(              ( !UQL
M &\M,C R-# Q,C)?<')E+GAM;%!+ 0(4 Q0    (  N!4%B;&.:D3AD  ,Z[
M   2              "  28E  !T;3(T-C(X-&0W7SAK82YH=&U02P$"% ,4
M    "  +@5!8%Q'K*=!K  !7O@4 %0              @ &D/@  =&TR-#8R
E.#1D-U]E>#DY+3$N:'1M4$L%!@     &  8 ?P$  *>J      $!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>17
<FILENAME>tm246284d7_8ka_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2023"
  xmlns:iso4217="http://www.xbrl.org/2003/iso4217"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:o="http://realtyincome.com/20240122"
  xmlns:us-gaap="http://fasb.org/us-gaap/2023"
  xmlns:xbrldi="http://xbrl.org/2006/xbrldi"
  xmlns:xlink="http://www.w3.org/1999/xlink">
    <link:schemaRef xlink:href="o-20240122.xsd" xlink:type="simple"/>
    <context id="AsOf2024-01-22">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000726728</identifier>
        </entity>
        <period>
            <startDate>2024-01-22</startDate>
            <endDate>2024-01-22</endDate>
        </period>
    </context>
    <context id="From2024-01-222024-01-22_us-gaap_CommonStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000726728</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-01-22</startDate>
            <endDate>2024-01-22</endDate>
        </period>
    </context>
    <context id="From2024-01-222024-01-22_custom_Series6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000726728</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">o:Series6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-01-22</startDate>
            <endDate>2024-01-22</endDate>
        </period>
    </context>
    <context id="From2024-01-222024-01-22_custom_Notes1.125PercentDue2027Member">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000726728</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">o:Notes1.125PercentDue2027Member</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-01-22</startDate>
            <endDate>2024-01-22</endDate>
        </period>
    </context>
    <context id="From2024-01-222024-01-22_custom_Notes1.875PercentDue2027Member">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000726728</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">o:Notes1.875PercentDue2027Member</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-01-22</startDate>
            <endDate>2024-01-22</endDate>
        </period>
    </context>
    <context id="From2024-01-222024-01-22_custom_Notes1.625PercentDue2030Member">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000726728</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">o:Notes1.625PercentDue2030Member</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-01-22</startDate>
            <endDate>2024-01-22</endDate>
        </period>
    </context>
    <context id="From2024-01-222024-01-22_custom_Notes4.875PercentDue2030Member">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000726728</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">o:Notes4.875PercentDue2030Member</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-01-22</startDate>
            <endDate>2024-01-22</endDate>
        </period>
    </context>
    <context id="From2024-01-222024-01-22_custom_Notes5.750PercentDue2031Member">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000726728</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">o:Notes5.750PercentDue2031Member</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-01-22</startDate>
            <endDate>2024-01-22</endDate>
        </period>
    </context>
    <context id="From2024-01-222024-01-22_custom_Notes1.750PercentDue2033Member">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000726728</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">o:Notes1.750PercentDue2033Member</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-01-22</startDate>
            <endDate>2024-01-22</endDate>
        </period>
    </context>
    <context id="From2024-01-222024-01-22_custom_Notes5.125PercentDue2034Member">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000726728</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">o:Notes5.125PercentDue2034Member</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-01-22</startDate>
            <endDate>2024-01-22</endDate>
        </period>
    </context>
    <context id="From2024-01-222024-01-22_custom_Notes6.000PercentDue2039Member">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000726728</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">o:Notes6.000PercentDue2039Member</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-01-22</startDate>
            <endDate>2024-01-22</endDate>
        </period>
    </context>
    <context id="From2024-01-222024-01-22_custom_Notes2.500PercentDue2042Member">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000726728</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">o:Notes2.500PercentDue2042Member</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-01-22</startDate>
            <endDate>2024-01-22</endDate>
        </period>
    </context>
    <unit id="USD">
        <measure>iso4217:USD</measure>
    </unit>
    <unit id="Shares">
        <measure>shares</measure>
    </unit>
    <unit id="USDPShares">
        <divide>
            <unitNumerator>
                <measure>iso4217:USD</measure>
            </unitNumerator>
            <unitDenominator>
                <measure>shares</measure>
            </unitDenominator>
        </divide>
    </unit>
    <dei:AmendmentFlag contextRef="AsOf2024-01-22" id="ixv-340">false</dei:AmendmentFlag>
    <dei:EntityCentralIndexKey contextRef="AsOf2024-01-22" id="ixv-341">0000726728</dei:EntityCentralIndexKey>
    <dei:DocumentType contextRef="AsOf2024-01-22" id="ixv-449">8-K/A</dei:DocumentType>
    <dei:DocumentPeriodEndDate contextRef="AsOf2024-01-22" id="ixv-450">2024-01-22</dei:DocumentPeriodEndDate>
    <dei:EntityRegistrantName contextRef="AsOf2024-01-22" id="ixv-451">REALTY INCOME CORPORATION</dei:EntityRegistrantName>
    <dei:EntityIncorporationStateCountryCode contextRef="AsOf2024-01-22" id="ixv-452">MD</dei:EntityIncorporationStateCountryCode>
    <dei:EntityFileNumber contextRef="AsOf2024-01-22" id="ixv-453">1-13374</dei:EntityFileNumber>
    <dei:EntityTaxIdentificationNumber contextRef="AsOf2024-01-22" id="ixv-454">33-0580106</dei:EntityTaxIdentificationNumber>
    <dei:EntityAddressAddressLine1 contextRef="AsOf2024-01-22" id="ixv-455">11995 El Camino Real</dei:EntityAddressAddressLine1>
    <dei:EntityAddressCityOrTown contextRef="AsOf2024-01-22" id="ixv-456">San Diego</dei:EntityAddressCityOrTown>
    <dei:EntityAddressStateOrProvince contextRef="AsOf2024-01-22" id="ixv-457">CA</dei:EntityAddressStateOrProvince>
    <dei:EntityAddressPostalZipCode contextRef="AsOf2024-01-22" id="ixv-458">92130</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode contextRef="AsOf2024-01-22" id="ixv-459">858</dei:CityAreaCode>
    <dei:LocalPhoneNumber contextRef="AsOf2024-01-22" id="ixv-460">284-5000</dei:LocalPhoneNumber>
    <dei:WrittenCommunications contextRef="AsOf2024-01-22" id="ixv-461">false</dei:WrittenCommunications>
    <dei:SolicitingMaterial contextRef="AsOf2024-01-22" id="ixv-462">false</dei:SolicitingMaterial>
    <dei:PreCommencementTenderOffer contextRef="AsOf2024-01-22" id="ixv-463">false</dei:PreCommencementTenderOffer>
    <dei:PreCommencementIssuerTenderOffer contextRef="AsOf2024-01-22" id="ixv-464">false</dei:PreCommencementIssuerTenderOffer>
    <dei:Security12bTitle
      contextRef="From2024-01-222024-01-22_us-gaap_CommonStockMember"
      id="ixv-465">Common     Stock, $0.01 Par Value</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2024-01-222024-01-22_us-gaap_CommonStockMember"
      id="ixv-466">O</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2024-01-222024-01-22_us-gaap_CommonStockMember"
      id="ixv-467">NYSE</dei:SecurityExchangeName>
    <dei:Security12bTitle
      contextRef="From2024-01-222024-01-22_custom_Series6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember"
      id="ixv-468">6.000% Series A Cumulative Redeemable Preferred Stock, $0.01 Par Value</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2024-01-222024-01-22_custom_Series6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember"
      id="ixv-469">O PR</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2024-01-222024-01-22_custom_Series6.000PercentACumulativeRedeemablePreferredStock0.01ParValueMember"
      id="ixv-470">NYSE</dei:SecurityExchangeName>
    <dei:Security12bTitle
      contextRef="From2024-01-222024-01-22_custom_Notes1.125PercentDue2027Member"
      id="ixv-471">1.125% Notes due 2027</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2024-01-222024-01-22_custom_Notes1.125PercentDue2027Member"
      id="ixv-472">O27A</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2024-01-222024-01-22_custom_Notes1.125PercentDue2027Member"
      id="ixv-473">NYSE</dei:SecurityExchangeName>
    <dei:Security12bTitle
      contextRef="From2024-01-222024-01-22_custom_Notes1.875PercentDue2027Member"
      id="ixv-474">1.875% Notes due 2027</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2024-01-222024-01-22_custom_Notes1.875PercentDue2027Member"
      id="ixv-475">O27B</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2024-01-222024-01-22_custom_Notes1.875PercentDue2027Member"
      id="ixv-476">NYSE</dei:SecurityExchangeName>
    <dei:Security12bTitle
      contextRef="From2024-01-222024-01-22_custom_Notes1.625PercentDue2030Member"
      id="ixv-477">1.625% Notes due 2030</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2024-01-222024-01-22_custom_Notes1.625PercentDue2030Member"
      id="ixv-478">O30</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2024-01-222024-01-22_custom_Notes1.625PercentDue2030Member"
      id="ixv-479">NYSE</dei:SecurityExchangeName>
    <dei:Security12bTitle
      contextRef="From2024-01-222024-01-22_custom_Notes4.875PercentDue2030Member"
      id="ixv-480">4.875% Notes due 2030</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2024-01-222024-01-22_custom_Notes4.875PercentDue2030Member"
      id="ixv-481">O30A</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2024-01-222024-01-22_custom_Notes4.875PercentDue2030Member"
      id="ixv-482">NYSE</dei:SecurityExchangeName>
    <dei:Security12bTitle
      contextRef="From2024-01-222024-01-22_custom_Notes5.750PercentDue2031Member"
      id="ixv-483">5.750% Notes due 2031</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2024-01-222024-01-22_custom_Notes5.750PercentDue2031Member"
      id="ixv-484">O31A</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2024-01-222024-01-22_custom_Notes5.750PercentDue2031Member"
      id="ixv-485">NYSE</dei:SecurityExchangeName>
    <dei:Security12bTitle
      contextRef="From2024-01-222024-01-22_custom_Notes1.750PercentDue2033Member"
      id="ixv-486">1.750% Notes due 2033</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2024-01-222024-01-22_custom_Notes1.750PercentDue2033Member"
      id="ixv-487">O33A</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2024-01-222024-01-22_custom_Notes1.750PercentDue2033Member"
      id="ixv-488">NYSE</dei:SecurityExchangeName>
    <dei:Security12bTitle
      contextRef="From2024-01-222024-01-22_custom_Notes5.125PercentDue2034Member"
      id="ixv-489">5.125% Notes due 2034</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2024-01-222024-01-22_custom_Notes5.125PercentDue2034Member"
      id="ixv-490">O34</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2024-01-222024-01-22_custom_Notes5.125PercentDue2034Member"
      id="ixv-491">NYSE</dei:SecurityExchangeName>
    <dei:Security12bTitle
      contextRef="From2024-01-222024-01-22_custom_Notes6.000PercentDue2039Member"
      id="ixv-492">6.000% Notes due 2039</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2024-01-222024-01-22_custom_Notes6.000PercentDue2039Member"
      id="ixv-493">O39</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2024-01-222024-01-22_custom_Notes6.000PercentDue2039Member"
      id="ixv-494">NYSE</dei:SecurityExchangeName>
    <dei:Security12bTitle
      contextRef="From2024-01-222024-01-22_custom_Notes2.500PercentDue2042Member"
      id="ixv-495">2.500% Notes due 2042</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2024-01-222024-01-22_custom_Notes2.500PercentDue2042Member"
      id="ixv-496">O42</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2024-01-222024-01-22_custom_Notes2.500PercentDue2042Member"
      id="ixv-497">NYSE</dei:SecurityExchangeName>
    <dei:EntityEmergingGrowthCompany contextRef="AsOf2024-01-22" id="ixv-498">false</dei:EntityEmergingGrowthCompany>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
