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Notes Payable
 12 Months Ended
Dec. 31, 2024
Debt  
Debt Mortgages Payable
During the year ended December 31, 2024, we made $740.5 million in principal payments, including the full repayment of five mortgages for $735.9 million. No mortgages were assumed during the year ended December 31, 2024.
Our mortgages contain customary covenants, such as limiting our ability to further mortgage each applicable property or to discontinue insurance coverage without the prior consent of the lender. At December 31, 2024, we were in compliance with these covenants.
The following table summarizes our mortgages payable as of December 31, 2024 and December 31, 2023 (dollars in millions):

As Of
Number of
Properties (1)
Weighted
Average
Stated
Interest
Rate
Weighted
Average
Effective
Interest
Rate
Weighted
Average
Remaining
Years Until
Maturity		Remaining
Principal
Balance
Unamortized
Discount
and Deferred
Financing Costs
Balance, net
Mortgage
Payable
Balance
December 31, 2024174.0 %4.5 %1.4$81.3 $(0.5)$80.8 
December 31, 20231314.8 %3.3 %0.4$822.4 $(0.8)$821.6 
(1)At December 31, 2024, there were 11 mortgages on 17 properties and at December 31, 2023, there were 16 mortgages on 131 properties. With the exception of one GBP-denominated mortgage which is paid quarterly, the mortgages require monthly payments with principal payments due at maturity. At December 31, 2024 and December 31, 2023, all mortgages were at fixed interest rates.
The following table summarizes the maturity of mortgages payable as of December 31, 2024, excluding $0.5 million related to unamortized net premiums and discounts and deferred financing costs (dollars in millions):
Year of Maturity
Principal
2025$43.4
202612.0
202722.3
20281.3
20291.3
Thereafter1.0
Total
$81.3
Notes Payable  
Debt  
Debt Notes Payable
A.    General
At December 31, 2024, our senior unsecured notes and bonds are USD-denominated, GBP-denominated, and EUR-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, (iii) issuances of common stock, debt, or other securities offerings, (iv) additional borrowings under our revolving credit facility, (v) short term loans, and (vi) asset dispositions and/or credit investment repayments. The following are sorted by maturity date (in thousands):
Maturity DatesPrincipal (Currency Denomination)Carrying Value (USD) as of
December 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 
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£250,000 312,975 318,450 
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£400,000 500,760 509,520 
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 — 
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 — 
5.000% Notes due 2029 (2)
October 15, 2029£350,000 438,165 — 
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£140,000 175,266 178,332 
4.875% Notes due 2030 (2)
July 6, 2030€550,000 569,415 607,915 
1.625% Notes due 2030 (2)
December 15, 2030£400,000 500,760 509,520 
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£300,000 375,570 382,140 
2.700% Notes due 2032 (1)
February 15, 2032$350,000 350,000 — 
3.180% Notes due 2032
June 30, 2032£345,000 431,906 439,461 
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 
Maturity DatesPrincipal (Currency Denomination)Carrying Value (USD) as of
December 31, 2024December 31, 2023
1.750% Notes due 2033 (2)
July 13, 2033£350,000 438,165 445,830 
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£315,000 394,348 401,247 
5.125% Notes due 2034 (2)
July 6, 2034€550,000 569,415 607,915 
5.875% Bonds due 2035
March 15, 2035$250,000 250,000 250,000 
3.390% Notes due 2037
June 30, 2037£115,000 143,969 146,487 
6.000% Notes due 2039 (2)
December 5, 2039£450,000 563,355 573,210 
5.250% Notes due 2041 (2)
September 4, 2041£350,000 438,165 — 
2.500% Notes due 2042 (2)
January 14, 2042£250,000 312,975 318,450 
4.650% Notes due 2047
March 15, 2047$550,000 550,000 550,000 
5.375% Notes due 2054
September 1, 2054$500,000 500,000 — 
Total principal amount$22,938,737 $18,562,064 
Unamortized net (discounts) premiums, deferred financing costs, and cumulative basis adjustment on fair value hedges (3)(4)
(281,145)40,255 
 $22,657,592 $18,602,319 
(1) In connection with the Merger, 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 the Merger 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 the Merger 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 the Merger, the carrying values of the senior notes exchanged were adjusted to fair value.
(4) 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 were accounted for as fair value hedges. During the three months ended December 31, 2024, these interest rate swaps totaling $500 million notional were terminated.
The following table summarizes the maturity of our notes and bonds payable as of December 31, 2024, excluding unamortized net premiums and discounts, deferred financing costs (dollars in millions):
Year of MaturityPrincipal
2025$1,050.0 
20262,375.0 
20272,313.6 
20282,499.8 
20292,387.5 
Thereafter12,312.8 
Total$22,938.7 
As of December 31, 2024, the weighted average interest rate on our notes and bonds payable was 3.8%, and the weighted average remaining years until maturity was 6.6 years.
Interest incurred on all of the notes and bonds was $840.3 million, $598.6 million, and $431.3 million for the years ended December 31, 2024, 2023, and 2022, respectively.
Our outstanding notes and bonds are unsecured; accordingly, we have not pledged any assets as collateral for these or any other obligations.
All of these notes and bonds contain various covenants, including: (i) a limitation on incurrence of any debt which would cause our debt to total adjusted assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause our secured debt to total adjusted assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause our debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of our outstanding unsecured debt. At December 31, 2024, we were in compliance with these covenants.
B.    Note Issuances
During the year ended December 31, 2024, we issued the following notes and bonds:
2024 IssuancesDate of IssuanceMaturity DatePrincipal amount
(in millions)		Price 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 %
5.375% Notes
August 2024September 2054$500.0 98.37 %5.486 %
5.000% Notes
September 2024October 2029£350.0 99.14 %5.199 %
5.250% Notes
September 2024September 2041£350.0 96.21 %5.601 %
C.    Note Exchange Offers Associated with the Merger
As part of the Merger, Realty Income exchanged the following notes issued by Spirit OP, a wholly owned subsidiary of the Company with notes of substantially identical economic terms issued by Realty Income:
Series of Spirit NotesTenders and Consents Received as of the Expiration Date
(in millions)		Percentage 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%
To induce holders of the Spirit OP notes to participate in the exchange, Realty Income offered noteholders electing to exchange their notes a cash payment equal to 10 basis points of the note principal amount held. Across the various note classes, Realty Income had a success rate of approximately 98.1% on the exchange, resulting in a cash payment of $2.7 million to participating noteholders. The exchange was accounted for as a modification of the existing Spirit OP notes assumed in the Merger. The interest rate, interest payment dates, redemption terms and maturity of each series of Realty Income notes issued by Realty Income in the exchange offers were the same as those of the corresponding series of Spirit notes exchanged. With respect to the notes originally issued by Spirit OP that remained outstanding, we amended the indenture governing such notes to, among other things, eliminate substantially all of the restrictive covenants in such indenture.
D.    Note Repayments
During the year ended December 31, 2024, we repaid the following notes, plus accrued and unpaid interest upon maturity. There were no comparable repayments for the year ended December 31, 2023.
2024 RepaymentsDate of IssuanceMaturity DatePrincipal amount
(in millions)
4.600% Notes
February 2014February 2024$500.0 
3.875% Notes
June 2014July 2024$350.0