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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Stockholders' Equity | Stockholders' Equity A.Common Stock We pay monthly distributions to our common stockholders. The following is a summary of monthly distributions paid per common share for the periods indicated below:
| Years ended December 31,
Month | 2024 |  | 2023 |  | 2022
January | $ | 0.2565 |  | $ | 0.2485 |  |  | $ | 0.2465 |
February | 0.2565 |  | 0.2485 |  |  | 0.2465 |
March | 0.2565 |  | 0.2545 |  |  | 0.2465 |
April | 0.2570 |  | 0.2550 |  |  | 0.2470 |
May | 0.2570 |  | 0.2550 |  |  | 0.2470 |
June | 0.2625 |  |  | 0.2550 |  |  | 0.2470 |
July | 0.2630 |  |  | 0.2555 |  |  | 0.2475 |
August | 0.2630 |  |  | 0.2555 |  |  | 0.2475 |
September | 0.2630 |  |  | 0.2555 |  |  | 0.2475 |
October | 0.2635 |  | 0.2560 |  |  | 0.2480 |
November | 0.2635 |  | 0.2560 |  |  | 0.2480 |
December | 0.2635 |  | 0.2560 |  |  | 0.2480 |
Total | $ | 3.1255 |  |  | $ | 3.0510 |  |  | $ | 2.9670 |
At December 31, 2024, a distribution of $0.2640 per common share was payable and was paid in January 2025. At December 31, 2023, a distribution of $0.2565 per common share was payable and was paid in January 2024. The following presents the federal income tax characterization of distributions paid or deemed to be paid per common share for the years:
|  | 2024 |  | 2023 |  | 2022
Ordinary income |  | $ | 2.1759803 |  |  | $ | 2.8434500 |  |  | $ | 2.7867654 |
Nontaxable distributions |  | 0.9495197 |  |  | 0.2075500 |  |  | — |
Total capital gain distribution |  | — |  |  | — |  |  | 0.1802346 |
Total |  | $ | 3.1255000 |  |  | $ | 3.0510000 |  |  | $ | 2.9670000 |
B. At-the-Market ("ATM") Program Under our current ATM program, which we entered into in August 2023, we may offer and sell up to 120.0 million shares of common stock (1) by us to, or through, a consortium of banks acting as our sales agents or (2) by a consortium of banks acting as forward sellers on behalf of any forward purchasers contemplated thereunder, in each case by means of ordinary brokers' transactions on the NYSE under the ticker symbol "O" at prevailing market prices or at negotiated prices. Upon settlement, subject to certain exceptions, we may elect, in our sole discretion, to cash settle or net share settle all or any portion of our obligations under any forward sale agreement, in which cases we may not receive any proceeds (in the case of cash settlement) or will not receive any proceeds (in the case of net share settlement), and we may owe cash (in the case of cash settlement) or shares of our common stock (in the case of net share settlement) to the relevant forward purchaser. As of December 31, 2024, we had 55.5 million shares remaining for future issuance under our ATM program. We anticipate maintaining the availability of our ATM program in the future, including the replenishment of authorized shares issuable thereunder. The following table outlines common stock issuances pursuant to our ATM programs (dollars in millions, shares in thousands):
|  |  | Years ended December 31,
|  |  |  |  | 2024 |  | 2023 |  | 2022
Shares of common stock issued under the ATM program (1) |  |  |  |  | 30,169 |  | 91,699 |  | 68,608
Gross proceeds |  |  |  |  | $ | 1,760.1 |  |  | $ | 5,483.2 |  |  | $ | 4,599.4 |
Sales agents' commissions and other offering expenses |  |  |  |  | (17.3) |  |  | (43.7) |  |  | (43.4) |
Net proceeds |  |  |  |  | $ | 1,742.8 |  |  | $ | 5,439.5 |  |  | $ | 4,556.0 |
(1) During the year ended December 31, 2024, 25.8 million shares were sold and 30.2 million shares were settled pursuant to forward sale confirmations. In addition, as of December 31, 2024, 1.8 million shares of common stock subject to forward sale confirmations have been executed, but not settled, at a weighted average initial gross price of $53.32 per share. We currently expect to fully settle forward sale agreements outstanding by June 30, 2025, representing $91.8 million in net proceeds, for which the weighted average forward price at December 31, 2024 was $51.80 per share. C. Dividend Reinvestment and Stock Purchase Plan ("DRSPP") Our DRSPP provides our common stockholders with a convenient and economical method of purchasing our common stock and reinvesting their distributions. It also allows our current stockholders to buy additional shares of common stock by reinvesting all or a portion of their distributions. Our DRSPP authorizes up to 26.0 million common shares to be issued. At December 31, 2024, we had 10.8 million shares remaining for future issuance under our DRSPP program. The following table outlines common stock issuances pursuant to our DRSPP program (dollars in millions, shares in thousands):
|  |  | Years ended December 31,
|  |  |  |  | 2024 |  | 2023 |  | 2022
Shares of common stock issued under the DRSPP program |  |  |  |  | 212 |  |  | 198 |  |  | 176 |
Gross proceeds |  |  |  |  | $ | 11.8 |  |  | $ | 11.5 |  |  | $ | 11.7 |
Series A Preferred Stock As part of the Merger Agreement with Spirit, each outstanding share of Spirit Series A Preferred Stock, par value $0.01 per share, converted into the right to receive one share of newly issued Realty Income Series A Preferred Stock, having substantially the same terms as the Spirit Series A Preferred Stock, resulting in 6.9 million shares of Realty Income Series A Preferred Stock issued. In September 2024, we redeemed all 6.9 million shares of Realty Income Series A Preferred Stock outstanding. The shares were redeemed at redemption value of $25.00 per share, plus accrued and unpaid dividends to September 30, 2024. The excess of the $25.00 liquidation price per share over the carrying value of Realty Income Series A Preferred Stock redeemed resulted in a loss on redemption of $5.1 million for the year ended December 31, 2024.

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