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REALTY INCOME CORP - Annual Report: 2015 (Form 10-K)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC  20549

 

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended December 31, 2015

 

Commission File Number 1-13374

 

REALTY INCOME CORPORATION

(Exact name of registrant as specified in its charter)

 

Maryland

 

33-0580106

(State or Other Jurisdiction of

 

(IRS Employer

Incorporation or Organization)

 

Identification Number)

 

11995 El Camino Real, San Diego, California, 92130

(Address of Principal Executive Offices)

 

Registrant’s telephone number, including area code: (858) 284-5000

 

Securities registered pursuant to Section 12 (b) of the Act:

 

Title of Each Class

 

Name of Each Exchange
On Which Registered

Common Stock, $0.01 Par Value

Class F Preferred Stock, $0.01 Par Value

 

New York Stock Exchange

New York Stock Exchange

 

Securities registered pursuant to Section 12 (g) of the Act: None

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  YES x     NO o

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  YES o     NO x

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  YES x    NO o

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  YES x  NO o

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  x

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer x   Accelerated filer o  Non-accelerated filer o  Smaller reporting company o

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  YES o  NO x

 

At June 30, 2015, the aggregate market value of the Registrant’s shares of common stock, $0.01 par value, held by non-affiliates of the Registrant was $10.4 billion based upon the last reported sale price of $44.39 per share on the New York Stock Exchange on June 30, 2015, the last business day of the Registrant’s most recently completed second fiscal quarter.

 

At January 29, 2016, the number of shares of common stock outstanding was 250,538,261 and the number of shares of Class F Cumulative Redeemable Preferred Stock outstanding was 16,350,000.

 

DOCUMENTS INCORPORATED BY REFERENCE

 

Part III, Items 10, 11, 12, 13, and 14 incorporate by reference certain specific portions of the definitive Proxy Statement for Realty Income Corporation’s Annual Meeting to be held on May 17, 2016, to be filed pursuant to Regulation 14A. Only those portions of the proxy statement which are specifically incorporated by reference herein shall constitute a part of this annual report.

 



Table of Contents

 

REALTY INCOME CORPORATION

 

Index to Form 10-K


 

PART I

 

Page

 

Item 1:

Business

 

 

 

 

 

 

 

The Company

2

 

 

Recent Developments

3

 

 

Dividend Policy

5

 

 

Business Philosophy and Strategy

6

 

 

Property Portfolio Information

12

 

 

Forward-Looking Statements

19

 

Item 1A:

Risk Factors

19

 

Item 1B:

Unresolved Staff Comments

30

 

Item 2:

Properties

30

 

Item 3:

Legal Proceedings

30

 

Item 4:

Mine Safety Disclosures

30

 

 

 

 

PART II

 

 

 

Item 5:

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

31

 

Item 6:

Selected Financial Data

32

 

Item 7:

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

 

 

General

33

 

 

Liquidity and Capital Resources

33

 

 

Results of Operations

40

 

 

Funds from Operations Available to Common Stockholders (FFO)

46

 

 

Adjusted Funds from Operations Available to Common Stockholders (AFFO)

47

 

 

Impact of Inflation

48

 

 

Impact of Recent Accounting Pronouncements

48

 

Item 7A:

Quantitative and Qualitative Disclosures About Market Risk

48

 

Item 8:

Financial Statements and Supplementary Data

50

 

Item 9:

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

79

 

Item 9A:

Controls and Procedures

79

 

Item 9B:

Other Information

80

 

 

 

 

PART III

 

 

 

Item 10:

Directors, Executive Officers and Corporate Governance

80

 

Item 11:

Executive Compensation

80

 

Item 12:

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

80

 

Item 13:

Certain Relationships, Related Transactions and Director Independence

80

 

Item 14:

Principal Accounting Fees and Services

80

 

 

 

 

PART IV

 

 

 

 

 

 

 

Item 15:

Exhibits and Financial Statement Schedules

81

 

 

 

 

SIGNATURES

 

87

 

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Table of Contents

 

PART I

 

Item 1:                                  Business

 

THE COMPANY

 

Realty Income, The Monthly Dividend Company®, is an S&P 500 real estate company with the primary business objective of generating dependable monthly cash dividends from a consistent and predictable level of cash flow from operations. Our monthly dividends are supported by the cash flow from our property portfolio. We have in-house acquisition, portfolio management, asset management, credit research, real estate research, legal, finance and accounting, information technology, and capital markets capabilities. Over the past 47 years, Realty Income has been acquiring and managing freestanding commercial properties that generate rental revenue under long-term net lease agreements.

 

Realty Income (NYSE: O) was founded in 1969, and listed on the New York Stock Exchange, or NYSE, in 1994.  We elected to be taxed as a real estate investment trust, or REIT, requiring us to distribute dividends to our stockholders aggregating at least 90% of our taxable income (excluding net capital gains).

 

We seek to increase earnings and distributions to stockholders through active portfolio management, asset management and the acquisition of additional properties.

 

Generally, our portfolio and asset management efforts seek to achieve:

 

·                  Contractual rent increases on existing leases;

·                  Rent increases at the termination of existing leases, when market conditions permit;

·                  Optimum exposure to certain tenants and markets through re-leasing vacant properties and selectively selling properties;

·                  Maximum asset-level returns on properties re-leased and/or sold;

·                  Optimum value of the existing portfolio by enhancing individual properties, pursuing alternative uses, and deriving ancillary revenue; and

·                  Investment opportunities in new asset classes for the portfolio.

 

At December 31, 2015, we owned a diversified portfolio:

 

·                  Of 4,538 properties;

·                  With an occupancy rate of 98.4%, or 4,467 properties leased and 71 properties available for lease;

·                  Leased to 240 different commercial tenants doing business in 47 separate industries;

·                  Located in 49 states and Puerto Rico;

·                  With over 76.0 million square feet of leasable space; and

·                  With an average leasable space per property of approximately 16,750 square feet; approximately 11,550 square feet per retail property and 216,550 square feet per industrial property.

 

Of the 4,538 properties in the portfolio, 4,519, or 99.6%, are single-tenant properties, and the remaining are multi-tenant properties. At December 31, 2015, of the 4,519 single-tenant properties, 4,448 were leased with a weighted average remaining lease term (excluding rights to extend a lease at the option of the tenant) of approximately 10.0 years.

 

Our ten senior officers owned 0.2% of our outstanding common stock with a market value of $30.6 million at January 29, 2016. Our directors and ten senior officers, as a group, owned 0.3% of our outstanding common stock with a market value of $46.5 million at January 29, 2016.

 

Our common stock is listed on the NYSE under the ticker symbol “O” with a CUSIP number of 756109-104. Our central index key number is 726728.

 

Our 6.625% Monthly Income Class F Cumulative Redeemable Preferred Stock, or the Class F preferred stock,  is listed on the NYSE under the ticker symbol “OprF” with a CUSIP number of 756109-807.

 

In January 2016, we had 132 employees, as compared to 125 employees in January 2015.

 

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We maintain a corporate website at www.realtyincome.com. On our website we make available, free of charge, copies of our annual report on Form 10-K, quarterly reports on Form 10-Q, Form 3s, Form 4s, Form 5s, current reports on Form 8-K, and amendments to those reports, as soon as reasonably practicable after we electronically file these reports with the Securities and Exchange Commission, or SEC.  None of the information on our website is deemed to be part of this report.

 

RECENT DEVELOPMENTS

 

Increases in Monthly Dividends to Common Stockholders

We have continued our 47-year policy of paying monthly dividends.  In addition, we increased the dividend five times during 2015, and two times during 2016.  As of February 2016, we have paid 73 consecutive quarterly dividend increases and increased the dividend 84 times since our listing on the NYSE in 1994.

 

 

 

Month

 

Month

 

Dividend

 

Increase

 

2015 Dividend increases

 

Declared

 

Paid

 

per share

 

per share

 

1st increase

 

Dec 2014

 

Jan 2015

 

$ 0.1834167

 

$ 0.0003125

 

2nd increase

 

Jan 2015

 

Feb 2015

 

0.1890000

 

0.0055833

 

3rd increase

 

Mar 2015

 

Apr 2015

 

0.1895000

 

0.0005000

 

4th increase

 

Jun 2015

 

Jul 2015

 

0.1900000

 

0.0005000

 

5th increase

 

Sep 2015

 

Oct 2015

 

0.1905000

 

0.0005000

 

 

 

 

 

 

 

 

 

 

 

2016 Dividend increases

 

 

 

 

 

 

 

 

 

1st increase

 

Dec 2015

 

Jan 2016

 

$ 0.1910000

 

$ 0.0005000

 

2nd increase

 

Jan 2016

 

Feb 2016

 

$ 0.1985000

 

$ 0.0075000

 

 

The dividends paid per share during 2015 totaled approximately $2.2714167, as compared to approximately $2.1916254 during 2014, an increase of $0.0798, or 3.6%.

 

The monthly dividend of $0.1985 per share represents a current annualized dividend of $2.382 per share, and an annualized dividend yield of approximately 4.3% based on the last reported sale price of our common stock on the NYSE of $55.79 on January 29, 2016. Although we expect to continue our policy of paying monthly dividends, we cannot guarantee that we will maintain our current level of dividends, that we will continue our pattern of increasing dividends per share, or what our actual dividend yield will be in any future period.

 

Acquisitions During 2015

During 2015, we invested $1.26 billion in 286 new properties and properties under development or expansion, with an initial weighted average contractual lease rate of 6.6%. The 286 new properties and properties under development or expansion are located in 40 states, will contain approximately 6.2 million leasable square feet, and are 100% leased with a weighted average lease term of 16.5 years. The tenants occupying the new properties operate in 21 industries and the property types consist of 87.3% retail and 12.7% industrial, based on rental revenue.  During 2015, none of our real estate investments caused any one tenant to be 10% or more of our total assets at December 31, 2015.

 

The estimated initial weighted average contractual lease rate for a property is generally computed as estimated contractual net operating income, which, in the case of a net leased property, is equal to the aggregate base rent for the first full year of each lease, divided by the total cost of the property.  Since it is possible that a tenant could default on the payment of contractual rent, we cannot provide assurance that the actual return on the funds invested will remain at the percentages listed above.

 

In the case of a property under development or expansion, the contractual lease rate is generally fixed such that rent varies based on the actual total investment in order to provide a fixed rate of return.  When the lease does not provide for a fixed rate of return on a property under development or expansion, the estimated initial weighted average contractual lease rate is computed as follows: estimated net operating income (determined by the lease) for the first full year of each lease, divided by our projected total investment in the property, including land, construction and capitalized interest costs. Of the $1.26 billion we invested during 2015, $45.8 million was invested in 35 properties under development or expansion with an estimated initial weighted average contractual lease rate of 9.7%.  We may continue to pursue development or expansion opportunities under similar arrangements in the future.

 

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Portfolio Discussion

Leasing Results

At December 31, 2015, we had 71 properties available for lease out of 4,538 properties in our portfolio, which represents a 98.4% occupancy rate based on the number of properties in our portfolio.  Since December 31, 2014, when we reported 70 properties available for lease out of 4,327 and a 98.4% occupancy rate, we:

 

·                  Had 283 lease expirations;

·                  Re-leased 253 properties; and

·                  Sold 29 vacant properties.

 

Of the 253 properties re-leased during 2015, 216 properties were re-leased to existing tenants, seven were re-leased to new tenants without vacancy, and 30 were re-leased to new tenants after a period of vacancy.  The annual rent on these 253 leases was $37.46 million, as compared to the previous rent on these same properties of $37.12 million, which represents a rent recapture rate of 100.9% on the properties re-leased during 2015.

 

At December 31, 2015, our average annualized rental revenue was approximately $13.31 per square foot on the 4,467 leased properties in our portfolio.  At December 31, 2015, we classified ten properties with a carrying amount of $9.8 million as held for sale on our balance sheet.  The expected disposal of these properties does not represent a strategic shift that will have a major effect on our operations and financial results.

 

Investments in Existing Properties

In 2015, we capitalized costs of $11.5 million on existing properties in our portfolio, consisting of $748,000 for re-leasing costs, $7.6 million for recurring capital expenditures and $3.2 million for non-recurring building improvements.  In 2014, we capitalized costs of $6.0 million on existing properties in our portfolio.

 

As part of our re-leasing costs, we typically pay leasing commissions and sometimes provide tenant rent concessions.  Leasing commissions are paid based on the commercial real estate industry standard and any rent concessions provided are minimal.  We do not consider the collective impact of the leasing commissions or tenant rent concessions to be material to our financial position or results of operations.

 

The majority of our building improvements relate to roof repairs, HVAC improvements, and parking lot resurfacing and replacements.  It is not customary for us to offer significant tenant improvements on our properties as tenant incentives.  The amounts of our capital expenditures can vary significantly, depending on the rental market, tenant credit worthiness, the lease term and the willingness of tenants to pay higher rents over the terms of the leases.

 

At-the-Market (ATM) Program

In September 2015, we established an “at the market” equity distribution program, or our ATM program, pursuant to which we can offer and sell up to 12,000,000 shares of common stock to, or through a consortium of banks acting as our sales agents by means of ordinary brokers’ transactions on the NYSE or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.  During 2015, we issued 714,301 shares and raised approximately $36.3 million under the ATM program.

 

New Credit Facility

In June 2015, we closed on a $2.25 billion unsecured credit facility, or our new credit facility. Our new credit facility is comprised of a $2.0 billion revolving credit facility and a $250 million five-year unsecured term loan. As of December 31, 2015, $1.76 billion was available on our new credit facility to fund additional acquisitions and for other general corporate purposes.

 

Inclusion in S&P Indices

In January 2015, we were added to the S&P High Yield Dividend Aristocrats® index. In April 2015, we were added to the S&P 500 index and are one of 26 REITs, and the only net lease REIT included in this index.

 

Issuance of Common Stock

In April 2015, we issued 5,500,000 shares of common stock.  After underwriting discounts and other offering costs of $1.4 million, the net proceeds of $276.4 million were used to repay borrowings under our previous $1.5 billion unsecured credit facility.

 

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In October 2015, we issued 11,500,000 shares of common stock, including 1,500,000 shares purchased by the underwriters upon the exercise of their option to purchase additional shares.  After underwriting discounts and other offering costs of $22.0 million, a portion of the net proceeds of $517.1 million was used to repay borrowings under our new credit facility and the remaining portion was used for other general corporate purposes, including acquisitions.

 

Dividend Reinvestment and Stock Purchase Plan

Our Dividend Reinvestment and Stock Purchase Plan, or the DRSPP, provides our common stockholders, as well as new investors, with a convenient and economical method of purchasing our common stock and reinvesting their distributions.  The DRSPP also allows our current stockholders to buy additional shares of common stock by reinvesting all or a portion of their distributions.  The DRSPP authorizes up to 26,000,000 common shares to be issued.  In 2013, we revised our DRSPP so that we would pay for a majority of the plan-related fees, which were previously paid by investors, and to institute a waiver approval process, allowing larger investors or institutions, per a formal approval process, to purchase shares at a small discount, if approved by us. During 2015, we issued 7,608,354 shares and raised approximately $363.0 million under the DRSPP, of which 7,413,207 shares and $353.7 million was raised under the waiver approval process.

 

Net Income Available to Common Stockholders

Net income available to common stockholders was $256.7 million in 2015, compared to $227.6 million in 2014, an increase of $29.1 million. On a diluted per common share basis, net income was $1.09 in 2015, as compared to $1.04 in 2014, an increase of $0.05, or 4.8%. Net income available to common stockholders for 2014 includes a non-cash redemption charge of $6.0 million on the shares of Class E preferred stock that were redeemed in October 2014, which represents $0.03 on a diluted per common share basis. This charge is for the excess of redemption value over the carrying value of the Class E preferred stock and represents the original issuance cost that was paid in 2006.

 

The calculation to determine net income available to common stockholders includes impairments and/or gains from the sale of properties. The amount of impairments and/or gains varies from period to period based on the timing of property sales and can significantly impact net income available to common stockholders.

 

Gains from the sale of properties during 2015 were $22.2 million, as compared to gains from the sale of properties of $42.1 million during 2014.

 

Funds from Operations (FFO) Available to Common Stockholders

In 2015, our FFO increased by $89.5 million, or 15.9%, to $652.4 million, compared to $562.9 million in 2014.  On a diluted per common share basis, FFO was $2.77 in 2015, compared to $2.58 in 2014, an increase of $0.19, or 7.4%.  Our FFO in 2014 included a non-cash redemption charge of $6.0 million on the shares of Class E preferred stock that were redeemed in October 2014, which represents $0.03 on a diluted per common share basis.

 

Adjusted Funds from Operations (AFFO) Available to Common Stockholders

In 2015, our AFFO increased by $85.3 million, or 15.2%, to $647.0 million versus $561.7 million in 2014. On a diluted per common share basis, AFFO was $2.74 in 2015, compared to $2.57 in 2014, an increase of $0.17, or 6.6%.

 

See our discussion of FFO and AFFO (which are not financial measures under generally accepted accounting principles, or GAAP), later in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in this annual report, which includes a reconciliation of net income available to common stockholders to FFO and AFFO.

 

Dividend Policy

Distributions are paid monthly to holders of shares of our common stock and Class F preferred stock if, and when, declared by our Board of Directors.

 

Distributions are paid monthly to the limited partners holding common units of Tau Operating Partnership, L.P. and Realty Income, L.P., each on a per unit basis that is generally equal to the amount paid per share to our common stockholders.

 

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In order to maintain our status as a REIT for federal income tax purposes, we generally are required to distribute dividends to our stockholders aggregating annually at least 90% of our taxable income (excluding net capital gains), and we are subject to income tax to the extent we distribute less than 100% of our taxable income (including net capital gains). In 2015, our cash distributions to preferred and common stockholders totaled $560.3 million, or approximately 136.9% of our estimated taxable income of $409.4 million. Our estimated taxable income reflects non-cash deductions for depreciation and amortization. Our estimated taxable income is presented to show our compliance with REIT dividend requirements and is not a measure of our liquidity or operating performance.  We intend to continue to make distributions to our stockholders that are sufficient to meet this dividend requirement and that will reduce or eliminate our exposure to income taxes. Furthermore, we believe our funds from operations are sufficient to support our current level of cash distributions to our stockholders. Our cash distributions to common stockholders in 2015 totaled $533.2 million, representing 82.4% of our adjusted funds from operations available to common stockholders of $647.0 million. In comparison, our 2014 cash distributions to common stockholders totaled $479.3 million, representing 85.3% of our adjusted funds from operations available to common stockholders of $561.7 million.

 

The Class F preferred stockholders receive cumulative distributions at a rate of 6.625% per annum on the $25.00 per share liquidation preference (equivalent to $1.65625 per annum per share). Dividends on our Class F preferred stock are current.

 

Future distributions will be at the discretion of our Board of Directors and will depend on, among other things, our results of operations, FFO, AFFO, cash flow from operations, financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986, as amended, or the Code, our debt service requirements, and any other factors the Board of Directors may deem relevant. In addition, our new credit facility contains financial covenants that could limit the amount of distributions payable by us in the event of a default, and which prohibit the payment of distributions on the common or preferred stock in the event that we fail to pay when due (subject to any applicable grace period) any principal or interest on borrowings under our new credit facility.

 

Distributions of our current and accumulated earnings and profits for federal income tax purposes generally will be taxable to stockholders as ordinary income, except to the extent that we recognize capital gains and declare a capital gains dividend, or that such amounts constitute “qualified dividend income” subject to a reduced rate of tax. The maximum tax rate of non-corporate taxpayers for “qualified dividend income” is generally 20%. In general, dividends payable by REITs are not eligible for the reduced tax rate on qualified dividend income, except to the extent that certain holding requirements have been met with respect to the REIT’s stock and the REIT’s dividends are attributable to dividends received from certain taxable corporations (such as our taxable REIT subsidiaries) or to income that was subject to tax at the corporate or REIT level (for example, if we distribute taxable income that we retained and paid tax on in the prior taxable year).

 

Distributions in excess of earnings and profits generally will first be treated as a non-taxable reduction in the stockholders’ basis in their stock, but not below zero. Distributions in excess of that basis generally will be taxable as a capital gain to stockholders who hold their shares as a capital asset. Approximately 23.8% of the distributions to our common stockholders, made or deemed to have been made in 2015, were classified as a return of capital for federal income tax purposes. We estimate that in 2016, between 20% and 35% of the distributions may be classified as a return of capital.

 

BUSINESS PHILOSOPHY AND STRATEGY

 

Investment Philosophy

We believe that owning an actively managed, diversified portfolio of commercial properties under long-term, net leases produces consistent and predictable income. A net lease typically requires the tenant to be responsible for monthly rent and certain property operating expenses including property taxes, insurance, and maintenance. In addition, tenants of our properties typically pay rent increases based on: (1) increases in the consumer price index (typically subject to ceilings), (2) fixed increases, or (3) additional rent calculated as a percentage of the tenants’ gross sales above a specified level. We believe that a portfolio of properties under long-term, net leases generally produces a more predictable income stream than many other types of real estate portfolios, while continuing to offer the potential for growth in rental income.

 

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Diversification is also a key component of our investment philosophy.  We believe that diversification of the portfolio by tenant, industry, geography, and, to a certain extent, property type leads to more predictable investment results for our shareholders by reducing vulnerability that can come with any single concentration.  Our investment efforts have led to a diversified property portfolio that, as of December 31, 2015, consisted of 4,538 properties located in 49 states and Puerto Rico, leased to 240 different commercial tenants doing business in 47 industries. Each of the 47 industries represented in our property portfolio individually accounted for no more than 10.9% of our rental revenue for the quarter ended December 31, 2015.  Since 1970, our occupancy rate at the end of each year has never been below 96%.  However, we cannot assure you that our future occupancy levels will continue to equal or exceed 96%.

 

Investment Strategy

Our investment strategy is to act as a source of capital to regional and national tenants by acquiring and leasing back their real estate locations. When identifying new properties for investment, we generally focus on acquiring the real estate tenants consider important to the successful operation of their business. We generally seek to acquire real estate that has the following characteristics:

 

·                  Properties that are freestanding, commercially-zoned with a single tenant;

·                  Properties that are in significant markets or strategic locations critical to generating revenue for regional and national tenants (i.e. they need the property in which they operate in order to conduct their business);

·                  Properties that we deem to be profitable for the tenants and/or can generally be characterized as important to the successful operations of the company’s business;

·                  Properties that are located within attractive demographic areas relative to the business of our tenants, and have good visibility and easy access to major thoroughfares;

·                  Properties with real estate valuations that approximate replacement costs;

·                  Properties with rental or lease payments that approximate market rents; and

·                  Properties that can be purchased with the simultaneous execution or assumption of long-term, net lease agreements, offering both current income and the potential for future rent increases.

 

We seek to invest in industries in which several, well-organized, regional and national tenants are capturing market share through the selection of prime locations, service, quality control, economies of scale, strong consumer brands, and advertising. In addition, we frequently acquire large portfolios of single-tenant properties net leased to different tenants operating in a variety of industries.  We have an internal team dedicated to sourcing such opportunities, often using our relationships with various tenants, owners/developers, and advisers to uncover and secure transactions.  We also undertake thorough research and analysis to identify what we consider to be appropriate property locations, tenants, and industries for investment. This research expertise is instrumental to uncovering net lease opportunities in markets where we believe we can add value.

 

In selecting potential investments, we look for tenants with the following attributes:

 

·                  Tenants with reliable and sustainable cash flow;

·                  Tenants with revenue and cash flow from multiple sources;

·                  Tenants that are willing to sign a long-term lease (10 or more years); and

·                  Tenants that are large owners and users of real estate.

 

From a retail perspective, our investment strategy is to target tenants that have a service, non-discretionary, and/or low-price-point component to their business.  We believe these characteristics better position tenants to operate in a variety of economic conditions and to compete more effectively with internet retailers.  As a result of the execution of this strategy, over 90% of our annualized retail rental revenue is derived from tenants with a service, non-discretionary, and/or low price point component to their business.  From a non-retail perspective, we target industrial properties leased to Fortune 1000, primarily investment grade rated companies.  We believe rental revenue generated from businesses with these characteristics is generally more durable and stable.

 

After applying this investment strategy, we pursue those transactions where we can achieve an attractive investment spread over our cost of capital and favorable risk-adjusted returns.

 

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Underwriting Strategy

We believe the principal financial obligations for most of our tenants typically include their bank and other debt, payment obligations to suppliers, and real estate lease obligations. Because we typically own the land and building in which a tenant conducts its business or which are critical to the tenant’s ability to generate revenue, we believe the risk of default on a tenant’s lease obligation is less than the tenant’s unsecured general obligations. It has been our experience that tenants must retain their profitable and critical locations in order to survive.  Therefore, in the event of reorganization, they are less likely to reject a lease of a profitable or critical location because this would terminate their right to use the property. Thus, as the property owner, we believe that we will fare better than unsecured creditors of the same tenant in the event of reorganization. If a property is rejected by the tenant during reorganization, we own the property and can either lease it to a new tenant or sell the property. In addition, we believe that the risk of default on real estate leases can be further mitigated by monitoring the performance of the tenants’ individual locations and considering whether to proactively sell locations that are weaker performers.

 

In order to be considered for acquisition, properties must meet stringent investment and credit requirements. The properties must generate attractive current yields and the tenant must meet our credit criteria. We have established a four-part analysis that examines each potential investment based on:

 

·                  Overall real estate characteristics, including property value and comparative rental rates;

·                  Industry, company, market conditions, and credit profile;

·                  Store profitability for retail locations, if profitability data is available; and

·                  The importance of the real estate location to the operations of the tenants’ business.

 

Prior to entering into any transaction, our research department conducts a review of a tenant’s credit quality.  The information reviewed may include reports and filings, including any public credit ratings, financial statements, debt and equity analyst reports, and reviews of corporate credit spreads, stock prices, market capitalization, and other financial metrics.  We conduct additional due diligence, including additional financial reviews of the tenant and a more comprehensive review of the business segment and industry in which the tenant operates.  We continue to monitor our tenants’ credit quality on an ongoing basis by reviewing the available information previously discussed, and providing summaries of these findings to management.  We estimate that approximately 44% of our annualized rental revenue comes from properties leased to investment grade rated companies or their subsidiaries.  At December 31, 2015, our top 20 tenants represent approximately 55% of our annualized revenue and eight of these tenants have investment grade credit ratings or are subsidiaries of investment grade companies.

 

Asset Management Strategy

The active management of the property portfolio is an essential component of our long-term strategy. We continually monitor our portfolio for any changes that could affect the performance of our tenants, our tenants’ industries and the locations in which we have invested. We also regularly analyze our portfolio with a view towards optimizing its returns and enhancing its overall credit quality.

 

We regularly review and analyze:

 

·                  The quality of the underlying real estate locations;

·                  The performance of the various industries of our tenants; and

·                  The operation, management, business planning, and financial condition of our tenants.

 

We have an active asset management program that incorporates the sale of assets when we believe the reinvestment of the sale proceeds will:

 

·                  Generate higher returns;

·                  Enhance the credit quality of our real estate portfolio;

·                  Extend our average remaining lease term; or

·                  Decrease tenant or industry concentration.

 

At December 31, 2015, we classified ten properties with a carrying amount of $9.8 million as held for sale on our balance sheet. For 2016, we intend to continue our active disposition efforts to further enhance our real estate portfolio and anticipate $50 to $75 million in property sales in 2016.  We intend to invest these proceeds into new property acquisitions, if there are attractive opportunities available. However, we cannot guarantee that we will sell properties during 2016 at our estimated values or be able to invest the property sale proceeds in new properties.

 

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Capital Philosophy

Historically, we have met our long term capital needs by issuing common stock, preferred stock and long-term unsecured notes and bonds. Over the long-term, we believe that common stock should be the majority of our capital structure; however, we may issue additional preferred stock or debt securities. We may issue common stock when we believe that our share price is at a level that allows for the proceeds of any offering to be accretively invested into additional properties. In addition, we may issue common stock to permanently finance properties that were financed by our new credit facility or debt securities. However, we cannot assure you that we will have access to the capital markets at times and at terms that are acceptable to us.

 

Our primary cash obligations, for the current year and subsequent years, are included in the “Table of Obligations,” which is presented later in this section. We expect to fund our operating expenses and other short-term liquidity requirements, including property acquisitions and development costs, payment of principal and interest on our outstanding indebtedness, property improvements, re-leasing costs and cash distributions to common and preferred stockholders, primarily through cash provided by operating activities, borrowing on our new credit facility and periodically through public securities offerings.

 

Conservative Capital Structure

We believe that our stockholders are best served by a conservative capital structure. Therefore, we seek to maintain a conservative debt level on our balance sheet and solid interest and fixed charge coverage ratios. At December 31, 2015, our total outstanding borrowings of senior unsecured notes and bonds, term loans, mortgages payable and credit facility borrowings were $4.85 billion, or approximately 26.6% of our total market capitalization of $18.22 billion.

 

We define our total market capitalization at December 31, 2015 as the sum of:

 

·                  Shares of our common stock outstanding of 250,416,757, plus total common units outstanding of 648,386, multiplied by the last reported sales price of our common stock on the NYSE of $51.63 per share on December 31, 2015, or $12.96 billion;

·                  Aggregate liquidation value (par value of $25.00 per share) of the Class F preferred stock of $408.8 million;

·                  Outstanding borrowings of $238.0 million on our new credit facility;

·                  Outstanding mortgages payable of $637.7 million, excluding net mortgage premiums of $9.1 million;

·                  Outstanding borrowings of $320.0 million on our term loans; and

·                  Outstanding senior unsecured notes and bonds of $3.65 billion, excluding unamortized original issuance discounts of $13.3 million.

 

Impact of Real Estate and Credit Markets

In the commercial real estate market, property prices generally continue to fluctuate. Likewise, during certain periods, the U.S. credit markets have experienced significant price volatility, dislocations, and liquidity disruptions, which may impact our access to and cost of capital. We continually monitor the commercial real estate and U.S. credit markets carefully and, if required, will make decisions to adjust our business strategy accordingly.

 

Universal Shelf Registration

In December 2015, we filed a shelf registration statement with the SEC, which is effective for a term of three years and will expire in December 2018. This replaced our prior shelf registration statement.  In accordance with SEC rules, the amount of securities to be issued pursuant to this shelf registration statement was not specified when it was filed and there is no specific dollar limit. The securities covered by this registration statement include (1) common stock, (2) preferred stock, (3) debt securities, (4) depositary shares representing fractional interests in shares of preferred stock, (5) warrants to purchase debt securities, common stock, preferred stock, or depositary shares, and (6) any combination of these securities. We may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering.

 

$2.0 Billion Revolving Credit Facility

In June 2015, we entered into a new $2 billion unsecured revolving credit facility, which replaced our $1.5 billion credit facility that was scheduled to expire in May 2016. The initial term of our new credit facility expires in June 2019 and includes, at our option, two six-month extensions. Our new credit facility has a $1.0 billion accordion expansion option.  Under our new credit facility, our current investment grade credit ratings provide for financing at the London Interbank Offered Rate, commonly referred to as LIBOR, plus 0.9%, with a facility commitment fee of 0.15%, for all-in drawn pricing of 1.05% over LIBOR. The borrowing rate is subject to an interest rate floor. We also have other interest rate options available to us under our new credit facility. Our new credit facility is unsecured and, accordingly, we have not pledged any assets as collateral for this obligation.

 

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At December 31, 2015, we had a borrowing capacity of $1.76 billion available on our new credit facility and an outstanding balance of $238.0 million.  The interest rate on borrowings outstanding under our new credit facility, at December 31, 2015, was 1.2% per annum.  We must comply with various financial and other covenants in our credit facility.  At December 31, 2015, we remain in compliance with these covenants. We expect to use our new credit facility to acquire additional properties and for other general corporate purposes. Any additional borrowings will increase our exposure to interest rate risk.

 

We generally use our credit facility for the short-term financing of new property acquisitions. Thereafter, we generally seek to refinance those borrowings with the net proceeds of long-term or permanent financing, which may include the issuance of common stock, preferred stock or debt securities. We cannot assure you, however, that we will be able to obtain any such refinancing, or that market conditions prevailing at the time of the refinancing will enable us to issue equity or debt securities at acceptable terms.

 

Cash Reserves

We are organized to operate as an equity REIT that acquires and leases properties and distributes to stockholders, in the form of monthly cash distributions, a substantial portion of our net cash flow generated from leases on our properties.  We intend to retain an appropriate amount of cash as working capital.  At December 31, 2015, we had cash and cash equivalents totaling $40.3 million.

 

We believe that our cash and cash equivalents on hand, cash provided from operating activities, and borrowing capacity is sufficient to meet our liquidity needs for the next twelve months.  We intend, however, to use permanent or long-term capital to fund property acquisitions and to repay future borrowings under our new credit facility.

 

Credit Agency Ratings

The borrowing interest rates under our new credit facility are based upon our ratings assigned by credit rating agencies. We are currently assigned the following investment grade corporate credit ratings on our senior unsecured notes and bonds:  Moody’s Investors Service has assigned a rating of Baa1 with a “stable” outlook, Standard & Poor’s Ratings Group has assigned a rating of BBB+ with a “stable” outlook to our senior notes, and Fitch Ratings has assigned a rating of BBB+ with a “stable” outlook.

 

Based on our current ratings, the current facility interest rate is LIBOR plus 0.9% with a facility commitment fee of 0.15%, for all-in drawn pricing of 1.05% over LIBOR.  Our new credit facility provides that the interest rate can range between: (i) LIBOR plus 1.55% if our credit rating is lower than BBB-/Baa3 or unrated and (ii) LIBOR plus 0.85% if our credit rating is A-/A3 or higher.  In addition, our credit facility provides for a facility commitment fee based on our credit ratings, which range from: (i) 0.3% for a rating lower than BBB-/Baa3 or unrated, and (ii) 0.125% for a credit rating of A-/A3 or higher.

 

We also issue senior debt securities from time to time and our credit ratings can impact the interest rates charged in those transactions.  If our credit ratings or ratings outlook change, our cost to obtain debt financing could increase or decrease. The credit ratings assigned to us could change based upon, among other things, our results of operations and financial condition. These ratings are subject to ongoing evaluation by credit rating agencies and we cannot assure you that our ratings will not be changed or withdrawn by a rating agency in the future if, in its judgment, circumstances warrant. Moreover, a rating is not a recommendation to buy, sell or hold our debt securities, preferred stock or common stock.

 

Notes Outstanding

As of December 31, 2015, we had $3.65 billion of senior unsecured note and bond obligations, excluding unamortized original issuance discounts of $13.3 million.  All of our outstanding notes and bonds have fixed interest rates. Interest on all of our senior note and bond obligations is paid semiannually.

 

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Mortgage Debt

As of December 31, 2015, we had $637.7 million of mortgages payable, all of which were assumed in connection with our property acquisitions.  Additionally, at December 31, 2015, we had net premiums totaling $9.1 million on these mortgages.  We expect to pay off the mortgages payable as soon as prepayment penalties have declined to a level that would make it economically feasible to do so.  During 2015, we made $198.4 million of principal payments, including the repayment of 13 mortgages in full for $191.0 million.

 

Term Loans

In June 2015, in conjunction with entering into our new credit facility, we entered into a $250 million senior unsecured term loan maturing June 30, 2020.  Borrowing under this term loan bears interest at LIBOR, plus 0.95%.  In conjunction with this term loan, we also entered into an interest rate swap which effectively fixes our per annum interest rate on this term loan at 2.67%.

 

In January 2013, in conjunction with our acquisition of American Realty Capital Trust, ARCT, we entered into a $70 million senior unsecured term loan maturing in January 2018.  Borrowing under the term loan bears interest at LIBOR, plus 1.20%.  In conjunction with this term loan, we also acquired an interest rate swap which effectively fixes our per annum interest rate on this term loan at 2.15%.

 

No Unconsolidated Investments

We have no unconsolidated investments, nor do we engage in trading activities involving energy or commodity contracts.

 

Corporate Responsibility

We are committed to providing an engaging, diverse, and safe work environment for our employees, to upholding our corporate responsibilities as a public company operating for the benefit of our shareholders, and to operating our company in an environmentally conscious manner. As The Monthly Dividend Company®, our mission is to provide monthly dividends to our shareholders that increase over time. How we manage and use the physical, financial and talent resources that enable us to achieve this mission, demonstrates our commitment to corporate responsibility.

 

Social Responsibility and Ethics. An extension of our mission is our commitment to being socially responsible and conducting our business according to the highest ethical standards. Our employees are awarded compensation that is in line with those of our peers and competitors, including generous healthcare benefits for employees and their families; participation in a 401(k) plan with a matching contribution by Realty Income; competitive paid time-off benefits; and an infant-at-work program for new parents. Our employees have access to members of our Board of Directors to report anonymously, if desired, any suspicion of misconduct by any member of our senior management or executive team. We also have a longstanding commitment to equal employment opportunity and adhere to all Equal Employer Opportunity Policy guidelines. We apply the principles of full and fair disclosure in all of our business dealings, as outlined in our Corporate Code of Business Ethics. We are also committed to dealing fairly with all of our customers, suppliers, and competitors.

 

Realty Income and our employees have taken an active role in supporting our communities through civic involvement with charitable organizations and corporate donation. Focusing our impact on social and environmentally sustainable areas our non-profit partnerships have resulted in 600 employee volunteer hours, employee and corporate donations to fund local affordable housing, educations services to at-risk youth, funding local foodbanks, and toys for under-served children. Our dedication to be a responsible corporate citizen has a direct and positive impact in the communities in which we operate and contributes to the strength of our reputation and our financial performance.

 

Corporate Governance. We believe that a company’s reputation for integrity and serving its shareholders responsibly is of utmost importance. We are committed to managing the company for the benefit of our shareholders and are focused on maintaining good corporate governance.  Practices that illustrate this commitment include:

 

·                  Our Board of Directors is comprised of eight directors, seven of which are independent, non-employee directors;

·                  Our Board of Directors is elected on an annual basis;

·                  We employ a majority vote standard for uncontested elections;

 

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·                  Our Compensation Committee of the Board of Directors works with independent consultants in conducting annual compensation reviews for our key executives, and compensates each individual based on primarily reaching certain performance metrics that determine the success of our company; and

·                  We adhere to all other corporate governance principles outlined in our “Corporate Governance Guidelines” document on our website.

 

Environmental Practices.  Our focus on conservationism is demonstrated by how we manage our day-to-day activities at our corporate headquarters.  At our headquarters, we promote energy efficiency and encourage practices such as powering down office equipment at the end of the day, implementing file-sharing technology and automatic “duplex mode” to limit paper use, adopting an electronic approval system, and carpooling to our headquarters. With respect to technology, recycling and reuse practices, we encourage the use of recycled products and the recycling of materials during our operations. Cell phones, wireless devices and office equipment are recycled or donated whenever possible. In addition, our headquarters was constructed according to the State of California energy efficiency standards (specifically following California Green Building Standards Code and Title 24 of the California Code of Regulations), with features such as an automatic lighting control system with light-harvesting technology, a Building Management System that monitors and controls energy use, an energy-efficient PVC roof and heating and cooling system, and drought-tolerant landscaping with recycled materials.

 

The properties in our portfolio are net leased to our tenants who are responsible for maintaining the buildings and are in control of their energy usage and environmental sustainability practices.  We remain active in working with our tenants to promote environmental responsibility at the properties we own.

 

PROPERTY PORTFOLIO INFORMATION

 

At December 31, 2015, we owned a diversified portfolio:

 

·                  Of 4,538 properties;

·                  With an occupancy rate of 98.4%, or 4,467 properties leased and 71 properties available for lease;

·                  Leased to 240 different commercial tenants doing business in 47 separate industries;

·                  Located in 49 states and Puerto Rico;

·                  With over 76.0 million square feet of leasable space; and

·                  With an average leasable space per property of approximately 16,750 square feet; approximately 11,550 square feet per retail property and 216,550 square feet per industrial property.

 

At December 31, 2015, of our 4,538 properties, 4,467 were leased under net lease agreements. A net lease typically requires the tenant to be responsible for monthly rent and certain property operating expenses including property taxes, insurance, and maintenance. In addition, our tenants are typically subject to future rent increases based on increases in the consumer price index (typically subject to ceilings), additional rent calculated as a percentage of the tenants’ gross sales above a specified level, or fixed increases.

 

At December 31, 2015, our 240 commercial tenants, which we define as retailers with over 50 locations and non-retailers with over $500 million in annual revenues, represented approximately 95% of our annualized revenue.  We had 279 additional tenants, representing approximately 5% of our annualized revenue at December 31, 2015, which brings our total tenant count to 519 tenants.

 

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Industry Diversification

The following table sets forth certain information regarding Realty Income’s property portfolio classified according to the business of the respective tenants, expressed as a percentage of our total rental revenue:

 

 

 

 

Percentage of Rental Revenue(1)

 

 

 

For the

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

For the Years Ended

 

 

 

December 31,

 

 

Dec 31,

 

Dec 31,

 

Dec 31,

 

Dec 31,

 

Dec 31,

 

 

 

2015

 

 

2015  

 

2014  

 

2013  

 

2012  

 

2011  

 

Retail industries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Apparel stores

 

2.0%

 

 

2.0%

 

2.0%

 

1.9%

 

1.7%

 

1.4%

 

Automotive collision services

 

0.9

 

 

1.0

 

0.8

 

0.8

 

1.1

 

0.9

 

Automotive parts

 

1.5

 

 

1.4

 

1.3

 

1.2

 

1.0

 

1.2

 

Automotive service

 

1.9

 

 

1.9

 

1.8

 

2.1

 

3.1

 

3.7

 

Automotive tire services

 

2.8

 

 

2.9

 

3.2

 

3.6

 

4.7

 

5.6

 

Book stores

 

*

 

 

*

 

*

 

*

 

0.1

 

0.1

 

Child care

 

2.0

 

 

2.0

 

2.2

 

2.8

 

4.5

 

5.2

 

Consumer electronics

 

0.3

 

 

0.3

 

0.3

 

0.3

 

0.5

 

0.5

 

Convenience stores

 

8.8

 

 

9.2

 

10.1

 

11.2

 

16.3

 

18.5

 

Crafts and novelties

 

0.5

 

 

0.5

 

0.5

 

0.5

 

0.3

 

0.2

 

Dollar stores

 

8.8

 

 

8.9

 

9.6

 

6.2

 

2.2

 

-

 

Drug stores

 

10.9

 

 

10.6

 

9.5

 

8.1

 

3.5

 

3.8

 

Education

 

0.3

 

 

0.3

 

0.4

 

0.4

 

0.7

 

0.7

 

Entertainment

 

0.5

 

 

0.5

 

0.5

 

0.6

 

0.9

 

1.0

 

Equipment services

 

0.1

 

 

0.1

 

0.1

 

0.1

 

0.1

 

0.2

 

Financial services

 

1.3

 

 

1.3

 

1.4

 

1.5

 

0.2

 

0.2

 

General merchandise

 

1.5

 

 

1.4

 

1.2

 

1.1

 

0.6

 

0.6

 

Grocery stores

 

2.8

 

 

3.0

 

3.0

 

2.9

 

3.7

 

1.6

 

Health and fitness

 

8.4

 

 

7.7

 

7.0

 

6.3

 

6.8

 

6.4

 

Health care

 

1.0

 

 

1.0

 

1.1

 

1.1

 

-

 

-

 

Home furnishings

 

0.7

 

 

0.7

 

0.7

 

0.9

 

1.0

 

1.1

 

Home improvement

 

2.5

 

 

2.4

 

1.7

 

1.6

 

1.5

 

1.7

 

Jewelry

 

0.1

 

 

0.1

 

0.1

 

0.1

 

-

 

-

 

Motor vehicle dealerships

 

1.6

 

 

1.6

 

1.6

 

1.6

 

2.1

 

2.2

 

Office supplies

 

0.3

 

 

0.3

 

0.4

 

0.5

 

0.8

 

0.9

 

Pet supplies and services

 

0.7

 

 

0.7

 

0.7

 

0.8

 

0.6

 

0.7

 

Restaurants - casual dining

 

3.7

 

 

3.8

 

4.3

 

5.1

 

7.3

 

10.9

 

Restaurants - quick service

 

4.5

 

 

4.2

 

3.7

 

4.4

 

5.9

 

6.6

 

Shoe stores

 

0.5

 

 

0.5

 

0.1

 

0.1

 

0.1

 

0.2

 

Sporting goods

 

1.7

 

 

1.8

 

1.6

 

1.7

 

2.5

 

2.7

 

Theaters

 

5.0

 

 

5.1

 

5.3

 

6.2

 

9.4

 

8.8

 

Transportation services

 

0.1

 

 

0.1

 

0.1

 

0.1

 

0.2

 

0.2

 

Wholesale clubs

 

3.7

 

 

3.8

 

4.1

 

3.9

 

3.2

 

0.7

 

Other

 

*

 

 

*

 

*

 

0.1

 

0.1

 

0.1

 

Retail industries

 

81.4%

 

 

81.1%

 

80.4%

 

79.8%

 

86.7%

 

88.6%

 

 

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Table of Contents

 

Industry Diversification (continued)

 

 

 

Percentage of Rental Revenue(1)

 

 

For the

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

For the Years Ended

 

 

December 31,

 

 

Dec 31,

 

Dec 31,

 

Dec 31,

 

Dec 31,

 

Dec 31,

 

 

 

2015

 

 

2015  

 

2014  

 

2013  

 

2012  

 

2011  

 

Non-retail industries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

1.1

 

 

1.1

 

1.2

 

1.2

 

0.9

 

0.5

 

Beverages

 

2.5

 

 

2.7

 

2.8

 

3.3

 

5.1

 

5.6

 

Consumer appliances

 

0.5

 

 

0.6

 

0.5

 

0.6

 

0.1

 

-

 

Consumer goods

 

1.0

 

 

0.9

 

0.9

 

1.0

 

0.1

 

-

 

Crafts and novelties

 

0.1

 

 

0.1

 

0.1

 

0.1

 

-

 

-

 

Diversified industrial

 

0.9

 

 

0.8

 

0.5

 

0.2

 

0.1

 

-

 

Electric utilities

 

0.1

 

 

0.1

 

0.1

 

*

 

-

 

-

 

Equipment services

 

0.3

 

 

0.4

 

0.5

 

0.4

 

0.3

 

0.2

 

Financial services

 

0.4

 

 

0.4

 

0.4

 

0.5

 

0.4

 

0.3

 

Food processing

 

1.2

 

 

1.2

 

1.4

 

1.5

 

1.3

 

0.7

 

General merchandise

 

0.3

 

 

0.3

 

0.3

 

-

 

-

 

-

 

Government services

 

1.2

 

 

1.2

 

1.3

 

1.4

 

0.1

 

0.1

 

Health care

 

0.6

 

 

0.7

 

0.7

 

0.8

 

*

 

*

 

Home furnishings

 

0.2

 

 

0.2

 

0.2

 

0.2

 

-

 

-

 

Insurance

 

0.1

 

 

0.1

 

0.1

 

0.1

 

*

 

-

 

Machinery

 

*

 

 

0.1

 

0.2

 

0.2

 

0.1

 

-

 

Other manufacturing

 

0.7

 

 

0.7

 

0.7

 

0.6

 

-

 

-

 

Packaging

 

0.8

 

 

0.8

 

0.8

 

0.9

 

0.7

 

0.4

 

Paper

 

0.1

 

 

0.1

 

0.1

 

0.2

 

0.1

 

0.1

 

Shoe stores

 

0.2

 

 

0.2

 

0.8

 

0.9

 

-

 

-

 

Telecommunications

 

0.6

 

 

0.7

 

0.7

 

0.7

 

0.8

 

0.7

 

Transportation services

 

5.5

 

 

5.3

 

5.1

 

5.3

 

2.2

 

1.6

 

Other

 

0.2

 

 

0.2

 

0.2

 

0.1

 

1.0

 

1.2

 

Non-retail industries

 

18.6%

 

 

18.9%

 

19.6%

 

20.2%

 

13.3%

 

11.4%

 

Totals

 

100.0%

 

 

100.0%

 

100.0%

 

100.0%

 

100.0%

 

100.0%

 

 

*              Less than 0.1%

 

(1)            Includes rental revenue for all properties owned by Realty Income at the end of each period presented, including revenue from properties reclassified as discontinued operations. Excludes revenue from properties owned by Crest Net Lease, Inc., or Crest.

 

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Property Type Composition

The following table sets forth certain property type information regarding Realty Income’s property portfolio as of December 31, 2015 (dollars in thousands):

 

 

 

 

 

Approximate

 

Rental Revenue for

 

Percentage of

 

 

 

Number of

 

Leasable

 

the Quarter Ended

 

Rental

 

Property Type

 

Properties

 

Square Feet

 

December 31, 2015

(1)

Revenue

 

Retail

 

4,378

 

50,592,800

 

$

199,518

 

79.0%

 

Industrial (2)

 

101

 

21,871,200

 

32,423

 

12.8

 

Office

 

44

 

3,403,200

 

15,329

 

6.1

 

Agriculture

 

15

 

184,500

 

5,330

 

2.1

 

Totals

 

4,538

 

76,051,700

 

$

252,600

 

100.0%

 

 

(1)                 Includes rental revenue for all properties owned by Realty Income at December 31, 2015.  Excludes revenue of $63 from properties owned by Crest and $68 from sold properties that were included in continuing operations.

 

(2)                 Includes 14 Industrial properties formerly classified as Manufacturing properties which represent approximately 2% of rental revenue for the quarter ended December 31, 2015.  These properties are principally distribution facilities used for light assemblage, processing, and/or storage.  We re-classified these properties to our Industrial category to better reflect their use and to clarify the categorization of our properties.

 

 

Tenant Diversification

The following table sets forth the largest tenants in Realty Income’s property portfolio, expressed as a percentage of total rental revenue at December 31, 2015:

 

Tenant

 

Number of Properties

 

% of Rental Revenue

 

 

 

 

 

Walgreens

 

176

 

6.9%

FedEx

 

39

 

5.2%

Dollar General

 

524

 

4.6%

LA Fitness

 

46

 

4.2%

Dollar Tree / Family Dollar

 

457

 

4.2%

Circle K / The Pantry

 

302

 

3.0%

AMC Theaters

 

20

 

2.7%

BJ’s Wholesale Clubs

 

15

 

2.6%

Diageo

 

17

 

2.4%

Regal Cinemas

 

23

 

2.1%

GPM Investments / Fas Mart

 

217

 

2.1%

Rite Aid

 

68

 

2.0%

Northern Tier Retail / SuperAmerica

 

134

 

2.0%

Life Time Fitness

 

9

 

2.0%

CVS Pharmacy

 

56

 

1.9%

TBC Corporation

 

149

 

1.7%

Walmart / Sam’s Club

 

19

 

1.3%

NPC International

 

202

 

1.3%

FreedomRoads / Camping World

 

18

 

1.2%

Smart & Final

 

36

 

1.1%

 

-15-



Table of Contents

 

Service Category Diversification for our Retail Properties

The following table sets forth certain information regarding the 4,378 retail properties included in the 4,538 total properties owned by Realty Income at December 31, 2015, classified according to the business types and the level of services they provide at the property level (dollars in thousands):

 

 

 

Number of

 

Retail Rental Revenue

 

Percentage of

 

 

 

Retail

 

for the Quarter Ended

 

Retail Rental

 

 

 

Properties

 

December 31, 2015

(1)

Revenue

 

Tenants Providing Services

 

 

 

 

 

 

 

Automotive collision services

 

49

 

$

2,367

 

1.2%

 

Automotive service

 

236

 

4,826

 

2.4

 

Child care

 

206

 

5,040

 

2.5

 

Education

 

15

 

863

 

0.4

 

Entertainment

 

10

 

1,188

 

0.6

 

Equipment services

 

2

 

310

 

0.2

 

Financial services

 

118

 

3,256

 

1.6

 

Health and fitness

 

87

 

21,232

 

10.7

 

Health care

 

26

 

1,093

 

0.6

 

Theaters

 

45

 

12,691

 

6.4

 

Transportation services

 

2

 

229

 

0.1

 

Other

 

8

 

70

 

*

 

 

 

804

 

53,165

 

26.7

 

Tenants Selling Goods and Services

 

 

 

 

 

 

 

Automotive parts (with installation)

 

63

 

1,504

 

0.8

 

Automotive tire services

 

186

 

7,124

 

3.6

 

Convenience stores

 

762

 

22,210

 

11.1

 

Motor vehicle dealerships

 

22

 

4,047

 

2.0

 

Pet supplies and services

 

13

 

735

 

0.4

 

Restaurants - casual dining

 

298

 

8,714

 

4.4

 

Restaurants - quick service

 

498

 

11,463

 

5.7

 

 

 

1,842

 

55,797

 

28.0

 

Tenants Selling Goods

 

 

 

 

 

 

 

Apparel stores

 

28

 

5,067

 

2.5

 

Automotive parts

 

78

 

2,170

 

1.1

 

Book stores

 

1

 

104

 

*

 

Consumer electronics

 

7

 

803

 

0.4

 

Crafts and novelties

 

11

 

1,175

 

0.6

 

Dollar stores

 

981

 

22,120

 

11.1

 

Drug stores

 

293

 

26,119

 

13.1

 

General merchandise

 

71

 

3,666

 

1.8

 

Grocery stores

 

70

 

7,110

 

3.5

 

Home furnishings

 

59

 

1,744

 

0.9

 

Home improvement

 

54

 

5,605

 

2.8

 

Jewelry

 

4

 

175

 

0.1

 

Office supplies

 

9

 

765

 

0.4

 

Shoe stores

 

2

 

176

 

0.1

 

Sporting goods

 

32

 

4,390

 

2.2

 

Wholesale clubs

 

32

 

9,367

 

4.7

 

 

 

1,732

 

90,556

 

45.3

 

Total Retail Properties

 

4,378

 

$

199,518

 

100.0%

 

 

*  Less than 0.1%

 

 

(1)

Includes rental revenue for all retail properties owned by Realty Income at December 31, 2015.  Excludes revenue of $53,085 from non-retail properties, $63 from properties owned by Crest and $68 from sold properties that were included in continuing operations.

 

-16-



Table of Contents

 

Lease Expirations

The following table sets forth certain information regarding Realty Income’s property portfolio regarding the timing of the lease term expirations (excluding rights to extend a lease at the option of the tenant) on our 4,448 net leased, single-tenant properties as of December 31, 2015 (dollars in thousands):

 

Total Portfolio(1) 

 

Initial Expirations(3)

 

Subsequent Expirations(4) 

 

 

 

 

 

 

 

Rental

 

 

 

 

 

Rental

 

 

 

 

 

Rental

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

Revenue

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

for the

 

 

 

 

 

for the

 

 

 

 

 

for the

 

 

 

 

 

Number

 

 

 

Quarter

 

% of

 

 

 

Quarter

 

% of

 

 

 

Quarter

 

% of

 

 

 

of Leases

 

Approx.

 

Ended

 

Total

 

Number

 

Ended

 

Total

 

Number

 

Ended

 

Total

 

 

 

Expiring

 

Leasable

 

Dec 31,

 

Rental

 

of Leases

 

Dec 31,

 

Rental

 

of Leases

 

Dec 31,

 

Rental

 

Year

 

Retail

 

Non-Retail

 

Sq. Feet

 

2015 

(2)

Revenue

 

Expiring

 

2015

 

Revenue

 

Expiring

 

2015

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

146

 

-

 

913,200

 

$

3,315

 

1.3%

 

63  

 

$

1,295

 

0.5%

 

83

 

$

2,020

 

0.8%

 

2017

 

202

 

1

 

2,040,400

 

5,987

 

2.4

 

54  

 

2,559

 

1.0

 

149

 

3,428

 

1.4

 

2018

 

298

 

9

 

3,892,100

 

12,182

 

4.9

 

170  

 

8,431

 

3.4

 

137

 

3,751

 

1.5

 

2019

 

248

 

10

 

3,878,400

 

13,359

 

5.4

 

174  

 

11,143

 

4.5

 

84

 

2,216

 

0.9

 

2020

 

184

 

12

 

4,180,700

 

13,110

 

5.3

 

114  

 

10,709

 

4.3

 

82

 

2,401

 

1.0

 

2021

 

252

 

13

 

5,579,900

 

15,849

 

6.3

 

184  

 

13,933

 

5.6

 

81

 

1,916

 

0.7

 

2022

 

233

 

17

 

7,456,000

 

15,104

 

6.0

 

220  

 

14,308

 

5.7

 

30

 

796

 

0.3

 

2023

 

353

 

20

 

6,458,700

 

21,920

 

8.8

 

358  

 

21,028

 

8.4

 

15

 

892

 

0.4

 

2024

 

193

 

12

 

4,168,500

 

11,504

 

4.6

 

195  

 

11,222

 

4.5

 

10

 

282

 

0.1

 

2025

 

322

 

16

 

5,556,000

 

20,347

 

8.2

 

311  

 

19,595

 

7.9

 

27

 

752

 

0.3

 

2026

 

243

 

3

 

3,141,500

 

11,469

 

4.6

 

234  

 

11,124

 

4.5

 

12

 

345

 

0.1

 

2027

 

491

 

3

 

5,443,000

 

20,453

 

8.2

 

460  

 

19,064

 

7.6

 

34

 

1,389

 

0.6

 

2028

 

287

 

5

 

5,986,900

 

16,193

 

6.5

 

283  

 

15,930

 

6.5

 

9

 

263

 

*

 

2029

 

396

 

4

 

6,488,200

 

19,469

 

7.8

 

371  

 

19,193

 

7.7

 

29

 

276

 

0.1

 

2030

 

80

 

11

 

1,703,100

 

11,474

 

4.6

 

80  

 

11,319

 

4.5

 

11

 

155

 

0.1

 

2031 - 2043

 

361

 

23

 

7,467,400

 

37,706

 

15.1

 

342  

 

37,216

 

14.9

 

42

 

490

 

0.2

 

Totals

 

4,289

 

159

 

74,354,000

 

$

249,441

 

100.0%

 

3,613  

 

$

228,069 

 

91.5%

 

835

 

$

21,372

 

8.5%

 

 

*             Less than 0.1%

 

(1)          Excludes 19 multi-tenant properties and 71 vacant properties. The lease expirations for properties under construction are based on the estimated date of completion of those properties.

 

(2)          Excludes revenue of $3,160 from 19 multi-tenant properties and from 71 vacant properties at December 31, 2015, $68 from sold properties included in continuing operations and $63 from properties owned by Crest.

 

(3)          Represents leases to the initial tenant of the property that are expiring for the first time.

 

(4)          Represents lease expirations on properties in the portfolio, which have previously been renewed, extended or re-tenanted.

 

-17-



Table of Contents

 

Geographic Diversification

The following table sets forth certain state-by-state information regarding Realty Income’s property portfolio as of December 31, 2015 (dollars in thousands):

 

 

 

 

 

 

 

Approximate

 

Rental Revenue for

 

Percentage of

 

 

 

Number of

 

Percent

 

Leasable

 

the Quarter Ended

 

Rental

 

State

 

Properties

 

Leased

 

Square Feet

 

December 31, 2015

(1)

Revenue

 

Alabama

 

149

 

99%

 

1,220,600

 

$

4,093

 

1.6%

 

Alaska

 

3

 

100

 

275,900

 

681

 

0.3

 

Arizona

 

109

 

98

 

1,611,600

 

6,227

 

2.5

 

Arkansas

 

54

 

100

 

797,400

 

1,749

 

0.7

 

California

 

167

 

100

 

5,273,700

 

24,773

 

9.8

 

Colorado

 

70

 

99

 

1,003,000

 

3,999

 

1.6

 

Connecticut

 

24

 

91

 

534,900

 

2,502

 

1.0

 

Delaware

 

18

 

100

 

93,000

 

495

 

0.2

 

Florida

 

329

 

99

 

3,976,700

 

14,693

 

5.8

 

Georgia

 

239

 

99

 

3,348,000

 

10,396

 

4.1

 

Hawaii

 

--

 

--

 

--

 

--

 

--

 

Idaho

 

12

 

100

 

87,000

 

739

 

0.3

 

Illinois

 

161

 

99

 

4,578,500

 

13,337

 

5.3

 

Indiana

 

145

 

100

 

1,456,700

 

6,955

 

2.8

 

Iowa

 

38

 

95

 

2,936,000

 

4,004

 

1.6

 

Kansas

 

90

 

98

 

1,643,400

 

4,166

 

1.6

 

Kentucky

 

61

 

98

 

1,023,000

 

3,744

 

1.5

 

Louisiana

 

91

 

99

 

1,029,500

 

3,098

 

1.2

 

Maine

 

10

 

90

 

145,300

 

889

 

0.4

 

Maryland

 

35

 

100

 

861,300

 

4,485

 

1.8

 

Massachusetts

 

82

 

96

 

760,400

 

3,482

 

1.4

 

Michigan

 

148

 

99

 

1,537,200

 

5,797

 

2.3

 

Minnesota

 

155

 

99

 

1,376,800

 

8,215

 

3.3

 

Mississippi

 

132

 

98

 

1,608,200

 

4,116

 

1.6

 

Missouri

 

139

 

96

 

2,810,000

 

8,621

 

3.4

 

Montana

 

4

 

100

 

67,100

 

190

 

0.1

 

Nebraska

 

37

 

100

 

780,400

 

2,815

 

1.1

 

Nevada

 

22

 

100

 

413,000

 

773

 

0.3

 

New Hampshire

 

19

 

100

 

315,800

 

1,475

 

0.6

 

New Jersey

 

70

 

99

 

697,400

 

4,339

 

1.7

 

New Mexico

 

30

 

100

 

293,200

 

883

 

0.3

 

New York

 

90

 

99

 

2,422,600

 

12,310

 

4.9

 

North Carolina

 

155

 

99

 

2,120,900

 

6,778

 

2.7

 

North Dakota

 

7

 

100

 

66,000

 

136

 

0.1

 

Ohio

 

235

 

97

 

6,013,000

 

13,711

 

5.4

 

Oklahoma

 

128

 

99

 

1,532,100

 

4,015

 

1.6

 

Oregon

 

27

 

100

 

593,400

 

2,040

 

0.8

 

Pennsylvania

 

148

 

99

 

1,854,500

 

7,332

 

2.9

 

Rhode Island

 

4

 

100

 

157,200

 

809

 

0.3

 

South Carolina

 

137

 

99

 

996,000

 

4,659

 

1.8

 

South Dakota

 

13

 

100

 

152,100

 

274

 

0.1

 

Tennessee

 

221

 

96

 

2,769,700

 

7,538

 

3.0

 

Texas

 

449

 

98

 

8,298,200

 

23,401

 

9.1

 

Utah

 

17

 

100

 

890,500

 

1,975

 

0.8

 

Vermont

 

5

 

100

 

98,000

 

482

 

0.2

 

Virginia

 

143

 

98

 

2,893,300

 

7,543

 

3.0

 

Washington

 

42

 

98

 

690,800

 

2,882

 

1.1

 

West Virginia

 

13

 

100

 

272,500

 

979

 

0.4

 

Wisconsin

 

53

 

100

 

1,598,000

 

3,635

 

1.4

 

Wyoming

 

4

 

100

 

49,600

 

221

 

0.1

 

Puerto Rico

 

4

 

100

 

28,300

 

149

 

0.1

 

Totals\Average

 

4,538

 

98%

 

76,051,700

 

$

252,600

 

100.0%

 

 

 

(1)            Includes rental revenue for all properties owned by Realty Income at December 31, 2015.  Excludes revenue of $63 from properties owned by Crest and $68 from sold properties that were included in continuing operations.

 

-18-



Table of Contents

 

FORWARD-LOOKING STATEMENTS

 

This Annual Report on Form 10-K, including the documents incorporated by reference, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. When used in this annual report, the words “estimated”, “anticipated”, “expect”, “believe”, “intend” and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions of strategy, plans, or intentions of management. Forward-looking statements are subject to risks, uncertainties, and assumptions about Realty Income Corporation, including, among other things:

 

·                  Our anticipated growth strategies;

·                  Our intention to acquire additional properties and the timing of these acquisitions;

·                  Our intention to sell properties and the timing of these property sales;

·                  Our intention to re-lease vacant properties;

·                  Anticipated trends in our business, including trends in the market for long-term, net leases of freestanding, single-tenant properties; and

·                  Future expenditures for development projects.

 

Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. In particular, some of the factors that could cause actual results to differ materially are:

 

·                  Our continued qualification as a real estate investment trust;

·                  General business and economic conditions;

·                  Competition;

·                  Fluctuating interest rates;

·                  Access to debt and equity capital markets;

·                  Continued volatility and uncertainty in the credit markets and broader financial markets;

·                  Other risks inherent in the real estate business including tenant defaults, potential liability relating to environmental matters, illiquidity of real estate investments, and potential damages from natural disasters;

·                  Impairments in the value of our real estate assets;

·                  Changes in the tax laws of the United States of America;

·                  The outcome of any legal proceedings to which we are a party or which may occur in the future; and

·                  Acts of terrorism and war.

 

Additional factors that may cause risks and uncertainties include those discussed in the sections entitled “Business”, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Annual Report.

 

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date that this annual report was filed with the Securities and Exchange Commission, or SEC.  While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this annual report or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, the forward-looking events discussed in this annual report might not occur.

 

Item 1A:                         Risk Factors

 

This “Risk Factors” section contains references to our “capital stock” and to our “stockholders.”  Unless expressly stated otherwise, the references to our “capital stock” represent our common stock and any class or series of our preferred stock, while the references to our “stockholders” represent holders of our common stock and any class or series of our preferred stock.

 

-19-



Table of Contents

 

In order to grow we need to continue to acquire investment properties.  The acquisition of investment properties may be subject to competitive pressures.

We face competition in the acquisition and operation of our properties. We expect competition from:

 

·                  Businesses;

·                  Individuals;

·                  Fiduciary accounts and plans; and

·                  Other entities engaged in real estate investment and financing.

 

Some of these competitors are larger than we are and have greater financial resources. This competition may result in a higher cost for properties we wish to purchase.

 

Negative market conditions or adverse events affecting our existing or potential tenants, or the industries in which they operate, could have an adverse impact on our ability to attract new tenants, re-lease space, collect rent or renew leases, which could adversely affect our cash flow from operations and inhibit growth.

Cash flow from operations depends in part on our ability to lease space to tenants on economically favorable terms. We could be adversely affected by various facts and events over which we have limited or no control, such as:

 

·                  Lack of demand in areas where our properties are located;

·                  Inability to retain existing tenants and attract new tenants;

·                  Oversupply of space and changes in market rental rates;

·                  Declines in our tenants’ creditworthiness and ability to pay rent, which may be affected by their operations, economic downturns and competition within their industries from other operators;

·                  Defaults by and bankruptcies of tenants, failure of tenants to pay rent on a timely basis, or failure of tenants to comply with their contractual obligations;

·                  Economic or physical decline of the areas where the properties are located; and

·                  Deterioration of physical condition of our properties.

 

At any time, any tenant may experience a downturn in its business that may weaken its operating results or overall financial condition. As a result, a tenant may delay lease commencement, fail to make rental payments when due, decline to extend a lease upon its expiration, become insolvent, or declare bankruptcy. Any tenant bankruptcy or insolvency, leasing delay or failure to make rental payments when due could result in the termination of the tenant’s lease and material losses to us.

 

If tenants do not renew their leases as they expire, we may not be able to rent or sell the properties.  Furthermore, leases that are renewed, and some new leases for properties that are re-leased, may have terms that are less economically favorable than expiring lease terms, or may require us to incur significant costs, such as renovations, tenant improvements, or lease transaction costs. Negative market conditions may cause us to sell vacant properties for less than their carrying value, which could result in impairments. Any of these events could adversely affect cash flow from operations and our ability to make distributions to stockholders and service indebtedness. A significant portion of the costs of owning property, such as real estate taxes, insurance, and maintenance, are not necessarily reduced when circumstances cause a decrease in rental revenue from the properties. In a weakened financial condition, tenants may not be able to pay these costs of ownership and we may be unable to recover these operating expenses from them.

 

Further, the occurrence of a tenant bankruptcy or insolvency could diminish the income we receive from the tenant’s lease or leases. In addition, a bankruptcy court might authorize the tenant to terminate its leases with us. If that happens, our claim against the bankrupt tenant for unpaid future rent would be subject to statutory limitations that most likely would result in rent payments that would be substantially less than the remaining rent we are owed under the leases or we may elect not to pursue claims against a tenant for terminated leases. In addition, any claim we have for unpaid past rent, if any, may not be paid in full, or at all. Moreover, in the case of a tenant’s leases that are not terminated as the result of its bankruptcy, we may be required or elect to reduce the rent payable under those leases or provide other concessions, reducing amounts we receive under those leases. As a result, tenant bankruptcies may have a material adverse effect on our results of operations.  Any of these events could adversely affect our cash flow from operations and our ability to make distributions to stockholders and service our indebtedness.

 

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Seventy-one of our properties were available for lease or sale at December 31, 2015, all of which were single-tenant properties. At December 31, 2015, forty-six of our properties under lease were unoccupied and available for sublease by the tenants, all of which were current with their rent and other obligations. During 2015, each of our tenants accounted for less than 10% of our rental revenue.

 

For 2015, our tenants in the “drug store” industry accounted for approximately 10.9% of our rental revenue. A downturn in this industry, whether nationwide or limited to specific sectors of the United States, or a change in legislation relating to prescription drugs, could adversely affect tenants in this industry, which in turn could have a material adverse effect on our financial position, results of operations, our ability to pay the principal of and interest on our debt securities and other indebtedness and to make distributions on our common stock, including the common stock offered hereby, and preferred stock.

 

Individually, each of the other industries in our property portfolio accounted for less than 10% of our rental revenue for 2015. Nevertheless, downturns in these industries could also adversely affect our tenants, which in turn could also have a material adverse effect on our financial position, results of operations and our ability to pay the principal of and interest on our debt securities and other indebtedness and to make distributions on our common stock, and preferred stock. In addition, we may in the future make additional investments in the “drug store” industry, which would increase this industry’s percentage of our rental revenues, thereby increasing the effect that such a downturn in this industry would have on us.

 

In addition, some of our properties are leased to tenants that may have limited financial and other resources, and therefore, they are more likely to be adversely affected by a downturn in their respective businesses or in the regional, national, or international economy.

 

Furthermore, we have made and may continue to make selected acquisitions of properties that fall outside our historical focus on freestanding, single-tenant, net lease locations in the United States. We may be exposed to a variety of new risks by expanding into new property types and/or new jurisdictions outside the United States and properties leased to tenants engaged in non-retail businesses. These risks may include limited experience in managing certain types of new properties, new types of real estate locations and lease structures, and the laws and culture of any non-U.S. jurisdiction.

 

As a property owner, we may be subject to unknown environmental liabilities.

Investments in real property can create a potential for environmental liability. An owner of property can face liability for environmental contamination created by the presence or discharge of hazardous substances on the property. We can face such liability regardless of:

 

·                  Our knowledge of the contamination;

·                  The timing of the contamination;

·                  The cause of the contamination; or

·                  The party responsible for the contamination of the property.

 

There may be environmental conditions associated with our properties of which we are unaware. In that regard, a number of our properties are leased to operators of convenience stores that sell petroleum-based fuels, as well as to operators of oil change and tune-up facilities and operators that use chemicals and other waste products. These facilities, and some other of our properties, use, or may have used in the past, underground lifts or underground tanks for the storage of petroleum-based or waste products, which could create a potential for the release of hazardous substances.

 

The presence of hazardous substances on a property may adversely affect our ability to lease or sell that property and we may incur substantial remediation costs or third party liability claims. Although our leases generally require our tenants to operate in compliance with all applicable federal, state, and local environmental laws, ordinances and regulations, and to indemnify us against any environmental liabilities arising from the tenants’ activities on the property, we could nevertheless be subject to liability, including strict liability, by virtue of our ownership interest. There also can be no assurance that our tenants could or would satisfy their indemnification obligations under their leases. The discovery of environmental liabilities attached to our properties could have an adverse effect on our results of operations, our financial condition, or our ability to make distributions to stockholders and to pay the principal of and interest on our debt securities and other indebtedness.

 

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In addition, several of our properties were built during the period when asbestos was commonly used in building construction and we may acquire other buildings with asbestos in the future. Environmental laws govern the presence, maintenance, and removal of asbestos-containing materials, or ACMs, and require that owners or operators of buildings containing asbestos properly manage and maintain the asbestos, that they adequately inform or train those who may come into contact with asbestos and that they undertake special precautions, including removal or other abatement in the event that asbestos is disturbed during renovation or demolition of a building. These laws may impose fines and penalties on building owners or operators for failure to comply with these requirements and may allow third parties to seek recovery from owners or operators for personal injury associated with exposure to asbestos fibers.

 

It is possible that our insurance could be insufficient to address any particular environmental situation and/or that, in the future, we could be unable to obtain insurance for environmental matters at a reasonable cost, or at all. Our tenants are generally responsible for, and indemnify us against, liabilities for environmental matters that arise during the lease terms as a result of tenants’ activities on the properties. For properties that have underground storage tanks, in addition to providing an indemnity in our favor, the tenants generally are required to meet applicable state financial assurance obligations, including maintaining certain minimum net worth requirements, obtaining environmental insurance, or relying upon the state trust funds where available in the states where these properties are located to reimburse responsible parties for costs of environmental remediation.  However, it is possible that one or more of our tenants could fail to have sufficient funds to cover any such indemnification or to meet applicable state financial assurance obligations, and thus we may still be obligated to pay for any such environmental liabilities.

 

Compliance.  We have not been notified by any governmental authority, and are not otherwise aware, of any material noncompliance, liability, or claim relating to hazardous substances, toxic substances, or petroleum products in connection with any of our properties. In addition, we believe we are in compliance in all material respects with all present federal, state, and local laws relating to ACMs. Nevertheless, if environmental contamination should exist, we could be subject to liability, including strict liability, by virtue of our ownership interest.

 

Insurance and Indemnity.  In July 2012, we entered into a ten-year environmental insurance policy that expires in July 2022 and replaced our previous seven-year environmental insurance policy. The limits on our current policy are $10 million per occurrence and $60 million in the aggregate.  The limits on the excess policy are $5 million per occurrence and $10 million in the aggregate.  Therefore, the primary and excess ten-year policies together provide a total limit of $15 million per occurrence and $70 million in the aggregate.

 

It is possible that our insurance could be insufficient to address any particular environmental situation and that, in the future, we could be unable to obtain insurance for environmental matters at a reasonable cost, or at all. Our tenants are generally responsible for, and indemnify us against, liabilities for environmental matters that occur on our properties.  For properties that have underground storage tanks, in addition to providing an indemnity in our favor, the tenants generally obtain environmental insurance or rely upon the state funds in the states where these properties are located to reimburse tenants for environmental remediation.

 

If we fail to qualify as a real estate investment trust, the amount of dividends we are able to pay would decrease, which could adversely affect the market price of our capital stock and could adversely affect the value of our debt securities.

Commencing with our taxable year ended December 31, 1994, we believe that we have been organized and have operated, and we intend to continue to operate, so as to qualify as a REIT under Sections 856 through 860 of the Code. However, we cannot assure you that we have been organized or have operated in a manner that has satisfied the requirements for qualification as a REIT, or that we will continue to be organized or operate in a manner that will allow us to continue to qualify as a REIT.

 

Qualification as a REIT involves the satisfaction of numerous requirements under highly technical and complex Code provisions, for which there are only limited judicial and administrative interpretations, as well as the determination of various factual matters and circumstances not entirely within our control.

 

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For example, in order to qualify as a REIT, at least 95% of our gross income in each year must be derived from qualifying sources, and we must pay distributions to stockholders aggregating annually at least 90% of our taxable income (excluding net capital gains).

 

In the future, it is possible that legislation, new regulations, administrative interpretations, or court decisions will change the tax laws with respect to qualification as a REIT, or the federal income tax consequences of such qualification.

 

If we fail to satisfy all of the requirements for qualification as a REIT, we may be subject to certain penalty taxes or, in some circumstances, we may fail to qualify as a REIT.  If we were to fail to qualify as a REIT in any taxable year:

 

·                  We would be required to pay federal income tax (including any applicable alternative minimum tax) on our taxable income at regular corporate rates;

·                  We would not be allowed a deduction for amounts distributed to our stockholders in computing our taxable income;

·                  We could be disqualified from treatment as a REIT for the four taxable years following the year during which qualification is lost;

·                  We would no longer be required to make distributions to stockholders; and

·                  This treatment would substantially reduce amounts available for investment or distribution to stockholders because of the additional tax liability for the years involved, which could have a material adverse effect on the market price of our capital stock and the value of our debt securities.

 

Even if we qualify for and maintain our REIT status, we may be subject to certain federal, state, and local taxes on our income and property. For example, if we have net income from a prohibited transaction, that income will be subject to a 100% tax. In addition, our taxable REIT subsidiaries, including Crest, are subject to federal and state taxes at the applicable tax rates on their income and property.  Any failure to comply with legal and regulatory tax obligations could adversely affect our ability to conduct business and could adversely affect the market price of our capital stock and the value of our debt securities.

 

Distribution requirements imposed by law limit our flexibility.

To maintain our status as a REIT for federal income tax purposes, we generally are required to distribute to our stockholders at least 90% of our taxable income, excluding net capital gains, each year. We also are subject to tax at regular corporate rates to the extent that we distribute less than 100% of our taxable income (including net capital gains) each year.

 

In addition, we are subject to a 4% nondeductible excise tax to the extent that we fail to distribute during any calendar year at least the sum of 85% of our ordinary income for that calendar year, 95% of our capital gain net income for the calendar year, and any amount of that income that was not distributed in prior years.

 

We intend to continue to make distributions to our stockholders to comply with the distribution requirements of the Code as well as to reduce our exposure to federal income taxes and the nondeductible excise tax. Differences in timing between the receipt of income and the payment of expenses to arrive at taxable income, along with the effect of required debt amortization payments, could require us to borrow funds on a short-term basis to meet the distribution requirements that are necessary to achieve the tax benefits associated with qualifying as a REIT.

 

Future issuances of equity securities could dilute the interest of holders of our common stock.

Our future growth will depend, in large part, upon our ability to raise additional capital. If we were to raise additional capital through the issuance of equity securities, we could dilute the interests of holders of our common stock. The interests of our common stockholders could also be diluted by the issuance of shares of common stock pursuant to stock incentive plans. Likewise, our Board of Directors is authorized to cause us to issue preferred stock of any class or series (with dividend, voting and other rights as determined by our Board of Directors). Accordingly, our Board of Directors may authorize the issuance of preferred stock with voting, dividend and other similar rights that could dilute, or otherwise adversely affect, the interest of holders of our common stock.

 

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We may acquire properties or portfolios of properties through tax deferred contribution transactions, which could result in stockholder dilution and limit our ability to sell or refinance such assets.

We have in the past and may in the future acquire properties or portfolios of properties through tax deferred contribution transactions in exchange for partnership units in an operating partnership, which could result in stockholder dilution through the issuance of operating partnership units that, under certain circumstances, may be exchanged for shares of our common stock.  This acquisition structure may have the effect of, among other things, reducing the amount of tax depreciation we could deduct over the tax life of the acquired properties, and may require that we agree to restrictions on our ability to dispose of, or refinance the debt on, the acquired properties in order to protect the contributors’ ability to defer recognition of taxable gain.  Similarly, we may be required to incur or maintain debt we would otherwise not incur so we can allocate the debt to the contributors to maintain their tax bases.  These restrictions could limit our ability to sell or refinance an asset at a time, or on terms, that would be favorable absent such restrictions.

 

We are subject to risks associated with debt and capital stock financing.

We intend to incur additional indebtedness in the future, including borrowings under our new $2.0 billion unsecured revolving credit facility. At December 31, 2015, we had $238.0 million of outstanding borrowings under our revolving credit facility, a total of $3.65 billion of outstanding unsecured senior debt securities (excluding unamortized original issuance discounts of $13.3 million), $320 million of borrowings outstanding under a senior unsecured term loan and approximately $637.7 million of outstanding mortgage debt (excluding net premiums totaling $9.1 million on these mortgages). To the extent that new indebtedness is added to our current debt levels, the related risks that we now face would increase. As a result, we are and will be subject to risks associated with debt financing, including the risk that our cash flow could be insufficient to make required payments on our debt. We also face variable interest rate risk as the interest rates on our revolving credit facility and some of our mortgage debt are variable and could therefore increase over time.  We also face the risk that we may be unable to refinance or repay our debt as it comes due. Given past disruptions in the financial markets and the ongoing global financial crisis, we also face the risk that one or more of the participants in our revolving credit facility may not be able to lend us money.

 

In addition, our revolving credit facility, our term loan facilities, and mortgage loan documents contain provisions that could limit or, in certain cases, prohibit the payment of dividends and other distributions on our common stock and preferred stock.  In particular, our revolving credit facility and our $250 million term loan facility, both of which are governed by the same credit agreement, provide that, if an event of default (as defined in the credit agreement) exists, neither we nor any of our subsidiaries (other than our wholly-owned subsidiaries) may make any dividends or other distributions on (except distributions payable in shares of a given class of our stock to the stockholders of that class), or repurchase or redeem, among other things, any shares of our common stock or preferred stock, during any period of four consecutive fiscal quarters in an aggregate amount in excess of the greater of:

 

·                  The sum of (a) 95% of our adjusted funds from operations (as defined in the credit agreement) for that period plus (b) the aggregate amount of cash distributions on our preferred stock for that period, and

·                  The minimum amount of cash distributions required to be made to our stockholders in order to maintain our status as a REIT for federal income tax purposes and to avoid the payment of any income or excise taxes that would otherwise be imposed under specified sections of the Code on income we do not distribute to our stockholders,

 

except that we may repurchase or redeem shares of our preferred stock with the net proceeds from the issuance of shares of our common stock or preferred stock. The credit agreement further provides that, in the event of a failure to pay principal, interest or any other amount payable thereunder when due or upon the occurrence of certain events of bankruptcy, insolvency or reorganization with respect to us or with respect to one or more of our subsidiaries that in the aggregate meet a significance test set forth in the credit agreement, we and our subsidiaries (other than our wholly-owned subsidiaries) may not pay any dividends or other distributions on (except for (a) distributions payable in shares of a given class of our stock to the stockholders of that class and (b) dividends and distributions described in the second bullet point above), or repurchase or redeem, among other things, any shares of our common stock or preferred stock. If any such event of default under the credit agreement were to occur, it would likely have a material adverse effect on the market price of our outstanding common stock and preferred stock and on the market value of our debt securities, could limit the amount of dividends or other distributions payable on our common stock and preferred stock or prevent us from paying those dividends or other distributions altogether, and may adversely affect our ability to qualify, or prevent us from qualifying, as a REIT. Likewise, one of our subsidiaries is the borrower under our $70.0 million term loan facility and that facility requires that this subsidiary maintain its consolidated tangible net worth (as defined in the term loan facility) above a certain minimum dollar amount and comply with certain other financial covenants. This minimum consolidated tangible net worth covenant may limit the ability of this subsidiary, as well as other subsidiaries that are owned by this subsidiary, to provide funds to us in order to pay dividends and other distributions on our common stock, including the shares of common stock offered hereby, and preferred stock and amounts due on our indebtedness. Any failure by this subsidiary to comply with these financial covenants will, and any failure by this subsidiary to comply with other covenants in our $70.0 million term loan facility may, result in an event of default under that facility, which could have adverse consequences similar to those that may result from an event of default under our revolving credit facility as described above.

 

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Our indebtedness could also have other important consequences to holders of our common stock, preferred stock, and debt securities, including:

 

·                  Increasing our vulnerability to general adverse economic and industry conditions;

·                  Limiting our ability to obtain additional financing to fund future working capital, acquisitions, capital expenditures and other general corporate requirements;

·                  Requiring the use of a substantial portion of our cash flow from operations for the payment of principal and interest on our indebtedness, thereby reducing our ability to use our cash flow to fund working capital, acquisitions, capital expenditures, and general corporate requirements;

·                  Limiting our flexibility in planning for, or reacting to, changes in our business and our industry; and

·                  Putting us at a disadvantage compared to our competitors with less indebtedness.

 

If we default under a credit facility, loan agreement or other debt instrument, the lenders will generally have the right to demand immediate repayment of the principal and interest on all of their loans and, in the case of secured indebtedness, to exercise their rights to seize and sell the collateral.

 

In addition, we have 16,350,000 shares of Class F preferred stock outstanding, the holders of which are entitled to receive, before any dividends are paid on our common stock, monthly dividends, when, as and if authorized by our board of directors and declared by us, at the rate of $1.65625 per annum per share. As a result, we are subject to risks associated with preferred stock financing, including the risk that our cash flow will be insufficient to pay dividends on our preferred stock.

 

Our business operations may not generate the cash needed to make distributions on our capital stock or to service our indebtedness.

Our ability to make distributions on our common stock and preferred stock and payments on our indebtedness, and to fund planned acquisitions and capital expenditures will depend on our ability to generate cash in the future.  We cannot assure you that our business will generate sufficient cash flow from operations or that future borrowings will be available to us in an amount sufficient to enable us to make distributions on our common stock and preferred stock, to pay our indebtedness, or to fund our other liquidity needs.

 

The market value of our capital stock and debt securities could be substantially affected by various factors.

The market value of our capital stock and debt securities will depend on many factors, which may change from time to time and may be outside of our control, including:

 

·                  Prevailing interest rates, increases in which may have an adverse effect on the market value of our capital stock and debt securities;

·                  The market for similar securities issued by other REITs;

·                  General economic and financial market conditions;

·                  The financial condition, performance and prospects of us, our tenants and our competitors;

·                  Changes in legal and regulatory taxation obligations;

·                  Litigation and regulatory proceedings;

·                  Changes in financial estimates or recommendations by securities analysts with respect to us, our competitors or our industry;

·                  Changes in our credit ratings; and

·                  Actual or anticipated variations in quarterly operating results of us and our competitors.

 

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In addition, over the last several years, prices of common stock and debt securities in the United States, or U.S., trading markets have been experiencing extreme price fluctuations, and the market values of our common stock and debt securities have also fluctuated significantly during this period. As a result of these and other factors, investors who purchase our capital stock and debt securities may experience a decrease, which could be substantial and rapid, in the market value of our capital stock and debt securities, including decreases unrelated to our operating performance or prospects.

 

Real estate ownership is subject to particular conditions that may have a negative impact on our revenue.

 

We are subject to all of the inherent risks associated with the ownership of real estate.  In particular, we face the risk that rental revenue from our properties may be insufficient to cover all corporate operating expenses, debt service payments on indebtedness we incur, and distributions on our capital stock. Additional real estate ownership risks include:

 

·      Adverse changes in general or local economic conditions;

·      Changes in supply of, or demand for, similar or competing properties;

·      Changes in interest rates and operating expenses;

·      Competition for tenants;

·      Changes in market rental rates;

·      Inability to lease properties upon termination of existing leases;

·      Renewal of leases at lower rental rates;

·      Inability to collect rents from tenants due to financial hardship, including bankruptcy;

·      Changes in tax, real estate, zoning and environmental laws that may have an adverse impact upon the value of real estate;

·      Uninsured property liability;

·      Property damage or casualty losses;

·      Unexpected expenditures for capital improvements, including requirements to bring properties into compliance with applicable federal, state and local laws;

·      The need to periodically renovate and repair our properties;

·      Development oriented activities;

·      Physical or weather-related damage to properties;

·      The potential risk of functional obsolescence of properties over time;

·      Acts of terrorism and war; and

·      Acts of God and other factors beyond the control of our management.

 

Real estate property investments are illiquid; therefore, the company may not be able to dispose of properties when desired or on favorable terms.

Real estate investments are relatively illiquid. Our ability to quickly sell or exchange any of our properties in response to changes in economic and other conditions will be limited. No assurances can be given that we will recognize full value, at a price and at terms that are acceptable to us, for any property that we are required to sell for liquidity reasons. Our inability to respond rapidly to changes in the performance of our investments could adversely affect our financial condition and results of operations.

 

Our acquisition of additional properties may have a significant effect on our business, liquidity, financial position and/or results of operations.

We are engaged in the process of identifying, analyzing, underwriting, and negotiating possible acquisition transactions. We cannot provide any assurances that we will be successful in consummating future acquisitions on favorable terms or that we will realize the benefits that we anticipate from such acquisitions. Our inability to consummate one or more acquisitions on such terms, our failure to adequately underwrite and identify risks and obligations when acquiring properties, or our failure to realize the intended benefits from one or more acquisitions, could have a significant adverse effect on our business, liquidity, financial position and/or results of operations, including as a result of our incurrence of additional indebtedness and related interest expense and our assumption of unforeseen contingent liabilities in connection with completed acquisitions.

 

An uninsured loss or a loss that exceeds the policy limits on our properties could subject us to lost capital or revenue on those properties.

Under the terms and conditions of the leases currently in force on our properties, tenants generally are required to indemnify and hold us harmless from liabilities resulting from injury to persons, air, water, land or property, due to activities conducted on the properties, except for claims arising from the negligence or intentional misconduct of us or our agents. Additionally, tenants are generally required, at the tenant’s expense, to obtain and keep in full force during the term of the lease, liability and property damage insurance policies. The insurance policies our tenants are required to maintain for property damage are generally in amounts not less than the full replacement cost of the improvements less slab, foundations, supports and other customarily excluded improvements. Our tenants are generally required to maintain general liability coverage depending on the tenant and the industry in which the tenant operates.

 

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In addition to the indemnities and required insurance policies identified above, many of our properties are also covered by flood and earthquake insurance policies (subject to substantial deductibles) obtained and paid for by the tenants as part of their risk management programs. Additionally, we have obtained blanket liability, flood and earthquake (subject to substantial deductibles) and property damage insurance policies to protect us and our properties against loss should the indemnities and insurance policies provided by the tenants fail to restore the properties to their condition prior to a loss. However, should a loss occur that is uninsured or in an amount exceeding the combined aggregate limits for the policies noted above, or in the event of a loss that is subject to a substantial deductible under an insurance policy, we could lose all or part of our capital invested in, and anticipated revenue from, one or more of the properties, which could have a material adverse effect on our results of operations or financial condition and on our ability to pay the principal of and interest on our debt securities and other indebtedness and to make distributions to our stockholders. We also face the risk that our insurance carriers may not be able to provide payment under any potential claims that might arise under the terms of our insurance policies, and we may not have the ability to purchase insurance policies we desire.

 

In addition, although we obtain title insurance policies of our properties to protect us and our properties against unknown title defects (such as claims of ownership, liens or other encumbrances), there may be certain title defects that our title insurance will not cover. If a material title defect related to any of our properties is not adequately covered by a title insurance policy, we could lose some or all of our capital invested in and our anticipated profits from such property, cause a financial misstatement or lead to reputational damage to the company.

 

Compliance with the Americans with Disabilities Act of 1990 and fire, safety, and other regulations may require us to make unintended expenditures that could adversely impact our results of operations.

Our properties are generally required to comply with the Americans with Disabilities Act of 1990, or the ADA. The ADA has separate compliance requirements for “public accommodations” and “commercial facilities,” but generally requires that buildings be made accessible to people with disabilities. Compliance with the ADA requirements could require removal of access barriers and non-compliance could result in imposition of fines by the U.S. government or an award of damages to private litigants. The retailers to whom we lease properties are obligated by law to comply with the ADA provisions, and we believe that these retailers may be obligated to cover costs associated with compliance. If required changes involve greater expenditures than anticipated, or if the changes must be made on a more accelerated basis than anticipated, the ability of these retailers to cover costs could be adversely affected and we could be required to expend our own funds to comply with the provisions of the ADA, which could materially adversely affect our results of operations or financial condition and our ability to pay the principal of and interest on our debt securities and other indebtedness and to make distributions to our stockholders. In addition, we are required to operate our properties in compliance with fire and safety regulations, building codes and other land use regulations, as they may be adopted by governmental agencies and bodies and become applicable to our properties. We may be required to make substantial capital expenditures to comply with those requirements and these expenditures could have a material adverse effect on our results of operations or financial condition and our ability to pay the principal of and interest on our debt securities and other indebtedness and to make distributions to our stockholders.

 

Litigation risks could affect our business.

From time to time, we are involved in legal proceedings, lawsuits, and other claims. An unfavorable resolution of litigation may have a material adverse effect on our business, results of operations and financial condition. Regardless of its outcome, litigation may result in substantial costs and expenses and significantly divert the attention of management.

 

Property taxes may increase without notice.

The real property taxes on our properties and any other properties that we develop or acquire in the future may increase as property tax rates change and as those properties are assessed or reassessed by tax authorities.

 

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We depend on key personnel.

We depend on the efforts of our executive officers and key employees. The loss of the services of our executive officers and key employees could have a material adverse effect on our results of operations or financial condition and on our ability to pay the principal and interest on our debt securities and other indebtedness and to make distributions to our stockholders. It is possible that we will not be able to recruit additional personnel with equivalent experience in the net lease industry.

 

Natural disasters, terrorist attacks, other acts of violence or war, or other unexpected events may affect the value of our debt and equity securities, the markets in which we operate and our results of operations.

Natural disasters, terrorist attacks, other acts of violence or war, or other unexpected events may negatively affect our operations, the market price of our capital stock and the value of our debt securities. There can be no assurance that events like these will not occur or have a direct impact on our tenants, our business or the United States generally.

 

If events like these were to occur, they could materially interrupt our business operations, cause consumer confidence and spending to decrease or result in increased volatility in the U.S. and worldwide financial markets and economy. They also could result in or prolong an economic recession in the U.S. or abroad. Any of these occurrences could have a significant adverse impact on our operating results and revenues and on the market price of our capital stock and on the value of our debt securities. It could also have an adverse effect on our ability to pay principal and interest on our debt securities or other indebtedness and to make distributions to our stockholders.

 

We rely on information technology in our operations, and any material failure, inadequacy, interruption or security failure of that technology could harm our business.

We rely on information technology networks and systems, including the Internet, to process, transmit and store electronic information and to manage or support a variety of our business processes, including financial transactions and maintenance of records, which may include personal identifying information. Although we have taken steps to protect the security of the data maintained in our information systems, our security measures may not be able to prevent the systems’ improper functioning, or the theft of intellectual property, personal information, or personal property, such as in the event of cyber-attacks. Any failure to maintain proper function, security and availability of our information systems could interrupt our operations, result in theft of company assets, damage our reputation, subject us to liability claims and could adversely affect our business, financial condition and results of operations.

 

Disruptions in the financial markets could affect our ability to obtain financing on reasonable terms and have other adverse effects on us and the market price of our common stock.

Over the last several years, the United States stock and credit markets have experienced significant price volatility, dislocations and liquidity disruptions, which have caused market prices of many stocks and debt securities to fluctuate substantially and the spreads on prospective debt financings to widen considerably. In addition, the ongoing global financial crisis (which includes concerns that certain European countries may be unable to pay their national debt) has had a similar effect. These circumstances have materially impacted liquidity in the financial markets, making terms for certain financings less attractive, and in certain cases have resulted in the unavailability of certain types of financing. Unrest in certain Middle Eastern countries and resultant fluctuation in petroleum prices have added to the uncertainty in the capital markets.  Continued uncertainty in the stock and credit markets may negatively impact our ability to access additional financing at reasonable terms, which may negatively affect our ability to make acquisitions. A prolonged downturn in the stock or credit markets may cause us to seek alternative sources of potentially less attractive financing, and may require us to adjust our business plan accordingly. In addition, these factors may make it more difficult for us to sell properties or may adversely affect the price we receive for properties that we do sell, as prospective buyers may experience increased costs of financing or difficulties in obtaining financing. These events in the stock and credit markets may make it more difficult or costly for us to raise capital through the issuance of our common stock or preferred stock or debt securities. These disruptions in the financial markets also may have a material adverse effect on the market value of our common stock, preferred stock and debt securities, the income we receive from our properties and the lease rates we can charge for our properties, as well as other unknown adverse effects on us or the economy in general.

 

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Inflation may adversely affect our financial condition and results of operations.

Although inflation has not materially impacted our results of operations in the recent past, increased inflation could have a more pronounced negative impact on any variable rate debt we incur in the future and on our results of operations. During times when inflation is greater than increases in rent, as provided for in our leases, rent increases may not keep up with the rate of inflation. Likewise, even though net leases reduce our exposure to rising property expenses due to inflation, substantial inflationary pressures and increased costs may have an adverse impact on our tenants if increases in their operating expenses exceed increases in revenue, which may adversely affect the tenants’ ability to pay rent.

 

Current volatility in market and economic conditions may impact the accuracy of the various estimates used in the preparation of our financial statements and footnotes to the financial statements.

Various estimates are used in the preparation of our financial statements, including estimates related to asset and liability valuations (or potential impairments), and various receivables. Often these estimates require the use of market data values that are currently difficult to assess, as well as estimates of future performance or receivables collectability that can also be difficult to accurately predict. Although management believes it has been prudent and used reasonable judgment in making these estimates, it is possible that actual results may differ from these estimates.

 

Inherent limitations of internal controls over financial statements and safeguarding of assets may adversely impact our financial condition and results of operations.

Our internal controls over financial reporting and our operating internal controls may not prevent or detect financial misstatements or loss of assets because of inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud. Effective internal controls can provide only reasonable assurance with respect to financial statement accuracy and safeguarding of assets. Any failure of these internal controls could result in decreased investor confidence in the accuracy and completeness of our financial reports, civil litigation or investigations by the NYSE, the SEC or other regulatory authorities, which may adversely impact our financial condition and results of operations.

 

Changes in accounting standards may adversely impact our financial condition and results of operations.

The Financial Accounting Standards Board, or FASB, in conjunction with the SEC, has several key projects on their agenda that could impact how we currently account for our material transactions, including lease accounting and other convergence projects with the International Accounting Standards Board. At this time, we are unable to predict with certainty which, if any, proposals may be passed or what level of impact any such proposal could have on the presentation of our consolidated financial statements, our results of operations and our financial ratios required by our debt covenants.

 

Our business could be negatively affected as a result of actions of activist stockholders and shareholder advisory firms.

Campaigns by stockholders to effect changes at publicly traded companies are sometimes led by investors seeking to increase short-term stockholder value through actions such as financial restructuring, increased debt, special dividends, stock repurchases or sales of assets or the entire company. If we become engaged in a process or proxy contest with an activist stockholder in the future, our business could be adversely affected, as such activities could be costly and time-consuming, disrupt our operations and divert the attention of management and our employees from executing our business plan. Additionally, perceived uncertainties as to our future direction as a result of stockholder activism or actual or potential changes to the composition of our Board of Directors or management team may lead to the perception of a change in the direction of our business, instability or lack of continuity, which may be exploited by our competitors, cause concern to current or potential sellers of properties, tenants and financing sources, and make it more difficult to attract and retain qualified personnel. If potential or existing sellers of properties, tenants or financing sources choose to delay, defer or reduce transactions with us or transact with our competitors instead of us because of any such issues, then our results of operations could be adversely affected. Similarly, we may suffer damage to our reputation (for example, regarding our corporate governance or stockholder relations) or brand by way of actions taken or statements made by outside constituents, including activist investors and shareholder advisory firms, which could adversely affect the market price of our common stock and preferred stock and the value of our debt securities, including the notes, resulting in significant loss of value, which could impact our ability to access capital, increase our cost of capital, and decrease our ability to acquire properties on attractive terms.

 

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Our charter contains restrictions upon ownership of our common stock.

Our charter contains restrictions on ownership and transfer of our common stock intended to, among other purposes, assist us in maintaining our status as a REIT for United States federal and/or state income tax purposes. For example, our charter restricts any person from acquiring actual or constructive ownership of more than 9.8% (in value or number of shares, whichever is more restrictive) of our outstanding common stock. These restrictions could have anti-takeover effects and could reduce the possibility that a third party will attempt to acquire control of us, which could adversely affect the market price of our common stock.

 

Item 1B:        Unresolved Staff comments

 

There are no unresolved staff comments.

 

Item 2:           Properties

 

Information pertaining to our properties can be found under Item 1.

 

Item 3:           Legal Proceedings

 

We are subject to certain claims and lawsuits in the ordinary course of business, the outcome of which cannot be determined at this time. In the opinion of management, any liability we might incur upon the resolution of these claims and lawsuits will not, in the aggregate, have a material adverse effect on our consolidated financial position or results of operations.

 

Item 4:           Mine Safety Disclosures

 

None.

 

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PART II

 

Item 5:                                   Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 

A. Our common stock is traded on the NYSE under the ticker symbol “O.” The following table shows the high and low sales prices per share for our common stock as reported by the NYSE, and distributions declared per share of common stock for the periods indicated.

 

 

 

Price Per Share

 

 

 

 

 

 

of Common Stock

 

 

Distributions

 

 

 

High

 

Low

 

 

Declared (1)

 

 

 

 

 

 

 

 

 

 

2015

 

 

 

 

 

 

 

 

First Quarter

 

$

52.41

 

$

45.65

 

 

$

0.5675000

 

Second Quarter

 

48.88

 

43.15

 

 

0.5690000

 

Third Quarter

 

52.66

 

44.23

 

 

0.5705000

 

Fourth Quarter

 

55.54

 

47.95

 

 

0.5720000

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

$

2.2790000

 

 

 

 

 

 

 

 

 

 

2014

 

 

 

 

 

 

 

 

First Quarter

 

$

45.11

 

$

37.01

 

 

$

0.5468126

 

Second Quarter

 

44.98

 

40.21

 

 

0.5477501

 

Third Quarter

 

45.83

 

40.56

 

 

0.5486876

 

Fourth Quarter

 

49.65

 

40.71

 

 

0.5496251

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

$

2.1928754

 

 

(1) Common stock cash distributions are declared monthly by us based on financial results for the prior months.  At December 31, 2015, a distribution of $0.191 per common share had been declared and was paid in January 2016.

 

B.  There were 10,051 registered holders of record of our common stock as of December 31, 2015. We estimate that our total number of shareholders is over 354,000 when we include both registered and beneficial holders of our common stock.

 

C.  During the fourth quarter of 2015, 225 shares of stock, at a price of $49.61, and 18,645 shares of stock, at a price of $51.63, were withheld for state and federal payroll taxes on the vesting of employee stock awards, as permitted under the 2012 Incentive Award Plan of Realty Income Corporation.

 

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Item 6:         Selected Financial Data

(not covered by Report of Independent Registered Public Accounting Firm)

(dollars in thousands, except for per share data)

 

 

As of or for the years ended December 31,

 

2015

 

2014

 

2013

 

2012

 

2011

 

Total assets (book value)

 

$

11,865,870

 

$

11,012,622

 

$

9,924,441

 

$

5,429,348

 

$

4,404,492

 

Cash and cash equivalents

 

40,294

 

3,852

 

10,257

 

5,248

 

4,165

 

Total debt

 

4,841,486

 

4,930,947

 

4,166,840

 

2,869,853

 

2,040,284

 

Total liabilities

 

5,312,537

 

5,371,523

 

4,503,083

 

3,016,554

 

2,149,638

 

Total equity

 

6,553,333

 

5,641,099

 

5,421,358

 

2,412,794

 

2,254,854

 

Net cash provided by operating activities

 

692,303

 

627,692

 

518,906

 

326,469

 

298,952

 

Net change in cash and cash equivalents

 

36,442

 

(6,405

)

5,009

 

1,083

 

(13,442

)

Total revenue

 

1,023,285

 

933,505

 

780,209

 

484,581

 

413,544

 

Income from continuing operations

 

284,855

 

269,140

 

180,613

 

141,895

 

140,659

 

Income from discontinued operations

 

-

 

2,800

 

65,670

 

17,257

 

16,373

 

Net income

 

284,855

 

271,940

 

246,283

 

159,152

 

157,032

 

Preferred stock dividends

 

(27,080

)

(37,062

)

(41,930

)

(40,918

)

(24,253

)

Excess of redemption value over carrying value of preferred shares redeemed

 

-

 

(6,015

)

-

 

(3,696

)

-

 

Net income available to common stockholders

 

256,686

 

227,558

 

203,634

 

114,538

 

132,779

 

Cash distributions paid to common stockholders

 

533,238

 

479,256

 

409,222

 

236,348

 

219,297

 

Basic and diluted net income per common share

 

1.09

 

1.04

 

1.06

 

0.86

 

1.05

 

Cash distributions paid per common share

 

2.271417

 

2.191625

 

2.147459

 

1.771625

 

1.736625

 

Cash distributions declared per common share

 

2.279000

 

2.192875

 

2.177875

 

1.777875

 

1.737875

 

Basic weighted average number of common shares outstanding

 

235,767,932

 

218,390,885

 

191,754,857

 

132,817,472

 

126,142,696

 

Diluted weighted average number of common shares outstanding

 

236,208,390

 

218,767,885

 

191,781,622

 

132,884,933

 

126,189,399

 

 

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Item 7:         Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

GENERAL

 

Realty Income, The Monthly Dividend Company®, is an S&P 500 real estate company with the primary business objective of generating dependable monthly cash dividends from a consistent and predictable level of cash flow from operations. Our monthly dividends are supported by the cash flow from our property portfolio. We have in-house acquisition, portfolio management, asset management, credit research, real estate research, legal, finance and accounting, information technology, and capital markets capabilities. Over the past 47 years, Realty Income has been acquiring and managing freestanding commercial properties that generate rental revenue under long-term net lease agreements.

 

Realty Income (NYSE: O) was founded in 1969, and listed on the New York Stock Exchange, or NYSE, in 1994.  We elected to be taxed as a real estate investment trust, or REIT, requiring us to distribute dividends to our stockholders aggregating at least 90% of our taxable income (excluding net capital gains).

 

We seek to increase earnings and distributions to stockholders through active portfolio management, asset management and the acquisition of additional properties.

 

At December 31, 2015, we owned a diversified portfolio:

 

·                  Of 4,538 properties;

·                  With an occupancy rate of 98.4%, or 4,467 properties leased and 71 properties available for lease;

·                  Leased to 240 different commercial tenants doing business in 47 separate industries;

·                  Located in 49 states and Puerto Rico;

·                  With over 76.0 million square feet of leasable space; and

·                  With an average leasable space per property of approximately 16,750 square feet; approximately 11,550 square feet per retail property and 216,550 square feet per industrial property.

 

Of the 4,538 properties in the portfolio, 4,519, or 99.6%, are single-tenant properties, and the remaining are multi-tenant properties. At December 31, 2015, of the 4,519 single-tenant properties, 4,448 were leased with a weighted average remaining lease term (excluding rights to extend a lease at the option of the tenant) of approximately 10.0 years.

 

LIQUIDITY AND CAPITAL RESOURCES

 

Capital Philosophy

Historically, we have met our long-term capital needs by issuing common stock, preferred stock and long-term unsecured notes and bonds. Over the long term, we believe that common stock should be the majority of our capital structure; however, we may issue additional preferred stock or debt securities. We may issue common stock when we believe that our share price is at a level that allows for the proceeds of any offering to be accretively invested into additional properties. In addition, we may issue common stock to permanently finance properties that were financed by our credit facility or debt securities. However, we cannot assure you that we will have access to the capital markets at times and at terms that are acceptable to us.

 

Our primary cash obligations, for the current year and subsequent years, are included in the “Table of Obligations,” which is presented later in this section. We expect to fund our operating expenses and other short-term liquidity requirements, including property acquisitions and development costs, payment of principal and interest on our outstanding indebtedness, property improvements, re-leasing costs and cash distributions to common and preferred stockholders, primarily through cash provided by operating activities, borrowing on our new $2.0 billion credit facility and periodically through public securities offerings.

 

Conservative Capital Structure

We believe that our stockholders are best served by a conservative capital structure. Therefore, we seek to maintain a conservative debt level on our balance sheet and solid interest and fixed charge coverage ratios. At December 31, 2015, our total outstanding borrowings of senior unsecured notes and bonds, term loans, mortgages payable and credit facility borrowings were $4.85 billion, or approximately 26.6% of our total market capitalization of $18.22 billion.

 

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We define our total market capitalization at December 31, 2015 as the sum of:

 

·                  Shares of our common stock outstanding of 250,416,757, plus total common units outstanding of 648,386, multiplied by the last reported sales price of our common stock on the NYSE of $51.63 per share on December 31, 2015, or $12.96 billion;

·                  Aggregate liquidation value (par value of $25.00 per share) of the Class F preferred stock of $408.8 million;

·                  Outstanding borrowings of $238.0 million on our new credit facility;

·                  Outstanding mortgages payable of $637.7 million, excluding net mortgage premiums of $9.1 million;

·                  Outstanding borrowings of $320.0 million on our term loans; and

·                  Outstanding senior unsecured notes and bonds of $3.65 billion, excluding unamortized original issuance discounts of $13.3 million.

 

Mortgage Debt

As of December 31, 2015, we had $637.7 million of mortgages payable, all of which were assumed in connection with our property acquisitions.  Additionally, at December 31, 2015, we had net premiums totaling $9.1 million on these mortgages.  We expect to pay off the mortgages payable as soon as prepayment penalties have declined to a level that will make it economically feasible to do so.  During 2015, we made $198.4 million of principal payments, including the repayment of 13 mortgages in full for $191.0 million.

 

Term Loans

In June 2015, in conjunction with entering into our new credit facility, we entered into a $250 million senior unsecured term loan maturing June 30, 2020.  Borrowing under this term loan bears interest at the current one month LIBOR, plus 0.95%.  In conjunction with this term loan, we also entered into an interest rate swap which effectively fixes our per annum interest rate on this term loan at 2.67%.

 

In January 2013, in conjunction with our acquisition of ARCT, we entered into a $70 million senior unsecured term loan maturing in January 2018.  Borrowing under the term loan bears interest at LIBOR, plus 1.20%.  In conjunction with this term loan, we also acquired an interest rate swap which effectively fixes our per annum interest rate on this term loan at 2.15%.

 

$2.0 Billion Revolving Credit Facility

In June 2015, we entered into a new $2 billion unsecured revolving credit facility, or our new credit facility, which replaced our $1.5 billion credit facility that was scheduled to expire in May 2016. The initial term of our new credit facility expires in June 2019 and includes, at our option, two six-month extensions. Our new credit facility has a $1.0 billion accordion expansion option.  Under our new credit facility, our current investment grade credit ratings provide for financing at LIBOR, plus 0.9% with a facility commitment fee of 0.15%, for all-in drawn pricing of 1.05% over LIBOR. The borrowing rate is subject to an interest rate floor. We also have other interest rate options available to us under our new credit facility. Our new credit facility is unsecured and, accordingly, we have not pledged any assets as collateral for this obligation.

 

At December 31, 2015, we had a borrowing capacity of $1.76 billion available on our new credit facility and an outstanding balance of $238.0 million.  The interest rate on borrowings outstanding under our new credit facility, at December 31, 2015, was 1.2% per annum.  We must comply with various financial and other covenants in our credit facility.  At December 31, 2015, we remain in compliance with these covenants. We expect to use our new credit facility to acquire additional properties and for other general corporate purposes. Any additional borrowings will increase our exposure to interest rate risk.

 

We generally use our credit facility for the short-term financing of new property acquisitions. Thereafter, we generally seek to refinance those borrowings with the net proceeds of long-term or permanent financing, which may include the issuance of common stock, preferred stock or debt securities. We cannot assure you, however, that we will be able to obtain any such refinancing, or that market conditions prevailing at the time of the refinancing will enable us to issue equity or debt securities at acceptable terms.

 

Notes Outstanding

As of December 31, 2015, we had $3.65 billion of senior unsecured note and bond obligations, excluding unamortized original issuance discounts of $13.3 million.  All of our outstanding notes and bonds have fixed interest rates. Interest on all of our senior note and bond obligations is paid semiannually.

 

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Cash Reserves

We are organized to operate as an equity REIT that acquires and leases properties and distributes to stockholders, in the form of monthly cash distributions, a substantial portion of our net cash flow generated from leases on our properties.  We intend to retain an appropriate amount of cash as working capital.  At December 31, 2015, we had cash and cash equivalents totaling $40.3 million.

 

We believe that our cash and cash equivalents on hand, cash provided from operating activities, and borrowing capacity is sufficient to meet our liquidity needs for the next twelve months.  We intend, however, to use permanent or long-term capital to fund property acquisitions and to repay future borrowings under our new credit facility.

 

Acquisitions During 2015

During 2015, we invested $1.26 billion in 286 new properties and properties under development or expansion, with an initial weighted average contractual lease rate of 6.6%. The 286 new properties and properties under development or expansion are located in 40 states, will contain approximately 6.2 million leasable square feet, and are 100% leased with a weighted average lease term of 16.5 years. The tenants occupying the new properties operate in 21 industries and the property types consist of 87.3% retail and 12.7% industrial, based on rental revenue.  During 2015, none of our real estate investments caused any one tenant to be 10% or more of our total assets at December 31, 2015.

 

The estimated initial weighted average contractual lease rate for a property is generally computed as estimated contractual net operating income, which, in the case of a net leased property, is equal to the aggregate base rent for the first full year of each lease, divided by the total cost of the property.  Since it is possible that a tenant could default on the payment of contractual rent, we cannot provide assurance that the actual return on the funds invested will remain at the percentages listed above.

 

In the case of a property under development or expansion, the contractual lease rate is generally fixed such that rent varies based on the actual total investment in order to provide a fixed rate of return.  When the lease does not provide for a fixed rate of return on a property under development or expansion, the estimated initial weighted average contractual lease rate is computed as follows: estimated net operating income (determined by the lease) for the first full year of each lease, divided by our projected total investment in the property, including land, construction and capitalized interest costs. Of the $1.26 billion we invested during 2015, $45.8 million was invested in 35 properties under development or expansion with an estimated initial weighted average contractual lease rate of 9.7%.  We may continue to pursue development or expansion opportunities under similar arrangements in the future.

 

Portfolio Discussion

 

Leasing Results

At December 31, 2015, we had 71 properties available for lease out of 4,538 properties in our portfolio, which represents a 98.4% occupancy rate based on the number of properties in our portfolio.  Since December 31, 2014, when we reported 70 properties available for lease out of 4,327 and a 98.4% occupancy rate, we:

 

·                  Had 283 lease expirations;

·                  Re-leased 253 properties; and

·                  Sold 29 vacant properties.

 

Of the 253 properties re-leased during 2015, 216 properties were re-leased to existing tenants, seven were re-leased to new tenants without vacancy, and 30 were re-leased to new tenants after a period of vacancy.  The annual rent on these 253 leases was $37.46 million, as compared to the previous rent on these same properties of $37.12 million, which represents a rent recapture rate of 100.9% on the properties re-leased during 2015.

 

At December 31, 2015, our average annualized rental revenue was approximately $13.31 per square foot on the 4,467 leased properties in our portfolio.  At December 31, 2015, we classified ten properties with a carrying amount of $9.8 million as held for sale on our balance sheet.  The expected disposal of these properties does not represent a strategic shift that will have a major effect on our operations and financial results.

 

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Investments in Existing Properties

In 2015, we capitalized costs of $11.5 million on existing properties in our portfolio, consisting of $748,000 for re-leasing costs, $7.6 million for recurring capital expenditures and $3.2 million for non-recurring building improvements.  In 2014, we capitalized costs of $6.0 million on existing properties in our portfolio.

 

As part of our re-leasing costs, we typically pay leasing commissions and sometimes provide tenant rent concessions.  Leasing commissions are paid based on the commercial real estate industry standard and any rent concessions provided are minimal.  We do not consider the collective impact of the leasing commissions or tenant rent concessions to be material to our financial position or results of operations.

 

The majority of our building improvements relate to roof repairs, HVAC improvements, and parking lot resurfacing and replacements.  It is not customary for us to offer significant tenant improvements on our properties as tenant incentives.  The amounts of our capital expenditures can vary significantly, depending on the rental market, tenant credit worthiness, the lease term and the willingness of tenants to pay higher rents over the terms of the leases.

 

Impact of Real Estate and Credit Markets

In the commercial real estate market, property prices generally continue to fluctuate. Likewise, during certain periods, the U.S. credit markets have experienced significant price volatility, dislocations, and liquidity disruptions, which may impact our access to and cost of capital. We continually monitor the commercial real estate and U.S. credit markets carefully and, if required, will make decisions to adjust our business strategy accordingly.

 

Increases in Monthly Dividends to Common Stockholders

We have continued our 47-year policy of paying monthly dividends.  In addition, we increased the dividend five times during 2015, and two times during 2016.  As of February 2016, we have paid 73 consecutive quarterly dividend increases and increased the dividend 84 times since our listing on the NYSE in 1994.

 

 

 

Month

 

Month

 

Dividend

 

Increase

2015 Dividend increases

 

Declared

 

Paid

 

per share

 

per share

1st increase

 

Dec 2014

 

Jan 2015

 

$

0.1834167

 

$

0.0003125

2nd increase

 

Jan 2015

 

Feb 2015

 

0.1890000

 

0.0055833

3rd increase

 

Mar 2015

 

Apr 2015

 

0.1895000

 

0.0005000

4th increase

 

Jun 2015

 

Jul 2015

 

0.1900000

 

0.0005000

5th increase

 

Sep 2015

 

Oct 2015

 

0.1905000

 

0.0005000

 

 

 

 

 

 

 

 

 

2016 Dividend increases

 

 

 

 

 

 

 

 

1st increase

 

Dec 2015

 

Jan 2016

 

$

0.1910000

 

$

0.0005000

2nd increase

 

Jan 2016

 

Feb 2016

 

$

0.1985000

 

$

0.0075000

 

The dividends paid per share during 2015 totaled approximately $2.2714167, as compared to approximately $2.1916254 during 2014, an increase of $0.0798, or 3.6%.

 

The monthly dividend of $0.1985 per share represents a current annualized dividend of $2.382 per share, and an annualized dividend yield of approximately 4.3% based on the last reported sale price of our common stock on the NYSE of $55.79 on January 29, 2016. Although we expect to continue our policy of paying monthly dividends, we cannot guarantee that we will maintain our current level of dividends, that we will continue our pattern of increasing dividends per share, or what our actual dividend yield will be in any future period.

 

Universal Shelf Registration

In December 2015, we filed a shelf registration statement with the SEC, which is effective for a term of three years and will expire in December 2018. This replaced our prior shelf registration statement.  In accordance with SEC rules, the amount of securities to be issued pursuant to this shelf registration statement was not specified when it was filed and there is no specific dollar limit. The securities covered by this registration statement include (1) common stock, (2) preferred stock, (3) debt securities, (4) depositary shares representing fractional interests in shares of preferred stock, (5) warrants to purchase debt securities, common stock, preferred stock, or depositary shares, and (6) any combination of these securities. We may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering.

 

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Issuance of Common Stock

In October 2015, we issued 11,500,000 shares of common stock, including 1,500,000 shares purchased by the underwriters upon the exercise of their option to purchase additional shares.  After underwriting discounts and other offering costs of $22.0 million, a portion of the net proceeds of $517.1 million was used to repay borrowings under our new credit facility and the remaining portion was used for other general corporate purposes, including acquisitions.

 

In April 2015, we issued 5,500,000 shares of common stock.  After underwriting discounts and other offering costs of $1.4 million, the net proceeds of $276.4 million were used to repay borrowings under our previous $1.5 billion unsecured credit facility.

 

Dividend Reinvestment and Stock Purchase Plan

Our Dividend Reinvestment and Stock Purchase Plan, or the DRSPP, provides our common stockholders, as well as new investors, with a convenient and economical method of purchasing our common stock and reinvesting their distributions.  The DRSPP also allows our current stockholders to buy additional shares of common stock by reinvesting all or a portion of their distributions.  The DRSPP authorizes up to 26,000,000 common shares to be issued.  In 2013, we revised our DRSPP so that we would pay for a majority of the plan-related fees, which were previously paid by investors, and to institute a waiver approval process, allowing larger investors or institutions, per a formal approval process, to purchase shares at a small discount, if approved by us. During 2015, we issued 7,608,354 shares and raised approximately $363.0 million under the DRSPP, of which 7,413,207 shares and $353.7 million was raised under the waiver approval process.

 

At-the-Market (ATM) Program

In September 2015, we established an “at the market” equity distribution program, or our ATM program, pursuant to which we can offer and sell up to 12,000,000 shares of common stock to, or through a consortium of banks acting as our sales agents by means of ordinary brokers’ transactions on the NYSE or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.  During 2015, we issued 714,301 shares and raised approximately $36.3 million under the ATM program.

 

Credit Agency Ratings

The borrowing interest rates under our new credit facility are based upon our ratings assigned by credit rating agencies. We are currently assigned the following investment grade corporate credit ratings on our senior unsecured notes and bonds:  Moody’s Investors Service has assigned a rating of Baa1 with a “stable” outlook, Standard & Poor’s Ratings Group has assigned a rating of BBB+ with a “stable” outlook to our senior notes, and Fitch Ratings has assigned a rating of BBB+ with a “stable” outlook.

 

Based on our current ratings, the current facility interest rate is LIBOR plus 0.9% with a facility commitment fee of 0.15%, for all-in drawn pricing of 1.05% over LIBOR.  Our new credit facility provides that the interest rate can range between: (i) LIBOR plus 1.55% if our credit rating is lower than BBB-/Baa3 or unrated and (ii) LIBOR plus 0.85% if our credit rating is A-/A3 or higher.  In addition, our credit facility provides for a facility commitment fee based on our credit ratings, which range from: (i) 0.3% for a rating lower than BBB-/Baa3 or unrated, and (ii) 0.125% for a credit rating of A-/A3 or higher.

 

We also issue senior debt securities from time to time and our credit ratings can impact the interest rates charged in those transactions.  If our credit ratings or ratings outlook change, our cost to obtain debt financing could increase or decrease. The credit ratings assigned to us could change based upon, among other things, our results of operations and financial condition. These ratings are subject to ongoing evaluation by credit rating agencies and we cannot assure you that our ratings will not be changed or withdrawn by a rating agency in the future if, in its judgment, circumstances warrant. Moreover, a rating is not a recommendation to buy, sell or hold our debt securities, preferred stock or common stock.

 

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Notes Outstanding

Our senior unsecured note and bond obligations consist of the following as of December 31, 2015, sorted by maturity date (dollars in millions):

 

5.95% notes, issued in September 2006 and due in September 2016

 

$

275

 

5.375% notes, issued in September 2005 and due in September 2017

 

175

 

2.0% notes, issued in October 2012 and due in January 2018

 

350

 

6.75% notes, issued in September 2007 and due in August 2019

 

550

 

5.75% notes, issued in June 2010 and due in January 2021

 

250

 

3.25% notes, issued in October 2012 and due in October 2022

 

450

 

4.65% notes, issued in July 2013 and due in August 2023

 

750

 

3.875% notes, issued in June 2014 and due in July 2024

 

350

 

4.125% notes, issued in September 2014 and due in October 2026

 

250

 

5.875% bonds, $100 issued in March 2005 and $150 issued in June 2011, both due in March 2035

 

250

 

Total principal amount

 

$

3,650

 

Unamortized original issuance discounts

 

(13

)

 

 

$

3,637

 

 

All of our outstanding notes and bonds have fixed interest rates and contain various covenants, which we remain in compliance with at December 31, 2015. Additionally, interest on all of our senior note and bond obligations is paid semiannually.

 

The following is a summary of the key financial covenants for our senior unsecured notes, as defined and calculated per the terms of our senior notes and bonds. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show our ability to incur additional debt under the terms of our senior notes and bonds as well as to disclose our current compliance with such covenants, and are not measures of our liquidity or performance.  The actual amounts as of December 31, 2015 are:

 

Note Covenants

 

Required

 

Actual

 

 

 

 

 

Limitation on incurrence of total debt

 

< 60% of adjusted assets

 

39.0%

Limitation on incurrence of secured debt

 

< 40% of adjusted assets

 

5.2%

Debt service coverage (trailing 12 months)(1)

 

> 1.5 x

 

4.5x

Maintenance of total unencumbered assets

 

> 150% of unsecured debt

 

266.8%

 

(1) This covenant is calculated on a pro forma basis for the preceding four-quarter period on the assumptions that: (i) the incurrence of any Debt (as defined in the covenants) incurred by us since the first day of such four-quarter period and the application of the proceeds therefrom (including to refinance other Debt since the first day of such four-quarter period), (ii) the repayment or retirement of any of our Debt since the first day of such four-quarter period, and (iii) any acquisition or disposition by us of any asset or group since the first day of such four quarters had in each case occurred on January 1, 2015, and subject to certain additional adjustments.  Such pro forma ratio has been prepared on the basis required by that debt service covenant, reflects various estimates and assumptions and is subject to other uncertainties, and therefore does not purport to reflect what our actual debt service coverage ratio would have been had transactions referred to in clauses (i), (ii) and (iii) of the preceding sentence occurred as of January 1, 2015, nor does it purport to reflect our debt service coverage ratio for any future period.  The following is our calculation of debt service coverage at December 31, 2015 (in thousands, for trailing twelve months):

 

Net income attributable to the Company

 

$

283,766

 

Plus: interest expense

 

224,344

 

Plus: provision for taxes

 

3,169

 

Plus: depreciation and amortization

 

409,215

 

Plus: provisions for impairment

 

10,560

 

Plus: pro forma adjustments

 

35,457

 

Less: gain on sales of real estate

 

(22,243)

 

Income available for debt service, as defined

 

$

944,268

 

Total pro forma debt service charge

 

$

211,384

 

Debt service coverage ratio

 

4.5

 

 

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Fixed Charge Coverage Ratio

Fixed charge coverage ratio is calculated in exactly the same manner as the debt service coverage ratio, except that preferred stock dividends are also added to the denominator.  Similar to debt service coverage ratio, we consider fixed charge coverage ratio to be an appropriate supplemental measure of a company’s ability to make its interest and preferred stock dividend payments.  Our calculations of both debt service and fixed charge coverage ratios may be different from the calculations used by other companies and, therefore, comparability may be limited.  The presentation of debt service and fixed charge coverage ratios should not be considered as alternatives to any U.S. GAAP operating performance measures.  Below is our calculation of fixed charges at December 31, 2015 (in thousands, for the trailing twelve months):

 

 

Income available for debt service, as defined

 

$

944,268

 

Pro forma debt service charge plus preferred stock dividends

 

$

238,464

 

Fixed charge coverage ratio

 

4.0

 

 

Table of Obligations

The following table summarizes the maturity of each of our obligations as of December 31, 2015 (dollars in millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

Ground

 

Ground

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leases

 

Leases

 

 

 

 

 

 

 

 

 

Notes

 

 

 

 

 

 

 

Paid by

 

Paid by

 

 

 

 

 

Year of

 

Credit

 

and

 

Term

 

Mortgages

 

 

 

Realty

 

Our

 

 

 

 

 

Maturity

 

Facility

(1)

Bonds

(2)

Loan

 

Payable

(3)

Interest

(4)

Income

(5)

Tenants

(6)

Other

(7)

Totals

 

2016

 

$

-

 

$

275.0

 

$

-

 

$

170.1

 

$

205.1

 

$

1.5

 

$

13.3

 

$

71.4

 

$

736.4

 

2017

 

-

 

175.0

 

-

 

142.9

 

180.1

 

1.5

 

13.3

 

 

 

512.8

 

2018

 

-

 

350.0

 

70.0

 

15.5

 

161.7

 

1.6

 

13.3

 

-

 

612.1

 

2019

 

238.0

 

550.0

 

-

 

26.3

 

145.0

 

1.4

 

13.2

 

-

 

973.9

 

2020

 

-

 

-

 

250.0

 

82.4

 

117.5

 

1.4

 

13.0

 

-

 

464.3

 

Thereafter

 

-

 

2,300.0

 

-

 

200.5

 

451.8

 

23.3

 

119.0

 

-

 

3,094.6

 

Totals

 

$

238.0

 

$

3,650.0

 

$

320.0

 

$

637.7

 

$

1,261.2

 

$

30.7

 

$

185.1

 

$

71.4

 

$

6,394.1

 

 

(1)     The initial term of the credit facility expires in June 2019 and includes, at our option, two six-month extensions.

(2)     Excludes non-cash original issuance discounts recorded on the notes payable.  The unamortized balance of the original issuance discounts at December 31, 2015, is $13.3 million.

(3)     Excludes non-cash net premiums recorded on the mortgages payable.  The unamortized balance of these net premiums at December 31, 2015, is $9.1 million.

(4)     Interest on the term loans, notes, bonds, mortgages payable, and credit facility has been calculated based on outstanding balances as of December 31, 2015 through their respective maturity dates.

(5)     Realty Income currently pays the ground lessors directly for the rent under the ground leases.

(6)     Our tenants, who are generally sub-tenants under ground leases, are responsible for paying the rent under these ground leases. In the event a tenant fails to pay the ground lease rent, we are primarily responsible.

(7)     “Other” consists of $70.6 million of commitments under construction contracts and $714,000 of commitments for tenant improvements and leasing costs.

 

Our new credit facility, term loans, and notes payable obligations are unsecured. Accordingly, we have not pledged any assets as collateral for these obligations.

 

Preferred Stock and Preferred Units Outstanding

In 2006, we issued 8,800,000 shares of Class E preferred stock at a price of $25.00 per share. In October 2014, we redeemed all of the 8,800,000 shares of our Class E preferred stock for $25.00 per share, plus accrued dividends. In the third quarter of 2014, we incurred a charge of $6.0 million, representing the Class E preferred stock original issuance costs that we paid in 2006.

 

In February 2012, we issued 14,950,000 shares of our Class F preferred stock at $25.00 per share. In April 2012, we issued an additional 1,400,000 shares of Class F preferred stock at $25.2863 per share. Beginning February 15, 2017, shares of our Class F preferred stock are redeemable at our option for $25.00 per share, plus any accrued and unpaid dividends. Dividends on the shares of our Class F preferred stock are paid monthly in arrears. We are current on our obligations to pay dividends on our Class F preferred stock.

 

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As part of our acquisition of ARCT in January 2013, we issued 6,750 partnership units, with a carrying value of $6.75 million. Payments on these preferred units were made monthly in arrears at rate of 2% per annum, or $135,000, and are included in interest expense. In January 2015, we redeemed all 6,750 Tau Operating Partnership preferred units for $1,000 per unit, plus accrued and unpaid distributions.

 

No Unconsolidated Investments

We have no unconsolidated investments, nor do we engage in trading activities involving energy or commodity contracts.

 

RESULTS OF OPERATIONS

 

Critical Accounting Policies

Our consolidated financial statements have been prepared in accordance with GAAP, and are the basis for our discussion and analysis of financial condition and results of operations. Preparing our consolidated financial statements requires us to make a number of estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. We believe that we have made these estimates and assumptions in an appropriate manner and in a way that accurately reflects our financial condition. We continually test and evaluate these estimates and assumptions using our historical knowledge of the business, as well as other factors, to ensure that they are reasonable for reporting purposes. However, actual results may differ from these estimates and assumptions. This summary should be read in conjunction with the more complete discussion of our accounting policies and procedures included in note 2 to our consolidated financial statements.

 

In order to prepare our consolidated financial statements according to the rules and guidelines set forth by GAAP, many subjective judgments must be made with regard to critical accounting policies. One of these judgments is our estimate for useful lives in determining depreciation expense for our properties. Depreciation on a majority of our buildings and improvements is computed using the straight-line method over an estimated useful life of 25 to 35 years for buildings and 4 to 20 years for improvements, which we believe are appropriate estimates of useful life. If we use a shorter or longer estimated useful life, it could have a material impact on our results of operations.

 

Management must make significant assumptions in determining the fair value of assets acquired and liabilities assumed.  When acquiring a property for investment purposes, we typically allocate the fair value of real estate acquired to: (1) land, (2) building and improvements, and (3) identified intangible assets and liabilities, based in each case on their estimated fair values. Intangible assets and liabilities consist of above-market or below-market lease value of in-place leases, the value of in-place leases, and tenant relationships, as applicable.  In an acquisition of multiple properties, we must also allocate the purchase price among the properties.  The allocation of the purchase price is based on our assessment of estimated fair value and is often based upon the expected future cash flows of the property and various characteristics of the market where the property is located.  In addition, any assumed mortgages receivable or payable and any assumed or issued noncontrolling interests are recorded at their estimated fair values. The estimated fair values of our mortgages payable have been calculated by discounting the future cash flows using applicable interest rates that have been adjusted for factors, such as industry type, tenant investment grade, maturity date, and comparable borrowings for similar assets.  The initial allocation of the purchase price is based on management’s preliminary assessment, which may differ when final information becomes available.  Subsequent adjustments made to the initial purchase price allocation are made within the allocation period, which does not exceed one year.  The use of different assumptions in the allocation of the purchase price of the acquired properties and liabilities assumed could affect the timing of recognition of the related revenue and expenses.

 

Another significant judgment must be made as to if, and when, impairment losses should be taken on our properties when events or a change in circumstances indicate that the carrying amount of the asset may not be recoverable. A provision is made for impairment if estimated future operating cash flows (undiscounted and without interest charges) plus estimated disposition proceeds (undiscounted) are less than the current book value of the property. Key inputs that we utilize in this analysis include projected rental rates, estimated holding periods, historical sales and releases, capital expenditures, and property sales capitalization rates. If a property is held for sale, it is carried at the lower of carrying cost or estimated fair value, less estimated cost to sell. The carrying value of our real estate is the largest component of our consolidated balance sheets. Our strategy of primarily holding properties, long-term, directly decreases the likelihood of their carrying values not being recoverable, thus requiring the recognition of an impairment. However, if our strategy, or one or more of the above assumptions were to change in the future, an impairment may need to be recognized. If events should occur that require us to reduce the carrying value of our real estate by recording provisions for impairment, they could have a material impact on our results of operations.

 

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The following is a comparison of our results of operations for the years ended December 31, 2015, 2014 and 2013.

 

Rental Revenue

Rental revenue was $976.9 million for 2015, as compared to $893.5 million for 2014, an increase of $83.4 million, or 9.3%. Rental revenue was $748.2 million for 2013. The increase in rental revenue in 2015 compared to 2014 is primarily attributable to:

 

·                  The 248 properties (5.6 million square feet) we acquired in 2015, which generated $41.9 million of rent in 2015;

·                  The 479 properties (9.3 million square feet) we acquired in 2014, which generated $99.3 million of rent in 2015, compared to $65.9 million in 2014, an increase of $33.4 million;

·                  Same store rents generated on 3,636 properties (58.1 million square feet) during 2015 and 2014, increased by $10.2 million, or 1.3%, to $794.4 million from $784.2 million;

·                  A net increase in straight-line rent and other non-cash adjustments to rent of $4.0 million in 2015 as compared to 2014;

·                  A net decrease of $8.4 million relating to properties sold in 2015 and during 2014 that were reported in continuing operations; and

·                  A net increase of $2.3 million relating to the aggregate of (i) rental revenue from properties (137 properties comprising 1.2 million square feet) that were available for lease during part of 2015 or 2014, (ii) rental revenue for 22 properties under development, and (iii) lease termination settlements.  In aggregate, the revenues for these items totaled $26.5 million in 2015, compared to $24.2 million in 2014.

 

For purposes of determining the same store rent property pool, we include all properties that were owned for the entire year-to-date period, for both the current and prior year, except for properties during the current or prior year that; (i) were vacant at any time, (ii) were under development or redevelopment, and (iii) were involved in eminent domain and rent was reduced. Each of the exclusions from the same store pool are separately addressed within the applicable sentences above, explaining the changes in rental revenue for the period.

 

Of the 4,538 properties in the portfolio at December 31, 2015, 4,519, or 99.6%, are single-tenant properties and the remaining are multi-tenant properties. Of the 4,519 single-tenant properties, 4,448, or 98.4%, were net leased with a weighted average remaining lease term (excluding rights to extend a lease at the option of the tenant) of approximately 10.0 years at December 31, 2015. Of our 4,448 leased single-tenant properties, 3,938 or 88.5% were under leases that provide for increases in rents through:

 

·                  Base rent increases tied to a consumer price index (typically subject to ceilings);

·                  Percentage rent based on a percentage of the tenants’ gross sales;

·                  Fixed increases; or

·                  A combination of two or more of the above rent provisions.

 

Percentage rent, which is included in rental revenue, was $4.5 million in 2015, $3.6 million in 2014, and $2.9 million in 2013.  Percentage rent in 2015 was less than 1% of rental revenue and we anticipate percentage rent to be less than 1% of rental revenue in 2016.

 

Our portfolio of real estate, leased primarily to regional and national tenants under net leases, continues to perform well and provides dependable lease revenue supporting the payment of monthly dividends to our stockholders.  At December 31, 2015, our portfolio of 4,538 properties was 98.4% leased with 71 properties available for lease, as compared to 98.4% leased, with 70 properties available for lease at December 31, 2014. It has been our experience that approximately 1% to 4% of our property portfolio will be unleased at any given time; however, it is possible that the number of properties available for lease could exceed these levels in the future.

 

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Tenant Reimbursements

Contractually obligated reimbursements from tenants for recoverable real estate taxes and operating expenses were $42.0 million in 2015, compared to $37.1 million in 2014 and $24.9 million in 2013.  The increase in tenant reimbursements is primarily due to our acquisitions during 2014 and 2015.  Our tenant reimbursements approximate our reimbursable property expenses for any given period.

 

Other Revenue

Other revenue, which comprises property-related revenue not included in rental revenue or tenant reimbursements, was $4.4 million in 2015, compared to $2.9 million in 2014 and $7.0 million in 2013.

 

Depreciation and Amortization

Depreciation and amortization was $409.2 million for 2015, compared to $374.7 million for 2014 and $306.8 million for 2013. The increase in depreciation and amortization in 2015 and 2014 was primarily due to the acquisition of properties in 2014 and 2015, which was partially offset by property sales in those same periods.  As discussed in the sections entitled “Funds from Operations (FFO) Available to Common Stockholders” and “Adjusted Funds from Operations (AFFO) Available to Common Stockholders,” depreciation and amortization is a non-cash item that is added back to net income available to common stockholders for our calculation of FFO and AFFO.

 

Interest Expense

The following is a summary of the components of our interest expense (dollars in thousands):

 

 

 

2015

 

2014

 

2013

 

Interest on our credit facility, term loans, notes, mortgages and interest rate swaps

 

$

226,207

 

$

215,830

 

$

182,974

 

Credit facility commitment fees

 

2,854

 

2,661

 

1,930

 

Amortization of credit facility origination costs and deferred financing costs

 

8,741

 

8,219

 

7,434

 

(Gain) loss on interest rate swaps

 

3,043

 

1,349

 

(878

)

Dividend on preferred shares subject to redemption

 

-

 

1,526

 

-

 

Amortization of net mortgage premiums

 

(7,482

)

(12,891

)

(9,481

)

Capital lease obligation

 

310

 

116

 

-

 

Interest capitalized

 

(594

)

(444

)

(537

)

Interest expense

 

$

233,079

 

$

216,366

 

$

181,442

 

 

 

 

 

 

 

 

 

Credit facility, term loans, mortgages and notes

 

 

 

 

 

 

 

Average outstanding balances (dollars in thousands)

 

$

5,030,532

 

$

4,628,438

 

$

3,892,089

 

Average interest rates

 

4.43

%

4.62

%

4.67

%

 

The increase in interest expense from 2014 to 2015 was primarily due to the June 2014 issuance of our 3.88% senior unsecured notes due July 2024, the September 2014 issuance of our 4.125% senior unsecured notes due October 2026, the interest expense on the $250 million term loan that was entered into during June 2015, and the payoff of mortgages during 2015 which reduced the amortization of net mortgage premiums.  Additionally, each quarter we adjust the carrying value of our interest rate swaps to fair value.  Changes in the fair value of our interest rate swaps are recorded directly to interest expense.  We recorded a loss on interest rate swaps of $3.0 million and $1.3 million during 2015 and 2014, respectively, and a gain on interest rate swaps of $878,000 during 2013.

 

The increase in interest expense from 2013 to 2014 was primarily due to the July 2013 issuance of our 4.65% senior unsecured notes due August 2023, the June 2014 issuance of our 3.88% senior unsecured notes due July 2024, the September 2014 issuance of our 4.125% senior unsecured notes due October 2026, and an increase in mortgages payable. The increase was partially offset by slightly lower average interest rates and the repayment of our 5.375% senior unsecured notes in March 2013.

 

At December 31, 2015, the weighted average interest rate on our:

·                  Notes and bonds payable of $3.65 billion (excluding unamortized original issuance discounts of $13.3 million) was 4.7%;

 

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·                  Mortgages payable of $637.7 million (excluding net premiums totaling $9.1 million on these mortgages) was 5.0%;

·                  Credit facility outstanding borrowings of $238.0 million was 1.2%;

·                  Term loans outstanding borrowings of $320.0 million was 1.2%; and

·                  Combined outstanding notes, bonds, mortgages, term loan and credit facility borrowings of $4.85 billion was 4.4%.

 

General and Administrative Expenses

General and administrative expenses decreased by $1.8 million to $49.3 million for 2015, compared to $51.1 million in 2014.  General and administrative expenses were $56.9 million in 2013.  Included in general and administrative expenses are acquisition transaction costs of $913,000 for 2015, $453,000 for 2014, and $2.1 million for 2013. General and administrative expenses slightly decreased during 2015 primarily due to lower compensation costs, lower corporate insurance premiums, and lower proxy costs.  General and administrative expenses decreased during 2014 primarily due to lower stock compensation costs, including the $3.7 million for accelerated vesting that occurred in July 2013, and lower acquisition transaction costs. In January 2016, we had 132 employees, as compared to 125 employees in January 2015 and 116 employees in January 2014.

 

Dollars in thousands

 

2015

 

2014

 

2013

 

General and administrative expenses

 

$

49,298

 

$

51,085

 

$

56,881

 

Total revenue(1)

 

981,270

 

896,499

 

761,159

 

General and administrative expenses as a percentage of total revenue

 

5.0

%

5.7

%

7.5

%

 

(1) Excludes all tenant reimbursements revenue, as well as revenue included in discontinued operations and gain on sales.

 

Property Expenses (including tenant reimbursable expenses)

Property expenses consist of costs associated with unleased properties, leased properties and general portfolio expenses, as well as contractually obligated reimbursable costs from tenants for recoverable real estate taxes and operating expenses. Expenses related to unleased properties and expenses we are responsible for on some of the leased properties include, but are not limited to, property taxes, maintenance, insurance, utilities, property inspections, bad debt expense and legal fees. General portfolio expenses include, but are not limited to, insurance, legal, property inspections, and title search fees. At December 31, 2015, 71 properties were available for lease, as compared to 70 properties at December 31, 2014 and 70 properties at December 31, 2013.

 

Property expenses were $55.4 million (including $42.0 million in reimbursable expenses) in 2015 and $53.9 million (including $37.1 million in reimbursable expenses) in 2014 and $38.9 million (including $24.9 million in reimbursable expenses) in 2013. The increase in gross property expenses in 2015 is primarily attributable to the increased portfolio size, which contributed to higher contractually obligated reimbursements primarily due to our acquisitions during 2014 and 2015.

 

While the gross property expenses have increased, our net property expenses (net of tenant reimbursements) has decreased during 2015 as compared to 2014.  The net expenses have decreased primarily due to lower portfolio vacancy, lower property insurance premiums and fewer one-time maintenance expenses.

 

Dollars in thousands

 

2015

 

2014

 

2013

 

Property expenses net of tenant reimbursements

 

$

13,337

 

$

16,753

 

$

13,907

 

Total revenue(1)

 

981,270

 

896,499

 

761,159

 

Property expenses net of tenant reimbursements as a percentage of total revenue

 

1.4

%

1.9

%

1.8

%

 

(1) Excludes all tenant reimbursements revenue, as well as revenue included in discontinued operations and gain on sales.

 

Income Taxes

Income taxes were $3.2 million in 2015, compared to $3.5 million in 2014 and $2.4 million in 2013. These amounts are for city and state income and franchise taxes paid by Realty Income and its subsidiaries. The increase for 2014 is primarily related to higher city and state income and franchise taxes paid by Realty Income and its subsidiaries, primarily related to increased portfolio size.

 

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Provisions for Impairment

In 2015, we recorded total provisions for impairment of $10.6 million on three properties classified as held for sale, four properties classified as held for investment, seven sold properties, and one property disposed of other than by sale. These properties were not previously classified as held for sale in financial statements issued prior to the date of adoption of Accounting Standards Update (ASU) 2014-08, which amends Topic 205,Presentation of Financial Statements, and Topic 360, Property, Plant, and Equipment; accordingly, the provisions for impairment are included in income from continuing operations on our consolidated statement of income for the year ended December 31, 2015.

 

In 2014, Realty Income recorded total provisions for impairment of $4.6 million.  Provisions for impairment of $4.1 million are included in income from continuing operations on nine sold properties and two properties classified as held for investment. These properties were not previously classified as held for sale in financial statements issued prior to the date of adoption of ASU 2014-08; accordingly, these provisions for impairment are included in income from continuing operations on our consolidated statements of income.  Additionally, a provision for impairment of $510,000 is included in income from discontinued operations on one sold property that was classified as held for sale as of December 31, 2013.

 

In 2013, Realty Income recorded total provisions for impairment of $3.0 million.  Realty Income recorded provisions for impairment of $2.7 million in income from discontinued operations on seven sold properties.  Except for a provision for impairment of $290,000 that was recorded in income from continuing operations for one property that was not previously classified as held for sale as of December 31, 2013, the remaining provisions for impairment are included in income from discontinued operations on our consolidated statement of income. In 2013, Crest also recorded a provision for impairment of $308,000 on one sold property which is included in income from discontinued operations.

 

Merger-Related Costs

Merger-related costs include, but are not limited to, advisor fees, legal fees, accounting fees, printing fees and transfer taxes related to our acquisition of ARCT.  Merger-related costs were $13.0 million in 2013.  On a diluted per common share basis, these expenses represented $0.07 for 2013.  No merger-related costs were incurred in 2014 or 2015.

 

Gain on Sales of Real Estate

During 2015, we sold 38 investment properties for $65.8 million, which resulted in a gain of $22.2 million.  The results of operations for these properties are presented within continuing operations.

 

During 2014, we sold 46 investment properties for $107.2 million, which resulted in a gain of $42.1 million.  Only the results of operations specifically related to the properties classified as held for sale at December 31, 2013 and sold during 2014 were reclassified as discontinued operations.

 

During 2013, we sold 75 investment properties for $134.2 million, which resulted in a gain of $64.7 million.  The results of operations for these properties were reclassified as discontinued operations for all periods presented.

 

During 2015, Crest did not sell any properties.  Crest sold one property for $820,000 and one property for $597,000 during 2014 and 2013, respectively.  Neither of these sales resulted in a gain. The results of operations for these properties were reclassified as discontinued operations.

 

We have an active portfolio management program that incorporates the sale of assets when we believe the reinvestment of the sale proceeds will:

 

·                  Generate higher returns;

·                  Enhance the credit quality of our real estate portfolio;

·                  Extend our average remaining lease term; or

·                  Decrease tenant or industry concentration.

 

At December 31, 2015, we classified real estate with a carrying amount of $9.8 million as held for sale on our balance sheet. In 2016, we intend to continue our active disposition efforts to further enhance our real estate portfolio and anticipate approximately $50 to $75 million in yet to be identified property sales for all of 2016.  We intend to invest these proceeds into new property acquisitions, if there are attractive opportunities available.

 

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However, we cannot guarantee that we will sell properties during the next 12 months at our estimated values or be able to invest the property sale proceeds in new properties.

 

Preferred Stock Dividends

Preferred stock dividends totaled $27.1 million in 2015, $37.1 million in 2014, and $41.9 million in 2013.

 

Excess of Redemption Value over Carrying Value of Preferred Shares Redeemed

In October 2014, we redeemed all 8,800,000 shares of our 6.75% Monthly Income Class E Cumulative Redeemable Preferred Stock, or the Class E preferred stock, for $25.00 per share, plus accrued dividends. We incurred a non-cash charge of $6.0 million. This charge is for the excess of redemption value over the carrying value of the Class E preferred stock and represents the original issuance cost that was paid in 2006.

 

Net Income Available to Common Stockholders

Net income available to common stockholders was $256.7 million in 2015, compared to $227.6 million in 2014, an increase of $29.1 million. On a diluted per common share basis, net income was $1.09 in 2015, as compared to $1.04 in 2014, an increase of $0.05, or 4.8%. Net income available to common stockholders was $203.6 million in 2013, or $1.06 on a diluted per common share basis.  Net income available to common stockholders for 2014 includes a non-cash redemption charge of $6.0 million on the shares of Class E preferred stock that were redeemed in October 2014, which represents $0.03 on a diluted per common share basis. This charge is for the excess of redemption value over the carrying value of the Class E preferred stock and represents the original issuance cost that was paid in 2006. Net income available to common stockholders for 2013 was impacted by an unusually large gain on property sales, which represents $0.18 on a diluted per common share basis.  Additionally, net income available to common stockholders for 2013 includes $13.0 million of merger-related costs for the acquisition of ARCT, which represents $0.07 on a diluted per common share basis, and $3.7 million for accelerated vesting of restricted shares that occurred in July 2013 from ten-year vesting to five years, which represents $0.02 on a diluted per common share basis.

 

The calculation to determine net income available to common stockholders includes impairments and/or gains from the sale of properties. The amount of impairments and/or gains varies from period to period based on the timing of property sales and can significantly impact net income available to common stockholders.

 

Gains from the sale of properties during 2015 were $22.2 million, as compared to gains from the sale of properties of $42.1 million during 2014.

 

Discontinued Operations

During the first quarter of 2014, the Financial Accounting Standards Board issued guidance that changed the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have, or will have, a major effect on an entity’s operations and financial results.  We early adopted the requirements of this accounting pronouncement in the first quarter of 2014.  Starting with the first quarter of 2014, the results of operations for all qualifying disposals and properties classified as held for sale that were not previously reported in discontinued operations in our 2013 Annual Report on Form 10-K are presented within income from continuing operations on our consolidated statements of income. For 2014, we recorded income from discontinued operations of $2.8 million, or $0.01 per common share, basic and diluted. For 2013, we recorded income from discontinued operations of $65.7 million, or $0.34 per common share, basic and diluted.

 

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FUNDS FROM OPERATIONS (FFO) AVAILABLE TO COMMON STOCKHOLDERS

 

In 2015, our FFO increased by $89.5 million, or 15.9%, to $652.4 million, compared to $562.9 million in 2014.  On a diluted per common share basis, FFO was $2.77 in 2015, compared to $2.58 in 2014, an increase of $0.19, or 7.4%.  In 2013, FFO was $462.0 million, or $2.41 on a diluted per common share basis.  Our FFO in 2014 included a non-cash redemption charge of $6.0 million on the shares of Class E preferred stock that were redeemed in October 2014, which represents $0.03 on a diluted per common share basis. This charge is for the excess of redemption value over the carrying value of the Class E preferred stock and represents the original issuance cost that was paid in 2006.  FFO in 2013 was normalized to exclude $13.0 million of merger-related costs, which represents $0.07 on a diluted per common share basis for 2013.  FFO for 2013 includes $3.7 million for accelerated vesting of restricted shares that occurred in July 2013 from ten-year vesting to five years, which represents $0.02 on a diluted per common share basis.   All references to FFO for 2013 reflect the adjustments for merger-related costs for the acquisition of ARCT.

 

The following is a reconciliation of net income available to common stockholders (which we believe is the most comparable GAAP measure) to FFO. Also presented is information regarding distributions paid to common stockholders and the weighted average number of common shares used for the basic and diluted computation per share (dollars in thousands, except per share amounts):

 

 

 

2015

 

2014

 

2013

 

Net income available to common stockholders

 

$

256,686

 

$

227,558

 

$

203,634

 

Depreciation and amortization:

 

 

 

 

 

 

 

Continuing operations

 

409,215

 

374,661

 

306,769

 

Discontinued operations

 

-

 

-

 

1,626

 

Depreciation of furniture, fixtures and equipment

 

(811

)

(482

)

(288

)

Provisions for impairment on investment properties:

 

 

 

 

 

 

 

Continuing operations

 

10,560

 

4,126

 

290

 

Discontinued operations

 

-

 

510

 

2,738

 

Gain on sales of investment properties:

 

 

 

 

 

 

 

Continuing operations

 

(22,243

)

(39,205

)

-

 

Discontinued operations

 

-

 

(2,883

)

(64,743

)

Merger-related costs (1)

 

-

 

-

 

13,013

 

FFO adjustments allocable to noncontrolling interests

 

(970

)

(1,396

)

(1,009

)

FFO available to common stockholders

 

$

652,437

 

$

562,889

 

$

462,030

 

 

 

 

 

 

 

 

 

FFO per common share, basic and diluted (2)

 

$

2.77

 

$

2.58

 

$

2.41

 

 

 

 

 

 

 

 

 

Distributions paid to common stockholders

 

$

533,238

 

$

479,256

 

$

409,222

 

 

 

 

 

 

 

 

 

FFO in excess of distributions paid to common stockholders

 

$

119,199

 

$

83,633

 

$

52,808

 

 

 

 

 

 

 

 

 

Weighted average number of common shares used for computation per share:

 

 

 

 

 

 

 

Basic

 

235,767,932

 

218,390,885

 

191,754,857

 

Diluted (2)

 

235,891,368

 

218,450,863

 

191,781,622

 

 

(1) FFO for 2013 has been normalized to exclude ARCT merger-related costs.

 

(2) The computation of diluted FFO does not assume conversion of securities that are convertible to common shares if the conversion of those securities would increase diluted FFO per share in a given period.

 

We define FFO, a non-GAAP measure, consistent with the National Association of Real Estate Investment Trusts’ definition, as net income available to common stockholders, plus depreciation and amortization of real estate assets, plus impairments of depreciable real estate assets, reduced by gains on property sales and extraordinary items.

 

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We consider FFO to be an appropriate supplemental measure of a REIT’s operating performance as it is based on a net income analysis of property portfolio performance that adds back items such as depreciation and impairments for FFO. The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time. Since real estate values historically rise and fall with market conditions, presentations of operating results for a REIT, using historical accounting for depreciation, could be less informative. The use of FFO is recommended by the REIT industry as a supplemental performance measure. In addition, FFO is used as a measure of our compliance with the financial covenants of our new credit facility.

 

ADJUSTED FUNDS FROM OPERATIONS (AFFO) AVAILABLE TO COMMON STOCKHOLDERS

 

In 2015, our AFFO increased by $85.3 million, or 15.2%, to $647.0 million, compared to $561.7 million in 2014. On a diluted per common share basis, AFFO was $2.74 in 2015, compared to $2.57 in 2014, an increase of $0.17, or 6.6%.  In 2013, AFFO was $463.1 million, or $2.41 on a diluted per common share basis. We consider AFFO to be an appropriate supplemental measure of our performance. Most companies in our industry use a similar measurement, but they may use the term “CAD” (for Cash Available for Distribution), “FAD” (for Funds Available for Distribution) or other terms.

 

The following is a reconciliation of net income available to common stockholders (which we believe is the most comparable GAAP measure) to FFO and AFFO. Also presented is information regarding distributions paid to common stockholders and the weighted average number of common shares used for the basic and diluted computation per share (dollars in thousands, except per share amounts):

 

 

 

2015

 

2014

 

2013

 

Net income available to common stockholders

 

$

256,686

 

$

227,558

 

$

203,634

 

Cumulative adjustments to calculate FFO (1)

 

395,751

 

335,331

 

258,396

 

FFO available to common stockholders

 

652,437

 

562,889

 

462,030

 

Provisions for impairment on Crest properties

 

-

 

-

 

308

 

Excess of redemption value over carrying value of preferred share redemptions

 

-

 

6,015

 

-

 

Amortization of share-based compensation

 

10,391

 

11,959

 

20,785

 

Amortization of deferred financing costs (2)

 

5,294

 

4,804

 

4,436

 

Amortization of net mortgage premiums

 

(6,978

)

(9,208

)

(9,481

)

Gain on early extinguishment of debt

 

(504

)

(3,428

)

-

 

(Gain) loss on interest rate swaps

 

3,043

 

1,349

 

(878

)

Leasing costs and commissions

 

(748

)

(821

)

(1,280

)

Recurring capital expenditures

 

(7,606

)

(5,210

)

(7,227

)

Straight-line rent

 

(16,468

)

(14,872

)

(13,742

)

Amortization of above and below-market leases

 

7,861

 

8,024

 

8,188

 

Other adjustments (3)

 

306

 

160

 

-

 

Total AFFO available to common stockholders (4)

 

$

647,028

 

$

561,661

 

$

463,139

 

 

 

 

 

 

 

 

 

AFFO per common share:

 

 

 

 

 

 

 

Basic

 

$

2.74

 

$

2.57

 

$

2.42

 

Diluted

 

$

2.74

 

$

2.57

 

$

2.41

 

 

 

 

 

 

 

 

 

Distributions paid to common stockholders

 

$

533,238

 

$

479,256

 

$

409,222

 

 

 

 

 

 

 

 

 

AFFO in excess of distributions paid to common stockholders

 

$

113,790

 

$

82,405

 

$

53,917

 

 

 

 

 

 

 

 

 

Weighted average number of common shares used for computation per share:

 

 

 

 

 

 

 

Basic

 

235,767,932

 

218,390,885

 

191,754,857

 

Diluted (4)

 

235,891,368

 

218,450,863

 

191,781,622

 

 

(1)      See reconciling items for FFO presented under “Funds from Operations (FFO) Available to Common Stockholders.”

 

(2)      Includes the amortization of costs incurred and capitalized upon issuance of our notes payable, assumption of our mortgages payable and upon issuance of our term loans.  The deferred financing costs are being amortized over the lives of the respective mortgages and term loans.  No costs associated with our credit facility agreements or annual fees paid to credit rating agencies have been included.

 

(3)      Includes adjustments allocable to both non-controlling interests and capital lease obligations.

 

(4)      The computation of diluted AFFO does not assume conversion of securities that are convertible to common shares if the conversion of those securities would increase diluted AFFO per share in a given period.

 

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We believe the non-GAAP financial measure AFFO provides useful information to investors because it is a widely accepted industry measure of the operating performance of real estate companies that is used by industry analysts and investors who look at and compare those companies.  In particular, AFFO provides an additional measure to compare the operating performance of different REITs without having to account for differing depreciation assumptions and other unique revenue and expense items which are not pertinent to measuring a particular company’s on-going operating performance.  Therefore, we believe that AFFO is an appropriate supplemental performance metric, and that the most appropriate GAAP performance metric to which AFFO should be reconciled is net income available to common stockholders.

 

Presentation of the information regarding FFO and AFFO is intended to assist the reader in comparing the operating performance of different REITs, although it should be noted that not all REITs calculate FFO and AFFO in the same way, so comparisons with other REITs may not be meaningful. Furthermore, FFO and AFFO are not necessarily indicative of cash flow available to fund cash needs and should not be considered as alternatives to net income as an indication of our performance. FFO and AFFO should not be considered as alternatives to reviewing our cash flows from operating, investing, and financing activities.  In addition, FFO and AFFO should not be considered as measures of liquidity, of our ability to make cash distributions, or of our ability to pay interest payments.

 

IMPACT OF INFLATION

 

Tenant leases generally provide for limited increases in rent as a result of increases in the tenants’ sales volumes, increases in the consumer price index (typically subject to ceilings), or fixed increases. We expect that inflation will cause these lease provisions to result in rent increases over time. During times when inflation is greater than increases in rent, as provided for in the leases, rent increases may not keep up with the rate of inflation.

 

Of our 4,538 properties in our portfolio, approximately 98.0% or 4,467 are leased to tenants under net leases where the tenant is responsible for property expenses. Net leases tend to reduce our exposure to rising property expenses due to inflation. Inflation and increased costs may have an adverse impact on our tenants if increases in their operating expenses exceed increases in revenue.

 

IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS

 

For information on the impact of recent accounting pronouncements on our business, see note 2 of the Notes to the Consolidated Financial Statements.

 

Item 7A:        Quantitative and Qualitative Disclosures about Market Risk

 

We are exposed to interest rate changes primarily as a result of our new credit facility, term loans, mortgages payable, and long-term notes and bonds used to maintain liquidity and expand our real estate investment portfolio and operations. Our interest rate risk management objective is to limit the impact of interest rate changes on earnings and cash flow and to lower our overall borrowing costs. To achieve these objectives we issue long-term notes and bonds, primarily at fixed rates.

 

In order to mitigate and manage the effects of interest rate risks on our operations, we may utilize a variety of financial instruments, including interest rate swaps and caps. The use of these types of instruments to hedge our exposure to changes in interest rates carries additional risks, including counterparty credit risk, the enforceability of hedging contracts and the risk that unanticipated and significant changes in interest rates will cause a significant loss of basis in the contract.  To limit counterparty credit risk we will seek to enter into such agreements with major financial institutions with favorable credit ratings.  There can be no assurance that we will be able to adequately protect against the foregoing risks or realize an economic benefit that exceeds the related amounts incurred in connection with engaging in such hedging activities.  We do not enter into any derivative transactions for speculative or trading purposes.

 

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The following table presents by year of expected maturity, the principal amounts, average interest rates and estimated fair values of our fixed and variable rate debt as of December 31, 2015. This information is presented to evaluate the expected cash flows and sensitivity to interest rate changes (dollars in millions):

 

Expected Maturity Data

 

 

 

 

 

Weighted average

 

 

 

Weighted average

 

 

 

Fixed rate

 

rate on fixed

 

Variable rate

 

rate on variable

 

Year of maturity

 

debt

 

rate debt

 

debt

 

rate debt

 

2016

 

$

444.9

 

5.45

%

 

$

0.2

 

2.54

 %

2017

 

308.3

 

5.63

 

 

9.5

 

2.40

 

2018

 

365.3

 

2.15

 

 

70.3

 

1.45

 

2019

 

554.5

 

6.74

 

 

259.8

 

1.29

 

2020

 

82.2

 

4.99

 

 

250.2

 

1.37

 

Thereafter

 

2,478.7

 

4.50

 

 

21.7

 

2.41

 

 

 

 

 

 

 

 

 

 

 

 

Totals (1)

 

$

4,233.9

 

4.78

%

 

$

611.7

 

1.40

 %

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value (2)

 

$

4,429.2

 

 

 

 

$

608.3

 

 

 

 

(1)      Excludes net premiums recorded on mortgages payable and original issuance discounts recorded on notes payable.  At December 31, 2015, the unamortized balance of net premiums on mortgages payable was $9.1 million, and the unamortized balance of original issuance discounts on notes payable was $13.3 million.

 

(2)      We base the estimated fair value of the fixed rate senior notes and bonds at December 31, 2015 on the indicative market prices and recent trading activity of our senior notes and bonds payable.  We base the estimated fair value of our fixed rate and variable rate mortgages at December 31, 2015 on the relevant Treasury yield curve, plus an applicable credit-adjusted spread.  We believe that the carrying value of the credit facility balance and term loans balance reasonably approximate their estimated fair values at December 31, 2015.

 

The table incorporates only those exposures that exist as of December 31, 2015. It does not consider those exposures or positions that could arise after that date. As a result, our ultimate realized gain or loss, with respect to interest rate fluctuations, would depend on the exposures that arise during the period, our hedging strategies at the time, and interest rates.

 

All of our outstanding notes and bonds have fixed interest rates. All of our mortgages payable, except four mortgages totaling $51.1 million at December 31, 2015, including net unamortized discounts, have fixed interest rates. After factoring in arrangements that limit our exposure to interest rate risk and effectively fix our per annum interest rates, our variable rate mortgage debt includes two mortgages totaling $15.5 million at December 31, 2015. Interest on our new credit facility and term loan balances is variable. However, the variable interest rate feature on our term loans has been mitigated by interest rate swap agreements.  Based on our new credit facility balance of $238.0 million at December 31, 2015, a 1% change in interest rates would change our interest costs by $2.4 million per year.

 

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Item 8:           Financial Statements and Supplementary Data

 

Table of Contents

 

A.

Reports of Independent Registered Public Accounting Firm

 

 

B.

Consolidated Balance Sheets,
December 31, 2015 and 2014

 

 

C.

Consolidated Statements of Income,
Years ended December 31, 2015, 2014 and 2013

 

 

D.

Consolidated Statements of Equity,
Years ended December 31, 2015, 2014 and 2013

 

 

E.

Consolidated Statements of Cash Flows,
Years ended December 31, 2015, 2014 and 2013

 

 

F.

Notes to Consolidated Financial Statements

 

 

G.

Consolidated Quarterly Financial Data
(unaudited) for 2015 and 2014

 

 

H.

Schedule III Real Estate and Accumulated Depreciation

 

 

 

Schedules not filed: All schedules, other than that indicated in the Table of Contents, have been omitted as the required information is either not material, inapplicable or the information is presented in the financial statements or related notes.

 

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Table of Contents

 

Report of Independent Registered Public Accounting Firm

 

 

The Board of Directors and Stockholders

Realty Income Corporation:

 

 

We have audited the accompanying consolidated balance sheets of Realty Income Corporation and subsidiaries as of December 31, 2015 and 2014, and the related consolidated statements of income, equity, and cash flows for each of the years in the three-year period ended December 31, 2015. In connection with our audits of the consolidated financial statements, we also have audited financial statement schedule III. These consolidated financial statements and financial statement schedule are the responsibility of Realty Income Corporation’s management. Our responsibility is to express an opinion on these consolidated financial statements and financial statement schedule based on our audits.

 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Realty Income Corporation and subsidiaries as of December 31, 2015 and 2014, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2015, in conformity with U.S. generally accepted accounting principles. Also in our opinion, the related financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, present fairly, in all material respects, the information set forth therein.

 

As discussed in note 2 to the consolidated financial statements, Realty Income Corporation changed its method for reporting discontinued operations in 2014 due to the adoption of FASB Accounting Standards Update No. 2014-08.

 

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Realty Income Corporation’s internal control over financial reporting as of December 31, 2015, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated February 11, 2016 expressed an unqualified opinion on the effectiveness of Realty Income Corporation’s internal control over financial reporting.

 

 

/s/ KPMG LLP

 

San Diego, California
February 11, 2016

 

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Report of Independent Registered Public Accounting Firm

 

 

The Board of Directors and Stockholders

Realty Income Corporation:

 

 

We have audited Realty Income Corporation’s internal control over financial reporting as of December 31, 2015, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Realty Income Corporation’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on Realty Income Corporation’s internal control over financial reporting based on our audit.

 

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

 

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

In our opinion, Realty Income Corporation maintained, in all material respects, effective internal control over financial reporting as of December 31, 2015, based on Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

 

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Realty Income Corporation and subsidiaries as of December 31, 2015 and 2014, and the related consolidated statements of income, equity and cash flows for each of the years in the three-year period ended December 31, 2015, and our report dated February 11, 2016 expressed an unqualified opinion on those consolidated financial statements.

 

 

/s/ KPMG LLP

 

San Diego, California
February 11, 2016

 

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Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

December 31, 2015 and 2014

(dollars in thousands, except per share data)

 

 

 

2015

 

2014

 

ASSETS

 

 

 

 

 

Real estate, at cost:

 

 

 

 

 

Land

 

$

3,286,004

 

$

3,046,372

 

Buildings and improvements

 

9,010,778

 

8,107,199

 

Total real estate, at cost

 

12,296,782

 

11,153,571

 

Less accumulated depreciation and amortization

 

(1,687,665

)

(1,386,871

)

Net real estate held for investment

 

10,609,117

 

9,766,700

 

Real estate held for sale, net

 

9,767

 

14,840

 

Net real estate

 

10,618,884

 

9,781,540

 

Cash and cash equivalents

 

40,294

 

3,852

 

Accounts receivable, net

 

81,678

 

64,386

 

Acquired lease intangible assets, net

 

1,034,417

 

1,039,724

 

Goodwill

 

15,321

 

15,470

 

Other assets, net

 

75,276

 

107,650

 

Total assets

 

$

11,865,870

 

$

11,012,622

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

Distributions payable

 

$

50,344

 

$

43,675

 

Accounts payable and accrued expenses

 

115,826

 

123,287

 

Acquired lease intangible liabilities, net

 

250,916

 

220,469

 

Other liabilities

 

53,965

 

53,145

 

Lines of credit payable

 

238,000

 

223,000

 

Term loans

 

320,000

 

70,000

 

Mortgages payable, net

 

646,740

 

852,575

 

Notes payable, net

 

3,636,746

 

3,785,372

 

Total liabilities

 

5,312,537

 

5,371,523

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

Preferred stock and paid in capital, par value $0.01 per share, 69,900,000 shares authorized, 16,350,000 shares issued and outstanding as of December 31, 2015 and December 31, 2014, liquidation preference $25.00 per share

 

395,378

 

395,378

 

Common stock and paid in capital, par value $0.01 per share, 370,100,000 shares authorized, 250,416,757 shares issued and outstanding as of December 31, 2015 and 224,881,192 shares issued and outstanding as of December 31, 2014

 

7,666,428

 

6,464,987

 

Distributions in excess of net income

 

(1,530,210

)

(1,246,964

)

Total stockholders’ equity

 

6,531,596

 

5,613,401

 

Noncontrolling interests

 

21,737

 

27,698

 

Total equity

 

6,553,333

 

5,641,099

 

Total liabilities and equity

 

$

11,865,870

 

$

11,012,622

 

 

The accompanying notes to consolidated financial statements are an integral part of these statements.

 

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Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

 

Years Ended December 31, 2015, 2014 and 2013

(dollars in thousands, except per share data)

 

 

 

2015

 

2014

 

2013

 

REVENUE

 

 

 

 

 

 

 

Rental

 

$

976,865

 

$

893,457

 

$

748,218

 

Tenant reimbursements

 

42,015

 

37,118

 

24,944

 

Other

 

4,405

 

2,930

 

7,047

 

Total revenue

 

1,023,285

 

933,505

 

780,209

 

 

 

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

 

 

Depreciation and amortization

 

409,215

 

374,661

 

306,769

 

Interest

 

233,079

 

216,366

 

181,442

 

General and administrative

 

49,298

 

51,085

 

56,881

 

Property (including reimbursable)

 

55,352

 

53,871

 

38,851

 

Income taxes

 

3,169

 

3,461

 

2,350

 

Provisions for impairment

 

10,560

 

4,126

 

290

 

Merger-related costs

 

-

 

-

 

13,013

 

Total expenses

 

760,673

 

703,570

 

599,596

 

 

 

 

 

 

 

 

 

Gain on sales of real estate

 

22,243

 

39,205

 

-

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

284,855

 

269,140

 

180,613

 

 

 

 

 

 

 

 

 

Income from discontinued operations

 

-

 

2,800

 

65,670

 

 

 

 

 

 

 

 

 

Net income

 

284,855

 

271,940

 

246,283

 

 

 

 

 

 

 

 

 

Net income attributable to noncontrolling interests

 

(1,089

)

(1,305

)

(719

)

 

 

 

 

 

 

 

 

Net income attributable to the Company

 

283,766

 

270,635

 

245,564

 

Preferred stock dividends

 

(27,080

)

(37,062

)

(41,930

)

Excess of redemption value over carrying value of preferred shares redeemed

 

-

 

(6,015

)

-

 

Net income available to common stockholders

 

$

256,686

 

$

227,558

 

$

203,634

 

 

 

 

 

 

 

 

 

Amounts available to common stockholders per common share:

 

 

 

 

 

 

 

Income from continuing operations, basic and diluted

 

$

1.09

 

$

1.03

 

$

0.72

 

Net income, basic and diluted

 

$

1.09

 

$

1.04

 

$

1.06

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

235,767,932

 

218,390,885

 

191,754,857

 

Diluted

 

236,208,390

 

218,767,885

 

191,781,622

 

 

The accompanying notes to consolidated financial statements are an integral part of these statements.

 

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REALTY INCOME CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

 

 

Years Ended December 31, 2015, 2014, and 2013

(dollars in thousands)

 

 

 

 

 

 

 

Preferred

 

Common

 

 

 

 

 

 

 

 

 

 

 

Shares of

 

Shares of

 

stock and

 

stock and

 

Distributions

 

Total

 

 

 

 

 

 

 

preferred

 

common

 

paid in

 

paid in

 

in excess of

 

stockholders’

 

Noncontrolling

 

Total

 

 

 

stock

 

stock

 

capital

 

capital

 

net income

 

equity

 

interests

 

equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2012

 

25,150,000

 

133,452,411

 

609,363

 

2,572,092

 

(768,661

)

2,412,794

 

-

 

2,412,794

 

Net income

 

-

 

-

 

-

 

-

 

245,564

 

245,564

 

719

 

246,283

 

Distributions paid and payable

 

-

 

-

 

-

 

-

 

(468,697

)

(468,697

)

(1,371

)

(470,068

)

Shares issued in stock offerings, net of offering costs

 

-

 

27,025,000

 

-

 

1,133,574

 

-

 

1,133,574

 

-

 

1,133,574

 

Shares issued in conjunction with acquisition of ARCT, net of our shares owned by ARCT

 

-

 

45,364,435

 

-

 

1,997,850

 

-

 

1,997,850

 

-

 

1,997,850

 

Issuance of preferred and common units

 

-

 

-

 

-

 

-

 

-

 

-

 

36,563

 

36,563

 

Shares issued pursuant to dividend reinvestment and stock purchase plan, net

 

-

 

1,449,139

 

-

 

55,244

 

-

 

55,244

 

-

 

55,244

 

Share-based compensation, net

 

-

 

194,088

 

-

 

9,118

 

-

 

9,118

 

-

 

9,118

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2013

 

25,150,000

 

207,485,073

 

609,363

 

5,767,878

 

(991,794

)

5,385,447

 

35,911

 

5,421,358

 

Net income

 

-

 

-

 

-

 

-

 

270,635

 

270,635

 

1,305

 

271,940

 

Distributions paid and payable

 

-

 

-

 

-

 

-

 

(519,790

)

(519,790

)

(1,839

)

(521,629

)

Shares issued in stock offerings, net of offering costs

 

-

 

13,800,000

 

-

 

528,592

 

-

 

528,592

 

-

 

528,592

 

Redemption of common units

 

-

 

35,000

 

-

 

1,032

 

-

 

1,032

 

(1,032

)

-

 

Reallocation of equity

 

-

 

-

 

-

 

6,647

 

-

 

6,647

 

(6,647

)

-

 

Shares issued pursuant to dividend reinvestment and stock purchase plan, net

 

-

 

3,527,166

 

-

 

157,285

 

-

 

157,285

 

-

 

157,285

 

Preferred shares redeemed

 

(8,800,000

)

-

 

(213,985

)

-

 

(6,015

)

(220,000

)

-

 

(220,000

)

Share-based compensation, net

 

-

 

33,953

 

-

 

3,553

 

-

 

3,553

 

-

 

3,553

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2014

 

16,350,000

 

224,881,192

 

$

395,378

 

$

6,464,987

 

$

(1,246,964

)

$

5,613,401

 

$

27,698

 

$

5,641,099

 

Net income

 

-

 

-

 

-

 

-

 

283,766

 

283,766

 

1,089

 

284,855

 

Distributions paid and payable

 

-

 

-

 

-

 

-

 

(567,012

)

(567,012

)

(1,652

)

(568,664

)

Shares issued in stock offerings, net of offering costs

 

-

 

17,000,000

 

-

 

793,559

 

-

 

793,559

 

-

 

793,559

 

Redemption of common units

 

-

 

168,182

 

-

 

4,347

 

-

 

4,347

 

(4,347

)

-

 

Reallocation of equity

 

-

 

-

 

-

 

1,051

 

-

 

1,051

 

(1,051

)

-

 

Shares issued pursuant to dividend reinvestment and stock purchase plan, net

 

-

 

7,608,354

 

-

 

360,700

 

-

 

360,700

 

-

 

360,700

 

Shares issued pursuant to at-the-market program, net

 

-

 

714,301

 

-

 

35,747

 

-

 

35,747

 

-

 

35,747

 

Share-based compensation, net

 

-

 

44,728

 

-

 

6,037

 

-

 

6,037

 

-

 

6,037

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2015

 

16,350,000

 

250,416,757

 

$

395,378

 

$

7,666,428

 

$

(1,530,210

)

$

6,531,596

 

$

21,737

 

$

6,553,333

 

 

The accompanying notes to consolidated financial statements are an integral part of these statements.

 

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REALTY INCOME CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

Years Ended December 31, 2015, 2014 and 2013

(dollars in thousands)

 

 

 

2015

 

2014

 

2013

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

Net income

 

$

284,855

 

$

271,940

 

$

246,283

 

Adjustments to net income:

 

 

 

 

 

 

 

Depreciation and amortization

 

409,215

 

374,661

 

306,769

 

Income from discontinued operations

 

-

 

(2,800

)

(65,670

)

Amortization of share-based compensation

 

10,391

 

11,959

 

20,785

 

Non-cash rental adjustments

 

(8,607

)

(6,848

)

(5,554

)

Amortization of net premiums on mortgages payable

 

(7,482

)

(12,891

)

(9,481

)

Amortization of deferred financing costs

 

9,044

 

8,335

 

9,364

 

Loss (gain) on interest rate swaps

 

3,043

 

1,349

 

(878

)

Gain on sales of real estate

 

(22,243

)

(39,205

)

-

 

Provisions for impairment on real estate

 

10,560

 

4,126

 

290

 

Change in assets and liabilities

 

 

 

 

 

 

 

Accounts receivable and other assets

 

(2,641

)

(3,064

)

(2,116

)

Accounts payable, accrued expenses and other liabilities

 

6,168

 

20,130

 

19,114

 

Net cash provided by operating activities

 

692,303

 

627,692

 

518,906

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

Investment in real estate

 

(1,266,885

)

(1,228,243

)

(1,429,483

)

Improvements to real estate, including leasing costs

 

(11,541

)

(6,032

)

(8,507

)

Proceeds from sales of real estate:

 

 

 

 

 

 

 

Continuing operations

 

65,817

 

88,688

 

8

 

Discontinued operations

 

-

 

6,918

 

126,785

 

Collection (issuance) of loans receivable

 

-

 

350

 

(10,656

)

Restricted escrow deposits for Section 1031 tax-deferred exchanges and pending acquisitions

 

33,554

 

(36,540

)

(10,158

)

Net cash used in investing activities

 

(1,179,055

)

(1,174,859

)

(1,332,011

)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

Cash distributions to common stockholders

 

(533,238

)

(479,256

)

(409,222

)

Cash dividends to preferred stockholders

 

(27,080

)

(38,300

)

(41,930

)

Borrowings on line of credit

 

1,448,000

 

1,672,321

 

2,624,700

 

Payments on line of credit

 

(1,433,000

)

(1,577,321

)

(2,654,700

)

Proceeds from notes and bonds payable issued

 

-

 

598,594

 

750,000

 

Principal payment on notes payable

 

(150,000

)

-

 

(100,000

)

Principal payments on mortgages payable

 

(198,353

)

(85,208

)

(32,603

)

Proceeds from term loans

 

250,000

 

-

 

70,000

 

Repayment of American Realty Capital Trust, Inc., or ARCT, line of credit

 

-

 

-

 

(317,207

)

Repayment of ARCT term loan

 

-

 

-

 

(235,000

)

Proceeds from common stock offerings, net

 

793,559

 

528,615

 

1,133,574

 

Redemption of preferred units

 

(6,750

)

-

 

-

 

Redemption of preferred stock

 

-

 

(220,000

)

-

 

Distributions to noncontrolling interests

 

(1,679

)

(1,844

)

(1,216

)

Debt issuance costs

 

(10,259

)

(5,505

)

(10,666

)

Proceeds from dividend reinvestment and stock purchase plan

 

363,029

 

158,462

 

55,806

 

Proceeds from At-the-Market (ATM) program

 

36,348

 

-

 

-

 

Other items, including shares withheld upon vesting

 

(7,383

)

(9,796

)

(13,422

)

Net cash provided by financing activities

 

523,194

 

540,762

 

818,114

 

Net increase (decrease) in cash and cash equivalents

 

36,442

 

(6,405

)

5,009

 

Cash and cash equivalents, beginning of period

 

3,852

 

10,257

 

5,248

 

Cash and cash equivalents, end of period

 

$

40,294

 

$

3,852

 

$

10,257

 

 

For supplemental disclosures, see note 16.

The accompanying notes to consolidated financial statements are an integral part of these statements.

 

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REALTY INCOME CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

December 31, 2015, 2014, and 2013

 

1.                           Organization and Operation

 

Realty Income Corporation (“Realty Income,” the “Company,” “we,” “our” or “us”) is organized as a Maryland corporation. We invest in commercial real estate and have elected to be taxed as a real estate investment trust, or REIT.

 

At December 31, 2015, we owned 4,538 properties, located in 49 states and Puerto Rico, containing over 76.0 million leasable square feet.

 

Information with respect to number of properties, square feet, average initial lease term and weighted average contractual lease rate is unaudited.

 

2.                  Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements

 

Federal Income Taxes. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, or the Code. We believe we have qualified and continue to qualify as a REIT. Under the REIT operating structure, we are permitted to deduct dividends paid to our stockholders in determining our taxable income. Assuming our dividends equal or exceed our taxable net income, we generally will not be required to pay federal corporate income taxes on such income. Accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements, except for the federal income taxes of our taxable REIT subsidiaries. The income taxes recorded on our consolidated statements of income represent amounts paid by Realty Income for city and state income and franchise taxes.

 

Earnings and profits that determine the taxability of distributions to stockholders differ from net income reported for financial reporting purposes due to differences in the estimated useful lives and methods used to compute depreciation and the carrying value (basis) of the investments in properties for tax purposes, among other things.

 

We regularly analyze our various federal and state filing positions and only recognize the income tax effect in our financial statements when certain criteria regarding uncertain income tax positions have been met. We believe that our income tax positions would more likely than not be sustained upon examination by all relevant taxing authorities. Therefore, no provisions for uncertain income tax positions have been recorded in our financial statements.

 

Net Income per Common Share. Basic net income per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted net income per common share is computed by dividing net income available to common stockholders, plus income attributable to dilutive shares and convertible common units, for the period by the weighted average number of common shares that would have been outstanding assuming the issuance of common shares for all potentially dilutive common shares outstanding during the reporting period.

 

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The following is a reconciliation of the denominator of the basic net income per common share computation to the denominator of the diluted net income per common share computation.

 

 

 

2015

 

2014

 

2013

 

Weighted average shares used for the basic net income per share computation

 

235,767,932

 

218,390,885

 

191,754,857

 

Incremental shares from share-based compensation

 

123,436

 

59,978

 

26,765

 

Weighted average partnership common units convertible to common shares that were dilutive

 

317,022

 

317,022

 

-

 

Weighted average shares used for diluted net income per share computation

 

236,208,390

 

218,767,885

 

191,781,622

 

Unvested shares from share-based compensation that were anti-dilutive

 

106,103

 

51,749

 

59,629

 

Weighted average partnership common units convertible to common shares that were anti-dilutive

 

417,060

 

523,847

 

851,568

 

 

Discontinued Operations. During the first quarter of 2014, the Financial Accounting Standards Board issued guidance that changed the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have, or will have, a major effect on an entity’s operations and financial results.  We early adopted the requirements of this accounting pronouncement in the first quarter of 2014.

 

Starting with the first quarter of 2014, the results of operations for all qualifying disposals and properties classified as held for sale that were not previously reported in discontinued operations in our 2013 Annual Report on Form 10-K are presented within income from continuing operations on our consolidated statements of income.  Prior to the date of adoption of Accounting Standards Update 2014-08 (ASU 2014-08), which amends Topic 205, Presentation of Financial Statements, and Topic 360, Property, Plant, and Equipment, we reported, in discontinued operations, the results of operations of properties that had either been disposed of or classified as held for sale in financial statements issued.

 

Operations from ten properties were classified as held for sale at December 31, 2015, and are included in income from continuing operations.  We do not depreciate properties that are classified as held for sale.

 

If the property was previously reclassified as held for sale but the applicable criteria for this classification are no longer met, the property is reclassified to real estate held for investment. A property that is reclassified to held for investment is measured and recorded at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held for investment, or (ii) the fair value at the date of the subsequent decision not to sell.

 

No debt was assumed by buyers of our properties, or repaid as a result of our property sales.

 

For the year ended December 31, 2014, we recorded income from discontinued operations of $2.8 million, or $0.01 per common share, basic and diluted. For the year ended December 31, 2013, we recorded income from discontinued operations of $65.7 million, or $0.34 per common share, basic and diluted.

 

Revenue Recognition and Accounts Receivable. All leases are accounted for as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term. Any rental revenue contingent upon a tenant’s sales is recognized only after the tenant exceeds their sales breakpoint. Rental increases based upon changes in the consumer price indexes are recognized only after the changes in the indexes have occurred and are then applied according to the lease agreements.  Contractually obligated reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursements in the period when such costs are incurred.

 

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We recognize an allowance for doubtful accounts relating to accounts receivable for amounts deemed uncollectible. We consider tenant specific issues, such as financial stability and ability to pay, when determining collectability of accounts receivable and appropriate allowances to record. The allowance for doubtful accounts was $429,000 at December 31, 2015 and $765,000 at December 31, 2014.

 

Other revenue, which comprises property-related revenue not included in rental revenue or tenant reimbursements, was $4.4 million in 2015, $2.9 million in 2014 and $7.0 million in 2013.

 

Principles of Consolidation. The accompanying consolidated financial statements include the accounts of Realty Income and other entities for which we make operating and financial decisions (i.e. control), after elimination of all material intercompany balances and transactions. We consolidate entities that we control and record a noncontrolling interest for the portion that we do not own.  Noncontrolling interest that was created or assumed as part of a business combination was recognized at fair value as of the date of the transaction (see note 11).  We have no unconsolidated investments.

 

Cash Equivalents. We consider all short-term, highly liquid investments that are readily convertible to cash and have an original maturity of three months or less at the time of purchase to be cash equivalents. Our cash equivalents are primarily investments in United States government money market funds.

 

Gain on Sales of Properties. When real estate is sold, the related net book value of the applicable assets is removed and a gain from the sale is recognized in our consolidated statements of income. We record a gain from the sale of real estate provided that various criteria, relating to the terms of the sale and any subsequent involvement by us with the real estate, have been met.

 

Allocation of the Purchase Price of Real Estate Acquisitions. When acquiring a property for investment purposes, we typically allocate the fair value of real estate acquired to: (1) land, (2) building and improvements, and (3) identified intangible assets and liabilities, based in each case on their estimated fair values. Intangible assets and liabilities consist of above-market or below-market lease value of in-place leases, the value of in-place leases, and tenant relationships, as applicable.  In an acquisition of multiple properties, we must also allocate the purchase price among the properties.  The allocation of the purchase price is based on our assessment of estimated fair value and is often based upon the expected future cash flows of the property and various characteristics of the markets where the property is located.  In addition, any assumed mortgages receivable or payable and any assumed or issued noncontrolling interests are recorded at their estimated fair values. The estimated fair values of our mortgages payable have been calculated by discounting the future cash flows using applicable interest rates that have been adjusted for factors, such as industry type, tenant investment grade, maturity date, and comparable borrowings for similar assets.  The initial allocation of the purchase price is based on management’s preliminary assessment, which may differ when final information becomes available.  Subsequent adjustments made to the initial purchase price allocation are made within the allocation period, which does not exceed one year.  The use of different assumptions in the allocation of the purchase price of the acquired properties and liabilities assumed could affect the timing of recognition of the related revenue and expenses.

 

Our estimated fair value determinations are based on management’s judgment, utilizing various factors, including: (1) market conditions, (2) industry that the tenant operates in, (3) characteristics of the real estate, i.e.: location, size, demographics, value and comparative rental rates, (4) tenant credit profile, (5) store profitability and the importance of the location of the real estate to the operations of the tenant’s business, and/or (6) real estate valuations, prepared either internally or by an independent valuation firm.  Our methodologies for measuring fair value related to the allocation of the purchase price of real estate acquisitions include both observable market data (and thus should be categorized as level 2 on FASB’s three-level valuation hierarchy) and unobservable inputs that reflect our own internal assumptions and calculations (and thus should be categorized as level 3 on FASB’s three-level valuation hierarchy).

 

The fair value of the tangible assets of an acquired property with an in-place operating lease (which includes land and buildings/improvements) is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and buildings/improvements based on our determination of the fair value of these assets. Our fair value determinations are based on a real estate valuation for each property, prepared either internally or by an independent valuation firm, and consider estimates of carrying costs during the expected lease-up periods, current market conditions, as well as costs to execute similar leases. In allocating the fair value to identified intangibles for above-market or below-market leases, an amount is recorded based on the present value of the difference between (i) the contractual amount to be paid pursuant to the in-place lease and (ii) our estimate of fair market lease rate for the corresponding in-place lease, measured over the remaining term of the lease.

 

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The values of the above-market and below-market leases are amortized over the term of the respective leases, including any bargain renewal options, as an adjustment to rental revenue on our consolidated statements of income.

 

The aggregate value of other acquired intangible assets consists of the fair value of in-place leases and tenant relationships, as applicable. The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to depreciation and amortization expense over the remaining periods of the respective leases.

 

If a lease was terminated prior to its stated expiration, all unamortized amounts relating to that lease would be recorded to revenue or expense as appropriate.

 

In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above or below-market interest rates.  Our assumed net debt premiums are amortized as a reduction to interest expense over the remaining term of the respective mortgages.

 

In allocating noncontrolling interests, amounts are recorded based on the fair value of units issued at the date of acquisition, as determined by the terms of the applicable agreement.

 

Depreciation and Amortization. Land, buildings and improvements are recorded and stated at cost. Major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives, while ordinary repairs and maintenance are expensed as incurred. Buildings and improvements that are under redevelopment, or are being developed, are carried at cost and no depreciation is recorded on these assets. Additionally, amounts essential to the development of the property, such as pre-construction, development, construction, interest and other costs incurred during the period of development are capitalized. We cease capitalization when the property is available for occupancy upon substantial completion of tenant improvements, but in any event no later than one year from the completion of major construction activity.

 

Properties are depreciated using the straight-line method over the estimated useful lives of the assets.  The estimated useful lives are as follows:

 

Buildings

 

25 years or 35 years

Building improvements

 

4 to 20 years

Tenant improvements and lease commissions

 

The shorter of the term of the related lease or useful life

Acquired in-place leases

 

Remaining terms of the respective leases

 

Provision for Impairment.  We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. A provision is made for impairment if estimated future operating cash flows (undiscounted and without interest charges) plus estimated disposition proceeds (undiscounted) are less than the current book value of the property. Key factors that we utilize in this analysis include projected rental rates, estimated holding periods, historical sales and releases, capital expenditures and property sales capitalization rates. If a property is classified as held for sale, it is carried at the lower of carrying cost or estimated fair value, less estimated cost to sell, and depreciation of the property ceases.

 

In 2015, we recorded total provisions for impairment of $10.6 million on three properties classified as held for sale, four properties classified as held for investment, seven sold properties, and one property disposed of other than by sale in the following industries: one in the convenience stores industry, one in the health and fitness industry, one in the pet supplies and services industry, eleven in the restaurant-casual dining industry, and one among the industry we classify as “other.”  These properties were not previously classified as held for sale in financial statements issued prior to the date of adoption of ASU 2014-08; accordingly, the provisions for impairment are included in income from continuing operations on our consolidated statement of income for the year ended December 31, 2015.

 

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In 2014, Realty Income recorded total provisions for impairment of $4.6 million.  Provisions for impairment of $4.1 million are included in income from continuing operations on nine sold properties and two properties classified as held for investment in the following industries: one in the consumer electronics industry, one in the convenience stores industry, one in the home furnishings industry, two in the home improvement industry, and six in the restaurant-casual dining industry. These properties were not previously classified as held for sale in financial statements issued prior to the date of adoption of ASU 2014-08; accordingly, these provisions for impairment are included in income from continuing operations on our consolidated statements of income.  Additionally during 2014, a provision for impairment of $510,000 is included in income from discontinued operations on one sold property in the grocery store industry that was classified as held for sale as of December 31, 2013.

 

In 2013, Realty Income recorded total provisions for impairment of $3.0 million.  Realty Income recorded provisions for impairment of $2.7 million in income from discontinued operations on seven sold properties in the following industries: one in the automotive parts industry, two in the child care industry, one in the grocery store industry, one in the pet supplies and services industry, and two in the restaurant casual dining industry.  Except for a provision for impairment of $290,000 that was recorded in income from continuing operations for one property in the auto service industry that was not previously classified as held for sale as of December 31, 2013, the remaining provisions for impairment are included in income from discontinued operations on our consolidated statement of income.

 

In 2013, Crest also recorded a provision for impairment of $308,000 on one sold property in the restaurant-casual dining industry, which is included in income from discontinued operations.

 

Asset Retirement Obligations. We analyze our future legal obligations associated with the other-than-temporary removal of tangible long-lived assets, also referred to as asset retirement obligations. When we determine that we have a legal obligation to provide services upon the retirement of a tangible long-lived asset, we record a liability for this obligation based on the estimated fair value of this obligation and adjust the carrying amount of the related long-lived asset by the same amount. This asset is amortized over its estimated useful life. The estimated fair value of the asset retirement obligation is calculated by discounting the future cash flows using a credit-adjusted risk-free interest rate.

 

Goodwill. Goodwill is tested for impairment during the second quarter of each year as well as when events or circumstances occur indicating that our goodwill might be impaired.  Under the amendments issued in conjunction with ASU No. 2011-08, Intangibles – Goodwill and Other (Topic 350), an entity, through an assessment of qualitative factors, is not required to calculate the estimated fair value of a reporting unit, in connection with the two-step goodwill impairment test, unless the entity determines that it is more likely than not that its fair value is less than its carrying amount.  We elected to continue testing goodwill for impairment during the second quarter of each year as well as when events or circumstances occur, indicating that our goodwill might be impaired.  During our tests for impairment of goodwill during the second quarters of 2015, 2014 and 2013, we determined that the estimated fair values of our reporting units exceeded their carrying values.  We did not record any impairment on our existing goodwill during 2015, 2014 or 2013.

 

Equity Offering Costs.  Underwriting commissions and offering costs have been reflected as a reduction of additional paid-in-capital on our consolidated balance sheets.

 

Noncontrolling Interests.  Noncontrolling interests are reflected on our consolidated balance sheets as a component of equity.  Noncontrolling interests are recorded initially at fair value based on the price of the applicable units issued, and subsequently adjusted each period for distributions, contributions and the allocation of net income attributable to the noncontrolling interests.

 

As consideration for two separate acquisitions during 2013, partnership units of Tau Operating Partnership, L.P. and Realty Income, L.P. were issued to third parties.  These common units (discussed in footnote 11) do not have voting rights, are entitled to monthly distributions equal to the amount paid to our common stockholders, and are redeemable in cash or our common stock, at our option and at a conversion ratio of one to one, subject to certain exceptions.  As the general partner for each of these partnerships, we have operating and financial control over these entities, consolidate them in our financial statements, and record the partnership units held by third parties as noncontrolling interests.

 

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Use of Estimates. The consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles, or GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period.  Actual results could differ from those estimates.

 

Recent Accounting Pronouncements. In April 2015, the Financial Accounting Standards Board, or FASB, issued ASU 2015-03, which amends Topic 835, Other Presentation Matters. The amendments in this ASU require that debt issuance costs be reported on the balance sheet as a direct reduction of the face amount of the debt instrument they relate to, and should not be classified as a deferred charge, as was previously required under the Accounting Standards Codification.  ASU 2015-03 is effective, on a retrospective basis, for interim and annual periods beginning after December 15, 2015; early adoption is permitted.  We have not yet adopted this ASU and do not expect it to have a material impact on our consolidated financial statements.

 

In September 2015, FASB, issued ASU 2015-16, which amends Topic 805, Business Combinations. The amendments in this ASU require that we recognize purchase price allocation adjustments that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, and eliminate the requirement to retrospectively account for these adjustments.  ASU 2015-16 is effective, on a prospective basis, for interim and annual periods beginning after December 15, 2015; early adoption is permitted.  We early adopted this ASU 2015-16 during the quarter ended September 30, 2015 and it did not have a material impact on our consolidated financial statements.

 

3.                           Supplemental Detail for Certain Components of Consolidated Balance Sheets

 

A.   Acquired lease intangible assets, net, consist of the following

 

December 31,

 

December 31,

 

(dollars in thousands) at:

 

2015

 

2014

 

Acquired in-place leases

 

$

1,056,715

 

$

1,005,244

 

Accumulated amortization of acquired in-place leases

 

(264,399

)

(177,722

)

Acquired above-market leases

 

304,548

 

252,581

 

Accumulated amortization of acquired above-market leases

 

(62,447

)

(40,379

)

 

 

$

1,034,417

 

$

1,039,724

 

 

 

 

December 31,

 

December 31,

 

B.   Other assets, net, consist of the following (dollars in thousands) at:

 

2015

 

2014

 

Deferred financing costs, net

 

$

20,490

 

$

23,274

 

Notes receivable issued in connection with property sales

 

17,905

 

18,342

 

Prepaid expenses

 

14,258

 

14,137

 

Credit facility origination costs, net

 

10,226

 

4,171

 

Impounds related to mortgages payable

 

5,860

 

5,789

 

Restricted escrow deposits

 

4,179

 

36,540

 

Corporate assets, net

 

2,313

 

2,600

 

Other items

 

45

 

2,797

 

 

 

$

75,276

 

$

107,650

 

 

C.   Distributions payable consist of the following declared

 

December 31,

 

December 31,

 

distributions (dollars in thousands) at:

 

2015

 

2014

 

Common stock distributions

 

$

47,963

 

$

41,268

 

Preferred stock dividends

 

2,257

 

2,257

 

Noncontrolling interests distributions

 

124

 

150

 

 

 

$

50,344

 

$

43,675

 

 

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D.   Accounts payable and accrued expenses consist of the

 

December 31,

 

December 31,

 

following (dollars in thousands) at:

 

2015

 

2014

 

Notes payable - interest payable

 

$

61,486

 

$

63,919

 

Accrued costs on properties under development

 

9,976

 

18,011

 

Property taxes payable

 

13,354

 

11,633

 

Mortgages, term loans, credit line - interest payable and interest rate swaps

 

6,813

 

4,569

 

Other items

 

 

24,197

 

 

25,155

 

 

 

$

115,826

 

$

123,287

 

 

E.   Acquired lease intangible liabilities, net, consist of the

 

December 31,

 

December 31,

 

following (dollars in thousands) at:

 

2015

 

2014

 

Acquired below-market leases

 

$

288,412

 

$

243,025

 

Accumulated amortization of acquired below-market leases

 

(37,496

)

(22,556

)

 

 

$

250,916

 

$

220,469

 

 

F.   Other liabilities consist of the following

 

December 31,

 

December 31,

 

(dollars in thousands) at:

 

2015

 

2014

 

Rent received in advance

 

$

42,840

 

$

36,122

 

Security deposits

 

6,418

 

5,876

 

Capital lease obligations

 

4,707

 

4,397

 

Preferred units issued upon acquisition of ARCT

 

-

 

6,750

 

 

 

$

53,965

 

$

53,145

 

 

4.                           Investments in Real Estate

 

We acquire land, buildings and improvements necessary for the successful operations of commercial tenants.

 

A.           Acquisitions during 2015 and 2014

During 2015, we invested $1.26 billion in 286 new properties and properties under development or expansion with an initial weighted average contractual lease rate of 6.6%. The 286 new properties and properties under development or expansion are located in 40 states, will contain approximately 6.2 million leasable square feet, and are 100% leased with a weighted average lease term of 16.5 years. The tenants occupying the new properties operate in 21 industries and the property types consist of 87.3% retail and 12.7% industrial, based on rental revenue.  None of our investments during 2015 caused any one tenant to be 10% or more of our total assets at December 31, 2015.

 

The $1.26 billion invested during 2015 was allocated as follows: $257.1 million to land, $937.1 million to buildings and improvements, $105.8 million to intangible assets related to leases, and $40.9 million to intangible liabilities related to leases and other assumed liabilities. There was no contingent consideration associated with these acquisitions.

 

The properties acquired during 2015 generated total revenues of $43.4 million and income from continuing operations of $21.1 million.

 

Of the $1.26 billion we invested during 2015, $195.4 million of the purchase price allocation is based on a preliminary measurement of fair value that is subject to change.  The allocation for these properties represents our current best estimate of fair value, and we expect to finalize the valuations and complete the purchase price allocations in 2016. During 2015, we finalized the purchase price allocations for $147.1 million invested in the fourth quarter of 2014.  There were no material changes to our consolidated balance sheets or income statements as a result of these purchase price allocations being finalized.

 

In comparison, during 2014, we invested $1.4 billion in 506 new properties and properties under development or expansion with an initial weighted average contractual lease rate of 7.1%. The 506 new properties and properties under development or expansion are located in 42 states, contain approximately 9.8 million leasable square feet, and are 100% leased with a weighted average lease term of 12.8 years. The tenants occupying the new properties operate in 32 industries and the property types consist of 85.7% retail, 6.6% industrial, 6.4% office, and 1.3% manufacturing, based on rental revenue.

 

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The $1.4 billion invested during 2014 was allocated as follows: $295.6 million to land, $984.1 million to buildings and improvements, $209.4 million to intangible assets related to leases, $901,000 to other assets, net, and $87.4 million to intangible liabilities related to leases and other assumed liabilities.  We also recorded mortgage premiums of $604,000 associated with the mortgages acquired.  There was no contingent consideration associated with these acquisitions.

 

The properties acquired during 2014 generated total revenues of $75.1 million and income from continuing operations of $27.8 million for year ended December 31, 2014.

 

The estimated initial weighted average contractual lease rate for a property is generally computed as estimated contractual net operating income, which, in the case of a net leased property, is equal to the aggregate base rent for the first full year of each lease, divided by the total cost of the property.  Since it is possible that a tenant could default on the payment of contractual rent, we cannot provide assurance that the actual return on the funds invested will remain at the percentages listed above.

 

In the case of a property under development or expansion, the contractual lease rate is generally fixed such that rent varies based on the actual total investment in order to provide a fixed rate of return.  When the lease does not provide for a fixed rate of return on a property under development or expansion, the estimated initial weighted average contractual lease rate is computed as follows: estimated net operating income (determined by the lease) for the first full year of each lease, divided by our projected total investment in the property, including land, construction and capitalized interest costs. Of the $1.26 billion we invested during 2015, $45.8 million was invested in 35 properties under development or expansion with an estimated initial weighted average contractual lease rate of 9.7%. Of the $1.4 billion we invested during 2014, $81.9 million was invested in 40 properties under development or expansion with an estimated initial weighted average contractual lease rate of 8.4%.

 

B.           Acquisition Transaction Costs

Acquisition transaction costs of $913,000 and $453,000 were recorded to general and administrative expense on our consolidated statements of income during 2015 and 2014, respectively.

 

C.           Investments in Existing Properties

During 2015, we capitalized costs of $11.5 million on existing properties in our portfolio, consisting of $748,000 for re-leasing costs, $7.6 million for recurring capital expenditures and $3.2 million for non-recurring building improvements.  In comparison, during 2014, we capitalized costs of $6.0 million on existing properties in our portfolio.

 

D.           Properties with Existing Leases

Of the $1.26 billion we invested during 2015, approximately $391.4 million was used to acquire 86 properties with existing leases.  In comparison, of the $1.4 billion we invested during 2014, approximately $957.4 million was used to acquire 201 properties with existing leases. The value of the in-place and above-market leases is recorded to acquired lease intangible assets, net on our consolidated balance sheets, and the value of the below-market leases is recorded to acquired lease intangible liabilities, net on our consolidated balance sheets.

 

The values of the in-place leases are amortized as depreciation and amortization expense.  The amounts amortized to expense for all of our in-place leases, for 2015, 2014, and 2013 were $87.9 million, $83.6 million, and $65.5 million, respectively.

 

The values of the above-market and below-market leases are amortized over the term of the respective leases, including any bargain renewal options, as an adjustment to rental revenue on our consolidated statements of income. The amounts amortized as a net decrease to rental revenue for capitalized above-market and below-market leases for 2015, 2014, and 2013 were $7.9 million, $8.0 million, and $8.2 million, respectively.  If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be recorded to revenue or expense as appropriate.

 

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The following table presents the estimated impact during the next five years and thereafter related to the amortization of the acquired above-market and below-market lease intangibles and the amortization of the in-place lease intangibles for properties held for investment at December 31, 2015 (in thousands):

 

 

 

Net increase

 

Increase to

 

 

 

(decrease) to

 

amortization

 

 

 

rental revenue

 

expense

 

2016

 

$

(8,075

)

$

89,858

 

2017

 

(8,019

)

88,669

 

2018

 

(7,771

)

86,174

 

2019

 

(6,781

)

76,109

 

2020

 

(6,108

)

70,915

 

Thereafter

 

45,569

 

380,591

 

 

 

 

 

 

 

 

 

Totals

 

$

8,815

 

$

792,316

 

 

5.                           Credit Facility

 

In June 2015, we entered into a new $2.0 billion unsecured revolving credit facility, or our new credit facility, which replaced our $1.5 billion credit facility that was scheduled to expire in May 2016. The initial term of our new credit facility expires in June 2019 and includes, at our option, two six-month extensions. Our new credit facility has a $1.0 billion accordion expansion option.  Under our new credit facility, our current investment grade credit ratings provide for financing at the London Interbank Offered Rate, commonly referred to as LIBOR, plus 0.90% with a facility commitment fee of 0.15%, for all-in drawn pricing of 1.05% over LIBOR. The borrowing rate is subject to an interest rate floor. We also have other interest rate options available to us under our new credit facility. Our new credit facility is unsecured and, accordingly, we have not pledged any assets as collateral for this obligation.

 

At December 31, 2015, credit facility origination costs of $10.2 million are included in other assets, net on our consolidated balance sheet.  This balance includes $9.1 million of new credit facility origination costs incurred during 2015 as a result of entering into our new credit facility. These costs, as well as a portion of the costs incurred as a result of entering into our previous credit facilities, are being amortized over the remaining term of our new credit facility.

 

At December 31, 2015, we had a borrowing capacity of $1.76 billion available on our new credit facility (subject to customary conditions to borrowing) and an outstanding balance of $238.0 million, as compared to an outstanding balance of $223.0 million at December 31, 2014.

 

The weighted average interest rate on outstanding borrowings under our credit facilities was 1.2% during 2015 and 2014. At December 31, 2015, the effective interest rate was 1.2%.  Our new and previous credit facilities are and were subject to various leverage and interest coverage ratio limitations, and at December 31, 2015, we remain in compliance with the covenants on our new credit facility.

 

6.                           Mortgages Payable

 

During 2015, we made $198.4 million in principal payments, including the repayment of 13 mortgages in full for $191.0 million.  No mortgages were assumed during 2015.

 

During 2014, we made $85.2 million in principal payments, including the repayment of six mortgages in full for $77.8 million.  Additionally, during 2014 we assumed mortgages totaling $166.7 million, excluding net premiums.  The mortgages are secured by the properties on which the debt was placed.  We expect to pay off the mortgages as soon as prepayment penalties make it economically feasible to do so.

 

During 2014, aggregate net premiums totaling $604,000 were recorded upon assumption of the mortgages for above-market interest rates. Amortization of our net premiums is recorded as a reduction to interest expense over the remaining term of the respective mortgages, using a method that approximates the effective-interest method.

 

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These 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, 2015, we remain in compliance with these covenants.

 

We did not incur any deferred financing costs on our mortgages assumed in 2014. The balance of our deferred financing costs, which are classified as part of other assets, net, on our consolidated balance sheets, was $553,000 at December 31, 2015 and $827,000 at December 31, 2014. These costs are being amortized over the remaining term of each mortgage.

 

The following is a summary of all our mortgages payable as of December 31, 2015 and December 31, 2014, respectively (dollars in thousands):

 

Weighted

Weighted

Weighted

Average

Average

Average

Stated

Effective

Remaining

Remaining

Unamortized

Mortgage

Number of

Interest

Interest

Years Until

Principal

Premium

Payable

As Of

Properties(1)

Rate(2)

Rate(3)

Maturity

 

Balance

 

Balance, net

 

Balance

12/31/15

183

4.9%

4.1%

3.6

$

  637,658

 $ 

  9,082

 $ 

  646,740

12/31/14

241

5.0%

4.0%

3.7

$

  836,011

 $ 

  16,564

 $ 

  852,575 

 

(1) At December 31, 2015, there were 44 mortgages on 183 properties, while at December 31, 2014, there were 57 mortgages on 241 properties.  The mortgages require monthly payments, with principal payments due at maturity.  The mortgages are at fixed interest rates, except for four mortgages on 13 properties totaling $51.1 million at December 31, 2015, including net unamortized discounts.  At December 31, 2014, five mortgages on 14 properties totaling $74.5 million, including net unamortized discounts, were at variable interest rates.  After factoring in arrangements which limit our exposure to interest rate risk and effectively fix our per annum interest rates, our variable rate mortgage debt includes two mortgages totaling $15.5 million at December 31, 2015, and three mortgages totaling $39.1 million at December 31, 2014.

(2) Stated interest rates ranged from 2.0% to 6.9% at December 31, 2015 and December 31, 2014.

(3) Effective interest rates ranged from 2.2% to 8.9% at December 31, 2015, while effective interest rates ranged from 2.2% to 9.0% at December 31, 2014.

 

The following table summarizes the maturity of mortgages payable, excluding net premiums of $9.1 million, as of December 31, 2015 (dollars in millions):

 

Year of

 

 

 

Maturity

 

 

 

2016

 

$

170.1

 

2017

 

142.9

 

2018

 

15.5

 

2019

 

26.3

 

2020

 

82.4

 

Thereafter

 

200.5

 

Totals

 

$

637.7

 

 

7.                           Term Loans

 

In June 2015, in conjunction with entering into our new credit facility, we entered into a $250 million senior unsecured term loan maturing on June 30, 2020.  Borrowing under this term loan bears interest at the current one month LIBOR, plus 0.95%.  In conjunction with this term loan, we also entered into an interest rate swap which effectively fixes our per annum interest rate on this term loan at 2.67%.

 

In January 2013, in conjunction with our acquisition of American Realty Capital Trust, Inc., or ARCT, we entered into a $70 million senior unsecured term loan maturing January 21, 2018.  Borrowing under this term loan bears interest at the current one month LIBOR, plus 1.2%.  In conjunction with this term loan, we also entered into an interest rate swap which effectively fixes our per annum interest rate on this term loan at 2.15%.

 

Deferred financing costs of $1.2 million incurred in conjunction with the $250 million term loan and $303,000 incurred in conjunction with the $70 million term loan are being amortized over the remaining terms of each term loan.  The net balance of these deferred financing costs, which was $1.2 million at December 31, 2015, and $187,000 at December 31, 2014, is included in other assets, net on our consolidated balance sheets.

 

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8.                           Notes Payable

 

A.           General

Our senior unsecured notes and bonds consisted of the following, sorted by maturity date (dollars in millions):

 

 

 

December 31,

 

December 31,

 

 

 

2015

 

2014

 

5.5% notes, issued in November 2003 and due in November 2015

 

$

-

 

$

150

 

5.95% notes, issued in September 2006 and due in September 2016

 

275

 

275

 

5.375% notes, issued in September 2005 and due in September 2017

 

175

 

175

 

2.0% notes, issued in October 2012 and due in January 2018

 

350

 

350

 

6.75% notes, issued in September 2007 and due in August 2019

 

550

 

550

 

5.75% notes, issued in June 2010 and due in January 2021

 

250

 

250

 

3.25% notes, issued in October 2012 and due in October 2022

 

450

 

450

 

4.65% notes, issued in July 2013 and due in August 2023

 

750

 

750

 

3.875% notes, issued in June 2014 and due in July 2024

 

350

 

350

 

4.125% notes, issued in September 2014 and due in October 2026

 

250

 

250

 

5.875% bonds, $100 issued in March 2005 and $150 issued in

 

 

 

 

 

June 2011, both due in March 2035

 

250

 

250

 

Total principal amount

 

3,650

 

3,800

 

Unamortized original issuance discounts

 

(13

)

(15

)

 

 

$

3,637

 

$

3,785

 

 

The following table summarizes the maturity of our notes and bonds payable as of December 31, 2015, excluding unamortized original issuance discounts (dollars in millions):

 

Year of Maturity

 

Principal

 

2016

 

          $

275

 

2017

 

175

 

2018

 

350

 

2019

 

550

 

2020

 

-

 

Thereafter

 

2,300

 

Totals

 

          $

3,650

 

 

As of December 31, 2015, the weighted average interest rate on our notes and bonds payable was 4.7% and the weighted average remaining years until maturity was 6.5 years.

 

Interest incurred on all of the notes and bonds was $179.5 million for 2015, $166.5 million for 2014 and $138.9 million for 2013. The interest rate on each of these notes and bonds is fixed.

 

Our outstanding notes and bonds are unsecured; accordingly, we have not pledged any assets as collateral for these or any other obligations. Interest on all of the senior note and bond obligations is paid semiannually.

 

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, 2015, we remain in compliance with these covenants.

 

B.           Note Issuances

In September 2014, we issued $250 million of 4.125% senior unsecured notes due October 2026, or the 2026 Notes.  The price to the investors for the 2026 Notes was 99.499% of the principal amount for an effective yield of 4.178% per annum.  A portion of the total net proceeds of approximately $246.4 million from this offering were used to repay all outstanding borrowings under our credit facility, and the remaining proceeds were used for other general corporate purposes, including additional property acquisitions.

 

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In June 2014, we issued $350 million of 3.875% senior unsecured notes due July 2024, or the 2024 Notes.  The price to the investors for the 2024 Notes was 99.956% of the principal amount for an effective yield of 3.88% per annum.  The total net proceeds of approximately $346.7 million from these offerings were used to repay a portion of the outstanding borrowings under our previous credit facility.

 

C.     Note Repayment

 

In November 2015, we repaid $150 million of outstanding 5.5% notes, plus accrued and unpaid interest, using proceeds from our October 2015 common stock offering and our new credit facility.

 

9.   Redemption of Preferred Stock

 

In September 2014, we issued an irrevocable notice of redemption for all 8.8 million shares of our 6.75% Monthly Income Class E Preferred Stock for $25 per share, plus accrued dividends.  The redemption occurred in October 2014.  We incurred a charge of $6.0 million, representing the Class E preferred stock original issuance costs that we paid in 2006.

 

10.     Issuance of Common Stock

 

In October 2015, we issued 11,500,000 shares of common stock, including 1,500,000 shares purchased by the underwriters upon the exercise of their option to purchase additional shares.  After underwriting discounts and other offering costs of $22.0 million, a portion of the net proceeds of $517.1 million was used to repay borrowings under our new credit facility and the remaining portion was used for other general corporate purposes, including acquisitions.

 

In April 2015, we issued 5,500,000 shares of common stock.  After underwriting discounts and other offering costs of $1.4 million, the net proceeds of $276.4 million were used to repay borrowings under our previous $1.5 billion unsecured credit facility.

 

In April 2014, we issued 13,800,000 shares of common stock, including 1,800,000 shares purchased by the underwriters upon the exercise of their option to purchase additional shares.  After underwriting discounts and other offering costs of $22.8 million, the net proceeds of $528.6 million were used to repay borrowings under our previous credit facility.

 

11.     Noncontrolling Interests

 

In January 2013, we completed our acquisition of ARCT.  We issued a total of 45,573,144 shares of our common stock to ARCT shareholders and we received 208,709 shares of our common stock that were previously held by ARCT.  The total value of the 45,573,144 common shares was approximately $2 billion.

 

Equity issued as consideration for this transaction included common and preferred partnership units issued by Tau Operating Partnership, L.P., or Tau Operating Partnership, the consolidated subsidiary which owns properties acquired through the ARCT acquisition.  Realty Income and its subsidiaries hold a 99.4% interest in Tau Operating Partnership, and consolidate the entity.

 

In June 2013, we completed the acquisition of a portfolio of properties by issuing common partnership units in a newly formed entity, Realty Income, L.P.  The units were issued as consideration for the acquisition.  At December 31, 2015, the remaining units from this issuance represent a 1.4% ownership in Realty Income, L.P.  Realty Income holds the remaining 98.6% interests in this entity and consolidates the entity.

 

A.      Neither of the common partnership units have voting rights. Both common partnership units are entitled to monthly distributions equal to the amount paid to common stockholders of Realty Income, and are redeemable in cash or Realty Income common stock, at our option, and at a conversion ratio of one to one, subject to certain exceptions.  Noncontrolling interests with redemption provisions that permit the issuer to settle in either cash or common stock, at the option of the issuer, were evaluated to determine whether temporary or permanent equity classification on the balance sheet was appropriate.  We determined that the units meet the requirements to qualify for presentation as permanent equity.

 

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The following table represents the change in the carrying value of all noncontrolling interests through December 31, 2015 (dollars in thousands):

 

 

 

Tau Operating

 

Realty Income, L.P.

 

 

 

 

 

Partnership units

(1)

units

(2)

Total

 

Carrying value at December 31, 2014

 

      $

13,067

 

      $

14,631

 

    $

27,698

 

Reallocation of equity

 

836

 

(1,887

)

(1,051

)

Redemptions

 

-

 

(4,347

)

(4,347

)

Distributions

 

(722

)

(930

)

(1,652

)

Allocation of net income

 

229

 

860

 

1,089

 

Carrying value at December 31, 2015

 

      $

13,410

 

      $

8,327

 

    $

21,737

 

 

 

 

Tau Operating

 

Realty Income, L.P.

 

 

 

 

 

Partnership units

(1)

units

(2)

Total

 

Carrying value at December 31, 2013

 

      $

13,489

 

      $

22,422

 

    $

35,911

 

Reallocation of equity

 

-

 

(6,647

)

(6,647

)

Redemptions

 

-

 

(1,032

)

(1,032

)

Distributions

 

(695

)

(1,144

)

(1,839

)

Allocation of net income

 

273

 

1,032

 

1,305

 

Carrying value at December 31, 2014

 

      $

13,067

 

      $

14,631

 

    $

27,698

 

 

(1)   317,022 Tau Operating Partnership units were issued on January 22, 2013 and remained outstanding as of December 31, 2015 and December 31, 2014.

(2)   534,546 Realty Income, L.P. units were issued on June 27, 2013, 499,546 units were outstanding as of December 31, 2014, and 331,364 remain outstanding as of December 31, 2015.

 

During 2015 and 2014, we recorded net equity reclassification adjustments of $1.1 million and $6.6 million, respectively, between noncontrolling interests and additional paid in capital to adjust the carrying value of noncontrolling interests to be in-line with their equity ownership interests in the entities.

 

B.      The Tau Operating Partnership preferred units were recorded at fair value as of the date of acquisition.  Since they were redeemable at a fixed price on a determinable date, we initially classified them in other liabilities on our consolidated balance sheets.  Payments on these preferred units were made monthly at a rate of 2% per annum and were included in interest expense.  As of December 31, 2014, the preferred units had a carrying value of $6.75 million.  In January 2015, we redeemed all 6,750 Tau Operating Partnership preferred units for $1,000 per unit, plus accrued and unpaid distributions.

 

12.     Distributions Paid and Payable

 

A.                       Common Stock

We pay monthly distributions to our common stockholders.  The following is a summary of monthly distributions paid per common share 2015 and 2014:

 

Month

 

2015

 

2014

 

2013

 

 

 

 

 

 

 

 

 

January

 

$

0.1834167

 

$

0.1821667

 

$

0.1517500

 

February

 

0.1890000

 

0.1821667

 

0.1809167

 

March

 

0.1890000

 

0.1821667

 

0.1809167

 

April

 

0.1895000

 

0.1824792

 

0.1812292

 

May

 

0.1895000

 

0.1824792

 

0.1812292

 

June

 

0.1895000

 

0.1824792

 

0.1812292

 

July

 

0.1900000

 

0.1827917

 

0.1815417

 

August

 

0.1900000

 

0.1827917

 

0.1815417

 

September

 

0.1900000

 

0.1827917

 

0.1815417

 

October

 

0.1905000

 

0.1831042

 

0.1818542

 

November

 

0.1905000

 

0.1831042

 

0.1818542

 

December

 

0.1905000

 

0.1831042

 

0.1818542

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

2.2714167

 

$

2.1916254

 

$

2.1474587

 

 

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The following presents the federal income tax characterization of distributions paid or deemed to be paid per common share for the years:

 

 

 

2015

 

2014

 

2013

 

Ordinary income

 

$

1.7307023

 

$

1.6483522

 

$

1.3153791

 

Nontaxable distributions

 

0.5407144

 

0.5432732

 

0.8320796

 

Totals

 

$

2.2714167

 

$

2.1916254

 

$

2.1474587

 

 

At December 31, 2015, a distribution of $0.191 per common share was payable and was paid in January 2016.  At December 31, 2014, a distribution of $0.1834167 per common share was payable and was paid in January 2015.

 

B.      Class E Preferred Stock

Prior to the redemption of the Class E preferred stock in October 2014, dividends of $0.140625 per share were paid monthly in arrears on the Class E preferred stock.  We paid distributions to holders of our Class E preferred stock totaling $12.7 million in 2014 and $14.9 million in 2013. For 2014, dividends paid per share in the amount of $1.4484375 were characterized as ordinary income for federal income tax purposes, while in 2013, dividends paid per share in the amount of $1.6875 were characterized as ordinary income for federal income tax purposes.

 

C.      Class F Preferred Stock

Dividends of $0.138021 per share are paid monthly in arrears on the Class F preferred stock.  We declared dividends to holders of our Class F preferred stock totaling $27.1 million in 2015, 2014 and 2013.  For 2015, 2014 and 2013, dividends paid per share of $1.656252 were characterized as ordinary income for federal income tax purposes. At December 31, 2015, a monthly dividend of $0.138021 per share was payable and was paid in January 2016.  We are current in our obligations to pay dividends on our Class F preferred stock.

 

13.     Operating Leases

 

A.      At December 31, 2015, we owned 4,538 properties in 49 states and Puerto Rico, plus an additional eight properties owned by Crest. Of the 4,538 properties, 4,519, or 99.6%, are single-tenant properties, and the remaining are multi-tenant properties. At December 31, 2015, 71 properties were available for lease or sale.

 

Substantially all leases are net leases where the tenant pays property taxes and assessments, maintains the interior and exterior of the building and leased premises, and carries insurance coverage for public liability, property damage, fire and extended coverage.

 

Rent based on a percentage of a tenants’ gross sales (percentage rents) was $4.5 million for 2015, $3.6 million for 2014 and $2.9 million for 2013.

 

At December 31, 2015, minimum future annual rents to be received on the operating leases for the next five years and thereafter are as follows (dollars in thousands):

 

2016

 

$

998,632

 

2017

 

984,748

 

2018

 

960,857

 

2019

 

906,498

 

2020

 

857,543

 

Thereafter

 

5,539,698

 

Total

 

$

10,247,976

 

 

B.      Major Tenants - No individual tenant’s rental revenue, including percentage rents, represented more than 10% of our total revenue for each of the years ended December 31, 2015, 2014 or 2013.

 

14.     Gain on Sales of Real Estate

 

During 2015, we sold 38 investment properties for $65.8 million, which resulted in a gain of $22.2 million.  The results of operations for these properties are presented within continuing operations.

During 2014, we sold 46 investment properties for $107.2 million, which resulted in a gain of $42.1 million.  Only the results of operations specifically related to the properties classified as held for sale at December 31, 2013 and sold during the year were reclassified as discontinued operations.

 

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During 2013, we sold 75 investment properties for $134.2 million, which resulted in a gain of $64.7 million.  The results of operations for these properties were reclassified as discontinued operations for all periods presented.

 

During 2015, Crest did not sell any properties.  Crest sold one property for $820,000 and one property for $597,000 during 2014 and 2013, respectively.  Neither of these sales resulted in a gain. The results of operations for these properties have been reclassified as discontinued operations.

 

15.     Fair Value of Financial Instruments

 

Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure for assets and liabilities measured at fair value requires allocation to a three-level valuation hierarchy. This valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Categorization within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

 

We believe that the carrying values reflected in our consolidated balance sheets reasonably approximate the fair values for cash and cash equivalents, accounts receivable, escrow deposits, loans receivable, line of credit payable, term loans and all other liabilities, due to their short-term nature or interest rates and terms that are consistent with market, except for our notes receivable issued in connection with property sales, mortgages payable and our senior notes and bonds payable, which are disclosed below (dollars in millions):

 

 

 

Carrying value per

 

Estimated fair

 

At December 31, 2015

 

balance sheet

 

value

 

Notes receivable issued in connection with property sales

 

$

17.9

 

$

19.4

 

Mortgages payable assumed in connection with acquisitions, net

 

646.7

 

651.5

 

Notes and bonds payable, net of unamortized original issuance discounts

 

3,636.7

 

3,828.1

 

 

 

 

Carrying value per

 

Estimated fair

 

At December 31, 2014

 

balance sheet

 

value

 

Notes receivable issued in connection with property sales

 

$

18.3

 

$

20.1

 

Mortgages payable assumed in connection with acquisitions, net

 

852.6

 

857.9

 

Notes and bonds payable, net of unamortized original issuance discounts

 

3,785.4

 

4,092.8

 

 

The estimated fair values of our notes receivable issued in connection with property sales and our mortgages payable have been calculated by discounting the future cash flows using an interest rate based upon the relevant Treasury yield curve, plus an applicable credit-adjusted spread.  Because this methodology includes unobservable inputs that reflect our own internal assumptions and calculations, the measurement of estimated fair values related to our notes receivable and mortgages payable is categorized as level three on the three-level valuation hierarchy.

 

The estimated fair values of our senior notes and bonds payable are based upon indicative market prices and recent trading activity of our senior notes and bonds payable. Because this methodology includes inputs that are less observable by the public and are not necessarily reflected in active markets, the measurement of the estimated fair values, related to our notes and bonds payable, is categorized as level two on the three-level valuation hierarchy.

 

We record interest rate swaps on the consolidated balance sheet at fair value. The fair value of our interest rate swaps are based on valuation techniques including discounted cash flow analysis on the expected cash flows of each swap, using both observable and unobservable market-based inputs, including interest rate curves.  Because this methodology uses observable and unobservable inputs, the measurement of interest rate swaps is categorized as level two on the three-level valuation hierarchy.

 

16.     Supplemental Disclosures of Cash Flow Information

 

Cash paid for interest was $229.5 million in 2015, $207.3 million in 2014, and $166.1 million in 2013.

 

Interest capitalized to properties under development was $594,000 in 2015, $444,000 in 2014, and $537,000 in 2013.

 

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Cash paid for income taxes was $3.1 million in 2015, $3.7 million in 2014, and $2.1 million in 2013.

 

The following non-cash activities are included in the accompanying consolidated financial statements:

 

A.     See “Provisions for Impairment” in note 2 for a discussion of provisions for impairments recorded by Realty Income and Crest.

 

B.     See note 9 for a discussion of the $6.0 million excess of redemption value over carrying value of preferred shares subject to redemption charge recorded by Realty Income during 2014.

 

C.     During 2014, we assumed mortgages payable to third-party lenders of $166.7 million, recorded $604,000 of net premiums, and recorded $901,000 of interest rate swap value to other assets, net, related to property acquisitions. During 2013, we assumed mortgages payable (excluding the mortgages payable discussed in items D and E) of $81.3 million to third-party lenders and recorded $6.1 million of net premiums related to property acquisitions.

 

D.    During 2013, the following components were acquired in connection with our acquisition of ARCT: (1) real estate investments and related intangible assets of $3.2 billion, (2) other assets of $19.5 million, (3) lines of credit payable of $317.2 million, (4) a term loan for $235.0 million, (5) mortgages payable of $539.0 million, (6) intangible liabilities of $79.7 million, (7) other liabilities of $29.0 million, and (8) noncontrolling interests of $14.0 million.

 

E.     During 2013, we acquired $55.9 million of real estate through the assumption of a $32.4 million mortgage payable, the issuance of 534,546 units by Realty Income, L.P. and cash of $1.0 million.

 

F.      During 2014, we applied $48.9 million of loans receivable to the purchase price of five acquired properties.

 

G.    During 2014, we acquired real estate for $11.6 million via exchanges of our properties.  During 2013, we acquired real estate for $7.4 million via exchanges of our properties.

 

H.     During 2013, we recorded receivables of $1.9 million for the taking of two investment properties as a result of an eminent domain action.

 

I.           Accrued costs on properties under development resulted in an increase in buildings and improvements and accounts payable of $4.0 million and $5.5 million at December 31, 2014 and 2013, respectively.

 

17.     Employee Benefit Plan

 

We have a 401(k) plan covering substantially all of our employees. Under our 401(k) plan, employees may elect to make contributions to the plan up to a maximum of 60% of their compensation, subject to limits under the Code. We match 50% of each of our employee’s salary deferrals up to the first 6% of the employee’s eligible compensation. Our aggregate matching contributions each year have been immaterial to our results of operations.

 

18.     Common Stock Incentive Plan

 

In 2012, our Board of Directors adopted and stockholders approved the Realty Income Corporation 2012 Incentive Award Plan, or the 2012 Plan, to enable us to motivate, attract and retain the services of directors and employees considered essential to our long-term success. The 2012 Plan offers our directors and employees an opportunity to own stock in Realty Income or rights that will reflect our growth, development and financial success. Under the terms of the 2012 plan, the aggregate number of shares of our common stock subject to options, restricted stock, stock appreciation rights, restricted stock units and other awards, will be no more than 3,985,734 shares. The 2012 Plan has a term of ten years from the date it was adopted by our Board of Directors.

 

The amount of share-based compensation costs recognized in general and administrative expense on our consolidated statements of income was $10.4 million during 2015, $12.0 million during 2014, and $20.8 million during 2013.

 

A.   Restricted Stock

 

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The following table summarizes our common stock grant activity under our 2012 Plan. Our outstanding restricted stock vests over periods ranging from immediately to five years.

 

 

 

2015

 

 

 

2014

 

 

 

2013

 

 

 

Number of

 

Weighted

 

Number of

 

Weighted

 

Number of

 

Weighted

 

 

 

shares

 

average
price

(1)

shares

 

average
price

(1)

shares

 

average
price

(1)

Outstanding nonvested

 

 

 

 

 

 

 

 

 

 

 

 

 

shares, beginning of year

 

527,176

 

$

29.02

 

722,263

 

$

23.37

 

895,550

 

$

19.94

 

Shares granted

 

161,949

 

$

50.87

 

262,655

 

$

39.87

 

484,060

 

$

41.13

 

Shares vested

 

(205,248

)

$

37.70

 

(440,348

)

$

36.88

 

(654,650

)

$

30.91

 

Shares forfeited

 

(27,595

)

$

45.58

 

(17,394

)

$

39.07

 

(2,697

)

$

37.30

 

Outstanding nonvested

 

 

 

 

 

 

 

 

 

 

 

 

 

shares, end of each period

 

456,282

 

$

30.46

 

527,176

 

$

29.02

 

722,263

 

$

23.37

 

 

(1) Grant date fair value.

 

During 2015, we issued 161,949 shares of common stock under the 2012 Plan. These shares generally vest over a five- year service period.  However, one grant of 4,964 shares vested immediately, and of the 28,000 shares which are granted annually to our Board of Directors, 12,000 shares vested immediately, 8,000 shares vest in one year following the grant (assuming continued service), and 8,000 shares vest over a three year service period.  Not included in the table above are 10,269 restricted stock units granted during 2015 that vest over a five year service period and have the same economic rights as shares of restricted stock.

 

The vesting schedule for shares granted to non-employee directors is as follows:

 

-                 For directors with less than six years of service at the date of grant, shares vest in 33.33% increments on each of the first three anniversaries of the date the shares of stock are granted;

-                 For directors with six years of service at the date of grant, shares vest in 50% increments on each of the first two anniversaries of the date the shares of stock are granted;

-                 For directors with seven years of service at the date of grant, shares are 100% vested on the first anniversary of the date the shares of stock are granted; and

-                 For directors with eight or more years of service at the date of grant, there is immediate vesting as of the date the shares of stock are granted.

 

For shares granted on or after January 1, 2015, shares granted to employees typically vest in 20% increments on each of the first five anniversaries of the grant date. For shares granted prior to December 2014, the typical vesting schedule for shares granted to employees was as follows:

 

-                 For employees age 55 and below at the grant date, shares vest in 20% increments on each of the first five anniversaries of the grant date;

-                 For employees age 56 at the grant date, shares vest in 25% increments on each of the first four anniversaries of the grant date;

-                 For employees age 57 at the grant date, shares vest in 33.33% increments on each of the first three anniversaries of the grant date;

-                 For employees age 58 at the grant date, shares vest in 50% increments on each of the first two anniversaries of the grant date;

-                 For employees age 59 at the grant date, shares are 100% vested on the first anniversary of the grant date; and

-                 For employees age 60 and above at the grant date, shares vest immediately on the grant date.

 

After being employed for six full months, all non-executive employees receive approximately 200 shares of restricted stock which vests over a five year period.  Additionally, depending on certain company performance metrics or attainment of individual achievements, non-executive employees may receive grants of restricted stock which vests over a five year period.

As of December 31, 2015, the remaining unamortized share-based compensation expense related to restricted stock totaled $13.9 million, which is being amortized on a straight-line basis over the service period of each applicable award. The amount of share-based compensation is based on the fair value of the stock at the grant date. We define the grant date as the date the recipient and Realty Income have a mutual understanding of the key terms and condition of the award, and the recipient of the grant begins to benefit from, or be adversely affected by, subsequent changes in the price of the shares.

 

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Due to a historically low turnover rate, we do not estimate a forfeiture rate for our nonvested shares. Accordingly, unexpected forfeitures will lower share-based compensation expense during the applicable period. Under the terms of our 2012 Plan, we pay non-refundable dividends to the holders of our nonvested shares. Applicable accounting guidance requires that the dividends paid to holders of these nonvested shares be charged as compensation expense to the extent that they relate to nonvested shares that do not or are not expected to vest. However, since we do not estimate forfeitures given our historical trends, we did not record any compensation expense related to dividends paid in 2015, 2014, or 2013.

 

As of December 31, 2015, 2014 and 2013, there were no common stock options outstanding for any of the periods presented.

 

B.                         Performance Shares

 

During 2015 and 2014, we granted performance share awards, as well as dividend equivalent rights, to our executive officers.  The number of performance shares that vest is based on the achievement of the following performance goals:

 

2015 Performance Awards

 

 

Metrics

 

Weighting

Total shareholder return (“TSR”) relative to MSCI US REIT Index

 

50%

TSR relative to NAREIT Freestanding Index

 

20%

Dividend per share growth rate

 

20%

Debt-to-EBITDA ratio

 

10%

 

 

 

2014 Performance Awards

 

 

Metrics

 

Weighting

TSR relative to MSCI US REIT Index

 

60%

TSR relative to NAREIT Freestanding Index

 

20%

Debt-to-EBITDA ratio

 

20%

 

The performance shares are earned based on our performance, and vest 50% on the first and second January 1 after the end of the three year performance period, subject to continued service. The performance period for the 2014 performance awards began on January 1, 2014 and will end on December 31, 2016. The performance period for the 2015 performance awards began on January 1, 2015 and will end on December 31, 2017.

 

The fair value of the performance shares was estimated on the date of grant using a Monte Carlo Simulation model. The following table summarizes our performance share grant activity:

 

 

2015

 

2014

 

 

 

Number of

 

Weighted

 

 

Number of

 

Weighted

 

 

 

performance

 

average

 

 

performance

 

average

 

 

 

shares

 

price

(1)

 

shares

 

price

(1)

Outstanding nonvested shares, beginning of year

 

59,405

 

$

41.46

 

 

-

 

$

-

 

Shares granted

 

55,716

 

$

52.78

 

 

71,705

 

$

41.46

 

Shares vested

 

-

 

$

-

 

 

(4,067

)

$

41.46

 

Shares forfeited

 

-

 

$

-

 

 

(8,233

)

$

41.46

 

Outstanding nonvested shares, end of each period

 

115,121

 

$

46.94

 

 

59,405

 

$

41.46

 

 

 

 

 

 

 

 

 

 

 

 

(1) Grant date fair value.

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2015, the remaining share-based compensation expense related to the performance shares totaled $3.2 million.  The portion related to the market-based awards is being recognized on a straight-line basis over the service period, and the portion related to the performance-based awards is being recognized on a tranche-by-tranche basis over the service period.

 

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19.                    Dividend Reinvestment and Stock Purchase Plan

 

Our Dividend Reinvestment and Stock Purchase Plan, or the DRSPP, provides our common stockholders, as well as new investors, with a convenient and economical method of purchasing our common stock and reinvesting their distributions. The DRSPP also allows our current stockholders to buy additional shares of common stock by reinvesting all or a portion of their distributions. The DRSPP authorizes up to 26,000,000 common shares to be issued.  During 2015, we issued 7,608,354 shares and raised approximately $363.0 million under the DRSPP.  During 2014, we issued 3,527,166 shares and raised approximately $158.5 million under the DRSPP.  During 2013, we issued 1,449,139 shares and raised approximately $55.6 million under the DRSPP. From the inception of the DRSPP through December 31, 2015, we have issued 12,699,862 shares and raised approximately $581.6 million.

 

In 2013, we revised our DRSPP so that we would pay for a majority of the plan-related fees, which were previously paid by investors, and to institute a waiver approval process, allowing larger investors or institutions, per a formal approval process, to purchase shares at a small discount, if approved by us. During 2015, we issued 7,413,207 shares and raised $353.7 million under the waiver approval process. In 2014, we issued 3,330,556 shares and raised $150.0 million under the waiver approval process.  In 2013, we issued 1,308,490 shares and raised $50.0 million under the waiver approval process.  These shares are included in the total activity noted in the preceding paragraph.

 

20.                    At-the-Market (ATM) Program

 

In September 2015, we established an “at the market” equity distribution program, or our ATM program, pursuant to which we can offer and sell up to 12,000,000 shares of common stock to, or through a consortium of banks acting as our sales agents by means of ordinary brokers’ transactions on the NYSE or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.  During 2015, we issued 714,301 shares and raised approximately $36.3 million under the ATM program.

 

21.                    Segment Information

 

We evaluate performance and make resource allocation decisions on an industry by industry basis. For financial reporting purposes, we have grouped our tenants into 48 activity segments. All of the properties are incorporated into one of the applicable segments. Because almost all of our leases require the tenant to pay operating expenses, rental revenue is the only component of segment profit and loss we measure.

 

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The following tables set forth certain information regarding the properties owned by us, classified according to the business of the respective tenants (dollars in thousands):

 

Assets, as of December 31:

 

2015

 

2014

 

Segment net real estate:

 

 

 

 

 

Apparel

 

$

180,175

 

$

185,237

 

Automotive service

 

129,328

 

120,660

 

Automotive tire services

 

247,200

 

255,447

 

Beverages

 

297,724

 

302,001

 

Child care

 

52,392

 

54,194

 

Convenience stores

 

724,972

 

752,047

 

Dollar stores

 

1,158,948

 

1,165,560

 

Drug stores

 

1,384,506

 

1,036,697

 

Financial services

 

254,022

 

262,095

 

Grocery stores

 

331,565

 

341,773

 

Health and fitness

 

839,872

 

546,583

 

Health care

 

220,018

 

227,084

 

Home improvement

 

268,974

 

227,733

 

Restaurants-casual dining

 

419,455

 

449,211

 

Restaurants-quick service

 

467,643

 

336,753

 

Theaters

 

371,617

 

375,982

 

Transportation services

 

686,041

 

661,053

 

Wholesale club

 

452,563

 

465,569

 

30 other non-reportable segments

 

2,131,869

 

2,015,861

 

Total segment net real estate

 

10,618,884

 

9,781,540

 

 

 

 

 

 

 

Intangible assets:

 

 

 

 

 

Apparel

 

48,116

 

52,444

 

Automotive service

 

19,131

 

2,909

 

Automotive tire services

 

13,202

 

14,871

 

Beverages

 

2,538

 

2,797

 

Convenience stores

 

16,040

 

17,535

 

Dollar stores

 

56,420

 

58,691

 

Drug stores

 

189,433

 

194,905

 

Financial services

 

34,626

 

39,564

 

Grocery stores

 

42,823

 

46,964

 

Health and fitness

 

65,037

 

66,460

 

Health care

 

29,950

 

35,017

 

Home improvement

 

42,630

 

35,726

 

Restaurants-casual dining

 

9,392

 

10,649

 

Restaurants-quick service

 

32,612

 

16,415

 

Theaters

 

17,673

 

21,601

 

Transportation services

 

92,602

 

101,040

 

Wholesale club

 

36,215

 

39,707

 

Other non-reportable segments

 

285,977

 

282,429

 

 

 

 

 

 

 

Goodwill:

 

 

 

 

 

Automotive service

 

448

 

451

 

Automotive tire services

 

865

 

865

 

Child care

 

5,034

 

5,095

 

Convenience stores

 

2,009

 

2,023

 

Restaurants-casual dining

 

2,215

 

2,279

 

Restaurants-quick service

 

1,082

 

1,085

 

Other non-reportable segments

 

3,668

 

3,672

 

Other corporate assets

 

197,248

 

175,888

 

Total assets

 

$

11,865,870

 

$

11,012,622

 

 

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Revenue for the years ended
December 31,

 

2015

 

2014

 

2013

 

Segment rental revenue:

 

 

 

 

 

 

 

Apparel

 

$

19,819

 

$

17,674

 

$

13,851

 

Automotive service

 

18,632

 

16,548

 

15,606

 

Automotive tire services

 

28,627

 

28,222

 

27,002

 

Beverages

 

25,451

 

25,147

 

24,848

 

Child care

 

19,949

 

20,022

 

20,705

 

Convenience stores

 

90,093

 

89,754

 

83,973

 

Dollar stores

 

88,126

 

85,049

 

46,742

 

Drug stores

 

103,324

 

84,625

 

60,529

 

Financial services

 

17,044

 

16,828

 

14,904

 

Grocery stores

 

29,506

 

27,270

 

22,317

 

Health and fitness

 

75,881

 

62,086

 

46,979

 

Health care

 

16,057

 

16,039

 

14,358

 

Home improvement

 

23,112

 

15,593

 

11,456

 

Restaurants-casual dining

 

37,645

 

38,473

 

38,149

 

Restaurants-quick service

 

41,407

 

33,388

 

32,340

 

Theaters

 

49,456

 

47,102

 

46,122

 

Transportation services

 

51,745

 

46,287

 

40,552

 

Wholesale club

 

37,391

 

36,588

 

29,448

 

30 other non-reportable segments

 

203,600

 

186,762

 

158,337

 

Total rental revenue

 

976,865

 

893,457

 

748,218

 

Tenant reimbursements

 

42,015

 

37,118

 

24,944

 

Other revenue

 

4,405

 

2,930

 

7,047

 

Total revenue

 

$

1,023,285

 

$

933,505

 

$

780,209

 

 

22.                    Commitments and Contingencies

 

In the ordinary course of business, we are party to various legal actions which we believe are routine in nature and incidental to the operation of our business. We believe that the outcome of the proceedings will not have a material adverse effect upon our consolidated financial position or results of operations.

 

At December 31, 2015, we had commitments of $714,000 for re-leasing costs, recurring capital expenditures, and non-recurring building improvements. In addition, as of December 31, 2015, we had committed $70.6 million under construction contracts, which is expected to be paid in the next twelve months.

 

We have certain properties that are subject to ground leases which are accounted for as operating leases.  At December 31, 2015, minimum future rental payments for the next five years and thereafter are as follows (dollars in millions):

 

 

 

Ground
Leases

 

Ground
Leases

 

 

 

 

 

Paid by

 

Paid by

 

 

 

 

 

Realty
Income

(1)

Our
Tenants

(2)

Total

 

2016

 

$

1.5

 

$

13.3

 

$

14.8

 

2017

 

1.5

 

13.3

 

14.8

 

2018

 

1.6

 

13.3

 

14.9

 

2019

 

1.4

 

13.2

 

14.6

 

2020

 

1.4

 

13.0

 

14.4

 

Thereafter

 

23.3

 

119.0

 

142.3

 

Total

 

$

30.7

 

$

185.1

 

$

215.8

 

 

(1)              Realty Income currently pays the ground lessors directly for the rent under the ground leases.

(2)              Our tenants, who are generally sub-tenants under the ground leases, are responsible for paying the rent under these ground leases.  In the event a tenant fails to pay the ground lease rent, we are primarily responsible.

 

23.                    Subsequent Events

 

In January 2016 and February 2016, we declared the following dividends, which will be paid in February 2016 and March 2016, respectively:

 

·                  $0.1985 per share to our common stockholders and

 

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·                  $0.138021 per share to our Class F preferred stockholders.

 

During January and February of 2016, we repaid five mortgages in full for $129.6 million.

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

CONSOLIDATED QUARTERLY FINANCIAL DATA

(dollars in thousands, except per share data)

(not covered by Report of Independent Registered Public Accounting Firm)

 

 

 

First

 

Second

 

Third

 

Fourth

 

 

 

 

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Year

(2)

 

 

 

 

 

 

 

 

 

 

 

 

2015 (1)

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

$

246,867

 

$

253,860

 

$

258,889

 

$

263,668

 

$

1,023,285

 

Depreciation and amortization expense

 

98,037

 

101,101

 

104,338

 

105,739

 

409,215

 

Interest expense

 

58,468

 

58,680

 

63,950

 

51,982

 

233,079

 

Other expenses

 

29,999

 

31,404

 

29,012

 

27,962

 

118,379

 

Income from continuing operations

 

67,581

 

66,350

 

67,813

 

83,111

 

284,855

 

Income from discontinued operations

 

-

 

-

 

-

 

-

 

-

 

Net income

 

67,581

 

66,350

 

67,813

 

83,111

 

284,855

 

Net income available to common stockholders

 

60,494

 

59,317

 

60,705

 

76,171

 

256,686

 

Net income per common share

 

 

 

 

 

 

 

 

 

 

 

Basic

 

0.27

 

0.26

 

0.26

 

0.31

 

1.09

 

Diluted

 

0.27

 

0.25

 

0.26

 

0.31

 

1.09

 

Dividends paid per common share

 

0.5614167

 

0.5685000

 

0.5700000

 

0.5715000

 

2.2714167

 

 

 

 

 

 

 

 

 

 

 

 

 

2014 (1)

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

$

221,572

 

$

228,646

 

$

235,713

 

$

247,573

 

$

933,505

 

Depreciation and amortization expense

 

89,970

 

92,894

 

95,260

 

96,537

 

374,661

 

Interest expense

 

51,720

 

52,712

 

52,814

 

59,120

 

216,366

 

Other expenses

 

26,237

 

22,783

 

24,987

 

38,536

 

112,543

 

Income from continuing operations

 

54,916

 

62,221

 

73,627

 

78,374

 

269,140

 

Income from discontinued operations

 

3,077

 

20

 

-

 

(297

)

2,800

 

Net income

 

57,993

 

62,241

 

73,627

 

78,077

 

271,940

 

Net income available to common stockholders

 

47,179

 

51,420

 

57,941

 

71,018

 

227,558

 

Net income per common share

 

 

 

 

 

 

 

 

 

 

 

Basic

 

0.23

 

0.23

 

0.26

 

0.32

 

1.04

 

Diluted

 

0.23

 

0.23

 

0.26

 

0.32

 

1.04

 

Dividends paid per common share

 

0.5614167

 

0.5685000

 

0.5700000

 

0.5715000

 

2.1916254

 

 

(1)    The consolidated quarterly financial data includes revenues and expenses from our continuing and discontinued operations.  The results of operations related to certain properties, classified as held for sale or disposed of, have been reclassified to income from discontinued operations.  Additionally, tenant reimbursements have been reported as a component of total revenue and reimbursable property expense have been reported as a component of total expenses.  Therefore, some of the information may not agree to our previously filed 10-Qs.

 

(2)    Amounts for each period are calculated independently.  The sum of the quarters may differ from the annual amount.

 

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Item 9:                                  Changes In and Disagreements With Accountants on Accounting and Financial Disclosure

 

We have had no disagreements with our independent registered public accounting firm on accounting matters or financial disclosure, nor have we changed accountants in the two most recent fiscal years.

 

Item 9A:                         Controls and Procedures

 

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended) that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. 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.

 

As of and for the year ended December 31, 2015, 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. Based on the foregoing, our Chief Executive Officer and Chief 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

Internal control over financial reporting refers to the process designed by, or under the supervision of, our Chief Executive Officer and Chief Financial Officer, and effected by our Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles, and includes those policies and procedures that:

 

(1) Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;

 

(2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and

 

(3) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.

 

Management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company.

 

Management has used the framework set forth in the report entitled “Internal Control--Integrated Framework (2013)” published by the Committee of Sponsoring Organizations of the Treadway Commission to evaluate the effectiveness of the Company’s internal control over financial reporting. Management has concluded that the Company’s internal control over financial reporting was effective as of the end of the most recent fiscal year.  KPMG LLP has issued an attestation report on the effectiveness of the Company’s internal control over financial reporting.

 

Submitted on February 11, 2016 by,

 

John P. Case, Chief Executive Officer

Paul M. Meurer, Executive Vice President, Chief Financial Officer, and Treasurer

 

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Changes in Internal Controls

There were no changes to our internal control over financial reporting that occurred during the quarter ended December 31, 2015 that have materially affected, or are reasonably likely to material affect, our internal control over financial reporting.  As of December 31, 2015, there were no material weaknesses in our internal controls, and therefore, no corrective actions were taken.

 

Limitations on the Effectiveness of Controls

Internal control over financial reporting cannot provide absolute assurance of achieving financial reporting objectives because of its inherent limitations. Internal control over financial reporting is a process that involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures. Internal control over financial reporting also can be circumvented by collusion or improper management override. Because of such limitations, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk.

 

Item 9B:                         Other Information

 

None.

 

PART III

 

Item 10:                           Directors, Executive Officers and Corporate Governance

 

The information required by this item is set forth under the captions “Board of Directors” and “Executive Officers of the Company” and “Section 16(a) Beneficial Ownership Reporting Compliance” in our definitive Proxy Statement for the 2016 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference. The Annual Meeting of Stockholders is presently scheduled to be held on May 17, 2016.

 

Item 11:                           Executive Compensation

 

The information required by this item is set forth under the caption “Executive Compensation” in our definitive Proxy Statement for the 2016 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference.

 

Item 12:                           Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 

The information required by this item is set forth under the caption “Security Ownership of Certain Beneficial Owners and Management” in our definitive Proxy Statement for the 2016 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference.

 

Item 13:                           Certain Relationships, Related Transactions and Director Independence

 

The information required by this item is set forth under the caption “Related Party Transactions” in our definitive Proxy Statement for the 2016 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference.

 

Item 14:                           Principal Accounting Fees and Services

 

The information required by this item is set forth under the caption “Independent Registered Public Accounting Firm Fees and Services” in our definitive Proxy Statement for the 2016 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference.

 

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PART IV

 

Item 15:                           Exhibits and Financial Statement Schedules

 

A.                         The following documents are filed as part of this report.

 

1.                            Financial Statements (see Item 8)

 

a.                           Reports of Independent Registered Public Accounting Firm

 

b.                          Consolidated Balance Sheets,

December 31, 2015 and 2014

 

c.                           Consolidated Statements of Income,

Years ended December 31, 2015, 2014 and 2013

 

d.                          Consolidated Statements of Equity,

Years ended December 31, 2015, 2014 and 2013

 

e.                           Consolidated Statements of Cash Flows,

Years ended December 31, 2015, 2014 and 2013

 

f.                             Notes to Consolidated Financial Statements

 

g.                          Consolidated Quarterly Financial Data,

(unaudited) for 2015 and 2014

 

2.                            Financial Statement Schedule.  Reference is made to page F-1 of this report for Schedule III Real Estate and Accumulated Depreciation (electronically filed with the Securities and Exchange Commission).

 

Schedules not Filed:  All schedules, other than those indicated in the Table of Contents, have been omitted as the required information is either not material, inapplicable or the information is presented in the financial statements or related notes.

 

3.                            Exhibits

 

Articles of Incorporation and By-Laws

 

Exhibit No.

 

Description

 

 

 

2.1

 

Agreement and Plan of Merger, dated as of September 6, 2012, by and among Realty Income Corporation, Tau Acquisition LLC and American Realty Capital Trust, Inc. (filed as exhibit 2.1 to the Company’s Form 8-K, filed on September 6, 2012 and incorporated herein by reference).

 

 

 

2.2

 

First Amendment to Agreement and Plan of Merger, dated as of January 6, 2013, by and among Realty Income Corporation, Tau Acquisition LLC and American Realty Capital Trust, Inc. (filed as exhibit 2.1 to the Company’s Form 8-K, filed on January 7, 2013 and incorporated herein by reference).

 

 

 

3.1

 

Articles of Incorporation of the Company, as amended by amendment No. 1 dated May 10, 2005 and amendment No. 2 dated May 10, 2005 (filed as exhibit 3.1 to the Company’s Form 10-Q for the quarter ended June 30, 2005 and incorporated herein by reference), amendment No. 3 dated July 29, 2011 (filed as exhibit 3.1 to the Company’s Form 8-K, filed on August 2, 2011 and incorporated herein by reference); and amendment No. 4 dated

 

 

 

 

 

June 21, 2012 (filed as exhibit 3.1 to the Company’s Form 8-K, filed on June 21, 2012 and incorporated herein by reference).

 

 

 

3.2

 

Amended and Restated Bylaws of the Company dated June 16, 2015 (filed as exhibit 3.1 to the Company’s Form 8-K filed on June 17, 2015 and incorporated herein by reference)

 

 

 

3.3

 

Articles Supplementary to the Articles of Incorporation of the Company classifying and designating the 6.625% Monthly Income Class F Cumulative Redeemable Preferred Stock, dated February 3, 2012 (the “First Class F Articles Supplementary”) (filed as exhibit 3.1 to the Company’s Form 8-K, filed on February 3, 2012 and incorporated herein by reference).

 

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3.4

 

Certificate of Correction to the First Class F Articles Supplementary, dated April 11, 2012 (filed as exhibit 3.2 to the Company’s Form 8-K, filed on April 17, 2012 and incorporated herein by reference).

 

 

 

3.5

 

Articles Supplementary to the Articles of Incorporation of the Company classifying and designating additional shares of the 6.625% Monthly Income Class F Cumulative Redeemable Preferred Stock, dated April 17, 2012 (filed as exhibit 3.3 to the Company’s Form 8-K, filed on April 17, 2012 and incorporated herein by reference).

 

Instruments defining the rights of security holders, including indentures

 

4.1

 

Indenture dated as of October 28, 1998 between the Company and The Bank of New York (filed as exhibit 4.1 to the Company’s Form 8-K, filed on October 28, 1998 and incorporated herein by reference).

 

 

 

4.2

 

Form of 5.50% Senior Notes due 2015 (filed as exhibit 4.2 to the Company’s Form 8-K, filed on November 24, 2003 and incorporated herein by reference).

 

 

 

4.3

 

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, as Trustee, establishing a series of securities entitled 5.50% Senior Notes due 2015 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on November 24, 2003 and incorporated herein by reference).

 

 

 

4.4

 

Form of 5.875% Senior Notes due 2035 (filed as exhibit 4.2 to the Company’s Form 8-K, filed on March 11, 2005 and incorporated herein by reference).

 

 

 

4.5

 

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, as Trustee, establishing a series of securities entitled 5.875% Senior Debentures due 2035 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on March 11, 2005 and incorporated herein by reference).

 

 

 

4.6

 

Form of 5.375% Senior Notes due 2017 (filed as exhibit 4.2 to the Company’s Form 8-K, filed on September 16, 2005 and incorporated herein by reference).

 

 

 

4.7

 

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, as Trustee, establishing a series of securities entitled 5.375% Senior Notes due 2017 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on September 16, 2005 and incorporated herein by reference).

 

 

 

4.8

 

Form of 5.95% Senior Notes due 2016 (filed as exhibit 4.2 to the Company’s Form 8-K, filed on September 18, 2006 and incorporated herein by reference).

 

 

 

4.9

 

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, as Trustee, establishing a series of securities entitled 5.95% Senior Notes due 2016 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on September 18, 2006 and incorporated herein by reference).

 

 

 

4.10

 

Form of 6.75% Notes due 2019 (filed as exhibit 4.2 to Company’s Form 8-K, filed on September 5, 2007 and incorporated herein by reference).

 

 

 

4.11

 

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 Trust Company, N.A., as Trustee, establishing a series of securities entitled 6.75% Senior Notes due 2019 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on September 5, 2007 and incorporated herein by reference).

 

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4.12

 

Form of 5.750% Notes due 2021 (filed as exhibit 4.2 to Company’s Form 8-K, filed on June 29, 2010 and incorporated herein by reference).

 

 

 

4.13

 

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 and incorporated herein by reference).

 

 

 

4.14

 

Form of Common Stock Certificate (filed as exhibit 4.16 to the Company’s Form 10-Q for the quarter ended September 30, 2011 and incorporated herein by reference).

 

 

 

4.15

 

Form of Preferred Stock Certificate representing the 6.625% Monthly Income Class F Cumulative Redeemable Preferred Stock (filed as exhibit 4.1 to the Company’s Form 8-K, filed on February 3, 2012 and incorporated herein by reference).

 

 

 

4.16

 

Form of 2.000% Note due 2018 (filed as exhibit 4.2 to Company’s Form 8-K, filed on October 10, 2012 and incorporated herein by reference).

 

 

 

4.17

 

Form of 3.250% Note due 2022 (filed as exhibit 4.3 to Company’s Form 8-K, filed on October 10, 2012 and incorporated herein by reference).

 

 

 

4.18

 

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 and incorporated herein by reference).

 

 

 

4.19

 

Form of 4.650% Note due 2023 (filed as exhibit 4.2 to Company’s Form 8-K, filed on July 16, 2013 and incorporated herein by reference).

 

 

 

4.20

 

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 “4.650% Notes due 2023” (filed as exhibit 4.3 to the Company’s Form 8-K, filed on July 16, 2013 and incorporated herein by reference).

 

 

 

4.21

 

Form of 3.875% Note due 2024 (filed as exhibit 4.2 to Company’s Form 8-K, filed on June 25, 2014 and incorporated herein by reference).

 

 

 

4.22

 

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 “3.875% Notes due 2024” (filed as exhibit 4.3 to the Company’s Form 8-K, filed on June 25, 2014 and incorporated herein by reference).

 

 

 

4.23

 

Form of 4.125% Note due 2026 (filed as exhibit 4.2 to Company’s Form 8-K, filed on September 23, 2014 and incorporated herein by reference).

 

 

 

4.24

 

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 “4.125% Notes due 2026” (filed as exhibit 4.3 to the Company’s Form 8-K, filed on September 23, 2014 and incorporated herein by reference).

 

-83-



Table of Contents

 

Material Contracts

 

10.1

 

Management Incentive Plan (filed as Exhibit 10.10 to the Company’s Form 10-K for the year ended December 31, 1997 and incorporated herein by reference).

 

 

 

10.2

 

Form of Nonqualified Stock Option Agreement for Independent Directors (filed as Exhibit 10.11 to the Company’s Form 10-K for the year ended December 31, 1997 and incorporated herein by reference).

 

 

 

10.3

 

Form of Restricted Stock Agreement between the Company and Executive Officers under the 2003 Stock Incentive Award Plan of Realty Income Corporation (filed as exhibit 10.11 to the Company’s Form 8-K, filed on January 6, 2005 and dated January 1, 2005 and incorporated herein by reference).

 

 

 

10.4

 

2003 Stock Incentive Award Plan of Realty Income Corporation, as amended and restated February 21, 2006 (filed as exhibit 10.10 to the Company’s Form 10-K for the year ended December 31, 2005 and incorporated herein by reference).

 

 

 

10.5

 

Amendment dated May 15, 2007 to the Amended and Restated 2003 Stock Incentive Award Plan of Realty Income Corporation (filed as exhibit 10.1 to the Company’s Form 10-Q, for the quarter ended June 30, 2007 and incorporated herein by reference).

 

 

 

10.6

 

Form of Restricted Stock Agreement under the 2003 Stock Incentive Award Plan of Realty Income Corporation (filed as exhibit 10.2 to the Company’s Form 10-Q, for the quarter ended June 30, 2007 and incorporated herein by reference).

 

 

 

10.7

 

Amended and Restated Form of Employment Agreement between the Company and its Executive Officers (filed as exhibit 10.1 to the Company’s Form 8-K, filed on January 7, 2010 and dated January 5, 2010 and incorporated herein by reference).

 

 

 

10.8

 

Form of Restricted Stock Agreement for John P. Case (filed as exhibit 10.1 to the Company’s Form 10-Q, for the quarter ended March 31, 2010 and incorporated herein by reference).

 

 

 

10.9

 

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).

 

 

 

10.10

 

Amended and Restated Credit Agreement dated May 10, 2012 (filed as exhibit 10.1 to the Company’s Form 8-K, filed on May 11, 2012 and incorporated herein by reference).

 

 

 

10.11

 

Form of Restricted Stock Agreement for Employees under the Realty Income Corporation 2012 Incentive Award Plan (filed as exhibit 10.1 to the Company’s Form 8-K, filed on January 8, 2013 and incorporated herein by reference).

 

 

 

10.12

 

Form of Restricted Stock Agreement for Non-Employee Directors under the Realty Income Corporation 2012 Incentive Award Plan (filed as exhibit 10.2 to the Company’s Form 8-K, filed on January 8, 2013 and incorporated herein by reference).

 

 

 

10.13

 

Term Loan Agreement, dated as of January 22, 2013, by and among Tau Operating Partnership, L.P. and Lenders (as defined therein) (filed as exhibit 10.1 to the Company’s Form 8-K, filed on January 23, 2013 and incorporated herein by reference).

 

 

 

10.14

 

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 and incorporated herein by reference).

 

-84-



Table of Contents

 

10.15

 

Form of Amendment to Employment Agreement (filed as exhibit 10.1 to the Company’s Form 8-K, filed on June 19, 2013 and incorporated herein by reference).

 

 

 

10.16

 

Form of Addendum to Restricted Stock Agreement (filed as exhibit 10.2 to the Company’s Form 8-K, filed on June 19, 2013 and incorporated herein by reference).

 

 

 

10.17

 

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 and incorporated herein by reference).

 

 

 

10.18

 

Amended and Restated Employment Agreement dated September 3, 2013 between the Company and John P. Case (filed as exhibit 10.2 to the Company’s Form 8-K, filed on September 6, 2013 and incorporated herein by reference).

 

 

 

10.19

 

Form of Time-Based Restricted Stock Agreement for John P. Case dated September 3, 2013 (filed as exhibit 10.7 to the Company’s Form 10-Q, for the quarter ended September 30, 2013 and incorporated herein by reference).

 

 

 

10.20

 

Form of Performance-Based Restricted Stock Agreement for John P. Case dated September 26, 2013 (filed as exhibit 10.8 to the Company’s Form 10-Q, for the quarter ended September 30, 2013 and incorporated herein by reference).

 

 

 

10.21

 

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 and incorporated herein by reference).

 

 

 

10.23

 

Form of Performance Share Award Agreement (filed as exhibit 99.1 to the Company’s Form 8-K, filed on April 11, 2014 and incorporated herein by reference).

 

 

 

10.24

 

Severance Agreement for Gary M. Malino (filed as exhibit 10.2 to the Company’s Form 10-Q, filed on October 30, 2014 and incorporated herein by reference).

 

 

 

10.25

 

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).

 

 

 

10.26

 

Form of Performance Share Award Agreement (filed as exhibit 10.1 to the Company’s Form 10-Q, filed on April 30, 2015 and incorporated herein by reference).

 

 

 

10.27

 

Dividend Reinvestment and Stock Purchase Plan (filed pursuant to Rule 424(b)(5) under the Securities Act of 1933, as amended, on February 23, 2015, as a prospectus supplement to the Company’s prospectus dated February 22, 2013 (File No. 333-186788) and incorporated herein by reference).

 

 

 

10.28

 

Credit Agreement dated June 30, 2015 (filed as exhibit 10.1 to the Company’s Form 8-K, filed on July 2, 2015 and incorporated herein by reference).

 

 

 

10.29

 

Dividend Reinvestment and Stock Purchase Plan (filed pursuant to Rule 424(b)(5) under the Securities Act of 1933, as amended, on July 30, 2015, as a prospectus supplement to the Company’s prospectus dated February 22, 2013 (File No. 333-186788) and incorporated herein by reference).

 

 

 

10.30*

 

Form of Restricted Stock Agreement.

 

-85-



Table of Contents

 

10.31*

 

Form of Restricted Stock Unit Award Agreement.

 

 

 

10.32*

 

Form of Second Amendment to Employment Agreement.

 

Statement of Ratios

 

*12.1

 

Statements re computation of ratios.

 

Subsidiaries of the Registrant

 

*21.1

 

Subsidiaries of the Company as of February 11, 2016.

 

Consents of Experts and Counsel

 

*23.1

 

Consent of Independent Registered Public Accounting Firm.

 

Certifications

 

*31.1

 

Rule 13a-14(a) Certifications as filed by the Chief Executive Officer pursuant to SEC release No. 33-8212 and 34-47551.

 

 

 

*31.2

 

Rule 13a-14(a) Certifications as filed by the Chief Financial Officer pursuant to SEC release No. 33-8212 and 34-47551.

 

 

 

*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.

 

Interactive Data Files

 

*101

 

The following materials from Realty Income Corporation’s Annual Report on Form 10-K for the year ended December 31, 2015, formatted in Extensible Business Reporting Language: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Stockholders’ Equity, (iv) Consolidated Statements of Cash Flows, (v) Notes to Consolidated Financial Statements, and (vi) Schedule III Real Estate and Accumulated Depreciation.

 

 

 

* Filed herewith.

 

-86-



Table of Contents

 

SIGNATURES

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

 

 

 

By:

/s/JOHN P. CASE

 

Date: February 11, 2016

 

John P. Case

 

 

Chief Executive Officer

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

By:

/s/MICHAEL D. MCKEE

 

Date: February 11, 2016

 

Michael D. McKee

 

 

Non-Executive Chairman of the Board of Directors

 

 

By:

/s/KATHLEEN R. ALLEN, Ph.D.

 

Date: February 11, 2016

 

Kathleen R. Allen, Ph.D.

 

 

Director

 

 

 

 

By:

/s/JOHN P. CASE

 

Date: February 11, 2016

 

John P. Case

 

 

Director, Chief Executive Officer

 

(Principal Executive Officer)

 

 

 

By:

/s/A. LARRY CHAPMAN

 

Date: February 11, 2016

 

A. Larry Chapman

 

 

Director

 

 

 

By:

/s/PRIYA CHERIAN HUSKINS

 

Date: February 11, 2016

 

Priya Cherian Huskins

 

 

Director

 

 

 

By:

/s/GREGORY T. MCLAUGHLIN

 

Date: February 11, 2016

 

Gregory T. McLaughlin

 

 

Director

 

 

 

By:

/s/RONALD L. MERRIMAN

 

Date: February 11, 2016

 

Ronald L. Merriman

 

 

Director

 

 

 

By:

/s/STEPHEN E. STERRETT

 

Date: February 11, 2016

 

Stephen E. Sterrett

 

 

Director

 

 

 

By:

/s/PAUL M. MEURER

 

Date: February 11, 2016

 

Paul M. Meurer

 

 

Executive Vice President, Chief Financial Officer and Treasurer

 

(Principal Financial Officer)

 

 

 

By:

/s/SEAN P. NUGENT

 

Date: February 11, 2016

 

Sean P. Nugent

 

 

Vice President, Controller

 

 

(Principal Accounting Officer)

 

 

-87-



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Batesville

 

MS

 

5,883,101

 

2,160,849

 

17,219,291

 

None

 

None

 

2,160,849

 

17,219,291

 

19,380,140

 

2,324,604

 

 

 

8/9/2012

 

300

 

Ellisville

 

MS

 

 

 

4,140,000

 

20,930,630

 

6,981

 

None

 

4,140,000

 

20,937,611

 

25,077,611

 

1,520,748

 

 

 

6/27/2013

 

420

 

Columbus

 

OH

 

14,867,871

 

-

 

19,637,318

 

None

 

None

 

-

 

19,637,318

 

19,637,318

 

1,426,043

 

 

 

6/19/2013

 

420

 

DFW Airport

 

TX

 

 

 

-

 

37,503,886

 

13,600

 

None

 

-

 

37,517,486

 

37,517,486

 

6,815,143

 

 

 

6/20/2011

 

300

 

Lufkin

 

TX

 

 

 

589,925

 

15,492,255

 

None

 

None

 

589,925

 

15,492,255

 

16,082,180

 

1,309,464

 

 

 

1/22/2013

 

420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Apparel

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mesa

 

AZ

 

 

 

619,035

 

867,013

 

6,484

 

None

 

619,035

 

873,497

 

1,492,532

 

591,485

 

 

 

2/11/1999

 

300

 

El Cajon

 

CA

 

 

 

6,930,000

 

12,518,083

 

89,660

 

None

 

6,930,000

 

12,607,743

 

19,537,743

 

775,497

 

 

 

6/19/2014

 

300

 

Elk Grove

 

CA

 

 

 

804,327

 

2,668,492

 

24,266

 

None

 

804,327

 

2,692,758

 

3,497,085

 

355,665

 

 

 

9/18/2012

 

300

 

Elk Grove

 

CA

 

 

 

3,250,000

 

16,776,852

 

None

 

None

 

3,250,000

 

16,776,852

 

20,026,852

 

1,034,573

 

 

 

6/2/2014

 

300

 

Folsom

 

CA

 

 

 

2,370,000

 

11,342,375

 

None

 

None

 

2,370,000

 

11,342,375

 

13,712,375

 

623,831

 

 

 

8/19/2014

 

300

 

Hanford

 

CA

 

 

 

562,812

 

3,468,215

 

None

 

None

 

562,812

 

3,468,215

 

4,031,027

 

456,648

 

 

 

9/18/2012

 

300

 

Lodi

 

CA

 

 

 

3,153,559

 

2,661,260

 

None

 

None

 

3,153,559

 

2,661,260

 

5,814,819

 

350,399

 

 

 

9/18/2012

 

300

 

Manteca

 

CA

 

 

 

1,565,672

 

4,440,141

 

None

 

None

 

1,565,672

 

4,440,141

 

6,005,813

 

570,619

 

 

 

9/18/2012

 

300

 

Moreno Valley

 

CA

 

 

 

1,654,486

 

3,305,084

 

197,969

 

None

 

1,654,486

 

3,503,053

 

5,157,539

 

482,187

 

 

 

9/18/2012

 

300

 

Redlands

 

CA

 

 

 

3,006,680

 

2,242,430

 

275,278

 

None

 

3,006,680

 

2,517,708

 

5,524,388

 

360,230

 

 

 

9/18/2012

 

300

 

Sacramento

 

CA

 

 

 

3,446,351

 

4,460,201

 

None

 

None

 

3,446,351

 

4,460,201

 

7,906,552

 

587,260

 

 

 

9/18/2012

 

300

 

South Lake Tahoe

 

CA

 

 

 

3,110,000

 

3,176,091

 

9,750

 

None

 

3,110,000

 

3,185,841

 

6,295,841

 

665,992

 

 

 

10/22/2010

 

300

 

Sun Valley

 

CA

 

 

 

4,631,964

 

4,710,912

 

None

 

None

 

4,631,964

 

4,710,912

 

9,342,876

 

620,270

 

 

 

9/18/2012

 

300

 

Vacaville

 

CA

 

 

 

1,299,816

 

3,375,574

 

183,515

 

None

 

1,299,816

 

3,559,089

 

4,858,905

 

488,035

 

 

 

9/18/2012

 

300

 

Danbury

 

CT

 

 

 

1,096,861

 

6,217,688

 

399,236

 

56

 

1,096,861

 

6,616,980

 

7,713,841

 

4,660,391

 

 

 

9/30/1997

 

300

 

Manchester

 

CT

 

 

 

771,660

 

3,653,539

 

1,661

 

161

 

771,660

 

3,655,361

 

4,427,021

 

2,601,207

 

 

 

3/26/1998

 

300

 

Manchester

 

CT

 

 

 

1,250,464

 

5,917,037

 

3,555

 

None

 

1,250,464

 

5,920,592

 

7,171,056

 

4,213,133

 

 

 

3/26/1998

 

300

 

Deerfield Beach

 

FL

 

 

 

3,160,000

 

4,832,848

 

6,603

 

None

 

3,160,000

 

4,839,451

 

7,999,451

 

1,011,839

 

 

 

10/22/2010

 

300

 

Cumming

 

GA

 

4,675,000

 

2,100,000

 

6,472,785

 

None

 

None

 

2,100,000

 

6,472,785

 

8,572,785

 

442,307

 

 

 

4/1/2014

 

300

 

Collinsville

 

IL

 

3,570,500

 

675,724

 

7,021,479

 

None

 

None

 

675,724

 

7,021,479

 

7,697,203

 

830,875

 

 

 

1/22/2013

 

300

 

Georgetown

 

KY

 

5,679,500

 

1,922,820

 

10,448,325

 

None

 

None

 

1,922,820

 

10,448,325

 

12,371,145

 

1,236,385

 

 

 

1/22/2013

 

300

 

Missoula

 

MT

 

 

 

163,100

 

362,249

 

28,843

 

16,199

 

163,100

 

407,291

 

570,391

 

380,088

 

 

 

10/30/1987

 

300

 

Staten Island

 

NY

 

 

 

4,202,093

 

3,385,021

 

230,776

 

None

 

4,202,093

 

3,615,797

 

7,817,890

 

2,451,874

 

 

 

3/26/1998

 

300

 

Bend

 

OR

 

 

 

4,060,000

 

13,198,790

 

None

 

None

 

4,060,000

 

13,198,790

 

17,258,790

 

1,033,905

 

 

 

1/31/2014

 

300

 

Clarksville

 

TN

 

 

 

3,992,886

 

-

 

None

 

None

 

3,992,886

 

-

 

3,992,886

 

-

 

 

 

7/5/2013

 

300

 

Dallas

 

TX

 

 

 

1,210,000

 

2,675,265

 

284,527

 

None

 

1,210,000

 

2,959,792

 

4,169,792

 

562,636

 

 

 

10/22/2010

 

300

 

The Colony

 

TX

 

 

 

2,580,000

 

2,214,133

 

275,999

 

107

 

2,580,000

 

2,490,239

 

5,070,239

 

474,205

 

 

 

10/22/2010

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automotive collision services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado Springs

 

CO

 

 

 

1,085,560

 

2,137,425

 

None

 

None

 

1,085,560

 

2,137,425

 

3,222,985

 

334,784

 

 

 

1/5/2012

 

300

 

Denver

 

CO

 

 

 

480,348

 

2,127,792

 

None

 

None

 

480,348

 

2,127,792

 

2,608,140

 

307,078

 

6/8/2012

 

9/30/2011

 

300

 

Highlands Ranch

 

CO

 

 

 

583,289

 

2,139,057

 

None

 

None

 

583,289

 

2,139,057

 

2,722,346

 

1,001,081

 

7/10/2007

 

8/11/2003

 

300

 

Littleton

 

CO

 

 

 

601,388

 

2,169,898

 

None

 

None

 

601,388

 

2,169,898

 

2,771,286

 

868,747

 

2/2/2006

 

11/12/2004

 

300

 

Parker

 

CO

 

 

 

868,768

 

2,653,745

 

None

 

None

 

868,768

 

2,653,745

 

3,522,513

 

1,066,255

 

9/7/2012

 

7/3/2003

 

300

 

Thornton

 

CO

 

 

 

693,323

 

1,896,616

 

None

 

None

 

693,323

 

1,896,616

 

2,589,939

 

835,699

 

10/5/2004

 

10/15/2003

 

300

 

Fort Myers

 

FL

 

 

 

990,000

 

1,877,069

 

None

 

None

 

990,000

 

1,877,069

 

2,867,069

 

3,128

 

 

 

12/29/2015

 

300

 

Fort Myers

 

FL

 

 

 

540,000

 

1,082,897

 

None

 

None

 

540,000

 

1,082,897

 

1,622,897

 

1,805

 

 

 

12/29/2015

 

300

 

Naples

 

FL

 

 

 

1,560,000

 

1,041,531

 

None

 

None

 

1,560,000

 

1,041,531

 

2,601,531

 

1,736

 

 

 

12/29/2015

 

300

 

Cumming

 

GA

 

 

 

661,624

 

1,822,363

 

None

 

None

 

661,624

 

1,822,363

 

2,483,987

 

891,251

 

9/18/2003

 

12/31/2002

 

300

 

Douglasville

 

GA

 

 

 

679,868

 

1,935,515

 

None

 

None

 

679,868

 

1,935,515

 

2,615,383

 

952,334

 

8/11/2003

 

12/30/2002

 

300

 

Lilburn

 

GA

 

 

 

1,150,000

 

1,670,724

 

None

 

None

 

1,150,000

 

1,670,724

 

2,820,724

 

153,177

 

7/29/2013

 

2/20/2013

 

300

 

Macon

 

GA

 

 

 

1,400,000

 

1,317,435

 

None

 

None

 

1,400,000

 

1,317,435

 

2,717,435

 

188,808

 

5/11/2012

 

1/10/2012

 

300

 

Morrow

 

GA

 

 

 

725,948

 

1,846,315

 

None

 

None

 

725,948

 

1,846,315

 

2,572,263

 

913,860

 

7/7/2003

 

8/30/2002

 

300

 

Peachtree City

 

GA

 

 

 

1,190,380

 

689,284

 

None

 

None

 

1,190,380

 

689,284

 

1,879,664

 

358,121

 

12/16/2002

 

9/19/2002

 

300

 

Roswell

 

GA

 

 

 

1,825,000

 

1,934,495

 

None

 

None

 

1,825,000

 

1,934,495

 

3,759,495

 

308,268

 

12/22/2011

 

8/10/2011

 

300

 

Warner Robins

 

GA

 

 

 

1,250,000

 

1,012,258

 

None

 

None

 

1,250,000

 

1,012,258

 

2,262,258

 

158,263

 

1/11/2012

 

9/1/2011

 

300

 

Maryville

 

IL

 

 

 

320,000

 

882,122

 

None

 

None

 

320,000

 

882,122

 

1,202,122

 

69,075

 

 

 

1/10/2014

 

300

 

Naperville

 

IL

 

 

 

1,090,000

 

1,596,107

 

None

 

None

 

1,090,000

 

1,596,107

 

2,686,107

 

130,349

 

 

 

12/23/2013

 

300

 

Oak Lawn

 

IL

 

 

 

180,000

 

1,021,449

 

None

 

None

 

180,000

 

1,021,449

 

1,201,449

 

46,495

 

 

 

11/13/2013

 

300

 

Oak Lawn

 

IL

 

 

 

370,000

 

1,137,165

 

None

 

None

 

370,000

 

1,137,165

 

1,507,165

 

91,192

 

 

 

12/23/2013

 

300

 

Orland Park

 

IL

 

 

 

120,000

 

1,015,358

 

None

 

None

 

120,000

 

1,015,358

 

1,135,358

 

82,921

 

 

 

12/23/2013

 

300

 

South Holland

 

IL

 

 

 

80,000

 

1,548,690

 

None

 

None

 

80,000

 

1,548,690

 

1,628,690

 

126,476

 

 

 

12/23/2013

 

300

 

Cedar Lake

 

IN

 

 

 

300,000

 

1,037,278

 

None

 

None

 

300,000

 

1,037,278

 

1,337,278

 

39,762

 

 

 

1/7/2015

 

300

 

Gary

 

IN

 

 

 

100,000

 

1,875,652

 

None

 

None

 

100,000

 

1,875,652

 

1,975,652

 

71,900

 

 

 

1/7/2015

 

300

 

Hammond

 

IN

 

 

 

230,000

 

1,217,329

 

None

 

None

 

230,000

 

1,217,329

 

1,447,329

 

46,664

 

 

 

1/7/2015

 

300

 

Highland

 

IN

 

 

 

390,000

 

910,537

 

None

 

None

 

390,000

 

910,537

 

1,300,537

 

34,904

 

 

 

1/7/2015

 

300

 

Ann Arbor

 

MI

 

 

 

680,000

 

1,433,382

 

None

 

None

 

680,000

 

1,433,382

 

2,113,382

 

59,724

 

 

 

12/18/2014

 

300

 

Clawson

 

MI

 

 

 

220,000

 

517,432

 

None

 

None

 

220,000

 

517,432

 

737,432

 

21,560

 

 

 

12/18/2014

 

300

 

Clinton Township

 

MI

 

 

 

480,000

 

3,578,405

 

None

 

None

 

480,000

 

3,578,405

 

4,058,405

 

113,316

 

 

 

3/31/2015

 

300

 

Livonia

 

MI

 

 

 

317,728

 

1,035,971

 

None

 

None

 

317,728

 

1,035,971

 

1,353,699

 

43,165

 

 

 

12/18/2014

 

300

 

Novi

 

MI

 

 

 

530,000

 

2,092,323

 

None

 

None

 

530,000

 

2,092,323

 

2,622,323

 

66,257

 

 

 

3/31/2015

 

300

 

Rochester Hills

 

MI

 

 

 

280,000

 

1,179,451

 

None

 

None

 

280,000

 

1,179,451

 

1,459,451

 

37,349

 

 

 

3/31/2015

 

300

 

Sterling Heights

 

MI

 

 

 

580,000

 

1,836,257

 

None

 

None

 

580,000

 

1,836,257

 

2,416,257

 

3,060

 

 

 

12/29/2015

 

300

 

Warren

 

MI

 

 

 

300,000

 

746,229

 

None

 

None

 

300,000

 

746,229

 

1,046,229

 

23,631

 

 

 

3/31/2015

 

300

 

Washington

 

MI

 

 

 

240,000

 

474,241

 

None

 

None

 

240,000

 

474,241

 

714,241

 

19,760

 

 

 

12/18/2014

 

300

 

Wayne

 

MI

 

 

 

190,000

 

1,009,116

 

None

 

None

 

190,000

 

1,009,116

 

1,199,116

 

42,047

 

 

 

12/18/2014

 

300

 

Woodhaven

 

MI

 

 

 

170,000

 

1,148,368

 

None

 

None

 

170,000

 

1,148,368

 

1,318,368

 

47,849

 

 

 

12/18/2014

 

300

 

Ham Lake

 

MN

 

 

 

192,610

 

1,930,958

 

None

 

None

 

192,610

 

1,930,958

 

2,123,568

 

853,052

 

7/1/2004

 

10/31/2003

 

300

 

Stillwater

 

MN

 

 

 

656,250

 

1,218,901

 

187,158

 

None

 

656,250

 

1,406,059

 

2,062,309

 

183,914

 

 

 

11/16/2012

 

300

 

Olive Branch

 

MS

 

 

 

350,000

 

1,965,718

 

None

 

None

 

350,000

 

1,965,718

 

2,315,718

 

353,963

 

6/29/2011

 

11/2/2010

 

300

 

Cary

 

NC

 

 

 

610,389

 

1,492,235

 

None

 

None

 

610,389

 

1,492,235

 

2,102,624

 

574,510

 

 

 

5/25/2006

 

300

 

Durham

 

NC

 

 

 

680,969

 

1,323,140

 

None

 

None

 

680,969

 

1,323,140

 

2,004,109

 

509,409

 

 

 

5/25/2006

 

300

 

Wilmington

 

NC

 

 

 

378,813

 

1,150,679

 

None

 

None

 

378,813

 

1,150,679

 

1,529,492

 

480,415

 

7/15/2005

 

12/21/2004

 

300

 

Las Vegas

 

NV

 

 

 

720,000

 

2,710,000

 

None

 

None

 

720,000

 

2,710,000

 

3,430,000

 

146,633

 

 

 

10/22/2013

 

300

 

Bartlett

 

TN

 

 

 

648,526

 

1,960,733

 

None

 

None

 

648,526

 

1,960,733

 

2,609,259

 

866,212

 

8/3/2004

 

10/27/2003

 

300

 

Nashville

 

TN

 

 

 

1,830,000

 

2,634,982

 

None

 

None

 

1,830,000

 

2,634,982

 

4,464,982

 

85,510

 

In-progress

 

9/3/2014

 

300

 

Riverton

 

UT

 

 

 

1,100,000

 

1,576,390

 

None

 

None

 

1,100,000

 

1,576,390

 

2,676,390

 

176,063

 

1/18/2013

 

7/26/2012

 

300

 

Salt Lake City

 

UT

 

 

 

2,900,000

 

1,598,391

 

None

 

None

 

2,900,000

 

1,598,391

 

4,498,391

 

243,316

 

2/17/2012

 

10/11/2011

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automotive parts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Birmingham

 

AL

 

 

 

355,823

 

660,814

 

None

 

None

 

355,823

 

660,814

 

1,016,637

 

80,399

 

 

 

12/7/2012

 

300

 

Flomaton

 

AL

 

 

 

90,000

 

808,163

 

None

 

None

 

90,000

 

808,163

 

898,163

 

84,857

 

 

 

5/1/2013

 

300

 

Harvest

 

AL

 

 

 

744,737

 

1,537,832

 

None

 

None

 

744,737

 

1,537,832

 

2,282,569

 

181,977

 

 

 

1/22/2013

 

300

 

Millbrook

 

AL

 

 

 

108,000

 

518,741

 

174,419

 

None

 

108,000

 

693,160

 

801,160

 

401,038

 

12/10/1998

 

1/21/1999

 

300

 

Montgomery

 

AL

 

 

 

254,465

 

502,350

 

10,819

 

84

 

254,465

 

513,253

 

767,718

 

360,088

 

 

 

6/30/1998

 

300

 

Cabot

 

AR

 

 

 

267,787

 

595,578

 

None

 

None

 

267,787

 

595,578

 

863,365

 

44,668

 

 

 

2/25/2014

 

300

 

San Luis

 

AZ

 

 

 

287,508

 

694,650

 

None

 

None

 

287,508

 

694,650

 

982,158

 

63,676

 

 

 

9/26/2013

 

300

 

Tucson

 

AZ

 

 

 

194,250

 

431,434

 

None

 

None

 

194,250

 

431,434

 

625,684

 

431,434

 

 

 

10/30/1987

 

300

 

Grass Valley

 

CA

 

 

 

325,000

 

384,955

 

None

 

None

 

325,000

 

384,955

 

709,955

 

384,955

 

 

 

5/20/1988

 

300

 

Sacramento

 

CA

 

 

 

210,000

 

466,419

 

None

 

None

 

210,000

 

466,419

 

676,419

 

466,419

 

 

 

11/25/1987

 

300

 

Denver

 

CO

 

 

 

141,400

 

314,056

 

None

 

82

 

141,400

 

314,138

 

455,538

 

314,124

 

 

 

11/18/1987

 

300

 

Denver

 

CO

 

 

 

315,000

 

699,623

 

None

 

161

 

315,000

 

699,784

 

1,014,784

 

699,753

 

 

 

5/16/1988

 

300

 

Littleton

 

CO

 

 

 

252,925

 

561,758

 

None

 

53

 

252,925

 

561,811

 

814,736

 

561,809

 

 

 

2/12/1988

 

300

 

Smyrna

 

DE

 

 

 

232,273

 

472,855

 

15,774

 

None

 

232,273

 

488,629

 

720,902

 

333,818

 

 

 

8/7/1998

 

300

 

Apopka

 

FL

 

 

 

820,000

 

1,115,761

 

None

 

None

 

820,000

 

1,115,761

 

1,935,761

 

113,436

 

 

 

6/21/2013

 

300

 

Deerfield Beach

 

FL

 

 

 

475,000

 

871,738

 

2,420

 

None

 

475,000

 

874,158

 

1,349,158

 

585,644

 

 

 

1/29/1999

 

300

 

Kissimmee

 

FL

 

 

 

1,000,000

 

1,169,792

 

None

 

None

 

1,000,000

 

1,169,792

 

2,169,792

 

118,929

 

 

 

6/21/2013

 

300

 

Kissimmee

 

FL

 

 

 

580,290

 

1,290,608

 

None

 

None

 

580,290

 

1,290,608

 

1,870,898

 

70,983

 

 

 

8/14/2014

 

300

 

Merritt Island

 

FL

 

 

 

309,652

 

482,459

 

38,694

 

21,831

 

309,652

 

542,984

 

852,636

 

394,070

 

 

 

11/26/1996

 

300

 

Atlanta

 

GA

 

 

 

652,551

 

763,360

 

27,163

 

45,249

 

652,551

 

835,772

 

1,488,323

 

542,934

 

 

 

12/18/1998

 

300

 

Byron

 

GA

 

 

 

359,612

 

868,859

 

None

 

None

 

359,612

 

868,859

 

1,228,471

 

82,542

 

 

 

8/5/2013

 

300

 

Council Bluffs

 

IA

 

 

 

194,355

 

431,668

 

None

 

None

 

194,355

 

431,668

 

626,023

 

431,668

 

 

 

5/19/1988

 

300

 

Des Moines

 

IA

 

 

 

441,273

 

981,424

 

None

 

None

 

441,273

 

981,424

 

1,422,697

 

80,150

 

 

 

12/6/2013

 

300

 

 

F-1



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boise

 

ID

 

 

 

158,400

 

351,812

 

None

 

5,428

 

158,400

 

357,240

 

515,640

 

357,240

 

 

 

5/6/1988

 

300

 

Moscow

 

ID

 

 

 

117,250

 

260,417

 

None

 

None

 

117,250

 

260,417

 

377,667

 

260,417

 

 

 

9/14/1987

 

300

 

Chicago

 

IL

 

 

 

760,000

 

1,483,800

 

4,850

 

None

 

760,000

 

1,488,650

 

2,248,650

 

62,280

 

 

 

12/18/2014

 

300

 

Chicago

 

IL

 

 

 

270,000

 

1,639,501

 

56,000

 

None

 

270,000

 

1,695,501

 

1,965,501

 

70,296

 

 

 

12/18/2014

 

300

 

Chicago

 

IL

 

 

 

490,000

 

1,533,006

 

3,425

 

None

 

490,000

 

1,536,431

 

2,026,431

 

64,339

 

 

 

12/18/2014

 

300

 

Joliet

 

IL

 

1,309,100

 

723,567

 

2,571,856

 

None

 

None

 

723,567

 

2,571,856

 

3,295,423

 

304,336

 

 

 

1/22/2013

 

300

 

Brazil

 

IN

 

 

 

183,952

 

453,831

 

26,716

 

None

 

183,952

 

480,547

 

664,499

 

314,083

 

 

 

3/31/1999

 

300

 

Chesterton

 

IN

 

 

 

293,382

 

708,842

 

None

 

None

 

293,382

 

708,842

 

1,002,224

 

64,977

 

 

 

9/27/2013

 

300

 

Griffith

 

IN

 

 

 

343,778

 

830,602

 

None

 

None

 

343,778

 

830,602

 

1,174,380

 

76,139

 

 

 

9/27/2013

 

300

 

Indianapolis

 

IN

 

 

 

243,422

 

541,389

 

16,435

 

None

 

243,422

 

557,824

 

801,246

 

35,611

 

 

 

6/6/2014

 

300

 

Muncie

 

IN

 

 

 

148,901

 

645,660

 

238,611

 

28,327

 

148,901

 

912,598

 

1,061,499

 

632,835

 

 

 

11/26/1996

 

300

 

Plainfield

 

IN

 

 

 

453,645

 

908,485

 

42,619

 

47,025

 

453,645

 

998,129

 

1,451,774

 

679,829

 

 

 

1/30/1998

 

300

 

Princeton

 

IN

 

 

 

134,209

 

560,113

 

11,238

 

None

 

134,209

 

571,351

 

705,560

 

377,150

 

 

 

3/31/1999

 

300

 

Vincennes

 

IN

 

 

 

185,312

 

489,779

 

25,863

 

None

 

185,312

 

515,642

 

700,954

 

334,916

 

 

 

3/31/1999

 

300

 

Kansas City

 

KS

 

 

 

222,000

 

455,881

 

18,738

 

None

 

222,000

 

474,619

 

696,619

 

470,889

 

 

 

5/16/1988

 

300

 

Harrodsburg

 

KY

 

 

 

262,048

 

1,029,125

 

None

 

None

 

262,048

 

1,029,125

 

1,291,173

 

80,615

 

 

 

1/3/2014

 

300

 

Lawrenceburg

 

KY

 

 

 

272,228

 

1,069,102

 

None

 

None

 

272,228

 

1,069,102

 

1,341,330

 

80,183

 

 

 

2/14/2014

 

300

 

Lexington

 

KY

 

 

 

475,041

 

1,056,527

 

None

 

None

 

475,041

 

1,056,527

 

1,531,568

 

22,891

 

4/11/2014

 

6/30/2015

 

300

 

Scottsville

 

KY

 

 

 

503,473

 

1,039,640

 

None

 

None

 

503,473

 

1,039,640

 

1,543,113

 

123,024

 

 

 

1/22/2013

 

300

 

Stanford

 

KY

 

 

 

293,686

 

1,153,374

 

None

 

None

 

293,686

 

1,153,374

 

1,447,060

 

74,969

 

 

 

5/7/2014

 

300

 

Kaplan

 

LA

 

 

 

232,224

 

911,999

 

None

 

None

 

232,224

 

911,999

 

1,144,223

 

68,400

 

 

 

2/14/2014

 

300

 

Lafayette

 

LA

 

 

 

740,444

 

1,528,968

 

None

 

None

 

740,444

 

1,528,968

 

2,269,412

 

180,928

 

 

 

1/22/2013

 

300

 

Lafayette

 

LA

 

 

 

462,043

 

1,027,618

 

None

 

None

 

462,043

 

1,027,618

 

1,489,661

 

73,646

 

 

 

3/31/2014

 

300

 

Slidell

 

LA

 

 

 

629,335

 

1,299,536

 

None

 

None

 

629,335

 

1,299,536

 

1,928,871

 

153,778

 

 

 

1/22/2013

 

300

 

Sulphur

 

LA

 

 

 

290,047

 

700,785

 

3,835

 

None

 

290,047

 

704,620

 

994,667

 

67,302

 

 

 

8/1/2013

 

300

 

West Monroe

 

LA

 

 

 

462,715

 

1,394,603

 

None

 

None

 

462,715

 

1,394,603

 

1,857,318

 

165,028

 

 

 

1/22/2013

 

300

 

Alma

 

MI

 

 

 

155,000

 

600,282

 

13,902

 

None

 

155,000

 

614,184

 

769,184

 

405,185

 

4/29/1999

 

2/10/1999

 

300

 

Alma

 

MI

 

 

 

187,704

 

737,155

 

None

 

None

 

187,704

 

737,155

 

924,859

 

11,057

 

 

 

8/21/2015

 

300

 

Detroit

 

MI

 

 

 

496,691

 

1,104,676

 

None

 

None

 

496,691

 

1,104,676

 

1,601,367

 

82,851

 

 

 

2/6/2014

 

300

 

Flushing

 

MI

 

 

 

367,724

 

817,846

 

None

 

None

 

367,724

 

817,846

 

1,185,570

 

53,160

 

 

 

5/14/2014

 

300

 

Lansing

 

MI

 

 

 

265,000

 

574,931

 

132,237

 

94

 

265,000

 

707,262

 

972,262

 

468,663

 

4/30/1999

 

12/3/1998

 

300

 

Rockford

 

MI

 

 

 

870,632

 

1,726,400

 

None

 

None

 

870,632

 

1,726,400

 

2,597,032

 

204,291

 

 

 

1/22/2013

 

300

 

Roseville

 

MI

 

 

 

558,997

 

1,810,289

 

None

 

None

 

558,997

 

1,810,289

 

2,369,286

 

214,218

 

 

 

1/22/2013

 

300

 

Saginaw

 

MI

 

 

 

948,826

 

1,959,264

 

None

 

None

 

948,826

 

1,959,264

 

2,908,090

 

231,846

 

 

 

1/22/2013

 

300

 

Saginaw

 

MI

 

 

 

859,956

 

1,775,753

 

None

 

None

 

859,956

 

1,775,753

 

2,635,709

 

210,131

 

 

 

1/22/2013

 

300

 

St. Johns

 

MI

 

 

 

201,681

 

792,050

 

None

 

None

 

201,681

 

792,050

 

993,731

 

11,881

 

 

 

8/21/2015

 

300

 

Sturgis

 

MI

 

 

 

109,558

 

550,274

 

10,272

 

94

 

109,558

 

560,640

 

670,198

 

379,558

 

 

 

12/30/1998

 

300

 

Waterford

 

MI

 

 

 

995,991

 

2,056,657

 

53,469

 

None

 

995,991

 

2,110,126

 

3,106,117

 

244,335

 

 

 

1/22/2013

 

300

 

St. Peters

 

MO

 

 

 

469,776

 

1,044,816

 

None

 

None

 

469,776

 

1,044,816

 

1,514,592

 

67,913

 

 

 

5/6/2014

 

300

 

Batesville

 

MS

 

 

 

190,124

 

485,670

 

None

 

173

 

190,124

 

485,843

 

675,967

 

339,320

 

 

 

7/27/1998

 

300

 

Crystal Springs

 

MS

 

 

 

514,234

 

1,061,859

 

None

 

None

 

514,234

 

1,061,859

 

1,576,093

 

125,653

 

 

 

1/22/2013

 

300

 

Horn Lake

 

MS

 

 

 

142,702

 

514,779

 

3,945

 

None

 

142,702

 

518,724

 

661,426

 

362,442

 

 

 

6/30/1998

 

300

 

Richland

 

MS

 

 

 

243,565

 

558,645

 

10,302

 

None

 

243,565

 

568,947

 

812,512

 

363,501

 

 

 

12/21/1999

 

300

 

Vicksburg

 

MS

 

 

 

631,900

 

1,304,832

 

None

 

None

 

631,900

 

1,304,832

 

1,936,732

 

154,405

 

 

 

1/22/2013

 

300

 

Harrisburg

 

NC

 

 

 

680,000

 

813,119

 

None

 

None

 

680,000

 

813,119

 

1,493,119

 

82,667

 

 

 

6/21/2013

 

300

 

Omaha

 

NE

 

 

 

196,000

 

435,321

 

None

 

32

 

196,000

 

435,353

 

631,353

 

435,344

 

 

 

5/26/1988

 

300

 

Omaha

 

NE

 

 

 

199,100

 

412,042

 

None

 

32

 

199,100

 

412,074

 

611,174

 

412,064

 

 

 

5/27/1988

 

300

 

Artesia

 

NM

 

 

 

400,000

 

807,227

 

None

 

None

 

400,000

 

807,227

 

1,207,227

 

82,068

 

 

 

6/21/2013

 

300

 

Las Cruces

 

NM

 

 

 

370,000

 

1,010,676

 

None

 

None

 

370,000

 

1,010,676

 

1,380,676

 

102,752

 

 

 

6/21/2013

 

300

 

Rio Rancho

 

NM

 

 

 

211,577

 

469,923

 

None

 

None

 

211,577

 

469,923

 

681,500

 

469,923

 

 

 

2/26/1988

 

300

 

Santa Fe

 

NM

 

 

 

550,775

 

1,224,964

 

None

 

None

 

550,775

 

1,224,964

 

1,775,739

 

108,205

 

 

 

10/11/2013

 

300

 

Fernley

 

NV

 

 

 

300,000

 

1,027,155

 

None

 

None

 

300,000

 

1,027,155

 

1,327,155

 

104,427

 

 

 

6/21/2013

 

300

 

Las Vegas

 

NV

 

 

 

161,000

 

357,585

 

260,000

 

None

 

161,000

 

617,585

 

778,585

 

556,919

 

 

 

10/29/1987

 

300

 

Dunkirk

 

NY

 

776,933

 

631,375

 

1,303,749

 

None

 

None

 

631,375

 

1,303,749

 

1,935,124

 

154,277

 

 

 

1/22/2013

 

300

 

Akron

 

OH

 

 

 

264,619

 

588,531

 

None

 

None

 

264,619

 

588,531

 

853,150

 

12,752

 

 

 

6/9/2015

 

300

 

Canton

 

OH

 

 

 

396,560

 

597,553

 

None

 

25,452

 

396,560

 

623,005

 

1,019,565

 

424,066

 

 

 

8/14/1998

 

300

 

Centerville

 

OH

 

 

 

601,408

 

758,192

 

9,017

 

38,193

 

601,408

 

805,402

 

1,406,810

 

548,406

 

 

 

6/30/1998

 

300

 

Delaware

 

OH

 

 

 

240,000

 

705,447

 

None

 

None

 

240,000

 

705,447

 

945,447

 

10,582

 

 

 

8/14/2015

 

300

 

Hamilton

 

OH

 

 

 

183,000

 

515,727

 

6,508

 

None

 

183,000

 

522,235

 

705,235

 

347,952

 

4/7/1999

 

12/3/1998

 

300

 

Middlefield

 

OH

 

 

 

258,980

 

1,017,075

 

None

 

None

 

258,980

 

1,017,075

 

1,276,055

 

62,720

 

 

 

6/30/2014

 

300

 

Oberlin

 

OH

 

 

 

212,325

 

1,026,562

 

None

 

None

 

212,325

 

1,026,562

 

1,238,887

 

87,258

 

 

 

11/7/2013

 

300

 

Toledo

 

OH

 

 

 

130,000

 

1,562,052

 

None

 

None

 

130,000

 

1,562,052

 

1,692,052

 

169,222

 

 

 

4/12/2013

 

300

 

Toledo

 

OH

 

 

 

140,000

 

1,059,979

 

None

 

None

 

140,000

 

1,059,979

 

1,199,979

 

114,831

 

 

 

4/12/2013

 

300

 

Waverly

 

OH

 

 

 

176,895

 

694,710

 

None

 

None

 

176,895

 

694,710

 

871,605

 

10,421

 

 

 

8/19/2015

 

300

 

Del City

 

OK

 

 

 

634,664

 

1,178,662

 

None

 

None

 

634,664

 

1,178,662

 

1,813,326

 

143,404

 

 

 

12/7/2012

 

300

 

Oklahoma City

 

OK

 

 

 

602,052

 

1,118,096

 

None

 

None

 

602,052

 

1,118,096

 

1,720,148

 

124,854

 

 

 

3/1/2013

 

300

 

Albany

 

OR

 

 

 

152,250

 

338,153

 

None

 

58

 

152,250

 

338,211

 

490,461

 

338,182

 

 

 

8/24/1987

 

300

 

Beaverton

 

OR

 

 

 

210,000

 

466,419

 

None

 

58

 

210,000

 

466,477

 

676,477

 

466,447

 

 

 

8/26/1987

 

300

 

Portland

 

OR

 

 

 

190,750

 

423,664

 

None

 

58

 

190,750

 

423,722

 

614,472

 

423,692

 

 

 

8/12/1987

 

300

 

Portland

 

OR

 

 

 

147,000

 

326,493

 

None

 

58

 

147,000

 

326,551

 

473,551

 

326,521

 

 

 

8/26/1987

 

300

 

Salem

 

OR

 

 

 

136,500

 

303,170

 

None

 

58

 

136,500

 

303,228

 

439,728

 

303,198

 

 

 

8/20/1987

 

300

 

Butler

 

PA

 

 

 

339,929

 

633,078

 

47,758

 

None

 

339,929

 

680,836

 

1,020,765

 

461,870

 

 

 

8/7/1998

 

300

 

Dover

 

PA

 

 

 

265,112

 

593,341

 

3,962

 

None

 

265,112

 

597,303

 

862,415

 

416,338

 

 

 

6/30/1998

 

300

 

Enola

 

PA

 

 

 

220,228

 

546,026

 

11,416

 

172

 

220,228

 

557,614

 

777,842

 

379,766

 

 

 

11/10/1998

 

300

 

Hanover

 

PA

 

 

 

132,500

 

719,511

 

9,982

 

None

 

132,500

 

729,493

 

861,993

 

474,226

 

7/26/1999

 

5/13/1999

 

300

 

Harrisburg

 

PA

 

 

 

327,781

 

608,291

 

10,681

 

172

 

327,781

 

619,144

 

946,925

 

430,469

 

 

 

6/30/1998

 

300

 

Harrisburg

 

PA

 

 

 

283,417

 

352,473

 

3,100

 

172

 

283,417

 

355,745

 

639,162

 

245,118

 

 

 

9/30/1998

 

300

 

Lancaster

 

PA

 

 

 

199,899

 

774,838

 

27,235

 

None

 

199,899

 

802,073

 

1,001,972

 

556,726

 

 

 

8/14/1998

 

300

 

Lebanon

 

PA

 

 

 

360,751

 

802,338

 

10,935

 

None

 

360,751

 

813,273

 

1,174,024

 

36,219

 

 

 

11/21/2014

 

300

 

New Castle

 

PA

 

 

 

180,009

 

525,774

 

91,802

 

None

 

180,009

 

617,576

 

797,585

 

410,125

 

 

 

6/30/1998

 

300

 

Reading

 

PA

 

 

 

379,000

 

658,722

 

40,054

 

None

 

379,000

 

698,776

 

1,077,776

 

449,470

 

6/9/1999

 

12/4/1998

 

300

 

Guayama

 

PR

 

988,000

 

874,937

 

1,806,689

 

None

 

None

 

874,937

 

1,806,689

 

2,681,626

 

213,792

 

 

 

1/22/2013

 

300

 

Humacao

 

PR

 

1,506,700

 

1,161,891

 

2,399,229

 

None

 

None

 

1,161,891

 

2,399,229

 

3,561,120

 

283,909

 

 

 

1/22/2013

 

300

 

Ponce

 

PR

 

1,803,100

 

1,321,292

 

2,728,382

 

None

 

None

 

1,321,292

 

2,728,382

 

4,049,674

 

322,859

 

 

 

1/22/2013

 

300

 

San Juan

 

PR

 

1,506,700

 

1,158,525

 

2,392,278

 

None

 

None

 

1,158,525

 

2,392,278

 

3,550,803

 

283,086

 

 

 

1/22/2013

 

300

 

Chester

 

SC

 

 

 

132,006

 

518,420

 

None

 

None

 

132,006

 

518,420

 

650,426

 

31,969

 

 

 

6/30/2014

 

300

 

Columbia

 

SC

 

 

 

474,027

 

1,427,348

 

None

 

None

 

474,027

 

1,427,348

 

1,901,375

 

168,903

 

 

 

1/22/2013

 

300

 

York

 

SC

 

 

 

198,409

 

779,197

 

None

 

None

 

198,409

 

779,197

 

977,606

 

48,051

 

 

 

6/30/2014

 

300

 

Arlington

 

TN

 

 

 

381,083

 

707,726

 

None

 

None

 

381,083

 

707,726

 

1,088,809

 

86,107

 

 

 

12/7/2012

 

300

 

Columbia

 

TN

 

 

 

273,120

 

431,716

 

None

 

None

 

273,120

 

431,716

 

704,836

 

285,651

 

 

 

6/30/1999

 

300

 

Decatur

 

TN

 

 

 

180,000

 

880,938

 

None

 

None

 

180,000

 

880,938

 

1,060,938

 

54,325

 

 

 

6/30/2014

 

300

 

Channelview

 

TX

 

 

 

483,804

 

1,168,921

 

None

 

None

 

483,804

 

1,168,921

 

1,652,725

 

111,048

 

 

 

8/14/2013

 

300

 

Dallas

 

TX

 

 

 

562,612

 

1,251,290

 

None

 

None

 

562,612

 

1,251,290

 

1,813,902

 

72,992

 

 

 

7/18/2014

 

300

 

Denton

 

TX

 

 

 

368,635

 

1,047,327

 

None

 

None

 

368,635

 

1,047,327

 

1,415,962

 

89,023

 

 

 

11/15/2013

 

300

 

Edinburg

 

TX

 

 

 

320,000

 

963,916

 

None

 

None

 

320,000

 

963,916

 

1,283,916

 

97,998

 

 

 

6/21/2013

 

300

 

Grand Prairie

 

TX

 

 

 

574,574

 

1,277,896

 

None

 

None

 

574,574

 

1,277,896

 

1,852,470

 

66,025

 

 

 

9/5/2014

 

300

 

Hallettsville

 

TX

 

 

 

237,572

 

932,999

 

None

 

None

 

237,572

 

932,999

 

1,170,571

 

82,415

 

 

 

10/11/2013

 

300

 

Katy

 

TX

 

 

 

558,684

 

1,242,555

 

None

 

None

 

558,684

 

1,242,555

 

1,801,239

 

76,624

 

 

 

6/30/2014

 

300

 

Laredo

 

TX

 

 

 

807,044

 

1,498,795

 

None

 

None

 

807,044

 

1,498,795

 

2,305,839

 

182,353

 

 

 

12/7/2012

 

300

 

Richmond

 

TX

 

 

 

441,254

 

1,253,642

 

None

 

None

 

441,254

 

1,253,642

 

1,694,896

 

110,738

 

 

 

10/24/2013

 

300

 

Roma

 

TX

 

 

 

200,000

 

1,004,538

 

None

 

None

 

200,000

 

1,004,538

 

1,204,538

 

102,128

 

 

 

6/21/2013

 

300

 

San Benito

 

TX

 

 

 

449,015

 

998,643

 

None

 

None

 

449,015

 

998,643

 

1,447,658

 

88,213

 

 

 

10/11/2013

 

300

 

Richmond

 

VA

 

 

 

366,287

 

814,648

 

None

 

None

 

366,287

 

814,648

 

1,180,935

 

17,651

 

 

 

6/25/2015

 

300

 

Bellevue

 

WA

 

 

 

185,500

 

411,997

 

None

 

107

 

185,500

 

412,104

 

597,604

 

412,090

 

 

 

8/6/1987

 

300

 

Bellingham

 

WA

 

 

 

168,000

 

373,133

 

None

 

107

 

168,000

 

373,240

 

541,240

 

373,226

 

 

 

8/20/1987

 

300

 

East Wenatchee

 

WA

 

 

 

148,400

 

329,602

 

None

 

107

 

148,400

 

329,709

 

478,109

 

329,695

 

 

 

8/25/1987

 

300

 

Kenmore

 

WA

 

 

 

199,500

 

443,098

 

None

 

107

 

199,500

 

443,205

 

642,705

 

443,191

 

 

 

8/20/1987

 

300

 

Kent

 

WA

 

 

 

199,500

 

443,091

 

None

 

107

 

199,500

 

443,198

 

642,698

 

443,184

 

 

 

8/6/1987

 

300

 

Moses Lake

 

WA

 

 

 

138,600

 

307,831

 

None

 

107

 

138,600

 

307,938

 

446,538

 

307,924

 

 

 

8/12/1987

 

300

 

Renton

 

WA

 

 

 

185,500

 

412,003

 

None

 

107

 

185,500

 

412,110

 

597,610

 

412,096

 

 

 

9/15/1987

 

300

 

Seattle

 

WA

 

 

 

162,400

 

360,697

 

None

 

107

 

162,400

 

360,804

 

523,204

 

360,790

 

 

 

8/20/1987

 

300

 

 

F-2



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Silverdale

 

WA

 

 

 

183,808

 

419,777

 

None

 

107

 

183,808

 

419,884

 

603,692

 

419,870

 

 

 

9/16/1987

 

300

 

Tacoma

 

WA

 

 

 

191,800

 

425,996

 

None

 

107

 

191,800

 

426,103

 

617,903

 

426,089

 

 

 

8/18/1987

 

300

 

Tacoma

 

WA

 

 

 

196,000

 

435,324

 

None

 

107

 

196,000

 

435,431

 

631,431

 

435,417

 

 

 

10/15/1987

 

300

 

Vancouver

 

WA

 

 

 

180,250

 

400,343

 

None

 

58

 

180,250

 

400,401

 

580,651

 

400,371

 

 

 

8/20/1987

 

300

 

Vancouver

 

WA

 

 

 

168,000

 

373,135

 

None

 

58

 

168,000

 

373,193

 

541,193

 

373,164

 

 

 

5/23/1988

 

300

 

Viroqua

 

WI

 

 

 

130,000

 

751,418

 

None

 

None

 

130,000

 

751,418

 

881,418

 

78,899

 

 

 

5/1/2013

 

300

 

Wausau

 

WI

 

 

 

505,955

 

1,154,268

 

None

 

None

 

505,955

 

1,154,268

 

1,660,223

 

1,924

 

 

 

12/23/2015

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automotive service

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Flagstaff

 

AZ

 

 

 

144,821

 

417,485

 

8,150

 

36

 

144,821

 

425,671

 

570,492

 

295,623

 

4/11/2002

 

8/29/1997

 

300

 

Mesa

 

AZ

 

 

 

210,620

 

475,072

 

None

 

None

 

210,620

 

475,072

 

685,692

 

258,910

 

 

 

5/14/2002

 

300

 

Phoenix

 

AZ

 

 

 

189,341

 

546,984

 

None

 

None

 

189,341

 

546,984

 

736,325

 

298,106

 

 

 

5/14/2002

 

300

 

Phoenix

 

AZ

 

 

 

384,608

 

279,824

 

None

 

None

 

384,608

 

279,824

 

664,432

 

152,502

 

 

 

5/14/2002

 

300

 

Sierra Vista

 

AZ

 

 

 

175,114

 

345,508

 

None

 

None

 

175,114

 

345,508

 

520,622

 

188,300

 

 

 

5/14/2002

 

300

 

Tucson

 

AZ

 

 

 

226,596

 

437,972

 

None

 

None

 

226,596

 

437,972

 

664,568

 

238,693

 

 

 

5/14/2002

 

300

 

Tucson

 

AZ

 

 

 

287,369

 

533,684

 

None

 

None

 

287,369

 

533,684

 

821,053

 

123,637

 

 

 

3/25/2010

 

300

 

Bakersfield

 

CA

 

 

 

65,165

 

206,927

 

None

 

None

 

65,165

 

206,927

 

272,092

 

112,773

 

 

 

5/14/2002

 

300

 

Chula Vista

 

CA

 

 

 

313,293

 

409,654

 

None

 

45

 

313,293

 

409,699

 

722,992

 

321,579

 

5/1/1996

 

1/19/1996

 

300

 

Dublin

 

CA

 

 

 

415,620

 

1,153,928

 

None

 

None

 

415,620

 

1,153,928

 

1,569,548

 

628,889

 

 

 

5/14/2002

 

300

 

Folsom

 

CA

 

 

 

471,813

 

325,610

 

None

 

None

 

471,813

 

325,610

 

797,423

 

177,455

 

 

 

5/14/2002

 

300

 

Indio

 

CA

 

 

 

264,956

 

265,509

 

None

 

None

 

264,956

 

265,509

 

530,465

 

144,700

 

 

 

5/14/2002

 

300

 

Los Angeles

 

CA

 

 

 

580,446

 

158,876

 

None

 

None

 

580,446

 

158,876

 

739,322

 

86,585

 

 

 

5/14/2002

 

300

 

Oxnard

 

CA

 

 

 

186,980

 

198,236

 

None

 

None

 

186,980

 

198,236

 

385,216

 

108,037

 

 

 

5/14/2002

 

300

 

Simi Valley

 

CA

 

 

 

213,920

 

161,012

 

None

 

None

 

213,920

 

161,012

 

374,932

 

87,750

 

 

 

5/14/2002

 

300

 

Stockton

 

CA

 

 

 

1,395,822

 

2,882,282

 

None

 

None

 

1,395,822

 

2,882,282

 

4,278,104

 

341,070

 

 

 

1/22/2013

 

300

 

Vacaville

 

CA

 

 

 

358,067

 

284,931

 

None

 

None

 

358,067

 

284,931

 

642,998

 

155,285

 

 

 

5/14/2002

 

300

 

Aurora

 

CO

 

 

 

231,314

 

430,495

 

None

 

115

 

231,314

 

430,610

 

661,924

 

142,896

 

 

 

9/4/2007

 

300

 

Broomfield

 

CO

 

 

 

154,930

 

503,626

 

None

 

2,564

 

154,930

 

506,190

 

661,120

 

392,009

 

8/22/1996

 

3/15/1996

 

300

 

Denver

 

CO

 

 

 

79,717

 

369,587

 

None

 

79

 

79,717

 

369,666

 

449,383

 

369,647

 

 

 

10/8/1985

 

300

 

Denver

 

CO

 

 

 

239,024

 

444,785

 

None

 

115

 

239,024

 

444,900

 

683,924

 

147,635

 

 

 

9/4/2007

 

300

 

Lakewood

 

CO

 

 

 

70,422

 

132,296

 

None

 

None

 

70,422

 

132,296

 

202,718

 

43,878

 

 

 

9/4/2007

 

300

 

Longmont

 

CO

 

 

 

87,385

 

163,169

 

None

 

115

 

87,385

 

163,284

 

250,669

 

54,232

 

 

 

9/4/2007

 

300

 

Thornton

 

CO

 

 

 

276,084

 

415,464

 

None

 

115

 

276,084

 

415,579

 

691,663

 

315,017

 

12/31/1996

 

10/31/1996

 

300

 

Hartford

 

CT

 

 

 

248,540

 

482,460

 

35,465

 

1,034

 

248,540

 

518,959

 

767,499

 

388,602

 

 

 

9/30/1996

 

300

 

Southington

 

CT

 

 

 

225,882

 

672,910

 

None

 

172

 

225,882

 

673,082

 

898,964

 

499,108

 

 

 

6/6/1997

 

300

 

Vernon

 

CT

 

 

 

81,529

 

300,518

 

None

 

None

 

81,529

 

300,518

 

382,047

 

162,781

 

 

 

6/27/2002

 

300

 

Jacksonville

 

FL

 

 

 

76,585

 

355,066

 

6,980

 

178

 

76,585

 

362,224

 

438,809

 

359,743

 

 

 

12/23/1985

 

300

 

Miami Gardens

 

FL

 

 

 

163,239

 

262,726

 

None

 

None

 

163,239

 

262,726

 

425,965

 

142,310

 

 

 

6/27/2002

 

300

 

Orange City

 

FL

 

 

 

99,613

 

139,008

 

None

 

None

 

99,613

 

139,008

 

238,621

 

75,757

 

 

 

5/14/2002

 

300

 

Atlanta

 

GA

 

 

 

309,474

 

574,737

 

None

 

None

 

309,474

 

574,737

 

884,211

 

133,147

 

 

 

3/25/2010

 

300

 

Bogart

 

GA

 

 

 

66,807

 

309,733

 

None

 

None

 

66,807

 

309,733

 

376,540

 

309,733

 

 

 

12/20/1985

 

300

 

Duluth

 

GA

 

 

 

222,275

 

316,925

 

2,288

 

89

 

222,275

 

319,302

 

541,577

 

228,520

 

10/24/1997

 

6/20/1997

 

300

 

Duluth

 

GA

 

 

 

290,842

 

110,056

 

None

 

None

 

290,842

 

110,056

 

400,898

 

59,978

 

 

 

5/14/2002

 

300

 

Gainesville

 

GA

 

 

 

53,589

 

248,452

 

None

 

None

 

53,589

 

248,452

 

302,041

 

248,452

 

 

 

12/19/1985

 

300

 

Kennesaw

 

GA

 

 

 

266,865

 

139,425

 

None

 

None

 

266,865

 

139,425

 

406,290

 

75,985

 

 

 

5/14/2002

 

300

 

Marietta

 

GA

 

 

 

60,900

 

293,461

 

67,871

 

84

 

60,900

 

361,416

 

422,316

 

326,431

 

 

 

12/26/1985

 

300

 

Marietta

 

GA

 

 

 

69,561

 

346,024

 

None

 

41

 

69,561

 

346,065

 

415,626

 

346,063

 

 

 

6/3/1986

 

300

 

Norcross

 

GA

 

 

 

244,124

 

151,831

 

None

 

None

 

244,124

 

151,831

 

395,955

 

82,746

 

 

 

5/14/2002

 

300

 

Norcross

 

GA

 

 

 

503,773

 

937,121

 

39,032

 

None

 

503,773

 

976,153

 

1,479,926

 

362,344

 

 

 

11/22/2006

 

300

 

Riverdale

 

GA

 

 

 

58,444

 

270,961

 

None

 

None

 

58,444

 

270,961

 

329,405

 

270,961

 

 

 

1/15/1986

 

300

 

Rome

 

GA

 

 

 

56,454

 

261,733

 

None

 

45

 

56,454

 

261,778

 

318,232

 

261,734

 

 

 

12/19/1985

 

300

 

Snellville

 

GA

 

 

 

253,316

 

132,124

 

None

 

None

 

253,316

 

132,124

 

385,440

 

72,006

 

 

 

5/14/2002

 

300

 

Tucker

 

GA

 

 

 

78,646

 

364,625

 

32,603

 

3,258

 

78,646

 

400,486

 

479,132

 

372,954

 

 

 

12/18/1985

 

300

 

Arlington Hts

 

IL

 

 

 

441,437

 

215,983

 

None

 

None

 

441,437

 

215,983

 

657,420

 

117,709

 

 

 

5/14/2002

 

300

 

Chicago

 

IL

 

 

 

329,076

 

255,294

 

None

 

None

 

329,076

 

255,294

 

584,370

 

139,133

 

 

 

5/14/2002

 

300

 

Westchester

 

IL

 

 

 

421,239

 

184,812

 

None

 

None

 

421,239

 

184,812

 

606,051

 

100,721

 

 

 

5/14/2002

 

300

 

Anderson

 

IN

 

 

 

232,170

 

385,661

 

None

 

179

 

232,170

 

385,840

 

618,010

 

278,462

 

 

 

12/19/1997

 

300

 

Indianapolis

 

IN

 

 

 

231,384

 

428,307

 

None

 

130

 

231,384

 

428,437

 

659,821

 

330,639

 

 

 

9/27/1996

 

300

 

Michigan City

 

IN

 

 

 

392,638

 

297,650

 

(3,065

)

None

 

389,573

 

297,650

 

687,223

 

162,218

 

 

 

5/14/2002

 

300

 

Warsaw

 

IN

 

 

 

140,893

 

228,116

 

None

 

None

 

140,893

 

228,116

 

369,009

 

124,322

 

 

 

5/14/2002

 

300

 

Olathe

 

KS

 

 

 

217,995

 

367,055

 

None

 

21

 

217,995

 

367,076

 

585,071

 

273,471

 

4/22/1997

 

11/11/1996

 

300

 

Topeka

 

KS

 

 

 

32,022

 

60,368

 

None

 

None

 

32,022

 

60,368

 

92,390

 

20,022

 

 

 

9/4/2007

 

300

 

Wichita

 

KS

 

 

 

787,377

 

1,463,936

 

78,745

 

70,913

 

787,377

 

1,613,594

 

2,400,971

 

557,232

 

 

 

11/1/2006

 

300

 

Louisville

 

KY

 

 

 

56,054

 

259,881

 

None

 

12

 

56,054

 

259,893

 

315,947

 

259,884

 

 

 

12/17/1985

 

300

 

Newport

 

KY

 

 

 

323,511

 

289,017

 

54,307

 

115

 

323,511

 

343,439

 

666,950

 

234,157

 

 

 

9/17/1997

 

300

 

East Wareham

 

MA

 

 

 

149,680

 

278,669

 

None

 

None

 

149,680

 

278,669

 

428,349

 

151,872

 

 

 

5/14/2002

 

300

 

Fairhaven

 

MA

 

 

 

138,957

 

289,294

 

None

 

None

 

138,957

 

289,294

 

428,251

 

157,663

 

 

 

5/14/2002

 

300

 

Gardner

 

MA

 

 

 

138,990

 

289,361

 

None

 

None

 

138,990

 

289,361

 

428,351

 

157,699

 

 

 

5/14/2002

 

300

 

Hyannis

 

MA

 

 

 

180,653

 

458,522

 

None

 

None

 

180,653

 

458,522

 

639,175

 

248,366

 

 

 

6/27/2002

 

300

 

Lenox

 

MA

 

 

 

287,769

 

535,273

 

None

 

None

 

287,769

 

535,273

 

823,042

 

359,514

 

 

 

3/31/1999

 

300

 

Newburyport

 

MA

 

 

 

274,698

 

466,449

 

None

 

None

 

274,698

 

466,449

 

741,147

 

252,660

 

 

 

6/27/2002

 

300

 

North Reading

 

MA

 

 

 

180,546

 

351,161

 

None

 

None

 

180,546

 

351,161

 

531,707

 

191,380

 

 

 

5/14/2002

 

300

 

Orleans

 

MA

 

 

 

138,212

 

394,065

 

None

 

None

 

138,212

 

394,065

 

532,277

 

214,763

 

 

 

5/14/2002

 

300

 

Teaticket

 

MA

 

 

 

191,302

 

340,539

 

None

 

None

 

191,302

 

340,539

 

531,841

 

185,592

 

 

 

5/14/2002

 

300

 

Aberdeen

 

MD

 

 

 

223,617

 

225,605

 

None

 

None

 

223,617

 

225,605

 

449,222

 

122,203

 

 

 

6/27/2002

 

300

 

Bethesda

 

MD

 

 

 

282,717

 

525,928

 

None

 

None

 

282,717

 

525,928

 

808,645

 

174,433

 

 

 

9/4/2007

 

300

 

Capitol Heights

 

MD

 

 

 

547,173

 

219,979

 

(12,319

)

None

 

534,854

 

219,979

 

754,833

 

119,885

 

 

 

5/14/2002

 

300

 

Clinton

 

MD

 

 

 

70,880

 

328,620

 

11,440

 

None

 

70,880

 

340,060

 

410,940

 

335,007

 

 

 

11/15/1985

 

300

 

Lexington Park

 

MD

 

 

 

111,396

 

335,288

 

(7,600

)

None

 

103,796

 

335,288

 

439,084

 

182,728

 

 

 

5/14/2002

 

300

 

Kalamazoo

 

MI

 

 

 

391,745

 

296,975

 

(2,196

)

None

 

389,549

 

296,975

 

686,524

 

161,850

 

 

 

5/14/2002

 

300

 

Portage

 

MI

 

 

 

402,409

 

286,441

 

(2,112

)

None

 

400,297

 

286,441

 

686,738

 

156,108

 

 

 

5/14/2002

 

300

 

Southfield

 

MI

 

 

 

275,952

 

350,765

 

None

 

None

 

275,952

 

350,765

 

626,717

 

191,165

 

 

 

5/14/2002

 

300

 

Troy

 

MI

 

 

 

214,893

 

199,299

 

None

 

None

 

214,893

 

199,299

 

414,192

 

108,616

 

 

 

5/14/2002

 

300

 

Saint Cloud

 

MN

 

 

 

203,338

 

258,626

 

None

 

None

 

203,338

 

258,626

 

461,964

 

140,089

 

 

 

6/27/2002

 

300

 

Independence

 

MO

 

 

 

297,641

 

233,152

 

4,467

 

3,958

 

297,641

 

241,577

 

539,218

 

180,260

 

 

 

12/20/1996

 

300

 

Asheville

 

NC

 

 

 

441,746

 

242,565

 

None

 

None

 

441,746

 

242,565

 

684,311

 

132,196

 

 

 

5/14/2002

 

300

 

Asheville

 

NC

 

 

 

838,421

 

1,558,792

 

480

 

13,977

 

838,421

 

1,573,249

 

2,411,670

 

569,682

 

 

 

11/1/2006

 

300

 

Concord

 

NC

 

 

 

237,688

 

357,976

 

6,863

 

26

 

237,688

 

364,865

 

602,553

 

250,521

 

 

 

11/5/1997

 

300

 

Durham

 

NC

 

 

 

55,074

 

255,336

 

None

 

647

 

55,074

 

255,983

 

311,057

 

255,983

 

 

 

11/13/1985

 

300

 

Durham

 

NC

 

 

 

354,676

 

361,203

 

67,400

 

12

 

354,676

 

428,615

 

783,291

 

272,434

 

8/29/1997

 

3/31/1997

 

300

 

Fayetteville

 

NC

 

 

 

224,326

 

257,733

 

None

 

131

 

224,326

 

257,864

 

482,190

 

186,081

 

 

 

12/3/1997

 

300

 

Greensboro

 

NC

 

 

 

286,068

 

244,606

 

None

 

None

 

286,068

 

244,606

 

530,674

 

133,302

 

 

 

5/14/2002

 

300

 

Matthews

 

NC

 

 

 

295,580

 

338,472

 

17,484

 

13,514

 

295,580

 

369,470

 

665,050

 

257,073

 

8/28/1998

 

2/27/1998

 

300

 

Pineville

 

NC

 

 

 

254,460

 

355,630

 

None

 

23

 

254,460

 

355,653

 

610,113

 

260,171

 

8/28/1997

 

4/16/1997

 

300

 

Raleigh

 

NC

 

 

 

89,145

 

413,301

 

None

 

None

 

89,145

 

413,301

 

502,446

 

413,301

 

 

 

10/28/1985

 

300

 

Raleigh

 

NC

 

 

 

398,694

 

263,621

 

None

 

None

 

398,694

 

263,621

 

662,315

 

191,969

 

 

 

10/1/1997

 

300

 

Salisbury

 

NC

 

 

 

235,614

 

150,592

 

None

 

None

 

235,614

 

150,592

 

386,206

 

82,071

 

 

 

5/14/2002

 

300

 

Fargo

 

ND

 

 

 

53,973

 

100,262

 

None

 

None

 

53,973

 

100,262

 

154,235

 

33,253

 

 

 

9/4/2007

 

300

 

Lincoln

 

NE

 

 

 

337,138

 

316,958

 

None

 

None

 

337,138

 

316,958

 

654,096

 

172,739

 

 

 

5/14/2002

 

300

 

Scottsbluff

 

NE

 

 

 

33,307

 

63,355

 

None

 

None

 

33,307

 

63,355

 

96,662

 

21,012

 

 

 

9/4/2007

 

300

 

Cherry Hill

 

NJ

 

 

 

463,808

 

862,240

 

None

 

None

 

463,808

 

862,240

 

1,326,048

 

285,976

 

 

 

9/4/2007

 

300

 

Edison

 

NJ

 

 

 

448,936

 

238,773

 

None

 

None

 

448,936

 

238,773

 

687,709

 

130,128

 

 

 

5/14/2002

 

300

 

Glassboro

 

NJ

 

 

 

182,013

 

312,480

 

None

 

None

 

182,013

 

312,480

 

494,493

 

169,260

 

 

 

6/27/2002

 

300

 

Hamilton Square

 

NJ

 

 

 

422,477

 

291,555

 

None

 

None

 

422,477

 

291,555

 

714,032

 

158,894

 

 

 

5/14/2002

 

300

 

Pleasantville

 

NJ

 

 

 

77,105

 

144,693

 

None

 

None

 

77,105

 

144,693

 

221,798

 

47,990

 

 

 

9/4/2007

 

300

 

Randolph

 

NJ

 

 

 

452,629

 

390,163

 

None

 

None

 

452,629

 

390,163

 

842,792

 

212,636

 

 

 

5/14/2002

 

300

 

Trenton

 

NJ

 

 

 

265,238

 

298,167

 

None

 

None

 

265,238

 

298,167

 

563,405

 

162,497

 

 

 

5/14/2002

 

300

 

West Deptford

 

NJ

 

 

 

212,788

 

320,283

 

None

 

None

 

212,788

 

320,283

 

533,071

 

174,551

 

 

 

5/14/2002

 

300

 

Westfield

 

NJ

 

 

 

705,337

 

288,720

 

None

 

None

 

705,337

 

288,720

 

994,057

 

157,348

 

 

 

5/14/2002

 

300

 

Albuquerque

 

NM

 

 

 

231,553

 

430,026

 

None

 

None

 

231,553

 

430,026

 

661,579

 

99,623

 

 

 

3/25/2010

 

300

 

Las Vegas

 

NV

 

 

 

326,879

 

359,101

 

None

 

None

 

326,879

 

359,101

 

685,980

 

195,708

 

 

 

5/14/2002

 

300

 

 

F-3



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Las Vegas

 

NV

 

 

 

316,441

 

369,768

 

None

 

None

 

316,441

 

369,768

 

686,209

 

201,522

 

 

 

5/14/2002

 

300

 

Las Vegas

 

NV

 

 

 

252,169

 

562,715

 

None

 

None

 

252,169

 

562,715

 

814,884

 

306,678

 

 

 

5/14/2002

 

300

 

Las Vegas

 

NV

 

 

 

1,940,015

 

3,624,877

 

None

 

None

 

1,940,015

 

3,624,877

 

5,564,892

 

428,944

 

 

 

1/22/2013

 

300

 

Sparks

 

NV

 

 

 

326,813

 

306,311

 

None

 

None

 

326,813

 

306,311

 

633,124

 

166,937

 

 

 

5/14/2002

 

300

 

Bethpage

 

NY

 

 

 

334,120

 

621,391

 

None

 

None

 

334,120

 

621,391

 

955,511

 

206,094

 

 

 

9/4/2007

 

300

 

Commack

 

NY

 

 

 

400,427

 

744,533

 

None

 

None

 

400,427

 

744,533

 

1,144,960

 

246,937

 

 

 

9/4/2007

 

300

 

East Amherst

 

NY

 

 

 

260,708

 

484,788

 

None

 

None

 

260,708

 

484,788

 

745,496

 

325,608

 

 

 

3/31/1999

 

300

 

East Syracuse

 

NY

 

 

 

250,609

 

466,264

 

None

 

None

 

250,609

 

466,264

 

716,873

 

313,163

 

 

 

3/31/1999

 

300

 

Freeport

 

NY

 

 

 

134,828

 

251,894

 

None

 

None

 

134,828

 

251,894

 

386,722

 

83,545

 

 

 

9/4/2007

 

300

 

Johnson City

 

NY

 

 

 

242,863

 

451,877

 

None

 

None

 

242,863

 

451,877

 

694,740

 

303,499

 

 

 

3/31/1999

 

300

 

Queens Village

 

NY

 

 

 

242,775

 

451,749

 

None

 

None

 

242,775

 

451,749

 

694,524

 

149,830

 

 

 

9/4/2007

 

300

 

Riverhead

 

NY

 

 

 

143,929

 

268,795

 

None

 

None

 

143,929

 

268,795

 

412,724

 

89,150

 

 

 

9/4/2007

 

300

 

Wellsville

 

NY

 

 

 

161,331

 

300,231

 

None

 

None

 

161,331

 

300,231

 

461,562

 

201,647

 

 

 

3/31/1999

 

300

 

West Amherst

 

NY

 

 

 

268,692

 

499,619

 

None

 

None

 

268,692

 

499,619

 

768,311

 

335,569

 

 

 

3/31/1999

 

300

 

Akron

 

OH

 

 

 

139,126

 

460,334

 

4,566

 

411

 

139,126

 

465,311

 

604,437

 

337,024

 

 

 

9/18/1997

 

300

 

Beavercreek

 

OH

 

 

 

205,000

 

492,538

 

None

 

None

 

205,000

 

492,538

 

697,538

 

370,224

 

2/13/1997

 

9/9/1996

 

300

 

Canal Winchester

 

OH

 

 

 

443,751

 

825,491

 

None

 

None

 

443,751

 

825,491

 

1,269,242

 

428,925

 

12/19/2002

 

8/21/2002

 

300

 

Centerville

 

OH

 

 

 

305,000

 

420,448

 

None

 

None

 

305,000

 

420,448

 

725,448

 

327,249

 

7/24/1996

 

6/28/1996

 

300

 

Cincinnati

 

OH

 

 

 

211,185

 

392,210

 

None

 

None

 

211,185

 

392,210

 

603,395

 

190,222

 

 

 

11/3/2003

 

300

 

Cincinnati

 

OH

 

 

 

305,556

 

244,662

 

None

 

None

 

305,556

 

244,662

 

550,218

 

110,505

 

 

 

9/17/2004

 

300

 

Cincinnati

 

OH

 

 

 

589,286

 

160,932

 

None

 

None

 

589,286

 

160,932

 

750,218

 

72,687

 

 

 

9/17/2004

 

300

 

Cincinnati

 

OH

 

 

 

159,375

 

265,842

 

None

 

None

 

159,375

 

265,842

 

425,217

 

120,072

 

 

 

9/17/2004

 

300

 

Cincinnati

 

OH

 

 

 

350,000

 

300,217

 

None

 

None

 

350,000

 

300,217

 

650,217

 

132,596

 

 

 

12/20/2004

 

300

 

Cleveland

 

OH

 

 

 

337,593

 

451,944

 

None

 

None

 

337,593

 

451,944

 

789,537

 

228,232

 

 

 

5/27/2003

 

300

 

Cleveland

 

OH

 

 

 

317,308

 

307,842

 

None

 

None

 

317,308

 

307,842

 

625,150

 

139,042

 

 

 

9/17/2004

 

300

 

Columbus

 

OH

 

 

 

71,098

 

329,627

 

None

 

None

 

71,098

 

329,627

 

400,725

 

329,627

 

 

 

10/2/1985

 

300

 

Columbus

 

OH

 

 

 

75,761

 

351,247

 

None

 

None

 

75,761

 

351,247

 

427,008

 

351,247

 

 

 

10/24/1985

 

300

 

Columbus

 

OH

 

 

 

432,110

 

386,553

 

None

 

None

 

432,110

 

386,553

 

818,663

 

195,208

 

 

 

5/27/2003

 

300

 

Columbus

 

OH

 

 

 

466,696

 

548,133

 

None

 

None

 

466,696

 

548,133

 

1,014,829

 

276,806

 

 

 

5/27/2003

 

300

 

Columbus

 

OH

 

 

 

337,679

 

272,484

 

None

 

None

 

337,679

 

272,484

 

610,163

 

123,072

 

 

 

9/17/2004

 

300

 

Columbus

 

OH

 

 

 

190,000

 

260,162

 

None

 

None

 

190,000

 

260,162

 

450,162

 

117,506

 

 

 

9/17/2004

 

300

 

Columbus

 

OH

 

 

 

371,429

 

278,734

 

None

 

None

 

371,429

 

278,734

 

650,163

 

125,894

 

 

 

9/17/2004

 

300

 

Cuyahoga Falls

 

OH

 

 

 

253,750

 

271,400

 

None

 

None

 

253,750

 

271,400

 

525,150

 

122,582

 

 

 

9/17/2004

 

300

 

Dayton

 

OH

 

 

 

70,000

 

324,538

 

None

 

None

 

70,000

 

324,538

 

394,538

 

324,538

 

 

 

10/31/1985

 

300

 

Dayton

 

OH

 

 

 

349,091

 

251,127

 

None

 

None

 

349,091

 

251,127

 

600,218

 

113,425

 

 

 

9/17/2004

 

300

 

Dublin

 

OH

 

 

 

437,887

 

428,046

 

None

 

None

 

437,887

 

428,046

 

865,933

 

216,162

 

 

 

5/27/2003

 

300

 

Fairfield

 

OH

 

 

 

323,408

 

235,024

 

44,232

 

3,330

 

323,408

 

282,586

 

605,994

 

193,399

 

 

 

9/17/1997

 

300

 

Fairlawn

 

OH

 

 

 

280,000

 

270,150

 

None

 

None

 

280,000

 

270,150

 

550,150

 

122,017

 

 

 

9/17/2004

 

300

 

Findlay

 

OH

 

 

 

283,515

 

397,004

 

None

 

114

 

283,515

 

397,118

 

680,633

 

286,614

 

 

 

12/24/1997

 

300

 

Hamilton

 

OH

 

 

 

252,608

 

413,279

 

None

 

None

 

252,608

 

413,279

 

665,887

 

306,512

 

3/31/1997

 

10/4/1996

 

300

 

Huber Heights

 

OH

 

 

 

282,000

 

449,381

 

None

 

None

 

282,000

 

449,381

 

731,381

 

340,780

 

12/3/1996

 

7/18/1996

 

300

 

Lima

 

OH

 

 

 

241,132

 

114,085

 

None

 

None

 

241,132

 

114,085

 

355,217

 

51,528

 

 

 

9/17/2004

 

300

 

Marion

 

OH

 

 

 

100,000

 

275,162

 

None

 

None

 

100,000

 

275,162

 

375,162

 

121,530

 

 

 

12/20/2004

 

300

 

Mason

 

OH

 

 

 

310,990

 

405,373

 

None

 

None

 

310,990

 

405,373

 

716,363

 

204,713

 

 

 

5/27/2003

 

300

 

Mount Vernon

 

OH

 

 

 

216,115

 

375,357

 

None

 

114

 

216,115

 

375,471

 

591,586

 

270,989

 

 

 

12/30/1997

 

300

 

Norwalk

 

OH

 

 

 

200,205

 

366,000

 

None

 

114

 

200,205

 

366,114

 

566,319

 

264,235

 

 

 

12/19/1997

 

300

 

Parma

 

OH

 

 

 

268,966

 

381,184

 

None

 

None

 

268,966

 

381,184

 

650,150

 

172,168

 

 

 

9/17/2004

 

300

 

Reynoldsburg

 

OH

 

 

 

267,750

 

497,371

 

None

 

None

 

267,750

 

497,371

 

765,121

 

224,646

 

 

 

9/15/2004

 

300

 

Reynoldsburg

 

OH

 

 

 

374,000

 

176,162

 

None

 

None

 

374,000

 

176,162

 

550,162

 

79,566

 

 

 

9/17/2004

 

300

 

Sandusky

 

OH

 

 

 

264,708

 

404,011

 

None

 

114

 

264,708

 

404,125

 

668,833

 

291,671

 

 

 

12/19/1997

 

300

 

Solon

 

OH

 

 

 

794,305

 

222,797

 

None

 

None

 

794,305

 

222,797

 

1,017,102

 

112,513

 

 

 

5/27/2003

 

300

 

Springboro

 

OH

 

 

 

191,911

 

522,902

 

None

 

None

 

191,911

 

522,902

 

714,813

 

392,889

 

 

 

3/7/1997

 

300

 

Springfield

 

OH

 

 

 

320,000

 

280,217

 

None

 

None

 

320,000

 

280,217

 

600,217

 

126,565

 

 

 

9/17/2004

 

300

 

Springfield

 

OH

 

 

 

189,091

 

136,127

 

None

 

None

 

189,091

 

136,127

 

325,218

 

61,483

 

 

 

9/17/2004

 

300

 

Stow

 

OH

 

 

 

310,000

 

415,150

 

None

 

None

 

310,000

 

415,150

 

725,150

 

187,509

 

 

 

9/17/2004

 

300

 

Toledo

 

OH

 

 

 

120,000

 

230,217

 

None

 

None

 

120,000

 

230,217

 

350,217

 

103,981

 

 

 

9/17/2004

 

300

 

Toledo

 

OH

 

 

 

250,000

 

175,217

 

None

 

None

 

250,000

 

175,217

 

425,217

 

79,140

 

 

 

9/17/2004

 

300

 

Toledo

 

OH

 

 

 

320,000

 

280,217

 

None

 

None

 

320,000

 

280,217

 

600,217

 

126,565

 

 

 

9/17/2004

 

300

 

Toledo

 

OH

 

 

 

250,000

 

530,217

 

None

 

None

 

250,000

 

530,217

 

780,217

 

239,481

 

 

 

9/17/2004

 

300

 

West Chester

 

OH

 

 

 

446,449

 

768,644

 

None

 

None

 

446,449

 

768,644

 

1,215,093

 

382,145

 

6/27/2003

 

3/11/2003

 

300

 

Willowick

 

OH

 

 

 

321,347

 

459,774

 

None

 

None

 

321,347

 

459,774

 

781,121

 

368,585

 

 

 

12/22/1995

 

300

 

Zanesville

 

OH

 

 

 

125,000

 

300,162

 

None

 

None

 

125,000

 

300,162

 

425,162

 

135,573

 

 

 

9/17/2004

 

300

 

Midwest City

 

OK

 

 

 

106,312

 

333,551

 

None

 

5

 

106,312

 

333,556

 

439,868

 

231,903

 

8/6/1998

 

8/8/1997

 

300

 

Tulsa

 

OK

 

 

 

133,648

 

249,702

 

None

 

None

 

133,648

 

249,702

 

383,350

 

82,818

 

 

 

9/4/2007

 

300

 

Portland

 

OR

 

 

 

251,499

 

345,952

 

None

 

58

 

251,499

 

346,010

 

597,509

 

183,382

 

 

 

9/26/2002

 

300

 

Salem

 

OR

 

 

 

337,711

 

253,855

 

None

 

58

 

337,711

 

253,913

 

591,624

 

138,377

 

 

 

5/14/2002

 

300

 

Bethel Park

 

PA

 

 

 

299,595

 

331,264

 

None

 

114

 

299,595

 

331,378

 

630,973

 

239,176

 

 

 

12/19/1997

 

300

 

Bethlehem

 

PA

 

 

 

275,328

 

389,067

 

None

 

172

 

275,328

 

389,239

 

664,567

 

280,927

 

 

 

12/19/1997

 

300

 

Bethlehem

 

PA

 

 

 

229,162

 

310,526

 

None

 

172

 

229,162

 

310,698

 

539,860

 

224,237

 

 

 

12/24/1997

 

300

 

Bridgeville

 

PA

 

 

 

275,000

 

375,150

 

None

 

None

 

275,000

 

375,150

 

650,150

 

169,442

 

 

 

9/17/2004

 

300

 

Coraopolis

 

PA

 

 

 

225,000

 

375,150

 

None

 

None

 

225,000

 

375,150

 

600,150

 

169,442

 

 

 

9/17/2004

 

300

 

Harrisburg

 

PA

 

 

 

131,529

 

220,317

 

(2,515

)

None

 

129,014

 

220,317

 

349,331

 

120,069

 

 

 

5/14/2002

 

300

 

Monroeville

 

PA

 

 

 

275,000

 

250,150

 

None

 

None

 

275,000

 

250,150

 

525,150

 

112,984

 

 

 

9/17/2004

 

300

 

North Wales

 

PA

 

 

 

2,813,873

 

4,379,809

 

None

 

None

 

2,813,873

 

4,379,809

 

7,193,682

 

518,277

 

 

 

1/22/2013

 

300

 

Pittsburgh

 

PA

 

 

 

378,715

 

685,374

 

None

 

None

 

378,715

 

685,374

 

1,064,089

 

361,317

 

8/22/2002

 

1/17/2002

 

300

 

Pittsburgh

 

PA

 

 

 

219,938

 

408,466

 

None

 

None

 

219,938

 

408,466

 

628,404

 

198,106

 

 

 

11/3/2003

 

300

 

Pittsburgh

 

PA

 

 

 

175,000

 

300,150

 

None

 

None

 

175,000

 

300,150

 

475,150

 

135,567

 

 

 

9/17/2004

 

300

 

Pittsburgh

 

PA

 

 

 

243,750

 

406,400

 

None

 

None

 

243,750

 

406,400

 

650,150

 

183,557

 

 

 

9/17/2004

 

300

 

Pittsburgh

 

PA

 

 

 

208,333

 

416,817

 

None

 

None

 

208,333

 

416,817

 

625,150

 

188,262

 

 

 

9/17/2004

 

300

 

Pittsburgh

 

PA

 

 

 

121,429

 

303,721

 

None

 

None

 

121,429

 

303,721

 

425,150

 

137,180

 

 

 

9/17/2004

 

300

 

Warminster

 

PA

 

 

 

323,847

 

216,999

 

(3,929

)

None

 

319,918

 

216,999

 

536,917

 

118,261

 

 

 

5/14/2002

 

300

 

Wexford

 

PA

 

 

 

284,375

 

240,775

 

None

 

None

 

284,375

 

240,775

 

525,150

 

108,750

 

 

 

9/17/2004

 

300

 

York

 

PA

 

 

 

249,436

 

347,424

 

None

 

172

 

249,436

 

347,596

 

597,032

 

250,869

 

 

 

12/30/1997

 

300

 

Charleston

 

SC

 

 

 

217,250

 

294,079

 

6,700

 

159

 

217,250

 

300,938

 

518,188

 

218,771

 

7/14/1997

 

3/13/1997

 

300

 

Columbia

 

SC

 

 

 

267,622

 

298,594

 

4,116

 

None

 

267,622

 

302,710

 

570,332

 

212,221

 

3/31/1998

 

11/5/1997

 

300

 

Greenville

 

SC

 

 

 

221,946

 

315,163

 

None

 

None

 

221,946

 

315,163

 

537,109

 

229,515

 

9/5/1997

 

3/31/1997

 

300

 

Lexington

 

SC

 

 

 

241,534

 

342,182

 

None

 

None

 

241,534

 

342,182

 

583,716

 

228,836

 

 

 

9/24/1998

 

300

 

North Charleston

 

SC

 

 

 

174,980

 

341,466

 

14,074

 

153

 

174,980

 

355,693

 

530,673

 

241,609

 

8/6/1998

 

3/12/1998

 

300

 

Sioux Falls

 

SD

 

 

 

48,833

 

91,572

 

None

 

None

 

48,833

 

91,572

 

140,405

 

30,371

 

 

 

9/4/2007

 

300

 

Antioch

 

TN

 

 

 

400,000

 

781,228

 

None

 

None

 

400,000

 

781,228

 

1,181,228

 

24,739

 

 

 

3/24/2015

 

300

 

Brentwood

 

TN

 

 

 

305,546

 

505,728

 

None

 

None

 

305,546

 

505,728

 

811,274

 

363,273

 

3/13/1998

 

5/28/1997

 

300

 

Columbia

 

TN

 

 

 

540,000

 

749,813

 

None

 

None

 

540,000

 

749,813

 

1,289,813

 

23,744

 

 

 

3/24/2015

 

300

 

Gallatin

 

TN

 

 

 

720,000

 

862,737

 

None

 

None

 

720,000

 

862,737

 

1,582,737

 

27,320

 

 

 

3/24/2015

 

300

 

Hendersonville

 

TN

 

 

 

175,764

 

327,096

 

None

 

None

 

175,764

 

327,096

 

502,860

 

169,545

 

 

 

1/21/2003

 

300

 

Hendersonville

 

TN

 

 

 

680,000

 

972,437

 

None

 

None

 

680,000

 

972,437

 

1,652,437

 

30,794

 

 

 

3/24/2015

 

300

 

Hermitage

 

TN

 

 

 

204,296

 

172,695

 

None

 

None

 

204,296

 

172,695

 

376,991

 

94,117

 

 

 

5/14/2002

 

300

 

Hermitage

 

TN

 

 

 

480,000

 

789,017

 

None

 

None

 

480,000

 

789,017

 

1,269,017

 

24,986

 

 

 

3/24/2015

 

300

 

Madison

 

TN

 

 

 

175,769

 

327,068

 

None

 

None

 

175,769

 

327,068

 

502,837

 

169,530

 

 

 

1/21/2003

 

300

 

Memphis

 

TN

 

 

 

108,094

 

217,079

 

None

 

None

 

108,094

 

217,079

 

325,173

 

118,305

 

 

 

5/14/2002

 

300

 

Memphis

 

TN

 

 

 

214,110

 

193,591

 

None

 

None

 

214,110

 

193,591

 

407,701

 

105,504

 

 

 

5/14/2002

 

300

 

Memphis

 

TN

 

 

 

215,017

 

216,794

 

None

 

None

 

215,017

 

216,794

 

431,811

 

117,430

 

 

 

6/27/2002

 

300

 

Mount Juliet

 

TN

 

 

 

540,000

 

929,909

 

None

 

None

 

540,000

 

929,909

 

1,469,909

 

29,447

 

 

 

3/24/2015

 

300

 

Murfreesboro

 

TN

 

 

 

150,411

 

215,528

 

None

 

None

 

150,411

 

215,528

 

365,939

 

117,461

 

 

 

5/14/2002

 

300

 

Murfreesboro

 

TN

 

 

 

563,164

 

814,275

 

None

 

None

 

563,164

 

814,275

 

1,377,439

 

25,785

 

 

 

3/24/2015

 

300

 

Murfreesboro

 

TN

 

 

 

550,000

 

851,709

 

None

 

None

 

550,000

 

851,709

 

1,401,709

 

26,971

 

 

 

3/24/2015

 

300

 

Nashville

 

TN

 

 

 

342,960

 

227,440

 

None

 

None

 

342,960

 

227,440

 

570,400

 

166,360

 

 

 

9/17/1997

 

300

 

Nashville

 

TN

 

 

 

600,000

 

752,612

 

None

 

None

 

600,000

 

752,612

 

1,352,612

 

23,833

 

 

 

3/24/2015

 

300

 

Nashville

 

TN

 

 

 

510,210

 

792,902

 

None

 

None

 

510,210

 

792,902

 

1,303,112

 

25,109

 

 

 

3/24/2015

 

300

 

Nashville

 

TN

 

 

 

568,793

 

822,413

 

None

 

None

 

568,793

 

822,413

 

1,391,206

 

26,043

 

 

 

3/24/2015

 

300

 

Smyrna

 

TN

 

 

 

560,000

 

874,142

 

None

 

None

 

560,000

 

874,142

 

1,434,142

 

27,681

 

 

 

3/24/2015

 

300

 

Carrollton

 

TX

 

 

 

174,284

 

98,623

 

None

 

None

 

174,284

 

98,623

 

272,907

 

53,748

 

 

 

5/14/2002

 

300

 

 

F-4



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carrollton

 

TX

 

 

 

177,041

 

199,088

 

None

 

None

 

177,041

 

199,088

 

376,129

 

108,501

 

 

 

5/14/2002

 

300

 

Dallas

 

TX

 

 

 

234,604

 

325,951

 

12,719

 

15,373

 

234,604

 

354,043

 

588,647

 

263,023

 

8/9/1996

 

2/19/1996

 

300

 

Fort Worth

 

TX

 

 

 

83,530

 

111,960

 

None

 

None

 

83,530

 

111,960

 

195,490

 

61,017

 

 

 

5/14/2002

 

300

 

Houston

 

TX

 

 

 

285,000

 

369,697

 

None

 

234

 

285,000

 

369,931

 

654,931

 

269,406

 

8/8/1997

 

8/8/1997

 

300

 

Humble

 

TX

 

 

 

257,169

 

325,652

 

None

 

None

 

257,169

 

325,652

 

582,821

 

177,478

 

 

 

5/14/2002

 

300

 

Lake Jackson

 

TX

 

 

 

197,170

 

256,376

 

None

 

None

 

197,170

 

256,376

 

453,546

 

139,723

 

 

 

5/14/2002

 

300

 

Lewisville

 

TX

 

 

 

199,942

 

324,736

 

None

 

149

 

199,942

 

324,885

 

524,827

 

251,819

 

8/2/1996

 

2/14/1996

 

300

 

Lewisville

 

TX

 

 

 

130,238

 

207,683

 

None

 

None

 

130,238

 

207,683

 

337,921

 

112,495

 

 

 

6/27/2002

 

300

 

Waco

 

TX

 

 

 

232,105

 

431,053

 

None

 

None

 

232,105

 

431,053

 

663,158

 

99,861

 

 

 

3/25/2010

 

300

 

Wylie

 

TX

 

 

 

252,000

 

468,000

 

None

 

None

 

252,000

 

468,000

 

720,000

 

108,420

 

 

 

3/25/2010

 

300

 

American Fork

 

UT

 

 

 

849,848

 

2,561,827

 

None

 

None

 

849,848

 

2,561,827

 

3,411,675

 

234,834

 

 

 

9/26/2013

 

300

 

Layton

 

UT

 

 

 

390,000

 

1,575,711

 

None

 

None

 

390,000

 

1,575,711

 

1,965,711

 

65,655

 

 

 

12/16/2014

 

300

 

Park City

 

UT

 

 

 

780,000

 

1,082,808

 

None

 

None

 

780,000

 

1,082,808

 

1,862,808

 

45,117

 

 

 

12/16/2014

 

300

 

South Jordan

 

UT

 

 

 

1,620,150

 

1,879,850

 

None

 

None

 

1,620,150

 

1,879,850

 

3,500,000

 

166,053

 

 

 

10/15/2013

 

300

 

Richmond

 

VA

 

 

 

403,549

 

876,981

 

None

 

None

 

403,549

 

876,981

 

1,280,530

 

418,429

 

7/8/2004

 

10/17/2002

 

300

 

Roanoke

 

VA

 

 

 

349,628

 

322,545

 

None

 

153

 

349,628

 

322,698

 

672,326

 

232,923

 

 

 

12/19/1997

 

300

 

Warrenton

 

VA

 

 

 

186,723

 

241,173

 

None

 

None

 

186,723

 

241,173

 

427,896

 

131,436

 

 

 

5/14/2002

 

300

 

Bremerton

 

WA

 

 

 

261,172

 

373,080

 

None

 

2,621

 

261,172

 

375,701

 

636,873

 

287,183

 

3/19/1997

 

7/24/1996

 

300

 

Tacoma

 

WA

 

 

 

109,127

 

202,691

 

None

 

None

 

109,127

 

202,691

 

311,818

 

67,226

 

 

 

9/4/2007

 

300

 

Milwaukee

 

WI

 

 

 

173,005

 

499,244

 

None

 

None

 

173,005

 

499,244

 

672,249

 

400,227

 

 

 

12/22/1995

 

300

 

Milwaukee

 

WI

 

 

 

152,509

 

475,480

 

None

 

197

 

152,509

 

475,677

 

628,186

 

367,109

 

 

 

9/27/1996

 

300

 

Mount Pleasant

 

WI

 

 

 

184,002

 

114,167

 

None

 

None

 

184,002

 

114,167

 

298,169

 

62,219

 

 

 

5/14/2002

 

300

 

New Berlin

 

WI

 

 

 

188,491

 

466,268

 

55,866

 

507

 

188,491

 

522,641

 

711,132

 

375,871

 

 

 

12/22/1995

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automotive tire services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Athens

 

AL

 

 

 

760,031

 

1,413,494

 

None

 

None

 

760,031

 

1,413,494

 

2,173,525

 

515,921

 

 

 

11/22/2006

 

300

 

Auburn

 

AL

 

 

 

660,210

 

1,228,112

 

None

 

None

 

660,210

 

1,228,112

 

1,888,322

 

448,257

 

 

 

11/22/2006

 

300

 

Birmingham

 

AL

 

 

 

635,111

 

1,180,909

 

None

 

None

 

635,111

 

1,180,909

 

1,816,020

 

431,028

 

 

 

11/22/2006

 

300

 

Birmingham

 

AL

 

 

 

620,270

 

1,153,493

 

None

 

None

 

620,270

 

1,153,493

 

1,773,763

 

421,021

 

 

 

11/22/2006

 

300

 

Daphne

 

AL

 

 

 

876,139

 

1,629,123

 

None

 

None

 

876,139

 

1,629,123

 

2,505,262

 

594,626

 

 

 

11/22/2006

 

300

 

Decatur

 

AL

 

 

 

635,111

 

1,181,499

 

None

 

None

 

635,111

 

1,181,499

 

1,816,610

 

431,243

 

 

 

11/22/2006

 

300

 

Dothan

 

AL

 

 

 

455,651

 

565,343

 

None

 

None

 

455,651

 

565,343

 

1,020,994

 

161,682

 

10/17/2008

 

6/10/2008

 

300

 

Foley

 

AL

 

 

 

870,031

 

1,617,357

 

None

 

None

 

870,031

 

1,617,357

 

2,487,388

 

590,331

 

 

 

11/22/2006

 

300

 

Gardendale

 

AL

 

 

 

610,055

 

1,134,554

 

None

 

None

 

610,055

 

1,134,554

 

1,744,609

 

413,699

 

 

 

11/22/2006

 

300

 

Hoover

 

AL

 

 

 

504,396

 

938,299

 

None

 

None

 

504,396

 

938,299

 

1,442,695

 

342,475

 

 

 

11/22/2006

 

300

 

Huntsville

 

AL

 

 

 

499,843

 

929,863

 

None

 

None

 

499,843

 

929,863

 

1,429,706

 

339,396

 

 

 

11/22/2006

 

300

 

Huntsville

 

AL

 

 

 

635,111

 

1,181,499

 

None

 

None

 

635,111

 

1,181,499

 

1,816,610

 

431,243

 

 

 

11/22/2006

 

300

 

Madison

 

AL

 

 

 

635,111

 

1,181,532

 

None

 

None

 

635,111

 

1,181,532

 

1,816,643

 

431,255

 

 

 

11/22/2006

 

300

 

Mobile

 

AL

 

 

 

635,111

 

1,181,499

 

None

 

None

 

635,111

 

1,181,499

 

1,816,610

 

431,243

 

 

 

11/22/2006

 

300

 

Mobile

 

AL

 

 

 

525,750

 

977,810

 

None

 

None

 

525,750

 

977,810

 

1,503,560

 

356,897

 

 

 

11/22/2006

 

300

 

Montgomery

 

AL

 

 

 

544,181

 

654,046

 

None

 

None

 

544,181

 

654,046

 

1,198,227

 

197,947

 

 

 

1/24/2008

 

300

 

Orange Beach

 

AL

 

 

 

630,244

 

1,172,036

 

None

 

None

 

630,244

 

1,172,036

 

1,802,280

 

427,789

 

 

 

11/22/2006

 

300

 

Pelham

 

AL

 

 

 

635,111

 

1,180,909

 

None

 

None

 

635,111

 

1,180,909

 

1,816,020

 

431,028

 

 

 

11/22/2006

 

300

 

Phenix City

 

AL

 

 

 

630,244

 

1,172,024

 

None

 

None

 

630,244

 

1,172,024

 

1,802,268

 

427,785

 

 

 

11/22/2006

 

300

 

Benton

 

AR

 

1,291,458

 

976,474

 

2,016,354

 

None

 

None

 

976,474

 

2,016,354

 

2,992,828

 

238,602

 

 

 

1/22/2013

 

300

 

Tucson

 

AZ

 

 

 

178,297

 

396,004

 

None

 

None

 

178,297

 

396,004

 

574,301

 

396,004

 

 

 

1/19/1990

 

300

 

Arvada

 

CO

 

 

 

301,489

 

931,092

 

None

 

None

 

301,489

 

931,092

 

1,232,581

 

563,348

 

9/22/2000

 

11/18/1999

 

300

 

Aurora

 

CO

 

 

 

221,691

 

492,382

 

None

 

None

 

221,691

 

492,382

 

714,073

 

492,382

 

 

 

1/29/1990

 

300

 

Aurora

 

CO

 

 

 

353,283

 

1,135,051

 

None

 

None

 

353,283

 

1,135,051

 

1,488,334

 

671,609

 

1/3/2001

 

3/10/2000

 

300

 

Colorado Springs

 

CO

 

 

 

280,193

 

622,317

 

None

 

None

 

280,193

 

622,317

 

902,510

 

622,317

 

 

 

1/23/1990

 

300

 

Colorado Springs

 

CO

 

 

 

192,988

 

433,542

 

None

 

None

 

192,988

 

433,542

 

626,530

 

399,551

 

 

 

5/20/1993

 

300

 

Denver

 

CO

 

 

 

688,292

 

1,331,224

 

None

 

None

 

688,292

 

1,331,224

 

2,019,516

 

692,011

 

1/10/2003

 

5/30/2002

 

300

 

Grand Junction

 

CO

 

1,378,927

 

1,121,415

 

2,315,649

 

None

 

None

 

1,121,415

 

2,315,649

 

3,437,064

 

274,019

 

 

 

1/22/2013

 

300

 

Westminster

 

CO

 

 

 

526,620

 

1,099,523

 

None

 

None

 

526,620

 

1,099,523

 

1,626,143

 

650,586

 

1/12/2001

 

1/18/2000

 

300

 

Destin

 

FL

 

 

 

1,034,411

 

1,922,591

 

None

 

None

 

1,034,411

 

1,922,591

 

2,957,002

 

701,742

 

 

 

11/22/2006

 

300

 

Fort Walton Beach

 

FL

 

 

 

635,111

 

1,181,032

 

None

 

None

 

635,111

 

1,181,032

 

1,816,143

 

431,073

 

 

 

11/22/2006

 

300

 

Fort Walton Beach

 

FL

 

 

 

635,111

 

1,181,032

 

None

 

None

 

635,111

 

1,181,032

 

1,816,143

 

431,073

 

 

 

11/22/2006

 

300

 

Lakeland

 

FL

 

 

 

500,000

 

645,402

 

None

 

None

 

500,000

 

645,402

 

1,145,402

 

446,591

 

6/4/1998

 

12/31/1997

 

300

 

Middleburg

 

FL

 

 

 

1,167,247

 

2,410,289

 

5,843

 

None

 

1,167,247

 

2,416,132

 

3,583,379

 

287,640

 

 

 

1/22/2013

 

300

 

Milton

 

FL

 

 

 

635,111

 

1,181,145

 

None

 

None

 

635,111

 

1,181,145

 

1,816,256

 

431,114

 

 

 

11/22/2006

 

300

 

Niceville

 

FL

 

 

 

920,803

 

1,711,621

 

None

 

None

 

920,803

 

1,711,621

 

2,632,424

 

624,738

 

 

 

11/22/2006

 

300

 

Orlando

 

FL

 

 

 

635,111

 

1,181,076

 

None

 

None

 

635,111

 

1,181,076

 

1,816,187

 

431,089

 

 

 

11/22/2006

 

300

 

Orlando

 

FL

 

 

 

630,244

 

1,172,023

 

None

 

None

 

630,244

 

1,172,023

 

1,802,267

 

427,785

 

 

 

11/22/2006

 

300

 

Oviedo

 

FL

 

 

 

971,996

 

1,806,780

 

None

 

None

 

971,996

 

1,806,780

 

2,778,776

 

659,471

 

 

 

11/22/2006

 

300

 

Pace

 

FL

 

 

 

630,244

 

1,171,993

 

None

 

None

 

630,244

 

1,171,993

 

1,802,237

 

427,774

 

 

 

11/22/2006

 

300

 

Panama City

 

FL

 

 

 

635,111

 

1,181,076

 

None

 

None

 

635,111

 

1,181,076

 

1,816,187

 

431,089

 

 

 

11/22/2006

 

300

 

Pensacola

 

FL

 

 

 

635,111

 

1,181,063

 

None

 

None

 

635,111

 

1,181,063

 

1,816,174

 

431,084

 

 

 

11/22/2006

 

300

 

Pensacola

 

FL

 

 

 

588,305

 

1,094,130

 

None

 

None

 

588,305

 

1,094,130

 

1,682,435

 

399,354

 

 

 

11/22/2006

 

300

 

Saint Cloud

 

FL

 

 

 

525,207

 

976,968

 

None

 

None

 

525,207

 

976,968

 

1,502,175

 

356,589

 

 

 

11/22/2006

 

300

 

Sanford

 

FL

 

 

 

630,244

 

1,172,023

 

None

 

None

 

630,244

 

1,172,023

 

1,802,267

 

427,785

 

 

 

11/22/2006

 

300

 

Tallahassee

 

FL

 

 

 

419,902

 

781,405

 

None

 

None

 

419,902

 

781,405

 

1,201,307

 

285,208

 

 

 

11/22/2006

 

300

 

Tallahassee

 

FL

 

 

 

611,916

 

1,137,986

 

None

 

None

 

611,916

 

1,137,986

 

1,749,902

 

415,361

 

 

 

11/22/2006

 

300

 

Tampa

 

FL

 

 

 

427,395

 

472,030

 

None

 

None

 

427,395

 

472,030

 

899,425

 

326,647

 

6/10/1998

 

12/5/1997

 

300

 

Union Park

 

FL

 

 

 

1,004,103

 

1,866,287

 

None

 

None

 

1,004,103

 

1,866,287

 

2,870,390

 

681,191

 

 

 

11/22/2006

 

300

 

Alpharetta

 

GA

 

 

 

630,244

 

1,171,870

 

None

 

None

 

630,244

 

1,171,870

 

1,802,114

 

427,729

 

 

 

11/22/2006

 

300

 

Atlanta

 

GA

 

 

 

55,840

 

258,889

 

16,005

 

14,141

 

55,840

 

289,035

 

344,875

 

276,203

 

 

 

11/27/1985

 

300

 

Canton

 

GA

 

 

 

1,010,000

 

1,352,903

 

None

 

None

 

1,010,000

 

1,352,903

 

2,362,903

 

83,429

 

 

 

6/30/2014

 

300

 

Columbus

 

GA

 

 

 

630,244

 

1,171,988

 

None

 

None

 

630,244

 

1,171,988

 

1,802,232

 

427,772

 

 

 

11/22/2006

 

300

 

Conyers

 

GA

 

 

 

531,935

 

1,180,296

 

None

 

None

 

531,935

 

1,180,296

 

1,712,231

 

646,881

 

3/28/2002

 

11/13/2001

 

300

 

Conyers

 

GA

 

 

 

635,111

 

1,181,027

 

None

 

None

 

635,111

 

1,181,027

 

1,816,138

 

431,071

 

 

 

11/22/2006

 

300

 

Douglasville

 

GA

 

 

 

795,842

 

1,643,361

 

None

 

None

 

795,842

 

1,643,361

 

2,439,203

 

194,464

 

 

 

1/22/2013

 

300

 

Duluth

 

GA

 

 

 

638,509

 

1,186,594

 

None

 

None

 

638,509

 

1,186,594

 

1,825,103

 

575,494

 

 

 

11/29/2003

 

300

 

Hiram

 

GA

 

 

 

635,111

 

1,181,017

 

None

 

None

 

635,111

 

1,181,017

 

1,816,128

 

431,067

 

 

 

11/22/2006

 

300

 

Kennesaw

 

GA

 

 

 

519,903

 

967,180

 

None

 

None

 

519,903

 

967,180

 

1,487,083

 

353,017

 

 

 

11/22/2006

 

300

 

Kennesaw

 

GA

 

 

 

659,964

 

1,827,997

 

None

 

None

 

659,964

 

1,827,997

 

2,487,961

 

216,313

 

 

 

1/22/2013

 

300

 

Lawrenceville

 

GA

 

 

 

635,111

 

1,181,137

 

None

 

None

 

635,111

 

1,181,137

 

1,816,248

 

431,111

 

 

 

11/22/2006

 

300

 

Lilburn

 

GA

 

 

 

994,894

 

1,807,565

 

None

 

None

 

994,894

 

1,807,565

 

2,802,459

 

213,895

 

 

 

1/22/2013

 

300

 

Marietta

 

GA

 

 

 

500,293

 

930,657

 

None

 

None

 

500,293

 

930,657

 

1,430,950

 

339,686

 

 

 

11/22/2006

 

300

 

McDonough

 

GA

 

 

 

635,111

 

1,181,032

 

None

 

None

 

635,111

 

1,181,032

 

1,816,143

 

431,073

 

 

 

11/22/2006

 

300

 

McDonough

 

GA

 

 

 

910,000

 

1,400,696

 

None

 

None

 

910,000

 

1,400,696

 

2,310,696

 

86,376

 

 

 

6/30/2014

 

300

 

Peachtree City

 

GA

 

 

 

625,316

 

1,162,827

 

None

 

None

 

625,316

 

1,162,827

 

1,788,143

 

424,428

 

 

 

11/22/2006

 

300

 

Roswell

 

GA

 

 

 

515,617

 

959,138

 

None

 

None

 

515,617

 

959,138

 

1,474,755

 

350,081

 

 

 

11/22/2006

 

300

 

Sandy Springs

 

GA

 

 

 

586,211

 

1,090,241

 

None

 

None

 

586,211

 

1,090,241

 

1,676,452

 

397,934

 

 

 

11/22/2006

 

300

 

Stockbridge

 

GA

 

 

 

632,128

 

1,175,478

 

None

 

None

 

632,128

 

1,175,478

 

1,807,606

 

429,045

 

 

 

11/22/2006

 

300

 

Aurora

 

IL

 

 

 

513,204

 

953,885

 

None

 

None

 

513,204

 

953,885

 

1,467,089

 

462,630

 

 

 

11/29/2003

 

300

 

Joliet

 

IL

 

 

 

452,267

 

840,716

 

None

 

None

 

452,267

 

840,716

 

1,292,983

 

407,743

 

 

 

11/29/2003

 

300

 

Lombard

 

IL

 

 

 

428,170

 

795,965

 

None

 

2,000

 

428,170

 

797,965

 

1,226,135

 

387,215

 

 

 

11/29/2003

 

300

 

Niles

 

IL

 

 

 

366,969

 

682,306

 

None

 

None

 

366,969

 

682,306

 

1,049,275

 

330,914

 

 

 

11/29/2003

 

300

 

Orland Park

 

IL

 

 

 

663,087

 

1,232,240

 

None

 

None

 

663,087

 

1,232,240

 

1,895,327

 

597,632

 

 

 

11/29/2003

 

300

 

Round Lake Beach

 

IL

 

 

 

472,132

 

236,585

 

None

 

None

 

472,132

 

236,585

 

708,717

 

128,937

 

 

 

5/14/2002

 

300

 

Vernon Hills

 

IL

 

 

 

524,948

 

975,668

 

None

 

None

 

524,948

 

975,668

 

1,500,616

 

473,195

 

 

 

11/29/2003

 

300

 

West Dundee

 

IL

 

 

 

530,835

 

986,628

 

None

 

None

 

530,835

 

986,628

 

1,517,463

 

478,510

 

 

 

11/29/2003

 

300

 

Overland Park

 

KS

 

 

 

1,101,841

 

2,047,067

 

None

 

None

 

1,101,841

 

2,047,067

 

3,148,908

 

992,823

 

 

 

11/29/2003

 

300

 

Wichita

 

KS

 

1,224,570

 

935,607

 

1,989,962

 

3,150

 

None

 

935,607

 

1,993,112

 

2,928,719

 

235,485

 

 

 

1/22/2013

 

300

 

Winchester

 

KY

 

 

 

355,474

 

929,177

 

20,045

 

22,464

 

355,474

 

971,686

 

1,327,160

 

666,602

 

 

 

6/30/1998

 

300

 

Baton Rouge

 

LA

 

1,440,670

 

1,158,316

 

2,391,847

 

None

 

None

 

1,158,316

 

2,391,847

 

3,550,163

 

283,035

 

 

 

1/22/2013

 

300

 

Allston

 

MA

 

 

 

576,505

 

1,071,520

 

None

 

None

 

576,505

 

1,071,520

 

1,648,025

 

519,682

 

 

 

11/29/2003

 

300

 

Billerica

 

MA

 

 

 

399,043

 

462,240

 

None

 

172

 

399,043

 

462,412

 

861,455

 

345,955

 

 

 

4/2/1997

 

300

 

Shrewsbury

 

MA

 

 

 

721,065

 

1,339,913

 

None

 

None

 

721,065

 

1,339,913

 

2,060,978

 

649,854

 

 

 

11/29/2003

 

300

 

Waltham

 

MA

 

 

 

338,955

 

630,279

 

None

 

None

 

338,955

 

630,279

 

969,234

 

305,681

 

 

 

11/29/2003

 

300

 

Weymouth

 

MA

 

 

 

752,234

 

1,397,799

 

None

 

None

 

752,234

 

1,397,799

 

2,150,033

 

677,928

 

 

 

11/29/2003

 

300

 

 

F-5



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Woburn

 

MA

 

 

 

676,968

 

1,258,018

 

None

 

None

 

676,968

 

1,258,018

 

1,934,986

 

610,134

 

 

 

11/29/2003

 

300

 

Annapolis

 

MD

 

 

 

780,806

 

1,450,860

 

None

 

None

 

780,806

 

1,450,860

 

2,231,666

 

703,663

 

 

 

11/29/2003

 

300

 

Bowie

 

MD

 

 

 

734,558

 

1,364,970

 

None

 

None

 

734,558

 

1,364,970

 

2,099,528

 

662,006

 

 

 

11/29/2003

 

300

 

Capitol Heights

 

MD

 

 

 

701,705

 

1,303,958

 

None

 

None

 

701,705

 

1,303,958

 

2,005,663

 

632,415

 

 

 

11/29/2003

 

300

 

Germantown

 

MD

 

 

 

808,296

 

1,501,913

 

None

 

None

 

808,296

 

1,501,913

 

2,310,209

 

728,424

 

 

 

11/29/2003

 

300

 

Waldorf

 

MD

 

 

 

427,033

 

793,854

 

None

 

None

 

427,033

 

793,854

 

1,220,887

 

385,015

 

 

 

11/29/2003

 

300

 

Eagan

 

MN

 

 

 

902,443

 

845,536

 

None

 

None

 

902,443

 

845,536

 

1,747,979

 

587,673

 

6/19/1998

 

2/20/1998

 

300

 

Grandview

 

MO

 

 

 

347,150

 

711,024

 

None

 

None

 

347,150

 

711,024

 

1,058,174

 

491,825

 

8/20/1998

 

2/20/1998

 

300

 

Independence

 

MO

 

 

 

721,020

 

1,339,829

 

None

 

None

 

721,020

 

1,339,829

 

2,060,849

 

649,813

 

 

 

11/29/2003

 

300

 

Lake Saint Louis

 

MO

 

 

 

1,222,303

 

2,019,908

 

None

 

None

 

1,222,303

 

2,019,908

 

3,242,211

 

239,022

 

 

 

1/22/2013

 

300

 

St. Louis

 

MO

 

 

 

386,112

 

717,856

 

None

 

None

 

386,112

 

717,856

 

1,103,968

 

348,156

 

 

 

11/29/2003

 

300

 

Charlotte

 

NC

 

 

 

508,100

 

457,295

 

None

 

None

 

508,100

 

457,295

 

965,395

 

230,934

 

 

 

5/27/2003

 

300

 

Charlotte

 

NC

 

 

 

181,662

 

338,164

 

None

 

None

 

181,662

 

338,164

 

519,826

 

164,006

 

 

 

11/29/2003

 

300

 

Clemmons

 

NC

 

 

 

630,000

 

1,100,160

 

None

 

None

 

630,000

 

1,100,160

 

1,730,160

 

357,552

 

 

 

11/9/2007

 

300

 

Jamestown

 

NC

 

 

 

650,000

 

857,823

 

None

 

None

 

650,000

 

857,823

 

1,507,823

 

278,792

 

 

 

11/9/2007

 

300

 

Matthews

 

NC

 

 

 

489,063

 

909,052

 

None

 

None

 

489,063

 

909,052

 

1,398,115

 

440,886

 

 

 

11/29/2003

 

300

 

Omaha

 

NE

 

 

 

253,128

 

810,922

 

None

 

32

 

253,128

 

810,954

 

1,064,082

 

528,522

 

7/22/1999

 

3/4/1999

 

300

 

Manchester

 

NH

 

 

 

722,532

 

1,342,636

 

None

 

None

 

722,532

 

1,342,636

 

2,065,168

 

651,174

 

 

 

11/29/2003

 

300

 

Newington

 

NH

 

 

 

690,753

 

1,283,624

 

None

 

None

 

690,753

 

1,283,624

 

1,974,377

 

622,554

 

 

 

11/29/2003

 

300

 

Salem

 

NH

 

 

 

597,833

 

1,111,059

 

None

 

None

 

597,833

 

1,111,059

 

1,708,892

 

538,860

 

 

 

11/29/2003

 

300

 

Deptford

 

NJ

 

 

 

619,376

 

1,151,062

 

None

 

None

 

619,376

 

1,151,062

 

1,770,438

 

558,261

 

 

 

11/29/2003

 

300

 

Maple Shade

 

NJ

 

 

 

508,285

 

944,750

 

None

 

None

 

508,285

 

944,750

 

1,453,035

 

458,200

 

 

 

11/29/2003

 

300

 

Northfield

 

NJ

 

 

 

1,364,997

 

2,361,337

 

None

 

None

 

1,364,997

 

2,361,337

 

3,726,334

 

279,425

 

 

 

1/22/2013

 

300

 

Albuquerque

 

NM

 

 

 

1,210,015

 

2,498,602

 

None

 

None

 

1,210,015

 

2,498,602

 

3,708,617

 

295,668

 

 

 

1/22/2013

 

300

 

Akron

 

OH

 

 

 

242,133

 

450,467

 

None

 

None

 

242,133

 

450,467

 

692,600

 

218,472

 

 

 

11/29/2003

 

300

 

Cambridge

 

OH

 

 

 

103,368

 

192,760

 

None

 

None

 

103,368

 

192,760

 

296,128

 

93,485

 

 

 

11/29/2003

 

300

 

Canton

 

OH

 

 

 

337,161

 

626,948

 

None

 

None

 

337,161

 

626,948

 

964,109

 

304,066

 

 

 

11/29/2003

 

300

 

Cleveland

 

OH

 

 

 

582,107

 

1,081,848

 

None

 

None

 

582,107

 

1,081,848

 

1,663,955

 

524,692

 

 

 

11/29/2003

 

300

 

Columbus

 

OH

 

 

 

385,878

 

717,422

 

None

 

None

 

385,878

 

717,422

 

1,103,300

 

347,946

 

 

 

11/29/2003

 

300

 

Edmond

 

OK

 

 

 

1,240,403

 

2,561,350

 

None

 

None

 

1,240,403

 

2,561,350

 

3,801,753

 

303,093

 

 

 

1/22/2013

 

300

 

Oklahoma City

 

OK

 

 

 

509,370

 

752,691

 

None

 

None

 

509,370

 

752,691

 

1,262,061

 

498,201

 

4/14/1999

 

9/24/1998

 

300

 

Oklahoma City

 

OK

 

 

 

404,815

 

771,625

 

None

 

76

 

404,815

 

771,701

 

1,176,516

 

510,745

 

4/9/1999

 

10/16/1998

 

300

 

Oklahoma City

 

OK

 

 

 

1,127,056

 

2,327,297

 

None

 

None

 

1,127,056

 

2,327,297

 

3,454,353

 

275,397

 

 

 

1/22/2013

 

300

 

Owasso

 

OK

 

 

 

1,078,296

 

2,226,612

 

5,698

 

None

 

1,078,296

 

2,232,310

 

3,310,606

 

266,509

 

 

 

1/22/2013

 

300

 

Tulsa

 

OK

 

 

 

964,367

 

1,996,137

 

5,993

 

None

 

964,367

 

2,002,130

 

2,966,497

 

238,972

 

 

 

1/22/2013

 

300

 

Yukon

 

OK

 

 

 

1,173,070

 

2,422,313

 

10,243

 

None

 

1,173,070

 

2,432,556

 

3,605,626

 

290,421

 

 

 

1/22/2013

 

300

 

Greensburg

 

PA

 

 

 

594,891

 

1,105,589

 

None

 

None

 

594,891

 

1,105,589

 

1,700,480

 

536,207

 

 

 

11/29/2003

 

300

 

Lancaster

 

PA

 

 

 

431,050

 

801,313

 

None

 

None

 

431,050

 

801,313

 

1,232,363

 

388,633

 

 

 

11/29/2003

 

300

 

Mechanicsburg

 

PA

 

 

 

455,854

 

847,377

 

None

 

None

 

455,854

 

847,377

 

1,303,231

 

410,974

 

 

 

11/29/2003

 

300

 

Monroeville

 

PA

 

 

 

723,660

 

1,344,733

 

None

 

None

 

723,660

 

1,344,733

 

2,068,393

 

652,191

 

 

 

11/29/2003

 

300

 

Philadelphia

 

PA

 

 

 

334,939

 

622,821

 

None

 

None

 

334,939

 

622,821

 

957,760

 

302,064

 

 

 

11/29/2003

 

300

 

Pittsburgh

 

PA

 

 

 

384,756

 

715,339

 

None

 

None

 

384,756

 

715,339

 

1,100,095

 

346,935

 

 

 

11/29/2003

 

300

 

York

 

PA

 

 

 

389,291

 

723,760

 

None

 

None

 

389,291

 

723,760

 

1,113,051

 

351,020

 

 

 

11/29/2003

 

300

 

Columbia

 

SC

 

 

 

343,785

 

295,001

 

183,130

 

None

 

343,785

 

478,131

 

821,916

 

394,119

 

5/27/1997

 

2/7/1997

 

300

 

Sioux Falls

 

SD

 

 

 

332,979

 

498,108

 

None

 

None

 

332,979

 

498,108

 

831,087

 

346,199

 

6/1/1999

 

2/27/1998

 

300

 

Goodlettsville

 

TN

 

 

 

601,306

 

1,117,504

 

None

 

None

 

601,306

 

1,117,504

 

1,718,810

 

541,985

 

 

 

11/29/2003

 

300

 

Hermitage

 

TN

 

 

 

560,443

 

1,011,799

 

None

 

None

 

560,443

 

1,011,799

 

1,572,242

 

542,795

 

10/15/2001

 

5/9/2001

 

300

 

Allen

 

TX

 

 

 

1,162,614

 

2,400,722

 

46,748

 

None

 

1,162,614

 

2,447,470

 

3,610,084

 

291,682

 

 

 

1/22/2013

 

300

 

Arlington

 

TX

 

 

 

599,558

 

1,114,256

 

None

 

None

 

599,558

 

1,114,256

 

1,713,814

 

540,410

 

 

 

11/29/2003

 

300

 

Austin

 

TX

 

 

 

185,454

 

411,899

 

None

 

None

 

185,454

 

411,899

 

597,353

 

411,899

 

 

 

2/6/1990

 

300

 

Austin

 

TX

 

 

 

710,485

 

1,320,293

 

None

 

None

 

710,485

 

1,320,293

 

2,030,778

 

640,337

 

 

 

11/29/2003

 

300

 

Austin

 

TX

 

 

 

590,828

 

1,098,073

 

None

 

None

 

590,828

 

1,098,073

 

1,688,901

 

532,560

 

 

 

11/29/2003

 

300

 

Austin

 

TX

 

 

 

569,909

 

1,059,195

 

None

 

None

 

569,909

 

1,059,195

 

1,629,104

 

513,705

 

 

 

11/29/2003

 

300

 

Austin

 

TX

 

 

 

532,497

 

989,715

 

None

 

None

 

532,497

 

989,715

 

1,522,212

 

480,008

 

 

 

11/29/2003

 

300

 

Austin

 

TX

 

1,363,491

 

1,066,021

 

2,201,264

 

None

 

None

 

1,066,021

 

2,201,264

 

3,267,285

 

260,483

 

 

 

1/22/2013

 

300

 

Carrollton

 

TX

 

 

 

568,401

 

1,056,394

 

None

 

None

 

568,401

 

1,056,394

 

1,624,795

 

512,347

 

 

 

11/29/2003

 

300

 

Conroe

 

TX

 

 

 

396,068

 

736,346

 

None

 

None

 

396,068

 

736,346

 

1,132,414

 

357,124

 

 

 

11/29/2003

 

300

 

Crowley

 

TX

 

 

 

1,103,218

 

2,278,074

 

None

 

None

 

1,103,218

 

2,278,074

 

3,381,292

 

269,572

 

 

 

1/22/2013

 

300

 

Dallas

 

TX

 

 

 

191,267

 

424,811

 

None

 

None

 

191,267

 

424,811

 

616,078

 

424,811

 

 

 

1/26/1990

 

300

 

Fort Worth

 

TX

 

 

 

543,950

 

1,010,984

 

None

 

None

 

543,950

 

1,010,984

 

1,554,934

 

490,323

 

 

 

11/29/2003

 

300

 

Garland

 

TX

 

 

 

242,887

 

539,461

 

33,982

 

26,371

 

242,887

 

599,814

 

842,701

 

543,860

 

 

 

1/19/1990

 

300

 

Harlingen

 

TX

 

 

 

134,599

 

298,948

 

18,825

 

None

 

134,599

 

317,773

 

452,372

 

300,321

 

 

 

1/17/1990

 

300

 

Houston

 

TX

 

 

 

151,018

 

335,417

 

None

 

58

 

151,018

 

335,475

 

486,493

 

335,433

 

 

 

1/25/1990

 

300

 

Houston

 

TX

 

 

 

392,113

 

729,002

 

None

 

None

 

392,113

 

729,002

 

1,121,115

 

353,562

 

 

 

11/29/2003

 

300

 

Houston

 

TX

 

 

 

1,030,379

 

1,914,353

 

None

 

None

 

1,030,379

 

1,914,353

 

2,944,732

 

928,457

 

 

 

11/29/2003

 

300

 

Houston

 

TX

 

 

 

619,101

 

1,150,551

 

None

 

None

 

619,101

 

1,150,551

 

1,769,652

 

558,013

 

 

 

11/29/2003

 

300

 

Houston

 

TX

 

 

 

642,495

 

1,193,997

 

None

 

None

 

642,495

 

1,193,997

 

1,836,492

 

579,085

 

 

 

11/29/2003

 

300

 

Houston

 

TX

 

 

 

872,866

 

1,621,829

 

None

 

None

 

872,866

 

1,621,829

 

2,494,695

 

786,583

 

 

 

11/29/2003

 

300

 

Humble

 

TX

 

 

 

612,414

 

1,138,132

 

None

 

None

 

612,414

 

1,138,132

 

1,750,546

 

551,990

 

 

 

11/29/2003

 

300

 

League City

 

TX

 

 

 

1,032,003

 

2,131,018

 

None

 

None

 

1,032,003

 

2,131,018

 

3,163,021

 

252,170

 

 

 

1/22/2013

 

300

 

Leon Valley

 

TX

 

 

 

178,221

 

395,834

 

None

 

None

 

178,221

 

395,834

 

574,055

 

395,834

 

 

 

1/17/1990

 

300

 

Leon Valley

 

TX

 

 

 

529,967

 

985,046

 

None

 

None

 

529,967

 

985,046

 

1,515,013

 

477,742

 

 

 

11/29/2003

 

300

 

Mesquite

 

TX

 

 

 

591,538

 

1,099,363

 

None

 

None

 

591,538

 

1,099,363

 

1,690,901

 

533,187

 

 

 

11/29/2003

 

300

 

Pasadena

 

TX

 

 

 

107,391

 

238,519

 

None

 

58

 

107,391

 

238,577

 

345,968

 

238,535

 

 

 

1/24/1990

 

300

 

Pasedena

 

TX

 

 

 

147,535

 

274,521

 

10,646

 

11,252

 

147,535

 

296,419

 

443,954

 

190,900

 

 

 

12/31/1998

 

300

 

Pearland

 

TX

 

1,286,313

 

935,739

 

1,932,240

 

None

 

None

 

935,739

 

1,932,240

 

2,867,979

 

228,648

 

 

 

1/22/2013

 

300

 

Plano

 

TX

 

 

 

187,564

 

417,157

 

700

 

91

 

187,564

 

417,948

 

605,512

 

417,037

 

 

 

1/18/1990

 

300

 

Plano

 

TX

 

 

 

494,407

 

918,976

 

None

 

None

 

494,407

 

918,976

 

1,413,383

 

445,699

 

 

 

11/29/2003

 

300

 

Richardson

 

TX

 

 

 

555,188

 

1,031,855

 

None

 

None

 

555,188

 

1,031,855

 

1,587,043

 

500,446

 

 

 

11/29/2003

 

300

 

Rockwall

 

TX

 

 

 

1,178,158

 

2,432,819

 

None

 

None

 

1,178,158

 

2,432,819

 

3,610,977

 

287,884

 

 

 

1/22/2013

 

300

 

San Antonio

 

TX

 

 

 

245,164

 

544,518

 

None

 

None

 

245,164

 

544,518

 

789,682

 

544,518

 

 

 

2/14/1990

 

300

 

San Antonio

 

TX

 

 

 

688,249

 

1,278,967

 

None

 

None

 

688,249

 

1,278,967

 

1,967,216

 

620,295

 

 

 

11/29/2003

 

300

 

Stafford

 

TX

 

 

 

706,786

 

1,313,395

 

None

 

None

 

706,786

 

1,313,395

 

2,020,181

 

636,992

 

 

 

11/29/2003

 

300

 

Waco

 

TX

 

 

 

401,999

 

747,362

 

None

 

None

 

401,999

 

747,362

 

1,149,361

 

362,466

 

 

 

11/29/2003

 

300

 

Weatherford

 

TX

 

 

 

971,317

 

2,005,706

 

None

 

None

 

971,317

 

2,005,706

 

2,977,023

 

237,342

 

 

 

1/22/2013

 

300

 

Webster

 

TX

 

 

 

600,261

 

1,115,563

 

None

 

None

 

600,261

 

1,115,563

 

1,715,824

 

541,044

 

 

 

11/29/2003

 

300

 

Bountiful

 

UT

 

 

 

183,750

 

408,115

 

None

 

None

 

183,750

 

408,115

 

591,865

 

408,115

 

 

 

1/30/1990

 

300

 

Alexandria

 

VA

 

 

 

542,791

 

1,008,832

 

None

 

None

 

542,791

 

1,008,832

 

1,551,623

 

489,280

 

 

 

11/29/2003

 

300

 

Alexandria

 

VA

 

 

 

592,698

 

1,101,517

 

None

 

None

 

592,698

 

1,101,517

 

1,694,215

 

534,232

 

 

 

11/29/2003

 

300

 

Chesapeake

 

VA

 

 

 

770,000

 

1,112,334

 

None

 

None

 

770,000

 

1,112,334

 

1,882,334

 

361,509

 

 

 

11/9/2007

 

300

 

Chester

 

VA

 

 

 

1,204,525

 

2,487,265

 

None

 

None

 

1,204,525

 

2,487,265

 

3,691,790

 

294,326

 

 

 

1/22/2013

 

300

 

Lynchburg

 

VA

 

 

 

342,751

 

637,329

 

None

 

None

 

342,751

 

637,329

 

980,080

 

309,101

 

 

 

11/29/2003

 

300

 

Virginia Beach

 

VA

 

 

 

780,000

 

1,026,384

 

None

 

None

 

780,000

 

1,026,384

 

1,806,384

 

333,575

 

 

 

11/9/2007

 

300

 

Woodbridge

 

VA

 

 

 

774,854

 

1,439,806

 

None

 

None

 

774,854

 

1,439,806

 

2,214,660

 

698,302

 

 

 

11/29/2003

 

300

 

Lakewood

 

WA

 

 

 

187,111

 

415,579

 

None

 

None

 

187,111

 

415,579

 

602,690

 

415,579

 

 

 

1/25/1990

 

300

 

Brown Deer

 

WI

 

 

 

257,408

 

802,141

 

None

 

None

 

257,408

 

802,141

 

1,059,549

 

546,855

 

12/15/1998

 

7/16/1998

 

300

 

Delafield

 

WI

 

 

 

324,574

 

772,702

 

None

 

None

 

324,574

 

772,702

 

1,097,276

 

502,889

 

7/29/1999

 

2/26/1999

 

300

 

Madison

 

WI

 

 

 

452,630

 

811,977

 

None

 

None

 

452,630

 

811,977

 

1,264,607

 

558,967

 

10/20/1998

 

4/7/1998

 

300

 

Milwaukee

 

WI

 

 

 

1,304,098

 

2,692,877

 

None

 

None

 

1,304,098

 

2,692,877

 

3,996,975

 

318,657

 

 

 

1/22/2013

 

300

 

Oak Creek

 

WI

 

 

 

420,465

 

852,408

 

None

 

None

 

420,465

 

852,408

 

1,272,873

 

586,800

 

8/7/1998

 

3/20/1998

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beverages

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calistoga

 

CA

 

 

 

12,677,285

 

2,750,715

 

None

 

None

 

12,677,285

 

2,750,715

 

15,428,000

 

622,990

 

 

 

6/25/2010

 

300

 

Calistoga

 

CA

 

 

 

5,445,030

 

21,154,970

 

None

 

None

 

5,445,030

 

21,154,970

 

26,600,000

 

4,689,352

 

 

 

6/25/2010

 

300

 

Calistoga

 

CA

 

 

 

6,039,131

 

1,576,869

 

None

 

None

 

6,039,131

 

1,576,869

 

7,616,000

 

349,539

 

 

 

6/25/2010

 

300

 

Calistoga

 

CA

 

 

 

4,988,527

 

1,999,473

 

None

 

None

 

4,988,527

 

1,999,473

 

6,988,000

 

445,689

 

 

 

6/25/2010

 

300

 

Calistoga

 

CA

 

 

 

8,146,907

 

2,067,093

 

None

 

None

 

8,146,907

 

2,067,093

 

10,214,000

 

458,206

 

 

 

6/25/2010

 

300

 

Calistoga

 

CA

 

 

 

12,675,172

 

4,907,828

 

None

 

None

 

12,675,172

 

4,907,828

 

17,583,000

 

1,090,257

 

 

 

6/25/2010

 

300

 

Calistoga

 

CA

 

 

 

45,184,528

 

10,437,472

 

None

 

None

 

45,184,528

 

10,437,472

 

55,622,000

 

2,319,822

 

 

 

6/25/2010

 

300

 

Calistoga

 

CA

 

 

 

10,630,191

 

5,580,929

 

None

 

None

 

10,630,191

 

5,580,929

 

16,211,120

 

1,126,773

 

 

 

12/15/2010

 

300

 

Calistoga

 

CA

 

 

 

6,860,862

 

524,117

 

None

 

None

 

6,860,862

 

524,117

 

7,384,979

 

84,732

 

 

 

12/15/2011

 

300

 

 

F-6



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Napa

 

CA

 

 

 

6,000,000

 

25,000,000

 

None

 

None

 

6,000,000

 

25,000,000

 

31,000,000

 

5,541,667

 

 

 

6/25/2010

 

300

 

Napa

 

CA

 

 

 

11,253,989

 

2,846,011

 

None

 

None

 

11,253,989

 

2,846,011

 

14,100,000

 

635,812

 

 

 

6/25/2010

 

300

 

Napa

 

CA

 

 

 

17,590,091

 

5,898,149

 

None

 

None

 

17,590,091

 

5,898,149

 

23,488,240

 

1,363,241

 

 

 

6/25/2010

 

300

 

Napa

 

CA

 

 

 

23,471,336

 

6,589,664

 

None

 

None

 

23,471,336

 

6,589,664

 

30,061,000

 

1,469,541

 

 

 

6/25/2010

 

300

 

Napa

 

CA

 

 

 

10,777,485

 

390,515

 

None

 

None

 

10,777,485

 

390,515

 

11,168,000

 

88,416

 

 

 

9/17/2010

 

300

 

Napa

 

CA

 

 

 

4,675,262

 

298,928

 

None

 

None

 

4,675,262

 

298,928

 

4,974,190

 

60,284

 

 

 

12/15/2010

 

300

 

Paicines

 

CA

 

 

 

12,058,127

 

1,607,783

 

None

 

None

 

12,058,127

 

1,607,783

 

13,665,910

 

421,772

 

 

 

12/15/2010

 

300

 

Saint Helena

 

CA

 

 

 

15,254,700

 

4,150,300

 

None

 

None

 

15,254,700

 

4,150,300

 

19,405,000

 

936,799

 

 

 

6/25/2010

 

300

 

Shreveport

 

LA

 

 

 

1,320,003

 

8,130,438

 

None

 

147

 

1,320,003

 

8,130,585

 

9,450,588

 

1,531,363

 

 

 

4/22/2011

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book stores

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tampa

 

FL

 

 

 

998,250

 

3,696,707

 

129,751

 

79

 

998,250

 

3,826,537

 

4,824,787

 

2,807,454

 

 

 

3/11/1997

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Child care

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hoover

 

AL

 

 

 

63,800

 

295,791

 

58,263

 

16,414

 

63,800

 

370,468

 

434,268

 

309,806

 

 

 

10/31/1984

 

300

 

Avondale

 

AZ

 

 

 

242,723

 

1,129,139

 

None

 

None

 

242,723

 

1,129,139

 

1,371,862

 

747,200

 

4/20/1999

 

7/28/1998

 

300

 

Chandler

 

AZ

 

 

 

291,720

 

647,923

 

None

 

None

 

291,720

 

647,923

 

939,643

 

647,923

 

 

 

12/11/1987

 

300

 

Chandler

 

AZ

 

 

 

271,695

 

603,446

 

9,758

 

19,469

 

271,695

 

632,673

 

904,368

 

621,655

 

 

 

12/14/1987

 

300

 

Mesa

 

AZ

 

 

 

308,951

 

1,025,612

 

None

 

None

 

308,951

 

1,025,612

 

1,334,563

 

668,394

 

7/26/1999

 

1/13/1999

 

300

 

Phoenix

 

AZ

 

 

 

260,719

 

516,181

 

None

 

32,125

 

260,719

 

548,306

 

809,025

 

538,478

 

 

 

12/26/1990

 

300

 

Scottsdale

 

AZ

 

 

 

291,993

 

648,529

 

None

 

None

 

291,993

 

648,529

 

940,522

 

648,529

 

 

 

12/14/1987

 

300

 

Scottsdale

 

AZ

 

 

 

264,504

 

587,471

 

None

 

27,467

 

264,504

 

614,938

 

879,442

 

612,250

 

 

 

6/29/1990

 

300

 

Tempe

 

AZ

 

 

 

292,200

 

648,989

 

None

 

164

 

292,200

 

649,153

 

941,353

 

649,130

 

 

 

3/10/1988

 

300

 

Tucson

 

AZ

 

 

 

304,500

 

676,303

 

53,621

 

196

 

304,500

 

730,120

 

1,034,620

 

677,329

 

 

 

9/28/1988

 

300

 

Tucson

 

AZ

 

 

 

283,500

 

546,878

 

7,228

 

299

 

283,500

 

554,405

 

837,905

 

547,060

 

 

 

9/29/1988

 

300

 

Calabasas

 

CA

 

 

 

156,430

 

725,248

 

100,838

 

58,367

 

156,430

 

884,453

 

1,040,883

 

835,854

 

 

 

9/26/1985

 

300

 

Carmichael

 

CA

 

 

 

131,035

 

607,507

 

80,368

 

21,673

 

131,035

 

709,548

 

840,583

 

648,400

 

 

 

8/22/1986

 

300

 

Chino

 

CA

 

 

 

155,000

 

634,071

 

None

 

32,148

 

155,000

 

666,219

 

821,219

 

640,802

 

 

 

10/6/1983

 

180

 

Chula Vista

 

CA

 

 

 

350,563

 

778,614

 

None

 

43,353

 

350,563

 

821,967

 

1,172,530

 

821,275

 

 

 

10/30/1987

 

300

 

El Cajon

 

CA

 

 

 

157,804

 

731,621

 

2,540

 

44,802

 

157,804

 

778,963

 

936,767

 

768,467

 

 

 

12/19/1985

 

300

 

Escondido

 

CA

 

 

 

276,286

 

613,638

 

5,000

 

44,375

 

276,286

 

663,013

 

939,299

 

652,245

 

 

 

12/31/1987

 

300

 

Folsom

 

CA

 

 

 

281,563

 

625,363

 

None

 

None

 

281,563

 

625,363

 

906,926

 

625,363

 

 

 

10/23/1987

 

300

 

Gold River

 

CA

 

 

 

276,328

 

613,733

 

24,967

 

None

 

276,328

 

638,700

 

915,028

 

635,461

 

 

 

3/22/1989

 

300

 

Mission Viejo

 

CA

 

 

 

353,891

 

744,367

 

12,500

 

None

 

353,891

 

756,867

 

1,110,758

 

691,721

 

 

 

6/24/1993

 

300

 

Oceanside

 

CA

 

 

 

145,568

 

674,889

 

23,000

 

None

 

145,568

 

697,889

 

843,457

 

687,816

 

 

 

12/23/1985

 

300

 

Palmdale

 

CA

 

 

 

249,490

 

554,125

 

9,864

 

None

 

249,490

 

563,989

 

813,479

 

563,989

 

 

 

9/14/1988

 

300

 

Rancho Cucamonga

 

CA

 

 

 

471,733

 

1,047,739

 

158,923

 

170

 

471,733

 

1,206,832

 

1,678,565

 

1,102,279

 

 

 

12/30/1987

 

300

 

Simi Valley

 

CA

 

 

 

208,585

 

967,055

 

79,082

 

108

 

208,585

 

1,046,245

 

1,254,830

 

1,017,898

 

 

 

12/20/1985

 

300

 

Valencia

 

CA

 

 

 

301,295

 

669,185

 

70,470

 

46

 

301,295

 

739,701

 

1,040,996

 

713,057

 

 

 

6/23/1988

 

300

 

Walnut

 

CA

 

 

 

217,365

 

1,007,753

 

57,287

 

51,049

 

217,365

 

1,116,089

 

1,333,454

 

1,045,924

 

 

 

8/22/1986

 

300

 

Aurora

 

CO

 

 

 

287,000

 

637,440

 

20,313

 

18,188

 

287,000

 

675,941

 

962,941

 

651,937

 

 

 

12/31/1987

 

300

 

Broomfield

 

CO

 

 

 

155,306

 

344,941

 

25,000

 

82

 

155,306

 

370,023

 

525,329

 

366,981

 

 

 

3/15/1988

 

300

 

Colorado Springs

 

CO

 

 

 

58,400

 

271,217

 

25,000

 

82

 

58,400

 

296,299

 

354,699

 

291,004

 

 

 

12/22/1982

 

180

 

Fort Collins

 

CO

 

 

 

55,200

 

256,356

 

15,030

 

79

 

55,200

 

271,465

 

326,665

 

259,611

 

 

 

12/22/1982

 

180

 

Greenwood Village

 

CO

 

 

 

131,216

 

608,372

 

52,959

 

403

 

131,216

 

661,734

 

792,950

 

613,894

 

 

 

12/5/1986

 

300

 

Littleton

 

CO

 

 

 

161,617

 

358,956

 

None

 

82

 

161,617

 

359,038

 

520,655

 

359,025

 

 

 

12/10/1987

 

300

 

Longmont

 

CO

 

 

 

115,592

 

535,931

 

None

 

71

 

115,592

 

536,002

 

651,594

 

535,990

 

 

 

3/25/1986

 

300

 

Parker

 

CO

 

 

 

153,551

 

341,042

 

None

 

82

 

153,551

 

341,124

 

494,675

 

341,111

 

 

 

10/19/1987

 

300

 

Westminster

 

CO

 

 

 

306,387

 

695,737

 

77,412

 

11,233

 

306,387

 

784,382

 

1,090,769

 

715,070

 

 

 

9/27/1989

 

300

 

Bradenton

 

FL

 

 

 

160,060

 

355,501

 

25,000

 

79

 

160,060

 

380,580

 

540,640

 

376,602

 

 

 

5/5/1988

 

300

 

Clearwater

 

FL

 

 

 

42,223

 

269,380

 

None

 

79

 

42,223

 

269,459

 

311,682

 

269,459

 

 

 

12/22/1981

 

180

 

Jacksonville

 

FL

 

 

 

48,000

 

243,060

 

None

 

None

 

48,000

 

243,060

 

291,060

 

243,060

 

 

 

12/22/1981

 

180

 

Jacksonville

 

FL

 

 

 

184,800

 

410,447

 

22,872

 

None

 

184,800

 

433,319

 

618,119

 

428,319

 

 

 

3/30/1989

 

300

 

Margate

 

FL

 

 

 

66,686

 

309,183

 

None

 

None

 

66,686

 

309,183

 

375,869

 

309,183

 

 

 

12/16/1986

 

300

 

Melbourne

 

FL

 

 

 

256,439

 

549,345

 

None

 

79

 

256,439

 

549,424

 

805,863

 

505,835

 

 

 

4/16/1993

 

300

 

Niceville

 

FL

 

 

 

73,696

 

341,688

 

None

 

None

 

73,696

 

341,688

 

415,384

 

341,688

 

 

 

12/3/1986

 

300

 

Orlando

 

FL

 

 

 

68,001

 

313,922

 

None

 

140

 

68,001

 

314,062

 

382,063

 

313,938

 

 

 

9/4/1985

 

300

 

Orlando

 

FL

 

 

 

159,177

 

353,538

 

None

 

154

 

159,177

 

353,692

 

512,869

 

353,677

 

 

 

7/2/1987

 

300

 

Oviedo

 

FL

 

 

 

166,409

 

369,598

 

38,918

 

9,687

 

166,409

 

418,203

 

584,612

 

370,704

 

 

 

11/20/1987

 

300

 

Panama City

 

FL

 

 

 

69,500

 

244,314

 

82,701

 

None

 

69,500

 

327,015

 

396,515

 

285,707

 

 

 

6/15/1982

 

180

 

Pensacola

 

FL

 

 

 

147,000

 

326,492

 

20,000

 

None

 

147,000

 

346,492

 

493,492

 

337,304

 

 

 

3/28/1989

 

300

 

Royal Palm Beach

 

FL

 

 

 

194,193

 

431,309

 

25,000

 

None

 

194,193

 

456,309

 

650,502

 

448,670

 

 

 

11/15/1988

 

300

 

Saint Augustine

 

FL

 

 

 

44,800

 

213,040

 

23,090

 

None

 

44,800

 

236,130

 

280,930

 

226,943

 

 

 

12/22/1981

 

180

 

Sunrise

 

FL

 

 

 

245,000

 

533,280

 

92,266

 

153

 

245,000

 

625,699

 

870,699

 

588,279

 

 

 

5/25/1989

 

300

 

Tampa

 

FL

 

 

 

53,385

 

199,846

 

None

 

154

 

53,385

 

200,000

 

253,385

 

199,985

 

 

 

12/22/1981

 

180

 

Duluth

 

GA

 

 

 

310,000

 

1,040,008

 

None

 

None

 

310,000

 

1,040,008

 

1,350,008

 

674,321

 

8/25/1999

 

6/7/1999

 

300

 

Ellenwood

 

GA

 

 

 

119,678

 

275,414

 

58,545

 

272

 

119,678

 

334,231

 

453,909

 

300,230

 

 

 

11/16/1988

 

300

 

Lawrenceville

 

GA

 

 

 

141,449

 

314,161

 

156,426

 

14,612

 

141,449

 

485,199

 

626,648

 

401,356

 

 

 

7/7/1988

 

300

 

Lithia Springs

 

GA

 

 

 

187,444

 

363,358

 

None

 

84

 

187,444

 

363,442

 

550,886

 

363,437

 

 

 

12/28/1989

 

300

 

Lithonia

 

GA

 

 

 

239,715

 

524,459

 

24,410

 

380

 

239,715

 

549,249

 

788,964

 

526,626

 

 

 

8/20/1991

 

300

 

Marietta

 

GA

 

 

 

148,620

 

330,090

 

25,000

 

None

 

148,620

 

355,090

 

503,710

 

351,794

 

 

 

9/16/1988

 

300

 

Marietta

 

GA

 

 

 

295,750

 

596,299

 

67,500

 

None

 

295,750

 

663,799

 

959,549

 

598,690

 

 

 

12/30/1988

 

300

 

Marietta

 

GA

 

 

 

301,000

 

668,529

 

71,474

 

19,961

 

301,000

 

759,964

 

1,060,964

 

711,112

 

 

 

12/30/1988

 

300

 

Smyrna

 

GA

 

 

 

274,750

 

610,229

 

None

 

None

 

274,750

 

610,229

 

884,979

 

610,229

 

 

 

11/15/1988

 

300

 

Stockbridge

 

GA

 

 

 

168,700

 

374,688

 

85,264

 

2,909

 

168,700

 

462,861

 

631,561

 

407,223

 

 

 

3/28/1989

 

300

 

Cedar Rapids

 

IA

 

 

 

194,950

 

427,085

 

None

 

None

 

194,950

 

427,085

 

622,035

 

402,400

 

 

 

9/24/1992

 

300

 

Iowa City

 

IA

 

 

 

186,900

 

408,910

 

None

 

None

 

186,900

 

408,910

 

595,810

 

385,244

 

 

 

9/24/1992

 

300

 

Addison

 

IL

 

 

 

125,780

 

583,146

 

None

 

132

 

125,780

 

583,278

 

709,058

 

583,278

 

 

 

3/25/1986

 

300

 

Algonquin

 

IL

 

 

 

241,500

 

509,629

 

28,260

 

583

 

241,500

 

538,472

 

779,972

 

517,855

 

 

 

7/10/1990

 

300

 

Aurora

 

IL

 

 

 

165,679

 

398,738

 

105,300

 

21,963

 

165,679

 

526,001

 

691,680

 

427,515

 

 

 

12/21/1988

 

300

 

Aurora

 

IL

 

 

 

468,000

 

1,259,926

 

None

 

None

 

468,000

 

1,259,926

 

1,727,926

 

808,543

 

10/26/1999

 

6/14/1999

 

300

 

Bartlett

 

IL

 

 

 

120,824

 

560,166

 

74,917

 

12,101

 

120,824

 

647,184

 

768,008

 

582,742

 

 

 

3/25/1986

 

300

 

Carol Stream

 

IL

 

 

 

122,831

 

586,416

 

None

 

132

 

122,831

 

586,548

 

709,379

 

586,548

 

 

 

3/25/1986

 

300

 

Crystal Lake

 

IL

 

 

 

400,000

 

1,259,424

 

None

 

None

 

400,000

 

1,259,424

 

1,659,424

 

812,409

 

9/28/1999

 

5/14/1999

 

300

 

Glendale Heights

 

IL

 

 

 

318,500

 

707,399

 

None

 

None

 

318,500

 

707,399

 

1,025,899

 

707,399

 

 

 

11/16/1988

 

300

 

Hoffman Estates

 

IL

 

 

 

318,500

 

707,399

 

None

 

85

 

318,500

 

707,484

 

1,025,984

 

707,469

 

 

 

3/31/1989

 

300

 

Homer Glen

 

IL

 

 

 

189,477

 

442,018

 

None

 

85

 

189,477

 

442,103

 

631,580

 

442,088

 

 

 

10/29/1987

 

300

 

Lake In The Hills

 

IL

 

 

 

375,000

 

1,127,678

 

None

 

None

 

375,000

 

1,127,678

 

1,502,678

 

727,430

 

9/3/1999

 

5/14/1999

 

300

 

Naperville

 

IL

 

 

 

425,000

 

1,230,654

 

None

 

None

 

425,000

 

1,230,654

 

1,655,654

 

789,753

 

10/6/1999

 

5/19/1999

 

300

 

O’Fallon

 

IL

 

 

 

141,250

 

313,722

 

None

 

232

 

141,250

 

313,954

 

455,204

 

313,926

 

 

 

10/30/1987

 

300

 

Oswego

 

IL

 

 

 

380,000

 

1,165,818

 

None

 

None

 

380,000

 

1,165,818

 

1,545,818

 

755,892

 

8/18/1999

 

6/30/1999

 

300

 

Palatine

 

IL

 

 

 

121,911

 

565,232

 

None

 

132

 

121,911

 

565,364

 

687,275

 

565,365

 

 

 

3/25/1986

 

300

 

Roselle

 

IL

 

 

 

297,541

 

561,037

 

None

 

None

 

297,541

 

561,037

 

858,578

 

561,037

 

 

 

12/30/1988

 

300

 

Schaumburg

 

IL

 

 

 

218,798

 

485,955

 

20,461

 

None

 

218,798

 

506,416

 

725,214

 

497,414

 

 

 

12/17/1987

 

300

 

Vernon Hills

 

IL

 

 

 

132,523

 

614,430

 

None

 

583

 

132,523

 

615,013

 

747,536

 

614,571

 

 

 

3/25/1986

 

300

 

Westmont

 

IL

 

 

 

124,742

 

578,330

 

77,621

 

24,741

 

124,742

 

680,692

 

805,434

 

599,899

 

 

 

3/25/1986

 

300

 

Fishers

 

IN

 

 

 

212,118

 

419,958

 

26,509

 

11,338

 

212,118

 

457,805

 

669,923

 

428,905

 

 

 

12/27/1990

 

300

 

Highland

 

IN

 

 

 

220,460

 

436,476

 

None

 

None

 

220,460

 

436,476

 

656,936

 

436,476

 

 

 

12/26/1990

 

300

 

Indianapolis

 

IN

 

 

 

245,000

 

544,153

 

None

 

None

 

245,000

 

544,153

 

789,153

 

544,153

 

 

 

6/29/1990

 

300

 

Lenexa

 

KS

 

 

 

318,500

 

707,399

 

98,590

 

127

 

318,500

 

806,116

 

1,124,616

 

728,844

 

 

 

3/31/1989

 

300

 

Olathe

 

KS

 

 

 

304,500

 

676,308

 

87,242

 

44

 

304,500

 

763,594

 

1,068,094

 

711,606

 

 

 

9/28/1988

 

300

 

Overland Park

 

KS

 

 

 

357,500

 

1,115,171

 

None

 

None

 

357,500

 

1,115,171

 

1,472,671

 

726,757

 

7/23/1999

 

5/14/1999

 

300

 

Shawnee

 

KS

 

 

 

315,000

 

699,629

 

None

 

251

 

315,000

 

699,880

 

1,014,880

 

699,812

 

 

 

10/27/1988

 

300

 

Shawnee

 

KS

 

 

 

288,246

 

935,875

 

None

 

127

 

288,246

 

936,002

 

1,224,248

 

631,816

 

12/29/1998

 

8/24/1998

 

300

 

Wichita

 

KS

 

 

 

209,890

 

415,549

 

33,984

 

16,592

 

209,890

 

466,125

 

676,015

 

449,137

 

 

 

12/26/1990

 

300

 

Acton

 

MA

 

 

 

315,533

 

700,813

 

None

 

None

 

315,533

 

700,813

 

1,016,346

 

700,813

 

 

 

9/30/1988

 

300

 

Marlborough

 

MA

 

 

 

352,765

 

776,488

 

None

 

None

 

352,765

 

776,488

 

1,129,253

 

776,488

 

 

 

11/4/1988

 

300

 

Westborough

 

MA

 

 

 

359,412

 

773,877

 

63,037

 

22,260

 

359,412

 

859,174

 

1,218,586

 

809,503

 

 

 

11/1/1988

 

300

 

Ellicott City

 

MD

 

 

 

219,368

 

630,839

 

26,550

 

None

 

219,368

 

657,389

 

876,757

 

651,722

 

 

 

12/19/1988

 

300

 

Frederick

 

MD

 

 

 

203,352

 

1,017,109

 

None

 

2,874

 

203,352

 

1,019,983

 

1,223,335

 

711,795

 

 

 

7/6/1998

 

300

 

Olney

 

MD

 

 

 

342,500

 

760,701

 

4,400

 

41,272

 

342,500

 

806,373

 

1,148,873

 

792,584

 

 

 

12/18/1987

 

300

 

 

F-7



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Waldorf

 

MD

 

 

 

130,430

 

604,702

 

None

 

302

 

130,430

 

605,004

 

735,434

 

604,934

 

 

 

9/26/1984

 

300

 

Waldorf

 

MD

 

 

 

237,207

 

526,844

 

None

 

172

 

237,207

 

527,016

 

764,223

 

526,988

 

 

 

12/31/1987

 

300

 

Canton

 

MI

 

 

 

55,000

 

378,848

 

2,913

 

304

 

55,000

 

382,065

 

437,065

 

380,719

 

 

 

10/6/1982

 

180

 

Apple Valley

 

MN

 

 

 

113,523

 

526,319

 

87,374

 

13,814

 

113,523

 

627,507

 

741,030

 

537,154

 

 

 

3/26/1986

 

300

 

Brooklyn Park

 

MN

 

 

 

118,111

 

547,587

 

None

 

197

 

118,111

 

547,784

 

665,895

 

547,784

 

 

 

3/26/1986

 

300

 

Eden Prairie

 

MN

 

 

 

124,286

 

576,243

 

None

 

197

 

124,286

 

576,440

 

700,726

 

576,440

 

 

 

3/27/1986

 

300

 

Maple Grove

 

MN

 

 

 

313,250

 

660,149

 

None

 

288

 

313,250

 

660,437

 

973,687

 

660,210

 

 

 

7/11/1990

 

300

 

Plymouth

 

MN

 

 

 

134,221

 

622,350

 

None

 

197

 

134,221

 

622,547

 

756,768

 

622,547

 

 

 

12/12/1986

 

300

 

Saint Paul

 

MN

 

 

 

242,165

 

537,856

 

None

 

288

 

242,165

 

538,144

 

780,309

 

537,917

 

 

 

8/30/1990

 

300

 

Florissant

 

MO

 

 

 

318,500

 

707,399

 

102,410

 

256

 

318,500

 

810,065

 

1,128,565

 

743,310

 

 

 

3/30/1989

 

300

 

Gladstone

 

MO

 

 

 

294,000

 

652,987

 

64,864

 

2,763

 

294,000

 

720,614

 

1,014,614

 

655,248

 

 

 

9/29/1988

 

300

 

Kansas City

 

MO

 

 

 

307,784

 

910,401

 

None

 

None

 

307,784

 

910,401

 

1,218,185

 

620,069

 

9/28/1999

 

8/21/1998

 

300

 

Lee’s Summit

 

MO

 

 

 

239,627

 

532,220

 

88,926

 

73

 

239,627

 

621,219

 

860,846

 

532,654

 

 

 

9/27/1989

 

300

 

Lee’s Summit

 

MO

 

 

 

330,000

 

993,787

 

21,445

 

160

 

330,000

 

1,015,392

 

1,345,392

 

648,204

 

7/26/1999

 

6/17/1999

 

300

 

Lee’s Summit

 

MO

 

 

 

313,740

 

939,367

 

None

 

None

 

313,740

 

939,367

 

1,253,107

 

609,070

 

9/8/1999

 

6/30/1999

 

300

 

Jackson

 

MS

 

 

 

248,483

 

572,522

 

54,227

 

17,780

 

248,483

 

644,529

 

893,012

 

402,769

 

 

 

11/16/1999

 

300

 

Tupelo

 

MS

 

 

 

121,697

 

637,691

 

66,275

 

56

 

121,697

 

704,022

 

825,719

 

505,344

 

 

 

11/26/1996

 

300

 

Cary

 

NC

 

 

 

75,200

 

262,973

 

15,000

 

None

 

75,200

 

277,973

 

353,173

 

270,182

 

 

 

1/25/1984

 

180

 

Charlotte

 

NC

 

 

 

134,582

 

268,222

 

24,478

 

None

 

134,582

 

292,700

 

427,282

 

289,573

 

 

 

11/16/1988

 

300

 

Concord

 

NC

 

 

 

32,441

 

190,859

 

None

 

None

 

32,441

 

190,859

 

223,300

 

190,859

 

 

 

12/23/1981

 

180

 

Durham

 

NC

 

 

 

175,700

 

390,234

 

26,312

 

None

 

175,700

 

416,546

 

592,246

 

412,749

 

 

 

3/29/1989

 

300

 

Durham

 

NC

 

 

 

220,728

 

429,380

 

None

 

None

 

220,728

 

429,380

 

650,108

 

429,380

 

 

 

12/29/1989

 

300

 

Kernersville

 

NC

 

 

 

162,216

 

316,300

 

None

 

None

 

162,216

 

316,300

 

478,516

 

316,300

 

 

 

12/14/1989

 

300

 

Bellevue

 

NE

 

 

 

60,568

 

280,819

 

None

 

None

 

60,568

 

280,819

 

341,387

 

280,819

 

 

 

12/16/1986

 

300

 

Omaha

 

NE

 

 

 

60,500

 

280,491

 

None

 

32

 

60,500

 

280,523

 

341,023

 

280,514

 

 

 

8/1/1984

 

300

 

Omaha

 

NE

 

 

 

53,000

 

245,720

 

22,027

 

32

 

53,000

 

267,779

 

320,779

 

258,582

 

 

 

10/11/1984

 

300

 

Omaha

 

NE

 

 

 

142,867

 

317,315

 

None

 

32

 

142,867

 

317,347

 

460,214

 

317,338

 

 

 

12/9/1987

 

300

 

Londonderry

 

NH

 

 

 

335,467

 

745,082

 

85,361

 

11,802

 

335,467

 

842,245

 

1,177,712

 

768,361

 

 

 

8/18/1989

 

300

 

Las Vegas

 

NV

 

 

 

201,250

 

446,983

 

37,014

 

3,276

 

201,250

 

487,273

 

688,523

 

453,924

 

 

 

6/29/1990

 

300

 

Beavercreek

 

OH

 

 

 

179,552

 

398,786

 

None

 

None

 

179,552

 

398,786

 

578,338

 

398,786

 

 

 

6/30/1987

 

300

 

Centerville

 

OH

 

 

 

174,519

 

387,613

 

79,900

 

361

 

174,519

 

467,874

 

642,393

 

387,965

 

 

 

7/23/1987

 

300

 

Cincinnati

 

OH

 

 

 

170,778

 

379,305

 

None

 

85

 

170,778

 

379,390

 

550,168

 

379,375

 

 

 

9/28/1987

 

300

 

Dublin

 

OH

 

 

 

84,000

 

389,446

 

None

 

None

 

84,000

 

389,446

 

473,446

 

389,446

 

 

 

10/8/1985

 

300

 

Englewood

 

OH

 

 

 

74,000

 

343,083

 

None

 

85

 

74,000

 

343,168

 

417,168

 

343,154

 

 

 

10/23/1985

 

300

 

Huber Heights

 

OH

 

 

 

245,000

 

544,153

 

None

 

None

 

245,000

 

544,153

 

789,153

 

544,153

 

 

 

9/27/1990

 

300

 

Pickerington

 

OH

 

 

 

87,580

 

406,055

 

None

 

None

 

87,580

 

406,055

 

493,635

 

406,055

 

 

 

12/11/1986

 

300

 

Westerville

 

OH

 

 

 

82,000

 

380,173

 

None

 

None

 

82,000

 

380,173

 

462,173

 

380,173

 

 

 

10/8/1985

 

300

 

Westerville

 

OH

 

 

 

294,350

 

646,557

 

44,683

 

None

 

294,350

 

691,240

 

985,590

 

646,850

 

 

 

9/26/1990

 

300

 

Broken Arrow

 

OK

 

 

 

78,705

 

220,434

 

None

 

None

 

78,705

 

220,434

 

299,139

 

220,434

 

 

 

1/27/1983

 

180

 

Midwest City

 

OK

 

 

 

67,800

 

314,338

 

None

 

None

 

67,800

 

314,338

 

382,138

 

314,338

 

 

 

8/14/1985

 

300

 

Oklahoma City

 

OK

 

 

 

50,800

 

214,474

 

None

 

None

 

50,800

 

214,474

 

265,274

 

214,474

 

 

 

6/15/1982

 

180

 

Oklahoma City

 

OK

 

 

 

79,000

 

366,261

 

17,659

 

None

 

79,000

 

383,920

 

462,920

 

383,921

 

 

 

11/14/1984

 

300

 

Yukon

 

OK

 

 

 

61,000

 

282,812

 

27,000

 

None

 

61,000

 

309,812

 

370,812

 

306,262

 

 

 

5/2/1985

 

300

 

Charleston

 

SC

 

 

 

140,700

 

312,498

 

25,000

 

153

 

140,700

 

337,651

 

478,351

 

332,971

 

 

 

3/28/1989

 

300

 

Columbia

 

SC

 

 

 

58,160

 

269,643

 

None

 

None

 

58,160

 

269,643

 

327,803

 

269,643

 

 

 

11/14/1984

 

300

 

Columbia

 

SC

 

 

 

160,831

 

313,600

 

None

 

None

 

160,831

 

313,600

 

474,431

 

313,600

 

 

 

12/14/1989

 

300

 

Goose Creek

 

SC

 

 

 

61,635

 

192,905

 

None

 

153

 

61,635

 

193,058

 

254,693

 

193,032

 

 

 

12/22/1981

 

180

 

North Charleston

 

SC

 

 

 

125,593

 

278,947

 

12,126

 

14,855

 

125,593

 

305,928

 

431,521

 

289,145

 

 

 

5/26/1988

 

300

 

Summerville

 

SC

 

 

 

44,400

 

174,500

 

None

 

153

 

44,400

 

174,653

 

219,053

 

174,627

 

 

 

12/22/1981

 

180

 

Memphis

 

TN

 

 

 

238,000

 

528,608

 

148,663

 

655

 

238,000

 

677,926

 

915,926

 

537,000

 

 

 

9/30/1988

 

300

 

Arlington

 

TX

 

 

 

241,500

 

550,559

 

45,046

 

192

 

241,500

 

595,797

 

837,297

 

585,867

 

 

 

9/22/1989

 

300

 

Austin

 

TX

 

 

 

88,872

 

222,684

 

54,562

 

139

 

88,872

 

277,385

 

366,257

 

259,288

 

 

 

1/12/1983

 

180

 

Austin

 

TX

 

 

 

134,383

 

623,103

 

2,379

 

21,981

 

134,383

 

647,463

 

781,846

 

630,461

 

 

 

12/23/1986

 

300

 

Austin

 

TX

 

 

 

191,636

 

425,629

 

15,530

 

None

 

191,636

 

441,159

 

632,795

 

441,159

 

 

 

12/22/1988

 

300

 

Austin

 

TX

 

 

 

217,878

 

483,913

 

82,048

 

9,167

 

217,878

 

575,128

 

793,006

 

532,731

 

 

 

6/22/1989

 

300

 

Bedford

 

TX

 

 

 

241,500

 

550,559

 

34,949

 

None

 

241,500

 

585,508

 

827,008

 

585,507

 

 

 

9/22/1989

 

300

 

Carrollton

 

TX

 

 

 

277,850

 

617,113

 

52,614

 

261

 

277,850

 

669,988

 

947,838

 

634,447

 

 

 

12/11/1987

 

300

 

Cedar Park

 

TX

 

 

 

168,857

 

375,036

 

5,200

 

139

 

168,857

 

380,375

 

549,232

 

380,352

 

 

 

11/21/1988

 

300

 

Colleyville

 

TX

 

 

 

250,000

 

1,070,360

 

None

 

102

 

250,000

 

1,070,462

 

1,320,462

 

694,059

 

8/17/1999

 

5/14/1999

 

300

 

Converse

 

TX

 

 

 

217,000

 

481,963

 

None

 

7,522

 

217,000

 

489,485

 

706,485

 

482,859

 

 

 

9/28/1988

 

300

 

Corinth

 

TX

 

 

 

285,000

 

1,041,626

 

None

 

None

 

285,000

 

1,041,626

 

1,326,626

 

682,260

 

6/4/1999

 

5/19/1999

 

300

 

Euless

 

TX

 

 

 

234,111

 

519,962

 

None

 

None

 

234,111

 

519,962

 

754,073

 

519,962

 

 

 

5/8/1987

 

300

 

Flower Mound

 

TX

 

 

 

202,773

 

442,845

 

32,069

 

16,315

 

202,773

 

491,229

 

694,002

 

475,385

 

 

 

4/20/1987

 

300

 

Flower Mound

 

TX

 

 

 

281,735

 

1,099,726

 

18,618

 

31,678

 

281,735

 

1,150,022

 

1,431,757

 

750,274

 

4/23/1999

 

1/13/1999

 

300

 

Fort Worth

 

TX

 

 

 

85,518

 

396,495

 

54,750

 

198

 

85,518

 

451,443

 

536,961

 

421,957

 

 

 

12/3/1986

 

300

 

Fort Worth

 

TX

 

 

 

238,000

 

528,608

 

73,662

 

91

 

238,000

 

602,361

 

840,361

 

551,008

 

 

 

9/26/1988

 

300

 

Fort Worth

 

TX

 

 

 

216,160

 

427,962

 

None

 

54

 

216,160

 

428,016

 

644,176

 

426,532

 

 

 

2/7/1991

 

300

 

Grand Prairie

 

TX

 

 

 

167,164

 

371,276

 

58,206

 

16,405

 

167,164

 

445,887

 

613,051

 

426,079

 

 

 

12/13/1988

 

300

 

Houston

 

TX

 

 

 

139,125

 

308,997

 

19,128

 

286

 

139,125

 

328,411

 

467,536

 

325,836

 

 

 

5/22/1987

 

300

 

Houston

 

TX

 

 

 

141,296

 

313,824

 

12,442

 

307

 

141,296

 

326,573

 

467,869

 

324,143

 

 

 

7/24/1987

 

300

 

Houston

 

TX

 

 

 

219,100

 

486,631

 

25,716

 

25,593

 

219,100

 

537,940

 

757,040

 

501,025

 

 

 

9/30/1988

 

300

 

Houston

 

TX

 

 

 

149,109

 

323,314

 

27,979

 

245

 

149,109

 

351,538

 

500,647

 

333,059

 

 

 

6/26/1989

 

300

 

Houston

 

TX

 

 

 

294,582

 

919,276

 

None

 

None

 

294,582

 

919,276

 

1,213,858

 

617,496

 

1/11/1999

 

8/14/1998

 

300

 

Humble

 

TX

 

 

 

278,915

 

1,034,868

 

None

 

None

 

278,915

 

1,034,868

 

1,313,783

 

674,419

 

7/19/1999

 

5/14/1999

 

300

 

Katy

 

TX

 

 

 

309,898

 

983,041

 

None

 

None

 

309,898

 

983,041

 

1,292,939

 

666,855

 

11/30/1998

 

8/21/1998

 

300

 

Lewisville

 

TX

 

 

 

192,777

 

428,121

 

42,153

 

95

 

192,777

 

470,369

 

663,146

 

443,797

 

 

 

1/7/1987

 

300

 

Mansfield

 

TX

 

 

 

181,375

 

402,839

 

46,878

 

83

 

181,375

 

449,800

 

631,175

 

432,382

 

 

 

12/20/1989

 

300

 

Mesquite

 

TX

 

 

 

85,000

 

394,079

 

16,984

 

91

 

85,000

 

411,154

 

496,154

 

402,584

 

 

 

10/24/1984

 

300

 

Mesquite

 

TX

 

 

 

139,466

 

326,525

 

60,455

 

293

 

139,466

 

387,273

 

526,739

 

340,430

 

 

 

10/8/1992

 

300

 

Plano

 

TX

 

 

 

261,912

 

581,658

 

52,751

 

159

 

261,912

 

634,568

 

896,480

 

604,458

 

 

 

1/6/1987

 

300

 

Plano

 

TX

 

 

 

250,514

 

556,399

 

33,978

 

425

 

250,514

 

590,802

 

841,316

 

569,263

 

 

 

12/10/1987

 

300

 

Round Rock

 

TX

 

 

 

186,380

 

413,957

 

56,750

 

89

 

186,380

 

470,796

 

657,176

 

445,926

 

 

 

4/19/1989

 

300

 

San Antonio

 

TX

 

 

 

130,833

 

606,596

 

43,050

 

22,373

 

130,833

 

672,019

 

802,852

 

627,676

 

 

 

3/24/1986

 

300

 

San Antonio

 

TX

 

 

 

102,512

 

475,288

 

50,798

 

16,961

 

102,512

 

543,047

 

645,559

 

492,357

 

 

 

12/3/1986

 

300

 

San Antonio

 

TX

 

 

 

81,530

 

378,007

 

None

 

None

 

81,530

 

378,007

 

459,537

 

378,007

 

 

 

12/11/1986

 

300

 

San Antonio

 

TX

 

 

 

181,412

 

402,923

 

None

 

139

 

181,412

 

403,062

 

584,474

 

403,040

 

 

 

7/7/1987

 

300

 

San Antonio

 

TX

 

 

 

234,500

 

520,831

 

None

 

139

 

234,500

 

520,970

 

755,470

 

520,947

 

 

 

12/29/1987

 

300

 

San Antonio

 

TX

 

 

 

217,000

 

481,967

 

32,529

 

None

 

217,000

 

514,496

 

731,496

 

514,496

 

 

 

10/14/1988

 

300

 

San Antonio

 

TX

 

 

 

182,868

 

406,155

 

18,940

 

None

 

182,868

 

425,095

 

607,963

 

425,095

 

 

 

12/6/1988

 

300

 

San Antonio

 

TX

 

 

 

220,500

 

447,108

 

None

 

None

 

220,500

 

447,108

 

667,608

 

447,108

 

 

 

3/30/1989

 

300

 

Sugar Land

 

TX

 

 

 

339,310

 

1,000,876

 

None

 

None

 

339,310

 

1,000,876

 

1,340,186

 

658,908

 

5/30/1999

 

1/13/1999

 

300

 

Layton

 

UT

 

 

 

136,574

 

269,008

 

None

 

None

 

136,574

 

269,008

 

405,582

 

269,008

 

 

 

2/1/1990

 

300

 

Sandy

 

UT

 

 

 

168,089

 

373,330

 

None

 

None

 

168,089

 

373,330

 

541,419

 

373,330

 

 

 

2/1/1990

 

300

 

Centreville

 

VA

 

 

 

371,000

 

824,003

 

None

 

463

 

371,000

 

824,466

 

1,195,466

 

824,395

 

 

 

9/29/1989

 

300

 

Chesapeake

 

VA

 

 

 

190,050

 

422,107

 

24,568

 

None

 

190,050

 

446,675

 

636,725

 

442,609

 

 

 

3/28/1989

 

300

 

Glen Allen

 

VA

 

 

 

74,643

 

346,060

 

None

 

153

 

74,643

 

346,213

 

420,856

 

346,209

 

 

 

6/20/1984

 

300

 

Portsmouth

 

VA

 

 

 

171,575

 

381,073

 

24,932

 

None

 

171,575

 

406,005

 

577,580

 

401,990

 

 

 

12/21/1988

 

300

 

Virginia Beach

 

VA

 

 

 

69,080

 

320,270

 

29,024

 

None

 

69,080

 

349,294

 

418,374

 

332,922

 

 

 

11/15/1984

 

300

 

Federal Way

 

WA

 

 

 

150,785

 

699,101

 

None

 

107

 

150,785

 

699,208

 

849,993

 

699,194

 

 

 

12/17/1986

 

300

 

Federal Way

 

WA

 

 

 

261,943

 

581,782

 

27,500

 

107

 

261,943

 

609,389

 

871,332

 

604,160

 

 

 

11/21/1988

 

300

 

Kent

 

WA

 

 

 

128,300

 

539,141

 

None

 

None

 

128,300

 

539,141

 

667,441

 

539,141

 

 

 

6/3/1983

 

180

 

Kent

 

WA

 

 

 

140,763

 

678,809

 

36,500

 

None

 

140,763

 

715,309

 

856,072

 

711,151

 

 

 

12/17/1986

 

300

 

Kirkland

 

WA

 

 

 

301,000

 

668,534

 

None

 

107

 

301,000

 

668,641

 

969,641

 

668,627

 

 

 

3/31/1988

 

300

 

Puyallup

 

WA

 

 

 

195,552

 

434,327

 

27,000

 

107

 

195,552

 

461,434

 

656,986

 

456,686

 

 

 

12/6/1988

 

300

 

Redmond

 

WA

 

 

 

279,830

 

621,513

 

None

 

107

 

279,830

 

621,620

 

901,450

 

621,606

 

 

 

7/27/1987

 

300

 

Renton

 

WA

 

 

 

111,183

 

515,490

 

None

 

None

 

111,183

 

515,490

 

626,673

 

515,490

 

 

 

3/24/1986

 

300

 

Appleton

 

WI

 

 

 

196,000

 

424,038

 

None

 

409

 

196,000

 

424,447

 

620,447

 

424,384

 

 

 

7/10/1990

 

300

 

Waukesha

 

WI

 

 

 

233,100

 

461,500

 

None

 

211

 

233,100

 

461,711

 

694,811

 

461,648

 

 

 

12/13/1990

 

300

 

Waukesha

 

WI

 

 

 

215,950

 

427,546

 

None

 

409

 

215,950

 

427,955

 

643,905

 

427,891

 

 

 

12/13/1990

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer appliances

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F-8



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North Liberty

 

IA

 

 

 

6,395,970

 

19,385,806

 

None

 

None

 

6,395,970

 

19,385,806

 

25,781,776

 

1,638,562

 

 

 

1/22/2013

 

420

 

Greenville

 

OH

 

 

 

820,230

 

12,985,433

 

35,481

 

None

 

820,230

 

13,020,914

 

13,841,144

 

1,797,112

 

 

 

7/31/2012

 

300

 

Marion

 

OH

 

 

 

801,003

 

25,410,810

 

None

 

None

 

801,003

 

25,410,810

 

26,211,813

 

2,147,818

 

 

 

1/22/2013

 

420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer electronics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tampa

 

FL

 

 

 

401,874

 

933,768

 

103,336

 

32,053

 

401,874

 

1,069,157

 

1,471,031

 

790,521

 

 

 

12/23/1997

 

300

 

Smyrna

 

GA

 

 

 

1,094,058

 

3,090,236

 

None

 

None

 

1,094,058

 

3,090,236

 

4,184,294

 

2,291,810

 

 

 

6/9/1997

 

300

 

Jackson

 

MI

 

 

 

550,162

 

571,590

 

None

 

210

 

550,162

 

571,800

 

1,121,962

 

385,989

 

1/15/1999

 

9/25/1998

 

300

 

Pineville

 

NC

 

 

 

567,864

 

840,284

 

37,249

 

153

 

567,864

 

877,686

 

1,445,550

 

595,483

 

 

 

12/31/1998

 

300

 

Albion

 

NY

 

 

 

170,589

 

317,424

 

None

 

None

 

170,589

 

317,424

 

488,013

 

213,195

 

 

 

3/31/1999

 

300

 

Westbury

 

NY

 

 

 

6,333,590

 

3,952,773

 

256,823

 

None

 

6,333,590

 

4,209,596

 

10,543,186

 

2,956,891

 

 

 

9/29/1997

 

300

 

Austin

 

TX

 

 

 

3,630,000

 

5,083,734

 

None

 

None

 

3,630,000

 

5,083,734

 

8,713,734

 

279,605

 

 

 

8/19/2014

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

West Branch

 

IA

 

 

 

969,797

 

19,896,576

 

125,814

 

None

 

969,797

 

20,022,390

 

20,992,187

 

2,638,124

 

 

 

9/20/2012

 

300

 

DeKalb

 

IL

 

20,496,000

 

3,507,503

 

50,808,610

 

None

 

None

 

3,507,503

 

50,808,610

 

54,316,113

 

4,294,537

 

 

 

1/22/2013

 

420

 

Loves Park

 

IL

 

 

 

1,010,778

 

10,068,142

 

None

 

None

 

1,010,778

 

10,068,142

 

11,078,920

 

850,998

 

 

 

1/22/2013

 

420

 

Rural Hall

 

NC

 

 

 

710,000

 

17,739,591

 

63,900

 

None

 

710,000

 

17,803,491

 

18,513,491

 

148,111

 

 

 

9/22/2015

 

420

 

Grantsville

 

UT

 

 

 

1,719,381

 

40,160,295

 

None

 

None

 

1,719,381

 

40,160,295

 

41,879,676

 

3,394,501

 

 

 

1/22/2013

 

420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Convenience stores

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Daphne

 

AL

 

 

 

140,000

 

391,637

 

None

 

None

 

140,000

 

391,637

 

531,637

 

184,719

 

 

 

3/18/2004

 

300

 

Mobile

 

AL

 

 

 

190,000

 

301,637

 

None

 

None

 

190,000

 

301,637

 

491,637

 

142,269

 

 

 

3/18/2004

 

300

 

Mobile

 

AL

 

 

 

180,000

 

421,637

 

None

 

None

 

180,000

 

421,637

 

601,637

 

198,869

 

 

 

3/18/2004

 

300

 

North Little Rock

 

AR

 

 

 

1,138,381

 

2,112,637

 

1,500

 

None

 

1,138,381

 

2,114,137

 

3,252,518

 

236,324

 

 

 

3/29/2013

 

300

 

Florence

 

AZ

 

 

 

150,000

 

371,637

 

None

 

None

 

150,000

 

371,637

 

521,637

 

175,286

 

 

 

3/18/2004

 

300

 

Gilbert

 

AZ

 

 

 

680,000

 

1,111,637

 

None

 

None

 

680,000

 

1,111,637

 

1,791,637

 

524,319

 

 

 

3/18/2004

 

300

 

Glendale

 

AZ

 

 

 

610,000

 

531,637

 

None

 

None

 

610,000

 

531,637

 

1,141,637

 

250,753

 

 

 

3/18/2004

 

300

 

Glendale

 

AZ

 

 

 

400,000

 

931,637

 

None

 

None

 

400,000

 

931,637

 

1,331,637

 

439,419

 

 

 

3/18/2004

 

300

 

Maricopa

 

AZ

 

 

 

170,000

 

361,637

 

None

 

None

 

170,000

 

361,637

 

531,637

 

170,569

 

 

 

3/18/2004

 

300

 

Mesa

 

AZ

 

 

 

560,000

 

821,637

 

None

 

None

 

560,000

 

821,637

 

1,381,637

 

387,536

 

 

 

3/18/2004

 

300

 

Mesa

 

AZ

 

 

 

750,000

 

1,071,637

 

None

 

None

 

750,000

 

1,071,637

 

1,821,637

 

505,453

 

 

 

3/18/2004

 

300

 

Mesa

 

AZ

 

 

 

810,000

 

1,061,637

 

None

 

None

 

810,000

 

1,061,637

 

1,871,637

 

500,736

 

 

 

3/18/2004

 

300

 

Mesa

 

AZ

 

 

 

890,000

 

1,081,637

 

None

 

None

 

890,000

 

1,081,637

 

1,971,637

 

510,169

 

 

 

3/18/2004

 

300

 

Mesa

 

AZ

 

 

 

780,000

 

1,071,637

 

None

 

None

 

780,000

 

1,071,637

 

1,851,637

 

505,453

 

 

 

3/18/2004

 

300

 

Mesa

 

AZ

 

 

 

900,000

 

1,191,637

 

None

 

None

 

900,000

 

1,191,637

 

2,091,637

 

562,053

 

 

 

3/18/2004

 

300

 

Payson

 

AZ

 

 

 

210,000

 

351,637

 

None

 

None

 

210,000

 

351,637

 

561,637

 

165,853

 

 

 

3/18/2004

 

300

 

Payson

 

AZ

 

 

 

260,000

 

311,637

 

None

 

None

 

260,000

 

311,637

 

571,637

 

146,986

 

 

 

3/18/2004

 

300

 

Peoria

 

AZ

 

 

 

520,000

 

751,637

 

None

 

None

 

520,000

 

751,637

 

1,271,637

 

354,519

 

 

 

3/18/2004

 

300

 

Phoenix

 

AZ

 

 

 

440,000

 

511,637

 

None

 

None

 

440,000

 

511,637

 

951,637

 

241,319

 

 

 

3/18/2004

 

300

 

Phoenix

 

AZ

 

 

 

360,000

 

421,637

 

None

 

None

 

360,000

 

421,637

 

781,637

 

198,869

 

 

 

3/18/2004

 

300

 

Phoenix

 

AZ

 

 

 

710,000

 

591,637

 

None

 

None

 

710,000

 

591,637

 

1,301,637

 

279,053

 

 

 

3/18/2004

 

300

 

Phoenix

 

AZ

 

 

 

320,000

 

661,637

 

None

 

None

 

320,000

 

661,637

 

981,637

 

312,069

 

 

 

3/18/2004

 

300

 

Phoenix

 

AZ

 

 

 

450,000

 

651,637

 

None

 

None

 

450,000

 

651,637

 

1,101,637

 

307,353

 

 

 

3/18/2004

 

300

 

Phoenix

 

AZ

 

 

 

430,000

 

711,637

 

None

 

None

 

430,000

 

711,637

 

1,141,637

 

335,653

 

 

 

3/18/2004

 

300

 

Phoenix

 

AZ

 

 

 

730,000

 

931,637

 

None

 

None

 

730,000

 

931,637

 

1,661,637

 

439,419

 

 

 

3/18/2004

 

300

 

Phoenix

 

AZ

 

 

 

790,000

 

1,051,637

 

None

 

None

 

790,000

 

1,051,637

 

1,841,637

 

496,019

 

 

 

3/18/2004

 

300

 

Pinetop

 

AZ

 

 

 

170,000

 

311,637

 

None

 

None

 

170,000

 

311,637

 

481,637

 

146,986

 

 

 

3/18/2004

 

300

 

Queen Creek

 

AZ

 

 

 

520,000

 

891,637

 

None

 

None

 

520,000

 

891,637

 

1,411,637

 

420,553

 

 

 

3/18/2004

 

300

 

Scottsdale

 

AZ

 

 

 

210,000

 

201,637

 

None

 

None

 

210,000

 

201,637

 

411,637

 

95,103

 

 

 

3/18/2004

 

300

 

Scottsdale

 

AZ

 

 

 

660,000

 

1,031,637

 

None

 

None

 

660,000

 

1,031,637

 

1,691,637

 

486,586

 

 

 

3/18/2004

 

300

 

Sierra Vista

 

AZ

 

 

 

110,000

 

301,637

 

None

 

None

 

110,000

 

301,637

 

411,637

 

142,269

 

 

 

3/18/2004

 

300

 

Tempe

 

AZ

 

 

 

620,000

 

1,071,637

 

None

 

None

 

620,000

 

1,071,637

 

1,691,637

 

505,453

 

 

 

3/18/2004

 

300

 

Tempe

 

AZ

 

 

 

270,000

 

461,637

 

None

 

None

 

270,000

 

461,637

 

731,637

 

217,736

 

 

 

3/18/2004

 

300

 

Tolleson

 

AZ

 

 

 

460,000

 

1,231,637

 

None

 

None

 

460,000

 

1,231,637

 

1,691,637

 

580,919

 

 

 

3/18/2004

 

300

 

Tombstone

 

AZ

 

 

 

110,000

 

381,637

 

None

 

None

 

110,000

 

381,637

 

491,637

 

180,003

 

 

 

3/18/2004

 

300

 

Tucson

 

AZ

 

 

 

180,000

 

331,637

 

None

 

None

 

180,000

 

331,637

 

511,637

 

156,419

 

 

 

3/18/2004

 

300

 

Tucson

 

AZ

 

 

 

330,000

 

911,637

 

None

 

None

 

330,000

 

911,637

 

1,241,637

 

429,986

 

 

 

3/18/2004

 

300

 

Tucson

 

AZ

 

 

 

220,000

 

311,637

 

None

 

None

 

220,000

 

311,637

 

531,637

 

146,986

 

 

 

3/18/2004

 

300

 

Tucson

 

AZ

 

 

 

240,000

 

341,637

 

None

 

None

 

240,000

 

341,637

 

581,637

 

161,136

 

 

 

3/18/2004

 

300

 

Tucson

 

AZ

 

 

 

550,000

 

511,637

 

None

 

None

 

550,000

 

511,637

 

1,061,637

 

241,319

 

 

 

3/18/2004

 

300

 

Tucson

 

AZ

 

 

 

126,000

 

234,565

 

None

 

None

 

126,000

 

234,565

 

360,565

 

109,855

 

 

 

4/14/2004

 

300

 

Wellton

 

AZ

 

 

 

120,000

 

291,637

 

None

 

None

 

120,000

 

291,637

 

411,637

 

137,553

 

 

 

3/18/2004

 

300

 

Wickenburg

 

AZ

 

 

 

150,000

 

291,637

 

None

 

None

 

150,000

 

291,637

 

441,637

 

137,553

 

 

 

3/18/2004

 

300

 

Colorado Springs

 

CO

 

 

 

1,103,650

 

2,048,135

 

1,500

 

None

 

1,103,650

 

2,049,635

 

3,153,285

 

229,121

 

 

 

3/29/2013

 

300

 

Vernon

 

CT

 

 

 

179,646

 

319,372

 

None

 

13

 

179,646

 

319,385

 

499,031

 

265,617

 

 

 

3/9/1995

 

300

 

Westbrook

 

CT

 

 

 

98,247

 

373,340

 

None

 

None

 

98,247

 

373,340

 

471,587

 

310,494

 

 

 

3/9/1995

 

300

 

Camden

 

DE

 

 

 

113,811

 

174,435

 

None

 

None

 

113,811

 

174,435

 

288,246

 

89,246

 

 

 

3/19/2003

 

300

 

Camden

 

DE

 

 

 

250,528

 

379,165

 

None

 

None

 

250,528

 

379,165

 

629,693

 

193,999

 

 

 

3/19/2003

 

300

 

Dewey

 

DE

 

 

 

147,465

 

224,665

 

None

 

None

 

147,465

 

224,665

 

372,130

 

114,946

 

 

 

3/19/2003

 

300

 

Dover

 

DE

 

 

 

278,804

 

421,707

 

None

 

None

 

278,804

 

421,707

 

700,511

 

215,766

 

 

 

3/19/2003

 

300

 

Dover

 

DE

 

 

 

367,137

 

554,207

 

None

 

None

 

367,137

 

554,207

 

921,344

 

283,562

 

 

 

3/19/2003

 

300

 

Dover

 

DE

 

 

 

367,425

 

554,884

 

None

 

None

 

367,425

 

554,884

 

922,309

 

283,909

 

 

 

3/19/2003

 

300

 

Felton

 

DE

 

 

 

307,260

 

464,391

 

None

 

None

 

307,260

 

464,391

 

771,651

 

237,606

 

 

 

3/19/2003

 

300

 

Greenwood

 

DE

 

 

 

632,303

 

1,176,711

 

None

 

None

 

632,303

 

1,176,711

 

1,809,014

 

382,429

 

 

 

11/29/2007

 

300

 

Harrington

 

DE

 

 

 

563,812

 

849,220

 

None

 

None

 

563,812

 

849,220

 

1,413,032

 

434,510

 

 

 

3/19/2003

 

300

 

Milford

 

DE

 

 

 

310,049

 

468,575

 

None

 

None

 

310,049

 

468,575

 

778,624

 

239,747

 

 

 

3/19/2003

 

300

 

New Castle

 

DE

 

 

 

589,325

 

887,488

 

None

 

None

 

589,325

 

887,488

 

1,476,813

 

454,091

 

 

 

3/19/2003

 

300

 

Smyrna

 

DE

 

 

 

121,774

 

186,436

 

None

 

None

 

121,774

 

186,436

 

308,210

 

95,386

 

 

 

3/19/2003

 

300

 

Smyrna

 

DE

 

 

 

401,135

 

605,332

 

None

 

None

 

401,135

 

605,332

 

1,006,467

 

309,721

 

 

 

3/19/2003

 

300

 

Townsend

 

DE

 

 

 

241,416

 

365,749

 

None

 

None

 

241,416

 

365,749

 

607,165

 

187,134

 

 

 

3/19/2003

 

300

 

Wilmington

 

DE

 

 

 

280,682

 

424,525

 

None

 

None

 

280,682

 

424,525

 

705,207

 

217,208

 

 

 

3/19/2003

 

300

 

Archer

 

FL

 

 

 

296,238

 

578,145

 

None

 

None

 

296,238

 

578,145

 

874,383

 

384,465

 

 

 

5/7/1999

 

300

 

Bradenton

 

FL

 

 

 

946,638

 

1,671,528

 

499

 

None

 

946,638

 

1,672,027

 

2,618,665

 

197,943

 

 

 

1/22/2013

 

300

 

Bradenton

 

FL

 

 

 

414,000

 

107,500

 

1,500

 

None

 

414,000

 

109,000

 

523,000

 

12,429

 

 

 

3/8/2013

 

300

 

Bushnell

 

FL

 

 

 

130,000

 

291,637

 

None

 

None

 

130,000

 

291,637

 

421,637

 

137,553

 

 

 

3/18/2004

 

300

 

Clearwater

 

FL

 

 

 

359,792

 

311,845

 

None

 

None

 

359,792

 

311,845

 

671,637

 

147,084

 

 

 

3/18/2004

 

300

 

Cocoa

 

FL

 

 

 

323,827

 

287,810

 

None

 

None

 

323,827

 

287,810

 

611,637

 

135,748

 

 

 

3/18/2004

 

300

 

Deltona

 

FL

 

 

 

140,000

 

321,637

 

None

 

None

 

140,000

 

321,637

 

461,637

 

151,703

 

 

 

3/18/2004

 

300

 

Englewood

 

FL

 

 

 

270,000

 

331,637

 

None

 

None

 

270,000

 

331,637

 

601,637

 

156,419

 

 

 

3/18/2004

 

300

 

Gainesville

 

FL

 

 

 

515,834

 

873,187

 

None

 

None

 

515,834

 

873,187

 

1,389,021

 

580,668

 

 

 

5/7/1999

 

300

 

Gainesville

 

FL

 

 

 

480,318

 

600,633

 

None

 

None

 

480,318

 

600,633

 

1,080,951

 

399,420

 

 

 

5/7/1999

 

300

 

Gainesville

 

FL

 

 

 

347,310

 

694,859

 

None

 

None

 

347,310

 

694,859

 

1,042,169

 

462,080

 

 

 

5/7/1999

 

300

 

Gainesville

 

FL

 

 

 

339,263

 

658,807

 

None

 

None

 

339,263

 

658,807

 

998,070

 

438,105

 

 

 

5/7/1999

 

300

 

Gainesville

 

FL

 

 

 

351,921

 

552,557

 

None

 

None

 

351,921

 

552,557

 

904,478

 

367,449

 

 

 

5/7/1999

 

300

 

Gainesville

 

FL

 

 

 

500,032

 

850,291

 

None

 

None

 

500,032

 

850,291

 

1,350,323

 

565,442

 

 

 

5/7/1999

 

300

 

Homosassa Springs

 

FL

 

 

 

740,000

 

621,637

 

None

 

None

 

740,000

 

621,637

 

1,361,637

 

293,203

 

 

 

3/18/2004

 

300

 

Hudson

 

FL

 

 

 

300,000

 

351,637

 

None

 

None

 

300,000

 

351,637

 

651,637

 

165,853

 

 

 

3/18/2004

 

300

 

Intercession City

 

FL

 

 

 

161,776

 

319,861

 

None

 

None

 

161,776

 

319,861

 

481,637

 

150,865

 

 

 

3/18/2004

 

300

 

Jacksonville

 

FL

 

 

 

266,111

 

494,206

 

None

 

None

 

266,111

 

494,206

 

760,317

 

231,453

 

 

 

4/1/2004

 

300

 

Key West

 

FL

 

 

 

873,700

 

627,937

 

None

 

None

 

873,700

 

627,937

 

1,501,637

 

296,174

 

 

 

3/18/2004

 

300

 

Key West

 

FL

 

 

 

492,785

 

208,852

 

None

 

None

 

492,785

 

208,852

 

701,637

 

98,506

 

 

 

3/18/2004

 

300

 

Lakeland

 

FL

 

 

 

527,076

 

464,561

 

None

 

None

 

527,076

 

464,561

 

991,637

 

219,115

 

 

 

3/18/2004

 

300

 

Lakeland

 

FL

 

 

 

300,000

 

321,637

 

None

 

None

 

300,000

 

321,637

 

621,637

 

151,703

 

 

 

3/18/2004

 

300

 

Land O Lakes

 

FL

 

 

 

120,000

 

361,637

 

None

 

None

 

120,000

 

361,637

 

481,637

 

170,569

 

 

 

3/18/2004

 

300

 

Largo

 

FL

 

 

 

900,000

 

1,475,882

 

None

 

None

 

900,000

 

1,475,882

 

2,375,882

 

99,059

 

4/9/2014

 

8/13/2013

 

300

 

Lutz

 

FL

 

 

 

480,000

 

421,637

 

None

 

None

 

480,000

 

421,637

 

901,637

 

198,869

 

 

 

3/18/2004

 

300

 

Moore Haven

 

FL

 

 

 

180,342

 

331,295

 

None

 

None

 

180,342

 

331,295

 

511,637

 

156,258

 

 

 

3/18/2004

 

300

 

Mount Dora

 

FL

 

 

 

1,423,518

 

2,513,578

 

751

 

None

 

1,423,518

 

2,514,329

 

3,937,847

 

297,659

 

 

 

1/22/2013

 

300

 

Naples

 

FL

 

 

 

150,000

 

301,637

 

None

 

None

 

150,000

 

301,637

 

451,637

 

142,269

 

 

 

3/18/2004

 

300

 

Naples

 

FL

 

 

 

620,000

 

381,637

 

None

 

None

 

620,000

 

381,637

 

1,001,637

 

180,003

 

 

 

3/18/2004

 

300

 

 

F-9



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Port Richey

 

FL

 

 

 

190,000

 

601,637

 

None

 

None

 

190,000

 

601,637

 

791,637

 

283,769

 

 

 

3/18/2004

 

300

 

North Fort Myers

 

FL

 

 

 

140,000

 

281,637

 

None

 

None

 

140,000

 

281,637

 

421,637

 

132,836

 

 

 

3/18/2004

 

300

 

Okeechobee

 

FL

 

 

 

195,075

 

346,562

 

None

 

None

 

195,075

 

346,562

 

541,637

 

163,459

 

 

 

3/18/2004

 

300

 

Orlando

 

FL

 

 

 

240,000

 

301,637

 

None

 

None

 

240,000

 

301,637

 

541,637

 

142,269

 

 

 

3/18/2004

 

300

 

Palm Bay

 

FL

 

 

 

230,880

 

300,757

 

None

 

None

 

230,880

 

300,757

 

531,637

 

141,854

 

 

 

3/18/2004

 

300

 

Palm Harbor

 

FL

 

 

 

510,000

 

381,637

 

None

 

None

 

510,000

 

381,637

 

891,637

 

180,003

 

 

 

3/18/2004

 

300

 

Panama City

 

FL

 

 

 

210,000

 

431,637

 

None

 

None

 

210,000

 

431,637

 

641,637

 

203,586

 

 

 

3/18/2004

 

300

 

Pensacola

 

FL

 

 

 

168,000

 

312,727

 

None

 

None

 

168,000

 

312,727

 

480,727

 

146,458

 

 

 

4/14/2004

 

300

 

Port Charlotte

 

FL

 

 

 

170,000

 

311,637

 

None

 

None

 

170,000

 

311,637

 

481,637

 

146,986

 

 

 

3/18/2004

 

300

 

Port Charlotte

 

FL

 

 

 

200,000

 

356,637

 

None

 

None

 

200,000

 

356,637

 

556,637

 

168,211

 

 

 

3/18/2004

 

300

 

Port Orange

 

FL

 

 

 

609,438

 

512,199

 

None

 

None

 

609,438

 

512,199

 

1,121,637

 

241,585

 

 

 

3/18/2004

 

300

 

Punta Gorda

 

FL

 

 

 

400,000

 

511,637

 

None

 

None

 

400,000

 

511,637

 

911,637

 

241,319

 

 

 

3/18/2004

 

300

 

Riverview

 

FL

 

 

 

1,930,000

 

1,423,752

 

None

 

None

 

1,930,000

 

1,423,752

 

3,353,752

 

121,243

 

8/30/2013

 

8/13/2012

 

300

 

Tallahassee

 

FL

 

 

 

600,000

 

341,637

 

None

 

None

 

600,000

 

341,637

 

941,637

 

161,136

 

 

 

3/18/2004

 

300

 

Tampa

 

FL

 

 

 

300,000

 

301,637

 

None

 

None

 

300,000

 

301,637

 

601,637

 

142,269

 

 

 

3/18/2004

 

300

 

Tampa

 

FL

 

 

 

380,000

 

361,637

 

None

 

None

 

380,000

 

361,637

 

741,637

 

170,569

 

 

 

3/18/2004

 

300

 

Tampa

 

FL

 

 

 

320,000

 

591,637

 

None

 

None

 

320,000

 

591,637

 

911,637

 

279,053

 

 

 

3/18/2004

 

300

 

Webster

 

FL

 

 

 

640,000

 

1,071,637

 

None

 

None

 

640,000

 

1,071,637

 

1,711,637

 

505,453

 

 

 

3/18/2004

 

300

 

Winter Springs

 

FL

 

 

 

150,000

 

291,637

 

None

 

None

 

150,000

 

291,637

 

441,637

 

137,553

 

 

 

3/18/2004

 

300

 

Augusta

 

GA

 

 

 

620,000

 

383,232

 

None

 

None

 

620,000

 

383,232

 

1,003,232

 

252,289

 

 

 

7/22/1999

 

300

 

Augusta

 

GA

 

 

 

540,000

 

337,853

 

None

 

None

 

540,000

 

337,853

 

877,853

 

222,416

 

 

 

7/22/1999

 

300

 

Augusta

 

GA

 

 

 

510,000

 

392,929

 

None

 

None

 

510,000

 

392,929

 

902,929

 

258,674

 

 

 

7/22/1999

 

300

 

Augusta

 

GA

 

 

 

180,000

 

422,020

 

None

 

None

 

180,000

 

422,020

 

602,020

 

277,827

 

 

 

7/22/1999

 

300

 

Augusta

 

GA

 

 

 

260,000

 

392,171

 

None

 

None

 

260,000

 

392,171

 

652,171

 

258,176

 

 

 

7/22/1999

 

300

 

Augusta

 

GA

 

 

 

240,000

 

451,637

 

None

 

None

 

240,000

 

451,637

 

691,637

 

213,019

 

 

 

3/18/2004

 

300

 

Calhoun

 

GA

 

 

 

122,500

 

228,742

 

None

 

None

 

122,500

 

228,742

 

351,242

 

111,696

 

 

 

10/16/2003

 

300

 

Calhoun

 

GA

 

 

 

262,500

 

488,742

 

None

 

None

 

262,500

 

488,742

 

751,242

 

238,663

 

 

 

10/16/2003

 

300

 

Cartersville

 

GA

 

 

 

262,500

 

488,742

 

None

 

None

 

262,500

 

488,742

 

751,242

 

238,663

 

 

 

10/16/2003

 

300

 

Chatsworth

 

GA

 

 

 

140,000

 

261,242

 

None

 

None

 

140,000

 

261,242

 

401,242

 

127,567

 

 

 

10/16/2003

 

300

 

Chatsworth

 

GA

 

 

 

140,000

 

261,242

 

None

 

None

 

140,000

 

261,242

 

401,242

 

127,567

 

 

 

10/16/2003

 

300

 

Chatsworth

 

GA

 

 

 

140,000

 

261,242

 

None

 

None

 

140,000

 

261,242

 

401,242

 

127,567

 

 

 

10/16/2003

 

300

 

Chickamauga

 

GA

 

 

 

181,731

 

338,742

 

None

 

None

 

181,731

 

338,742

 

520,473

 

165,413

 

 

 

10/16/2003

 

300

 

Dalton

 

GA

 

 

 

171,500

 

319,742

 

None

 

None

 

171,500

 

319,742

 

491,242

 

156,134

 

 

 

10/16/2003

 

300

 

Dalton

 

GA

 

 

 

87,500

 

163,742

 

None

 

None

 

87,500

 

163,742

 

251,242

 

79,954

 

 

 

10/16/2003

 

300

 

Dalton

 

GA

 

 

 

485,650

 

903,162

 

None

 

None

 

485,650

 

903,162

 

1,388,812

 

441,038

 

 

 

10/16/2003

 

300

 

Dalton

 

GA

 

 

 

146,000

 

272,385

 

None

 

None

 

146,000

 

272,385

 

418,385

 

133,008

 

 

 

10/16/2003

 

300

 

Dalton

 

GA

 

 

 

420,000

 

781,242

 

None

 

None

 

420,000

 

781,242

 

1,201,242

 

381,500

 

 

 

10/16/2003

 

300

 

Dalton

 

GA

 

 

 

210,000

 

391,242

 

None

 

None

 

210,000

 

391,242

 

601,242

 

191,050

 

 

 

10/16/2003

 

300

 

Dalton

 

GA

 

 

 

332,500

 

618,742

 

None

 

None

 

332,500

 

618,742

 

951,242

 

302,146

 

 

 

10/16/2003

 

300

 

Dalton

 

GA

 

 

 

437,500

 

813,742

 

None

 

None

 

437,500

 

813,742

 

1,251,242

 

397,371

 

 

 

10/16/2003

 

300

 

Decatur

 

GA

 

 

 

529,383

 

532,429

 

None

 

296

 

529,383

 

532,725

 

1,062,108

 

395,046

 

 

 

6/27/1997

 

300

 

Decatur

 

GA

 

1,860,265

 

1,622,631

 

2,865,162

 

856

 

None

 

1,622,631

 

2,866,018

 

4,488,649

 

339,294

 

 

 

1/22/2013

 

300

 

Dunwoody

 

GA

 

 

 

545,462

 

724,254

 

None

 

296

 

545,462

 

724,550

 

1,270,012

 

537,308

 

 

 

6/27/1997

 

300

 

Flintstone

 

GA

 

 

 

157,500

 

293,742

 

None

 

None

 

157,500

 

293,742

 

451,242

 

143,438

 

 

 

10/16/2003

 

300

 

La Fayette

 

GA

 

 

 

122,500

 

228,742

 

None

 

None

 

122,500

 

228,742

 

351,242

 

111,696

 

 

 

10/16/2003

 

300

 

Lithonia

 

GA

 

 

 

386,784

 

776,436

 

None

 

None

 

386,784

 

776,436

 

1,163,220

 

575,800

 

 

 

6/27/1997

 

300

 

Mableton

 

GA

 

 

 

491,069

 

355,957

 

None

 

None

 

491,069

 

355,957

 

847,026

 

263,953

 

 

 

6/27/1997

 

300

 

Martinez

 

GA

 

 

 

450,000

 

402,777

 

None

 

None

 

450,000

 

402,777

 

852,777

 

265,157

 

 

 

7/22/1999

 

300

 

Martinez

 

GA

 

 

 

830,000

 

871,637

 

None

 

None

 

830,000

 

871,637

 

1,701,637

 

411,119

 

 

 

3/18/2004

 

300

 

Norcross

 

GA

 

 

 

384,162

 

651,273

 

None

 

None

 

384,162

 

651,273

 

1,035,435

 

482,967

 

 

 

6/27/1997

 

300

 

Ringgold

 

GA

 

 

 

234,500

 

1,168,914

 

(7,829

)

None

 

226,671

 

1,168,914

 

1,395,585

 

519,590

 

 

 

10/16/2003

 

300

 

Ringgold

 

GA

 

 

 

385,000

 

716,242

 

(21,175

)

None

 

363,825

 

716,242

 

1,080,067

 

349,758

 

 

 

10/16/2003

 

300

 

Ringgold

 

GA

 

 

 

482,251

 

896,851

 

None

 

None

 

482,251

 

896,851

 

1,379,102

 

437,956

 

 

 

10/16/2003

 

300

 

Rocky Face

 

GA

 

 

 

164,231

 

306,241

 

None

 

None

 

164,231

 

306,241

 

470,472

 

149,542

 

 

 

10/16/2003

 

300

 

Rome

 

GA

 

 

 

210,000

 

391,242

 

None

 

None

 

210,000

 

391,242

 

601,242

 

191,050

 

 

 

10/16/2003

 

300

 

Rome

 

GA

 

 

 

199,199

 

371,183

 

None

 

None

 

199,199

 

371,183

 

570,382

 

181,255

 

 

 

10/16/2003

 

300

 

Rome

 

GA

 

 

 

201,791

 

375,997

 

(22,030

)

None

 

179,761

 

375,997

 

555,758

 

183,606

 

 

 

10/16/2003

 

300

 

Rome

 

GA

 

 

 

315,000

 

586,242

 

None

 

None

 

315,000

 

586,242

 

901,242

 

286,275

 

 

 

10/16/2003

 

300

 

Rossville

 

GA

 

 

 

157,500

 

293,742

 

None

 

None

 

157,500

 

293,742

 

451,242

 

143,438

 

 

 

10/16/2003

 

300

 

Summerville

 

GA

 

 

 

66,231

 

124,242

 

None

 

None

 

66,231

 

124,242

 

190,473

 

60,665

 

 

 

10/16/2003

 

300

 

Trenton

 

GA

 

 

 

129,231

 

241,242

 

None

 

None

 

129,231

 

241,242

 

370,473

 

117,800

 

 

 

10/16/2003

 

300

 

Adair

 

IA

 

 

 

779,853

 

1,377,027

 

411

 

None

 

779,853

 

1,377,438

 

2,157,291

 

163,068

 

 

 

1/22/2013

 

300

 

Neola

 

IA

 

 

 

784,675

 

1,385,540

 

414

 

None

 

784,675

 

1,385,954

 

2,170,629

 

164,076

 

 

 

1/22/2013

 

300

 

Belvidere

 

IL

 

 

 

768,748

 

1,426,176

 

1,500

 

None

 

768,748

 

1,427,676

 

2,196,424

 

345,559

 

 

 

12/28/2009

 

300

 

Dekalb

 

IL

 

 

 

661,500

 

1,226,500

 

2,000

 

None

 

661,500

 

1,228,500

 

1,890,000

 

297,604

 

 

 

12/28/2009

 

300

 

Godfrey

 

IL

 

 

 

374,586

 

733,190

 

None

 

None

 

374,586

 

733,190

 

1,107,776

 

543,718

 

 

 

6/27/1997

 

300

 

Granite City

 

IL

 

 

 

362,287

 

737,255

 

None

 

None

 

362,287

 

737,255

 

1,099,542

 

546,734

 

 

 

6/27/1997

 

300

 

Hartford

 

IL

 

 

 

599,172

 

1,110,747

 

2,000

 

None

 

599,172

 

1,112,747

 

1,711,919

 

269,631

 

 

 

12/28/2009

 

300

 

Loves Park

 

IL

 

 

 

547,582

 

1,016,523

 

1,500

 

None

 

547,582

 

1,018,023

 

1,565,605

 

328,180

 

 

 

12/20/2007

 

300

 

Loves Park

 

IL

 

 

 

760,725

 

1,410,775

 

2,000

 

None

 

760,725

 

1,412,775

 

2,173,500

 

342,137

 

 

 

12/28/2009

 

300

 

Machesney Park

 

IL

 

 

 

562,275

 

1,043,225

 

1,000

 

None

 

562,275

 

1,044,225

 

1,606,500

 

252,713

 

 

 

12/28/2009

 

300

 

Marengo

 

IL

 

 

 

501,948

 

930,688

 

1,500

 

None

 

501,948

 

932,188

 

1,434,136

 

225,816

 

 

 

12/28/2009

 

300

 

Rochelle

 

IL

 

 

 

607,418

 

1,128,145

 

1,000

 

None

 

607,418

 

1,129,145

 

1,736,563

 

363,685

 

 

 

12/20/2007

 

300

 

Rockford

 

IL

 

 

 

463,050

 

858,450

 

1,500

 

None

 

463,050

 

859,950

 

1,323,000

 

208,359

 

 

 

12/28/2009

 

300

 

Rockford

 

IL

 

 

 

388,631

 

720,244

 

1,500

 

None

 

388,631

 

721,744

 

1,110,375

 

174,959

 

 

 

12/28/2009

 

300

 

Tuscola

 

IL

 

 

 

752,456

 

1,394,419

 

3,000

 

None

 

752,456

 

1,397,419

 

2,149,875

 

338,785

 

 

 

12/28/2009

 

300

 

Albany

 

IN

 

 

 

427,437

 

794,632

 

2,000

 

None

 

427,437

 

796,632

 

1,224,069

 

275,862

 

 

 

5/25/2007

 

300

 

Alexandria

 

IN

 

 

 

139,219

 

259,369

 

None

 

None

 

139,219

 

259,369

 

398,588

 

89,479

 

 

 

5/25/2007

 

300

 

Anderson

 

IN

 

 

 

147,263

 

274,307

 

None

 

None

 

147,263

 

274,307

 

421,570

 

94,633

 

 

 

5/25/2007

 

300

 

Anderson

 

IN

 

 

 

283,430

 

527,190

 

2,000

 

None

 

283,430

 

529,190

 

812,620

 

183,594

 

 

 

5/25/2007

 

300

 

Elkhart

 

IN

 

 

 

495,914

 

922,471

 

1,500

 

None

 

495,914

 

923,971

 

1,419,885

 

319,537

 

 

 

5/25/2007

 

300

 

Frankfort

 

IN

 

 

 

208,666

 

388,345

 

2,000

 

None

 

208,666

 

390,345

 

599,011

 

135,692

 

 

 

5/25/2007

 

300

 

Greenwood

 

IN

 

 

 

173,250

 

323,022

 

None

 

None

 

173,250

 

323,022

 

496,272

 

111,439

 

 

 

5/25/2007

 

300

 

Hartford City

 

IN

 

 

 

250,310

 

465,702

 

2,000

 

None

 

250,310

 

467,702

 

718,012

 

162,380

 

 

 

5/25/2007

 

300

 

Indianapolis

 

IN

 

 

 

129,938

 

242,134

 

None

 

None

 

129,938

 

242,134

 

372,072

 

83,533

 

 

 

5/25/2007

 

300

 

Indianapolis

 

IN

 

 

 

269,294

 

500,939

 

1,500

 

None

 

269,294

 

502,439

 

771,733

 

174,108

 

 

 

5/25/2007

 

300

 

Indianapolis

 

IN

 

 

 

318,432

 

592,193

 

1,500

 

None

 

318,432

 

593,693

 

912,125

 

205,591

 

 

 

5/25/2007

 

300

 

Knox

 

IN

 

 

 

341,250

 

633,499

 

1,500

 

None

 

341,250

 

634,999

 

976,249

 

209,236

 

 

 

10/9/2007

 

300

 

Lafayette

 

IN

 

 

 

147,263

 

274,309

 

None

 

None

 

147,263

 

274,309

 

421,572

 

94,633

 

 

 

5/25/2007

 

300

 

Lafayette

 

IN

 

 

 

112,613

 

209,959

 

None

 

None

 

112,613

 

209,959

 

322,572

 

72,433

 

 

 

5/25/2007

 

300

 

Marion

 

IN

 

 

 

209,196

 

389,995

 

1,500

 

None

 

209,196

 

391,495

 

600,691

 

135,833

 

 

 

5/25/2007

 

300

 

Michigan City

 

IN

 

 

 

227,500

 

422,249

 

1,500

 

None

 

227,500

 

423,749

 

651,249

 

139,876

 

 

 

10/9/2007

 

300

 

Mishawaka

 

IN

 

 

 

123,983

 

231,743

 

2,000

 

None

 

123,983

 

233,743

 

357,726

 

81,665

 

 

 

5/25/2007

 

300

 

Morristown

 

IN

 

 

 

366,590

 

682,082

 

2,000

 

None

 

366,590

 

684,082

 

1,050,672

 

237,032

 

 

 

5/25/2007

 

300

 

Muncie

 

IN

 

 

 

103,950

 

193,870

 

None

 

None

 

103,950

 

193,870

 

297,820

 

66,882

 

 

 

5/25/2007

 

300

 

Muncie

 

IN

 

 

 

184,237

 

342,974

 

2,000

 

None

 

184,237

 

344,974

 

529,211

 

120,039

 

 

 

5/25/2007

 

300

 

New Albany

 

IN

 

 

 

181,459

 

289,353

 

None

 

None

 

181,459

 

289,353

 

470,812

 

240,645

 

 

 

3/3/1995

 

300

 

New Albany

 

IN

 

 

 

262,465

 

331,796

 

None

 

None

 

262,465

 

331,796

 

594,261

 

275,943

 

 

 

3/6/1995

 

300

 

New Castle

 

IN

 

 

 

138,600

 

258,672

 

None

 

None

 

138,600

 

258,672

 

397,272

 

89,238

 

 

 

5/25/2007

 

300

 

New Castle

 

IN

 

 

 

79,854

 

149,572

 

1,000

 

None

 

79,854

 

150,572

 

230,426

 

52,457

 

 

 

5/25/2007

 

300

 

New Castle

 

IN

 

 

 

203,941

 

380,019

 

1,500

 

None

 

203,941

 

381,519

 

585,460

 

132,391

 

 

 

5/25/2007

 

300

 

Richmond

 

IN

 

 

 

281,248

 

523,589

 

1,500

 

None

 

281,248

 

525,089

 

806,337

 

181,922

 

 

 

5/25/2007

 

300

 

Richmond

 

IN

 

 

 

255,908

 

476,528

 

2,000

 

None

 

255,908

 

478,528

 

734,436

 

166,116

 

 

 

5/25/2007

 

300

 

Rushville

 

IN

 

 

 

138,600

 

258,672

 

None

 

None

 

138,600

 

258,672

 

397,272

 

89,238

 

 

 

5/25/2007

 

300

 

Rushville

 

IN

 

 

 

121,275

 

226,497

 

None

 

None

 

121,275

 

226,497

 

347,772

 

78,138

 

 

 

5/25/2007

 

300

 

South Bend

 

IN

 

 

 

372,387

 

693,064

 

2,000

 

None

 

372,387

 

695,064

 

1,067,451

 

240,821

 

 

 

5/25/2007

 

300

 

Wabash

 

IN

 

 

 

430,437

 

800,871

 

2,000

 

None

 

430,437

 

802,871

 

1,233,308

 

278,014

 

 

 

5/25/2007

 

300

 

Wabash

 

IN

 

 

 

334,923

 

623,488

 

1,500

 

13

 

334,923

 

625,001

 

959,924

 

216,394

 

 

 

5/25/2007

 

300

 

Warsaw

 

IN

 

 

 

415,275

 

772,713

 

1,500

 

13

 

415,275

 

774,226

 

1,189,501

 

267,876

 

 

 

5/25/2007

 

300

 

West Lafayette

 

IN

 

 

 

1,052,628

 

1,340,855

 

2,000

 

None

 

1,052,628

 

1,342,855

 

2,395,483

 

464,085

 

 

 

5/25/2007

 

300

 

Zionsville

 

IN

 

 

 

910,595

 

1,691,926

 

2,000

 

None

 

910,595

 

1,693,926

 

2,604,521

 

585,428

 

 

 

5/25/2007

 

300

 

 

F-10



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Berea

 

KY

 

 

 

252,077

 

360,815

 

None

 

None

 

252,077

 

360,815

 

612,892

 

300,078

 

 

 

3/8/1995

 

300

 

Elizabethtown

 

KY

 

 

 

286,106

 

286,106

 

None

 

439

 

286,106

 

286,545

 

572,651

 

238,100

 

 

 

3/3/1995

 

300

 

Lebanon

 

KY

 

 

 

158,052

 

316,105

 

None

 

153

 

158,052

 

316,258

 

474,310

 

263,021

 

 

 

3/3/1995

 

300

 

Louisville

 

KY

 

 

 

198,926

 

368,014

 

None

 

None

 

198,926

 

368,014

 

566,940

 

306,065

 

 

 

3/3/1995

 

300

 

Louisville

 

KY

 

 

 

216,849

 

605,697

 

None

 

None

 

216,849

 

605,697

 

822,546

 

473,320

 

6/18/1996

 

11/17/1995

 

300

 

Mount Washington

 

KY

 

 

 

327,245

 

479,593

 

None

 

None

 

327,245

 

479,593

 

806,838

 

366,920

 

12/6/1996

 

5/31/1996

 

300

 

Baton Rouge

 

LA

 

 

 

500,000

 

521,637

 

None

 

None

 

500,000

 

521,637

 

1,021,637

 

246,036

 

 

 

3/18/2004

 

300

 

Baton Rouge

 

LA

 

 

 

210,000

 

361,637

 

None

 

None

 

210,000

 

361,637

 

571,637

 

170,569

 

 

 

3/18/2004

 

300

 

Bossier City

 

LA

 

 

 

230,000

 

431,637

 

None

 

None

 

230,000

 

431,637

 

661,637

 

203,586

 

 

 

3/18/2004

 

300

 

Destrehan

 

LA

 

 

 

200,000

 

411,637

 

None

 

None

 

200,000

 

411,637

 

611,637

 

194,153

 

 

 

3/18/2004

 

300

 

Lafayette

 

LA

 

 

 

240,000

 

391,637

 

None

 

None

 

240,000

 

391,637

 

631,637

 

184,719

 

 

 

3/18/2004

 

300

 

Pineville

 

LA

 

 

 

170,000

 

371,637

 

None

 

None

 

170,000

 

371,637

 

541,637

 

175,286

 

 

 

3/18/2004

 

300

 

Shreveport

 

LA

 

 

 

192,500

 

358,227

 

None

 

None

 

192,500

 

358,227

 

550,727

 

167,767

 

 

 

4/14/2004

 

300

 

Amherst

 

MA

 

 

 

110,969

 

639,806

 

None

 

None

 

110,969

 

639,806

 

750,775

 

316,704

 

 

 

8/18/2003

 

300

 

North Reading

 

MA

 

 

 

574,601

 

756,174

 

None

 

None

 

574,601

 

756,174

 

1,330,775

 

374,306

 

 

 

8/18/2003

 

300

 

Seekonk

 

MA

 

 

 

298,354

 

268,518

 

None

 

None

 

298,354

 

268,518

 

566,872

 

223,318

 

 

 

3/3/1995

 

300

 

Berlin

 

MD

 

 

 

255,951

 

387,395

 

None

 

None

 

255,951

 

387,395

 

643,346

 

198,210

 

 

 

3/19/2003

 

300

 

Crisfield

 

MD

 

 

 

219,704

 

333,024

 

None

 

None

 

219,704

 

333,024

 

552,728

 

170,390

 

 

 

3/19/2003

 

300

 

Hebron

 

MD

 

 

 

376,251

 

567,844

 

None

 

None

 

376,251

 

567,844

 

944,095

 

290,540

 

 

 

3/19/2003

 

300

 

La Plata

 

MD

 

 

 

1,017,544

 

2,706,729

 

None

 

None

 

1,017,544

 

2,706,729

 

3,724,273

 

1,447,853

 

 

 

8/6/2002

 

300

 

Mechanicsville

 

MD

 

 

 

1,540,335

 

2,860,928

 

None

 

None

 

1,540,335

 

2,860,928

 

4,401,263

 

1,549,610

 

 

 

6/27/2002

 

300

 

Millersville

 

MD

 

 

 

830,737

 

2,696,245

 

None

 

None

 

830,737

 

2,696,245

 

3,526,982

 

1,460,513

 

 

 

6/27/2002

 

300

 

Breckenridge

 

MI

 

 

 

437,500

 

811,968

 

1,500

 

None

 

437,500

 

813,468

 

1,250,968

 

267,834

 

 

 

10/9/2007

 

300

 

Carson City

 

MI

 

 

 

262,500

 

486,468

 

2,000

 

None

 

262,500

 

488,468

 

750,968

 

161,374

 

 

 

10/9/2007

 

300

 

Charlevoix

 

MI

 

 

 

385,000

 

713,013

 

2,500

 

None

 

385,000

 

715,513

 

1,100,513

 

236,168

 

 

 

10/9/2007

 

300

 

Cheboygan

 

MI

 

 

 

280,000

 

518,013

 

2,500

 

None

 

280,000

 

520,513

 

800,513

 

172,143

 

 

 

10/9/2007

 

300

 

Clare

 

MI

 

 

 

306,250

 

567,718

 

2,000

 

None

 

306,250

 

569,718

 

875,968

 

188,051

 

 

 

10/9/2007

 

300

 

Clare

 

MI

 

 

 

229,250

 

426,218

 

500

 

None

 

229,250

 

426,718

 

655,968

 

140,354

 

 

 

10/9/2007

 

300

 

Comstock Park

 

MI

 

 

 

315,000

 

583,761

 

2,500

 

None

 

315,000

 

586,261

 

901,261

 

193,730

 

 

 

10/9/2007

 

300

 

Farwell

 

MI

 

 

 

437,500

 

811,468

 

2,000

 

None

 

437,500

 

813,468

 

1,250,968

 

268,082

 

 

 

10/9/2007

 

300

 

Flint

 

MI

 

 

 

194,492

 

476,504

 

None

 

139

 

194,492

 

476,643

 

671,135

 

382,137

 

 

 

12/21/1995

 

300

 

Gladwin

 

MI

 

 

 

140,000

 

259,013

 

1,500

 

None

 

140,000

 

260,513

 

400,513

 

86,280

 

 

 

10/9/2007

 

300

 

Grand Rapids

 

MI

 

 

 

437,500

 

812,261

 

1,500

 

None

 

437,500

 

813,761

 

1,251,261

 

267,930

 

 

 

10/9/2007

 

300

 

Kalamazoo

 

MI

 

 

 

238,000

 

442,249

 

1,000

 

None

 

238,000

 

443,249

 

681,249

 

146,030

 

 

 

10/9/2007

 

300

 

Kalkaska

 

MI

 

 

 

437,500

 

809,513

 

3,500

 

None

 

437,500

 

813,013

 

1,250,513

 

268,678

 

 

 

10/9/2007

 

300

 

Lake City

 

MI

 

 

 

115,500

 

213,513

 

1,500

 

None

 

115,500

 

215,013

 

330,513

 

71,341

 

 

 

10/9/2007

 

300

 

Lakeview

 

MI

 

 

 

96,250

 

177,718

 

2,000

 

None

 

96,250

 

179,718

 

275,968

 

60,001

 

 

 

10/9/2007

 

300

 

Mackinaw City

 

MI

 

 

 

455,000

 

844,513

 

1,000

 

None

 

455,000

 

845,513

 

1,300,513

 

278,107

 

 

 

10/9/2007

 

300

 

Mecosta

 

MI

 

 

 

122,500

 

227,468

 

1,000

 

None

 

122,500

 

228,468

 

350,968

 

75,510

 

 

 

10/9/2007

 

300

 

Midland

 

MI

 

 

 

437,500

 

811,013

 

2,000

 

None

 

437,500

 

813,013

 

1,250,513

 

267,933

 

 

 

10/9/2007

 

300

 

Mount Pleasant

 

MI

 

 

 

162,750

 

300,794

 

2,500

 

13

 

162,750

 

303,307

 

466,057

 

100,828

 

 

 

10/9/2007

 

300

 

Mount Pleasant

 

MI

 

 

 

463,750

 

860,718

 

1,500

 

None

 

463,750

 

862,218

 

1,325,968

 

283,840

 

 

 

10/9/2007

 

300

 

Mount Pleasant

 

MI

 

 

 

210,000

 

388,968

 

2,000

 

None

 

210,000

 

390,968

 

600,968

 

129,361

 

 

 

10/9/2007

 

300

 

Mount Pleasant

 

MI

 

 

 

437,500

 

810,968

 

2,500

 

None

 

437,500

 

813,468

 

1,250,968

 

268,330

 

 

 

10/9/2007

 

300

 

Mount Pleasant

 

MI

 

 

 

350,000

 

649,468

 

1,500

 

None

 

350,000

 

650,968

 

1,000,968

 

214,480

 

 

 

10/9/2007

 

300

 

Mount Pleasant

 

MI

 

 

 

175,000

 

324,468

 

1,500

 

None

 

175,000

 

325,968

 

500,968

 

107,771

 

 

 

10/9/2007

 

300

 

Petoskey

 

MI

 

 

 

490,000

 

909,513

 

1,000

 

None

 

490,000

 

910,513

 

1,400,513

 

299,448

 

 

 

10/9/2007

 

300

 

Prudenville

 

MI

 

 

 

133,000

 

245,013

 

2,500

 

None

 

133,000

 

247,513

 

380,513

 

82,508

 

 

 

10/9/2007

 

300

 

Saginaw

 

MI

 

 

 

262,500

 

486,513

 

1,500

 

None

 

262,500

 

488,013

 

750,513

 

160,976

 

 

 

10/9/2007

 

300

 

Standish

 

MI

 

 

 

92,750

 

171,263

 

1,500

 

None

 

92,750

 

172,763

 

265,513

 

57,469

 

 

 

10/9/2007

 

300

 

Traverse City

 

MI

 

 

 

210,000

 

389,002

 

2,000

 

None

 

210,000

 

391,002

 

601,002

 

129,372

 

 

 

10/9/2007

 

300

 

Walker

 

MI

 

 

 

586,250

 

1,088,499

 

1,500

 

None

 

586,250

 

1,089,999

 

1,676,249

 

358,628

 

 

 

10/9/2007

 

300

 

Alexandria

 

MN

 

 

 

132,924

 

244,858

 

2,000

 

None

 

132,924

 

246,858

 

379,782

 

50,396

 

 

 

12/1/2010

 

300

 

Andover

 

MN

 

 

 

888,706

 

1,648,454

 

2,000

 

None

 

888,706

 

1,650,454

 

2,539,160

 

333,455

 

 

 

12/1/2010

 

300

 

Apple Valley

 

MN

 

 

 

350,000

 

648,000

 

2,000

 

None

 

350,000

 

650,000

 

1,000,000

 

131,697

 

 

 

12/1/2010

 

300

 

Baxter

 

MN

 

 

 

350,000

 

648,000

 

2,000

 

None

 

350,000

 

650,000

 

1,000,000

 

131,697

 

 

 

12/1/2010

 

300

 

Blaine

 

MN

 

 

 

767,270

 

1,422,929

 

2,000

 

None

 

767,270

 

1,424,929

 

2,192,199

 

287,974

 

 

 

12/1/2010

 

300

 

Bloomington

 

MN

 

 

 

262,500

 

485,500

 

2,000

 

None

 

262,500

 

487,500

 

750,000

 

98,926

 

 

 

12/1/2010

 

300

 

Bloomington

 

MN

 

 

 

676,771

 

1,255,359

 

1,500

 

None

 

676,771

 

1,256,859

 

1,933,630

 

253,927

 

 

 

12/1/2010

 

300

 

Brainerd

 

MN

 

 

 

490,000

 

907,000

 

3,000

 

None

 

490,000

 

910,000

 

1,400,000

 

184,437

 

 

 

12/1/2010

 

300

 

Brooklyn Center

 

MN

 

 

 

979,764

 

1,818,061

 

1,500

 

None

 

979,764

 

1,819,561

 

2,799,325

 

367,405

 

 

 

12/1/2010

 

300

 

Brooklyn Center

 

MN

 

 

 

979,764

 

1,817,561

 

2,000

 

None

 

979,764

 

1,819,561

 

2,799,325

 

367,558

 

 

 

12/1/2010

 

300

 

Brooklyn Center

 

MN

 

 

 

979,764

 

1,817,561

 

2,000

 

None

 

979,764

 

1,819,561

 

2,799,325

 

367,558

 

 

 

12/1/2010

 

300

 

Brooklyn Park

 

MN

 

 

 

830,336

 

1,540,052

 

2,000

 

None

 

830,336

 

1,542,052

 

2,372,388

 

311,594

 

 

 

12/1/2010

 

300

 

Brooklyn Park

 

MN

 

 

 

578,964

 

1,073,220

 

2,000

 

None

 

578,964

 

1,075,220

 

1,654,184

 

217,449

 

 

 

12/1/2010

 

300

 

Brooklyn Park

 

MN

 

 

 

750,697

 

1,391,651

 

2,500

 

None

 

750,697

 

1,394,151

 

2,144,848

 

146,790

 

 

 

5/1/2013

 

300

 

Burnsville

 

MN

 

 

 

615,240

 

1,141,089

 

1,500

 

None

 

615,240

 

1,142,589

 

1,757,829

 

230,882

 

 

 

12/1/2010

 

300

 

Burnsville

 

MN

 

 

 

515,298

 

954,981

 

2,000

 

None

 

515,298

 

956,981

 

1,472,279

 

193,605

 

 

 

12/1/2010

 

300

 

Burnsville

 

MN

 

 

 

350,000

 

648,000

 

2,000

 

None

 

350,000

 

650,000

 

1,000,000

 

131,697

 

 

 

12/1/2010

 

300

 

Burnsville

 

MN

 

 

 

932,558

 

1,729,892

 

2,000

 

None

 

932,558

 

1,731,892

 

2,664,450

 

349,878

 

 

 

12/1/2010

 

300

 

Chaska

 

MN

 

 

 

979,764

 

1,817,561

 

2,000

 

None

 

979,764

 

1,819,561

 

2,799,325

 

367,558

 

 

 

12/1/2010

 

300

 

Chaska

 

MN

 

 

 

490,000

 

908,000

 

2,000

 

None

 

490,000

 

910,000

 

1,400,000

 

184,130

 

 

 

12/1/2010

 

300

 

Chaska

 

MN

 

 

 

410,797

 

760,408

 

2,500

 

None

 

410,797

 

762,908

 

1,173,705

 

80,510

 

 

 

5/1/2013

 

300

 

Columbia Heights

 

MN

 

 

 

673,068

 

1,248,483

 

1,500

 

None

 

673,068

 

1,249,983

 

1,923,051

 

252,540

 

 

 

12/1/2010

 

300

 

Coon Rapids

 

MN

 

 

 

490,000

 

908,000

 

2,000

 

None

 

490,000

 

910,000

 

1,400,000

 

184,130

 

 

 

12/1/2010

 

300

 

Cottage Grove

 

MN

 

 

 

805,888

 

1,494,650

 

2,000

 

None

 

805,888

 

1,496,650

 

2,302,538

 

302,438

 

 

 

12/1/2010

 

300

 

Crystal

 

MN

 

 

 

552,641

 

1,024,332

 

2,000

 

None

 

552,641

 

1,026,332

 

1,578,973

 

207,590

 

 

 

12/1/2010

 

300

 

Crystal

 

MN

 

 

 

740,518

 

1,373,248

 

2,000

 

None

 

740,518

 

1,375,248

 

2,115,766

 

277,955

 

 

 

12/1/2010

 

300

 

Eagan

 

MN

 

 

 

906,287

 

1,680,604

 

2,500

 

None

 

906,287

 

1,683,104

 

2,589,391

 

340,193

 

 

 

12/1/2010

 

300

 

Eagan

 

MN

 

 

 

699,277

 

1,296,658

 

2,000

 

None

 

699,277

 

1,298,658

 

1,997,935

 

262,509

 

 

 

12/1/2010

 

300

 

Eden Prairie

 

MN

 

 

 

947,702

 

1,758,519

 

1,500

 

None

 

947,702

 

1,760,019

 

2,707,721

 

355,397

 

 

 

12/1/2010

 

300

 

Eden Prairie

 

MN

 

 

 

485,526

 

899,690

 

2,000

 

None

 

485,526

 

901,690

 

1,387,216

 

182,454

 

 

 

12/1/2010

 

300

 

Edina

 

MN

 

 

 

568,893

 

1,054,516

 

2,000

 

None

 

568,893

 

1,056,516

 

1,625,409

 

213,677

 

 

 

12/1/2010

 

300

 

Elk River

 

MN

 

 

 

613,113

 

1,137,137

 

1,500

 

None

 

613,113

 

1,138,637

 

1,751,750

 

230,085

 

 

 

12/1/2010

 

300

 

Elk River

 

MN

 

 

 

456,850

 

846,435

 

2,000

 

None

 

456,850

 

848,435

 

1,305,285

 

171,714

 

 

 

12/1/2010

 

300

 

Excelsior

 

MN

 

 

 

262,500

 

485,500

 

2,000

 

None

 

262,500

 

487,500

 

750,000

 

98,926

 

 

 

12/1/2010

 

300

 

Falcon Heights

 

MN

 

 

 

494,415

 

916,199

 

2,000

 

None

 

494,415

 

918,199

 

1,412,614

 

185,783

 

 

 

12/1/2010

 

300

 

Farmington

 

MN

 

 

 

437,500

 

810,500

 

2,000

 

None

 

437,500

 

812,500

 

1,250,000

 

164,468

 

 

 

12/1/2010

 

300

 

Forest Lake

 

MN

 

 

 

398,985

 

739,473

 

1,500

 

None

 

398,985

 

740,973

 

1,139,958

 

149,890

 

 

 

12/1/2010

 

300

 

Fridley

 

MN

 

 

 

519,325

 

962,461

 

2,000

 

None

 

519,325

 

964,461

 

1,483,786

 

195,113

 

 

 

12/1/2010

 

300

 

Fridley

 

MN

 

 

 

706,295

 

1,309,691

 

2,000

 

None

 

706,295

 

1,311,691

 

2,017,986

 

265,138

 

 

 

12/1/2010

 

300

 

Fridley

 

MN

 

 

 

175,000

 

323,000

 

2,000

 

None

 

175,000

 

325,000

 

500,000

 

66,155

 

 

 

12/1/2010

 

300

 

Golden Valley

 

MN

 

 

 

979,764

 

1,817,561

 

2,000

 

None

 

979,764

 

1,819,561

 

2,799,325

 

367,558

 

 

 

12/1/2010

 

300

 

Ham Lake

 

MN

 

 

 

979,764

 

1,817,561

 

2,000

 

None

 

979,764

 

1,819,561

 

2,799,325

 

367,558

 

 

 

12/1/2010

 

300

 

Hastings

 

MN

 

 

 

979,764

 

1,817,561

 

2,000

 

None

 

979,764

 

1,819,561

 

2,799,325

 

367,558

 

 

 

12/1/2010

 

300

 

Inver Grove Heigh

 

MN

 

 

 

134,705

 

248,666

 

1,500

 

None

 

134,705

 

250,166

 

384,871

 

50,910

 

 

 

12/1/2010

 

300

 

Inver Grove Heigh

 

MN

 

 

 

979,764

 

1,817,561

 

2,000

 

None

 

979,764

 

1,819,561

 

2,799,325

 

367,558

 

 

 

12/1/2010

 

300

 

Lakeville

 

MN

 

 

 

631,855

 

1,171,446

 

2,000

 

None

 

631,855

 

1,173,446

 

1,805,301

 

237,258

 

 

 

12/1/2010

 

300

 

Lakeville

 

MN

 

 

 

654,912

 

1,214,266

 

2,000

 

None

 

654,912

 

1,216,266

 

1,871,178

 

245,894

 

 

 

12/1/2010

 

300

 

Litchfield

 

MN

 

 

 

388,788

 

720,536

 

1,500

 

None

 

388,788

 

722,036

 

1,110,824

 

146,071

 

 

 

12/1/2010

 

300

 

Little Falls

 

MN

 

 

 

175,000

 

323,500

 

1,500

 

None

 

175,000

 

325,000

 

500,000

 

66,002

 

 

 

12/1/2010

 

300

 

Long Lake

 

MN

 

 

 

808,543

 

1,499,579

 

2,000

 

None

 

808,543

 

1,501,579

 

2,310,122

 

303,432

 

 

 

12/1/2010

 

300

 

Maplewood

 

MN

 

 

 

931,427

 

1,728,293

 

1,500

 

None

 

931,427

 

1,729,793

 

2,661,220

 

349,302

 

 

 

12/1/2010

 

300

 

Maplewood

 

MN

 

 

 

175,000

 

323,000

 

2,000

 

None

 

175,000

 

325,000

 

500,000

 

66,155

 

 

 

12/1/2010

 

300

 

Mendota Heights

 

MN

 

 

 

827,026

 

1,533,906

 

2,000

 

None

 

827,026

 

1,535,906

 

2,362,932

 

310,354

 

 

 

12/1/2010

 

300

 

Mendota Heights

 

MN

 

 

 

717,808

 

1,331,072

 

2,000

 

None

 

717,808

 

1,333,072

 

2,050,880

 

269,450

 

 

 

12/1/2010

 

300

 

Minneapolis

 

MN

 

 

 

967,640

 

1,795,045

 

2,000

 

None

 

967,640

 

1,797,045

 

2,764,685

 

363,017

 

 

 

12/1/2010

 

300

 

Minneapolis

 

MN

 

 

 

856,122

 

1,587,941

 

2,000

 

None

 

856,122

 

1,589,941

 

2,446,063

 

321,251

 

 

 

12/1/2010

 

300

 

Minneapolis

 

MN

 

 

 

979,764

 

1,817,561

 

2,000

 

None

 

979,764

 

1,819,561

 

2,799,325

 

367,558

 

 

 

12/1/2010

 

300

 

Minneapolis

 

MN

 

 

 

979,764

 

1,817,561

 

2,000

 

None

 

979,764

 

1,819,561

 

2,799,325

 

367,558

 

 

 

12/1/2010

 

300

 

Minneapolis

 

MN

 

 

 

938,237

 

1,740,440

 

2,000

 

None

 

938,237

 

1,742,440

 

2,680,677

 

352,005

 

 

 

12/1/2010

 

300

 

 

F-11



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Minneapolis

 

MN

 

 

 

365,977

 

678,171

 

1,500

 

None

 

365,977

 

679,671

 

1,045,648

 

137,527

 

 

 

12/1/2010

 

300

 

Minneapolis

 

MN

 

 

 

979,764

 

1,817,561

 

2,000

 

None

 

979,764

 

1,819,561

 

2,799,325

 

367,558

 

 

 

12/1/2010

 

300

 

Minneapolis

 

MN

 

 

 

738,535

 

1,370,064

 

1,500

 

None

 

738,535

 

1,371,564

 

2,110,099

 

277,059

 

 

 

12/1/2010

 

300

 

Minneapolis

 

MN

 

 

 

811,510

 

1,505,590

 

1,500

 

None

 

811,510

 

1,507,090

 

2,318,600

 

304,390

 

 

 

12/1/2010

 

300

 

Minneapolis

 

MN

 

 

 

539,242

 

999,450

 

2,000

 

None

 

539,242

 

1,001,450

 

1,540,692

 

202,572

 

 

 

12/1/2010

 

300

 

Minneapolis

 

MN

 

 

 

577,070

 

1,069,702

 

2,000

 

None

 

577,070

 

1,071,702

 

1,648,772

 

216,740

 

 

 

12/1/2010

 

300

 

Minneapolis

 

MN

 

 

 

175,000

 

323,500

 

1,500

 

None

 

175,000

 

325,000

 

500,000

 

66,002

 

 

 

12/1/2010

 

300

 

Minneapolis

 

MN

 

 

 

175,000

 

323,000

 

2,000

 

None

 

175,000

 

325,000

 

500,000

 

66,155

 

 

 

12/1/2010

 

300

 

Minneapolis

 

MN

 

 

 

979,764

 

1,817,561

 

2,000

 

None

 

979,764

 

1,819,561

 

2,799,325

 

367,558

 

 

 

12/1/2010

 

300

 

Minneapolis

 

MN

 

 

 

350,000

 

648,500

 

1,500

 

None

 

350,000

 

650,000

 

1,000,000

 

131,543

 

 

 

12/1/2010

 

300

 

Minneapolis

 

MN

 

 

 

759,822

 

1,409,597

 

1,500

 

None

 

759,822

 

1,411,097

 

2,170,919

 

285,031

 

 

 

12/1/2010

 

300

 

Minnetonka

 

MN

 

 

 

582,162

 

1,079,158

 

2,000

 

None

 

582,162

 

1,081,158

 

1,663,320

 

113,845

 

 

 

5/1/2013

 

300

 

Monticello

 

MN

 

 

 

589,643

 

1,093,051

 

2,000

 

None

 

589,643

 

1,095,051

 

1,684,694

 

221,449

 

 

 

12/1/2010

 

300

 

Mounds View

 

MN

 

 

 

743,926

 

1,379,578

 

2,000

 

None

 

743,926

 

1,381,578

 

2,125,504

 

279,232

 

 

 

12/1/2010

 

300

 

New Brighton

 

MN

 

 

 

585,039

 

1,085,002

 

1,500

 

None

 

585,039

 

1,086,502

 

1,671,541

 

219,571

 

 

 

12/1/2010

 

300

 

New Hope

 

MN

 

 

 

175,000

 

323,500

 

1,500

 

None

 

175,000

 

325,000

 

500,000

 

66,002

 

 

 

12/1/2010

 

300

 

Newport

 

MN

 

 

 

967,228

 

1,794,280

 

2,000

 

None

 

967,228

 

1,796,280

 

2,763,508

 

362,863

 

 

 

12/1/2010

 

300

 

Oak Park Heights

 

MN

 

 

 

635,158

 

1,177,579

 

2,000

 

None

 

635,158

 

1,179,579

 

1,814,737

 

238,495

 

 

 

12/1/2010

 

300

 

Pine City

 

MN

 

 

 

644,412

 

1,194,265

 

2,500

 

None

 

644,412

 

1,196,765

 

1,841,177

 

242,114

 

 

 

12/1/2010

 

300

 

Princeton

 

MN

 

 

 

546,257

 

1,012,476

 

2,000

 

None

 

546,257

 

1,014,476

 

1,560,733

 

205,199

 

 

 

12/1/2010

 

300

 

Ramsey

 

MN

 

 

 

650,205

 

1,205,523

 

2,000

 

None

 

650,205

 

1,207,523

 

1,857,728

 

244,130

 

 

 

12/1/2010

 

300

 

Richfield

 

MN

 

 

 

630,540

 

1,169,003

 

2,000

 

None

 

630,540

 

1,171,003

 

1,801,543

 

236,766

 

 

 

12/1/2010

 

300

 

Richfield

 

MN

 

 

 

678,216

 

1,257,543

 

2,000

 

None

 

678,216

 

1,259,543

 

1,937,759

 

254,621

 

 

 

12/1/2010

 

300

 

Richfield

 

MN

 

 

 

436,919

 

809,921

 

1,500

 

None

 

436,919

 

811,421

 

1,248,340

 

164,097

 

 

 

12/1/2010

 

300

 

Richfield

 

MN

 

 

 

839,497

 

1,557,065

 

2,000

 

None

 

839,497

 

1,559,065

 

2,398,562

 

315,025

 

 

 

12/1/2010

 

300

 

Rogers

 

MN

 

 

 

781,303

 

1,448,991

 

2,000

 

None

 

781,303

 

1,450,991

 

2,232,294

 

293,230

 

 

 

12/1/2010

 

300

 

Roseville

 

MN

 

 

 

403,786

 

748,387

 

1,500

 

None

 

403,786

 

749,887

 

1,153,673

 

151,687

 

 

 

12/1/2010

 

300

 

Roseville

 

MN

 

 

 

979,764

 

1,817,561

 

2,000

 

None

 

979,764

 

1,819,561

 

2,799,325

 

367,558

 

 

 

12/1/2010

 

300

 

Roseville

 

MN

 

 

 

979,764

 

1,817,561

 

2,000

 

None

 

979,764

 

1,819,561

 

2,799,325

 

367,558

 

 

 

12/1/2010

 

300

 

Roseville

 

MN

 

 

 

979,764

 

1,817,561

 

2,000

 

None

 

979,764

 

1,819,561

 

2,799,325

 

367,558

 

 

 

12/1/2010

 

300

 

Saint Cloud

 

MN

 

 

 

786,129

 

1,458,454

 

1,500

 

None

 

786,129

 

1,459,954

 

2,246,083

 

294,884

 

 

 

12/1/2010

 

300

 

Saint Cloud

 

MN

 

 

 

175,000

 

322,000

 

3,000

 

None

 

175,000

 

325,000

 

500,000

 

66,462

 

 

 

12/1/2010

 

300

 

Saint Cloud

 

MN

 

 

 

677,052

 

1,255,383

 

2,000

 

None

 

677,052

 

1,257,383

 

1,934,435

 

254,186

 

 

 

12/1/2010

 

300

 

Saint Michael

 

MN

 

 

 

561,604

 

1,040,480

 

2,500

 

None

 

561,604

 

1,042,980

 

1,604,584

 

211,101

 

 

 

12/1/2010

 

300

 

Saint Paul

 

MN

 

 

 

808,755

 

1,500,473

 

1,500

 

None

 

808,755

 

1,501,973

 

2,310,728

 

303,358

 

 

 

12/1/2010

 

300

 

Saint Paul

 

MN

 

 

 

418,774

 

776,223

 

1,500

 

None

 

418,774

 

777,723

 

1,196,497

 

157,301

 

 

 

12/1/2010

 

300

 

Saint Paul

 

MN

 

 

 

175,000

 

323,500

 

1,500

 

None

 

175,000

 

325,000

 

500,000

 

66,002

 

 

 

12/1/2010

 

300

 

Saint Paul

 

MN

 

 

 

832,144

 

1,543,409

 

2,000

 

None

 

832,144

 

1,545,409

 

2,377,553

 

312,271

 

 

 

12/1/2010

 

300

 

Saint Paul

 

MN

 

 

 

979,764

 

1,817,561

 

2,000

 

None

 

979,764

 

1,819,561

 

2,799,325

 

367,558

 

 

 

12/1/2010

 

300

 

Saint Paul

 

MN

 

 

 

175,000

 

323,500

 

1,500

 

None

 

175,000

 

325,000

 

500,000

 

66,002

 

 

 

12/1/2010

 

300

 

Saint Paul

 

MN

 

 

 

979,764

 

1,818,061

 

1,500

 

None

 

979,764

 

1,819,561

 

2,799,325

 

367,405

 

 

 

12/1/2010

 

300

 

Saint Paul

 

MN

 

 

 

979,764

 

1,818,061

 

1,500

 

None

 

979,764

 

1,819,561

 

2,799,325

 

367,405

 

 

 

12/1/2010

 

300

 

Saint Paul

 

MN

 

 

 

576,820

 

1,069,736

 

1,500

 

None

 

576,820

 

1,071,236

 

1,648,056

 

216,493

 

 

 

12/1/2010

 

300

 

Saint Paul

 

MN

 

 

 

979,764

 

1,818,061

 

1,500

 

None

 

979,764

 

1,819,561

 

2,799,325

 

367,405

 

 

 

12/1/2010

 

300

 

Saint Paul

 

MN

 

 

 

531,091

 

984,311

 

2,000

 

None

 

531,091

 

986,311

 

1,517,402

 

199,519

 

 

 

12/1/2010

 

300

 

Saint Paul

 

MN

 

 

 

592,617

 

1,099,075

 

1,500

 

None

 

592,617

 

1,100,575

 

1,693,192

 

222,409

 

 

 

12/1/2010

 

300

 

Saint Paul

 

MN

 

 

 

739,277

 

1,371,444

 

1,500

 

None

 

739,277

 

1,372,944

 

2,112,221

 

277,337

 

 

 

12/1/2010

 

300

 

Saint Paul

 

MN

 

 

 

788,752

 

1,463,324

 

1,500

 

None

 

788,752

 

1,464,824

 

2,253,576

 

295,866

 

 

 

12/1/2010

 

300

 

Saint Paul

 

MN

 

 

 

950,678

 

1,764,046

 

1,500

 

None

 

950,678

 

1,765,546

 

2,716,224

 

356,512

 

 

 

12/1/2010

 

300

 

Saint Paul

 

MN

 

 

 

175,000

 

323,500

 

1,500

 

None

 

175,000

 

325,000

 

500,000

 

66,002

 

 

 

12/1/2010

 

300

 

Saint Paul

 

MN

 

 

 

262,500

 

486,000

 

1,500

 

None

 

262,500

 

487,500

 

750,000

 

98,773

 

 

 

12/1/2010

 

300

 

Saint Paul

 

MN

 

 

 

541,547

 

1,004,231

 

1,500

 

None

 

541,547

 

1,005,731

 

1,547,278

 

203,282

 

 

 

12/1/2010

 

300

 

Saint Paul

 

MN

 

 

 

827,608

 

1,535,987

 

1,000

 

None

 

827,608

 

1,536,987

 

2,364,595

 

310,266

 

 

 

12/1/2010

 

300

 

Saint Paul

 

MN

 

 

 

789,790

 

1,464,752

 

2,000

 

None

 

789,790

 

1,466,752

 

2,256,542

 

296,408

 

 

 

12/1/2010

 

300

 

Saint Paul

 

MN

 

 

 

648,354

 

1,202,586

 

1,500

 

None

 

648,354

 

1,204,086

 

1,852,440

 

126,672

 

 

 

5/1/2013

 

300

 

Saint Paul Park

 

MN

 

 

 

1,925,000

 

3,575,000

 

None

 

None

 

1,925,000

 

3,575,000

 

5,500,000

 

720,958

 

 

 

12/1/2010

 

300

 

Sauk Rapids

 

MN

 

 

 

175,000

 

323,000

 

2,000

 

None

 

175,000

 

325,000

 

500,000

 

66,155

 

 

 

12/1/2010

 

300

 

Savage

 

MN

 

 

 

605,220

 

1,122,481

 

1,500

 

None

 

605,220

 

1,123,981

 

1,729,201

 

227,130

 

 

 

12/1/2010

 

300

 

Savage

 

MN

 

 

 

569,195

 

1,055,575

 

1,500

 

None

 

569,195

 

1,057,075

 

1,626,270

 

213,637

 

 

 

12/1/2010

 

300

 

Savage

 

MN

 

 

 

175,000

 

323,000

 

2,000

 

None

 

175,000

 

325,000

 

500,000

 

66,155

 

 

 

12/1/2010

 

300

 

Shakopee

 

MN

 

 

 

522,391

 

966,156

 

4,000

 

None

 

522,391

 

970,156

 

1,492,547

 

196,875

 

 

 

12/1/2010

 

300

 

Shakopee

 

MN

 

 

 

477,517

 

883,817

 

3,000

 

None

 

477,517

 

886,817

 

1,364,334

 

179,761

 

 

 

12/1/2010

 

300

 

Shakopee

 

MN

 

 

 

688,324

 

1,276,317

 

2,000

 

None

 

688,324

 

1,278,317

 

1,966,641

 

258,407

 

 

 

12/1/2010

 

300

 

Shakopee

 

MN

 

 

 

783,764

 

1,454,062

 

1,500

 

None

 

783,764

 

1,455,562

 

2,239,326

 

293,998

 

 

 

12/1/2010

 

300

 

Vadnais Heights

 

MN

 

 

 

931,400

 

1,727,742

 

2,000

 

None

 

931,400

 

1,729,742

 

2,661,142

 

349,445

 

 

 

12/1/2010

 

300

 

White Bear Lake

 

MN

 

 

 

943,945

 

1,751,040

 

2,000

 

None

 

943,945

 

1,753,040

 

2,696,985

 

354,143

 

 

 

12/1/2010

 

300

 

White Bear Lake

 

MN

 

 

 

860,523

 

1,596,113

 

2,000

 

None

 

860,523

 

1,598,113

 

2,458,636

 

322,899

 

 

 

12/1/2010

 

300

 

Woodbury

 

MN

 

 

 

962,500

 

1,786,000

 

1,500

 

None

 

962,500

 

1,787,500

 

2,750,000

 

360,939

 

 

 

12/1/2010

 

300

 

Zimmerman

 

MN

 

 

 

979,764

 

1,817,561

 

2,000

 

None

 

979,764

 

1,819,561

 

2,799,325

 

367,558

 

 

 

12/1/2010

 

300

 

Bolivar

 

MO

 

 

 

712,586

 

1,258,249

 

376

 

None

 

712,586

 

1,258,625

 

1,971,211

 

149,002

 

 

 

1/22/2013

 

300

 

Bolivar

 

MO

 

 

 

734,876

 

1,297,609

 

388

 

None

 

734,876

 

1,297,997

 

2,032,873

 

153,663

 

 

 

1/22/2013

 

300

 

Fair Grove

 

MO

 

 

 

331,197

 

584,812

 

89,200

 

127

 

331,197

 

674,139

 

1,005,336

 

83,909

 

 

 

1/22/2013

 

300

 

Hollister

 

MO

 

 

 

660,909

 

1,167,001

 

349

 

None

 

660,909

 

1,167,350

 

1,828,259

 

138,197

 

 

 

1/22/2013

 

300

 

Monett

 

MO

 

 

 

493,610

 

871,592

 

260

 

None

 

493,610

 

871,852

 

1,365,462

 

103,214

 

 

 

1/22/2013

 

300

 

Springfield

 

MO

 

 

 

471,920

 

833,292

 

249

 

None

 

471,920

 

833,541

 

1,305,461

 

98,679

 

 

 

1/22/2013

 

300

 

Springfield

 

MO

 

 

 

794,438

 

1,402,780

 

419

 

None

 

794,438

 

1,403,199

 

2,197,637

 

166,118

 

 

 

1/22/2013

 

300

 

Springfield

 

MO

 

 

 

805,817

 

1,422,872

 

425

 

None

 

805,817

 

1,423,297

 

2,229,114

 

168,497

 

 

 

1/22/2013

 

300

 

Springfield

 

MO

 

 

 

600,117

 

1,059,657

 

317

 

None

 

600,117

 

1,059,974

 

1,660,091

 

125,485

 

 

 

1/22/2013

 

300

 

Springfield

 

MO

 

 

 

735,236

 

1,298,243

 

388

 

None

 

735,236

 

1,298,631

 

2,033,867

 

153,739

 

 

 

1/22/2013

 

300

 

Springfield

 

MO

 

 

 

782,041

 

1,380,889

 

413

 

None

 

782,041

 

1,381,302

 

2,163,343

 

163,526

 

 

 

1/22/2013

 

300

 

Springfield

 

MO

 

 

 

1,955,824

 

3,453,498

 

1,032

 

None

 

1,955,824

 

3,454,530

 

5,410,354

 

408,965

 

 

 

1/22/2013

 

300

 

Springfield

 

MO

 

 

 

839,527

 

1,482,396

 

443

 

None

 

839,527

 

1,482,839

 

2,322,366

 

175,546

 

 

 

1/22/2013

 

300

 

Waynesville

 

MO

 

 

 

511,912

 

903,909

 

270

 

None

 

511,912

 

904,179

 

1,416,091

 

107,041

 

 

 

1/22/2013

 

300

 

Brandon

 

MS

 

 

 

671,486

 

1,247,588

 

None

 

None

 

671,486

 

1,247,588

 

1,919,074

 

526,067

 

 

 

6/30/2005

 

300

 

Flowood

 

MS

 

 

 

437,926

 

813,832

 

None

 

None

 

437,926

 

813,832

 

1,251,758

 

343,166

 

 

 

6/30/2005

 

300

 

Flowood

 

MS

 

 

 

399,972

 

743,347

 

None

 

None

 

399,972

 

743,347

 

1,143,319

 

313,445

 

 

 

6/30/2005

 

300

 

Jackson

 

MS

 

 

 

329,904

 

613,221

 

None

 

None

 

329,904

 

613,221

 

943,125

 

258,575

 

 

 

6/30/2005

 

300

 

Jackson

 

MS

 

 

 

540,108

 

1,003,600

 

None

 

None

 

540,108

 

1,003,600

 

1,543,708

 

423,185

 

 

 

6/30/2005

 

300

 

Marion

 

MS

 

 

 

350,341

 

651,013

 

None

 

None

 

350,341

 

651,013

 

1,001,354

 

274,511

 

 

 

6/30/2005

 

300

 

Meridian

 

MS

 

 

 

437,926

 

813,671

 

None

 

None

 

437,926

 

813,671

 

1,251,597

 

343,099

 

 

 

6/30/2005

 

300

 

Meridian

 

MS

 

 

 

405,811

 

754,030

 

None

 

None

 

405,811

 

754,030

 

1,159,841

 

317,950

 

 

 

6/30/2005

 

300

 

Meridian

 

MS

 

 

 

145,975

 

271,478

 

None

 

None

 

145,975

 

271,478

 

417,453

 

114,474

 

 

 

6/30/2005

 

300

 

Meridian

 

MS

 

 

 

280,273

 

520,887

 

None

 

None

 

280,273

 

520,887

 

801,160

 

219,641

 

 

 

6/30/2005

 

300

 

Meridian

 

MS

 

 

 

321,146

 

596,794

 

None

 

None

 

321,146

 

596,794

 

917,940

 

249,659

 

 

 

7/19/2005

 

300

 

Newton

 

MS

 

 

 

467,121

 

867,891

 

None

 

None

 

467,121

 

867,891

 

1,335,012

 

365,961

 

 

 

6/30/2005

 

300

 

Pearl

 

MS

 

 

 

544,488

 

1,011,733

 

None

 

None

 

544,488

 

1,011,733

 

1,556,221

 

426,615

 

 

 

6/30/2005

 

300

 

Philadelphia

 

MS

 

 

 

472,960

 

878,735

 

None

 

None

 

472,960

 

878,735

 

1,351,695

 

370,534

 

 

 

6/30/2005

 

300

 

Southaven

 

MS

 

 

 

310,000

 

641,637

 

None

 

None

 

310,000

 

641,637

 

951,637

 

302,636

 

 

 

3/18/2004

 

300

 

Terry

 

MS

 

 

 

583,901

 

1,084,930

 

None

 

None

 

583,901

 

1,084,930

 

1,668,831

 

457,479

 

 

 

6/30/2005

 

300

 

Waveland

 

MS

 

 

 

180,000

 

331,637

 

None

 

None

 

180,000

 

331,637

 

511,637

 

156,419

 

 

 

3/18/2004

 

300

 

Archdale

 

NC

 

 

 

410,000

 

731,637

 

None

 

None

 

410,000

 

731,637

 

1,141,637

 

345,086

 

 

 

3/18/2004

 

300

 

Banner Elk

 

NC

 

 

 

386,993

 

718,861

 

2,000

 

None

 

386,993

 

720,861

 

1,107,854

 

225,594

 

 

 

3/27/2008

 

300

 

Banner Elk

 

NC

 

 

 

355,330

 

660,558

 

1,500

 

None

 

355,330

 

662,058

 

1,017,388

 

207,035

 

 

 

3/27/2008

 

300

 

Burgaw

 

NC

 

 

 

198,774

 

369,653

 

1,000

 

None

 

198,774

 

370,653

 

569,427

 

115,982

 

 

 

3/27/2008

 

300

 

Burgaw

 

NC

 

 

 

457,356

 

849,377

 

1,500

 

None

 

457,356

 

850,877

 

1,308,233

 

265,884

 

 

 

3/27/2008

 

300

 

Carolina Beach

 

NC

 

 

 

457,356

 

848,929

 

2,000

 

None

 

457,356

 

850,929

 

1,308,285

 

266,132

 

 

 

3/27/2008

 

300

 

Cary

 

NC

 

 

 

255,064

 

473,349

 

2,500

 

None

 

255,064

 

475,849

 

730,913

 

149,463

 

 

 

3/27/2008

 

300

 

Charlotte

 

NC

 

 

 

300,000

 

291,637

 

None

 

None

 

300,000

 

291,637

 

591,637

 

137,553

 

 

 

3/18/2004

 

300

 

Charlotte

 

NC

 

 

 

640,000

 

581,637

 

None

 

None

 

640,000

 

581,637

 

1,221,637

 

274,336

 

 

 

3/18/2004

 

300

 

Durham

 

NC

 

 

 

720,000

 

851,637

 

None

 

None

 

720,000

 

851,637

 

1,571,637

 

401,686

 

 

 

3/18/2004

 

300

 

Goldsboro

 

NC

 

 

 

460,000

 

740,625

 

None

 

None

 

460,000

 

740,625

 

1,200,625

 

443,117

 

 

 

1/25/2001

 

300

 

 

F-12



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hampstead

 

NC

 

 

 

562,900

 

1,045,971

 

1,000

 

None

 

562,900

 

1,046,971

 

1,609,871

 

326,768

 

 

 

3/27/2008

 

300

 

Holly Ridge

 

NC

 

 

 

721,215

 

1,339,486

 

1,500

 

None

 

721,215

 

1,340,986

 

2,062,201

 

418,634

 

 

 

3/27/2008

 

300

 

Hubert

 

NC

 

 

 

404,584

 

750,372

 

2,500

 

None

 

404,584

 

752,872

 

1,157,456

 

235,802

 

 

 

3/27/2008

 

300

 

Jacksonville

 

NC

 

 

 

180,000

 

371,637

 

None

 

None

 

180,000

 

371,637

 

551,637

 

175,286

 

 

 

3/18/2004

 

300

 

Jacksonville

 

NC

 

 

 

140,000

 

260,727

 

None

 

None

 

140,000

 

260,727

 

400,727

 

122,104

 

 

 

4/14/2004

 

300

 

Jacksonville

 

NC

 

 

 

351,812

 

653,367

 

1,500

 

None

 

351,812

 

654,867

 

1,006,679

 

204,794

 

 

 

3/27/2008

 

300

 

Kinston

 

NC

 

 

 

550,000

 

1,057,833

 

None

 

153

 

550,000

 

1,057,986

 

1,607,986

 

770,531

 

 

 

10/24/1997

 

300

 

Raleigh

 

NC

 

 

 

740,000

 

791,637

 

None

 

None

 

740,000

 

791,637

 

1,531,637

 

373,386

 

 

 

3/18/2004

 

300

 

Richlands

 

NC

 

 

 

492,537

 

914,735

 

1,500

 

None

 

492,537

 

916,235

 

1,408,772

 

286,253

 

 

 

3/27/2008

 

300

 

Richlands

 

NC

 

 

 

376,439

 

698,103

 

2,500

 

None

 

376,439

 

700,603

 

1,077,042

 

219,512

 

 

 

3/27/2008

 

300

 

Riegelwood

 

NC

 

 

 

-

 

452,416

 

1,500

 

None

 

-

 

453,916

 

453,916

 

150,630

 

 

 

3/27/2008

 

283

 

Roanoke Rapids

 

NC

 

 

 

834,223

 

1,551,226

 

480

 

50,351

 

834,223

 

1,602,057

 

2,436,280

 

571,228

 

 

 

11/1/2006

 

300

 

Roxboro

 

NC

 

 

 

243,112

 

368,107

 

None

 

None

 

243,112

 

368,107

 

611,219

 

188,341

 

 

 

3/19/2003

 

300

 

Shallotte

 

NC

 

 

 

492,537

 

914,766

 

1,500

 

None

 

492,537

 

916,266

 

1,408,803

 

286,263

 

 

 

3/27/2008

 

300

 

Southern Pines

 

NC

 

 

 

600,000

 

300,625

 

None

 

None

 

600,000

 

300,625

 

900,625

 

179,851

 

 

 

1/25/2001

 

300

 

Wallace

 

NC

 

 

 

-

 

175,408

 

2,000

 

None

 

-

 

177,408

 

177,408

 

76,410

 

 

 

3/27/2008

 

219

 

Wilmington

 

NC

 

 

 

228,678

 

424,774

 

1,500

 

None

 

228,678

 

426,274

 

654,952

 

133,549

 

 

 

3/27/2008

 

300

 

Wilmington

 

NC

 

 

 

527,718

 

979,145

 

2,500

 

None

 

527,718

 

981,645

 

1,509,363

 

307,103

 

 

 

3/27/2008

 

300

 

Wilmington

 

NC

 

 

 

351,812

 

653,930

 

1,000

 

None

 

351,812

 

654,930

 

1,006,742

 

204,582

 

 

 

3/27/2008

 

300

 

Wilmington

 

NC

 

 

 

474,946

 

881,640

 

2,000

 

None

 

474,946

 

883,640

 

1,358,586

 

276,327

 

 

 

3/27/2008

 

300

 

Wilmington

 

NC

 

 

 

-

 

351,366

 

2,000

 

None

 

-

 

353,366

 

353,366

 

194,743

 

 

 

3/27/2008

 

170

 

Wilmington

 

NC

 

 

 

364,126

 

676,287

 

1,500

 

None

 

364,126

 

677,787

 

1,041,913

 

211,938

 

 

 

3/27/2008

 

300

 

Wilmington

 

NC

 

 

 

439,765

 

817,271

 

1,000

 

None

 

439,765

 

818,271

 

1,258,036

 

255,490

 

 

 

3/27/2008

 

300

 

Wilmington

 

NC

 

 

 

-

 

804,196

 

1,500

 

None

 

-

 

805,696

 

805,696

 

251,803

 

 

 

3/27/2008

 

300

 

Wilmington

 

NC

 

 

 

386,993

 

718,788

 

1,500

 

None

 

386,993

 

720,288

 

1,107,281

 

225,184

 

 

 

3/27/2008

 

300

 

Wilmington

 

NC

 

 

 

527,718

 

979,102

 

2,500

 

None

 

527,718

 

981,602

 

1,509,320

 

307,090

 

 

 

3/27/2008

 

300

 

Wilmington

 

NC

 

 

 

334,222

 

620,284

 

2,000

 

None

 

334,222

 

622,284

 

956,506

 

194,871

 

 

 

3/27/2008

 

300

 

Wilmington

 

NC

 

 

 

334,222

 

620,751

 

1,500

 

None

 

334,222

 

622,251

 

956,473

 

194,629

 

 

 

3/27/2008

 

300

 

Winston Salem

 

NC

 

 

 

320,000

 

311,637

 

None

 

None

 

320,000

 

311,637

 

631,637

 

146,986

 

 

 

3/18/2004

 

300

 

Zebulon

 

NC

 

 

 

306,077

 

568,087

 

2,500

 

None

 

306,077

 

570,587

 

876,664

 

178,990

 

 

 

3/27/2008

 

300

 

Absecon

 

NJ

 

 

 

1,367,872

 

2,540,604

 

None

 

None

 

1,367,872

 

2,540,604

 

3,908,476

 

1,376,118

 

 

 

6/27/2002

 

300

 

Mays Landing

 

NJ

 

 

 

1,539,117

 

2,858,630

 

None

 

None

 

1,539,117

 

2,858,630

 

4,397,747

 

1,549,318

 

 

 

6/27/2002

 

300

 

Millville

 

NJ

 

 

 

953,891

 

1,771,782

 

None

 

None

 

953,891

 

1,771,782

 

2,725,673

 

959,706

 

 

 

6/27/2002

 

300

 

Toms River

 

NJ

 

 

 

1,265,861

 

2,351,154

 

None

 

None

 

1,265,861

 

2,351,154

 

3,617,015

 

1,273,896

 

 

 

6/27/2002

 

300

 

Toms River

 

NJ

 

 

 

982,526

 

1,824,961

 

None

 

None

 

982,526

 

1,824,961

 

2,807,487

 

988,168

 

 

 

6/27/2002

 

300

 

Wall Township

 

NJ

 

 

 

1,459,957

 

2,712,264

 

None

 

None

 

1,459,957

 

2,712,264

 

4,172,221

 

1,451,022

 

 

 

8/6/2002

 

300

 

Albuquerque

 

NM

 

 

 

200,000

 

271,637

 

None

 

None

 

200,000

 

271,637

 

471,637

 

128,119

 

 

 

3/18/2004

 

300

 

Kingston

 

NY

 

 

 

257,763

 

456,042

 

None

 

None

 

257,763

 

456,042

 

713,805

 

377,755

 

 

 

4/6/1995

 

300

 

Rochester

 

NY

 

 

 

632,586

 

1,116,989

 

334

 

None

 

632,586

 

1,117,323

 

1,749,909

 

132,274

 

 

 

1/22/2013

 

300

 

Alliance

 

OH

 

 

 

454,440

 

841,460

 

2,500

 

None

 

454,440

 

843,960

 

1,298,400

 

187,899

 

 

 

6/22/2010

 

300

 

Atwater

 

OH

 

 

 

118,555

 

266,748

 

None

 

None

 

118,555

 

266,748

 

385,303

 

221,846

 

 

 

3/3/1995

 

300

 

Bellefontaine

 

OH

 

 

 

560,000

 

1,039,610

 

2,500

 

None

 

560,000

 

1,042,110

 

1,602,110

 

329,425

 

 

 

2/29/2008

 

300

 

Bellefontaine

 

OH

 

 

 

455,000

 

845,610

 

1,500

 

None

 

455,000

 

847,110

 

1,302,110

 

267,532

 

 

 

2/29/2008

 

300

 

Columbus

 

OH

 

 

 

147,296

 

304,411

 

None

 

None

 

147,296

 

304,411

 

451,707

 

253,169

 

 

 

3/3/1995

 

300

 

Columbus

 

OH

 

 

 

273,085

 

471,693

 

13,088

 

None

 

273,085

 

484,781

 

757,866

 

383,103

 

 

 

12/21/1995

 

300

 

Cuyahoga Falls

 

OH

 

 

 

321,792

 

1,144,619

 

None

 

None

 

321,792

 

1,144,619

 

1,466,411

 

578,150

 

 

 

3/3/1995

 

300

 

De Graff

 

OH

 

 

 

302,750

 

561,860

 

2,500

 

None

 

302,750

 

564,360

 

867,110

 

178,934

 

 

 

2/29/2008

 

300

 

Eaton

 

OH

 

 

 

164,588

 

306,934

 

None

 

None

 

164,588

 

306,934

 

471,522

 

105,889

 

 

 

5/25/2007

 

300

 

Galion

 

OH

 

 

 

138,981

 

327,597

 

None

 

None

 

138,981

 

327,597

 

466,578

 

272,452

 

 

 

3/6/1995

 

300

 

Jackson Center

 

OH

 

 

 

367,500

 

682,110

 

2,500

 

None

 

367,500

 

684,610

 

1,052,110

 

216,812

 

 

 

2/29/2008

 

300

 

Kenton

 

OH

 

 

 

140,000

 

261,462

 

1,000

 

None

 

140,000

 

262,462

 

402,462

 

77,854

 

 

 

8/29/2008

 

300

 

Marysville

 

OH

 

 

 

507,500

 

943,110

 

1,500

 

None

 

507,500

 

944,610

 

1,452,110

 

298,244

 

 

 

2/29/2008

 

300

 

Marysville

 

OH

 

 

 

700,000

 

1,300,610

 

1,500

 

None

 

700,000

 

1,302,110

 

2,002,110

 

410,857

 

 

 

2/29/2008

 

300

 

Marysville

 

OH

 

 

 

350,000

 

650,610

 

1,500

 

None

 

350,000

 

652,110

 

1,002,110

 

206,107

 

 

 

2/29/2008

 

300

 

Perrysburg

 

OH

 

 

 

211,678

 

390,680

 

None

 

134

 

211,678

 

390,814

 

602,492

 

298,053

 

1/10/1996

 

9/1/1995

 

300

 

Russells Point

 

OH

 

 

 

546,000

 

1,013,610

 

2,500

 

None

 

546,000

 

1,016,110

 

1,562,110

 

321,235

 

 

 

2/29/2008

 

300

 

Streetsboro

 

OH

 

 

 

402,988

 

533,349

 

None

 

114

 

402,988

 

533,463

 

936,451

 

378,784

 

1/27/1997

 

9/3/1996

 

300

 

Tiffin

 

OH

 

 

 

117,017

 

273,040

 

None

 

None

 

117,017

 

273,040

 

390,057

 

227,078

 

 

 

3/7/1995

 

300

 

Troy

 

OH

 

 

 

355,009

 

588,111

 

None

 

85

 

355,009

 

588,196

 

943,205

 

422,523

 

1/31/1997

 

6/27/1996

 

300

 

Wadsworth

 

OH

 

 

 

266,507

 

496,917

 

None

 

116

 

266,507

 

497,033

 

763,540

 

363,859

 

11/26/1996

 

7/1/1996

 

300

 

Edmond

 

OK

 

926,606

 

946,988

 

1,037,325

 

2,000

 

None

 

946,988

 

1,039,325

 

1,986,313

 

105,961

 

 

 

6/27/2013

 

300

 

Edmond

 

OK

 

585,266

 

365,152

 

715,425

 

1,000

 

None

 

365,152

 

716,425

 

1,081,577

 

72,985

 

 

 

6/27/2013

 

300

 

Edmond

 

OK

 

488,806

 

352,862

 

692,398

 

2,000

 

None

 

352,862

 

694,398

 

1,047,260

 

70,894

 

 

 

6/27/2013

 

300

 

Edmond

 

OK

 

920,232

 

519,976

 

1,017,575

 

1,500

 

None

 

519,976

 

1,019,075

 

1,539,051

 

103,828

 

 

 

6/27/2013

 

300

 

Edmond

 

OK

 

1,542,358

 

962,803

 

1,886,389

 

1,000

 

None

 

962,803

 

1,887,389

 

2,850,192

 

192,033

 

 

 

6/27/2013

 

420

 

Midwest City

 

OK

 

649,675

 

405,372

 

794,228

 

1,000

 

None

 

405,372

 

795,228

 

1,200,600

 

80,997

 

 

 

6/27/2013

 

300

 

Midwest City

 

OK

 

713,438

 

445,188

 

872,239

 

1,000

 

None

 

445,188

 

873,239

 

1,318,427

 

88,928

 

 

 

6/27/2013

 

300

 

Moore

 

OK

 

491,590

 

306,341

 

600,193

 

2,000

 

None

 

306,341

 

602,193

 

908,534

 

61,520

 

 

 

6/27/2013

 

300

 

Moore

 

OK

 

472,957

 

294,864

 

577,709

 

1,500

 

None

 

294,864

 

579,209

 

874,073

 

59,109

 

 

 

6/27/2013

 

300

 

Norman

 

OK

 

384,099

 

248,874

 

487,810

 

2,000

 

None

 

248,874

 

489,810

 

738,684

 

50,094

 

 

 

6/27/2013

 

300

 

Norman

 

OK

 

516,913

 

390,000

 

521,739

 

2,000

 

None

 

390,000

 

523,739

 

913,739

 

53,543

 

 

 

6/27/2013

 

300

 

Norman

 

OK

 

797,046

 

470,199

 

920,644

 

2,000

 

None

 

470,199

 

922,644

 

1,392,843

 

94,099

 

 

 

6/27/2013

 

300

 

Norman

 

OK

 

1,118,491

 

697,964

 

1,367,492

 

1,500

 

None

 

697,964

 

1,368,992

 

2,066,956

 

139,403

 

 

 

6/27/2013

 

300

 

Norman

 

OK

 

262,191

 

163,252

 

319,845

 

1,500

 

None

 

163,252

 

321,345

 

484,597

 

32,893

 

 

 

6/27/2013

 

300

 

Oklahoma City

 

OK

 

759,414

 

453,873

 

888,815

 

2,000

 

None

 

453,873

 

890,815

 

1,344,688

 

90,863

 

 

 

6/27/2013

 

300

 

Oklahoma City

 

OK

 

834,113

 

520,386

 

1,019,567

 

1,500

 

None

 

520,386

 

1,021,067

 

1,541,453

 

104,031

 

 

 

6/27/2013

 

300

 

Oklahoma City

 

OK

 

658,540

 

410,750

 

804,762

 

1,500

 

None

 

410,750

 

806,262

 

1,217,012

 

82,192

 

 

 

6/27/2013

 

300

 

Oklahoma City

 

OK

 

675,689

 

421,459

 

825,743

 

1,500

 

None

 

421,459

 

827,243

 

1,248,702

 

84,325

 

 

 

6/27/2013

 

300

 

Oklahoma City

 

OK

 

245,057

 

166,843

 

327,194

 

2,000

 

None

 

166,843

 

329,194

 

496,037

 

33,765

 

 

 

6/27/2013

 

300

 

Oklahoma City

 

OK

 

684,745

 

426,956

 

836,510

 

2,000

 

None

 

426,956

 

838,510

 

1,265,466

 

85,545

 

 

 

6/27/2013

 

300

 

Oklahoma City

 

OK

 

673,911

 

456,873

 

895,930

 

2,000

 

None

 

456,873

 

897,930

 

1,354,803

 

91,586

 

 

 

6/27/2013

 

300

 

Oklahoma City

 

OK

 

370,886

 

220,000

 

510,953

 

2,500

 

None

 

220,000

 

513,453

 

733,453

 

52,572

 

 

 

6/27/2013

 

300

 

Oklahoma City

 

OK

 

552,452

 

344,347

 

674,656

 

2,000

 

None

 

344,347

 

676,656

 

1,021,003

 

69,090

 

 

 

6/27/2013

 

300

 

Oklahoma City

 

OK

 

262,191

 

178,588

 

350,229

 

2,000

 

None

 

178,588

 

352,229

 

530,817

 

36,107

 

 

 

6/27/2013

 

300

 

Oklahoma City

 

OK

 

322,179

 

200,554

 

392,926

 

2,000

 

None

 

200,554

 

394,926

 

595,480

 

40,448

 

 

 

6/27/2013

 

300

 

Oklahoma City

 

OK

 

728,237

 

479,805

 

940,620

 

1,000

 

None

 

479,805

 

941,620

 

1,421,425

 

95,880

 

 

 

6/27/2013

 

300

 

Oklahoma City

 

OK

 

622,641

 

388,491

 

761,152

 

1,000

 

None

 

388,491

 

762,152

 

1,150,643

 

77,634

 

 

 

6/27/2013

 

300

 

Oklahoma City

 

OK

 

711,125

 

514,604

 

1,009,798

 

1,000

 

None

 

514,604

 

1,010,798

 

1,525,402

 

102,913

 

 

 

6/27/2013

 

300

 

Oklahoma City

 

OK

 

982,195

 

612,698

 

1,200,429

 

2,000

 

None

 

612,698

 

1,202,429

 

1,815,127

 

122,544

 

 

 

6/27/2013

 

300

 

Oklahoma City

 

OK

 

356,213

 

221,963

 

434,876

 

1,500

 

None

 

221,963

 

436,376

 

658,339

 

44,587

 

 

 

6/27/2013

 

300

 

Oklahoma City

 

OK

 

528,120

 

306,360

 

599,729

 

1,000

 

None

 

306,360

 

600,729

 

907,089

 

61,222

 

 

 

6/27/2013

 

300

 

Oklahoma City

 

OK

 

456,880

 

180,000

 

616,260

 

2,000

 

None

 

180,000

 

618,260

 

798,260

 

63,153

 

 

 

6/27/2013

 

300

 

Oklahoma City

 

OK

 

686,375

 

440,000

 

827,361

 

2,000

 

None

 

440,000

 

829,361

 

1,269,361

 

84,615

 

 

 

6/27/2013

 

300

 

Oklahoma City

 

OK

 

618,337

 

411,910

 

807,611

 

1,000

 

None

 

411,910

 

808,611

 

1,220,521

 

82,357

 

 

 

6/27/2013

 

300

 

Oklahoma City

 

OK

 

817,463

 

471,600

 

923,140

 

1,500

 

None

 

471,600

 

924,640

 

1,396,240

 

94,228

 

 

 

6/27/2013

 

300

 

Oklahoma City

 

OK

 

667,015

 

481,598

 

945,011

 

1,000

 

None

 

481,598

 

946,011

 

1,427,609

 

96,326

 

 

 

6/27/2013

 

300

 

Oklahoma City

 

OK

 

453,723

 

275,094

 

538,804

 

1,500

 

None

 

275,094

 

540,304

 

815,398

 

55,153

 

 

 

6/27/2013

 

300

 

Oklahoma City

 

OK

 

649,161

 

404,894

 

793,287

 

1,500

 

None

 

404,894

 

794,787

 

1,199,681

 

81,026

 

 

 

6/27/2013

 

300

 

Tulsa

 

OK

 

 

 

126,545

 

508,266

 

None

 

None

 

126,545

 

508,266

 

634,811

 

376,922

 

 

 

6/27/1997

 

300

 

Yukon

 

OK

 

990,935

 

618,155

 

1,211,121

 

2,000

 

None

 

618,155

 

1,213,121

 

1,831,276

 

123,631

 

 

 

6/27/2013

 

300

 

Yukon

 

OK

 

635,104

 

390,000

 

696,726

 

1,500

 

None

 

390,000

 

698,226

 

1,088,226

 

71,209

 

 

 

6/27/2013

 

300

 

Yukon

 

OK

 

1,061,822

 

713,299

 

1,398,650

 

1,000

 

None

 

713,299

 

1,399,650

 

2,112,949

 

142,446

 

 

 

6/27/2013

 

300

 

Yukon

 

OK

 

1,303,633

 

813,732

 

1,594,318

 

1,000

 

None

 

813,732

 

1,595,318

 

2,409,050

 

162,339

 

 

 

6/27/2013

 

300

 

Aliquippa

 

PA

 

 

 

226,195

 

452,631

 

None

 

None

 

226,195

 

452,631

 

678,826

 

216,506

 

 

 

1/29/2004

 

300

 

Allentown

 

PA

 

4,684,217

 

3,922,420

 

5,970,215

 

1,565

 

None

 

3,922,420

 

5,971,780

 

9,894,200

 

706,932

 

 

 

1/22/2013

 

300

 

Beaver

 

PA

 

 

 

95,626

 

223,368

 

None

 

None

 

95,626

 

223,368

 

318,994

 

106,842

 

 

 

1/29/2004

 

300

 

Beaver Falls

 

PA

 

 

 

92,207

 

230,758

 

None

 

None

 

92,207

 

230,758

 

322,965

 

110,377

 

 

 

1/29/2004

 

300

 

Bensalem

 

PA

 

 

 

569,763

 

387,611

 

None

 

None

 

569,763

 

387,611

 

957,374

 

195,738

 

 

 

5/29/2003

 

300

 

Downingtown

 

PA

 

 

 

1,722,222

 

576

 

None

 

None

 

1,722,222

 

576

 

1,722,798

 

295

 

 

 

2/25/2003

 

300

 

Mount Washington

 

PA

 

 

 

118,118

 

231,108

 

None

 

None

 

118,118

 

231,108

 

349,226

 

110,545

 

 

 

1/29/2004

 

300

 

Penndel

 

PA

 

 

 

739,487

 

1,003,809

 

None

 

None

 

739,487

 

1,003,809

 

1,743,296

 

506,918

 

 

 

5/29/2003

 

300

 

 

F-13



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Perryopolis

 

PA

 

 

 

148,953

 

134,299

 

None

 

None

 

148,953

 

134,299

 

283,252

 

64,237

 

 

 

1/29/2004

 

300

 

Philadelphia

 

PA

 

 

 

808,681

 

256,843

 

None

 

None

 

808,681

 

256,843

 

1,065,524

 

129,700

 

 

 

5/29/2003

 

300

 

Philadelphia

 

PA

 

 

 

425,928

 

167,147

 

None

 

None

 

425,928

 

167,147

 

593,075

 

84,404

 

 

 

5/29/2003

 

300

 

Philadelphia

 

PA

 

 

 

390,342

 

226,919

 

None

 

None

 

390,342

 

226,919

 

617,261

 

114,588

 

 

 

5/29/2003

 

300

 

Philadelphia

 

PA

 

 

 

541,792

 

236,049

 

None

 

None

 

541,792

 

236,049

 

777,841

 

119,199

 

 

 

5/29/2003

 

300

 

Philadelphia

 

PA

 

 

 

614,101

 

277,277

 

None

 

None

 

614,101

 

277,277

 

891,378

 

140,019

 

 

 

5/29/2003

 

300

 

Philadelphia

 

PA

 

 

 

1,011,389

 

491,302

 

None

 

None

 

1,011,389

 

491,302

 

1,502,691

 

248,102

 

 

 

5/29/2003

 

300

 

Philadelphia

 

PA

 

 

 

935,672

 

448,426

 

None

 

None

 

935,672

 

448,426

 

1,384,098

 

226,450

 

 

 

5/29/2003

 

300

 

Philadelphia

 

PA

 

 

 

689,172

 

426,596

 

None

 

None

 

689,172

 

426,596

 

1,115,768

 

215,426

 

 

 

5/29/2003

 

300

 

Philadelphia

 

PA

 

 

 

349,294

 

134,485

 

None

 

None

 

349,294

 

134,485

 

483,779

 

67,909

 

 

 

5/29/2003

 

300

 

Pittsburgh

 

PA

 

 

 

497,668

 

320,170

 

None

 

None

 

497,668

 

320,170

 

817,838

 

153,146

 

 

 

1/29/2004

 

300

 

Pittsburgh

 

PA

 

 

 

296,277

 

287,540

 

None

 

None

 

296,277

 

287,540

 

583,817

 

137,538

 

 

 

1/29/2004

 

300

 

Pittsburgh

 

PA

 

 

 

395,417

 

474,741

 

None

 

None

 

395,417

 

474,741

 

870,158

 

227,082

 

 

 

1/29/2004

 

300

 

South Park

 

PA

 

 

 

252,247

 

436,182

 

None

 

None

 

252,247

 

436,182

 

688,429

 

208,599

 

 

 

1/29/2004

 

300

 

Southampton

 

PA

 

 

 

783,279

 

163,721

 

None

 

None

 

783,279

 

163,721

 

947,000

 

82,673

 

 

 

5/29/2003

 

300

 

Valencia

 

PA

 

 

 

440,565

 

278,492

 

None

 

None

 

440,565

 

278,492

 

719,057

 

133,210

 

 

 

1/29/2004

 

300

 

Verona

 

PA

 

 

 

171,411

 

257,358

 

None

 

None

 

171,411

 

257,358

 

428,769

 

123,101

 

 

 

1/29/2004

 

300

 

Willow Grove

 

PA

 

 

 

329,934

 

73,123

 

None

 

None

 

329,934

 

73,123

 

403,057

 

36,922

 

 

 

5/29/2003

 

300

 

Aiken

 

SC

 

 

 

400,000

 

402,665

 

None

 

None

 

400,000

 

402,665

 

802,665

 

265,084

 

 

 

7/22/1999

 

300

 

Aiken

 

SC

 

 

 

320,000

 

432,527

 

None

 

None

 

320,000

 

432,527

 

752,527

 

284,743

 

 

 

7/22/1999

 

300

 

Aiken

 

SC

 

 

 

330,000

 

472,679

 

None

 

None

 

330,000

 

472,679

 

802,679

 

311,176

 

 

 

7/22/1999

 

300

 

Aiken

 

SC

 

 

 

560,000

 

543,588

 

None

 

None

 

560,000

 

543,588

 

1,103,588

 

357,856

 

 

 

7/22/1999

 

300

 

Aiken

 

SC

 

 

 

360,000

 

542,982

 

None

 

None

 

360,000

 

542,982

 

902,982

 

357,458

 

 

 

7/22/1999

 

300

 

Aiken

 

SC

 

 

 

540,000

 

388,058

 

None

 

None

 

540,000

 

388,058

 

928,058

 

255,467

 

 

 

7/22/1999

 

300

 

Aiken

 

SC

 

 

 

250,000

 

251,770

 

None

 

None

 

250,000

 

251,770

 

501,770

 

165,746

 

 

 

7/22/1999

 

300

 

Beech Island

 

SC

 

 

 

330,000

 

481,637

 

None

 

None

 

330,000

 

481,637

 

811,637

 

227,169

 

 

 

3/18/2004

 

300

 

Belvedere

 

SC

 

 

 

490,000

 

463,080

 

None

 

None

 

490,000

 

463,080

 

953,080

 

304,856

 

 

 

7/22/1999

 

300

 

Bishopville

 

SC

 

 

 

191,738

 

356,130

 

1,500

 

None

 

191,738

 

357,630

 

549,368

 

112,155

 

 

 

3/27/2008

 

300

 

Bonneau

 

SC

 

 

 

128,411

 

239,191

 

1,500

 

None

 

128,411

 

240,691

 

369,102

 

75,709

 

 

 

3/27/2008

 

300

 

Camden

 

SC

 

 

 

269,136

 

499,897

 

1,500

 

None

 

269,136

 

501,397

 

770,533

 

156,962

 

 

 

3/27/2008

 

300

 

Columbia

 

SC

 

 

 

520,000

 

471,637

 

None

 

None

 

520,000

 

471,637

 

991,637

 

222,453

 

 

 

3/18/2004

 

300

 

Conway

 

SC

 

 

 

-

 

251,890

 

1,000

 

None

 

-

 

252,890

 

252,890

 

122,762

 

 

 

3/27/2008

 

193

 

Cordova

 

SC

 

 

 

137,207

 

255,025

 

2,000

 

None

 

137,207

 

257,025

 

394,232

 

81,032

 

 

 

3/27/2008

 

300

 

Eastover

 

SC

 

 

 

138,966

 

258,625

 

1,000

 

None

 

138,966

 

259,625

 

398,591

 

81,379

 

 

 

3/27/2008

 

300

 

Florence

 

SC

 

 

 

193,497

 

359,413

 

1,500

 

None

 

193,497

 

360,913

 

554,410

 

113,178

 

 

 

3/27/2008

 

300

 

Florence

 

SC

 

 

 

337,740

 

627,293

 

1,500

 

None

 

337,740

 

628,793

 

966,533

 

196,668

 

 

 

3/27/2008

 

300

 

Goose Creek

 

SC

 

 

 

150,000

 

241,637

 

None

 

None

 

150,000

 

241,637

 

391,637

 

113,969

 

 

 

3/18/2004

 

300

 

Greenville

 

SC

 

 

 

390,000

 

462,847

 

None

 

None

 

390,000

 

462,847

 

852,847

 

304,703

 

 

 

7/22/1999

 

300

 

Greenville

 

SC

 

 

 

300,000

 

402,392

 

None

 

None

 

300,000

 

402,392

 

702,392

 

264,905

 

 

 

7/22/1999

 

300

 

Greenville

 

SC

 

 

 

370,000

 

432,695

 

None

 

None

 

370,000

 

432,695

 

802,695

 

284,854

 

 

 

7/22/1999

 

300

 

Greenville

 

SC

 

 

 

620,000

 

483,604

 

None

 

None

 

620,000

 

483,604

 

1,103,604

 

318,367

 

 

 

7/22/1999

 

300

 

Greenville

 

SC

 

 

 

680,000

 

423,604

 

None

 

None

 

680,000

 

423,604

 

1,103,604

 

278,867

 

 

 

7/22/1999

 

300

 

Greer

 

SC

 

 

 

400,000

 

502,879

 

None

 

None

 

400,000

 

502,879

 

902,879

 

331,057

 

 

 

7/22/1999

 

300

 

Hemingway

 

SC

 

 

 

246,269

 

458,069

 

1,500

 

None

 

246,269

 

459,569

 

705,838

 

143,926

 

 

 

3/27/2008

 

300

 

Hilton Head

 

SC

 

 

 

500,000

 

691,637

 

None

 

None

 

500,000

 

691,637

 

1,191,637

 

326,219

 

 

 

3/18/2004

 

300

 

Hilton Head

 

SC

 

 

 

185,500

 

344,510

 

None

 

None

 

185,500

 

344,510

 

530,010

 

161,346

 

 

 

4/14/2004

 

300

 

Irmo

 

SC

 

 

 

690,000

 

461,637

 

None

 

None

 

690,000

 

461,637

 

1,151,637

 

217,736

 

 

 

3/18/2004

 

300

 

Jackson

 

SC

 

 

 

170,000

 

632,626

 

None

 

None

 

170,000

 

632,626

 

802,626

 

416,475

 

 

 

7/22/1999

 

300

 

Kingstree

 

SC

 

 

 

-

 

301,766

 

2,000

 

None

 

-

 

303,766

 

303,766

 

137,820

 

 

 

3/27/2008

 

207

 

Kingstree

 

SC

 

 

 

209,328

 

389,965

 

1,000

 

None

 

209,328

 

390,965

 

600,293

 

122,313

 

 

 

3/27/2008

 

300

 

Lake City

 

SC

 

 

 

202,292

 

376,398

 

1,500

 

None

 

202,292

 

377,898

 

580,190

 

118,472

 

 

 

3/27/2008

 

300

 

Lexington

 

SC

 

 

 

640,000

 

563,891

 

None

 

None

 

640,000

 

563,891

 

1,203,891

 

371,222

 

 

 

7/22/1999

 

300

 

Lexington

 

SC

 

 

 

540,000

 

563,588

 

None

 

None

 

540,000

 

563,588

 

1,103,588

 

371,023

 

 

 

7/22/1999

 

300

 

Lexington

 

SC

 

 

 

360,000

 

843,891

 

None

 

None

 

360,000

 

843,891

 

1,203,891

 

555,556

 

 

 

7/22/1999

 

300

 

Lugoff

 

SC

 

 

 

200,533

 

372,490

 

1,500

 

None

 

200,533

 

373,990

 

574,523

 

117,254

 

 

 

3/27/2008

 

300

 

Moncks Corner

 

SC

 

 

 

351,812

 

654,578

 

1,000

 

None

 

351,812

 

655,578

 

1,007,390

 

204,784

 

 

 

3/27/2008

 

300

 

Mount Pleasant

 

SC

 

 

 

668,443

 

1,241,940

 

1,000

 

None

 

668,443

 

1,242,940

 

1,911,383

 

387,845

 

 

 

3/27/2008

 

300

 

Myrtle Beach

 

SC

 

 

 

492,537

 

913,807

 

2,500

 

None

 

492,537

 

916,307

 

1,408,844

 

286,740

 

 

 

3/27/2008

 

300

 

Myrtle Beach

 

SC

 

 

 

703,624

 

1,307,326

 

1,000

 

None

 

703,624

 

1,308,326

 

2,011,950

 

408,224

 

 

 

3/27/2008

 

300

 

Myrtle Beach

 

SC

 

 

 

-

 

176,002

 

1,500

 

None

 

-

 

177,502

 

177,502

 

56,015

 

 

 

3/27/2008

 

300

 

Myrtle Beach

 

SC

 

 

 

-

 

753,979

 

1,500

 

None

 

-

 

755,479

 

755,479

 

236,151

 

 

 

3/27/2008

 

300

 

Myrtle Beach

 

SC

 

 

 

-

 

327,278

 

1,000

 

None

 

-

 

328,278

 

328,278

 

186,171

 

 

 

3/27/2008

 

165

 

Myrtle Beach

 

SC

 

 

 

-

 

277,019

 

1,000

 

None

 

-

 

278,019

 

278,019

 

137,774

 

 

 

3/27/2008

 

189

 

North Augusta

 

SC

 

 

 

400,000

 

452,777

 

None

 

None

 

400,000

 

452,777

 

852,777

 

298,074

 

 

 

7/22/1999

 

300

 

North Augusta

 

SC

 

 

 

490,000

 

1,221,637

 

None

 

None

 

490,000

 

1,221,637

 

1,711,637

 

576,203

 

 

 

3/18/2004

 

300

 

Orangeburg

 

SC

 

 

 

320,000

 

691,637

 

None

 

None

 

320,000

 

691,637

 

1,011,637

 

326,219

 

 

 

3/18/2004

 

300

 

Pinewood

 

SC

 

 

 

325,426

 

605,076

 

1,500

 

None

 

325,426

 

606,576

 

932,002

 

189,743

 

 

 

3/27/2008

 

300

 

Simpsonville

 

SC

 

 

 

530,000

 

573,485

 

None

 

None

 

530,000

 

573,485

 

1,103,485

 

377,538

 

 

 

7/22/1999

 

300

 

Spartanburg

 

SC

 

 

 

470,000

 

432,879

 

None

 

None

 

470,000

 

432,879

 

902,879

 

284,974

 

 

 

7/22/1999

 

300

 

Summerton

 

SC

 

 

 

142,484

 

265,326

 

1,500

 

None

 

142,484

 

266,826

 

409,310

 

83,855

 

 

 

3/27/2008

 

300

 

Summerville

 

SC

 

 

 

297,500

 

553,227

 

None

 

None

 

297,500

 

553,227

 

850,727

 

259,092

 

 

 

4/14/2004

 

300

 

Sumter

 

SC

 

 

 

211,087

 

392,065

 

1,500

 

None

 

211,087

 

393,565

 

604,652

 

123,355

 

 

 

3/27/2008

 

300

 

Sumter

 

SC

 

 

 

263,859

 

490,128

 

1,500

 

None

 

263,859

 

491,628

 

755,487

 

153,918

 

 

 

3/27/2008

 

300

 

Sumter

 

SC

 

 

 

362,367

 

673,012

 

1,500

 

None

 

362,367

 

674,512

 

1,036,879

 

210,917

 

 

 

3/27/2008

 

300

 

Sumter

 

SC

 

 

 

181,183

 

336,587

 

1,500

 

None

 

181,183

 

338,087

 

519,270

 

106,064

 

 

 

3/27/2008

 

300

 

Sumter

 

SC

 

 

 

154,797

 

287,584

 

1,500

 

None

 

154,797

 

289,084

 

443,881

 

90,792

 

 

 

3/27/2008

 

300

 

Sumter

 

SC

 

 

 

351,812

 

653,469

 

1,500

 

None

 

351,812

 

654,969

 

1,006,781

 

204,826

 

 

 

3/27/2008

 

300

 

Sumter

 

SC

 

 

 

334,222

 

620,801

 

1,500

 

None

 

334,222

 

622,301

 

956,523

 

194,644

 

 

 

3/27/2008

 

300

 

Sumter

 

SC

 

 

 

281,450

 

522,796

 

1,500

 

None

 

281,450

 

524,296

 

805,746

 

164,099

 

 

 

3/27/2008

 

300

 

Sumter

 

SC

 

 

 

146,002

 

271,250

 

1,500

 

None

 

146,002

 

272,750

 

418,752

 

85,701

 

 

 

3/27/2008

 

300

 

Sumter

 

SC

 

 

 

372,921

 

693,113

 

1,000

 

None

 

372,921

 

694,113

 

1,067,034

 

216,794

 

 

 

3/27/2008

 

300

 

Sumter

 

SC

 

 

 

149,520

 

277,726

 

1,500

 

None

 

149,520

 

279,226

 

428,746

 

87,719

 

 

 

3/27/2008

 

300

 

Sumter

 

SC

 

 

 

262,100

 

486,861

 

1,500

 

None

 

262,100

 

488,361

 

750,461

 

152,900

 

 

 

3/27/2008

 

300

 

Sumter

 

SC

 

 

 

184,701

 

344,620

 

None

 

None

 

184,701

 

344,620

 

529,321

 

107,406

 

 

 

3/27/2008

 

300

 

West Columbia

 

SC

 

 

 

410,000

 

693,574

 

None

 

None

 

410,000

 

693,574

 

1,103,574

 

456,597

 

 

 

7/22/1999

 

300

 

West Columbia

 

SC

 

 

 

336,000

 

624,727

 

None

 

None

 

336,000

 

624,727

 

960,727

 

292,578

 

 

 

4/14/2004

 

300

 

Arrington

 

TN

 

 

 

385,000

 

716,242

 

None

 

None

 

385,000

 

716,242

 

1,101,242

 

349,758

 

 

 

10/16/2003

 

300

 

Athens

 

TN

 

 

 

175,000

 

326,242

 

None

 

None

 

175,000

 

326,242

 

501,242

 

159,308

 

 

 

10/16/2003

 

300

 

Athens

 

TN

 

 

 

124,179

 

231,860

 

None

 

None

 

124,179

 

231,860

 

356,039

 

113,219

 

 

 

10/16/2003

 

300

 

Benton

 

TN

 

 

 

192,500

 

358,742

 

None

 

None

 

192,500

 

358,742

 

551,242

 

175,179

 

 

 

10/16/2003

 

300

 

Chattanooga

 

TN

 

 

 

181,731

 

338,741

 

None

 

None

 

181,731

 

338,741

 

520,472

 

165,412

 

 

 

10/16/2003

 

300

 

Chattanooga

 

TN

 

 

 

131,820

 

313,242

 

(8,814

)

None

 

131,820

 

304,428

 

436,248

 

153,848

 

 

 

10/16/2003

 

300

 

Chattanooga

 

TN

 

 

 

175,000

 

326,242

 

(79,571

)

None

 

162,879

 

258,792

 

421,671

 

126,370

 

 

 

10/16/2003

 

300

 

Chattanooga

 

TN

 

 

 

159,979

 

298,346

 

None

 

None

 

159,979

 

298,346

 

458,325

 

145,686

 

 

 

10/16/2003

 

300

 

Chattanooga

 

TN

 

 

 

105,000

 

196,242

 

None

 

None

 

105,000

 

196,242

 

301,242

 

95,825

 

 

 

10/16/2003

 

300

 

Chattanooga

 

TN

 

 

 

245,000

 

456,242

 

None

 

None

 

245,000

 

456,242

 

701,242

 

222,792

 

 

 

10/16/2003

 

300

 

Chattanooga

 

TN

 

 

 

297,500

 

553,742

 

None

 

None

 

297,500

 

553,742

 

851,242

 

270,404

 

 

 

10/16/2003

 

300

 

Chattanooga

 

TN

 

 

 

323,750

 

822,529

 

None

 

None

 

323,750

 

822,529

 

1,146,279

 

381,748

 

 

 

10/16/2003

 

300

 

Chattanooga

 

TN

 

 

 

280,000

 

521,242

 

None

 

None

 

280,000

 

521,242

 

801,242

 

254,533

 

 

 

10/16/2003

 

300

 

Chattanooga

 

TN

 

 

 

257,250

 

478,992

 

None

 

None

 

257,250

 

478,992

 

736,242

 

233,901

 

 

 

10/16/2003

 

300

 

Chattanooga

 

TN

 

 

 

283,209

 

527,201

 

None

 

None

 

283,209

 

527,201

 

810,410

 

257,444

 

 

 

10/16/2003

 

300

 

Chattanooga

 

TN

 

 

 

542,500

 

1,008,742

 

None

 

None

 

542,500

 

1,008,742

 

1,551,242

 

492,596

 

 

 

10/16/2003

 

300

 

Chattanooga

 

TN

 

 

 

332,500

 

618,742

 

None

 

None

 

332,500

 

618,742

 

951,242

 

302,146

 

 

 

10/16/2003

 

300

 

Chattanooga

 

TN

 

 

 

300,373

 

559,077

 

(39,679

)

None

 

260,694

 

559,077

 

819,771

 

273,010

 

 

 

10/16/2003

 

300

 

Chattanooga

 

TN

 

 

 

175,000

 

326,242

 

(24,664

)

None

 

150,336

 

326,242

 

476,578

 

159,308

 

 

 

10/16/2003

 

300

 

Cleveland

 

TN

 

 

 

110,009

 

205,545

 

None

 

None

 

110,009

 

205,545

 

315,554

 

100,368

 

 

 

10/16/2003

 

300

 

Cleveland

 

TN

 

 

 

227,500

 

423,742

 

None

 

None

 

227,500

 

423,742

 

651,242

 

206,921

 

 

 

10/16/2003

 

300

 

Cleveland

 

TN

 

 

 

280,000

 

521,242

 

None

 

None

 

280,000

 

521,242

 

801,242

 

254,533

 

 

 

10/16/2003

 

300

 

Cleveland

 

TN

 

 

 

245,000

 

456,242

 

None

 

None

 

245,000

 

456,242

 

701,242

 

222,792

 

 

 

10/16/2003

 

300

 

Cleveland

 

TN

 

 

 

157,500

 

293,742

 

None

 

None

 

157,500

 

293,742

 

451,242

 

143,438

 

 

 

10/16/2003

 

300

 

Cleveland

 

TN

 

 

 

122,500

 

228,742

 

None

 

None

 

122,500

 

228,742

 

351,242

 

111,696

 

 

 

10/16/2003

 

300

 

 

F-14



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cleveland

 

TN

 

 

 

300,373

 

559,077

 

None

 

None

 

300,373

 

559,077

 

859,450

 

273,010

 

 

 

10/16/2003

 

300

 

Dayton

 

TN

 

 

 

262,500

 

488,742

 

None

 

None

 

262,500

 

488,742

 

751,242

 

238,663

 

 

 

10/16/2003

 

300

 

Decatur

 

TN

 

 

 

181,731

 

338,742

 

None

 

None

 

181,731

 

338,742

 

520,473

 

165,413

 

 

 

10/16/2003

 

300

 

Dunlap

 

TN

 

 

 

315,000

 

586,242

 

None

 

None

 

315,000

 

586,242

 

901,242

 

286,275

 

 

 

10/16/2003

 

300

 

Etowah

 

TN

 

 

 

192,500

 

358,742

 

None

 

None

 

192,500

 

358,742

 

551,242

 

175,179

 

 

 

10/16/2003

 

300

 

Gallatin

 

TN

 

 

 

525,000

 

976,242

 

None

 

None

 

525,000

 

976,242

 

1,501,242

 

476,725

 

 

 

10/16/2003

 

300

 

Gray

 

TN

 

 

 

191,151

 

355,563

 

None

 

None

 

191,151

 

355,563

 

546,714

 

115,556

 

 

 

11/29/2007

 

300

 

Harrison

 

TN

 

 

 

484,313

 

900,680

 

None

 

None

 

484,313

 

900,680

 

1,384,993

 

439,826

 

 

 

10/16/2003

 

300

 

Hixson

 

TN

 

 

 

350,000

 

651,242

 

None

 

None

 

350,000

 

651,242

 

1,001,242

 

318,017

 

 

 

10/16/2003

 

300

 

Hixson

 

TN

 

 

 

271,250

 

504,992

 

None

 

None

 

271,250

 

504,992

 

776,242

 

246,598

 

 

 

10/16/2003

 

300

 

Hixson

 

TN

 

 

 

513,215

 

954,355

 

None

 

None

 

513,215

 

954,355

 

1,467,570

 

466,037

 

 

 

10/16/2003

 

300

 

Hixson

 

TN

 

 

 

94,500

 

176,742

 

None

 

None

 

94,500

 

176,742

 

271,242

 

86,303

 

 

 

10/16/2003

 

300

 

Hixson

 

TN

 

 

 

300,373

 

559,077

 

None

 

None

 

300,373

 

559,077

 

859,450

 

273,010

 

 

 

10/16/2003

 

300

 

Kimball

 

TN

 

 

 

332,500

 

618,742

 

None

 

None

 

332,500

 

618,742

 

951,242

 

302,146

 

 

 

10/16/2003

 

300

 

Kingsport

 

TN

 

 

 

155,603

 

289,545

 

None

 

None

 

155,603

 

289,545

 

445,148

 

94,101

 

 

 

11/29/2007

 

300

 

Kingsport

 

TN

 

 

 

310,303

 

576,845

 

None

 

None

 

310,303

 

576,845

 

887,148

 

187,473

 

 

 

11/29/2007

 

300

 

La Vergne

 

TN

 

 

 

340,000

 

650,000

 

None

 

None

 

340,000

 

650,000

 

990,000

 

529,750

 

 

 

8/25/1995

 

300

 

La Vergne

 

TN

 

 

 

577,500

 

1,073,742

 

(15,745

)

None

 

561,755

 

1,073,742

 

1,635,497

 

524,338

 

 

 

10/16/2003

 

300

 

Manchester

 

TN

 

 

 

266,119

 

495,463

 

None

 

None

 

266,119

 

495,463

 

761,582

 

241,945

 

 

 

10/16/2003

 

300

 

Manchester

 

TN

 

 

 

281,675

 

524,352

 

None

 

None

 

281,675

 

524,352

 

806,027

 

256,052

 

 

 

10/16/2003

 

300

 

Manchester

 

TN

 

 

 

319,846

 

595,242

 

None

 

None

 

319,846

 

595,242

 

915,088

 

290,670

 

 

 

10/16/2003

 

300

 

Monteagle

 

TN

 

 

 

271,173

 

504,849

 

None

 

None

 

271,173

 

504,849

 

776,022

 

246,528

 

 

 

10/16/2003

 

300

 

Mount Juliet

 

TN

 

 

 

397,128

 

738,764

 

None

 

None

 

397,128

 

738,764

 

1,135,892

 

360,757

 

 

 

10/16/2003

 

300

 

Murfreesboro

 

TN

 

 

 

549,500

 

1,021,742

 

None

 

None

 

549,500

 

1,021,742

 

1,571,242

 

498,944

 

 

 

10/16/2003

 

300

 

Murfreesboro

 

TN

 

 

 

467,810

 

870,032

 

None

 

None

 

467,810

 

870,032

 

1,337,842

 

424,859

 

 

 

10/16/2003

 

300

 

Murfreesboro

 

TN

 

 

 

300,373

 

559,077

 

None

 

None

 

300,373

 

559,077

 

859,450

 

273,010

 

 

 

10/16/2003

 

300

 

Nashville

 

TN

 

 

 

498,628

 

927,264

 

None

 

None

 

498,628

 

927,264

 

1,425,892

 

452,808

 

 

 

10/16/2003

 

300

 

Ocoee

 

TN

 

 

 

119,792

 

223,713

 

(11,239

)

None

 

108,553

 

223,713

 

332,266

 

109,240

 

 

 

10/16/2003

 

300

 

Ooltewah

 

TN

 

 

 

234,231

 

436,241

 

None

 

None

 

234,231

 

436,241

 

670,472

 

213,025

 

 

 

10/16/2003

 

300

 

Ooltewah

 

TN

 

 

 

700,000

 

1,301,242

 

(190,623

)

None

 

635,909

 

1,174,710

 

1,810,619

 

577,220

 

 

 

10/16/2003

 

300

 

Ooltewah

 

TN

 

 

 

105,000

 

196,242

 

None

 

None

 

105,000

 

196,242

 

301,242

 

95,825

 

 

 

10/16/2003

 

300

 

Roan Mountain

 

TN

 

 

 

286,303

 

532,274

 

None

 

None

 

286,303

 

532,274

 

818,577

 

172,987

 

 

 

11/29/2007

 

300

 

Shelbyville

 

TN

 

 

 

320,229

 

595,953

 

None

 

None

 

320,229

 

595,953

 

916,182

 

291,017

 

 

 

10/16/2003

 

300

 

Smyrna

 

TN

 

 

 

426,466

 

793,251

 

None

 

None

 

426,466

 

793,251

 

1,219,717

 

387,364

 

 

 

10/16/2003

 

300

 

Smyrna

 

TN

 

 

 

630,000

 

1,170,036

 

None

 

None

 

630,000

 

1,170,036

 

1,800,036

 

434,863

 

 

 

9/27/2006

 

300

 

Soddy Daisy

 

TN

 

 

 

297,500

 

553,732

 

None

 

None

 

297,500

 

553,732

 

851,232

 

270,400

 

 

 

10/16/2003

 

300

 

Soddy Daisy

 

TN

 

 

 

350,000

 

651,242

 

None

 

None

 

350,000

 

651,242

 

1,001,242

 

318,017

 

 

 

10/16/2003

 

300

 

Soddy Daisy

 

TN

 

 

 

245,000

 

456,242

 

None

 

None

 

245,000

 

456,242

 

701,242

 

222,792

 

 

 

10/16/2003

 

300

 

Sweetwater

 

TN

 

 

 

122,500

 

228,742

 

None

 

None

 

122,500

 

228,742

 

351,242

 

111,696

 

 

 

10/16/2003

 

300

 

Sweetwater

 

TN

 

 

 

339,231

 

1,131,287

 

None

 

None

 

339,231

 

1,131,287

 

1,470,518

 

474,932

 

 

 

10/16/2003

 

300

 

Sweetwater

 

TN

 

 

 

133,000

 

248,242

 

None

 

None

 

133,000

 

248,242

 

381,242

 

121,218

 

 

 

10/16/2003

 

300

 

Abingdon

 

VA

 

 

 

57,847

 

107,997

 

None

 

None

 

57,847

 

107,997

 

165,844

 

35,098

 

 

 

11/29/2007

 

300

 

Big Stone Gap

 

VA

 

 

 

527,303

 

979,860

 

None

 

None

 

527,303

 

979,860

 

1,507,163

 

318,453

 

 

 

11/29/2007

 

300

 

Bristol

 

VA

 

 

 

213,369

 

396,824

 

None

 

None

 

213,369

 

396,824

 

610,193

 

128,966

 

 

 

11/29/2007

 

300

 

Bristol

 

VA

 

 

 

268,303

 

498,845

 

None

 

None

 

268,303

 

498,845

 

767,148

 

162,123

 

 

 

11/29/2007

 

300

 

Bristol

 

VA

 

 

 

171,156

 

318,428

 

None

 

None

 

171,156

 

318,428

 

489,584

 

103,488

 

 

 

11/29/2007

 

300

 

Castlewood

 

VA

 

 

 

387,303

 

720,307

 

None

 

None

 

387,303

 

720,307

 

1,107,610

 

234,098

 

 

 

11/29/2007

 

300

 

Charlottesville

 

VA

 

 

 

817,604

 

1,619,856

 

2,000

 

None

 

817,604

 

1,621,856

 

2,439,460

 

127,272

 

 

 

1/31/2014

 

300

 

Charlottesville

 

VA

 

 

 

536,443

 

1,062,813

 

2,500

 

None

 

536,443

 

1,065,313

 

1,601,756

 

83,733

 

 

 

1/31/2014

 

300

 

Charlottesville

 

VA

 

 

 

692,490

 

1,371,977

 

2,000

 

None

 

692,490

 

1,373,977

 

2,066,467

 

107,855

 

 

 

1/31/2014

 

300

 

Chatham

 

VA

 

 

 

347,728

 

525,031

 

None

 

None

 

347,728

 

525,031

 

872,759

 

268,634

 

 

 

3/19/2003

 

300

 

Chesapeake

 

VA

 

 

 

225,000

 

400,366

 

None

 

None

 

225,000

 

400,366

 

625,366

 

166,152

 

 

 

8/18/2005

 

300

 

Clintwood

 

VA

 

 

 

378,553

 

703,610

 

None

 

None

 

378,553

 

703,610

 

1,082,163

 

228,672

 

 

 

11/29/2007

 

300

 

Coeburn

 

VA

 

 

 

168,934

 

314,764

 

None

 

None

 

168,934

 

314,764

 

483,698

 

102,297

 

 

 

11/29/2007

 

300

 

Coeburn

 

VA

 

 

 

312,303

 

581,021

 

None

 

None

 

312,303

 

581,021

 

893,324

 

188,830

 

 

 

11/29/2007

 

300

 

Coeburn

 

VA

 

 

 

282,303

 

525,307

 

None

 

None

 

282,303

 

525,307

 

807,610

 

170,723

 

 

 

11/29/2007

 

300

 

Collinsville

 

VA

 

 

 

84,465

 

130,137

 

None

 

None

 

84,465

 

130,137

 

214,602

 

66,579

 

 

 

3/19/2003

 

300

 

Danville

 

VA

 

 

 

149,276

 

227,333

 

None

 

None

 

149,276

 

227,333

 

376,609

 

116,311

 

 

 

3/19/2003

 

300

 

Danville

 

VA

 

 

 

83,644

 

128,884

 

None

 

None

 

83,644

 

128,884

 

212,528

 

65,939

 

 

 

3/19/2003

 

300

 

Danville

 

VA

 

 

 

266,722

 

403,501

 

None

 

None

 

266,722

 

403,501

 

670,223

 

206,451

 

 

 

3/19/2003

 

300

 

Franklin

 

VA

 

 

 

536,667

 

863,699

 

None

 

None

 

536,667

 

863,699

 

1,400,366

 

358,435

 

 

 

8/18/2005

 

300

 

Gate City

 

VA

 

 

 

422,303

 

784,845

 

None

 

None

 

422,303

 

784,845

 

1,207,148

 

255,073

 

 

 

11/29/2007

 

300

 

Glen Allen

 

VA

 

 

 

329,698

 

498,015

 

None

 

None

 

329,698

 

498,015

 

827,713

 

254,810

 

 

 

3/19/2003

 

300

 

Gordonsville

 

VA

 

 

 

770,000

 

1,155,478

 

1,500

 

None

 

770,000

 

1,156,978

 

1,926,978

 

90,800

 

 

 

1/31/2014

 

300

 

Gordonsville

 

VA

 

 

 

2,190,000

 

2,286,653

 

3,000

 

None

 

2,190,000

 

2,289,653

 

4,479,653

 

179,696

 

 

 

1/31/2014

 

300

 

Hampton

 

VA

 

 

 

433,985

 

459,108

 

None

 

None

 

433,985

 

459,108

 

893,093

 

325,191

 

 

 

4/17/1998

 

300

 

Highland Springs

 

VA

 

 

 

396,720

 

598,547

 

None

 

None

 

396,720

 

598,547

 

995,267

 

306,250

 

 

 

3/19/2003

 

300

 

Honaker

 

VA

 

 

 

492,303

 

915,307

 

None

 

None

 

492,303

 

915,307

 

1,407,610

 

297,473

 

 

 

11/29/2007

 

300

 

Martinsville

 

VA

 

 

 

246,820

 

373,653

 

None

 

None

 

246,820

 

373,653

 

620,473

 

191,179

 

 

 

3/19/2003

 

300

 

Martinsville

 

VA

 

 

 

83,521

 

128,706

 

None

 

None

 

83,521

 

128,706

 

212,227

 

65,847

 

 

 

3/19/2003

 

300

 

Midlothian

 

VA

 

 

 

325,000

 

302,872

 

None

 

153

 

325,000

 

303,025

 

628,025

 

222,713

 

 

 

8/21/1997

 

300

 

Newport News

 

VA

 

 

 

490,616

 

605,304

 

None

 

None

 

490,616

 

605,304

 

1,095,920

 

399,415

 

1/20/2000

 

4/17/1998

 

300

 

Norton

 

VA

 

 

 

157,826

 

293,688

 

None

 

None

 

157,826

 

293,688

 

451,514

 

95,447

 

 

 

11/29/2007

 

300

 

Norton

 

VA

 

 

 

457,303

 

849,860

 

None

 

None

 

457,303

 

849,860

 

1,307,163

 

276,203

 

 

 

11/29/2007

 

300

 

Norton

 

VA

 

 

 

222,256

 

413,344

 

None

 

None

 

222,256

 

413,344

 

635,600

 

134,335

 

 

 

11/29/2007

 

300

 

Pound

 

VA

 

 

 

256,170

 

476,327

 

None

 

None

 

256,170

 

476,327

 

732,497

 

154,805

 

 

 

11/29/2007

 

300

 

Pound

 

VA

 

 

 

276,303

 

513,717

 

None

 

None

 

276,303

 

513,717

 

790,020

 

166,957

 

 

 

11/29/2007

 

300

 

Richlands

 

VA

 

 

 

492,303

 

915,307

 

None

 

None

 

492,303

 

915,307

 

1,407,610

 

297,473

 

 

 

11/29/2007

 

300

 

Richlands

 

VA

 

 

 

140,051

 

261,125

 

None

 

None

 

140,051

 

261,125

 

401,176

 

84,864

 

 

 

11/29/2007

 

300

 

Richmond

 

VA

 

 

 

700,000

 

400,740

 

None

 

None

 

700,000

 

400,740

 

1,100,740

 

283,850

 

 

 

4/17/1998

 

300

 

Richmond

 

VA

 

 

 

400,000

 

250,875

 

None

 

None

 

400,000

 

250,875

 

650,875

 

177,694

 

 

 

4/17/1998

 

300

 

Richmond

 

VA

 

 

 

1,000,000

 

740

 

None

 

None

 

1,000,000

 

740

 

1,000,740

 

516

 

 

 

4/17/1998

 

300

 

Richmond

 

VA

 

 

 

700,000

 

100,695

 

None

 

None

 

700,000

 

100,695

 

800,695

 

71,319

 

 

 

4/17/1998

 

300

 

Richmond

 

VA

 

 

 

1,144,841

 

3,371,146

 

None

 

None

 

1,144,841

 

3,371,146

 

4,515,987

 

1,801,723

 

 

 

8/22/2002

 

300

 

Richmond

 

VA

 

 

 

298,227

 

451,014

 

None

 

None

 

298,227

 

451,014

 

749,241

 

230,762

 

 

 

3/19/2003

 

300

 

Richmond

 

VA

 

 

 

213,982

 

324,659

 

None

 

None

 

213,982

 

324,659

 

538,641

 

166,110

 

 

 

3/19/2003

 

300

 

Richmond

 

VA

 

 

 

482,735

 

727,776

 

None

 

None

 

482,735

 

727,776

 

1,210,511

 

372,372

 

 

 

3/19/2003

 

300

 

Richmond

 

VA

 

 

 

350,453

 

529,365

 

None

 

None

 

350,453

 

529,365

 

879,818

 

270,851

 

 

 

3/19/2003

 

300

 

Richmond

 

VA

 

 

 

323,496

 

488,918

 

None

 

None

 

323,496

 

488,918

 

812,414

 

250,156

 

 

 

3/19/2003

 

300

 

Richmond

 

VA

 

 

 

278,443

 

421,584

 

None

 

None

 

278,443

 

421,584

 

700,027

 

215,703

 

 

 

3/19/2003

 

300

 

Roanoke

 

VA

 

 

 

325,000

 

575,366

 

None

 

None

 

325,000

 

575,366

 

900,366

 

238,777

 

 

 

8/18/2005

 

300

 

Rosedale

 

VA

 

 

 

211,147

 

393,160

 

None

 

None

 

211,147

 

393,160

 

604,307

 

127,775

 

 

 

11/29/2007

 

300

 

Saint Paul

 

VA

 

 

 

334,803

 

622,807

 

None

 

None

 

334,803

 

622,807

 

957,610

 

202,411

 

 

 

11/29/2007

 

300

 

Saint Paul

 

VA

 

 

 

422,303

 

785,307

 

None

 

None

 

422,303

 

785,307

 

1,207,610

 

255,223

 

 

 

11/29/2007

 

300

 

Sandston

 

VA

 

 

 

152,535

 

232,528

 

None

 

None

 

152,535

 

232,528

 

385,063

 

118,969

 

 

 

3/19/2003

 

300

 

South Boston

 

VA

 

 

 

160,893

 

244,778

 

None

 

None

 

160,893

 

244,778

 

405,671

 

125,238

 

 

 

3/19/2003

 

300

 

Stafford

 

VA

 

 

 

271,865

 

601,997

 

None

 

161

 

271,865

 

602,158

 

874,023

 

458,681

 

 

 

12/20/1996

 

300

 

Staunton

 

VA

 

 

 

675,000

 

1,000,366

 

None

 

None

 

675,000

 

1,000,366

 

1,675,366

 

415,152

 

 

 

8/18/2005

 

300

 

Suffolk

 

VA

 

 

 

700,000

 

1,000,366

 

None

 

None

 

700,000

 

1,000,366

 

1,700,366

 

415,152

 

 

 

8/18/2005

 

300

 

Tazewell

 

VA

 

 

 

153,382

 

285,882

 

None

 

None

 

153,382

 

285,882

 

439,264

 

92,910

 

 

 

11/29/2007

 

300

 

Troutville

 

VA

 

 

 

575,000

 

975,366

 

(93,309

)

None

 

481,691

 

975,366

 

1,457,057

 

404,777

 

 

 

8/18/2005

 

300

 

Virginia Beach

 

VA

 

 

 

1,194,560

 

2,218,773

 

None

 

None

 

1,194,560

 

2,218,773

 

3,413,333

 

1,201,820

 

 

 

6/27/2002

 

300

 

Warrenton

 

VA

 

 

 

515,971

 

649,125

 

None

 

161

 

515,971

 

649,286

 

1,165,257

 

494,578

 

 

 

12/20/1996

 

300

 

Weber City

 

VA

 

 

 

369,803

 

687,345

 

None

 

None

 

369,803

 

687,345

 

1,057,148

 

223,385

 

 

 

11/29/2007

 

300

 

Williamsburg

 

VA

 

 

 

838,172

 

1,556,910

 

None

 

None

 

838,172

 

1,556,910

 

2,395,082

 

843,251

 

 

 

6/27/2002

 

300

 

Wise

 

VA

 

 

 

334,803

 

622,360

 

None

 

None

 

334,803

 

622,360

 

957,163

 

202,265

 

 

 

11/29/2007

 

300

 

Wise

 

VA

 

 

 

66,733

 

124,517

 

None

 

None

 

66,733

 

124,517

 

191,250

 

40,466

 

 

 

11/29/2007

 

300

 

Wise

 

VA

 

 

 

527,303

 

979,860

 

None

 

None

 

527,303

 

979,860

 

1,507,163

 

318,453

 

 

 

11/29/2007

 

300

 

Wytheville

 

VA

 

 

 

1,222,535

 

1,577,830

 

None

 

None

 

1,222,535

 

1,577,830

 

2,800,365

 

654,800

 

 

 

8/18/2005

 

300

 

Yorktown

 

VA

 

 

 

309,435

 

447,144

 

None

 

None

 

309,435

 

447,144

 

756,579

 

316,711

 

 

 

4/17/1998

 

300

 

Yorktown

 

VA

 

3,324,510

 

2,121,289

 

4,701,469

 

1,623

 

None

 

2,121,289

 

4,703,092

 

6,824,381

 

556,814

 

 

 

1/22/2013

 

300

 

 

F-15



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

East Troy

 

WI

 

 

 

578,813

 

1,072,938

 

2,000

 

None

 

578,813

 

1,074,938

 

1,653,751

 

260,493

 

 

 

12/28/2009

 

300

 

Ellsworth

 

WI

 

 

 

175,000

 

323,500

 

1,500

 

None

 

175,000

 

325,000

 

500,000

 

66,002

 

 

 

12/1/2010

 

300

 

Menomonie

 

WI

 

 

 

770,442

 

1,428,821

 

2,000

 

None

 

770,442

 

1,430,821

 

2,201,263

 

289,162

 

 

 

12/1/2010

 

300

 

Menomonie

 

WI

 

 

 

175,000

 

323,000

 

2,000

 

None

 

175,000

 

325,000

 

500,000

 

66,155

 

 

 

12/1/2010

 

300

 

Menomonie

 

WI

 

 

 

441,256

 

817,975

 

1,500

 

None

 

441,256

 

819,475

 

1,260,731

 

165,721

 

 

 

12/1/2010

 

300

 

Mondovi

 

WI

 

 

 

175,000

 

323,500

 

1,500

 

None

 

175,000

 

325,000

 

500,000

 

66,002

 

 

 

12/1/2010

 

300

 

Osseo

 

WI

 

 

 

613,373

 

1,136,622

 

2,500

 

None

 

613,373

 

1,139,122

 

1,752,495

 

230,490

 

 

 

12/1/2010

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crafts and novelties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Morgan Hill

 

CA

 

 

 

319,063

 

2,518,205

 

None

 

None

 

319,063

 

2,518,205

 

2,837,268

 

331,564

 

 

 

9/18/2012

 

300

 

Rancho Cucamonga

 

CA

 

 

 

2,790,740

 

4,713,106

 

38,396

 

None

 

2,790,740

 

4,751,502

 

7,542,242

 

620,879

 

 

 

9/18/2012

 

300

 

Roseville

 

CA

 

 

 

1,415,674

 

4,367,269

 

None

 

None

 

1,415,674

 

4,367,269

 

5,782,943

 

575,024

 

 

 

9/18/2012

 

300

 

Temecula

 

CA

 

 

 

2,027,441

 

4,644,558

 

9,194

 

None

 

2,027,441

 

4,653,752

 

6,681,193

 

611,661

 

 

 

9/18/2012

 

300

 

Clermont

 

FL

 

 

 

980,500

 

4,587,292

 

None

 

None

 

980,500

 

4,587,292

 

5,567,792

 

500,073

 

5/10/2013

 

6/26/2012

 

300

 

Cutler Bay

 

FL

 

 

 

743,498

 

657,485

 

392,136

 

154

 

743,498

 

1,049,775

 

1,793,273

 

637,592

 

 

 

12/31/1998

 

300

 

Albany

 

GA

 

 

 

653,464

 

12,112,986

 

372

 

None

 

653,464

 

12,113,358

 

12,766,822

 

989,497

 

 

 

1/22/2013

 

420

 

Rockford

 

IL

 

 

 

159,587

 

618,398

 

178,656

 

211

 

159,587

 

797,265

 

956,852

 

496,894

 

 

 

11/26/1996

 

300

 

Clovis

 

NM

 

 

 

150,000

 

2,939,618

 

53,910

 

None

 

150,000

 

2,993,528

 

3,143,528

 

181,726

 

 

 

6/30/2014

 

300

 

Stony Brook

 

NY

 

 

 

980,000

 

1,801,586

 

78,970

 

None

 

980,000

 

1,880,556

 

2,860,556

 

1,226,995

 

 

 

1/11/1999

 

300

 

Pleasant Hills

 

PA

 

 

 

631,084

 

1,172,563

 

32,078

 

42

 

631,084

 

1,204,683

 

1,835,767

 

619,876

 

 

 

11/1/2002

 

300

 

Columbia

 

SC

 

 

 

1,102,910

 

4,391,377

 

None

 

None

 

1,102,910

 

4,391,377

 

5,494,287

 

336,309

 

1/27/2014

 

6/21/2013

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified industrial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jacksonville

 

FL

 

 

 

2,210,000

 

41,378,120

 

None

 

None

 

2,210,000

 

41,378,120

 

43,588,120

 

833,477

 

10/30/2014

 

2/25/2015

 

420

 

Cedar Rapids

 

IA

 

 

 

1,000,000

 

12,981,440

 

None

 

None

 

1,000,000

 

12,981,440

 

13,981,440

 

819,067

 

 

 

10/10/2013

 

420

 

Buffalo Grove

 

IL

 

10,227,026

 

3,130,000

 

17,353,386

 

None

 

None

 

3,130,000

 

17,353,386

 

20,483,386

 

847,011

 

 

 

4/1/2014

 

420

 

Portland

 

TN

 

9,828,153

 

1,481,370

 

10,969,189

 

None

 

None

 

1,481,370

 

10,969,189

 

12,450,559

 

1,444,277

 

 

 

9/19/2012

 

300

 

Deer Park

 

TX

 

9,790,000

 

2,410,000

 

13,364,183

 

None

 

None

 

2,410,000

 

13,364,183

 

15,774,183

 

652,299

 

 

 

4/1/2014

 

420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dollar stores

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Andalusia

 

AL

 

 

 

334,025

 

1,085,582

 

None

 

None

 

334,025

 

1,085,582

 

1,419,607

 

128,461

 

 

 

1/22/2013

 

300

 

Ariton

 

AL

 

 

 

113,182

 

824,898

 

None

 

None

 

113,182

 

824,898

 

938,080

 

64,617

 

 

 

1/31/2014

 

300

 

Bessemer

 

AL

 

 

 

391,797

 

1,273,339

 

None

 

None

 

391,797

 

1,273,339

 

1,665,136

 

150,678

 

 

 

1/22/2013

 

300

 

Bessemer

 

AL

 

 

 

279,833

 

1,100,867

 

None

 

None

 

279,833

 

1,100,867

 

1,380,700

 

104,582

 

 

 

8/22/2013

 

300

 

Birmingham

 

AL

 

 

 

707,673

 

1,314,251

 

None

 

None

 

707,673

 

1,314,251

 

2,021,924

 

186,185

 

 

 

6/1/2012

 

300

 

Birmingham

 

AL

 

 

 

322,861

 

599,600

 

None

 

None

 

322,861

 

599,600

 

922,461

 

72,951

 

 

 

12/14/2012

 

300

 

Birmingham

 

AL

 

 

 

248,925

 

979,275

 

None

 

None

 

248,925

 

979,275

 

1,228,200

 

93,031

 

 

 

8/22/2013

 

300

 

Birmingham

 

AL

 

 

 

235,245

 

925,455

 

None

 

None

 

235,245

 

925,455

 

1,160,700

 

87,918

 

 

 

8/22/2013

 

300

 

Birmingham

 

AL

 

 

 

265,160

 

1,043,140

 

None

 

None

 

265,160

 

1,043,140

 

1,308,300

 

99,098

 

 

 

8/22/2013

 

300

 

Birmingham

 

AL

 

 

 

312,444

 

1,229,156

 

None

 

None

 

312,444

 

1,229,156

 

1,541,600

 

116,770

 

 

 

8/22/2013

 

300

 

Birmingham

 

AL

 

 

 

266,882

 

1,049,918

 

None

 

None

 

266,882

 

1,049,918

 

1,316,800

 

99,742

 

 

 

8/22/2013

 

300

 

Camp Hill

 

AL

 

 

 

127,780

 

851,515

 

None

 

None

 

127,780

 

851,515

 

979,295

 

66,702

 

 

 

1/24/2014

 

300

 

Castleberry

 

AL

 

 

 

121,658

 

810,716

 

None

 

None

 

121,658

 

810,716

 

932,374

 

63,506

 

 

 

1/24/2014

 

300

 

Cedar Bluff

 

AL

 

 

 

160,037

 

836,150

 

None

 

None

 

160,037

 

836,150

 

996,187

 

65,498

 

 

 

1/24/2014

 

300

 

Center Point

 

AL

 

 

 

232,043

 

912,857

 

None

 

None

 

232,043

 

912,857

 

1,144,900

 

86,721

 

 

 

8/22/2013

 

300

 

Clanton

 

AL

 

 

 

300,000

 

962,598

 

None

 

None

 

300,000

 

962,598

 

1,262,598

 

75,404

 

 

 

1/31/2014

 

300

 

Crossville

 

AL

 

 

 

268,814

 

873,647

 

None

 

None

 

268,814

 

873,647

 

1,142,461

 

103,382

 

 

 

1/22/2013

 

300

 

Cullman

 

AL

 

 

 

277,067

 

685,954

 

None

 

None

 

277,067

 

685,954

 

963,021

 

53,733

 

 

 

1/24/2014

 

300

 

Decatur

 

AL

 

 

 

301,085

 

559,159

 

None

 

None

 

301,085

 

559,159

 

860,244

 

79,214

 

 

 

6/1/2012

 

300

 

Decatur

 

AL

 

 

 

269,275

 

765,035

 

None

 

None

 

269,275

 

765,035

 

1,034,310

 

59,928

 

 

 

1/31/2014

 

300

 

Duncanville

 

AL

 

 

 

162,574

 

786,023

 

None

 

None

 

162,574

 

786,023

 

948,597

 

61,572

 

 

 

1/31/2014

 

300

 

Enterprise

 

AL

 

 

 

294,944

 

837,962

 

None

 

None

 

294,944

 

837,962

 

1,132,906

 

65,640

 

 

 

1/31/2014

 

300

 

Eufaula

 

AL

 

 

 

201,712

 

1,053,886

 

None

 

None

 

201,712

 

1,053,886

 

1,255,598

 

82,554

 

 

 

1/24/2014

 

300

 

Evergreen

 

AL

 

 

 

193,413

 

1,010,529

 

None

 

None

 

193,413

 

1,010,529

 

1,203,942

 

79,158

 

 

 

1/24/2014

 

300

 

Florence

 

AL

 

 

 

419,440

 

778,959

 

None

 

None

 

419,440

 

778,959

 

1,198,399

 

94,773

 

 

 

12/14/2012

 

300

 

Forestdale

 

AL

 

 

 

287,839

 

1,132,361

 

None

 

None

 

287,839

 

1,132,361

 

1,420,200

 

107,574

 

 

 

8/22/2013

 

300

 

Frisco City

 

AL

 

 

 

163,025

 

788,202

 

None

 

None

 

163,025

 

788,202

 

951,227

 

61,742

 

 

 

1/31/2014

 

300

 

Gilbertown

 

AL

 

 

 

171,006

 

1,246,332

 

None

 

None

 

171,006

 

1,246,332

 

1,417,338

 

97,629

 

 

 

1/31/2014

 

300

 

Huntsville

 

AL

 

 

 

501,318

 

931,020

 

None

 

None

 

501,318

 

931,020

 

1,432,338

 

131,894

 

 

 

6/1/2012

 

300

 

Jasper

 

AL

 

 

 

276,246

 

897,800

 

None

 

None

 

276,246

 

897,800

 

1,174,046

 

106,240

 

 

 

1/22/2013

 

300

 

Jasper

 

AL

 

 

 

282,574

 

918,366

 

None

 

None

 

282,574

 

918,366

 

1,200,940

 

108,673

 

 

 

1/22/2013

 

300

 

Jasper

 

AL

 

 

 

280,753

 

912,446

 

None

 

None

 

280,753

 

912,446

 

1,193,199

 

107,973

 

 

 

1/22/2013

 

300

 

Lillian

 

AL

 

 

 

203,832

 

985,500

 

None

 

None

 

203,832

 

985,500

 

1,189,332

 

77,198

 

 

 

1/31/2014

 

300

 

Livingston

 

AL

 

 

 

239,319

 

941,481

 

None

 

None

 

239,319

 

941,481

 

1,180,800

 

89,441

 

 

 

8/22/2013

 

300

 

Marbury

 

AL

 

 

 

160,000

 

1,006,765

 

None

 

None

 

160,000

 

1,006,765

 

1,166,765

 

78,863

 

 

 

1/31/2014

 

300

 

Mobile

 

AL

 

 

 

212,971

 

837,829

 

None

 

None

 

212,971

 

837,829

 

1,050,800

 

79,594

 

 

 

8/22/2013

 

300

 

Montgomery

 

AL

 

 

 

532,170

 

988,317

 

None

 

None

 

532,170

 

988,317

 

1,520,487

 

120,245

 

 

 

12/14/2012

 

300

 

Montgomery

 

AL

 

 

 

366,980

 

681,533

 

None

 

None

 

366,980

 

681,533

 

1,048,513

 

82,920

 

 

 

12/14/2012

 

300

 

Moundville

 

AL

 

 

 

230,583

 

907,117

 

None

 

None

 

230,583

 

907,117

 

1,137,700

 

86,176

 

 

 

8/22/2013

 

300

 

Odenville

 

AL

 

 

 

176,981

 

855,676

 

None

 

None

 

176,981

 

855,676

 

1,032,657

 

67,028

 

 

 

1/31/2014

 

300

 

Opelika

 

AL

 

 

 

331,598

 

1,077,694

 

None

 

None

 

331,598

 

1,077,694

 

1,409,292

 

127,527

 

 

 

1/22/2013

 

300

 

Prichard

 

AL

 

 

 

429,411

 

797,478

 

None

 

None

 

429,411

 

797,478

 

1,226,889

 

97,026

 

 

 

12/14/2012

 

300

 

Remlap

 

AL

 

 

 

177,711

 

859,208

 

None

 

None

 

177,711

 

859,208

 

1,036,919

 

67,305

 

 

 

1/31/2014

 

300

 

Samson

 

AL

 

 

 

181,064

 

1,319,631

 

None

 

None

 

181,064

 

1,319,631

 

1,500,695

 

103,371

 

 

 

1/31/2014

 

300

 

Shelby

 

AL

 

 

 

277,350

 

901,388

 

None

 

None

 

277,350

 

901,388

 

1,178,738

 

106,664

 

 

 

1/22/2013

 

300

 

Slocomb

 

AL

 

 

 

268,240

 

1,055,260

 

None

 

None

 

268,240

 

1,055,260

 

1,323,500

 

100,250

 

 

 

8/22/2013

 

300

 

Slocomb

 

AL

 

 

 

280,000

 

2,597,341

 

None

 

None

 

280,000

 

2,597,341

 

2,877,341

 

203,458

 

 

 

1/31/2014

 

300

 

Smiths Station

 

AL

 

 

 

359,391

 

1,168,019

 

None

 

None

 

359,391

 

1,168,019

 

1,527,410

 

138,216

 

 

 

1/22/2013

 

300

 

Sycamore

 

AL

 

 

 

50,000

 

885,687

 

None

 

None

 

50,000

 

885,687

 

935,687

 

69,379

 

 

 

1/31/2014

 

300

 

Sylacauga

 

AL

 

 

 

147,110

 

980,328

 

None

 

None

 

147,110

 

980,328

 

1,127,438

 

76,792

 

 

 

1/24/2014

 

300

 

Thorsby

 

AL

 

 

 

298,516

 

970,178

 

None

 

None

 

298,516

 

970,178

 

1,268,694

 

114,804

 

 

 

1/22/2013

 

300

 

Troy

 

AL

 

 

 

257,985

 

1,014,915

 

None

 

None

 

257,985

 

1,014,915

 

1,272,900

 

96,417

 

 

 

8/22/2013

 

300

 

Uriah

 

AL

 

 

 

140,000

 

776,826

 

None

 

None

 

140,000

 

776,826

 

916,826

 

60,851

 

 

 

1/31/2014

 

300

 

Weaver

 

AL

 

 

 

220,771

 

627,231

 

8,685

 

None

 

220,771

 

635,916

 

856,687

 

51,393

 

 

 

12/20/2013

 

300

 

Webb

 

AL

 

 

 

173,294

 

905,411

 

None

 

None

 

173,294

 

905,411

 

1,078,705

 

70,924

 

 

 

1/24/2014

 

300

 

Wedowee

 

AL

 

 

 

251,256

 

988,444

 

None

 

None

 

251,256

 

988,444

 

1,239,700

 

93,902

 

 

 

8/22/2013

 

300

 

York

 

AL

 

 

 

218,727

 

860,473

 

None

 

None

 

218,727

 

860,473

 

1,079,200

 

81,745

 

 

 

8/22/2013

 

300

 

Atkins

 

AR

 

 

 

264,657

 

491,507

 

None

 

None

 

264,657

 

491,507

 

756,164

 

59,800

 

 

 

12/14/2012

 

300

 

Black Rock

 

AR

 

 

 

137,428

 

915,809

 

None

 

None

 

137,428

 

915,809

 

1,053,237

 

71,738

 

 

 

1/24/2014

 

300

 

Cabot

 

AR

 

 

 

479,323

 

1,186,692

 

None

 

None

 

479,323

 

1,186,692

 

1,666,015

 

92,958

 

 

 

1/24/2014

 

300

 

Clarendon

 

AR

 

 

 

156,618

 

1,043,684

 

None

 

None

 

156,618

 

1,043,684

 

1,200,302

 

81,755

 

 

 

1/24/2014

 

300

 

Dermott

 

AR

 

 

 

137,299

 

540,136

 

None

 

None

 

137,299

 

540,136

 

677,435

 

49,512

 

 

 

9/18/2013

 

300

 

Drasco

 

AR

 

 

 

135,176

 

900,796

 

None

 

None

 

135,176

 

900,796

 

1,035,972

 

70,562

 

 

 

1/24/2014

 

300

 

England

 

AR

 

 

 

147,813

 

985,008

 

None

 

None

 

147,813

 

985,008

 

1,132,821

 

77,159

 

 

 

1/24/2014

 

300

 

Greenbrier

 

AR

 

 

 

277,423

 

1,449,455

 

None

 

None

 

277,423

 

1,449,455

 

1,726,878

 

113,541

 

 

 

1/24/2014

 

300

 

Gurdon

 

AR

 

 

 

99,815

 

727,471

 

None

 

None

 

99,815

 

727,471

 

827,286

 

61,835

 

 

 

11/20/2013

 

300

 

Hampton

 

AR

 

 

 

128,214

 

854,405

 

None

 

None

 

128,214

 

854,405

 

982,619

 

66,928

 

 

 

1/24/2014

 

300

 

Haskell

 

AR

 

 

 

191,254

 

999,249

 

None

 

None

 

191,254

 

999,249

 

1,190,503

 

78,275

 

 

 

1/24/2014

 

300

 

Hope

 

AR

 

 

 

421,413

 

782,623

 

None

 

None

 

421,413

 

782,623

 

1,204,036

 

110,872

 

 

 

6/1/2012

 

300

 

Huntsville

 

AR

 

 

 

168,806

 

1,124,906

 

None

 

None

 

168,806

 

1,124,906

 

1,293,712

 

88,118

 

 

 

1/24/2014

 

300

 

Jasper

 

AR

 

 

 

110,000

 

835,511

 

None

 

None

 

110,000

 

835,511

 

945,511

 

65,448

 

 

 

1/24/2014

 

300

 

Jonesboro

 

AR

 

 

 

240,000

 

867,698

 

None

 

None

 

240,000

 

867,698

 

1,107,698

 

67,970

 

 

 

1/24/2014

 

300

 

Jonesboro

 

AR

 

 

 

380,000

 

806,115

 

None

 

None

 

380,000

 

806,115

 

1,186,115

 

63,146

 

 

 

1/24/2014

 

300

 

Little Rock

 

AR

 

 

 

248,520

 

977,680

 

None

 

None

 

248,520

 

977,680

 

1,226,200

 

92,880

 

 

 

8/22/2013

 

300

 

Little Rock

 

AR

 

 

 

157,195

 

618,405

 

None

 

None

 

157,195

 

618,405

 

775,600

 

58,749

 

 

 

8/22/2013

 

300

 

Malvern

 

AR

 

 

 

139,776

 

570,280

 

None

 

None

 

139,776

 

570,280

 

710,056

 

67,483

 

 

 

1/24/2013

 

300

 

Marianna

 

AR

 

 

 

230,373

 

427,836

 

None

 

None

 

230,373

 

427,836

 

658,209

 

52,053

 

 

 

12/14/2012

 

300

 

Ola

 

AR

 

 

 

126,412

 

842,394

 

None

 

None

 

126,412

 

842,394

 

968,806

 

65,988

 

 

 

1/24/2014

 

300

 

Pine Bluff

 

AR

 

 

 

562,282

 

1,044,237

 

None

 

None

 

562,282

 

1,044,237

 

1,606,519

 

147,934

 

 

 

6/1/2012

 

300

 

Pine Bluff

 

AR

 

 

 

579,851

 

1,076,865

 

None

 

None

 

579,851

 

1,076,865

 

1,656,716

 

131,019

 

 

 

12/14/2012

 

300

 

Pine Bluff

 

AR

 

 

 

243,412

 

602,631

 

None

 

None

 

243,412

 

602,631

 

846,043

 

47,206

 

 

 

1/24/2014

 

300

 

 

F-16



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pine Bluff

 

AR

 

 

 

279,924

 

693,026

 

None

 

None

 

279,924

 

693,026

 

972,950

 

54,287

 

 

 

1/24/2014

 

300

 

Prescott

 

AR

 

 

 

119,075

 

793,501

 

None

 

None

 

119,075

 

793,501

 

912,576

 

62,158

 

 

 

1/24/2014

 

300

 

Sherwood

 

AR

 

 

 

225,665

 

887,766

 

None

 

None

 

225,665

 

887,766

 

1,113,431

 

87,297

 

 

 

7/9/2013

 

300

 

West Fork

 

AR

 

 

 

281,211

 

1,469,249

 

None

 

None

 

281,211

 

1,469,249

 

1,750,460

 

115,091

 

 

 

1/24/2014

 

300

 

West Helena

 

AR

 

 

 

331,612

 

615,851

 

None

 

None

 

331,612

 

615,851

 

947,463

 

74,929

 

 

 

12/14/2012

 

300

 

Bisbee

 

AZ

 

 

 

181,118

 

946,292

 

None

 

None

 

181,118

 

946,292

 

1,127,410

 

74,126

 

 

 

1/24/2014

 

300

 

Camp Verde

 

AZ

 

 

 

244,826

 

454,678

 

None

 

None

 

244,826

 

454,678

 

699,504

 

64,413

 

 

 

6/1/2012

 

300

 

Douglas

 

AZ

 

 

 

188,809

 

986,472

 

None

 

None

 

188,809

 

986,472

 

1,175,281

 

77,274

 

 

 

1/24/2014

 

300

 

Gila Bend

 

AZ

 

 

 

161,460

 

1,075,950

 

None

 

None

 

161,460

 

1,075,950

 

1,237,410

 

84,283

 

 

 

1/24/2014

 

300

 

Phoenix

 

AZ

 

 

 

712,708

 

1,323,600

 

None

 

None

 

712,708

 

1,323,600

 

2,036,308

 

187,510

 

 

 

6/1/2012

 

300

 

Phoenix

 

AZ

 

 

 

642,917

 

1,193,990

 

None

 

None

 

642,917

 

1,193,990

 

1,836,907

 

169,149

 

 

 

6/1/2012

 

300

 

Phoenix

 

AZ

 

 

 

721,637

 

1,340,182

 

None

 

None

 

721,637

 

1,340,182

 

2,061,819

 

189,859

 

 

 

6/1/2012

 

300

 

Phoenix

 

AZ

 

 

 

580,167

 

1,077,452

 

None

 

None

 

580,167

 

1,077,452

 

1,657,619

 

152,639

 

 

 

6/1/2012

 

300

 

Salome

 

AZ

 

 

 

251,540

 

989,560

 

None

 

None

 

251,540

 

989,560

 

1,241,100

 

94,008

 

 

 

8/22/2013

 

300

 

Tolleson

 

AZ

 

 

 

581,123

 

1,079,228

 

None

 

None

 

581,123

 

1,079,228

 

1,660,351

 

152,891

 

 

 

6/1/2012

 

300

 

Tucson

 

AZ

 

 

 

461,061

 

856,257

 

None

 

None

 

461,061

 

856,257

 

1,317,318

 

121,303

 

 

 

6/1/2012

 

300

 

Tucson

 

AZ

 

 

 

259,447

 

1,020,665

 

None

 

None

 

259,447

 

1,020,665

 

1,280,112

 

103,768

 

 

 

6/21/2013

 

300

 

Williams

 

AZ

 

 

 

160,391

 

1,168,960

 

None

 

None

 

160,391

 

1,168,960

 

1,329,351

 

103,258

 

 

 

10/15/2013

 

300

 

Yuma

 

AZ

 

 

 

225,609

 

418,988

 

None

 

None

 

225,609

 

418,988

 

644,597

 

59,357

 

 

 

6/1/2012

 

300

 

Yuma

 

AZ

 

 

 

276,672

 

1,088,428

 

None

 

None

 

276,672

 

1,088,428

 

1,365,100

 

103,401

 

 

 

8/22/2013

 

300

 

Yuma

 

AZ

 

 

 

418,158

 

1,188,024

 

None

 

None

 

418,158

 

1,188,024

 

1,606,182

 

85,142

 

 

 

3/14/2014

 

300

 

Akron

 

CO

 

 

 

318,751

 

1,035,939

 

None

 

None

 

318,751

 

1,035,939

 

1,354,690

 

122,586

 

 

 

1/22/2013

 

300

 

Federal Heights

 

CO

 

 

 

561,752

 

1,043,254

 

None

 

None

 

561,752

 

1,043,254

 

1,605,006

 

147,794

 

 

 

6/1/2012

 

300

 

Holyoke

 

CO

 

 

 

361,977

 

1,176,425

 

None

 

None

 

361,977

 

1,176,425

 

1,538,402

 

139,210

 

 

 

1/22/2013

 

300

 

Keenesburg

 

CO

 

 

 

339,959

 

1,104,866

 

None

 

None

 

339,959

 

1,104,866

 

1,444,825

 

130,743

 

 

 

1/22/2013

 

300

 

Silver Cliff

 

CO

 

 

 

245,520

 

797,939

 

1,950

 

None

 

245,520

 

799,889

 

1,045,409

 

95,581

 

 

 

1/22/2013

 

300

 

Anthony

 

FL

 

 

 

259,074

 

1,353,588

 

None

 

None

 

259,074

 

1,353,588

 

1,612,662

 

106,031

 

 

 

1/24/2014

 

300

 

Baldwin

 

FL

 

 

 

252,938

 

995,062

 

None

 

None

 

252,938

 

995,062

 

1,248,000

 

94,531

 

 

 

8/22/2013

 

300

 

Bartow

 

FL

 

 

 

476,372

 

884,692

 

None

 

None

 

476,372

 

884,692

 

1,361,064

 

107,637

 

 

 

12/14/2012

 

300

 

Bradenton

 

FL

 

 

 

255,520

 

739,091

 

573

 

None

 

255,520

 

739,664

 

995,184

 

6,980

 

 

 

10/9/2015

 

300

 

Brandon

 

FL

 

 

 

605,652

 

1,124,782

 

None

 

None

 

605,652

 

1,124,782

 

1,730,434

 

136,848

 

 

 

12/14/2012

 

300

 

Cape Coral

 

FL

 

 

 

310,235

 

1,220,465

 

None

 

None

 

310,235

 

1,220,465

 

1,530,700

 

115,944

 

 

 

8/22/2013

 

300

 

Cape Coral

 

FL

 

 

 

299,371

 

1,177,729

 

None

 

None

 

299,371

 

1,177,729

 

1,477,100

 

111,884

 

 

 

8/22/2013

 

300

 

Casselberry

 

FL

 

 

 

314,673

 

1,237,927

 

None

 

None

 

314,673

 

1,237,927

 

1,552,600

 

117,603

 

 

 

8/22/2013

 

300

 

Century

 

FL

 

 

 

215,484

 

847,716

 

None

 

None

 

215,484

 

847,716

 

1,063,200

 

80,533

 

 

 

8/22/2013

 

300

 

Citrus Springs

 

FL

 

 

 

210,810

 

1,101,421

 

None

 

None

 

210,810

 

1,101,421

 

1,312,231

 

86,278

 

 

 

1/24/2014

 

300

 

Cottondale

 

FL

 

 

 

458,337

 

851,196

 

None

 

None

 

458,337

 

851,196

 

1,309,533

 

103,562

 

 

 

12/14/2012

 

300

 

Cross City

 

FL

 

 

 

308,087

 

1,609,668

 

None

 

None

 

308,087

 

1,609,668

 

1,917,755

 

126,091

 

 

 

1/24/2014

 

300

 

Crystal River

 

FL

 

 

 

432,782

 

803,739

 

None

 

None

 

432,782

 

803,739

 

1,236,521

 

97,788

 

 

 

12/14/2012

 

300

 

Daytona Beach

 

FL

 

 

 

315,423

 

1,240,877

 

None

 

None

 

315,423

 

1,240,877

 

1,556,300

 

117,883

 

 

 

8/22/2013

 

300

 

Debary

 

FL

 

 

 

257,762

 

1,014,038

 

None

 

None

 

257,762

 

1,014,038

 

1,271,800

 

96,334

 

 

 

8/22/2013

 

300

 

DeFuniak Springs

 

FL

 

 

 

282,063

 

1,109,637

 

None

 

None

 

282,063

 

1,109,637

 

1,391,700

 

105,416

 

 

 

8/22/2013

 

300

 

Deland

 

FL

 

 

 

471,921

 

1,168,367

 

None

 

None

 

471,921

 

1,168,367

 

1,640,288

 

91,522

 

 

 

1/24/2014

 

300

 

Destin

 

FL

 

 

 

420,175

 

2,195,293

 

None

 

None

 

420,175

 

2,195,293

 

2,615,468

 

171,965

 

 

 

1/24/2014

 

300

 

Dover

 

FL

 

 

 

432,677

 

1,071,208

 

None

 

None

 

432,677

 

1,071,208

 

1,503,885

 

83,911

 

 

 

1/24/2014

 

300

 

Dundee

 

FL

 

 

 

250,810

 

986,690

 

None

 

None

 

250,810

 

986,690

 

1,237,500

 

93,736

 

 

 

8/22/2013

 

300

 

Dunedin

 

FL

 

 

 

353,830

 

1,391,970

 

None

 

None

 

353,830

 

1,391,970

 

1,745,800

 

132,237

 

 

 

8/22/2013

 

300

 

Edgewater

 

FL

 

 

 

579,101

 

1,433,719

 

None

 

None

 

579,101

 

1,433,719

 

2,012,820

 

112,308

 

 

 

1/24/2014

 

300

 

Eustis

 

FL

 

 

 

572,540

 

1,417,475

 

None

 

None

 

572,540

 

1,417,475

 

1,990,015

 

111,036

 

 

 

1/24/2014

 

300

 

Fanning Springs

 

FL

 

 

 

440,000

 

1,647,482

 

None

 

None

 

440,000

 

1,647,482

 

2,087,482

 

129,053

 

 

 

1/24/2014

 

300

 

Fern Park

 

FL

 

 

 

663,492

 

1,232,199

 

None

 

None

 

663,492

 

1,232,199

 

1,895,691

 

149,918

 

 

 

12/14/2012

 

300

 

Florahome

 

FL

 

 

 

197,567

 

1,316,563

 

None

 

None

 

197,567

 

1,316,563

 

1,514,130

 

103,131

 

 

 

1/24/2014

 

300

 

Floral City

 

FL

 

 

 

259,079

 

1,019,221

 

None

 

None

 

259,079

 

1,019,221

 

1,278,300

 

96,826

 

 

 

8/22/2013

 

300

 

Fort Meade

 

FL

 

 

 

261,728

 

1,367,452

 

None

 

None

 

261,728

 

1,367,452

 

1,629,180

 

107,117

 

 

 

1/24/2014

 

300

 

Fort Myers

 

FL

 

 

 

352,006

 

1,384,794

 

None

 

None

 

352,006

 

1,384,794

 

1,736,800

 

131,555

 

 

 

8/22/2013

 

300

 

Fort Myers

 

FL

 

 

 

313,964

 

1,235,136

 

None

 

None

 

313,964

 

1,235,136

 

1,549,100

 

117,338

 

 

 

8/22/2013

 

300

 

Fort Myers

 

FL

 

 

 

282,549

 

1,111,551

 

None

 

None

 

282,549

 

1,111,551

 

1,394,100

 

105,597

 

 

 

8/22/2013

 

300

 

Ft White

 

FL

 

 

 

200,000

 

947,109

 

6,901

 

None

 

200,000

 

954,010

 

1,154,010

 

74,324

 

 

 

1/15/2014

 

300

 

Ft. Walton Beach

 

FL

 

 

 

294,345

 

1,157,955

 

None

 

None

 

294,345

 

1,157,955

 

1,452,300

 

110,006

 

 

 

8/22/2013

 

300

 

Ft. White

 

FL

 

 

 

204,195

 

803,305

 

None

 

None

 

204,195

 

803,305

 

1,007,500

 

76,314

 

 

 

8/22/2013

 

300

 

Gainesville

 

FL

 

 

 

491,957

 

913,635

 

None

 

None

 

491,957

 

913,635

 

1,405,592

 

111,159

 

 

 

12/14/2012

 

300

 

Gainesville

 

FL

 

 

 

578,261

 

1,431,639

 

None

 

None

 

578,261

 

1,431,639

 

2,009,900

 

112,145

 

 

 

1/24/2014

 

300

 

Gainesville

 

FL

 

 

 

868,725

 

1,621,793

 

None

 

None

 

868,725

 

1,621,793

 

2,490,518

 

127,040

 

 

 

1/24/2014

 

300

 

Greensboro

 

FL

 

 

 

185,185

 

1,234,053

 

None

 

None

 

185,185

 

1,234,053

 

1,419,238

 

96,667

 

 

 

1/24/2014

 

300

 

Groveland

 

FL

 

 

 

101,782

 

189,258

 

None

 

None

 

101,782

 

189,258

 

291,040

 

127,115

 

 

 

3/31/1999

 

300

 

Groveland

 

FL

 

 

 

730,550

 

1,363,839

 

None

 

None

 

730,550

 

1,363,839

 

2,094,389

 

106,834

 

 

 

1/24/2014

 

300

 

Hilliard

 

FL

 

746,061

 

461,328

 

1,499,315

 

None

 

None

 

461,328

 

1,499,315

 

1,960,643

 

177,419

 

 

 

1/22/2013

 

300

 

Holiday

 

FL

 

 

 

287,353

 

1,130,447

 

None

 

None

 

287,353

 

1,130,447

 

1,417,800

 

107,392

 

 

 

8/22/2013

 

300

 

Holiday

 

FL

 

 

 

296,473

 

1,166,327

 

None

 

None

 

296,473

 

1,166,327

 

1,462,800

 

110,801

 

 

 

8/22/2013

 

300

 

Homosassa

 

FL

 

 

 

331,697

 

1,733,022

 

None

 

None

 

331,697

 

1,733,022

 

2,064,719

 

135,753

 

 

 

1/24/2014

 

300

 

Hudson

 

FL

 

 

 

485,785

 

902,173

 

None

 

None

 

485,785

 

902,173

 

1,387,958

 

109,764

 

 

 

12/14/2012

 

300

 

Hudson

 

FL

 

 

 

917,578

 

1,712,997

 

None

 

None

 

917,578

 

1,712,997

 

2,630,575

 

134,185

 

 

 

1/24/2014

 

300

 

Immokalee

 

FL

 

 

 

659,438

 

1,224,671

 

None

 

None

 

659,438

 

1,224,671

 

1,884,109

 

173,495

 

 

 

6/1/2012

 

300

 

Inglis

 

FL

 

 

 

221,544

 

871,556

 

None

 

None

 

221,544

 

871,556

 

1,093,100

 

82,798

 

 

 

8/22/2013

 

300

 

Inglis

 

FL

 

 

 

231,860

 

1,545,090

 

None

 

None

 

231,860

 

1,545,090

 

1,776,950

 

121,032

 

 

 

1/24/2014

 

300

 

Jacksonville

 

FL

 

 

 

479,745

 

890,954

 

None

 

None

 

479,745

 

890,954

 

1,370,699

 

126,219

 

 

 

6/1/2012

 

300

 

Jacksonville

 

FL

 

 

 

635,245

 

1,179,740

 

None

 

None

 

635,245

 

1,179,740

 

1,814,985

 

143,535

 

 

 

12/14/2012

 

300

 

Jacksonville

 

FL

 

 

 

577,368

 

1,072,255

 

None

 

None

 

577,368

 

1,072,255

 

1,649,623

 

130,458

 

 

 

12/14/2012

 

300

 

Jacksonville

 

FL

 

 

 

774,832

 

1,438,974

 

None

 

None

 

774,832

 

1,438,974

 

2,213,806

 

175,075

 

 

 

12/14/2012

 

300

 

Jacksonville

 

FL

 

 

 

580,539

 

1,078,144

 

None

 

None

 

580,539

 

1,078,144

 

1,658,683

 

131,174

 

 

 

12/14/2012

 

300

 

Jacksonville

 

FL

 

807,804

 

484,992

 

1,576,223

 

None

 

None

 

484,992

 

1,576,223

 

2,061,215

 

186,520

 

 

 

1/22/2013

 

300

 

Jacksonville

 

FL

 

 

 

284,535

 

1,119,365

 

None

 

None

 

284,535

 

1,119,365

 

1,403,900

 

106,340

 

 

 

8/22/2013

 

300

 

Jacksonville

 

FL

 

 

 

316,457

 

1,244,943

 

None

 

None

 

316,457

 

1,244,943

 

1,561,400

 

118,270

 

 

 

8/22/2013

 

300

 

Jacksonville

 

FL

 

 

 

717,739

 

1,181,877

 

None

 

None

 

717,739

 

1,181,877

 

1,899,616

 

11,108

 

 

 

10/9/2015

 

300

 

Jacksonville

 

FL

 

 

 

501,314

 

806,878

 

None

 

None

 

501,314

 

806,878

 

1,308,192

 

7,788

 

 

 

10/9/2015

 

300

 

Jasper

 

FL

 

 

 

397,823

 

738,814

 

None

 

None

 

397,823

 

738,814

 

1,136,637

 

89,889

 

 

 

12/14/2012

 

300

 

Kissimmee

 

FL

 

 

 

283,238

 

1,114,262

 

None

 

None

 

283,238

 

1,114,262

 

1,397,500

 

105,855

 

 

 

8/22/2013

 

300

 

Kissimmee

 

FL

 

 

 

444,433

 

1,268,502

 

None

 

None

 

444,433

 

1,268,502

 

1,712,935

 

69,768

 

 

 

8/15/2014

 

300

 

Lake City

 

FL

 

 

 

262,680

 

1,372,428

 

None

 

None

 

262,680

 

1,372,428

 

1,635,108

 

107,507

 

 

 

1/24/2014

 

300

 

Lake City

 

FL

 

 

 

275,994

 

1,441,991

 

None

 

None

 

275,994

 

1,441,991

 

1,717,985

 

112,956

 

 

 

1/24/2014

 

300

 

Lakeland

 

FL

 

 

 

342,755

 

636,546

 

None

 

None

 

342,755

 

636,546

 

979,301

 

90,177

 

 

 

6/1/2012

 

300

 

Lakeland

 

FL

 

 

 

455,575

 

846,067

 

None

 

None

 

455,575

 

846,067

 

1,301,642

 

102,938

 

 

 

12/14/2012

 

300

 

Lakeland

 

FL

 

 

 

249,452

 

981,348

 

None

 

None

 

249,452

 

981,348

 

1,230,800

 

93,228

 

 

 

8/22/2013

 

300

 

Largo

 

FL

 

 

 

567,646

 

1,054,201

 

None

 

None

 

567,646

 

1,054,201

 

1,621,847

 

128,261

 

 

 

12/14/2012

 

300

 

Laurel Hill

 

FL

 

 

 

330,715

 

1,074,825

 

None

 

None

 

330,715

 

1,074,825

 

1,405,540

 

127,188

 

 

 

1/22/2013

 

300

 

Lawtey

 

FL

 

 

 

186,088

 

1,240,070

 

None

 

None

 

186,088

 

1,240,070

 

1,426,158

 

97,139

 

 

 

1/24/2014

 

300

 

Lehigh Acres

 

FL

 

 

 

560,116

 

1,040,215

 

None

 

None

 

560,116

 

1,040,215

 

1,600,331

 

126,559

 

 

 

12/14/2012

 

300

 

Lehigh Acres

 

FL

 

 

 

391,588

 

1,540,512

 

None

 

None

 

391,588

 

1,540,512

 

1,932,100

 

146,349

 

 

 

8/22/2013

 

300

 

Masaryktown

 

FL

 

 

 

290,081

 

1,141,181

 

None

 

None

 

290,081

 

1,141,181

 

1,431,262

 

116,020

 

 

 

6/10/2013

 

300

 

Mascotte

 

FL

 

 

 

279,063

 

1,097,837

 

None

 

None

 

279,063

 

1,097,837

 

1,376,900

 

104,294

 

 

 

8/22/2013

 

300

 

Miami

 

FL

 

 

 

648,087

 

1,203,591

 

None

 

None

 

648,087

 

1,203,591

 

1,851,678

 

146,437

 

 

 

12/14/2012

 

300

 

Micco

 

FL

 

 

 

276,043

 

1,085,957

 

None

 

None

 

276,043

 

1,085,957

 

1,362,000

 

103,166

 

 

 

8/22/2013

 

300

 

Milton

 

FL

 

 

 

150,059

 

784,013

 

None

 

None

 

150,059

 

784,013

 

934,072

 

61,414

 

 

 

1/24/2014

 

300

 

Milton

 

FL

 

 

 

660,000

 

1,295,281

 

None

 

None

 

660,000

 

1,295,281

 

1,955,281

 

101,464

 

 

 

1/24/2014

 

300

 

Monticello

 

FL

 

 

 

335,167

 

1,751,150

 

None

 

None

 

335,167

 

1,751,150

 

2,086,317

 

137,173

 

 

 

1/24/2014

 

300

 

Ocala

 

FL

 

 

 

482,475

 

896,026

 

None

 

None

 

482,475

 

896,026

 

1,378,501

 

109,016

 

 

 

12/14/2012

 

300

 

Ocala

 

FL

 

 

 

258,877

 

1,018,423

 

None

 

None

 

258,877

 

1,018,423

 

1,277,300

 

96,750

 

 

 

8/22/2013

 

300

 

Ocala

 

FL

 

 

 

500,472

 

1,239,053

 

None

 

None

 

500,472

 

1,239,053

 

1,739,525

 

97,059

 

 

 

1/24/2014

 

300

 

Ocala

 

FL

 

 

 

470,580

 

1,165,046

 

None

 

None

 

470,580

 

1,165,046

 

1,635,626

 

91,262

 

 

 

1/24/2014

 

300

 

Ocklawaha

 

FL

 

 

 

261,265

 

1,365,037

 

None

 

None

 

261,265

 

1,365,037

 

1,626,302

 

106,928

 

 

 

1/24/2014

 

300

 

Opa Locka

 

FL

 

 

 

665,870

 

1,236,615

 

None

 

None

 

665,870

 

1,236,615

 

1,902,485

 

175,187

 

 

 

6/1/2012

 

300

 

 

F-17



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Orlando

 

FL

 

 

 

351,337

 

1,382,163

 

None

 

None

 

351,337

 

1,382,163

 

1,733,500

 

131,305

 

 

 

8/22/2013

 

300

 

Orlando

 

FL

 

 

 

401,945

 

1,560,171

 

None

 

None

 

401,945

 

1,560,171

 

1,962,116

 

33,804

 

 

 

8/22/2013

 

300

 

Pace

 

FL

 

 

 

322,488

 

798,404

 

None

 

None

 

322,488

 

798,404

 

1,120,892

 

62,542

 

 

 

1/24/2014

 

300

 

Palatka

 

FL

 

 

 

311,775

 

1,226,525

 

None

 

None

 

311,775

 

1,226,525

 

1,538,300

 

116,520

 

 

 

8/22/2013

 

300

 

Palm Bay

 

FL

 

 

 

290,940

 

1,144,560

 

None

 

None

 

290,940

 

1,144,560

 

1,435,500

 

108,733

 

 

 

8/22/2013

 

300

 

Panama City

 

FL

 

 

 

468,060

 

869,253

 

None

 

None

 

468,060

 

869,253

 

1,337,313

 

105,759

 

 

 

12/14/2012

 

300

 

Panama City

 

FL

 

 

 

462,383

 

1,144,753

 

None

 

None

 

462,383

 

1,144,753

 

1,607,136

 

89,672

 

 

 

1/24/2014

 

300

 

Panama City

 

FL

 

 

 

486,671

 

1,204,883

 

None

 

None

 

486,671

 

1,204,883

 

1,691,554

 

94,383

 

 

 

1/24/2014

 

300

 

Pensacola

 

FL

 

 

 

324,665

 

1,166,541

 

None

 

None

 

324,665

 

1,166,541

 

1,491,206

 

10,644

 

 

 

10/9/2015

 

300

 

Perry

 

FL

 

 

 

244,021

 

959,979

 

None

 

None

 

244,021

 

959,979

 

1,204,000

 

91,198

 

 

 

8/22/2013

 

300

 

Perry

 

FL

 

 

 

213,916

 

1,117,652

 

None

 

None

 

213,916

 

1,117,652

 

1,331,568

 

87,549

 

 

 

1/24/2014

 

300

 

Pinellas Park

 

FL

 

 

 

324,807

 

1,277,793

 

None

 

None

 

324,807

 

1,277,793

 

1,602,600

 

121,390

 

 

 

8/22/2013

 

300

 

Port St Joe

 

FL

 

 

 

950,000

 

2,678,477

 

None

 

None

 

950,000

 

2,678,477

 

3,628,477

 

209,814

 

 

 

1/31/2014

 

300

 

Punta Gorda

 

FL

 

 

 

544,349

 

1,347,680

 

None

 

None

 

544,349

 

1,347,680

 

1,892,029

 

105,568

 

 

 

1/24/2014

 

300

 

Riverview

 

FL

 

 

 

318,240

 

1,251,960

 

None

 

None

 

318,240

 

1,251,960

 

1,570,200

 

118,936

 

 

 

8/22/2013

 

300

 

Riviera Beach

 

FL

 

 

 

395,095

 

1,554,305

 

None

 

None

 

395,095

 

1,554,305

 

1,949,400

 

147,659

 

 

 

8/22/2013

 

300

 

Rockledge

 

FL

 

 

 

246,149

 

968,351

 

None

 

None

 

246,149

 

968,351

 

1,214,500

 

91,993

 

 

 

8/22/2013

 

300

 

Saint Cloud

 

FL

 

 

 

403,749

 

1,588,351

 

None

 

None

 

403,749

 

1,588,351

 

1,992,100

 

150,893

 

 

 

8/22/2013

 

300

 

San Antonio

 

FL

 

 

 

258,167

 

1,015,633

 

None

 

None

 

258,167

 

1,015,633

 

1,273,800

 

96,485

 

 

 

8/22/2013

 

300

 

San Mateo

 

FL

 

 

 

455,279

 

1,479,656

 

None

 

None

 

455,279

 

1,479,656

 

1,934,935

 

175,093

 

 

 

1/22/2013

 

300

 

Santa Rosa Beach

 

FL

 

 

 

316,256

 

1,652,348

 

None

 

None

 

316,256

 

1,652,348

 

1,968,604

 

129,434

 

 

 

1/24/2014

 

300

 

Seminole

 

FL

 

 

 

541,317

 

1,005,304

 

None

 

None

 

541,317

 

1,005,304

 

1,546,621

 

122,312

 

 

 

12/14/2012

 

300

 

Sneads

 

FL

 

 

 

222,497

 

875,303

 

None

 

None

 

222,497

 

875,303

 

1,097,800

 

83,154

 

 

 

8/22/2013

 

300

 

Sorrento

 

FL

 

 

 

253,303

 

996,497

 

None

 

None

 

253,303

 

996,497

 

1,249,800

 

94,667

 

 

 

8/22/2013

 

300

 

South Daytona

 

FL

 

 

 

652,903

 

1,212,534

 

None

 

None

 

652,903

 

1,212,534

 

1,865,437

 

147,525

 

 

 

12/14/2012

 

300

 

Spring Hill

 

FL

 

 

 

315,224

 

1,286,099

 

None

 

None

 

315,224

 

1,286,099

 

1,601,323

 

135,040

 

 

 

5/23/2013

 

300

 

Spring Hill

 

FL

 

 

 

314,531

 

1,237,369

 

None

 

None

 

314,531

 

1,237,369

 

1,551,900

 

117,550

 

 

 

8/22/2013

 

300

 

Tampa

 

FL

 

 

 

559,416

 

1,038,915

 

None

 

None

 

559,416

 

1,038,915

 

1,598,331

 

147,180

 

 

 

6/1/2012

 

300

 

Tampa

 

FL

 

 

 

552,447

 

1,025,973

 

None

 

None

 

552,447

 

1,025,973

 

1,578,420

 

145,346

 

 

 

6/1/2012

 

300

 

Tampa

 

FL

 

 

 

549,314

 

1,020,154

 

None

 

None

 

549,314

 

1,020,154

 

1,569,468

 

124,119

 

 

 

12/14/2012

 

300

 

Tampa

 

FL

 

 

 

611,153

 

1,134,998

 

None

 

None

 

611,153

 

1,134,998

 

1,746,151

 

138,091

 

 

 

12/14/2012

 

300

 

Tampa

 

FL

 

 

 

634,199

 

1,177,799

 

None

 

None

 

634,199

 

1,177,799

 

1,811,998

 

143,299

 

 

 

12/14/2012

 

300

 

Tampa

 

FL

 

 

 

378,121

 

1,228,892

 

12,109

 

None

 

378,121

 

1,241,001

 

1,619,122

 

145,991

 

 

 

1/22/2013

 

300

 

Tavares

 

FL

 

 

 

534,612

 

1,323,575

 

None

 

None

 

534,612

 

1,323,575

 

1,858,187

 

103,680

 

 

 

1/24/2014

 

300

 

Temple Terrace

 

FL

 

 

 

666,400

 

1,237,599

 

None

 

None

 

666,400

 

1,237,599

 

1,903,999

 

175,327

 

 

 

6/1/2012

 

300

 

Waldo

 

FL

 

 

 

150,203

 

1,000,934

 

None

 

None

 

150,203

 

1,000,934

 

1,151,137

 

78,407

 

 

 

1/24/2014

 

300

 

Webster

 

FL

 

 

 

244,703

 

962,663

 

10,957

 

None

 

244,703

 

973,620

 

1,218,323

 

92,302

 

 

 

8/2/2013

 

300

 

Weirsdale

 

FL

 

 

 

440,625

 

1,090,885

 

None

 

None

 

440,625

 

1,090,885

 

1,531,510

 

85,453

 

 

 

1/24/2014

 

300

 

Wildwood

 

FL

 

 

 

553,758

 

1,370,976

 

None

 

None

 

553,758

 

1,370,976

 

1,924,734

 

107,393

 

 

 

1/24/2014

 

300

 

Winter Haven

 

FL

 

 

 

441,079

 

819,148

 

None

 

None

 

441,079

 

819,148

 

1,260,227

 

116,046

 

 

 

6/1/2012

 

300

 

Winter Haven

 

FL

 

 

 

437,109

 

811,775

 

None

 

None

 

437,109

 

811,775

 

1,248,884

 

98,766

 

 

 

12/14/2012

 

300

 

Winter Springs

 

FL

 

 

 

336,947

 

1,325,553

 

None

 

None

 

336,947

 

1,325,553

 

1,662,500

 

125,928

 

 

 

8/22/2013

 

300

 

Yulee

 

FL

 

 

 

331,698

 

1,304,902

 

None

 

None

 

331,698

 

1,304,902

 

1,636,600

 

123,966

 

 

 

8/22/2013

 

300

 

Zephyrhills

 

FL

 

 

 

304,398

 

1,197,502

 

None

 

None

 

304,398

 

1,197,502

 

1,501,900

 

113,763

 

 

 

8/22/2013

 

300

 

Zolfo Springs

 

FL

 

 

 

420,000

 

1,144,259

 

None

 

None

 

420,000

 

1,144,259

 

1,564,259

 

89,634

 

 

 

1/24/2014

 

300

 

Athens

 

GA

 

 

 

396,815

 

982,422

 

None

 

None

 

396,815

 

982,422

 

1,379,237

 

76,956

 

 

 

1/24/2014

 

300

 

Atlanta

 

GA

 

 

 

368,101

 

1,045,807

 

None

 

None

 

368,101

 

1,045,807

 

1,413,908

 

85,408

 

 

 

12/4/2013

 

300

 

Atlanta

 

GA

 

 

 

386,653

 

1,098,516

 

None

 

None

 

386,653

 

1,098,516

 

1,485,169

 

78,727

 

 

 

3/28/2014

 

300

 

Atlanta

 

GA

 

 

 

477,551

 

1,363,030

 

None

 

None

 

477,551

 

1,363,030

 

1,840,581

 

74,967

 

 

 

8/1/2014

 

300

 

Auburn

 

GA

 

 

 

234,333

 

921,867

 

None

 

None

 

234,333

 

921,867

 

1,156,200

 

87,577

 

 

 

8/22/2013

 

300

 

Augusta

 

GA

 

 

 

572,784

 

1,063,741

 

None

 

None

 

572,784

 

1,063,741

 

1,636,525

 

150,697

 

 

 

6/1/2012

 

300

 

Augusta

 

GA

 

 

 

396,046

 

735,513

 

None

 

None

 

396,046

 

735,513

 

1,131,559

 

89,487

 

 

 

12/14/2012

 

300

 

Augusta

 

GA

 

 

 

244,244

 

960,856

 

None

 

None

 

244,244

 

960,856

 

1,205,100

 

91,281

 

 

 

8/22/2013

 

300

 

Augusta

 

GA

 

 

 

240,656

 

946,744

 

None

 

None

 

240,656

 

946,744

 

1,187,400

 

89,941

 

 

 

8/22/2013

 

300

 

Bogart

 

GA

 

 

 

341,583

 

970,468

 

None

 

None

 

341,583

 

970,468

 

1,312,051

 

79,255

 

 

 

12/4/2013

 

300

 

Brooklet

 

GA

 

 

 

189,211

 

988,573

 

None

 

None

 

189,211

 

988,573

 

1,177,784

 

77,438

 

 

 

1/24/2014

 

300

 

Brunswick

 

GA

 

 

 

525,784

 

976,455

 

None

 

None

 

525,784

 

976,455

 

1,502,239

 

118,802

 

 

 

12/14/2012

 

300

 

Brunswick

 

GA

 

 

 

374,722

 

695,913

 

None

 

None

 

374,722

 

695,913

 

1,070,635

 

84,669

 

 

 

12/14/2012

 

300

 

Carrollton

 

GA

 

 

 

184,110

 

724,290

 

None

 

None

 

184,110

 

724,290

 

908,400

 

68,808

 

 

 

8/22/2013

 

300

 

Carrollton

 

GA

 

 

 

266,882

 

1,049,918

 

None

 

None

 

266,882

 

1,049,918

 

1,316,800

 

99,742

 

 

 

8/22/2013

 

300

 

Collins

 

GA

 

 

 

120,219

 

876,179

 

None

 

None

 

120,219

 

876,179

 

996,398

 

68,634

 

 

 

1/31/2014

 

300

 

Conyers

 

GA

 

 

 

737,753

 

1,370,114

 

None

 

None

 

737,753

 

1,370,114

 

2,107,867

 

194,099

 

 

 

6/1/2012

 

300

 

Dalton

 

GA

 

 

 

401,120

 

748,837

 

None

 

None

 

401,120

 

748,837

 

1,149,957

 

58,659

 

 

 

1/24/2014

 

300

 

Dawson

 

GA

 

 

 

413,732

 

768,359

 

None

 

None

 

413,732

 

768,359

 

1,182,091

 

93,484

 

 

 

12/14/2012

 

300

 

Dewy Rose

 

GA

 

 

 

190,003

 

747,472

 

None

 

None

 

190,003

 

747,472

 

937,475

 

71,010

 

 

 

8/20/2013

 

300

 

Dexter

 

GA

 

 

 

58,236

 

424,437

 

18,715

 

None

 

58,236

 

443,152

 

501,388

 

38,510

 

 

 

12/20/2013

 

300

 

Dublin

 

GA

 

 

 

208,680

 

1,008,938

 

None

 

None

 

208,680

 

1,008,938

 

1,217,618

 

79,034

 

 

 

1/31/2014

 

300

 

Elberton

 

GA

 

 

 

194,222

 

764,071

 

None

 

None

 

194,222

 

764,071

 

958,293

 

72,587

 

 

 

8/20/2013

 

300

 

Forest Park

 

GA

 

 

 

288,001

 

1,132,999

 

None

 

None

 

288,001

 

1,132,999

 

1,421,000

 

107,635

 

 

 

8/22/2013

 

300

 

Glennville

 

GA

 

 

 

245,706

 

966,610

 

None

 

None

 

245,706

 

966,610

 

1,212,316

 

95,050

 

 

 

7/3/2013

 

300

 

Gordon

 

GA

 

 

 

179,124

 

704,676

 

None

 

None

 

179,124

 

704,676

 

883,800

 

66,944

 

 

 

8/22/2013

 

300

 

Greenville

 

GA

 

 

 

170,000

 

880,648

 

None

 

None

 

170,000

 

880,648

 

1,050,648

 

68,984

 

 

 

1/24/2014

 

300

 

Hartwell

 

GA

 

 

 

222,699

 

876,101

 

None

 

None

 

222,699

 

876,101

 

1,098,800

 

83,230

 

 

 

8/22/2013

 

300

 

Hoschton

 

GA

 

 

 

312,038

 

1,227,562

 

None

 

None

 

312,038

 

1,227,562

 

1,539,600

 

116,618

 

 

 

8/22/2013

 

300

 

Irwinton

 

GA

 

 

 

331,310

 

1,076,757

 

None

 

None

 

331,310

 

1,076,757

 

1,408,067

 

127,416

 

 

 

1/22/2013

 

300

 

Jonesboro

 

GA

 

 

 

316,862

 

1,246,538

 

None

 

None

 

316,862

 

1,246,538

 

1,563,400

 

118,421

 

 

 

8/22/2013

 

300

 

LaGrange

 

GA

 

 

 

270,000

 

831,559

 

None

 

None

 

270,000

 

831,559

 

1,101,559

 

65,139

 

 

 

1/31/2014

 

300

 

Lilburn

 

GA

 

 

 

323,652

 

1,273,248

 

None

 

None

 

323,652

 

1,273,248

 

1,596,900

 

120,959

 

 

 

8/22/2013

 

300

 

Ludowici

 

GA

 

 

 

344,543

 

1,119,765

 

12,235

 

None

 

344,543

 

1,132,000

 

1,476,543

 

137,480

 

 

 

1/22/2013

 

300

 

Macon

 

GA

 

 

 

245,825

 

967,075

 

None

 

None

 

245,825

 

967,075

 

1,212,900

 

91,872

 

 

 

8/22/2013

 

300

 

Marietta

 

GA

 

 

 

289,116

 

1,137,384

 

None

 

None

 

289,116

 

1,137,384

 

1,426,500

 

108,051

 

 

 

8/22/2013

 

300

 

Midway

 

GA

 

 

 

243,028

 

956,072

 

None

 

None

 

243,028

 

956,072

 

1,199,100

 

90,827

 

 

 

8/22/2013

 

300

 

Milledgeville

 

GA

 

 

 

245,290

 

696,890

 

None

 

None

 

245,290

 

696,890

 

942,180

 

54,590

 

 

 

1/31/2014

 

300

 

Monticello

 

GA

 

 

 

146,301

 

1,066,274

 

None

 

None

 

146,301

 

1,066,274

 

1,212,575

 

76,416

 

 

 

3/28/2014

 

300

 

Nicholls

 

GA

 

 

 

198,723

 

781,777

 

None

 

None

 

198,723

 

781,777

 

980,500

 

74,269

 

 

 

8/22/2013

 

300

 

Pooler

 

GA

 

 

 

279,935

 

1,101,265

 

None

 

None

 

279,935

 

1,101,265

 

1,381,200

 

104,620

 

 

 

8/22/2013

 

300

 

Powder Springs

 

GA

 

 

 

290,373

 

1,142,327

 

None

 

None

 

290,373

 

1,142,327

 

1,432,700

 

108,521

 

 

 

8/22/2013

 

300

 

Resaca

 

GA

 

 

 

600,000

 

2,830,403

 

None

 

None

 

600,000

 

2,830,403

 

3,430,403

 

221,715

 

 

 

1/31/2014

 

300

 

Richmond Hill

 

GA

 

 

 

297,203

 

1,169,197

 

None

 

None

 

297,203

 

1,169,197

 

1,466,400

 

111,074

 

 

 

8/22/2013

 

300

 

Savannah

 

GA

 

 

 

450,992

 

1,774,208

 

None

 

None

 

450,992

 

1,774,208

 

2,225,200

 

168,550

 

 

 

8/22/2013

 

300

 

Screven

 

GA

 

 

 

198,288

 

780,067

 

None

 

None

 

198,288

 

780,067

 

978,355

 

74,106

 

 

 

8/8/2013

 

300

 

Stockbridge

 

GA

 

 

 

348,721

 

863,351

 

None

 

None

 

348,721

 

863,351

 

1,212,072

 

67,629

 

 

 

1/24/2014

 

300

 

Talbotton

 

GA

 

 

 

128,449

 

855,969

 

None

 

None

 

128,449

 

855,969

 

984,418

 

67,051

 

 

 

1/24/2014

 

300

 

Thomasville

 

GA

 

 

 

407,954

 

757,629

 

None

 

None

 

407,954

 

757,629

 

1,165,583

 

92,178

 

 

 

12/14/2012

 

300

 

Tifton

 

GA

 

 

 

202,011

 

824,197

 

None

 

None

 

202,011

 

824,197

 

1,026,208

 

86,541

 

 

 

5/23/2013

 

300

 

Uvalda

 

GA

 

 

 

187,576

 

737,924

 

None

 

None

 

187,576

 

737,924

 

925,500

 

70,103

 

 

 

8/22/2013

 

300

 

Vienna

 

GA

 

 

 

340,000

 

2,529,310

 

None

 

None

 

340,000

 

2,529,310

 

2,869,310

 

198,129

 

 

 

1/31/2014

 

300

 

Warrenton

 

GA

 

 

 

298,668

 

554,669

 

None

 

None

 

298,668

 

554,669

 

853,337

 

67,485

 

 

 

12/14/2012

 

300

 

Waycross

 

GA

 

 

 

417,843

 

775,994

 

None

 

None

 

417,843

 

775,994

 

1,193,837

 

94,413

 

 

 

12/14/2012

 

300

 

Waynesville

 

GA

 

 

 

132,112

 

880,378

 

None

 

None

 

132,112

 

880,378

 

1,012,490

 

68,963

 

 

 

1/24/2014

 

300

 

Whigham

 

GA

 

 

 

123,430

 

822,527

 

None

 

None

 

123,430

 

822,527

 

945,957

 

64,431

 

 

 

1/24/2014

 

300

 

Wrightsville

 

GA

 

 

 

274,254

 

509,328

 

None

 

None

 

274,254

 

509,328

 

783,582

 

61,968

 

 

 

12/14/2012

 

300

 

Wrightsville

 

GA

 

 

 

166,239

 

868,552

 

None

 

None

 

166,239

 

868,552

 

1,034,791

 

68,037

 

 

 

1/24/2014

 

300

 

Des Moines

 

IA

 

 

 

455,336

 

845,625

 

None

 

None

 

455,336

 

845,625

 

1,300,961

 

119,797

 

 

 

6/1/2012

 

300

 

Des Moines

 

IA

 

 

 

214,167

 

842,533

 

None

 

None

 

214,167

 

842,533

 

1,056,700

 

80,041

 

 

 

8/22/2013

 

300

 

Mason City

 

IA

 

 

 

242,135

 

449,678

 

None

 

None

 

242,135

 

449,678

 

691,813

 

63,704

 

 

 

6/1/2012

 

300

 

Montrose

 

IA

 

 

 

307,533

 

999,483

 

None

 

None

 

307,533

 

999,483

 

1,307,016

 

118,272

 

 

 

1/22/2013

 

300

 

Waterloo

 

IA

 

 

 

366,422

 

1,190,872

 

None

 

None

 

366,422

 

1,190,872

 

1,557,294

 

140,920

 

 

 

1/22/2013

 

300

 

Calumet City

 

IL

 

 

 

561,828

 

1,043,394

 

None

 

None

 

561,828

 

1,043,394

 

1,605,222

 

147,814

 

 

 

6/1/2012

 

300

 

Catlin

 

IL

 

 

 

373,096

 

1,212,561

 

None

 

None

 

373,096

 

1,212,561

 

1,585,657

 

143,486

 

 

 

1/22/2013

 

300

 

Cerro Gordo

 

IL

 

 

 

312,718

 

1,016,334

 

None

 

None

 

312,718

 

1,016,334

 

1,329,052

 

120,266

 

 

 

1/22/2013

 

300

 

 

F-18



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Columbia

 

IL

 

 

 

383,895

 

1,247,660

 

None

 

None

 

383,895

 

1,247,660

 

1,631,555

 

147,640

 

 

 

1/22/2013

 

300

 

Dwight

 

IL

 

 

 

355,224

 

659,701

 

None

 

None

 

355,224

 

659,701

 

1,014,925

 

80,264

 

 

 

12/14/2012

 

300

 

East Saint Louis

 

IL

 

 

 

564,367

 

1,048,111

 

None

 

None

 

564,367

 

1,048,111

 

1,612,478

 

127,520

 

 

 

12/14/2012

 

300

 

Farina

 

IL

 

 

 

161,831

 

1,078,428

 

None

 

None

 

161,831

 

1,078,428

 

1,240,259

 

84,477

 

 

 

1/24/2014

 

300

 

Galesburg

 

IL

 

 

 

325,959

 

605,353

 

None

 

None

 

325,959

 

605,353

 

931,312

 

85,758

 

 

 

6/1/2012

 

300

 

Gillespie

 

IL

 

540,251

 

346,508

 

1,126,153

 

None

 

None

 

346,508

 

1,126,153

 

1,472,661

 

133,261

 

 

 

1/22/2013

 

300

 

Goreville

 

IL

 

 

 

175,538

 

690,566

 

None

 

None

 

175,538

 

690,566

 

866,104

 

63,302

 

 

 

9/13/2013

 

300

 

Harvey

 

IL

 

 

 

356,530

 

662,127

 

None

 

None

 

356,530

 

662,127

 

1,018,657

 

80,559

 

 

 

12/14/2012

 

300

 

Joliet

 

IL

 

 

 

396,961

 

737,212

 

None

 

None

 

396,961

 

737,212

 

1,134,173

 

89,694

 

 

 

12/14/2012

 

300

 

La Salle

 

IL

 

 

 

457,726

 

1,487,609

 

None

 

None

 

457,726

 

1,487,609

 

1,945,335

 

176,034

 

 

 

1/22/2013

 

300

 

Marseilles

 

IL

 

596,849

 

364,551

 

1,184,791

 

None

 

None

 

364,551

 

1,184,791

 

1,549,342

 

140,200

 

 

 

1/22/2013

 

300

 

Metropolis

 

IL

 

 

 

522,911

 

971,120

 

None

 

None

 

522,911

 

971,120

 

1,494,031

 

118,153

 

 

 

12/14/2012

 

300

 

Mount Zion

 

IL

 

612,285

 

344,938

 

1,121,050

 

None

 

None

 

344,938

 

1,121,050

 

1,465,988

 

132,658

 

 

 

1/22/2013

 

300

 

Peoria

 

IL

 

 

 

378,198

 

702,367

 

None

 

None

 

378,198

 

702,367

 

1,080,565

 

99,502

 

 

 

6/1/2012

 

300

 

Quincy

 

IL

 

 

 

351,325

 

869,798

 

None

 

None

 

351,325

 

869,798

 

1,221,123

 

68,134

 

 

 

1/24/2014

 

300

 

Virden

 

IL

 

 

 

546,679

 

1,015,261

 

None

 

None

 

546,679

 

1,015,261

 

1,561,940

 

123,523

 

 

 

12/14/2012

 

300

 

Anderson

 

IN

 

 

 

634,963

 

1,179,216

 

None

 

None

 

634,963

 

1,179,216

 

1,814,179

 

143,471

 

 

 

12/14/2012

 

300

 

Anderson

 

IN

 

 

 

335,312

 

830,155

 

None

 

None

 

335,312

 

830,155

 

1,165,467

 

65,029

 

 

 

1/24/2014

 

300

 

Indianapolis

 

IN

 

 

 

454,789

 

844,607

 

None

 

None

 

454,789

 

844,607

 

1,299,396

 

119,653

 

 

 

6/1/2012

 

300

 

Muncie

 

IN

 

 

 

347,731

 

860,902

 

None

 

None

 

347,731

 

860,902

 

1,208,633

 

67,437

 

 

 

1/24/2014

 

300

 

Muncie

 

IN

 

 

 

327,861

 

811,707

 

None

 

None

 

327,861

 

811,707

 

1,139,568

 

63,584

 

 

 

1/24/2014

 

300

 

New Albany

 

IN

 

 

 

437,343

 

812,209

 

None

 

None

 

437,343

 

812,209

 

1,249,552

 

98,819

 

 

 

12/14/2012

 

300

 

New Carlisle

 

IN

 

 

 

210,347

 

1,099,005

 

None

 

None

 

210,347

 

1,099,005

 

1,309,352

 

86,089

 

 

 

1/24/2014

 

300

 

Oxford

 

IN

 

 

 

60,000

 

940,000

 

None

 

None

 

60,000

 

940,000

 

1,000,000

 

73,633

 

 

 

1/24/2014

 

300

 

Parker City

 

IN

 

 

 

266,530

 

494,983

 

None

 

None

 

266,530

 

494,983

 

761,513

 

70,123

 

 

 

6/1/2012

 

300

 

Rockport

 

IN

 

 

 

203,782

 

378,451

 

None

 

None

 

203,782

 

378,451

 

582,233

 

46,045

 

 

 

12/14/2012

 

300

 

South Bend

 

IN

 

 

 

507,845

 

943,140

 

None

 

None

 

507,845

 

943,140

 

1,450,985

 

114,749

 

 

 

12/14/2012

 

300

 

Arma

 

KS

 

 

 

170,875

 

793,860

 

None

 

None

 

170,875

 

793,860

 

964,735

 

107,171

 

 

 

8/30/2012

 

300

 

Basehor

 

KS

 

 

 

171,627

 

872,548

 

None

 

None

 

171,627

 

872,548

 

1,044,175

 

117,794

 

 

 

8/30/2012

 

300

 

Burlington

 

KS

 

 

 

173,930

 

806,439

 

None

 

None

 

173,930

 

806,439

 

980,369

 

108,869

 

 

 

8/30/2012

 

300

 

Cheney

 

KS

 

 

 

161,300

 

770,354

 

None

 

None

 

161,300

 

770,354

 

931,654

 

103,998

 

 

 

8/30/2012

 

300

 

Cherryvale

 

KS

 

 

 

90,248

 

811,836

 

None

 

None

 

90,248

 

811,836

 

902,084

 

109,598

 

 

 

8/30/2012

 

300

 

Coffeyville

 

KS

 

 

 

519,254

 

964,328

 

None

 

None

 

519,254

 

964,328

 

1,483,582

 

117,327

 

 

 

12/14/2012

 

300

 

Edwardsville

 

KS

 

 

 

161,785

 

906,004

 

None

 

None

 

161,785

 

906,004

 

1,067,789

 

122,310

 

 

 

8/30/2012

 

300

 

Elkhart

 

KS

 

 

 

119,882

 

848,233

 

None

 

None

 

119,882

 

848,233

 

968,115

 

114,511

 

 

 

8/30/2012

 

300

 

Elwood

 

KS

 

 

 

273,826

 

677,929

 

None

 

None

 

273,826

 

677,929

 

951,755

 

53,104

 

 

 

1/24/2014

 

300

 

Fort Scott

 

KS

 

 

 

486,062

 

752,183

 

None

 

None

 

486,062

 

752,183

 

1,238,245

 

96,530

 

 

 

10/31/2012

 

300

 

Fredonia

 

KS

 

 

 

412,134

 

637,779

 

None

 

None

 

412,134

 

637,779

 

1,049,913

 

81,848

 

 

 

10/31/2012

 

300

 

Galena

 

KS

 

 

 

419,578

 

649,300

 

None

 

None

 

419,578

 

649,300

 

1,068,878

 

83,327

 

 

 

10/31/2012

 

300

 

Girard

 

KS

 

 

 

129,389

 

862,237

 

None

 

None

 

129,389

 

862,237

 

991,626

 

67,542

 

 

 

1/24/2014

 

300

 

Great Bend

 

KS

 

 

 

190,000

 

887,599

 

None

 

None

 

190,000

 

887,599

 

1,077,599

 

1,479

 

 

 

12/15/2015

 

300

 

Herington

 

KS

 

 

 

210,000

 

911,321

 

None

 

None

 

210,000

 

911,321

 

1,121,321

 

1,519

 

 

 

12/15/2015

 

300

 

Horton

 

KS

 

 

 

101,571

 

844,142

 

None

 

None

 

101,571

 

844,142

 

945,713

 

113,959

 

 

 

8/30/2012

 

300

 

Hoxie

 

KS

 

 

 

393,962

 

609,658

 

None

 

None

 

393,962

 

609,658

 

1,003,620

 

78,239

 

 

 

10/31/2012

 

300

 

Independence

 

KS

 

 

 

370,000

 

671,122

 

None

 

None

 

370,000

 

671,122

 

1,041,122

 

86,127

 

 

 

10/31/2012

 

300

 

Kansas City

 

KS

 

 

 

577,037

 

1,071,640

 

None

 

None

 

577,037

 

1,071,640

 

1,648,677

 

151,816

 

 

 

6/1/2012

 

300

 

Kansas City

 

KS

 

 

 

140,147

 

922,934

 

None

 

None

 

140,147

 

922,934

 

1,063,081

 

124,596

 

 

 

8/30/2012

 

300

 

Kansas City

 

KS

 

 

 

147,689

 

581,011

 

None

 

None

 

147,689

 

581,011

 

728,700

 

55,196

 

 

 

8/22/2013

 

300

 

Lawrence

 

KS

 

 

 

236,948

 

965,247

 

None

 

None

 

236,948

 

965,247

 

1,202,195

 

130,308

 

 

 

8/30/2012

 

300

 

Leavenworth

 

KS

 

 

 

430,140

 

665,644

 

None

 

None

 

430,140

 

665,644

 

1,095,784

 

85,424

 

 

 

10/31/2012

 

300

 

Liberal

 

KS

 

 

 

394,833

 

611,006

 

None

 

None

 

394,833

 

611,006

 

1,005,839

 

78,412

 

 

 

10/31/2012

 

300

 

Lyndon

 

KS

 

 

 

100,642

 

822,510

 

None

 

None

 

100,642

 

822,510

 

923,152

 

111,039

 

 

 

8/30/2012

 

300

 

Neodesha

 

KS

 

 

 

124,388

 

867,203

 

None

 

None

 

124,388

 

867,203

 

991,591

 

117,072

 

 

 

8/30/2012

 

300

 

Newton

 

KS

 

 

 

110,986

 

873,540

 

None

 

None

 

110,986

 

873,540

 

984,526

 

117,928

 

 

 

8/30/2012

 

300

 

Norton

 

KS

 

 

 

142,749

 

951,265

 

None

 

None

 

142,749

 

951,265

 

1,094,014

 

74,516

 

 

 

1/24/2014

 

300

 

Oskaloosa

 

KS

 

 

 

152,298

 

1,014,896

 

None

 

None

 

152,298

 

1,014,896

 

1,167,194

 

79,500

 

 

 

1/24/2014

 

300

 

Phillipsburg

 

KS

 

 

 

146,172

 

974,073

 

None

 

None

 

146,172

 

974,073

 

1,120,245

 

76,302

 

 

 

1/24/2014

 

300

 

Salina

 

KS

 

 

 

194,508

 

889,894

 

None

 

None

 

194,508

 

889,894

 

1,084,402

 

120,136

 

 

 

8/30/2012

 

300

 

Topeka

 

KS

 

 

 

395,822

 

612,536

 

None

 

None

 

395,822

 

612,536

 

1,008,358

 

78,609

 

 

 

10/31/2012

 

300

 

Wakeeney

 

KS

 

 

 

124,960

 

832,723

 

None

 

None

 

124,960

 

832,723

 

957,683

 

65,230

 

 

 

1/24/2014

 

300

 

Washington

 

KS

 

 

 

81,586

 

828,885

 

None

 

None

 

81,586

 

828,885

 

910,471

 

111,900

 

 

 

8/30/2012

 

300

 

Wichita

 

KS

 

 

 

533,216

 

825,154

 

None

 

None

 

533,216

 

825,154

 

1,358,370

 

105,895

 

 

 

10/31/2012

 

300

 

Wichita

 

KS

 

 

 

530,000

 

901,373

 

None

 

None

 

530,000

 

901,373

 

1,431,373

 

115,676

 

 

 

10/31/2012

 

300

 

Wichita

 

KS

 

 

 

625,585

 

968,095

 

None

 

None

 

625,585

 

968,095

 

1,593,680

 

124,239

 

 

 

10/31/2012

 

300

 

Wichita

 

KS

 

 

 

541,521

 

838,007

 

None

 

None

 

541,521

 

838,007

 

1,379,528

 

107,544

 

 

 

10/31/2012

 

300

 

Wichita

 

KS

 

 

 

498,745

 

771,810

 

None

 

None

 

498,745

 

771,810

 

1,270,555

 

99,049

 

 

 

10/31/2012

 

300

 

Benton

 

KY

 

 

 

132,553

 

883,318

 

None

 

None

 

132,553

 

883,318

 

1,015,871

 

69,193

 

 

 

1/24/2014

 

300

 

Bronston

 

KY

 

 

 

297,256

 

966,082

 

None

 

None

 

297,256

 

966,082

 

1,263,338

 

114,320

 

 

 

1/22/2013

 

300

 

Corydon

 

KY

 

 

 

161,985

 

766,073

 

None

 

None

 

161,985

 

766,073

 

928,058

 

60,009

 

 

 

1/24/2014

 

300

 

Dayton

 

KY

 

 

 

141,508

 

508,446

 

None

 

None

 

141,508

 

508,446

 

649,954

 

4,639

 

 

 

10/9/2015

 

300

 

Dorton

 

KY

 

 

 

283,556

 

921,558

 

None

 

None

 

283,556

 

921,558

 

1,205,114

 

109,051

 

 

 

1/22/2013

 

300

 

Fordsville

 

KY

 

 

 

130,000

 

785,971

 

None

 

None

 

130,000

 

785,971

 

915,971

 

61,568

 

 

 

1/24/2014

 

300

 

Ledbetter

 

KY

 

 

 

100,000

 

771,540

 

None

 

None

 

100,000

 

771,540

 

871,540

 

60,437

 

 

 

1/24/2014

 

300

 

Louisville

 

KY

 

 

 

499,759

 

928,124

 

None

 

None

 

499,759

 

928,124

 

1,427,883

 

112,922

 

 

 

12/14/2012

 

300

 

Louisville

 

KY

 

 

 

265,221

 

1,043,379

 

None

 

None

 

265,221

 

1,043,379

 

1,308,600

 

99,121

 

 

 

8/22/2013

 

300

 

Louisville

 

KY

 

 

 

251,195

 

988,205

 

None

 

None

 

251,195

 

988,205

 

1,239,400

 

93,879

 

 

 

8/22/2013

 

300

 

Louisville

 

KY

 

 

 

456,605

 

1,297,257

 

None

 

None

 

456,605

 

1,297,257

 

1,753,862

 

114,591

 

 

 

10/11/2013

 

300

 

Louisville

 

KY

 

 

 

409,904

 

1,164,574

 

None

 

None

 

409,904

 

1,164,574

 

1,574,478

 

75,697

 

 

 

5/28/2014

 

300

 

Mount Vernon

 

KY

 

 

 

470,619

 

874,008

 

None

 

None

 

470,619

 

874,008

 

1,344,627

 

106,338

 

 

 

12/14/2012

 

300

 

Paducah

 

KY

 

 

 

200,750

 

789,750

 

None

 

None

 

200,750

 

789,750

 

990,500

 

75,026

 

 

 

8/22/2013

 

300

 

Prestonsburg

 

KY

 

 

 

223,906

 

1,082,554

 

None

 

None

 

223,906

 

1,082,554

 

1,306,460

 

95,626

 

 

 

10/11/2013

 

300

 

Providence

 

KY

 

 

 

199,919

 

786,481

 

None

 

None

 

199,919

 

786,481

 

986,400

 

74,716

 

 

 

8/22/2013

 

300

 

Radcliff

 

KY

 

 

 

280,806

 

1,104,694

 

None

 

None

 

280,806

 

1,104,694

 

1,385,500

 

104,946

 

 

 

8/22/2013

 

300

 

Sacramento

 

KY

 

 

 

113,547

 

756,668

 

None

 

None

 

113,547

 

756,668

 

870,215

 

59,272

 

 

 

1/24/2014

 

300

 

Somerset

 

KY

 

 

 

456,467

 

847,725

 

None

 

None

 

456,467

 

847,725

 

1,304,192

 

120,094

 

 

 

6/1/2012

 

300

 

Somerset

 

KY

 

 

 

330,419

 

818,041

 

None

 

None

 

330,419

 

818,041

 

1,148,460

 

64,080

 

 

 

1/24/2014

 

300

 

Wingo

 

KY

 

 

 

106,789

 

711,629

 

None

 

None

 

106,789

 

711,629

 

818,418

 

55,744

 

 

 

1/24/2014

 

300

 

Abbeville

 

LA

 

 

 

386,990

 

1,257,716

 

None

 

None

 

386,990

 

1,257,716

 

1,644,706

 

148,830

 

 

 

1/22/2013

 

300

 

Bastrop

 

LA

 

 

 

179,126

 

935,881

 

None

 

None

 

179,126

 

935,881

 

1,115,007

 

73,311

 

 

 

1/24/2014

 

300

 

Baton Rouge

 

LA

 

 

 

563,114

 

1,045,783

 

None

 

None

 

563,114

 

1,045,783

 

1,608,897

 

148,153

 

 

 

6/1/2012

 

300

 

Baton Rouge

 

LA

 

 

 

433,213

 

804,539

 

None

 

None

 

433,213

 

804,539

 

1,237,752

 

97,886

 

 

 

12/14/2012

 

300

 

Baton Rouge

 

LA

 

 

 

279,327

 

1,098,873

 

None

 

None

 

279,327

 

1,098,873

 

1,378,200

 

104,393

 

 

 

8/22/2013

 

300

 

Baton Rouge

 

LA

 

 

 

188,485

 

535,504

 

22,133

 

None

 

188,485

 

557,637

 

746,122

 

46,976

 

 

 

12/20/2013

 

300

 

Baton Rouge

 

LA

 

 

 

342,664

 

848,357

 

None

 

None

 

342,664

 

848,357

 

1,191,021

 

66,455

 

 

 

1/24/2014

 

300

 

Baton Rouge

 

LA

 

 

 

422,535

 

1,046,098

 

None

 

None

 

422,535

 

1,046,098

 

1,468,633

 

81,944

 

 

 

1/24/2014

 

300

 

Blanchard

 

LA

 

 

 

177,898

 

860,109

 

38,083

 

None

 

177,898

 

898,192

 

1,076,090

 

75,926

 

 

 

12/20/2013

 

300

 

Colfax

 

LA

 

 

 

148,313

 

583,465

 

None

 

None

 

148,313

 

583,465

 

731,778

 

55,429

 

 

 

8/21/2013

 

300

 

Deridder

 

LA

 

 

 

250,446

 

985,254

 

None

 

None

 

250,446

 

985,254

 

1,235,700

 

93,599

 

 

 

8/22/2013

 

300

 

Dixie Inn

 

LA

 

 

 

318,870

 

592,187

 

None

 

None

 

318,870

 

592,187

 

911,057

 

72,049

 

 

 

12/14/2012

 

300

 

Duson

 

LA

 

 

 

355,640

 

1,155,831

 

None

 

None

 

355,640

 

1,155,831

 

1,511,471

 

136,773

 

 

 

1/22/2013

 

300

 

Florien

 

LA

 

 

 

323,203

 

1,050,409

 

None

 

None

 

323,203

 

1,050,409

 

1,373,612

 

124,298

 

 

 

1/22/2013

 

300

 

Franklinton

 

LA

 

 

 

150,109

 

1,000,309

 

None

 

None

 

150,109

 

1,000,309

 

1,150,418

 

78,358

 

 

 

1/24/2014

 

300

 

Geismar

 

LA

 

 

 

489,660

 

909,368

 

None

 

None

 

489,660

 

909,368

 

1,399,028

 

110,640

 

 

 

12/14/2012

 

300

 

Gretna

 

LA

 

 

 

880,000

 

839,022

 

None

 

None

 

880,000

 

839,022

 

1,719,022

 

65,723

 

 

 

1/24/2014

 

300

 

Hammond

 

LA

 

 

 

417,284

 

774,955

 

None

 

None

 

417,284

 

774,955

 

1,192,239

 

109,785

 

 

 

6/1/2012

 

300

 

Lafayette

 

LA

 

 

 

402,767

 

1,308,994

 

None

 

None

 

402,767

 

1,308,994

 

1,711,761

 

154,898

 

 

 

1/22/2013

 

300

 

Lafayette

 

LA

 

 

 

262,452

 

745,651

 

19,188

 

None

 

262,452

 

764,839

 

1,027,291

 

64,250

 

 

 

12/20/2013

 

300

 

Lafitte

 

LA

 

 

 

259,861

 

1,228,959

 

None

 

None

 

259,861

 

1,228,959

 

1,488,820

 

96,268

 

 

 

1/24/2014

 

300

 

Logansport

 

LA

 

 

 

494,202

 

917,805

 

None

 

None

 

494,202

 

917,805

 

1,412,007

 

111,666

 

 

 

12/14/2012

 

300

 

Many

 

LA

 

 

 

199,395

 

1,041,784

 

None

 

None

 

199,395

 

1,041,784

 

1,241,179

 

81,606

 

 

 

1/24/2014

 

300

 

Melville

 

LA

 

 

 

367,000

 

1,192,748

 

None

 

None

 

367,000

 

1,192,748

 

1,559,748

 

141,142

 

 

 

1/22/2013

 

300

 

 

F-19



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Minden

 

LA

 

 

 

339,679

 

630,832

 

None

 

None

 

339,679

 

630,832

 

970,511

 

89,368

 

 

 

6/1/2012

 

300

 

Monroe

 

LA

 

 

 

667,232

 

1,073,926

 

None

 

None

 

667,232

 

1,073,926

 

1,741,158

 

10,366

 

 

 

10/9/2015

 

300

 

Moreauville

 

LA

 

 

 

186,423

 

974,008

 

None

 

None

 

186,423

 

974,008

 

1,160,431

 

76,297

 

 

 

1/24/2014

 

300

 

Morse

 

LA

 

 

 

352,771

 

1,146,506

 

None

 

None

 

352,771

 

1,146,506

 

1,499,277

 

135,670

 

 

 

1/22/2013

 

300

 

Natchitoches

 

LA

 

 

 

250,162

 

984,138

 

None

 

None

 

250,162

 

984,138

 

1,234,300

 

93,493

 

 

 

8/22/2013

 

300

 

Opelousas

 

LA

 

 

 

350,277

 

1,138,401

 

None

 

None

 

350,277

 

1,138,401

 

1,488,678

 

134,711

 

 

 

1/22/2013

 

300

 

Opelousas

 

LA

 

 

 

365,368

 

1,187,446

 

None

 

None

 

365,368

 

1,187,446

 

1,552,814

 

140,514

 

 

 

1/22/2013

 

300

 

Port Vincent

 

LA

 

 

 

398,039

 

1,293,627

 

None

 

None

 

398,039

 

1,293,627

 

1,691,666

 

153,079

 

 

 

1/22/2013

 

300

 

Robeline

 

LA

 

 

 

329,964

 

1,072,382

 

None

 

None

 

329,964

 

1,072,382

 

1,402,346

 

126,899

 

 

 

1/22/2013

 

300

 

Saint Bernard

 

LA

 

 

 

447,884

 

831,784

 

None

 

None

 

447,884

 

831,784

 

1,279,668

 

117,836

 

 

 

6/1/2012

 

300

 

Shreveport

 

LA

 

 

 

605,336

 

1,124,196

 

None

 

None

 

605,336

 

1,124,196

 

1,729,532

 

159,261

 

 

 

6/1/2012

 

300

 

Shreveport

 

LA

 

 

 

719,595

 

1,336,390

 

None

 

None

 

719,595

 

1,336,390

 

2,055,985

 

162,594

 

 

 

12/14/2012

 

300

 

Sibley

 

LA

 

 

 

180,316

 

942,101

 

None

 

None

 

180,316

 

942,101

 

1,122,417

 

73,798

 

 

 

1/24/2014

 

300

 

Tallulah

 

LA

 

 

 

287,313

 

473,108

 

None

 

None

 

287,313

 

473,108

 

760,421

 

4,447

 

 

 

10/9/2015

 

300

 

Violet

 

LA

 

 

 

342,764

 

848,603

 

None

 

None

 

342,764

 

848,603

 

1,191,367

 

66,474

 

 

 

1/24/2014

 

300

 

West Monroe

 

LA

 

 

 

362,591

 

1,178,420

 

None

 

None

 

362,591

 

1,178,420

 

1,541,011

 

139,446

 

 

 

1/22/2013

 

300

 

West Monroe

 

LA

 

 

 

262,241

 

1,031,659

 

None

 

None

 

262,241

 

1,031,659

 

1,293,900

 

98,008

 

 

 

8/22/2013

 

300

 

West Monroe

 

LA

 

 

 

160,000

 

755,108

 

None

 

None

 

160,000

 

755,108

 

915,108

 

59,150

 

 

 

1/24/2014

 

300

 

Pittsfield

 

MA

 

 

 

165,324

 

1,489,846

 

None

 

None

 

165,324

 

1,489,846

 

1,655,170

 

2,483

 

 

 

12/15/2015

 

300

 

Alanson

 

MI

 

 

 

314,390

 

1,021,767

 

5,337

 

None

 

314,390

 

1,027,104

 

1,341,494

 

120,942

 

 

 

1/22/2013

 

300

 

Bangor

 

MI

 

 

 

513,772

 

954,149

 

None

 

None

 

513,772

 

954,149

 

1,467,921

 

135,171

 

 

 

6/1/2012

 

300

 

Battle Creek

 

MI

 

 

 

438,869

 

815,042

 

None

 

None

 

438,869

 

815,042

 

1,253,911

 

115,464

 

 

 

6/1/2012

 

300

 

Beaverton

 

MI

 

 

 

242,135

 

449,678

 

None

 

None

 

242,135

 

449,678

 

691,813

 

63,704

 

 

 

6/1/2012

 

300

 

Brockway

 

MI

 

 

 

248,856

 

462,160

 

None

 

None

 

248,856

 

462,160

 

711,016

 

65,473

 

 

 

6/1/2012

 

300

 

Buckley

 

MI

 

 

 

296,289

 

962,940

 

None

 

None

 

296,289

 

962,940

 

1,259,229

 

113,948

 

 

 

1/22/2013

 

300

 

Clinton

 

MI

 

 

 

326,088

 

1,059,786

 

None

 

None

 

326,088

 

1,059,786

 

1,385,874

 

125,408

 

 

 

1/22/2013

 

300

 

Copemish

 

MI

 

 

 

292,975

 

952,167

 

None

 

None

 

292,975

 

952,167

 

1,245,142

 

112,673

 

 

 

1/22/2013

 

300

 

Croswell

 

MI

 

 

 

387,461

 

719,571

 

None

 

None

 

387,461

 

719,571

 

1,107,032

 

101,939

 

 

 

6/1/2012

 

300

 

Dearborn

 

MI

 

 

 

522,650

 

970,637

 

None

 

None

 

522,650

 

970,637

 

1,493,287

 

137,507

 

 

 

6/1/2012

 

300

 

Detroit

 

MI

 

 

 

264,876

 

860,847

 

5,054

 

None

 

264,876

 

865,901

 

1,130,777

 

103,829

 

 

 

1/22/2013

 

300

 

Farmington

 

MI

 

 

 

325,172

 

1,279,228

 

None

 

None

 

325,172

 

1,279,228

 

1,604,400

 

121,527

 

 

 

8/22/2013

 

300

 

Flat Rock

 

MI

 

 

 

264,268

 

1,039,632

 

None

 

None

 

264,268

 

1,039,632

 

1,303,900

 

98,765

 

 

 

8/22/2013

 

300

 

Flint

 

MI

 

 

 

510,751

 

948,537

 

None

 

None

 

510,751

 

948,537

 

1,459,288

 

134,376

 

 

 

6/1/2012

 

300

 

Gladwin

 

MI

 

 

 

265,925

 

864,258

 

None

 

None

 

265,925

 

864,258

 

1,130,183

 

102,270

 

 

 

1/22/2013

 

300

 

Grand Rapids

 

MI

 

 

 

526,567

 

977,911

 

None

 

None

 

526,567

 

977,911

 

1,504,478

 

118,979

 

 

 

12/14/2012

 

300

 

Grand Rapids

 

MI

 

 

 

225,609

 

363,123

 

None

 

None

 

225,609

 

363,123

 

588,732

 

3,505

 

 

 

10/9/2015

 

300

 

Jackson

 

MI

 

 

 

473,329

 

879,039

 

None

 

None

 

473,329

 

879,039

 

1,352,368

 

124,531

 

 

 

6/1/2012

 

300

 

Jackson

 

MI

 

 

 

592,388

 

1,100,149

 

None

 

None

 

592,388

 

1,100,149

 

1,692,537

 

133,851

 

 

 

12/14/2012

 

300

 

Litchfield

 

MI

 

 

 

314,519

 

1,022,185

 

None

 

None

 

314,519

 

1,022,185

 

1,336,704

 

120,959

 

 

 

1/22/2013

 

300

 

Mancelona

 

MI

 

 

 

294,344

 

956,617

 

None

 

None

 

294,344

 

956,617

 

1,250,961

 

113,200

 

 

 

1/22/2013

 

300

 

Marion

 

MI

 

 

 

354,869

 

659,042

 

None

 

None

 

354,869

 

659,042

 

1,013,911

 

80,183

 

 

 

12/14/2012

 

300

 

Muskegon

 

MI

 

 

 

318,001

 

1,033,502

 

None

 

None

 

318,001

 

1,033,502

 

1,351,503

 

122,298

 

 

 

1/22/2013

 

300

 

New Baltimore

 

MI

 

 

 

237,040

 

932,516

 

None

 

None

 

237,040

 

932,516

 

1,169,556

 

94,806

 

 

 

6/25/2013

 

300

 

Onaway

 

MI

 

 

 

510,098

 

947,326

 

None

 

None

 

510,098

 

947,326

 

1,457,424

 

115,258

 

 

 

12/14/2012

 

300

 

Pinckney

 

MI

 

 

 

305,815

 

993,898

 

None

 

None

 

305,815

 

993,898

 

1,299,713

 

117,611

 

 

 

1/22/2013

 

300

 

Romulus

 

MI

 

 

 

578,474

 

1,074,310

 

None

 

None

 

578,474

 

1,074,310

 

1,652,784

 

152,194

 

 

 

6/1/2012

 

300

 

Sheridan

 

MI

 

 

 

307,737

 

1,000,144

 

None

 

None

 

307,737

 

1,000,144

 

1,307,881

 

118,350

 

 

 

1/22/2013

 

300

 

Spring Arbor

 

MI

 

 

 

325,553

 

1,058,048

 

None

 

None

 

325,553

 

1,058,048

 

1,383,601

 

125,202

 

 

 

1/22/2013

 

300

 

St John’s

 

MI

 

 

 

324,325

 

1,054,055

 

None

 

None

 

324,325

 

1,054,055

 

1,378,380

 

124,730

 

 

 

1/22/2013

 

300

 

Tekonsha

 

MI

 

 

 

269,258

 

875,089

 

None

 

None

 

269,258

 

875,089

 

1,144,347

 

103,552

 

 

 

1/22/2013

 

300

 

Wellston

 

MI

 

 

 

270,942

 

880,562

 

None

 

None

 

270,942

 

880,562

 

1,151,504

 

104,200

 

 

 

1/22/2013

 

300

 

Advance

 

MO

 

 

 

327,985

 

1,065,951

 

None

 

None

 

327,985

 

1,065,951

 

1,393,936

 

126,138

 

 

 

1/22/2013

 

300

 

Bonne Terre

 

MO

 

 

 

254,437

 

826,921

 

None

 

None

 

254,437

 

826,921

 

1,081,358

 

97,852

 

 

 

1/22/2013

 

300

 

Buckner

 

MO

 

 

 

188,702

 

985,916

 

None

 

None

 

188,702

 

985,916

 

1,174,618

 

77,230

 

 

 

1/24/2014

 

300

 

Cole Camp

 

MO

 

 

 

296,537

 

963,746

 

None

 

None

 

296,537

 

963,746

 

1,260,283

 

114,043

 

 

 

1/22/2013

 

300

 

Crocker

 

MO

 

 

 

139,188

 

927,532

 

None

 

None

 

139,188

 

927,532

 

1,066,720

 

72,657

 

 

 

1/24/2014

 

300

 

Garden City

 

MO

 

 

 

139,163

 

927,369

 

None

 

None

 

139,163

 

927,369

 

1,066,532

 

72,644

 

 

 

1/24/2014

 

300

 

Jackson

 

MO

 

 

 

396,040

 

1,287,131

 

None

 

None

 

396,040

 

1,287,131

 

1,683,171

 

152,310

 

 

 

1/22/2013

 

300

 

Jackson

 

MO

 

 

 

201,264

 

791,776

 

None

 

None

 

201,264

 

791,776

 

993,040

 

72,579

 

 

 

9/13/2013

 

300

 

Kansas City

 

MO

 

 

 

443,895

 

824,377

 

None

 

None

 

443,895

 

824,377

 

1,268,272

 

116,787

 

 

 

6/1/2012

 

300

 

Kansas City

 

MO

 

 

 

557,439

 

1,035,244

 

None

 

None

 

557,439

 

1,035,244

 

1,592,683

 

146,660

 

 

 

6/1/2012

 

300

 

Kansas City

 

MO

 

 

 

414,347

 

641,204

 

None

 

None

 

414,347

 

641,204

 

1,055,551

 

82,288

 

 

 

10/31/2012

 

300

 

Kansas City

 

MO

 

 

 

277,016

 

995,336

 

None

 

None

 

277,016

 

995,336

 

1,272,352

 

9,082

 

 

 

10/9/2015

 

300

 

Louisiana

 

MO

 

 

 

186,741

 

734,640

 

None

 

None

 

186,741

 

734,640

 

921,381

 

74,688

 

 

 

6/28/2013

 

300

 

Mansfield

 

MO

 

 

 

152,932

 

1,019,125

 

None

 

None

 

152,932

 

1,019,125

 

1,172,057

 

79,831

 

 

 

1/24/2014

 

300

 

Oronogo

 

MO

 

 

 

327,756

 

1,065,207

 

None

 

None

 

327,756

 

1,065,207

 

1,392,963

 

126,049

 

 

 

1/22/2013

 

300

 

Queen City

 

MO

 

 

 

309,915

 

1,007,222

 

None

 

None

 

309,915

 

1,007,222

 

1,317,137

 

119,188

 

 

 

1/22/2013

 

300

 

Richland

 

MO

 

 

 

137,522

 

916,435

 

None

 

None

 

137,522

 

916,435

 

1,053,957

 

71,787

 

 

 

1/24/2014

 

300

 

Rolla

 

MO

 

 

 

340,000

 

899,367

 

None

 

None

 

340,000

 

899,367

 

1,239,367

 

70,450

 

 

 

1/24/2014

 

300

 

Russellville

 

MO

 

 

 

122,033

 

813,218

 

None

 

None

 

122,033

 

813,218

 

935,251

 

63,702

 

 

 

1/24/2014

 

300

 

Sikeston

 

MO

 

 

 

409,114

 

2,005,416

 

None

 

2,579

 

409,114

 

2,007,995

 

2,417,109

 

1,120,231

 

 

 

1/24/2002

 

300

 

St. Louis

 

MO

 

 

 

647,256

 

1,202,046

 

None

 

None

 

647,256

 

1,202,046

 

1,849,302

 

170,290

 

 

 

6/1/2012

 

300

 

Unionville

 

MO

 

 

 

324,616

 

1,055,004

 

None

 

None

 

324,616

 

1,055,004

 

1,379,620

 

124,842

 

 

 

1/22/2013

 

300

 

Amory

 

MS

 

 

 

191,439

 

1,000,215

 

None

 

None

 

191,439

 

1,000,215

 

1,191,654

 

78,350

 

 

 

1/24/2014

 

300

 

Belzoni

 

MS

 

 

 

222,063

 

873,597

 

None

 

None

 

222,063

 

873,597

 

1,095,660

 

85,904

 

 

 

7/24/2013

 

300

 

Brookhaven

 

MS

 

 

 

198,152

 

779,533

 

None

 

None

 

198,152

 

779,533

 

977,685

 

71,457

 

 

 

9/30/2013

 

300

 

Brooksville

 

MS

 

 

 

114,899

 

765,676

 

None

 

None

 

114,899

 

765,676

 

880,575

 

59,978

 

 

 

1/24/2014

 

300

 

Canton

 

MS

 

 

 

960,000

 

2,510,516

 

None

 

None

 

960,000

 

2,510,516

 

3,470,516

 

196,657

 

 

 

1/31/2014

 

300

 

Coldwater

 

MS

 

 

 

169,202

 

884,035

 

None

 

None

 

169,202

 

884,035

 

1,053,237

 

69,249

 

 

 

1/24/2014

 

300

 

Crenshaw

 

MS

 

 

 

129,543

 

863,263

 

None

 

None

 

129,543

 

863,263

 

992,806

 

67,622

 

 

 

1/24/2014

 

300

 

Durant

 

MS

 

 

 

259,403

 

1,020,492

 

None

 

None

 

259,403

 

1,020,492

 

1,279,895

 

103,750

 

 

 

6/26/2013

 

300

 

Fayette

 

MS

 

 

 

120,531

 

803,210

 

None

 

None

 

120,531

 

803,210

 

923,741

 

62,918

 

 

 

1/24/2014

 

300

 

Fulton

 

MS

 

 

 

192,188

 

1,004,128

 

None

 

None

 

192,188

 

1,004,128

 

1,196,316

 

78,657

 

 

 

1/24/2014

 

300

 

Hickory Flat

 

MS

 

 

 

132,720

 

884,431

 

None

 

None

 

132,720

 

884,431

 

1,017,151

 

69,280

 

 

 

1/24/2014

 

300

 

Horn Lake

 

MS

 

 

 

369,539

 

914,893

 

None

 

None

 

369,539

 

914,893

 

1,284,432

 

71,667

 

 

 

1/24/2014

 

300

 

Iuka

 

MS

 

 

 

161,047

 

841,427

 

None

 

None

 

161,047

 

841,427

 

1,002,474

 

65,912

 

 

 

1/24/2014

 

300

 

Jackson

 

MS

 

 

 

465,674

 

864,824

 

None

 

None

 

465,674

 

864,824

 

1,330,498

 

122,517

 

 

 

6/1/2012

 

300

 

Jackson

 

MS

 

 

 

668,518

 

1,241,534

 

None

 

None

 

668,518

 

1,241,534

 

1,910,052

 

175,884

 

 

 

6/1/2012

 

300

 

Jackson

 

MS

 

 

 

219,884

 

865,026

 

None

 

None

 

219,884

 

865,026

 

1,084,910

 

87,944

 

 

 

6/6/2013

 

300

 

Jackson

 

MS

 

 

 

234,313

 

921,789

 

None

 

None

 

234,313

 

921,789

 

1,156,102

 

93,715

 

 

 

6/26/2013

 

300

 

Jackson

 

MS

 

 

 

218,911

 

861,196

 

None

 

None

 

218,911

 

861,196

 

1,080,107

 

81,814

 

 

 

8/22/2013

 

300

 

Jackson

 

MS

 

 

 

220,000

 

807,338

 

None

 

None

 

220,000

 

807,338

 

1,027,338

 

63,241

 

 

 

1/24/2014

 

300

 

Jackson

 

MS

 

 

 

288,120

 

713,319

 

None

 

None

 

288,120

 

713,319

 

1,001,439

 

55,877

 

 

 

1/24/2014

 

300

 

Jackson

 

MS

 

 

 

273,913

 

678,145

 

None

 

None

 

273,913

 

678,145

 

952,058

 

53,121

 

 

 

1/24/2014

 

300

 

Kossuth

 

MS

 

 

 

280,000

 

725,755

 

None

 

None

 

280,000

 

725,755

 

1,005,755

 

56,851

 

 

 

1/24/2014

 

300

 

Lauderdale

 

MS

 

 

 

141,934

 

945,836

 

None

 

None

 

141,934

 

945,836

 

1,087,770

 

74,090

 

 

 

1/24/2014

 

300

 

Liberty

 

MS

 

 

 

432,170

 

802,601

 

None

 

None

 

432,170

 

802,601

 

1,234,771

 

113,702

 

 

 

6/1/2012

 

300

 

Lucedale

 

MS

 

 

 

185,603

 

730,164

 

None

 

None

 

185,603

 

730,164

 

915,767

 

74,233

 

 

 

6/26/2013

 

300

 

Moselle

 

MS

 

 

 

119,405

 

795,703

 

None

 

None

 

119,405

 

795,703

 

915,108

 

62,330

 

 

 

1/24/2014

 

300

 

Moss Point

 

MS

 

 

 

205,776

 

809,525

 

None

 

None

 

205,776

 

809,525

 

1,015,301

 

82,302

 

 

 

6/26/2013

 

300

 

Myrtle

 

MS

 

 

 

112,646

 

750,663

 

None

 

None

 

112,646

 

750,663

 

863,309

 

58,802

 

 

 

1/24/2014

 

300

 

Oakland

 

MS

 

 

 

143,737

 

957,846

 

None

 

None

 

143,737

 

957,846

 

1,101,583

 

75,031

 

 

 

1/24/2014

 

300

 

Okolona

 

MS

 

 

 

170,244

 

1,134,490

 

None

 

None

 

170,244

 

1,134,490

 

1,304,734

 

88,868

 

 

 

1/24/2014

 

300

 

Picayune

 

MS

 

 

 

203,708

 

801,388

 

None

 

None

 

203,708

 

801,388

 

1,005,096

 

81,474

 

 

 

6/26/2013

 

300

 

Pope

 

MS

 

 

 

170,478

 

890,701

 

None

 

None

 

170,478

 

890,701

 

1,061,179

 

69,772

 

 

 

1/24/2014

 

300

 

Shaw

 

MS

 

 

 

121,095

 

806,963

 

None

 

None

 

121,095

 

806,963

 

928,058

 

63,212

 

 

 

1/24/2014

 

300

 

Southaven

 

MS

 

 

 

284,495

 

1,119,205

 

None

 

None

 

284,495

 

1,119,205

 

1,403,700

 

106,324

 

 

 

8/22/2013

 

300

 

Starkville

 

MS

 

 

 

170,000

 

745,108

 

None

 

None

 

170,000

 

745,108

 

915,108

 

58,367

 

 

 

1/24/2014

 

300

 

Thaxton

 

MS

 

 

 

122,784

 

818,223

 

None

 

None

 

122,784

 

818,223

 

941,007

 

64,094

 

 

 

1/24/2014

 

300

 

Tunica

 

MS

 

 

 

166,859

 

656,426

 

7,725

 

None

 

166,859

 

664,151

 

831,010

 

60,253

 

 

 

9/13/2013

 

300

 

Tupelo

 

MS

 

 

 

350,960

 

868,896

 

None

 

None

 

350,960

 

868,896

 

1,219,856

 

68,064

 

 

 

1/24/2014

 

300

 

 

F-20



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vicksburg

 

MS

 

 

 

577,491

 

1,072,483

 

None

 

None

 

577,491

 

1,072,483

 

1,649,974

 

151,935

 

 

 

6/1/2012

 

300

 

Waynesboro

 

MS

 

 

 

126,164

 

840,743

 

None

 

None

 

126,164

 

840,743

 

966,907

 

65,858

 

 

 

1/24/2014

 

300

 

Benson

 

NC

 

 

 

880,000

 

1,245,899

 

None

 

None

 

880,000

 

1,245,899

 

2,125,899

 

97,595

 

 

 

1/24/2014

 

300

 

Bridgeton

 

NC

 

 

 

266,399

 

756,863

 

14,675

 

None

 

266,399

 

771,538

 

1,037,937

 

62,299

 

 

 

12/20/2013

 

300

 

Burgaw

 

NC

 

 

 

239,304

 

1,250,293

 

None

 

None

 

239,304

 

1,250,293

 

1,489,597

 

97,940

 

 

 

1/24/2014

 

300

 

Candler

 

NC

 

 

 

650,000

 

2,637,579

 

None

 

None

 

650,000

 

2,637,579

 

3,287,579

 

206,610

 

 

 

1/31/2014

 

300

 

Candor

 

NC

 

 

 

203,498

 

800,561

 

None

 

None

 

203,498

 

800,561

 

1,004,059

 

73,385

 

 

 

9/6/2013

 

300

 

Charlotte

 

NC

 

 

 

404,476

 

1,149,152

 

None

 

None

 

404,476

 

1,149,152

 

1,553,628

 

74,695

 

 

 

5/8/2014

 

300

 

Chocowinity

 

NC

 

 

 

225,493

 

920,001

 

None

 

None

 

225,493

 

920,001

 

1,145,494

 

99,667

 

 

 

4/4/2013

 

300

 

Dublin

 

NC

 

 

 

130,369

 

681,142

 

None

 

None

 

130,369

 

681,142

 

811,511

 

53,356

 

 

 

1/24/2014

 

300

 

Durham

 

NC

 

 

 

442,367

 

821,540

 

None

 

None

 

442,367

 

821,540

 

1,263,907

 

99,954

 

 

 

12/14/2012

 

300

 

Engelhard

 

NC

 

 

 

107,915

 

719,135

 

None

 

None

 

107,915

 

719,135

 

827,050

 

56,332

 

 

 

1/24/2014

 

300

 

Erwin

 

NC

 

 

 

132,370

 

639,988

 

6,335

 

None

 

132,370

 

646,323

 

778,693

 

52,494

 

 

 

12/20/2013

 

300

 

Fairmont

 

NC

 

 

 

163,886

 

856,258

 

None

 

None

 

163,886

 

856,258

 

1,020,144

 

67,074

 

 

 

1/24/2014

 

300

 

Gibonsville

 

NC

 

 

 

196,942

 

774,770

 

None

 

None

 

196,942

 

774,770

 

971,712

 

71,021

 

 

 

9/10/2013

 

300

 

Greensboro

 

NC

 

 

 

325,349

 

1,279,926

 

None

 

None

 

325,349

 

1,279,926

 

1,605,275

 

121,593

 

 

 

8/8/2013

 

300

 

Greensboro

 

NC

 

 

 

282,204

 

801,768

 

None

 

None

 

282,204

 

801,768

 

1,083,972

 

57,460

 

 

 

3/27/2014

 

300

 

Greenville

 

NC

 

 

 

516,944

 

1,279,833

 

None

 

None

 

516,944

 

1,279,833

 

1,796,777

 

100,254

 

 

 

1/24/2014

 

300

 

Henderson

 

NC

 

 

 

428,455

 

1,060,754

 

None

 

None

 

428,455

 

1,060,754

 

1,489,209

 

83,092

 

 

 

1/24/2014

 

300

 

Hertford

 

NC

 

 

 

213,160

 

1,030,599

 

None

 

None

 

213,160

 

1,030,599

 

1,243,759

 

80,730

 

 

 

1/31/2014

 

300

 

Hudson

 

NC

 

 

 

222,436

 

875,064

 

None

 

None

 

222,436

 

875,064

 

1,097,500

 

83,131

 

 

 

8/22/2013

 

300

 

Kannapolis

 

NC

 

 

 

351,788

 

870,946

 

None

 

None

 

351,788

 

870,946

 

1,222,734

 

68,224

 

 

 

1/24/2014

 

300

 

Kings Mountain

 

NC

 

 

 

492,867

 

915,324

 

None

 

None

 

492,867

 

915,324

 

1,408,191

 

111,364

 

 

 

12/14/2012

 

300

 

Kinston

 

NC

 

 

 

261,745

 

1,029,709

 

None

 

None

 

261,745

 

1,029,709

 

1,291,454

 

104,687

 

 

 

6/11/2013

 

300

 

Lexington

 

NC

 

 

 

242,683

 

954,717

 

None

 

None

 

242,683

 

954,717

 

1,197,400

 

90,698

 

 

 

8/22/2013

 

300

 

Lincolnton

 

NC

 

 

 

343,797

 

638,479

 

None

 

None

 

343,797

 

638,479

 

982,276

 

77,682

 

 

 

12/14/2012

 

300

 

Lumberton

 

NC

 

 

 

459,702

 

853,731

 

None

 

None

 

459,702

 

853,731

 

1,313,433

 

103,871

 

 

 

12/14/2012

 

300

 

Marion

 

NC

 

 

 

475,680

 

883,406

 

None

 

None

 

475,680

 

883,406

 

1,359,086

 

107,481

 

 

 

12/14/2012

 

300

 

Morganton

 

NC

 

 

 

197,304

 

776,196

 

None

 

None

 

197,304

 

776,196

 

973,500

 

73,739

 

 

 

8/22/2013

 

300

 

Mount Airy

 

NC

 

 

 

336,314

 

832,635

 

None

 

None

 

336,314

 

832,635

 

1,168,949

 

65,223

 

 

 

1/24/2014

 

300

 

North Wilkesboro

 

NC

 

 

 

147,567

 

770,994

 

None

 

None

 

147,567

 

770,994

 

918,561

 

60,395

 

 

 

1/24/2014

 

300

 

Rocky Mount

 

NC

 

 

 

218,842

 

860,925

 

None

 

None

 

218,842

 

860,925

 

1,079,767

 

78,918

 

 

 

9/19/2013

 

300

 

Snow Hill

 

NC

 

 

 

224,094

 

914,294

 

None

 

None

 

224,094

 

914,294

 

1,138,388

 

99,049

 

 

 

4/4/2013

 

300

 

Spring Hope

 

NC

 

 

 

226,533

 

1,183,568

 

None

 

None

 

226,533

 

1,183,568

 

1,410,101

 

92,713

 

 

 

1/24/2014

 

300

 

Stantonsburg

 

NC

 

 

 

173,832

 

1,158,398

 

None

 

None

 

173,832

 

1,158,398

 

1,332,230

 

90,741

 

 

 

1/24/2014

 

300

 

Statesville

 

NC

 

 

 

166,429

 

869,543

 

None

 

None

 

166,429

 

869,543

 

1,035,972

 

68,114

 

 

 

1/24/2014

 

300

 

Taylorsville

 

NC

 

 

 

336,401

 

624,744

 

None

 

None

 

336,401

 

624,744

 

961,145

 

76,011

 

 

 

12/14/2012

 

300

 

Taylorsville

 

NC

 

 

 

222,473

 

875,210

 

None

 

None

 

222,473

 

875,210

 

1,097,683

 

86,062

 

 

 

7/3/2013

 

300

 

Winterville

 

NC

 

 

 

250,429

 

465,082

 

None

 

None

 

250,429

 

465,082

 

715,511

 

65,887

 

 

 

6/1/2012

 

300

 

Holdrege

 

NE

 

 

 

216,987

 

1,049,100

 

None

 

None

 

216,987

 

1,049,100

 

1,266,087

 

89,174

 

 

 

11/15/2013

 

300

 

Lexington

 

NE

 

 

 

370,620

 

688,294

 

None

 

None

 

370,620

 

688,294

 

1,058,914

 

83,742

 

 

 

12/14/2012

 

300

 

Loup City

 

NE

 

 

 

110,000

 

1,011,762

 

None

 

None

 

110,000

 

1,011,762

 

1,121,762

 

1,686

 

 

 

12/15/2015

 

300

 

Minden

 

NE

 

 

 

310,000

 

924,792

 

None

 

None

 

310,000

 

924,792

 

1,234,792

 

1,541

 

 

 

12/15/2015

 

300

 

Nebraska City

 

NE

 

 

 

190,852

 

354,439

 

None

 

None

 

190,852

 

354,439

 

545,291

 

43,123

 

 

 

12/14/2012

 

300

 

Norfolk

 

NE

 

 

 

222,044

 

873,523

 

None

 

None

 

222,044

 

873,523

 

1,095,567

 

80,073

 

 

 

9/25/2013

 

300

 

Pierce

 

NE

 

 

 

160,000

 

1,038,132

 

None

 

None

 

160,000

 

1,038,132

 

1,198,132

 

1,730

 

 

 

12/15/2015

 

300

 

Red Cloud

 

NE

 

 

 

160,000

 

961,006

 

None

 

None

 

160,000

 

961,006

 

1,121,006

 

1,602

 

 

 

12/15/2015

 

300

 

South Sioux City

 

NE

 

 

 

290,379

 

539,274

 

None

 

None

 

290,379

 

539,274

 

829,653

 

76,397

 

 

 

6/1/2012

 

300

 

Valentine

 

NE

 

 

 

146,625

 

1,068,632

 

None

 

None

 

146,625

 

1,068,632

 

1,215,257

 

90,834

 

 

 

11/15/2013

 

300

 

Manchester

 

NH

 

 

 

457,288

 

849,249

 

None

 

None

 

457,288

 

849,249

 

1,306,537

 

103,325

 

 

 

12/14/2012

 

300

 

Walpole

 

NH

 

 

 

477,671

 

887,103

 

None

 

None

 

477,671

 

887,103

 

1,364,774

 

107,931

 

 

 

12/14/2012

 

300

 

Malaga

 

NJ

 

 

 

513,159

 

953,010

 

None

 

None

 

513,159

 

953,010

 

1,466,169

 

115,950

 

 

 

12/14/2012

 

300

 

Penns Grove

 

NJ

 

 

 

416,842

 

1,639,858

 

None

 

None

 

416,842

 

1,639,858

 

2,056,700

 

155,787

 

 

 

8/22/2013

 

300

 

Albuquerque

 

NM

 

 

 

281,887

 

523,504

 

None

 

None

 

281,887

 

523,504

 

805,391

 

74,163

 

 

 

6/1/2012

 

300

 

Albuquerque

 

NM

 

 

 

395,457

 

1,123,530

 

None

 

None

 

395,457

 

1,123,530

 

1,518,987

 

80,520

 

 

 

3/14/2014

 

300

 

Albuquerque

 

NM

 

 

 

470,559

 

1,343,072

 

None

 

None

 

470,559

 

1,343,072

 

1,813,631

 

64,915

 

 

 

10/6/2014

 

300

 

Belen

 

NM

 

 

 

195,662

 

1,022,280

 

None

 

None

 

195,662

 

1,022,280

 

1,217,942

 

80,079

 

 

 

1/24/2014

 

300

 

Bloomfield

 

NM

 

 

 

458,086

 

850,732

 

None

 

None

 

458,086

 

850,732

 

1,308,818

 

120,520

 

 

 

6/1/2012

 

300

 

Chama

 

NM

 

 

 

392,836

 

729,552

 

None

 

None

 

392,836

 

729,552

 

1,122,388

 

88,762

 

 

 

12/14/2012

 

300

 

Clovis

 

NM

 

 

 

194,637

 

765,705

 

None

 

None

 

194,637

 

765,705

 

960,342

 

77,847

 

 

 

6/21/2013

 

300

 

Cuba

 

NM

 

 

 

543,339

 

1,009,059

 

None

 

None

 

543,339

 

1,009,059

 

1,552,398

 

142,950

 

 

 

6/1/2012

 

300

 

Kirtland

 

NM

 

 

 

688,532

 

1,278,703

 

None

 

None

 

688,532

 

1,278,703

 

1,967,235

 

181,150

 

 

 

6/1/2012

 

300

 

Las Cruces

 

NM

 

 

 

331,422

 

615,497

 

None

 

None

 

331,422

 

615,497

 

946,919

 

87,195

 

 

 

6/1/2012

 

300

 

Los Lunas

 

NM

 

 

 

505,257

 

938,335

 

None

 

None

 

505,257

 

938,335

 

1,443,592

 

132,931

 

 

 

6/1/2012

 

300

 

Roswell

 

NM

 

 

 

334,874

 

829,069

 

None

 

None

 

334,874

 

829,069

 

1,163,943

 

64,944

 

 

 

1/24/2014

 

300

 

Tularosa

 

NM

 

 

 

233,037

 

432,782

 

None

 

None

 

233,037

 

432,782

 

665,819

 

52,655

 

 

 

12/14/2012

 

300

 

Tularosa

 

NM

 

 

 

192,325

 

1,004,841

 

None

 

None

 

192,325

 

1,004,841

 

1,197,166

 

78,713

 

 

 

1/24/2014

 

300

 

Vanderwagon

 

NM

 

 

 

667,383

 

1,239,426

 

None

 

None

 

667,383

 

1,239,426

 

1,906,809

 

175,585

 

 

 

6/1/2012

 

300

 

Mesquite

 

NV

 

 

 

225,609

 

418,988

 

None

 

None

 

225,609

 

418,988

 

644,597

 

59,357

 

 

 

6/1/2012

 

300

 

Mesquite

 

NV

 

 

 

231,028

 

1,116,987

 

None

 

None

 

231,028

 

1,116,987

 

1,348,015

 

91,221

 

 

 

12/10/2013

 

300

 

Sun Valley

 

NV

 

 

 

364,207

 

1,432,793

 

None

 

None

 

364,207

 

1,432,793

 

1,797,000

 

136,115

 

 

 

8/22/2013

 

300

 

Bath

 

NY

 

 

 

145,625

 

760,850

 

None

 

None

 

145,625

 

760,850

 

906,475

 

59,600

 

 

 

1/24/2014

 

300

 

Binghamton

 

NY

 

 

 

256,309

 

728,197

 

None

 

None

 

256,309

 

728,197

 

984,506

 

44,905

 

 

 

6/30/2014

 

300

 

Buffalo

 

NY

 

 

 

356,992

 

1,014,248

 

None

 

None

 

356,992

 

1,014,248

 

1,371,240

 

79,449

 

 

 

1/31/2014

 

300

 

Chaumont

 

NY

 

 

 

137,438

 

915,872

 

None

 

None

 

137,438

 

915,872

 

1,053,310

 

71,743

 

 

 

1/24/2014

 

300

 

Falconer

 

NY

 

 

 

541,451

 

1,340,506

 

None

 

None

 

541,451

 

1,340,506

 

1,881,957

 

105,006

 

 

 

1/24/2014

 

300

 

Gouverneur

 

NY

 

 

 

485,614

 

901,855

 

None

 

None

 

485,614

 

901,855

 

1,387,469

 

109,726

 

 

 

12/14/2012

 

300

 

Gowanda

 

NY

 

 

 

503,722

 

935,484

 

None

 

None

 

503,722

 

935,484

 

1,439,206

 

132,527

 

 

 

6/1/2012

 

300

 

Malone

 

NY

 

 

 

119,467

 

577,603

 

1,863

 

None

 

119,467

 

579,466

 

698,933

 

47,307

 

 

 

12/20/2013

 

300

 

Rochester

 

NY

 

 

 

307,714

 

890,061

 

9,145

 

None

 

307,714

 

899,206

 

1,206,920

 

8,753

 

 

 

10/9/2015

 

300

 

Schenectady

 

NY

 

 

 

468,077

 

869,287

 

None

 

None

 

468,077

 

869,287

 

1,337,364

 

105,763

 

 

 

12/14/2012

 

300

 

Schroon Lake

 

NY

 

 

 

106,612

 

777,013

 

None

 

None

 

106,612

 

777,013

 

883,625

 

63,456

 

 

 

12/20/2013

 

300

 

Syracuse

 

NY

 

 

 

376,119

 

619,343

 

None

 

None

 

376,119

 

619,343

 

995,462

 

5,821

 

 

 

10/9/2015

 

300

 

Andover

 

OH

 

 

 

469,209

 

871,388

 

None

 

None

 

469,209

 

871,388

 

1,340,597

 

106,019

 

 

 

12/14/2012

 

300

 

Arcanum

 

OH

 

 

 

300,000

 

1,051,000

 

None

 

None

 

300,000

 

1,051,000

 

1,351,000

 

1,752

 

 

 

12/15/2015

 

300

 

Bettsville

 

OH

 

 

 

60,000

 

1,088,013

 

None

 

None

 

60,000

 

1,088,013

 

1,148,013

 

1,813

 

 

 

12/15/2015

 

300

 

Blanchester

 

OH

 

 

 

359,899

 

668,383

 

None

 

None

 

359,899

 

668,383

 

1,028,282

 

81,320

 

 

 

12/14/2012

 

300

 

Bradford

 

OH

 

 

 

172,945

 

836,166

 

None

 

None

 

172,945

 

836,166

 

1,009,111

 

73,861

 

 

 

10/22/2013

 

300

 

Bremen

 

OH

 

 

 

354,866

 

1,153,316

 

None

 

None

 

354,866

 

1,153,316

 

1,508,182

 

136,476

 

 

 

1/22/2013

 

300

 

Cardington

 

OH

 

 

 

364,843

 

1,185,739

 

None

 

None

 

364,843

 

1,185,739

 

1,550,582

 

140,312

 

 

 

1/22/2013

 

300

 

Chillicothe

 

OH

 

 

 

322,923

 

1,049,499

 

17,350

 

None

 

322,923

 

1,066,849

 

1,389,772

 

130,978

 

 

 

1/22/2013

 

300

 

Cincinnati

 

OH

 

 

 

263,944

 

1,038,356

 

None

 

None

 

263,944

 

1,038,356

 

1,302,300

 

98,644

 

 

 

8/22/2013

 

300

 

Columbus

 

OH

 

 

 

574,968

 

1,067,799

 

None

 

None

 

574,968

 

1,067,799

 

1,642,767

 

151,271

 

 

 

6/1/2012

 

300

 

Columbus

 

OH

 

 

 

359,083

 

666,868

 

None

 

None

 

359,083

 

666,868

 

1,025,951

 

94,473

 

 

 

6/1/2012

 

300

 

Columbus

 

OH

 

 

 

361,678

 

895,430

 

None

 

None

 

361,678

 

895,430

 

1,257,108

 

70,142

 

 

 

1/24/2014

 

300

 

Conneaut

 

OH

 

 

 

166,644

 

805,700

 

None

 

None

 

166,644

 

805,700

 

972,344

 

71,170

 

 

 

10/22/2013

 

300

 

Dayton

 

OH

 

 

 

315,477

 

1,025,302

 

None

 

None

 

315,477

 

1,025,302

 

1,340,779

 

121,327

 

 

 

1/22/2013

 

300

 

Elyria

 

OH

 

 

 

251,256

 

988,444

 

None

 

None

 

251,256

 

988,444

 

1,239,700

 

93,902

 

 

 

8/22/2013

 

300

 

Fairfield

 

OH

 

 

 

219,943

 

865,257

 

None

 

None

 

219,943

 

865,257

 

1,085,200

 

82,199

 

 

 

8/22/2013

 

300

 

Fayette

 

OH

 

 

 

316,318

 

1,028,034

 

None

 

None

 

316,318

 

1,028,034

 

1,344,352

 

121,651

 

 

 

1/22/2013

 

300

 

Findlay

 

OH

 

 

 

238,609

 

938,689

 

None

 

None

 

238,609

 

938,689

 

1,177,298

 

95,433

 

 

 

6/21/2013

 

300

 

Fostoria

 

OH

 

 

 

262,910

 

1,034,290

 

None

 

None

 

262,910

 

1,034,290

 

1,297,200

 

98,258

 

 

 

8/22/2013

 

300

 

Georgetown

 

OH

 

 

 

381,051

 

707,665

 

None

 

None

 

381,051

 

707,665

 

1,088,716

 

86,099

 

 

 

12/14/2012

 

300

 

Grand Rapids

 

OH

 

 

 

80,000

 

1,072,480

 

None

 

None

 

80,000

 

1,072,480

 

1,152,480

 

1,787

 

 

 

12/15/2015

 

300

 

Greenwich

 

OH

 

 

 

146,371

 

975,399

 

None

 

None

 

146,371

 

975,399

 

1,121,770

 

76,406

 

 

 

1/24/2014

 

300

 

Howard

 

OH

 

 

 

169,394

 

885,037

 

None

 

None

 

169,394

 

885,037

 

1,054,431

 

69,328

 

 

 

1/24/2014

 

300

 

Huber Heights

 

OH

 

 

 

230,867

 

908,233

 

None

 

None

 

230,867

 

908,233

 

1,139,100

 

86,282

 

 

 

8/22/2013

 

300

 

Kenton

 

OH

 

 

 

400,787

 

744,320

 

None

 

None

 

400,787

 

744,320

 

1,145,107

 

105,445

 

 

 

6/1/2012

 

300

 

Kingston

 

OH

 

 

 

373,121

 

1,212,643

 

None

 

None

 

373,121

 

1,212,643

 

1,585,764

 

143,496

 

 

 

1/22/2013

 

300

 

Litchfield

 

OH

 

 

 

110,000

 

1,077,669

 

None

 

None

 

110,000

 

1,077,669

 

1,187,669

 

1,796

 

 

 

12/15/2015

 

300

 

Lorain

 

OH

 

 

 

248,933

 

979,305

 

None

 

None

 

248,933

 

979,305

 

1,228,238

 

99,563

 

 

 

6/21/2013

 

300

 

 

F-21



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manchester

 

OH

 

 

 

371,453

 

689,842

 

None

 

None

 

371,453

 

689,842

 

1,061,295

 

83,931

 

 

 

12/14/2012

 

300

 

Marengo

 

OH

 

 

 

213,500

 

839,910

 

None

 

None

 

213,500

 

839,910

 

1,053,410

 

76,992

 

 

 

9/26/2013

 

300

 

Mechanicsburg

 

OH

 

 

 

350,151

 

650,280

 

None

 

None

 

350,151

 

650,280

 

1,000,431

 

92,123

 

 

 

6/1/2012

 

300

 

Nashport

 

OH

 

 

 

319,015

 

1,036,799

 

None

 

None

 

319,015

 

1,036,799

 

1,355,814

 

122,688

 

 

 

1/22/2013

 

300

 

New Miami

 

OH

 

 

 

212,241

 

834,959

 

None

 

None

 

212,241

 

834,959

 

1,047,200

 

79,321

 

 

 

8/22/2013

 

300

 

Niles

 

OH

 

 

 

143,213

 

1,290,585

 

None

 

None

 

143,213

 

1,290,585

 

1,433,798

 

2,151

 

 

 

12/15/2015

 

300

 

Oak Harbor

 

OH

 

 

 

373,483

 

1,213,820

 

None

 

None

 

373,483

 

1,213,820

 

1,587,303

 

143,635

 

 

 

1/22/2013

 

300

 

Orwell

 

OH

 

 

 

293,628

 

545,309

 

None

 

None

 

293,628

 

545,309

 

838,937

 

77,252

 

 

 

6/1/2012

 

300

 

Peebles

 

OH

 

 

 

436,054

 

809,815

 

None

 

None

 

436,054

 

809,815

 

1,245,869

 

98,527

 

 

 

12/14/2012

 

300

 

Perry

 

OH

 

 

 

70,000

 

1,126,327

 

None

 

None

 

70,000

 

1,126,327

 

1,196,327

 

1,877

 

 

 

12/15/2015

 

300

 

Racine

 

OH

 

 

 

183,196

 

957,149

 

None

 

None

 

183,196

 

957,149

 

1,140,345

 

74,977

 

 

 

1/24/2014

 

300

 

Richwood

 

OH

 

 

 

157,044

 

1,046,524

 

None

 

None

 

157,044

 

1,046,524

 

1,203,568

 

81,978

 

 

 

1/24/2014

 

300

 

Ripley

 

OH

 

 

 

359,515

 

667,671

 

None

 

None

 

359,515

 

667,671

 

1,027,186

 

94,587

 

 

 

6/1/2012

 

300

 

Rockford

 

OH

 

 

 

117,012

 

852,812

 

None

 

None

 

117,012

 

852,812

 

969,824

 

72,489

 

 

 

11/15/2013

 

300

 

Seville

 

OH

 

 

 

335,945

 

1,091,822

 

None

 

None

 

335,945

 

1,091,822

 

1,427,767

 

129,199

 

 

 

1/22/2013

 

300

 

Springfield

 

OH

 

 

 

246,216

 

968,616

 

None

 

None

 

246,216

 

968,616

 

1,214,832

 

98,476

 

 

 

6/21/2013

 

300

 

Tarlton

 

OH

 

 

 

190,000

 

1,224,928

 

None

 

None

 

190,000

 

1,224,928

 

1,414,928

 

2,042

 

 

 

12/15/2015

 

300

 

Thornville

 

OH

 

 

 

285,644

 

928,344

 

17,943

 

None

 

285,644

 

946,287

 

1,231,931

 

115,282

 

 

 

1/22/2013

 

300

 

Toronto

 

OH

 

 

 

356,055

 

1,011,585

 

None

 

None

 

356,055

 

1,011,585

 

1,367,640

 

82,613

 

 

 

12/17/2013

 

300

 

Trenton

 

OH

 

 

 

439,388

 

707,205

 

None

 

None

 

439,388

 

707,205

 

1,146,593

 

6,826

 

 

 

10/9/2015

 

300

 

Warren

 

OH

 

 

 

505,805

 

939,353

 

None

 

None

 

505,805

 

939,353

 

1,445,158

 

133,075

 

 

 

6/1/2012

 

300

 

West Carrollton

 

OH

 

 

 

152,451

 

1,373,835

 

None

 

None

 

152,451

 

1,373,835

 

1,526,286

 

2,290

 

 

 

12/15/2015

 

300

 

Withamsville

 

OH

 

 

 

276,510

 

1,087,790

 

None

 

None

 

276,510

 

1,087,790

 

1,364,300

 

103,340

 

 

 

8/22/2013

 

300

 

Afton

 

OK

 

 

 

113,611

 

757,094

 

None

 

None

 

113,611

 

757,094

 

870,705

 

59,306

 

 

 

1/24/2014

 

300

 

Antlers

 

OK

 

 

 

149,985

 

1,093,124

 

None

 

None

 

149,985

 

1,093,124

 

1,243,109

 

81,984

 

 

 

2/27/2014

 

300

 

Ardmore

 

OK

 

 

 

347,932

 

646,160

 

None

 

None

 

347,932

 

646,160

 

994,092

 

91,539

 

 

 

6/1/2012

 

300

 

Broken Arrow

 

OK

 

 

 

356,064

 

881,533

 

None

 

None

 

356,064

 

881,533

 

1,237,597

 

69,053

 

 

 

1/24/2014

 

300

 

Claremore

 

OK

 

 

 

231,355

 

774,203

 

None

 

None

 

231,355

 

774,203

 

1,005,558

 

104,517

 

 

 

8/30/2012

 

300

 

Clayton

 

OK

 

 

 

533,789

 

826,041

 

None

 

None

 

533,789

 

826,041

 

1,359,830

 

106,009

 

 

 

10/31/2012

 

300

 

Cleveland

 

OK

 

 

 

196,277

 

1,307,968

 

None

 

None

 

196,277

 

1,307,968

 

1,504,245

 

102,457

 

 

 

1/24/2014

 

300

 

Collinsville

 

OK

 

 

 

289,014

 

715,532

 

None

 

None

 

289,014

 

715,532

 

1,004,546

 

56,050

 

 

 

1/24/2014

 

300

 

Davis

 

OK

 

 

 

569,738

 

881,672

 

None

 

None

 

569,738

 

881,672

 

1,451,410

 

113,148

 

 

 

10/31/2012

 

300

 

Drumright

 

OK

 

 

 

169,840

 

315,418

 

None

 

None

 

169,840

 

315,418

 

485,258

 

38,376

 

 

 

12/14/2012

 

300

 

Duncan

 

OK

 

 

 

430,448

 

799,403

 

None

 

None

 

430,448

 

799,403

 

1,229,851

 

97,261

 

 

 

12/14/2012

 

300

 

Elgin

 

OK

 

 

 

194,959

 

942,597

 

None

 

None

 

194,959

 

942,597

 

1,137,556

 

80,121

 

 

 

11/15/2013

 

300

 

Eufaula

 

OK

 

 

 

195,573

 

769,386

 

None

 

None

 

195,573

 

769,386

 

964,959

 

75,656

 

 

 

7/9/2013

 

300

 

Grove

 

OK

 

 

 

424,722

 

657,258

 

None

 

None

 

424,722

 

657,258

 

1,081,980

 

84,348

 

 

 

10/31/2012

 

300

 

Haskell

 

OK

 

 

 

228,333

 

424,047

 

None

 

None

 

228,333

 

424,047

 

652,380

 

60,073

 

 

 

6/1/2012

 

300

 

Haskell

 

OK

 

 

 

270,000

 

829,885

 

None

 

None

 

270,000

 

829,885

 

1,099,885

 

65,008

 

 

 

1/24/2014

 

300

 

Hollis

 

OK

 

 

 

61,713

 

880,041

 

None

 

None

 

61,713

 

880,041

 

941,754

 

118,806

 

 

 

8/30/2012

 

300

 

Hulbert

 

OK

 

 

 

395,384

 

611,858

 

None

 

None

 

395,384

 

611,858

 

1,007,242

 

78,522

 

 

 

10/31/2012

 

300

 

Kansas

 

OK

 

 

 

398,387

 

616,506

 

None

 

None

 

398,387

 

616,506

 

1,014,893

 

79,118

 

 

 

10/31/2012

 

300

 

Kellyville

 

OK

 

 

 

422,292

 

653,499

 

None

 

None

 

422,292

 

653,499

 

1,075,791

 

83,866

 

 

 

10/31/2012

 

300

 

Konawa

 

OK

 

 

 

390,916

 

604,945

 

None

 

None

 

390,916

 

604,945

 

995,861

 

77,635

 

 

 

10/31/2012

 

300

 

Lawton

 

OK

 

 

 

445,994

 

690,178

 

None

 

None

 

445,994

 

690,178

 

1,136,172

 

88,573

 

 

 

10/31/2012

 

300

 

Lexington

 

OK

 

 

 

128,927

 

673,606

 

None

 

None

 

128,927

 

673,606

 

802,533

 

52,766

 

 

 

1/24/2014

 

300

 

Mooreland

 

OK

 

 

 

110,000

 

968,647

 

None

 

None

 

110,000

 

968,647

 

1,078,647

 

1,614

 

 

 

12/15/2015

 

300

 

Newkirk

 

OK

 

 

 

100,999

 

673,045

 

None

 

None

 

100,999

 

673,045

 

774,044

 

52,722

 

 

 

1/24/2014

 

300

 

Norman

 

OK

 

 

 

173,541

 

906,703

 

None

 

None

 

173,541

 

906,703

 

1,080,244

 

71,025

 

 

 

1/24/2014

 

300

 

Oklahoma City

 

OK

 

 

 

400,000

 

678,788

 

None

 

None

 

400,000

 

678,788

 

1,078,788

 

87,111

 

 

 

10/31/2012

 

300

 

Oklahoma City

 

OK

 

 

 

318,134

 

590,821

 

None

 

None

 

318,134

 

590,821

 

908,955

 

71,883

 

 

 

12/14/2012

 

300

 

Shawnee

 

OK

 

 

 

288,016

 

534,887

 

None

 

None

 

288,016

 

534,887

 

822,903

 

75,776

 

 

 

6/1/2012

 

300

 

Shawnee

 

OK

 

 

 

419,371

 

648,979

 

None

 

None

 

419,371

 

648,979

 

1,068,350

 

83,286

 

 

 

10/31/2012

 

300

 

Shawnee

 

OK

 

 

 

246,641

 

610,625

 

None

 

None

 

246,641

 

610,625

 

857,266

 

47,832

 

 

 

1/24/2014

 

300

 

Sperry

 

OK

 

 

 

157,888

 

824,918

 

None

 

None

 

157,888

 

824,918

 

982,806

 

64,619

 

 

 

1/24/2014

 

300

 

Stratford

 

OK

 

 

 

392,814

 

607,881

 

None

 

None

 

392,814

 

607,881

 

1,000,695

 

78,011

 

 

 

10/31/2012

 

300

 

Tulsa

 

OK

 

 

 

433,486

 

670,822

 

None

 

None

 

433,486

 

670,822

 

1,104,308

 

86,089

 

 

 

10/31/2012

 

300

 

Tulsa

 

OK

 

 

 

312,846

 

774,535

 

None

 

None

 

312,846

 

774,535

 

1,087,381

 

60,672

 

 

 

1/24/2014

 

300

 

Wilson

 

OK

 

 

 

89,538

 

814,202

 

None

 

None

 

89,538

 

814,202

 

903,740

 

109,917

 

 

 

8/30/2012

 

300

 

Woodward

 

OK

 

 

 

221,150

 

802,563

 

None

 

None

 

221,150

 

802,563

 

1,023,713

 

108,346

 

 

 

8/30/2012

 

300

 

Lemont Furnace

 

PA

 

 

 

298,795

 

848,903

 

None

 

None

 

298,795

 

848,903

 

1,147,698

 

63,668

 

 

 

2/27/2014

 

300

 

Smithfield

 

PA

 

 

 

255,705

 

1,005,946

 

None

 

None

 

255,705

 

1,005,946

 

1,261,651

 

92,212

 

 

 

9/26/2013

 

300

 

Somerset

 

PA

 

 

 

301,986

 

1,188,014

 

None

 

None

 

301,986

 

1,188,014

 

1,490,000

 

112,861

 

 

 

8/22/2013

 

300

 

Cayce

 

SC

 

 

 

207,965

 

818,135

 

None

 

None

 

207,965

 

818,135

 

1,026,100

 

77,723

 

 

 

8/22/2013

 

300

 

Denmark

 

SC

 

 

 

220,498

 

867,442

 

None

 

None

 

220,498

 

867,442

 

1,087,940

 

79,515

 

 

 

9/30/2013

 

300

 

Florence

 

SC

 

 

 

190,573

 

777,528

 

None

 

None

 

190,573

 

777,528

 

968,101

 

84,232

 

 

 

4/23/2013

 

300

 

Heath Springs

 

SC

 

 

 

158,107

 

826,065

 

None

 

None

 

158,107

 

826,065

 

984,172

 

64,708

 

 

 

1/24/2014

 

300

 

Kingstree

 

SC

 

 

 

198,491

 

780,866

 

None

 

None

 

198,491

 

780,866

 

979,357

 

71,579

 

 

 

9/18/2013

 

300

 

Longs

 

SC

 

 

 

239,632

 

1,252,008

 

None

 

None

 

239,632

 

1,252,008

 

1,491,640

 

98,074

 

 

 

1/24/2014

 

300

 

Myrtle Beach

 

SC

 

 

 

268,056

 

497,817

 

None

 

None

 

268,056

 

497,817

 

765,873

 

60,568

 

 

 

12/14/2012

 

300

 

N Myrtle Beach

 

SC

 

 

 

155,168

 

610,432

 

None

 

None

 

155,168

 

610,432

 

765,600

 

57,991

 

 

 

8/22/2013

 

300

 

Newberry

 

SC

 

 

 

383,286

 

711,817

 

None

 

None

 

383,286

 

711,817

 

1,095,103

 

86,604

 

 

 

12/14/2012

 

300

 

North Charleston

 

SC

 

 

 

254,479

 

1,001,121

 

None

 

None

 

254,479

 

1,001,121

 

1,255,600

 

95,107

 

 

 

8/22/2013

 

300

 

Orangeburg

 

SC

 

 

 

60,000

 

691,079

 

None

 

None

 

60,000

 

691,079

 

751,079

 

54,135

 

 

 

1/24/2014

 

300

 

Ridgeland

 

SC

 

 

 

375,699

 

1,349,908

 

None

 

None

 

375,699

 

1,349,908

 

1,725,607

 

12,317

 

 

 

10/9/2015

 

300

 

Ridgeway

 

SC

 

 

 

126,727

 

844,496

 

None

 

None

 

126,727

 

844,496

 

971,223

 

66,152

 

 

 

1/24/2014

 

300

 

Timmonsville

 

SC

 

 

 

209,841

 

856,141

 

None

 

None

 

209,841

 

856,141

 

1,065,982

 

92,749

 

 

 

4/23/2013

 

300

 

Union

 

SC

 

 

 

225,174

 

885,835

 

None

 

None

 

225,174

 

885,835

 

1,111,009

 

81,202

 

 

 

9/30/2013

 

300

 

Westminster

 

SC

 

 

 

350,000

 

987,266

 

None

 

None

 

350,000

 

987,266

 

1,337,266

 

77,336

 

 

 

1/24/2014

 

300

 

Chamberlain

 

SD

 

 

 

588,809

 

969,571

 

None

 

None

 

588,809

 

969,571

 

1,558,380

 

9,113

 

 

 

10/9/2015

 

300

 

Rapid City

 

SD

 

 

 

125,477

 

1,130,755

 

None

 

None

 

125,477

 

1,130,755

 

1,256,232

 

1,885

 

 

 

12/15/2015

 

300

 

Adams

 

TN

 

 

 

121,868

 

812,117

 

None

 

None

 

121,868

 

812,117

 

933,985

 

63,616

 

 

 

1/24/2014

 

300

 

Bethel Springs

 

TN

 

 

 

134,530

 

702,880

 

None

 

None

 

134,530

 

702,880

 

837,410

 

55,059

 

 

 

1/24/2014

 

300

 

Bloomington Sprgs

 

TN

 

 

 

173,585

 

906,933

 

None

 

None

 

173,585

 

906,933

 

1,080,518

 

71,043

 

 

 

1/24/2014

 

300

 

Caryville

 

TN

 

 

 

218,883

 

861,087

 

None

 

None

 

218,883

 

861,087

 

1,079,970

 

78,933

 

 

 

9/24/2013

 

300

 

Celina

 

TN

 

 

 

157,341

 

1,048,501

 

None

 

None

 

157,341

 

1,048,501

 

1,205,842

 

82,133

 

 

 

1/24/2014

 

300

 

Church Hill

 

TN

 

 

 

220,676

 

868,141

 

None

 

None

 

220,676

 

868,141

 

1,088,817

 

82,473

 

 

 

8/1/2013

 

300

 

Cordova

 

TN

 

 

 

362,262

 

896,875

 

None

 

None

 

362,262

 

896,875

 

1,259,137

 

70,255

 

 

 

1/24/2014

 

300

 

Covington

 

TN

 

 

 

192,392

 

1,005,191

 

None

 

None

 

192,392

 

1,005,191

 

1,197,583

 

78,740

 

 

 

1/24/2014

 

300

 

Crossville

 

TN

 

 

 

224,273

 

882,294

 

None

 

None

 

224,273

 

882,294

 

1,106,567

 

80,877

 

 

 

9/24/2013

 

300

 

Dresden

 

TN

 

 

 

169,202

 

884,035

 

None

 

None

 

169,202

 

884,035

 

1,053,237

 

69,249

 

 

 

1/24/2014

 

300

 

Dyersburg

 

TN

 

 

 

138,691

 

724,619

 

None

 

None

 

138,691

 

724,619

 

863,310

 

56,762

 

 

 

1/24/2014

 

300

 

Dyersburg

 

TN

 

 

 

134,528

 

702,868

 

None

 

None

 

134,528

 

702,868

 

837,396

 

55,058

 

 

 

1/24/2014

 

300

 

Friendship

 

TN

 

 

 

129,543

 

863,263

 

None

 

None

 

129,543

 

863,263

 

992,806

 

67,622

 

 

 

1/24/2014

 

300

 

Grand Junction

 

TN

 

 

 

119,405

 

795,703

 

None

 

None

 

119,405

 

795,703

 

915,108

 

62,330

 

 

 

1/24/2014

 

300

 

Grimsley

 

TN

 

 

 

190,000

 

832,058

 

None

 

None

 

190,000

 

832,058

 

1,022,058

 

76,272

 

 

 

9/24/2013

 

300

 

Halls

 

TN

 

 

 

224,485

 

1,172,868

 

None

 

None

 

224,485

 

1,172,868

 

1,397,353

 

91,875

 

 

 

1/24/2014

 

300

 

Harriman

 

TN

 

 

 

260,000

 

975,515

 

None

 

None

 

260,000

 

975,515

 

1,235,515

 

73,164

 

 

 

2/5/2014

 

300

 

Humboldt

 

TN

 

 

 

163,042

 

665,204

 

None

 

None

 

163,042

 

665,204

 

828,246

 

74,281

 

 

 

3/19/2013

 

300

 

Madisonville

 

TN

 

 

 

185,976

 

731,631

 

None

 

None

 

185,976

 

731,631

 

917,607

 

69,505

 

 

 

8/30/2013

 

300

 

Martin

 

TN

 

 

 

160,410

 

838,094

 

None

 

None

 

160,410

 

838,094

 

998,504

 

65,651

 

 

 

1/24/2014

 

300

 

Mascot

 

TN

 

 

 

428,927

 

663,766

 

None

 

None

 

428,927

 

663,766

 

1,092,693

 

85,183

 

 

 

10/31/2012

 

300

 

Memphis

 

TN

 

 

 

225,548

 

418,876

 

None

 

None

 

225,548

 

418,876

 

644,424

 

59,341

 

 

 

6/1/2012

 

300

 

Memphis

 

TN

 

 

 

493,000

 

915,572

 

None

 

None

 

493,000

 

915,572

 

1,408,572

 

129,706

 

 

 

6/1/2012

 

300

 

Memphis

 

TN

 

 

 

369,950

 

687,049

 

None

 

None

 

369,950

 

687,049

 

1,056,999

 

97,332

 

 

 

6/1/2012

 

300

 

Memphis

 

TN

 

 

 

563,795

 

1,047,048

 

None

 

None

 

563,795

 

1,047,048

 

1,610,843

 

148,332

 

 

 

6/1/2012

 

300

 

Memphis

 

TN

 

 

 

552,777

 

1,026,586

 

None

 

None

 

552,777

 

1,026,586

 

1,579,363

 

145,433

 

 

 

6/1/2012

 

300

 

Memphis

 

TN

 

 

 

253,148

 

626,736

 

None

 

None

 

253,148

 

626,736

 

879,884

 

49,094

 

 

 

1/24/2014

 

300

 

Memphis

 

TN

 

 

 

332,829

 

824,006

 

None

 

None

 

332,829

 

824,006

 

1,156,835

 

64,547

 

 

 

1/24/2014

 

300

 

Memphis

 

TN

 

 

 

299,794

 

742,220

 

None

 

None

 

299,794

 

742,220

 

1,042,014

 

58,141

 

 

 

1/24/2014

 

300

 

Memphis

 

TN

 

 

 

315,786

 

781,812

 

None

 

None

 

315,786

 

781,812

 

1,097,598

 

61,242

 

 

 

1/24/2014

 

300

 

 

F-22



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Memphis

 

TN

 

 

 

312,958

 

774,812

 

None

 

None

 

312,958

 

774,812

 

1,087,770

 

60,694

 

 

 

1/24/2014

 

300

 

Memphis

 

TN

 

 

 

330,000

 

1,049,568

 

None

 

None

 

330,000

 

1,049,568

 

1,379,568

 

82,216

 

 

 

1/24/2014

 

300

 

Memphis

 

TN

 

 

 

327,861

 

811,707

 

None

 

None

 

327,861

 

811,707

 

1,139,568

 

63,584

 

 

 

1/24/2014

 

300

 

Memphis

 

TN

 

 

 

312,275

 

773,121

 

None

 

None

 

312,275

 

773,121

 

1,085,396

 

60,561

 

 

 

1/24/2014

 

300

 

Memphis

 

TN

 

 

 

390,000

 

772,302

 

None

 

None

 

390,000

 

772,302

 

1,162,302

 

60,497

 

 

 

1/24/2014

 

300

 

Memphis

 

TN

 

 

 

352,417

 

872,503

 

None

 

None

 

352,417

 

872,503

 

1,224,920

 

68,346

 

 

 

1/24/2014

 

300

 

Memphis

 

TN

 

 

 

409,578

 

1,014,019

 

None

 

None

 

409,578

 

1,014,019

 

1,423,597

 

79,432

 

 

 

1/24/2014

 

300

 

Memphis

 

TN

 

 

 

405,442

 

1,003,781

 

None

 

None

 

405,442

 

1,003,781

 

1,409,223

 

78,629

 

 

 

1/24/2014

 

300

 

Michie

 

TN

 

 

 

123,911

 

825,729

 

None

 

None

 

123,911

 

825,729

 

949,640

 

64,682

 

 

 

1/24/2014

 

300

 

Milledgeville

 

TN

 

 

 

270,000

 

731,439

 

None

 

None

 

270,000

 

731,439

 

1,001,439

 

57,296

 

 

 

1/24/2014

 

300

 

Nashville

 

TN

 

 

 

589,570

 

948,928

 

None

 

None

 

589,570

 

948,928

 

1,538,498

 

9,160

 

 

 

10/9/2015

 

300

 

Niota

 

TN

 

 

 

152,948

 

799,110

 

None

 

None

 

152,948

 

799,110

 

952,058

 

62,597

 

 

 

1/24/2014

 

300

 

Rogerville

 

TN

 

 

 

206,436

 

812,120

 

None

 

None

 

206,436

 

812,120

 

1,018,556

 

77,151

 

 

 

8/14/2013

 

300

 

Sharon

 

TN

 

 

 

130,332

 

868,517

 

None

 

None

 

130,332

 

868,517

 

998,849

 

68,034

 

 

 

1/24/2014

 

300

 

Sunbright

 

TN

 

 

 

355,282

 

1,154,668

 

None

 

None

 

355,282

 

1,154,668

 

1,509,950

 

136,636

 

 

 

1/22/2013

 

300

 

Tennessee Ridge

 

TN

 

 

 

120,926

 

805,837

 

None

 

None

 

120,926

 

805,837

 

926,763

 

63,124

 

 

 

1/24/2014

 

300

 

Trezevant

 

TN

 

 

 

170,247

 

805,149

 

None

 

None

 

170,247

 

805,149

 

975,396

 

63,070

 

 

 

1/24/2014

 

300

 

Alpine

 

TX

 

 

 

248,256

 

1,297,068

 

None

 

None

 

248,256

 

1,297,068

 

1,545,324

 

101,604

 

 

 

1/24/2014

 

300

 

Alton

 

TX

 

 

 

345,945

 

642,468

 

None

 

None

 

345,945

 

642,468

 

988,413

 

91,016

 

 

 

6/1/2012

 

300

 

Amarillo

 

TX

 

 

 

191,492

 

811,497

 

None

 

None

 

191,492

 

811,497

 

1,002,989

 

109,552

 

 

 

8/30/2012

 

300

 

Amarillo

 

TX

 

 

 

260,864

 

712,639

 

None

 

None

 

260,864

 

712,639

 

973,503

 

96,206

 

 

 

8/30/2012

 

300

 

Anahuac

 

TX

 

 

 

531,601

 

987,259

 

None

 

None

 

531,601

 

987,259

 

1,518,860

 

120,117

 

 

 

12/14/2012

 

300

 

Anson

 

TX

 

608,000

 

139,586

 

1,017,331

 

None

 

None

 

139,586

 

1,017,331

 

1,156,917

 

69,518

 

 

 

4/30/2014

 

300

 

Arcola

 

TX

 

 

 

309,969

 

961,069

 

None

 

None

 

309,969

 

961,069

 

1,271,038

 

129,744

 

 

 

8/30/2012

 

300

 

Atlanta

 

TX

 

 

 

427,591

 

661,699

 

None

 

None

 

427,591

 

661,699

 

1,089,290

 

84,918

 

 

 

10/31/2012

 

300

 

Austin

 

TX

 

 

 

590,000

 

812,479

 

None

 

None

 

590,000

 

812,479

 

1,402,479

 

104,268

 

 

 

10/31/2012

 

300

 

Austin

 

TX

 

 

 

333,480

 

947,447

 

None

 

None

 

333,480

 

947,447

 

1,280,927

 

83,691

 

 

 

10/24/2013

 

300

 

Bacliff

 

TX

 

 

 

557,574

 

1,035,495

 

None

 

None

 

557,574

 

1,035,495

 

1,593,069

 

146,695

 

 

 

6/1/2012

 

300

 

Baytown

 

TX

 

 

 

486,394

 

903,304

 

None

 

None

 

486,394

 

903,304

 

1,389,698

 

127,968

 

 

 

6/1/2012

 

300

 

Baytown

 

TX

 

 

 

447,005

 

830,152

 

None

 

None

 

447,005

 

830,152

 

1,277,157

 

117,605

 

 

 

6/1/2012

 

300

 

Beaumont

 

TX

 

 

 

526,746

 

978,243

 

None

 

None

 

526,746

 

978,243

 

1,504,989

 

138,584

 

 

 

6/1/2012

 

300

 

Beaumont

 

TX

 

 

 

186,877

 

1,007,961

 

None

 

None

 

186,877

 

1,007,961

 

1,194,838

 

136,075

 

 

 

8/30/2012

 

300

 

Beeville

 

TX

 

 

 

382,613

 

710,566

 

None

 

None

 

382,613

 

710,566

 

1,093,179

 

100,664

 

 

 

6/1/2012

 

300

 

Bloomington

 

TX

 

 

 

330,656

 

1,074,634

 

None

 

None

 

330,656

 

1,074,634

 

1,405,290

 

127,165

 

 

 

1/22/2013

 

300

 

Blossom

 

TX

 

 

 

82,320

 

825,297

 

None

 

None

 

82,320

 

825,297

 

907,617

 

111,415

 

 

 

8/30/2012

 

300

 

Borger

 

TX

 

589,000

 

166,456

 

804,791

 

None

 

None

 

166,456

 

804,791

 

971,247

 

54,994

 

 

 

4/30/2014

 

300

 

Brookshire

 

TX

 

863,000

 

281,120

 

1,359,173

 

None

 

None

 

281,120

 

1,359,173

 

1,640,293

 

92,877

 

 

 

4/30/2014

 

300

 

Brownsville

 

TX

 

 

 

287,319

 

533,592

 

None

 

None

 

287,319

 

533,592

 

820,911

 

75,592

 

 

 

6/1/2012

 

300

 

Bullard

 

TX

 

600,000

 

183,822

 

888,752

 

None

 

None

 

183,822

 

888,752

 

1,072,574

 

60,731

 

 

 

4/30/2014

 

300

 

Canton

 

TX

 

 

 

165,267

 

1,358,083

 

None

 

None

 

165,267

 

1,358,083

 

1,523,350

 

183,341

 

 

 

8/30/2012

 

300

 

Canyon Lake

 

TX

 

 

 

424,566

 

788,481

 

None

 

None

 

424,566

 

788,481

 

1,213,047

 

111,701

 

 

 

6/1/2012

 

300

 

Canyon Lake

 

TX

 

 

 

183,707

 

1,170,581

 

None

 

None

 

183,707

 

1,170,581

 

1,354,288

 

158,028

 

 

 

8/30/2012

 

300

 

Cedar Creek

 

TX

 

 

 

183,296

 

933,294

 

None

 

None

 

183,296

 

933,294

 

1,116,590

 

125,995

 

 

 

8/30/2012

 

300

 

Cisco

 

TX

 

531,000

 

139,059

 

1,013,495

 

None

 

None

 

139,059

 

1,013,495

 

1,152,554

 

69,255

 

 

 

4/30/2014

 

300

 

Corpus Christi

 

TX

 

 

 

460,501

 

855,215

 

None

 

None

 

460,501

 

855,215

 

1,315,716

 

121,156

 

 

 

6/1/2012

 

300

 

Corpus Christi

 

TX

 

 

 

577,037

 

1,071,640

 

None

 

None

 

577,037

 

1,071,640

 

1,648,677

 

151,816

 

 

 

6/1/2012

 

300

 

Corpus Christi

 

TX

 

 

 

291,106

 

540,626

 

None

 

None

 

291,106

 

540,626

 

831,732

 

76,589

 

 

 

6/1/2012

 

300

 

Corpus Christi

 

TX

 

 

 

408,524

 

1,327,703

 

None

 

None

 

408,524

 

1,327,703

 

1,736,227

 

157,112

 

 

 

1/22/2013

 

300

 

Corpus Christi

 

TX

 

 

 

287,912

 

1,132,648

 

None

 

None

 

287,912

 

1,132,648

 

1,420,560

 

115,153

 

 

 

6/21/2013

 

300

 

Corpus Christi

 

TX

 

 

 

363,669

 

900,360

 

None

 

None

 

363,669

 

900,360

 

1,264,029

 

70,528

 

 

 

1/24/2014

 

300

 

Corrigan

 

TX

 

 

 

256,676

 

834,196

 

1,514

 

None

 

256,676

 

835,710

 

1,092,386

 

99,612

 

 

 

1/22/2013

 

300

 

Cotulla

 

TX

 

 

 

919,863

 

1,708,316

 

None

 

None

 

919,863

 

1,708,316

 

2,628,179

 

207,845

 

 

 

12/14/2012

 

300

 

Creedmoor

 

TX

 

 

 

490,979

 

759,793

 

None

 

None

 

490,979

 

759,793

 

1,250,772

 

97,507

 

 

 

10/31/2012

 

300

 

Crystal City

 

TX

 

 

 

549,519

 

1,020,535

 

None

 

None

 

549,519

 

1,020,535

 

1,570,054

 

124,165

 

 

 

12/14/2012

 

300

 

Dallas

 

TX

 

 

 

660,890

 

1,227,367

 

None

 

None

 

660,890

 

1,227,367

 

1,888,257

 

173,877

 

 

 

6/1/2012

 

300

 

Dallas

 

TX

 

 

 

474,480

 

881,177

 

None

 

None

 

474,480

 

881,177

 

1,355,657

 

124,833

 

 

 

6/1/2012

 

300

 

Dallas

 

TX

 

 

 

433,859

 

1,238,325

 

None

 

None

 

433,859

 

1,238,325

 

1,672,184

 

68,108

 

 

 

8/25/2014

 

300

 

Del Rio

 

TX

 

 

 

507,216

 

784,918

 

None

 

None

 

507,216

 

784,918

 

1,292,134

 

100,731

 

 

 

10/31/2012

 

300

 

Desoto

 

TX

 

 

 

510,567

 

790,105

 

None

 

None

 

510,567

 

790,105

 

1,300,672

 

101,397

 

 

 

10/31/2012

 

300

 

Dilley

 

TX

 

 

 

141,101

 

940,281

 

None

 

None

 

141,101

 

940,281

 

1,081,382

 

73,655

 

 

 

1/24/2014

 

300

 

Eagle Pass

 

TX

 

 

 

516,608

 

959,416

 

None

 

None

 

516,608

 

959,416

 

1,476,024

 

135,917

 

 

 

6/1/2012

 

300

 

Eagle Pass

 

TX

 

 

 

433,864

 

671,406

 

None

 

None

 

433,864

 

671,406

 

1,105,270

 

86,164

 

 

 

10/31/2012

 

300

 

East Bernard

 

TX

 

577,000

 

132,881

 

968,462

 

None

 

None

 

132,881

 

968,462

 

1,101,343

 

66,178

 

 

 

4/30/2014

 

300

 

Edinburg

 

TX

 

 

 

380,000

 

716,403

 

None

 

None

 

380,000

 

716,403

 

1,096,403

 

56,118

 

 

 

1/24/2014

 

300

 

El Paso

 

TX

 

 

 

154,129

 

1,388,962

 

None

 

None

 

154,129

 

1,388,962

 

1,543,091

 

2,315

 

 

 

12/15/2015

 

300

 

Elsa

 

TX

 

 

 

379,998

 

1,234,994

 

None

 

None

 

379,998

 

1,234,994

 

1,614,992

 

146,141

 

 

 

1/22/2013

 

300

 

Fort Stockton

 

TX

 

 

 

465,636

 

864,752

 

None

 

None

 

465,636

 

864,752

 

1,330,388

 

105,212

 

 

 

12/14/2012

 

300

 

Fort Worth

 

TX

 

 

 

547,855

 

1,019,204

 

None

 

None

 

547,855

 

1,019,204

 

1,567,059

 

137,593

 

 

 

8/30/2012

 

300

 

Fort Worth

 

TX

 

 

 

213,683

 

848,314

 

None

 

None

 

213,683

 

848,314

 

1,061,997

 

114,522

 

 

 

8/30/2012

 

300

 

Fort Worth

 

TX

 

 

 

600,746

 

1,115,672

 

None

 

None

 

600,746

 

1,115,672

 

1,716,418

 

135,740

 

 

 

12/14/2012

 

300

 

Fort Worth

 

TX

 

 

 

160,563

 

631,657

 

(7,839

)

None

 

160,563

 

623,818

 

784,381

 

63,673

 

 

 

8/15/2013

 

300

 

Freer

 

TX

 

 

 

269,137

 

499,827

 

None

 

None

 

269,137

 

499,827

 

768,964

 

60,812

 

 

 

12/14/2012

 

300

 

Garland

 

TX

 

 

 

228,333

 

424,047

 

None

 

None

 

228,333

 

424,047

 

652,380

 

60,073

 

 

 

6/1/2012

 

300

 

Garland

 

TX

 

 

 

298,055

 

737,916

 

None

 

None

 

298,055

 

737,916

 

1,035,971

 

57,803

 

 

 

1/24/2014

 

300

 

Glen Rose

 

TX

 

903,000

 

269,359

 

1,302,309

 

None

 

None

 

269,359

 

1,302,309

 

1,571,668

 

88,991

 

 

 

4/30/2014

 

300

 

Glenn Heights

 

TX

 

 

 

297,559

 

736,686

 

None

 

None

 

297,559

 

736,686

 

1,034,245

 

57,707

 

 

 

1/24/2014

 

300

 

Granite Shoals

 

TX

 

 

 

371,795

 

1,208,334

 

None

 

None

 

371,795

 

1,208,334

 

1,580,129

 

142,986

 

 

 

1/22/2013

 

300

 

Grape Creek

 

TX

 

 

 

232,999

 

710,940

 

None

 

None

 

232,999

 

710,940

 

943,939

 

95,977

 

 

 

8/30/2012

 

300

 

Hamilton

 

TX

 

626,000

 

140,174

 

1,021,615

 

None

 

None

 

140,174

 

1,021,615

 

1,161,789

 

69,810

 

 

 

4/30/2014

 

300

 

Hardin

 

TX

 

 

 

143,336

 

805,614

 

None

 

None

 

143,336

 

805,614

 

948,950

 

108,758

 

 

 

8/30/2012

 

300

 

Harker Heights

 

TX

 

 

 

488,753

 

907,685

 

None

 

None

 

488,753

 

907,685

 

1,396,438

 

128,589

 

 

 

6/1/2012

 

300

 

Harker Heights

 

TX

 

 

 

469,370

 

726,352

 

None

 

None

 

469,370

 

726,352

 

1,195,722

 

93,215

 

 

 

10/31/2012

 

300

 

Hebbronville

 

TX

 

 

 

481,250

 

893,750

 

None

 

None

 

481,250

 

893,750

 

1,375,000

 

108,740

 

 

 

12/14/2012

 

300

 

Hebbronville

 

TX

 

 

 

240,000

 

1,014,676

 

None

 

None

 

240,000

 

1,014,676

 

1,254,676

 

79,483

 

 

 

1/24/2014

 

300

 

Hewitt

 

TX

 

 

 

493,299

 

763,382

 

None

 

None

 

493,299

 

763,382

 

1,256,681

 

97,967

 

 

 

10/31/2012

 

300

 

Hidalgo

 

TX

 

 

 

450,411

 

1,115,114

 

None

 

None

 

450,411

 

1,115,114

 

1,565,525

 

87,351

 

 

 

1/24/2014

 

300

 

Houston

 

TX

 

 

 

279,181

 

518,479

 

None

 

None

 

279,181

 

518,479

 

797,660

 

73,451

 

 

 

6/1/2012

 

300

 

Houston

 

TX

 

 

 

434,980

 

807,819

 

None

 

None

 

434,980

 

807,819

 

1,242,799

 

114,441

 

 

 

6/1/2012

 

300

 

Houston

 

TX

 

 

 

429,081

 

796,866

 

None

 

None

 

429,081

 

796,866

 

1,225,947

 

112,889

 

 

 

6/1/2012

 

300

 

Houston

 

TX

 

 

 

490,377

 

910,700

 

None

 

None

 

490,377

 

910,700

 

1,401,077

 

129,016

 

 

 

6/1/2012

 

300

 

Houston

 

TX

 

 

 

565,402

 

874,961

 

None

 

None

 

565,402

 

874,961

 

1,440,363

 

112,287

 

 

 

10/31/2012

 

300

 

Houston

 

TX

 

 

 

650,000

 

866,899

 

None

 

None

 

650,000

 

866,899

 

1,516,899

 

111,252

 

 

 

10/31/2012

 

300

 

Houston

 

TX

 

 

 

562,086

 

869,831

 

None

 

None

 

562,086

 

869,831

 

1,431,917

 

111,628

 

 

 

10/31/2012

 

300

 

Houston

 

TX

 

 

 

467,805

 

868,780

 

None

 

None

 

467,805

 

868,780

 

1,336,585

 

105,702

 

 

 

12/14/2012

 

300

 

Houston

 

TX

 

 

 

610,149

 

1,133,135

 

None

 

None

 

610,149

 

1,133,135

 

1,743,284

 

137,865

 

 

 

12/14/2012

 

300

 

Houston

 

TX

 

 

 

474,480

 

881,178

 

None

 

None

 

474,480

 

881,178

 

1,355,658

 

107,210

 

 

 

12/14/2012

 

300

 

Houston

 

TX

 

 

 

310,255

 

1,220,545

 

None

 

None

 

310,255

 

1,220,545

 

1,530,800

 

115,952

 

 

 

8/22/2013

 

300

 

Houston

 

TX

 

 

 

283,623

 

1,115,777

 

None

 

None

 

283,623

 

1,115,777

 

1,399,400

 

105,999

 

 

 

8/22/2013

 

300

 

Houston

 

TX

 

 

 

440,874

 

1,091,500

 

None

 

None

 

440,874

 

1,091,500

 

1,532,374

 

85,501

 

 

 

1/24/2014

 

300

 

Houston

 

TX

 

 

 

347,071

 

986,059

 

None

 

None

 

347,071

 

986,059

 

1,333,130

 

70,668

 

 

 

3/28/2014

 

300

 

Hubbard

 

TX

 

 

 

128,604

 

857,007

 

None

 

None

 

128,604

 

857,007

 

985,611

 

67,132

 

 

 

1/24/2014

 

300

 

Itasca

 

TX

 

543,000

 

118,010

 

860,081

 

None

 

None

 

118,010

 

860,081

 

978,091

 

58,772

 

 

 

4/1/2014

 

300

 

Jefferson

 

TX

 

 

 

339,075

 

1,333,925

 

None

 

None

 

339,075

 

1,333,925

 

1,673,000

 

126,723

 

 

 

8/22/2013

 

300

 

Joaquin

 

TX

 

656,000

 

135,219

 

985,502

 

None

 

None

 

135,219

 

985,502

 

1,120,721

 

67,343

 

 

 

4/1/2014

 

300

 

Katy

 

TX

 

 

 

554,109

 

857,486

 

None

 

None

 

554,109

 

857,486

 

1,411,595

 

110,044

 

 

 

10/31/2012

 

300

 

Katy

 

TX

 

 

 

346,827

 

985,367

 

None

 

None

 

346,827

 

985,367

 

1,332,194

 

87,041

 

 

 

10/11/2013

 

300

 

Kaufman

 

TX

 

 

 

488,687

 

907,561

 

None

 

None

 

488,687

 

907,561

 

1,396,248

 

128,571

 

 

 

6/1/2012

 

300

 

Kermit

 

TX

 

 

 

234,478

 

922,439

 

None

 

None

 

234,478

 

922,439

 

1,156,917

 

93,781

 

 

 

6/21/2013

 

300

 

Killeen

 

TX

 

 

 

480,758

 

892,837

 

None

 

None

 

480,758

 

892,837

 

1,373,595

 

126,485

 

 

 

6/1/2012

 

300

 

Killeen

 

TX

 

 

 

471,572

 

729,760

 

None

 

None

 

471,572

 

729,760

 

1,201,332

 

93,653

 

 

 

10/31/2012

 

300

 

Killeen

 

TX

 

 

 

138,881

 

1,251,552

 

None

 

None

 

138,881

 

1,251,552

 

1,390,433

 

2,086

 

 

 

12/15/2015

 

300

 

 

F-23



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Killeen

 

TX

 

 

 

140,928

 

1,269,997

 

None

 

None

 

140,928

 

1,269,997

 

1,410,925

 

2,117

 

 

 

12/15/2015

 

300

 

Lacy Lakeview

 

TX

 

 

 

429,768

 

798,141

 

None

 

None

 

429,768

 

798,141

 

1,227,909

 

113,070

 

 

 

6/1/2012

 

300

 

Lakehills

 

TX

 

 

 

183,968

 

795,341

 

None

 

None

 

183,968

 

795,341

 

979,309

 

107,371

 

 

 

8/30/2012

 

300

 

Lamesa

 

TX

 

 

 

450,012

 

835,736

 

None

 

None

 

450,012

 

835,736

 

1,285,748

 

118,396

 

 

 

6/1/2012

 

300

 

Leonard

 

TX

 

 

 

277,575

 

515,496

 

None

 

None

 

277,575

 

515,496

 

793,071

 

73,029

 

 

 

6/1/2012

 

300

 

Llano

 

TX

 

804,000

 

179,332

 

1,307,011

 

None

 

None

 

179,332

 

1,307,011

 

1,486,343

 

89,312

 

 

 

4/1/2014

 

300

 

Longview

 

TX

 

 

 

435,985

 

809,687

 

None

 

None

 

435,985

 

809,687

 

1,245,672

 

98,512

 

 

 

12/14/2012

 

300

 

Longview

 

TX

 

 

 

473,119

 

878,650

 

None

 

None

 

473,119

 

878,650

 

1,351,769

 

106,902

 

 

 

12/14/2012

 

300

 

Longview

 

TX

 

 

 

150,012

 

278,594

 

None

 

None

 

150,012

 

278,594

 

428,606

 

33,896

 

 

 

12/14/2012

 

300

 

Los Fresnos

 

TX

 

 

 

533,059

 

989,968

 

None

 

None

 

533,059

 

989,968

 

1,523,027

 

140,245

 

 

 

6/1/2012

 

300

 

Lufkin

 

TX

 

 

 

267,700

 

497,158

 

None

 

None

 

267,700

 

497,158

 

764,858

 

60,488

 

 

 

12/14/2012

 

300

 

Marfa

 

TX

 

 

 

310,000

 

1,325,712

 

None

 

None

 

310,000

 

1,325,712

 

1,635,712

 

103,847

 

 

 

1/24/2014

 

300

 

Marshall

 

TX

 

 

 

665,113

 

1,235,211

 

None

 

None

 

665,113

 

1,235,211

 

1,900,324

 

174,988

 

 

 

6/1/2012

 

300

 

Memphis

 

TX

 

461,000

 

102,312

 

745,672

 

None

 

None

 

102,312

 

745,672

 

847,984

 

50,954

 

 

 

4/1/2014

 

300

 

Midland

 

TX

 

 

 

544,075

 

1,322,431

 

None

 

None

 

544,075

 

1,322,431

 

1,866,506

 

945,425

 

 

 

2/3/1998

 

300

 

Midland

 

TX

 

 

 

194,594

 

790,843

 

None

 

None

 

194,594

 

790,843

 

985,437

 

106,764

 

 

 

8/30/2012

 

300

 

Monahans

 

TX

 

 

 

473,723

 

879,770

 

None

 

None

 

473,723

 

879,770

 

1,353,493

 

107,039

 

 

 

12/14/2012

 

300

 

Monte Alto

 

TX

 

 

 

370,770

 

1,205,004

 

None

 

None

 

370,770

 

1,205,004

 

1,575,774

 

142,592

 

 

 

1/22/2013

 

300

 

Morton

 

TX

 

 

 

190,918

 

751,074

 

None

 

None

 

190,918

 

751,074

 

941,992

 

76,359

 

 

 

6/21/2013

 

300

 

Mount Enterprise

 

TX

 

 

 

510,030

 

947,198

 

None

 

None

 

510,030

 

947,198

 

1,457,228

 

115,242

 

 

 

12/14/2012

 

300

 

Mt Vernon

 

TX

 

641,000

 

132,850

 

968,238

 

None

 

None

 

132,850

 

968,238

 

1,101,088

 

66,163

 

 

 

4/1/2014

 

300

 

Nacogdoches

 

TX

 

 

 

585,075

 

1,086,567

 

None

 

None

 

585,075

 

1,086,567

 

1,671,642

 

132,199

 

 

 

12/14/2012

 

300

 

New Boston

 

TX

 

 

 

226,547

 

420,730

 

None

 

None

 

226,547

 

420,730

 

647,277

 

59,603

 

 

 

6/1/2012

 

300

 

Odessa

 

TX

 

 

 

200,900

 

874,978

 

None

 

None

 

200,900

 

874,978

 

1,075,878

 

118,122

 

 

 

8/30/2012

 

300

 

Odessa

 

TX

 

 

 

393,275

 

795,622

 

None

 

None

 

393,275

 

795,622

 

1,188,897

 

107,409

 

 

 

8/30/2012

 

300

 

Odessa

 

TX

 

 

 

299,235

 

687,360

 

None

 

None

 

299,235

 

687,360

 

986,595

 

92,794

 

 

 

8/30/2012

 

300

 

Onalaska

 

TX

 

 

 

455,522

 

845,970

 

None

 

None

 

455,522

 

845,970

 

1,301,492

 

102,926

 

 

 

12/14/2012

 

300

 

Orange

 

TX

 

 

 

359,323

 

1,413,577

 

None

 

None

 

359,323

 

1,413,577

 

1,772,900

 

134,290

 

 

 

8/22/2013

 

300

 

Orange

 

TX

 

 

 

267,166

 

1,051,034

 

None

 

None

 

267,166

 

1,051,034

 

1,318,200

 

99,848

 

 

 

8/22/2013

 

300

 

Paris

 

TX

 

 

 

194,054

 

844,235

 

None

 

None

 

194,054

 

844,235

 

1,038,289

 

113,972

 

 

 

8/30/2012

 

300

 

Pasadena

 

TX

 

 

 

274,400

 

1,079,491

 

None

 

None

 

274,400

 

1,079,491

 

1,353,891

 

109,748

 

 

 

6/21/2013

 

300

 

Pearsall

 

TX

 

 

 

314,465

 

584,006

 

None

 

None

 

314,465

 

584,006

 

898,471

 

82,734

 

 

 

6/1/2012

 

300

 

Pearsall

 

TX

 

 

 

179,547

 

938,079

 

None

 

None

 

179,547

 

938,079

 

1,117,626

 

73,483

 

 

 

1/24/2014

 

300

 

Perryton

 

TX

 

 

 

534,489

 

992,623

 

None

 

None

 

534,489

 

992,623

 

1,527,112

 

120,769

 

 

 

12/14/2012

 

300

 

Pharr

 

TX

 

 

 

506,911

 

941,407

 

None

 

None

 

506,911

 

941,407

 

1,448,318

 

133,366

 

 

 

6/1/2012

 

300

 

Pinehurst

 

TX

 

 

 

556,823

 

861,686

 

None

 

None

 

556,823

 

861,686

 

1,418,509

 

110,583

 

 

 

10/31/2012

 

300

 

Pineland

 

TX

 

703,000

 

149,928

 

1,092,708

 

None

 

None

 

149,928

 

1,092,708

 

1,242,636

 

74,668

 

 

 

4/1/2014

 

300

 

Pittsburg

 

TX

 

 

 

469,724

 

872,344

 

None

 

None

 

469,724

 

872,344

 

1,342,068

 

123,582

 

 

 

6/1/2012

 

300

 

Port Acres

 

TX

 

 

 

268,899

 

499,384

 

None

 

None

 

268,899

 

499,384

 

768,283

 

70,746

 

 

 

6/1/2012

 

300

 

Port Arthur

 

TX

 

 

 

253,535

 

828,487

 

None

 

None

 

253,535

 

828,487

 

1,082,022

 

111,846

 

 

 

8/30/2012

 

300

 

Port Neches

 

TX

 

 

 

498,469

 

925,729

 

None

 

None

 

498,469

 

925,729

 

1,424,198

 

112,630

 

 

 

12/14/2012

 

300

 

Porter

 

TX

 

 

 

559,462

 

1,039,001

 

None

 

None

 

559,462

 

1,039,001

 

1,598,463

 

126,412

 

 

 

12/14/2012

 

300

 

Progresso

 

TX

 

 

 

200,597

 

372,537

 

None

 

None

 

200,597

 

372,537

 

573,134

 

45,325

 

 

 

12/14/2012

 

300

 

Rio Grande City

 

TX

 

 

 

171,514

 

896,112

 

None

 

None

 

171,514

 

896,112

 

1,067,626

 

70,195

 

 

 

1/24/2014

 

300

 

Rio Vista

 

TX

 

 

 

61,254

 

829,871

 

None

 

None

 

61,254

 

829,871

 

891,125

 

112,033

 

 

 

8/30/2012

 

300

 

Rockdale

 

TX

 

592,000

 

174,972

 

845,963

 

None

 

None

 

174,972

 

845,963

 

1,020,935

 

57,808

 

 

 

4/1/2014

 

300

 

Rosenberg

 

TX

 

 

 

408,933

 

759,448

 

None

 

None

 

408,933

 

759,448

 

1,168,381

 

107,588

 

 

 

6/1/2012

 

300

 

Rusk

 

TX

 

 

 

446,174

 

828,610

 

None

 

None

 

446,174

 

828,610

 

1,274,784

 

100,814

 

 

 

12/14/2012

 

300

 

Saginaw

 

TX

 

 

 

485,162

 

901,016

 

None

 

None

 

485,162

 

901,016

 

1,386,178

 

127,644

 

 

 

6/1/2012

 

300

 

San Angelo

 

TX

 

 

 

308,573

 

1,000,504

 

None

 

None

 

308,573

 

1,000,504

 

1,309,077

 

135,068

 

 

 

8/30/2012

 

300

 

San Antonio

 

TX

 

 

 

663,903

 

1,232,962

 

None

 

None

 

663,903

 

1,232,962

 

1,896,865

 

174,670

 

 

 

6/1/2012

 

300

 

San Antonio

 

TX

 

 

 

474,828

 

881,824

 

None

 

None

 

474,828

 

881,824

 

1,356,652

 

124,925

 

 

 

6/1/2012

 

300

 

San Antonio

 

TX

 

 

 

357,827

 

664,536

 

None

 

None

 

357,827

 

664,536

 

1,022,363

 

94,143

 

 

 

6/1/2012

 

300

 

San Antonio

 

TX

 

 

 

637,451

 

1,183,837

 

None

 

None

 

637,451

 

1,183,837

 

1,821,288

 

167,710

 

 

 

6/1/2012

 

300

 

San Antonio

 

TX

 

 

 

265,044

 

818,313

 

None

 

None

 

265,044

 

818,313

 

1,083,357

 

110,472

 

 

 

8/30/2012

 

300

 

San Antonio

 

TX

 

 

 

273,109

 

896,601

 

None

 

None

 

273,109

 

896,601

 

1,169,710

 

121,041

 

 

 

8/30/2012

 

300

 

San Antonio

 

TX

 

 

 

408,997

 

1,329,239

 

None

 

None

 

408,997

 

1,329,239

 

1,738,236

 

157,293

 

 

 

1/22/2013

 

300

 

San Antonio

 

TX

 

 

 

325,537

 

1,280,663

 

None

 

None

 

325,537

 

1,280,663

 

1,606,200

 

121,663

 

 

 

8/22/2013

 

300

 

San Augustine

 

TX

 

 

 

468,018

 

869,176

 

None

 

None

 

468,018

 

869,176

 

1,337,194

 

105,750

 

 

 

12/14/2012

 

300

 

San Benito

 

TX

 

 

 

149,582

 

781,526

 

None

 

None

 

149,582

 

781,526

 

931,108

 

61,220

 

 

 

1/24/2014

 

300

 

Santa Fe

 

TX

 

 

 

450,685

 

1,115,790

 

None

 

None

 

450,685

 

1,115,790

 

1,566,475

 

87,404

 

 

 

1/24/2014

 

300

 

Schertz

 

TX

 

 

 

300,878

 

558,773

 

None

 

None

 

300,878

 

558,773

 

859,651

 

79,159

 

 

 

6/1/2012

 

300

 

Sealy

 

TX

 

723,000

 

213,880

 

1,034,081

 

None

 

None

 

213,880

 

1,034,081

 

1,247,961

 

70,662

 

 

 

4/1/2014

 

300

 

Seminole

 

TX

 

 

 

103,470

 

899,122

 

None

 

None

 

103,470

 

899,122

 

1,002,592

 

121,381

 

 

 

8/30/2012

 

300

 

Seminole

 

TX

 

 

 

364,491

 

1,433,909

 

None

 

None

 

364,491

 

1,433,909

 

1,798,400

 

136,221

 

 

 

8/22/2013

 

300

 

Sherman

 

TX

 

 

 

242,135

 

449,678

 

None

 

None

 

242,135

 

449,678

 

691,813

 

63,704

 

 

 

6/1/2012

 

300

 

Sullivan City

 

TX

 

 

 

496,544

 

922,154

 

None

 

None

 

496,544

 

922,154

 

1,418,698

 

112,195

 

 

 

12/14/2012

 

300

 

Taft

 

TX

 

 

 

177,408

 

926,908

 

None

 

None

 

177,408

 

926,908

 

1,104,316

 

72,608

 

 

 

1/24/2014

 

300

 

Temple

 

TX

 

 

 

248,015

 

805,588

 

None

 

None

 

248,015

 

805,588

 

1,053,603

 

108,754

 

 

 

8/30/2012

 

300

 

Temple

 

TX

 

 

 

580,869

 

1,078,758

 

None

 

None

 

580,869

 

1,078,758

 

1,659,627

 

131,249

 

 

 

12/14/2012

 

300

 

Texas City

 

TX

 

 

 

238,472

 

973,286

 

None

 

None

 

238,472

 

973,286

 

1,211,758

 

131,394

 

 

 

8/30/2012

 

300

 

Three Rivers

 

TX

 

 

 

225,995

 

1,068,797

 

None

 

None

 

225,995

 

1,068,797

 

1,294,792

 

83,722

 

 

 

1/24/2014

 

300

 

Valley View

 

TX

 

 

 

185,843

 

878,905

 

None

 

None

 

185,843

 

878,905

 

1,064,748

 

68,848

 

 

 

1/24/2014

 

300

 

Van Horn

 

TX

 

707,000

 

147,318

 

1,073,686

 

None

 

None

 

147,318

 

1,073,686

 

1,221,004

 

73,369

 

 

 

4/1/2014

 

300

 

Waco

 

TX

 

 

 

527,779

 

980,161

 

None

 

None

 

527,779

 

980,161

 

1,507,940

 

138,856

 

 

 

6/1/2012

 

300

 

Wells

 

TX

 

 

 

141,780

 

840,639

 

None

 

None

 

141,780

 

840,639

 

982,419

 

113,486

 

 

 

8/30/2012

 

300

 

Wichita Falls

 

TX

 

 

 

297,454

 

552,415

 

None

 

None

 

297,454

 

552,415

 

849,869

 

78,259

 

 

 

6/1/2012

 

300

 

Willis

 

TX

 

 

 

664,432

 

1,233,946

 

None

 

None

 

664,432

 

1,233,946

 

1,898,378

 

174,809

 

 

 

6/1/2012

 

300

 

Wills Point

 

TX

 

 

 

417,304

 

774,994

 

None

 

None

 

417,304

 

774,994

 

1,192,298

 

94,291

 

 

 

12/14/2012

 

300

 

Wilmer

 

TX

 

 

 

489,576

 

909,212

 

None

 

None

 

489,576

 

909,212

 

1,398,788

 

110,621

 

 

 

12/14/2012

 

300

 

Winnsboro

 

TX

 

 

 

446,940

 

830,031

 

None

 

None

 

446,940

 

830,031

 

1,276,971

 

100,987

 

 

 

12/14/2012

 

300

 

Winters

 

TX

 

 

 

50,842

 

811,377

 

None

 

None

 

50,842

 

811,377

 

862,219

 

109,536

 

 

 

8/30/2012

 

300

 

Zapata

 

TX

 

 

 

249,421

 

1,303,154

 

None

 

None

 

249,421

 

1,303,154

 

1,552,575

 

102,080

 

 

 

1/24/2014

 

300

 

Kanab

 

UT

 

 

 

563,114

 

1,045,783

 

None

 

None

 

563,114

 

1,045,783

 

1,608,897

 

148,153

 

 

 

6/1/2012

 

300

 

Mt Pleasant

 

UT

 

 

 

573,530

 

1,065,126

 

None

 

None

 

573,530

 

1,065,126

 

1,638,656

 

150,893

 

 

 

6/1/2012

 

300

 

Charlotte Ct Hous

 

VA

 

 

 

154,295

 

1,028,208

 

None

 

None

 

154,295

 

1,028,208

 

1,182,503

 

80,543

 

 

 

1/24/2014

 

300

 

Colonial Heights

 

VA

 

 

 

337,535

 

1,327,865

 

None

 

None

 

337,535

 

1,327,865

 

1,665,400

 

126,147

 

 

 

8/22/2013

 

300

 

Colonial Heights

 

VA

 

 

 

283,623

 

1,115,777

 

None

 

None

 

283,623

 

1,115,777

 

1,399,400

 

105,999

 

 

 

8/22/2013

 

300

 

Concord

 

VA

 

 

 

259,997

 

906,036

 

None

 

None

 

259,997

 

906,036

 

1,166,033

 

122,315

 

 

 

8/30/2012

 

300

 

Craigsville

 

VA

 

 

 

141,713

 

944,359

 

None

 

None

 

141,713

 

944,359

 

1,086,072

 

73,975

 

 

 

1/24/2014

 

300

 

Danville

 

VA

 

 

 

223,469

 

879,131

 

None

 

None

 

223,469

 

879,131

 

1,102,600

 

83,517

 

 

 

8/22/2013

 

300

 

Fancy Gap

 

VA

 

 

 

153,509

 

1,022,966

 

None

 

None

 

153,509

 

1,022,966

 

1,176,475

 

80,132

 

 

 

1/24/2014

 

300

 

Fork Union

 

VA

 

 

 

159,295

 

1,061,525

 

None

 

None

 

159,295

 

1,061,525

 

1,220,820

 

83,153

 

 

 

1/24/2014

 

300

 

Goshen

 

VA

 

 

 

80,157

 

831,602

 

None

 

None

 

80,157

 

831,602

 

911,759

 

112,266

 

 

 

8/30/2012

 

300

 

Madison Heights

 

VA

 

 

 

276,413

 

936,546

 

None

 

None

 

276,413

 

936,546

 

1,212,959

 

126,434

 

 

 

8/30/2012

 

300

 

Mineral

 

VA

 

 

 

202,879

 

1,059,984

 

None

 

None

 

202,879

 

1,059,984

 

1,262,863

 

83,032

 

 

 

1/24/2014

 

300

 

Onley

 

VA

 

 

 

313,433

 

582,089

 

None

 

None

 

313,433

 

582,089

 

895,522

 

70,821

 

 

 

12/14/2012

 

300

 

Portsmouth

 

VA

 

 

 

524,294

 

973,688

 

None

 

None

 

524,294

 

973,688

 

1,497,982

 

137,939

 

 

 

6/1/2012

 

300

 

Rich Creek

 

VA

 

 

 

194,447

 

940,122

 

None

 

None

 

194,447

 

940,122

 

1,134,569

 

67,375

 

 

 

3/25/2014

 

300

 

Richmond

 

VA

 

 

 

709,379

 

1,317,417

 

None

 

None

 

709,379

 

1,317,417

 

2,026,796

 

186,634

 

 

 

6/1/2012

 

300

 

Richmond

 

VA

 

 

 

344,912

 

1,356,888

 

None

 

None

 

344,912

 

1,356,888

 

1,701,800

 

128,904

 

 

 

8/22/2013

 

300

 

Roanoke

 

VA

 

 

 

591,344

 

1,098,210

 

None

 

None

 

591,344

 

1,098,210

 

1,689,554

 

155,580

 

 

 

6/1/2012

 

300

 

Roanoke

 

VA

 

 

 

655,795

 

1,217,906

 

None

 

None

 

655,795

 

1,217,906

 

1,873,701

 

148,179

 

 

 

12/14/2012

 

300

 

Roanoke

 

VA

 

 

 

478,904

 

889,394

 

None

 

None

 

478,904

 

889,394

 

1,368,298

 

108,210

 

 

 

12/14/2012

 

300

 

Shawsville

 

VA

 

 

 

334,624

 

1,066,596

 

None

 

None

 

334,624

 

1,066,596

 

1,401,220

 

143,990

 

 

 

8/30/2012

 

300

 

Shenandoah

 

VA

 

 

 

192,613

 

1,006,351

 

None

 

None

 

192,613

 

1,006,351

 

1,198,964

 

78,831

 

 

 

1/24/2014

 

300

 

Spotsylvania

 

VA

 

 

 

300,324

 

1,181,476

 

None

 

None

 

300,324

 

1,181,476

 

1,481,800

 

112,240

 

 

 

8/22/2013

 

300

 

Stanleytown

 

VA

 

 

 

359,846

 

668,286

 

None

 

None

 

359,846

 

668,286

 

1,028,132

 

81,308

 

 

 

12/14/2012

 

300

 

Stony Creek

 

VA

 

 

 

237,764

 

935,366

 

None

 

None

 

237,764

 

935,366

 

1,173,130

 

95,096

 

 

 

6/21/2013

 

300

 

Victoria

 

VA

 

 

 

194,099

 

914,642

 

None

 

None

 

194,099

 

914,642

 

1,108,741

 

123,477

 

 

 

8/30/2012

 

300

 

Eagle River

 

WI

 

 

 

208,955

 

388,060

 

None

 

None

 

208,955

 

388,060

 

597,015

 

47,214

 

 

 

12/14/2012

 

300

 

 

F-24



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Milwaukee

 

WI

 

 

 

538,419

 

999,922

 

None

 

None

 

538,419

 

999,922

 

1,538,341

 

141,656

 

 

 

6/1/2012

 

300

 

Milwaukee

 

WI

 

 

 

120,000

 

664,289

 

32,249

 

None

 

120,000

 

696,538

 

816,538

 

52,310

 

 

 

3/14/2014

 

300

 

Milwaukee

 

WI

 

 

 

359,110

 

591,334

 

None

 

None

 

359,110

 

591,334

 

950,444

 

5,558

 

 

 

10/9/2015

 

300

 

Spooner

 

WI

 

 

 

564,022

 

1,047,470

 

None

 

None

 

564,022

 

1,047,470

 

1,611,492

 

148,392

 

 

 

6/1/2012

 

300

 

French Creek

 

WV

 

 

 

240,000

 

1,198,417

 

None

 

None

 

240,000

 

1,198,417

 

1,438,417

 

1,997

 

 

 

12/15/2015

 

300

 

Lewisburg

 

WV

 

 

 

290,000

 

1,063,577

 

None

 

None

 

290,000

 

1,063,577

 

1,353,577

 

1,773

 

 

 

12/15/2015

 

300

 

Mount Hope

 

WV

 

 

 

186,300

 

732,905

 

None

 

None

 

186,300

 

732,905

 

919,205

 

72,069

 

 

 

7/23/2013

 

300

 

Princeton

 

WV

 

 

 

280,344

 

911,119

 

8,500

 

None

 

280,344

 

919,619

 

1,199,963

 

111,052

 

 

 

1/22/2013

 

300

 

Rock

 

WV

 

 

 

332,222

 

1,079,721

 

None

 

None

 

332,222

 

1,079,721

 

1,411,943

 

127,767

 

 

 

1/22/2013

 

300

 

Shady Spring

 

WV

 

 

 

204,338

 

833,689

 

None

 

None

 

204,338

 

833,689

 

1,038,027

 

93,095

 

 

 

3/27/2013

 

300

 

Cheyenne

 

WY

 

 

 

521,603

 

968,690

 

None

 

None

 

521,603

 

968,690

 

1,490,293

 

137,231

 

 

 

6/1/2012

 

300

 

Cheyenne

 

WY

 

 

 

564,022

 

1,047,470

 

None

 

None

 

564,022

 

1,047,470

 

1,611,492

 

148,392

 

 

 

6/1/2012

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Drug stores

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Atmore

 

AL

 

 

 

1,689,229

 

4,025,584

 

None

 

None

 

1,689,229

 

4,025,584

 

5,714,813

 

114,058

 

 

 

4/29/2015

 

300

 

Auburn

 

AL

 

 

 

1,696,833

 

3,901,754

 

None

 

None

 

1,696,833

 

3,901,754

 

5,598,587

 

461,708

 

 

 

1/22/2013

 

300

 

Bessemer

 

AL

 

 

 

913,349

 

2,269,571

 

None

 

None

 

913,349

 

2,269,571

 

3,182,920

 

117,261

 

 

 

9/30/2014

 

300

 

Chelsea

 

AL

 

 

 

1,157,579

 

3,575,632

 

None

 

None

 

1,157,579

 

3,575,632

 

4,733,211

 

423,116

 

 

 

1/22/2013

 

300

 

Montgomery

 

AL

 

 

 

1,150,000

 

1,479,627

 

None

 

None

 

1,150,000

 

1,479,627

 

2,629,627

 

643,646

 

 

 

2/9/2005

 

300

 

Northport

 

AL

 

 

 

1,650,000

 

4,829,538

 

None

 

None

 

1,650,000

 

4,829,538

 

6,479,538

 

136,837

 

 

 

4/29/2015

 

300

 

Tuscaloosa

 

AL

 

 

 

2,000,550

 

4,371,497

 

None

 

None

 

2,000,550

 

4,371,497

 

6,372,047

 

123,859

 

 

 

4/29/2015

 

300

 

Monticello

 

AR

 

 

 

1,990,000

 

3,710,723

 

None

 

None

 

1,990,000

 

3,710,723

 

5,700,723

 

105,137

 

 

 

4/29/2015

 

300

 

Van Buren

 

AR

 

 

 

1,328,049

 

3,008,245

 

None

 

None

 

1,328,049

 

3,008,245

 

4,336,294

 

275,756

 

 

 

9/25/2013

 

300

 

Chandler

 

AZ

 

 

 

-

 

3,540,215

 

None

 

None

 

-

 

3,540,215

 

3,540,215

 

418,925

 

 

 

1/22/2013

 

300

 

Chandler

 

AZ

 

 

 

1,086,262

 

2,460,559

 

None

 

None

 

1,086,262

 

2,460,559

 

3,546,821

 

225,551

 

 

 

9/25/2013

 

300

 

El Mirage

 

AZ

 

 

 

1,179,770

 

2,672,369

 

None

 

None

 

1,179,770

 

2,672,369

 

3,852,139

 

244,967

 

 

 

9/25/2013

 

300

 

Mesa

 

AZ

 

 

 

1,347,649

 

3,790,620

 

None

 

None

 

1,347,649

 

3,790,620

 

5,138,269

 

385,380

 

 

 

6/14/2013

 

300

 

Mesa

 

AZ

 

 

 

1,545,555

 

4,347,285

 

None

 

None

 

1,545,555

 

4,347,285

 

5,892,840

 

441,974

 

 

 

6/14/2013

 

300

 

Phoenix

 

AZ

 

 

 

-

 

3,381,632

 

None

 

None

 

-

 

3,381,632

 

3,381,632

 

400,160

 

 

 

1/22/2013

 

300

 

Phoenix

 

AZ

 

 

 

1,562,759

 

4,395,676

 

None

 

None

 

1,562,759

 

4,395,676

 

5,958,435

 

446,894

 

 

 

6/14/2013

 

300

 

Surprise

 

AZ

 

 

 

1,358,528

 

3,821,220

 

None

 

None

 

1,358,528

 

3,821,220

 

5,179,748

 

388,491

 

 

 

6/14/2013

 

300

 

Tucson

 

AZ

 

 

 

959,875

 

2,350,208

 

None

 

None

 

959,875

 

2,350,208

 

3,310,083

 

317,278

 

 

 

8/10/2012

 

300

 

Bakersfield

 

CA

 

 

 

-

 

3,501,678

 

None

 

None

 

-

 

3,501,678

 

3,501,678

 

1,103,028

 

 

 

2/26/2008

 

300

 

Blythe

 

CA

 

 

 

-

 

3,762,886

 

None

 

None

 

-

 

3,762,886

 

3,762,886

 

6,271

 

 

 

12/4/2015

 

300

 

Clearlake

 

CA

 

 

 

760,000

 

4,585,114

 

None

 

None

 

760,000

 

4,585,114

 

5,345,114

 

7,642

 

 

 

12/4/2015

 

300

 

Encinitas

 

CA

 

 

 

-

 

3,751,713

 

None

 

None

 

-

 

3,751,713

 

3,751,713

 

1,181,789

 

 

 

2/26/2008

 

300

 

Indio

 

CA

 

 

 

2,205,539

 

4,096,524

 

None

 

None

 

2,205,539

 

4,096,524

 

6,302,063

 

1,290,404

 

 

 

2/21/2008

 

300

 

Pico Rivera

 

CA

 

 

 

-

 

4,633,063

 

None

 

None

 

-

 

4,633,063

 

4,633,063

 

548,246

 

 

 

1/22/2013

 

300

 

Sacramento

 

CA

 

 

 

1,490,000

 

3,473,583

 

None

 

None

 

1,490,000

 

3,473,583

 

4,963,583

 

723,663

 

 

 

10/22/2010

 

300

 

Seal Beach

 

CA

 

 

 

-

 

4,447,685

 

None

 

None

 

-

 

4,447,685

 

4,447,685

 

7,413

 

 

 

12/4/2015

 

300

 

Tracy

 

CA

 

 

 

2,467,993

 

4,584,246

 

None

 

None

 

2,467,993

 

4,584,246

 

7,052,239

 

1,474,599

 

 

 

12/20/2007

 

300

 

Visalia

 

CA

 

 

 

-

 

4,333,023

 

None

 

None

 

-

 

4,333,023

 

4,333,023

 

512,741

 

 

 

1/22/2013

 

300

 

Colorado Springs

 

CO

 

 

 

1,025,000

 

1,645,371

 

36,980

 

79

 

1,025,000

 

1,682,430

 

2,707,430

 

737,329

 

 

 

2/9/2005

 

300

 

Colorado Springs

 

CO

 

 

 

1,547,023

 

3,504,257

 

None

 

None

 

1,547,023

 

3,504,257

 

5,051,280

 

332,904

 

 

 

8/29/2013

 

300

 

Fort Collins

 

CO

 

 

 

1,100,000

 

1,385,014

 

None

 

79

 

1,100,000

 

1,385,093

 

2,485,093

 

602,533

 

 

 

2/9/2005

 

300

 

Littleton

 

CO

 

 

 

1,498,300

 

3,393,892

 

18,868

 

None

 

1,498,300

 

3,412,760

 

4,911,060

 

322,577

 

 

 

8/29/2013

 

300

 

Berlin

 

CT

 

 

 

1,532,460

 

3,786,614

 

None

 

None

 

1,532,460

 

3,786,614

 

5,319,074

 

271,374

 

 

 

3/31/2014

 

300

 

Branford

 

CT

 

 

 

1,760,000

 

3,849,409

 

None

 

None

 

1,760,000

 

3,849,409

 

5,609,409

 

275,874

 

 

 

3/31/2014

 

300

 

Millsboro

 

DE

 

 

 

900,000

 

4,039,490

 

None

 

None

 

900,000

 

4,039,490

 

4,939,490

 

6,732

 

 

 

12/4/2015

 

300

 

Delray Beach

 

FL

 

 

 

4,893,115

 

3,541,070

 

None

 

None

 

4,893,115

 

3,541,070

 

8,434,185

 

419,027

 

 

 

1/22/2013

 

300

 

Deltona

 

FL

 

 

 

849,162

 

2,388,495

 

36,175

 

140

 

849,162

 

2,424,810

 

3,273,972

 

243,203

 

 

 

6/4/2013

 

300

 

Gainesville

 

FL

 

 

 

1,935,853

 

3,620,924

 

None

 

None

 

1,935,853

 

3,620,924

 

5,556,777

 

428,476

 

 

 

1/22/2013

 

300

 

Jacksonville

 

FL

 

 

 

1,605,187

 

3,691,020

 

None

 

None

 

1,605,187

 

3,691,020

 

5,296,207

 

436,771

 

 

 

1/22/2013

 

300

 

Milton

 

FL

 

 

 

500,000

 

1,774,311

 

None

 

None

 

500,000

 

1,774,311

 

2,274,311

 

369,648

 

 

 

10/22/2010

 

300

 

Orlando

 

FL

 

 

 

960,194

 

2,372,580

 

14,576

 

None

 

960,194

 

2,387,156

 

3,347,350

 

194,854

 

 

 

12/10/2013

 

300

 

Rockledge

 

FL

 

 

 

1,626,972

 

4,576,292

 

None

 

None

 

1,626,972

 

4,576,292

 

6,203,264

 

465,256

 

 

 

6/7/2013

 

300

 

Saint Augustine

 

FL

 

 

 

1,442,096

 

4,056,278

 

None

 

None

 

1,442,096

 

4,056,278

 

5,498,374

 

412,388

 

 

 

6/11/2013

 

300

 

Winter Park

 

FL

 

 

 

1,075,020

 

1,664,284

 

None

 

None

 

1,075,020

 

1,664,284

 

2,739,304

 

1,151,157

 

 

 

9/30/1998

 

300

 

Acworth

 

GA

 

 

 

1,534,095

 

3,527,548

 

None

 

None

 

1,534,095

 

3,527,548

 

5,061,643

 

417,427

 

 

 

1/22/2013

 

300

 

Adel

 

GA

 

 

 

500,000

 

1,056,116

 

48,524

 

None

 

500,000

 

1,104,640

 

1,604,640

 

458,969

 

 

 

4/29/2005

 

300

 

Austell

 

GA

 

 

 

1,234,384

 

3,610,300

 

None

 

None

 

1,234,384

 

3,610,300

 

4,844,684

 

427,219

 

 

 

1/22/2013

 

300

 

Blackshear

 

GA

 

 

 

430,000

 

1,005,393

 

46,950

 

None

 

430,000

 

1,052,343

 

1,482,343

 

431,302

 

 

 

4/29/2005

 

300

 

Bowdon

 

GA

 

 

 

410,000

 

1,010,615

 

None

 

None

 

410,000

 

1,010,615

 

1,420,615

 

432,874

 

 

 

4/29/2005

 

300

 

Cairo

 

GA

 

 

 

330,000

 

1,152,243

 

44,220

 

None

 

330,000

 

1,196,463

 

1,526,463

 

493,630

 

 

 

4/29/2005

 

300

 

Columbus

 

GA

 

 

 

1,740,000

 

5,024,581

 

800

 

None

 

1,740,000

 

5,025,381

 

6,765,381

 

511,041

 

 

 

6/14/2013

 

300

 

Decatur

 

GA

 

 

 

1,546,047

 

3,555,032

 

30,952

 

None

 

1,546,047

 

3,585,984

 

5,132,031

 

429,465

 

 

 

1/22/2013

 

300

 

East Ellijay

 

GA

 

 

 

1,317,709

 

3,029,984

 

None

 

None

 

1,317,709

 

3,029,984

 

4,347,693

 

358,548

 

 

 

1/22/2013

 

300

 

Lawrenceville

 

GA

 

 

 

1,109,742

 

3,121,445

 

71,737

 

None

 

1,109,742

 

3,193,182

 

4,302,924

 

321,548

 

 

 

6/28/2013

 

300

 

Lithia Springs

 

GA

 

 

 

1,543,512

 

3,549,202

 

None

 

None

 

1,543,512

 

3,549,202

 

5,092,714

 

419,989

 

 

 

1/22/2013

 

300

 

Quitman

 

GA

 

 

 

730,000

 

856,586

 

None

 

None

 

730,000

 

856,586

 

1,586,586

 

372,606

 

 

 

2/9/2005

 

300

 

Rome

 

GA

 

 

 

-

 

3,389,465

 

None

 

None

 

-

 

3,389,465

 

3,389,465

 

401,087

 

 

 

1/22/2013

 

300

 

Rome

 

GA

 

 

 

1,293,890

 

3,639,408

 

None

 

None

 

1,293,890

 

3,639,408

 

4,933,298

 

370,006

 

 

 

6/12/2013

 

300

 

Ottumwa

 

IA

 

2,860,134

 

1,687,561

 

3,880,433

 

None

 

None

 

1,687,561

 

3,880,433

 

5,567,994

 

459,185

 

 

 

1/22/2013

 

300

 

Waterloo

 

IA

 

 

 

1,760,000

 

4,023,600

 

None

 

None

 

1,760,000

 

4,023,600

 

5,783,600

 

114,002

 

 

 

4/29/2015

 

300

 

Blackfoot

 

ID

 

 

 

560,000

 

1,932,186

 

None

 

None

 

560,000

 

1,932,186

 

2,492,186

 

840,492

 

 

 

2/9/2005

 

300

 

Burley

 

ID

 

 

 

700,000

 

2,011,543

 

None

 

None

 

700,000

 

2,011,543

 

2,711,543

 

875,013

 

 

 

2/9/2005

 

300

 

Chubbuck

 

ID

 

 

 

890,000

 

1,267,183

 

None

 

None

 

890,000

 

1,267,183

 

2,157,183

 

551,216

 

 

 

2/9/2005

 

300

 

Chicago

 

IL

 

 

 

1,589,068

 

2,841,507

 

90,118

 

None

 

1,589,068

 

2,931,625

 

4,520,693

 

421,184

 

 

 

6/29/2012

 

300

 

Chicago

 

IL

 

1,538,430

 

1,462,870

 

3,735,267

 

None

 

None

 

1,462,870

 

3,735,267

 

5,198,137

 

442,007

 

 

 

1/22/2013

 

300

 

Chicago

 

IL

 

 

 

1,744,950

 

3,952,594

 

None

 

None

 

1,744,950

 

3,952,594

 

5,697,544

 

362,321

 

 

 

9/3/2013

 

300

 

Chicago

 

IL

 

 

 

1,584,794

 

4,502,544

 

None

 

None

 

1,584,794

 

4,502,544

 

6,087,338

 

382,716

 

 

 

11/12/2013

 

300

 

Chicago Heights

 

IL

 

 

 

1,272,921

 

3,580,429

 

None

 

None

 

1,272,921

 

3,580,429

 

4,853,350

 

364,010

 

 

 

6/4/2013

 

300

 

Darien

 

IL

 

 

 

1,198,099

 

3,369,971

 

None

 

None

 

1,198,099

 

3,369,971

 

4,568,070

 

353,847

 

 

 

5/31/2013

 

300

 

Deerfield

 

IL

 

 

 

4,092,687

 

11,511,770

 

None

 

None

 

4,092,687

 

11,511,770

 

15,604,457

 

781,156

 

 

 

8/27/2013

 

420

 

Deerfield

 

IL

 

 

 

4,261,874

 

11,987,653

 

None

 

None

 

4,261,874

 

11,987,653

 

16,249,527

 

813,448

 

 

 

8/27/2013

 

420

 

Deerfield

 

IL

 

 

 

4,082,432

 

11,482,923

 

None

 

None

 

4,082,432

 

11,482,923

 

15,565,355

 

779,198

 

 

 

8/27/2013

 

420

 

Deerfield

 

IL

 

 

 

4,089,453

 

11,502,673

 

None

 

None

 

4,089,453

 

11,502,673

 

15,592,126

 

780,539

 

 

 

8/27/2013

 

420

 

Deerfield

 

IL

 

 

 

2,586,157

 

7,274,253

 

None

 

None

 

2,586,157

 

7,274,253

 

9,860,410

 

493,610

 

 

 

8/27/2013

 

420

 

Deerfield

 

IL

 

 

 

3,180,926

 

8,947,200

 

None

 

None

 

3,180,926

 

8,947,200

 

12,128,126

 

607,131

 

 

 

8/27/2013

 

420

 

Maryville

 

IL

 

 

 

780,685

 

2,344,436

 

None

 

None

 

780,685

 

2,344,436

 

3,125,121

 

449,350

 

 

 

3/16/2011

 

300

 

Moline

 

IL

 

 

 

1,104,813

 

3,748,707

 

None

 

None

 

1,104,813

 

3,748,707

 

4,853,520

 

443,597

 

 

 

1/22/2013

 

300

 

Oak Forest

 

IL

 

 

 

1,562,490

 

4,394,918

 

None

 

None

 

1,562,490

 

4,394,918

 

5,957,408

 

446,817

 

 

 

6/6/2013

 

300

 

Plainfield

 

IL

 

 

 

1,463,785

 

3,365,876

 

None

 

None

 

1,463,785

 

3,365,876

 

4,829,661

 

398,295

 

 

 

1/22/2013

 

300

 

Springfield

 

IL

 

 

 

1,343,188

 

3,778,072

 

82,178

 

None

 

1,343,188

 

3,860,250

 

5,203,438

 

384,618

 

 

 

6/7/2013

 

300

 

Springfield

 

IL

 

 

 

1,227,859

 

3,453,680

 

None

 

None

 

1,227,859

 

3,453,680

 

4,681,539

 

351,124

 

 

 

6/11/2013

 

300

 

Troy

 

IL

 

 

 

768,515

 

1,991,358

 

None

 

None

 

768,515

 

1,991,358

 

2,759,873

 

381,677

 

 

 

3/16/2011

 

300

 

Anderson

 

IN

 

 

 

937,591

 

2,123,795

 

None

 

None

 

937,591

 

2,123,795

 

3,061,386

 

194,681

 

 

 

9/11/2013

 

300

 

Chesterton

 

IN

 

 

 

616,498

 

4,930,886

 

None

 

None

 

616,498

 

4,930,886

 

5,547,384

 

583,488

 

 

 

1/22/2013

 

300

 

Elkhart

 

IN

 

 

 

1,772,161

 

4,074,966

 

None

 

None

 

1,772,161

 

4,074,966

 

5,847,127

 

482,204

 

 

 

1/22/2013

 

300

 

Fort Wayne

 

IN

 

 

 

1,814,885

 

3,965,792

 

None

 

None

 

1,814,885

 

3,965,792

 

5,780,677

 

112,364

 

 

 

4/29/2015

 

300

 

Hammond

 

IN

 

 

 

667,821

 

2,656,839

 

None

 

50

 

667,821

 

2,656,889

 

3,324,710

 

394,099

 

 

 

4/12/2012

 

300

 

Indianapolis

 

IN

 

 

 

1,630,000

 

5,235,915

 

None

 

None

 

1,630,000

 

5,235,915

 

6,865,915

 

532,318

 

 

 

6/4/2013

 

300

 

Indianapolis

 

IN

 

 

 

1,123,685

 

3,160,662

 

None

 

None

 

1,123,685

 

3,160,662

 

4,284,347

 

321,334

 

 

 

6/28/2013

 

300

 

Kokomo

 

IN

 

 

 

978,592

 

2,216,668

 

122,047

 

None

 

978,592

 

2,338,715

 

3,317,307

 

205,533

 

 

 

9/11/2013

 

300

 

La Porte

 

IN

 

 

 

1,765,195

 

3,959,682

 

None

 

None

 

1,765,195

 

3,959,682

 

5,724,877

 

112,191

 

 

 

4/29/2015

 

300

 

Logansport

 

IN

 

 

 

903,696

 

2,245,585

 

76,549

 

None

 

903,696

 

2,322,134

 

3,225,830

 

96,460

 

 

 

12/30/2014

 

300

 

Marion

 

IN

 

 

 

1,247,236

 

3,508,184

 

None

 

None

 

1,247,236

 

3,508,184

 

4,755,420

 

356,665

 

 

 

6/27/2013

 

300

 

Monticello

 

IN

 

 

 

694,032

 

1,952,148

 

175,768

 

None

 

694,032

 

2,127,916

 

2,821,948

 

213,028

 

 

 

6/7/2013

 

300

 

Monticello

 

IN

 

 

 

1,430,000

 

4,425,257

 

None

 

None

 

1,430,000

 

4,425,257

 

5,855,257

 

125,382

 

 

 

4/29/2015

 

300

 

Princeton

 

IN

 

 

 

2,033,742

 

4,676,454

 

None

 

None

 

2,033,742

 

4,676,454

 

6,710,196

 

553,380

 

 

 

1/22/2013

 

300

 

Salem

 

IN

 

 

 

-

 

2,351,296

 

None

 

None

 

-

 

2,351,296

 

2,351,296

 

881,736

 

 

 

8/16/2006

 

300

 

 

F-25



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

South Bend

 

IN

 

 

 

1,665,544

 

4,684,786

 

None

 

14

 

1,665,544

 

4,684,800

 

6,350,344

 

476,287

 

 

 

6/4/2013

 

300

 

Emporia

 

KS

 

 

 

2,035,321

 

4,447,479

 

None

 

None

 

2,035,321

 

4,447,479

 

6,482,800

 

126,012

 

 

 

4/29/2015

 

300

 

Hutchinson

 

KS

 

 

 

1,456,992

 

3,620,465

 

None

 

None

 

1,456,992

 

3,620,465

 

5,077,457

 

150,853

 

 

 

12/23/2014

 

300

 

Kansas City

 

KS

 

 

 

1,290,000

 

5,192,800

 

None

 

None

 

1,290,000

 

5,192,800

 

6,482,800

 

147,129

 

 

 

4/29/2015

 

300

 

Merriam

 

KS

 

 

 

1,441,117

 

4,053,526

 

None

 

None

 

1,441,117

 

4,053,526

 

5,494,643

 

412,108

 

 

 

6/4/2013

 

300

 

Newton

 

KS

 

 

 

1,340,000

 

3,335,460

 

None

 

None

 

1,340,000

 

3,335,460

 

4,675,460

 

138,978

 

 

 

12/23/2014

 

300

 

Parsons

 

KS

 

 

 

2,090,000

 

4,248,446

 

None

 

None

 

2,090,000

 

4,248,446

 

6,338,446

 

120,373

 

 

 

4/29/2015

 

300

 

Lebanon

 

KY

 

 

 

1,718,716

 

4,095,853

 

None

 

None

 

1,718,716

 

4,095,853

 

5,814,569

 

116,049

 

 

 

4/29/2015

 

300

 

Louisville

 

KY

 

 

 

2,386,891

 

4,017,753

 

None

 

None

 

2,386,891

 

4,017,753

 

6,404,644

 

475,434

 

 

 

1/22/2013

 

300

 

Louisville

 

KY

 

 

 

1,785,691

 

4,106,077

 

None

 

None

 

1,785,691

 

4,106,077

 

5,891,768

 

485,886

 

 

 

1/22/2013

 

300

 

Louisville

 

KY

 

 

 

1,565,241

 

3,947,885

 

None

 

None

 

1,565,241

 

3,947,885

 

5,513,126

 

467,166

 

 

 

1/22/2013

 

300

 

Louisville

 

KY

 

 

 

2,540,000

 

3,918,593

 

None

 

None

 

2,540,000

 

3,918,593

 

6,458,593

 

111,027

 

 

 

4/29/2015

 

300

 

Mayfield

 

KY

 

 

 

1,782,381

 

4,098,467

 

None

 

None

 

1,782,381

 

4,098,467

 

5,880,848

 

484,985

 

 

 

1/22/2013

 

300

 

Paducah

 

KY

 

 

 

1,792,850

 

4,021,718

 

None

 

None

 

1,792,850

 

4,021,718

 

5,814,568

 

113,949

 

 

 

4/29/2015

 

300

 

Radcliff

 

KY

 

 

 

1,305,607

 

3,960,699

 

None

 

None

 

1,305,607

 

3,960,699

 

5,266,306

 

468,683

 

 

 

1/22/2013

 

300

 

Amite

 

LA

 

2,689,843

 

1,633,328

 

3,755,728

 

None

 

None

 

1,633,328

 

3,755,728

 

5,389,056

 

444,428

 

 

 

1/22/2013

 

300

 

Gretna

 

LA

 

 

 

3,570,000

 

5,037,780

 

None

 

None

 

3,570,000

 

5,037,780

 

8,607,780

 

260,285

 

 

 

9/30/2014

 

300

 

Morgan City

 

LA

 

 

 

1,378,894

 

3,170,675

 

None

 

None

 

1,378,894

 

3,170,675

 

4,549,569

 

375,197

 

 

 

1/22/2013

 

300

 

Pineville

 

LA

 

 

 

1,527,708

 

3,593,739

 

None

 

None

 

1,527,708

 

3,593,739

 

5,121,447

 

137,760

 

 

 

1/7/2015

 

300

 

Brockton

 

MA

 

 

 

1,420,000

 

5,586,439

 

None

 

None

 

1,420,000

 

5,586,439

 

7,006,439

 

400,361

 

 

 

3/31/2014

 

300

 

Melrose

 

MA

 

 

 

2,450,000

 

5,344,307

 

None

 

None

 

2,450,000

 

5,344,307

 

7,794,307

 

383,009

 

 

 

3/31/2014

 

300

 

Baltimore

 

MD

 

 

 

-

 

3,547,389

 

None

 

None

 

-

 

3,547,389

 

3,547,389

 

5,912

 

 

 

12/4/2015

 

300

 

Elkton

 

MD

 

 

 

1,751,013

 

3,252,546

 

None

 

None

 

1,751,013

 

3,252,546

 

5,003,559

 

1,024,550

 

 

 

2/21/2008

 

300

 

Laurel

 

MD

 

 

 

-

 

2,400,696

 

None

 

None

 

-

 

2,400,696

 

2,400,696

 

900,261

 

 

 

8/16/2006

 

300

 

Biddeford

 

ME

 

 

 

-

 

3,587,125

 

None

 

None

 

-

 

3,587,125

 

3,587,125

 

424,476

 

 

 

1/22/2013

 

300

 

Brewer

 

ME

 

 

 

2,030,000

 

4,935,503

 

None

 

None

 

2,030,000

 

4,935,503

 

6,965,503

 

501,776

 

 

 

6/6/2013

 

300

 

Farmington

 

ME

 

 

 

1,310,995

 

3,687,522

 

None

 

None

 

1,310,995

 

3,687,522

 

4,998,517

 

374,898

 

 

 

6/12/2013

 

300

 

Lisbon

 

ME

 

 

 

1,403,949

 

3,948,979

 

None

 

None

 

1,403,949

 

3,948,979

 

5,352,928

 

401,480

 

 

 

6/13/2013

 

300

 

Machias

 

ME

 

 

 

1,250,032

 

3,516,047

 

None

 

None

 

1,250,032

 

3,516,047

 

4,766,079

 

357,465

 

 

 

6/5/2013

 

300

 

Portland

 

ME

 

 

 

2,100,849

 

3,902,402

 

None

 

None

 

2,100,849

 

3,902,402

 

6,003,251

 

1,255,272

 

 

 

12/20/2007

 

300

 

Charlotte

 

MI

 

2,882,100

 

466,474

 

3,640,666

 

None

 

None

 

466,474

 

3,640,666

 

4,107,140

 

430,812

 

 

 

1/22/2013

 

300

 

Dearborn

 

MI

 

 

 

2,170,000

 

4,413,371

 

None

 

None

 

2,170,000

 

4,413,371

 

6,583,371

 

125,046

 

 

 

4/29/2015

 

300

 

Gladwin

 

MI

 

 

 

1,365,747

 

2,536,910

 

None

 

None

 

1,365,747

 

2,536,910

 

3,902,657

 

799,126

 

 

 

2/21/2008

 

300

 

Jackson

 

MI

 

 

 

2,140,000

 

4,436,052

 

None

 

None

 

2,140,000

 

4,436,052

 

6,576,052

 

89,777

 

 

 

4/29/2015

 

300

 

Macomb

 

MI

 

 

 

1,084,185

 

3,049,559

 

None

 

None

 

1,084,185

 

3,049,559

 

4,133,744

 

310,038

 

 

 

6/25/2013

 

300

 

Metamora

 

MI

 

 

 

859,139

 

2,291,557

 

None

 

None

 

859,139

 

2,291,557

 

3,150,696

 

859,334

 

 

 

8/16/2006

 

300

 

Mount Pleasant

 

MI

 

2,692,300

 

879,419

 

3,713,692

 

None

 

None

 

879,419

 

3,713,692

 

4,593,111

 

439,454

 

 

 

1/22/2013

 

300

 

Northville

 

MI

 

 

 

982,099

 

3,849,614

 

None

 

None

 

982,099

 

3,849,614

 

4,831,713

 

455,538

 

 

 

1/22/2013

 

300

 

Norton Shores

 

MI

 

 

 

2,046,387

 

4,471,658

 

None

 

None

 

2,046,387

 

4,471,658

 

6,518,045

 

126,697

 

 

 

4/29/2015

 

300

 

Port Huron

 

MI

 

 

 

1,908,747

 

4,281,697

 

None

 

None

 

1,908,747

 

4,281,697

 

6,190,444

 

121,315

 

 

 

4/29/2015

 

300

 

Portage

 

MI

 

 

 

1,640,000

 

4,489,124

 

None

 

None

 

1,640,000

 

4,489,124

 

6,129,124

 

127,192

 

 

 

4/29/2015

 

300

 

Rockwood

 

MI

 

 

 

972,962

 

2,736,715

 

57,268

 

None

 

972,962

 

2,793,983

 

3,766,945

 

278,591

 

 

 

6/25/2013

 

300

 

Royal Oak

 

MI

 

 

 

2,550,000

 

4,382,053

 

None

 

None

 

2,550,000

 

4,382,053

 

6,932,053

 

124,158

 

 

 

4/29/2015

 

300

 

Taylor

 

MI

 

 

 

2,092,605

 

4,572,653

 

None

 

None

 

2,092,605

 

4,572,653

 

6,665,258

 

129,559

 

 

 

4/29/2015

 

300

 

Troy

 

MI

 

 

 

3,184,828

 

-

 

9,976

 

None

 

3,184,828

 

9,976

 

3,194,804

 

1,728

 

 

 

6/27/2013

 

300

 

Washington Townsh

 

MI

 

 

 

1,028,277

 

2,892,301

 

None

 

None

 

1,028,277

 

2,892,301

 

3,920,578

 

294,051

 

 

 

6/25/2013

 

300

 

Brooklyn Park

 

MN

 

 

 

-

 

4,106,753

 

None

 

None

 

-

 

4,106,753

 

4,106,753

 

485,966

 

 

 

1/22/2013

 

300

 

Cloquet

 

MN

 

 

 

1,220,000

 

5,151,588

 

None

 

None

 

1,220,000

 

5,151,588

 

6,371,588

 

523,745

 

 

 

6/7/2013

 

300

 

Grand Rapids

 

MN

 

3,482,700

 

499,111

 

4,072,537

 

None

 

None

 

499,111

 

4,072,537

 

4,571,648

 

481,917

 

 

 

1/22/2013

 

300

 

Dellwood

 

MO

 

 

 

766,461

 

2,438,272

 

None

 

None

 

766,461

 

2,438,272

 

3,204,733

 

467,335

 

 

 

3/16/2011

 

300

 

Farmington

 

MO

 

 

 

1,580,000

 

5,184,052

 

None

 

None

 

1,580,000

 

5,184,052

 

6,764,052

 

527,045

 

 

 

6/27/2013

 

300

 

Harrisonville

 

MO

 

 

 

1,473,335

 

3,387,834

 

None

 

None

 

1,473,335

 

3,387,834

 

4,861,169

 

400,894

 

 

 

1/22/2013

 

300

 

Kansas City

 

MO

 

 

 

1,875,478

 

4,207,068

 

None

 

None

 

1,875,478

 

4,207,068

 

6,082,546

 

119,200

 

 

 

4/29/2015

 

300

 

St. John

 

MO

 

 

 

2,300,000

 

3,824,235

 

None

 

None

 

2,300,000

 

3,824,235

 

6,124,235

 

108,353

 

 

 

4/29/2015

 

300

 

St. Joseph

 

MO

 

 

 

1,293,855

 

3,639,311

 

None

 

None

 

1,293,855

 

3,639,311

 

4,933,166

 

369,997

 

 

 

6/7/2013

 

300

 

St. Louis

 

MO

 

 

 

744,817

 

2,300,087

 

None

 

None

 

744,817

 

2,300,087

 

3,044,904

 

440,850

 

 

 

3/16/2011

 

300

 

St. Louis

 

MO

 

 

 

1,117,749

 

3,143,966

 

None

 

None

 

1,117,749

 

3,143,966

 

4,261,715

 

319,637

 

 

 

6/14/2013

 

300

 

St. Louis

 

MO

 

 

 

2,190,000

 

5,109,166

 

None

 

None

 

2,190,000

 

5,109,166

 

7,299,166

 

519,432

 

 

 

6/27/2013

 

300

 

Wildwood

 

MO

 

 

 

681,200

 

2,649,759

 

None

 

None

 

681,200

 

2,649,759

 

3,330,959

 

507,871

 

 

 

3/16/2011

 

300

 

Byram

 

MS

 

 

 

1,243,088

 

3,425,993

 

None

 

None

 

1,243,088

 

3,425,993

 

4,669,081

 

405,409

 

 

 

1/22/2013

 

300

 

Flowood

 

MS

 

 

 

1,828,528

 

3,995,605

 

None

 

None

 

1,828,528

 

3,995,605

 

5,824,133

 

113,209

 

 

 

4/29/2015

 

300

 

Forest

 

MS

 

 

 

-

 

2,991,069

 

None

 

None

 

-

 

2,991,069

 

2,991,069

 

353,943

 

 

 

1/22/2013

 

300

 

Jackson

 

MS

 

 

 

1,749,695

 

4,347,797

 

None

 

None

 

1,749,695

 

4,347,797

 

6,097,492

 

224,636

 

 

 

9/30/2014

 

300

 

Picayune

 

MS

 

 

 

1,721,543

 

4,102,591

 

None

 

None

 

1,721,543

 

4,102,591

 

5,824,134

 

116,240

 

 

 

4/29/2015

 

300

 

Kalispell

 

MT

 

 

 

1,890,000

 

3,629,051

 

None

 

None

 

1,890,000

 

3,629,051

 

5,519,051

 

102,823

 

 

 

4/29/2015

 

300

 

Asheville

 

NC

 

 

 

-

 

3,118,366

 

None

 

None

 

-

 

3,118,366

 

3,118,366

 

369,007

 

 

 

1/22/2013

 

300

 

Charlotte

 

NC

 

 

 

923,616

 

2,092,139

 

21,513

 

None

 

923,616

 

2,113,652

 

3,037,268

 

194,488

 

 

 

9/27/2013

 

300

 

Creedmoor

 

NC

 

 

 

1,280,821

 

2,945,163

 

None

 

None

 

1,280,821

 

2,945,163

 

4,225,984

 

348,511

 

 

 

1/22/2013

 

300

 

High Point

 

NC

 

 

 

1,573,851

 

4,426,874

 

None

 

None

 

1,573,851

 

4,426,874

 

6,000,725

 

450,066

 

 

 

6/11/2013

 

300

 

Holly Springs

 

NC

 

 

 

1,451,019

 

3,336,520

 

None

 

None

 

1,451,019

 

3,336,520

 

4,787,539

 

394,822

 

 

 

1/22/2013

 

300

 

Roanoke Rapids

 

NC

 

 

 

1,103,934

 

2,538,422

 

None

 

None

 

1,103,934

 

2,538,422

 

3,642,356

 

300,380

 

 

 

1/22/2013

 

300

 

Walkertown

 

NC

 

 

 

1,351,535

 

3,107,765

 

None

 

None

 

1,351,535

 

3,107,765

 

4,459,300

 

367,752

 

 

 

1/22/2013

 

300

 

Grand Island

 

NE

 

 

 

1,730,000

 

3,792,128

 

None

 

None

 

1,730,000

 

3,792,128

 

5,522,128

 

107,444

 

 

 

4/29/2015

 

300

 

Omaha

 

NE

 

 

 

1,782,721

 

3,895,510

 

None

 

None

 

1,782,721

 

3,895,510

 

5,678,231

 

110,373

 

 

 

4/29/2015

 

300

 

Derry

 

NH

 

 

 

1,210,000

 

4,443,660

 

None

 

None

 

1,210,000

 

4,443,660

 

5,653,660

 

318,462

 

 

 

3/31/2014

 

300

 

Dover

 

NH

 

 

 

1,844,188

 

4,556,875

 

None

 

None

 

1,844,188

 

4,556,875

 

6,401,063

 

326,576

 

 

 

3/31/2014

 

300

 

Plaistow

 

NH

 

 

 

940,000

 

4,421,512

 

None

 

None

 

940,000

 

4,421,512

 

5,361,512

 

449,520

 

 

 

6/14/2013

 

300

 

Carlstadt

 

NJ

 

 

 

2,630,000

 

4,733,522

 

None

 

None

 

2,630,000

 

4,733,522

 

7,363,522

 

244,565

 

 

 

9/30/2014

 

300

 

Jackson

 

NJ

 

 

 

1,060,000

 

3,040,000

 

None

 

None

 

1,060,000

 

3,040,000

 

4,100,000

 

5,067

 

 

 

12/4/2015

 

300

 

Ledgewood

 

NJ

 

 

 

2,060,000

 

5,490,100

 

None

 

None

 

2,060,000

 

5,490,100

 

7,550,100

 

393,457

 

 

 

3/31/2014

 

300

 

Mount Ephraim

 

NJ

 

 

 

2,410,000

 

5,039,976

 

None

 

None

 

2,410,000

 

5,039,976

 

7,449,976

 

361,198

 

 

 

3/31/2014

 

300

 

Sewell

 

NJ

 

 

 

1,510,000

 

4,969,996

 

None

 

None

 

1,510,000

 

4,969,996

 

6,479,996

 

356,183

 

 

 

3/31/2014

 

300

 

Farmington

 

NM

 

 

 

1,652,630

 

4,106,603

 

None

 

None

 

1,652,630

 

4,106,603

 

5,759,233

 

212,174

 

 

 

9/30/2014

 

300

 

Carson City

 

NV

 

 

 

800,000

 

2,770,950

 

None

 

None

 

800,000

 

2,770,950

 

3,570,950

 

1,205,355

 

 

 

2/9/2005

 

300

 

Reno

 

NV

 

 

 

1,100,000

 

2,602,911

 

None

 

175

 

1,100,000

 

2,603,086

 

3,703,086

 

1,132,386

 

 

 

2/9/2005

 

300

 

Reno

 

NV

 

 

 

850,000

 

2,306,647

 

None

 

None

 

850,000

 

2,306,647

 

3,156,647

 

1,003,383

 

 

 

2/9/2005

 

300

 

Reno

 

NV

 

 

 

-

 

3,951,105

 

None

 

None

 

-

 

3,951,105

 

3,951,105

 

467,547

 

 

 

1/22/2013

 

300

 

Sparks

 

NV

 

 

 

1,000,000

 

2,271,513

 

None

 

None

 

1,000,000

 

2,271,513

 

3,271,513

 

988,099

 

 

 

2/9/2005

 

300

 

Sun Valley

 

NV

 

 

 

550,000

 

2,678,380

 

None

 

None

 

550,000

 

2,678,380

 

3,228,380

 

1,165,086

 

 

 

2/9/2005

 

300

 

Angola

 

NY

 

 

 

1,644,457

 

3,781,320

 

None

 

None

 

1,644,457

 

3,781,320

 

5,425,777

 

447,456

 

 

 

1/22/2013

 

300

 

Auburn

 

NY

 

 

 

1,319,171

 

4,557,735

 

None

 

None

 

1,319,171

 

4,557,735

 

5,876,906

 

539,332

 

 

 

1/22/2013

 

300

 

Brooklyn

 

NY

 

 

 

-

 

3,169,829

 

None

 

None

 

-

 

3,169,829

 

3,169,829

 

375,096

 

 

 

1/22/2013

 

300

 

Brooklyn

 

NY

 

 

 

6,286,888

 

3,091,053

 

None

 

None

 

6,286,888

 

3,091,053

 

9,377,941

 

365,775

 

 

 

1/22/2013

 

300

 

Cohoes

 

NY

 

 

 

993,687

 

2,284,916

 

None

 

None

 

993,687

 

2,284,916

 

3,278,603

 

270,382

 

 

 

1/22/2013

 

300

 

Flushing

 

NY

 

 

 

-

 

2,844,843

 

None

 

None

 

-

 

2,844,843

 

2,844,843

 

336,640

 

 

 

1/22/2013

 

300

 

Greece

 

NY

 

 

 

1,530,625

 

4,305,290

 

None

 

None

 

1,530,625

 

4,305,290

 

5,835,915

 

437,704

 

 

 

6/12/2013

 

300

 

Jamaica

 

NY

 

 

 

-

 

3,265,890

 

None

 

None

 

-

 

3,265,890

 

3,265,890

 

386,464

 

 

 

1/22/2013

 

300

 

Le Roy

 

NY

 

 

 

664,571

 

4,160,651

 

None

 

None

 

664,571

 

4,160,651

 

4,825,222

 

492,344

 

 

 

1/22/2013

 

300

 

Macedon

 

NY

 

 

 

1,072,714

 

2,391,311

 

None

 

None

 

1,072,714

 

2,391,311

 

3,464,025

 

3,986

 

 

 

12/29/2015

 

300

 

Ontario

 

NY

 

 

 

650,000

 

4,641,592

 

None

 

None

 

650,000

 

4,641,592

 

5,291,592

 

7,736

 

 

 

12/4/2015

 

300

 

Orchard Park

 

NY

 

 

 

715,690

 

4,719,148

 

None

 

None

 

715,690

 

4,719,148

 

5,434,838

 

558,432

 

 

 

1/22/2013

 

300

 

Patchogue

 

NY

 

 

 

1,717,702

 

5,188,982

 

None

 

None

 

1,717,702

 

5,188,982

 

6,906,684

 

614,030

 

 

 

1/22/2013

 

300

 

Penn Yan

 

NY

 

 

 

843,439

 

3,784,664

 

None

 

None

 

843,439

 

3,784,664

 

4,628,103

 

447,852

 

 

 

1/22/2013

 

300

 

Plattsburgh

 

NY

 

 

 

2,122,505

 

4,610,552

 

None

 

None

 

2,122,505

 

4,610,552

 

6,733,057

 

545,582

 

 

 

1/22/2013

 

300

 

Ridgewood

 

NY

 

 

 

6,872,644

 

3,221,483

 

None

 

None

 

6,872,644

 

3,221,483

 

10,094,127

 

381,209

 

 

 

1/22/2013

 

300

 

Rochester

 

NY

 

 

 

519,775

 

3,589,694

 

None

 

None

 

519,775

 

3,589,694

 

4,109,469

 

424,780

 

 

 

1/22/2013

 

300

 

Rochester

 

NY

 

 

 

495,551

 

3,585,587

 

None

 

None

 

495,551

 

3,585,587

 

4,081,138

 

424,295

 

 

 

1/22/2013

 

300

 

Rochester

 

NY

 

 

 

-

 

4,562,079

 

None

 

None

 

-

 

4,562,079

 

4,562,079

 

539,846

 

 

 

1/22/2013

 

300

 

Saint Albans

 

NY

 

 

 

6,550,000

 

4,455,729

 

None

 

None

 

6,550,000

 

4,455,729

 

11,005,729

 

452,999

 

 

 

6/26/2013

 

300

 

Stony Point

 

NY

 

3,089,020

 

2,340,671

 

4,770,714

 

None

 

None

 

2,340,671

 

4,770,714

 

7,111,385

 

564,534

 

 

 

1/22/2013

 

300

 

Syracuse

 

NY

 

 

 

1,474,646

 

4,898,244

 

None

 

None

 

1,474,646

 

4,898,244

 

6,372,890

 

579,626

 

 

 

1/22/2013

 

300

 

 

F-26



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wilton

 

NY

 

 

 

1,763,372

 

4,054,756

 

None

 

None

 

1,763,372

 

4,054,756

 

5,818,128

 

479,813

 

 

 

1/22/2013

 

300

 

Cadiz

 

OH

 

1,198,612

 

904,795

 

2,080,515

 

47,152

 

None

 

904,795

 

2,127,667

 

3,032,462

 

246,964

 

 

 

1/22/2013

 

300

 

Carrollton

 

OH

 

1,672,857

 

1,001,306

 

2,302,436

 

None

 

None

 

1,001,306

 

2,302,436

 

3,303,742

 

272,455

 

 

 

1/22/2013

 

300

 

Centerville

 

OH

 

 

 

1,971,631

 

4,308,306

 

None

 

None

 

1,971,631

 

4,308,306

 

6,279,937

 

122,069

 

 

 

4/29/2015

 

300

 

Columbus

 

OH

 

 

 

1,153,997

 

3,245,924

 

None

 

None

 

1,153,997

 

3,245,924

 

4,399,921

 

330,002

 

 

 

6/13/2013

 

300

 

Columbus

 

OH

 

 

 

2,580,000

 

4,383,667

 

None

 

None

 

2,580,000

 

4,383,667

 

6,963,667

 

124,204

 

 

 

4/29/2015

 

300

 

Cortland

 

OH

 

 

 

1,440,000

 

1,364,725

 

1,250

 

None

 

1,440,000

 

1,365,975

 

2,805,975

 

594,558

 

 

 

2/9/2005

 

300

 

East Liverpool

 

OH

 

1,576,274

 

958,357

 

2,203,679

 

55,383

 

None

 

958,357

 

2,259,062

 

3,217,419

 

261,897

 

 

 

1/22/2013

 

300

 

Franklin

 

OH

 

 

 

1,320,000

 

4,322,403

 

None

 

None

 

1,320,000

 

4,322,403

 

5,642,403

 

122,468

 

 

 

4/29/2015

 

300

 

Lakewood

 

OH

 

 

 

1,873,535

 

4,202,711

 

None

 

None

 

1,873,535

 

4,202,711

 

6,076,246

 

119,077

 

 

 

4/29/2015

 

300

 

Liberty Township

 

OH

 

 

 

1,892,611

 

4,135,636

 

None

 

None

 

1,892,611

 

4,135,636

 

6,028,247

 

117,176

 

 

 

4/29/2015

 

300

 

Lisbon

 

OH

 

1,053,739

 

706,599

 

1,624,777

 

45,482

 

None

 

706,599

 

1,670,259

 

2,376,858

 

193,179

 

 

 

1/22/2013

 

300

 

Madison

 

OH

 

 

 

580,000

 

1,272,742

 

None

 

None

 

580,000

 

1,272,742

 

1,852,742

 

545,152

 

 

 

4/29/2005

 

300

 

Mansfield

 

OH

 

3,120,466

 

1,653,932

 

3,803,106

 

None

 

None

 

1,653,932

 

3,803,106

 

5,457,038

 

450,034

 

 

 

1/22/2013

 

300

 

Marysville

 

OH

 

 

 

1,654,400

 

3,804,182

 

None

 

None

 

1,654,400

 

3,804,182

 

5,458,582

 

450,162

 

 

 

1/22/2013

 

300

 

Mayfield Heights

 

OH

 

 

 

-

 

2,703,730

 

None

 

None

 

-

 

2,703,730

 

2,703,730

 

851,674

 

 

 

2/21/2008

 

300

 

Reynoldsburg

 

OH

 

 

 

1,286,721

 

3,619,244

 

99,570

 

None

 

1,286,721

 

3,718,814

 

5,005,535

 

368,579

 

 

 

6/7/2013

 

300

 

Sidney

 

OH

 

 

 

1,359,676

 

3,198,465

 

None

 

None

 

1,359,676

 

3,198,465

 

4,558,141

 

122,608

 

 

 

1/7/2015

 

300

 

Upper Arlington

 

OH

 

 

 

3,010,646

 

5,513,043

 

None

 

None

 

3,010,646

 

5,513,043

 

8,523,689

 

652,377

 

 

 

1/22/2013

 

300

 

Warren

 

OH

 

 

 

960,000

 

1,326,083

 

None

 

None

 

960,000

 

1,326,083

 

2,286,083

 

576,837

 

 

 

2/9/2005

 

300

 

Warren

 

OH

 

 

 

800,000

 

1,241,503

 

None

 

None

 

800,000

 

1,241,503

 

2,041,503

 

540,045

 

 

 

2/9/2005

 

300

 

Willowick

 

OH

 

 

 

530,000

 

1,241,308

 

None

 

None

 

530,000

 

1,241,308

 

1,771,308

 

531,688

 

 

 

4/29/2005

 

300

 

El Reno

 

OK

 

 

 

670,000

 

3,457,967

 

None

 

None

 

670,000

 

3,457,967

 

4,127,967

 

144,082

 

 

 

12/23/2014

 

300

 

Midwest City

 

OK

 

 

 

1,560,000

 

4,215,560

 

None

 

None

 

1,560,000

 

4,215,560

 

5,775,560

 

119,441

 

 

 

4/29/2015

 

300

 

Ponca City

 

OK

 

 

 

1,247,744

 

3,100,506

 

None

 

None

 

1,247,744

 

3,100,506

 

4,348,250

 

160,193

 

 

 

9/30/2014

 

300

 

Tulsa

 

OK

 

 

 

813,500

 

5,707

 

1,500

 

None

 

813,500

 

7,207

 

820,707

 

972

 

10/31/2013

 

5/3/2013

 

300

 

Warr Acres

 

OK

 

 

 

1,813,278

 

3,962,282

 

None

 

None

 

1,813,278

 

3,962,282

 

5,775,560

 

112,265

 

 

 

4/29/2015

 

300

 

Redmond

 

OR

 

 

 

1,440,000

 

5,005,148

 

None

 

None

 

1,440,000

 

5,005,148

 

6,445,148

 

8,342

 

 

 

12/4/2015

 

300

 

Beaver

 

PA

 

 

 

1,933,000

 

3,003,160

 

None

 

None

 

1,933,000

 

3,003,160

 

4,936,160

 

966,016

 

 

 

12/20/2007

 

300

 

Carlisle

 

PA

 

2,907,378

 

1,687,948

 

3,881,323

 

None

 

None

 

1,687,948

 

3,881,323

 

5,569,271

 

459,290

 

 

 

1/22/2013

 

300

 

Delmont

 

PA

 

 

 

720,000

 

1,246,023

 

10,475

 

None

 

720,000

 

1,256,498

 

1,976,498

 

550,130

 

 

 

2/9/2005

 

300

 

Emmaus

 

PA

 

 

 

1,568,237

 

4,411,084

 

None

 

None

 

1,568,237

 

4,411,084

 

5,979,321

 

448,460

 

 

 

6/20/2013

 

300

 

Export

 

PA

 

 

 

710,000

 

1,666,912

 

None

 

None

 

710,000

 

1,666,912

 

2,376,912

 

725,095

 

 

 

2/9/2005

 

300

 

Girard

 

PA

 

 

 

-

 

1,352,590

 

179,859

 

None

 

-

 

1,532,449

 

1,532,449

 

1,274,780

 

 

 

2/9/2005

 

183

 

Harrisburg

 

PA

 

 

 

1,920,000

 

3,580,000

 

None

 

None

 

1,920,000

 

3,580,000

 

5,500,000

 

5,967

 

 

 

12/4/2015

 

300

 

Imperial

 

PA

 

 

 

1,255,750

 

2,995,001

 

None

 

None

 

1,255,750

 

2,995,001

 

4,250,751

 

1,123,125

 

 

 

8/16/2006

 

300

 

Johnstown

 

PA

 

 

 

250,000

 

2,593,436

 

None

 

None

 

250,000

 

2,593,436

 

2,843,436

 

1,128,136

 

 

 

2/9/2005

 

300

 

Johnstown

 

PA

 

 

 

600,000

 

2,010,255

 

None

 

None

 

600,000

 

2,010,255

 

2,610,255

 

874,452

 

 

 

2/9/2005

 

300

 

Norristown

 

PA

 

 

 

-

 

3,603,611

 

None

 

None

 

-

 

3,603,611

 

3,603,611

 

1,135,136

 

 

 

2/21/2008

 

300

 

Philadelphia

 

PA

 

 

 

-

 

3,803,732

 

None

 

None

 

-

 

3,803,732

 

3,803,732

 

1,198,174

 

 

 

2/26/2008

 

300

 

Phoenixville

 

PA

 

 

 

3,510,000

 

5,123,285

 

None

 

None

 

3,510,000

 

5,123,285

 

8,633,285

 

520,867

 

 

 

6/5/2013

 

300

 

Pittsburgh

 

PA

 

3,973,499

 

2,784,426

 

5,002,215

 

None

 

None

 

2,784,426

 

5,002,215

 

7,786,641

 

591,929

 

 

 

1/22/2013

 

300

 

Reading

 

PA

 

 

 

1,400,000

 

3,304,996

 

None

 

None

 

1,400,000

 

3,304,996

 

4,704,996

 

1,041,072

 

 

 

2/21/2008

 

300

 

Saint Marys

 

PA

 

 

 

1,663,632

 

3,090,403

 

None

 

None

 

1,663,632

 

3,090,403

 

4,754,035

 

994,079

 

 

 

12/20/2007

 

300

 

Slippery Rock

 

PA

 

 

 

-

 

1,295,495

 

196,904

 

None

 

-

 

1,492,399

 

1,492,399

 

1,277,489

 

 

 

2/9/2005

 

183

 

Uniontown

 

PA

 

 

 

1,617,507

 

4,549,669

 

None

 

None

 

1,617,507

 

4,549,669

 

6,167,176

 

462,550

 

 

 

6/11/2013

 

300

 

Wexford

 

PA

 

 

 

2,300,000

 

2,606,080

 

None

 

None

 

2,300,000

 

2,606,080

 

4,906,080

 

820,914

 

 

 

2/21/2008

 

300

 

Yeadon

 

PA

 

 

 

-

 

3,253,285

 

None

 

None

 

-

 

3,253,285

 

3,253,285

 

1,046,473

 

 

 

12/20/2007

 

300

 

Woonsocket

 

RI

 

 

 

1,297,497

 

2,939,041

 

None

 

None

 

1,297,497

 

2,939,041

 

4,236,538

 

279,209

 

 

 

8/1/2013

 

300

 

Columbia

 

SC

 

 

 

1,430,093

 

3,288,404

 

None

 

None

 

1,430,093

 

3,288,404

 

4,718,497

 

389,128

 

 

 

1/22/2013

 

300

 

Conway

 

SC

 

1,795,692

 

-

 

3,451,662

 

None

 

None

 

-

 

3,451,662

 

3,451,662

 

408,447

 

 

 

1/22/2013

 

300

 

Athens

 

TN

 

 

 

1,650,000

 

3,842,297

 

None

 

None

 

1,650,000

 

3,842,297

 

5,492,297

 

108,865

 

 

 

4/29/2015

 

300

 

Bartlett

 

TN

 

 

 

1,563,355

 

3,677,593

 

None

 

None

 

1,563,355

 

3,677,593

 

5,240,948

 

140,974

 

 

 

1/7/2015

 

300

 

Brownsville

 

TN

 

 

 

1,490,000

 

3,683,903

 

None

 

None

 

1,490,000

 

3,683,903

 

5,173,903

 

104,377

 

 

 

4/29/2015

 

300

 

Chattanooga

 

TN

 

 

 

1,090,783

 

2,695,258

 

None

 

None

 

1,090,783

 

2,695,258

 

3,786,041

 

211,129

 

 

 

1/9/2014

 

300

 

Colonial Heights

 

TN

 

 

 

1,837,294

 

4,014,760

 

None

 

None

 

1,837,294

 

4,014,760

 

5,852,054

 

113,752

 

 

 

4/29/2015

 

300

 

Fayetteville

 

TN

 

 

 

1,490,000

 

4,127,381

 

None

 

None

 

1,490,000

 

4,127,381

 

5,617,381

 

116,942

 

 

 

4/29/2015

 

300

 

Franklin

 

TN

 

 

 

754,510

 

2,122,261

 

58,911

 

None

 

754,510

 

2,181,172

 

2,935,682

 

216,131

 

 

 

6/6/2013

 

300

 

Hixson

 

TN

 

 

 

973,733

 

2,406,034

 

None

 

None

 

973,733

 

2,406,034

 

3,379,767

 

188,473

 

 

 

1/9/2014

 

300

 

Lawrenceburg

 

TN

 

 

 

1,633,403

 

3,892,546

 

None

 

None

 

1,633,403

 

3,892,546

 

5,525,949

 

110,289

 

 

 

4/29/2015

 

300

 

Memphis

 

TN

 

 

 

350,000

 

2,783,909

 

27,134

 

None

 

350,000

 

2,811,043

 

3,161,043

 

219,688

 

 

 

1/9/2014

 

300

 

White House

 

TN

 

 

 

1,649,422

 

3,930,720

 

None

 

None

 

1,649,422

 

3,930,720

 

5,580,142

 

111,370

 

 

 

4/29/2015

 

300

 

Austin

 

TX

 

 

 

1,623,904

 

3,734,059

 

None

 

None

 

1,623,904

 

3,734,059

 

5,357,963

 

441,864

 

 

 

1/22/2013

 

300

 

Coppell

 

TX

 

 

 

1,076,551

 

3,097,830

 

None

 

None

 

1,076,551

 

3,097,830

 

4,174,381

 

366,577

 

 

 

1/22/2013

 

300

 

Houston

 

TX

 

 

 

1,268,978

 

3,569,338

 

None

 

None

 

1,268,978

 

3,569,338

 

4,838,316

 

362,883

 

 

 

6/11/2013

 

300

 

Houston

 

TX

 

 

 

2,860,000

 

3,490,686

 

None

 

None

 

2,860,000

 

3,490,686

 

6,350,686

 

133,810

 

 

 

1/7/2015

 

300

 

Lubbock

 

TX

 

 

 

973,713

 

2,738,827

 

3,293

 

None

 

973,713

 

2,742,120

 

3,715,833

 

278,457

 

 

 

6/5/2013

 

300

 

Sealy

 

TX

 

 

 

1,514,567

 

3,482,644

 

None

 

None

 

1,514,567

 

3,482,644

 

4,997,211

 

412,113

 

 

 

1/22/2013

 

300

 

Wichita Falls

 

TX

 

 

 

1,331,410

 

3,131,974

 

None

 

None

 

1,331,410

 

3,131,974

 

4,463,384

 

120,059

 

 

 

1/16/2015

 

300

 

Fredericksburg

 

VA

 

 

 

-

 

2,901,815

 

None

 

None

 

-

 

2,901,815

 

2,901,815

 

914,070

 

 

 

2/21/2008

 

300

 

King George

 

VA

 

2,942,157

 

1,772,216

 

4,075,092

 

None

 

None

 

1,772,216

 

4,075,092

 

5,847,308

 

482,219

 

 

 

1/22/2013

 

300

 

Martinsville

 

VA

 

3,600,673

 

560,565

 

3,290,085

 

None

 

None

 

560,565

 

3,290,085

 

3,850,650

 

389,327

 

 

 

1/22/2013

 

300

 

Richmond

 

VA

 

 

 

1,255,931

 

3,103,326

 

91,118

 

None

 

1,255,931

 

3,194,444

 

4,450,375

 

243,659

 

 

 

1/16/2014

 

300

 

Richmond

 

VA

 

 

 

1,388,198

 

3,255,705

 

None

 

None

 

1,388,198

 

3,255,705

 

4,643,903

 

70,540

 

 

 

6/30/2015

 

300

 

Burlington

 

VT

 

 

 

2,049,745

 

4,643,003

 

None

 

None

 

2,049,745

 

4,643,003

 

6,692,748

 

456,562

 

 

 

7/19/2013

 

300

 

Graham

 

WA

 

 

 

1,396,502

 

3,928,032

 

None

 

None

 

1,396,502

 

3,928,032

 

5,324,534

 

399,350

 

 

 

6/4/2013

 

300

 

Lynnwood

 

WA

 

 

 

1,410,480

 

3,967,350

 

None

 

None

 

1,410,480

 

3,967,350

 

5,377,830

 

403,347

 

 

 

6/28/2013

 

300

 

Mount Vernon

 

WA

 

 

 

-

 

3,785,303

 

None

 

None

 

-

 

3,785,303

 

3,785,303

 

6,309

 

 

 

12/4/2015

 

300

 

Puyallup

 

WA

 

 

 

1,835,489

 

4,535,379

 

None

 

None

 

1,835,489

 

4,535,379

 

6,370,868

 

370,389

 

 

 

12/11/2013

 

300

 

Antigo

 

WI

 

 

 

1,540,000

 

4,754,008

 

None

 

None

 

1,540,000

 

4,754,008

 

6,294,008

 

134,697

 

 

 

4/29/2015

 

300

 

Kaukauna

 

WI

 

 

 

1,893,714

 

4,138,045

 

None

 

None

 

1,893,714

 

4,138,045

 

6,031,759

 

117,245

 

 

 

4/29/2015

 

300

 

Menomonee Falls

 

WI

 

 

 

2,180,000

 

4,235,106

 

None

 

None

 

2,180,000

 

4,235,106

 

6,415,106

 

119,995

 

 

 

4/29/2015

 

300

 

Menomonie

 

WI

 

 

 

2,200,000

 

3,831,758

 

None

 

None

 

2,200,000

 

3,831,758

 

6,031,758

 

108,566

 

 

 

4/29/2015

 

300

 

Milwaukee

 

WI

 

 

 

1,830,000

 

4,128,507

 

None

 

None

 

1,830,000

 

4,128,507

 

5,958,507

 

116,974

 

 

 

4/29/2015

 

300

 

Monona

 

WI

 

 

 

1,135,636

 

2,806,085

 

None

 

None

 

1,135,636

 

2,806,085

 

3,941,721

 

229,164

 

 

 

12/17/2013

 

300

 

Racine

 

WI

 

 

 

1,976,049

 

4,317,960

 

None

 

None

 

1,976,049

 

4,317,960

 

6,294,009

 

122,342

 

 

 

4/29/2015

 

300

 

Two Rivers

 

WI

 

 

 

1,280,000

 

4,776,734

 

None

 

None

 

1,280,000

 

4,776,734

 

6,056,734

 

135,341

 

 

 

4/29/2015

 

300

 

Wisconsin Rapids

 

WI

 

 

 

1,893,714

 

4,138,045

 

None

 

None

 

1,893,714

 

4,138,045

 

6,031,759

 

117,245

 

 

 

4/29/2015

 

300

 

Buckhannon

 

WV

 

 

 

1,716,898

 

3,189,190

 

None

 

None

 

1,716,898

 

3,189,190

 

4,906,088

 

1,004,593

 

 

 

2/21/2008

 

300

 

Huntington

 

WV

 

 

 

1,085,818

 

3,802,536

 

None

 

None

 

1,085,818

 

3,802,536

 

4,888,354

 

449,967

 

 

 

1/22/2013

 

300

 

Rock Springs

 

WY

 

 

 

1,970,000

 

4,644,222

 

None

 

None

 

1,970,000

 

4,644,222

 

6,614,222

 

131,586

 

 

 

4/29/2015

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Education

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Peoria

 

AZ

 

 

 

281,750

 

625,779

 

69,854

 

18,665

 

281,750

 

714,298

 

996,048

 

676,882

 

 

 

3/30/1988

 

300

 

Corona

 

CA

 

 

 

144,856

 

671,584

 

None

 

26,846

 

144,856

 

698,430

 

843,286

 

693,290

 

 

 

12/19/1984

 

300

 

Santee

 

CA

 

 

 

248,418

 

551,748

 

37,230

 

29,831

 

248,418

 

618,809

 

867,227

 

569,885

 

 

 

7/23/1987

 

300

 

Coconut Creek

 

FL

 

 

 

310,111

 

1,243,682

 

None

 

None

 

310,111

 

1,243,682

 

1,553,793

 

814,898

 

8/2/1999

 

12/1/1998

 

300

 

Las Vegas

 

NV

 

 

 

1,080,444

 

3,346,772

 

None

 

73

 

1,080,444

 

3,346,845

 

4,427,289

 

2,381,757

 

 

 

3/4/1998

 

300

 

Beaverton

 

OR

 

 

 

135,148

 

626,647

 

None

 

26,949

 

135,148

 

653,596

 

788,744

 

648,244

 

 

 

12/17/1986

 

300

 

Memphis

 

TN

 

 

 

238,263

 

504,897

 

11,504

 

5,352

 

238,263

 

521,753

 

760,016

 

508,861

 

 

 

9/29/1988

 

300

 

Arlington

 

TX

 

 

 

195,650

 

387,355

 

9,289

 

54

 

195,650

 

396,698

 

592,348

 

388,366

 

 

 

2/7/1991

 

300

 

Austin

 

TX

 

 

 

238,000

 

528,604

 

90,133

 

22,315

 

238,000

 

641,052

 

879,052

 

583,194

 

 

 

4/6/1989

 

300

 

Mesquite

 

TX

 

 

 

1,049,287

 

1,949,085

 

233,921

 

63,743

 

1,049,287

 

2,246,749

 

3,296,036

 

1,267,074

 

 

 

3/28/2002

 

300

 

Missouri City

 

TX

 

 

 

221,025

 

437,593

 

265,395

 

128

 

221,025

 

703,116

 

924,141

 

523,378

 

 

 

12/13/1990

 

300

 

Southlake

 

TX

 

 

 

228,279

 

511,750

 

None

 

25,283

 

228,279

 

537,033

 

765,312

 

499,559

 

 

 

3/10/1993

 

300

 

Sugar Land

 

TX

 

 

 

1,600,000

 

6,300,995

 

None

 

None

 

1,600,000

 

6,300,995

 

7,900,995

 

2,404,876

 

 

 

6/28/2006

 

300

 

Chantilly

 

VA

 

 

 

688,917

 

3,208,607

 

None

 

None

 

688,917

 

3,208,607

 

3,897,524

 

2,065,357

 

5/7/1999

 

9/30/1998

 

300

 

Kingstowne

 

VA

 

 

 

300,000

 

1,191,396

 

None

 

None

 

300,000

 

1,191,396

 

1,491,396

 

740,952

 

8/22/2000

 

11/8/1999

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric utilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fairfield

 

CA

 

 

 

1,450,000

 

9,207,989

 

2,000

 

None

 

1,450,000

 

9,209,989

 

10,659,989

 

625,295

 

 

 

8/30/2013

 

420

 

 

F-27



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Entertainment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Riverside

 

CA

 

 

 

7,800,000

 

130

 

(416,985

)

None

 

7,383,015

 

130

 

7,383,145

 

68

 

 

 

7/5/2002

 

300

 

Vista

 

CA

 

 

 

2,300,000

 

22

 

None

 

None

 

2,300,000

 

22

 

2,300,022

 

14

 

 

 

3/31/1999

 

300

 

Marietta

 

GA

 

 

 

1,500,000

 

768

 

None

 

None

 

1,500,000

 

768

 

1,500,768

 

432

 

 

 

6/29/2001

 

300

 

Norcross

 

GA

 

 

 

1,600,000

 

768

 

None

 

None

 

1,600,000

 

768

 

1,600,768

 

432

 

 

 

6/29/2001

 

300

 

Greensboro

 

NC

 

 

 

4,000,000

 

463

 

None

 

None

 

4,000,000

 

463

 

4,000,463

 

241

 

 

 

7/5/2002

 

300

 

Omaha

 

NE

 

 

 

1,956,296

 

3,949,402

 

208,052

 

140,128

 

1,956,296

 

4,297,582

 

6,253,878

 

3,065,386

 

 

 

4/4/1997

 

300

 

Calverton

 

NY

 

 

 

6,200,000

 

744

 

None

 

None

 

6,200,000

 

744

 

6,200,744

 

490

 

 

 

7/23/1999

 

300

 

Medford

 

NY

 

 

 

1,500,000

 

745

 

None

 

None

 

1,500,000

 

745

 

1,500,745

 

490

 

 

 

7/23/1999

 

300

 

Arlington

 

TX

 

 

 

1,330,000

 

2,776,647

 

None

 

None

 

1,330,000

 

2,776,647

 

4,106,647

 

143,460

 

 

 

9/11/2014

 

300

 

San Antonio

 

TX

 

 

 

1,310,000

 

1,920,140

 

None

 

None

 

1,310,000

 

1,920,140

 

3,230,140

 

105,608

 

 

 

8/6/2014

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equipment services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lake Worth

 

FL

 

 

 

679,079

 

1,262,568

 

None

 

140

 

679,079

 

1,262,708

 

1,941,787

 

629,196

 

 

 

7/3/2003

 

300

 

Novi

 

MI

 

 

 

430,000

 

6,661,063

 

None

 

None

 

430,000

 

6,661,063

 

7,091,063

 

309,264

 

 

 

5/9/2014

 

420

 

Cameron

 

MO

 

16,851,823

 

940,000

 

18,280,024

 

449,040

 

None

 

940,000

 

18,729,064

 

19,669,064

 

1,402,908

 

 

 

6/25/2013

 

420

 

Sanford

 

NC

 

7,873,564

 

226,784

 

15,056,005

 

None

 

None

 

226,784

 

15,056,005

 

15,282,789

 

1,982,374

 

 

 

9/25/2012

 

300

 

Elko

 

NV

 

 

 

1,401,115

 

10,342,501

 

17,091

 

None

 

1,401,115

 

10,359,592

 

11,760,707

 

1,988,772

 

 

 

3/15/2011

 

300

 

Lewisville

 

TX

 

 

 

1,010,134

 

1,877,384

 

None

 

None

 

1,010,134

 

1,877,384

 

2,887,518

 

935,563

 

 

 

7/3/2003

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Phoenix

 

AZ

 

 

 

245,137

 

456,324

 

None

 

None

 

245,137

 

456,324

 

701,461

 

143,742

 

 

 

2/1/2008

 

300

 

El Cajon

 

CA

 

 

 

1,620,871

 

-

 

None

 

None

 

1,620,871

 

-

 

1,620,871

 

-

 

 

 

6/19/2014

 

N/A

 

Turlock

 

CA

 

 

 

222,250

 

493,627

 

9,911

 

19,400

 

222,250

 

522,938

 

745,188

 

498,059

 

 

 

12/30/1987

 

300

 

Canon City

 

CO

 

 

 

66,500

 

147,699

 

35,838

 

111

 

66,500

 

183,648

 

250,148

 

148,185

 

 

 

11/12/1987

 

300

 

Colorado Springs

 

CO

 

 

 

313,250

 

695,730

 

40,500

 

79

 

313,250

 

736,309

 

1,049,559

 

736,291

 

 

 

3/10/1987

 

300

 

Clearwater

 

FL

 

 

 

476,179

 

725,023

 

10,154

 

270

 

476,179

 

735,447

 

1,211,626

 

500,267

 

 

 

12/31/1998

 

300

 

Fort Myers

 

FL

 

2,299,927

 

1,025,624

 

2,407,011

 

None

 

None

 

1,025,624

 

2,407,011

 

3,432,635

 

284,830

 

 

 

1/22/2013

 

300

 

Orlando

 

FL

 

 

 

532,556

 

940,177

 

None

 

None

 

532,556

 

940,177

 

1,472,733

 

355,668

 

6/9/2006

 

12/15/2005

 

300

 

Palm Coast

 

FL

 

 

 

713,370

 

2,421,133

 

None

 

None

 

713,370

 

2,421,133

 

3,134,503

 

286,501

 

 

 

1/22/2013

 

300

 

Plantation

 

FL

 

1,284,678

 

1,160,000

 

1,049,443

 

None

 

None

 

1,160,000

 

1,049,443

 

2,209,443

 

82,206

 

 

 

1/31/2014

 

300

 

Pompano Beach

 

FL

 

 

 

1,563,202

 

2,354,641

 

None

 

None

 

1,563,202

 

2,354,641

 

3,917,843

 

278,633

 

 

 

1/22/2013

 

300

 

Acworth

 

GA

 

1,033,457

 

650,000

 

992,950

 

None

 

None

 

650,000

 

992,950

 

1,642,950

 

77,781

 

 

 

1/31/2014

 

300

 

Alpharetta

 

GA

 

1,588,122

 

940,000

 

1,305,410

 

None

 

None

 

940,000

 

1,305,410

 

2,245,410

 

102,257

 

 

 

1/31/2014

 

300

 

Hinesville

 

GA

 

 

 

172,611

 

383,376

 

48,425

 

3,796

 

172,611

 

435,597

 

608,208

 

398,820

 

 

 

12/22/1987

 

300

 

Coeur D Alene

 

ID

 

 

 

165,900

 

368,468

 

None

 

None

 

165,900

 

368,468

 

534,368

 

368,468

 

 

 

9/21/1987

 

300

 

Carpentersville

 

IL

 

 

 

1,752,080

 

-

 

None

 

None

 

1,752,080

 

-

 

1,752,080

 

-

 

 

 

1/22/2013

 

300

 

Montgomery

 

IL

 

 

 

1,636,238

 

-

 

None

 

None

 

1,636,238

 

-

 

1,636,238

 

-

 

 

 

1/22/2013

 

300

 

Northlake

 

IL

 

 

 

1,461,799

 

-

 

None

 

None

 

1,461,799

 

-

 

1,461,799

 

-

 

 

 

1/22/2013

 

300

 

Oak Lawn

 

IL

 

 

 

2,052,944

 

2,383,995

 

6,000

 

None

 

2,052,944

 

2,389,995

 

4,442,939

 

282,169

 

 

 

1/22/2013

 

300

 

Schaumburg

 

IL

 

 

 

3,252,143

 

-

 

None

 

None

 

3,252,143

 

-

 

3,252,143

 

-

 

 

 

1/22/2013

 

300

 

Stickney

 

IL

 

 

 

743,660

 

1,363,377

 

None

 

None

 

743,660

 

1,363,377

 

2,107,037

 

161,333

 

 

 

1/22/2013

 

300

 

Brockton

 

MA

 

 

 

229,846

 

741,196

 

None

 

None

 

229,846

 

741,196

 

971,042

 

87,708

 

 

 

1/22/2013

 

300

 

Centerville

 

MA

 

 

 

378,555

 

1,220,743

 

None

 

None

 

378,555

 

1,220,743

 

1,599,298

 

144,455

 

 

 

1/22/2013

 

300

 

Chatham

 

MA

 

 

 

513,702

 

1,656,556

 

None

 

None

 

513,702

 

1,656,556

 

2,170,258

 

196,026

 

 

 

1/22/2013

 

300

 

Duxbury

 

MA

 

 

 

411,113

 

1,325,735

 

None

 

None

 

411,113

 

1,325,735

 

1,736,848

 

156,879

 

 

 

1/22/2013

 

300

 

Hanover

 

MA

 

 

 

434,396

 

1,400,817

 

None

 

None

 

434,396

 

1,400,817

 

1,835,213

 

165,763

 

 

 

1/22/2013

 

300

 

Hull

 

MA

 

 

 

242,499

 

781,996

 

None

 

None

 

242,499

 

781,996

 

1,024,495

 

92,536

 

 

 

1/22/2013

 

300

 

Hyannis

 

MA

 

 

 

830,700

 

2,678,796

 

None

 

None

 

830,700

 

2,678,796

 

3,509,496

 

316,991

 

 

 

1/22/2013

 

300

 

Middleborough

 

MA

 

 

 

1,225,841

 

3,953,025

 

None

 

None

 

1,225,841

 

3,953,025

 

5,178,866

 

467,775

 

 

 

1/22/2013

 

300

 

Middleborough

 

MA

 

 

 

625,848

 

724,941

 

None

 

None

 

625,848

 

724,941

 

1,350,789

 

85,785

 

 

 

1/22/2013

 

300

 

Orleans

 

MA

 

 

 

496,997

 

1,602,690

 

None

 

None

 

496,997

 

1,602,690

 

2,099,687

 

189,652

 

 

 

1/22/2013

 

300

 

Pembroke

 

MA

 

 

 

520,463

 

1,678,359

 

None

 

None

 

520,463

 

1,678,359

 

2,198,822

 

198,606

 

 

 

1/22/2013

 

300

 

Plymouth

 

MA

 

 

 

555,446

 

7,109,710

 

None

 

None

 

555,446

 

7,109,710

 

7,665,156

 

841,316

 

 

 

1/22/2013

 

300

 

Quincy

 

MA

 

 

 

289,121

 

539,719

 

50,595

 

15,595

 

289,121

 

605,909

 

895,030

 

202,803

 

 

 

8/30/2007

 

300

 

Randolph

 

MA

 

 

 

530,316

 

1,710,132

 

None

 

None

 

530,316

 

1,710,132

 

2,240,448

 

202,366

 

 

 

1/22/2013

 

300

 

Rockland

 

MA

 

 

 

1,341,048

 

6,112,682

 

None

 

None

 

1,341,048

 

6,112,682

 

7,453,730

 

723,334

 

 

 

1/22/2013

 

300

 

Scituate

 

MA

 

 

 

403,299

 

1,300,535

 

None

 

None

 

403,299

 

1,300,535

 

1,703,834

 

153,897

 

 

 

1/22/2013

 

300

 

South Yarmouth

 

MA

 

 

 

477,020

 

1,538,269

 

None

 

None

 

477,020

 

1,538,269

 

2,015,289

 

182,029

 

 

 

1/22/2013

 

300

 

West Dennis

 

MA

 

 

 

1,065,353

 

898,827

 

None

 

None

 

1,065,353

 

898,827

 

1,964,180

 

106,361

 

 

 

1/22/2013

 

300

 

Blue Springs

 

MO

 

 

 

222,569

 

494,333

 

None

 

None

 

222,569

 

494,333

 

716,902

 

494,333

 

 

 

7/31/1989

 

300

 

Wilmington

 

NC

 

1,049,683

 

470,000

 

995,035

 

None

 

None

 

470,000

 

995,035

 

1,465,035

 

77,944

 

 

 

1/31/2014

 

300

 

Bloomfield

 

NJ

 

 

 

392,983

 

1,267,269

 

None

 

None

 

392,983

 

1,267,269

 

1,660,252

 

149,960

 

 

 

1/22/2013

 

300

 

Cedar Grove

 

NJ

 

 

 

409,890

 

1,321,792

 

None

 

None

 

409,890

 

1,321,792

 

1,731,682

 

156,412

 

 

 

1/22/2013

 

300

 

Clementon

 

NJ

 

 

 

424,795

 

1,369,857

 

None

 

None

 

424,795

 

1,369,857

 

1,794,652

 

162,100

 

 

 

1/22/2013

 

300

 

Dayton

 

NJ

 

 

 

376,731

 

1,214,861

 

None

 

None

 

376,731

 

1,214,861

 

1,591,592

 

143,759

 

 

 

1/22/2013

 

300

 

Deptford

 

NJ

 

 

 

308,425

 

994,592

 

None

 

None

 

308,425

 

994,592

 

1,303,017

 

117,693

 

 

 

1/22/2013

 

300

 

East Brunswick

 

NJ

 

 

 

445,430

 

1,436,398

 

None

 

None

 

445,430

 

1,436,398

 

1,881,828

 

169,974

 

 

 

1/22/2013

 

300

 

Fairfield

 

NJ

 

 

 

612,188

 

1,974,149

 

None

 

None

 

612,188

 

1,974,149

 

2,586,337

 

233,608

 

 

 

1/22/2013

 

300

 

Fanwood

 

NJ

 

 

 

376,731

 

1,214,861

 

None

 

None

 

376,731

 

1,214,861

 

1,591,592

 

143,759

 

 

 

1/22/2013

 

300

 

Garfield

 

NJ

 

 

 

372,910

 

1,202,541

 

None

 

None

 

372,910

 

1,202,541

 

1,575,451

 

142,301

 

 

 

1/22/2013

 

300

 

Green Brook

 

NJ

 

 

 

319,003

 

1,028,702

 

None

 

None

 

319,003

 

1,028,702

 

1,347,705

 

121,730

 

 

 

1/22/2013

 

300

 

Haddonfield

 

NJ

 

 

 

312,763

 

1,008,581

 

None

 

None

 

312,763

 

1,008,581

 

1,321,344

 

119,349

 

 

 

1/22/2013

 

300

 

Kearny

 

NJ

 

 

 

278,653

 

898,584

 

None

 

None

 

278,653

 

898,584

 

1,177,237

 

106,332

 

 

 

1/22/2013

 

300

 

Mahwah

 

NJ

 

 

 

253,447

 

817,302

 

None

 

None

 

253,447

 

817,302

 

1,070,749

 

96,714

 

 

 

1/22/2013

 

300

 

Martinsville

 

NJ

 

 

 

447,368

 

1,442,647

 

None

 

None

 

447,368

 

1,442,647

 

1,890,015

 

170,713

 

 

 

1/22/2013

 

300

 

Millstone Townshi

 

NJ

 

 

 

270,310

 

871,681

 

None

 

None

 

270,310

 

871,681

 

1,141,991

 

103,149

 

 

 

1/22/2013

 

300

 

Mountain Lakes

 

NJ

 

 

 

531,890

 

887,417

 

None

 

None

 

531,890

 

887,417

 

1,419,307

 

105,011

 

 

 

1/22/2013

 

300

 

Northvale

 

NJ

 

 

 

259,002

 

835,217

 

None

 

None

 

259,002

 

835,217

 

1,094,219

 

98,834

 

 

 

1/22/2013

 

300

 

Orange

 

NJ

 

 

 

450,522

 

1,452,819

 

None

 

None

 

450,522

 

1,452,819

 

1,903,341

 

171,917

 

 

 

1/22/2013

 

300

 

Parlin

 

NJ

 

 

 

345,431

 

1,113,926

 

None

 

None

 

345,431

 

1,113,926

 

1,459,357

 

131,815

 

 

 

1/22/2013

 

300

 

Paterson

 

NJ

 

 

 

122,722

 

395,747

 

None

 

None

 

122,722

 

395,747

 

518,469

 

46,830

 

 

 

1/22/2013

 

300

 

Paterson

 

NJ

 

 

 

469,318

 

639,560

 

None

 

None

 

469,318

 

639,560

 

1,108,878

 

75,681

 

 

 

1/22/2013

 

300

 

Pompton Plains

 

NJ

 

 

 

226,298

 

729,755

 

None

 

None

 

226,298

 

729,755

 

956,053

 

86,354

 

 

 

1/22/2013

 

300

 

Raritan

 

NJ

 

 

 

370,127

 

1,193,564

 

None

 

None

 

370,127

 

1,193,564

 

1,563,691

 

141,238

 

 

 

1/22/2013

 

300

 

Somerville

 

NJ

 

 

 

376,597

 

1,214,429

 

None

 

None

 

376,597

 

1,214,429

 

1,591,026

 

143,707

 

 

 

1/22/2013

 

300

 

Tenafly

 

NJ

 

 

 

463,499

 

1,494,667

 

None

 

None

 

463,499

 

1,494,667

 

1,958,166

 

176,869

 

 

 

1/22/2013

 

300

 

Trenton

 

NJ

 

 

 

459,146

 

1,480,629

 

None

 

None

 

459,146

 

1,480,629

 

1,939,775

 

175,208

 

 

 

1/22/2013

 

300

 

Vineland

 

NJ

 

 

 

236,628

 

763,064

 

None

 

None

 

236,628

 

763,064

 

999,692

 

90,296

 

 

 

1/22/2013

 

300

 

West Orange

 

NJ

 

 

 

174,486

 

562,673

 

None

 

None

 

174,486

 

562,673

 

737,159

 

66,583

 

 

 

1/22/2013

 

300

 

West Orange

 

NJ

 

 

 

259,916

 

838,164

 

None

 

None

 

259,916

 

838,164

 

1,098,080

 

99,183

 

 

 

1/22/2013

 

300

 

Westwood

 

NJ

 

 

 

205,094

 

661,375

 

None

 

None

 

205,094

 

661,375

 

866,469

 

78,263

 

 

 

1/22/2013

 

300

 

Woodland Park

 

NJ

 

 

 

206,695

 

666,539

 

None

 

None

 

206,695

 

666,539

 

873,234

 

78,874

 

 

 

1/22/2013

 

300

 

Albuquerque

 

NM

 

 

 

80,500

 

178,794

 

8,003

 

None

 

80,500

 

186,797

 

267,297

 

185,096

 

 

 

10/29/1987

 

300

 

Santa Fe

 

NM

 

 

 

70,000

 

155,473

 

None

 

None

 

70,000

 

155,473

 

225,473

 

155,473

 

 

 

10/29/1987

 

300

 

Stony Point

 

NY

 

1,404,100

 

950,455

 

2,963,243

 

None

 

None

 

950,455

 

2,963,243

 

3,913,698

 

350,650

 

 

 

1/22/2013

 

300

 

Beachwood

 

OH

 

1,125,779

 

980,000

 

1,062,628

 

None

 

None

 

980,000

 

1,062,628

 

2,042,628

 

83,239

 

 

 

1/31/2014

 

300

 

Columbus

 

OH

 

 

 

214,737

 

85,425

 

25,900

 

5,330

 

214,737

 

116,655

 

331,392

 

58,460

 

 

 

9/17/2004

 

300

 

Dublin

 

OH

 

 

 

2,399,969

 

17,044,099

 

None

 

None

 

2,399,969

 

17,044,099

 

19,444,068

 

3,266,786

 

 

 

3/31/2011

 

300

 

Euclid

 

OH

 

602,664

 

130,000

 

1,027,248

 

None

 

None

 

130,000

 

1,027,248

 

1,157,248

 

80,468

 

 

 

1/31/2014

 

300

 

Groveport

 

OH

 

 

 

277,198

 

445,497

 

35,314

 

11,520

 

277,198

 

492,331

 

769,529

 

368,543

 

 

 

12/21/1995

 

300

 

Mentor

 

OH

 

906,161

 

350,000

 

1,276,241

 

None

 

None

 

350,000

 

1,276,241

 

1,626,241

 

99,972

 

 

 

1/31/2014

 

300

 

Milford

 

OH

 

 

 

353,324

 

269,997

 

(15,631

)

8,576

 

314,484

 

301,782

 

616,266

 

204,156

 

 

 

9/18/1997

 

300

 

Pepper Pike

 

OH

 

846,354

 

530,000

 

865,808

 

None

 

None

 

530,000

 

865,808

 

1,395,808

 

67,822

 

 

 

1/31/2014

 

300

 

Shaker Heights

 

OH

 

916,602

 

650,000

 

792,759

 

None

 

None

 

650,000

 

792,759

 

1,442,759

 

62,099

 

 

 

1/31/2014

 

300

 

West Chester

 

OH

 

 

 

618,270

 

1,055,888

 

None

 

None

 

618,270

 

1,055,888

 

1,674,158

 

124,947

 

 

 

1/22/2013

 

300

 

Ambler

 

PA

 

 

 

1,374,943

 

4,862,810

 

None

 

None

 

1,374,943

 

4,862,810

 

6,237,753

 

575,433

 

 

 

1/22/2013

 

300

 

Blairsville

 

PA

 

 

 

297,140

 

958,202

 

None

 

None

 

297,140

 

958,202

 

1,255,342

 

113,387

 

 

 

1/22/2013

 

300

 

Clarks Summit

 

PA

 

 

 

165,407

 

533,394

 

None

 

None

 

165,407

 

533,394

 

698,801

 

63,118

 

 

 

1/22/2013

 

300

 

Dillsburg

 

PA

 

 

 

157,114

 

506,653

 

None

 

None

 

157,114

 

506,653

 

663,767

 

59,954

 

 

 

1/22/2013

 

300

 

 

F-28



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Harleysville

 

PA

 

 

 

1,486,141

 

16,590,526

 

None

 

None

 

1,486,141

 

16,590,526

 

18,076,667

 

1,963,212

 

 

 

1/22/2013

 

300

 

Lansdale

 

PA

 

 

 

582,679

 

1,878,990

 

None

 

None

 

582,679

 

1,878,990

 

2,461,669

 

222,347

 

 

 

1/22/2013

 

300

 

Lansford

 

PA

 

 

 

724,643

 

2,336,788

 

None

 

None

 

724,643

 

2,336,788

 

3,061,431

 

276,520

 

 

 

1/22/2013

 

300

 

Lehighton

 

PA

 

 

 

353,743

 

1,140,729

 

None

 

None

 

353,743

 

1,140,729

 

1,494,472

 

134,986

 

 

 

1/22/2013

 

300

 

Limerick

 

PA

 

 

 

1,198,208

 

1,141,397

 

None

 

None

 

1,198,208

 

1,141,397

 

2,339,605

 

135,065

 

 

 

1/22/2013

 

300

 

Media

 

PA

 

 

 

93,870

 

302,705

 

None

 

None

 

93,870

 

302,705

 

396,575

 

35,820

 

 

 

1/22/2013

 

300

 

Media

 

PA

 

 

 

312,084

 

1,006,391

 

None

 

None

 

312,084

 

1,006,391

 

1,318,475

 

119,090

 

 

 

1/22/2013

 

300

 

North Wales

 

PA

 

 

 

658,040

 

2,122,012

 

None

 

None

 

658,040

 

2,122,012

 

2,780,052

 

251,105

 

 

 

1/22/2013

 

300

 

Palmerton

 

PA

 

 

 

1,152,944

 

3,717,949

 

None

 

None

 

1,152,944

 

3,717,949

 

4,870,893

 

439,957

 

 

 

1/22/2013

 

300

 

Philadelphia

 

PA

 

 

 

680,814

 

938,913

 

None

 

None

 

680,814

 

938,913

 

1,619,727

 

111,105

 

 

 

1/22/2013

 

300

 

Philadelphia

 

PA

 

 

 

287,110

 

925,857

 

None

 

None

 

287,110

 

925,857

 

1,212,967

 

109,560

 

 

 

1/22/2013

 

300

 

Philadelphia

 

PA

 

 

 

300,032

 

967,528

 

None

 

None

 

300,032

 

967,528

 

1,267,560

 

114,491

 

 

 

1/22/2013

 

300

 

Philadelphia

 

PA

 

 

 

200,022

 

645,020

 

None

 

None

 

200,022

 

645,020

 

845,042

 

76,327

 

 

 

1/22/2013

 

300

 

Philadelphia

 

PA

 

 

 

130,580

 

421,086

 

None

 

None

 

130,580

 

421,086

 

551,666

 

49,829

 

 

 

1/22/2013

 

300

 

Philadelphia

 

PA

 

 

 

270,560

 

872,488

 

None

 

None

 

270,560

 

872,488

 

1,143,048

 

103,244

 

 

 

1/22/2013

 

300

 

Pittsburgh

 

PA

 

 

 

203,808

 

657,230

 

None

 

None

 

203,808

 

657,230

 

861,038

 

77,772

 

 

 

1/22/2013

 

300

 

Sellersville

 

PA

 

 

 

436,843

 

1,408,706

 

None

 

None

 

436,843

 

1,408,706

 

1,845,549

 

166,697

 

 

 

1/22/2013

 

300

 

Skippack

 

PA

 

 

 

484,437

 

1,562,185

 

None

 

None

 

484,437

 

1,562,185

 

2,046,622

 

184,859

 

 

 

1/22/2013

 

300

 

Slatington

 

PA

 

 

 

467,608

 

1,507,917

 

None

 

None

 

467,608

 

1,507,917

 

1,975,525

 

178,437

 

 

 

1/22/2013

 

300

 

Slatington

 

PA

 

 

 

1,331,882

 

4,294,979

 

None

 

None

 

1,331,882

 

4,294,979

 

5,626,861

 

508,239

 

 

 

1/22/2013

 

300

 

Somerset

 

PA

 

 

 

369,856

 

1,192,691

 

None

 

None

 

369,856

 

1,192,691

 

1,562,547

 

141,135

 

 

 

1/22/2013

 

300

 

Summit Hill

 

PA

 

 

 

94,816

 

2,266,101

 

None

 

None

 

94,816

 

2,266,101

 

2,360,917

 

268,155

 

 

 

1/22/2013

 

300

 

Swarthmore

 

PA

 

 

 

165,423

 

533,447

 

None

 

None

 

165,423

 

533,447

 

698,870

 

63,125

 

 

 

1/22/2013

 

300

 

Tannersville

 

PA

 

 

 

277,284

 

894,170

 

None

 

None

 

277,284

 

894,170

 

1,171,454

 

105,810

 

 

 

1/22/2013

 

300

 

Walnutport

 

PA

 

 

 

1,068,012

 

1,437,132

 

None

 

None

 

1,068,012

 

1,437,132

 

2,505,144

 

170,061

 

 

 

1/22/2013

 

300

 

Warren

 

PA

 

 

 

253,725

 

818,198

 

None

 

None

 

253,725

 

818,198

 

1,071,923

 

96,820

 

 

 

1/22/2013

 

300

 

Wyomissing

 

PA

 

 

 

553,724

 

1,785,618

 

None

 

None

 

553,724

 

1,785,618

 

2,339,342

 

211,298

 

 

 

1/22/2013

 

300

 

Mount Pleasant

 

SC

 

13,800,000

 

10,803,051

 

25,511,279

 

None

 

None

 

10,803,051

 

25,511,279

 

36,314,330

 

2,156,310

 

 

 

1/22/2013

 

420

 

Lubbock

 

TX

 

 

 

49,000

 

108,831

 

42,051

 

6,264

 

49,000

 

157,146

 

206,146

 

136,658

 

 

 

10/29/1987

 

300

 

Pasadena

 

TX

 

 

 

385,199

 

716,468

 

None

 

None

 

385,199

 

716,468

 

1,101,667

 

225,687

 

 

 

2/1/2008

 

300

 

Milwaukee

 

WI

 

 

 

265,985

 

495,071

 

None

 

None

 

265,985

 

495,071

 

761,056

 

155,948

 

 

 

2/1/2008

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Food processing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cedar Rapids

 

IA

 

29,307,500

 

1,784,980

 

36,815,951

 

None

 

None

 

1,784,980

 

36,815,951

 

38,600,931

 

4,847,433

 

 

 

9/26/2012

 

300

 

St. Louis

 

MO

 

 

 

3,112,401

 

32,725,202

 

None

 

147

 

3,112,401

 

32,725,349

 

35,837,750

 

5,836,124

 

 

 

7/13/2011

 

300

 

Weldon Springs

 

MO

 

 

 

3,675,034

 

13,827,581

 

None

 

None

 

3,675,034

 

13,827,581

 

17,502,615

 

2,604,194

 

 

 

4/1/2011

 

300

 

Omaha

 

NE

 

 

 

2,022,114

 

24,664,964

 

None

 

None

 

2,022,114

 

24,664,964

 

26,687,078

 

2,084,777

 

 

 

1/22/2013

 

420

 

York

 

NE

 

 

 

450,000

 

7,442,416

 

None

 

None

 

450,000

 

7,442,416

 

7,892,416

 

434,402

 

 

 

12/13/2013

 

420

 

Oklahoma City

 

OK

 

 

 

201,507

 

1,828,803

 

None

 

None

 

201,507

 

1,828,803

 

2,030,310

 

154,577

 

 

 

1/22/2013

 

420

 

Memphis

 

TN

 

6,556,190

 

1,568,476

 

13,510,652

 

41,581

 

None

 

1,568,476

 

13,552,233

 

15,120,709

 

1,144,445

 

 

 

12/20/2012

 

420

 

Weslaco

 

TX

 

 

 

207,384

 

1,882,135

 

None

 

None

 

207,384

 

1,882,135

 

2,089,519

 

159,085

 

 

 

1/22/2013

 

420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General merchandise

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demopolis

 

AL

 

1,300,640

 

658,601

 

2,140,452

 

14,135

 

None

 

658,601

 

2,154,587

 

2,813,188

 

260,493

 

 

 

1/22/2013

 

300

 

Batesville

 

AR

 

 

 

360,000

 

1,839,677

 

None

 

None

 

360,000

 

1,839,677

 

2,199,677

 

193,166

 

 

 

5/23/2013

 

300

 

Blytheville

 

AR

 

5,809,800

 

772,319

 

15,370,177

 

None

 

None

 

772,319

 

15,370,177

 

16,142,496

 

1,818,804

 

 

 

1/22/2013

 

300

 

Coolidge

 

AZ

 

 

 

380,000

 

1,865,375

 

None

 

None

 

380,000

 

1,865,375

 

2,245,375

 

77,724

 

 

 

12/11/2014

 

300

 

Douglas

 

AZ

 

 

 

320,000

 

2,812,308

 

None

 

None

 

320,000

 

2,812,308

 

3,132,308

 

145,303

 

 

 

9/24/2014

 

300

 

Sonora

 

CA

 

2,886,485

 

1,199,554

 

3,898,549

 

None

 

None

 

1,199,554

 

3,898,549

 

5,098,103

 

461,328

 

 

 

1/22/2013

 

300

 

Tustin

 

CA

 

 

 

10,530,000

 

9,883,431

 

None

 

None

 

10,530,000

 

9,883,431

 

20,413,431

 

543,589

 

 

 

8/19/2014

 

300

 

Monte Vista

 

CO

 

 

 

47,652

 

582,159

 

54,569

 

1,584

 

47,652

 

638,312

 

685,964

 

397,844

 

 

 

12/23/1998

 

300

 

Pawcatuck

 

CT

 

 

 

1,090,816

 

3,545,153

 

13,565

 

None

 

1,090,816

 

3,558,718

 

4,649,534

 

427,281

 

 

 

1/22/2013

 

300

 

North Ft Myers

 

FL

 

 

 

729,366

 

3,292,417

 

None

 

None

 

729,366

 

3,292,417

 

4,021,783

 

71,336

 

 

 

6/4/2015

 

300

 

Orange Park

 

FL

 

 

 

478,314

 

618,348

 

163,348

 

27,979

 

478,314

 

809,675

 

1,287,989

 

528,556

 

 

 

12/31/1998

 

300

 

Madison

 

GA

 

 

 

597,637

 

1,942,320

 

20,582

 

None

 

597,637

 

1,962,902

 

2,560,539

 

238,949

 

 

 

1/22/2013

 

300

 

Clarinda

 

IA

 

 

 

439,267

 

816,010

 

26,503

 

12,938

 

439,267

 

855,451

 

1,294,718

 

314,435

 

 

 

5/25/2006

 

300

 

Garnett

 

KS

 

 

 

59,690

 

628,516

 

90,686

 

38

 

59,690

 

719,240

 

778,930

 

356,498

 

 

 

12/23/1998

 

300

 

Hillsboro

 

KS

 

 

 

335,292

 

622,914

 

None

 

38

 

335,292

 

622,952

 

958,244

 

239,828

 

 

 

5/25/2006

 

300

 

Phillipsburg

 

KS

 

 

 

423,725

 

787,146

 

None

 

8,938

 

423,725

 

796,084

 

1,219,809

 

303,202

 

 

 

5/25/2006

 

300

 

Lawrenceburg

 

KY

 

 

 

410,000

 

503,126

 

121,597

 

None

 

410,000

 

624,723

 

1,034,723

 

21,955

 

 

 

12/12/2014

 

300

 

Maysville

 

KY

 

 

 

1,030,000

 

1,440,622

 

None

 

None

 

1,030,000

 

1,440,622

 

2,470,622

 

151,265

 

 

 

5/28/2013

 

300

 

Mansura

 

LA

 

1,435,525

 

557,316

 

1,811,276

 

11,163

 

None

 

557,316

 

1,822,439

 

2,379,755

 

220,730

 

 

 

1/22/2013

 

300

 

Oakland

 

MD

 

 

 

990,000

 

2,555,782

 

None

 

None

 

990,000

 

2,555,782

 

3,545,782

 

106,491

 

 

 

12/4/2014

 

300

 

Calais

 

ME

 

 

 

440,000

 

2,236,794

 

None

 

None

 

440,000

 

2,236,794

 

2,676,794

 

115,568

 

 

 

9/26/2014

 

300

 

Coldwater

 

MI

 

 

 

380,000

 

2,589,000

 

None

 

None

 

380,000

 

2,589,000

 

2,969,000

 

4,315

 

 

 

12/16/2015

 

300

 

Kalamazoo

 

MI

 

 

 

-

 

2,547,854

 

42,796

 

None

 

-

 

2,590,650

 

2,590,650

 

308,118

 

 

 

1/22/2013

 

300

 

St John’s

 

MI

 

 

 

350,000

 

2,292,729

 

None

 

None

 

350,000

 

2,292,729

 

2,642,729

 

95,530

 

 

 

12/12/2014

 

300

 

Stevensville

 

MI

 

 

 

404,904

 

2,547,727

 

900

 

None

 

404,904

 

2,548,627

 

2,953,531

 

131,661

 

 

 

9/26/2014

 

300

 

Long Prairie

 

MN

 

 

 

88,892

 

553,997

 

None

 

87

 

88,892

 

554,084

 

642,976

 

377,672

 

 

 

12/23/1998

 

300

 

Paynesville

 

MN

 

 

 

49,483

 

525,406

 

35,306

 

38

 

49,483

 

560,750

 

610,233

 

359,447

 

 

 

12/23/1998

 

300

 

Spring Valley

 

MN

 

 

 

69,785

 

579,238

 

None

 

84

 

69,785

 

579,322

 

649,107

 

394,880

 

 

 

12/23/1998

 

300

 

Warroad

 

MN

 

 

 

70,000

 

580,000

 

None

 

46

 

70,000

 

580,046

 

650,046

 

395,377

 

 

 

12/23/1998

 

300

 

Independence

 

MO

 

 

 

210,643

 

467,844

 

None

 

127

 

210,643

 

467,971

 

678,614

 

467,905

 

 

 

7/31/1989

 

300

 

Kansas City

 

MO

 

 

 

210,070

 

466,571

 

None

 

None

 

210,070

 

466,571

 

676,641

 

466,571

 

 

 

5/13/1988

 

300

 

Kansas City

 

MO

 

 

 

168,350

 

373,910

 

None

 

None

 

168,350

 

373,910

 

542,260

 

373,910

 

 

 

5/26/1988

 

300

 

Willow Springs

 

MO

 

 

 

416,494

 

773,718

 

None

 

None

 

416,494

 

773,718

 

1,190,212

 

297,882

 

 

 

5/25/2006

 

300

 

Corinth

 

MS

 

 

 

387,489

 

1,749,157

 

None

 

None

 

387,489

 

1,749,157

 

2,136,646

 

142,848

 

 

 

12/4/2013

 

300

 

Ridgeland

 

MS

 

 

 

281,867

 

769,890

 

6,265

 

19,476

 

281,867

 

795,631

 

1,077,498

 

585,124

 

 

 

6/27/1997

 

300

 

Billings

 

MT

 

 

 

617,235

 

2,786,247

 

None

 

None

 

617,235

 

2,786,247

 

3,403,482

 

60,369

 

 

 

6/24/2015

 

300

 

Glendive

 

MT

 

 

 

567,581

 

2,529,794

 

None

 

None

 

567,581

 

2,529,794

 

3,097,375

 

54,812

 

 

 

6/4/2015

 

300

 

Greensboro

 

NC

 

 

 

676,201

 

3,052,428

 

None

 

None

 

676,201

 

3,052,428

 

3,728,629

 

137,359

 

 

 

11/17/2014

 

300

 

Raleigh

 

NC

 

 

 

484,913

 

2,188,937

 

None

 

None

 

484,913

 

2,188,937

 

2,673,850

 

156,874

 

 

 

3/11/2014

 

300

 

Mayville

 

ND

 

 

 

59,333

 

565,562

 

None

 

5,087

 

59,333

 

570,649

 

629,982

 

385,653

 

 

 

12/23/1998

 

300

 

Ainsworth

 

NE

 

 

 

362,675

 

673,768

 

None

 

94

 

362,675

 

673,862

 

1,036,537

 

259,421

 

 

 

5/25/2006

 

300

 

Imperial

 

NE

 

 

 

388,599

 

721,914

 

146,288

 

38

 

388,599

 

868,240

 

1,256,839

 

281,936

 

 

 

6/28/2006

 

300

 

Bloomfield

 

NM

 

 

 

59,559

 

616,252

 

14,805

 

84

 

59,559

 

631,141

 

690,700

 

421,804

 

 

 

12/23/1998

 

300

 

Clovis

 

NM

 

 

 

50,000

 

918,965

 

33,694

 

None

 

50,000

 

952,659

 

1,002,659

 

56,950

 

 

 

6/30/2014

 

300

 

Pickerington

 

OH

 

 

 

317,010

 

1,431,011

 

None

 

None

 

317,010

 

1,431,011

 

1,748,021

 

88,246

 

 

 

6/12/2014

 

300

 

Milwaukie

 

OR

 

 

 

180,250

 

400,336

 

49,088

 

58

 

180,250

 

449,482

 

629,732

 

433,325

 

 

 

8/6/1987

 

300

 

Dubois

 

PA

 

1,407,900

 

682,202

 

2,217,155

 

10,440

 

None

 

682,202

 

2,227,595

 

2,909,797

 

264,843

 

 

 

1/22/2013

 

300

 

Ebensburg

 

PA

 

 

 

581,699

 

16,421,564

 

None

 

None

 

581,699

 

16,421,564

 

17,003,263

 

1,943,218

 

 

 

1/22/2013

 

300

 

Elizabethville

 

PA

 

1,309,100

 

691,197

 

2,246,390

 

5,000

 

None

 

691,197

 

2,251,390

 

2,942,587

 

268,792

 

 

 

1/22/2013

 

300

 

Mansfield

 

PA

 

1,309,100

 

759,190

 

2,467,367

 

3,651

 

None

 

759,190

 

2,471,018

 

3,230,208

 

293,481

 

 

 

1/22/2013

 

300

 

Milford

 

PA

 

 

 

438,715

 

1,955,421

 

None

 

None

 

438,715

 

1,955,421

 

2,394,136

 

42,367

 

 

 

6/9/2015

 

300

 

Providence

 

RI

 

14,900,000

 

2,550,000

 

21,717,123

 

5,161

 

None

 

2,550,000

 

21,722,284

 

24,272,284

 

1,218,421

 

 

 

1/31/2014

 

420

 

Florence

 

SC

 

 

 

712,114

 

2,314,371

 

13,000

 

None

 

712,114

 

2,327,371

 

3,039,485

 

280,993

 

 

 

1/22/2013

 

300

 

Athens

 

TN

 

 

 

290,000

 

1,948,179

 

None

 

None

 

290,000

 

1,948,179

 

2,238,179

 

107,150

 

 

 

8/18/2014

 

300

 

Carthage

 

TN

 

 

 

316,571

 

1,411,005

 

None

 

None

 

316,571

 

1,411,005

 

1,727,576

 

2,352

 

 

 

12/17/2015

 

300

 

Memphis

 

TN

 

 

 

197,708

 

507,647

 

17,670

 

23,118

 

197,708

 

548,435

 

746,143

 

385,995

 

 

 

9/30/1998

 

300

 

Coleman

 

TX

 

 

 

243,060

 

451,661

 

14,375

 

38

 

243,060

 

466,074

 

709,134

 

173,925

 

 

 

5/25/2006

 

300

 

Colorado City

 

TX

 

 

 

92,535

 

505,276

 

63,690

 

84

 

92,535

 

569,050

 

661,585

 

344,592

 

 

 

12/23/1998

 

300

 

Devine

 

TX

 

 

 

212,408

 

394,735

 

16,268

 

101

 

212,408

 

411,104

 

623,512

 

152,024

 

 

 

5/25/2006

 

300

 

New Boston

 

TX

 

1,271,080

 

564,285

 

1,833,926

 

25,360

 

None

 

564,285

 

1,859,286

 

2,423,571

 

230,561

 

 

 

1/22/2013

 

300

 

Orange

 

TX

 

 

 

492,842

 

2,224,730

 

None

 

None

 

492,842

 

2,224,730

 

2,717,572

 

181,686

 

 

 

12/20/2013

 

300

 

Presidio

 

TX

 

 

 

407,657

 

757,362

 

None

 

7,650

 

407,657

 

765,012

 

1,172,669

 

291,709

 

 

 

5/25/2006

 

300

 

Winnsboro

 

TX

 

 

 

79,280

 

1,299,056

 

19,997

 

153

 

79,280

 

1,319,206

 

1,398,486

 

474,400

 

10/19/2006

 

9/7/2006

 

300

 

Yoakum

 

TX

 

 

 

390,147

 

724,821

 

24,408

 

87

 

390,147

 

749,316

 

1,139,463

 

279,123

 

 

 

5/25/2006

 

300

 

Salem

 

UT

 

 

 

439,889

 

1,985,696

 

None

 

None

 

439,889

 

1,985,696

 

2,425,585

 

49,642

 

 

 

5/21/2015

 

300

 

Puyallup

 

WA

 

 

 

173,250

 

384,795

 

None

 

22,814

 

173,250

 

407,609

 

580,859

 

403,617

 

 

 

9/15/1987

 

300

 

Redmond

 

WA

 

 

 

196,000

 

435,317

 

42,356

 

29,168

 

196,000

 

506,841

 

702,841

 

471,286

 

 

 

9/17/1987

 

300

 

Tacoma

 

WA

 

 

 

189,000

 

419,777

 

None

 

19,146

 

189,000

 

438,923

 

627,923

 

435,731

 

 

 

8/25/1987

 

300

 

 

F-29



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Green Bay

 

WI

 

 

 

1,510,000

 

5,852,883

 

None

 

None

 

1,510,000

 

5,852,883

 

7,362,883

 

595,043

 

 

 

6/25/2013

 

300

 

Sussex

 

WI

 

 

 

650,000

 

7,106,415

 

None

 

None

 

650,000

 

7,106,415

 

7,756,415

 

722,486

 

 

 

6/25/2013

 

300

 

Ronceverte

 

WV

 

1,407,900

 

772,945

 

2,512,071

 

2,500

 

None

 

772,945

 

2,514,571

 

3,287,516

 

297,772

 

 

 

1/22/2013

 

300

 

Douglas

 

WY

 

 

 

571,162

 

2,545,759

 

None

 

None

 

571,162

 

2,545,759

 

3,116,921

 

55,158

 

 

 

6/4/2015

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sierra Vista

 

AZ

 

 

 

368,655

 

9,028,151

 

260,984

 

None

 

368,655

 

9,289,135

 

9,657,790

 

806,414

 

 

 

1/22/2013

 

420

 

El Centro

 

CA

 

 

 

520,000

 

2,185,899

 

None

 

None

 

520,000

 

2,185,899

 

2,705,899

 

550,118

 

 

 

9/17/2009

 

300

 

Redding

 

CA

 

 

 

675,805

 

20,005,327

 

188,619

 

None

 

675,805

 

20,193,946

 

20,869,751

 

1,748,763

 

 

 

1/22/2013

 

420

 

Colorado Springs

 

CO

 

 

 

672,578

 

9,520,731

 

332,235

 

None

 

672,578

 

9,852,966

 

10,525,544

 

873,145

 

 

 

1/22/2013

 

420

 

New Port Richey

 

FL

 

 

 

779,626

 

9,945,848

 

106,459

 

None

 

779,626

 

10,052,307

 

10,831,933

 

821,132

 

 

 

1/22/2013

 

420

 

Sioux City

 

IA

 

 

 

77,340

 

4,538,558

 

24,583

 

None

 

77,340

 

4,563,141

 

4,640,481

 

388,996

 

 

 

1/22/2013

 

420

 

Caldwell

 

ID

 

 

 

666,412

 

2,891,593

 

7,400

 

None

 

666,412

 

2,898,993

 

3,565,405

 

248,494

 

 

 

1/22/2013

 

420

 

Minneapolis

 

MN

 

 

 

1,045,866

 

8,587,804

 

None

 

None

 

1,045,866

 

8,587,804

 

9,633,670

 

725,874

 

 

 

1/22/2013

 

420

 

Malone

 

NY

 

 

 

823,630

 

9,270,887

 

4,432

 

None

 

823,630

 

9,275,319

 

10,098,949

 

783,620

 

 

 

1/22/2013

 

420

 

Knoxville

 

TN

 

 

 

760,745

 

8,994,542

 

17,310

 

None

 

760,745

 

9,011,852

 

9,772,597

 

763,628

 

 

 

1/22/2013

 

420

 

Brownsville

 

TX

 

 

 

320,661

 

6,564,200

 

None

 

None

 

320,661

 

6,564,200

 

6,884,861

 

554,831

 

 

 

1/22/2013

 

420

 

Dallas

 

TX

 

 

 

399,222

 

9,540,572

 

4,139

 

None

 

399,222

 

9,544,711

 

9,943,933

 

807,632

 

 

 

1/22/2013

 

420

 

Eagle Pass

 

TX

 

 

 

146,259

 

1,880,444

 

124,540

 

None

 

146,259

 

2,004,984

 

2,151,243

 

169,129

 

 

 

1/22/2013

 

420

 

Eagle Pass

 

TX

 

 

 

68,097

 

708,427

 

56,419

 

None

 

68,097

 

764,846

 

832,943

 

62,106

 

 

 

1/22/2013

 

420

 

Paris

 

TX

 

 

 

274,223

 

5,385,490

 

1,750

 

None

 

274,223

 

5,387,240

 

5,661,463

 

455,567

 

 

 

1/22/2013

 

420

 

Parkersburg

 

WV

 

 

 

494,436

 

12,703,842

 

19,723

 

None

 

494,436

 

12,723,565

 

13,218,001

 

1,079,655

 

 

 

1/22/2013

 

420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grocery stores

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mesa

 

AZ

 

 

 

807,252

 

1,499,183

 

None

 

None

 

807,252

 

1,499,183

 

2,306,435

 

242,368

 

 

 

12/21/2011

 

300

 

Phoenix

 

AZ

 

 

 

664,796

 

1,234,621

 

None

 

None

 

664,796

 

1,234,621

 

1,899,417

 

199,597

 

 

 

12/21/2011

 

300

 

Phoenix

 

AZ

 

 

 

546,083

 

1,014,153

 

None

 

None

 

546,083

 

1,014,153

 

1,560,236

 

163,955

 

 

 

12/21/2011

 

300

 

Yuma

 

AZ

 

 

 

783,510

 

1,455,089

 

None

 

None

 

783,510

 

1,455,089

 

2,238,599

 

235,239

 

 

 

12/21/2011

 

300

 

Buena Park

 

CA

 

 

 

2,136,844

 

3,968,425

 

None

 

None

 

2,136,844

 

3,968,425

 

6,105,269

 

641,562

 

 

 

12/21/2011

 

300

 

Burbank

 

CA

 

 

 

2,193,827

 

4,074,250

 

None

 

None

 

2,193,827

 

4,074,250

 

6,268,077

 

658,670

 

 

 

12/21/2011

 

300

 

Carson

 

CA

 

 

 

949,709

 

1,763,744

 

None

 

None

 

949,709

 

1,763,744

 

2,713,453

 

285,139

 

 

 

12/21/2011

 

300

 

Chula Vista

 

CA

 

 

 

1,044,679

 

1,940,119

 

None

 

None

 

1,044,679

 

1,940,119

 

2,984,798

 

313,653

 

 

 

12/21/2011

 

300

 

Cloverdale

 

CA

 

 

 

1,505,000

 

2,795,321

 

None

 

None

 

1,505,000

 

2,795,321

 

4,300,321

 

1,374,366

 

 

 

9/30/2003

 

300

 

El Centro

 

CA

 

 

 

394,903

 

733,392

 

None

 

None

 

394,903

 

733,392

 

1,128,295

 

118,565

 

 

 

12/21/2011

 

300

 

Fortuna

 

CA

 

 

 

1,190,000

 

2,210,308

 

None

 

None

 

1,190,000

 

2,210,308

 

3,400,308

 

1,086,735

 

 

 

9/30/2003

 

300

 

Glendale

 

CA

 

 

 

3,270,797

 

6,074,336

 

None

 

None

 

3,270,797

 

6,074,336

 

9,345,133

 

982,018

 

 

 

12/21/2011

 

300

 

Hanford

 

CA

 

 

 

1,234,621

 

2,292,868

 

None

 

None

 

1,234,621

 

2,292,868

 

3,527,489

 

370,680

 

 

 

12/21/2011

 

300

 

Inglewood

 

CA

 

 

 

1,661,990

 

3,086,553

 

None

 

None

 

1,661,990

 

3,086,553

 

4,748,543

 

498,993

 

 

 

12/21/2011

 

300

 

Los Angeles

 

CA

 

 

 

712,282

 

1,322,809

 

None

 

None

 

712,282

 

1,322,809

 

2,035,091

 

213,854

 

 

 

12/21/2011

 

300

 

Los Angeles

 

CA

 

 

 

1,424,563

 

2,645,617

 

None

 

None

 

1,424,563

 

2,645,617

 

4,070,180

 

427,708

 

 

 

12/21/2011

 

300

 

Los Angeles

 

CA

 

 

 

1,576,516

 

2,927,816

 

None

 

None

 

1,576,516

 

2,927,816

 

4,504,332

 

473,330

 

 

 

12/21/2011

 

300

 

Los Angeles

 

CA

 

 

 

1,638,247

 

3,042,460

 

None

 

None

 

1,638,247

 

3,042,460

 

4,680,707

 

491,864

 

 

 

12/21/2011

 

300

 

Los Angeles

 

CA

 

 

 

1,994,388

 

3,703,864

 

None

 

None

 

1,994,388

 

3,703,864

 

5,698,252

 

598,791

 

 

 

12/21/2011

 

300

 

Los Angeles

 

CA

 

 

 

3,111,111

 

5,777,778

 

None

 

None

 

3,111,111

 

5,777,778

 

8,888,889

 

934,074

 

 

 

12/21/2011

 

300

 

Monrovia

 

CA

 

 

 

1,139,650

 

2,116,494

 

None

 

None

 

1,139,650

 

2,116,494

 

3,256,144

 

342,166

 

 

 

12/21/2011

 

300

 

North Hollywood

 

CA

 

 

 

4,036,263

 

7,495,917

 

None

 

None

 

4,036,263

 

7,495,917

 

11,532,180

 

1,211,840

 

 

 

12/21/2011

 

300

 

Oakland

 

CA

 

 

 

2,374,272

 

4,409,361

 

None

 

None

 

2,374,272

 

4,409,361

 

6,783,633

 

712,847

 

 

 

12/21/2011

 

300

 

Pacoima

 

CA

 

 

 

949,709

 

1,763,744

 

None

 

None

 

949,709

 

1,763,744

 

2,713,453

 

285,139

 

 

 

12/21/2011

 

300

 

Pasadena

 

CA

 

 

 

2,113,102

 

3,924,331

 

None

 

None

 

2,113,102

 

3,924,331

 

6,037,433

 

634,434

 

 

 

12/21/2011

 

300

 

Redlands

 

CA

 

 

 

1,187,136

 

2,204,680

 

None

 

None

 

1,187,136

 

2,204,680

 

3,391,816

 

356,423

 

 

 

12/21/2011

 

300

 

Redondo Beach

 

CA

 

 

 

1,306,667

 

2,426,666

 

None

 

None

 

1,306,667

 

2,426,666

 

3,733,333

 

392,311

 

 

 

12/21/2011

 

300

 

Redwood City

 

CA

 

 

 

1,638,247

 

3,042,460

 

None

 

None

 

1,638,247

 

3,042,460

 

4,680,707

 

491,864

 

 

 

12/21/2011

 

300

 

Riverside

 

CA

 

 

 

1,068,422

 

1,984,213

 

None

 

None

 

1,068,422

 

1,984,213

 

3,052,635

 

320,781

 

 

 

12/21/2011

 

300

 

Sacramento

 

CA

 

 

 

759,767

 

1,410,995

 

None

 

None

 

759,767

 

1,410,995

 

2,170,762

 

228,111

 

 

 

12/21/2011

 

300

 

Sacramento

 

CA

 

 

 

1,139,650

 

2,116,494

 

None

 

None

 

1,139,650

 

2,116,494

 

3,256,144

 

342,166

 

 

 

12/21/2011

 

300

 

Salinas

 

CA

 

 

 

1,044,679

 

1,940,119

 

None

 

None

 

1,044,679

 

1,940,119

 

2,984,798

 

313,653

 

 

 

12/21/2011

 

300

 

San Diego

 

CA

 

 

 

1,633,333

 

3,033,334

 

None

 

None

 

1,633,333

 

3,033,334

 

4,666,667

 

490,389

 

 

 

12/21/2011

 

300

 

Stockton

 

CA

 

 

 

1,424,563

 

2,645,617

 

None

 

None

 

1,424,563

 

2,645,617

 

4,070,180

 

427,708

 

 

 

12/21/2011

 

300

 

Thousand Oaks

 

CA

 

 

 

2,018,131

 

3,747,957

 

None

 

None

 

2,018,131

 

3,747,957

 

5,766,088

 

605,920

 

 

 

12/21/2011

 

300

 

Boulder

 

CO

 

 

 

426,675

 

1,199,508

 

None

 

306

 

426,675

 

1,199,814

 

1,626,489

 

1,082,146

 

 

 

1/5/1984

 

300

 

Wilmington

 

DE

 

4,825,479

 

1,020,000

 

5,192,590

 

None

 

None

 

1,020,000

 

5,192,590

 

6,212,590

 

337,518

 

 

 

5/9/2014

 

300

 

Brandon

 

FL

 

 

 

2,570,000

 

676,996

 

93,536

 

294

 

2,570,000

 

770,826

 

3,340,826

 

148,905

 

 

 

10/22/2010

 

300

 

Tampa

 

FL

 

 

 

2,610,000

 

5,769,576

 

141,628

 

None

 

2,610,000

 

5,911,204

 

8,521,204

 

1,227,945

 

 

 

10/22/2010

 

300

 

Warsaw

 

IN

 

 

 

2,140,000

 

4,689,646

 

None

 

None

 

2,140,000

 

4,689,646

 

6,829,646

 

1,664,813

 

 

 

2/9/2007

 

300

 

Lawrence

 

KS

 

3,315,335

 

706,512

 

5,338,974

 

140

 

None

 

706,512

 

5,339,114

 

6,045,626

 

631,820

 

 

 

1/22/2013

 

300

 

Wichita

 

KS

 

 

 

1,672,828

 

7,617,013

 

1,539

 

None

 

1,672,828

 

7,618,552

 

9,291,380

 

901,796

 

 

 

1/22/2013

 

300

 

Portland

 

ME

 

 

 

-

 

6,357,617

 

6,712

 

None

 

-

 

6,364,329

 

6,364,329

 

752,532

 

 

 

1/22/2013

 

300

 

Aurora

 

MO

 

 

 

440,000

 

3,398,717

 

None

 

None

 

440,000

 

3,398,717

 

3,838,717

 

152,942

 

 

 

11/17/2014

 

300

 

Festus

 

MO

 

 

 

1,120,000

 

5,163,355

 

1,000

 

None

 

1,120,000

 

5,164,355

 

6,284,355

 

404,654

 

 

 

1/31/2014

 

300

 

Republic

 

MO

 

 

 

930,000

 

3,036,180

 

None

 

None

 

930,000

 

3,036,180

 

3,966,180

 

136,628

 

 

 

11/17/2014

 

300

 

Springfield

 

MO

 

 

 

1,167,312

 

3,207,718

 

None

 

None

 

1,167,312

 

3,207,718

 

4,375,030

 

144,347

 

 

 

11/17/2014

 

300

 

Springfield

 

MO

 

 

 

1,635,901

 

4,495,381

 

None

 

None

 

1,635,901

 

4,495,381

 

6,131,282

 

202,292

 

 

 

11/17/2014

 

300

 

St. Louis

 

MO

 

 

 

1,150,000

 

4,580,300

 

None

 

None

 

1,150,000

 

4,580,300

 

5,730,300

 

358,790

 

 

 

1/31/2014

 

300

 

St. Louis

 

MO

 

 

 

890,000

 

5,765,303

 

None

 

None

 

890,000

 

5,765,303

 

6,655,303

 

451,615

 

 

 

1/31/2014

 

300

 

Reno

 

NV

 

 

 

456,000

 

562,344

 

19,733

 

175

 

456,000

 

582,252

 

1,038,252

 

576,860

 

 

 

5/26/1988

 

300

 

Reno

 

NV

 

 

 

721,365

 

1,339,679

 

None

 

None

 

721,365

 

1,339,679

 

2,061,044

 

216,581

 

 

 

12/21/2011

 

300

 

Canandaigua

 

NY

 

 

 

757,160

 

13,354,409

 

None

 

None

 

757,160

 

13,354,409

 

14,111,569

 

1,580,272

 

 

 

1/22/2013

 

300

 

Nanuet

 

NY

 

 

 

3,149,527

 

20,960,357

 

None

 

None

 

3,149,527

 

20,960,357

 

24,109,884

 

2,480,309

 

 

 

1/22/2013

 

300

 

Seaford

 

NY

 

13,806,243

 

6,180,000

 

6,058,740

 

None

 

None

 

6,180,000

 

6,058,740

 

12,238,740

 

393,818

 

 

 

5/9/2014

 

300

 

Bartlesville

 

OK

 

 

 

1,650,000

 

1,573,823

 

1,000

 

None

 

1,650,000

 

1,574,823

 

3,224,823

 

328,356

 

 

 

10/22/2010

 

300

 

Norman

 

OK

 

 

 

1,580,000

 

1,900,618

 

1,000

 

None

 

1,580,000

 

1,901,618

 

3,481,618

 

396,439

 

 

 

10/22/2010

 

300

 

Norman

 

OK

 

 

 

3,000,000

 

2,474,669

 

1,000

 

None

 

3,000,000

 

2,475,669

 

5,475,669

 

515,689

 

 

 

10/22/2010

 

300

 

Stillwater

 

OK

 

 

 

2,590,000

 

2,472,123

 

1,000

 

None

 

2,590,000

 

2,473,123

 

5,063,123

 

515,502

 

 

 

10/22/2010

 

300

 

Tulsa

 

OK

 

 

 

1,550,000

 

203,990

 

None

 

None

 

1,550,000

 

203,990

 

1,753,990

 

42,498

 

 

 

10/22/2010

 

300

 

Tulsa

 

OK

 

 

 

2,000,000

 

753,609

 

None

 

None

 

2,000,000

 

753,609

 

2,753,609

 

157,002

 

 

 

10/22/2010

 

300

 

Tulsa

 

OK

 

 

 

3,000,000

 

3,485,618

 

1,000

 

None

 

3,000,000

 

3,486,618

 

6,486,618

 

726,647

 

 

 

10/22/2010

 

300

 

Central Point

 

OR

 

 

 

840,000

 

1,560,308

 

None

 

None

 

840,000

 

1,560,308

 

2,400,308

 

767,151

 

 

 

9/30/2003

 

300

 

Pendleton

 

OR

 

 

 

546,083

 

1,014,153

 

None

 

None

 

546,083

 

1,014,153

 

1,560,236

 

163,955

 

 

 

12/21/2011

 

300

 

Phoenix

 

OR

 

 

 

840,000

 

1,560,308

 

None

 

None

 

840,000

 

1,560,308

 

2,400,308

 

767,151

 

 

 

9/30/2003

 

300

 

Upper Darby

 

PA

 

8,836,277

 

3,300,000

 

7,383,261

 

None

 

None

 

3,300,000

 

7,383,261

 

10,683,261

 

479,912

 

 

 

5/9/2014

 

300

 

Rapid City

 

SD

 

 

 

2,140,000

 

1,465,451

 

None

 

None

 

2,140,000

 

1,465,451

 

3,605,451

 

305,302

 

 

 

10/22/2010

 

300

 

Colchester

 

VT

 

 

 

983,640

 

13,718,577

 

None

 

None

 

983,640

 

13,718,577

 

14,702,217

 

1,623,365

 

 

 

1/22/2013

 

300

 

Richland

 

WA

 

 

 

1,756,961

 

3,262,927

 

None

 

None

 

1,756,961

 

3,262,927

 

5,019,888

 

527,507

 

 

 

12/21/2011

 

300

 

Burlington

 

WI

 

4,490,000

 

840,000

 

6,515,145

 

None

 

None

 

840,000

 

6,515,145

 

7,355,145

 

445,202

 

 

 

4/30/2014

 

300

 

Neenah

 

WI

 

3,480,000

 

1,070,000

 

4,648,820

 

None

 

None

 

1,070,000

 

4,648,820

 

5,718,820

 

317,669

 

 

 

4/30/2014

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health and fitness

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodyear

 

AZ

 

 

 

2,010,000

 

20,928,681

 

None

 

None

 

2,010,000

 

20,928,681

 

22,938,681

 

453,455

 

 

 

6/10/2015

 

300

 

Phoenix

 

AZ

 

 

 

2,608,389

 

3,418,783

 

None

 

None

 

2,608,389

 

3,418,783

 

6,027,172

 

1,897,391

 

6/6/2002

 

6/26/2001

 

300

 

Phoenix

 

AZ

 

 

 

2,100,000

 

6,556,549

 

None

 

None

 

2,100,000

 

6,556,549

 

8,656,549

 

876,358

 

3/20/2012

 

6/29/2011

 

300

 

Antioch

 

CA

 

 

 

5,375,000

 

9,982,143

 

None

 

None

 

5,375,000

 

9,982,143

 

15,357,143

 

1,713,601

 

 

 

9/21/2011

 

300

 

Bakersfield

 

CA

 

 

 

2,259,649

 

4,698,845

 

None

 

None

 

2,259,649

 

4,698,845

 

6,958,494

 

806,635

 

 

 

9/21/2011

 

300

 

Bakersfield

 

CA

 

 

 

3,260,933

 

6,056,019

 

None

 

None

 

3,260,933

 

6,056,019

 

9,316,952

 

1,039,617

 

 

 

9/21/2011

 

300

 

Carmichael

 

CA

 

 

 

812,570

 

3,467,558

 

None

 

None

 

812,570

 

3,467,558

 

4,280,128

 

329,418

 

 

 

8/30/2013

 

300

 

Carmichael

 

CA

 

 

 

755,676

 

3,224,770

 

None

 

None

 

755,676

 

3,224,770

 

3,980,446

 

306,353

 

 

 

8/30/2013

 

300

 

Ceres

 

CA

 

 

 

2,145,750

 

3,984,963

 

None

 

None

 

2,145,750

 

3,984,963

 

6,130,713

 

684,085

 

 

 

9/21/2011

 

300

 

Chula Vista

 

CA

 

 

 

4,226,250

 

7,848,750

 

None

 

None

 

4,226,250

 

7,848,750

 

12,075,000

 

1,818,294

 

 

 

3/30/2010

 

300

 

Diamond Bar

 

CA

 

 

 

3,038,879

 

5,494,141

 

None

 

777

 

3,038,879

 

5,494,918

 

8,533,797

 

3,004,267

 

3/21/2000

 

9/29/1998

 

300

 

Elk Grove

 

CA

 

 

 

2,570,000

 

10,206,994

 

None

 

3,223

 

2,570,000

 

10,210,217

 

12,780,217

 

936,166

 

 

 

9/27/2013

 

300

 

Fairfield

 

CA

 

 

 

836,500

 

2,053,894

 

None

 

None

 

836,500

 

2,053,894

 

2,890,394

 

215,213

 

 

 

10/3/2012

 

300

 

Folsom

 

CA

 

 

 

1,290,000

 

13,537,029

 

None

 

None

 

1,290,000

 

13,537,029

 

14,827,029

 

1,286,018

 

 

 

8/30/2013

 

300

 

 

F-30



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Los Banos

 

CA

 

 

 

1,378,343

 

2,559,779

 

None

 

None

 

1,378,343

 

2,559,779

 

3,938,122

 

439,429

 

 

 

9/21/2011

 

300

 

McClellan

 

CA

 

 

 

396,459

 

1,691,850

 

None

 

None

 

396,459

 

1,691,850

 

2,088,309

 

160,726

 

 

 

8/30/2013

 

300

 

Merced

 

CA

 

 

 

910,000

 

2,440,523

 

None

 

None

 

910,000

 

2,440,523

 

3,350,523

 

240,653

 

 

 

10/3/2012

 

300

 

Norco

 

CA

 

 

 

1,247,243

 

4,907,430

 

None

 

27

 

1,247,243

 

4,907,457

 

6,154,700

 

2,585,134

 

12/13/2000

 

6/29/1999

 

300

 

Rancho Cordova

 

CA

 

 

 

1,040,000

 

6,791,316

 

None

 

None

 

1,040,000

 

6,791,316

 

7,831,316

 

645,175

 

 

 

8/30/2013

 

300

 

Rocklin

 

CA

 

 

 

1,165,243

 

4,972,558

 

None

 

None

 

1,165,243

 

4,972,558

 

6,137,801

 

472,393

 

 

 

8/30/2013

 

300

 

Roseville

 

CA

 

 

 

1,970,000

 

7,743,081

 

138,677

 

None

 

1,970,000

 

7,881,758

 

9,851,758

 

728,789

 

 

 

9/27/2013

 

300

 

Sacramento

 

CA

 

 

 

449,230

 

1,917,043

 

None

 

None

 

449,230

 

1,917,043

 

2,366,273

 

182,119

 

 

 

8/30/2013

 

300

 

Sacramento

 

CA

 

 

 

2,400,000

 

14,079,539

 

None

 

None

 

2,400,000

 

14,079,539

 

16,479,539

 

1,290,624

 

 

 

9/30/2013

 

300

 

Shingle Springs

 

CA

 

 

 

1,575,000

 

3,675,307

 

None

 

None

 

1,575,000

 

3,675,307

 

5,250,307

 

399,137

 

 

 

10/3/2012

 

300

 

Stockton

 

CA

 

 

 

2,320,442

 

4,309,392

 

None

 

None

 

2,320,442

 

4,309,392

 

6,629,834

 

739,779

 

 

 

9/21/2011

 

300

 

Stockton

 

CA

 

 

 

1,602,459

 

2,975,994

 

None

 

None

 

1,602,459

 

2,975,994

 

4,578,453

 

510,879

 

 

 

9/21/2011

 

300

 

Stockton

 

CA

 

 

 

509,091

 

945,454

 

None

 

None

 

509,091

 

945,454

 

1,454,545

 

124,485

 

 

 

9/28/2012

 

300

 

Tracy

 

CA

 

 

 

556,906

 

1,034,254

 

None

 

None

 

556,906

 

1,034,254

 

1,591,160

 

177,547

 

 

 

9/21/2011

 

300

 

Tracy

 

CA

 

 

 

3,228,902

 

5,996,532

 

None

 

None

 

3,228,902

 

5,996,532

 

9,225,434

 

1,029,405

 

 

 

9/21/2011

 

300

 

Vacaville

 

CA

 

 

 

1,575,000

 

3,675,429

 

None

 

None

 

1,575,000

 

3,675,429

 

5,250,429

 

399,141

 

 

 

10/3/2012

 

300

 

Vallejo

 

CA

 

 

 

756,000

 

3,404,487

 

None

 

None

 

756,000

 

3,404,487

 

4,160,487

 

243,531

 

 

 

10/3/2012

 

300

 

South Windsor

 

CT

 

5,567,814

 

1,410,000

 

8,239,228

 

None

 

None

 

1,410,000

 

8,239,228

 

9,649,228

 

508,086

 

 

 

6/27/2014

 

300

 

Casselberry

 

FL

 

 

 

1,979,598

 

8,256,394

 

40,863

 

167,804

 

1,979,598

 

8,465,061

 

10,444,659

 

5,066,270

 

12/30/2003

 

5/31/1995

 

300

 

Hialeah

 

FL

 

 

 

2,104,393

 

3,910,500

 

None

 

None

 

2,104,393

 

3,910,500

 

6,014,893

 

1,375,176

 

 

 

3/26/2007

 

300

 

Miami

 

FL

 

 

 

3,115,101

 

5,670,715

 

None

 

106

 

3,115,101

 

5,670,821

 

8,785,922

 

2,950,621

 

5/19/2000

 

6/7/1999

 

300

 

Oakland Park

 

FL

 

 

 

2,800,000

 

2,196,480

 

None

 

None

 

2,800,000

 

2,196,480

 

4,996,480

 

1,178,969

 

7/6/2001

 

3/27/2001

 

300

 

Orlando

 

FL

 

 

 

2,144,778

 

3,755,905

 

None

 

None

 

2,144,778

 

3,755,905

 

5,900,683

 

1,824,849

 

8/7/2003

 

11/26/2002

 

300

 

Pembroke Pines

 

FL

 

 

 

1,714,388

 

4,387,824

 

None

 

None

 

1,714,388

 

4,387,824

 

6,102,212

 

2,648,591

 

12/11/2000

 

10/1/1999

 

300

 

Stuart

 

FL

 

 

 

1,150,000

 

8,258,878

 

None

 

None

 

1,150,000

 

8,258,878

 

9,408,878

 

839,653

 

 

 

6/28/2013

 

300

 

Sunrise

 

FL

 

 

 

2,850,000

 

3,601,884

 

None

 

None

 

2,850,000

 

3,601,884

 

6,451,884

 

750,392

 

 

 

10/22/2010

 

300

 

Conyers

 

GA

 

 

 

1,200,000

 

7,835,546

 

None

 

None

 

1,200,000

 

7,835,546

 

9,035,546

 

587,666

 

 

 

2/27/2014

 

300

 

Morrow

 

GA

 

 

 

1,680,000

 

5,108,661

 

29,750

 

None

 

1,680,000

 

5,138,411

 

6,818,411

 

254,085

 

 

 

9/30/2014

 

300

 

Urbandale

 

IA

 

 

 

4,720,000

 

27,389,120

 

None

 

None

 

4,720,000

 

27,389,120

 

32,109,120

 

593,431

 

 

 

6/10/2015

 

300

 

Alsip

 

IL

 

 

 

2,944,221

 

5,467,839

 

None

 

None

 

2,944,221

 

5,467,839

 

8,412,060

 

1,321,394

 

 

 

12/30/2009

 

300

 

Bolingbrook

 

IL

 

 

 

3,010,512

 

8,161,186

 

None

 

None

 

3,010,512

 

8,161,186

 

11,171,698

 

2,633,860

 

10/26/2007

 

1/24/2007

 

300

 

Glendale Heights

 

IL

 

 

 

1,963,770

 

10,038,516

 

None

 

None

 

1,963,770

 

10,038,516

 

12,002,286

 

1,298,648

 

 

 

3/26/2007

 

300

 

Lansing

 

IL

 

 

 

460,000

 

6,648,839

 

None

 

None

 

460,000

 

6,648,839

 

7,108,839

 

542,989

 

 

 

12/12/2013

 

300

 

Waukegan

 

IL

 

 

 

2,961,951

 

5,500,766

 

None

 

None

 

2,961,951

 

5,500,766

 

8,462,717

 

1,329,352

 

 

 

12/30/2009

 

300

 

Carmel

 

IN

 

 

 

3,675,000

 

6,825,000

 

None

 

None

 

3,675,000

 

6,825,000

 

10,500,000

 

1,581,125

 

 

 

3/29/2010

 

300

 

Indianapolis

 

IN

 

 

 

3,008,186

 

6,999,881

 

None

 

None

 

3,008,186

 

6,999,881

 

10,008,067

 

2,417,575

 

3/20/2007

 

8/3/2006

 

300

 

Southport

 

IN

 

 

 

2,121,873

 

7,522,735

 

None

 

None

 

2,121,873

 

7,522,735

 

9,644,608

 

2,379,653

 

12/20/2007

 

6/8/2007

 

300

 

Lenexa

 

KS

 

 

 

1,410,000

 

25,283,643

 

None

 

None

 

1,410,000

 

25,283,643

 

26,693,643

 

547,812

 

 

 

6/10/2015

 

300

 

Florence

 

KY

 

 

 

2,560,000

 

8,523,096

 

None

 

None

 

2,560,000

 

8,523,096

 

11,083,096

 

1,065,387

 

 

 

11/30/2012

 

300

 

Louisville

 

KY

 

9,452,507

 

1,480,000

 

13,081,657

 

41,009

 

None

 

1,480,000

 

13,122,666

 

14,602,666

 

1,510,748

 

 

 

2/1/2013

 

300

 

Woburn

 

MA

 

 

 

3,930,000

 

6,125,110

 

None

 

None

 

3,930,000

 

6,125,110

 

10,055,110

 

643,137

 

 

 

5/22/2013

 

300

 

Nottingham

 

MD

 

 

 

3,055,453

 

5,675,230

 

None

 

None

 

3,055,453

 

5,675,230

 

8,730,683

 

1,995,788

 

 

 

3/26/2007

 

300

 

Rochester Hills

 

MI

 

 

 

1,980,000

 

31,441,153

 

None

 

None

 

1,980,000

 

31,441,153

 

33,421,153

 

681,225

 

 

 

6/10/2015

 

300

 

Roseville

 

MN

 

 

 

3,611,925

 

8,804,654

 

None

 

None

 

3,611,925

 

8,804,654

 

12,416,579

 

2,789,082

 

6/5/2008

 

4/18/2007

 

300

 

St. Louis Park

 

MN

 

 

 

1,160,000

 

36,979,042

 

None

 

None

 

1,160,000

 

36,979,042

 

38,139,042

 

801,213

 

 

 

6/10/2015

 

300

 

Charlotte

 

NC

 

 

 

2,420,000

 

7,649,004

 

None

 

None

 

2,420,000

 

7,649,004

 

10,069,004

 

599,172

 

 

 

1/29/2014

 

300

 

Raleigh

 

NC

 

 

 

4,890,000

 

21,252,496

 

None

 

None

 

4,890,000

 

21,252,496

 

26,142,496

 

460,471

 

 

 

6/10/2015

 

300

 

Omaha

 

NE

 

 

 

1,130,000

 

10,814,154

 

None

 

None

 

1,130,000

 

10,814,154

 

11,944,154

 

847,109

 

 

 

1/29/2014

 

300

 

East Brunswick

 

NJ

 

 

 

1,654,529

 

3,073,912

 

None

 

None

 

1,654,529

 

3,073,912

 

4,728,441

 

1,091,238

 

 

 

2/16/2007

 

300

 

Montvale

 

NJ

 

 

 

7,980,000

 

35,070,170

 

None

 

None

 

7,980,000

 

35,070,170

 

43,050,170

 

759,854

 

 

 

6/10/2015

 

300

 

Harrison

 

NY

 

 

 

16,710,000

 

50,611,800

 

None

 

None

 

16,710,000

 

50,611,800

 

67,321,800

 

1,096,589

 

 

 

6/10/2015

 

300

 

Yonkers

 

NY

 

 

 

1,488,894

 

2,765,894

 

None

 

None

 

1,488,894

 

2,765,894

 

4,254,788

 

972,672

 

 

 

3/26/2007

 

300

 

Beachwood

 

OH

 

 

 

1,504,354

 

2,794,305

 

(511,270

)

396

 

1,504,354

 

2,283,431

 

3,787,785

 

942,175

 

 

 

2/16/2007

 

300

 

Columbus

 

OH

 

 

 

-

 

6,891,202

 

None

 

None

 

-

 

6,891,202

 

6,891,202

 

798,850

 

 

 

11/30/2012

 

300

 

Columbus

 

OH

 

7,252,290

 

-

 

11,662,219

 

31,701

 

22

 

-

 

11,693,942

 

11,693,942

 

1,346,824

 

 

 

2/1/2013

 

300

 

Columbus

 

OH

 

 

 

-

 

7,517,501

 

None

 

None

 

-

 

7,517,501

 

7,517,501

 

764,279

 

 

 

6/28/2013

 

300

 

Hilliard

 

OH

 

8,072,416

 

1,010,000

 

10,307,569

 

None

 

None

 

1,010,000

 

10,307,569

 

11,317,569

 

1,185,370

 

 

 

2/1/2013

 

300

 

Maumee

 

OH

 

 

 

1,390,000

 

10,042,422

 

None

 

None

 

1,390,000

 

10,042,422

 

11,432,422

 

786,656

 

 

 

1/29/2014

 

300

 

Toledo

 

OH

 

 

 

620,000

 

10,933,936

 

None

 

None

 

620,000

 

10,933,936

 

11,553,936

 

856,492

 

 

 

1/29/2014

 

300

 

West Chester

 

OH

 

6,354,341

 

1,670,000

 

7,738,611

 

None

 

None

 

1,670,000

 

7,738,611

 

9,408,611

 

889,940

 

 

 

2/22/2013

 

300

 

Philadelphia

 

PA

 

 

 

2,254,830

 

4,188,725

 

None

 

None

 

2,254,830

 

4,188,725

 

6,443,555

 

1,486,997

 

 

 

2/16/2007

 

300

 

Pittsburgh

 

PA

 

 

 

4,420,799

 

5,543,009

 

None

 

None

 

4,420,799

 

5,543,009

 

9,963,808

 

895,020

 

9/1/2011

 

1/12/2011

 

300

 

Cypress

 

TX

 

 

 

1,417,377

 

5,696,789

 

None

 

None

 

1,417,377

 

5,696,789

 

7,114,166

 

2,174,193

 

5/15/2006

 

9/14/2005

 

300

 

Dallas

 

TX

 

 

 

5,293,733

 

6,555,637

 

None

 

None

 

5,293,733

 

6,555,637

 

11,849,370

 

2,439,938

 

8/4/2006

 

11/9/2005

 

300

 

Fort Worth

 

TX

 

 

 

1,445,901

 

5,277,886

 

None

 

None

 

1,445,901

 

5,277,886

 

6,723,787

 

3,286,979

 

6/2/2000

 

6/30/1999

 

300

 

Keller

 

TX

 

 

 

1,478,222

 

5,679,604

 

None

 

None

 

1,478,222

 

5,679,604

 

7,157,826

 

2,314,816

 

9/8/2005

 

12/16/2004

 

300

 

McKinney

 

TX

 

 

 

1,805,460

 

5,972,111

 

None

 

None

 

1,805,460

 

5,972,111

 

7,777,571

 

2,379,860

 

12/7/2005

 

4/20/2005

 

300

 

Plano

 

TX

 

 

 

3,178,115

 

5,832,224

 

None

 

None

 

3,178,115

 

5,832,224

 

9,010,339

 

2,324,313

 

12/6/2005

 

4/22/2005

 

300

 

San Antonio

 

TX

 

 

 

1,120,000

 

2,075,196

 

None

 

None

 

1,120,000

 

2,075,196

 

3,195,196

 

536,092

 

 

 

7/29/2009

 

300

 

San Antonio

 

TX

 

 

 

1,200,000

 

2,489,568

 

None

 

None

 

1,200,000

 

2,489,568

 

3,689,568

 

643,139

 

 

 

7/29/2009

 

300

 

South Jordan

 

UT

 

 

 

6,260,000

 

19,565,376

 

None

 

None

 

6,260,000

 

19,565,376

 

25,825,376

 

423,916

 

 

 

6/10/2015

 

300

 

Federal Way

 

WA

 

 

 

2,650,000

 

8,480,517

 

None

 

None

 

2,650,000

 

8,480,517

 

11,130,517

 

70,671

 

 

 

10/14/2015

 

300

 

Kent

 

WA

 

 

 

4,086,250

 

7,588,750

 

None

 

None

 

4,086,250

 

7,588,750

 

11,675,000

 

1,833,948

 

 

 

12/21/2009

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health care

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Enterprise

 

AL

 

 

 

697,210

 

2,265,932

 

None

 

None

 

697,210

 

2,265,932

 

2,963,142

 

268,135

 

 

 

1/22/2013

 

300

 

Hot Springs

 

AR

 

889,200

 

210,979

 

2,003,689

 

None

 

None

 

210,979

 

2,003,689

 

2,214,668

 

169,359

 

 

 

1/22/2013

 

420

 

Hot Springs

 

AR

 

988,000

 

235,299

 

2,234,659

 

None

 

None

 

235,299

 

2,234,659

 

2,469,958

 

188,882

 

 

 

1/22/2013

 

420

 

Hot Springs

 

AR

 

2,494,700

 

904,597

 

5,821,180

 

None

 

None

 

904,597

 

5,821,180

 

6,725,777

 

492,028

 

 

 

1/22/2013

 

420

 

Apple Valley

 

CA

 

 

 

486,371

 

15,383,518

 

None

 

None

 

486,371

 

15,383,518

 

15,869,889

 

1,154,138

 

 

 

1/22/2013

 

420

 

Shasta Lake

 

CA

 

 

 

390,906

 

9,754,092

 

None

 

None

 

390,906

 

9,754,092

 

10,144,998

 

824,453

 

 

 

1/22/2013

 

420

 

Augusta

 

GA

 

 

 

526,247

 

1,710,304

 

None

 

None

 

526,247

 

1,710,304

 

2,236,551

 

202,386

 

 

 

1/22/2013

 

300

 

Brunswick

 

GA

 

 

 

290,369

 

788,880

 

83,729

 

31,059

 

290,369

 

903,668

 

1,194,037

 

602,360

 

 

 

12/31/1997

 

300

 

Valdosta

 

GA

 

 

 

432,035

 

1,404,115

 

None

 

None

 

432,035

 

1,404,115

 

1,836,150

 

166,154

 

 

 

1/22/2013

 

300

 

Valdosta

 

GA

 

 

 

413,489

 

1,343,840

 

None

 

None

 

413,489

 

1,343,840

 

1,757,329

 

159,021

 

 

 

1/22/2013

 

300

 

Blackfoot

 

ID

 

 

 

494,854

 

1,608,277

 

None

 

None

 

494,854

 

1,608,277

 

2,103,131

 

190,313

 

 

 

1/22/2013

 

300

 

New Castle

 

IN

 

 

 

564,055

 

1,833,180

 

None

 

None

 

564,055

 

1,833,180

 

2,397,235

 

216,926

 

 

 

1/22/2013

 

300

 

Kansas City

 

KS

 

 

 

521,988

 

1,696,460

 

None

 

None

 

521,988

 

1,696,460

 

2,218,448

 

200,748

 

 

 

1/22/2013

 

300

 

Shreveport

 

LA

 

974,965

 

423,234

 

1,375,511

 

None

 

None

 

423,234

 

1,375,511

 

1,798,745

 

162,769

 

 

 

1/22/2013

 

300

 

Billerica

 

MA

 

 

 

398,292

 

740,107

 

21,044

 

15,024

 

398,292

 

776,175

 

1,174,467

 

258,655

 

 

 

11/14/2007

 

300

 

Kansas City

 

MO

 

 

 

340,000

 

1,523,155

 

None

 

None

 

340,000

 

1,523,155

 

1,863,155

 

124,391

 

 

 

12/20/2013

 

300

 

St. Louis

 

MO

 

17,208,774

 

2,852,903

 

38,694,147

 

18,301

 

None

 

2,852,903

 

38,712,448

 

41,565,351

 

3,258,663

 

 

 

1/22/2013

 

420

 

St. Louis

 

MO

 

11,501,226

 

4,278,685

 

19,900,592

 

None

 

None

 

4,278,685

 

19,900,592

 

24,179,277

 

1,682,074

 

 

 

1/22/2013

 

420

 

Gulfport

 

MS

 

 

 

299,464

 

502,326

 

224,556

 

46,809

 

299,464

 

773,691

 

1,073,155

 

436,170

 

 

 

11/26/1996

 

300

 

Wilmington

 

NC

 

3,704,640

 

811,533

 

5,498,659

 

None

 

None

 

811,533

 

5,498,659

 

6,310,192

 

650,675

 

 

 

1/22/2013

 

300

 

Lincoln

 

NE

 

1,733,949

 

707,636

 

2,299,818

 

None

 

None

 

707,636

 

2,299,818

 

3,007,454

 

272,145

 

 

 

1/22/2013

 

300

 

Mount Vernon

 

OH

 

 

 

726,626

 

1,351,151

 

None

 

22,995

 

726,626

 

1,374,146

 

2,100,772

 

499,786

 

 

 

11/1/2006

 

300

 

Okmulgee

 

OK

 

679,865

 

397,605

 

1,292,216

 

None

 

None

 

397,605

 

1,292,216

 

1,689,821

 

152,912

 

 

 

1/22/2013

 

300

 

Sellersville

 

PA

 

 

 

763,355

 

2,480,903

 

None

 

None

 

763,355

 

2,480,903

 

3,244,258

 

293,574

 

 

 

1/22/2013

 

300

 

Abbeville

 

SC

 

814,930

 

446,204

 

1,450,164

 

None

 

None

 

446,204

 

1,450,164

 

1,896,368

 

171,603

 

 

 

1/22/2013

 

300

 

North Augusta

 

SC

 

 

 

498,284

 

1,619,423

 

None

 

None

 

498,284

 

1,619,423

 

2,117,707

 

191,632

 

 

 

1/22/2013

 

300

 

Dickson

 

TN

 

 

 

531,717

 

1,728,079

 

None

 

None

 

531,717

 

1,728,079

 

2,259,796

 

204,489

 

 

 

1/22/2013

 

300

 

Memphis

 

TN

 

 

 

602,208

 

1,957,176

 

None

 

None

 

602,208

 

1,957,176

 

2,559,384

 

231,599

 

 

 

1/22/2013

 

300

 

Memphis

 

TN

 

 

 

822,791

 

2,674,071

 

None

 

None

 

822,791

 

2,674,071

 

3,496,862

 

316,432

 

 

 

1/22/2013

 

300

 

Bedford

 

TX

 

 

 

1,607,524

 

56,219,108

 

None

 

None

 

1,607,524

 

56,219,108

 

57,826,632

 

4,751,853

 

 

 

1/22/2013

 

420

 

Hampton

 

VA

 

 

 

373,499

 

836,071

 

7,601

 

33,022

 

373,499

 

876,694

 

1,250,193

 

635,280

 

 

 

12/19/1997

 

300

 

Muskego

 

WI

 

 

 

1,528,232

 

26,297,695

 

None

 

None

 

1,528,232

 

26,297,695

 

27,825,927

 

2,222,781

 

 

 

1/22/2013

 

420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home furnishings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Little Rock

 

AR

 

 

 

1,079,232

 

2,594,956

 

132,816

 

116

 

1,079,232

 

2,727,888

 

3,807,120

 

1,886,449

 

 

 

7/21/1998

 

300

 

Osceola

 

AR

 

 

 

88,759

 

520,047

 

4,083

 

None

 

88,759

 

524,130

 

612,889

 

368,981

 

 

 

6/30/1998

 

300

 

 

F-31



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wynne

 

AR

 

 

 

70,000

 

547,576

 

58,039

 

2,024

 

70,000

 

607,639

 

677,639

 

408,855

 

11/10/1998

 

2/24/1999

 

300

 

Jackson

 

CA

 

 

 

300,000

 

390,849

 

6,775

 

57

 

300,000

 

397,681

 

697,681

 

397,644

 

 

 

5/17/1988

 

300

 

Pueblo

 

CO

 

 

 

371,645

 

1,207,845

 

None

 

None

 

371,645

 

1,207,845

 

1,579,490

 

142,928

 

 

 

1/22/2013

 

300

 

Danbury

 

CT

 

 

 

643,736

 

3,621,163

 

254,336

 

243,250

 

643,736

 

4,118,749

 

4,762,485

 

2,817,824

 

 

 

9/30/1997

 

300

 

Brandon

 

FL

 

 

 

430,000

 

1,020,608

 

None

 

None

 

430,000

 

1,020,608

 

1,450,608

 

716,125

 

 

 

6/26/1998

 

300

 

Hudson

 

FL

 

 

 

397,101

 

1,290,578

 

None

 

None

 

397,101

 

1,290,578

 

1,687,679

 

152,718

 

 

 

1/22/2013

 

300

 

Ocala

 

FL

 

 

 

339,690

 

543,504

 

None

 

None

 

339,690

 

543,504

 

883,194

 

415,780

 

 

 

11/26/1996

 

300

 

Palm Harbor

 

FL

 

 

 

364,939

 

1,186,052

 

None

 

None

 

364,939

 

1,186,052

 

1,550,991

 

140,350

 

 

 

1/22/2013

 

300

 

Pensacola

 

FL

 

 

 

370,809

 

1,205,128

 

None

 

None

 

370,809

 

1,205,128

 

1,575,937

 

142,607

 

 

 

1/22/2013

 

300

 

Spring Hill

 

FL

 

 

 

370,810

 

1,205,131

 

None

 

None

 

370,810

 

1,205,131

 

1,575,941

 

142,607

 

 

 

1/22/2013

 

300

 

Tampa

 

FL

 

 

 

685,000

 

885,624

 

None

 

None

 

685,000

 

885,624

 

1,570,624

 

621,411

 

 

 

6/26/1998

 

300

 

Tampa

 

FL

 

 

 

494,763

 

767,737

 

71,880

 

373

 

494,763

 

839,990

 

1,334,753

 

595,449

 

 

 

12/31/1998

 

300

 

West Palm Beach

 

FL

 

 

 

347,651

 

706,081

 

69,111

 

373

 

347,651

 

775,565

 

1,123,216

 

522,200

 

 

 

12/31/1998

 

300

 

Rome

 

GA

 

 

 

254,902

 

486,812

 

32,783

 

84

 

254,902

 

519,679

 

774,581

 

384,504

 

 

 

11/26/1996

 

300

 

Davenport

 

IA

 

 

 

270,000

 

930,689

 

54,520

 

787

 

270,000

 

985,996

 

1,255,996

 

653,307

 

 

 

6/26/1998

 

300

 

Joliet

 

IL

 

 

 

440,000

 

910,689

 

None

 

94

 

440,000

 

910,783

 

1,350,783

 

639,067

 

 

 

6/26/1998

 

300

 

Anderson

 

IN

 

 

 

180,628

 

653,162

 

108,685

 

179

 

180,628

 

762,026

 

942,654

 

569,172

 

 

 

11/26/1996

 

300

 

Mishawaka

 

IN

 

 

 

1,070,000

 

4,321,944

 

None

 

None

 

1,070,000

 

4,321,944

 

5,391,944

 

208,894

 

 

 

10/28/2014

 

300

 

Kansas City

 

KS

 

 

 

185,955

 

413,014

 

31,870

 

8,583

 

185,955

 

453,467

 

639,422

 

444,192

 

 

 

5/13/1988

 

300

 

Wichita

 

KS

 

 

 

430,000

 

740,725

 

58,610

 

59

 

430,000

 

799,394

 

1,229,394

 

520,050

 

 

 

6/26/1998

 

300

 

Alexandria

 

LA

 

 

 

400,000

 

810,608

 

None

 

168

 

400,000

 

810,776

 

1,210,776

 

568,932

 

 

 

6/26/1998

 

300

 

Monroe

 

LA

 

 

 

450,000

 

835,608

 

None

 

None

 

450,000

 

835,608

 

1,285,608

 

586,316

 

 

 

6/26/1998

 

300

 

Battle Creek

 

MI

 

 

 

485,000

 

895,689

 

None

 

266

 

485,000

 

895,955

 

1,380,955

 

628,556

 

 

 

6/26/1998

 

300

 

Bay City

 

MI

 

 

 

397,531

 

1,291,976

 

None

 

None

 

397,531

 

1,291,976

 

1,689,507

 

152,884

 

 

 

1/22/2013

 

300

 

Eden Prairie

 

MN

 

 

 

500,502

 

1,055,244

 

None

 

None

 

500,502

 

1,055,244

 

1,555,746

 

712,253

 

 

 

3/1/1999

 

300

 

Hattiesburg

 

MS

 

 

 

300,000

 

660,608

 

None

 

168

 

300,000

 

660,776

 

960,776

 

463,682

 

 

 

6/26/1998

 

300

 

Ridgeland

 

MS

 

 

 

306,460

 

995,995

 

None

 

None

 

306,460

 

995,995

 

1,302,455

 

117,859

 

 

 

1/22/2013

 

300

 

Asheboro

 

NC

 

 

 

373,128

 

1,212,666

 

None

 

None

 

373,128

 

1,212,666

 

1,585,794

 

143,499

 

 

 

1/22/2013

 

300

 

Matthews

 

NC

 

 

 

768,222

 

843,401

 

46,414

 

37,821

 

768,222

 

927,636

 

1,695,858

 

646,091

 

 

 

12/31/1998

 

300

 

Grand Island

 

NE

 

 

 

455,921

 

1,481,742

 

None

 

None

 

455,921

 

1,481,742

 

1,937,663

 

175,340

 

 

 

1/22/2013

 

300

 

Cortland

 

NY

 

 

 

448,156

 

1,456,507

 

None

 

None

 

448,156

 

1,456,507

 

1,904,663

 

172,353

 

 

 

1/22/2013

 

300

 

Green Island

 

NY

 

 

 

1,181,947

 

20,808,780

 

39,468

 

None

 

1,181,947

 

20,848,248

 

22,030,195

 

1,761,624

 

 

 

1/22/2013

 

420

 

Oneonta

 

NY

 

 

 

354,283

 

1,151,419

 

None

 

None

 

354,283

 

1,151,419

 

1,505,702

 

136,251

 

 

 

1/22/2013

 

300

 

Rotterdam

 

NY

 

 

 

390,926

 

1,270,510

 

None

 

None

 

390,926

 

1,270,510

 

1,661,436

 

150,344

 

 

 

1/22/2013

 

300

 

Ashtabula

 

OH

 

 

 

359,857

 

1,169,537

 

None

 

None

 

359,857

 

1,169,537

 

1,529,394

 

138,395

 

 

 

1/22/2013

 

300

 

Dayton

 

OH

 

 

 

401,723

 

698,872

 

48,970

 

206

 

401,723

 

748,048

 

1,149,771

 

504,097

 

 

 

6/29/1998

 

300

 

Kettering

 

OH

 

 

 

316,341

 

1,028,109

 

None

 

None

 

316,341

 

1,028,109

 

1,344,450

 

121,660

 

 

 

1/22/2013

 

300

 

Lancaster

 

OH

 

 

 

250,000

 

830,689

 

None

 

None

 

250,000

 

830,689

 

1,080,689

 

582,865

 

 

 

6/26/1998

 

300

 

Piqua

 

OH

 

 

 

375,833

 

1,221,457

 

None

 

None

 

375,833

 

1,221,457

 

1,597,290

 

144,539

 

 

 

1/22/2013

 

300

 

Altoona

 

PA

 

 

 

455,000

 

745,694

 

None

 

None

 

455,000

 

745,694

 

1,200,694

 

523,226

 

 

 

6/26/1998

 

300

 

Cranberry

 

PA

 

 

 

369,761

 

1,201,723

 

None

 

None

 

369,761

 

1,201,723

 

1,571,484

 

142,204

 

 

 

1/22/2013

 

300

 

Erie

 

PA

 

 

 

510,000

 

900,689

 

None

 

None

 

510,000

 

900,689

 

1,410,689

 

631,981

 

 

 

6/26/1998

 

300

 

Pennsdale

 

PA

 

 

 

315,000

 

835,648

 

None

 

None

 

315,000

 

835,648

 

1,150,648

 

586,344

 

 

 

6/26/1998

 

300

 

Whitehall

 

PA

 

 

 

515,525

 

1,146,868

 

None

 

None

 

515,525

 

1,146,868

 

1,662,393

 

804,717

 

 

 

6/30/1998

 

300

 

Columbia

 

SC

 

 

 

600,000

 

900,725

 

None

 

296

 

600,000

 

901,021

 

1,501,021

 

632,229

 

 

 

6/26/1998

 

300

 

Murrells Inlet

 

SC

 

 

 

296,236

 

962,766

 

None

 

None

 

296,236

 

962,766

 

1,259,002

 

113,927

 

 

 

1/22/2013

 

300

 

Jackson

 

TN

 

 

 

381,076

 

857,261

 

49,140

 

469

 

381,076

 

906,870

 

1,287,946

 

652,780

 

 

 

9/26/1997

 

300

 

Jackson

 

TN

 

 

 

380,000

 

750,608

 

2,057

 

12

 

380,000

 

752,677

 

1,132,677

 

527,080

 

 

 

6/26/1998

 

300

 

Memphis

 

TN

 

 

 

804,262

 

1,432,520

 

59,873

 

78

 

804,262

 

1,492,471

 

2,296,733

 

1,089,716

 

 

 

6/30/1997

 

300

 

Abilene

 

TX

 

 

 

400,000

 

680,616

 

None

 

None

 

400,000

 

680,616

 

1,080,616

 

477,563

 

 

 

6/26/1998

 

300

 

Amarillo

 

TX

 

 

 

140,000

 

419,734

 

None

 

None

 

140,000

 

419,734

 

559,734

 

420,438

 

 

 

9/12/1988

 

300

 

Plainview

 

TX

 

 

 

125,000

 

734,558

 

40,000

 

49

 

125,000

 

774,607

 

899,607

 

556,594

 

 

 

1/24/1984

 

300

 

San Antonio

 

TX

 

 

 

323,451

 

637,991

 

47,914

 

None

 

323,451

 

685,905

 

1,009,356

 

482,796

 

 

 

12/31/1998

 

300

 

Victoria

 

TX

 

 

 

291,380

 

946,984

 

None

 

None

 

291,380

 

946,984

 

1,238,364

 

112,060

 

 

 

1/22/2013

 

300

 

Webster

 

TX

 

 

 

283,604

 

538,002

 

2,470

 

186

 

283,604

 

540,658

 

824,262

 

401,497

 

 

 

6/13/1997

 

300

 

Pasco

 

WA

 

 

 

161,700

 

359,142

 

56,707

 

None

 

161,700

 

415,849

 

577,549

 

402,419

 

 

 

8/18/1987

 

300

 

Eau Claire

 

WI

 

 

 

260,000

 

820,689

 

None

 

211

 

260,000

 

820,900

 

1,080,900

 

575,996

 

 

 

6/26/1998

 

300

 

La Crosse

 

WI

 

 

 

372,883

 

877,812

 

None

 

250

 

372,883

 

878,062

 

1,250,945

 

616,105

 

 

 

6/26/1998

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home improvement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kenai

 

AK

 

 

 

2,350,000

 

5,400,025

 

None

 

None

 

2,350,000

 

5,400,025

 

7,750,025

 

297,001

 

 

 

8/19/2014

 

300

 

Birmingham

 

AL

 

 

 

717,675

 

1,774,814

 

None

 

None

 

717,675

 

1,774,814

 

2,492,489

 

56,202

 

 

 

3/31/2015

 

300

 

Tucson

 

AZ

 

 

 

4,170,000

 

14,213,818

 

None

 

None

 

4,170,000

 

14,213,818

 

18,383,818

 

876,519

 

 

 

6/19/2014

 

300

 

Tucson

 

AZ

 

6,858,989

 

4,280,000

 

15,094,661

 

None

 

None

 

4,280,000

 

15,094,661

 

19,374,661

 

830,206

 

 

 

8/7/2014

 

300

 

Lawndale

 

CA

 

 

 

667,007

 

1,238,841

 

None

 

49

 

667,007

 

1,238,890

 

1,905,897

 

844,499

 

 

 

12/31/1998

 

300

 

Los Angeles

 

CA

 

 

 

163,668

 

304,097

 

None

 

49

 

163,668

 

304,146

 

467,814

 

207,314

 

 

 

12/31/1998

 

300

 

Morgan Hill

 

CA

 

 

 

5,100,000

 

7,219,244

 

None

 

None

 

5,100,000

 

7,219,244

 

12,319,244

 

445,187

 

 

 

6/19/2014

 

300

 

Van Nuys

 

CA

 

 

 

750,293

 

1,393,545

 

None

 

49

 

750,293

 

1,393,594

 

2,143,887

 

949,954

 

 

 

12/31/1998

 

300

 

Greenwood Village

 

CO

 

 

 

9,700,000

 

13,352,870

 

None

 

None

 

9,700,000

 

13,352,870

 

23,052,870

 

823,427

 

 

 

6/19/2014

 

300

 

Augusta

 

GA

 

 

 

2,701,584

 

18,072,555

 

167,558

 

None

 

2,701,584

 

18,240,113

 

20,941,697

 

2,194,112

 

 

 

1/22/2013

 

300

 

Austell

 

GA

 

 

 

9,161,124

 

-

 

None

 

None

 

9,161,124

 

-

 

9,161,124

 

-

 

 

 

1/22/2013

 

300

 

Conley

 

GA

 

 

 

727,106

 

904,138

 

29,754

 

None

 

727,106

 

933,892

 

1,660,998

 

53,075

 

 

 

8/7/2014

 

300

 

Valdosta

 

GA

 

 

 

2,550,000

 

11,989,018

 

None

 

None

 

2,550,000

 

11,989,018

 

14,539,018

 

699,359

 

 

 

7/15/2014

 

300

 

Cedar Rapids

 

IA

 

 

 

294,195

 

732,929

 

None

 

None

 

294,195

 

732,929

 

1,027,124

 

8,551

 

 

 

9/24/2015

 

300

 

Kansas City

 

KS

 

 

 

854,158

 

1,810,915

 

None

 

None

 

854,158

 

1,810,915

 

2,665,073

 

75,455

 

 

 

12/22/2014

 

300

 

Lenexa

 

KS

 

 

 

1,051,077

 

1,952,233

 

None

 

None

 

1,051,077

 

1,952,233

 

3,003,310

 

777,640

 

 

 

1/6/2006

 

300

 

Topeka

 

KS

 

12,094,431

 

2,189,122

 

35,657,677

 

None

 

None

 

2,189,122

 

35,657,677

 

37,846,799

 

3,043,102

 

 

 

1/22/2013

 

420

 

Jefferson

 

LA

 

 

 

610,004

 

1,293,280

 

None

 

None

 

610,004

 

1,293,280

 

1,903,284

 

53,887

 

 

 

12/31/2014

 

300

 

Baltimore

 

MD

 

 

 

171,320

 

318,882

 

None

 

None

 

171,320

 

318,882

 

490,202

 

217,382

 

 

 

12/31/1998

 

300

 

Chillicothe

 

MO

 

 

 

804,948

 

1,495,138

 

None

 

None

 

804,948

 

1,495,138

 

2,300,086

 

595,563

 

 

 

1/6/2006

 

300

 

Columbia

 

MO

 

 

 

2,039,436

 

3,787,757

 

None

 

None

 

2,039,436

 

3,787,757

 

5,827,193

 

1,508,790

 

 

 

1/6/2006

 

300

 

Columbia

 

MO

 

 

 

1,080,521

 

2,006,915

 

None

 

None

 

1,080,521

 

2,006,915

 

3,087,436

 

799,421

 

 

 

1/6/2006

 

300

 

Fulton

 

MO

 

 

 

791,603

 

1,470,353

 

None

 

None

 

791,603

 

1,470,353

 

2,261,956

 

585,691

 

 

 

1/6/2006

 

300

 

Jefferson City

 

MO

 

 

 

1,481,299

 

2,751,217

 

None

 

None

 

1,481,299

 

2,751,217

 

4,232,516

 

1,095,902

 

 

 

1/6/2006

 

300

 

Kirksville

 

MO

 

 

 

1,421,788

 

2,640,696

 

None

 

None

 

1,421,788

 

2,640,696

 

4,062,484

 

1,051,877

 

 

 

1/6/2006

 

300

 

Macon

 

MO

 

 

 

493,394

 

916,537

 

None

 

None

 

493,394

 

916,537

 

1,409,931

 

365,087

 

 

 

1/6/2006

 

300

 

Moberly

 

MO

 

 

 

1,293,387

 

2,402,283

 

None

 

None

 

1,293,387

 

2,402,283

 

3,695,670

 

956,908

 

 

 

1/6/2006

 

300

 

Mattews

 

NC

 

 

 

610,177

 

1,394,743

 

86,087

 

34,263

 

610,177

 

1,515,093

 

2,125,270

 

998,550

 

 

 

7/17/1998

 

300

 

Omaha

 

NE

 

 

 

1,515,773

 

2,816,678

 

None

 

32

 

1,515,773

 

2,816,710

 

4,332,483

 

1,122,000

 

 

 

1/6/2006

 

300

 

Haddon Heights

 

NJ

 

 

 

80,000

 

534,400

 

35,458

 

None

 

80,000

 

569,858

 

649,858

 

13,582

 

 

 

5/21/2015

 

300

 

Rochester

 

NY

 

 

 

158,168

 

294,456

 

None

 

None

 

158,168

 

294,456

 

452,624

 

200,732

 

 

 

12/31/1998

 

300

 

Akron

 

OH

 

 

 

359,775

 

762,765

 

None

 

None

 

359,775

 

762,765

 

1,122,540

 

31,782

 

 

 

12/31/2014

 

300

 

Canton

 

OH

 

 

 

70,000

 

908,666

 

None

 

None

 

70,000

 

908,666

 

978,666

 

37,861

 

 

 

12/31/2014

 

300

 

Columbus

 

OH

 

 

 

230,000

 

538,088

 

None

 

None

 

230,000

 

538,088

 

768,088

 

22,420

 

 

 

12/18/2014

 

300

 

Edmond

 

OK

 

 

 

1,030,000

 

1,317,842

 

None

 

None

 

1,030,000

 

1,317,842

 

2,347,842

 

41,732

 

 

 

3/11/2015

 

300

 

Columbia

 

TN

 

 

 

610,000

 

985,954

 

None

 

None

 

610,000

 

985,954

 

1,595,954

 

50,941

 

 

 

9/9/2014

 

300

 

Johnson City

 

TN

 

 

 

467,167

 

580,911

 

None

 

None

 

467,167

 

580,911

 

1,048,078

 

31,950

 

 

 

8/7/2014

 

300

 

Knoxville

 

TN

 

5,989,071

 

6,486,801

 

-

 

None

 

None

 

6,486,801

 

-

 

6,486,801

 

-

 

 

 

1/22/2013

 

300

 

Amarillo

 

TX

 

 

 

1,140,000

 

1,082,966

 

None

 

None

 

1,140,000

 

1,082,966

 

2,222,966

 

55,438

 

 

 

3/28/2014

 

420

 

Carrollton

 

TX

 

 

 

201,569

 

374,342

 

None

 

102

 

201,569

 

374,444

 

576,013

 

180,372

 

 

 

12/5/2003

 

300

 

Cedar Park

 

TX

 

 

 

253,591

 

827,237

 

108,402

 

41,396

 

253,591

 

977,035

 

1,230,626

 

682,031

 

 

 

3/26/1997

 

300

 

Longview

 

TX

 

 

 

300,000

 

980,898

 

None

 

None

 

300,000

 

980,898

 

1,280,898

 

24,522

 

 

 

5/15/2015

 

300

 

Midland

 

TX

 

 

 

1,590,052

 

2,953,473

 

None

 

None

 

1,590,052

 

2,953,473

 

4,543,525

 

1,176,467

 

 

 

1/6/2006

 

300

 

Odessa

 

TX

 

 

 

1,346,834

 

2,501,783

 

None

 

None

 

1,346,834

 

2,501,783

 

3,848,617

 

996,544

 

 

 

1/6/2006

 

300

 

San Antonio

 

TX

 

 

 

367,890

 

683,750

 

None

 

None

 

367,890

 

683,750

 

1,051,640

 

466,092

 

 

 

12/31/1998

 

300

 

Stafford

 

TX

 

 

 

1,025,959

 

1,275,756

 

None

 

None

 

1,025,959

 

1,275,756

 

2,301,715

 

70,167

 

 

 

8/7/2014

 

300

 

Webster

 

TX

 

 

 

770,000

 

976,851

 

None

 

None

 

770,000

 

976,851

 

1,746,851

 

50,005

 

 

 

3/28/2014

 

420

 

Wichita Falls

 

TX

 

 

 

120,000

 

464,338

 

None

 

None

 

120,000

 

464,338

 

584,338

 

23,770

 

 

 

3/28/2014

 

420

 

Chesapeake

 

VA

 

 

 

144,014

 

649,869

 

None

 

11,754

 

144,014

 

661,623

 

805,637

 

660,253

 

 

 

12/22/1986

 

300

 

Richmond

 

VA

 

 

 

713,319

 

886,996

 

None

 

None

 

713,319

 

886,996

 

1,600,315

 

48,785

 

 

 

8/7/2014

 

300

 

Bellingham

 

WA

 

 

 

4,140,000

 

16,417,981

 

None

 

None

 

4,140,000

 

16,417,981

 

20,557,981

 

355,723

 

 

 

6/9/2015

 

300

 

 

F-32



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Spokane

 

WA

 

 

 

4,930,000

 

15,428,206

 

None

 

None

 

4,930,000

 

15,428,206

 

20,358,206

 

334,278

 

 

 

6/30/2015

 

300

 

Baraboo

 

WI

 

 

 

110,000

 

719,613

 

None

 

None

 

110,000

 

719,613

 

829,613

 

36,837

 

 

 

3/28/2014

 

420

 

Mukwonago

 

WI

 

 

 

180,000

 

957,033

 

25,712

 

None

 

180,000

 

982,745

 

1,162,745

 

4,839

 

 

 

11/5/2015

 

300

 

Neenah

 

WI

 

 

 

200,000

 

1,343,343

 

None

 

None

 

200,000

 

1,343,343

 

1,543,343

 

55,973

 

 

 

12/31/2014

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tomah

 

WI

 

 

 

1,630,917

 

12,938,430

 

None

 

None

 

1,630,917

 

12,938,430

 

14,569,347

 

1,789,816

 

 

 

7/31/2012

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jewelry

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plymouth

 

MA

 

 

 

-

 

1,809,315

 

None

 

None

 

-

 

1,809,315

 

1,809,315

 

214,102

 

 

 

1/22/2013

 

300

 

Watchung

 

NJ

 

 

 

-

 

2,446,115

 

None

 

None

 

-

 

2,446,115

 

2,446,115

 

289,457

 

 

 

1/22/2013

 

300

 

Amherst

 

NY

 

 

 

-

 

1,841,863

 

None

 

None

 

-

 

1,841,863

 

1,841,863

 

217,954

 

 

 

1/22/2013

 

300

 

Lake Grove

 

NY

 

 

 

-

 

2,171,696

 

None

 

None

 

-

 

2,171,696

 

2,171,696

 

256,984

 

 

 

1/22/2013

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Machinery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cedar Falls

 

IA

 

 

 

634,343

 

6,331,030

 

None

 

None

 

634,343

 

6,331,030

 

6,965,373

 

854,689

 

 

 

8/28/2012

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Motor vehicle dealerships

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Robertsdale

 

AL

 

 

 

3,026,015

 

6,117,490

 

None

 

None

 

3,026,015

 

6,117,490

 

9,143,505

 

2,205,158

 

1/29/2007

 

4/7/2006

 

300

 

West Covina

 

CA

 

 

 

311,040

 

577,733

 

252,854

 

45,714

 

311,040

 

876,301

 

1,187,341

 

419,961

 

 

 

12/31/1998

 

300

 

Longmont

 

CO

 

 

 

2,502,092

 

6,906,609

 

None

 

115

 

2,502,092

 

6,906,724

 

9,408,816

 

3,142,621

 

 

 

8/25/2004

 

300

 

Gulf Breeze

 

FL

 

 

 

3,518,413

 

905,480

 

None

 

None

 

3,518,413

 

905,480

 

4,423,893

 

351,628

 

 

 

4/7/2006

 

300

 

Pensacola

 

FL

 

 

 

308,067

 

573,708

 

23,430

 

2,775

 

308,067

 

599,913

 

907,980

 

231,251

 

 

 

11/22/2006

 

300

 

Stockbridge

 

GA

 

 

 

2,470,000

 

8,693,515

 

None

 

None

 

2,470,000

 

8,693,515

 

11,163,515

 

854,862

 

 

 

7/18/2013

 

300

 

Woodstock

 

GA

 

 

 

2,509,102

 

2,509,993

 

None

 

None

 

2,509,102

 

2,509,993

 

5,019,095

 

1,024,914

 

 

 

10/25/2005

 

300

 

Island Lake

 

IL

 

 

 

2,107,134

 

6,383,412

 

None

 

None

 

2,107,134

 

6,383,412

 

8,490,546

 

2,700,543

 

 

 

12/31/2004

 

300

 

Louisville

 

KY

 

 

 

4,070,000

 

11,863,002

 

500

 

None

 

4,070,000

 

11,863,502

 

15,933,502

 

138,414

 

 

 

9/29/2015

 

300

 

Charlotte

 

NC

 

 

 

3,560,000

 

5,847,436

 

None

 

None

 

3,560,000

 

5,847,436

 

9,407,436

 

497,032

 

 

 

11/26/2013

 

300

 

Colfax

 

NC

 

 

 

1,125,979

 

2,196,033

 

None

 

None

 

1,125,979

 

2,196,033

 

3,322,012

 

967,500

 

 

 

12/31/2004

 

300

 

Statesville

 

NC

 

 

 

2,353,825

 

4,159,653

 

None

 

None

 

2,353,825

 

4,159,653

 

6,513,478

 

1,808,930

 

 

 

5/13/2004

 

300

 

Chichester

 

NH

 

 

 

578,314

 

4,546,307

 

None

 

None

 

578,314

 

4,546,307

 

5,124,621

 

1,990,988

 

 

 

10/1/2004

 

300

 

Churchville

 

NY

 

 

 

1,000,000

 

5,755,166

 

None

 

None

 

1,000,000

 

5,755,166

 

6,755,166

 

2,202,329

 

6/6/2006

 

3/23/2006

 

300

 

Akron

 

OH

 

 

 

715,953

 

554,589

 

None

 

None

 

715,953

 

554,589

 

1,270,542

 

228,738

 

2/13/2006

 

1/19/2005

 

300

 

Hillsboro

 

OR

 

 

 

1,611,084

 

1,936,755

 

None

 

58

 

1,611,084

 

1,936,813

 

3,547,897

 

719,855

 

 

 

9/1/2006

 

300

 

Wood Village

 

OR

 

 

 

3,822,277

 

5,687,110

 

None

 

58

 

3,822,277

 

5,687,168

 

9,509,445

 

2,049,182

 

 

 

9/1/2006

 

300

 

Myrtle Beach

 

SC

 

 

 

4,099,824

 

2,081,997

 

(1,800,804

)

None

 

2,299,020

 

2,081,997

 

4,381,017

 

898,613

 

7/28/2000

 

3/3/2005

 

300

 

Garland

 

TX

 

 

 

3,233,329

 

12,064,417

 

500

 

None

 

3,233,329

 

12,064,917

 

15,298,246

 

1,508,206

 

 

 

11/19/2012

 

300

 

Houston

 

TX

 

 

 

3,630,000

 

9,733,649

 

500

 

None

 

3,630,000

 

9,734,149

 

13,364,149

 

113,565

 

 

 

9/21/2015

 

300

 

Katy

 

TX

 

 

 

1,347,454

 

8,564,135

 

None

 

None

 

1,347,454

 

8,564,135

 

9,911,589

 

3,475,515

 

10/28/2005

 

1/25/2005

 

300

 

San Antonio

 

TX

 

 

 

4,337,454

 

7,312,625

 

500

 

None

 

4,337,454

 

7,313,125

 

11,650,579

 

889,857

 

 

 

12/13/2012

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lakewood

 

CA

 

 

 

1,398,387

 

3,098,607

 

None

 

10,284

 

1,398,387

 

3,108,891

 

4,507,278

 

2,356,775

 

 

 

1/29/1997

 

300

 

Riverside

 

CA

 

 

 

1,410,177

 

1,659,850

 

None

 

80

 

1,410,177

 

1,659,930

 

3,070,107

 

1,214,396

 

 

 

9/17/1997

 

300

 

Casselberry

 

FL

 

 

 

-

 

1,277,112

 

106,868

 

268

 

-

 

1,384,248

 

1,384,248

 

538,561

 

7/14/2005

 

1/25/2005

 

300

 

Hutchinson

 

KS

 

 

 

269,964

 

1,704,013

 

81,476

 

None

 

269,964

 

1,785,489

 

2,055,453

 

1,309,192

 

 

 

6/25/1997

 

300

 

Salina

 

KS

 

 

 

240,423

 

1,829,837

 

92,454

 

None

 

240,423

 

1,922,291

 

2,162,714

 

1,420,031

 

 

 

6/25/1997

 

300

 

Asheboro

 

NC

 

 

 

465,557

 

2,176,416

 

21,418

 

153

 

465,557

 

2,197,987

 

2,663,544

 

1,570,317

 

 

 

3/27/1998

 

300

 

Westbury

 

NY

 

 

 

3,808,076

 

2,377,932

 

145,738

 

338,968

 

3,808,076

 

2,862,638

 

6,670,714

 

1,911,552

 

 

 

9/29/1997

 

300

 

New Philadelphia

 

OH

 

 

 

726,636

 

1,650,672

 

29,340

 

114

 

726,636

 

1,680,126

 

2,406,762

 

1,249,526

 

 

 

5/30/1997

 

300

 

Edmond

 

OK

 

 

 

1,390,000

 

3,009,650

 

208,809

 

None

 

1,390,000

 

3,218,459

 

4,608,459

 

660,077

 

 

 

10/22/2010

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other manufacturing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prescott

 

AR

 

 

 

593,604

 

11,944,641

 

None

 

None

 

593,604

 

11,944,641

 

12,538,245

 

1,009,607

 

 

 

1/22/2013

 

420

 

Tucson

 

AZ

 

15,000,000

 

3,799,899

 

32,101,539

 

158,312

 

None

 

3,799,899

 

32,259,851

 

36,059,750

 

2,755,680

 

 

 

1/22/2013

 

420

 

East Windsor

 

NJ

 

9,625,000

 

240,000

 

13,307,041

 

None

 

None

 

240,000

 

13,307,041

 

13,547,041

 

649,510

 

 

 

4/30/2014

 

420

 

Maryville

 

OH

 

 

 

480,000

 

15,758,777

 

None

 

None

 

480,000

 

15,758,777

 

16,238,777

 

26,265

 

 

 

12/3/2015

 

300

 

Duncan

 

SC

 

 

 

490,000

 

2,292,068

 

2,900

 

None

 

490,000

 

2,294,968

 

2,784,968

 

156,004

 

 

 

8/29/2013

 

420

 

El Paso

 

TX

 

 

 

1,769,633

 

17,892,956

 

316,800

 

132,237

 

1,769,633

 

18,341,993

 

20,111,626

 

1,630,973

 

 

 

1/22/2013

 

420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lewisburg

 

OH

 

3,362,698

 

641,174

 

11,787,510

 

None

 

None

 

641,174

 

11,787,510

 

12,428,684

 

1,512,730

 

 

 

10/19/2012

 

300

 

Chester

 

VA

 

 

 

1,770,000

 

14,922,913

 

None

 

None

 

1,770,000

 

14,922,913

 

16,692,913

 

444,134

 

 

 

12/17/2014

 

420

 

Raphine

 

VA

 

 

 

2,679,884

 

21,236,904

 

None

 

None

 

2,679,884

 

21,236,904

 

23,916,788

 

3,858,038

 

 

 

6/3/2011

 

300

 

Wytheville

 

VA

 

28,125,734

 

2,175,524

 

33,138,859

 

2,182,984

 

None

 

2,175,524

 

35,321,843

 

37,497,367

 

4,158,562

 

 

 

11/29/2012

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paper

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marianna

 

FL

 

 

 

1,473,182

 

6,930,359

 

None

 

None

 

1,473,182

 

6,930,359

 

8,403,541

 

1,282,116

 

 

 

5/2/2011

 

300

 

Columbia

 

SC

 

 

 

989,232

 

5,004,326

 

None

 

None

 

989,232

 

5,004,326

 

5,993,558

 

434,900

 

 

 

12/21/2012

 

420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pet supplies and services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Los Angeles

 

CA

 

 

 

902,494

 

2,213,122

 

43,415

 

182,667

 

902,494

 

2,439,204

 

3,341,698

 

1,164,014

 

 

 

12/31/1998

 

300

 

Duluth

 

GA

 

 

 

361,058

 

1,591,629

 

None

 

None

 

361,058

 

1,591,629

 

1,952,687

 

1,020,413

 

1/27/1999

 

9/29/1998

 

300

 

Marietta

 

GA

 

 

 

292,250

 

649,095

 

88,141

 

19,277

 

292,250

 

756,513

 

1,048,763

 

679,776

 

 

 

12/2/1988

 

300

 

Marietta

 

GA

 

 

 

495,412

 

1,526,370

 

None

 

None

 

495,412

 

1,526,370

 

2,021,782

 

961,920

 

5/28/1999

 

9/29/1998

 

300

 

Ottawa

 

IL

 

 

 

2,351,842

 

52,407,677

 

237,848

 

None

 

2,351,842

 

52,645,525

 

54,997,367

 

4,506,332

 

 

 

1/22/2013

 

420

 

Indianapolis

 

IN

 

 

 

427,000

 

1,296,901

 

None

 

None

 

427,000

 

1,296,901

 

1,723,901

 

811,370

 

3/10/2000

 

1/19/1999

 

300

 

Sudbury

 

MA

 

 

 

543,038

 

2,477,213

 

None

 

None

 

543,038

 

2,477,213

 

3,020,251

 

1,530,811

 

11/12/1999

 

9/30/1998

 

300

 

Tyngsboro

 

MA

 

 

 

312,204

 

1,222,522

 

None

 

None

 

312,204

 

1,222,522

 

1,534,726

 

857,796

 

 

 

6/12/1998

 

300

 

Warren

 

MI

 

 

 

356,348

 

903,351

 

155,408

 

31,687

 

356,348

 

1,090,446

 

1,446,794

 

754,326

 

 

 

1/9/1998

 

300

 

North Plainfield

 

NJ

 

 

 

985,430

 

1,590,447

 

None

 

None

 

985,430

 

1,590,447

 

2,575,877

 

1,032,051

 

 

 

9/24/1998

 

300

 

Albuquerque

 

NM

 

 

 

684,036

 

874,914

 

308,265

 

None

 

684,036

 

1,183,179

 

1,867,215

 

799,720

 

 

 

12/31/1998

 

300

 

Maineville

 

OH

 

 

 

173,105

 

384,468

 

174,659

 

330

 

173,105

 

559,457

 

732,562

 

397,240

 

 

 

3/6/1987

 

300

 

Middletown

 

OH

 

 

 

337,572

 

777,943

 

41,328

 

22,683

 

337,572

 

841,954

 

1,179,526

 

606,790

 

 

 

12/30/1997

 

300

 

Mount Pleasant

 

SC

 

 

 

40,700

 

180,400

 

111,572

 

6,545

 

40,700

 

298,517

 

339,217

 

213,338

 

 

 

12/22/1981

 

180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurants - casual dining

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boaz

 

AL

 

 

 

829,001

 

1,541,245

 

480

 

14,413

 

829,001

 

1,556,138

 

2,385,139

 

570,905

 

 

 

11/1/2006

 

300

 

Enterprise

 

AL

 

 

 

840,946

 

1,563,474

 

None

 

None

 

840,946

 

1,563,474

 

2,404,420

 

570,667

 

 

 

11/1/2006

 

300

 

Fort Payne

 

AL

 

 

 

814,113

 

1,513,596

 

None

 

None

 

814,113

 

1,513,596

 

2,327,709

 

552,461

 

 

 

11/1/2006

 

300

 

Gadsden

 

AL

 

 

 

851,124

 

1,582,332

 

75,340

 

25,239

 

851,124

 

1,682,911

 

2,534,035

 

603,331

 

 

 

11/1/2006

 

300

 

Huntsville

 

AL

 

 

 

826,840

 

1,537,233

 

(1,149,285

)

48

 

826,840

 

387,996

 

1,214,836

 

613,317

 

 

 

11/1/2006

 

300

 

Huntsville

 

AL

 

 

 

811,599

 

1,508,927

 

None

 

None

 

811,599

 

1,508,927

 

2,320,526

 

550,757

 

 

 

11/1/2006

 

300

 

Sylacauga

 

AL

 

 

 

801,413

 

1,490,012

 

21,716

 

19,034

 

801,413

 

1,530,762

 

2,332,175

 

563,172

 

 

 

11/1/2006

 

300

 

El Dorado

 

AR

 

 

 

907,534

 

1,687,608

 

112,711

 

20,759

 

907,534

 

1,821,078

 

2,728,612

 

639,994

 

 

 

11/1/2006

 

300

 

Russellville

 

AR

 

 

 

864,497

 

-

 

None

 

24,800

 

864,497

 

24,800

 

889,297

 

1,306

 

 

 

11/1/2006

 

300

 

Glendale

 

AZ

 

 

 

624,761

 

895,976

 

89,537

 

50,833

 

624,761

 

1,036,346

 

1,661,107

 

760,362

 

 

 

3/6/1996

 

300

 

Goodyear

 

AZ

 

 

 

794,360

 

1,274,445

 

None

 

None

 

794,360

 

1,274,445

 

2,068,805

 

472,733

 

2/23/2006

 

4/8/2005

 

300

 

Surprise

 

AZ

 

 

 

681,288

 

1,008,310

 

None

 

None

 

681,288

 

1,008,310

 

1,689,598

 

437,382

 

9/29/2004

 

4/16/2004

 

300

 

La Verne

 

CA

 

 

 

-

 

1,477,413

 

None

 

None

 

-

 

1,477,413

 

1,477,413

 

174,827

 

 

 

1/22/2013

 

300

 

San Dimas

 

CA

 

 

 

240,562

 

445,521

 

91,821

 

2,690

 

240,562

 

540,032

 

780,594

 

513,239

 

 

 

3/12/1981

 

180

 

Denver

 

CO

 

 

 

540,250

 

1,132,450

 

None

 

None

 

540,250

 

1,132,450

 

1,672,700

 

497,713

 

7/29/2004

 

3/29/2004

 

300

 

Lakewood

 

CO

 

 

 

1,606,511

 

5,865

 

None

 

None

 

1,606,511

 

5,865

 

1,612,376

 

2,670

 

7/26/2006

 

12/31/2002

 

300

 

Parker

 

CO

 

 

 

778,054

 

1,148,443

 

None

 

38

 

778,054

 

1,148,481

 

1,926,535

 

481,747

 

6/10/2005

 

2/23/2005

 

300

 

Parker

 

CO

 

 

 

-

 

1,789,040

 

None

 

None

 

-

 

1,789,040

 

1,789,040

 

211,703

 

 

 

1/22/2013

 

300

 

Cromwell

 

CT

 

 

 

531,861

 

989,638

 

None

 

None

 

531,861

 

989,638

 

1,521,499

 

318,328

 

 

 

12/19/2007

 

300

 

East Windsor

 

CT

 

 

 

-

 

1,235,134

 

None

 

None

 

-

 

1,235,134

 

1,235,134

 

413,747

 

 

 

8/30/2007

 

300

 

Manchester

 

CT

 

 

 

-

 

1,353,727

 

None

 

None

 

-

 

1,353,727

 

1,353,727

 

453,476

 

 

 

8/30/2007

 

300

 

New Milford

 

CT

 

 

 

-

 

705,127

 

24,437

 

26,125

 

-

 

755,689

 

755,689

 

254,367

 

 

 

8/30/2007

 

300

 

Plainville

 

CT

 

 

 

-

 

1,452,933

 

None

 

None

 

-

 

1,452,933

 

1,452,933

 

486,710

 

 

 

8/30/2007

 

300

 

Tewksbury

 

CT

 

 

 

392,079

 

730,927

 

19,598

 

14,701

 

392,079

 

765,226

 

1,157,305

 

246,407

 

 

 

8/30/2007

 

300

 

 

F-33



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Torrington

 

CT

 

 

 

504,167

 

939,051

 

75,434

 

10,000

 

504,167

 

1,024,485

 

1,528,652

 

341,908

 

 

 

8/30/2007

 

300

 

West Haven

 

CT

 

 

 

540,663

 

1,006,829

 

79,286

 

25,100

 

540,663

 

1,111,215

 

1,651,878

 

356,992

 

 

 

8/30/2007

 

300

 

Windsor Locks

 

CT

 

 

 

844,967

 

1,571,965

 

None

 

None

 

844,967

 

1,571,965

 

2,416,932

 

526,591

 

 

 

8/30/2007

 

300

 

Jacksonville

 

FL

 

 

 

1,451,180

 

658,461

 

59,396

 

13

 

1,451,180

 

717,870

 

2,169,050

 

266,560

 

8/4/2006

 

5/9/2006

 

300

 

Lakeland

 

FL

 

 

 

1,018,551

 

1,273,189

 

None

 

None

 

1,018,551

 

1,273,189

 

2,291,740

 

150,661

 

 

 

1/22/2013

 

300

 

Land O’ Lakes

 

FL

 

 

 

770,136

 

1,190,937

 

None

 

None

 

770,136

 

1,190,937

 

1,961,073

 

471,109

 

10/21/2005

 

3/24/2005

 

300

 

Melbourne

 

FL

 

 

 

-

 

790,083

 

500

 

285

 

-

 

790,868

 

790,868

 

308,220

 

 

 

8/30/2007

 

258

 

New Port Richey

 

FL

 

 

 

929,402

 

1,459,392

 

56,969

 

32,400

 

929,402

 

1,548,761

 

2,478,163

 

586,950

 

11/13/2006

 

8/1/2006

 

300

 

Orange City

 

FL

 

 

 

1,290,082

 

1,612,603

 

None

 

None

 

1,290,082

 

1,612,603

 

2,902,685

 

190,825

 

 

 

1/22/2013

 

300

 

Orlando

 

FL

 

 

 

230,000

 

1,066,339

 

None

 

None

 

230,000

 

1,066,339

 

1,296,339

 

1,066,339

 

 

 

11/18/1985

 

300

 

Orlando

 

FL

 

 

 

1,135,310

 

1,306,940

 

None

 

18,309

 

1,135,310

 

1,325,249

 

2,460,559

 

475,969

 

1/10/2007

 

6/30/2006

 

300

 

Orlando

 

FL

 

 

 

735,000

 

1,367,891

 

None

 

None

 

735,000

 

1,367,891

 

2,102,891

 

458,226

 

 

 

8/30/2007

 

300

 

Orlando

 

FL

 

 

 

-

 

790,583

 

24,415

 

38,527

 

-

 

853,525

 

853,525

 

293,106

 

 

 

8/30/2007

 

300

 

Sebring

 

FL

 

 

 

737,465

 

921,832

 

None

 

None

 

737,465

 

921,832

 

1,659,297

 

109,083

 

 

 

1/22/2013

 

300

 

Vero Beach

 

FL

 

 

 

1,381,247

 

1,726,559

 

None

 

None

 

1,381,247

 

1,726,559

 

3,107,806

 

204,309

 

 

 

1/22/2013

 

300

 

Americus

 

GA

 

 

 

709,624

 

1,319,578

 

139,320

 

6,036

 

709,624

 

1,464,934

 

2,174,558

 

515,817

 

 

 

11/1/2006

 

300

 

Augusta

 

GA

 

 

 

827,895

 

1,539,237

 

None

 

240

 

827,895

 

1,539,477

 

2,367,372

 

562,008

 

 

 

11/1/2006

 

300

 

Buford

 

GA

 

1,394,363

 

1,229,933

 

1,537,417

 

None

 

None

 

1,229,933

 

1,537,417

 

2,767,350

 

181,928

 

 

 

1/22/2013

 

300

 

Garden City

 

GA

 

 

 

197,225

 

438,043

 

141,866

 

3,257

 

197,225

 

583,166

 

780,391

 

476,443

 

 

 

4/20/1989

 

300

 

Lithonia

 

GA

 

 

 

89,220

 

-

 

None

 

246

 

89,220

 

246

 

89,466

 

70

 

 

 

1/4/1985

 

N/A

 

Norcross

 

GA

 

 

 

827,707

 

1,538,875

 

115,596

 

16,522

 

827,707

 

1,670,993

 

2,498,700

 

614,720

 

 

 

11/1/2006

 

300

 

Savannah

 

GA

 

 

 

719,188

 

1,337,352

 

93,855

 

23,190

 

719,188

 

1,454,397

 

2,173,585

 

514,722

 

 

 

11/1/2006

 

300

 

Snellville

 

GA

 

 

 

710,600

 

1,321,389

 

(995,794

)

532

 

710,600

 

326,127

 

1,036,727

 

515,097

 

 

 

11/1/2006

 

300

 

Statesboro

 

GA

 

 

 

926,462

 

1,722,290

 

None

 

240

 

926,462

 

1,722,530

 

2,648,992

 

628,822

 

 

 

11/1/2006

 

300

 

Thomasville

 

GA

 

 

 

894,504

 

1,662,939

 

87,387

 

26,155

 

894,504

 

1,776,481

 

2,670,985

 

650,733

 

 

 

11/1/2006

 

300

 

Valdosta

 

GA

 

 

 

901,658

 

1,676,225

 

4,820

 

30,696

 

901,658

 

1,711,741

 

2,613,399

 

633,686

 

 

 

11/1/2006

 

300

 

Warner Robins

 

GA

 

 

 

896,841

 

1,667,267

 

(1,259,913

)

349

 

896,841

 

407,703

 

1,304,544

 

641,446

 

 

 

11/1/2006

 

300

 

Waycross

 

GA

 

 

 

956,765

 

1,778,566

 

None

 

536

 

956,765

 

1,779,102

 

2,735,867

 

649,585

 

 

 

11/1/2006

 

300

 

Ankeny

 

IA

 

 

 

100,000

 

349,218

 

25,075

 

None

 

100,000

 

374,293

 

474,293

 

374,293

 

 

 

7/28/1983

 

180

 

Burlington

 

IA

 

 

 

653,057

 

1,214,571

 

54,777

 

757

 

653,057

 

1,270,105

 

1,923,162

 

443,829

 

 

 

11/1/2006

 

300

 

Cedar Rapids

 

IA

 

 

 

822,331

 

1,528,939

 

None

 

None

 

822,331

 

1,528,939

 

2,351,270

 

558,061

 

 

 

11/1/2006

 

300

 

Clive

 

IA

 

 

 

840,697

 

1,563,046

 

None

 

None

 

840,697

 

1,563,046

 

2,403,743

 

570,511

 

 

 

11/1/2006

 

300

 

Nampa

 

ID

 

 

 

74,156

 

343,820

 

28,206

 

None

 

74,156

 

372,026

 

446,182

 

353,453

 

 

 

12/31/1986

 

300

 

Rexburg

 

ID

 

 

 

90,760

 

420,787

 

59,798

 

None

 

90,760

 

480,585

 

571,345

 

440,605

 

 

 

11/25/1985

 

300

 

Alton

 

IL

 

 

 

225,785

 

419,315

 

50,027

 

12,117

 

225,785

 

481,459

 

707,244

 

420,376

 

 

 

10/18/1988

 

300

 

Champaign

 

IL

 

 

 

805,888

 

1,498,402

 

None

 

18

 

805,888

 

1,498,420

 

2,304,308

 

546,925

 

 

 

11/1/2006

 

300

 

Effingham

 

IL

 

 

 

783,528

 

1,456,874

 

None

 

None

 

783,528

 

1,456,874

 

2,240,402

 

531,758

 

 

 

11/1/2006

 

300

 

Marion

 

IL

 

 

 

831,323

 

1,545,566

 

(324,000

)

107

 

831,323

 

1,221,673

 

2,052,996

 

564,136

 

 

 

11/1/2006

 

300

 

Moline

 

IL

 

 

 

781,044

 

1,452,262

 

None

 

None

 

781,044

 

1,452,262

 

2,233,306

 

530,075

 

 

 

11/1/2006

 

300

 

Mount Vernon

 

IL

 

 

 

883,110

 

1,641,741

 

None

 

None

 

883,110

 

1,641,741

 

2,524,851

 

599,234

 

 

 

11/1/2006

 

300

 

Oswego

 

IL

 

 

 

953,394

 

1,208,677

 

1,988

 

32,405

 

953,394

 

1,243,070

 

2,196,464

 

507,309

 

6/15/2005

 

6/24/2005

 

300

 

Peoria

 

IL

 

 

 

662,460

 

1,060,577

 

14,651

 

12,085

 

662,460

 

1,087,313

 

1,749,773

 

485,084

 

10/13/2004

 

6/15/2004

 

300

 

Springfield

 

IL

 

 

 

846,830

 

1,574,436

 

28,742

 

426

 

846,830

 

1,603,604

 

2,450,434

 

578,103

 

 

 

11/1/2006

 

300

 

Swansea

 

IL

 

 

 

890,625

 

1,655,743

 

288,559

 

21,851

 

890,625

 

1,966,153

 

2,856,778

 

727,948

 

 

 

11/1/2006

 

300

 

Waukegan

 

IL

 

 

 

1,330,000

 

2,470,909

 

None

 

None

 

1,330,000

 

2,470,909

 

3,800,909

 

794,809

 

 

 

12/21/2007

 

300

 

Anderson

 

IN

 

 

 

831,077

 

1,545,131

 

16,655

 

30,694

 

831,077

 

1,592,480

 

2,423,557

 

587,276

 

 

 

11/1/2006

 

300

 

Elkhart

 

IN

 

 

 

835,890

 

1,554,487

 

None

 

94

 

835,890

 

1,554,581

 

2,390,471

 

567,441

 

 

 

11/1/2006

 

300

 

Marion

 

IN

 

 

 

685,194

 

1,274,206

 

45,372

 

19,275

 

685,194

 

1,338,853

 

2,024,047

 

492,958

 

 

 

11/1/2006

 

300

 

Michigan City

 

IN

 

 

 

840,998

 

1,563,545

 

None

 

285

 

840,998

 

1,563,830

 

2,404,828

 

570,790

 

 

 

11/1/2006

 

300

 

Terre Haute

 

IN

 

 

 

767,189

 

1,426,532

 

35,534

 

107

 

767,189

 

1,462,173

 

2,229,362

 

520,836

 

 

 

11/1/2006

 

300

 

Derby

 

KS

 

 

 

96,060

 

445,359

 

9,565

 

5,730

 

96,060

 

460,654

 

556,714

 

451,430

 

 

 

10/29/1985

 

300

 

El Dorado

 

KS

 

 

 

87,400

 

405,206

 

50,518

 

4,338

 

87,400

 

460,062

 

547,462

 

420,658

 

 

 

4/10/1986

 

300

 

Salina

 

KS

 

 

 

683,265

 

1,647,429

 

None

 

None

 

683,265

 

1,647,429

 

2,330,694

 

28,335

 

7/27/2015

 

12/17/2014

 

300

 

Shawnee

 

KS

 

 

 

953,916

 

1,773,245

 

None

 

None

 

953,916

 

1,773,245

 

2,727,161

 

647,233

 

 

 

11/1/2006

 

300

 

Shawnee

 

KS

 

 

 

-

 

1,573,049

 

None

 

None

 

-

 

1,573,049

 

1,573,049

 

186,144

 

 

 

1/22/2013

 

300

 

Topeka

 

KS

 

 

 

1,005,484

 

1,256,855

 

None

 

None

 

1,005,484

 

1,256,855

 

2,262,339

 

148,728

 

 

 

1/22/2013

 

300

 

Louisville

 

KY

 

 

 

821,990

 

1,528,282

 

None

 

None

 

821,990

 

1,528,282

 

2,350,272

 

557,822

 

 

 

11/1/2006

 

300

 

Middlesboro

 

KY

 

 

 

859,709

 

1,598,332

 

None

 

None

 

859,709

 

1,598,332

 

2,458,041

 

583,390

 

 

 

11/1/2006

 

300

 

Murray

 

KY

 

 

 

831,246

 

1,545,422

 

111,189

 

26,343

 

831,246

 

1,682,954

 

2,514,200

 

598,580

 

 

 

11/1/2006

 

300

 

Richmond

 

KY

 

 

 

913,770

 

1,698,726

 

None

 

None

 

913,770

 

1,698,726

 

2,612,496

 

620,034

 

 

 

11/1/2006

 

300

 

Alexandria

 

LA

 

 

 

-

 

1,118,270

 

None

 

None

 

-

 

1,118,270

 

1,118,270

 

132,329

 

 

 

1/22/2013

 

300

 

Baton Rouge

 

LA

 

 

 

-

 

1,748,499

 

None

 

None

 

-

 

1,748,499

 

1,748,499

 

206,906

 

 

 

1/22/2013

 

300

 

Hammond

 

LA

 

 

 

1,011,084

 

1,879,972

 

None

 

None

 

1,011,084

 

1,879,972

 

2,891,056

 

686,189

 

 

 

11/1/2006

 

300

 

Houma

 

LA

 

 

 

1,061,671

 

1,973,864

 

12,063

 

48,086

 

1,061,671

 

2,034,013

 

3,095,684

 

737,869

 

 

 

11/1/2006

 

300

 

Jennings

 

LA

 

 

 

107,120

 

496,636

 

17,656

 

1,742

 

107,120

 

516,034

 

623,154

 

498,689

 

 

 

10/17/1985

 

300

 

Morgan City

 

LA

 

 

 

832,895

 

1,548,993

 

26,151

 

28,054

 

832,895

 

1,603,198

 

2,436,093

 

591,107

 

 

 

11/1/2006

 

300

 

New Iberia

 

LA

 

 

 

917,582

 

1,706,269

 

80,944

 

30,339

 

917,582

 

1,817,552

 

2,735,134

 

666,008

 

 

 

11/1/2006

 

300

 

Opelousas

 

LA

 

 

 

949,157

 

1,764,908

 

70,255

 

225

 

949,157

 

1,835,388

 

2,784,545

 

666,918

 

 

 

11/1/2006

 

300

 

Pineville

 

LA

 

 

 

1,136,612

 

2,113,040

 

None

 

None

 

1,136,612

 

2,113,040

 

3,249,652

 

771,258

 

 

 

11/1/2006

 

300

 

Ruston

 

LA

 

 

 

982,427

 

1,826,696

 

None

 

None

 

982,427

 

1,826,696

 

2,809,123

 

666,743

 

 

 

11/1/2006

 

300

 

Zachary

 

LA

 

 

 

898,306

 

1,670,527

 

11,717

 

28,442

 

898,306

 

1,710,686

 

2,608,992

 

618,222

 

 

 

11/1/2006

 

300

 

Amesbury

 

MA

 

 

 

-

 

790,494

 

None

 

None

 

-

 

790,494

 

790,494

 

441,034

 

 

 

8/30/2007

 

180

 

Attleboro

 

MA

 

 

 

369,815

 

693,655

 

None

 

None

 

369,815

 

693,655

 

1,063,470

 

389,601

 

 

 

12/19/2001

 

300

 

Auburn

 

MA

 

 

 

418,250

 

779,623

 

500

 

None

 

418,250

 

780,123

 

1,198,373

 

261,573

 

 

 

8/30/2007

 

300

 

Chicopee

 

MA

 

 

 

761,606

 

1,417,624

 

None

 

None

 

761,606

 

1,417,624

 

2,179,230

 

474,887

 

 

 

8/30/2007

 

300

 

Chicopee Falls

 

MA

 

 

 

302,982

 

565,894

 

65,789

 

7,544

 

302,982

 

639,227

 

942,209

 

208,758

 

 

 

8/30/2007

 

300

 

East Longmeadow

 

MA

 

 

 

614,319

 

1,144,128

 

None

 

None

 

614,319

 

1,144,128

 

1,758,447

 

383,266

 

 

 

8/30/2007

 

300

 

Gardner

 

MA

 

 

 

625,000

 

828,564

 

None

 

None

 

625,000

 

828,564

 

1,453,564

 

422,434

 

 

 

8/30/2007

 

197

 

Great Barrington

 

MA

 

 

 

422,625

 

788,089

 

69,608

 

10,225

 

422,625

 

867,922

 

1,290,547

 

291,101

 

 

 

8/30/2007

 

300

 

Greenfield

 

MA

 

 

 

761,417

 

1,417,273

 

None

 

None

 

761,417

 

1,417,273

 

2,178,690

 

474,769

 

 

 

8/30/2007

 

300

 

Haverhill

 

MA

 

 

 

568,635

 

1,058,815

 

None

 

None

 

568,635

 

1,058,815

 

1,627,450

 

354,686

 

 

 

8/30/2007

 

300

 

Holyoke

 

MA

 

 

 

577,667

 

1,076,023

 

None

 

None

 

577,667

 

1,076,023

 

1,653,690

 

360,451

 

 

 

8/30/2007

 

300

 

Lee

 

MA

 

 

 

540,506

 

1,007,010

 

None

 

None

 

540,506

 

1,007,010

 

1,547,516

 

337,331

 

 

 

8/30/2007

 

300

 

North Adams

 

MA

 

 

 

377,300

 

703,914

 

26,657

 

351

 

377,300

 

730,922

 

1,108,222

 

236,071

 

 

 

8/30/2007

 

300

 

Norwood

 

MA

 

 

 

840,616

 

1,563,923

 

None

 

None

 

840,616

 

1,563,923

 

2,404,539

 

523,897

 

 

 

8/30/2007

 

300

 

Palmer

 

MA

 

 

 

141,524

 

598,480

 

None

 

None

 

141,524

 

598,480

 

740,004

 

336,144

 

 

 

12/19/2001

 

300

 

Peabody

 

MA

 

 

 

529,555

 

222,590

 

None

 

None

 

529,555

 

222,590

 

752,145

 

125,020

 

 

 

12/19/2001

 

300

 

Pittsfield

 

MA

 

 

 

286,241

 

950,022

 

None

 

None

 

286,241

 

950,022

 

1,236,263

 

533,594

 

 

 

12/19/2001

 

300

 

Raynham

 

MA

 

 

 

761,417

 

1,417,287

 

None

 

None

 

761,417

 

1,417,287

 

2,178,704

 

474,773

 

 

 

8/30/2007

 

300

 

Sagamore Beach

 

MA

 

 

 

620,188

 

1,155,007

 

None

 

None

 

620,188

 

1,155,007

 

1,775,195

 

386,910

 

 

 

8/30/2007

 

300

 

Saugus

 

MA

 

 

 

-

 

737,971

 

None

 

None

 

-

 

737,971

 

737,971

 

346,366

 

 

 

8/30/2007

 

214

 

Seekonk

 

MA

 

 

 

614,417

 

1,144,267

 

None

 

None

 

614,417

 

1,144,267

 

1,758,684

 

383,312

 

 

 

8/30/2007

 

300

 

South Dartmouth

 

MA

 

 

 

379,217

 

707,492

 

14,487

 

79

 

379,217

 

722,058

 

1,101,275

 

237,485

 

 

 

8/30/2007

 

300

 

Springfield

 

MA

 

 

 

230,030

 

865,572

 

None

 

None

 

230,030

 

865,572

 

1,095,602

 

486,161

 

 

 

12/19/2001

 

300

 

Springfield

 

MA

 

 

 

227,207

 

958,444

 

None

 

None

 

227,207

 

958,444

 

1,185,651

 

538,324

 

 

 

12/19/2001

 

300

 

Stoneham

 

MA

 

 

 

397,544

 

191,717

 

None

 

None

 

397,544

 

191,717

 

589,261

 

107,679

 

 

 

12/19/2001

 

300

 

Sudbury

 

MA

 

 

 

-

 

633,843

 

None

 

None

 

-

 

633,843

 

633,843

 

284,229

 

 

 

8/30/2007

 

224

 

Swansea

 

MA

 

 

 

173,853

 

488,699

 

None

 

None

 

173,853

 

488,699

 

662,552

 

274,484

 

 

 

12/19/2001

 

300

 

Ware

 

MA

 

 

 

220,457

 

412,133

 

21,889

 

585

 

220,457

 

434,607

 

655,064

 

144,140

 

 

 

8/30/2007

 

300

 

West Springfield

 

MA

 

 

 

243,556

 

455,532

 

104,424

 

9,894

 

243,556

 

569,850

 

813,406

 

175,768

 

 

 

8/30/2007

 

300

 

West Springfield

 

MA

 

 

 

761,417

 

1,417,273

 

None

 

None

 

761,417

 

1,417,273

 

2,178,690

 

474,769

 

 

 

8/30/2007

 

300

 

Wilbraham

 

MA

 

 

 

9,626,112

 

19,964,016

 

2,500

 

None

 

9,626,112

 

19,966,516

 

29,592,628

 

6,063,201

 

 

 

8/30/2007

 

300

 

Wollaston

 

MA

 

 

 

411,366

 

766,745

 

None

 

None

 

411,366

 

766,745

 

1,178,111

 

256,842

 

 

 

8/30/2007

 

300

 

Worcester

 

MA

 

 

 

578,336

 

1,077,426

 

None

 

None

 

578,336

 

1,077,426

 

1,655,762

 

360,920

 

 

 

8/30/2007

 

300

 

Waterville

 

ME

 

 

 

-

 

717,653

 

None

 

105

 

-

 

717,758

 

717,758

 

240,418

 

 

 

8/30/2007

 

300

 

Windham

 

ME

 

 

 

-

 

831,301

 

1,000

 

None

 

-

 

832,301

 

832,301

 

279,297

 

 

 

8/30/2007

 

300

 

Comstock Park

 

MI

 

 

 

810,477

 

1,506,864

 

70,386

 

228

 

810,477

 

1,577,478

 

2,387,955

 

566,271

 

 

 

11/1/2006

 

300

 

Flint

 

MI

 

 

 

827,853

 

-

 

5,631

 

94

 

827,853

 

5,725

 

833,578

 

185

 

 

 

4/13/1995

 

60

 

Flint

 

MI

 

 

 

885,144

 

1,645,531

 

70,987

 

32,018

 

885,144

 

1,748,536

 

2,633,680

 

641,900

 

 

 

11/1/2006

 

300

 

Lansing

 

MI

 

 

 

873,536

 

1,623,973

 

None

 

94

 

873,536

 

1,624,067

 

2,497,603

 

592,818

 

 

 

11/1/2006

 

300

 

Saginaw

 

MI

 

 

 

766,531

 

1,425,263

 

14,030

 

23,051

 

766,531

 

1,462,344

 

2,228,875

 

538,248

 

 

 

11/1/2006

 

300

 

 

F-34



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Westland

 

MI

 

 

 

869,530

 

1,616,568

 

None

 

438

 

869,530

 

1,617,006

 

2,486,536

 

590,292

 

 

 

11/1/2006

 

300

 

Champlin

 

MN

 

 

 

583,515

 

729,394

 

None

 

None

 

583,515

 

729,394

 

1,312,909

 

86,312

 

 

 

1/22/2013

 

300

 

Roseville

 

MN

 

 

 

281,600

 

1,305,560

 

None

 

288

 

281,600

 

1,305,848

 

1,587,448

 

1,305,621

 

 

 

12/18/1984

 

300

 

Bridgeton

 

MO

 

 

 

743,559

 

1,585,207

 

158,517

 

21,240

 

743,559

 

1,764,964

 

2,508,523

 

637,792

 

 

 

11/1/2006

 

300

 

Cape Girardeau

 

MO

 

 

 

745,915

 

1,386,950

 

None

 

None

 

745,915

 

1,386,950

 

2,132,865

 

506,236

 

 

 

11/1/2006

 

300

 

Farmington

 

MO

 

 

 

780,812

 

1,451,767

 

180,971

 

25,259

 

780,812

 

1,657,997

 

2,438,809

 

572,652

 

 

 

11/1/2006

 

300

 

Festus

 

MO

 

 

 

808,595

 

1,503,364

 

17,390

 

2,875

 

808,595

 

1,523,629

 

2,332,224

 

553,364

 

 

 

11/1/2006

 

300

 

Fulton

 

MO

 

 

 

210,199

 

466,861

 

60,573

 

127

 

210,199

 

527,561

 

737,760

 

480,537

 

 

 

7/30/1987

 

300

 

Hazelwood

 

MO

 

 

 

157,117

 

725,327

 

(104,329

)

None

 

157,117

 

620,998

 

778,115

 

620,998

 

 

 

8/28/1985

 

300

 

Jefferson City

 

MO

 

 

 

713,088

 

1,325,993

 

93,129

 

22,035

 

713,088

 

1,441,157

 

2,154,245

 

500,066

 

 

 

11/1/2006

 

300

 

Kansas City

 

MO

 

 

 

715,640

 

894,550

 

None

 

None

 

715,640

 

894,550

 

1,610,190

 

105,855

 

 

 

1/22/2013

 

300

 

Kansas City

 

MO

 

 

 

872,364

 

1,090,455

 

None

 

None

 

872,364

 

1,090,455

 

1,962,819

 

129,037

 

 

 

1/22/2013

 

300

 

Ozark

 

MO

 

 

 

140,000

 

292,482

 

None

 

None

 

140,000

 

292,482

 

432,482

 

212,039

 

 

 

11/20/1997

 

300

 

Poplar Bluff

 

MO

 

 

 

774,256

 

1,439,603

 

None

 

None

 

774,256

 

1,439,603

 

2,213,859

 

525,454

 

 

 

11/1/2006

 

300

 

Raymore

 

MO

 

 

 

726,583

 

1,351,055

 

None

 

None

 

726,583

 

1,351,055

 

2,077,638

 

493,134

 

 

 

11/1/2006

 

300

 

Sedalia

 

MO

 

 

 

269,798

 

599,231

 

11,556

 

None

 

269,798

 

610,787

 

880,585

 

610,787

 

 

 

7/31/1989

 

300

 

Sedalia

 

MO

 

 

 

696,604

 

1,295,380

 

39,992

 

808

 

696,604

 

1,336,180

 

2,032,784

 

481,606

 

 

 

11/1/2006

 

300

 

Springfield

 

MO

 

 

 

-

 

1,390,167

 

None

 

None

 

-

 

1,390,167

 

1,390,167

 

164,503

 

 

 

1/22/2013

 

300

 

St. Charles

 

MO

 

 

 

175,413

 

809,791

 

None

 

81

 

175,413

 

809,872

 

985,285

 

809,807

 

 

 

8/28/1985

 

300

 

St. Charles

 

MO

 

 

 

695,121

 

1,001,878

 

None

 

1,149

 

695,121

 

1,003,027

 

1,698,148

 

803,550

 

12/22/1995

 

3/16/1995

 

300

 

St. Joseph

 

MO

 

 

 

775,660

 

1,785,308

 

None

 

None

 

775,660

 

1,785,308

 

2,560,968

 

651,636

 

 

 

11/1/2006

 

300

 

St. Robert

 

MO

 

 

 

744,158

 

1,383,694

 

None

 

31,455

 

744,158

 

1,415,149

 

2,159,307

 

516,003

 

 

 

11/1/2006

 

300

 

Sullivan

 

MO

 

 

 

85,500

 

396,400

 

(40,743

)

13,500

 

85,500

 

369,157

 

454,657

 

365,286

 

 

 

12/27/1984

 

300

 

Columbus

 

MS

 

 

 

720,310

 

1,339,963

 

None

 

None

 

720,310

 

1,339,963

 

2,060,273

 

489,085

 

 

 

11/1/2006

 

300

 

Corinth

 

MS

 

 

 

867,086

 

1,612,029

 

None

 

81

 

867,086

 

1,612,110

 

2,479,196

 

588,406

 

 

 

11/1/2006

 

300

 

Hattiesburg

 

MS

 

 

 

856,070

 

1,592,088

 

None

 

None

 

856,070

 

1,592,088

 

2,448,158

 

581,111

 

 

 

11/1/2006

 

300

 

Laurel

 

MS

 

 

 

778,938

 

1,448,844

 

72,424

 

17,306

 

778,938

 

1,538,574

 

2,317,512

 

548,044

 

 

 

11/1/2006

 

300

 

Meridian

 

MS

 

 

 

-

 

2,481,172

 

None

 

None

 

-

 

2,481,172

 

2,481,172

 

898,396

 

 

 

11/1/2006

 

300

 

Vicksburg

 

MS

 

 

 

698,189

 

1,298,881

 

(736,106

)

349

 

698,189

 

563,124

 

1,261,313

 

516,063

 

 

 

11/1/2006

 

300

 

Albemarle

 

NC

 

 

 

721,392

 

1,341,825

 

480

 

860

 

721,392

 

1,343,165

 

2,064,557

 

490,607

 

 

 

11/1/2006

 

300

 

Forest City

 

NC

 

 

 

872,424

 

1,621,940

 

None

 

131

 

872,424

 

1,622,071

 

2,494,495

 

592,108

 

 

 

11/1/2006

 

300

 

Goldsboro

 

NC

 

 

 

811,502

 

1,509,029

 

72,109

 

35,050

 

811,502

 

1,616,188

 

2,427,690

 

597,552

 

 

 

11/1/2006

 

300

 

Kernersville

 

NC

 

 

 

836,896

 

1,556,334

 

None

 

13,017

 

836,896

 

1,569,351

 

2,406,247

 

578,149

 

 

 

11/1/2006

 

300

 

Salisbury

 

NC

 

 

 

777,412

 

1,445,863

 

None

 

131

 

777,412

 

1,445,994

 

2,223,406

 

527,840

 

 

 

11/1/2006

 

300

 

Sylva

 

NC

 

 

 

919,724

 

1,709,783

 

None

 

131

 

919,724

 

1,709,914

 

2,629,638

 

624,170

 

 

 

11/1/2006

 

300

 

Bellevue

 

NE

 

 

 

656,061

 

1,004,384

 

None

 

None

 

656,061

 

1,004,384

 

1,660,445

 

408,002

 

9/20/2005

 

2/24/2005

 

300

 

Omaha

 

NE

 

 

 

592,716

 

1,009,253

 

None

 

32

 

592,716

 

1,009,285

 

1,602,001

 

421,551

 

5/5/2005

 

12/21/2004

 

300

 

Papillion

 

NE

 

 

 

654,788

 

908,685

 

None

 

None

 

654,788

 

908,685

 

1,563,473

 

383,866

 

3/9/2005

 

1/12/2005

 

300

 

Concord

 

NH

 

 

 

577,667

 

1,075,628

 

None

 

None

 

577,667

 

1,075,628

 

1,653,295

 

360,318

 

 

 

8/30/2007

 

300

 

Concord

 

NH

 

 

 

849,884

 

1,581,175

 

None

 

None

 

849,884

 

1,581,175

 

2,431,059

 

529,677

 

 

 

8/30/2007

 

300

 

Dover

 

NH

 

 

 

687,917

 

1,280,378

 

None

 

None

 

687,917

 

1,280,378

 

1,968,295

 

428,910

 

 

 

8/30/2007

 

300

 

Laconia

 

NH

 

 

 

330,520

 

467,594

 

None

 

None

 

330,520

 

467,594

 

798,114

 

262,630

 

 

 

12/19/2001

 

300

 

Manchester

 

NH

 

 

 

266,337

 

486,676

 

None

 

None

 

266,337

 

486,676

 

753,013

 

273,348

 

 

 

12/19/2001

 

300

 

Portsmouth

 

NH

 

 

 

391,650

 

730,167

 

37,475

 

18,167

 

391,650

 

785,809

 

1,177,459

 

266,175

 

 

 

8/30/2007

 

300

 

Rochester

 

NH

 

 

 

262,059

 

695,771

 

None

 

None

 

262,059

 

695,771

 

957,830

 

390,790

 

 

 

12/19/2001

 

300

 

Clark

 

NJ

 

 

 

541,792

 

1,009,085

 

None

 

None

 

541,792

 

1,009,085

 

1,550,877

 

338,026

 

 

 

8/30/2007

 

300

 

Hackettstown

 

NJ

 

 

 

307,186

 

525,142

 

None

 

None

 

307,186

 

525,142

 

832,328

 

294,953

 

 

 

12/19/2001

 

300

 

Middletown

 

NJ

 

 

 

-

 

640,403

 

15,522

 

7

 

-

 

655,932

 

655,932

 

347,683

 

 

 

8/30/2007

 

185

 

Mount Holly

 

NJ

 

 

 

-

 

1,092,178

 

None

 

None

 

-

 

1,092,178

 

1,092,178

 

351,314

 

 

 

12/17/2007

 

300

 

Pompton Plains

 

NJ

 

 

 

455,700

 

849,125

 

88,127

 

8,724

 

455,700

 

945,976

 

1,401,676

 

285,306

 

 

 

8/30/2007

 

300

 

Toms River

 

NJ

 

 

 

826,449

 

1,537,659

 

None

 

None

 

826,449

 

1,537,659

 

2,364,108

 

515,098

 

 

 

8/30/2007

 

300

 

Albuquerque

 

NM

 

 

 

-

 

1,307,933

 

None

 

None

 

-

 

1,307,933

 

1,307,933

 

154,772

 

 

 

1/22/2013

 

300

 

Albany

 

NY

 

 

 

457,538

 

852,510

 

42,302

 

13,692

 

457,538

 

908,504

 

1,366,042

 

307,548

 

 

 

8/30/2007

 

300

 

Clifton Park

 

NY

 

 

 

1,040,997

 

1,936,100

 

None

 

None

 

1,040,997

 

1,936,100

 

2,977,097

 

648,576

 

 

 

8/30/2007

 

300

 

Delmar

 

NY

 

 

 

316,382

 

590,387

 

24,178

 

14,789

 

316,382

 

629,354

 

945,736

 

220,251

 

 

 

8/30/2007

 

300

 

East Greenbush

 

NY

 

 

 

623,313

 

1,160,389

 

None

 

None

 

623,313

 

1,160,389

 

1,783,702

 

388,713

 

 

 

8/30/2007

 

300

 

New Hartford

 

NY

 

 

 

226,041

 

422,563

 

None

 

None

 

226,041

 

422,563

 

648,604

 

141,541

 

 

 

8/30/2007

 

300

 

Plattsburgh

 

NY

 

 

 

977,012

 

1,817,269

 

None

 

None

 

977,012

 

1,817,269

 

2,794,281

 

608,768

 

 

 

8/30/2007

 

300

 

Rochester

 

NY

 

 

 

-

 

1,911,958

 

None

 

None

 

-

 

1,911,958

 

1,911,958

 

226,248

 

 

 

1/22/2013

 

300

 

Akron

 

OH

 

 

 

723,347

 

17

 

248,731

 

12,017

 

723,347

 

260,765

 

984,112

 

22,122

 

 

 

12/22/1994

 

180

 

Akron

 

OH

 

 

 

318,182

 

593,654

 

None

 

None

 

318,182

 

593,654

 

911,836

 

198,857

 

 

 

8/30/2007

 

300

 

Akron

 

OH

 

 

 

318,182

 

593,654

 

None

 

None

 

318,182

 

593,654

 

911,836

 

198,857

 

 

 

8/30/2007

 

300

 

Defiance

 

OH

 

 

 

71,273

 

135,109

 

None

 

None

 

71,273

 

135,109

 

206,382

 

45,244

 

 

 

8/30/2007

 

300

 

Elyria

 

OH

 

 

 

79,545

 

150,491

 

None

 

None

 

79,545

 

150,491

 

230,036

 

50,397

 

 

 

8/30/2007

 

300

 

Marion

 

OH

 

 

 

739,651

 

1,375,358

 

None

 

None

 

739,651

 

1,375,358

 

2,115,009

 

502,004

 

 

 

11/1/2006

 

300

 

Maumee

 

OH

 

 

 

296,970

 

555,134

 

None

 

None

 

296,970

 

555,134

 

852,104

 

185,950

 

 

 

8/30/2007

 

300

 

Mount Vernon

 

OH

 

 

 

147,212

 

276,407

 

None

 

None

 

147,212

 

276,407

 

423,619

 

92,578

 

 

 

8/30/2007

 

300

 

Parma Heights

 

OH

 

 

 

275,758

 

514,866

 

None

 

None

 

275,758

 

514,866

 

790,624

 

172,463

 

 

 

8/30/2007

 

300

 

Sandusky

 

OH

 

 

 

824,270

 

1,532,494

 

None

 

None

 

824,270

 

1,532,494

 

2,356,764

 

559,359

 

 

 

11/1/2006

 

300

 

Sandusky

 

OH

 

 

 

128,158

 

240,761

 

None

 

None

 

128,158

 

240,761

 

368,919

 

80,637

 

 

 

8/30/2007

 

300

 

Springdale

 

OH

 

 

 

1,895,200

 

2,369,000

 

None

 

None

 

1,895,200

 

2,369,000

 

4,264,200

 

280,332

 

 

 

1/22/2013

 

300

 

Stow

 

OH

 

 

 

317,546

 

712,455

 

None

 

114

 

317,546

 

712,569

 

1,030,115

 

712,561

 

 

 

12/31/1987

 

300

 

Vandalia

 

OH

 

 

 

145,833

 

273,579

 

None

 

None

 

145,833

 

273,579

 

419,412

 

91,632

 

 

 

8/30/2007

 

300

 

Wooster

 

OH

 

 

 

763,642

 

1,419,901

 

None

 

116

 

763,642

 

1,420,017

 

2,183,659

 

518,379

 

 

 

11/1/2006

 

300

 

Broken Arrow

 

OK

 

 

 

245,000

 

369,002

 

30,742

 

10,278

 

245,000

 

410,022

 

655,022

 

285,126

 

 

 

12/12/1997

 

300

 

Norman

 

OK

 

 

 

734,335

 

335,097

 

None

 

78,164

 

734,335

 

413,261

 

1,147,596

 

174,471

 

9/29/1995

 

6/5/1995

 

300

 

Oklahoma City

 

OK

 

 

 

759,826

 

-

 

221,365

 

17,524

 

759,826

 

238,889

 

998,715

 

2,617

 

 

 

7/6/1995

 

217

 

Oklahoma City

 

OK

 

 

 

1,165,405

 

2,165,989

 

None

 

45,131

 

1,165,405

 

2,211,120

 

3,376,525

 

802,641

 

 

 

11/1/2006

 

300

 

Ponca City

 

OK

 

 

 

625,000

 

1,454,068

 

None

 

None

 

625,000

 

1,454,068

 

2,079,068

 

11,629

 

In-progress

 

1/20/2015

 

300

 

Tulsa

 

OK

 

 

 

490,000

 

910,004

 

None

 

None

 

490,000

 

910,004

 

1,400,004

 

362,485

 

 

 

1/24/2006

 

300

 

Tulsa

 

OK

 

 

 

360,500

 

669,605

 

14,520

 

None

 

360,500

 

684,125

 

1,044,625

 

259,210

 

 

 

5/10/2006

 

300

 

Tulsa

 

OK

 

 

 

1,021,904

 

1,899,486

 

2,440

 

21,989

 

1,021,904

 

1,923,915

 

2,945,819

 

703,960

 

 

 

11/1/2006

 

300

 

Beaverton

 

OR

 

 

 

-

 

1,689,352

 

None

 

None

 

-

 

1,689,352

 

1,689,352

 

199,907

 

 

 

1/22/2013

 

300

 

Hermiston

 

OR

 

 

 

85,560

 

396,675

 

36,837

 

10,433

 

85,560

 

443,945

 

529,505

 

417,684

 

 

 

12/18/1984

 

300

 

Lake Oswego

 

OR

 

 

 

175,899

 

815,508

 

181,383

 

41,962

 

175,899

 

1,038,853

 

1,214,752

 

846,626

 

 

 

5/16/1984

 

300

 

Salem

 

OR

 

 

 

-

 

865,668

 

None

 

None

 

-

 

865,668

 

865,668

 

102,437

 

 

 

1/22/2013

 

300

 

Feasterville Trev

 

PA

 

 

 

236,303

 

441,673

 

None

 

None

 

236,303

 

441,673

 

677,976

 

147,943

 

 

 

8/30/2007

 

300

 

Gap

 

PA

 

 

 

-

 

1,012,812

 

1,000

 

None

 

-

 

1,013,812

 

1,013,812

 

340,103

 

 

 

8/30/2007

 

300

 

Gettysburg

 

PA

 

 

 

289,040

 

809,676

 

None

 

None

 

289,040

 

809,676

 

1,098,716

 

454,766

 

 

 

12/19/2001

 

300

 

Harrisburg

 

PA

 

 

 

577,667

 

1,075,635

 

None

 

22,033

 

577,667

 

1,097,668

 

1,675,335

 

362,770

 

 

 

8/30/2007

 

300

 

Horsham

 

PA

 

 

 

554,361

 

1,032,352

 

None

 

None

 

554,361

 

1,032,352

 

1,586,713

 

345,821

 

 

 

8/30/2007

 

300

 

Indiana

 

PA

 

 

 

828,653

 

1,540,630

 

61,487

 

17,739

 

828,653

 

1,619,856

 

2,448,509

 

593,424

 

 

 

11/1/2006

 

300

 

Lancaster

 

PA

 

 

 

170,304

 

413,960

 

None

 

None

 

170,304

 

413,960

 

584,264

 

232,506

 

 

 

12/19/2001

 

300

 

Lebanon

 

PA

 

 

 

-

 

1,292,172

 

None

 

None

 

-

 

1,292,172

 

1,292,172

 

503,250

 

 

 

8/30/2007

 

258

 

Philadelphia

 

PA

 

 

 

503,556

 

937,999

 

None

 

None

 

503,556

 

937,999

 

1,441,555

 

314,213

 

 

 

8/30/2007

 

300

 

North Providence

 

RI

 

 

 

-

 

790,921

 

None

 

None

 

-

 

790,921

 

790,921

 

381,928

 

 

 

8/30/2007

 

208

 

Pawtucket

 

RI

 

 

 

-

 

457,462

 

None

 

None

 

-

 

457,462

 

457,462

 

199,730

 

 

 

8/30/2007

 

230

 

Gaffney

 

SC

 

 

 

727,738

 

1,353,238

 

57,635

 

30,305

 

727,738

 

1,441,178

 

2,168,916

 

531,398

 

 

 

11/1/2006

 

300

 

Hilton Head

 

SC

 

1,481,832

 

1,218,232

 

1,522,790

 

None

 

None

 

1,218,232

 

1,522,790

 

2,741,022

 

180,197

 

 

 

1/22/2013

 

300

 

Lancaster

 

SC

 

 

 

778,616

 

1,448,099

 

(1,056,134

)

493

 

778,616

 

392,458

 

1,171,074

 

532,258

 

 

 

11/1/2006

 

300

 

Rock Hill

 

SC

 

 

 

826,216

 

1,536,499

 

480

 

46,661

 

826,216

 

1,583,640

 

2,409,856

 

571,112

 

 

 

11/1/2006

 

300

 

Bartlett

 

TN

 

 

 

420,000

 

674,437

 

76,972

 

10,145

 

420,000

 

761,554

 

1,181,554

 

468,064

 

5/12/1999

 

2/23/1999

 

300

 

Chattanooga

 

TN

 

 

 

827,594

 

1,538,633

 

186,235

 

535

 

827,594

 

1,725,403

 

2,552,997

 

612,751

 

 

 

11/1/2006

 

300

 

Chattanooga

 

TN

 

 

 

933,003

 

1,734,392

 

231,756

 

10,410

 

933,003

 

1,976,558

 

2,909,561

 

705,811

 

 

 

11/1/2006

 

300

 

Dyersburg

 

TN

 

 

 

695,135

 

1,292,644

 

90,256

 

None

 

695,135

 

1,382,900

 

2,078,035

 

531,934

 

 

 

11/1/2006

 

300

 

Greeneville

 

TN

 

 

 

936,669

 

1,741,253

 

None

 

131

 

936,669

 

1,741,384

 

2,678,053

 

635,657

 

 

 

11/1/2006

 

300

 

Johnson City

 

TN

 

 

 

881,225

 

1,638,285

 

83,254

 

16,066

 

881,225

 

1,737,605

 

2,618,830

 

634,857

 

 

 

11/1/2006

 

300

 

Kingsport

 

TN

 

 

 

786,332

 

1,462,055

 

(1,002,020

)

476

 

786,332

 

460,511

 

1,246,843

 

605,745

 

 

 

11/1/2006

 

300

 

Memphis

 

TN

 

 

 

871,951

 

1,621,017

 

74,039

 

10

 

871,951

 

1,695,066

 

2,567,017

 

633,610

 

 

 

11/1/2006

 

300

 

Memphis

 

TN

 

 

 

1,217,412

 

1,521,765

 

None

 

None

 

1,217,412

 

1,521,765

 

2,739,177

 

180,076

 

 

 

1/22/2013

 

300

 

Memphis

 

TN

 

 

 

-

 

1,336,687

 

None

 

None

 

-

 

1,336,687

 

1,336,687

 

158,175

 

 

 

1/22/2013

 

300

 

 

F-35



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newport

 

TN

 

 

 

640,841

 

1,191,858

 

71,563

 

9,856

 

640,841

 

1,273,277

 

1,914,118

 

466,129

 

 

 

11/1/2006

 

300

 

Amarillo

 

TX

 

 

 

763,283

 

1,995,460

 

None

 

None

 

763,283

 

1,995,460

 

2,758,743

 

566,979

 

9/12/2008

 

3/3/2008

 

300

 

Amarillo

 

TX

 

 

 

609,000

 

1,486,302

 

None

 

None

 

609,000

 

1,486,302

 

2,095,302

 

26,394

 

7/13/2015

 

10/3/2014

 

300

 

Austin

 

TX

 

 

 

699,395

 

1,167,223

 

None

 

144

 

699,395

 

1,167,367

 

1,866,762

 

452,392

 

2/15/2006

 

9/15/2005

 

300

 

Austin

 

TX

 

 

 

976,803

 

1,361,281

 

36,880

 

30,504

 

976,803

 

1,428,665

 

2,405,468

 

537,620

 

10/23/2006

 

6/19/2006

 

300

 

Austin

 

TX

 

 

 

1,049,946

 

1,952,028

 

13,898

 

30,875

 

1,049,946

 

1,996,801

 

3,046,747

 

655,265

 

 

 

11/1/2006

 

300

 

Bedford

 

TX

 

 

 

919,303

 

98,231

 

23,966

 

91

 

919,303

 

122,288

 

1,041,591

 

108,091

 

 

 

12/27/1994

 

120

 

Cedar Park

 

TX

 

 

 

634,489

 

1,472,504

 

None

 

266

 

634,489

 

1,472,770

 

2,107,259

 

555,278

 

6/19/2006

 

1/13/2006

 

300

 

El Campo

 

TX

 

 

 

98,060

 

454,631

 

None

 

None

 

98,060

 

454,631

 

552,691

 

454,631

 

 

 

11/25/1985

 

300

 

El Paso

 

TX

 

 

 

-

 

1,399,487

 

None

 

None

 

-

 

1,399,487

 

1,399,487

 

165,606

 

 

 

1/22/2013

 

300

 

El Paso

 

TX

 

 

 

-

 

1,591,758

 

None

 

None

 

-

 

1,591,758

 

1,591,758

 

188,358

 

 

 

1/22/2013

 

300

 

Georgetown

 

TX

 

 

 

870,981

 

1,177,824

 

168,185

 

33,974

 

870,981

 

1,379,983

 

2,250,964

 

567,885

 

6/2/2006

 

1/13/2006

 

300

 

Greenville

 

TX

 

 

 

909,311

 

1,690,848

 

34,606

 

27,914

 

909,311

 

1,753,368

 

2,662,679

 

667,113

 

 

 

11/1/2006

 

300

 

Harker Heights

 

TX

 

 

 

943,812

 

1,897,644

 

None

 

None

 

943,812

 

1,897,644

 

2,841,456

 

545,561

 

8/28/2008

 

3/20/2008

 

300

 

Hillsboro

 

TX

 

 

 

75,992

 

352,316

 

158,254

 

9,364

 

75,992

 

519,934

 

595,926

 

409,116

 

 

 

8/1/1984

 

300

 

Houston

 

TX

 

 

 

1,096,376

 

2,300,690

 

235,500

 

102,443

 

1,096,376

 

2,638,633

 

3,735,009

 

1,952,644

 

 

 

9/5/1997

 

300

 

Houston

 

TX

 

 

 

989,152

 

1,838,713

 

None

 

25,823

 

989,152

 

1,864,536

 

2,853,688

 

685,130

 

 

 

11/1/2006

 

300

 

Irving

 

TX

 

 

 

1,500,411

 

2,156

 

None

 

None

 

1,500,411

 

2,156

 

1,502,567

 

1,110

 

 

 

2/5/2003

 

300

 

Killeen

 

TX

 

 

 

1,327,348

 

2,467,204

 

17,494

 

28,703

 

1,327,348

 

2,513,401

 

3,840,749

 

914,282

 

 

 

11/1/2006

 

300

 

Live Oak

 

TX

 

 

 

727,956

 

1,214,835

 

181,920

 

32,746

 

727,956

 

1,429,501

 

2,157,457

 

623,722

 

9/27/2005

 

6/1/2005

 

300

 

Longview

 

TX

 

 

 

1,231,857

 

2,289,864

 

None

 

None

 

1,231,857

 

2,289,864

 

3,521,721

 

835,799

 

 

 

11/1/2006

 

300

 

Lufkin

 

TX

 

 

 

105,904

 

490,998

 

None

 

None

 

105,904

 

490,998

 

596,902

 

490,998

 

 

 

10/8/1985

 

300

 

Mesquite

 

TX

 

 

 

134,940

 

625,612

 

None

 

None

 

134,940

 

625,612

 

760,552

 

625,612

 

 

 

3/20/1986

 

300

 

Mesquite

 

TX

 

 

 

729,596

 

120,820

 

None

 

91

 

729,596

 

120,911

 

850,507

 

120,858

 

 

 

12/23/1994

 

300

 

Mesquite

 

TX

 

 

 

984,909

 

1,831,268

 

(1,338,505

)

198

 

984,909

 

492,961

 

1,477,870

 

678,780

 

 

 

11/1/2006

 

300

 

Mexia

 

TX

 

 

 

93,620

 

434,046

 

50,273

 

11,861

 

93,620

 

496,180

 

589,800

 

464,074

 

 

 

12/18/1985

 

300

 

New Braunfels

 

TX

 

 

 

860,262

 

1,169,016

 

250,000

 

56,399

 

860,262

 

1,475,415

 

2,335,677

 

661,798

 

2/14/2006

 

10/12/2005

 

300

 

Palestine

 

TX

 

 

 

825,066

 

1,534,394

 

31,586

 

26,449

 

825,066

 

1,592,429

 

2,417,495

 

577,675

 

 

 

11/1/2006

 

300

 

Plano

 

TX

 

 

 

2,420,222

 

769

 

None

 

None

 

2,420,222

 

769

 

2,420,991

 

415

 

3/12/2003

 

6/27/2002

 

300

 

San Antonio

 

TX

 

 

 

835,431

 

1,185,257

 

None

 

49,500

 

835,431

 

1,234,757

 

2,070,188

 

506,915

 

12/2/2005

 

6/24/2005

 

300

 

San Antonio

 

TX

 

 

 

690,443

 

1,109,136

 

None

 

40,500

 

690,443

 

1,149,636

 

1,840,079

 

472,815

 

10/24/2005

 

6/27/2005

 

300

 

San Antonio

 

TX

 

 

 

835,586

 

1,227,220

 

None

 

45,000

 

835,586

 

1,272,220

 

2,107,806

 

484,046

 

9/14/2006

 

5/9/2006

 

300

 

Sugar Land

 

TX

 

 

 

1,376,186

 

1,720,233

 

None

 

None

 

1,376,186

 

1,720,233

 

3,096,419

 

203,561

 

 

 

1/22/2013

 

300

 

Temple

 

TX

 

 

 

797,574

 

1,193,813

 

1,350

 

144

 

797,574

 

1,195,307

 

1,992,881

 

446,661

 

9/14/2006

 

4/7/2006

 

300

 

Waxahachie

 

TX

 

 

 

326,935

 

726,137

 

41,232

 

20,790

 

326,935

 

788,159

 

1,115,094

 

749,179

 

 

 

12/29/1987

 

300

 

Waxahachie

 

TX

 

 

 

1,035,794

 

1,925,746

 

None

 

165

 

1,035,794

 

1,925,911

 

2,961,705

 

703,028

 

 

 

11/1/2006

 

300

 

Centerville

 

UT

 

 

 

1,056,314

 

1,320,393

 

None

 

None

 

1,056,314

 

1,320,393

 

2,376,707

 

156,246

 

 

 

1/22/2013

 

300

 

Sandy

 

UT

 

 

 

635,945

 

884,792

 

None

 

None

 

635,945

 

884,792

 

1,520,737

 

709,309

 

 

 

12/22/1995

 

300

 

Bluefield

 

VA

 

 

 

845,277

 

1,571,754

 

None

 

302

 

845,277

 

1,572,056

 

2,417,333

 

573,921

 

 

 

11/1/2006

 

300

 

Charlottesville

 

VA

 

 

 

-

 

1,283,010

 

None

 

None

 

-

 

1,283,010

 

1,283,010

 

151,823

 

 

 

1/22/2013

 

300

 

Chester

 

VA

 

 

 

541,628

 

1,008,771

 

None

 

None

 

541,628

 

1,008,771

 

1,550,399

 

337,921

 

 

 

8/30/2007

 

300

 

Danville

 

VA

 

 

 

751,055

 

1,396,772

 

66,062

 

18,130

 

751,055

 

1,480,964

 

2,232,019

 

555,613

 

 

 

11/1/2006

 

300

 

Martinsville

 

VA

 

 

 

833,114

 

1,549,167

 

71,660

 

13,084

 

833,114

 

1,633,911

 

2,467,025

 

572,782

 

 

 

11/1/2006

 

300

 

Midlothian

 

VA

 

 

 

421,479

 

785,639

 

248,110

 

27,205

 

421,479

 

1,060,954

 

1,482,433

 

351,444

 

 

 

8/30/2007

 

300

 

Richmond

 

VA

 

 

 

385,000

 

717,891

 

(62,150

)

145

 

385,000

 

655,886

 

1,040,886

 

242,023

 

 

 

8/30/2007

 

300

 

Roanoke

 

VA

 

 

 

-

 

1,660,095

 

None

 

None

 

-

 

1,660,095

 

1,660,095

 

196,445

 

 

 

1/22/2013

 

300

 

Staunton

 

VA

 

 

 

867,684

 

1,613,368

 

39,262

 

None

 

867,684

 

1,652,630

 

2,520,314

 

608,335

 

 

 

11/1/2006

 

300

 

Williamsburg

 

VA

 

 

 

651,167

 

1,212,201

 

7,930

 

105

 

651,167

 

1,220,236

 

1,871,403

 

406,163

 

 

 

8/30/2007

 

300

 

Bennington

 

VT

 

 

 

118,823

 

673,551

 

None

 

None

 

118,823

 

673,551

 

792,374

 

378,309

 

 

 

12/19/2001

 

300

 

Rutland

 

VT

 

 

 

812,197

 

1,511,184

 

None

 

None

 

812,197

 

1,511,184

 

2,323,381

 

506,230

 

 

 

8/30/2007

 

300

 

Williston

 

VT

 

 

 

-

 

1,197,659

 

None

 

None

 

-

 

1,197,659

 

1,197,659

 

499,305

 

 

 

8/30/2007

 

241

 

Tacoma

 

WA

 

 

 

198,857

 

921,947

 

129,058

 

13,579

 

198,857

 

1,064,584

 

1,263,441

 

988,597

 

 

 

5/29/1984

 

300

 

Parkersburg

 

WV

 

 

 

722,732

 

1,343,920

 

63,217

 

33,305

 

722,732

 

1,440,442

 

2,163,174

 

553,333

 

 

 

11/1/2006

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurants - quick service

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alabaster

 

AL

 

 

 

335,197

 

622,697

 

None

 

None

 

335,197

 

622,697

 

957,894

 

231,436

 

 

 

9/14/2006

 

300

 

Alabaster

 

AL

 

 

 

570,000

 

1,568,482

 

None

 

None

 

570,000

 

1,568,482

 

2,138,482

 

2,614

 

 

 

12/16/2015

 

300

 

Aliceville

 

AL

 

 

 

860,000

 

1,305,379

 

None

 

None

 

860,000

 

1,305,379

 

2,165,379

 

2,176

 

 

 

12/16/2015

 

300

 

Andalusia

 

AL

 

 

 

252,403

 

468,949

 

None

 

None

 

252,403

 

468,949

 

721,352

 

174,293

 

 

 

9/14/2006

 

300

 

Atmore

 

AL

 

 

 

272,044

 

505,636

 

None

 

None

 

272,044

 

505,636

 

777,680

 

290,735

 

 

 

8/31/2001

 

300

 

Attalla

 

AL

 

 

 

148,993

 

276,890

 

None

 

None

 

148,993

 

276,890

 

425,883

 

102,911

 

 

 

9/14/2006

 

300

 

Bessemer

 

AL

 

 

 

172,438

 

320,429

 

None

 

None

 

172,438

 

320,429

 

492,867

 

119,093

 

 

 

9/14/2006

 

300

 

Birmingham

 

AL

 

 

 

251,434

 

467,185

 

None

 

None

 

251,434

 

467,185

 

718,619

 

268,628

 

 

 

8/31/2001

 

300

 

Brent

 

AL

 

 

 

134,432

 

249,846

 

None

 

None

 

134,432

 

249,846

 

384,278

 

92,859

 

 

 

9/14/2006

 

300

 

Chelsea

 

AL

 

 

 

490,000

 

1,347,268

 

None

 

None

 

490,000

 

1,347,268

 

1,837,268

 

29,191

 

 

 

6/26/2015

 

300

 

Clanton

 

AL

 

 

 

230,036

 

427,391

 

None

 

None

 

230,036

 

427,391

 

657,427

 

245,748

 

 

 

8/31/2001

 

300

 

Clanton

 

AL

 

 

 

490,000

 

1,388,215

 

None

 

None

 

490,000

 

1,388,215

 

1,878,215

 

2,314

 

 

 

12/16/2015

 

300

 

Demopolis

 

AL

 

 

 

251,349

 

466,972

 

None

 

None

 

251,349

 

466,972

 

718,321

 

268,507

 

 

 

8/31/2001

 

300

 

Evergreen

 

AL

 

 

 

148,982

 

276,881

 

None

 

None

 

148,982

 

276,881

 

425,863

 

102,907

 

 

 

9/14/2006

 

300

 

Fort Payne

 

AL

 

 

 

303,056

 

563,001

 

None

 

None

 

303,056

 

563,001

 

866,057

 

323,723

 

 

 

8/31/2001

 

300

 

Gadsden

 

AL

 

 

 

242,194

 

449,977

 

None

 

None

 

242,194

 

449,977

 

692,171

 

167,241

 

 

 

9/14/2006

 

300

 

Gardendale

 

AL

 

 

 

398,669

 

740,568

 

None

 

None

 

398,669

 

740,568

 

1,139,237

 

425,824

 

 

 

8/31/2001

 

300

 

Greenville

 

AL

 

 

 

226,108

 

420,117

 

None

 

None

 

226,108

 

420,117

 

646,225

 

156,143

 

 

 

9/14/2006

 

300

 

Haleyville

 

AL

 

 

 

262,500

 

488,357

 

None

 

None

 

262,500

 

488,357

 

750,857

 

157,087

 

 

 

12/21/2007

 

300

 

Hamilton

 

AL

 

 

 

214,198

 

397,991

 

None

 

None

 

214,198

 

397,991

 

612,189

 

147,920

 

 

 

9/14/2006

 

300

 

Hanceville

 

AL

 

 

 

260,000

 

1,456,914

 

None

 

None

 

260,000

 

1,456,914

 

1,716,914

 

2,428

 

 

 

12/16/2015

 

300

 

Hartselle

 

AL

 

 

 

730,000

 

1,322,323

 

None

 

None

 

730,000

 

1,322,323

 

2,052,323

 

2,204

 

 

 

12/16/2015

 

300

 

Hokes Bluff

 

AL

 

 

 

820,000

 

1,648,671

 

None

 

None

 

820,000

 

1,648,671

 

2,468,671

 

2,748

 

 

 

12/16/2015

 

300

 

Hueytown

 

AL

 

 

 

281,422

 

522,828

 

None

 

None

 

281,422

 

522,828

 

804,250

 

194,318

 

 

 

9/14/2006

 

300

 

Jacksonville

 

AL

 

 

 

680,000

 

1,270,736

 

None

 

None

 

680,000

 

1,270,736

 

1,950,736

 

27,533

 

 

 

6/26/2015

 

300

 

Jasper

 

AL

 

 

 

850,000

 

1,215,389

 

None

 

None

 

850,000

 

1,215,389

 

2,065,389

 

2,026

 

 

 

12/16/2015

 

300

 

Leeds

 

AL

 

 

 

171,145

 

318,028

 

None

 

None

 

171,145

 

318,028

 

489,173

 

118,200

 

 

 

9/14/2006

 

300

 

Lineville

 

AL

 

 

 

720,000

 

1,431,388

 

None

 

None

 

720,000

 

1,431,388

 

2,151,388

 

2,386

 

 

 

12/16/2015

 

300

 

McCalla

 

AL

 

 

 

610,000

 

1,303,425

 

None

 

None

 

610,000

 

1,303,425

 

1,913,425

 

28,241

 

 

 

6/26/2015

 

300

 

Millbrook

 

AL

 

 

 

783,786

 

1,558,198

 

None

 

None

 

783,786

 

1,558,198

 

2,341,984

 

2,597

 

 

 

12/16/2015

 

300

 

Mobile

 

AL

 

 

 

286,333

 

531,950

 

None

 

None

 

286,333

 

531,950

 

818,283

 

197,708

 

 

 

9/14/2006

 

300

 

Montgomery

 

AL

 

 

 

143,693

 

267,060

 

None

 

None

 

143,693

 

267,060

 

410,753

 

99,257

 

 

 

9/14/2006

 

300

 

Montgomery

 

AL

 

 

 

145,206

 

269,870

 

None

 

None

 

145,206

 

269,870

 

415,076

 

100,302

 

 

 

9/14/2006

 

300

 

Montgomery

 

AL

 

 

 

380,468

 

706,777

 

None

 

None

 

380,468

 

706,777

 

1,087,245

 

260,330

 

 

 

10/12/2006

 

300

 

Northport

 

AL

 

 

 

832,541

 

1,040,676

 

None

 

None

 

832,541

 

1,040,676

 

1,873,217

 

123,147

 

 

 

1/22/2013

 

300

 

Oneonta

 

AL

 

 

 

950,000

 

1,391,263

 

None

 

None

 

950,000

 

1,391,263

 

2,341,263

 

2,319

 

 

 

12/16/2015

 

300

 

Opp

 

AL

 

 

 

160,778

 

298,782

 

None

 

None

 

160,778

 

298,782

 

459,560

 

110,051

 

 

 

10/12/2006

 

300

 

Pell City

 

AL

 

 

 

490,000

 

1,288,925

 

None

 

None

 

490,000

 

1,288,925

 

1,778,925

 

27,927

 

 

 

6/26/2015

 

300

 

Prattville

 

AL

 

 

 

254,278

 

472,432

 

None

 

None

 

254,278

 

472,432

 

726,710

 

175,587

 

 

 

9/14/2006

 

300

 

Southside

 

AL

 

 

 

698,221

 

1,388,090

 

None

 

None

 

698,221

 

1,388,090

 

2,086,311

 

2,313

 

 

 

12/16/2015

 

300

 

Thomasville

 

AL

 

 

 

190,000

 

440,319

 

None

 

None

 

190,000

 

440,319

 

630,319

 

734

 

 

 

12/22/2015

 

300

 

Trussville

 

AL

 

 

 

256,485

 

476,510

 

None

 

None

 

256,485

 

476,510

 

732,995

 

175,515

 

 

 

10/12/2006

 

300

 

Vernon

 

AL

 

 

 

580,000

 

1,225,994

 

None

 

None

 

580,000

 

1,225,994

 

1,805,994

 

2,043

 

 

 

12/16/2015

 

300

 

Warrior

 

AL

 

 

 

159,109

 

295,676

 

None

 

None

 

159,109

 

295,676

 

454,785

 

109,893

 

 

 

9/14/2006

 

300

 

Arkadelphia

 

AR

 

 

 

248,868

 

462,744

 

None

 

None

 

248,868

 

462,744

 

711,612

 

170,444

 

 

 

10/12/2006

 

300

 

Bentonville

 

AR

 

 

 

377,086

 

700,582

 

None

 

None

 

377,086

 

700,582

 

1,077,668

 

402,831

 

 

 

8/31/2001

 

300

 

Hope

 

AR

 

 

 

288,643

 

536,715

 

None

 

None

 

288,643

 

536,715

 

825,358

 

308,602

 

 

 

8/31/2001

 

300

 

Jacksonville

 

AR

 

 

 

267,376

 

497,124

 

None

 

None

 

267,376

 

497,124

 

764,500

 

184,764

 

 

 

9/14/2006

 

300

 

Jonesboro

 

AR

 

 

 

173,984

 

323,371

 

92,465

 

11,807

 

173,984

 

427,643

 

601,627

 

110,917

 

 

 

11/16/2007

 

300

 

Malvern

 

AR

 

 

 

219,703

 

408,588

 

None

 

None

 

219,703

 

408,588

 

628,291

 

151,859

 

 

 

9/14/2006

 

300

 

North Little Rock

 

AR

 

 

 

317,000

 

589,377

 

None

 

None

 

317,000

 

589,377

 

906,377

 

338,883

 

 

 

8/31/2001

 

300

 

Pocahontas

 

AR

 

 

 

241,128

 

447,988

 

None

 

None

 

241,128

 

447,988

 

689,116

 

165,009

 

 

 

10/12/2006

 

300

 

Siloam Springs

 

AR

 

 

 

190,000

 

352,808

 

None

 

None

 

190,000

 

352,808

 

542,808

 

255,775

 

 

 

11/20/1997

 

300

 

Phoenix

 

AZ

 

 

 

704,014

 

1,307,998

 

(145,542

)

None

 

558,472

 

1,307,998

 

1,866,470

 

438,177

 

 

 

8/28/2007

 

300

 

Tucson

 

AZ

 

 

 

107,393

 

500,154

 

None

 

None

 

107,393

 

500,154

 

607,547

 

498,702

 

 

 

1/17/1986

 

300

 

Tucson

 

AZ

 

 

 

463,231

 

860,982

 

None

 

None

 

463,231

 

860,982

 

1,324,213

 

288,427

 

 

 

8/28/2007

 

300

 

 

F-36



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yuma

 

AZ

 

 

 

236,121

 

541,651

 

None

 

None

 

236,121

 

541,651

 

777,772

 

381,860

 

 

 

5/28/1998

 

300

 

Barstow

 

CA

 

 

 

689,842

 

690,204

 

None

 

None

 

689,842

 

690,204

 

1,380,046

 

477,394

 

 

 

9/24/1998

 

300

 

Fresno

 

CA

 

 

 

561,502

 

1,043,688

 

None

 

None

 

561,502

 

1,043,688

 

1,605,190

 

349,632

 

 

 

8/28/2007

 

300

 

Livermore

 

CA

 

 

 

662,161

 

823,242

 

None

 

None

 

662,161

 

823,242

 

1,485,403

 

569,412

 

 

 

9/23/1998

 

300

 

Rancho Cucamonga

 

CA

 

 

 

95,192

 

441,334

 

None

 

None

 

95,192

 

441,334

 

536,526

 

441,334

 

 

 

12/20/1985

 

300

 

Riverside

 

CA

 

 

 

90,000

 

170,394

 

135,301

 

None

 

90,000

 

305,695

 

395,695

 

246,190

 

 

 

12/9/1976

 

300

 

Sacramento

 

CA

 

 

 

386,793

 

417,290

 

None

 

None

 

386,793

 

417,290

 

804,083

 

291,407

 

 

 

7/31/1998

 

300

 

San Ramon

 

CA

 

 

 

406,000

 

1,126,930

 

None

 

None

 

406,000

 

1,126,930

 

1,532,930

 

1,126,930

 

 

 

12/8/1983

 

180

 

Aurora

 

CO

 

 

 

288,558

 

537,322

 

None

 

None

 

288,558

 

537,322

 

825,880

 

179,999

 

 

 

8/28/2007

 

300

 

Aurora

 

CO

 

 

 

210,000

 

540,346

 

None

 

None

 

210,000

 

540,346

 

750,346

 

94,561

 

 

 

8/29/2011

 

300

 

Broomfield

 

CO

 

 

 

444,277

 

-

 

None

 

None

 

444,277

 

-

 

444,277

 

-

 

 

 

8/29/2011

 

N/A

 

Brush

 

CO

 

 

 

90,000

 

220,976

 

None

 

None

 

90,000

 

220,976

 

310,976

 

38,671

 

 

 

8/29/2011

 

300

 

Castle Rock

 

CO

 

 

 

670,000

 

744,760

 

None

 

None

 

670,000

 

744,760

 

1,414,760

 

13,654

 

 

 

7/21/2015

 

300

 

Colorado Springs

 

CO

 

 

 

152,000

 

704,736

 

None

 

None

 

152,000

 

704,736

 

856,736

 

704,736

 

 

 

9/30/1986

 

300

 

Fort Morgan

 

CO

 

 

 

80,000

 

350,452

 

None

 

None

 

80,000

 

350,452

 

430,452

 

61,329

 

 

 

8/29/2011

 

300

 

Greenwood Village

 

CO

 

 

 

1,681,038

 

-

 

None

 

None

 

1,681,038

 

-

 

1,681,038

 

-

 

 

 

6/19/2014

 

N/A

 

Lafayette

 

CO

 

 

 

450,000

 

59,281

 

None

 

None

 

450,000

 

59,281

 

509,281

 

10,374

 

 

 

8/29/2011

 

300

 

Lakewood

 

CO

 

 

 

510,000

 

124,971

 

None

 

None

 

510,000

 

124,971

 

634,971

 

21,870

 

 

 

8/29/2011

 

300

 

Littleton

 

CO

 

 

 

260,000

 

508,347

 

None

 

None

 

260,000

 

508,347

 

768,347

 

88,961

 

 

 

8/29/2011

 

300

 

Littleton

 

CO

 

 

 

470,000

 

207,744

 

None

 

None

 

470,000

 

207,744

 

677,744

 

36,355

 

 

 

8/29/2011

 

300

 

Westminster

 

CO

 

 

 

261,466

 

487,102

 

None

 

None

 

261,466

 

487,102

 

748,568

 

163,177

 

 

 

8/28/2007

 

300

 

Meriden

 

CT

 

 

 

369,482

 

687,116

 

None

 

None

 

369,482

 

687,116

 

1,056,598

 

230,182

 

 

 

8/28/2007

 

300

 

Bartow

 

FL

 

 

 

480,000

 

500,603

 

None

 

None

 

480,000

 

500,603

 

980,603

 

9,178

 

 

 

7/21/2015

 

300

 

Chipley

 

FL

 

 

 

270,439

 

502,655

 

None

 

None

 

270,439

 

502,655

 

773,094

 

289,021

 

 

 

8/31/2001

 

300

 

Clearwater

 

FL

 

 

 

484,090

 

899,658

 

None

 

None

 

484,090

 

899,658

 

1,383,748

 

301,384

 

 

 

8/28/2007

 

300

 

Clearwater

 

FL

 

 

 

370,000

 

512,393

 

None

 

None

 

370,000

 

512,393

 

882,393

 

89,669

 

 

 

8/29/2011

 

300

 

Dade City

 

FL

 

 

 

140,000

 

387,991

 

None

 

None

 

140,000

 

387,991

 

527,991

 

67,899

 

 

 

8/29/2011

 

300

 

Defuniak Springs

 

FL

 

 

 

269,554

 

501,010

 

None

 

None

 

269,554

 

501,010

 

770,564

 

288,075

 

 

 

8/31/2001

 

300

 

Dunedin

 

FL

 

 

 

440,000

 

100,727

 

None

 

None

 

440,000

 

100,727

 

540,727

 

17,627

 

 

 

8/29/2011

 

300

 

Jacksonville

 

FL

 

 

 

150,210

 

693,445

 

None

 

None

 

150,210

 

693,445

 

843,655

 

693,445

 

 

 

9/13/1985

 

300

 

Lake Placid

 

FL

 

 

 

220,000

 

206,076

 

None

 

None

 

220,000

 

206,076

 

426,076

 

36,063

 

 

 

8/29/2011

 

300

 

Lakeland

 

FL

 

 

 

310,000

 

519,387

 

None

 

None

 

310,000

 

519,387

 

829,387

 

90,893

 

 

 

8/29/2011

 

300

 

Lakeland

 

FL

 

 

 

530,000

 

556,704

 

None

 

None

 

530,000

 

556,704

 

1,086,704

 

97,423

 

 

 

8/29/2011

 

300

 

Lakeland

 

FL

 

 

 

170,000

 

288,777

 

None

 

None

 

170,000

 

288,777

 

458,777

 

50,536

 

 

 

8/29/2011

 

300

 

New Port Richey

 

FL

 

 

 

260,000

 

579,385

 

None

 

None

 

260,000

 

579,385

 

839,385

 

101,392

 

 

 

8/29/2011

 

300

 

Orlando

 

FL

 

 

 

600,000

 

949,489

 

None

 

None

 

600,000

 

949,489

 

1,549,489

 

631,631

 

5/27/1999

 

12/18/1998

 

300

 

Oviedo

 

FL

 

 

 

204,200

 

911,338

 

None

 

None

 

204,200

 

911,338

 

1,115,538

 

575,816

 

3/27/2000

 

8/24/1999

 

300

 

Oviedo

 

FL

 

 

 

456,108

 

847,515

 

None

 

None

 

456,108

 

847,515

 

1,303,623

 

343,243

 

 

 

11/21/2005

 

300

 

Oviedo

 

FL

 

 

 

465,993

 

866,048

 

None

 

None

 

465,993

 

866,048

 

1,332,041

 

290,124

 

 

 

8/28/2007

 

300

 

Palm Bay

 

FL

 

 

 

330,000

 

556,668

 

None

 

None

 

330,000

 

556,668

 

886,668

 

374,017

 

2/17/1999

 

12/29/1998

 

300

 

Panama City

 

FL

 

 

 

202,047

 

375,424

 

None

 

None

 

202,047

 

375,424

 

577,471

 

138,281

 

 

 

10/12/2006

 

300

 

Pensacola

 

FL

 

 

 

767,303

 

1,424,991

 

None

 

None

 

767,303

 

1,424,991

 

2,192,294

 

182,874

 

 

 

10/15/2012

 

300

 

Port Richey

 

FL

 

 

 

848,210

 

1,575,247

 

None

 

None

 

848,210

 

1,575,247

 

2,423,457

 

202,157

 

 

 

10/15/2012

 

300

 

Saint Petersburg

 

FL

 

 

 

379,455

 

705,487

 

None

 

None

 

379,455

 

705,487

 

1,084,942

 

236,336

 

 

 

8/28/2007

 

300

 

Saint Petersburg

 

FL

 

 

 

370,000

 

675,403

 

None

 

None

 

370,000

 

675,403

 

1,045,403

 

118,196

 

 

 

8/29/2011

 

300

 

Seffner

 

FL

 

 

 

200,000

 

209,679

 

None

 

None

 

200,000

 

209,679

 

409,679

 

36,694

 

 

 

8/29/2011

 

300

 

Tallahassee

 

FL

 

 

 

385,000

 

715,857

 

None

 

None

 

385,000

 

715,857

 

1,100,857

 

230,266

 

 

 

12/25/2007

 

300

 

Tallahassee

 

FL

 

 

 

175,000

 

325,857

 

None

 

None

 

175,000

 

325,857

 

500,857

 

104,816

 

 

 

12/25/2007

 

300

 

Tampa

 

FL

 

 

 

545,211

 

1,013,321

 

None

 

None

 

545,211

 

1,013,321

 

1,558,532

 

339,460

 

 

 

8/28/2007

 

300

 

Tampa

 

FL

 

 

 

470,000

 

208,666

 

None

 

None

 

470,000

 

208,666

 

678,666

 

36,517

 

 

 

8/29/2011

 

300

 

Tampa

 

FL

 

 

 

430,000

 

589,949

 

None

 

None

 

430,000

 

589,949

 

1,019,949

 

103,241

 

 

 

8/29/2011

 

300

 

Temple Terrace

 

FL

 

 

 

962,500

 

1,788,133

 

None

 

None

 

962,500

 

1,788,133

 

2,750,633

 

599,023

 

 

 

8/28/2007

 

300

 

Venice

 

FL

 

 

 

340,000

 

28,239

 

None

 

None

 

340,000

 

28,239

 

368,239

 

4,942

 

 

 

8/29/2011

 

300

 

Wauchula

 

FL

 

 

 

260,000

 

324,525

 

None

 

None

 

260,000

 

324,525

 

584,525

 

56,792

 

 

 

8/29/2011

 

300

 

Zephyrhills

 

FL

 

 

 

220,000

 

662,046

 

None

 

None

 

220,000

 

662,046

 

882,046

 

115,858

 

 

 

8/29/2011

 

300

 

Albany

 

GA

 

 

 

326,690

 

607,247

 

None

 

None

 

326,690

 

607,247

 

933,937

 

243,911

 

 

 

12/22/2005

 

300

 

Augusta

 

GA

 

 

 

410,000

 

722,093

 

None

 

None

 

410,000

 

722,093

 

1,132,093

 

13,238

 

 

 

7/27/2015

 

300

 

Bowdon

 

GA

 

 

 

670,000

 

1,478,891

 

None

 

None

 

670,000

 

1,478,891

 

2,148,891

 

2,465

 

 

 

12/16/2015

 

300

 

Buford

 

GA

 

 

 

400,000

 

361,957

 

None

 

None

 

400,000

 

361,957

 

761,957

 

63,342

 

 

 

8/29/2011

 

300

 

Buford

 

GA

 

 

 

1,085,401

 

1,356,752

 

None

 

None

 

1,085,401

 

1,356,752

 

2,442,153

 

160,549

 

 

 

1/22/2013

 

300

 

Cairo

 

GA

 

 

 

210,000

 

390,566

 

None

 

None

 

210,000

 

390,566

 

600,566

 

125,632

 

 

 

12/25/2007

 

300

 

Cumming

 

GA

 

 

 

520,000

 

248,510

 

None

 

None

 

520,000

 

248,510

 

768,510

 

43,489

 

 

 

8/29/2011

 

300

 

Duluth

 

GA

 

 

 

536,205

 

996,521

 

None

 

None

 

536,205

 

996,521

 

1,532,726

 

333,833

 

 

 

8/28/2007

 

300

 

Evans

 

GA

 

 

 

416,474

 

849,080

 

None

 

None

 

416,474

 

849,080

 

1,265,554

 

15,566

 

 

 

7/27/2015

 

300

 

Grovetown

 

GA

 

 

 

540,000

 

1,223,410

 

None

 

None

 

540,000

 

1,223,410

 

1,763,410

 

22,429

 

 

 

7/27/2015

 

300

 

Hartwell

 

GA

 

 

 

869,716

 

1,087,145

 

None

 

None

 

869,716

 

1,087,145

 

1,956,861

 

128,645

 

 

 

1/22/2013

 

300

 

Lawrenceville

 

GA

 

 

 

220,000

 

384,908

 

None

 

None

 

220,000

 

384,908

 

604,908

 

67,359

 

 

 

8/29/2011

 

300

 

Lilburn

 

GA

 

 

 

237,822

 

442,409

 

None

 

None

 

237,822

 

442,409

 

680,231

 

148,205

 

 

 

8/28/2007

 

300

 

Lilburn

 

GA

 

 

 

380,000

 

338,634

 

None

 

None

 

380,000

 

338,634

 

718,634

 

59,261

 

 

 

8/29/2011

 

300

 

Loganville

 

GA

 

 

 

340,000

 

422,840

 

None

 

None

 

340,000

 

422,840

 

762,840

 

73,997

 

 

 

8/29/2011

 

300

 

Marietta

 

GA

 

 

 

423,132

 

786,530

 

None

 

None

 

423,132

 

786,530

 

1,209,662

 

263,486

 

 

 

8/28/2007

 

300

 

Martinez

 

GA

 

 

 

517,290

 

1,054,618

 

None

 

None

 

517,290

 

1,054,618

 

1,571,908

 

19,335

 

 

 

7/27/2015

 

300

 

Norcross

 

GA

 

 

 

310,000

 

286,762

 

None

 

None

 

310,000

 

286,762

 

596,762

 

50,183

 

 

 

8/29/2011

 

300

 

Oakwood

 

GA

 

 

 

440,000

 

100,481

 

None

 

None

 

440,000

 

100,481

 

540,481

 

17,584

 

 

 

8/29/2011

 

300

 

Roswell

 

GA

 

 

 

310,767

 

578,088

 

None

 

None

 

310,767

 

578,088

 

888,855

 

193,656

 

 

 

8/28/2007

 

300

 

Tallapoosa

 

GA

 

 

 

920,000

 

1,490,294

 

None

 

None

 

920,000

 

1,490,294

 

2,410,294

 

2,484

 

 

 

12/16/2015

 

300

 

Thomasville

 

GA

 

 

 

300,211

 

558,074

 

None

 

None

 

300,211

 

558,074

 

858,285

 

224,159

 

 

 

12/22/2005

 

300

 

Washington

 

GA

 

 

 

292,628

 

543,862

 

None

 

None

 

292,628

 

543,862

 

836,490

 

312,715

 

 

 

8/31/2001

 

300

 

Waycross

 

GA

 

 

 

223,475

 

415,563

 

None

 

None

 

223,475

 

415,563

 

639,038

 

166,917

 

 

 

12/22/2005

 

300

 

Winder

 

GA

 

 

 

230,000

 

429,116

 

None

 

None

 

230,000

 

429,116

 

659,116

 

75,095

 

 

 

8/29/2011

 

300

 

Altoona

 

IA

 

 

 

426,834

 

792,693

 

None

 

None

 

426,834

 

792,693

 

1,219,527

 

117,583

 

 

 

4/17/2012

 

300

 

Cedar Falls

 

IA

 

 

 

208,411

 

387,971

 

None

 

None

 

208,411

 

387,971

 

596,382

 

155,834

 

 

 

12/22/2005

 

300

 

Cedar Falls

 

IA

 

 

 

187,250

 

349,057

 

None

 

278

 

187,250

 

349,335

 

536,585

 

112,339

 

 

 

12/21/2007

 

300

 

Cedar Rapids

 

IA

 

 

 

125,076

 

233,206

 

None

 

278

 

125,076

 

233,484

 

358,560

 

93,733

 

 

 

12/22/2005

 

300

 

Fort Dodge

 

IA

 

 

 

388,815

 

722,573

 

None

 

None

 

388,815

 

722,573

 

1,111,388

 

268,556

 

 

 

9/14/2006

 

300

 

Oelwein

 

IA

 

 

 

84,244

 

157,375

 

None

 

278

 

84,244

 

157,653

 

241,897

 

63,275

 

 

 

12/22/2005

 

300

 

Ottumwa

 

IA

 

 

 

393,010

 

729,875

 

None

 

None

 

393,010

 

729,875

 

1,122,885

 

105,832

 

 

 

5/25/2012

 

300

 

Urbandale

 

IA

 

 

 

395,896

 

735,724

 

None

 

None

 

395,896

 

735,724

 

1,131,620

 

273,444

 

 

 

9/14/2006

 

300

 

Waterloo

 

IA

 

 

 

263,555

 

490,374

 

None

 

278

 

263,555

 

490,652

 

754,207

 

193,761

 

 

 

2/28/2006

 

300

 

Boise

 

ID

 

 

 

190,894

 

824,305

 

None

 

None

 

190,894

 

824,305

 

1,015,199

 

495,899

 

 

 

5/17/1988

 

300

 

Boise

 

ID

 

 

 

161,352

 

735,104

 

None

 

None

 

161,352

 

735,104

 

896,456

 

406,059

 

 

 

10/7/1988

 

300

 

Bethalto

 

IL

 

 

 

180,000

 

166,596

 

None

 

None

 

180,000

 

166,596

 

346,596

 

29,154

 

 

 

8/29/2011

 

300

 

Buffalo Grove

 

IL

 

 

 

306,250

 

569,693

 

None

 

None

 

306,250

 

569,693

 

875,943

 

190,845

 

 

 

8/28/2007

 

300

 

Cahokia

 

IL

 

 

 

70,000

 

613,995

 

None

 

None

 

70,000

 

613,995

 

683,995

 

107,449

 

 

 

8/29/2011

 

300

 

Carlyle

 

IL

 

 

 

80,000

 

428,860

 

None

 

None

 

80,000

 

428,860

 

508,860

 

75,051

 

 

 

8/29/2011

 

300

 

Centralia

 

IL

 

 

 

225,966

 

420,573

 

None

 

None

 

225,966

 

420,573

 

646,539

 

168,929

 

 

 

12/22/2005

 

300

 

Countryside

 

IL

 

 

 

301,000

 

559,824

 

None

 

None

 

301,000

 

559,824

 

860,824

 

187,537

 

 

 

8/28/2007

 

300

 

Edwardsville

 

IL

 

 

 

360,000

 

328,978

 

None

 

None

 

360,000

 

328,978

 

688,978

 

57,571

 

 

 

8/29/2011

 

300

 

Elgin

 

IL

 

 

 

700,000

 

1,300,943

 

None

 

None

 

700,000

 

1,300,943

 

2,000,943

 

435,813

 

 

 

8/28/2007

 

300

 

Fairview Heights

 

IL

 

 

 

660,652

 

1,227,321

 

None

 

None

 

660,652

 

1,227,321

 

1,887,973

 

497,065

 

 

 

11/21/2005

 

300

 

Godfrey

 

IL

 

 

 

200,000

 

282,701

 

None

 

None

 

200,000

 

282,701

 

482,701

 

49,473

 

 

 

8/29/2011

 

300

 

Gurnee

 

IL

 

 

 

735,000

 

1,365,747

 

None

 

None

 

735,000

 

1,365,747

 

2,100,747

 

457,523

 

 

 

8/28/2007

 

300

 

Harrisburg

 

IL

 

 

 

401,819

 

1,303,225

 

None

 

None

 

401,819

 

1,303,225

 

1,705,044

 

132,495

 

 

 

6/14/2013

 

300

 

Highland

 

IL

 

 

 

130,000

 

454,866

 

None

 

None

 

130,000

 

454,866

 

584,866

 

79,602

 

 

 

8/29/2011

 

300

 

Jerseyville

 

IL

 

 

 

150,000

 

420,481

 

None

 

None

 

150,000

 

420,481

 

570,481

 

73,584

 

 

 

8/29/2011

 

300

 

Joliet

 

IL

 

 

 

280,903

 

522,424

 

None

 

None

 

280,903

 

522,424

 

803,327

 

175,010

 

 

 

8/28/2007

 

300

 

Lincoln

 

IL

 

 

 

206,532

 

383,970

 

None

 

None

 

206,532

 

383,970

 

590,502

 

220,777

 

 

 

8/31/2001

 

300

 

Litchfield

 

IL

 

 

 

130,000

 

363,760

 

None

 

None

 

130,000

 

363,760

 

493,760

 

63,658

 

 

 

8/29/2011

 

300

 

Marion

 

IL

 

 

 

423,340

 

1,373,026

 

None

 

None

 

423,340

 

1,373,026

 

1,796,366

 

139,591

 

 

 

6/14/2013

 

300

 

Mascoutah

 

IL

 

 

 

80,000

 

435,792

 

None

 

None

 

80,000

 

435,792

 

515,792

 

76,264

 

 

 

8/29/2011

 

300

 

Mount Vernon

 

IL

 

 

 

385,304

 

1,249,662

 

None

 

None

 

385,304

 

1,249,662

 

1,634,966

 

127,049

 

 

 

6/14/2013

 

300

 

 

F-37



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Red Bud

 

IL

 

 

 

180,000

 

251,200

 

None

 

None

 

180,000

 

251,200

 

431,200

 

43,960

 

 

 

8/29/2011

 

300

 

Rock Island

 

IL

 

 

 

138,463

 

258,066

 

None

 

None

 

138,463

 

258,066

 

396,529

 

103,656

 

 

 

12/22/2005

 

300

 

Sparta

 

IL

 

 

 

240,000

 

236,571

 

None

 

None

 

240,000

 

236,571

 

476,571

 

41,400

 

 

 

8/29/2011

 

300

 

Sparta

 

IL

 

 

 

228,687

 

741,703

 

None

 

None

 

228,687

 

741,703

 

970,390

 

75,406

 

 

 

6/14/2013

 

300

 

Troy

 

IL

 

 

 

230,000

 

281,230

 

None

 

None

 

230,000

 

281,230

 

511,230

 

49,215

 

 

 

8/29/2011

 

300

 

Waukegan

 

IL

 

 

 

496,908

 

923,576

 

None

 

None

 

496,908

 

923,576

 

1,420,484

 

309,396

 

 

 

8/28/2007

 

300

 

Westmont

 

IL

 

 

 

475,300

 

883,468

 

None

 

None

 

475,300

 

883,468

 

1,358,768

 

295,960

 

 

 

8/28/2007

 

300

 

Wood River

 

IL

 

 

 

180,000

 

369,377

 

None

 

None

 

180,000

 

369,377

 

549,377

 

64,641

 

 

 

8/29/2011

 

300

 

Angola

 

IN

 

 

 

510,000

 

1,120,000

 

None

 

None

 

510,000

 

1,120,000

 

1,630,000

 

46,667

 

 

 

12/31/2014

 

300

 

Angola

 

IN

 

 

 

390,000

 

1,170,039

 

None

 

None

 

390,000

 

1,170,039

 

1,560,039

 

44,852

 

 

 

1/22/2015

 

300

 

Auburn

 

IN

 

 

 

394,008

 

1,383,992

 

None

 

None

 

394,008

 

1,383,992

 

1,778,000

 

57,666

 

 

 

12/31/2014

 

300

 

Bluffton

 

IN

 

 

 

377,609

 

1,326,391

 

None

 

None

 

377,609

 

1,326,391

 

1,704,000

 

55,266

 

 

 

12/31/2014

 

300

 

Bluffton

 

IN

 

 

 

240,910

 

689,892

 

None

 

None

 

240,910

 

689,892

 

930,802

 

26,446

 

 

 

1/22/2015

 

300

 

Columbia City

 

IN

 

 

 

520,000

 

1,480,000

 

None

 

None

 

520,000

 

1,480,000

 

2,000,000

 

61,667

 

 

 

12/31/2014

 

300

 

Crawfordsville

 

IN

 

 

 

300,000

 

1,552,000

 

None

 

None

 

300,000

 

1,552,000

 

1,852,000

 

64,667

 

 

 

12/31/2014

 

300

 

Decatur

 

IN

 

 

 

361,211

 

1,268,789

 

None

 

None

 

361,211

 

1,268,789

 

1,630,000

 

52,866

 

 

 

12/31/2014

 

300

 

Decatur

 

IN

 

 

 

270,000

 

876,597

 

None

 

None

 

270,000

 

876,597

 

1,146,597

 

33,603

 

 

 

1/22/2015

 

300

 

Elkhart

 

IN

 

 

 

496,306

 

922,168

 

None

 

None

 

496,306

 

922,168

 

1,418,474

 

373,478

 

 

 

11/21/2005

 

300

 

Evansville

 

IN

 

 

 

136,738

 

258,964

 

None

 

286

 

136,738

 

259,250

 

395,988

 

102,398

 

 

 

12/22/2005

 

300

 

Fort Wayne

 

IN

 

 

 

270,000

 

1,211,000

 

None

 

None

 

270,000

 

1,211,000

 

1,481,000

 

50,458

 

 

 

12/31/2014

 

300

 

Fort Wayne

 

IN

 

 

 

390,000

 

973,000

 

None

 

None

 

390,000

 

973,000

 

1,363,000

 

40,542

 

 

 

12/31/2014

 

300

 

Fort Wayne

 

IN

 

 

 

377,668

 

1,326,332

 

None

 

None

 

377,668

 

1,326,332

 

1,704,000

 

55,264

 

 

 

12/31/2014

 

300

 

Fort Wayne

 

IN

 

 

 

476,075

 

1,671,925

 

None

 

None

 

476,075

 

1,671,925

 

2,148,000

 

69,664

 

 

 

12/31/2014

 

300

 

Fort Wayne

 

IN

 

 

 

328,243

 

1,152,757

 

None

 

None

 

328,243

 

1,152,757

 

1,481,000

 

48,032

 

 

 

12/31/2014

 

300

 

Fort Wayne

 

IN

 

 

 

860,000

 

1,436,000

 

None

 

None

 

860,000

 

1,436,000

 

2,296,000

 

59,833

 

 

 

12/31/2014

 

300

 

Fort Wayne

 

IN

 

 

 

328,243

 

1,152,757

 

None

 

None

 

328,243

 

1,152,757

 

1,481,000

 

48,032

 

 

 

12/31/2014

 

300

 

Fort Wayne

 

IN

 

 

 

330,000

 

1,579,222

 

None

 

None

 

330,000

 

1,579,222

 

1,909,222

 

60,537

 

 

 

1/22/2015

 

300

 

Frankfort

 

IN

 

 

 

140,000

 

897,000

 

None

 

None

 

140,000

 

897,000

 

1,037,000

 

37,375

 

 

 

12/31/2014

 

300

 

Huntington

 

IN

 

 

 

377,609

 

1,326,391

 

None

 

None

 

377,609

 

1,326,391

 

1,704,000

 

55,266

 

 

 

12/31/2014

 

300

 

Indianapolis

 

IN

 

 

 

437,500

 

813,225

 

None

 

None

 

437,500

 

813,225

 

1,250,725

 

272,429

 

 

 

8/28/2007

 

300

 

Jasper

 

IN

 

 

 

129,919

 

242,199

 

None

 

None

 

129,919

 

242,199

 

372,118

 

97,282

 

 

 

12/22/2005

 

300

 

Kendallville

 

IN

 

 

 

630,000

 

1,889,000

 

None

 

None

 

630,000

 

1,889,000

 

2,519,000

 

78,708

 

 

 

12/31/2014

 

300

 

Kokomo

 

IN

 

 

 

417,330

 

775,555

 

None

 

None

 

417,330

 

775,555

 

1,192,885

 

303,759

 

 

 

3/28/2006

 

300

 

Lafayette

 

IN

 

 

 

344,866

 

1,211,134

 

None

 

None

 

344,866

 

1,211,134

 

1,556,000

 

50,464

 

 

 

12/31/2014

 

300

 

Lebanon

 

IN

 

 

 

350,000

 

1,131,000

 

None

 

None

 

350,000

 

1,131,000

 

1,481,000

 

47,125

 

 

 

12/31/2014

 

300

 

Logansport

 

IN

 

 

 

170,000

 

1,311,000

 

None

 

None

 

170,000

 

1,311,000

 

1,481,000

 

54,625

 

 

 

12/31/2014

 

300

 

Marion

 

IN

 

 

 

426,384

 

792,314

 

None

 

None

 

426,384

 

792,314

 

1,218,698

 

318,246

 

 

 

12/13/2005

 

300

 

Muncie

 

IN

 

 

 

136,400

 

632,380

 

8,000

 

None

 

136,400

 

640,380

 

776,780

 

632,380

 

 

 

3/18/1986

 

300

 

Muncie

 

IN

 

 

 

67,156

 

149,157

 

61,665

 

3,408

 

67,156

 

214,230

 

281,386

 

161,167

 

 

 

3/30/1988

 

300

 

Muncie

 

IN

 

 

 

644,177

 

1,196,786

 

None

 

None

 

644,177

 

1,196,786

 

1,840,963

 

484,698

 

 

 

11/21/2005

 

300

 

Munster

 

IN

 

 

 

560,000

 

1,040,943

 

None

 

None

 

560,000

 

1,040,943

 

1,600,943

 

348,713

 

 

 

8/28/2007

 

300

 

New Haven

 

IN

 

 

 

328,243

 

1,152,757

 

None

 

None

 

328,243

 

1,152,757

 

1,481,000

 

48,032

 

 

 

12/31/2014

 

300

 

Newburgh

 

IN

 

 

 

161,193

 

300,280

 

None

 

286

 

161,193

 

300,566

 

461,759

 

120,640

 

 

 

12/22/2005

 

300

 

Noblesville

 

IN

 

 

 

430,000

 

977,000

 

None

 

None

 

430,000

 

977,000

 

1,407,000

 

40,708

 

 

 

12/31/2014

 

300

 

North Manchester

 

IN

 

 

 

210,000

 

679,000

 

None

 

None

 

210,000

 

679,000

 

889,000

 

28,292

 

 

 

12/31/2014

 

300

 

Portland

 

IN

 

 

 

262,598

 

922,402

 

None

 

None

 

262,598

 

922,402

 

1,185,000

 

38,433

 

 

 

12/31/2014

 

300

 

South Bend

 

IN

 

 

 

133,200

 

617,545

 

None

 

134

 

133,200

 

617,679

 

750,879

 

617,679

 

 

 

4/28/1986

 

300

 

Valparaiso

 

IN

 

 

 

365,612

 

679,507

 

None

 

None

 

365,612

 

679,507

 

1,045,119

 

270,670

 

 

 

1/11/2006

 

300

 

Wabash

 

IN

 

 

 

210,000

 

679,505

 

None

 

None

 

210,000

 

679,505

 

889,505

 

26,048

 

 

 

1/22/2015

 

300

 

Warsaw

 

IN

 

 

 

328,243

 

1,152,757

 

None

 

None

 

328,243

 

1,152,757

 

1,481,000

 

48,032

 

 

 

12/31/2014

 

300

 

Washington

 

IN

 

 

 

155,856

 

290,368

 

None

 

None

 

155,856

 

290,368

 

446,224

 

116,630

 

 

 

12/22/2005

 

300

 

West Lafayette

 

IN

 

 

 

344,866

 

1,211,134

 

None

 

None

 

344,866

 

1,211,134

 

1,556,000

 

50,464

 

 

 

12/31/2014

 

300

 

Chanute

 

KS

 

 

 

330,852

 

615,008

 

None

 

None

 

330,852

 

615,008

 

945,860

 

228,578

 

 

 

9/14/2006

 

300

 

Fort Scott

 

KS

 

 

 

269,301

 

500,698

 

None

 

None

 

269,301

 

500,698

 

769,999

 

186,093

 

 

 

9/14/2006

 

300

 

Kansas City

 

KS

 

 

 

190,000

 

700,039

 

None

 

None

 

190,000

 

700,039

 

890,039

 

122,507

 

 

 

8/29/2011

 

300

 

Kansas City

 

KS

 

 

 

170,000

 

214,040

 

None

 

None

 

170,000

 

214,040

 

384,040

 

37,457

 

 

 

8/29/2011

 

300

 

Kansas City

 

KS

 

 

 

210,000

 

624,304

 

None

 

None

 

210,000

 

624,304

 

834,304

 

109,253

 

 

 

8/29/2011

 

300

 

Kansas City

 

KS

 

 

 

140,000

 

767,812

 

None

 

None

 

140,000

 

767,812

 

907,812

 

134,367

 

 

 

8/29/2011

 

300

 

Lawrence

 

KS

 

 

 

410,000

 

338,788

 

None

 

None

 

410,000

 

338,788

 

748,788

 

59,288

 

 

 

8/29/2011

 

300

 

Overland Park

 

KS

 

 

 

754,020

 

1,401,069

 

None

 

None

 

754,020

 

1,401,069

 

2,155,089

 

469,356

 

 

 

8/28/2007

 

300

 

Parsons

 

KS

 

 

 

318,516

 

592,099

 

None

 

None

 

318,516

 

592,099

 

910,615

 

220,063

 

 

 

9/14/2006

 

300

 

Bowling Green

 

KY

 

 

 

685,246

 

1,273,002

 

None

 

None

 

685,246

 

1,273,002

 

1,958,248

 

515,566

 

 

 

11/21/2005

 

300

 

Hazard

 

KY

 

 

 

243,836

 

453,025

 

None

 

8

 

243,836

 

453,033

 

696,869

 

168,381

 

 

 

9/14/2006

 

300

 

Lexington

 

KY

 

 

 

122,200

 

1,400

 

None

 

31,495

 

122,200

 

32,895

 

155,095

 

14,327

 

 

 

12/3/1986

 

240

 

Madisonville

 

KY

 

 

 

422,501

 

784,831

 

None

 

None

 

422,501

 

784,831

 

1,207,332

 

291,696

 

 

 

9/14/2006

 

300

 

Paducah

 

KY

 

 

 

673,551

 

1,251,276

 

None

 

None

 

673,551

 

1,251,276

 

1,924,827

 

506,767

 

 

 

11/21/2005

 

300

 

Bossier City

 

LA

 

 

 

172,269

 

320,497

 

None

 

None

 

172,269

 

320,497

 

492,766

 

119,118

 

 

 

9/14/2006

 

300

 

Deridder

 

LA

 

 

 

371,127

 

690,819

 

None

 

None

 

371,127

 

690,819

 

1,061,946

 

236,017

 

 

 

6/22/2007

 

300

 

Jonesboro

 

LA

 

 

 

163,651

 

304,492

 

None

 

None

 

163,651

 

304,492

 

468,143

 

113,169

 

 

 

9/14/2006

 

300

 

Natchitoches

 

LA

 

 

 

291,675

 

541,890

 

None

 

None

 

291,675

 

541,890

 

833,565

 

311,584

 

 

 

8/31/2001

 

300

 

Ruston

 

LA

 

 

 

170,274

 

316,792

 

None

 

None

 

170,274

 

316,792

 

487,066

 

117,741

 

 

 

9/14/2006

 

300

 

Shreveport

 

LA

 

 

 

359,268

 

667,417

 

None

 

None

 

359,268

 

667,417

 

1,026,685

 

383,762

 

 

 

8/31/2001

 

300

 

Shreveport

 

LA

 

 

 

154,671

 

287,815

 

None

 

None

 

154,671

 

287,815

 

442,486

 

106,971

 

 

 

9/14/2006

 

300

 

Shreveport

 

LA

 

 

 

200,033

 

372,059

 

None

 

None

 

200,033

 

372,059

 

572,092

 

138,282

 

 

 

9/14/2006

 

300

 

Shreveport

 

LA

 

 

 

259,987

 

483,401

 

None

 

None

 

259,987

 

483,401

 

743,388

 

179,664

 

 

 

9/14/2006

 

300

 

Shreveport

 

LA

 

 

 

269,130

 

500,382

 

None

 

None

 

269,130

 

500,382

 

769,512

 

185,975

 

 

 

9/14/2006

 

300

 

Vivian

 

LA

 

 

 

135,568

 

252,338

 

None

 

None

 

135,568

 

252,338

 

387,906

 

93,786

 

 

 

9/14/2006

 

300

 

Winnfield

 

LA

 

 

 

145,973

 

271,661

 

None

 

None

 

145,973

 

271,661

 

417,634

 

100,967

 

 

 

9/14/2006

 

300

 

Fall River

 

MA

 

 

 

962,500

 

1,787,831

 

None

 

None

 

962,500

 

1,787,831

 

2,750,331

 

598,923

 

 

 

8/28/2007

 

300

 

Hagerstown

 

MD

 

 

 

499,396

 

928,250

 

None

 

None

 

499,396

 

928,250

 

1,427,646

 

310,962

 

 

 

8/28/2007

 

300

 

Alma

 

MI

 

 

 

430,000

 

958,127

 

None

 

None

 

430,000

 

958,127

 

1,388,127

 

36,728

 

 

 

1/22/2015

 

300

 

Alma

 

MI

 

 

 

240,000

 

1,140,714

 

None

 

None

 

240,000

 

1,140,714

 

1,380,714

 

43,727

 

 

 

1/22/2015

 

300

 

Alpena

 

MI

 

 

 

630,000

 

773,434

 

None

 

None

 

630,000

 

773,434

 

1,403,434

 

29,648

 

 

 

1/22/2015

 

300

 

Bridgeport

 

MI

 

 

 

200,000

 

687,178

 

None

 

None

 

200,000

 

687,178

 

887,178

 

26,342

 

 

 

1/22/2015

 

300

 

Cadillac

 

MI

 

 

 

180,000

 

1,372,789

 

None

 

None

 

180,000

 

1,372,789

 

1,552,789

 

52,624

 

 

 

1/22/2015

 

300

 

Canton

 

MI

 

 

 

279,923

 

521,223

 

None

 

None

 

279,923

 

521,223

 

801,146

 

174,608

 

 

 

8/28/2007

 

300

 

Clare

 

MI

 

 

 

360,000

 

1,544,858

 

None

 

None

 

360,000

 

1,544,858

 

1,904,858

 

59,220

 

 

 

1/22/2015

 

300

 

Gaylord

 

MI

 

 

 

680,000

 

1,344,159

 

None

 

None

 

680,000

 

1,344,159

 

2,024,159

 

51,526

 

 

 

1/22/2015

 

300

 

Grand Rapids

 

MI

 

 

 

600,000

 

969,204

 

None

 

None

 

600,000

 

969,204

 

1,569,204

 

37,153

 

 

 

1/22/2015

 

300

 

Grand Rapids

 

MI

 

 

 

490,000

 

1,090,246

 

None

 

None

 

490,000

 

1,090,246

 

1,580,246

 

41,793

 

 

 

1/22/2015

 

300

 

Grayling

 

MI

 

 

 

130,000

 

665,292

 

None

 

None

 

130,000

 

665,292

 

795,292

 

25,503

 

 

 

1/22/2015

 

300

 

Houghton Lake

 

MI

 

 

 

170,000

 

664,188

 

None

 

None

 

170,000

 

664,188

 

834,188

 

25,461

 

 

 

1/22/2015

 

300

 

Ithaca

 

MI

 

 

 

350,000

 

812,266

 

None

 

None

 

350,000

 

812,266

 

1,162,266

 

31,137

 

 

 

1/22/2015

 

300

 

Kentwood

 

MI

 

 

 

480,000

 

1,025,674

 

None

 

None

 

480,000

 

1,025,674

 

1,505,674

 

18,804

 

 

 

7/21/2015

 

300

 

Livonia

 

MI

 

 

 

350,000

 

651,446

 

None

 

None

 

350,000

 

651,446

 

1,001,446

 

218,232

 

 

 

8/28/2007

 

300

 

Ludington

 

MI

 

 

 

460,000

 

1,043,729

 

None

 

None

 

460,000

 

1,043,729

 

1,503,729

 

40,010

 

 

 

1/22/2015

 

300

 

Saginaw

 

MI

 

 

 

200,000

 

897,681

 

None

 

None

 

200,000

 

897,681

 

1,097,681

 

34,411

 

 

 

1/22/2015

 

300

 

Sault St. Marie

 

MI

 

 

 

380,000

 

1,326,583

 

None

 

None

 

380,000

 

1,326,583

 

1,706,583

 

50,852

 

 

 

1/22/2015

 

300

 

Traverse City

 

MI

 

 

 

280,000

 

1,092,232

 

None

 

None

 

280,000

 

1,092,232

 

1,372,232

 

41,869

 

 

 

1/22/2015

 

300

 

Walker

 

MI

 

 

 

590,000

 

1,132,002

 

None

 

None

 

590,000

 

1,132,002

 

1,722,002

 

43,393

 

 

 

1/22/2015

 

300

 

West Branch

 

MI

 

 

 

680,038

 

1,947,424

 

None

 

None

 

680,038

 

1,947,424

 

2,627,462

 

74,651

 

 

 

1/22/2015

 

300

 

Affton

 

MO

 

 

 

120,000

 

171,955

 

None

 

None

 

120,000

 

171,955

 

291,955

 

30,092

 

 

 

8/29/2011

 

300

 

Bolivar

 

MO

 

 

 

237,094

 

440,596

 

None

 

None

 

237,094

 

440,596

 

677,690

 

253,339

 

 

 

8/31/2001

 

300

 

Bridgeton

 

MO

 

 

 

570,000

 

228,347

 

None

 

None

 

570,000

 

228,347

 

798,347

 

39,961

 

 

 

8/29/2011

 

300

 

Buffalo

 

MO

 

 

 

159,346

 

296,519

 

None

 

None

 

159,346

 

296,519

 

455,865

 

110,206

 

 

 

9/14/2006

 

300

 

Cape Girardeau

 

MO

 

 

 

450,078

 

836,372

 

None

 

None

 

450,078

 

836,372

 

1,286,450

 

333,155

 

 

 

1/11/2006

 

300

 

Desloge

 

MO

 

 

 

1,020,010

 

1,275,012

 

None

 

None

 

1,020,010

 

1,275,012

 

2,295,022

 

150,876

 

 

 

1/22/2013

 

300

 

Dexter

 

MO

 

 

 

315,830

 

1,024,338

 

None

 

None

 

315,830

 

1,024,338

 

1,340,168

 

104,141

 

 

 

6/14/2013

 

300

 

Farmington

 

MO

 

 

 

340,042

 

1,102,863

 

None

 

None

 

340,042

 

1,102,863

 

1,442,905

 

112,124

 

 

 

6/14/2013

 

300

 

Florissant

 

MO

 

 

 

290,000

 

86,396

 

None

 

None

 

290,000

 

86,396

 

376,396

 

15,119

 

 

 

8/29/2011

 

300

 

Florissant

 

MO

 

 

 

250,000

 

239,221

 

None

 

None

 

250,000

 

239,221

 

489,221

 

41,864

 

 

 

8/29/2011

 

300

 

 

F-38



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grandview

 

MO

 

 

 

280,000

 

235,370

 

None

 

None

 

280,000

 

235,370

 

515,370

 

41,190

 

 

 

8/29/2011

 

300

 

Joplin

 

MO

 

 

 

301,207

 

749,000

 

None

 

None

 

301,207

 

749,000

 

1,050,207

 

111,591

 

 

 

9/14/2006

 

300

 

Joplin

 

MO

 

 

 

281,001

 

522,428

 

None

 

None

 

281,001

 

522,428

 

803,429

 

194,169

 

 

 

9/14/2006

 

300

 

Kansas City

 

MO

 

 

 

230,000

 

484,010

 

None

 

None

 

230,000

 

484,010

 

714,010

 

84,702

 

 

 

8/29/2011

 

300

 

Kansas City

 

MO

 

 

 

200,000

 

339,994

 

None

 

None

 

200,000

 

339,994

 

539,994

 

59,499

 

 

 

8/29/2011

 

300

 

Lee’s Summit

 

MO

 

 

 

500,000

 

450,156

 

None

 

None

 

500,000

 

450,156

 

950,156

 

78,777

 

 

 

8/29/2011

 

300

 

Mount Vernon

 

MO

 

 

 

160,000

 

282,586

 

None

 

None

 

160,000

 

282,586

 

442,586

 

204,865

 

 

 

11/20/1997

 

300

 

Mountain Grove

 

MO

 

 

 

219,704

 

408,591

 

None

 

None

 

219,704

 

408,591

 

628,295

 

151,860

 

 

 

9/14/2006

 

300

 

Nevada

 

MO

 

 

 

290,795

 

540,616

 

None

 

None

 

290,795

 

540,616

 

831,411

 

200,929

 

 

 

9/14/2006

 

300

 

Nixa

 

MO

 

 

 

251,387

 

467,430

 

None

 

None

 

251,387

 

467,430

 

718,817

 

173,728

 

 

 

9/14/2006

 

300

 

Olivette

 

MO

 

 

 

319,958

 

1,037,725

 

None

 

None

 

319,958

 

1,037,725

 

1,357,683

 

105,502

 

 

 

6/14/2013

 

300

 

Poplar Bluff

 

MO

 

 

 

362,265

 

1,174,938

 

None

 

None

 

362,265

 

1,174,938

 

1,537,203

 

119,452

 

 

 

6/14/2013

 

300

 

Poplar Bluff

 

MO

 

 

 

383,603

 

1,244,145

 

None

 

None

 

383,603

 

1,244,145

 

1,627,748

 

126,488

 

 

 

6/14/2013

 

300

 

Potosi

 

MO

 

 

 

242,154

 

785,383

 

None

 

None

 

242,154

 

785,383

 

1,027,537

 

79,847

 

 

 

6/14/2013

 

300

 

Raymore

 

MO

 

 

 

460,000

 

663,580

 

None

 

None

 

460,000

 

663,580

 

1,123,580

 

116,126

 

 

 

8/29/2011

 

300

 

Sikeston

 

MO

 

 

 

327,805

 

1,063,176

 

None

 

None

 

327,805

 

1,063,176

 

1,390,981

 

108,090

 

 

 

6/14/2013

 

300

 

Springfield

 

MO

 

 

 

251,381

 

467,418

 

None

 

None

 

251,381

 

467,418

 

718,799

 

173,724

 

 

 

9/14/2006

 

300

 

Springfield

 

MO

 

 

 

225,939

 

420,162

 

None

 

None

 

225,939

 

420,162

 

646,101

 

154,760

 

 

 

10/12/2006

 

300

 

St. Louis

 

MO

 

 

 

340,000

 

88,519

 

None

 

None

 

340,000

 

88,519

 

428,519

 

15,491

 

 

 

8/29/2011

 

300

 

St. Louis

 

MO

 

 

 

500,000

 

184,049

 

None

 

None

 

500,000

 

184,049

 

684,049

 

32,209

 

 

 

8/29/2011

 

300

 

St. Louis

 

MO

 

 

 

263,107

 

853,340

 

None

 

None

 

263,107

 

853,340

 

1,116,447

 

86,756

 

 

 

6/14/2013

 

300

 

St. Robert

 

MO

 

 

 

329,242

 

611,728

 

None

 

None

 

329,242

 

611,728

 

940,970

 

351,740

 

 

 

8/31/2001

 

300

 

Webb City

 

MO

 

 

 

337,647

 

627,628

 

None

 

None

 

337,647

 

627,628

 

965,275

 

233,269

 

 

 

9/14/2006

 

300

 

Biloxi

 

MS

 

 

 

414,902

 

770,725

 

None

 

None

 

414,902

 

770,725

 

1,185,627

 

286,453

 

 

 

9/14/2006

 

300

 

Canton

 

MS

 

 

 

163,193

 

303,268

 

None

 

None

 

163,193

 

303,268

 

466,461

 

112,715

 

 

 

9/14/2006

 

300

 

Carthage

 

MS

 

 

 

157,803

 

293,257

 

None

 

None

 

157,803

 

293,257

 

451,060

 

108,994

 

 

 

9/14/2006

 

300

 

Columbus

 

MS

 

 

 

128,409

 

238,775

 

None

 

None

 

128,409

 

238,775

 

367,184

 

95,908

 

 

 

12/22/2005

 

300

 

Columbus

 

MS

 

 

 

117,411

 

218,350

 

None

 

None

 

117,411

 

218,350

 

335,761

 

87,703

 

 

 

12/22/2005

 

300

 

Corinth

 

MS

 

 

 

285,607

 

530,598

 

None

 

None

 

285,607

 

530,598

 

816,205

 

197,206

 

 

 

9/14/2006

 

300

 

Flowood

 

MS

 

 

 

154,733

 

287,549

 

None

 

168

 

154,733

 

287,717

 

442,450

 

106,905

 

 

 

9/14/2006

 

300

 

Flowood

 

MS

 

 

 

380,000

 

1,546,444

 

None

 

None

 

380,000

 

1,546,444

 

1,926,444

 

2,577

 

 

 

12/22/2015

 

300

 

Forest

 

MS

 

 

 

106,457

 

198,007

 

None

 

None

 

106,457

 

198,007

 

304,464

 

79,532

 

 

 

12/22/2005

 

300

 

Fulton

 

MS

 

 

 

239,686

 

445,337

 

None

 

None

 

239,686

 

445,337

 

685,023

 

256,066

 

 

 

8/31/2001

 

300

 

Gautier

 

MS

 

 

 

241,995

 

449,607

 

None

 

None

 

241,995

 

449,607

 

691,602

 

167,104

 

 

 

9/14/2006

 

300

 

Greenville

 

MS

 

 

 

311,324

 

578,378

 

None

 

None

 

311,324

 

578,378

 

889,702

 

332,565

 

 

 

8/31/2001

 

300

 

Greenwood

 

MS

 

 

 

177,329

 

329,520

 

None

 

None

 

177,329

 

329,520

 

506,849

 

122,472

 

 

 

9/14/2006

 

300

 

Grenada

 

MS

 

 

 

450,000

 

1,092,049

 

None

 

None

 

450,000

 

1,092,049

 

1,542,049

 

1,820

 

 

 

12/22/2015

 

300

 

Hernando

 

MS

 

 

 

137,898

 

256,282

 

None

 

None

 

137,898

 

256,282

 

394,180

 

95,252

 

 

 

9/14/2006

 

300

 

Houston

 

MS

 

 

 

226,962

 

421,695

 

None

 

None

 

226,962

 

421,695

 

648,657

 

156,730

 

 

 

9/14/2006

 

300

 

Indianola

 

MS

 

 

 

270,639

 

502,822

 

None

 

None

 

270,639

 

502,822

 

773,461

 

289,120

 

 

 

8/31/2001

 

300

 

Iuka

 

MS

 

 

 

139,243

 

258,779

 

None

 

None

 

139,243

 

258,779

 

398,022

 

96,180

 

 

 

9/14/2006

 

300

 

Jackson

 

MS

 

 

 

237,982

 

442,154

 

None

 

None

 

237,982

 

442,154

 

680,136

 

164,334

 

 

 

9/14/2006

 

300

 

Jackson

 

MS

 

 

 

352,003

 

653,900

 

None

 

None

 

352,003

 

653,900

 

1,005,903

 

240,853

 

 

 

10/12/2006

 

300

 

Jackson

 

MS

 

 

 

500,000

 

635,847

 

None

 

None

 

500,000

 

635,847

 

1,135,847

 

1,060

 

 

 

12/22/2015

 

300

 

Jackson

 

MS

 

 

 

410,000

 

1,169,753

 

None

 

None

 

410,000

 

1,169,753

 

1,579,753

 

1,950

 

 

 

12/22/2015

 

300

 

Jackson

 

MS

 

 

 

500,000

 

598,269

 

None

 

None

 

500,000

 

598,269

 

1,098,269

 

997

 

 

 

12/22/2015

 

300

 

Kosciusko

 

MS

 

 

 

311,422

 

578,550

 

None

 

None

 

311,422

 

578,550

 

889,972

 

215,028

 

 

 

9/14/2006

 

300

 

Magee

 

MS

 

 

 

264,395

 

491,206

 

None

 

None

 

264,395

 

491,206

 

755,601

 

182,565

 

 

 

9/14/2006

 

300

 

Moss Point

 

MS

 

 

 

287,821

 

534,713

 

None

 

None

 

287,821

 

534,713

 

822,534

 

198,735

 

 

 

9/14/2006

 

300

 

Natchez

 

MS

 

 

 

402,589

 

747,934

 

None

 

None

 

402,589

 

747,934

 

1,150,523

 

270,503

 

 

 

12/21/2006

 

300

 

Newton

 

MS

 

 

 

284,350

 

528,311

 

None

 

None

 

284,350

 

528,311

 

812,661

 

303,776

 

 

 

8/31/2001

 

300

 

Olive Branch

 

MS

 

 

 

332,234

 

617,192

 

None

 

None

 

332,234

 

617,192

 

949,426

 

229,390

 

 

 

9/14/2006

 

300

 

Olive Branch

 

MS

 

 

 

362,276

 

673,055

 

None

 

None

 

362,276

 

673,055

 

1,035,331

 

218,743

 

 

 

11/16/2007

 

300

 

Oxford

 

MS

 

 

 

164,058

 

304,873

 

None

 

None

 

164,058

 

304,873

 

468,931

 

113,311

 

 

 

9/14/2006

 

300

 

Oxford

 

MS

 

 

 

297,182

 

552,097

 

None

 

26

 

297,182

 

552,123

 

849,305

 

203,356

 

 

 

10/12/2006

 

300

 

Pearl

 

MS

 

 

 

478,216

 

572,203

 

None

 

None

 

478,216

 

572,203

 

1,050,419

 

954

 

 

 

12/22/2015

 

300

 

Philadelphia

 

MS

 

 

 

292,868

 

543,912

 

None

 

None

 

292,868

 

543,912

 

836,780

 

202,154

 

 

 

9/14/2006

 

300

 

Pontotoc

 

MS

 

 

 

285,006

 

529,492

 

None

 

None

 

285,006

 

529,492

 

814,498

 

196,794

 

 

 

9/14/2006

 

300

 

Richland

 

MS

 

 

 

314,349

 

762,854

 

None

 

None

 

314,349

 

762,854

 

1,077,203

 

1,271

 

 

 

12/22/2015

 

300

 

Southaven

 

MS

 

 

 

498,426

 

925,905

 

None

 

None

 

498,426

 

925,905

 

1,424,331

 

300,919

 

 

 

11/16/2007

 

300

 

Southaven

 

MS

 

 

 

300,000

 

953,287

 

None

 

None

 

300,000

 

953,287

 

1,253,287

 

1,589

 

 

 

12/22/2015

 

300

 

Southaven

 

MS

 

 

 

403,905

 

980,187

 

None

 

None

 

403,905

 

980,187

 

1,384,092

 

1,634

 

 

 

12/22/2015

 

300

 

Starkville

 

MS

 

 

 

175,436

 

326,005

 

None

 

None

 

175,436

 

326,005

 

501,441

 

121,165

 

 

 

9/14/2006

 

300

 

Tupelo

 

MS

 

 

 

166,869

 

310,095

 

None

 

None

 

166,869

 

310,095

 

476,964

 

115,252

 

 

 

9/14/2006

 

300

 

Tupelo

 

MS

 

 

 

225,934

 

419,857

 

None

 

None

 

225,934

 

419,857

 

645,791

 

156,047

 

 

 

9/28/2006

 

300

 

Vicksburg

 

MS

 

 

 

275,895

 

512,632

 

None

 

None

 

275,895

 

512,632

 

788,527

 

190,528

 

 

 

9/28/2006

 

300

 

Vicksburg

 

MS

 

 

 

410,000

 

668,984

 

None

 

None

 

410,000

 

668,984

 

1,078,984

 

1,115

 

 

 

12/22/2015

 

300

 

West Point

 

MS

 

 

 

87,859

 

163,468

 

None

 

None

 

87,859

 

163,468

 

251,327

 

65,659

 

 

 

12/22/2005

 

300

 

Wiggins

 

MS

 

 

 

268,104

 

498,095

 

None

 

None

 

268,104

 

498,095

 

766,199

 

185,125

 

 

 

9/14/2006

 

300

 

Asheville

 

NC

 

 

 

264,226

 

491,419

 

None

 

None

 

264,226

 

491,419

 

755,645

 

164,624

 

 

 

8/28/2007

 

300

 

Charlotte

 

NC

 

 

 

468,859

 

955,879

 

None

 

None

 

468,859

 

955,879

 

1,424,738

 

17,524

 

 

 

7/27/2015

 

300

 

Charlotte

 

NC

 

 

 

210,000

 

662,231

 

None

 

None

 

210,000

 

662,231

 

872,231

 

12,141

 

 

 

7/27/2015

 

300

 

Charlotte

 

NC

 

 

 

460,000

 

988,464

 

None

 

None

 

460,000

 

988,464

 

1,448,464

 

18,122

 

 

 

7/27/2015

 

300

 

Charlotte

 

NC

 

 

 

458,612

 

934,988

 

None

 

None

 

458,612

 

934,988

 

1,393,600

 

17,141

 

 

 

7/27/2015

 

300

 

Clinton

 

NC

 

 

 

380,000

 

962,394

 

None

 

None

 

380,000

 

962,394

 

1,342,394

 

30,476

 

 

 

3/25/2015

 

300

 

Granite Falls

 

NC

 

 

 

1,412,026

 

1,765,032

 

None

 

None

 

1,412,026

 

1,765,032

 

3,177,058

 

208,862

 

 

 

1/22/2013

 

300

 

High Point

 

NC

 

 

 

872,587

 

1,090,734

 

None

 

None

 

872,587

 

1,090,734

 

1,963,321

 

129,070

 

 

 

1/22/2013

 

300

 

Hildebran

 

NC

 

 

 

966,417

 

1,208,021

 

None

 

None

 

966,417

 

1,208,021

 

2,174,438

 

142,949

 

 

 

1/22/2013

 

300

 

Kinston

 

NC

 

 

 

320,000

 

836,583

 

None

 

None

 

320,000

 

836,583

 

1,156,583

 

26,492

 

 

 

3/25/2015

 

300

 

Lincolnton

 

NC

 

 

 

1,811,063

 

2,263,829

 

None

 

None

 

1,811,063

 

2,263,829

 

4,074,892

 

267,886

 

 

 

1/22/2013

 

300

 

Raeford

 

NC

 

 

 

773,505

 

966,881

 

None

 

None

 

773,505

 

966,881

 

1,740,386

 

114,414

 

 

 

1/22/2013

 

300

 

Southport

 

NC

 

 

 

460,000

 

1,214,095

 

None

 

None

 

460,000

 

1,214,095

 

1,674,095

 

38,446

 

 

 

3/11/2015

 

300

 

Thomasville

 

NC

 

 

 

983,522

 

1,229,402

 

None

 

None

 

983,522

 

1,229,402

 

2,212,924

 

145,479

 

 

 

1/22/2013

 

300

 

Walkertown

 

NC

 

 

 

1,033,636

 

1,292,046

 

None

 

None

 

1,033,636

 

1,292,046

 

2,325,682

 

152,892

 

 

 

1/22/2013

 

300

 

Wallace

 

NC

 

 

 

230,000

 

905,484

 

None

 

None

 

230,000

 

905,484

 

1,135,484

 

28,674

 

 

 

3/25/2015

 

300

 

Winston Salem

 

NC

 

 

 

353,239

 

656,427

 

None

 

None

 

353,239

 

656,427

 

1,009,666

 

377,440

 

 

 

8/31/2001

 

300

 

Winston Salem

 

NC

 

 

 

126,423

 

235,323

 

None

 

None

 

126,423

 

235,323

 

361,746

 

94,521

 

 

 

12/22/2005

 

300

 

Devils Lake

 

ND

 

 

 

150,390

 

279,798

 

None

 

None

 

150,390

 

279,798

 

430,188

 

112,386

 

 

 

12/22/2005

 

300

 

Fargo

 

ND

 

 

 

217,057

 

403,609

 

None

 

None

 

217,057

 

403,609

 

620,666

 

162,116

 

 

 

12/22/2005

 

300

 

Jamestown

 

ND

 

 

 

136,523

 

254,045

 

None

 

None

 

136,523

 

254,045

 

390,568

 

102,041

 

 

 

12/22/2005

 

300

 

Minot

 

ND

 

 

 

153,870

 

286,260

 

None

 

None

 

153,870

 

286,260

 

440,130

 

114,981

 

 

 

12/22/2005

 

300

 

Omaha

 

NE

 

 

 

444,460

 

825,938

 

None

 

32

 

444,460

 

825,970

 

1,270,430

 

329,021

 

 

 

1/11/2006

 

300

 

Omaha

 

NE

 

 

 

350,000

 

650,877

 

None

 

32

 

350,000

 

650,909

 

1,000,909

 

218,064

 

 

 

8/28/2007

 

300

 

Amherst

 

NY

 

 

 

412,349

 

767,082

 

None

 

None

 

412,349

 

767,082

 

1,179,431

 

256,971

 

 

 

8/28/2007

 

300

 

Buffalo

 

NY

 

 

 

317,454

 

591,060

 

None

 

None

 

317,454

 

591,060

 

908,514

 

198,001

 

 

 

8/28/2007

 

300

 

Cincinnati

 

OH

 

 

 

299,187

 

556,978

 

None

 

None

 

299,187

 

556,978

 

856,165

 

186,564

 

 

 

8/28/2007

 

300

 

Mentor

 

OH

 

 

 

394,450

 

734,205

 

None

 

None

 

394,450

 

734,205

 

1,128,655

 

245,945

 

 

 

8/28/2007

 

300

 

Parma

 

OH

 

 

 

473,710

 

881,038

 

None

 

None

 

473,710

 

881,038

 

1,354,748

 

295,146

 

 

 

8/28/2007

 

300

 

Toledo

 

OH

 

 

 

633,461

 

1,177,718

 

None

 

None

 

633,461

 

1,177,718

 

1,811,179

 

394,534

 

 

 

8/28/2007

 

300

 

Van Wert

 

OH

 

 

 

330,000

 

907,061

 

None

 

None

 

330,000

 

907,061

 

1,237,061

 

34,771

 

 

 

1/22/2015

 

300

 

Bixby

 

OK

 

 

 

145,791

 

271,272

 

None

 

None

 

145,791

 

271,272

 

417,063

 

108,961

 

 

 

12/22/2005

 

300

 

Checotah

 

OK

 

 

 

153,232

 

285,092

 

None

 

None

 

153,232

 

285,092

 

438,324

 

114,512

 

 

 

12/22/2005

 

300

 

Idabel

 

OK

 

 

 

214,244

 

398,545

 

None

 

None

 

214,244

 

398,545

 

612,789

 

229,155

 

 

 

8/31/2001

 

300

 

Owasso

 

OK

 

 

 

327,043

 

607,645

 

None

 

None

 

327,043

 

607,645

 

934,688

 

349,392

 

 

 

8/31/2001

 

300

 

Tahlequah

 

OK

 

 

 

224,982

 

418,341

 

None

 

None

 

224,982

 

418,341

 

643,323

 

168,033

 

 

 

12/22/2005

 

300

 

Tulsa

 

OK

 

 

 

295,993

 

549,981

 

None

 

None

 

295,993

 

549,981

 

845,974

 

316,236

 

 

 

8/31/2001

 

300

 

Salem

 

OR

 

 

 

198,540

 

689,507

 

None

 

None

 

198,540

 

689,507

 

888,047

 

497,261

 

 

 

5/23/1989

 

300

 

The Dalles

 

OR

 

 

 

1,034,805

 

1,293,506

 

None

 

None

 

1,034,805

 

1,293,506

 

2,328,311

 

153,065

 

 

 

1/22/2013

 

300

 

Greensburg

 

PA

 

 

 

315,000

 

586,368

 

None

 

None

 

315,000

 

586,368

 

901,368

 

196,430

 

 

 

8/28/2007

 

300

 

Philadelphia

 

PA

 

 

 

423,333

 

787,125

 

None

 

None

 

423,333

 

787,125

 

1,210,458

 

263,685

 

 

 

8/28/2007

 

300

 

Aiken

 

SC

 

 

 

240,937

 

447,656

 

None

 

None

 

240,937

 

447,656

 

688,593

 

166,379

 

 

 

9/14/2006

 

300

 

 

F-39



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aiken

 

SC

 

 

 

618,572

 

1,261,105

 

None

 

None

 

618,572

 

1,261,105

 

1,879,677

 

23,120

 

 

 

7/27/2015

 

300

 

Camden

 

SC

 

 

 

450,000

 

986,046

 

None

 

None

 

450,000

 

986,046

 

1,436,046

 

18,078

 

 

 

7/27/2015

 

300

 

Columbia

 

SC

 

 

 

952,423

 

1,190,529

 

None

 

None

 

952,423

 

1,190,529

 

2,142,952

 

140,879

 

 

 

1/22/2013

 

300

 

Columbia

 

SC

 

 

 

812,611

 

1,015,764

 

None

 

None

 

812,611

 

1,015,764

 

1,828,375

 

120,199

 

 

 

1/22/2013

 

300

 

Columbia

 

SC

 

 

 

710,000

 

1,137,369

 

None

 

None

 

710,000

 

1,137,369

 

1,847,369

 

20,852

 

 

 

7/27/2015

 

300

 

Columbia

 

SC

 

 

 

344,602

 

702,552

 

None

 

None

 

344,602

 

702,552

 

1,047,154

 

12,880

 

 

 

7/27/2015

 

300

 

Columbia

 

SC

 

 

 

350,000

 

982,465

 

None

 

None

 

350,000

 

982,465

 

1,332,465

 

18,012

 

 

 

7/27/2015

 

300

 

Greer

 

SC

 

 

 

580,000

 

721,854

 

None

 

None

 

580,000

 

721,854

 

1,301,854

 

22,859

 

 

 

3/25/2015

 

300

 

Inman

 

SC

 

 

 

809,987

 

1,012,483

 

None

 

None

 

809,987

 

1,012,483

 

1,822,470

 

119,811

 

 

 

1/22/2013

 

300

 

Irmo

 

SC

 

 

 

330,000

 

1,008,769

 

None

 

None

 

330,000

 

1,008,769

 

1,338,769

 

18,494

 

 

 

7/27/2015

 

300

 

Leesville

 

SC

 

 

 

899,686

 

1,124,607

 

None

 

None

 

899,686

 

1,124,607

 

2,024,293

 

133,079

 

 

 

1/22/2013

 

300

 

Lexington

 

SC

 

 

 

530,000

 

1,278,314

 

None

 

None

 

530,000

 

1,278,314

 

1,808,314

 

23,436

 

 

 

7/27/2015

 

300

 

Newberry

 

SC

 

 

 

708,489

 

885,611

 

None

 

None

 

708,489

 

885,611

 

1,594,100

 

104,797

 

 

 

1/22/2013

 

300

 

Piedmont

 

SC

 

 

 

841,862

 

1,052,327

 

None

 

None

 

841,862

 

1,052,327

 

1,894,189

 

124,525

 

 

 

1/22/2013

 

300

 

Rock Hill

 

SC

 

 

 

400,000

 

950,185

 

None

 

None

 

400,000

 

950,185

 

1,350,185

 

17,420

 

 

 

7/27/2015

 

300

 

Spartanburg

 

SC

 

 

 

957,339

 

1,196,673

 

None

 

None

 

957,339

 

1,196,673

 

2,154,012

 

141,606

 

 

 

1/22/2013

 

300

 

Walterboro

 

SC

 

 

 

240,000

 

779,500

 

None

 

None

 

240,000

 

779,500

 

1,019,500

 

32,479

 

 

 

12/8/2014

 

300

 

Chamberlain

 

SD

 

 

 

139,587

 

259,627

 

None

 

None

 

139,587

 

259,627

 

399,214

 

104,283

 

 

 

12/22/2005

 

300

 

Madison

 

SD

 

 

 

112,143

 

208,660

 

None

 

None

 

112,143

 

208,660

 

320,803

 

83,811

 

 

 

12/22/2005

 

300

 

Rapid City

 

SD

 

 

 

197,967

 

368,047

 

None

 

None

 

197,967

 

368,047

 

566,014

 

147,832

 

 

 

12/22/2005

 

300

 

Sioux Falls

 

SD

 

 

 

340,718

 

633,332

 

None

 

None

 

340,718

 

633,332

 

974,050

 

226,944

 

 

 

1/19/2007

 

300

 

Spearfish

 

SD

 

 

 

142,114

 

264,320

 

None

 

None

 

142,114

 

264,320

 

406,434

 

106,168

 

 

 

12/22/2005

 

300

 

Watertown

 

SD

 

 

 

197,559

 

367,289

 

None

 

None

 

197,559

 

367,289

 

564,848

 

147,527

 

 

 

12/22/2005

 

300

 

Winner

 

SD

 

 

 

115,591

 

215,063

 

None

 

None

 

115,591

 

215,063

 

330,654

 

86,383

 

 

 

12/22/2005

 

300

 

Antioch

 

TN

 

 

 

244,470

 

454,016

 

None

 

None

 

244,470

 

454,016

 

698,486

 

167,229

 

 

 

10/2/2006

 

300

 

Bartlett

 

TN

 

 

 

152,469

 

283,343

 

None

 

None

 

152,469

 

283,343

 

435,812

 

99,642

 

 

 

9/14/2006

 

300

 

Brownsville

 

TN

 

 

 

289,379

 

538,081

 

None

 

None

 

289,379

 

538,081

 

827,460

 

309,388

 

 

 

8/31/2001

 

300

 

Chattanooga

 

TN

 

 

 

490,000

 

740,474

 

None

 

None

 

490,000

 

740,474

 

1,230,474

 

45,663

 

 

 

6/30/2014

 

300

 

Collierville

 

TN

 

 

 

433,503

 

805,339

 

None

 

None

 

433,503

 

805,339

 

1,238,842

 

261,735

 

 

 

11/16/2007

 

300

 

Columbia

 

TN

 

 

 

410,242

 

761,878

 

None

 

None

 

410,242

 

761,878

 

1,172,120

 

280,625

 

 

 

10/2/2006

 

300

 

Germantown

 

TN

 

 

 

356,774

 

662,837

 

None

 

None

 

356,774

 

662,837

 

1,019,611

 

215,422

 

 

 

11/16/2007

 

300

 

Henderson

 

TN

 

 

 

155,954

 

289,815

 

None

 

None

 

155,954

 

289,815

 

445,769

 

107,714

 

 

 

9/14/2006

 

300

 

Hermitage

 

TN

 

 

 

341,251

 

633,753

 

None

 

None

 

341,251

 

633,753

 

975,004

 

233,432

 

 

 

10/2/2006

 

300

 

Jackson

 

TN

 

 

 

126,158

 

234,594

 

None

 

469

 

126,158

 

235,063

 

361,221

 

94,342

 

 

 

12/22/2005

 

300

 

Jackson

 

TN

 

 

 

312,734

 

581,049

 

49,946

 

52

 

312,734

 

631,047

 

943,781

 

197,680

 

 

 

11/16/2007

 

300

 

Manchester

 

TN

 

 

 

411,504

 

764,222

 

None

 

None

 

411,504

 

764,222

 

1,175,726

 

281,489

 

 

 

10/2/2006

 

300

 

Martin

 

TN

 

 

 

173,616

 

322,616

 

None

 

None

 

173,616

 

322,616

 

496,232

 

119,905

 

 

 

9/14/2006

 

300

 

McMinnville

 

TN

 

 

 

442,735

 

635,260

 

None

 

None

 

442,735

 

635,260

 

1,077,995

 

229,734

 

 

 

12/21/2006

 

300

 

Memphis

 

TN

 

 

 

148,386

 

275,760

 

None

 

None

 

148,386

 

275,760

 

424,146

 

102,491

 

 

 

9/14/2006

 

300

 

Memphis

 

TN

 

 

 

254,423

 

472,680

 

None

 

None

 

254,423

 

472,680

 

727,103

 

174,104

 

 

 

10/12/2006

 

300

 

Memphis

 

TN

 

 

 

309,358

 

574,779

 

None

 

None

 

309,358

 

574,779

 

884,137

 

186,803

 

 

 

11/16/2007

 

300

 

Memphis

 

TN

 

 

 

361,618

 

983,143

 

None

 

None

 

361,618

 

983,143

 

1,344,761

 

1,639

 

 

 

12/22/2015

 

300

 

Memphis

 

TN

 

 

 

470,000

 

901,920

 

None

 

None

 

470,000

 

901,920

 

1,371,920

 

1,503

 

 

 

12/22/2015

 

300

 

Memphis

 

TN

 

 

 

384,025

 

931,944

 

None

 

None

 

384,025

 

931,944

 

1,315,969

 

1,553

 

 

 

12/22/2015

 

300

 

Memphis

 

TN

 

 

 

440,000

 

1,473,473

 

None

 

None

 

440,000

 

1,473,473

 

1,913,473

 

2,456

 

 

 

12/22/2015

 

300

 

Milan

 

TN

 

 

 

138,159

 

256,766

 

None

 

None

 

138,159

 

256,766

 

394,925

 

95,431

 

 

 

9/14/2006

 

300

 

Millington

 

TN

 

 

 

285,613

 

530,630

 

None

 

None

 

285,613

 

530,630

 

816,243

 

305,110

 

 

 

8/31/2001

 

300

 

Morristown

 

TN

 

 

 

182,935

 

340,274

 

None

 

None

 

182,935

 

340,274

 

523,209

 

136,676

 

 

 

12/22/2005

 

300

 

Murfreesboro

 

TN

 

 

 

376,568

 

699,340

 

None

 

None

 

376,568

 

699,340

 

1,075,908

 

257,590

 

 

 

10/2/2006

 

300

 

Murfreesboro

 

TN

 

 

 

383,266

 

712,027

 

None

 

None

 

383,266

 

712,027

 

1,095,293

 

257,516

 

 

 

12/21/2006

 

300

 

Nashville

 

TN

 

 

 

147,915

 

274,700

 

None

 

None

 

147,915

 

274,700

 

422,615

 

101,181

 

 

 

10/2/2006

 

300

 

Nashville

 

TN

 

 

 

432,494

 

803,203

 

None

 

None

 

432,494

 

803,203

 

1,235,697

 

295,846

 

 

 

10/2/2006

 

300

 

Nashville

 

TN

 

 

 

350,983

 

651,825

 

None

 

None

 

350,983

 

651,825

 

1,002,808

 

240,089

 

 

 

10/2/2006

 

300

 

Nashville

 

TN

 

 

 

500,000

 

653,785

 

None

 

None

 

500,000

 

653,785

 

1,153,785

 

40,317

 

 

 

6/30/2014

 

300

 

Ripley

 

TN

 

 

 

231,552

 

430,232

 

None

 

None

 

231,552

 

430,232

 

661,784

 

247,381

 

 

 

8/31/2001

 

300

 

Sevierville

 

TN

 

 

 

423,790

 

787,301

 

None

 

None

 

423,790

 

787,301

 

1,211,091

 

292,614

 

 

 

9/28/2006

 

300

 

Shelbyville

 

TN

 

 

 

245,370

 

455,687

 

None

 

None

 

245,370

 

455,687

 

701,057

 

167,845

 

 

 

10/2/2006

 

300

 

Trenton

 

TN

 

 

 

174,379

 

324,032

 

None

 

None

 

174,379

 

324,032

 

498,411

 

120,432

 

 

 

9/14/2006

 

300

 

Allen

 

TX

 

 

 

165,000

 

306,771

 

None

 

None

 

165,000

 

306,771

 

471,771

 

201,958

 

7/9/1999

 

5/28/1999

 

300

 

Arlington

 

TX

 

 

 

560,000

 

1,040,667

 

None

 

None

 

560,000

 

1,040,667

 

1,600,667

 

348,622

 

 

 

8/28/2007

 

300

 

Arlington

 

TX

 

 

 

269,284

 

500,766

 

None

 

None

 

269,284

 

500,766

 

770,050

 

167,755

 

 

 

8/28/2007

 

300

 

Aubrey

 

TX

 

 

 

150,000

 

716,517

 

None

 

None

 

150,000

 

716,517

 

866,517

 

1,194

 

 

 

12/7/2015

 

300

 

Beaumont

 

TX

 

1,265,732

 

1,175,014

 

1,468,768

 

None

 

None

 

1,175,014

 

1,468,768

 

2,643,782

 

173,804

 

 

 

1/22/2013

 

300

 

Centerville

 

TX

 

 

 

340,000

 

873,035

 

None

 

None

 

340,000

 

873,035

 

1,213,035

 

16,006

 

 

 

7/21/2015

 

300

 

Coppell

 

TX

 

 

 

212,875

 

396,007

 

None

 

None

 

212,875

 

396,007

 

608,882

 

132,660

 

 

 

8/28/2007

 

300

 

Corpus Christi

 

TX

 

 

 

826,321

 

1,032,902

 

None

 

None

 

826,321

 

1,032,902

 

1,859,223

 

122,227

 

 

 

1/22/2013

 

300

 

Crossroads

 

TX

 

 

 

380,000

 

649,030

 

None

 

None

 

380,000

 

649,030

 

1,029,030

 

1,082

 

 

 

12/21/2015

 

300

 

Dallas

 

TX

 

 

 

386,451

 

718,361

 

None

 

None

 

386,451

 

718,361

 

1,104,812

 

240,649

 

 

 

8/28/2007

 

300

 

Denton

 

TX

 

 

 

440,000

 

640,350

 

None

 

None

 

440,000

 

640,350

 

1,080,350

 

1,067

 

 

 

12/7/2015

 

300

 

Ennis

 

TX

 

 

 

173,250

 

384,793

 

45,798

 

12,600

 

173,250

 

443,191

 

616,441

 

407,848

 

 

 

12/28/1987

 

300

 

Farmersville

 

TX

 

 

 

240,000

 

639,403

 

None

 

None

 

240,000

 

639,403

 

879,403

 

1,066

 

 

 

12/21/2015

 

300

 

Ferris

 

TX

 

1,023,905

 

922,690

 

1,153,363

 

None

 

None

 

922,690

 

1,153,363

 

2,076,053

 

136,481

 

 

 

1/22/2013

 

300

 

Forney

 

TX

 

1,260,586

 

1,141,991

 

1,427,489

 

None

 

None

 

1,141,991

 

1,427,489

 

2,569,480

 

168,919

 

 

 

1/22/2013

 

300

 

Fort Worth

 

TX

 

 

 

223,195

 

492,067

 

None

 

54

 

223,195

 

492,121

 

715,316

 

484,963

 

 

 

6/26/1991

 

300

 

Fort Worth

 

TX

 

 

 

423,281

 

382,059

 

None

 

None

 

423,281

 

382,059

 

805,340

 

319,019

 

 

 

2/10/1995

 

300

 

Grand Prairie

 

TX

 

 

 

280,000

 

520,197

 

None

 

None

 

280,000

 

520,197

 

800,197

 

174,266

 

 

 

8/28/2007

 

300

 

Houston

 

TX

 

 

 

194,994

 

386,056

 

None

 

128

 

194,994

 

386,184

 

581,178

 

379,505

 

 

 

6/25/1991

 

300

 

Houston

 

TX

 

 

 

113,693

 

-

 

None

 

58

 

113,693

 

58

 

113,751

 

16

 

 

 

3/7/1997

 

N/A

 

Houston

 

TX

 

 

 

335,664

 

624,233

 

None

 

None

 

335,664

 

624,233

 

959,897

 

209,116

 

 

 

8/28/2007

 

300

 

Houston

 

TX

 

 

 

1,003,721

 

1,254,651

 

None

 

None

 

1,003,721

 

1,254,651

 

2,258,372

 

148,467

 

 

 

1/22/2013

 

300

 

Hurst

 

TX

 

 

 

215,623

 

401,245

 

None

 

None

 

215,623

 

401,245

 

616,868

 

134,415

 

 

 

8/28/2007

 

300

 

Irving

 

TX

 

 

 

291,971

 

543,094

 

None

 

None

 

291,971

 

543,094

 

835,065

 

181,934

 

 

 

8/28/2007

 

300

 

Justin

 

TX

 

 

 

310,000

 

682,027

 

None

 

None

 

310,000

 

682,027

 

992,027

 

1,137

 

 

 

12/7/2015

 

300

 

Killeen

 

TX

 

 

 

262,500

 

583,014

 

56,429

 

71

 

262,500

 

639,514

 

902,014

 

583,153

 

 

 

5/29/1987

 

300

 

Krum

 

TX

 

 

 

240,000

 

633,016

 

None

 

None

 

240,000

 

633,016

 

873,016

 

1,055

 

 

 

12/7/2015

 

300

 

Lewisville

 

TX

 

 

 

448,000

 

832,667

 

None

 

None

 

448,000

 

832,667

 

1,280,667

 

278,942

 

 

 

8/28/2007

 

300

 

Lufkin

 

TX

 

 

 

128,842

 

239,585

 

None

 

None

 

128,842

 

239,585

 

368,427

 

96,233

 

 

 

12/22/2005

 

300

 

Lumberton

 

TX

 

 

 

111,146

 

206,720

 

None

 

None

 

111,146

 

206,720

 

317,866

 

83,032

 

 

 

12/22/2005

 

300

 

Porter

 

TX

 

 

 

227,067

 

333,031

 

None

 

None

 

227,067

 

333,031

 

560,098

 

278,081

 

 

 

2/9/1995

 

300

 

Sanger

 

TX

 

 

 

250,000

 

602,302

 

None

 

None

 

250,000

 

602,302

 

852,302

 

1,004

 

 

 

12/7/2015

 

300

 

Santa Fe

 

TX

 

 

 

304,414

 

623,331

 

None

 

None

 

304,414

 

623,331

 

927,745

 

443,546

 

 

 

3/23/1998

 

300

 

Sealy

 

TX

 

 

 

197,871

 

391,753

 

None

 

128

 

197,871

 

391,881

 

589,752

 

385,104

 

 

 

6/25/1991

 

300

 

South Houston

 

TX

 

1,193,698

 

1,139,426

 

1,424,283

 

None

 

None

 

1,139,426

 

1,424,283

 

2,563,709

 

168,540

 

 

 

1/22/2013

 

300

 

Stafford

 

TX

 

 

 

214,024

 

423,733

 

None

 

128

 

214,024

 

423,861

 

637,885

 

416,531

 

 

 

6/26/1991

 

300

 

Temple

 

TX

 

 

 

302,505

 

291,414

 

None

 

None

 

302,505

 

291,414

 

593,919

 

243,330

 

 

 

2/9/1995

 

300

 

Texarkana

 

TX

 

 

 

311,263

 

578,266

 

None

 

None

 

311,263

 

578,266

 

889,529

 

332,500

 

 

 

8/31/2001

 

300

 

Victoria

 

TX

 

1,137,100

 

1,062,212

 

1,327,765

 

None

 

None

 

1,062,212

 

1,327,765

 

2,389,977

 

157,119

 

 

 

1/22/2013

 

300

 

Victoria

 

TX

 

987,888

 

884,385

 

1,105,481

 

None

 

None

 

884,385

 

1,105,481

 

1,989,866

 

130,815

 

 

 

1/22/2013

 

300

 

Vidor

 

TX

 

 

 

146,291

 

271,990

 

None

 

None

 

146,291

 

271,990

 

418,281

 

109,249

 

 

 

12/22/2005

 

300

 

Hampton

 

VA

 

 

 

805,000

 

1,495,800

 

None

 

None

 

805,000

 

1,495,800

 

2,300,800

 

501,091

 

 

 

8/28/2007

 

300

 

Lynchburg

 

VA

 

 

 

308,824

 

573,529

 

None

 

None

 

308,824

 

573,529

 

882,353

 

121,397

 

 

 

9/14/2010

 

300

 

Virginia Beach

 

VA

 

 

 

551,588

 

797,260

 

60,210

 

19,640

 

551,588

 

877,110

 

1,428,698

 

598,838

 

 

 

2/23/1998

 

300

 

Spokane

 

WA

 

 

 

479,531

 

646,719

 

None

 

None

 

479,531

 

646,719

 

1,126,250

 

460,196

 

 

 

3/27/1998

 

300

 

Vancouver

 

WA

 

 

 

1,302,457

 

1,628,071

 

None

 

None

 

1,302,457

 

1,628,071

 

2,930,528

 

192,655

 

 

 

1/22/2013

 

300

 

Appleton

 

WI

 

 

 

340,126

 

631,662

 

None

 

None

 

340,126

 

631,662

 

971,788

 

93,697

 

 

 

4/17/2012

 

300

 

Beaver Dam

 

WI

 

 

 

230,000

 

980,309

 

None

 

None

 

230,000

 

980,309

 

1,210,309

 

21,240

 

 

 

6/25/2015

 

300

 

Grafton

 

WI

 

 

 

149,778

 

332,664

 

None

 

None

 

149,778

 

332,664

 

482,442

 

332,664

 

 

 

10/29/1987

 

300

 

Green Bay

 

WI

 

 

 

308,131

 

572,756

 

None

 

None

 

308,131

 

572,756

 

880,887

 

228,148

 

 

 

1/11/2006

 

300

 

Oshkosh

 

WI

 

 

 

385,870

 

716,616

 

None

 

None

 

385,870

 

716,616

 

1,102,486

 

106,298

 

 

 

4/17/2012

 

300

 

 

F-40



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shoe stores

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lebec

 

CA

 

9,088,899

 

2,357,234

 

30,943,343

 

None

 

None

 

2,357,234

 

30,943,343

 

33,300,577

 

2,615,449

 

 

 

1/22/2013

 

420

 

Staten Island

 

NY

 

 

 

3,190,883

 

3,413,933

 

127,653

 

207,431

 

3,190,883

 

3,749,017

 

6,939,900

 

2,141,562

 

 

 

3/26/1998

 

300

 

Brookville

 

OH

 

19,076,267

 

2,577,129

 

48,823,456

 

None

 

None

 

2,577,129

 

48,823,456

 

51,400,585

 

4,126,744

 

 

 

1/22/2013

 

420

 

McMinnville

 

TN

 

 

 

703,355

 

1,432,903

 

17,538

 

7,275

 

703,355

 

1,457,716

 

2,161,071

 

491,004

 

 

 

11/1/2006

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sporting goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anchorage

 

AK

 

 

 

1,486,000

 

5,045,244

 

None

 

None

 

1,486,000

 

5,045,244

 

6,531,244

 

2,867,372

 

 

 

10/17/2001

 

300

 

Mesa

 

AZ

 

 

 

984,890

 

1,536,269

 

None

 

None

 

984,890

 

1,536,269

 

2,521,159

 

545,357

 

 

 

2/12/2007

 

300

 

Fresno

 

CA

 

 

 

1,650,000

 

3,321,244

 

None

 

None

 

1,650,000

 

3,321,244

 

4,971,244

 

1,887,565

 

 

 

10/17/2001

 

300

 

Daytona Beach

 

FL

 

 

 

608,790

 

2,557,564

 

None

 

None

 

608,790

 

2,557,564

 

3,166,354

 

1,237,688

 

9/10/2003

 

4/18/2003

 

300

 

Fort Myers

 

FL

 

 

 

1,695,000

 

2,025,554

 

None

 

None

 

1,695,000

 

2,025,554

 

3,720,554

 

1,151,186

 

 

 

10/17/2001

 

300

 

Gainesville

 

FL

 

 

 

1,296,000

 

2,234,554

 

None

 

None

 

1,296,000

 

2,234,554

 

3,530,554

 

1,269,968

 

 

 

10/17/2001

 

300

 

Jupiter

 

FL

 

 

 

1,698,316

 

4,352,255

 

None

 

247,330

 

1,698,316

 

4,599,585

 

6,297,901

 

2,369,901

 

 

 

5/3/2000

 

300

 

Melbourne

 

FL

 

 

 

994,000

 

4,076,554

 

None

 

None

 

994,000

 

4,076,554

 

5,070,554

 

2,316,838

 

 

 

10/17/2001

 

300

 

Orlando

 

FL

 

 

 

1,197,000

 

2,573,554

 

None

 

None

 

1,197,000

 

2,573,554

 

3,770,554

 

1,462,633

 

 

 

10/17/2001

 

300

 

Augusta

 

GA

 

 

 

1,460,000

 

5,953,083

 

None

 

None

 

1,460,000

 

5,953,083

 

7,413,083

 

278,322

 

9/17/2014

 

4/16/2014

 

300

 

Pooler

 

GA

 

 

 

1,339,957

 

1,831,350

 

None

 

None

 

1,339,957

 

1,831,350

 

3,171,307

 

710,839

 

 

 

3/1/2006

 

300

 

Algonquin

 

IL

 

 

 

1,360,000

 

7,255,745

 

None

 

None

 

1,360,000

 

7,255,745

 

8,615,745

 

312,958

 

10/6/2014

 

4/22/2014

 

300

 

Geneva

 

IL

 

 

 

2,082,000

 

1,838,888

 

None

 

None

 

2,082,000

 

1,838,888

 

3,920,888

 

1,045,095

 

 

 

10/17/2001

 

300

 

Marion

 

IL

 

 

 

-

 

6,629,748

 

None

 

None

 

-

 

6,629,748

 

6,629,748

 

11,096

 

In-progress

 

11/13/2014

 

300

 

Avon

 

IN

 

 

 

2,200,000

 

5,299,303

 

5,039

 

None

 

2,200,000

 

5,304,342

 

7,504,342

 

335,434

 

4/8/2014

 

10/11/2013

 

300

 

Greenwood

 

IN

 

 

 

1,490,000

 

5,241,516

 

None

 

None

 

1,490,000

 

5,241,516

 

6,731,516

 

375,642

 

 

 

3/25/2014

 

300

 

Bowie

 

MD

 

 

 

2,084,000

 

3,046,888

 

None

 

None

 

2,084,000

 

3,046,888

 

5,130,888

 

1,731,642

 

 

 

10/17/2001

 

300

 

Winston Salem

 

NC

 

 

 

2,390,000

 

3,416,323

 

None

 

None

 

2,390,000

 

3,416,323

 

5,806,323

 

370,102

 

 

 

4/12/2013

 

300

 

Kearney

 

NE

 

 

 

173,950

 

344,393

 

None

 

None

 

173,950

 

344,393

 

518,343

 

344,393

 

 

 

5/1/1990

 

300

 

Glendale

 

NY

 

 

 

5,559,686

 

4,447,566

 

None

 

None

 

5,559,686

 

4,447,566

 

10,007,252

 

1,964,342

 

 

 

12/29/2004

 

300

 

Huber Heights

 

OH

 

 

 

2,280,000

 

5,814,036

 

None

 

None

 

2,280,000

 

5,814,036

 

8,094,036

 

222,871

 

 

 

1/27/2015

 

300

 

Reynoldsburg

 

OH

 

 

 

850,000

 

2,770,492

 

None

 

None

 

850,000

 

2,770,492

 

3,620,492

 

170,847

 

 

 

6/19/2014

 

300

 

Eugene

 

OR

 

 

 

720,000

 

7,434,760

 

25,586

 

None

 

720,000

 

7,460,346

 

8,180,346

 

843,638

 

 

 

3/22/2013

 

300

 

Mechanicsburg

 

PA

 

 

 

2,101,415

 

3,902,912

 

None

 

None

 

2,101,415

 

3,902,912

 

6,004,327

 

2,205,144

 

 

 

11/8/2001

 

300

 

Columbia

 

SC

 

 

 

1,145,120

 

2,770,957

 

None

 

None

 

1,145,120

 

2,770,957

 

3,916,077

 

908,485

 

 

 

3/3/2005

 

300

 

Spartanburg

 

SC

 

 

 

1,234,815

 

3,111,921

 

(428,405

)

None

 

806,410

 

3,111,921

 

3,918,331

 

1,342,081

 

 

 

3/3/2005

 

300

 

Mt Juliet

 

TN

 

 

 

2,449,395

 

6,074,357

 

None

 

None

 

2,449,395

 

6,074,357

 

8,523,752

 

313,762

 

5/30/2014

 

12/10/2013

 

300

 

El Paso

 

TX

 

 

 

700,000

 

2,501,244

 

None

 

None

 

700,000

 

2,501,244

 

3,201,244

 

1,421,532

 

 

 

10/17/2001

 

300

 

Houston

 

TX

 

 

 

1,140,982

 

4,253,818

 

None

 

None

 

1,140,982

 

4,253,818

 

5,394,800

 

106,345

 

 

 

5/28/2015

 

300

 

Huntsville

 

TX

 

 

 

580,000

 

5,720,000

 

None

 

None

 

580,000

 

5,720,000

 

6,300,000

 

295,533

 

 

 

9/29/2014

 

300

 

Wichita Falls

 

TX

 

 

 

1,100,000

 

5,556,669

 

None

 

None

 

1,100,000

 

5,556,669

 

6,656,669

 

361,183

 

 

 

5/13/2014

 

300

 

Fredericksburg

 

VA

 

 

 

1,941,000

 

2,979,888

 

None

 

None

 

1,941,000

 

2,979,888

 

4,920,888

 

1,693,564

 

 

 

10/17/2001

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Telecommunications

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Augusta

 

GA

 

 

 

2,720,359

 

11,128,077

 

None

 

147

 

2,720,359

 

11,128,224

 

13,848,583

 

2,095,918

 

 

 

4/1/2011

 

300

 

Harmans

 

MD

 

 

 

3,411,391

 

11,757,946

 

363,285

 

None

 

3,411,391

 

12,121,231

 

15,532,622

 

1,044,115

 

 

 

1/22/2013

 

420

 

East Syracuse

 

NY

 

9,100,000

 

880,000

 

15,816,613

 

None

 

None

 

880,000

 

15,816,613

 

16,696,613

 

772,001

 

 

 

4/30/2014

 

420

 

Portland

 

OR

 

 

 

1,246,233

 

1,289,636

 

None

 

None

 

1,246,233

 

1,289,636

 

2,535,869

 

5

 

In-progress

 

12/10/2015

 

N/A

 

Salem

 

OR

 

 

 

1,721,686

 

9,387,216

 

2,750

 

58

 

1,721,686

 

9,390,024

 

11,111,710

 

1,706,507

 

 

 

6/22/2011

 

300

 

Brownsville

 

TX

 

 

 

1,740,479

 

11,570,294

 

None

 

147

 

1,740,479

 

11,570,441

 

13,310,920

 

2,179,202

 

 

 

4/1/2011

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Theaters

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fairbanks

 

AK

 

 

 

2,586,879

 

9,575

 

None

 

None

 

2,586,879

 

9,575

 

2,596,454

 

5,761

 

 

 

9/27/2000

 

300

 

Huntsville

 

AL

 

 

 

2,810,868

 

14,308

 

None

 

None

 

2,810,868

 

14,308

 

2,825,176

 

8,608

 

 

 

9/27/2000

 

300

 

Chula Vista

 

CA

 

 

 

2,060,287

 

8,914,162

 

None

 

None

 

2,060,287

 

8,914,162

 

10,974,449

 

1,559,978

 

 

 

8/8/2011

 

300

 

Norwalk

 

CA

 

 

 

2,466,208

 

15,838,098

 

None

 

None

 

2,466,208

 

15,838,098

 

18,304,306

 

2,356,042

 

 

 

8/8/2011

 

300

 

Denver

 

CO

 

 

 

5,150,000

 

9,056,647

 

525,783

 

None

 

5,150,000

 

9,582,430

 

14,732,430

 

563,256

 

 

 

6/27/2014

 

300

 

Naples

 

FL

 

 

 

2,618,441

 

8,979,199

 

None

 

None

 

2,618,441

 

8,979,199

 

11,597,640

 

5,492,257

 

 

 

9/27/2000

 

300

 

Austell

 

GA

 

 

 

2,497,504

 

10,148,237

 

None

 

None

 

2,497,504

 

10,148,237

 

12,645,741

 

1,775,941

 

 

 

8/8/2011

 

300

 

Chamblee

 

GA

 

 

 

4,329,404

 

14,942

 

None

 

None

 

4,329,404

 

14,942

 

4,344,346

 

8,802

 

 

 

9/27/2000

 

300

 

Morrow

 

GA

 

 

 

2,962,468

 

13,170,143

 

115,230

 

None

 

2,962,468

 

13,285,373

 

16,247,841

 

2,363,728

 

 

 

8/8/2011

 

300

 

Council Bluffs

 

IA

 

 

 

4,924,553

 

14,207,916

 

None

 

None

 

4,924,553

 

14,207,916

 

19,132,469

 

3,807,942

 

 

 

1/31/2008

 

300

 

Dubuque

 

IA

 

 

 

3,185,053

 

5,915,983

 

None

 

None

 

3,185,053

 

5,915,983

 

9,101,036

 

1,883,254

 

 

 

1/31/2008

 

300

 

Edwardsville

 

IL

 

 

 

4,270,500

 

9,070,885

 

None

 

None

 

4,270,500

 

9,070,885

 

13,341,385

 

3,734,171

 

 

 

9/28/2005

 

300

 

Lake In The Hills

 

IL

 

 

 

3,297,566

 

11,716,314

 

None

 

None

 

3,297,566

 

11,716,314

 

15,013,880

 

3,976,476

 

 

 

9/28/2005

 

300

 

Marion

 

IL

 

 

 

832,500

 

3,499,885

 

None

 

None

 

832,500

 

3,499,885

 

4,332,385

 

1,440,776

 

 

 

9/28/2005

 

300

 

Mattoon

 

IL

 

 

 

543,183

 

5,110,193

 

None

 

None

 

543,183

 

5,110,193

 

5,653,376

 

2,103,686

 

 

 

9/28/2005

 

300

 

North Pekin

 

IL

 

 

 

1,575,231

 

9,183,100

 

None

 

None

 

1,575,231

 

9,183,100

 

10,758,331

 

3,780,367

 

 

 

9/28/2005

 

300

 

Rockford

 

IL

 

 

 

4,270,500

 

16,675,954

 

(1,779

)

None

 

4,268,721

 

16,675,954

 

20,944,675

 

6,864,925

 

 

 

9/28/2005

 

300

 

Springfield

 

IL

 

 

 

3,151,838

 

10,404,452

 

None

 

None

 

3,151,838

 

10,404,452

 

13,556,290

 

4,283,156

 

 

 

9/28/2005

 

300

 

Bloomington

 

IN

 

 

 

2,498,642

 

7,934,745

 

None

 

None

 

2,498,642

 

7,934,745

 

10,433,387

 

3,266,460

 

 

 

9/28/2005

 

300

 

Columbus

 

IN

 

 

 

1,999,812

 

7,234,361

 

None

 

None

 

1,999,812

 

7,234,361

 

9,234,173

 

2,978,136

 

 

 

9/28/2005

 

300

 

Indianapolis

 

IN

 

 

 

2,700,395

 

17,672,980

 

None

 

None

 

2,700,395

 

17,672,980

 

20,373,375

 

7,073,580

 

 

 

9/28/2005

 

300

 

Terre Haute

 

IN

 

 

 

1,249,321

 

9,835,885

 

None

 

None

 

1,249,321

 

9,835,885

 

11,085,206

 

4,049,096

 

 

 

9/28/2005

 

300

 

Coon Rapids

 

MN

 

 

 

2,460,040

 

17,641,170

 

None

 

None

 

2,460,040

 

17,641,170

 

20,101,210

 

6,298,676

 

 

 

9/28/2005

 

300

 

Inver Grove

 

MN

 

 

 

2,863,272

 

18,471,062

 

None

 

None

 

2,863,272

 

18,471,062

 

21,334,334

 

6,410,429

 

 

 

9/28/2005

 

300

 

Poplar Bluff

 

MO

 

 

 

1,106,618

 

4,872,502

 

None

 

None

 

1,106,618

 

4,872,502

 

5,979,120

 

2,005,837

 

 

 

9/28/2005

 

300

 

Rockaway

 

NJ

 

 

 

8,634,576

 

14,679,823

 

None

 

None

 

8,634,576

 

14,679,823

 

23,314,399

 

5,313,227

 

12/6/2006

 

4/13/2005

 

300

 

Binghamton

 

NY

 

 

 

2,700,000

 

5,570,505

 

47,777

 

None

 

2,700,000

 

5,618,282

 

8,318,282

 

2,317,218

 

 

 

9/29/2005

 

300

 

Henrietta

 

NY

 

 

 

2,152,546

 

8,953,645

 

None

 

None

 

2,152,546

 

8,953,645

 

11,106,191

 

1,566,888

 

 

 

8/8/2011

 

300

 

Akron

 

OH

 

 

 

1,511,018

 

1,386

 

None

 

None

 

1,511,018

 

1,386

 

1,512,404

 

834

 

 

 

9/27/2000

 

300

 

Beavercreek

 

OH

 

 

 

2,062,545

 

8,467,551

 

518,435

 

None

 

2,062,545

 

8,985,986

 

11,048,531

 

1,618,286

 

 

 

8/8/2011

 

300

 

Columbus

 

OH

 

 

 

2,103,351

 

5,161,550

 

None

 

None

 

2,103,351

 

5,161,550

 

7,264,901

 

2,709,801

 

 

 

11/1/2002

 

300

 

Hillsboro

 

OR

 

 

 

4,915,032

 

16,377

 

None

 

58

 

4,915,032

 

16,435

 

4,931,467

 

9,882

 

 

 

9/27/2000

 

300

 

Portland

 

OR

 

 

 

2,793,001

 

9,942

 

None

 

58

 

2,793,001

 

10,000

 

2,803,001

 

6,010

 

 

 

9/27/2000

 

300

 

Spartanburg

 

SC

 

 

 

2,072,738

 

8,340,814

 

18,470

 

None

 

2,072,738

 

8,359,284

 

10,432,022

 

1,154,732

 

 

 

7/31/2012

 

300

 

Burleson

 

TX

 

 

 

2,280,000

 

2,802,189

 

None

 

None

 

2,280,000

 

2,802,189

 

5,082,189

 

1,060,161

 

 

 

7/26/2006

 

300

 

Laredo

 

TX

 

 

 

2,161,477

 

5,561,558

 

None

 

None

 

2,161,477

 

5,561,558

 

7,723,035

 

2,031,525

 

10/11/2006

 

8/9/2005

 

300

 

Live Oak

 

TX

 

 

 

2,910,035

 

12,674,850

 

None

 

None

 

2,910,035

 

12,674,850

 

15,584,885

 

2,218,099

 

 

 

8/8/2011

 

300

 

Longview

 

TX

 

 

 

2,887,500

 

5,363,826

 

None

 

None

 

2,887,500

 

5,363,826

 

8,251,326

 

2,154,470

 

 

 

12/21/2005

 

300

 

Lubbock

 

TX

 

 

 

1,642,533

 

6,984,372

 

None

 

None

 

1,642,533

 

6,984,372

 

8,626,905

 

1,222,265

 

 

 

8/8/2011

 

300

 

Waco

 

TX

 

 

 

1,013,706

 

5,880,539

 

None

 

None

 

1,013,706

 

5,880,539

 

6,894,245

 

2,165,999

 

 

 

10/6/2006

 

300

 

Glen Allen

 

VA

 

 

 

1,314,065

 

9,748,457

 

None

 

None

 

1,314,065

 

9,748,457

 

11,062,522

 

5,962,770

 

 

 

9/27/2000

 

300

 

Roanoke

 

VA

 

 

 

2,212,494

 

9,324,958

 

None

 

None

 

2,212,494

 

9,324,958

 

11,537,452

 

1,631,868

 

 

 

8/8/2011

 

300

 

Sterling

 

VA

 

 

 

4,546,305

 

33,325

 

None

 

None

 

4,546,305

 

33,325

 

4,579,630

 

19,490

 

 

 

9/27/2000

 

300

 

Marysville

 

WA

 

 

 

1,988,142

 

-

 

None

 

None

 

1,988,142

 

-

 

1,988,142

 

-

 

 

 

7/27/2000

 

N/A

 

Fitchburg

 

WI

 

 

 

5,540,553

 

13,902,133

 

None

 

None

 

5,540,553

 

13,902,133

 

19,442,686

 

3,275,804

 

 

 

1/31/2008

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transportation services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Phoenix

 

AZ

 

 

 

4,106,903

 

23,819,301

 

None

 

None

 

4,106,903

 

23,819,301

 

27,926,204

 

2,013,298

 

 

 

1/22/2013

 

420

 

West Sacramento

 

CA

 

 

 

12,277,918

 

29,165,650

 

17,616

 

None

 

12,277,918

 

29,183,266

 

41,461,184

 

2,467,165

 

 

 

1/22/2013

 

420

 

Palmetto

 

FL

 

 

 

1,853,907

 

14,806,512

 

12,345

 

None

 

1,853,907

 

14,818,857

 

16,672,764

 

1,888,674

 

 

 

3/17/2011

 

300

 

Conley

 

GA

 

 

 

420,000

 

780,000

 

None

 

None

 

420,000

 

780,000

 

1,200,000

 

154,700

 

 

 

1/10/2011

 

300

 

Chicago

 

IL

 

 

 

612,500

 

1,137,500

 

None

 

None

 

612,500

 

1,137,500

 

1,750,000

 

225,604

 

 

 

1/10/2011

 

300

 

Grayslake

 

IL

 

 

 

5,044,195

 

26,218,048

 

500

 

None

 

5,044,195

 

26,218,548

 

31,262,743

 

3,872,422

 

 

 

4/21/2011

 

300

 

Evansville

 

IN

 

 

 

959,651

 

4,053,122

 

None

 

None

 

959,651

 

4,053,122

 

5,012,773

 

695,786

 

 

 

9/13/2011

 

300

 

Dodge City

 

KS

 

1,224,570

 

244,811

 

3,713,789

 

4,383

 

None

 

244,811

 

3,718,172

 

3,962,983

 

274,889

 

 

 

1/22/2013

 

420

 

Hays

 

KS

 

895,274

 

171,304

 

2,701,222

 

5,284

 

None

 

171,304

 

2,706,506

 

2,877,810

 

177,281

 

 

 

1/22/2013

 

420

 

Wichita

 

KS

 

 

 

2,840,499

 

7,375,302

 

1,000

 

None

 

2,840,499

 

7,376,302

 

10,216,801

 

1,414,074

 

 

 

3/16/2011

 

300

 

Louisville

 

KY

 

 

 

472,500

 

877,500

 

None

 

None

 

472,500

 

877,500

 

1,350,000

 

174,038

 

 

 

1/10/2011

 

300

 

Louisville

 

KY

 

 

 

5,732,055

 

30,841,995

 

None

 

None

 

5,732,055

 

30,841,995

 

36,574,050

 

2,606,883

 

 

 

1/22/2013

 

420

 

Saint Rose

 

LA

 

 

 

3,147,428

 

8,283,048

 

21,892

 

None

 

3,147,428

 

8,304,940

 

11,452,368

 

1,341,034

 

 

 

12/20/2011

 

300

 

Baltimore

 

MD

 

 

 

1,740,080

 

4,580,068

 

None

 

None

 

1,740,080

 

4,580,068

 

6,320,148

 

2,275,468

 

12/24/2003

 

4/1/2003

 

300

 

Baltimore

 

MD

 

 

 

4,499,317

 

50,857,761

 

36,500

 

None

 

4,499,317

 

50,894,261

 

55,393,578

 

4,088,770

 

 

 

1/22/2013

 

420

 

Detroit

 

MI

 

 

 

280,000

 

520,000

 

None

 

None

 

280,000

 

520,000

 

800,000

 

103,133

 

 

 

1/10/2011

 

300

 

 

F-41



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2015

 

 

 

 

 

 

 

 

 

 

Cost  Capitalized

 

 

 

 

 

 

 

 

 

Life on

 

 

 

 

 

 

 

 

 

 

 

Subsequent

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

which

 

 

 

 

 

 

 

Initial Cost to Company

 

to Acquisition

 

at Close of Period (Notes 3, 4, 6 and 7)

 

 

 

 

 

 

 

depreciation

 

 

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

Buildings,

 

 

 

 

 

 

 

 

 

in latest

 

 

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

Improvements

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

and

 

 

 

Accumulated

 

 

 

 

 

Statement

 

Description

 

 

 

Encumbrances

 

 

 

Acquisition

 

 

 

Carrying

 

 

 

Acquisition

 

 

 

Depreciation

 

Date of

 

Date

 

is Computed

 

(Note 1)

 

 

 

(Note 2)

 

Land

 

Fees

 

Improvements

 

Costs

 

Land

 

Fees

 

Total

 

(Note 5)

 

Construction

 

Acquired

 

(in Months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gibraltar

 

MI

 

 

 

245,000

 

455,000

 

None

 

None

 

245,000

 

455,000

 

700,000

 

90,242

 

 

 

1/10/2011

 

300

 

Novi

 

MI

 

 

 

210,000

 

677,324

 

None

 

None

 

210,000

 

677,324

 

887,324

 

21,449

 

 

 

3/31/2015

 

300

 

Saginaw

 

MI

 

 

 

219,564

 

10,638,391

 

5,127

 

None

 

219,564

 

10,643,518

 

10,863,082

 

899,229

 

 

 

1/22/2013

 

420

 

Saline

 

MI

 

4,833,060

 

1,275,995

 

17,421,836

 

None

 

None

 

1,275,995

 

17,421,836

 

18,697,831

 

1,276,086

 

 

 

1/22/2013

 

420

 

Saint Cloud

 

MN

 

2,197,022

 

474,860

 

4,309,642

 

3,567

 

None

 

474,860

 

4,313,209

 

4,788,069

 

364,275

 

 

 

1/22/2013

 

420

 

Shakopee

 

MN

 

 

 

2,451,948

 

12,666,361

 

None

 

98,424

 

2,451,948

 

12,764,785

 

15,216,733

 

1,837,966

 

 

 

3/17/2011

 

300

 

Springfield

 

MO

 

 

 

2,669,300

 

19,440,332

 

None

 

None

 

2,669,300

 

19,440,332

 

22,109,632

 

1,643,171

 

 

 

1/22/2013

 

420

 

Petal

 

MS

 

 

 

315,000

 

3,657,281

 

None

 

None

 

315,000

 

3,657,281

 

3,972,281

 

261,952

 

5/24/2013

 

7/12/2012

 

420

 

Charlotte

 

NC

 

 

 

735,000

 

1,365,000

 

None

 

None

 

735,000

 

1,365,000

 

2,100,000

 

270,725

 

 

 

1/10/2011

 

300

 

Grand Forks

 

ND

 

1,687,642

 

366,876

 

3,329,620

 

14,618

 

None

 

366,876

 

3,344,238

 

3,711,114

 

283,458

 

 

 

1/22/2013

 

420

 

Lincoln

 

NE

 

3,658,273

 

792,802

 

9,577,968

 

None

 

None

 

792,802

 

9,577,968

 

10,370,770

 

690,249

 

 

 

1/22/2013

 

420

 

West Lebanon

 

NH

 

 

 

996,755

 

8,076,928

 

None

 

None

 

996,755

 

8,076,928

 

9,073,683

 

682,693

 

 

 

1/22/2013

 

420

 

Bronx

 

NY

 

12,691,867

 

-

 

19,765,973

 

75,475

 

None

 

-

 

19,841,448

 

19,841,448

 

1,715,509

 

 

 

1/22/2013

 

420

 

Rensselaer

 

NY

 

 

 

5,393,842

 

67,434,084

 

None

 

142,250

 

5,393,842

 

67,576,334

 

72,970,176

 

5,099,962

 

 

 

1/22/2013

 

420

 

Columbus

 

OH

 

 

 

245,000

 

455,000

 

None

 

None

 

245,000

 

455,000

 

700,000

 

90,242

 

 

 

1/10/2011

 

300

 

North Canton

 

OH

 

 

 

-

 

10,641,063

 

None

 

None

 

-

 

10,641,063

 

10,641,063

 

899,423

 

 

 

1/22/2013

 

420

 

Uniontown

 

OH

 

 

 

2,237,958

 

53,040,112

 

None

 

None

 

2,237,958

 

53,040,112

 

55,278,070

 

4,483,152

 

 

 

1/22/2013

 

420

 

Vandalia

 

OH

 

 

 

719,985

 

10,102,113

 

None

 

None

 

719,985

 

10,102,113

 

10,822,098

 

1,498,480

 

 

 

4/10/2012

 

300

 

Walbridge

 

OH

 

 

 

210,000

 

390,000

 

None

 

None

 

210,000

 

390,000

 

600,000

 

77,350

 

 

 

1/10/2011

 

300

 

Whitehall

 

OH

 

 

 

1,400,000

 

24,053,357

 

None

 

None

 

1,400,000

 

24,053,357

 

25,453,357

 

257,715

 

 

 

8/26/2015

 

420

 

Coraopolis

 

PA

 

 

 

350,000

 

650,000

 

None

 

None

 

350,000

 

650,000

 

1,000,000

 

128,917

 

 

 

1/10/2011

 

300

 

Franklin

 

PA

 

 

 

405,243

 

4,689,328

 

22,294

 

None

 

405,243

 

4,711,622

 

5,116,865

 

387,463

 

 

 

3/15/2011

 

300

 

Parker

 

PA

 

 

 

210,000

 

390,000

 

None

 

None

 

210,000

 

390,000

 

600,000

 

77,350

 

 

 

1/10/2011

 

300

 

Snow Shoe

 

PA

 

 

 

591,101

 

12,994,366

 

None

 

None

 

591,101

 

12,994,366

 

13,585,467

 

1,098,333

 

 

 

1/22/2013

 

420

 

Sioux Falls

 

SD

 

1,605,500

 

416,023

 

3,775,664

 

None

 

None

 

416,023

 

3,775,664

 

4,191,687

 

317,224

 

 

 

1/22/2013

 

420

 

Chattanooga

 

TN

 

 

 

2,024,239

 

8,974,591

 

5,835

 

None

 

2,024,239

 

8,980,426

 

11,004,665

 

1,720,401

 

 

 

3/17/2011

 

300

 

Memphis

 

TN

 

 

 

3,570,000

 

16,398,303

 

202,533

 

None

 

3,570,000

 

16,600,836

 

20,170,836

 

1,372,601

 

 

 

2/27/2013

 

420

 

Freeport

 

TX

 

 

 

245,000

 

455,000

 

None

 

None

 

245,000

 

455,000

 

700,000

 

90,242

 

 

 

1/10/2011

 

300

 

Houston

 

TX

 

 

 

5,802,459

 

45,111,656

 

None

 

None

 

5,802,459

 

45,111,656

 

50,914,115

 

3,813,009

 

 

 

1/22/2013

 

420

 

Houston

 

TX

 

9,187,363

 

3,140,000

 

11,319,877

 

None

 

None

 

3,140,000

 

11,319,877

 

14,459,877

 

634,028

 

 

 

1/31/2014

 

420

 

Houston

 

TX

 

12,427,637

 

3,910,000

 

16,504,232

 

None

 

None

 

3,910,000

 

16,504,232

 

20,414,232

 

924,335

 

 

 

1/31/2014

 

420

 

La Porte

 

TX

 

 

 

875,000

 

1,625,000

 

None

 

None

 

875,000

 

1,625,000

 

2,500,000

 

322,292

 

 

 

1/10/2011

 

300

 

Sherman

 

TX

 

 

 

439,127

 

9,850,580

 

None

 

None

 

439,127

 

9,850,580

 

10,289,707

 

832,606

 

 

 

1/22/2013

 

420

 

Vineyard

 

UT

 

 

 

1,732,107

 

7,419,359

 

None

 

None

 

1,732,107

 

7,419,359

 

9,151,466

 

1,086,034

 

 

 

3/17/2011

 

300

 

Spokane Valley

 

WA

 

 

 

805,923

 

13,474,284

 

None

 

12

 

805,923

 

13,474,296

 

14,280,219

 

769,494

 

 

 

1/22/2013

 

420

 

Beckley

 

WV

 

2,299,927

 

497,198

 

6,060,449

 

6,623

 

None

 

497,198

 

6,067,072

 

6,564,270

 

436,897

 

 

 

1/22/2013

 

420

 

Charleston

 

WV

 

 

 

2,251,894

 

6,469,248

 

None

 

None

 

2,251,894

 

6,469,248

 

8,721,142

 

425,773

 

 

 

12/28/2012

 

420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale clubs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado Springs

 

CO

 

 

 

3,540,000

 

6,206,964

 

1,500

 

None

 

3,540,000

 

6,208,464

 

9,748,464

 

631,416

 

 

 

6/28/2013

 

300

 

Derby

 

CT

 

 

 

5,699,931

 

10,584,586

 

1,000

 

None

 

5,699,931

 

10,585,586

 

16,285,517

 

1,393,962

 

 

 

9/20/2012

 

300

 

Waterford

 

CT

 

 

 

11,841,797

 

21,990,910

 

1,000

 

None

 

11,841,797

 

21,991,910

 

33,833,707

 

2,895,795

 

 

 

9/20/2012

 

300

 

Sanford

 

FL

 

 

 

5,788,032

 

10,748,203

 

1,000

 

None

 

5,788,032

 

10,749,203

 

16,537,235

 

1,415,505

 

 

 

9/20/2012

 

300

 

Augusta

 

GA

 

5,690,200

 

4,673,148

 

9,903,758

 

2,072

 

None

 

4,673,148

 

9,905,830

 

14,578,978

 

1,172,549

 

 

 

1/22/2013

 

300

 

Louisville

 

KY

 

 

 

2,760,000

 

4,164,146

 

1,500

 

None

 

2,760,000

 

4,165,646

 

6,925,646

 

423,730

 

 

 

6/28/2013

 

300

 

Kenner

 

LA

 

 

 

2,570,000

 

6,294,719

 

1,500

 

None

 

2,570,000

 

6,296,219

 

8,866,219

 

640,338

 

 

 

6/28/2013

 

300

 

Abingdon

 

MD

 

 

 

8,965,840

 

16,649,846

 

1,000

 

None

 

8,965,840

 

16,650,846

 

25,616,686

 

2,192,555

 

 

 

9/20/2012

 

300

 

Capitol Heights

 

MD

 

17,820,000

 

2,900,000

 

19,570,396

 

1,000

 

None

 

2,900,000

 

19,571,396

 

22,471,396

 

1,337,485

 

 

 

4/1/2014

 

300

 

Columbia

 

MD

 

 

 

10,208,201

 

18,958,088

 

None

 

None

 

10,208,201

 

18,958,088

 

29,166,289

 

3,254,472

 

 

 

9/30/2011

 

300

 

Nashua

 

NH

 

 

 

7,204,581

 

13,379,935

 

None

 

None

 

7,204,581

 

13,379,935

 

20,584,516

 

2,296,889

 

 

 

9/30/2011

 

300

 

Clay

 

NY

 

 

 

6,902,476

 

12,817,384

 

1,500

 

None

 

6,902,476

 

12,818,884

 

19,721,360

 

1,688,110

 

 

 

9/20/2012

 

300

 

Freeport

 

NY

 

 

 

13,122,718

 

24,369,763

 

1,000

 

None

 

13,122,718

 

24,370,763

 

37,493,481

 

4,183,901

 

 

 

9/30/2011

 

300

 

Yorktown Heights

 

NY

 

 

 

11,225,391

 

20,847,154

 

None

 

None

 

11,225,391

 

20,847,154

 

32,072,545

 

3,578,761

 

 

 

9/30/2011

 

300

 

Oklahoma City

 

OK

 

 

 

3,130,000

 

6,607,526

 

1,500

 

None

 

3,130,000

 

6,609,026

 

9,739,026

 

672,140

 

 

 

6/28/2013

 

300

 

Tulsa

 

OK

 

 

 

3,100,000

 

6,280,893

 

1,500

 

None

 

3,100,000

 

6,282,393

 

9,382,393

 

638,932

 

 

 

6/28/2013

 

300

 

Conshohocken

 

PA

 

 

 

7,231,557

 

13,430,034

 

None

 

None

 

7,231,557

 

13,430,034

 

20,661,591

 

2,305,489

 

 

 

9/30/2011

 

300

 

Stroudsburg

 

PA

 

 

 

5,192,837

 

9,642,340

 

1,500

 

None

 

5,192,837

 

9,643,840

 

14,836,677

 

1,270,062

 

 

 

9/20/2012

 

300

 

York

 

PA

 

 

 

5,433,864

 

10,090,462

 

1,000

 

None

 

5,433,864

 

10,091,462

 

15,525,326

 

1,328,903

 

 

 

9/20/2012

 

300

 

Memphis

 

TN

 

 

 

4,810,000

 

4,880,207

 

None

 

None

 

4,810,000

 

4,880,207

 

9,690,207

 

496,154

 

 

 

6/28/2013

 

300

 

Nashville

 

TN

 

 

 

3,750,000

 

6,190,754

 

1,500

 

None

 

3,750,000

 

6,192,254

 

9,942,254

 

629,768

 

 

 

6/28/2013

 

300

 

Amarillo

 

TX

 

 

 

1,190,000

 

5,820,158

 

1,000

 

None

 

1,190,000

 

5,821,158

 

7,011,158

 

591,966

 

 

 

6/28/2013

 

300

 

El Paso

 

TX

 

 

 

2,720,000

 

6,293,142

 

1,000

 

None

 

2,720,000

 

6,294,142

 

9,014,142

 

640,053

 

 

 

6/28/2013

 

300

 

Houston

 

TX

 

 

 

3,410,000

 

5,759,623

 

1,500

 

None

 

3,410,000

 

5,761,123

 

9,171,123

 

585,937

 

 

 

6/28/2013

 

300

 

Jersey Village

 

TX

 

 

 

3,370,000

 

5,865,635

 

1,500

 

None

 

3,370,000

 

5,867,135

 

9,237,135

 

596,715

 

 

 

6/28/2013

 

300

 

Plano

 

TX

 

 

 

6,750,000

 

7,580,624

 

1,000

 

None

 

6,750,000

 

7,581,624

 

14,331,624

 

770,947

 

 

 

6/28/2013

 

300

 

San Antonio

 

TX

 

 

 

3,660,000

 

5,213,163

 

1,500

 

None

 

3,660,000

 

5,214,663

 

8,874,663

 

530,380

 

 

 

6/28/2013

 

300

 

San Antonio

 

TX

 

 

 

3,830,000

 

5,019,869

 

1,500

 

None

 

3,830,000

 

5,021,369

 

8,851,369

 

510,728

 

 

 

6/28/2013

 

300

 

Tyler

 

TX

 

 

 

1,940,000

 

4,638,872

 

1,500

 

None

 

1,940,000

 

4,640,372

 

6,580,372

 

471,994

 

 

 

6/28/2013

 

300

 

Waco

 

TX

 

 

 

2,000,000

 

4,262,780

 

1,500

 

None

 

2,000,000

 

4,264,280

 

6,264,280

 

433,758

 

 

 

6/28/2013

 

300

 

Mechanicsville

 

VA

 

 

 

5,650,222

 

10,493,270

 

None

 

None

 

5,650,222

 

10,493,270

 

16,143,492

 

1,381,614

 

 

 

9/20/2012

 

300

 

Woodbridge

 

VA

 

 

 

5,659,285

 

10,509,101

 

1,000

 

None

 

5,659,285

 

10,510,101

 

16,169,386

 

1,804,487

 

 

 

9/30/2011

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Irondale

 

AL

 

 

 

392,795

 

865,115

 

70,842

 

164

 

392,795

 

936,121

 

1,328,916

 

651,165

 

 

 

9/30/1997

 

300

 

Escondido

 

CA

 

 

 

1,949,375

 

12,966,248

 

832,944

 

None

 

1,949,375

 

13,799,192

 

15,748,567

 

4,638,032

 

8/13/2007

 

1/18/2006

 

300

 

San Diego

 

CA

 

 

 

5,699,757

 

22,556,526

 

297,876

 

24

 

5,699,757

 

22,854,426

 

28,554,183

 

1,204,411

 

 

 

9/13/2013

 

420

 

San Diego

 

CA

 

 

 

5,810,243

 

15,668,246

 

524,629

 

13,699

 

5,810,243

 

16,206,574

 

22,016,817

 

1,004,612

 

 

 

9/13/2013

 

420

 

Venice

 

FL

 

 

 

259,686

 

362,562

 

56,657

 

154

 

259,686

 

419,373

 

679,059

 

292,449

 

 

 

11/26/1996

 

300

 

Wichita

 

KS

 

 

 

289,714

 

797,856

 

10,910

 

16,580

 

289,714

 

825,346

 

1,115,060

 

565,178

 

 

 

11/23/1998

 

300

 

Jackson

 

MS

 

 

 

405,360

 

656,296

 

(124,313

)

None

 

405,360

 

531,983

 

937,343

 

514,604

 

 

 

11/26/1996

 

300

 

Meridian

 

MS

 

 

 

181,156

 

515,598

 

131,997

 

260

 

181,156

 

647,855

 

829,011

 

471,750

 

 

 

11/26/1996

 

300

 

Clementon

 

NJ

 

 

 

279,851

 

554,060

 

78,768

 

11,821

 

279,851

 

644,649

 

924,500

 

550,755

 

 

 

9/9/1991

 

300

 

Watertown

 

NY

 

 

 

139,199

 

-

 

None

 

None

 

139,199

 

-

 

139,199

 

-

 

 

 

8/18/1986

 

N/A

 

Cincinnati

 

OH

 

 

 

328,187

 

921,232

 

(4,953

)

472

 

328,187

 

916,751

 

1,244,938

 

718,709

 

 

 

11/14/1997

 

300

 

Crest Net Lease

 

 

 

 

 

5,189,030

 

8,872,103

 

(2,065,414

)

17,350

 

5,189,031

 

6,824,038

 

12,013,069

 

231,174

 

 

 

Various

 

300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

637,657,666

 

3,294,245,810

 

8,987,122,041

 

22,978,169

 

6,500,765

 

3,291,067,838

 

9,019,778,947

 

12,310,846,785

 

1,691,963,148

 

 

 

 

 

 

 

 

F-42



Table of Contents

 

REALTY INCOME CORPORATION AND SUBSIDIARIES

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

 

 

Note 1.

Realty Income Corporation owns 4,538 single-tenant properties and two corporate headquarters properties. Crest Net Lease, Inc. owns eight properties.

 

 

Realty Income Corporation also owns 19 multi-tenant properties located in each of the following cities: El Cajon, CA; Elk Grove, CA; Hanford, CA; San Diego, CA; Danbury, CT; Brandon, FL; Cutler Ridge, FL; Deerfield Beach, FL; Macon, GA; Valdosta, GA; Fair Grove, MO; Columbus, OH; Edmond, OK; Jackson, TN; Memphis, TN; Cedar Park, TX; Dallas, TX; The Colony, TX and Virginia Beach, VA.

 

 

 

 

Note 2.

Includes mortgages payable secured by 183 properties, but excludes unamortized net debt premiums of $9.1 million.

 

 

 

 

Note 3.

The aggregate cost for federal income tax purposes for Realty Income Corporation is $11,847,908,298 and for Crest Net Lease, Inc. is $15,336,334.

 

 

 

 

Note 4.

The following is a reconciliation of total real estate carrying value for the years ended December 31:

 

2015

2014

2013

 

 

 

 

 

 

 

 

 

Balance at Beginning of Period

 

11,172,348,415

9,918,069,735

5,978,155,929

 

 

 

 

 

 

 

 

 

Additions During Period:

 

 

 

 

 

 

Acquisitions

 

1,279,388,017

1,463,440,724

4,701,785,534

 

 

Less amounts allocated to acquired lease intangible assets and liabilities on our Consolidated Balance Sheets

 

(63,808,207)

(126,550,939)

(645,225,410)

 

 

Equipment

 

0

0

0

 

 

Improvements, Etc.

 

10,803,029

5,210,401

7,226,683

 

 

Other (Leasing Costs and Building Adjustments as a result of net debt premiums)

 

748,126

523,907

6,997,768

 

 

 

 

 

 

 

 

 

Total Additions

 

1,227,130,965

1,342,624,093

4,070,784,575

 

 

 

 

 

 

 

 

 

Deductions During Period:

 

 

 

 

 

 

Cost of Real Estate sold or disposed of

 

76,659,381

83,059,172

127,218,307

 

 

Cost of Equipment sold

 

0

0

0

 

 

Releasing costs

 

592,815

732,130

251,616

 

 

Other (including Provisions for Impairment)

 

11,380,399

4,554,113

3,400,846

 

 

 

 

 

 

 

 

 

Total Deductions

 

88,632,595

88,345,414

130,870,769

 

 

 

 

 

 

 

 

 

Balance at Close of Period

 

12,310,846,785

11,172,348,415

9,918,069,735

 

 

 

 

 

 

 

 

Note 5.

The following is a reconciliation of accumulated depreciation for the years ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at Beginning of Period

 

1,390,808,700

1,121,460,394

936,019,074

 

 

 

 

 

 

 

 

 

Additions During Period - Provision for Depreciation

 

320,512,807

290,551,867

242,619,990

 

 

 

 

 

 

 

 

 

Deductions During Period:

 

 

 

 

 

 

Accumulated depreciation of real estate and equipment sold or disposed of

 

19,358,359

21,203,561

57,178,670

 

 

 

 

 

 

 

 

 

Balance at Close of Period

 

1,691,963,148

1,390,808,700

1,121,460,394

 

 

 

 

Note 6.

In 2015, provisions for impairment were recorded on fifteen Realty Income properties.

 

 

In 2014, provisions for impairment were recorded on twelve Realty Income properties.

 

 

In 2013, provisions for impairment were recorded on nine Realty Income properties.

 

 

 

 

Note 7.

In accordance with FASB 143 and FASB interpretation No. 47, we recorded in aggregate negative $820,166 in 2015, $83,532 in 2014, and negative $64,339 in 2013 to two buildings for the fair value of legal obligations to peform asset-retirement activities that are conditional on future events. These two properties are reported in the drug store industry and are located in Girard, PA and Slippery Rock, PA.

 

 

 

 

 

See report of independent registered public accounting firm.

 

 

F-43