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Schedule III Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial Cost to CompanyCost Capitalized Subsequent to AcquisitionGross Amount at Which Carried at Close of Period (Notes 3, 4 and 6)
DescriptionNumber of Properties (Note 1)Encumbrances (Note 2)LandBuildings, Improvements and Acquisition FeesImprovementsCarrying CostsLandBuildings, Improvements and Acquisition FeesTotalAccumulated Depreciation (Note 5)Date of ConstructionDate Acquired
U.S.
Advertising4$—$18,677$70,647$—$—$18,677$70,647$89,324$5,5411990-20093/26/2021-11/1/2021
Aerospace624,133 9,280 104,596 3,297 — 9,280 107,893 117,173 48,022 1951-20136/20/2011-11/1/2021
Apparel7953,577 162,647 450,233 7,454 199 162,647 457,886 620,533 84,459 1962-202210/30/1987-3/22/2023
Automotive Collision Service221— 165,204 397,470 22,135 10 165,204 419,615 584,819 65,871 1920-20238/30/2002-12/21/2023
Automotive Parts407— 160,113 387,057 6,358 827 160,113 394,242 554,355 113,720 1969-20208/6/1987-3/22/2023
Automotive Service808— 629,606 1,221,922 84,848 144 629,606 1,306,914 1,936,520 152,030 1920-202310/2/1985-12/21/2023
Automotive Tire Services270— 221,879 476,681 27,802 81 221,879 504,564 726,443 157,639 1947-202311/27/1985-10/18/2023
Beverage18— 183,323 185,539 — — 183,323 185,539 368,862 61,713 1950-20206/25/2010-6/28/2022
Child Care320— 149,289 348,591 5,658 728 149,289 354,977 504,266 128,677 1957-202312/22/1981-12/7/2023
Consumer Electronics27— 57,535 158,334 2,145 51 57,535 160,530 218,065 24,810 1991-20206/9/1997-8/22/2023
Consumer Goods917,990 24,077 259,494 925 — 24,077 260,419 284,496 45,221 1987-20131/22/2013-11/1/2021
Convenience Stores2,076— 1,884,822 2,846,162 23,970 145 1,884,822 2,870,277 4,755,099 599,684 1922-20233/3/1995-12/21/2023
Crafts and Novelties53— 104,873 312,117 2,174 440 104,873 314,731 419,604 47,880 1974-202211/26/1996-3/22/2023
Diversified Industrial2249,838 57,865 360,336 17,976 — 57,865 378,312 436,177 38,147 1954-20219/19/2012-3/22/2023
Dollar Stores2,8991,983 919,277 2,588,243 6,854 9 919,277 2,595,106 3,514,383 533,523 1925-20232/3/1998-12/21/2023
Drug Stores594254,729 775,846 2,159,983 4,143 100 775,846 2,164,226 2,940,072 529,688 1958-20159/30/1998-8/24/2023
Education19— 28,362 58,918 4,514 103 28,362 63,535 91,897 17,061 1957-200912/19/1984-11/22/2022
Energy32— 23,442 74,471 297 — 23,442 74,768 98,210 4,644 1963-201411/1/2021-11/1/2021
Entertainment28— 97,433 219,535 26,632 — 97,433 246,167 343,600 17,115 1960-20213/31/1999-6/30/2023
Equipment Services30— 31,703 102,090 1,424 — 31,703 103,514 135,217 18,730 1965-20227/3/2003-12/15/2023
Financial Services357135,382 177,065 455,777 (6,538)101 177,065 449,340 626,405 109,972 1807-20153/10/1987-3/22/2023
Food Processing13— 24,968 184,897 25,804 — 24,968 210,701 235,669 21,523 1991-202312/20/2012-9/15/2023
General Merchandise2737,592 432,290 1,228,772 (1,155)535 432,290 1,228,152 1,660,442 185,927 1954-20238/6/1987-12/6/2023
Gaming1— 419,464 1,277,403 — — 419,464 1,277,403 1,696,867 39,539 2019-201912/1/2022-12/1/2022
Grocery24469,243 580,352 1,500,504 8,557 325 580,352 1,509,386 2,089,738 287,504 1947-20219/30/2003-6/1/2023
Health and Beauty8— 6,696 49,339 2,542 — 6,696 51,881 58,577 8,221 1999-20172/23/1999-3/22/2023
Health and Fitness141— 351,092 1,562,037 12,618 172 351,092 1,574,827 1,925,919 404,359 1943-20235/31/1995-8/23/2023
Health Care49368,360 341,653 1,151,285 24,848 225 341,653 1,176,358 1,518,011 122,778 1922-202312/18/1984-12/18/2023
Home Furnishings18041,472 206,189 561,998 10,253 128 206,189 572,379 778,568 72,276 1960-20211/24/1984-5/10/2023
Home Improvement17215,916 526,157 935,456 5,976 63 526,157 941,495 1,467,652 171,569 1863-202212/22/1986-6/13/2023
Insurance310,998 2,204 6,838 — — 2,204 6,838 9,042 422 2000-201211/1/2021-10/17/2022
Jewelry5— 5,367 58,688 — — 5,367 58,688 64,055 7,596 1997-20081/22/2013-11/1/2021
Machinery4— 6,577 69,225 — — 6,577 69,225 75,802 8,837 1969-20217/31/2012-3/22/2023
Motor Vehicle Dealerships64— 229,924 421,181 1,700 — 229,924 422,881 652,805 93,690 1962-202311/29/2003-11/30/2023
Office Supplies6— 12,603 38,026 1,147 339 12,603 39,512 52,115 8,419 1978-20145/30/1997-11/1/2021
Other Manufacturing16— 28,025 202,510 3,248 240 28,025 205,998 234,023 24,822 1979-20181/22/2013-12/15/2022
Initial Cost to CompanyCost Capitalized Subsequent to AcquisitionGross Amount at Which Carried at Close of Period (Notes 3, 4 and 6)
DescriptionNumber of Properties (Note 1)Encumbrances (Note 2)LandBuildings, Improvements and Acquisition FeesImprovementsCarrying CostsLandBuildings, Improvements and Acquisition FeesTotalAccumulated Depreciation (Note 5)Date of ConstructionDate Acquired
Packaging18$626$45,730$237,725$2,480$—$45,730$240,205$285,935$52,6651956-20166/3/2011-1/5/2023
Paper2— 2,462 11,935 45 — 2,462 11,980 14,442 5,122 2002-20065/2/2011-12/21/2012
Pet Supplies and Services140— 130,787 376,248 26,557 239 130,787 403,044 533,831 54,428 1945-202312/22/1981-12/15/2023
Restaurants-Casual83612,823 654,015 1,473,143 722 1,531 654,015 1,475,396 2,129,411 256,294 1965-20195/16/1984-4/10/2023
Restaurants-Quick Service1,814— 939,921 1,960,658 3,593 174 939,921 1,964,425 2,904,346 336,068 1926-202312/9/1976-10/25/2023
Shoe Stores6— 6,992 41,985 341 215 6,992 42,541 49,533 14,544 1990-20083/26/1998-12/22/2021
Sporting Goods4712,255 107,608 366,711 5,185 178 107,608 372,074 479,682 58,030 1950-202010/17/2001-3/22/2023
Telecommunications7— 9,303 14,392 683 11 9,303 15,086 24,389 3,681 1964-20166/26/1998-10/17/2022
Theaters76— 221,786 739,058 10,719 — 221,786 749,777 971,563 298,810 1930-20147/27/2000-11/1/2021
Transportation Services87— 177,691 1,059,854 11,424 402 177,691 1,071,680 1,249,371 256,618 1967-20164/1/2003-4/5/2022
Warehousing and Storage2— 1,442 15,178 — — 1,442 15,178 16,620 3,390 1979-20071/22/2013-11/1/2021
Wholesale Club546,787 306,006 713,020 — — 306,006 713,020 1,019,026 178,110 1985-20199/30/2011-8/11/2022
Other16— 31,434 54,994 3,916 — 31,434 58,910 90,344 9,830 1986-20218/18/1986-4/10/2023
Europe
Apparel3— 20,751 79,223 — — 20,751 79,223 99,974 4,649 1990-20054/19/2021-3/30/2023
Automotive Parts2— 3,918 7,737 — — 3,918 7,737 11,655 204 1980-19966/17/2022-9/28/2023
Automotive Tire Services3— 1,707 5,206 — — 1,707 5,206 6,913 581 1974-19943/9/2021-3/9/2021
Consumer Electronics2— 8,988 24,686 602 — 8,988 25,288 34,276 717 1997-20063/4/2022-9/29/2023
Convenience Stores2— 5,284 3,301 — — 5,284 3,301 8,585 213 1982-202012/21/2021-9/20/2023
Diversified Industrial5— 29,505 57,817 922 — 29,505 58,739 88,244 2,055 1980-20207/22/2021-3/30/2023
Drug Stores1— — — — — — — — — 1990-19901/31/2023-1/31/2023
Energy1— 9,562 10,678 — — 9,562 10,678 20,240 600 2020-20201/13/2022-1/13/2022
Entertainment1— 22,768 35,888 — — 22,768 35,888 58,656 2,823 1993-19931/13/2022-1/13/2022
Food Processing7— 33,485 90,850 1,911 — 33,485 92,761 126,246 4,795 1950-202111/30/2021-2/23/2023
General Merchandise23— 191,349 232,095 19,656 — 191,349 251,751 443,100 9,191 1980-20238/25/2021-10/17/2023
Grocery17638,732 1,541,454 2,312,185 2,361 — 1,541,454 2,314,546 3,856,000 185,616 1800-20225/23/2019-12/1/2023
Health and Fitness2— 29,102 28,456 — — 29,102 28,456 57,558 1,659 2004-20203/24/2022-1/31/2023
Health Care6— 27,163 52,355 — — 27,163 52,355 79,518 3,801 1969-20063/23/2020-9/7/2022
Home Furnishings12— 89,533 113,961 — — 89,533 113,961 203,494 7,629 1980-20194/9/2021-4/4/2023
Home Improvement92— 729,656 938,924 1,478 — 729,656 940,402 1,670,058 61,997 1890-20167/31/2020-12/6/2023
Motor Vehicle Dealerships3— 16,376 28,146 — — 16,376 28,146 44,522 1,879 1990-20052/11/2022-9/27/2022
Other Manufacturing2— 40,179 13,169 — — 40,179 13,169 53,348 614 1912-19684/6/2022-6/22/2022
Restaurants-Quick Service1— 713 1,899 — — 713 1,899 2,612 230 2007-20073/17/2021-3/17/2021
Sporting Goods92— 264,736 478,111 892 — 264,736 479,003 743,739 8,693 1950-20188/5/2022-12/28/2023
Theaters1— 1,455 — — — 1,455 — 1,455 — 2011-201112/18/2019-12/18/2019
Transportation Services3— 13,166 28,600 1,142 — 13,166 29,742 42,908 1,110 1970-19701/6/2022-12/22/2022
Warehousing and Storage1— 52,725 48,919 — — 52,725 48,919 101,644 3,902 2002-20023/11/2021-3/11/2021
Wholesale Club7— 54,550 96,993 — — 54,550 96,993 151,543 4,559 1973-200210/28/2022-10/28/2022
Other3— 75,775 — 7,125 — 75,775 7,125 82,900 — 2023-20234/27/2023-9/29/2023
13,458$822,436$14,954,956$34,240,455$439,360$7,715$14,954,956$34,687,530$49,642,486$6,096,736
Note 1.
Realty Income Corporation owns or holds interests in 12,851 single-client properties in the United States and Puerto Rico, our corporate headquarters property in San Diego, California, 191 single-client properties in the United Kingdom, and 148 single-client properties elsewhere in Europe. Crest Net Lease, Inc. owns seven single-client properties in the United States.

Realty Income Corporation also owns or holds interests in 149 multi-client properties in the United States, 100 multi-client properties in the United Kingdom, and 12 multi-client properties elsewhere in Europe.
Note 2.
Includes mortgages payable secured by 131 properties and excludes unamortized discount and deferred financing costs of $0.8 million.
Note 3.
The aggregate cost for federal income tax purposes for Realty Income Corporation is $55.2 billion and for Crest Net Lease, Inc. is $26.1 million.
Note 4.The following is a reconciliation of total real estate carrying value for the years ended December 31 (in thousands):202320222021
Balance at Beginning of Period$42,689,699 $35,952,659 $21,048,334 
Additions During Period:
Acquisitions and development7,239,885 8,021,159 5,851,945 
Merger Additions (1)
— — 11,722,801 
Less amounts allocated to acquired lease intangible assets and liabilities on our Consolidated Balance Sheets(484,096)(625,730)(826,064)
Improvements, Etc.54,904 99,484 56,567 
Other (Leasing Costs and Building Adjustments) (2)
49,504 97,482 64,807 
Total Additions6,860,197 7,592,395 16,870,056 
Deductions During Period:
Cost of Real Estate sold125,166 402,386 1,206,837 
Cost of Equipment sold11 — 8 
Orion Divestiture (1)
— — 634,254 
Releasing costs— 53 40 
Other (3)
111,851 39,463 91,176 
Total Deductions237,028 441,902 1,932,315 
Foreign Currency Translation329,618 (413,453)(33,416)
Balance at Close of Period$49,642,486 $42,689,699 $35,952,659 
(1) Represents derecognition of assets from the Orion Divestiture. For further information, see note 2, Merger with VEREIT, Inc. and Orion Office REIT Inc. Divestiture, to our consolidated financial statements.
(2) The year ended December 31, 2023 includes contributions to joint ventures of $38.4 million and reclassification of $11.3 million right of use assets under finance leases. 2022 includes reclassification of $3.3 million right of use assets under finance leases, $43.0 million mortgage assumption, and $51.2 million RI Ops LP Units. 2021 includes $20.1 million right of use assets under finance leases and $43.7 million mortgage assumption.
(3) The year ended December 31, 2023 includes $14.0 million for building razed and $97.5 million of impairment, excluding impairment of depreciation, in-place and above- market leases. The year ended 2022 includes $13.6 million for building razed and $25.9 million of impairment. The year ended 2021 includes $43.0 million for building razed and $39.0 million of impairment.
Note 5.The following is a reconciliation of accumulated depreciation for the years ended (in thousands):202320222021
Balance at Beginning of Period$4,908,658 $3,963,753 $3,563,178 
Additions During Period - Provision for Depreciation1,233,709 1,028,182 628,246 
Deductions During Period:
Accumulated depreciation of real estate and equipment sold or disposed of57,609 73,913 226,897 
Foreign Currency Translation11,978 (9,364)(774)
Balance at Close of Period$6,096,736 $4,908,658 $3,963,753 
Please see note 1, Summary of Significant Accounting Policies, to our consolidated financial statements for information regarding lives used for depreciation and amortization.
Note 6.
In 2023, provisions for impairment were recorded on 112 Realty Income properties.
In 2022, provisions for impairment were recorded on 94 Realty Income properties.
In 2021, provisions for impairment were recorded on 103 Realty Income properties.
See report of independent registered public accounting firm.