Maryland | 33-0580106 | |||||||
(State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification No.) |
Title of each Class | Trading Symbol | Name of each exchange on which registered | ||||||
Common Stock, $0.01 Par Value | O | New York Stock Exchange | ||||||
1.625% Notes due 2030 | O30 | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||
Emerging growth company | ☐ |
Page | |||||||||||
Three Months Ended | Three Months Ended | Year Ended | |||||||||||||||
September 30, 2020 | December 31, 2020 | December 31, 2020 | |||||||||||||||
Rental revenue reserves | $ | 15.6 | $ | 8.1 | $ | 23.7 | |||||||||||
Straight-line rent reserves | 1.6 | $ | 0.2 | $ | 1.8 | ||||||||||||
Total rental revenue reserves | $ | 17.2 | $ | 8.3 | $ | 25.5 |
Month | Month | Monthly Dividend | Increase | |||||||||||||||||||||||
2020 Dividend increases | Declared | Paid | per share | per share | ||||||||||||||||||||||
1st increase | Dec 2019 | Jan 2020 | $ | 0.2275 | $ | 0.0005 | ||||||||||||||||||||
2nd increase | Jan 2020 | Feb 2020 | $ | 0.2325 | $ | 0.0050 | ||||||||||||||||||||
3rd increase | Mar 2020 | Apr 2020 | $ | 0.2330 | $ | 0.0005 | ||||||||||||||||||||
4th increase | Jun 2020 | Jul 2020 | $ | 0.2335 | $ | 0.0005 | ||||||||||||||||||||
5th increase | Sep 2020 | Oct 2020 | $ | 0.2340 | $ | 0.0005 | ||||||||||||||||||||
2021 Dividend increases | ||||||||||||||||||||||||||
1st increase | Dec 2020 | Jan 2021 | $ | 0.2345 | $ | 0.0005 |
Number of Properties | Leasable Square Feet |
Investment
($ in thousands) |
Weighted Average Lease Term (Years) |
Initial Average Cash Lease Yield (1)
|
|||||||||||||||||||||||||
Year ended December 31, 2020 (2)
|
|||||||||||||||||||||||||||||
Acquisitions - U.S. (in 30 states)
|
202 | 5,476,009 | $ | 1,302,220 | 14.9 | 5.8 | % | ||||||||||||||||||||||
Acquisitions - U.K. (3)
|
24 | 2,120,256 | 920,934 | 10.8 | 6.1 | % | |||||||||||||||||||||||
Total Acquisitions | 226 | 7,596,265 | $ | 2,223,154 | 13.2 | 5.9 | % | ||||||||||||||||||||||
Properties under Development - U.S. | 18 | 1,601,095 | 84,127 | 15.3 | 5.6 | % | |||||||||||||||||||||||
Total (4)
|
244 | 9,197,360 | $ | 2,307,281 | 13.2 | 5.9 | % |
Three months ended December 31, 2020 | |||||
Properties available for lease at September 30, 2020
|
92 | ||||
Lease expirations (1)
|
159 | ||||
Re-leases to same client (2)
|
(72) | ||||
Re-leases to new client (2)(3)
|
(5) | ||||
Vacant dispositions | (34) | ||||
Properties available for lease at December 31, 2020
|
140 |
Year ended December 31, 2020 | |||||
Properties available for lease at December 31, 2019 | 94 | ||||
Lease expirations (1)
|
446 | ||||
Re-leases to same client (2)
|
(296) | ||||
Re-leases to new client (2)(3)
|
(18) | ||||
Vacant dispositions | (86) | ||||
Properties available for lease at December 31, 2020 | 140 |
Month Ended
October 31, 2020 |
Month Ended
November 30, 2020 |
Month Ended
December 31, 2020 |
Quarter Ended
December 31, 2020 |
||||||||||||||||||||
Contractual rent collected(1) across total portfolio
|
93.5% | 93.7% | 93.6% | 93.6% | |||||||||||||||||||
Contractual rent collected(1) from our top 20 clients(2)
|
89.8% | 90.2% | 89.7% | 89.9% | |||||||||||||||||||
Contractual rent collected(1) from our investment grade clients(3)
|
100.0% | 100.0% | 100.0% | 100.0% |
Percentage of Total Contractual Rent Due By Month(1)
|
Percentage of Total Contractual Rent Collected By Month(1)
|
||||||||||||||||||||||||||||||||||
December
2020 |
November
2020 |
October
2020 |
December
2020 |
November
2020 |
October
2020 |
||||||||||||||||||||||||||||||
U.S. | |||||||||||||||||||||||||||||||||||
Aerospace | 0.6% | 0.6% | 0.6% | 0.6% | 0.6% | 0.6% | |||||||||||||||||||||||||||||
Apparel stores | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | |||||||||||||||||||||||||||||
Automotive collision services | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | |||||||||||||||||||||||||||||
Automotive parts | 1.6 | 1.6 | 1.6 | 1.6 | 1.6 | 1.6 | |||||||||||||||||||||||||||||
Automotive service | 2.7 | 2.5 | 2.5 | 2.7 | 2.5 | 2.5 | |||||||||||||||||||||||||||||
Automotive tire services | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | |||||||||||||||||||||||||||||
Beverages | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | |||||||||||||||||||||||||||||
Child care | 2.1 | 2.1 | 2.1 | 2.1 | 2.1 | 2.1 | |||||||||||||||||||||||||||||
Consumer electronics | 0.2 | 0.3 | 0.3 | 0.2 | 0.3 | 0.3 | |||||||||||||||||||||||||||||
Consumer goods | 0.5 | 0.6 | 0.6 | 0.5 | 0.6 | 0.6 | |||||||||||||||||||||||||||||
Convenience stores | 12.0 | 12.1 | 12.1 | 12.0 | 12.0 | 12.0 | |||||||||||||||||||||||||||||
Crafts and novelties | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | |||||||||||||||||||||||||||||
Diversified industrial | 0.8 | 0.8 | 0.6 | 0.8 | 0.8 | 0.6 | |||||||||||||||||||||||||||||
Dollar stores | 7.7 | 7.7 | 7.7 | 7.6 | 7.7 | 7.7 | |||||||||||||||||||||||||||||
Drug stores | 8.2 | 8.3 | 8.4 | 8.2 | 8.3 | 8.4 | |||||||||||||||||||||||||||||
Education | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | |||||||||||||||||||||||||||||
Electric utilities | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||||||||||||||||||
Entertainment | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | |||||||||||||||||||||||||||||
Equipment services | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | |||||||||||||||||||||||||||||
Financial services | 1.9 | 1.9 | 1.9 | 1.9 | 1.9 | 1.9 | |||||||||||||||||||||||||||||
Food processing | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | |||||||||||||||||||||||||||||
General merchandise | 3.2 | 3.0 | 3.0 | 3.2 | 3.0 | 3.0 | |||||||||||||||||||||||||||||
Government services | 0.6 | 0.6 | 0.7 | 0.6 | 0.6 | 0.7 | |||||||||||||||||||||||||||||
Grocery stores | 4.9 | 4.9 | 5.0 | 4.9 | 4.9 | 4.9 | |||||||||||||||||||||||||||||
Health and beauty | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | |||||||||||||||||||||||||||||
Health and fitness | 6.8 | 6.9 | 7.0 | 5.6 | 6.0 | 6.1 | |||||||||||||||||||||||||||||
Health care | 1.5 | 1.6 | 1.6 | 1.5 | 1.5 | 1.6 | |||||||||||||||||||||||||||||
Home furnishings | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | |||||||||||||||||||||||||||||
Home improvement | 3.1 | 3.0 | 3.0 | 3.1 | 3.0 | 3.0 | |||||||||||||||||||||||||||||
Machinery | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||||||||||||||||||
Motor vehicle dealerships | 1.6 | 1.6 | 1.6 | 1.6 | 1.6 | 1.6 | |||||||||||||||||||||||||||||
Office supplies | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | |||||||||||||||||||||||||||||
Other manufacturing | 0.4 | 0.6 | 0.6 | 0.4 | 0.6 | 0.6 | |||||||||||||||||||||||||||||
Packaging | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | |||||||||||||||||||||||||||||
Paper | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||||||||||||||||||
Pet supplies and services | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | |||||||||||||||||||||||||||||
Restaurants - casual dining | 2.9 | 2.9 | 2.9 | 2.7 | 2.8 | 2.8 | |||||||||||||||||||||||||||||
Restaurants - quick service | 5.3 | 5.5 | 5.6 | 5.3 | 5.5 | 5.6 | |||||||||||||||||||||||||||||
Shoe stores | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | |||||||||||||||||||||||||||||
Sporting goods | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | |||||||||||||||||||||||||||||
Telecommunications | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | |||||||||||||||||||||||||||||
Theaters | 5.6 | 5.7 | 5.7 | 0.8 | 0.7 | 0.5 | |||||||||||||||||||||||||||||
Transportation services | 4.0 | 4.1 | 4.1 | 4.0 | 4.1 | 4.1 | |||||||||||||||||||||||||||||
Wholesale clubs | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | |||||||||||||||||||||||||||||
Other | 0.1 | * | 0.2 | 0.1 | * | 0.2 | |||||||||||||||||||||||||||||
Total U.S. | 94.0% | 94.6% | 95.1% | 87.6% | 88.3% | 88.6% | |||||||||||||||||||||||||||||
U.K. | |||||||||||||||||||||||||||||||||||
Grocery stores | 4.8 | 4.3 | 3.9 | 4.8 | 4.3 | 3.9 | |||||||||||||||||||||||||||||
Health care | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||||||||||||||||||
Home improvement | 1.1 | 1.0 | 0.9 | 1.1 | 1.0 | 0.9 | |||||||||||||||||||||||||||||
Theaters | * | * | * | — | — | — | |||||||||||||||||||||||||||||
Total U.K. | 6.0% | 5.4% | 4.9% | 6.0% | 5.4% | 4.9% | |||||||||||||||||||||||||||||
Totals | 100.0% | 100.0% | 100.0% | 93.6% | 93.7% | 93.5% |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | % Increase/ (decrease) | |||||||||||||||
Total revenue
|
$ | 1,651.6 | $ | 1,491.6 | 10.7 | % | |||||||||||
Net income available to common stockholders (1)
|
$ | 395.5 | $ | 436.5 | (9.4) | % | |||||||||||
Net income per share (2)
|
$ | 1.14 | $ | 1.38 | (17.4) | % | |||||||||||
FFO available to common stockholders | $ | 1,142.1 | $ | 1,039.6 | 9.9 | % | |||||||||||
FFO per share (2)
|
$ | 3.31 | $ | 3.29 | 0.6 | % | |||||||||||
AFFO available to common stockholders
|
$ | 1,172.6 | $ | 1,050.0 | 11.7 | % | |||||||||||
AFFO per share (2)
|
$ | 3.39 | $ | 3.32 | 2.1 | % |
Age | % of our Workforce | ||||
Under 30 years old | 21 | % | |||
Between 30 and 50 years old | 57 | % | |||
Over 50 years old | 22 | % | |||
Ethnicity | |||||
Asian | 13 | % | |||
Black or African American | 4 | % | |||
Hispanic or Latino | 11 | % | |||
Caucasian | 68 | % | |||
Two or more races | 4 | % | |||
In addition, 22% of our Board of Directors identify as women and 44% identify as ethnically diverse. |
Percentage of Total Portfolio Annualized Contractual Rent by Industry | |||||||||||||||||||||||||||||
As of | |||||||||||||||||||||||||||||
Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |||||||||||||||||||||||||
U.S.
|
|||||||||||||||||||||||||||||
Aerospace | 0.6 | % | 0.8 | % | 0.9 | % | 1.0 | % | 1.1 | % | |||||||||||||||||||
Apparel stores | 1.3 | 1.1 | 1.2 | 1.4 | 1.7 | ||||||||||||||||||||||||
Automotive collision services | 1.1 | 1.0 | 0.9 | 1.0 | 1.0 | ||||||||||||||||||||||||
Automotive parts | 1.6 | 1.6 | 1.7 | 1.5 | 1.3 | ||||||||||||||||||||||||
Automotive service | 2.7 | 2.6 | 2.3 | 2.5 | 2.0 | ||||||||||||||||||||||||
Automotive tire services | 2.0 | 2.1 | 2.3 | 2.5 | 2.6 | ||||||||||||||||||||||||
Beverages | 2.1 | 2.0 | 2.4 | 2.6 | 2.8 | ||||||||||||||||||||||||
Child care | 2.1 | 2.1 | 2.2 | 1.7 | 1.7 | ||||||||||||||||||||||||
Consumer electronics | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | ||||||||||||||||||||||||
Consumer goods | 0.6 | 0.6 | 0.7 | 0.7 | 0.9 | ||||||||||||||||||||||||
Convenience stores | 11.9 | 12.3 | 12.6 | 9.3 | 10.0 | ||||||||||||||||||||||||
Crafts and novelties | 0.9 | 0.6 | 0.6 | 0.6 | 0.5 | ||||||||||||||||||||||||
Diversified industrial | 0.8 | 0.7 | 0.8 | 0.8 | 0.9 | ||||||||||||||||||||||||
Dollar stores | 7.6 | 7.9 | 7.3 | 7.5 | 8.0 | ||||||||||||||||||||||||
Drug stores | 8.2 | 8.8 | 9.4 | 10.2 | 10.8 | ||||||||||||||||||||||||
Education | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | ||||||||||||||||||||||||
Electric utilities | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||||||||
Entertainment | 0.3 | 0.3 | 0.3 | 0.4 | 0.4 | ||||||||||||||||||||||||
Equipment services | 0.3 | 0.4 | 0.4 | 0.4 | 0.5 | ||||||||||||||||||||||||
Financial services | 1.8 | 2.0 | 2.4 | 2.3 | 2.6 | ||||||||||||||||||||||||
Food processing | 0.7 | 0.7 | 0.5 | 0.6 | 1.0 | ||||||||||||||||||||||||
General merchandise | 3.4 | 2.5 | 2.1 | 2.3 | 1.9 | ||||||||||||||||||||||||
Government services | 0.6 | 0.7 | 0.9 | 0.9 | 1.0 | ||||||||||||||||||||||||
Grocery stores | 4.9 | 5.2 | 5.0 | 5.3 | 3.5 | ||||||||||||||||||||||||
Health and beauty | 0.2 | 0.2 | 0.2 | * | * | ||||||||||||||||||||||||
Health and fitness | 6.7 | 7.0 | 7.1 | 7.7 | 7.6 | ||||||||||||||||||||||||
Health care | 1.5 | 1.6 | 1.6 | 1.4 | 1.5 | ||||||||||||||||||||||||
Home furnishings | 0.7 | 0.8 | 0.8 | 0.9 | 0.9 | ||||||||||||||||||||||||
Home improvement | 3.1 | 2.9 | 2.8 | 2.9 | 2.5 | ||||||||||||||||||||||||
Machinery | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||||||||
Motor vehicle dealerships | 1.6 | 1.6 | 1.8 | 2.0 | 2.0 | ||||||||||||||||||||||||
Office supplies | 0.1 | 0.2 | 0.2 | 0.2 | 0.3 | ||||||||||||||||||||||||
Other manufacturing | 0.4 | 0.6 | 0.7 | 0.8 | 0.8 | ||||||||||||||||||||||||
Packaging | 0.9 | 0.8 | 1.0 | 1.1 | 0.9 | ||||||||||||||||||||||||
Paper | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||||||||
Pet supplies and services | 0.7 | 0.7 | 0.5 | 0.6 | 0.6 | ||||||||||||||||||||||||
Restaurants - casual dining | 2.8 | 3.2 | 3.3 | 3.6 | 3.7 | ||||||||||||||||||||||||
Restaurants - quick service | 5.3 | 5.8 | 6.3 | 5.2 | 4.8 | ||||||||||||||||||||||||
Shoe stores | 0.2 | 0.2 | 0.5 | 0.6 | 0.6 | ||||||||||||||||||||||||
Sporting goods | 0.7 | 0.8 | 0.9 | 1.0 | 1.5 | ||||||||||||||||||||||||
Telecommunications | 0.5 | 0.5 | 0.6 | 0.6 | 0.7 | ||||||||||||||||||||||||
Theaters | 5.6 | 6.1 | 5.3 | 5.7 | 4.6 | ||||||||||||||||||||||||
Transportation services | 3.9 | 4.3 | 5.0 | 5.4 | 5.7 | ||||||||||||||||||||||||
Wholesale clubs | 2.4 | 2.5 | 2.9 | 3.1 | 3.4 | ||||||||||||||||||||||||
Other | 0.2 | 0.7 | 0.7 | 0.8 | 0.8 | ||||||||||||||||||||||||
Total U.S.
|
93.8 | % |
|
97.3 | % | 100.0 | % | 100.0 | % |
|
100.0 | % | |||||||||||||||||
U.K.
|
|||||||||||||||||||||||||||||
Grocery stores | 4.9 | 2.7 | — | — | — | ||||||||||||||||||||||||
Health care | 0.1 | — | — | — | — | ||||||||||||||||||||||||
Home improvement | 1.2 | — | — | — | — | ||||||||||||||||||||||||
Theaters
|
* | * | — | — | — | ||||||||||||||||||||||||
Total U.K.
|
6.2 | % | 2.7 | % | — | % | — | % | — | % | |||||||||||||||||||
Totals
|
100.0 | % |
|
100.0 | % | 100.0 | % | 100.0 | % |
|
100.0 | % |
Property Type |
Number of
Properties |
Approximate Leasable
Square Feet (1)
|
Total Portfolio Annualized Contractual Rent as of
December 31, 2020 |
Percentage of Total Portfolio Annualized Contractual Rent | ||||||||||||||||||||||
Retail | 6,419 | 79,227,800 | $ | 1,409,959 | 84.4 | % | ||||||||||||||||||||
Industrial | 115 | 28,206,300 | 182,004 | 10.9 | ||||||||||||||||||||||
Office | 43 | 3,175,700 | 51,308 | 3.1 | ||||||||||||||||||||||
Agriculture | 15 | 184,500 | 27,113 | 1.6 | ||||||||||||||||||||||
Totals | 6,592 | 110,794,300 | $ | 1,670,384 | 100.0 | % |
Client |
Number of
Leases |
Percentage of Total Portfolio Annualized Contractual Rent | ||||||||||||
Walgreens | 248 | 5.7 | % | |||||||||||
7-Eleven | 432 | 4.8 | % | |||||||||||
Dollar General | 787 | 4.3 | % | |||||||||||
FedEx | 41 | 3.7 | % | |||||||||||
Dollar Tree / Family Dollar | 550 | 3.3 | % | |||||||||||
LA Fitness | 56 | 3.1 | % | |||||||||||
Sainsbury's | 18 | 3.0 | % | |||||||||||
Wal-Mart / Sam's Club | 58 | 2.9 | % | |||||||||||
Regal Cinemas (Cineworld) | 41 | 2.7 | % | |||||||||||
AMC Theaters | 32 | 2.7 | % | |||||||||||
Lifetime Fitness | 16 | 2.4 | % | |||||||||||
Circle K (Couche-Tard) | 277 | 1.8 | % | |||||||||||
BJ's Wholesale Clubs | 15 | 1.7 | % | |||||||||||
Treasury Wine Estates | 17 | 1.6 | % | |||||||||||
CVS Pharmacy | 88 | 1.5 | % | |||||||||||
Speedway (Marathon) | 161 | 1.5 | % | |||||||||||
Kroger | 22 | 1.5 | % | |||||||||||
Tesco | 10 | 1.4 | % | |||||||||||
Home Depot | 22 | 1.3 | % | |||||||||||
GPM Investments / Fas Mart | 202 | 1.3 | % | |||||||||||
Totals | 3,093 | 52.2 | % |
Total Portfolio(1)
|
|||||||||||||||||
Expiring
Leases
|
Approximate
Leasable |
Total Portfolio Annualized Contractual Rent as of
December 31, 2020 |
Percentage of Total Portfolio Annualized Contractual Rent | ||||||||||||||
Year
|
Retail
|
Non-Retail
|
Square Feet | ||||||||||||||
2021 | 178 | 10 | 1,491,300 | $ | 28,832 | 1.7 | % | ||||||||||
2022 | 372 | 21 | 8,339,600 | 78,637 | 4.7 | ||||||||||||
2023 | 545 | 24 | 9,751,500 | 121,418 | 7.3 | ||||||||||||
2024 | 418 | 17 | 7,768,600 | 98,186 | 5.9 | ||||||||||||
2025 | 507 | 21 | 7,913,500 | 122,585 | 7.3 | ||||||||||||
2026 | 374 | 10 | 6,731,800 | 89,150 | 5.3 | ||||||||||||
2027 | 432 | 4 | 6,507,400 | 88,054 | 5.3 | ||||||||||||
2028 | 590 | 14 | 11,789,800 | 136,826 | 8.2 | ||||||||||||
2029 | 541 | 6 | 9,277,800 | 131,580 | 7.9 | ||||||||||||
2030 | 227 | 12 | 6,856,200 | 78,966 | 4.7 | ||||||||||||
2031 | 253 | 15 | 6,799,500 | 114,831 | 6.9 | ||||||||||||
2032 | 304 | 12 | 4,898,100 | 101,673 | 6.1 | ||||||||||||
2033 | 288 | 4 | 3,894,200 | 71,124 | 4.3 | ||||||||||||
2034 | 304 | 3 | 5,239,200 | 125,685 | 7.5 | ||||||||||||
2035 | 258 | — | 2,181,600 | 62,335 | 3.7 | ||||||||||||
2036-2046 | 765 | 7 | 9,158,200 | 220,502 | 13.2 | ||||||||||||
Totals | 6,356 | 180 | 108,598,300 | $ | 1,670,384 | 100.0 | % |
Location |
Number of
Properties |
Percent
Leased |
Approximate Leasable
Square Feet |
Total Portfolio Annualized Contractual Rent as of December 31, 2020 | Percentage of Total Portfolio Annualized Contractual Rent | |||||||||||||||||||||||||||
Alabama | 225 | 95 | % | 2,127,700 | $ | 30,754 | 1.8 | % | ||||||||||||||||||||||||
Alaska | 3 | 100 | 274,600 | 2,148 | 0.1 | |||||||||||||||||||||||||||
Arizona | 152 | 99 | 2,082,200 | 31,380 | 1.9 | |||||||||||||||||||||||||||
Arkansas | 100 | 97 | 1,178,800 | 14,419 | 0.9 | |||||||||||||||||||||||||||
California | 238 | 98 | 7,398,100 | 147,067 | 8.8 | |||||||||||||||||||||||||||
Colorado | 98 | 94 | 1,575,200 | 23,500 | 1.4 | |||||||||||||||||||||||||||
Connecticut | 18 | 89 | 1,274,100 | 12,907 | 0.8 | |||||||||||||||||||||||||||
Delaware | 19 | 100 | 101,400 | 3,132 | 0.2 | |||||||||||||||||||||||||||
Florida | 430 | 98 | 4,981,400 | 87,988 | 5.3 | |||||||||||||||||||||||||||
Georgia | 296 | 99 | 4,546,100 | 59,553 | 3.6 | |||||||||||||||||||||||||||
Idaho | 14 | 93 | 103,200 | 1,748 | 0.1 | |||||||||||||||||||||||||||
Illinois | 299 | 95 | 7,703,900 | 96,369 | 5.8 | |||||||||||||||||||||||||||
Indiana | 200 | 100 | 2,556,000 | 40,333 | 2.4 | |||||||||||||||||||||||||||
Iowa | 46 | 91 | 2,527,800 | 18,182 | 1.1 | |||||||||||||||||||||||||||
Kansas | 118 | 98 | 2,206,600 | 24,807 | 1.5 | |||||||||||||||||||||||||||
Kentucky | 94 | 99 | 1,826,100 | 22,184 | 1.3 | |||||||||||||||||||||||||||
Louisiana | 136 | 97 | 1,953,200 | 25,595 | 1.5 | |||||||||||||||||||||||||||
Maine | 27 | 100 | 277,800 | 5,721 | 0.3 | |||||||||||||||||||||||||||
Maryland | 38 | 100 | 1,494,000 | 25,743 | 1.5 | |||||||||||||||||||||||||||
Massachusetts | 58 | 95 | 881,400 | 17,082 | 1.0 | |||||||||||||||||||||||||||
Michigan | 243 | 100 | 2,752,200 | 42,837 | 2.6 | |||||||||||||||||||||||||||
Minnesota | 176 | 99 | 2,357,400 | 44,713 | 2.7 | |||||||||||||||||||||||||||
Mississippi | 188 | 95 | 2,029,800 | 22,826 | 1.4 | |||||||||||||||||||||||||||
Missouri | 186 | 94 | 2,962,100 | 39,114 | 2.3 | |||||||||||||||||||||||||||
Montana | 12 | 100 | 89,100 | 2,238 | 0.1 | |||||||||||||||||||||||||||
Nebraska | 61 | 98 | 862,300 | 8,846 | 0.5 | |||||||||||||||||||||||||||
Nevada | 26 | 96 | 1,239,300 | 9,204 | 0.6 | |||||||||||||||||||||||||||
New Hampshire | 14 | 100 | 321,500 | 6,058 | 0.4 | |||||||||||||||||||||||||||
New Jersey | 80 | 99 | 1,271,000 | 29,992 | 1.8 | |||||||||||||||||||||||||||
New Mexico | 58 | 100 | 495,500 | 8,577 | 0.5 | |||||||||||||||||||||||||||
New York | 139 | 98 | 3,164,400 | 69,359 | 4.2 | |||||||||||||||||||||||||||
North Carolina | 207 | 99 | 3,493,800 | 51,160 | 3.1 | |||||||||||||||||||||||||||
North Dakota | 8 | 75 | 126,900 | 1,321 | 0.1 | |||||||||||||||||||||||||||
Ohio | 341 | 98 | 6,765,000 | 69,258 | 4.0 | |||||||||||||||||||||||||||
Oklahoma | 190 | 99 | 2,368,500 | 32,147 | 1.9 | |||||||||||||||||||||||||||
Oregon | 31 | 100 | 665,100 | 11,965 | 0.7 | |||||||||||||||||||||||||||
Pennsylvania | 211 | 99 | 2,217,000 | 44,495 | 2.7 | |||||||||||||||||||||||||||
Rhode Island | 3 | 100 | 158,000 | 2,582 | 0.2 | |||||||||||||||||||||||||||
South Carolina | 179 | 98 | 1,816,700 | 35,507 | 2.1 | |||||||||||||||||||||||||||
South Dakota | 21 | 81 | 254,700 | 2,584 | 0.2 | |||||||||||||||||||||||||||
Tennessee | 261 | 98 | 3,854,700 | 49,839 | 3.0 | |||||||||||||||||||||||||||
Texas | 831 | 99 | 11,691,500 | 176,716 | 10.5 | |||||||||||||||||||||||||||
Utah | 23 | 100 | 949,700 | 9,980 | 0.6 | |||||||||||||||||||||||||||
Vermont | 1 | 100 | 65,500 | 1,212 | 0.1 | |||||||||||||||||||||||||||
Virginia | 219 | 99 | 3,418,300 | 45,136 | 2.7 | |||||||||||||||||||||||||||
Washington | 51 | 98 | 956,700 | 15,915 | 1.0 | |||||||||||||||||||||||||||
West Virginia | 37 | 97 | 537,500 | 7,120 | 0.4 | |||||||||||||||||||||||||||
Wisconsin | 131 | 98 | 3,044,400 | 32,972 | 2.0 | |||||||||||||||||||||||||||
Wyoming | 9 | 100 | 63,900 | 1,520 | 0.1 | |||||||||||||||||||||||||||
Puerto Rico | 4 | 100 | 28,300 | 859 | * | |||||||||||||||||||||||||||
U.K. | 42 | 100 | 3,703,900 | 103,720 | 6.2 | |||||||||||||||||||||||||||
Totals\Average | 6,592 | 98 | % | 110,794,300 | $ | 1,670,384 | 100.0 | % |
Price Per Share
of Common Stock |
Distributions | |||||||||||||||||||
High | Low |
Declared (1)
|
||||||||||||||||||
2020 | ||||||||||||||||||||
First Quarter | $ | 84.92 | $ | 38.00 | $ | 0.6980 | ||||||||||||||
Second Quarter | 65.56 | 43.41 | 0.6995 | |||||||||||||||||
Third Quarter | 66.80 | 56.33 | 0.7010 | |||||||||||||||||
Fourth Quarter | 65.09 | 57.09 | 0.7025 | |||||||||||||||||
Total | $ | 2.8010 | ||||||||||||||||||
2019 | ||||||||||||||||||||
First Quarter | $ | 74.14 | $ | 61.60 | $ | 0.6770 | ||||||||||||||
Second Quarter | 73.94 | 66.21 | 0.6785 | |||||||||||||||||
Third Quarter | 77.50 | 67.70 | 0.6800 | |||||||||||||||||
Fourth Quarter | 82.17 | 71.45 | 0.6815 | |||||||||||||||||
Total | $ | 2.7170 |
As of or for the Years Ended December 31, | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
Total assets (book value) | $ | 20,740,285 | $ | 18,554,796 | $ | 15,260,483 | $ | 14,058,166 | $ | 13,152,871 | ||||||||||||||||||||||
Cash and cash equivalents | 824,476 | 54,011 | 10,387 | 6,898 | 9,420 | |||||||||||||||||||||||||||
Total debt | 8,817,467 | 7,901,547 | 6,499,976 | 6,111,471 | 5,839,605 | |||||||||||||||||||||||||||
Total liabilities | 9,722,555 | 8,750,638 | 7,139,505 | 6,667,458 | 6,365,818 | |||||||||||||||||||||||||||
Total equity | 11,017,730 | 9,804,158 | 8,120,978 | 7,390,708 | 6,787,053 | |||||||||||||||||||||||||||
Net cash provided by operating activities | 1,115,543 | 1,068,937 | 940,742 | 875,850 | 799,863 | |||||||||||||||||||||||||||
Net change in cash, cash equivalents and restricted cash | 779,674 | 49,934 | 8,929 | (3,539) | (34,652) | |||||||||||||||||||||||||||
Total revenue | 1,651,625 | 1,491,591 | 1,327,838 | 1,215,768 | 1,103,172 | |||||||||||||||||||||||||||
Net income | 396,506 | 437,478 | 364,598 | 319,318 | 316,477 | |||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | (3,911) | (27,080) | |||||||||||||||||||||||||||
Excess of redemption value over carrying value of preferred shares redeemed | — | — | — | (13,373) | — | |||||||||||||||||||||||||||
Net income available to common stockholders | 395,486 | 436,482 | 363,614 | 301,514 | 288,491 | |||||||||||||||||||||||||||
Cash distributions paid to common stockholders | 964,167 | 852,134 | 761,582 | 689,294 | 610,516 | |||||||||||||||||||||||||||
Net income per common share: | ||||||||||||||||||||||||||||||||
Basic | 1.15 | 1.38 | 1.26 | 1.10 | 1.13 | |||||||||||||||||||||||||||
Diluted | 1.14 | 1.38 | 1.26 | 1.10 | 1.13 | |||||||||||||||||||||||||||
Cash distributions paid per common share | 2.794000 | 2.710500 | 2.630500 | 2.527000 | 2.391500 | |||||||||||||||||||||||||||
Cash distributions declared per common share | 2.801000 | 2.717000 | 2.639000 | 2.537000 | 2.403000 | |||||||||||||||||||||||||||
Basic weighted average number of common shares outstanding | 345,280,126 | 315,837,012 | 289,427,430 | 273,465,680 | 255,066,500 | |||||||||||||||||||||||||||
Diluted weighted average number of common shares outstanding | 345,415,258 | 316,159,277 | 289,923,984 | 273,936,752 | 255,624,250 |
3.250% notes, $450 issued in October 2012 and $500 issued in December 2017, both due in October 2022 (1)
|
$ | 950 | |||
4.650% notes, issued in July 2013 and due in August 2023 | 750 | ||||
3.875% notes, issued in June 2014 and due in July 2024 | 350 | ||||
3.875% notes, issued in April 2018 and due in April 2025 | 500 | ||||
0.750% notes, issues December 2020 and due in March 2026 | 325 | ||||
4.125% notes, $250 issued in September 2014 and $400 issued in March 2017, both due in October 2026 | 650 | ||||
3.000% notes, issued in October 2016 and due in January 2027 | 600 | ||||
3.650% notes, issued in December 2017 and due in January 2028 | 550 | ||||
3.250% notes, issued in June 2019 and due in June 2029 | 500 | ||||
1.625% notes, issued in October 2020 and due December 2030 (2)
|
547 | ||||
3.250% notes, $600 issued in May 2020 and $350 issued in July 2020, both due in January 2031 | 950 | ||||
1.800% notes, issued in December 2020 and due in March 2033 | 400 | ||||
2.730% notes, issued in May 2019 and due in May 2034 (2)
|
431 | ||||
5.875% bonds, $100 issued in March 2005 and $150 issued in June 2011, both due in March 2035 | 250 | ||||
4.650% notes, $300 issued in March 2017 and $250 issued in December 2017, both due in March 2047 | 550 | ||||
Total principal amount | 8,303 | ||||
Unamortized net original issuance premiums and deferred financing costs | (35) | ||||
$ | 8,268 |
2020 Issuances |
Date of
Issuance |
Maturity date |
Principal
amount issued |
Price of par value |
Effective yield to
maturity |
|||||||||||||||||||||||||||
3.250% notes
|
May 2020 | January 2031 | $600 | 98.99 | % | 3.36% | ||||||||||||||||||||||||||
3.250% notes
|
July 2020 | January 2031 | $350 | 108.24 | % | 2.34% | ||||||||||||||||||||||||||
1.625% notes
|
October 2020 | December 2030 | £400 | 99.19 | % | 1.71% | ||||||||||||||||||||||||||
0.750% notes
|
December 2020 | March 2026 | $325 | 99.19 | % | 0.91% | ||||||||||||||||||||||||||
1.800% notes
|
December 2020 | March 2033 | $400 | 98.47 | % | 1.94% |
Note Covenants | Required | Actual | ||||||
Limitation on incurrence of total debt |
< 60% of adjusted assets
|
39.6 | % | |||||
Limitation on incurrence of secured debt |
< 40% of adjusted assets
|
1.4 | % | |||||
Debt service coverage (trailing 12 months)(1)
|
> 1.5 x
|
5.1 | ||||||
Maintenance of total unencumbered assets |
> 150% of unsecured debt
|
256.7 | % |
Net income available to common stockholders | $ | 395,486 | |||
Plus: interest expense, excluding the amortization of deferred financing costs | 299,015 | ||||
Plus: loss on extinguishment of debt | 9,819 | ||||
Plus: provision for taxes | 14,693 | ||||
Plus: depreciation and amortization | 677,038 | ||||
Plus: provisions for impairment | 147,232 | ||||
Plus: pro forma adjustments | 71,574 | ||||
Less: gain on sales of real estate | (76,232) | ||||
Income available for debt service, as defined | $ | 1,538,625 | |||
Total pro forma debt service charge | $ | 304,552 | |||
Debt service and fixed charge coverage ratio | 5.1 |
Year of
Maturity |
Credit
Facility and Commercial Paper Program(1)
|
Notes
and Bonds(2)
|
Term
Loan(3)
|
Mortgages
Payable (4)
|
Interest (5)
|
Ground Leases
Paid by Realty
Income(6)
|
Ground Leases
Paid by Our Clients(7) |
Other(8)
|
Totals | ||||||||||||||||||||||||||||||||||||||||||||
2021 | $ | — | $ | — | $ | — | $ | 44.2 | $ | 302.3 | $ | 1.6 | $ | 13.7 | $ | 106.8 | $ | 468.6 | |||||||||||||||||||||||||||||||||||
2022 | — | 950.0 | — | 111.8 | 301.6 | 1.6 | 13.6 | — | 1,378.6 | ||||||||||||||||||||||||||||||||||||||||||||
2023 | — | 750.0 | — | 20.6 | 266.6 | 1.6 | 13.7 | — | 1,052.5 | ||||||||||||||||||||||||||||||||||||||||||||
2024 | — | 350.0 | 250.0 | 112.2 | 223.2 | 1.6 | 13.8 | — | 950.8 | ||||||||||||||||||||||||||||||||||||||||||||
2025 | — | 500.0 | — | 0.7 | 192.9 | 1.4 | 13.5 | — | 708.5 | ||||||||||||||||||||||||||||||||||||||||||||
Thereafter | — | 5,752.4 | — | 10.1 | 1,222.4 | 18.8 | 55.9 | — | 7,059.6 | ||||||||||||||||||||||||||||||||||||||||||||
Totals | $ | — | $ | 8,302.4 | $ | 250.0 | $ | 299.6 | $ | 2,509.0 | $ | 26.6 | $ | 124.2 | $ | 106.8 | $ | 11,618.6 |
Number of Properties | Leasable Square Feet |
Investment
($ in thousands) |
Weighted Average Lease Term (Years) |
Initial Average Cash Lease Yield (1)
|
|||||||||||||||||||||||||
Year ended December 31, 2020 (2)
|
|||||||||||||||||||||||||||||
Acquisitions - U.S. (in 30 states)
|
202 | 5,476,009 | $ | 1,302,220 | 14.9 | 5.8 | % | ||||||||||||||||||||||
Acquisitions - U.K. (3)
|
24 | 2,120,256 | 920,934 | 10.8 | 6.1 | % | |||||||||||||||||||||||
Total Acquisitions | 226 | 7,596,265 | $ | 2,223,154 | 13.2 | 5.9 | % | ||||||||||||||||||||||
Properties under Development - U.S. | 18 | 1,601,095 | 84,127 | 15.3 | 5.6 | % | |||||||||||||||||||||||
Total (4)
|
244 | 9,197,360 | $ | 2,307,281 | 13.2 | 5.9 | % |
Three months ended December 31, 2020 | |||||
Properties available for lease at September 30, 2020
|
92 | ||||
Lease expirations (1)
|
159 | ||||
Re-leases to same client (2)
|
(72) | ||||
Re-leases to new client (2)(3)
|
(5) | ||||
Vacant dispositions | (34) | ||||
Properties available for lease at December 31, 2020
|
140 |
Year ended December 31, 2020 | |||||
Properties available for lease at December 31, 2019 | 94 | ||||
Lease expirations (1)
|
446 | ||||
Re-leases to same client (2)
|
(296) | ||||
Re-leases to new client (2)(3)
|
(18) | ||||
Vacant dispositions | (86) | ||||
Properties available for lease at December 31, 2020 | 140 |
Month | Month | Dividend | Increase | |||||||||||||||||||||||
2020 Dividend increases | Declared | Paid | per share | per share | ||||||||||||||||||||||
1st increase | Dec 2019 | Jan 2020 | $ | 0.2275 | $ | 0.0005 | ||||||||||||||||||||
2nd increase | Jan 2020 | Feb 2020 | $ | 0.2325 | $ | 0.0050 | ||||||||||||||||||||
3rd increase | Mar 2020 | Apr 2020 | $ | 0.2330 | $ | 0.0005 | ||||||||||||||||||||
4th increase | Jun 2020 | Jul 2020 | $ | 0.2335 | $ | 0.0005 | ||||||||||||||||||||
5th increase | Sep 2020 | Oct 2020 | $ | 0.2340 | $ | 0.0005 | ||||||||||||||||||||
2021 Dividend increases | ||||||||||||||||||||||||||
1st increase | Dec 2020 | Jan 2021 | $ | 0.2345 | $ | 0.0005 |
Increase | ||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 |
2020
versus 2019 |
2019
versus 2018 |
||||||||||||||||||||||||||||
REVENUE | ||||||||||||||||||||||||||||||||
Rental (excluding reimbursable) | $ | 1,560,171 | $ | 1,415,733 | $ | 1,274,596 | $ | 144,438 | $ | 141,137 | ||||||||||||||||||||||
Rental (reimbursable) | 79,362 | 69,085 | 46,950 | 10,277 | 22,135 | |||||||||||||||||||||||||||
Other | 12,092 | 6,773 | 6,292 | 5,319 | 481 | |||||||||||||||||||||||||||
Total revenue | $ | 1,651,625 | $ | 1,491,591 | $ | 1,327,838 | $ | 160,034 | $ | 163,753 |
Year Ended December 31, | Increase/(Decrease) | ||||||||||||||||||||||
Number of Properties | Square Footage | 2020 | 2019 | $ Change | % Change | ||||||||||||||||||
Properties acquired during 2020 & 2019 | 1,014 | 22,388,061 | $ | 282,038 | $ | 85,039 | $ | 196,999 | 231.7 | % | |||||||||||||
Same store rental revenue | 5,403 | 84,641,826 | 1,237,358 | 1,259,303 | (21,945) | (1.7) | % | ||||||||||||||||
Properties sold during 2020 & 2019 | 221 | 4,234,228 | 6,567 | 22,389 | (15,822) | (70.7) | % | ||||||||||||||||
Straight-line rent and other non-cash adjustments | N/A | N/A | 7,384 | 15,177 | (7,793) | (51.3) | % | ||||||||||||||||
Vacant rents, development and other (1)
|
180 | 3,916,555 | 26,824 | 33,825 | (7,001) | (20.7) | % | ||||||||||||||||
Totals | $ | 1,560,171 | $ | 1,415,733 | $ | 144,438 | 10.2 | % |
Year Ended December 31, | Increase/(Decrease) | ||||||||||||||||||||||
Number of Properties | Square Footage | 2019 | 2018 | $ Change | % Change | ||||||||||||||||||
Properties acquired during 2019 & 2018 | 1,532 | 18,219,735 | $ | 197,784 | $ | 54,028 | $ | 143,756 | 266.1 | % | |||||||||||||
Same store rental revenue | 4,811 | 83,399,809 | 1,175,576 | 1,157,577 | 17,999 | 1.6 | % | ||||||||||||||||
Properties sold during 2019 & 2018 | 221 | 1,933,496 | 3,615 | 19,306 | (15,691) | (81.3) | % | ||||||||||||||||
Straight-line rent and other non-cash adjustments | N/A | N/A | 13,821 | 16,993 | (3,172) | (18.7) | % | ||||||||||||||||
Vacant rents, development and other (1)
|
140 | 4,653,664 | 24,937 | 26,692 | (1,755) | (6.6) | % | ||||||||||||||||
Totals | $ | 1,415,733 | $ | 1,274,596 | $ | 141,137 | 11.1 | % |
Year ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Rental revenue reserves | $ | 44.1 | $ | 1.4 | $ | 1.1 | |||||||||||
Straight-line rent reserves | 8.4 | 1.5 | 0.2 | ||||||||||||||
Total rental revenue reserves | $ | 52.5 | $ | 2.9 | $ | 1.3 |
Increase (Decrease) | ||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 |
2020
versus 2019 |
2019
versus 2018 |
||||||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||||
Depreciation and amortization | $ | 677,038 | $ | 593,961 | $ | 539,780 | $ | 83,077 | $ | 54,181 | ||||||||||||||||||||||
Interest | 309,336 | 290,991 | 266,020 | 18,345 | $ | 24,971 | ||||||||||||||||||||||||||
Property (excluding reimbursable) | 25,241 | 19,500 | 19,376 | 5,741 | $ | 124 | ||||||||||||||||||||||||||
Property (reimbursable) | 79,362 | 69,085 | 46,950 | 10,277 | $ | 22,135 | ||||||||||||||||||||||||||
General and administrative (1)
|
73,215 | 66,483 | 84,148 | 6,732 | $ | (17,665) | ||||||||||||||||||||||||||
Income taxes | 14,693 | 6,158 | 5,340 | 8,535 | $ | 818 | ||||||||||||||||||||||||||
Provisions for impairment | 147,232 | 40,186 | 26,269 | 107,046 | $ | 13,917 | ||||||||||||||||||||||||||
Total expenses | $ | 1,326,117 | $ | 1,086,364 | $ | 987,883 | $ | 239,753 | $ | 98,481 | ||||||||||||||||||||||
Total revenue (2)
|
$ | 1,572,263 | $ | 1,422,506 | $ | 1,280,888 | ||||||||||||||||||||||||||
General and administrative expenses as a percentage of total revenue (1)(2)
|
4.4 | % | 4.7 | % | 5.1 | % | ||||||||||||||||||||||||||
Property expenses (excluding reimbursable) as a percentage of total revenue (2)
|
1.6 | % | 1.4 | % | 1.5 | % |
2020 | 2019 | 2018 | ||||||||||||||||||
Interest on our credit facility, commercial paper, term loans, notes, mortgages and interest rate swaps | $ | 293,879 | $ | 277,802 | $ | 260,103 | ||||||||||||||
Credit facility commitment fees | 3,812 | 3,803 | 2,774 | |||||||||||||||||
Amortization of debt origination and deferred financing costs | 10,694 | 9,485 | 8,711 | |||||||||||||||||
Loss (gain) on interest rate swaps | 4,132 | 2,752 | (2,733) | |||||||||||||||||
Amortization of net mortgage premiums | (1,258) | (1,415) | (1,520) | |||||||||||||||||
Amortization of net note premiums | (1,754) | (995) | (1,256) | |||||||||||||||||
Other items | (169) | (441) | (59) | |||||||||||||||||
Interest expense | $ | 309,336 | $ | 290,991 | $ | 266,020 | ||||||||||||||
Credit facility, commercial paper, term loans, mortgages and notes | ||||||||||||||||||||
Average outstanding balances (dollars in thousands) | $ | 8,240,829 | $ | 7,100,032 | $ | 6,662,952 | ||||||||||||||
Average interest rates | 3.48 | % | 3.89 | % | 3.90 | % |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Total provisions for impairment | $ | 147.2 | $ | 40.2 | $ | 26.3 | |||||||||||
Number of properties: | |||||||||||||||||
Classified as held for sale | 6 | 1 | — | ||||||||||||||
Classified as held for investment | 42 | 5 | 3 | ||||||||||||||
Sold | 51 | 45 | 41 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Number of properties sold | 126 | 93 | 128 | ||||||||||||||
Net sales proceeds | $ | 262.5 | $ | 108.9 | $ | 142.3 | |||||||||||
Gain on sales of real estate | $ | 76.2 | $ | 30.0 | $ | 24.6 |
Year Ended December 31, | % Increase/(decrease) | ||||||||||||||||||||||||||||
2020 | 2019 | 2018 |
2020 versus 2019
|
2019 versus 2018
|
|||||||||||||||||||||||||
Net income available to common stockholders
|
$ | 395.5 | $ | 436.5 | $ | 363.6 | (9.4) | % | 20.0 | % | |||||||||||||||||||
Net income per share (1)
|
$ | 1.14 | $ | 1.38 | $ | 1.26 | (17.4) | % | 9.5 | % |
For the Quarter Ended December 31, | ||||||||||||||||||||
Dollars in thousands | 2020 | 2019 | 2018 | |||||||||||||||||
Net income (1)
|
$ | 118,150 | $ | 129,553 | $ | 85,303 | ||||||||||||||
Interest | 78,764 | 75,073 | 70,635 | |||||||||||||||||
Income taxes | 4,500 | 1,736 | 1,607 | |||||||||||||||||
Depreciation and amortization | 175,041 | 156,594 | 137,711 | |||||||||||||||||
Executive severance charge (2)
|
— | — | 18,651 | |||||||||||||||||
Provisions for impairment | 23,790 | 8,950 | 1,235 | |||||||||||||||||
Gain on sales of real estate | (22,667) | (14,168) | (5,825) | |||||||||||||||||
Foreign currency and derivative gains, net | (3,311) | (1,792) | — | |||||||||||||||||
Quarterly Adjusted EBITDAre
|
$ | 374,267 | $ | 355,946 | $ | 309,317 | ||||||||||||||
Annualized Adjusted EBITDAre (3)
|
$ | 1,497,068 | $ | 1,423,784 | $ | 1,237,268 | ||||||||||||||
Annualized Pro Forma Adjustments | 25,910 | 77,793 | 11,306 | |||||||||||||||||
Annualized Pro Forma Adjusted EBITDAre
|
$ | 1,522,978 | $ | 1,501,577 | $ | 1,248,574 | ||||||||||||||
Net Debt (4)
|
$ | 7,992,991 | $ | 7,847,536 | $ | 6,489,589 | ||||||||||||||
Net Debt/Adjusted EBITDAre
|
5.3 | 5.5 | 5.2 | |||||||||||||||||
Net Debt/Pro forma Adjusted EBITDAre
|
5.2 | 5.2 | 5.2 |
Dollars in thousands | 2020 | 2019 | 2018 | |||||||||||||||||
Annualized pro forma adjustments from properties acquired or stabilized | $ | 27,431 | $ | 77,431 | $ | 14,633 | ||||||||||||||
Annualized pro forma adjustments from properties disposed | (1,521) | 362 | (3,327) | |||||||||||||||||
Annualized Pro forma Adjustments | $ | 25,910 | $ | 77,793 | $ | 11,306 |
% Increase | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 |
2020 versus 2019
|
2019 versus 2018
|
|||||||||||||||||||||||||
FFO available to common stockholders
|
$ | 1,142.1 | $ | 1,039.6 | $ | 903.3 | 9.9 | % | 15.1 | % | |||||||||||||||||||
FFO per share (1)
|
$ | 3.31 | $ | 3.29 | 3.12 | 0.6 | % | 5.4 | % |
2020 | 2019 | 2018 | ||||||||||||||||||
Net income available to common stockholders | $ | 395,486 | $ | 436,482 | $ | 363,614 | ||||||||||||||
Depreciation and amortization | 677,038 | 593,961 | 539,780 | |||||||||||||||||
Depreciation of furniture, fixtures and equipment | (588) | (565) | (650) | |||||||||||||||||
Provisions for impairment | 147,232 | 40,186 | 26,269 | |||||||||||||||||
Gain on sales of real estate | (76,232) | (29,996) | (24,643) | |||||||||||||||||
FFO adjustments allocable to noncontrolling interests | (817) | (477) | (1,113) | |||||||||||||||||
FFO available to common stockholders | $ | 1,142,119 | $ | 1,039,591 | $ | 903,257 | ||||||||||||||
FFO allocable to dilutive noncontrolling interests | 1,418 | 1,403 | 867 | |||||||||||||||||
Diluted FFO | $ | 1,143,537 | $ | 1,040,994 | $ | 904,124 | ||||||||||||||
FFO per common share, basic and diluted | 3.31 | 3.29 | 3.12 | |||||||||||||||||
Distributions paid to common stockholders | $ | 964,167 | $ | 852,134 | $ | 761,582 | ||||||||||||||
FFO available to common stockholders in excess of distributions paid to common stockholders
|
$ | 177,952 | $ | 187,457 | $ | 141,675 | ||||||||||||||
Weighted average number of common shares used for computation per share:
|
||||||||||||||||||||
Basic | 345,280,126 | 315,837,012 | 289,427,430 | |||||||||||||||||
Diluted | 345,878,377 | 316,601,350 | 289,923,984 |
% Increase | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 |
2020 versus 2019
|
2019 versus 2018
|
|||||||||||||||||||||||||
AFFO available to common stockholders
|
$ | 1,172.6 | $ | 1,050.0 | $ | 924.6 | 11.7 | % | 13.6 | % | |||||||||||||||||||
AFFO per share (1)
|
$ | 3.39 | $ | 3.32 | 3.19 | 2.1 | % | 4.1 | % |
2020 | 2019 | 2018 | ||||||||||||||||||
Net income available to common stockholders (1)
|
$ | 395,486 | $ | 436,482 | $ | 363,614 | ||||||||||||||
Cumulative adjustments to calculate FFO (2)
|
746,633 | 603,109 | 539,643 | |||||||||||||||||
FFO available to common stockholders | 1,142,119 | 1,039,591 | 903,257 | |||||||||||||||||
Executive severance charge (3)
|
3,463 | — | 18,651 | |||||||||||||||||
Loss on extinguishment of debt | 9,819 | — | — | |||||||||||||||||
Amortization of share-based compensation | 14,727 | 13,662 | 15,470 | |||||||||||||||||
Amortization of deferred financing costs (4)
|
4,968 | 4,754 | 3,991 | |||||||||||||||||
Amortization of net mortgage premiums | (1,258) | (1,415) | (1,520) | |||||||||||||||||
Loss (gain) on interest rate swaps | 4,353 | 2,752 | (2,733) | |||||||||||||||||
Straight-line payments from cross-currency swaps (5)
|
2,573 | 4,316 | — | |||||||||||||||||
Leasing costs and commissions | (1,859) | (2,102) | (3,907) | |||||||||||||||||
Recurring capital expenditures | (198) | (801) | (1,084) | |||||||||||||||||
Straight-line rent | (26,502) | (28,674) | (24,687) | |||||||||||||||||
Amortization of above and below-market leases | 22,940 | 19,336 | 16,852 | |||||||||||||||||
Other adjustments (6)
|
(2,519) | (1,404) | 268 | |||||||||||||||||
Total AFFO available to common stockholders | $ | 1,172,626 | $ | 1,050,015 | $ | 924,558 | ||||||||||||||
AFFO allocable to dilutive noncontrolling interests | 1,438 | 1,442 | 901 | |||||||||||||||||
Diluted AFFO | $ | 1,174,064 | $ | 1,051,457 | $ | 925,459 | ||||||||||||||
AFFO per common share: | ||||||||||||||||||||
Basic | $ | 3.40 | $ | 3.32 | $ | 3.19 | ||||||||||||||
Diluted | $ | 3.39 | $ | 3.32 | $ | 3.19 | ||||||||||||||
Distributions paid to common stockholders | $ | 964,167 | $ | 852,134 | $ | 761,582 | ||||||||||||||
AFFO available to common stockholders in excess of distributions paid to common stockholders
|
$ | 208,459 | $ | 197,881 | $ | 162,976 | ||||||||||||||
Weighted average number of common shares used for computation per share:
|
||||||||||||||||||||
Basic | 345,280,126 | 315,837,012 | 289,427,430 | |||||||||||||||||
Diluted | 345,878,377 | 316,601,350 | 289,923,984 |
Year of maturity | Fixed rate debt | Weighted average rate on fixed rate debt | ||||||||||||||||||||||||
2021 | $ | 44.2 | 5.55 | % | ||||||||||||||||||||||
2022 | 1,061.8 | 3.43 | ||||||||||||||||||||||||
2023 | 770.6 | 4.64 | ||||||||||||||||||||||||
2024 | 712.2 | 3.97 | ||||||||||||||||||||||||
2025 | 500.7 | 3.88 | ||||||||||||||||||||||||
Thereafter | 5,762.5 | 3.18 | ||||||||||||||||||||||||
Totals (1)
|
$ | 8,852.0 | 3.45 | % | ||||||||||||||||||||||
Fair Value (2)
|
$ | 9,883.4 |
A. | |||||
B. | |||||
C. | |||||
D. | |||||
E. | |||||
F. | |||||
G. | |||||
H. | |||||
Schedules not filed: All schedules, other than that indicated in the Table of Contents, have been omitted as the required information is either not material, inapplicable or the information is presented in the financial statements or related notes. |
2020 | 2019 | |||||||||||||
ASSETS | ||||||||||||||
Real estate held for investment, at cost: | ||||||||||||||
Land | $ | 6,318,926 | $ | 5,684,034 | ||||||||||
Buildings and improvements | 14,696,712 | 13,833,882 | ||||||||||||
Total real estate held for investment, at cost | 21,015,638 | 19,517,916 | ||||||||||||
Less accumulated depreciation and amortization | (3,549,486) | (3,117,919) | ||||||||||||
Real estate held for investment, net | 17,466,152 | 16,399,997 | ||||||||||||
Real estate and lease intangibles held for sale, net | 19,004 | 96,775 | ||||||||||||
Cash and cash equivalents | 824,476 | 54,011 | ||||||||||||
Accounts receivable, net | 285,701 | 181,969 | ||||||||||||
Lease intangible assets, net | 1,710,655 | 1,493,383 | ||||||||||||
Other assets, net | 434,297 | 328,661 | ||||||||||||
Total assets | $ | 20,740,285 | $ | 18,554,796 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Distributions payable | $ | 85,691 | $ | 76,728 | ||||||||||
Accounts payable and accrued expenses | 241,336 | 177,039 | ||||||||||||
Lease intangible liabilities, net | 321,198 | 333,103 | ||||||||||||
Other liabilities | 256,863 | 262,221 | ||||||||||||
Line of credit payable and commercial paper | — | 704,335 | ||||||||||||
Term loans, net | 249,358 | 499,044 | ||||||||||||
Mortgages payable, net | 300,360 | 410,119 | ||||||||||||
Notes payable, net | 8,267,749 | 6,288,049 | ||||||||||||
Total liabilities | 9,722,555 | 8,750,638 | ||||||||||||
Commitments and contingencies | ||||||||||||||
Stockholders’ equity: | ||||||||||||||
Common stock and paid in capital, par value $0.01 per share, 740,200,000 shares authorized, 361,303,445 and 333,619,106 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively
|
14,700,050 | 12,873,849 | ||||||||||||
Distributions in excess of net income | (3,659,933) | (3,082,291) | ||||||||||||
Accumulated other comprehensive loss | (54,634) | (17,102) | ||||||||||||
Total stockholders’ equity | 10,985,483 | 9,774,456 | ||||||||||||
Noncontrolling interests | 32,247 | 29,702 | ||||||||||||
Total equity | 11,017,730 | 9,804,158 | ||||||||||||
Total liabilities and equity | $ | 20,740,285 | $ | 18,554,796 |
2020 | 2019 | 2018 | ||||||||||||||||||
REVENUE | ||||||||||||||||||||
Rental (including reimbursable) | $ | 1,639,533 | $ | 1,484,818 | $ | 1,321,546 | ||||||||||||||
Other | 12,092 | 6,773 | 6,292 | |||||||||||||||||
Total revenue | 1,651,625 | 1,491,591 | 1,327,838 | |||||||||||||||||
EXPENSES | ||||||||||||||||||||
Depreciation and amortization | 677,038 | 593,961 | 539,780 | |||||||||||||||||
Interest | 309,336 | 290,991 | 266,020 | |||||||||||||||||
Property (including reimbursable) | 104,603 | 88,585 | 66,326 | |||||||||||||||||
General and administrative | 73,215 | 66,483 | 84,148 | |||||||||||||||||
Income taxes | 14,693 | 6,158 | 5,340 | |||||||||||||||||
Provisions for impairment | 147,232 | 40,186 | 26,269 | |||||||||||||||||
Total expenses | 1,326,117 | 1,086,364 | 987,883 | |||||||||||||||||
Gain on sales of real estate | 76,232 | 29,996 | 24,643 | |||||||||||||||||
Foreign currency and derivative gains, net | 4,585 | 2,255 | — | |||||||||||||||||
Loss on extinguishment of debt | (9,819) | — | — | |||||||||||||||||
Net income | 396,506 | 437,478 | 364,598 | |||||||||||||||||
Net income attributable to noncontrolling interests | (1,020) | (996) | (984) | |||||||||||||||||
Net income available to common stockholders | $ | 395,486 | $ | 436,482 | $ | 363,614 | ||||||||||||||
Amounts available to common stockholders per common share: | ||||||||||||||||||||
Net income | ||||||||||||||||||||
Basic | 1.15 | 1.38 | 1.26 | |||||||||||||||||
Diluted | 1.14 | 1.38 | 1.26 | |||||||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||
Basic | 345,280,126 | 315,837,012 | 289,427,430 | |||||||||||||||||
Diluted | 345,415,258 | 316,159,277 | 289,923,984 | |||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||
Net income available to common stockholders | $ | 395,486 | 436,482 | 363,614 | ||||||||||||||||
Foreign currency translation adjustment | (2,606) | 186 | — | |||||||||||||||||
Unrealized loss on derivatives, net | (34,926) | (9,190) | (8,098) | |||||||||||||||||
Comprehensive income available to common stockholders | $ | 357,954 | $ | 427,478 | $ | 355,516 |
Shares of
common stock |
Common
stock and paid in capital |
Distributions
in excess of net income |
Accumulated other comprehensive loss |
Total
stockholders’ equity |
Noncontrolling
interests |
Total
equity |
||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2017 | 284,213,685 | $ | 9,624,264 | $ | (2,252,763) | $ | — | $ | 7,371,501 | $ | 19,207 | $ | 7,390,708 | |||||||||||||||||||||||||||||||
Net income | — | — | 363,614 | — | 363,614 | 984 | 364,598 | |||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (8,098) | (8,098) | — | (8,098) | |||||||||||||||||||||||||||||||||||||
Distributions paid and payable | — | — | (768,506) | — | (768,506) | (1,996) | (770,502) | |||||||||||||||||||||||||||||||||||||
Share issuances, net of costs | 19,304,878 | 1,119,297 | — | — | 1,119,297 | — | 1,119,297 | |||||||||||||||||||||||||||||||||||||
Contributions by noncontrolling interests | — | — | — | — | — | 18,848 | 18,848 | |||||||||||||||||||||||||||||||||||||
Redemption of common units | 88,182 | 2,829 | — | — | 2,829 | (5,581) | (2,752) | |||||||||||||||||||||||||||||||||||||
Reallocation of equity | — | (774) | — | — | (774) | 774 | — | |||||||||||||||||||||||||||||||||||||
Share-based compensation, net | 135,345 | 8,879 | — | — | 8,879 | — | 8,879 | |||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | 303,742,090 | $ | 10,754,495 | $ | (2,657,655) | $ | (8,098) | $ | 8,088,742 | $ | 32,236 | $ | 8,120,978 | |||||||||||||||||||||||||||||||
Net income | — | — | 436,482 | — | 436,482 | 996 | 437,478 | |||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (9,004) | (9,004) | — | (9,004) | |||||||||||||||||||||||||||||||||||||
Distributions paid and payable | — | — | (861,118) | — | (861,118) | (1,296) | (862,414) | |||||||||||||||||||||||||||||||||||||
Share issuances, net of costs | 29,818,978 | 2,117,983 | — | — | 2,117,983 | — | 2,117,983 | |||||||||||||||||||||||||||||||||||||
Contributions by noncontrolling interests | — | — | — | — | — | 11,370 | 11,370 | |||||||||||||||||||||||||||||||||||||
Redemption of common units | — | (6,866) | — | — | (6,866) | (14,257) | (21,123) | |||||||||||||||||||||||||||||||||||||
Reallocation of equity | — | (653) | — | — | (653) | 653 | — | |||||||||||||||||||||||||||||||||||||
Share-based compensation, net | 58,038 | 8,890 | — | — | 8,890 | — | 8,890 | |||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | 333,619,106 | $ | 12,873,849 | $ | (3,082,291) | $ | (17,102) | $ | 9,774,456 | $ | 29,702 | $ | 9,804,158 | |||||||||||||||||||||||||||||||
Net income | — | — | 395,486 | — | 395,486 | 1,020 | 396,506 | |||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (37,532) | (37,532) | — | (37,532) | |||||||||||||||||||||||||||||||||||||
Distributions paid and payable | — | — | (973,128) | — | (973,128) | (1,596) | (974,724) | |||||||||||||||||||||||||||||||||||||
Share issuances, net of costs | 27,564,163 | 1,817,978 | — | — | 1,817,978 | — | 1,817,978 | |||||||||||||||||||||||||||||||||||||
Contributions by noncontrolling interests | — | — | — | — | — | 3,168 | 3,168 | |||||||||||||||||||||||||||||||||||||
Reallocation of equity | — | 47 | — | — | 47 | (47) | — | |||||||||||||||||||||||||||||||||||||
Share-based compensation, net | 120,176 | 8,176 | — | — | 8,176 | — | 8,176 | |||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | 361,303,445 | $ | 14,700,050 | $ | (3,659,933) | $ | (54,634) | $ | 10,985,483 | $ | 32,247 | $ | 11,017,730 |
2020 | 2019 | 2018 | ||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||
Net income | $ | 396,506 | $ | 437,478 | $ | 364,598 | ||||||||||||||
Adjustments to net income: | ||||||||||||||||||||
Depreciation and amortization | 677,038 | 593,961 | 539,780 | |||||||||||||||||
Loss on extinguishment of debt | 9,819 | — | — | |||||||||||||||||
Amortization of share-based compensation | 16,503 | 13,662 | 27,267 | |||||||||||||||||
Non-cash revenue adjustments | (3,562) | (9,338) | (7,835) | |||||||||||||||||
Amortization of net premiums on mortgages payable | (1,258) | (1,415) | (1,520) | |||||||||||||||||
Amortization of net premiums on notes payable | (1,754) | (995) | (1,256) | |||||||||||||||||
Amortization of deferred financing costs | 11,003 | 9,795 | 9,021 | |||||||||||||||||
Loss (gain) on interest rate swaps | 4,353 | 2,752 | (2,733) | |||||||||||||||||
Foreign currency and derivative gains, net | (4,585) | (2,255) | — | |||||||||||||||||
Gain on sales of real estate | (76,232) | (29,996) | (24,643) | |||||||||||||||||
Provisions for impairment on real estate | 147,232 | 40,186 | 26,269 | |||||||||||||||||
Change in assets and liabilities | ||||||||||||||||||||
Accounts receivable and other assets | (79,240) | (8,954) | (6,901) | |||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 19,720 | 24,056 | 18,695 | |||||||||||||||||
Net cash provided by operating activities | 1,115,543 | 1,068,937 | 940,742 | |||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||
Investment in real estate | (2,283,130) | (3,572,581) | (1,769,335) | |||||||||||||||||
Improvements to real estate, including leasing costs | (8,708) | (23,536) | (25,350) | |||||||||||||||||
Proceeds from sales of real estate | 259,459 | 108,911 | 142,286 | |||||||||||||||||
Insurance and other proceeds received | — | — | 7,648 | |||||||||||||||||
Collection of loans receivable | — | — | 5,267 | |||||||||||||||||
Non-refundable escrow deposits | — | (14,603) | (200) | |||||||||||||||||
Net cash used in investing activities | (2,032,379) | (3,501,809) | (1,639,684) | |||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
Cash distributions to common stockholders | (964,167) | (852,134) | (761,582) | |||||||||||||||||
Borrowings on line of credit and commercial paper program | 3,528,042 | 2,816,632 | 1,774,000 | |||||||||||||||||
Payments on line of credit and commercial paper program | (4,246,755) | (2,365,368) | (1,632,000) | |||||||||||||||||
Principal payment on term loan | (250,000) | (70,000) | (125,866) | |||||||||||||||||
Proceeds from notes and bonds payable issued | 2,200,488 | 897,664 | 497,500 | |||||||||||||||||
Principal payment on notes payable | (250,000) | — | (350,000) | |||||||||||||||||
Proceeds from term loan | — | — | 250,000 | |||||||||||||||||
Payments upon extinguishment of debt | (9,445) | — | — | |||||||||||||||||
Principal payments on mortgages payable | (108,789) | (20,723) | (21,905) | |||||||||||||||||
Proceeds from common stock offerings, net | 728,883 | 845,061 | — | |||||||||||||||||
Proceeds from dividend reinvestment and stock purchase plan | 9,109 | 8,437 | 9,114 | |||||||||||||||||
Proceeds from At-the-Market (ATM) program | 1,094,938 | 1,264,518 | 1,125,364 | |||||||||||||||||
Redemption of common units | — | (21,123) | (2,752) | |||||||||||||||||
Distributions to noncontrolling interests | (1,596) | (1,342) | (1,930) | |||||||||||||||||
Net receipts on derivative settlements | 4,106 | 4,881 | — | |||||||||||||||||
Debt issuance costs | (19,456) | (9,129) | (18,685) | |||||||||||||||||
Other items, including shares withheld upon vesting | (23,279) | (4,772) | (33,387) | |||||||||||||||||
Net cash provided by financing activities | 1,692,079 | 2,492,602 | 707,871 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 4,431 | (9,796) | — | |||||||||||||||||
Net increase in cash, cash equivalents and restricted cash | 779,674 | 49,934 | 8,929 | |||||||||||||||||
Cash, cash equivalents and restricted cash, beginning of year | 71,005 | 21,071 | 12,142 | |||||||||||||||||
Cash, cash equivalents and restricted cash, end of year | $ | 850,679 | $ | 71,005 | $ | 21,071 |
2020 | 2019 | 2018 | ||||||||||||||||||
Weighted average shares used for the basic net income per share computation
|
345,280,126 | 315,837,012 | 289,427,430 | |||||||||||||||||
Incremental shares from share-based compensation | 135,132 | 322,265 | 179,532 | |||||||||||||||||
Weighted average partnership common units convertible to common shares that were dilutive
|
— | — | 317,022 | |||||||||||||||||
Weighted average shares used for diluted net income per share computation
|
345,415,258 | 316,159,277 | 289,923,984 | |||||||||||||||||
Unvested shares from share-based compensation that were anti-dilutive
|
70,581 | 8,113 | 13,148 | |||||||||||||||||
Weighted average partnership common units convertible to common shares that were anti-dilutive
|
463,119 | 442,073 | 297,576 |
Year ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Rental revenue reserves | $ | 44.1 | $ | 1.4 | $ | 1.1 | ||||||||||||||
Straight-line rent reserves | 8.4 | 1.5 | 0.2 | |||||||||||||||||
Total rental revenue reserves | $ | 52.5 | $ | 2.9 | $ | 1.3 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Total provisions for impairment | $ | 147.2 | $ | 40.2 | $ | 26.3 | |||||||||||
Number of properties: | |||||||||||||||||
Classified as held for sale | 6 | 1 | — | ||||||||||||||
Classified as held for investment | 42 | 5 | 3 | ||||||||||||||
Sold | 51 | 45 | 41 |
A.
|
Accounts Receivable, net, consist of the following at: | December 31, 2020 | December 31, 2019 | |||||||||||
Straight-line rent receivables, net | $ | 174,074 | $ | 147,047 | ||||||||||
Client receivables, net | 111,627 | 34,922 | ||||||||||||
$ | 285,701 | $ | 181,969 |
B. | Lease intangible assets, net, consist of the following at: | December 31, 2020 | December 31, 2019 | ||||||||||||||
In-place leases | $ | 1,840,704 | $ | 1,612,153 | |||||||||||||
Accumulated amortization of in-place leases | (744,375) | (627,676) | |||||||||||||||
Above-market leases | 866,567 | 710,275 | |||||||||||||||
Accumulated amortization of above-market leases | (252,241) | (201,369) | |||||||||||||||
$ | 1,710,655 | $ | 1,493,383 |
C. | Other assets, net, consist of the following at: | December 31, 2020 | December 31, 2019 | ||||||||||||||
Financing receivables | $ | 131,291 | $ | 81,892 | |||||||||||||
Right of use asset - financing leases | 118,585 | 36,901 | |||||||||||||||
Right of use asset - operating leases, net | 112,049 | 120,533 | |||||||||||||||
Restricted escrow deposits | 21,220 | 4,529 | |||||||||||||||
Goodwill | 14,180 | 14,430 | |||||||||||||||
Prepaid expenses | 11,795 | 11,839 | |||||||||||||||
Corporate assets, net | 8,598 | 5,251 | |||||||||||||||
Credit facility origination costs, net | 7,705 | 11,453 | |||||||||||||||
Impounds related to mortgages payable | 4,983 | 12,465 | |||||||||||||||
Value-added tax receivable | 1,130 | 9,682 | |||||||||||||||
Non-refundable escrow deposits | 1,000 | 14,803 | |||||||||||||||
Derivative assets and receivables - at fair value | 10 | 12 | |||||||||||||||
Other items | 1,751 | 4,871 | |||||||||||||||
$ | 434,297 | $ | 328,661 |
D. | Accounts payable and accrued expenses consist of the following at: | December 31, 2020 | December 31, 2019 | ||||||||||||||
Notes payable - interest payable | $ | 83,219 | $ | 75,114 | |||||||||||||
Derivative liabilities and payables - at fair value | 73,356 | 26,359 | |||||||||||||||
Property taxes payable | 23,413 | 18,626 | |||||||||||||||
Accrued costs on properties under development | 12,685 | 5,870 | |||||||||||||||
Value-added tax payable | 8,077 | 13,434 |
Accrued income taxes | 5,182 | 4,450 | |||||||||||||||
Mortgages, term loans, and credit line - interest payable and interest rate swaps | 1,044 | 1,729 | |||||||||||||||
Other items | 34,360 | 31,457 | |||||||||||||||
$ | 241,336 | $ | 177,039 |
E. | Lease intangible liabilities, net, consist of the following at: | December 31, 2020 | December 31, 2019 | ||||||||||||||
Below-market leases | $ | 460,895 | $ | 447,522 | |||||||||||||
Accumulated amortization of below-market leases | (139,697) | (114,419) | |||||||||||||||
$ | 321,198 | $ | 333,103 |
F. | Other liabilities consist of the following at: | December 31, 2020 | December 31, 2019 | ||||||||||||||
Rent received in advance and other deferred revenue | $ | 130,231 | $ | 127,687 | |||||||||||||
Lease liability - operating leases, net | 114,559 | 122,285 | |||||||||||||||
Lease liability - financing leases | 6,256 | 5,946 | |||||||||||||||
Security deposits | 5,817 | 6,303 | |||||||||||||||
$ | 256,863 | $ | 262,221 |
Number of Properties | Leasable Square Feet |
Investment
($ in thousands) |
Weighted Average Lease Term (Years) | Initial Average Cash Lease Yield | |||||||||||||||||||||||||
Year Ended December 31, 2020 (1)
|
|||||||||||||||||||||||||||||
Acquisitions - U.S. (in 30 states)
|
202 | 5,476,009 | $ | 1,302,220 | 14.9 | 5.8 | % | ||||||||||||||||||||||
Acquisitions - U.K. (2)
|
24 | 2,120,256 | 920,934 | 10.8 | 6.1 | % | |||||||||||||||||||||||
Total Acquisitions | 226 | 7,596,265 | $ | 2,223,154 | 13.2 | 5.9 | % | ||||||||||||||||||||||
Properties under Development - U.S. | 18 | 1,601,095 | 84,127 | 15.3 | 5.6 | % | |||||||||||||||||||||||
Total (3)
|
244 | 9,197,360 | $ | 2,307,281 | 13.2 | 5.9 | % |
Acquisitions - U.S. | Acquisitions - U.K. | |||||||
Year Ended December 31, 2020
|
(USD) | (£ Sterling) | ||||||
Land (1)
|
$ | 337.5 | £ | 247.1 | ||||
Buildings and improvements | 768.4 | 258.7 | ||||||
Lease intangible assets (2)
|
203.1 | 139.8 | ||||||
Other assets (3)
|
52.4 | 62.9 | ||||||
Lease intangible liabilities (2)
|
(12.9) | (0.7) | ||||||
Other liabilities (4)
|
(0.9) | — | ||||||
$ | 1,347.6 | £ | 707.8 |
Number of Properties | Leasable Square Feet |
Investment
($ in thousands) |
Weighted Average Lease Term (Years) | Initial Average Cash Lease Yield | |||||||||||||||||||||||||
Year Ended December 31, 2019 (1)
|
|||||||||||||||||||||||||||||
Acquisitions - U.S. (in 45 states)
|
753 | 11,630,423 | $ | 2,860,806 | 13.0 | 6.8 | % | ||||||||||||||||||||||
Acquisitions - U.K. (2)
|
18 | 1,583,676 | 797,846 | 15.6 | 5.2 | % | |||||||||||||||||||||||
Total Acquisitions | 771 | 13,214,099 | 3,658,652 | 13.4 | 6.4 | % | |||||||||||||||||||||||
Properties under Development - U.S. | 18 | 522,173 | 56,585 | 15.1 | 7.3 | % | |||||||||||||||||||||||
Total (3)
|
789 | 13,736,272 | 3,715,237 | 13.5 | 6.4 | % |
Acquisitions - U.S. | Acquisitions - U.K. | |||||||
Year Ended December 31, 2019
|
(USD) | (£ Sterling) | ||||||
Land (1)
|
$ | 780.0 | £ | 251.0 | ||||
Buildings and improvements | 1,776.1 | 249.3 | ||||||
Lease intangible assets (2)
|
290.1 | 129.9 | ||||||
Other assets (3)
|
82.0 | — | ||||||
Lease intangible liabilities (4)
|
(41.9) | (4.4) | ||||||
Other liabilities (5)
|
(8.4) | — | ||||||
$ | 2,877.9 | £ | 625.8 |
Net
decrease to rental revenue |
Increase to
amortization expense |
|||||||||||||
2021 | $ | (31,717) | $ | 138,254 | ||||||||||
2022 | (30,283) | 126,762 | ||||||||||||
2023 | (28,745) | 114,571 | ||||||||||||
2024 | (27,164) | 105,775 | ||||||||||||
2025 | (26,609) | 96,398 | ||||||||||||
Thereafter | (148,610) | 514,569 | ||||||||||||
Totals | $ | (293,128) | $ | 1,096,329 |
As Of |
Number of
Properties(1)
|
Weighted Average
Stated
Interest Rate(2)
|
Weighted Average
Effective Interest
Rate(3)
|
Weighted
Average Remaining Years Until Maturity |
Remaining
Principal Balance |
Unamortized
Premium and Deferred Finance Costs Balance, net |
Mortgage
Payable Balance |
|||||||||||||||||||||||||||||||||||||
12/31/2020 | 68 | 4.9 | % | 4.6 | % | 2.9 | $ | 299,631 | $ | 729 | $ | 300,360 | ||||||||||||||||||||||||||||||||
12/31/2019 | 92 | 4.9 | % | 4.6 | % | 3.1 | $ | 408,419 | $ | 1,700 | $ | 410,119 |
Year of Maturity | Principal | ||||
2021 | $ | 44.2 | |||
2022 | 111.8 | ||||
2023 | 20.6 | ||||
2024 | 112.2 | ||||
2025 | 0.7 | ||||
Thereafter | 10.1 | ||||
Totals | $ | 299.6 |
December 31, 2020 | December 31, 2019 | |||||||||||||
5.750% notes, issued in June 2010 and due in January 2021
|
$ | — | $ | 250 | ||||||||||
3.250% notes, $450 issued in October 2012 and $500 issued in December 2017, both due in October 2022 (1)
|
950 | 950 | ||||||||||||
4.650% notes, issued in July 2013 and due in August 2023
|
750 | 750 | ||||||||||||
3.875% notes, issued in June 2014 and due in July 2024
|
350 | 350 | ||||||||||||
3.875% notes, issued in April 2018 and due in April 2025
|
500 | 500 | ||||||||||||
0.750% notes, issued December 2020 and due in March 2026
|
325 | — | ||||||||||||
4.125% notes, $250 issued in September 2014 and $400 issued in March 2017, both due in October 2026
|
650 | 650 | ||||||||||||
3.000% notes, issued in October 2016 and due in January 2027
|
600 | 600 | ||||||||||||
3.650% notes, issued in December 2017 and due in January 2028
|
550 | 550 | ||||||||||||
3.250% notes, issued in June 2019 and due in June 2029
|
500 | 500 | ||||||||||||
1.625% notes, issued in October 2020 and due December 2030 (2)
|
547 | — | ||||||||||||
3.250% notes, $600 issued in May 2020 and $350 issued in July 2020, both due in January 2031
|
950 | — | ||||||||||||
1.800% notes, issued in December 2020 and due in March 2033
|
400 | — | ||||||||||||
2.730% notes, issued in May 2019 and due in May 2034 (2)
|
431 | 418 | ||||||||||||
5.875% bonds, $100 issued in March 2005 and $150 issued in June 2011, both due in March 2035
|
250 | 250 | ||||||||||||
4.650% notes, $300 issued in March 2017 and $250 issued in December 2017, both due in March 2047
|
550 | 550 | ||||||||||||
Total principal amount | 8,303 | 6,318 | ||||||||||||
Unamortized net original issuance premiums and deferred financing costs | (35) | (30) | ||||||||||||
$ | 8,268 | $ | 6,288 |
Year of Maturity | Principal | |||||||
2022 (1)
|
$ | 950 | ||||||
2023 | 750 | |||||||
2024 | 350 | |||||||
2025 | 500 | |||||||
Thereafter | 5,753 | |||||||
Totals | $ | 8,303 |
2020 Issuances |
Date of
Issuance |
Maturity date |
Principal
amount issued |
Price of par value |
Effective yield to
maturity |
|||||||||||||||||||||||||||
3.250% notes (1)
|
May 2020 | January 2031 | $600 | 98.99 | % | 3.36% | ||||||||||||||||||||||||||
3.250% notes (1)
|
July 2020 | January 2031 | $350 | 108.24 | % | 2.34% | ||||||||||||||||||||||||||
1.625% notes
|
October 2020 | December 2030 | £400 | 99.19 | % | 1.71% | ||||||||||||||||||||||||||
0.750% notes
|
December 2020 | March 2026 | $325 | 99.19 | % | 0.91% | ||||||||||||||||||||||||||
1.800% notes
|
December 2020 | March 2033 | $400 | 98.47 | % | 1.94% |
2019 Issuances | ||||||||||||||||||||||||||||||||
2.730% notes
|
May 2019 | May 2034 | £315 | 100.00 | % | 2.73% | ||||||||||||||||||||||||||
3.250% notes
|
June 2019 | June 2029 | $500 | 99.36 | % | 3.33% |
2018 Issuance | ||||||||||||||||||||||||||||||||
3.875% notes
|
April 2018 | April 2025 | $500 | 99.50 | % | 3.96% |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Shares of common stock issued under the ATM program | 17,724,374 | 17,051,456 | 19,138,610 | ||||||||||||||
Gross proceeds | $ | 1,094.9 | $ | 1,274.5 | $ | 1,125.4 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Shares of common stock issued under the DRSPP program | 149,289 | 117,522 | 116,268 | ||||||||||||||
Gross proceeds | $ | 9.1 | $ | 8.4 | $ | 9.1 |
Tau Operating
Partnership units(1)
|
Realty Income, L.P.
units(2)
|
Other
Noncontrolling Interests |
Total | |||||||||||||||||||||||
Carrying value at December 31, 2018 | $ | 13,356 | $ | 17,912 | $ | 968 | $ | 32,236 | ||||||||||||||||||
Reallocation of equity | — | 653 | — | 653 | ||||||||||||||||||||||
Redemptions | (13,356) | — | (901) | (14,257) | ||||||||||||||||||||||
Additions to noncontrolling interest | — | 6,286 | 5,084 | 11,370 | ||||||||||||||||||||||
Distributions | — | (1,219) | (77) | (1,296) | ||||||||||||||||||||||
Allocation of net income | — | 964 | 32 | 996 | ||||||||||||||||||||||
Carrying value at December 31, 2019 | $ | — | $ | 24,596 | $ | 5,106 | $ | 29,702 | ||||||||||||||||||
Reallocation of equity | — | (47) | — | (47) | ||||||||||||||||||||||
Additions to noncontrolling interest | — | — | 3,168 | 3,168 | ||||||||||||||||||||||
Distributions | — | (1,297) | (299) | (1,596) | ||||||||||||||||||||||
Allocation of net income | — | 848 | 172 | 1,020 | ||||||||||||||||||||||
Carrying value at December 31, 2020 | $ | — | $ | 24,100 | $ | 8,147 | $ | 32,247 |
December 31, 2020 | December 31, 2019 | |||||||||||||
Net real estate | $ | 635,963 | $ | 654,305 | ||||||||||
Total assets | 723,668 | 744,394 | ||||||||||||
Total liabilities | 47,962 | 52,087 |
Month | 2020 | 2019 | 2018 | |||||||||||||||||
January | $ | 0.2275 | $ | 0.2210 | $ | 0.2125 | ||||||||||||||
February | 0.2325 | 0.2255 | 0.2190 | |||||||||||||||||
March | 0.2325 | 0.2255 | 0.2190 | |||||||||||||||||
April | 0.2330 | 0.2260 | 0.2195 | |||||||||||||||||
May | 0.2330 | 0.2260 | 0.2195 | |||||||||||||||||
June | 0.2330 | 0.2260 | 0.2195 | |||||||||||||||||
July | 0.2335 | 0.2265 | 0.2200 | |||||||||||||||||
August | 0.2335 | 0.2265 | 0.2200 | |||||||||||||||||
September | 0.2335 | 0.2265 | 0.2200 | |||||||||||||||||
October | 0.2340 | 0.2270 | 0.2205 | |||||||||||||||||
November | 0.2340 | 0.2270 | 0.2205 | |||||||||||||||||
December | 0.2340 | 0.2270 | 0.2205 | |||||||||||||||||
Total | $ | 2.7940 | $ | 2.7105 | $ | 2.6305 |
2020 | 2019 | 2018 | ||||||||||||||||||
Ordinary income | $ | 2.2798764 | $ | 2.1206964 | $ | 2.0269173 | ||||||||||||||
Nontaxable distributions | 0.4902835 | 0.5898036 | 0.6035827 | |||||||||||||||||
Total capital gain distribution | 0.0238401 | — | — | |||||||||||||||||
Totals | $ | 2.7940000 | $ | 2.7105000 | $ | 2.6305000 |
2021 | $ | 1,684,817 | ||||||
2022 | 1,629,281 | |||||||
2023 | 1,543,909 | |||||||
2024 | 1,428,212 | |||||||
2025 | 1,343,730 | |||||||
Thereafter | 8,371,347 | |||||||
Totals | $ | 16,001,296 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Number of properties | 126 | 93 | 128 | ||||||||||||||
Net sales proceeds | $ | 262.5 | $ | 108.9 | $ | 142.3 | |||||||||||
Gain on sales of real estate | $ | 76.2 | $ | 30.0 | $ | 24.6 |
At December 31, 2020 | Carrying value | Estimated fair value | ||||||||||||
Mortgages payable assumed in connection with acquisitions (1)
|
$ | 299.6 | $ | 309.4 | ||||||||||
Notes and bonds payable (2)
|
8,302.4 | 9,324.0 | ||||||||||||
At December 31, 2019 | Carrying value | Estimated fair value | ||||||||||||
Mortgages payable assumed in connection with acquisitions (1)
|
$ | 408.4 | $ | 417.7 | ||||||||||
Notes and bonds payable (2)
|
6,317.6 | 6,826.1 |
Derivative Type
|
Accounting Classification |
Hedge Designation
|
Notional Amount
|
Strike
|
Effective Date
|
Maturity Date
|
Fair Value - asset (liability)
|
||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||
Interest rate swap (1)
|
Derivative |
Cash flow
|
$ | — | $ | 7.0 | 6.03% | 09/25/2012 | 09/03/2021 | $ | — | $ | (0.2) | ||||||||||||||||
Interest rate swap
|
Derivative |
Cash flow
|
— | 250.0 | 1.72% | 06/30/2015 | 06/30/2020 | — | (0.1) | ||||||||||||||||||||
Interest rate swap
|
Derivative |
Cash flow
|
250.0 | 250.0 | 3.04% | 10/24/2018 | 03/24/2024 | (22.6) | (14.7) | ||||||||||||||||||||
Cross-currency swap (2)
|
Derivative |
Cash flow
|
41.6 | 41.6 | (3) | 05/20/2019 | 05/22/2034 | (5.2) | (2.6) | ||||||||||||||||||||
Cross-currency swap (2)
|
Derivative |
Cash flow
|
41.6 | 41.6 | (4) | 05/20/2019 | 05/22/2034 | (5.1) | (2.6) | ||||||||||||||||||||
Cross-currency swap (2)
|
Derivative |
Cash flow
|
41.6 | 41.6 | (5) | 05/20/2019 | 05/22/2034 | (5.4) | (2.9) | ||||||||||||||||||||
Cross-currency swap (2)
|
Derivative |
Cash flow
|
41.6 | 41.6 | (6) | 05/20/2019 | 05/22/2034 | (5.7) | (3.2) | ||||||||||||||||||||
Currency exchange swap (2)
|
Derivative | N/A | 625.0 | — | (7) | 12/23/2020 | 01/29/2021 | (8.2) | — | ||||||||||||||||||||
Forward-starting swap | Derivative |
Cash flow
|
75.0 | — | 2.02% | (8) | 06/30/2033 | (5.0) | — | ||||||||||||||||||||
Forward-starting swap | Derivative |
Cash flow
|
75.0 | — | 1.94% | (8) | 11/30/2032 | (5.2) | — | ||||||||||||||||||||
Forward-starting swap | Derivative |
Cash flow
|
25.0 | — | 1.67% | (8) | 11/30/2032 | (1.1) | — | ||||||||||||||||||||
Forward-starting swap | Derivative |
Cash flow
|
125.0 | — | 1.75% | (8) | 06/30/2033 | (5.2) | — | ||||||||||||||||||||
Forward-starting swap | Hybrid debt |
Cash flow
|
125.0 | — | 1.88% | (8) | 11/30/2032 | (7.9) | — | ||||||||||||||||||||
Forward-starting swap | Hybrid debt |
Cash flow
|
75.0 | — | 2.00% | (8) | 06/30/2033 | (4.9) | — | ||||||||||||||||||||
$ | 1,541.4 | $ | 673.4 | $ | (81.5) | $ | (26.3) |
December 31, 2020 | December 31, 2019 | |||||||||||||
Cash and cash equivalents shown in the consolidated balance sheets | $ | 824,476 | $ | 54,011 | ||||||||||
Restricted escrow deposits (1)
|
21,220 | 4,529 | ||||||||||||
Impounds related to mortgages payable (1)
|
4,983 | 12,465 | ||||||||||||
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows
|
$ | 850,679 | $ | 71,005 |
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||
Number of shares |
Weighted average price(1)
|
Number of shares |
Weighted average price(1)
|
Number of shares |
Weighted average price(1)
|
|||||||||||||||||||||||||||||||||
Outstanding nonvested shares, beginning of year
|
259,698 | $ | 58.39 | 307,821 | $ | 53.44 | 475,768 | $ | 52.32 | |||||||||||||||||||||||||||||
Shares granted | 103,473 | $ | 67.84 | 87,327 | $ | 69.83 | 183,952 | $ | 52.21 | |||||||||||||||||||||||||||||
Shares vested | (141,486) | $ | 56.94 | (126,363) | $ | 54.45 | (310,706) | $ | 51.05 | |||||||||||||||||||||||||||||
Shares forfeited | (2,203) | $ | 66.48 | (9,087) | $ | 55.71 | (41,193) | $ | 53.06 | |||||||||||||||||||||||||||||
Outstanding nonvested shares, end of each period
|
219,482 | $ | 63.69 | 259,698 | $ | 58.39 | 307,821 | $ | 53.44 |
Weighting for year granted | ||||||||||||||||||||
Performance Awards Metrics | 2020 | 2019 | 2018 | |||||||||||||||||
Total shareholder return (“TSR”) ranking relative to MSCI US REIT Index | 70 | % | 45 | % | 45 | % | ||||||||||||||
TSR ranking relative to J.P. Morgan Net Lease Peer Group | N/A | 26 | % | 26 | % | |||||||||||||||
Dividend per share Growth Rate | 15 | % | 16 | % | 16 | % | ||||||||||||||
Debt-to-Adjusted EBITDAre Ratio
|
N/A | 13 | % | 13 | % | |||||||||||||||
Net Debt-to-Adjusted EBITDAre Ratio
|
15 | % | N/A | N/A |
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||
Number of performance shares |
Weighted average price(1)
|
Number of performance shares |
Weighted average price(1)
|
Number of performance shares |
Weighted average price(1)
|
|||||||||||||||||||||||||||||||||
Outstanding nonvested shares, beginning of year
|
304,663 | $ | 62.25 | 223,392 | $ | 58.78 | 245,309 | $ | 62.49 | |||||||||||||||||||||||||||||
Shares granted | 136,729 | $ | 79.98 | 128,581 | $ | 65.34 | 269,868 | $ | 51.98 | |||||||||||||||||||||||||||||
Shares vested | (139,012) | $ | 63.66 | (47,310) | $ | 54.27 | (291,785) | $ | 54.88 | |||||||||||||||||||||||||||||
Shares forfeited | (10,621) | $ | 66.64 | — | $ | — | — | $ | — | |||||||||||||||||||||||||||||
Outstanding nonvested shares, end of each period
|
291,759 | $ | 69.73 | 304,663 | $ | 62.25 | 223,392 | $ | 58.78 |
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||
Number of restricted stock units |
Weighted average price(1)
|
Number of restricted stock units |
Weighted average price(1)
|
Number of restricted stock units |
Weighted average price(1)
|
|||||||||||||||||||||||||||||||||
Outstanding nonvested shares, beginning of year
|
15,511 | $ | 59.82 | 14,968 | $ | 54.62 | 24,869 | $ | 55.97 | |||||||||||||||||||||||||||||
Shares granted | 9,966 | $ | 78.79 | 5,482 | $ | 69.58 | 8,383 | $ | 49.96 | |||||||||||||||||||||||||||||
Shares vested | (6,807) | $ | 58.63 | (4,939) | $ | 54.90 | (10,118) | $ | 55.01 | |||||||||||||||||||||||||||||
Shares forfeited | — | $ | — | — | $ | — | (8,166) | $ | 53.45 | |||||||||||||||||||||||||||||
Outstanding nonvested shares, end of each period
|
18,670 | $ | 70.38 | 15,511 | $ | 59.82 | 14,968 | $ | 54.62 |
Assets, as of December 31: | 2020 | 2019 | ||||||||||||
Segment net real estate: | ||||||||||||||
Automotive service | $ | 328,340 | $ | 288,453 | ||||||||||
Beverages | 347,366 | 279,373 | ||||||||||||
Child care | 216,718 | 208,326 | ||||||||||||
Convenience stores | 2,101,005 | 2,057,157 | ||||||||||||
Dollar stores | 1,420,210 | 1,427,950 | ||||||||||||
Drug stores | 1,555,106 | 1,618,854 | ||||||||||||
Financial services | 374,508 | 389,634 | ||||||||||||
General merchandise | 730,806 | 475,418 | ||||||||||||
Grocery stores - U.S. | 907,634 | 922,349 | ||||||||||||
Grocery stores - U.K. | 1,131,760 | 663,210 | ||||||||||||
Health and fitness | 1,050,791 | 1,019,796 | ||||||||||||
Home improvement - U.S. | 608,222 | 495,305 | ||||||||||||
Restaurants-casual dining | 515,226 | 576,526 | ||||||||||||
Restaurants-quick service | 1,062,918 | 1,059,155 | ||||||||||||
Theaters - U.S. | 767,117 | 878,103 | ||||||||||||
Transportation services | 729,640 | 769,614 | ||||||||||||
Wholesale club | 407,584 | 396,690 | ||||||||||||
Other non-reportable segments | 3,230,205 | 2,970,859 | ||||||||||||
Total segment net real estate | 17,485,156 | 16,496,772 | ||||||||||||
Intangible assets: | ||||||||||||||
Automotive service | 55,018 | 58,854 | ||||||||||||
Beverages | 9,401 | 1,509 | ||||||||||||
Child care | 19,848 | 21,997 | ||||||||||||
Convenience stores | 121,151 | 131,808 | ||||||||||||
Dollar stores | 77,176 | 82,701 | ||||||||||||
Drug stores | 167,975 | 183,319 | ||||||||||||
Financial services | 14,611 | 17,130 | ||||||||||||
General merchandise | 108,646 | 66,135 | ||||||||||||
Grocery stores - U.S. | 181,764 | 180,197 | ||||||||||||
Grocery stores - U.K. | 282,211 | 153,407 | ||||||||||||
Health and fitness | 67,537 | 74,428 | ||||||||||||
Home improvement - U.S. | 97,228 | 72,979 | ||||||||||||
Restaurants-casual dining | 20,553 | 23,289 | ||||||||||||
Restaurants-quick service | 47,517 | 52,353 | ||||||||||||
Theaters - U.S. | 28,292 | 36,089 | ||||||||||||
Transportation services | 53,902 | 66,055 | ||||||||||||
Wholesale club | 36,165 | 23,372 | ||||||||||||
Other non-reportable segments | 321,660 | 247,761 | ||||||||||||
Other corporate assets | 1,544,474 | 564,641 | ||||||||||||
Total assets | $ | 20,740,285 | $ | 18,554,796 |
Revenue for the years ended December 31, | 2020 | 2019 | 2018 | |||||||||||||||||
Segment rental revenue: | ||||||||||||||||||||
Automotive service | $ | 35,090 | $ | 32,365 | $ | 28,303 | ||||||||||||||
Beverages | 32,771 | 31,807 | 31,488 | |||||||||||||||||
Child care | 35,643 | 31,749 | 21,865 | |||||||||||||||||
Convenience stores | 189,658 | 166,755 | 142,194 | |||||||||||||||||
Dollar stores | 126,719 | 102,695 | 94,782 | |||||||||||||||||
Drug stores | 140,993 | 127,853 | 129,565 | |||||||||||||||||
Financial services | 30,531 | 30,189 | 29,429 | |||||||||||||||||
General merchandise | 49,352 | 35,366 | 29,249 | |||||||||||||||||
Grocery stores - U.S. | 78,106 | 69,691 | 63,594 | |||||||||||||||||
Grocery stores - U.K. | 51,459 | 17,819 | — | |||||||||||||||||
Health and fitness | 104,744 | 105,896 | 94,638 | |||||||||||||||||
Home improvement - U.S. | 46,392 | 42,351 | 37,939 | |||||||||||||||||
Restaurants-casual dining | 46,265 | 45,238 | 46,171 | |||||||||||||||||
Restaurants-quick service | 88,163 | 92,018 | 72,465 | |||||||||||||||||
Theaters - U.S. | 78,653 | 87,698 | 70,560 | |||||||||||||||||
Transportation services | 64,131 | 66,500 | 63,565 | |||||||||||||||||
Wholesale club | 38,713 | 38,117 | 37,571 | |||||||||||||||||
Other non-reportable segments and contractually obligated reimbursements by our clients | 402,150 | 360,711 | 328,168 | |||||||||||||||||
Rental (including reimbursable) | 1,639,533 | 1,484,818 | 1,321,546 | |||||||||||||||||
Other | 12,092 | 6,773 | 6,292 | |||||||||||||||||
Total revenue | $ | 1,651,625 | $ | 1,491,591 | $ | 1,327,838 |
Ground Leases
Paid by
Realty Income (1)
|
Ground Leases
Paid by
Our Clients (2)
|
Total | ||||||||||||||||||
2021 | $ | 1.6 | $ | 13.7 | $ | 15.3 | ||||||||||||||
2022 | 1.6 | 13.6 | 15.2 | |||||||||||||||||
2023 | 1.6 | 13.7 | 15.3 | |||||||||||||||||
2024 | 1.6 | 13.8 | 15.4 | |||||||||||||||||
2025 | 1.4 | 13.5 | 14.9 | |||||||||||||||||
Thereafter | 18.8 | 55.9 | 74.7 | |||||||||||||||||
Total | $ | 26.6 | $ | 124.2 | $ | 150.8 | ||||||||||||||
Present value adjustment for remaining lease payments (3)
|
(36.2) | |||||||||||||||||||
Lease liability - operating leases, net | $ | 114.6 |
First
Quarter |
Second
Quarter |
Third
Quarter |
Fourth
Quarter |
Year | ||||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||
Total revenue(1)
|
$ | 414,341 | $ | 414,636 | $ | 404,572 | $ | 418,076 | $ | 1,651,625 | ||||||||||||||||||||||
Depreciation and amortization expense | 164,585 | 168,328 | 169,084 | 175,041 | 677,038 | |||||||||||||||||||||||||||
Interest expense | 75,925 | 77,841 | 76,806 | 78,764 | 309,336 | |||||||||||||||||||||||||||
Other expenses(2)
|
53,811 | 62,222 | 151,611 | 72,099 | 339,743 | |||||||||||||||||||||||||||
Net income | 147,143 | 108,070 | 23,143 | 118,150 | 396,506 | |||||||||||||||||||||||||||
Net income available to common stockholders | 146,827 | 107,824 | 22,904 | 117,931 | 395,486 | |||||||||||||||||||||||||||
Net income per common share | ||||||||||||||||||||||||||||||||
Basic | 0.44 | 0.31 | 0.07 | 0.33 | 1.15 | |||||||||||||||||||||||||||
Diluted | 0.44 | 0.31 | 0.07 | 0.33 | 1.14 | |||||||||||||||||||||||||||
Dividends paid per common share | 0.6925 | 0.6990 | 0.7005 | 0.7020 | 2.7940 | |||||||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||
Total revenue | $ | 354,365 | $ | 365,450 | $ | 374,247 | $ | 397,529 | $ | 1,491,591 | ||||||||||||||||||||||
Depreciation and amortization expense | 137,517 | 150,426 | 149,424 | 156,594 | 593,961 | |||||||||||||||||||||||||||
Interest expense | 70,020 | 72,488 | 73,410 | 75,073 | 290,991 | |||||||||||||||||||||||||||
Other expenses(2)
|
42,861 | 54,143 | 52,139 | 52,269 | 201,412 | |||||||||||||||||||||||||||
Net income | 111,230 | 95,420 | 101,275 | 129,553 | 437,478 | |||||||||||||||||||||||||||
Net income available to common stockholders | 110,942 | 95,194 | 101,049 | 129,297 | 436,482 | |||||||||||||||||||||||||||
Net income per common share | ||||||||||||||||||||||||||||||||
Basic and diluted | 0.37 | 0.31 | 0.32 | 0.39 | 1.38 | |||||||||||||||||||||||||||
Dividends paid per common share | 0.6720 | 0.6780 | 0.6795 | 0.6810 | 2.7105 |
Exhibit No. | Description | |||||||
2.1 | ||||||||
2.2 | ||||||||
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
3.4 | ||||||||
3.5 | ||||||||
3.6 | ||||||||
3.7 | ||||||||
3.8 | ||||||||
3.9 | ||||||||
3.10 | ||||||||
3.11 | ||||||||
3.12 | ||||||||
3.13 | ||||||||
Instruments defining the rights of security holders, including indentures | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
4.4 |
4.5 | ||||||||
4.6 | ||||||||
4.7 | ||||||||
4.8 | ||||||||
4.9 | ||||||||
4.10 | ||||||||
4.11 | ||||||||
4.12 | ||||||||
4.13 | ||||||||
4.14 | ||||||||
4.15 | ||||||||
4.16 | ||||||||
4.17 | ||||||||
4.18 | ||||||||
4.19 | ||||||||
4.20 | ||||||||
4.21 | ||||||||
4.22* | ||||||||
4.23 | ||||||||
4.24 | ||||||||
4.25 | ||||||||
4.26 | ||||||||
4.27 | ||||||||
4.28 | ||||||||
4.29 | ||||||||
4.30 |
4.31 | ||||||||
Material Contracts | ||||||||
10.1+ | ||||||||
10.2+ | ||||||||
10.3+ | ||||||||
10.4+ | ||||||||
10.5+ | ||||||||
10.6+ | ||||||||
10.7+ | ||||||||
10.8+ | ||||||||
10.9+ | ||||||||
10.10+ | ||||||||
10.11+ | ||||||||
10.12+ | ||||||||
10.13+ | ||||||||
10.14+ | ||||||||
10.15+ | ||||||||
10.16+ | ||||||||
10.17+ | ||||||||
10.18+ | ||||||||
10.19+ | ||||||||
10.20+ | ||||||||
10.21+ | ||||||||
10.22+ | ||||||||
10.23+ | ||||||||
10.24+ | ||||||||
10.25 | ||||||||
10.26+ | ||||||||
10.27+ |
Subsidiaries of the Registrant | ||||||||
21.1* | ||||||||
Consents of Experts and Counsel | ||||||||
23.1* | ||||||||
Certifications | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32* | ||||||||
Interactive Data Files | ||||||||
101* | The following materials from Realty Income Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020, formatted in Extensible Business Reporting Language: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income and Comprehensive Income, (iii) Consolidated Statements of Stockholders’ Equity, (iv) Consolidated Statements of Cash Flows, (v) Notes to Consolidated Financial Statements, and (vi) Schedule III Real Estate and Accumulated Depreciation. | |||||||
104* |
The cover page from the Company's Annual Report on Form 10-K for the year ended December 31, 2020, formatted in Inline Extensible Business Reporting Language.
|
|||||||
* Filed herewith. | ||||||||
+ Indicates a management contract or compensatory plan or arrangement. |
By: | /s/SUMIT ROY | Date: February 23, 2021 | ||||||||||||
Sumit Roy | ||||||||||||||
President, Chief Executive Officer |
By: | /s/MICHAEL D. MCKEE | Date: February 23, 2021 | ||||||||||||
Michael D. McKee | ||||||||||||||
Non-Executive Chairman of the Board of Directors | ||||||||||||||
By: | /s/KATHLEEN R. ALLEN, Ph.D. | Date: February 23, 2021 | ||||||||||||
Kathleen R. Allen, Ph.D. | ||||||||||||||
Director | ||||||||||||||
By: | /s/A. LARRY CHAPMAN | Date: February 23, 2021 | ||||||||||||
A. Larry Chapman | ||||||||||||||
Director | ||||||||||||||
By: | /s/REGINALD H. GILYARD | Date: February 23, 2021 | ||||||||||||
Reginald H. Gilyard | ||||||||||||||
Director | ||||||||||||||
By: | /s/PRIYA CHERIAN HUSKINS | Date: February 23, 2021 | ||||||||||||
Priya Cherian Huskins | ||||||||||||||
Director | ||||||||||||||
By: | /s/GERARDO I. LOPEZ | Date: February 23, 2021 | ||||||||||||
Gerardo I. Lopez | ||||||||||||||
Director | ||||||||||||||
By: | /s/GREGORY T. MCLAUGHLIN | Date: February 23, 2021 | ||||||||||||
Gregory T. McLaughlin | ||||||||||||||
Director | ||||||||||||||
By: | /s/RONALD L. MERRIMAN | Date: February 23, 2021 | ||||||||||||
Ronald L. Merriman | ||||||||||||||
Director | ||||||||||||||
By: | /s/SUMIT ROY | Date: February 23, 2021 | ||||||||||||
Sumit Roy | ||||||||||||||
Director, President, Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) | ||||||||||||||
By: | /s/CHRISTIE B. KELLY | Date: February 23, 2021 | ||||||||||||
Christie B. Kelly | ||||||||||||||
Executive Vice President, Chief Financial Officer and Treasurer | ||||||||||||||
(Principal Financial Officer) | ||||||||||||||
By: | /s/SEAN P. NUGENT | Date: February 23, 2021 | ||||||||||||
Sean P. Nugent | ||||||||||||||
Senior Vice President, Controller | ||||||||||||||
(Principal Accounting Officer) | ||||||||||||||
Initial Cost to Company | Cost Capitalized Subsequent to Acquisition | Gross Amount at Which Carried at Close of Period (Notes 3, 4 and 6) | |||||||||||||||||||||||||||||||||||||||||||||
Description | Number of Properties (Note 1) | Encumbrances (Note 2) | Land | Buildings, Improvements and Acquisition Fees | Improvements | Carrying Costs | Land | Buildings, Improvements and Acquisition Fees | Total | Accumulated Depreciation (Note 5) | Date of Construction | Date Acquired | Life on which depreciation in latest Income Statement is Computed (in Years) | ||||||||||||||||||||||||||||||||||
U.S. | |||||||||||||||||||||||||||||||||||||||||||||||
Aerospace | 5 | 12,811,485 | 6,890,774 | 110,783,380 | 222,669 | — | 6,890,774 | 111,006,049 | 117,896,823 | 32,439,224 | 1994-2013 | 6/20/2011-6/27/2013 |
25-35
|
||||||||||||||||||||||||||||||||||
Apparel stores | 37 | 13,925,000 | 73,267,619 | 183,914,767 | 3,472,987 | 199,362 | 73,267,619 | 187,587,116 | 260,854,735 | 48,433,166 | 1970-2012 | 10/30/1987-10/6/2020 |
4-25
|
||||||||||||||||||||||||||||||||||
Automotive collision services | 83 | — | 59,995,209 | 140,125,701 | 1,800,680 | 10,000 | 59,995,209 | 141,936,381 | 201,931,590 | 33,434,601 | 1928-2020 | 8/30/2002-7/7/2020 |
19-25
|
||||||||||||||||||||||||||||||||||
Automotive parts | 251 | — | 98,784,470 | 252,803,413 | 4,702,685 | 826,885 | 98,784,470 | 258,332,983 | 357,117,453 | 73,960,839 | 1969-2020 | 8/6/1987-10/28/2020 |
15-25
|
||||||||||||||||||||||||||||||||||
Automotive service | 319 | — | 156,569,614 | 244,468,843 | 513,914 | 147,524 | 156,569,614 | 245,130,281 | 401,699,895 | 73,360,221 | 1920-2019 | 10/2/1985-12/23/2020 |
14-25
|
||||||||||||||||||||||||||||||||||
Automotive tire services | 202 | — | 126,835,381 | 234,004,107 | 727,127 | 97,335 | 126,835,381 | 234,828,569 | 361,663,950 | 123,637,853 | 1947-2017 | 11/27/1985-12/14/2020 |
10-25
|
||||||||||||||||||||||||||||||||||
Beverages | 20 | — | 217,138,252 | 174,982,150 | — | 147 | 217,138,252 | 174,982,297 | 392,120,549 | 44,754,449 | 1992-2020 | 6/25/2010-11/9/2020 |
25-35
|
||||||||||||||||||||||||||||||||||
Book Stores | 1 | — | 998,250 | 3,696,707 | 129,751 | 79 | 998,250 | 3,826,537 | 4,824,787 | 3,590,046 | 1996 | 3/11/1997 |
25
|
||||||||||||||||||||||||||||||||||
Child care | 278 | — | 98,644,904 | 221,368,767 | 5,240,741 | 901,323 | 98,644,904 | 227,510,831 | 326,155,735 | 109,437,582 | 1958-2018 | 12/22/1981-10/30/2020 |
4-25
|
||||||||||||||||||||||||||||||||||
Consumer electronics | 12 | — | 22,731,086 | 28,326,134 | 939,944 | 51,616 | 22,731,086 | 29,317,694 | 52,048,780 | 12,093,963 | 1992-2003 | 6/9/1997-12/7/2020 |
23-25
|
||||||||||||||||||||||||||||||||||
Consumer goods | 4 | — | 7,663,458 | 124,173,738 | 894,295 | — | 7,663,458 | 125,068,033 | 132,731,491 | 26,065,011 | 1987-2011 | 1/22/2013-9/22/2015 |
34-35
|
||||||||||||||||||||||||||||||||||
Convenience stores | 1,255 | — | 1,067,078,213 | 1,402,601,795 | (598,228) | 145,384 | 1,067,078,213 | 1,402,148,951 | 2,469,227,164 | 368,222,563 | 1949-2020 | 3/3/1995-10/30/2020 |
5-25
|
||||||||||||||||||||||||||||||||||
Crafts and novelties | 29 | — | 53,819,025 | 124,854,660 | 995,404 | 440,482 | 53,819,025 | 126,290,546 | 180,109,571 | 18,551,249 | 1974-2020 | 11/26/1996-9/29/2020 |
22-34
|
||||||||||||||||||||||||||||||||||
Diversified industrial | 8 | 9,790,000 | 12,501,884 | 140,181,089 | 139,970 | — | 12,501,884 | 140,321,059 | 152,822,943 | 21,274,393 | 1987-2015 | 9/19/2012-10/30/2020 |
25-35
|
||||||||||||||||||||||||||||||||||
Dollar stores | 1,337 | 11,127,000 | 436,860,261 | 1,283,734,718 | 1,749,982 | 8,879 | 436,860,261 | 1,285,493,579 | 1,722,353,840 | 302,143,582 | 1935-2020 | 2/3/1998-11/6/2020 |
21-25
|
||||||||||||||||||||||||||||||||||
Drug stores | 384 | 123,224,723 | 575,380,313 | 1,331,712,483 | 3,288,007 | 100,379 | 575,380,313 | 1,335,100,869 | 1,910,481,182 | 355,374,686 | 1965-2015 | 9/30/1998-12/16/2019 |
9-35
|
||||||||||||||||||||||||||||||||||
Education | 13 | — | 5,689,836 | 19,699,816 | 389,722 | 130,135 | 5,689,836 | 20,219,673 | 25,909,509 | 16,215,093 | 1980-2000 | 12/19/1984-6/28/2006 |
12-25
|
||||||||||||||||||||||||||||||||||
Electric utilities | 1 | — | 1,450,000 | 9,209,989 | — | — | 1,450,000 | 9,209,989 | 10,659,989 | 1,941,726 | 1983 | 8/30/2013 |
35
|
||||||||||||||||||||||||||||||||||
Entertainment | 10 | — | 28,373,479 | 10,617,464 | 515,457 | — | 28,373,479 | 11,132,921 | 39,506,400 | 6,634,393 | 1989-1999 | 3/26/1998-9/11/2014 |
24-25
|
||||||||||||||||||||||||||||||||||
Equipment services | 6 | — | 3,889,283 | 38,989,570 | 650,489 | 140 | 3,889,283 | 39,640,199 | 43,529,482 | 11,916,443 | 2000-2014 | 7/3/2003-12/2/2019 |
25-35
|
||||||||||||||||||||||||||||||||||
Financial services | 238 | — | 115,289,112 | 351,027,648 | (4,403,463) | 101,099 | 115,289,112 | 346,725,284 | 462,014,396 | 87,506,735 | 1807-2015 | 3/10/1987-6/29/2018 |
15-35
|
||||||||||||||||||||||||||||||||||
Food processing | 6 | 28,533,002 | 13,025,055 | 151,759,842 | 210,468 | — | 13,025,055 | 151,970,310 | 164,995,365 | 25,524,794 | 1988-2019 | 4/1/2011-9/27/2019 |
25-35
|
||||||||||||||||||||||||||||||||||
General merchandise | 122 | — | 199,207,356 | 619,215,984 | (6,200,698) | 557,868 | 199,207,356 | 613,573,154 | 812,780,510 | 81,974,326 | 1954-2020 | 8/6/1987-12/23/2020 |
15-35
|
||||||||||||||||||||||||||||||||||
Government services | 16 | — | 8,093,555 | 121,520,749 | 3,517,744 | — | 8,093,555 | 125,038,493 | 133,132,048 | 29,653,734 | 1983-2011 | 9/17/2009-1/22/2013 |
25-35
|
||||||||||||||||||||||||||||||||||
Grocery stores | 132 | 38,621,000 | 276,250,552 | 783,434,945 | 1,821,243 | 325,183 | 276,250,552 | 785,581,371 | 1,061,831,923 | 154,197,849 | 1948-2020 | 5/26/1988-12/22/2020 |
20-35
|
||||||||||||||||||||||||||||||||||
Health and beauty | 2 | — | 2,475,474 | 43,935,914 | — | — | 2,475,474 | 43,935,914 | 46,411,388 | 3,256,609 | 2005-2017 | 11/1/2006-4/13/2018 |
25-35
|
||||||||||||||||||||||||||||||||||
Health and fitness | 103 | — | 251,062,948 | 1,054,810,217 | 7,735,262 | 172,145 | 251,062,948 | 1,062,717,624 | 1,313,780,572 | 262,990,060 | 1940-2019 | 5/31/1995-3/19/2020 |
23-25
|
||||||||||||||||||||||||||||||||||
Health care | 66 | — | 51,510,133 | 298,522,788 | 4,046,245 | 1,285,766 | 51,510,133 | 303,854,799 | 355,364,932 | 66,121,271 | 1930-2018 | 9/9/1991-12/2/2019 |
16-35
|
||||||||||||||||||||||||||||||||||
Home furnishings | 64 | 9,700,000 | 31,810,693 | 109,453,697 | 2,365,455 | 127,944 | 31,810,693 | 111,947,096 | 143,757,789 | 34,126,430 | 1968-2015 | 1/24/1984-1/13/2020 |
15-35
|
||||||||||||||||||||||||||||||||||
Home improvement | 83 | 6,095,360 | 224,674,137 | 465,949,401 | 2,472,665 | 75,210 | 224,674,137 | 468,497,276 | 693,171,413 | 84,948,975 | 1950-2015 | 12/22/1986-11/23/2020 |
23-35
|
||||||||||||||||||||||||||||||||||
Insurance | 1 | — | 634,343 | 6,331,030 | — | — | 634,343 | 6,331,030 | 6,965,373 | 2,120,895 | 2012 | 8/28/2012 |
25
|
||||||||||||||||||||||||||||||||||
Jewelry | 4 | — | — | 8,268,989 | — | — | — | 8,268,989 | 8,268,989 | 2,632,294 | 2006-2008 | 1/22/2013 |
25
|
||||||||||||||||||||||||||||||||||
Machinery | 1 | — | 1,630,917 | 12,938,430 | — | — | 1,630,917 | 12,938,430 | 14,569,347 | 4,377,502 | 2010 | 7/31/2012 |
25
|
||||||||||||||||||||||||||||||||||
Motor vehicle dealerships | 28 | — | 115,897,045 | 143,335,317 | — | 231 | 115,897,045 | 143,335,548 | 259,232,593 | 56,030,088 | 1975-2017 | 5/13/2004-3/29/2019 |
25
|
||||||||||||||||||||||||||||||||||
Office supplies | 7 | — | 8,281,041 | 13,776,478 | 875,115 | 349,599 | 8,281,041 | 15,001,192 | 23,282,233 | 12,683,737 | 1995-2014 | 1/29/1997-12/2/2019 |
23-25
|
||||||||||||||||||||||||||||||||||
Other manufacturing | 7 | 23,664,607 | 8,893,136 | 78,526,394 | 1,676,794 | 239,723 | 8,893,136 | 80,442,911 | 89,336,047 | 14,216,221 | 1989-2016 | 1/22/2013-12/21/2016 |
34-35
|
||||||||||||||||||||||||||||||||||
Packaging | 10 | 1,809,877 | 20,323,553 | 163,114,123 | 2,480,121 | — | 20,323,553 | 165,594,244 | 185,917,797 | 33,290,751 | 1965-2016 | 6/3/2011-12/20/2017 |
25-35
|
Initial Cost to Company | Cost Capitalized Subsequent to Acquisition | Gross Amount at Which Carried at Close of Period (Notes 3, 4 and 6) | |||||||||||||||||||||||||||||||||||||||||||||
Description | Number of Properties (Note 1) | Encumbrances (Note 2) | Land | Buildings, Improvements and Acquisition Fees | Improvements | Carrying Costs | Land | Buildings, Improvements and Acquisition Fees | Total | Accumulated Depreciation (Note 5) | Date of Construction | Date Acquired | Life on which depreciation in latest Income Statement is Computed (in Years) | ||||||||||||||||||||||||||||||||||
Paper | 2 | — | 2,462,414 | 11,934,685 | 44,760 | — | 2,462,414 | 11,979,445 | 14,441,859 | 3,834,776 | 2002-2006 | 5/2/2011-12/21/2012 |
25-35
|
||||||||||||||||||||||||||||||||||
Pet supplies and services | 43 | 2,509,000 | 26,418,753 | 114,773,425 | 5,541,147 | 243,582 | 26,418,753 | 120,558,154 | 146,976,907 | 25,506,704 | 1950-2019 | 12/22/1981-11/24/2020 |
11-35
|
||||||||||||||||||||||||||||||||||
Restaurants - casual dining | 263 | — | 225,489,972 | 416,077,090 | (1,386,447) | 1,936,522 | 225,489,972 | 416,627,165 | 642,117,137 | 126,891,240 | 1965-2018 | 5/16/1984-12/2/2019 |
10-40
|
||||||||||||||||||||||||||||||||||
Restaurants - quick service | 907 | — | 434,309,094 | 806,191,905 | 865,353 | 212,582 | 434,309,094 | 807,269,840 | 1,241,578,934 | 178,660,444 | 1968-2019 | 12/9/1976-10/12/2020 |
11-26
|
||||||||||||||||||||||||||||||||||
Shoe stores | 3 | — | 6,251,472 | 35,793,479 | 214,466 | 214,706 | 6,251,472 | 36,222,651 | 42,474,123 | 10,836,836 | 1996-2008 | 3/26/1998-1/22/2013 |
23-35
|
||||||||||||||||||||||||||||||||||
Sporting goods | 20 | — | 34,594,645 | 101,810,538 | 997,950 | 178,206 | 34,594,645 | 102,986,694 | 137,581,339 | 29,388,411 | 1950-2016 | 10/17/2001-12/2/2019 |
19-25
|
||||||||||||||||||||||||||||||||||
Telecommunications | 7 | — | 9,269,789 | 68,360,132 | 1,484,421 | 21,884 | 9,269,789 | 69,866,437 | 79,136,226 | 20,270,489 | 1990-2016 | 6/26/1998-12/10/2015 |
22-35
|
||||||||||||||||||||||||||||||||||
Theaters | 78 | — | 227,724,561 | 742,442,923 | 8,987,908 | 270 | 227,724,561 | 751,431,101 | 979,155,662 | 212,038,075 | 1930-2014 | 7/27/2000-8/13/2019 |
21-25
|
||||||||||||||||||||||||||||||||||
Transportation services | 44 | — | 102,948,288 | 800,700,134 | 3,051,181 | 401,593 | 102,948,288 | 804,152,908 | 907,101,196 | 177,461,019 | 1967-2016 | 4/1/2003-9/6/2016 |
25-35
|
||||||||||||||||||||||||||||||||||
Wholesale clubs | 33 | 17,820,000 | 191,190,334 | 328,001,563 | (3,889,900) | — | 191,190,334 | 324,111,663 | 515,301,997 | 107,718,055 | 1985-2015 | 9/30/2011-9/25/2020 |
25
|
||||||||||||||||||||||||||||||||||
Other | 6 | — | 7,254,447 | 24,355,185 | 887,023 | 18,796 | 7,254,447 | 25,261,004 | 32,515,451 | 6,351,227 | 1982-1997 | 5/29/1984-9/13/2013 |
23-35
|
||||||||||||||||||||||||||||||||||
U.K. | |||||||||||||||||||||||||||||||||||||||||||||||
Grocery stores | 31 | — | 568,612,041 | 586,831,469 | — | — | 568,612,041 | 586,831,469 | 1,155,443,510 | 23,683,408 | 1975-2020 | 5/23/2019-12/24/2020 |
25-167
|
||||||||||||||||||||||||||||||||||
Health care | 2 | — | 8,902,803 | 17,341,109 | — | — | 8,902,803 | 17,341,109 | 26,243,912 | 447,303 | 2000 | 3/23/2020 |
63-71
|
||||||||||||||||||||||||||||||||||
Home improvement | 8 | — | 101,275,951 | 86,969,771 | — | — | 101,275,951 | 86,969,771 | 188,245,722 | 956,356 | 1986-2006 | 7/31/2020-12/2/2020 |
25
|
||||||||||||||||||||||||||||||||||
Theaters | 1 | — | 1,561,502 | — | — | — | 1,561,502 | — | 1,561,502 | — | 2011 | 12/18/2019 | N/A | ||||||||||||||||||||||||||||||||||
6,593 | 299,631,054 | 6,331,886,427 | 14,647,754,645 | 59,170,409 | 9,522,579 | 6,331,886,427 | 14,716,447,633 | 21,048,334,060 | 3,563,177,697 |
Entity | Type | Jurisdiction of Organization | Owner | ||||||||
11990 Eastgate Blvd, LLC | Limited Liability Company | Delaware | Terraza 14, LLC | ||||||||
American Realty Capital Properties, LLC | Limited Liability Company | Delaware | ARCT TRS Corp. | ||||||||
ARC AAHARAL001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC ATMTPSC001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC AZGYAPR001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC AZHUMPR001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC AZPONPR001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC AZSNJPR001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC BBFTMFL001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC BSLBCCA001, LLC | Limited Liability Company | Delaware | ARC CAMBR BSPL, LLC | ||||||||
ARC CAMBR BSPL, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC CVCHIIL001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC CVCHIIL002, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC CVGNVFL001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC ESBKYMO001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC ESSTLMO001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC FEAARMI001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC FEBKYWV001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC FEBNXNY001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC FEDGCKS001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC FEGFKND001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC FEHAYKS001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC FELNCNE001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC FELSVKY001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC FESPFMO001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC FESXFSD001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC HDAUSGA001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC HDTPAKS001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC IHLVRCA001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC IHMPHTN001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC IHMPHTN002, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC IHPKRCO001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC IHROCNY001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC Income Properties II, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC Initial PE Member LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC JJPLYMA001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC KHCLNIL001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC KHGTNKY001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC LWKNXTN001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC ORJOLIL001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC PA-QRS Trust | Trust | Virginia | ARC PA-QRS Trust Member LLC | ||||||||
ARC PA-QRS Trust Member LLC
DBA in CA: ARC PA-QRS TRS Member LLC |
Limited Liability Company | Delaware | Tau Acquisition LLC |
Entity | Type | Jurisdiction of Organization | Owner | ||||||||
ARC PLBKVOH001, LLC | Limited Liability Company | Delaware | ARC CAMBR BSPL, LLC | ||||||||
ARC RACARPA001 GP, LLC | Limited Liability Company | Delaware | ARC/Milestone Capital Ventures, LLC | ||||||||
ARC RACARPA001 LP | Limited Partnership | Delaware |
ARC RACARPA001 GP, LLC (1%);
ARC Milestone Capital Ventures, LLC (99%) |
||||||||
ARC RAPITPA001 GP, LLC | Limited Liability Company | Delaware | ARC/Milestone Capital Ventures, LLC | ||||||||
ARC RAPITPA001 LP | Limited Partnership | Delaware |
ARC RAPITPA001 GP, LLC (1%);
ARC Milestone Capital Ventures, LLC (99%) |
||||||||
ARC SCAUGGA001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC SJHSPAR001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC SJHSPAR002, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC SJHSPAR003, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC SSCTRVT001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC SSNANNY001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC SYGRINY001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC TITUCAZ001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC TMDKBIL001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC TSDUBPA001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC TSELBPA001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC TSLWBWV001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC TSMNFPA001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC WGAUBNY001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC WGCNWSC001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC WGGRCNY001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC WGGRCNY002, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC WGGRPMN001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC WGMTPMI001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC WGPLTNY001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC WGSYRNY001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC WMBLYAR001, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARC/Milestone Capital Ventures, LLC | Limited Liability Company | Delaware | Tau Operating Partnership, L.P. | ||||||||
ARCP / GRD BioLife Portfolio I, LLC | Limited Liability Company | Delaware |
Terraza 14, LLC
GRD BioLife Holdings I, LLC |
||||||||
ARCT TRS Corp. | Corporation | Delaware | Tau Operating Partnership, L.P. | ||||||||
Bulwark Berlin LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Bulwark Branford LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Bulwark Brockton LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Bulwark Derry LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Bulwark Melrose LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Bulwark Mount Ephraim LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Columbia Road Ohio LLC | Limited Liability Company | Delaware |
MDC Coast 7, LLC
BI RI Richfield Investor LLC |
||||||||
Conroe Logistics Center, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Crest Net Lease, Inc. | Corporation | Delaware | Realty Income Corporation | ||||||||
GRD Bellingham WA BioLife Holdings, LLC | Limited Liability Company | Delaware | ARCP / GRD BioLife Portfolio I, LLC | ||||||||
GRD Bloomington IN BioLife Holdings, LLC | Limited Liability Company | Delaware | ARCP / GRD BioLife Portfolio I, LLC | ||||||||
GRD Ft. Wayne IN BioLife Holdings, LLC | Limited Liability Company | Delaware | ARCP / GRD BioLife Portfolio I, LLC |
Entity | Type | Jurisdiction of Organization | Owner | ||||||||
GRD Grandville MI BioLife Holdings, LLC | Limited Liability Company | Delaware | ARCP / GRD BioLife Portfolio I, LLC | ||||||||
GRD Loveland CO BioLife Holdings, LLC | Limited Liability Company | Delaware | ARCP / GRD BioLife Portfolio I, LLC | ||||||||
GRD St. George UT BioLife Holdings, LLC | Limited Liability Company | Delaware | ARCP / GRD BioLife Portfolio I, LLC | ||||||||
GRD Waite Park MN BioLife Holdings, LLC | Limited Liability Company | Delaware | ARCP / GRD BioLife Portfolio I, LLC | ||||||||
GRD Waterloo IA BioLife Holdings, LLC | Limited Liability Company | Delaware | ARCP / GRD BioLife Portfolio I, LLC | ||||||||
GRD West Fargo ND BioLife Holdings, LLC | Limited Liability Company | Delaware | ARCP / GRD BioLife Portfolio I, LLC | ||||||||
MDC Box 1, LLC | Limited Liability Company | Delaware | Crest Net Lease, Inc. | ||||||||
MDC Coast 1, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coast 10, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coast 11, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coast 12, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coast 13, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coast 14, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coast 15, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coast 16, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coast 17, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coast 18, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coast 19, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coast 2, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coast 20, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coast 21, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coast 22, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coast 3, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coast 4, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coast 5, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coast 6, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coast 7, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coast 8, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coast 9, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coast EcO 1, LLC | Limited Liability Company | Delaware | Crest Net Lease, Inc. | ||||||||
MDC Coast HI 1, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coastal 1, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coastal 10, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coastal 11, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coastal 12, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coastal 13, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coastal 14, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coastal 2, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coastal 3, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coastal 4, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coastal 5, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coastal 6, LLC | Limited Liability Company | Delaware | Realty Income Corporation |
Entity | Type | Jurisdiction of Organization | Owner | ||||||||
MDC Coastal 7, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coastal 8, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Coastal 9, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC East College, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC East Hobson, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC Holabird, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
MDC NC Holding Corp. | Corporation | Delaware | Realty Income Corporation | ||||||||
MDC NC Holding GP, LLC | Limited Liability Company | Delaware | MDC NC Holding Corp. | ||||||||
MDC NC1, LP | Limited Partnership | Delaware |
MDC NC Holding GP, LLC
MDC NC Holding Corp. |
||||||||
MDC NC2, LP | Limited Partnership | Delaware |
MDC NC Holding GP, LLC
MDC NC Holding Corp. |
||||||||
MDC NC3, LP | Limited Partnership | Delaware |
MDC NC Holding GP, LLC
MDC NC Holding Corp. |
||||||||
MDC Seal Beach, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Milton Keynes Superstore (Nominee 1) Limited | Private Company | United Kingdom | RI UK 1 Limited | ||||||||
Milton Keynes Superstore (Nominee 2) Limited | Private Company | United Kingdom | RI UK 1 Limited | ||||||||
O CHK, INC. | Corporation | Delaware | Realty Income Corporation | ||||||||
O ICE, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Peterborough Superstore (Nominee 1) Limited | Private Company | United Kingdom | RI UK 1 Limited | ||||||||
Peterborough Superstore (Nominee 2) Limited | Private Company | United Kingdom | RI UK 1 Limited | ||||||||
Realty Income Burlington Milwaukee, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Buffalo Genesee, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Buffalo Grove Deerfield, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Capitol Heights Ritchie Station, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income CK1, LLC | Limited Liability Company | Delaware | Realty Income, L.P. | ||||||||
Realty Income Corporation
DBA in FL: "Realty Income Properties, Inc. |
Corporation | Maryland | N/A | ||||||||
Realty Income Cumming Market Place, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Deer Park Deerwood Glen GP, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Deer Park Deerwood Glen Limited Partnership | Limited Partnership | Texas |
Realty Income Deer Park Deerwood Glen GP, LLC
Realty Income Deer Park Deerwood Glen LP, LLC |
||||||||
Realty Income Deer Park Deerwood Glen LP, LLC DBA in CA: Realty Income Deer Park Deerwood Glen, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income DG Texas Portfolio I, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income DG Texas Portfolio II, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income East Syracuse Fair Lakes, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income East Windsor SciPark, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Houston Orem, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Illinois Properties 1, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Illinois Properties 2, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Illinois Properties 3, LLC | Limited Liability Company | Delaware | Realty Income Corporation |
Entity | Type | Jurisdiction of Organization | Owner | ||||||||
Realty Income Illinois Properties 4, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Limited f/k/a: RI Crown PMC Limited | Private Company | United Kingdom | RI Crown Limited | ||||||||
Realty Income Magellan, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Neenah Commercial, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Pennsylvania Properties Trust | Trust | Maryland | Realty Income Corporation | ||||||||
Realty Income Pennsylvania Properties Trust 2 | Trust | Maryland | Realty Income Corporation | ||||||||
Realty Income Properties 20, LLC | Limited Liability Company | Delaware | Realty Income, L.P. | ||||||||
Realty Income Properties 1, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Properties 10, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Properties 11, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Properties 12, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Properties 13, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Properties 14, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Properties 15, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Properties 16, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Properties 17, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Properties 18, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Properties 19, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Properties 2, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Properties 21, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Properties 22, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Properties 23, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Properties 24, LLC | Limited Liability Company | Delaware | Realty Income, L.P. | ||||||||
Realty Income Properties 25, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Properties 26, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Properties 27, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Properties 28, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Properties 29, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Properties 3, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Properties 30, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Properties 31, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Properties 4, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Properties 5, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Properties 6, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Properties 7, LLC | Limited Liability Company | Delaware | Realty Income, L.P. | ||||||||
Realty Income Properties 8, LLC | Limited Liability Company | Delaware | Realty Income, L.P. | ||||||||
Realty Income Properties 9, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Providence LaSalle Square, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Raphine, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Regent Blvd LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Seaford Merrick, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Texas Properties 1, LLC | Limited Liability Company | Delaware | Realty Income, L.P. | ||||||||
Realty Income Trust 1 | Trust | Maryland | Realty Income Corporation |
Entity | Type | Jurisdiction of Organization | Owner | ||||||||
Realty Income Trust 2 | Trust | Maryland | Realty Income Corporation | ||||||||
Realty Income Trust 3 | Trust | Maryland | Realty Income Corporation | ||||||||
Realty Income Trust 4 | Trust | Maryland | Realty Income Corporation | ||||||||
Realty Income Trust 5 | Trust | Maryland | Realty Income Corporation | ||||||||
Realty Income Trust 6 | Trust | Maryland | Realty Income Corporation | ||||||||
Realty Income Upper Darby 69th, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income Wilmington Lancaster, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Realty Income, L.P. | Limited Partnership | Maryland | Realty Income Corporation | ||||||||
Redd Park Limited | Private Company | United Kingdom | RI UK 1 Limited | ||||||||
RI ASD Gillingham Limited | Private Company | United Kingdom | RI UK 1 Limited | ||||||||
RI AZ Speke Limited | Private Company | United Kingdom | RI UK 1 Limited | ||||||||
RI BQ 4 DIY Limited
F/K/A: BL Retail Investments Limited |
Private Company | United Kingdom | RI UK 1 Limited | ||||||||
RI BQ Birmingham Limited | Private Company | United Kingdom | RI UK 1 Limited | ||||||||
RI BQ Meir Park Limited FKA: RI TSC Bracknell Limited F/K/A RI TSC Worcester Limited | Private Company | United Kingdom | RI UK 1 Limited | ||||||||
RI BQ Stockport Limited | Private Company | United Kingdom | RI UK 1 Limited | ||||||||
RI CK2, LLC | Limited Liability Company | Delaware | Realty Income, L.P. | ||||||||
RI Crown CMC Limited | Private Company | United Kingdom | RI SB Limited | ||||||||
RI Crown Limited | Private Company | United Kingdom | RI Crown LLC | ||||||||
RI Crown LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
RI CS1, LLC | Limited Liability Company | Delaware | Realty Income, L.P. | ||||||||
RI CS2, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
RI CS3, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
RI CS4, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
RI CS5, LLC | Limited Liability Company | Delaware | Realty Income, L.P. | ||||||||
RI GA 1, LLC | Limited Liability Company | Delaware | Realty Income, L.P. | ||||||||
RI MS Blaydon Limited | Private Company | United Kingdom | RI UK 1 Limited | ||||||||
RI Multi Midlands Limited | Private Company | United Kingdom | RI UK 1 Limited | ||||||||
RI SB Archer Road Limited | Private Company | United Kingdom | RI SB Limited | ||||||||
RI SB Banbury Limited | Private Company | United Kingdom | RI SB Limited | ||||||||
RI SB Bodmin Limited | Private Company | United Kingdom | RI SB Limited | ||||||||
RI SB Bradford Limited | Private Company | United Kingdom | RI SB Limited | ||||||||
RI SB Bridgwater Limited | Private Company | United Kingdom | RI SB Limited | ||||||||
RI SB Cardiff Limited | Private Company | United Kingdom | RI SB Limited | ||||||||
RI SB Grimsby Limited | Private Company | United Kingdom | RI SB Limited | ||||||||
RI SB Guildford Limited | Private Company | United Kingdom | RI UK 1 Limited | ||||||||
RI SB Hereford Limited | Private Company | United Kingdom | RI SB Limited | ||||||||
RI SB Kempston Limited | Private Company | United Kingdom | RI SB Limited | ||||||||
RI SB Limited | Private Company | United Kingdom | RI Crown Limited | ||||||||
RI SB Lincoln Limited | Private Company | United Kingdom | RI UK 1 Limited | ||||||||
RI SB Locksbottom Limited | Private Company | United Kingdom | RI SB Limited | ||||||||
RI SB Nantwich Limited | Private Company | United Kingdom | RI UK 1 Limited | ||||||||
RI SB Northampton Limited | Private Company | United Kingdom | RI SB Limited | ||||||||
RI SB Otley Limited | Private Company | United Kingdom | RI UK 1 Limited |
Entity | Type | Jurisdiction of Organization | Owner | ||||||||
Terraza 3, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Terraza 4, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Terraza 5, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Terraza 6, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Terraza 7, LLC | Limited Liability Company | Delaware | Realty Income Corporation | ||||||||
Terraza 8, LLC | Limited Liability Company | Delaware | Realty Income Corporation |
Date: February 23, 2021 | /s/ SUMIT ROY | |||||||
Sumit Roy | ||||||||
President, Chief Executive Officer |
Date: February 23, 2021 | /s/ CHRISTIE B. KELLY | |||||||
Christie B. Kelly | ||||||||
Executive Vice President, Chief Financial Officer and Treasurer |
/s/ SUMIT ROY | ||||||||
Sumit Roy | ||||||||
President, Chief Executive Officer |
/s/ CHRISTIE B. KELLY | ||||||||
Christie B. Kelly | ||||||||
Executive Vice President, Chief Financial Officer and Treasurer |