Stockholders' Equity

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

A.Common Stock

We pay monthly distributions to our common stockholders. The following is a summary of monthly distributions paid

per common share for the periods indicated below:

	Six months ended June 30,
Month	2026	2025
January	$0.2700	$0.2640
February	0.2700	0.2640
March	0.2700	0.2680
April	0.2705	0.2685
May	0.2705	0.2685
June	0.2705	0.2685
Total	$1.6215	$1.6015

As of June 30, 2026, a distribution of $0.2710 per common share was payable and was paid in July 2026.

B.At-the-Market ("ATM") Program

In May 2026, we replaced our prior ATM program with a new ATM program, pursuant to which we may offer and sell

up to 150.0 million shares of common stock (1) by us to, or through, a consortium of banks acting as our sales

agents or (2) by a consortium of banks acting as forward sellers on behalf of any forward purchasers contemplated

thereunder, in each case by means of ordinary brokers' transactions on the NYSE under the ticker symbol "O" at

prevailing market prices or at negotiated prices. The current ATM program permits us to enter into both contingent

and non-contingent forward sale agreements. Under certain forward sale agreements, the applicable forward

purchaser may elect whether to exercise a purchase contingency (the "Contingency"), and any unexercised

Contingency is automatically exercised at expiration if the market price exceeds the applicable forward price. We

may receive a contingency premium in connection with such arrangements. Upon settlement, subject to certain

exceptions, we may elect, in our sole discretion, to cash settle or net share settle all or any portion of our obligations

under any forward sale agreements, in which cases we may not receive any proceeds (in the case of cash

settlement) or will not receive any proceeds (in the case of net share settlement), and we may owe cash (in the

case of cash settlement) or shares of our common stock (in the case of net share settlement) to the relevant forward

purchaser. As of June 30, 2026, we had 138.9 million shares remaining available for future issuance under our ATM

program. We anticipate maintaining the availability of our ATM program in the future, including by replenishing the

authorized shares issuable thereunder.

The following table outlines common stock issuances pursuant to our ATM programs (dollars in millions, shares in

thousands):

	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Shares of common stock issued under the ATM program (1)	13,655	11,150	13,655	22,381
Gross proceeds	$840.0	$628.7	$840.0	$1,260.7
Sales agents' commissions and other offering expenses	(15.7)	(6.5)	(15.9)	(13.7)
Net proceeds	$824.3	$622.2	$824.1	$1,247.0

(1) During the three and six months ended June 30, 2026, 13.9 million and 22.1 million shares were sold, respectively. As of June 30, 2026, 21.1

million shares of common stock subject to forward sale confirmations have been executed, but not settled, at a weighted average initial gross

price of $60.14 per share. We currently expect to fully settle forward sale agreements outstanding by September 30, 2026, representing $1.2

billion in net proceeds, for which the weighted average forward price as of June 30, 2026 was $58.34 per share.

C.Dividend Reinvestment and Stock Purchase Plan ("DRSPP")

Our DRSPP provides our common stockholders with a convenient and economical method of purchasing our

common stock and reinvesting their distributions. It also allows our current stockholders to buy additional shares of

common stock by reinvesting all or a portion of their distributions. Our DRSPP authorizes up to 26.0 million common

shares to be issued. As of June 30, 2026, we had 10.4 million shares remaining for future issuance under our

DRSPP program.

The following table outlines common stock issuances pursuant to our DRSPP program (dollars in millions, shares in

thousands):

	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Shares of common stock issued under the DRSPP program	48	50	99	107
Gross proceeds	$3.0	$2.8	$6.1	$5.9

D.Repurchases of Common Stock

We repurchased 1.8 million shares of our common stock during the six months ended June 30, 2026 for an

aggregate cost of $101.9 million. As of June 30, 2026, there was $1.9 billion remaining under the share repurchase

program authorized by the Board of Directors, which expires in January 2028.