Good morning, ladies and gentlemen. Welcome to the 2024 Annual Meeting of Stockholders of Realty Income Corporation. My name is Mike McKee, and I'm the Non-Executive Chairman of the Board of Directors. We're pleased that you could be with us today. Please note that this meeting is being recorded. Copies of the agenda and the rules of conduct for the meeting are available electronically in the meeting portal. In order to conduct an orderly meeting, we ask that participants follow the rules set forth in the rules of conduct. Also, it's possible that certain statements made during the meeting, which are not historical facts, will be forward-looking, and the company's actual results may differ materially from these forward-looking statements. Factors that could cause these differences are detailed in our SEC filings. The company disclaims any obligation to update these forward-looking statements, except as expressly required by law.
I hereby call the 2024 Annual Meeting of Stockholders of Realty Income Corporation to order. I appoint Michelle Bushore, our Executive Vice President, Chief Legal Officer, General Counsel, and Secretary, to act as Secretary of the meeting, and Cynthia Skoglund of Broadridge as Inspector of Elections, to count the votes on any matter presented at this meeting or any adjournment thereof. Ms. Bushore, would you please advise this meeting as to the mailing of the notice of annual meeting to stockholders and report on the presence of a quorum?
Thank you, Mr. Chairman. The Inspector of Elections has filed her oath of office with me. Also, I have received and am delivering for inclusion in the company's records, an affidavit of distribution from Broadridge, stating that a notice of annual meeting of stockholders was mailed beginning on April 1 to all holders of company common stock as of the record date for this meeting, which was the close of business on March 21, 2024. They are present in person or by proxy at this meeting, holders of approximately 85% of the outstanding shares of company common stock, which confirms the presence of a quorum. Shareholders of common stock as of the record date, are entitled to notice of and to vote at the meeting.
Thank you. A quorum is present, and this meeting is duly constituted for the transaction of business. I'd like to introduce the other directors present today. Sumit Roy, our President and Chief Executive Officer, Priscilla Almodovar, Jacqueline Brady, Larry Chapman, Reginald Gilyard, Mary Hogan Preusse, Priya Cherian Huskins, Jeff Jacobson, Jerry Lopez, Greg McLaughlin, and Ron Merriman. Also in attendance are the following executive officers: Neil Abraham, Executive Vice President, Chief Strategy Officer, and President, Realty Income International. Mark Hagan, Executive Vice President, Chief Investment Officer. Jonathan Pong, Executive Vice President, Chief Financial Officer, and Treasurer, and Greg White, Executive Vice President, Chief Operating Officer. In addition, Ryan Kennedy and Todd Rozen of KPMG, the company's independent auditor, are also in attendance. We have three proposals before the stockholders today.
The election of 11 directors, each to serve until the next annual meeting of stockholders in 2025 and until his or her successor is duly elected and qualified. The ratification of the appointment of KPMG LLP as our independent registered public accounting firm for the year ending December 31, 2024, and a non-binding advisory proposal to approve the compensation of our named executive officers as described in the company's proxy statement. The proposals are identified and described in the proxy materials previously mailed or made accessible electronically. At this time, we will pause to see if there are any questions specifically on any of these 3 proposals. If not, we will move on to the voting. If you have a question and have logged in using your control number, please submit your question now by clicking on the questions box in the bottom left-hand of the webcast page.
The polls will be open for voting by anyone who wishes to vote online with respect to these proposals. There appears to be no questions submitted relevant to any of the proposals, so we will move on to voting. The polls are now open, and you may vote electronically. Any stockholder who hasn't yet voted or wishes to change his or her vote and has logged in using the control number may do so by clicking on the voting button in the meeting portal and following the instructions. Any stockholder who has sent in a proxy or voted via telephone or internet and does not want to change his or her vote does not need to take any further action. I now declare the polls closed.
At this time, we will pause for a minute to allow the Inspector of Elections to tally the votes and give the information to Ms. Bushore.
Mr. Chairman, the Inspector of Elections has advised me that the preliminary voting results are as follows: one, each of the 11 director nominees named in the proxy has been elected. two, the selection of KPMG as the company's independent registered public accounting firm has been ratified for the year ending December 31, 2024. And 3rd, the non-binding advisory proposal to approve the compensation of the company's named executive officers, as described in the proxy statement, has been approved. The final tabulation results will be attached to the minutes of this meeting and disclosed in a Form 8-K. Will be filed with the Securities and Exchange Commission.
Thank you. I declare the meeting to be officially adjourned. This concludes the official portion of the meeting. Before we move on to the second portion of our meeting, I'd like to take a moment to reflect on the passing earlier this year of Bill Clark, who, with his dear wife, Joan, co-founded Realty Income 55 years ago. The initial acquisition in 1969 was one Taco Bell, located in Northridge, California. Bill and Joan had the wisdom to structure the lease of that first acquisition as a triple-net lease, which meant that Taco Bell, the tenant, would be responsible for most of the property expenses. Leading the industry with this innovative lease structure, it remains a centerpiece of most of the 15,450+ properties now included in the company's portfolio.
Helped spawn an entire sector of publicly held real estate companies that exist today. Even more than the lease structure, Bill and Joan's insistence to pay a monthly dividend to their investors has resonated with those investors since the founding of the company, and has been a hallmark of conveying, in a tangible way, the belief that the investor or shareholder always comes first at Realty Income. Bill was a visionary in the commercial real estate industry and an inspiration to those he worked with. To Joan and the rest of Bill's loved ones, please know that all of us at Realty Income will continue to honor him by remaining committed to the mission and values he established when he founded the company.
I would also be remiss, as well, if I did not mention the contributions of Ron Merriman, who is retiring today after 19 years of impactful service to the company. On behalf of the company, we would like to thank Ron for his leadership, his guidance, and his dedication. Lastly, we are excited to welcome Jeff Jacobson to the board. He joined us in February and brings extensive industry and leadership experience, and will be an asset to the company moving forward. At this time, I will turn the meeting over to Sumit, who will provide an overview of the company and our operating performance. We'll then accept questions that are consistent with the rules of conduct. It is my pleasure to introduce Sumit Roy, our President and Chief Executive Officer, to begin his presentation.
Thank you, Mike. Thank you all for joining today's annual stockholder meeting. We appreciate your interest and ongoing support. I will begin today by providing an overview of our business and the unique value proposition we provide to stockholders. We'll discuss Realty Income's recent accomplishments and expectations for the rest of the year. We will then open up the meeting for questions, which stockholders can submit through the virtual meeting portal. Our full year 2023 results demonstrate the unique platform value that Realty Income has built. 2024 is off to a solid start as well. Our focus is on thoughtful and disciplined growth as real estate partner to the world's leading companies.
We believe the benefits that are available to us through our size, scale, and access to capital place us in an advantageous position to deliver on our mission of providing our stockholders dependable monthly dividends that grow over time. We've experienced significant growth in the year, but our business model remains consistent and simple. We seek to acquire high-quality real estate leased to leading operators in economically resilient industries who pay us monthly rent. The income we receive in the form of monthly rent funds the monthly dividend and provides capital for new acquisitions, driving growth in earnings. Since our listing on the New York Stock Exchange in 1994, we have achieved a 13.6% Compound Annual Total Shareholder Return, experienced a 4.3% compound annual dividend growth rate-...
expanded the portfolio to more than 15,450 commercial real estate properties, with assets in all 50 U.S. states, the U.K., and six other countries in Europe. Entered into new verticals for growth, notably industrial, gaming, and most recently, data centers. Declared 647 consecutive monthly dividends, and increased the dividend 125 times. As a result, we are proud to be one of only 67 companies in the exclusive S&P 500 Dividend Aristocrats Index, for having raised our dividend for the last 25 consecutive years. Consistent increases in the dividend reflect the confidence we have in the cash flow generating capabilities of our business. Dividend growth, such as the 2.1% increase we declared earlier this month, is possible because of our portfolio's cash flow growth.
Since the beginning of 2023, we achieved growth through multiple investment verticals, including a $200 million initial investment in a data center joint venture development in Northern Virginia. A $1.5 billion sale-leaseback of more than 400 convenience stores with EG Group. A $950 million investment in Bellagio Las Vegas Casino and Resort. A EUR 527 million sale-leaseback transaction of 82 Decathlon retail properties, marking our entry into Germany, France, and Portugal. And a $9.3 billion merger with Spirit Realty Capital. At the end of the first quarter of 2024, our total enterprise value was approximately $73 billion. Our portfolio now includes over 1,500 clients, who operate across 89 different industries.
Our initial entry into the international markets in 2019, we now derive 13.4% of total portfolio annualized contractual rent from international markets. This natural extension of our platform has provided consistent growth for the last five years, and is indicative of our ability to establish and scale a new vertical. In 2023, Realty Income completed $9.5 billion of property-level investments, representing an annual record for the company. This volume is based on sourcing approximately $59 billion of opportunities, which means we acquired less than 17% of total sourced volume last year. Of this volume, five transactions were each $500 million or more in value, which is a testament to our unique ability to invest in large-scale transactions without creating diversification risk in our portfolio.
Our selectivity increased in the first quarter of 2024, reflecting our disciplined approach to allocating capital, while transaction pricing adjusts to the current interest rate environment. We believe our business model is unique in the real estate sector, as we have optionality to grow in different regions with investments in multitude of real estate products, where we see superior risk-adjusted returns. For example, during the first quarter, we invested $598 million across three property types: retail, industrial, and data centers. Over half of this volume was invested in Europe and the U.K., where investment opportunities were most attractive. Our ultimate focus with any growth vertical or new region is to ensure the investment outcome matches the consistent risk-return profile of our portfolio, which has proven resilient over five decades as a company.
Since our founding, maintaining a conservative capital structure has been a key tenet of our business. Our size and scale, in conjunction with our conservative balance sheet and financial strength, have afforded us two A credit ratings by the major rating agencies. These ratings enable us to enjoy low borrowing rates relative to peers. We ended the first quarter with a Net Debt to Annualized Adjusted EBITDA of 5.5 x. Our debt maturity schedule for the remainder of the year is moderate, with approximately $469 million of remaining maturities, excluding $342 million of short-term commercial paper and revolver borrowings on our $4.25 billion Revolving Credit Facility.
With approximately $4 billion of total liquidity available to us and minimal variable rate debt exposure on our balance sheet, we believe we can refinance these maturities while still retaining significant liquidity headroom. Maintaining an industry-leading balance sheet affords the business optimum financial flexibility to achieve our external growth objectives. Our results illustrate our focus on thoughtful, disciplined growth and demonstrate the consistency of our global operating platform. We remain steadfast in our mission to pay monthly dividends that increase over time, by executing in our role as real estate partner to the world's leading companies. We are focused on delivering long-term results for our shareholders and are encouraged by the opportunities ahead. On behalf of Realty Income, I thank you for your loyal support. We can now open it up for questions from our stockholders.
We do have one question that's come in. It is this: the company has in place a director resignation governance policy that provides the board post-election discretion to determine whether to accept or reject the resignation of an incumbent director who fails to be reelected. The question is, does this policy undermine the voting rights of shareholders by allowing the board to have the final say on the unelected director's status? Our policy does provide that discretion. In our corporate history, we've never had to exercise that discretion or run into this issue. But if it were to come up, the board would, under the facts and circumstances, have to make a decision about accepting the resignation.
I would just point out earlier today, when we elected our 11 directors in this meeting, we elected them until the next annual meeting and until his or her successor is duly elected and qualified. So there is a tail period there that comes into play if we ever had to confront it, and this just gives the board the discretion to work with normality and try to make sure that quorums were convened and different things like that. So, it's a provision that has a purpose. It's never been used, but that's a good part of why it's in our policy. So hopefully that's a helpful answer.
There's another question: Does the recent bankruptcy of Red Lobster have any significant impact on the company? The answer is no. We have taken into provision all possible credit events while coming out with our earnings guidance earlier this year. Mike, I believe that was the last question.
Okay. Well, thank you very much for participating today. Our program has now been concluded. I thank you all for attending the virtual meeting and for your continued support of the company. So we will now stand adjourned. Thank you.
The meeting is now concluded. Thank you for joining. You may now disconnect.