XML 63 R49.htm IDEA: XBRL DOCUMENT v3.24.0.1
Common Stock Incentive Plan (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Nonvested Restricted Stock Activity
The following table summarizes our common stock grant activity:
 202320222021
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
242,660 $67.12 212,630 $65.20 219,482 $63.69 
Shares granted (2) 
222,511 $65.40 156,274 $67.37 133,052 $64.27 
Shares vested(110,634)$61.28 (118,160)$63.95 (124,505)$61.57 
Shares forfeited(7,486)$66.91 (8,084)$67.78 (15,399)$65.09 
Outstanding nonvested shares, end of each period
347,051 $67.89 242,660 $67.12 212,630 $65.20 
(1) Grant date fair value.
(2) Our restricted stock awards granted to employees vest over a service periods not exceeding four-years. Additionally effective November 1, 2022, and applied retroactively for all outstanding awards, we have a retirement provision whereby the vesting date for eligible participants is accelerated based on certain criteria.
Schedule of Nonvested Restricted Stock Units Activity
During 2023, 2022 and 2021, and in connection with our merger with VEREIT Inc., we also granted restricted stock units that primarily vest over service periods of three or four-years and have the same economic rights as shares of restricted stock: 

 202320222021
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
58,513 $67.91 67,367 $69.69 18,670 $70.38 
Equitable adjustment - Orion Divestiture (2)
— — 109 
Shares granted 15,065 $66.41 24,820 $66.82 71,956 $68.96 
Shares vested(29,492)$70.30 (26,917)$70.55 (23,368)$66.96 
Shares forfeited(1,474)$71.02 (6,757)$71.14 — 
Outstanding nonvested shares, end of each period
42,612 $65.62 58,513 $67.91 67,367 $69.69 
(1) Grant date fair value.
(2) Effective with the Orion Divestiture on November 12, 2021, outstanding equity awards were adjusted by a conversion ratio of 1.002342 per one Realty Income share then held.
The following table summarizes our performance share grant activity, inclusive of annual performance shares and the one-time performance shares related to the merger with VEREIT:
202320222021
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
470,880 $73.37 388,139 $68.09 291,759 $69.73 
Equitable adjustment - Orion Divestiture (2)
— — 752 
Shares granted215,040 $73.32 174,940 $77.73 257,149 $64.18 
Shares vested(124,151)$76.59 (74,247)$59.62 (109,113)$62.52 
Shares forfeited— $— (17,952)$58.59 (52,408)$65.83 
Outstanding nonvested shares, end of each period
561,769 $72.64 470,880 $73.37 388,139 $68.09 
(1) Grant date fair value.
(2) Effective with the Orion Divestiture on November 12, 2021, outstanding equity awards were adjusted by a conversion ratio of 1.002342 per one Realty Income share then held.
Schedule of Number of Performance Shares that Vest Based on the Achievement of Performance Goals The number of performance shares that vest for each of the three years is based on the achievement of the following performance goals:
Weighting for year granted
Annual Performance Awards Metrics202320222021
Total shareholder return (“TSR”) ranking relative to MSCI US REIT Index55 %55 %70 %
Dividend per share growth rate20 %20 %15 %
Net Debt-to-Pro Forma Adjusted EBITDAre Ratio
25 %25 %N/A
Net Debt-to-Adjusted EBITDAre Ratio
N/AN/A15 %