3 unchanged sentences
In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
−Removed: As of and for the year ended December 31, 2019, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, under the supervision and with the participation of management, including our Chief Executive Officer and Principal Financial Officer.
−Removed: Based on the foregoing, our Chief Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures were effective and were operating at a reasonable assurance level.
+Added: As of and for the year ended December 31, 2020, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer.
+Added: Based on the foregoing, our Chief Executive Officer and Chie f Financial Officer concluded that our disclosure controls and procedures were effective and were operating at a reasonable assurance level.
Management’s Report on Internal Control Over Financial Reporting
9 unchanged sentences
Sumit Roy, President, Chief Executive Officer
−Removed: Nugent, Principal Financial Officer and Treasurer
+Added: Kelly, Executive Vice President, Chief Financial Officer, and Treasurer
Changes in Internal Controls
79 unchanged sentences
033-69410) and incorporated herein by reference).
−Removed: Form of 5.750% Notes due 2021 (filed as exhibit 4.2 to Company’s Form 8-K, filed on June 29, 2010 (File No.
−Removed: 001-13374) and incorporated herein by reference).
−Removed: Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as Successor Trustee, establishing a series of securities entitled 5.750% Notes due 2021 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on June 29, 2010 (File No.
−Removed: 001-13374) and incorporated herein by reference).
4.4 Form of Common Stock Certificate (filed as exhibit 4.16 to the Company’s Form 10-Q for the quarter ended September 30, 2011, filed on October 28, 2011 (File No.
001-13374) and incorporated herein by reference).
−Removed: Form of 3.250% Note due 2022 (filed as exhibit 4.3 to Company’s Form 8-K, filed on October 10, 2012 (File No.
−Removed: 001-13374) and incorporated herein by reference).
−Removed: Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee, establishing a series of securities entitled “2.000% Notes due 2018” and establishing a series of securities entitled “3.250% Notes due 2022” (filed as exhibit 4.4 to the Company’s Form 8-K, filed on October 10, 2012 (File No.
−Removed: 001-13374) and incorporated herein by reference).
4.5 Form of 4.650% Note due 2023 (filed as exhibit 4.2 to Company’s Form 8-K, filed on July 16, 2013 (File No.
14 unchanged sentences
4.17 Form of 4.650% Note due 2047 (filed as exhibit 4.4 to Company’s Form 8-K, filed on December 6, 2017 and incorporated herein by reference).
−Removed: Form of 4.650% Note due 2047 (filed as exhibit 4.4 to Company’s Form 8-K, filed on December 6, 2017 and incorporated herein by reference).
−Removed: Officers’ Certificate pursuant to Sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee, establishing a series of securities entitled “3.650% Notes due 2028” and re-opening a series of securities entitled “3.250% Notes due 2022” and “4.650% Notes due 2047.” (filed as exhibit 4.5 to the Company’s Form 8-K, filed on December 6, 2017 and incorporated herein by reference).
4.18 Form of 3.875% Note due 2025 (filed as exhibit 4.2 to Company’s Form 8-K, filed on April 4, 2018 and incorporated herein by reference).
3 unchanged sentences
4.21 Officers’ Certificate pursuant to Sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee, establishing a series of securities entitled “3.250% Notes due 2029." (filed as exhibit 4.3 to the Company's Form 8-K, filed on June 19, 2019 and incorporated herein by reference).
−Removed: Description of the Company's Securities.
+Added: 4.22* Description of Securities.
+Added: 4.23 Form of 3.250% Note due 2031 (filed as exhibit 4.2 to the Company’s Form 8-K, filed on May 8, 2020 and incorporated herein by reference).
+Added: 4.24 Form of 3.250% Note due 2031 (filed as exhibit 4.2 to the Company's Form 8-K, filed on July 16, 2020 and incorporated herein by reference).
+Added: 4.25 Officers' Certificate, dated May 8, 2020, pursuant to Sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee, establishing a series of securities entitled "3.250% Notes due 2031." (filed as exhibit 4.3 to the Company's Form 8-K, filed on May 8, 2020, and incorporated herein by reference).
+Added: 4.26 Officers' Certificate, dated July 16, 2020, pursuant to Sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee, re-opening a series of securities entitled "3.250% Notes due 2031." (filed as exhibit 4.3 to the Company's Form 8-K, filed on July 16, 2020, and incorporated herein by reference).
+Added: 4.27 Form of 1.625% Note due 2030 (filed as exhibit 4.2 to the Company’s Form 8-K, filed on October 1, 2020 and incorporated herein by reference).
+Added: 4.28 Officers’ Certificate dated October 1, 2020 pursuant to Sections 201, 301 and 303 of the Indenture dated as of October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee, establishing a series of securities entitled “1.625% Notes due 2030” (filed as an Exhibit 4.3 to the Company’s Form 8-K, filed on October 1, 2020 and incorporated herein by reference).
+Added: 4.29 Form of 0.750% Note due 2026 (filed as exhibit 4.2 to the Company’s Form 8-K, filed on December 14, 2020 and incorporated herein by reference).
+Added: 4.30 Form of 1.800% Note due 2033 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on December 1 4 , 2020 and incorporated herein by reference).
+Added: 4.31 Officers’ Certificate dated December 14, 2020 pursuant to Sections 201, 301 and 303 of the Indenture dated as of October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee, establishing a series of debt securities entitled “0.750% Notes due 2026” and a series of debt securities entitled “1.800% Notes due 2033” (filed as an Exhibit 4.4 to the Company's Form 8-K, filed on December 14, 2020 and incorporated herein by reference).
Material Contracts
12 unchanged sentences
001-13374) and incorporated herein by reference).
−Removed: Form of Restricted Stock Agreement for John P.
−Removed: Case (filed as exhibit 10.1 to the Company’s Form 10-Q, for the quarter ended March 31, 2010, filed on April 29, 2010 (File No.
−Removed: 001-13374) and incorporated herein by reference).
10.8+ Realty Income Corporation 2012 Incentive Award Plan (filed as Appendix B to the Company’s Proxy Statement on Schedule 14A filed on March 30, 2012 and incorporated herein by reference).
3 unchanged sentences
001-13374) and incorporated herein by reference).
−Removed: The First Amendment to Amended and Restated Credit Agreement among the Company, as Borrower, each of the Lenders party thereto and Wells Fargo Bank, National Association, as Administrative Agent (filed as exhibit 10.1 to the Company’s Form 8-K, filed on June 3, 2013 (File No.
−Removed: 001-13374) and incorporated herein by reference).
10.11+ Form of Amendment to Employment Agreement (filed as exhibit 10.1 to the Company’s Form 8-K, filed on June 19, 2013 (File No.
2 unchanged sentences
001-13374) and incorporated herein by reference).
−Removed: The Second Amendment to Amended and Restated Credit Agreement among the Company, as Borrower, each of the Lenders party thereto and Wells Fargo Bank, National Association, as Administrative Agent (filed as exhibit 10.1 to the Company’s Form 8-K, filed on August 28, 2013 (File No.
−Removed: 001-13374) and incorporated herein by reference).
−Removed: Form of Time-Based Restricted Stock Agreement for John P.
−Removed: Case dated September 3, 2013 (filed as exhibit 10.7 to the Company’s Form 10-Q, for the quarter ended September 30, 2013 (File No.
−Removed: 001-13374) and incorporated herein by reference).
−Removed: Form of Performance-Based Restricted Stock Agreement for John P.
−Removed: Case dated September 26, 2013 (filed as exhibit 10.8 to the Company’s Form 10-Q, for the quarter ended September 30, 2013 (File No.
−Removed: 001-13374) and incorporated herein by reference).
−Removed: The Third Amendment to Amended and Restated Credit Agreement among the Company, as Borrower, each of the Lenders party thereto and Wells Fargo Bank, National Association, as Administrative Agent (filed as exhibit 10.1 to the Company’s Form 8-K, filed on October 29, 2013 (File No.
−Removed: 001-13374) and incorporated herein by reference).
−Removed: Severance Agreement for Gary M.
−Removed: Malino (filed as exhibit 10.2 to the Company’s Form 10-Q, filed on October 30, 2014 and incorporated herein by reference).
10.13+ Amended and Restated Form Indemnification Agreement, between the Company and each executive officer and each director of the Board of Directors of the Company (filed as exhibit 10.1 to the Company’s Form 8-K, filed on October 30, 2014 and incorporated herein by reference).
10 unchanged sentences
10.21+ Second Amendment to Realty Income Corporation 2012 Incentive Award Plan (filed as exhibit 10.1 to the Company’s Form 8-K, filed on February 17, 2017 and incorporated herein by reference).
−Removed: Amended and Restated Employment Agreement dated February 14, 2017 between the Company and John P.
−Removed: Case (filed as exhibit 10.2 to the Company’s Form 10-Q for the period ended March 31, 2017 and incorporated herein by reference).
10.22+ Form of Performance Share Award Agreement (filed as exhibit 10.3 to the Company’s Form 10-Q for the quarter ended March 31, 2017 and incorporated herein by reference).
−Removed: Severance Agreement and General Release for John P.
−Removed: Case dated October 16, 2018 (filed as exhibit 10.1 to the Company's Form 8-K, filed on October 17, 2018 and incorporated herein by reference).
−Removed: Credit Agreement dated October 24, 2018 (filed as exhibit 10.1 to the Company’s Form 8-K, filed on October 26, 2018 and incorporated herein by reference).
10.23+ Realty Income Executive Severance Plan dated January 15, 2019 (filed as exhibit 10.1 to the Company's Form 8-K, filed on January 18, 2019 and incorporated herein by reference).
1 unchanged sentence
10.25 Second Amended and Restated Credit Agreement dated August 7, 2019 (filed as exhibit 10.1 to the Company's Form 8-K, filed on August 12, 2019 and incorporated herein by reference).
+Added: 10.26+ Severance Agreement and General Release dated January 29, 2020 (filed as exhibit 10.1 to the Company's Form 8-K, filed on January 30, 2020 and incorporated herein by reference).
+Added: 10.27+ Participation Agreement to Realty Income Executive Severance Plan, dated as of October 12, 2020, by and between Realty Income Corporation and Christie B.
+Added: (filed as exhibit 10.1 to the Company’s Form 8-K, filed on October 13, 2020 and incorporated herein by reference) .
Subsidiaries of the Registrant
5 unchanged sentences
33-8212 and 34-47551.
−Removed: Rule 13a-14(a) Certifications as filed by the Principal Financial Officer pursuant to SEC release No.
+Added: 31.2* Rule 13a-14(a) Certifications as filed by the Chief Financial Officer pursuant to SEC release No.
33-8212 and 34-47551.
−Removed: Section 1350 Certifications as furnished by the Chief Executive Officer and the Principal Financial Officer pursuant to SEC release No.
+Added: 32* Section 1350 Certifications as furnished by the Chief Executive Officer and the Chief Financial Officer pursuant to SEC release No.
33-8212 and 34-47551.
4 unchanged sentences
* Filed herewith.
+Added: + Indicates a management contract or compensatory plan or arrangement.
Pursuant to the requirements of Section 13 or 15(d) the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
REALTY INCOME CORPORATION
+Added: /s/SUMIT ROY Date:
February 23, 2021
6 unchanged sentences
February 23, 2021
−Removed: LARRY CHAPMAN
+Added: LARRY CHAPMAN Date:
February 23, 2021
1 unchanged sentence
/s/REGINALD H.
+Added: GILYARD Date:
February 23, 2021
−Removed: /s/PRIYA CHERIAN HUSKINS
+Added: /s/PRIYA CHERIAN HUSKINS Date:
February 23, 2021
Priya Cherian Huskins
−Removed: /s/CHRISTIE B.
−Removed: February 24, 2020
/s/GERARDO I.
1 unchanged sentence
/s/GREGORY T.
+Added: MCLAUGHLIN Date:
February 23, 2021
+Added: MERRIMAN Date:
February 23, 2021
+Added: /s/SUMIT ROY Date:
February 23, 2021
1 unchanged sentence
(Principal Executive Officer)
+Added: /s/CHRISTIE B.
February 23, 2021
−Removed: Principal Financial Officer and Treasurer
+Added: Executive Vice President, Chief Financial Officer and Treasurer
+Added: (Principal Financial Officer)
+Added: February 23, 2021
+Added: Senior Vice President, Controller
(Principal Accounting Officer)
2 unchanged sentences
AS OF DECEMBER 31, 2020
−Removed: Initial Cost to Company
−Removed: Cost Capitalized Subsequent to Acquisition
−Removed: Gross Amount at Which Carried at Close of Period (Notes 3, 4 and 6)
−Removed: Number of Properties (Note 1)
−Removed: Encumbrances (Note 2)
−Removed: Buildings, Improvements and Acquisition Fees
−Removed: Carrying Costs
−Removed: Buildings, Improvements and Acquisition Fees
−Removed: Accumulated Depreciation (Note 5)
−Removed: Date of Construction
−Removed: Date Acquired
−Removed: Life on which depreciation in latest Income Statement is Computed (in Years)
−Removed: 6/20/2011-6/27/2013
+Added: Initial Cost to Company Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period (Notes 3, 4 and 6)
+Added: Description Number of Properties (Note 1) Encumbrances (Note 2) Land Buildings, Improvements and Acquisition Fees Improvements Carrying Costs Land Buildings, Improvements and Acquisition Fees Total Accumulated Depreciation (Note 5) Date of Construction Date Acquired Life on which depreciation in latest Income Statement is Computed (in Years)
+Added: Aerospace 5 12,811,485 6,890,774 110,783,380 222,669 — 6,890,774 111,006,049 117,896,823 32,439,224 1994-2013 6/20/2011-6/27/2013 25 - 35
Apparel stores 37 13,925,000 73,267,619 183,914,767 3,472,987 199,362 73,267,619 187,587,116 260,854,735 48,433,166 1970-2012 10/30/1987-10/6/2020 4 - 25
−Removed: 10/30/1987-12/2/2019
Automotive collision services 83 — 59,995,209 140,125,701 1,800,680 10,000 59,995,209 141,936,381 201,931,590 33,434,601 1928-2020 8/30/2002-7/7/2020 19 - 25
−Removed: 8/30/2002-6/11/2019
Automotive parts 251 — 98,784,470 252,803,413 4,702,685 826,885 98,784,470 258,332,983 357,117,453 73,960,839 1969-2020 8/6/1987-10/28/2020 15 - 25
−Removed: 8/6/1987-12/4/2019
Automotive service 319 — 156,569,614 244,468,843 513,914 147,524 156,569,614 245,130,281 401,699,895 73,360,221 1920-2019 10/2/1985-12/23/2020 14 - 25
−Removed: 10/2/1985-12/2/2019
Automotive tire services 202 — 126,835,381 234,004,107 727,127 97,335 126,835,381 234,828,569 361,663,950 123,637,853 1947-2017 11/27/1985-12/14/2020 10 - 25
−Removed: 8/28/1985-12/2/2019
−Removed: 6/25/2010-12/15/2011
−Removed: 12/22/1981-10/25/2019
−Removed: Consumer appliances
−Removed: 7/31/2012-12/27/2019
+Added: Beverages 20 — 217,138,252 174,982,150 — 147 217,138,252 174,982,297 392,120,549 44,754,449 1992-2020 6/25/2010-11/9/2020 25- 35
+Added: Book Stores 1 — 998,250 3,696,707 129,751 79 998,250 3,826,537 4,824,787 3,590,046 1996 3/11/1997 25
+Added: Child care 278 — 98,644,904 221,368,767 5,240,741 901,323 98,644,904 227,510,831 326,155,735 109,437,582 1958-2018 12/22/1981-10/30/2020 4 - 25
Consumer electronics 12 — 22,731,086 28,326,134 939,944 51,616 22,731,086 29,317,694 52,048,780 12,093,963 1992-2003 6/9/1997-12/7/2020 23 - 25
−Removed: 6/9/1997-11/3/2017
Consumer goods 4 — 7,663,458 124,173,738 894,295 — 7,663,458 125,068,033 132,731,491 26,065,011 1987-2011 1/22/2013-9/22/2015 34 - 35
−Removed: 1/22/2013-9/22/2015
Convenience stores 1,255 — 1,067,078,213 1,402,601,795 ( 598,228 ) 145,384 1,067,078,213 1,402,148,951 2,469,227,164 368,222,563 1949-2020 3/3/1995-10/30/2020 5 - 25
−Removed: 1,047,085,568
−Removed: 1,333,428,902
−Removed: 1,047,085,568
−Removed: 1,332,840,824
−Removed: 2,379,926,392
−Removed: 3/3/1995-12/2/2019
Crafts and novelties 29 — 53,819,025 124,854,660 995,404 440,482 53,819,025 126,290,546 180,109,571 18,551,249 1974-2020 11/26/1996-9/29/2020 22 - 34
−Removed: 11/26/1996-12/2/2019
Diversified industrial 8 9,790,000 12,501,884 140,181,089 139,970 — 12,501,884 140,321,059 152,822,943 21,274,393 1987-2015 9/19/2012-10/30/2020 25 - 35
−Removed: 9/19/2012-2/3/2016
Dollar stores 1,337 11,127,000 436,860,261 1,283,734,718 1,749,982 8,879 436,860,261 1,285,493,579 1,722,353,840 302,143,582 1935-2020 2/3/1998-11/6/2020 21 - 25
−Removed: 1,249,436,205
−Removed: 1,250,904,369
−Removed: 1,679,124,970
−Removed: 2/3/1998-12/20/2019
−Removed: 1,340,130,844
−Removed: 1,345,180,203
−Removed: 1,924,177,389
−Removed: 9/30/1998-12/16/2019
−Removed: 12/19/1984-6/28/2006
+Added: Drug stores 384 123,224,723 575,380,313 1,331,712,483 3,288,007 100,379 575,380,313 1,335,100,869 1,910,481,182 355,374,686 1965-2015 9/30/1998-12/16/2019 9 - 35
+Added: Education 13 — 5,689,836 19,699,816 389,722 130,135 5,689,836 20,219,673 25,909,509 16,215,093 1980-2000 12/19/1984-6/28/2006 12 - 25
Electric utilities 1 — 1,450,000 9,209,989 — — 1,450,000 9,209,989 10,659,989 1,941,726 1983 8/30/2013 35
Entertainment 10 — 28,373,479 10,617,464 515,457 — 28,373,479 11,132,921 39,506,400 6,634,393 1989-1999 3/26/1998-9/11/2014 24 - 25
−Removed: 3/26/1998-9/11/2014
Equipment services 6 — 3,889,283 38,989,570 650,489 140 3,889,283 39,640,199 43,529,482 11,916,443 2000-2014 7/3/2003-12/2/2019 25 - 35
−Removed: 7/3/2003-12/2/2019
Financial services 238 — 115,289,112 351,027,648 ( 4,403,463 ) 101,099 115,289,112 346,725,284 462,014,396 87,506,735 1807-2015 3/10/1987-6/29/2018 15 - 35
−Removed: 3/10/1987-6/29/2018
Food processing 6 28,533,002 13,025,055 151,759,842 210,468 — 13,025,055 151,970,310 164,995,365 25,524,794 1988-2019 4/1/2011-9/27/2019 25 - 35
−Removed: 4/1/2011-9/27/2019
General merchandise 122 — 199,207,356 619,215,984 ( 6,200,698 ) 557,868 199,207,356 613,573,154 812,780,510 81,974,326 1954-2020 8/6/1987-12/23/2020 15 - 35
−Removed: 8/6/1987-12/2/2019
Government services 16 — 8,093,555 121,520,749 3,517,744 — 8,093,555 125,038,493 133,132,048 29,653,734 1983-2011 9/17/2009-1/22/2013 25 - 35
−Removed: 9/17/2009-1/22/2013
Grocery stores 132 38,621,000 276,250,552 783,434,945 1,821,243 325,183 276,250,552 785,581,371 1,061,831,923 154,197,849 1948-2020 5/26/1988-12/22/2020 20 - 35
−Removed: 1,046,568,210
−Removed: 5/26/1988-12/16/2019
Health and beauty 2 — 2,475,474 43,935,914 — — 2,475,474 43,935,914 46,411,388 3,256,609 2005-2017 11/1/2006-4/13/2018 25 - 35
−Removed: 11/1/2006-4/13/2018
Health and fitness 103 — 251,062,948 1,054,810,217 7,735,262 172,145 251,062,948 1,062,717,624 1,313,780,572 262,990,060 1940-2019 5/31/1995-3/19/2020 23 - 25
−Removed: 1,244,903,452
−Removed: 5/31/1995-12/2/2019
−Removed: 9/9/1991-12/2/2019
+Added: Health care 66 — 51,510,133 298,522,788 4,046,245 1,285,766 51,510,133 303,854,799 355,364,932 66,121,271 1930-2018 9/9/1991-12/2/2019 16 - 35
Home furnishings 64 9,700,000 31,810,693 109,453,697 2,365,455 127,944 31,810,693 111,947,096 143,757,789 34,126,430 1968-2015 1/24/1984-1/13/2020 15 - 35
−Removed: 1/24/1984-12/2/2019
Home improvement 83 6,095,360 224,674,137 465,949,401 2,472,665 75,210 224,674,137 468,497,276 693,171,413 84,948,975 1950-2015 12/22/1986-11/23/2020 23 - 35
−Removed: 12/22/1986-12/2/2019
+Added: Insurance 1 — 634,343 6,331,030 — — 634,343 6,331,030 6,965,373 2,120,895 2012 8/28/2012 25
+Added: Jewelry 4 — — 8,268,989 — — — 8,268,989 8,268,989 2,632,294 2006-2008 1/22/2013 25
+Added: Machinery 1 — 1,630,917 12,938,430 — — 1,630,917 12,938,430 14,569,347 4,377,502 2010 7/31/2012 25
Motor vehicle dealerships 28 — 115,897,045 143,335,317 — 231 115,897,045 143,335,548 259,232,593 56,030,088 1975-2017 5/13/2004-3/29/2019 25
−Removed: 5/13/2004-3/29/2019
Office supplies 7 — 8,281,041 13,776,478 875,115 349,599 8,281,041 15,001,192 23,282,233 12,683,737 1995-2014 1/29/1997-12/2/2019 23 - 25
−Removed: 1/29/1997-12/2/2019
Other manufacturing 7 23,664,607 8,893,136 78,526,394 1,676,794 239,723 8,893,136 80,442,911 89,336,047 14,216,221 1989-2016 1/22/2013-12/21/2016 34 - 35
−Removed: 1/22/2013-12/21/2016
−Removed: 6/3/2011-12/20/2017
+Added: Packaging 10 1,809,877 20,323,553 163,114,123 2,480,121 — 20,323,553 165,594,244 185,917,797 33,290,751 1965-2016 6/3/2011-12/20/2017 25 - 35
REALTY INCOME CORPORATION AND SUBSIDIARIES
1 unchanged sentence
AS OF DECEMBER 31, 2020
−Removed: Initial Cost to Company
−Removed: Cost Capitalized Subsequent to Acquisition
−Removed: Gross Amount at Which Carried at Close of Period (Notes 3, 4 and 6)
−Removed: Number of Properties (Note 1)
−Removed: Encumbrances (Note 2)
−Removed: Buildings, Improvements and Acquisition Fees
−Removed: Carrying Costs
−Removed: Buildings, Improvements and Acquisition Fees
−Removed: Accumulated Depreciation (Note 5)
−Removed: Date of Construction
−Removed: Date Acquired
−Removed: Life on which depreciation in latest Income Statement is Computed (in Years)
−Removed: 5/2/2011-12/21/2012
+Added: Initial Cost to Company Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period (Notes 3, 4 and 6)
+Added: Description Number of Properties (Note 1) Encumbrances (Note 2) Land Buildings, Improvements and Acquisition Fees Improvements Carrying Costs Land Buildings, Improvements and Acquisition Fees Total Accumulated Depreciation (Note 5) Date of Construction Date Acquired Life on which depreciation in latest Income Statement is Computed (in Years)
+Added: Paper 2 — 2,462,414 11,934,685 44,760 — 2,462,414 11,979,445 14,441,859 3,834,776 2002-2006 5/2/2011-12/21/2012 25 - 35
Pet supplies and services 43 2,509,000 26,418,753 114,773,425 5,541,147 243,582 26,418,753 120,558,154 146,976,907 25,506,704 1950-2019 12/22/1981-11/24/2020 11 - 35
−Removed: 12/22/1981-12/31/2019
Restaurants - casual dining 263 — 225,489,972 416,077,090 ( 1,386,447 ) 1,936,522 225,489,972 416,627,165 642,117,137 126,891,240 1965-2018 5/16/1984-12/2/2019 10 - 40
−Removed: 3/12/1981-12/2/2019
Restaurants - quick service 907 — 434,309,094 806,191,905 865,353 212,582 434,309,094 807,269,840 1,241,578,934 178,660,444 1968-2019 12/9/1976-10/12/2020 11 - 26
−Removed: 1,211,751,263
−Removed: 12/9/1976-12/4/2019
−Removed: 3/26/1998-1/22/2013
+Added: Shoe stores 3 — 6,251,472 35,793,479 214,466 214,706 6,251,472 36,222,651 42,474,123 10,836,836 1996-2008 3/26/1998-1/22/2013 23 - 35
Sporting goods 20 — 34,594,645 101,810,538 997,950 178,206 34,594,645 102,986,694 137,581,339 29,388,411 1950-2016 10/17/2001-12/2/2019 19 - 25
−Removed: 5/1/1990-12/2/2019
Telecommunications 7 — 9,269,789 68,360,132 1,484,421 21,884 9,269,789 69,866,437 79,136,226 20,270,489 1990-2016 6/26/1998-12/10/2015 22 - 35
−Removed: 6/26/1998-12/10/2015
−Removed: 1,072,129,501
−Removed: 7/27/2000-8/13/2019
+Added: Theaters 78 — 227,724,561 742,442,923 8,987,908 270 227,724,561 751,431,101 979,155,662 212,038,075 1930-2014 7/27/2000-8/13/2019 21 - 25
Transportation services 44 — 102,948,288 800,700,134 3,051,181 401,593 102,948,288 804,152,908 907,101,196 177,461,019 1967-2016 4/1/2003-9/6/2016 25 - 35
−Removed: 4/1/2003-9/6/2016
Wholesale clubs 33 17,820,000 191,190,334 328,001,563 ( 3,889,900 ) — 191,190,334 324,111,663 515,301,997 107,718,055 1985-2015 9/30/2011-9/25/2020 25
−Removed: 9/30/2011-4/1/2014
−Removed: 5/29/1984-9/13/2013
+Added: Other 6 — 7,254,447 24,355,185 887,023 18,796 7,254,447 25,261,004 32,515,451 6,351,227 1982-1997 5/29/1984-9/13/2013 23 - 35
Grocery stores 31 — 568,612,041 586,831,469 — — 568,612,041 586,831,469 1,155,443,510 23,683,408 1975-2020 5/23/2019-12/24/2020 25 - 167
−Removed: 5/23/2019-12/20/2019
−Removed: 5,704,816,590
−Removed: 13,857,381,432
−Removed: 5,704,816,590
−Removed: 13,932,810,262
−Removed: 19,637,626,852
+Added: Health care 2 — 8,902,803 17,341,109 — — 8,902,803 17,341,109 26,243,912 447,303 2000 3/23/2020 63 - 71
+Added: Home improvement 8 — 101,275,951 86,969,771 — — 101,275,951 86,969,771 188,245,722 956,356 1986-2006 7/31/2020-12/2/2020 25
+Added: Theaters 1 — 1,561,502 — — — 1,561,502 — 1,561,502 — 2011 12/18/2019 N/A
6,593 299,631,054 6,331,886,427 14,647,754,645 59,170,409 9,522,579 6,331,886,427 14,716,447,633 21,048,334,060 3,563,177,697
1 unchanged sentence
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
−Removed: Realty Income Corporation owns 6,417 single-tenant properties in the United States and Puerto Rico, our corporate headquarters property in San Diego, California and 18 properties in the United Kingdom.
+Added: Realty Income Corporation owns 6,503 single-client properties in the United States and Puerto Rico, our corporate headquarters property in San Diego, California and 39 single-client properties in the United Kingdom.
Crest Net Lease, Inc.
−Removed: owns 17 properties.
−Removed: Realty Income Corporation also owns 31 multi-tenant properties located in the United States.
+Added: owns 13 single-client properties in the United States.
+Added: Realty Income Corporation also owns 34 multi-client properties located in the United States and owns three multi-client properties located in the United Kingdom.
Includes mortgages payable secured by 68 properties, but excludes unamortized net debt premiums of $ 1.7 million.
2 unchanged sentences
The following is a reconciliation of total real estate carrying value for the years ended December 31:
−Removed: Balance at Beginning of Period
2020 2019 2018
−Removed: 15,027,043,415
−Removed: 13,904,519,436
+Added: Balance at Beginning of Period 19,637,626,852 16,566,601,986 15,027,043,415
Additions During Period:
−Removed: 3,644,884,106
−Removed: 1,802,745,841
−Removed: 1,531,960,811
+Added: Acquisitions 2,163,707,260 3,644,884,106 1,802,745,841
Less amounts allocated to acquired lease intangible assets and liabilities on our Consolidated Balance Sheets ( 382,849,836 ) ( 401,318,627 ) ( 89,474,897 )
−Removed: ( 401,318,627
−Removed: ( 238,556,294
Improvements, Etc.
−Removed: Other (Leasing Costs and Building Adjustments as a result of net debt premiums)
−Removed: Total Additions
6,194,424 17,447,145 23,043,158
−Removed: 1,739,153,676
+Added: Other (Leasing Costs and Building Adjustments as a result of net debt premiums) (1)
22,489,716 2,740,797 2,839,574
+Added: Total Additions 1,809,541,564 3,263,753,421 1,739,153,676
Deductions During Period:
3 unchanged sentences
Other (including Provisions for Impairment) (2)
+Added: 195,003,525 87,951,488 34,323,541
Total Deductions 448,792,626 218,372,948 199,595,105
1 unchanged sentence
Balance at Close of Period 21,048,334,060 19,637,626,852 16,566,601,986
−Removed: 19,637,626,852
−Removed: 16,566,601,986
−Removed: 15,027,043,415
+Added: (1) Includes reclassification of $ 22.5 million right of use assets under finance leases in 2020.
(2) Includes provision for impairment and, for the year ended 2019, a reclassification of $ 36.9 million of right of use assets under finance leases in accordance with the adoption of ASC 842, Leases , on January 1, 2019.
1 unchanged sentence
Balance at Beginning of Period 3,140,854,604 2,723,085,290 2,350,544,126
−Removed: 2,723,085,290
−Removed: 2,350,544,126
−Removed: 2,000,728,517
Additions During Period - Provision for Depreciation 531,908,615 481,498,979 432,482,396
3 unchanged sentences
Balance at Close of Period 3,563,177,697 3,140,854,604 2,723,085,290
−Removed: 3,140,854,604
−Removed: 2,723,085,290
−Removed: 2,350,544,126
+Added: In 2020, provisions for impairment were recorded on ninety-nine Realty Income properties.
In 2019, provisions for impairment were recorded on fifty-one Realty Income properties.
In 2018, provisions for impairment were recorded on forty-four Realty Income properties.
−Removed: In 2017, provisions for impairment were recorded on twenty-six Realty Income properties.
See report of independent registered public accounting firm.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.