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Schedule III Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2022
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.
Advertising5$— $18,687 $70,757 $(81)$— $18,687 $70,676 $89,363 $3,516 1990-20093/26/2021-11/1/2021
Aerospace624,133 9,280 104,596 3,092 — 9,280 107,688 116,968 38,709 1951-20136/20/2011-11/1/2021
Apparel6453,577 144,586 407,383 4,256 199 144,586 411,838 556,424 66,728 1962-202210/30/1987-9/29/2022
Automotive Collision Service187— 130,102 281,957 6,907 10 130,102 288,874 418,976 51,722 1920-20218/30/2002-12/28/2022
Automotive Parts408— 161,438 387,335 5,568 827 161,438 393,730 555,168 99,794 1969-20208/6/1987-11/10/2022
Automotive Service696— 500,964 975,615 9,268 145 500,964 985,028 1,485,992 108,958 1920-202210/2/1985-12/15/2022
Automotive Tire Services249— 202,115 429,838 22,636 83 202,115 452,557 654,672 145,128 1947-202211/27/1985-10/3/2022
Beverage18— 183,323 185,539 — — 183,323 185,539 368,862 54,313 1950-20206/25/2010-6/28/2022
Child Care321— 147,817 344,390 4,903 769 147,817 350,062 497,879 118,998 1957-202212/22/1981-11/10/2022
Consumer Electronics27— 51,172 155,347 6,652 52 51,172 162,051 213,223 20,115 1991-20216/9/1997-11/1/2021
Consumer Goods917,990 24,077 259,494 894 — 24,077 260,388 284,465 37,761 1987-20131/22/2013-11/1/2021
Convenience Stores1,622— 1,505,613 2,008,689 320 145 1,505,613 2,009,154 3,514,767 500,986 1922-20223/3/1995-12/22/2022
Crafts and Novelties50— 99,292 290,977 1,235 440 99,292 292,652 391,944 34,909 1974-202211/26/1996-11/1/2021
Diversified Industrial1849,838 52,524 302,351 38,018 — 52,524 340,369 392,893 28,257 1987-20229/19/2012-7/1/2022
Dollar Stores2,6171,983 871,107 2,224,486 5,358 9 871,107 2,229,853 3,100,960 439,227 1925-20222/3/1998-12/22/2022
Drug Stores568262,868 725,794 1,805,788 5,181 100 725,794 1,811,069 2,536,863 457,567 1958-20159/30/1998-12/22/2021
Education19— 28,362 53,373 2,150 103 28,362 55,626 83,988 15,116 1957-200912/19/1984-11/22/2022
Energy33— 23,699 76,052 75 — 23,699 76,127 99,826 2,542 1963-201411/1/2021
Entertainment22— 80,537 165,639 1,311 — 80,537 166,950 247,487 8,956 1960-20213/31/1999-3/31/2022
Equipment Services25— 23,386 83,409 912 — 23,386 84,321 107,707 15,822 1965-20217/3/2003-11/9/2022
Financial Services364135,382 178,826 466,321 69 101 178,826 466,491 645,317 95,909 1807-20153/10/1987-10/17/2022
Food Processing8— 21,190 176,837 871 — 21,190 177,708 198,898 16,257 1991-202212/20/2012-10/12/2022
General Merchandise2507,592 401,176 1,089,731 44,930 535 401,176 1,135,196 1,536,372 141,268 1954-20228/6/1987-12/20/2022
Gaming1— 419,464 1,277,403 — — 419,464 1,277,403 1,696,867 4,258 201912/1/2022
Grocery23472,426 570,474 1,453,526 2,783 325 570,474 1,456,634 2,027,108 240,001 1947-20219/30/2003-12/7/2022
Health and Beauty6— 4,930 47,836 157 — 4,930 47,993 52,923 6,710 1999-20172/23/1999-11/1/2021
Health and Fitness134— 339,302 1,445,569 10,178 172 339,302 1,455,919 1,795,221 352,249 1943-20215/31/1995-9/9/2022
Health Care46669,083 329,471 1,029,584 18,488 225 329,471 1,048,297 1,377,768 78,509 1922-202212/18/1984-12/16/2022
Home Furnishings17741,472 202,472 545,144 9,564 128 202,472 554,836 757,308 53,068 1960-20211/24/1984-9/14/2022
Home Improvement16322,629 503,817 832,727 5,259 63 503,817 838,049 1,341,866 131,329 1863-202212/22/1986-11/18/2022
Insurance310,998 1,587 4,500 — — 1,587 4,500 6,087 157 2000-201211/1/2021-10/17/2022
Jewelry5— 5,367 58,688 — — 5,367 58,688 64,055 5,314 1997-20081/22/2013-11/1/2021
Machinery3— 5,925 60,300 — — 5,925 60,300 66,225 6,768 1969-20217/31/2012-5/25/2022
Motor Vehicle Dealerships48— 189,195 314,252 — — 189,195 314,252 503,447 72,955 1962-20205/13/2004-9/8/2022
Office Supplies7— 12,844 39,856 707 339 12,844 40,902 53,746 9,361 1978-20145/30/1997-11/1/2021
Other Manufacturing15— 27,768 200,933 1,663 240 27,768 202,836 230,604 18,816 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
Packaging12$1,059 $35,530 $190,280 $2,480 $— $35,530 $192,760 $228,290 $45,011 1965-20166/3/2011-8/29/2022
Paper2— 2,462 11,935 45 — 2,462 11,980 14,442 4,693 2002-20065/2/2011-12/21/2012
Pet Supplies and Services1282,509 121,395 327,677 6,331 239 121,395 334,247 455,642 40,529 1945-202212/22/1981-12/14/2022
Restaurants-Casual84012,823 653,289 1,453,831 (1,881)1,577 653,289 1,453,527 2,106,816 199,179 1965-20185/16/1984-12/22/2021
Restaurants-Quick Service1,832— 939,782 1,964,726 1,598 174 939,782 1,966,498 2,906,280 263,921 1926-202212/9/1976-11/10/2022
Shoe Stores6— 6,992 41,985 316 215 6,992 42,516 49,508 13,285 1990-20083/26/1998-12/22/2021
Sporting Goods5612,255 112,684 365,437 5,157 178 112,684 370,772 483,456 48,817 1950-202010/17/2001-8/9/2022
Telecommunications5— 4,234 12,114 364 11 4,234 12,489 16,723 2,538 1990-20166/26/1998-10/17/2022
Theaters79— 229,925 745,852 10,272 — 229,925 756,124 986,049 269,763 1930-20147/27/2000-11/1/2021
Transportation Services87— 177,691 1,059,840 7,906 402 177,691 1,068,148 1,245,839 220,342 1967-20164/1/2003-4/5/2022
Warehousing and Storage3— 2,157 21,319 — — 2,157 21,319 23,476 3,161 1967-20164/1/2003-4/5/2022
Wholesale Club546,787 306,006 713,020 — — 306,006 713,020 1,019,026 149,815 1985-20199/30/2011-8/11/2022
Other15— 23,403 50,498 1,396 — 23,403 51,894 75,297 9,297 1986-20218/18/1986-11/1/2021
Europe
Apparel2— 13,704 47,956 — — 13,704 47,956 61,660 2,001 2004-20054/19/2021-3/25/2022
Automotive Parts1— 1,705 2,296 — — 1,705 2,296 4,001 49 19966/17/2022
Automotive Tire Services3— 1,615 4,925 — — 1,615 4,925 6,540 353 1974-19943/9/2021
Consumer Electronics1— 4,845 6,964 — — 4,845 6,964 11,809 230 20063/4/2022
Convenience Stores1— 2,933 2,369 — — 2,933 2,369 5,302 99 202012/21/2021
Diversified Industrial2— 21,152 12,460 — — 21,152 12,460 33,612 771 2016-20207/22/2021-5/6/2022
Energy1— 9,045 10,100 — — 9,045 10,100 19,145 391 2016-20207/22/2021-5/6/2022
Entertainment1— 21,536 33,947 — — 21,536 33,947 55,483 1,313 19931/13/2022
Food Processing5— 29,549 69,108 — — 29,549 69,108 98,657 2,481 1950-200011/30/2021-2/10/2022
General Merchandise12— 79,154 61,966 — — 79,154 61,966 141,120 2,129 1980-20218/25/2021-6/22/2022
Grocery12536,939 1,053,299 1,506,227 8,950 — 1,053,299 1,515,177 2,568,476 104,530 1910-20225/23/2019-12/23/2022
Health and Fitness1— 21,214 17,053 — — 21,214 17,053 38,267 525 20203/24/2022
Health Care6— 25,694 49,523 — — 25,694 49,523 75,217 2,193 1970-20063/23/2020-9/7/2022
Home Furnishings11— 78,435 104,208 — — 78,435 104,208 182,643 2,941 1980-20194/9/2021-9/30/2022
Home Improvement70— 562,014 607,373 319 — 562,014 607,692 1,169,706 30,222 1890-20167/31/2020-12/21/2022
Motor Vehicle Dealerships3— 15,490 26,624 — — 15,490 26,624 42,114 712 1990-20052/11/2022-9/27/2022
Other Manufacturing2— 38,006 12,457 — — 38,006 12,457 50,463 315 1912-19684/6/2022-6/22/2022
Restaurants-Quick Service1— 675 1,797 — — 675 1,797 2,472 140 20073/17/2021
Sporting Goods11— 48,036 106,656 13,800 — 48,036 120,456 168,492 1,595 1950-20234/12/2022-12/8/2022
Theaters1— 1,376 — — — 1,376 — 1,376 — 201112/18/2019
Transportation Services3— 12,617 18,972 5,614 — 12,617 24,586 37,203 327 19701/6/2022-12/22/2022
Warehousing and Storage1— 49,873 46,273 — — 49,873 46,273 96,146 2,369 20023/11/2021
Wholesale Club7— 55,554 81,158 — — 55,554 81,158 136,712 568 1973-200210/28/2022
12,238$842,343 $12,960,754 $29,445,148 $275,991 $7,806 $12,960,754 $29,728,945 $42,689,699 $4,908,658 
Note 1.
Realty Income Corporation owns or holds interests in 11,813 single-client properties in the United States and Puerto Rico, our corporate headquarters property in San Diego, California, 141 single-client properties in the United Kingdom, 51 single-client properties in Spain and seven properties in Italy. Crest Net Lease, Inc. owns six single-client properties in the United States.

Realty Income Corporation also owns or holds interests in 147 multi-client properties located in the United States, 71 multi-client properties located in the United Kingdom and one multi-client property located in Spain.
Note 2.
Includes mortgages payable secured by 136 properties and excludes unamortized premium and deferred financing costs of $11.6 million.
Note 3.
The aggregate cost for federal income tax purposes for Realty Income Corporation is $47.6 billion and for Crest Net Lease, Inc. is $23.0 million.
Note 4.The following is a reconciliation of total real estate carrying value for the years ended December 31 (in thousands):202220212020
Balance at Beginning of Period$35,952,659 $21,048,334 $19,637,627 
Additions During Period:
Acquisitions and development8,021,159 5,851,945 2,163,707 
Merger Additions (1)
— 11,722,801 — 
Less amounts allocated to acquired lease intangible assets and liabilities on our Consolidated Balance Sheets(625,730)(826,064)(382,850)
Improvements, Etc.99,484 56,567 6,194 
Other (Leasing Costs and Building Adjustments) (2)
97,482 64,807 22,491 
Total Additions7,592,395 16,870,056 1,809,542 
Deductions During Period:
Cost of Real Estate sold402,386 1,206,837 253,506 
Cost of Equipment sold— 8 25 
Orion Divestiture (1)
— 634,254 — 
Releasing costs53 40 259 
Other (3)
39,463 91,176 195,003 
Total Deductions441,902 1,932,315 448,793 
Foreign Currency Translation(413,453)(33,416)49,958 
Balance at Close of Period$42,689,699 $35,952,659 $21,048,334 
(1) Represents derecognition of assets from the Orion Divestiture. For further information, see Note 3 to the Consolidated Financial Statements, Merger with VEREIT, Inc. and Orion Office REIT Inc. Divestiture.
(2) 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 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. The year ended 2020 includes $147.2 million of impairment.
Note 5.The following is a reconciliation of accumulated depreciation for the years ended (in thousands):202220212020
Balance at Beginning of Period$3,963,753 $3,563,178 $3,140,855 
Additions During Period - Provision for Depreciation1,028,182 628,246 531,909 
Deductions During Period:
Accumulated depreciation of real estate and equipment sold or disposed of73,913 226,897 110,915 
Foreign Currency Translation(9,364)(774)1,329 
Balance at Close of Period$4,908,658 $3,963,753 $3,563,178 
Please see note 2, Summary of Significant Accounting Policies and Procedures and New Accounting Standards, to our consolidated financial statements for information regarding lives used for depreciation and amortization.
Note 6.
In 2022, provisions for impairment were recorded on 94 Realty Income properties.
In 2021, provisions for impairment were recorded on 103 Realty Income properties.
In 2020, provisions for impairment were recorded on 99 Realty Income properties.
See report of independent registered public accounting firm.