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Notes Payable (Tables) - Notes and bonds payable
 3 Months Ended
Mar. 31, 2024
Debt  
Schedule of Unsecured Notes and Bonds
At March 31, 2024, our senior unsecured notes and bonds are USD-denominated, Sterling-denominated, and Euro-denominated. Foreign-denominated notes are converted at the applicable exchange rate on the balance sheet date. The carrying value within the table below includes a portion of certain outstanding notes that have been assumed in both current and historical mergers that were not exchanged for new notes issued by Realty Income. We expect to fund the next twelve months of obligations through a combination of the following: (i) cash and cash equivalents, (ii) future cash flows from operations, (ii) issuances of common stock or debt, (iv) additional borrowings under our revolving credit facility and (v) investment dispositions and/or credit investment repayments. The following are sorted by maturity date (in thousands):
Maturity DatesPrincipal (Currency Denomination)Carrying Value (USD) as of
March 31, 2024December 31, 2023
4.600% Notes due 2024
February 6, 2024$499,999 $— $499,999 
3.875% Notes due 2024
July 15, 2024$350,000 350,000 350,000 
3.875% Notes due 2025
April 15, 2025$500,000 500,000 500,000 
4.625% Notes due 2025
November 1, 2025$549,997 549,997 549,997 
5.050% Notes due 2026
January 13, 2026$500,000 500,000 500,000 
0.750% Notes due 2026
March 15, 2026$325,000 325,000 325,000 
4.875% Notes due 2026
June 1, 2026$599,997 599,997 599,997 
4.450% Notes due 2026 (1)
September 15, 2026$299,968 299,968 — 
4.125% Notes due 2026
October 15, 2026$650,000 650,000 650,000 
1.875% Notes due 2027 (2)
January 14, 2027£250,000 316,025 318,450 
3.000% Notes due 2027
January 15, 2027$600,000 600,000 600,000 
3.200% Notes due 2027 (1)
January 15, 2027$299,984 299,984 — 
1.125% Notes due 2027 (2)
July 13, 2027£400,000 505,640 509,520 
3.950% Notes due 2027
August 15, 2027$599,873 599,873 599,873 
3.650% Notes due 2028
January 15, 2028$550,000 550,000 550,000 
3.400% Notes due 2028
January 15, 2028$599,816 599,816 599,816 
2.100% Notes due 2028 (1)
March 15, 2028$449,994 449,994 — 
Maturity DatesPrincipal (Currency Denomination)Carrying Value (USD) as of
March 31, 2024December 31, 2023
2.200% Notes due 2028
June 15, 2028$499,959 499,959 499,959 
4.700% Notes due 2028
December 15, 2028$400,000 400,000 400,000 
4.750% Notes due 2029
February 15, 2029$450,000 450,000 — 
3.250% Notes due 2029
June 15, 2029$500,000 500,000 500,000 
4.000% Notes due 2029 (1)
July 15, 2029$399,999 399,999 — 
3.100% Notes due 2029
December 15, 2029$599,291 599,291 599,291 
3.400% Notes due 2030 (1)
January 15, 2030$500,000 500,000 — 
4.850% Notes due 2030
March 15, 2030$600,000 600,000 600,000 
3.160% Notes due 2030
June 30, 2030£140,000 176,974 178,332 
4.875% Notes due 2030 (2)
July 6, 2030€550,000 594,055 607,915 
1.625% Notes due 2030 (2)
December 15, 2030£400,000 505,640 509,520 
3.250% Notes due 2031
January 15, 2031$950,000 950,000 950,000 
3.200% Notes due 2031 (1)
February 15, 2031$449,995 449,995 — 
5.750% Notes due 2031 (2)
December 5, 2031£300,000 379,230 382,140 
2.700% Notes due 2032 (1)
February 15, 2032$350,000 350,000 — 
3.180% Notes due 2032
June 30, 2032£345,000 436,115 439,461 
5.625% Notes due 2032
October 13, 2032$750,000 750,000 750,000 
2.850% Notes due 2032
December 15, 2032$699,655 699,655 699,655 
1.800% Notes due 2033
March 15, 2033$400,000 400,000 400,000 
1.750% Notes due 2033 (2)
July 13, 2033£350,000 442,435 445,830 
4.900% Notes due 2033
July 15, 2033$600,000 600,000 600,000 
5.125% Notes due 2034
February 15, 2034$800,000 800,000 — 
2.730% Notes due 2034
May 20, 2034£315,000 398,192 401,247 
5.125% Notes due 2034 (2)
July 6, 2034€550,000 594,055 607,915 
5.875% Bonds due 2035
March 15, 2035$250,000 250,000 250,000 
3.390% Notes due 2037
June 30, 2037£115,000 145,372 146,487 
6.000% Notes due 2039 (2)
December 5, 2039£450,000 568,845 573,210 
2.500% Notes due 2042 (2)
January 14, 2042£250,000 316,025 318,450 
4.650% Notes due 2047
March 15, 2047$550,000 550,000 550,000 
Total principal amount$22,002,130 $18,562,064 
Unamortized net (discounts) premiums, deferred financing costs, and cumulative basis adjustment on fair value hedge (3)
(254,126)40,255 
 $21,748,004 $18,602,319 
(1) In connection with our merger with Spirit, we completed our debt exchange offer to exchange all outstanding notes issued by Spirit Realty, L.P. ("Spirit OP") on January 23, 2024 for new notes issued by Realty Income. Prior to the completion of our merger with Spirit on January 23, 2024, these notes were not the obligation of Realty Income. Additional details regarding the exchange offers are provided in the Note Exchange Offers Associated with our Merger with Spirit section below.
(2) Interest paid annually. Interest on the remaining senior unsecured notes and bond obligations included in the table is paid semi-annually.
(3) As a result of our merger with Spirit, the carrying values of the senior notes exchanged were adjusted to fair value. In conjunction with the pricing of our senior unsecured notes due January 2026, we entered into three-year, fixed-to-variable interest rate swaps, which are accounted for as fair value hedges. See note 13, Derivative Instruments for further details.
Schedule of Maturity of Debt, Net
The following table summarizes the maturity of our notes and bonds payable as of March 31, 2024, excluding $254.1 million related to unamortized net discounts, deferred financing costs, and basis adjustments on interest rate swaps designated as fair value hedges (dollars in millions):
Year of Maturity
Principal
2024$350.0 
20251,050.0 
20262,375.0 
20272,321.5 
20282,499.8 
Thereafter13,405.8 
Totals
$22,002.1 
Schedule of Note Issuances
During the three months ended March 31, 2024, we issued the following notes and bonds (in millions):
2024 IssuancesDate of IssuanceMaturity DatePrincipal amountPrice of par valueEffective yield to maturity
4.750% Notes
January 2024February 2029$450.0 

99.23 %4.923 %
5.125% Notes
January 2024February 2034$800.0 98.91 %5.265 %
C.    Note Exchange Offers Associated with our Merger with Spirit
As part of our merger with Spirit, Realty Income exchanged the following notes issued by Spirit OP, a wholly owned subsidiary of the Company with notes of identical terms issued by Realty Income (in millions):
Series of Spirit NotesTenders and Consents Received as of the Expiration DatePercentage of Total Outstanding Principal Amount of Such Series of Spirit Notes
4.450% Notes due September 2026
$291.797.24%
3.200% Notes due January 2027
$292.797.56%
2.100% Notes due March 2028
$443.898.62%
4.000% Notes due July 2029
$391.797.93%
3.400% Notes due January 2030
$484.596.91%
3.200% Notes due February 2031
$445.098.90%
2.700% Notes due February 2032
$347.699.31%