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Schedule III Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2024
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.
Advertising4$—$18,677$70,647$—$—$18,677$70,647$89,324$7,5781990- 20093/26/2021- 11/1/2021
Aerospace7— 10,043 116,249 3,923 — 10,043 120,172 130,215 57,425 1951- 20136/20/2011- 1/23/2024
Apparel102— 215,633 625,635 10,329 199 215,633 636,163 851,796 107,256 1962- 202210/30/1987- 1/23/2024
Automotive Collision Service271— 211,719 533,602 18,747 10 211,719 552,359 764,078 85,326 1920- 20248/30/2002- 12/31/2024
Automotive Parts487— 208,502 608,834 8,281 827 208,502 617,942 826,444 138,348 1965- 20228/6/1987- 1/23/2024
Automotive Service985— 721,507 1,610,843 29,869 144 721,507 1,640,856 2,362,363 203,218 1920- 202410/2/1985- 9/30/2024
Automotive Tire Services264— 220,793 508,279 1,583 81 220,793 509,943 730,736 163,590 1947- 202411/27/1985- 1/23/2024
Beverage18— 183,323 185,539 90 — 183,323 185,629 368,952 69,119 1950- 20206/25/2010- 6/28/2022
Child Care362— 189,614 420,301 5,694 678 189,614 426,673 616,287 141,159 1949- 202312/22/1981- 1/23/2024
Consumer Appliances1— 4,275 29,317 31 — 4,275 29,348 33,623 789 2020- 20201/23/2024- 1/23/2024
Consumer Electronics35— 75,567 191,130 2,563 51 75,567 193,744 269,311 30,281 1984- 20216/9/1997- 1/23/2024
Consumer Goods10— 37,990 273,464 3,391 — 37,990 276,855 314,845 53,092 1987- 20131/22/2013- 1/23/2024
Convenience Stores2,562— 2,236,585 3,567,631 22,372 145 2,236,585 3,590,148 5,826,733 718,934 1922- 20243/3/1995- 11/22/2024
Crafts and Novelties65— 132,409 435,167 3,154 440 132,409 438,761 571,170 65,410 1973- 202211/26/1996- 12/27/2024
Diversified Industrial57— 122,404 575,538 15,525 — 122,404 591,063 713,467 55,020 1940- 20239/19/2012- 9/30/2024
Dollar Stores3,131— 978,226 2,818,117 8,246 9 978,226 2,826,372 3,804,598 637,617 1921- 20242/3/1998- 9/20/2024
Drug Stores633— 799,813 2,181,983 4,911 100 799,813 2,186,994 2,986,807 590,754 1958- 20159/30/1998- 9/30/2024
Education18— 28,124 66,515 1,912 81 28,124 68,508 96,632 18,580 1957- 200912/19/1984- 11/22/2022
Energy54— 49,545 184,352 1,281 — 49,545 185,633 235,178 9,662 1962- 202311/1/2021- 1/23/2024
Entertainment81— 228,807 641,817 31,797 — 228,807 673,614 902,421 38,835 1959- 20243/31/1999- 1/23/2024
Equipment Services47— 41,018 138,689 2,383 — 41,018 141,072 182,090 23,081 1965- 20227/3/2003- 1/23/2024
Financial Services343— 172,488 436,712 (2,946)97 172,488 433,863 606,351 116,020 1807- 20153/10/1987- 1/23/2024
Food Processing29— 81,722 442,292 1,195 — 81,722 443,487 525,209 33,825 1958- 202412/20/2012- 9/27/2024
General Merchandise295— 456,083 1,294,955 5,245 463 456,083 1,300,663 1,756,746 224,946 1954- 202412/23/1998- 12/27/2024
Gaming1— 419,464 1,277,403 — — 419,464 1,277,403 1,696,867 76,036 2019- 201912/1/2022- 12/1/2022
Grocery280— 606,141 1,573,347 6,493 325 606,141 1,580,165 2,186,306 328,332 1947- 20249/30/2003- 9/30/2024
Health and Beauty8— 6,696 49,339 8,149 — 6,696 57,488 64,184 9,729 1999- 20172/23/1999- 3/22/2023
Health and Fitness185— 465,108 1,992,348 22,628 172 465,108 2,015,148 2,480,256 450,780 1943- 20235/31/1995- 6/28/2024
Health Care52136,432 358,482 1,222,574 33,396 225 358,482 1,256,195 1,614,677 166,933 1922- 202312/18/1984- 11/21/2024
Home Furnishings227— 268,795 646,194 8,586 119 268,795 654,899 923,694 81,221 1947- 20241/24/1984- 1/23/2024
Home Improvement2876,965 701,886 1,376,021 26,788 63 701,886 1,402,872 2,104,758 218,431 1863- 202512/22/1986- 12/20/2024
Insurance2— 1,862 4,253 — — 1,862 4,253 6,115 284 2000- 200611/1/2021- 10/17/2022
Jewelry5— 5,367 58,688 — — 5,367 58,688 64,055 9,877 1997- 20081/22/2013- 11/1/2021
Machinery4— 6,577 69,225 86 — 6,577 69,311 75,888 10,965 1969- 20217/31/2012- 3/22/2023
Motor Vehicle Dealerships89— 307,193 566,856 1,700 — 307,193 568,556 875,749 114,433 1962- 202311/29/2003- 12/23/2024
Office Supplies18— 21,116 50,542 1,150 339 21,116 52,031 73,147 9,910 1978- 20145/30/1997- 1/23/2024
Oil & Gas1— 800 1,242 — — 800 1,242 2,042 987 1999- 19992/9/2005- 2/9/2005
Other Manufacturing45— 69,697 374,706 3,505 240 69,697 378,451 448,148 35,439 1949- 20181/22/2013- 2/1/2024
Packaging3512272,777337,37052,849—72,777390,219462,99663,0111956- 20166/3/2011- 1/23/2024
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
Paper2$—$2,462$11,935$45$—$2,462$11,980$14,442$5,5442002- 20065/2/2011- 12/21/2012
Pet Supplies and Services146— 147,308 437,223 13,138 239 147,308 450,600 597,908 73,500 1945- 202312/22/1981- 12/9/2024
Restaurants-Casual919— 734,414 1,570,012 2,518 1,359 734,414 1,573,889 2,308,303 307,751 1927- 20235/16/1984- 9/30/2024
Restaurants-Quick Service2,084— 1,021,288 2,089,131 1,815 174 1,021,288 2,091,120 3,112,408 406,441 1926- 202412/9/1976- 8/21/2024
Shoe Stores6— 6,992 41,985 341 215 6,992 42,541 49,533 15,778 1990- 20083/26/1998- 12/22/2021
Sporting Goods66— 148,498 421,993 6,223 178 148,498 428,394 576,892 75,236 1950- 202010/17/2001- 1/23/2024
Telecommunications7— 9,163 13,932 683 11 9,163 14,626 23,789 3,769 1964- 20166/26/1998- 1/23/2024
Theaters 105— 276,852 784,839 10,968 — 276,852 795,807 1,072,659 320,017 1930- 20167/27/2000- 1/23/2024
Transportation Services95— 211,355 1,171,336 23,831 402 211,355 1,195,569 1,406,924 295,977 1967- 20204/1/2003- 1/23/2024
Warehousing and Storage2— 1,442 15,178 — — 1,442 15,178 16,620 3,823 1979- 20071/22/2013- 11/1/2021
Wholesale Club68— 351,490 887,814 22 — 351,490 887,836 1,239,326 212,968 1985- 20219/30/2011- 1/23/2024
Other US31— 73,313 182,468 14,436 — 73,313 196,904 270,217 15,149 1970- 20218/18/1986- 11/21/2024
Europe
Apparel7— 79,550 197,647 30 — 79,550 197,677 277,227 9,959 1950- 20054/19/2021- 10/11/2024
Automotive Parts2— 3,854 7,604 50 — 3,854 7,654 11,508 505 1980- 19966/17/2022- 9/28/2023
Automotive Tire Services3— 1,678 5,117 — — 1,678 5,117 6,795 776 1974- 19943/9/2021- 3/9/2021
Consumer Electronics3— 13,345 39,080 998 — 13,345 40,078 53,423 2,111 1997- 20063/4/2022- 5/14/2024
Convenience Stores3— 12,480 6,423 — — 12,480 6,423 18,903 729 1982- 202112/21/2021- 9/20/2023
Diversified Industrial5— 28,998 56,823 923 — 28,998 57,746 86,744 3,805 1980- 20207/22/2021- 3/30/2023
Drug Stores1— — — — — — — — — 1990- 19901/31/2023- 1/31/2023
Energy1— 9,398 10,494 — — 9,398 10,494 19,892 889 2020- 20201/13/2022- 1/13/2022
Entertainment1— 22,376 35,271 3 — 22,376 35,274 57,650 4,186 1993- 19931/13/2022- 1/13/2022
Food Processing7— 32,909 89,288 2,474 — 32,909 91,762 124,671 7,364 1950- 202111/30/2021- 2/23/2023
Financial Services1— 130,747 21,020 — — 130,747 21,020 151,767 82 1934- 193411/12/2024- 11/12/2024
General Merchandise26— 205,983 290,261 2,057 — 205,983 292,318 498,301 20,452 1980- 20238/25/2021- 6/14/2024
Grocery19337,752 1,615,207 2,558,715 7,846 — 1,615,207 2,566,561 4,181,768 277,955 1800- 20245/23/2019- 12/12/2024
Health and Fitness2— 28,602 27,966 631 — 28,602 28,597 57,199 2,765 2004- 20203/24/2022- 1/31/2023
Health Care6— 26,696 51,455 9 — 26,696 51,464 78,160 5,397 1969- 20063/23/2020- 9/7/2022
Home Furnishings14— 99,109 145,122 562 — 99,109 145,684 244,793 12,827 1980- 20194/9/2021- 7/2/2024
Home Improvement98— 768,054 1,001,091 3,078 — 768,054 1,004,169 1,772,223 98,592 1890- 20247/31/2020- 12/11/2024
Motor Vehicle Dealerships3— 16,094 27,663 — — 16,094 27,663 43,757 2,953 1990- 20052/11/2022- 9/27/2022
Other Manufacturing3— 47,157 15,319 — — 47,157 15,319 62,476 1,034 1912- 19684/6/2022- 8/13/2024
Restaurants-Quick Service29— 11,099 22,640 — — 11,099 22,640 33,739 412 1990- 20163/17/2021- 12/16/2024
Sporting Goods92— 249,047 448,187 3,092 — 249,047 451,279 700,326 26,500 1950- 20218/5/2022- 12/28/2023
Theaters 2— 18,370 41,944 — — 18,370 41,944 60,314 158 1990- 201112/18/2019- 11/27/2024
Transportation Services4— 19,899 28,108 6,037 — 19,899 34,145 54,044 1,990 1970- 20231/6/2022- 6/7/2024
Warehousing and Storage1— 51,819 48,078 8 — 51,819 48,086 99,905 5,208 2002- 20023/11/2021- 3/11/2021
Wholesale Club8— 53,133 96,033 — — 53,133 96,033 149,166 8,089 1966- 200210/28/2022- 2/9/2024
Other Europe7— 107,576 — 115,628 — 107,576 115,628 223,204 — — - —4/27/2023- 7/29/2024
15,622$81,271$17,374,585$40,456,911$562,352$7,386$17,374,585$41,026,649$58,401,234$7,396,924
Note 1.
Realty Income Corporation owns or holds interests in 14,922 single-client properties in the U.S., our corporate headquarters property in San Diego, California, 220 single-tenant properties in the U.K., and 168 single-client properties elsewhere in Europe. Crest Net Lease, Inc. owns six single-client properties in the U.S.

Realty Income Corporation also owns or holds interests in 171 multi-client properties in the U.S., 119 multi-tenant properties in the U.K., and 15 multi-client properties elsewhere in Europe.
Note 2.
Includes mortgages payable secured by 17 properties and excludes unamortized net premiums and discounts and deferred financing costs of $0.5 million.
Note 3.
The aggregate cost for federal income tax purposes for Realty Income Corporation is $66.2 billion and for Crest Net Lease, Inc. is $25.4 million.
Note 4.The following is a reconciliation of total real estate carrying value for the years ended December 31 (in thousands):202420232022
Balance at beginning of period$49,642,486 $42,689,699 $35,952,659 
Additions during period:
Acquisitions and development3,200,339 7,239,885 8,021,159 
Merger additions (1)
6,838,500 — — 
Less amounts allocated to acquired lease intangible assets and liabilities(253,904)(484,096)(625,730)
Improvements122,887 54,904 99,484 
Other (leasing costs and building adjustments) (2)
46,484 49,504 97,482 
Total additions9,954,306 6,860,197 7,592,395 
Deductions during period:
Cost of real estate sold658,645 125,166 402,386 
Cost of equipment sold24 11 — 
Releasing costs— — 53 
Other (3)
275,324 111,851 39,463 
Total deductions933,993 237,028 441,902 
Foreign currency translation(261,565)329,618 (413,453)
Balance at end of period$58,401,234 $49,642,486 $42,689,699 
(1) Represents acquired assets from the Merger. For further information, see note 2, Merger with Spirit Realty Capital, Inc., to our consolidated financial statements.
(2) The year ended December 31, 2024 includes contributions to $46.5 million of RI LP Op Units. The year ended December 31, 2023 includes contributions to joint ventures of $38.4 million and reclassification of $11.3 million right of use assets under finance leases. The year ended December 31, 2022 includes $3.3 million right of use assets under finance leases, $43.0 million mortgage assumption, and $51.2 million RI LP Op Units.
(3) The year ended December 31, 2024 includes $7.7 million for building razed and $267.6 million of impairment, excluding impairment of depreciation, in-place and above-market leases. The year ended December 31, 2023 includes $14.0 million for building razed and $97.5 million of impairment, excluding impairment of depreciation, in-place and above-market leases. The year ended December 31, 2022 includes $13.6 million for building razed and $25.9 million of impairment.
Note 5.The following is a reconciliation of accumulated depreciation for the years ended (in thousands):202420232022
Balance at Beginning of Period$6,096,736 $4,908,658 $3,963,753 
Additions During Period - Provision for Depreciation1,508,492 1,233,709 1,028,182 
Deductions During Period:
Accumulated depreciation of real estate and equipment sold or disposed of197,932 57,609 73,913 
Foreign Currency Translation(10,372)11,978 (9,364)
Balance at Close of Period$7,396,924 $6,096,736 $4,908,658 
Please see note 1, Summary of Significant Accounting Policies, to our consolidated financial statements for information regarding lives used for depreciation and amortization.
Note 6.
In 2024, provisions for impairment were recorded on 237 Realty Income properties.
In 2023, provisions for impairment were recorded on 112 Realty Income properties.
In 2022, provisions for impairment were recorded on 94 Realty Income properties.
See report of independent registered public accounting firm.