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Common Stock Incentive Plan (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of nonvested restricted stock activity
The following table summarizes our common stock grant activity under our 2021 and 2012 Plans.
 202120202019
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
219,482 $63.69 259,698 $58.39 307,821 $53.44 
Shares granted133,052 $64.27 103,473 $67.84 87,327 $69.83 
Shares vested(124,505)$61.57 (141,486)$56.94 (126,363)$54.45 
Shares forfeited(15,399)$65.09 (2,203)$66.48 (9,087)$55.71 
Outstanding nonvested shares, end of each period
212,630 $65.20 219,482 $63.69 259,698 $58.39 
(1)  Grant date fair value.
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 Metrics202120202019
Total shareholder return (“TSR”) ranking relative to MSCI US REIT Index70 %70 %45 %
TSR ranking relative to J.P. Morgan Net Lease Peer GroupN/AN/A26 %
Dividend per share Growth Rate15 %15 %16 %
Debt-to-Adjusted EBITDAre Ratio
N/AN/A13 %
Net Debt-to-Adjusted EBITDAre Ratio
15 %15 %N/A
Schedule of nonvested performance shares activity 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: 
202120202019
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
291,759 $69.73 304,663 $62.25 223,392 $58.78 
Equitable adjustment - Orion Divestiture (2)
752 — — 
Shares granted(3)
257,149 $64.18 136,729 $79.98 128,581 $65.34 
Shares vested(109,113)$62.52 (139,012)$63.66 (47,310)$54.27 
Shares forfeited(52,408)$65.83 (10,621)$66.64 — 
Outstanding nonvested shares, end of each period
388,139 $68.09 291,759 $69.73 304,663 $62.25 
(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.
(3) 194,053 shares granted relate to annual performance grants and 63,096 shares granted relate to one-time grant of performance shares.
Schedule of nonvested restricted stock units activity
During 2021, 2020 and 2019, and in connection with our merger with VEREIT, 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: 
 202120202019
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
18,670 $70.38 15,511 $59.82 14,968 $54.62 
Equitable adjustment - Orion Divestiture (2)
109 — — 
Shares granted71,956 $68.96 9,966 $78.79 5,482 $69.58 
Shares vested(23,368)$66.96 (6,807)$58.63 (4,939)$54.90 
Shares forfeited— — — 
Outstanding nonvested shares, end of each period
67,367 $69.69 18,670 $70.38 15,511 $59.82 
(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 stock option activity
The following table summarizes our stock option activity: 
Number of stock options
Weighted average exercise price(1)
Weighted average remaining contractual term (Years)Aggregate intrinsic value
Outstanding nonvested options, beginning of year— 
Options granted709,426 $53.80 
Equitable adjustment - Orion Divestiture (2)
1,547 
Options exercised(395,903)$54.54 
Options forfeited— 
Outstanding nonvested options, end of each period315,070 $52.89 2.4$5,891,639 
(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.