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Notes Payable
 3 Months Ended
Mar. 31, 2026
Notes Payable  
Debt  
Debt Notes Payable
A.    General
As of March 31, 2026, 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 following are sorted by maturity date (in thousands):
Carrying Value (USD) as of
Maturity DatesPrincipal (Currency Denomination)March 31, 2026December 31, 2025
5.050% Notes due 2026
January 13, 2026$500,000 $— $500,000 
0.750% Notes due 2026
March 15, 2026$325,000 — 325,000 
4.875% Notes due 2026
June 1, 2026$599,997 599,997 599,997 
4.450% Notes due 2026
September 15, 2026$299,968 299,968 299,968 
4.125% Notes due 2026
October 15, 2026$650,000 650,000 650,000 
1.875% Notes due 2027 (1)
January 14, 2027£250,000 330,420 336,400 
3.000% Notes due 2027
January 15, 2027$600,000 600,000 600,000 
3.200% Notes due 2027
January 15, 2027$299,984 299,984 299,984 
1.125% Notes due 2027 (1)
July 13, 2027£400,000 528,672 538,240 
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
March 15, 2028$449,994 449,994 449,994 
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 
3.500% Convertible Notes due 2029 (2)
January 15, 2029$862,500 862,500 — 
3.950% Notes due 2029
February 1, 2029$400,000 400,000 400,000 
4.750% Notes due 2029
February 15, 2029$450,000 450,000 450,000 
Carrying Value (USD) as of
Maturity DatesPrincipal (Currency Denomination)March 31, 2026December 31, 2025
3.250% Notes due 2029
June 15, 2029$500,000 500,000 500,000 
4.000% Notes due 2029
July 15, 2029$399,999 399,999 399,999 
5.000% Notes due 2029 (1)
October 15, 2029£350,000 462,588 470,960 
3.100% Notes due 2029
December 15, 2029$599,291 599,291 599,291 
3.400% Notes due 2030
January 15, 2030$500,000 500,000 500,000 
4.850% Notes due 2030
March 15, 2030$600,000 600,000 600,000 
3.160% Notes due 2030
June 30, 2030£140,000 185,035 188,384 
4.875% Notes due 2030 (1)
July 6, 2030€550,000 632,742 645,711 
1.625% Notes due 2030 (1)
December 15, 2030£400,000 528,672 538,240 
3.250% Notes due 2031
January 15, 2031$950,000 950,000 950,000 
3.200% Notes due 2031
February 15, 2031$449,995 449,995 449,995 
3.375% Notes due 2031 (1)
June 20, 2031€650,000 747,786 763,113 
5.750% Notes due 2031 (1)
December 5, 2031£300,000 396,504 403,680 
2.700% Notes due 2032
February 15, 2032$350,000 350,000 350,000 
3.180% Notes due 2032
June 30, 2032£345,000 455,980 464,232 
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 
4.500% Notes due 2033
February 1, 2033$400,000 400,000 400,000 
1.800% Notes due 2033
March 15, 2033$400,000 400,000 400,000 
1.750% Notes due 2033 (1)
July 13, 2033£350,000 462,588 470,960 
4.900% Notes due 2033
July 15, 2033$600,000 600,000 600,000 
5.125% Notes due 2034
February 15, 2034$800,000 800,000 800,000 
2.730% Notes due 2034
May 20, 2034£315,000 416,329 423,864 
5.125% Notes due 2034 (1)
July 6, 2034€550,000 632,742 645,711 
5.875% Bonds due 2035
March 15, 2035$250,000 250,000 250,000 
5.125% Notes due 2035
April 15, 2035$600,000 600,000 600,000 
3.875% Notes due 2035 (1)
June 20, 2035€650,000 747,786 763,113 
3.390% Notes due 2037
June 30, 2037£115,000 151,993 154,744 
6.000% Notes due 2039 (1)
December 5, 2039£450,000 594,756 605,520 
5.250% Notes due 2041 (1)
September 4, 2041£350,000 462,588 470,960 
2.500% Notes due 2042 (1)
January 14, 2042£250,000 330,420 336,400 
4.650% Notes due 2047
March 15, 2047$550,000 550,000 550,000 
5.375% Notes due 2054
September 1, 2054$500,000 500,000 500,000 
Total principal amount$25,228,632 $25,343,763 
Unamortized net discounts and deferred financing costs(316,720)(311,816)
 $24,911,912 $25,031,947 
(1) Interest paid annually. Interest on the remaining senior unsecured notes and bond obligations included in the table is paid semi-annually.
(2) Please refer to Convertible Bond Issuance below for more details.
The following table summarizes the maturity of our notes and bonds payable as of March 31, 2026, excluding unamortized net discounts, deferred financing costs (dollars in millions):
Year of MaturityPrincipal
2026$1,550.0 
20272,358.9
20282,499.8
20293,674.4
20302,446.4
Thereafter12,699.1
Total$25,228.6 
As of March 31, 2026, the weighted average interest rate on our notes and bonds payable was 3.9% and the weighted average remaining years until maturity was 5.9 years.
Interest incurred on the notes and bonds was $244.3 million and $219.9 million for the three months ended March 31, 2026 and 2025, respectively.
Our outstanding notes and bonds are unsecured; accordingly, we have not pledged any assets as collateral for these or any other obligations.
The 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. As of March 31, 2026, we were in compliance with these covenants.
B.    Convertible Bond Issuance
In January 2026, we issued $862.5 million principal amount of 3.500% convertible senior notes due January 2029 in a private offering, resulting in net proceeds of approximately $845.1 million. We used approximately $101.9 million of the net proceeds to repurchase approximately 1.8 million shares of our common stock concurrently with the pricing of the offering. The notes are senior, unsecured obligations of Realty Income and accrue interest at a rate of 3.500% per annum, payable semi-annually in arrears. The notes will mature on January 15, 2029, unless earlier repurchased, redeemed or converted. Before October 15, 2028, noteholders have the right to convert their notes only upon the occurrence of certain events, including when the Company's stock price exceeds 130% of the applicable conversion price for a specified period, or upon the occurrence of certain corporate events, including a fundamental change. From and after October 15, 2028, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. Upon conversion, we are required to settle the principal amount in cash and may, at our election, settle any conversion premium in cash, shares of our common stock, or a combination thereof, based on the applicable conversion rate. The initial conversion rate is 14.4051 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $69.42 per share of common stock. The conversion rate will be subject to adjustment upon the occurrence of certain events, including specified make-whole fundamental change events as defined in the indenture.
C.    Note Repayments
During the three months ended March 31, 2026, we repaid the following notes, plus accrued and unpaid interest, upon maturity:
2026 RepaymentsDate of IssuanceMaturity DatePrincipal amount
(in millions)
5.050% Notes
January 2023January 2026$500.0 
0.750% Notes
December 2020March 2026$325.0