Realty Income (O) 10-Q 2 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 26, 2018
Document and Entity Information
Entity Registrant Name	REALTY INCOME CORP
Entity Central Index Key	726,728
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		290,043,300
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Real estate, at cost:
Land	$ 4,355,454	$ 4,080,400
Buildings and improvements	11,313,624	10,936,069
Total real estate, at cost	15,669,078	15,016,469
Less accumulated depreciation and amortization	(2,509,065)	(2,346,644)
Net real estate held for investment	13,160,013	12,669,825
Real estate held for sale, net	70,029	6,674
Net real estate	13,230,042	12,676,499
Cash and cash equivalents	30,717	6,898
Accounts receivable, net	126,126	119,533
Acquired lease intangible assets, net	1,228,580	1,194,930
Goodwill	14,902	14,970
Other assets, net	43,707	45,336
Total assets	14,674,074	14,058,166
LIABILITIES AND EQUITY
Distributions payable	64,399	60,799
Accounts payable and accrued expenses	122,379	109,523
Acquired lease intangible liabilities, net	311,043	268,796
Other liabilities	123,582	116,869
Line of credit payable	534,000	110,000
Term loans, net	319,531	445,286
Mortgages payable, net	311,708	325,941
Notes payable, net	5,374,963	5,230,244
Total liabilities	7,161,605	6,667,458
Commitments and contingencies
Stockholders’ equity:
Common stock and paid in capital, par value $0.01 per share, 370,100,000 shares authorized, 290,024,275 shares issued and outstanding as of June 30, 2018 and 284,213,685 shares issued and outstanding as of December 31, 2017	9,925,543	9,624,264
Distributions in excess of net income	(2,449,793)	(2,252,763)
Total stockholders’ equity	7,475,750	7,371,501
Noncontrolling interests	36,719	19,207
Total equity	7,512,469	7,390,708
Total liabilities and equity	$ 14,674,074	$ 14,058,166

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Common stock and paid in capital, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock and paid in capital, shares authorized	370,100,000	370,100,000
Common stock and paid in capital, shares issued	290,024,275	284,213,685
Common stock and paid in capital, shares outstanding	290,024,275	284,213,685

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
REVENUE
Total revenue	$ 328,886	$ 300,170	$ 647,181	$ 598,195
EXPENSES
Depreciation and amortization	133,999	123,089	265,102	244,186
Interest	66,628	63,679	126,043	122,985
General and administrative	17,954	15,781	33,638	29,346
Property (including reimbursable)	16,236	16,486	32,788	35,561
Income taxes	1,208	441	2,431	1,488
Provisions for impairment	3,951	2,274	18,172	7,706
Total expenses	239,976	221,750	478,174	441,272
Gain on sales of real estate	7,787	2,839	11,005	13,371
Net income	96,697	81,259	180,012	170,294
Net income attributable to noncontrolling interests	(317)	(123)	(469)	(288)
Net income attributable to the Company	96,380	81,136	179,543	170,006
Preferred stock dividends	0	0	0	(3,911)
Excess of redemption value over carrying value of preferred shares redeemed	0	0	0	(13,373)
Net income available to common stockholders	$ 96,380	$ 81,136	$ 179,543	$ 152,722
Amounts available to common stockholders per common share:
Net income, basic and diluted	$ 0.34	$ 0.30	$ 0.63	$ 0.57
Weighted average common shares outstanding:
Basic (in shares)	284,928,969	272,588,332	284,469,689	268,024,691
Diluted (in shares)	285,372,256	273,099,487	284,924,336	268,569,855
Rental revenue
REVENUE
Total revenue	$ 313,870	$ 288,049	$ 620,418	$ 573,870
Tenant reimbursements
REVENUE
Total revenue	11,395	11,756	22,695	22,985
Other revenue
REVENUE
Total revenue	$ 3,621	$ 365	$ 4,068	$ 1,340

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 180,012	$ 170,294
Adjustments to net income:
Depreciation and amortization	265,102	244,186
Amortization of share-based compensation	8,657	7,215
Non-cash revenue adjustments	(4,029)	(1,564)
Amortization of net premiums on mortgages payable	(813)	(1,240)
Amortization of deferred financing costs	3,469	4,684
Gain on interest rate swaps	(2,799)	(859)
Gain on sales of real estate	(11,005)	(13,371)
Provisions for impairment on real estate	18,172	7,706
Change in assets and liabilities
Accounts receivable and other assets	2,785	3,168
Accounts payable, accrued expenses and other liabilities	17,718	41,620
Net cash provided by operating activities	477,269	461,839
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in real estate	(829,818)	(696,116)
Improvements to real estate, including leasing costs	(17,017)	(9,232)
Proceeds from sales of real estate	47,526	44,005
Insurance proceeds received	3,836	0
Collection of loans receivable	5,267	61
Net cash used in investing activities	(790,206)	(661,282)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash distributions to common stockholders	(373,044)	(335,380)
Cash dividends to preferred stockholders	0	(6,168)
Borrowings on line of credit	1,140,000	772,000
Payments on line of credit	(716,000)	(1,244,000)
Principal payment on term loan	(125,866)	0
Proceeds from notes and bonds payable issued	497,500	711,812
Principal payment on notes payable	(350,000)	0
Principal payments on mortgages payable	(13,447)	(86,515)
Redemption of preferred stock	0	(408,750)
Proceeds from common stock offerings, net	0	704,938
Proceeds from dividend reinvestment and stock purchase plan	4,806	59,649
Proceeds from At-the-Market (ATM) program	297,983	52,442
Distributions to noncontrolling interests	(758)	(887)
Debt issuance costs	(4,436)	(6,663)
Other items, including shares withheld upon vesting	(11,143)	(6,305)
Net cash provided by financing activities	345,595	206,173
Net increase in cash, cash equivalents and restricted cash	32,658	6,730
Cash, cash equivalents and restricted cash, beginning of period	12,142	15,681
Cash, cash equivalents and restricted cash, end of period	$ 44,800	$ 22,411

Management Statement

Management Statement	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Management Statement	Management Statement The consolidated financial statements of Realty Income Corporation (“Realty Income”, the “Company”, “we”, “our” or “us”) were prepared from our books and records without audit and include all adjustments (consisting of only normal recurring accruals) necessary to present a fair statement of results for the interim periods presented. Readers of this quarterly report should refer to our audited consolidated financial statements for the year ended December 31, 2017 , which are included in our 2017 Annual Report on Form 10-K, as certain disclosures that would substantially duplicate those contained in the audited financial statements have not been included in this report. At June 30, 2018 we owned 5,483 properties, located in 49 states and Puerto Rico, containing over 92.0 million leasable square feet.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements	Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements A. The accompanying consolidated financial statements include the accounts of Realty Income and other subsidiaries 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 10). We have no unconsolidated investments. B. We have elected to be taxed as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended. 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 federal income taxes of our taxable REIT subsidiaries. The income taxes recorded on our consolidated statements of income represent amounts paid by Realty Income and its subsidiaries for city and state income and franchise taxes. C. We assign a portion of goodwill to our applicable property sales, which results in a reduction of the carrying amount of our goodwill. In order to allocate goodwill to the carrying amount of properties that we sell, we utilize a relative fair value approach based on the original methodology for assigning goodwill. As we sell properties, our goodwill will likely continue to gradually decrease over time. Based on our analysis of goodwill during the second quarters of 2018 and 2017, we determined there was no impairment on our existing goodwill. D. In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09, Revenue from Contracts with Customers. This ASU, as amended by ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date, outlines a comprehensive model for companies to use in accounting for revenue arising from contracts with customers, and will apply to transactions such as the sale of real estate. This ASU, which is effective for interim and annual periods beginning after December 15, 2017, requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also to provide certain additional disclosures. We adopted this standard effective as of January 1, 2018 and utilized the cumulative effect transition method of adoption. The adoption of this guidance did not have a material impact on our financial position or results of operations. E. In February 2016, FASB issued ASU 2016-02 (Topic 842, Leases ), as clarified and amended by ASU 2018-01, which amended Topic 840, Leases . Under this amended topic, the accounting applied by a lessor is largely unchanged from that applied under Topic 840, Leases . The large majority of operating leases should remain classified as operating leases, and lessors should continue to recognize lease income for those leases on a generally straight-line basis over the lease term. Although primarily a lessor, we are also a lessee under several ground lease arrangements. Upon adoption, we will recognize lease obligations for ground leases with a corresponding right of use asset, and are currently evaluating other impacts this amendment may have on our consolidated financial statements. The amendments included in this topic are effective, for interim and annual periods beginning after December 15, 2018. We plan to adopt this standard when it becomes effective beginning January 1, 2019, and we expect to elect the practical expedients available for implementation under the standard.

Supplemental Detail for Certain

Supplemental Detail for Certain Components of Consolidated Balance Sheets	6 Months Ended
	Jun. 30, 2018
Disclosure Text Block Supplement [Abstract]
Supplemental Detail for Certain Components of Consolidated Balance Sheets	Supplemental Detail for Certain Components of Consolidated Balance Sheets (dollars in thousands) A. Acquired lease intangible assets, net, consist of the following at: June 30, 2018 December 31, 2017 Acquired in-place leases $ 1,301,834 $ 1,272,897 Accumulated amortization of acquired in-place leases (495,883 ) (444,221 ) Acquired above-market leases 562,801 487,933 Accumulated amortization of acquired above-market leases (140,172 ) (121,679 ) $ 1,228,580 $ 1,194,930 B. Other assets, net, consist of the following at: June 30, 2018 December 31, 2017 Prepaid expenses $ 15,821 $ 12,851 Restricted escrow deposits 7,054 679 Impounds related to mortgages payable 7,029 4,565 Corporate assets, net 5,926 6,074 Receivable for property rebuilds 3,244 3,919 Credit facility origination costs, net 2,911 4,366 Non-refundable escrow deposits for pending acquisitions — 7,500 Notes receivable issued in connection with property sales — 5,267 Other items 1,722 115 $ 43,707 $ 45,336 C. Distributions payable consist of the following declared distributions at: June 30, 2018 December 31, 2017 Common stock distributions $ 64,241 $ 60,713 Noncontrolling interests distributions 158 86 $ 64,399 $ 60,799 D. Accounts payable and accrued expenses consist of the following at: June 30, 2018 December 31, 2017 Notes payable - interest payable $ 75,861 $ 64,058 Property taxes payable 18,200 11,718 Mortgages, term loans, credit line - interest payable and interest rate swaps 3,356 2,360 Accrued costs on properties under development 3,149 2,681 Other items 21,813 28,706 $ 122,379 $ 109,523 E. Acquired lease intangible liabilities, net, consist of the following at: June 30, 2018 December 31, 2017 Acquired below-market leases $ 394,253 $ 340,906 Accumulated amortization of acquired below-market leases (83,210 ) (72,110 ) $ 311,043 $ 268,796 F. Other liabilities consist of the following at: June 30, 2018 December 31, 2017 Rent received in advance and other deferred revenue $ 111,814 $ 105,284 Security deposits 6,287 6,259 Capital lease obligations 5,481 5,326 $ 123,582 $ 116,869

Investments in Real Estate

Investments in Real Estate	6 Months Ended
	Jun. 30, 2018
Real Estate Investments, Net [Abstract]
Investments in Real Estate	Investments in Real Estate We acquire land, buildings and improvements necessary for the successful operations of commercial tenants. A. Acquisitions During the First Six Months of 2018 and 2017 During the first six months of 2018 , we invested $856.8 million in 358 new properties and properties under development or expansion with an initial weighted average contractual lease rate of 6.3% . The 358 new properties and properties under development or expansion are located in 32 states, will contain approximately 2.8 million leasable square feet, and are 100% leased with a weighted average lease term of 13.8 years. The tenants occupying the new properties operate in 17 industries and the property types consist of 93.7% retail and 6.3% industrial, based on rental revenue. None of our investments during 2018 caused any one tenant to be 10% or more of our total assets at June 30, 2018 . The $856.8 million invested during the first six months of 2018 was allocated as follows: $314.4 million to land, $476.0 million to buildings and improvements, $90.6 million to intangible assets related to leases, and $24.2 million to intangible liabilities related to leases and other assumed liabilities. There was no contingent consideration associated with these acquisitions. The properties acquired during the first six months of 2018 generated total revenues of $10.6 million and net income of $5.3 million during the six months ended June 30, 2018 . In comparison, during the first six months of 2017 , we invested $691.9 million in 126 new properties and properties under development or expansion with an initial weighted average contractual lease rate of 6.3% . The 126 new properties and properties under development or expansion were located in 30 states, contained approximately 3.4 million leasable square feet, and were 100% leased with a weighted average lease term of 14.8 years. The tenants occupying the new properties operated in 20 industries and the property types consisted of 95.1% retail and 4.9% industrial, based on rental revenue. The $691.9 million invested during the first six months of 2017 was allocated as follows: $170.1 million to land, $395.5 million to buildings and improvements, $130.0 million to intangible assets related to leases, and $3.7 million to intangible liabilities related to leases and other assumed liabilities. There was no contingent consideration associated with these acquisitions. The properties acquired during the first six months of 2017 generated total revenues of $7.3 million and net income of $3.4 million during the six months ended June 30, 2017 . 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 $856.8 million we invested during the first six months of 2018 , $64.3 million was invested in 10 properties under development or expansion with an estimated initial weighted average contractual lease rate of 6.7% . Of the $691.9 million we invested during the first six months of 2017 , $9.9 million was invested in 12 properties under development or expansion with an estimated initial weighted average contractual lease rate of 7.9% . B. Investments in Existing Properties During the first six months of 2018 , we capitalized costs of $5.6 million on existing properties in our portfolio, consisting of $2.5 million for re-leasing costs, $147,000 for recurring capital expenditures and $3.0 million for non-recurring building improvements. In comparison, during the first six months of 2017 , we capitalized costs of $6.8 million on existing properties in our portfolio, consisting of $759,000 for re-leasing costs, $365,000 for recurring capital expenditures and $5.7 million for non-recurring building improvements. C. Properties with Existing Leases Of the $856.8 million we invested during the first six months of 2018 , approximately $225.8 million was used to acquire 107 properties with existing leases. In comparison, of the $691.9 million we invested during the first six months of 2017 , approximately $536.2 million was used to acquire 60 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 the first six months of 2018 and 2017 were $53.1 million and $51.2 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 the first six months of 2018 and 2017 were $7.9 million and $6.5 million , respectively. If a lease was to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be recorded to revenue or expense, as appropriate. 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 at June 30, 2018 (in thousands): Net decrease to rental revenue Increase to amortization expense 2018 $ (7,856 ) $ 53,176 2019 (15,108 ) 97,639 2020 (14,378 ) 91,887 2021 (13,208 ) 83,903 2022 (13,074 ) 71,978 Thereafter (47,962 ) 407,368 Totals $ (111,586 ) $ 805,951

Credit Facility

Credit Facility	6 Months Ended
	Jun. 30, 2018
Unsecured debt
Debt
Debt	Credit Facility We have a $2.0 billion unsecured revolving credit facility, or our credit facility, with an initial term that expires in June 2019 and includes, at our option, two six -month extensions. Our credit facility has a $1.0 billion accordion expansion option. Under our credit facility, our investment grade credit ratings as of June 30, 2018 provide for financing at the London Interbank Offered Rate, commonly referred to as LIBOR, plus 0.85% with a facility commitment fee of 0.125% , for all-in drawn pricing of 0.975% over LIBOR . The borrowing rate is subject to an interest rate floor and may change if our investment grade credit ratings change. We also have other interest rate options available to us under our credit facility. Our credit facility is unsecured and, accordingly, we have not pledged any assets as collateral for this obligation. At June 30, 2018 , credit facility origination costs of $2.9 million are included in other assets, net on our consolidated balance sheet. These costs are being amortized over the remaining term of our credit facility. At June 30, 2018 , we had a borrowing capacity of approximately $1.5 billion available on our credit facility (subject to customary conditions to borrowing) and an outstanding balance of $534.0 million , as compared to an outstanding balance of $110.0 million at December 31, 2017 . The weighted average interest rate on outstanding borrowings under our credit facility was 2.7% during the first six months of 2018 and 1.8% during the first six months of 2017 . At June 30, 2018 and December 31, 2017 , the weighted average interest rate on outstanding borrowings under our credit facility was 2.9% and 4.5% , respectively. Our credit facility is subject to various leverage and interest coverage ratio limitations, and at June 30, 2018 , we were in compliance with the covenants on our credit facility. We regularly review our credit facility and may seek to extend, renew or replace our credit facility, to the extent we deem appropriate.

Term Loans

Term Loans	6 Months Ended
	Jun. 30, 2018
Senior Unsecured Term Loans
Debt
Debt	Term Loans In December 2017, in conjunction with the acquisition of a portfolio of properties, we entered into a $125.9 million promissory note, which was paid in full at maturity in January 2018. Borrowings under this note bore interest at 1.52% . In June 2015, in conjunction with entering into our credit facility, we entered into a $250.0 million senior unsecured term loan maturing on June 30, 2020. Borrowing under this term loan bears interest at the current one-month LIBOR , plus 0.90% . In conjunction with this term loan, we also entered into an interest rate swap which effectively fixed our per annum interest rate on this term loan at 2.62% . In January 2013, in conjunction with our acquisition of American Realty Capital Trust, Inc., or ARCT, we entered into a $70.0 million senior unsecured term loan with an initial maturity date of January 2018. Borrowing under this term loan bore interest at the current one-month LIBOR , plus 1.10% . In conjunction with this term loan, we also entered into an interest rate swap which effectively fixed our per annum interest rate on this term loan at 2.05% . In January 2018, we entered into a six -month extension of this loan, which included, at our option, two additional six-month extensions. In June 2018, we exercised our first six -month extension of this loan, which now matures in January 2019. Borrowing during the extension periods bears interest at the current one-month LIBOR , plus 0.90% . The interest rate swap terminated upon the initial maturity in January 2018. Deferred financing costs of $1.2 million incurred in conjunction with the $250.0 million term loan and $368,000 incurred in conjunction with the $70.0 million term loan are being amortized over the remaining terms of each respective term loan. The net balance of these deferred financing costs, which was $469,000 at June 30, 2018 , and $580,000 at December 31, 2017 , is included within term loans, net on our consolidated balance sheets.

Mortgages Payable

Mortgages Payable	6 Months Ended
	Jun. 30, 2018
Mortgages Payable
Debt
Debt	Mortgages Payable During the first six months of 2018 , we made $13.4 million in principal payments, including the repayment of one mortgage in full for $11.0 million. During the first six months of 2017 , we made $86.5 million in principal payments, including the repayment of five mortgages in full for $82.9 million. No mortgages were assumed during the first six months of 2018 or 2017 . The assumed mortgages are secured by the properties on which the debt was placed and are considered non-recourse debt with limited customary exceptions for items such as solvency, bankruptcy, misrepresentation, fraud, misapplication of payments, environmental liabilities, failure to pay taxes, insurance premiums, liens on the property, violations of the single purpose entity requirements, and uninsured losses. We expect to pay off our outstanding mortgages as soon as prepayment penalties make it economically feasible to do so. Our 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 June 30, 2018 , we were in compliance with these covenants. The balance of our deferred financing costs, which are classified as part of mortgages payable, net, on our consolidated balance sheets, was $209,000 at June 30, 2018 and $236,000 at December 31, 2017 . These costs are being amortized over the remaining term of each mortgage. The following is a summary of all our mortgages payable as of June 30, 2018 and December 31, 2017 , respectively (dollars in thousands): As Of Number of Properties (1) Weighted Average Stated Interest Rate (2) Weighted Average Effective Interest Rate (3) Weighted Average Remaining Years Until Maturity Remaining Principal Balance Unamortized Premium and Deferred Financing Costs Balance, net Mortgage Payable Balance 6/30/2018 61 5.1 % 4.5 % 3.6 $ 306,836 $ 4,872 $ 311,708 12/31/2017 62 5.0 % 4.4 % 4.0 $ 320,283 $ 5,658 $ 325,941 (1) At June 30, 2018 , there were 27 mortgages on 61 properties. At December 31, 2017 , there were 28 mortgages on 62 properties. The mortgages require monthly payments with principal payments due at maturity. The mortgages are at fixed interest rates, except for three mortgages on three properties totaling $29.6 million and $29.9 million at June 30, 2018 and December 31, 2017 , respectively. After factoring in arrangements which limit our exposure to interest rate risk and effectively fix our per annum interest rates, our mortgage debt subject to variable rates totals $22.2 million at June 30, 2018 and $22.4 million at December 31, 2017 . (2) Stated interest rates ranged from 3.8% to 6.9% at June 30, 2018 , while stated interest rates ranged from 3.4% to 6.9% at December 31, 2017 . (3) Effective interest rates ranged from 2.0% to 6.0% at June 30, 2018 , while effective interest rates ranged from 2.6% to 5.5% at December 31, 2017 . The following table summarizes the maturity of mortgages payable, excluding net premiums of $5.1 million and deferred financing costs of $209,000 , as of June 30, 2018 (dollars in millions): Year of Maturity Principal 2018 $ 8.5 2019 20.7 2020 82.4 2021 66.9 2022 109.7 Thereafter 18.6 Totals $ 306.8

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2018
Notes Payable
Debt
Debt	Notes Payable A. General Our senior unsecured notes and bonds consist of the following, sorted by maturity date (dollars in millions): June 30, 2018 December 31, 2017 2.000% notes, issued in October 2012 and due in January 2018 $ — $ 350 5.750% notes, issued in June 2010 and due in January 2021 250 250 3.250% notes, $450 issued in October 2012 and $500 issued in December 2017, both due in October 2022 950 950 4.650% 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 3.875% notes, issued in April 2018 and due in April 2025 500 — 4.125% notes, $250 issued in September 2014 and $400 issued in March 2017, both due in October 2026 650 650 3.000% notes, issued in October 2016 and due in January 2027 600 600 3.650% notes, issued in December 2017 and due in January 2028 550 550 5.875% bonds, $100 issued in March 2005 and $150 issued in June 2011, both due in March 2035 250 250 4.650% notes, $300 issued in March 2017 and $250 issued in December 2017, both due in March 2047 550 550 Total principal amount 5,400 5,250 Unamortized net original issuance premiums and deferred financing costs (25 ) (20 ) $ 5,375 $ 5,230 The following table summarizes the maturity of our notes and bonds payable as of June 30, 2018 , excluding net unamortized original issuance premiums and deferred financing costs (dollars in millions): Year of Maturity Principal 2021 $ 250 2022 950 Thereafter 4,200 Totals $ 5,400 As of June 30, 2018 , the weighted average interest rate on our notes and bonds payable was 4.0% and the weighted average remaining years until maturity was 9.2 years. B. Note Repayment In January 2018, we repaid our $350.0 million of outstanding 2.000% notes, plus accrued and unpaid interest upon maturity. C. Note Issuances In April 2018, we issued $500.0 million of 3.875% senior unsecured notes due 2025, or the 2025 Notes. The public offering price for the 2025 Notes was 99.50% of the principal amount, for an effective yield to maturity of 3.957% . The net proceeds of approximately $493.1 million from this offering were used to repay borrowings outstanding under our credit facility, to fund investment opportunities, and for other general corporate purposes. In March 2017, we issued $300 million of 4.650% senior unsecured notes due 2047, or the 2047 Notes, and $400 million of 4.125% senior unsecured notes due 2026, or the 2026 Notes. The public offering price for the 2047 Notes was 99.97% of the principal amount for an effective yield to maturity of 4.65% . The public offering price for the 2026 Notes was 102.98% of the principal amount for an effective yield to maturity of 3.75% . The 2026 Notes constituted a further issuance of, and formed a single series with, the $250 million aggregate principal amount of senior notes due 2026, issued in September 2014. The net proceeds of approximately $705.2 million from the offerings were used to repay borrowings outstanding under our credit facility to fund investment opportunities, and for other general corporate purposes.

Equity

Equity	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Equity	Equity A. Issuance of Common Stock In March 2017, we issued 11,850,000 shares of common stock. After underwriting discounts and other offering costs of $29.8 million , the net proceeds of $704.9 million were used to repay borrowings under our credit facility. B. Redemption of Preferred Stock In April 2017, we redeemed all of the 16,350,000 shares of our 6.625% Monthly Income Class F Preferred Stock, or the Class F preferred stock, for $25 per share, plus accrued dividends. We issued an irrevocable notice of redemption with respect to the Class F preferred stock in March 2017, and, as a result, we incurred a non-cash charge of $13.4 million for the first six months of 2017, representing the Class F preferred stock original issuance costs that we paid in 2012. C. Dividend Reinvestment and Stock Purchase Plan Our Dividend Reinvestment and Stock Purchase Plan, or our 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. Our DRSPP also allows our current common stockholders to buy additional shares of common stock by reinvesting all or a portion of their distributions. Our DRSPP authorizes up to 26,000,000 common shares to be issued. During the first six months of 2018 , we issued 93,061 shares and raised approximately $4.8 million under the DRSPP. During the first six months of 2017 , we issued 1,013,412 shares and raised approximately $59.6 million under the DRSPP. From the inception of our DRSPP through June 30, 2018 , we have issued 14,156,603 shares and raised approximately $666.6 million . Our DRSPP includes 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. We did not issue shares under the waiver approval process during the first six months of 2018 . During the first six months of 2017 , we issued 927,695 shares and raised $54.7 million under the waiver approval process. These shares are included in the total activity for the first six months of 2017 noted in the preceding paragraph. D. At-the-Market (ATM) Programs 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 at prevailing market prices or at negotiated prices. In October 2017, following the issuance and sale of the remaining shares under our prior ATM program, we established a new “at-the-market” equity distribution plan, or our new ATM program, and, together with our prior ATM program, our ATM programs, pursuant to which we are permitted to offer and sell up to 17,000,000 additional shares of common stock. During the first six months of 2018 , we issued 5,575,273 shares and raised approximately $298.0 million under the ATM program. During the first six months of 2017 , we issued 935,746 shares and raised approximately $52.4 million under the ATM program. From the inception of our ATM programs through June 30, 2018 , we have issued 19,982,802 shares authorized by our ATM programs and raised approximately $1.1 billion .

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 2018
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests In January 2013, we completed our acquisition of ARCT. 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. We and our 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 Realty Income, L.P. as consideration for the acquisition. Additionally, in March and April 2018, we completed the acquisition of an additional portfolio of properties, by paying both cash and by issuing additional common partnership units in Realty Income, L.P as consideration for the acquisitions. At June 30, 2018 , the remaining units from these issuances represent a 1.6% ownership in Realty Income, L.P. We hold the remaining 98.4% interests in this entity and consolidate the entity. 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. In 2016, we completed the acquisition of two properties by acquiring a controlling interest in two separate entities. We are the managing member of each of these entities, and possess the ability to control the business and manage the affairs of these entities. At June 30, 2018 , we and our subsidiaries held 95.0% and 74.0% interests, respectively, and fully consolidated these entities in our consolidated financial statements. The following table represents the change in the carrying value of all noncontrolling interests through June 30, 2018 (dollars in thousands): Tau Operating Partnership units (1) Realty Income, L.P. units (2) Other Noncontrolling Interests Total Carrying value at December 31, 2017 $ 13,322 $ 2,160 $ 3,725 $ 19,207 Reallocation of equity 572 (43 ) (37 ) 492 Redemptions — (1,468 ) — (1,468 ) Shares issued in conjunction with acquisition — 18,848 18,848 Distributions (417 ) (336 ) (76 ) (829 ) Allocation of net income 173 257 39 469 Carrying value at June 30, 2018 $ 13,650 $ 19,418 $ 3,651 $ 36,719 (1) 317,022 Tau Operating Partnership units were issued on January 22, 2013 and remained outstanding as of June 30, 2018 and December 31, 2017 . (2) 534,546 Realty Income, L.P. units were issued on June 27, 2013, 242,007 units were issued on March 30, 2018 and 131,790 units were issued on April 30, 2018. 401,979 and 88,182 remained outstanding as of June 30, 2018 and December 31, 2017 , respectively. Tau Operating Partnership, Realty Income, L.P. and the two entities acquired in 2016 are considered variable interest entities, or VIEs, in which we are deemed the primary beneficiary based on our controlling financial interests. Below is a summary of selected financial data of consolidated VIEs, for which we are the primary beneficiary included in the consolidated balance sheets at June 30, 2018 and December 31, 2017 (in thousands): June 30, 2018 December 31, 2017 Net real estate $ 2,961,127 $ 2,936,397 Total assets 3,348,144 3,342,443 Total debt 198,332 210,384 Total liabilities 330,757 313,295

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	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 as follows (dollars in millions): At June 30, 2018 Carrying value Estimated fair value Mortgages payable assumed in connection with acquisitions (1) $ 306.8 $ 314.4 Notes and bonds payable (2) 5,400.0 5,391.9 At December 31, 2017 Carrying value Estimated fair value Notes receivable issued in connection with property sales $ 5.3 $ 5.3 Mortgages payable assumed in connection with acquisitions (1) 320.3 334.2 Notes and bonds payable (2) 5,250.0 5,475.3 (1) Excludes non-cash net premiums recorded on the mortgages payable. The unamortized balance of these net premiums is $5.1 million at June 30, 2018 , and $5.9 million at December 31, 2017. Also excludes deferred financing costs of $209,000 at June 30, 2018 and $236,000 at December 31, 2017 . (2) Excludes non-cash original issuance premiums and discounts recorded on notes payable. The unamortized balance of the net original issuance premiums is $11.1 million at June 30, 2018 , and $14.3 million at December 31, 2017 . Also excludes deferred financing costs of $36.2 million at June 30, 2018 and $34.1 million at December 31, 2017 . 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 forward interest rate 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. At June 30, 2018 , interest rate swaps in a liability position valued at $214,000 were included in accounts payable and accrued expenses and interest rate swaps in an asset position valued at $4.3 million were included in other assets, net on the consolidated balance sheet. 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, and the unobservable inputs are not significant to the fair value measurement, the measurement of interest rate swaps is categorized as level two on the three-level valuation hierarchy.

Gain on Sales of Real Estate

Gain on Sales of Real Estate	6 Months Ended
	Jun. 30, 2018
Gain (Loss) on Sale of Investments [Abstract]
Gain on Sales of Real Estate	Gain on Sales of Real Estate During the second quarter of 2018 , we sold 26 properties for $33.7 million , which resulted in a gain of $7.8 million . During the second quarter of 2017 , we sold 15 properties for $12.8 million , which resulted in a gain of $2.8 million . During the first six months of 2018 , we sold 40 properties for $47.5 million , which resulted in a gain of $11.0 million . During the first six months of 2017 , we sold 29 properties for $44.0 million , which resulted in a gain of $13.4 million .

Impairments

Impairments	6 Months Ended
	Jun. 30, 2018
Asset Impairment Charges [Abstract]
Impairments	Impairments 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. During the second quarter of 2018 , we recorded total provisions for impairment of $4.0 million on eight properties classified as held for sale, one property classified as held for investment, and nine sold properties. For the first six months of 2018 , we recorded total provisions for impairment of $18.2 million on nine properties classified as held for sale, two property classified as held for investment, and 14 sold properties. In comparison, for the second quarter of 2017 , we recorded total provisions for impairment of $2.3 million on one property classified as held for investment and nine sold properties. For the first six months of 2017 , we recorded total provisions for impairment of $7.7 million on four properties classified as held for investment and 14 sold properties.

Distributions Paid and Payable

Distributions Paid and Payable	6 Months Ended
	Jun. 30, 2018
Dividends [Abstract]
Distributions Paid and Payable	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 for the first six months of 2018 and 2017 : Month 2018 2017 January $ 0.2125 $ 0.2025 February 0.2190 0.2105 March 0.2190 0.2105 April 0.2195 0.2110 May 0.2195 0.2110 June 0.2195 0.2110 Total $ 1.3090 $ 1.2565 At June 30, 2018 , a distribution of $0.22 per common share was payable and was paid in July 2018. B. Class F Preferred Stock In April 2017, we redeemed all 16,350,000 shares of our Class F preferred stock. During the first six months of 2017 , we paid three monthly dividends to holders of our Class F preferred stock totaling $0.414063 per share, or $3.9 million. In April 2017, we paid a final monthly dividend of $0.101215 per share, or $1.7 million, which was recorded as interest expense, since these dividends accrued subsequent to the March 2017 notice of redemption.

Net Income per Common Share

Net Income per Common Share	6 Months Ended
	Jun. 30, 2018
Earnings Per Share Reconciliation [Abstract]
Net Income per Common Share	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. 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. Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Weighted average shares used for the basic net income per share computation 284,928,969 272,588,332 284,469,689 268,024,691 Incremental shares from share-based compensation 126,265 194,133 137,625 228,142 Weighted average partnership common units convertible to common shares that were dilutive 317,022 317,022 317,022 317,022 Weighted average shares used for diluted net income per share computation 285,372,256 273,099,487 284,924,336 268,569,855 Unvested shares from share-based compensation that were anti-dilutive 237,861 44,191 164,111 32,016 Weighted average partnership common units convertible to common shares that were anti-dilutive 359,980 88,182 207,948 88,182

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information	6 Months Ended
	Jun. 30, 2018
Supplemental Cash Flow Information [Abstract]
Supplemental Disclosures of Cash Flow Information	Supplemental Disclosures of Cash Flow Information Cash paid for interest was $111.9 million in the first six months of 2018 and $107.3 million in the first six months of 2017 . Interest capitalized to properties under development was $130,000 in the first six months of 2018 and $272,000 in the first six months of 2017 . Cash paid for income taxes was $2.9 million in the first six months of 2018 and $3.3 million in the first six months of 2017 . The following non-cash activities are included in the accompanying consolidated financial statements: A. During the first six months of 2018 , we issued 373,797 common partnership units of Realty Income, L.P. as partial consideration for an acquisition of properties, totaling $18.8 million. B. During the first six months of 2018 , we completed the acquisition of a property using $7.5 million in funds that were held in a non-refundable escrow account. These funds were included in other assets, net, at December 31, 2017. C. During the first six months of 2017 , we removed the net book value of two damaged buildings from our consolidated balance sheet, and recorded net receivables of $10.7 million . During 2017, we received the insurance proceeds for these properties. Per the requirements of ASU 2016-18 (Topic 230, Statement of Cash Flows ), the following table provides a reconciliation of cash and cash equivalents reported within the consolidated balance sheets to the total of the cash, cash equivalents and restricted cash reported within the consolidated statements of cash flows: June 30, 2018 June 30, 2017 Cash and cash equivalents shown in the consolidated balance sheets $ 30,717 $ 10,945 Restricted escrow deposits (1) 7,054 8,550 Impounds related to mortgages payable (1) 7,029 2,916 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 44,800 $ 22,411 (1) Included within other assets, net on the consolidated balance sheets (see note 3). These amounts consist of cash we are legally entitled to that is not immediately available to us. As a result, they were considered restricted as of the dates presented.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Segment Information	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. 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: June 30, 2018 December 31, 2017 Segment net real estate: Apparel $ 161,920 $ 164,919 Automotive service 209,964 213,156 Automotive tire services 243,271 247,557 Beverages 287,032 289,170 Child care 60,058 61,527 Convenience stores 1,397,354 997,170 Dollar stores 1,101,066 1,105,097 Drug stores 1,511,955 1,518,443 Financial services 428,731 384,867 General merchandise 318,584 313,181 Grocery stores 773,501 793,286 Health and fitness 886,585 896,430 Home improvement 428,730 407,002 Motor vehicle dealerships 201,073 204,651 Restaurants-casual dining 475,028 494,977 Restaurants-quick service 803,886 681,763 Theaters 561,477 566,585 Transportation services 766,883 776,068 Wholesale club 420,048 426,551 Other non-reportable segments 2,192,896 2,134,099 Total segment net real estate 13,230,042 12,676,499 Intangible assets: Apparel 34,641 36,600 Automotive service 62,664 64,388 Automotive tire services 9,520 10,383 Beverages 1,894 2,022 Convenience stores 95,392 45,445 Dollar stores 47,357 47,905 Drug stores 171,741 173,893 Financial services 22,563 24,867 General merchandise 45,893 50,184 Grocery stores 144,239 140,780 Health and fitness 74,992 76,276 Home improvement 61,666 61,045 Motor vehicle dealerships 29,937 31,720 Restaurants-casual dining 19,100 20,079 Restaurants-quick service 62,303 51,711 Theaters 25,555 26,448 Transportation services 80,111 87,162 Wholesale club 28,040 29,596 Other non-reportable segments 210,972 214,426 Goodwill: Automotive service 437 437 Automotive tire services 862 862 Child care 4,899 4,924 Convenience stores 2,002 2,004 Restaurants-casual dining 2,047 2,062 Restaurants-quick service 1,057 1,064 Other non-reportable segments 3,598 3,617 Other corporate assets 200,550 171,767 Total assets $ 14,674,074 $ 14,058,166 Three months ended June 30, Six months ended June 30, Revenue 2018 2017 2018 2017 Segment rental revenue: Apparel $ 4,210 $ 4,928 $ 8,541 $ 9,895 Automotive service 7,021 6,298 14,030 11,841 Automotive tire services 7,708 7,616 15,147 14,775 Beverages 7,836 7,758 15,673 15,516 Child care 5,216 4,845 10,916 10,332 Convenience stores 34,008 26,965 61,869 55,268 Dollar stores 23,237 22,757 46,487 45,508 Drug stores 32,436 31,614 64,775 63,245 Financial services 6,890 7,159 13,891 14,318 General merchandise 7,290 5,395 14,159 10,756 Grocery stores 15,673 13,597 31,338 23,759 Health and fitness 23,614 21,789 47,057 43,394 Home improvement 9,339 7,090 18,583 14,010 Motor vehicle dealerships 5,712 5,755 12,948 12,491 Restaurants-casual dining 11,029 10,716 21,989 21,606 Restaurants-quick service 17,083 14,517 33,362 28,853 Theaters 17,565 13,114 35,335 26,458 Transportation services 15,762 15,633 31,548 31,021 Wholesale club 9,341 9,413 18,873 18,827 Other non-reportable segments 52,900 51,090 103,897 101,997 Total rental revenue 313,870 288,049 620,418 573,870 Tenant reimbursements 11,395 11,756 22,695 22,985 Other revenue 3,621 365 4,068 1,340 Total revenue $ 328,886 $ 300,170 $ 647,181 $ 598,195

Common Stock Incentive Plan

Common Stock Incentive Plan	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Common Stock Incentive Plan	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 our stock 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 $5.0 million during the second quarter of 2018, $4.5 million during the second quarter of 2017, $8.7 million during the first six months of 2018 and $7.2 million during the first six months of 2017 . A. Restricted Stock During the first six months of 2018 , we granted 137,000 shares of common stock under the 2012 Plan. This included an annual grant of 28,000 shares of common stock to the independent members of our Board of Directors in May 2018, 20,000 of which shares vested immediately, 4,000 shares of which vest in equal parts over a three -year service period, and 4,000 shares of which vest in equal parts over a two -year service period. With the exception of shares granted to our independent directors, shares granted to employees typically vest in equal parts over a four -year or five -year service period. As of June 30, 2018 , the remaining unamortized share-based compensation expense related to restricted stock totaled $18.8 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 conditions 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. B. Performance Shares and Restricted Stock Units During the first six months of 2018 , we granted 190,449 performance shares, as well as dividend equivalent rights, to our executive officers. The performance shares are earned based on our TSR performance relative to select industry indices and peer groups as well as achievement of certain operating metrics, and vest 50% on the first and second January 1 after the end of the three year performance period, subject to continued service. During the first six months of 2018 , we also granted 8,383 restricted stock units, all of which vest over a four -year service period. These restricted stock units have the same economic rights as shares of restricted stock. As of June 30, 2018 , the remaining share-based compensation expense related to the performance shares and restricted stock units totaled $15.8 million . The fair value of the performance shares were estimated on the date of grant using a Monte Carlo Simulation model. The performance shares are being recognized on a tranche-by-tranche basis over the service period. The amount of share-based compensation for the restricted stock units is based on the fair value of our common stock at the grant date. The restricted stock units are being recognized on a straight-line basis over the service period.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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 June 30, 2018 , we had commitments of $15.9 million for re-leasing costs, recurring capital expenditures, and non-recurring building improvements. In addition, as of June 30, 2018 , we had committed $14.3 million under construction contracts, which is expected to be paid in the next twelve months.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In July 2018, we declared a dividend of $0.22 per share to our common stockholders, which will be paid in August 2018.

Summary of Significant Accoun26

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Principles of Consolidation	A. The accompanying consolidated financial statements include the accounts of Realty Income and other subsidiaries 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 10). We have no unconsolidated investments.
Federal Income Taxes	B. We have elected to be taxed as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended. 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 federal income taxes of our taxable REIT subsidiaries. The income taxes recorded on our consolidated statements of income represent amounts paid by Realty Income and its subsidiaries for city and state income and franchise taxes.
Goodwill	C. We assign a portion of goodwill to our applicable property sales, which results in a reduction of the carrying amount of our goodwill. In order to allocate goodwill to the carrying amount of properties that we sell, we utilize a relative fair value approach based on the original methodology for assigning goodwill. As we sell properties, our goodwill will likely continue to gradually decrease over time.
Recent Accounting Pronouncements	D. In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09, Revenue from Contracts with Customers. This ASU, as amended by ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date, outlines a comprehensive model for companies to use in accounting for revenue arising from contracts with customers, and will apply to transactions such as the sale of real estate. This ASU, which is effective for interim and annual periods beginning after December 15, 2017, requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also to provide certain additional disclosures. We adopted this standard effective as of January 1, 2018 and utilized the cumulative effect transition method of adoption. The adoption of this guidance did not have a material impact on our financial position or results of operations. E. In February 2016, FASB issued ASU 2016-02 (Topic 842, Leases ), as clarified and amended by ASU 2018-01, which amended Topic 840, Leases . Under this amended topic, the accounting applied by a lessor is largely unchanged from that applied under Topic 840, Leases . The large majority of operating leases should remain classified as operating leases, and lessors should continue to recognize lease income for those leases on a generally straight-line basis over the lease term. Although primarily a lessor, we are also a lessee under several ground lease arrangements. Upon adoption, we will recognize lease obligations for ground leases with a corresponding right of use asset, and are currently evaluating other impacts this amendment may have on our consolidated financial statements. The amendments included in this topic are effective, for interim and annual periods beginning after December 15, 2018. We plan to adopt this standard when it becomes effective beginning January 1, 2019, and we expect to elect the practical expedients available for implementation under the standard.

Supplemental Detail for Certa27

Supplemental Detail for Certain Components of Consolidated Balance Sheets (Tables)	6 Months Ended
	Jun. 30, 2018
Disclosure Text Block Supplement [Abstract]
Schedule of acquired lease intangible assets, net	A. Acquired lease intangible assets, net, consist of the following at: June 30, 2018 December 31, 2017 Acquired in-place leases $ 1,301,834 $ 1,272,897 Accumulated amortization of acquired in-place leases (495,883 ) (444,221 ) Acquired above-market leases 562,801 487,933 Accumulated amortization of acquired above-market leases (140,172 ) (121,679 ) $ 1,228,580 $ 1,194,930
Schedule of other assets, net	B. Other assets, net, consist of the following at: June 30, 2018 December 31, 2017 Prepaid expenses $ 15,821 $ 12,851 Restricted escrow deposits 7,054 679 Impounds related to mortgages payable 7,029 4,565 Corporate assets, net 5,926 6,074 Receivable for property rebuilds 3,244 3,919 Credit facility origination costs, net 2,911 4,366 Non-refundable escrow deposits for pending acquisitions — 7,500 Notes receivable issued in connection with property sales — 5,267 Other items 1,722 115 $ 43,707 $ 45,336
Schedule of distributions payable	C. Distributions payable consist of the following declared distributions at: June 30, 2018 December 31, 2017 Common stock distributions $ 64,241 $ 60,713 Noncontrolling interests distributions 158 86 $ 64,399 $ 60,799
Schedule of accounts payable and accrued expenses	D. Accounts payable and accrued expenses consist of the following at: June 30, 2018 December 31, 2017 Notes payable - interest payable $ 75,861 $ 64,058 Property taxes payable 18,200 11,718 Mortgages, term loans, credit line - interest payable and interest rate swaps 3,356 2,360 Accrued costs on properties under development 3,149 2,681 Other items 21,813 28,706 $ 122,379 $ 109,523
Schedule of acquired lease intangible liabilities, net	E. Acquired lease intangible liabilities, net, consist of the following at: June 30, 2018 December 31, 2017 Acquired below-market leases $ 394,253 $ 340,906 Accumulated amortization of acquired below-market leases (83,210 ) (72,110 ) $ 311,043 $ 268,796
Schedule of other liabilities	F. Other liabilities consist of the following at: June 30, 2018 December 31, 2017 Rent received in advance and other deferred revenue $ 111,814 $ 105,284 Security deposits 6,287 6,259 Capital lease obligations 5,481 5,326 $ 123,582 $ 116,869

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	6 Months Ended
	Jun. 30, 2018
Real Estate Investments, Net [Abstract]
Schedule of future impact related to amortization of above-market, below-market and in-place lease intangibles	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 at June 30, 2018 (in thousands): Net decrease to rental revenue Increase to amortization expense 2018 $ (7,856 ) $ 53,176 2019 (15,108 ) 97,639 2020 (14,378 ) 91,887 2021 (13,208 ) 83,903 2022 (13,074 ) 71,978 Thereafter (47,962 ) 407,368 Totals $ (111,586 ) $ 805,951

Mortgages Payable (Tables)

Mortgages Payable (Tables) - Mortgages Payable	6 Months Ended
	Jun. 30, 2018
Debt
Summary of Mortgages Payable	The following is a summary of all our mortgages payable as of June 30, 2018 and December 31, 2017 , respectively (dollars in thousands): As Of Number of Properties (1) Weighted Average Stated Interest Rate (2) Weighted Average Effective Interest Rate (3) Weighted Average Remaining Years Until Maturity Remaining Principal Balance Unamortized Premium and Deferred Financing Costs Balance, net Mortgage Payable Balance 6/30/2018 61 5.1 % 4.5 % 3.6 $ 306,836 $ 4,872 $ 311,708 12/31/2017 62 5.0 % 4.4 % 4.0 $ 320,283 $ 5,658 $ 325,941 (1) At June 30, 2018 , there were 27 mortgages on 61 properties. At December 31, 2017 , there were 28 mortgages on 62 properties. The mortgages require monthly payments with principal payments due at maturity. The mortgages are at fixed interest rates, except for three mortgages on three properties totaling $29.6 million and $29.9 million at June 30, 2018 and December 31, 2017 , respectively. After factoring in arrangements which limit our exposure to interest rate risk and effectively fix our per annum interest rates, our mortgage debt subject to variable rates totals $22.2 million at June 30, 2018 and $22.4 million at December 31, 2017 . (2) Stated interest rates ranged from 3.8% to 6.9% at June 30, 2018 , while stated interest rates ranged from 3.4% to 6.9% at December 31, 2017 . (3) Effective interest rates ranged from 2.0% to 6.0% at June 30, 2018 , while effective interest rates ranged from 2.6% to 5.5% at December 31, 2017 .
Schedule of maturity of mortgages payable	The following table summarizes the maturity of mortgages payable, excluding net premiums of $5.1 million and deferred financing costs of $209,000 , as of June 30, 2018 (dollars in millions): Year of Maturity Principal 2018 $ 8.5 2019 20.7 2020 82.4 2021 66.9 2022 109.7 Thereafter 18.6 Totals $ 306.8

Notes Payable (Tables)

Notes Payable (Tables) - Notes Payable	6 Months Ended
	Jun. 30, 2018
Debt
Schedule of Notes Payable	Our senior unsecured notes and bonds consist of the following, sorted by maturity date (dollars in millions): June 30, 2018 December 31, 2017 2.000% notes, issued in October 2012 and due in January 2018 $ — $ 350 5.750% notes, issued in June 2010 and due in January 2021 250 250 3.250% notes, $450 issued in October 2012 and $500 issued in December 2017, both due in October 2022 950 950 4.650% 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 3.875% notes, issued in April 2018 and due in April 2025 500 — 4.125% notes, $250 issued in September 2014 and $400 issued in March 2017, both due in October 2026 650 650 3.000% notes, issued in October 2016 and due in January 2027 600 600 3.650% notes, issued in December 2017 and due in January 2028 550 550 5.875% bonds, $100 issued in March 2005 and $150 issued in June 2011, both due in March 2035 250 250 4.650% notes, $300 issued in March 2017 and $250 issued in December 2017, both due in March 2047 550 550 Total principal amount 5,400 5,250 Unamortized net original issuance premiums and deferred financing costs (25 ) (20 ) $ 5,375 $ 5,230
Schedule of maturity of debt, net	The following table summarizes the maturity of our notes and bonds payable as of June 30, 2018 , excluding net unamortized original issuance premiums and deferred financing costs (dollars in millions): Year of Maturity Principal 2021 $ 250 2022 950 Thereafter 4,200 Totals $ 5,400

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	6 Months Ended
	Jun. 30, 2018
Noncontrolling Interest [Abstract]
Schedule of the change in the carrying value of all noncontrolling interests	The following table represents the change in the carrying value of all noncontrolling interests through June 30, 2018 (dollars in thousands): Tau Operating Partnership units (1) Realty Income, L.P. units (2) Other Noncontrolling Interests Total Carrying value at December 31, 2017 $ 13,322 $ 2,160 $ 3,725 $ 19,207 Reallocation of equity 572 (43 ) (37 ) 492 Redemptions — (1,468 ) — (1,468 ) Shares issued in conjunction with acquisition — 18,848 18,848 Distributions (417 ) (336 ) (76 ) (829 ) Allocation of net income 173 257 39 469 Carrying value at June 30, 2018 $ 13,650 $ 19,418 $ 3,651 $ 36,719 (1) 317,022 Tau Operating Partnership units were issued on January 22, 2013 and remained outstanding as of June 30, 2018 and December 31, 2017 . (2) 534,546 Realty Income, L.P. units were issued on June 27, 2013, 242,007 units were issued on March 30, 2018 and 131,790 units were issued on April 30, 2018. 401,979 and 88,182 remained outstanding as of June 30, 2018 and December 31, 2017 , respectively.
Summary selected financial data of consolidated VIEs	Below is a summary of selected financial data of consolidated VIEs, for which we are the primary beneficiary included in the consolidated balance sheets at June 30, 2018 and December 31, 2017 (in thousands): June 30, 2018 December 31, 2017 Net real estate $ 2,961,127 $ 2,936,397 Total assets 3,348,144 3,342,443 Total debt 198,332 210,384 Total liabilities 330,757 313,295

Fair Value of Financial Instr32

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Schedule of fair value by balance sheet groupings	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 as follows (dollars in millions): At June 30, 2018 Carrying value Estimated fair value Mortgages payable assumed in connection with acquisitions (1) $ 306.8 $ 314.4 Notes and bonds payable (2) 5,400.0 5,391.9 At December 31, 2017 Carrying value Estimated fair value Notes receivable issued in connection with property sales $ 5.3 $ 5.3 Mortgages payable assumed in connection with acquisitions (1) 320.3 334.2 Notes and bonds payable (2) 5,250.0 5,475.3 (1) Excludes non-cash net premiums recorded on the mortgages payable. The unamortized balance of these net premiums is $5.1 million at June 30, 2018 , and $5.9 million at December 31, 2017. Also excludes deferred financing costs of $209,000 at June 30, 2018 and $236,000 at December 31, 2017 . (2) Excludes non-cash original issuance premiums and discounts recorded on notes payable. The unamortized balance of the net original issuance premiums is $11.1 million at June 30, 2018 , and $14.3 million at December 31, 2017 . Also excludes deferred financing costs of $36.2 million at June 30, 2018 and $34.1 million at December 31, 2017 .

Distributions Paid and Payable

Distributions Paid and Payable (Tables)	6 Months Ended
	Jun. 30, 2018
Dividends [Abstract]
Summary of monthly distributions paid	The following is a summary of monthly distributions paid per common share for the first six months of 2018 and 2017 : Month 2018 2017 January $ 0.2125 $ 0.2025 February 0.2190 0.2105 March 0.2190 0.2105 April 0.2195 0.2110 May 0.2195 0.2110 June 0.2195 0.2110 Total $ 1.3090 $ 1.2565

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share Reconciliation [Abstract]
Schedule of 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	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. Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Weighted average shares used for the basic net income per share computation 284,928,969 272,588,332 284,469,689 268,024,691 Incremental shares from share-based compensation 126,265 194,133 137,625 228,142 Weighted average partnership common units convertible to common shares that were dilutive 317,022 317,022 317,022 317,022 Weighted average shares used for diluted net income per share computation 285,372,256 273,099,487 284,924,336 268,569,855 Unvested shares from share-based compensation that were anti-dilutive 237,861 44,191 164,111 32,016 Weighted average partnership common units convertible to common shares that were anti-dilutive 359,980 88,182 207,948 88,182

Supplemental Disclosures of C35

Supplemental Disclosures of Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2018
Supplemental Cash Flow Information [Abstract]
Schedule of reconciliation of cash, cash equivalents and restricted cash	Per the requirements of ASU 2016-18 (Topic 230, Statement of Cash Flows ), the following table provides a reconciliation of cash and cash equivalents reported within the consolidated balance sheets to the total of the cash, cash equivalents and restricted cash reported within the consolidated statements of cash flows: June 30, 2018 June 30, 2017 Cash and cash equivalents shown in the consolidated balance sheets $ 30,717 $ 10,945 Restricted escrow deposits (1) 7,054 8,550 Impounds related to mortgages payable (1) 7,029 2,916 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 44,800 $ 22,411 (1) Included within other assets, net on the consolidated balance sheets (see note 3). These amounts consist of cash we are legally entitled to that is not immediately available to us. As a result, they were considered restricted as of the dates presented.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Schedule of reconciliation of assets from segment to consolidated	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: June 30, 2018 December 31, 2017 Segment net real estate: Apparel $ 161,920 $ 164,919 Automotive service 209,964 213,156 Automotive tire services 243,271 247,557 Beverages 287,032 289,170 Child care 60,058 61,527 Convenience stores 1,397,354 997,170 Dollar stores 1,101,066 1,105,097 Drug stores 1,511,955 1,518,443 Financial services 428,731 384,867 General merchandise 318,584 313,181 Grocery stores 773,501 793,286 Health and fitness 886,585 896,430 Home improvement 428,730 407,002 Motor vehicle dealerships 201,073 204,651 Restaurants-casual dining 475,028 494,977 Restaurants-quick service 803,886 681,763 Theaters 561,477 566,585 Transportation services 766,883 776,068 Wholesale club 420,048 426,551 Other non-reportable segments 2,192,896 2,134,099 Total segment net real estate 13,230,042 12,676,499 Intangible assets: Apparel 34,641 36,600 Automotive service 62,664 64,388 Automotive tire services 9,520 10,383 Beverages 1,894 2,022 Convenience stores 95,392 45,445 Dollar stores 47,357 47,905 Drug stores 171,741 173,893 Financial services 22,563 24,867 General merchandise 45,893 50,184 Grocery stores 144,239 140,780 Health and fitness 74,992 76,276 Home improvement 61,666 61,045 Motor vehicle dealerships 29,937 31,720 Restaurants-casual dining 19,100 20,079 Restaurants-quick service 62,303 51,711 Theaters 25,555 26,448 Transportation services 80,111 87,162 Wholesale club 28,040 29,596 Other non-reportable segments 210,972 214,426 Goodwill: Automotive service 437 437 Automotive tire services 862 862 Child care 4,899 4,924 Convenience stores 2,002 2,004 Restaurants-casual dining 2,047 2,062 Restaurants-quick service 1,057 1,064 Other non-reportable segments 3,598 3,617 Other corporate assets 200,550 171,767 Total assets $ 14,674,074 $ 14,058,166
Schedule of reconciliation of revenue from segments to consolidated	Three months ended June 30, Six months ended June 30, Revenue 2018 2017 2018 2017 Segment rental revenue: Apparel $ 4,210 $ 4,928 $ 8,541 $ 9,895 Automotive service 7,021 6,298 14,030 11,841 Automotive tire services 7,708 7,616 15,147 14,775 Beverages 7,836 7,758 15,673 15,516 Child care 5,216 4,845 10,916 10,332 Convenience stores 34,008 26,965 61,869 55,268 Dollar stores 23,237 22,757 46,487 45,508 Drug stores 32,436 31,614 64,775 63,245 Financial services 6,890 7,159 13,891 14,318 General merchandise 7,290 5,395 14,159 10,756 Grocery stores 15,673 13,597 31,338 23,759 Health and fitness 23,614 21,789 47,057 43,394 Home improvement 9,339 7,090 18,583 14,010 Motor vehicle dealerships 5,712 5,755 12,948 12,491 Restaurants-casual dining 11,029 10,716 21,989 21,606 Restaurants-quick service 17,083 14,517 33,362 28,853 Theaters 17,565 13,114 35,335 26,458 Transportation services 15,762 15,633 31,548 31,021 Wholesale club 9,341 9,413 18,873 18,827 Other non-reportable segments 52,900 51,090 103,897 101,997 Total rental revenue 313,870 288,049 620,418 573,870 Tenant reimbursements 11,395 11,756 22,695 22,985 Other revenue 3,621 365 4,068 1,340 Total revenue $ 328,886 $ 300,170 $ 647,181 $ 598,195

Management Statement (Details)

Management Statement (Details) ft² in Millions	Jun. 30, 2018ft²stateproperty
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Properties owned | property	5,483
Number of U.S. states where properties are owned | state	49
Leasable square feet | ft²	92

Summary of Significant Accoun38

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements Narrative (Details) - USD ($)	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Accounting Policies [Abstract]
Impairment on goodwill	$ 0	$ 0

Supplemental Detail for Certa39

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Acquired Lease Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Acquired lease intangible assets, net
Acquired in-place leases	$ 1,301,834	$ 1,272,897
Accumulated amortization of acquired in-place leases	(495,883)	(444,221)
Acquired above-market leases	562,801	487,933
Accumulated amortization of acquired above-market leases	(140,172)	(121,679)
Total acquired lease intangible assets, net	$ 1,228,580	$ 1,194,930

Supplemental Detail for Certa40

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Other assets, net
Prepaid expenses	$ 15,821	$ 12,851
Restricted escrow deposits	7,054	679	$ 8,550
Impounds related to mortgages payable	7,029	4,565	$ 2,916
Corporate assets, net	5,926	6,074
Receivable for property rebuilds	3,244	3,919
Credit facility origination costs, net	2,911	4,366
Non-refundable escrow deposits for pending acquisitions	0	7,500
Notes receivable issued in connection with property sales	0	5,267
Other items	1,722	115
Total other assets, net	$ 43,707	$ 45,336

Supplemental Detail for Certa41

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Distributions Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Distributions payable
Distributions payable	$ 64,399	$ 60,799
Noncontrolling interests
Distributions payable
Distributions payable	158	86
Common stock
Distributions payable
Distributions payable	$ 64,241	$ 60,713

Supplemental Detail for Certa42

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Accounts Payable, Acquired Lease Intangibles, and Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Accounts payable and accrued expenses
Property taxes payable	$ 18,200	$ 11,718
Mortgages, term loans, credit line - interest payable and interest rate swaps	3,356	2,360
Accrued costs on properties under development	3,149	2,681
Other items	21,813	28,706
Total accounts payable and accrued expenses	122,379	109,523
Acquired lease intangible liabilities, net
Acquired below-market leases	394,253	340,906
Accumulated amortization of acquired below-market leases	(83,210)	(72,110)
Total acquired lease intangible liabilities, net	311,043	268,796
Other liabilities
Rent received in advance and other deferred revenue	111,814	105,284
Security deposits	6,287	6,259
Capital lease obligations	5,481	5,326
Total other liabilities	123,582	116,869
Notes Payable
Accounts payable and accrued expenses
Notes payable - interest payable	$ 75,861	$ 64,058

Investments in Real Estate - Ac

Investments in Real Estate - Acquisitions (Details) $ in Thousands, ft² in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)ft²	Jun. 30, 2017USD ($)ft²	Jun. 30, 2018USD ($)ft²stateitemindustryproperty	Jun. 30, 2017USD ($)ft²stateindustryproperty
Investments in real estate properties
Leasable square feet | ft²	92		92
Total revenue	$ 328,886	$ 300,170	$ 647,181	$ 598,195
Net income (loss)	$ 96,697	$ 81,259	$ 180,012	170,294
Real Estate Investment
Investments in real estate properties
Number of investments in properties that caused any tenant to be 10% of more of total assets | item			0
Total revenue			$ 10,600	7,300
Net income (loss)			5,300	3,400
Real Estate Investment | New and under development or expansion
Investments in real estate properties
Value of properties acquired during the period			$ 856,800	$ 691,900
Number of properties acquired during the period | property			358	126
Initial weighted average contractual lease rate of properties acquired (as a percent)			6.30%	6.30%
Number of states in which properties are located | state			32	30
Leasable square feet | ft²	2.8	3.4	2.8	3.4
Leased area (as a percent)	100.00%	100.00%	100.00%	100.00%
Weighted average lease term			13 years 10 months 2 days	14 years 9 months 7 days
Allocated to Land			$ 314,400	$ 170,100
Allocated to Buildings and Improvements			476,000	395,500
Allocated to Intangible Assets related to Leases			90,600	130,000
Allocated to Intangible Liabilities related to Leases and Other Assumed Liabilities			24,200	3,700
Contingent consideration associated with acquisition	$ 0	$ 0	$ 0	$ 0
Real Estate Investment | New properties | Retail
Investments in real estate properties
Number of industries in which tenants operate | industry			17	20
Property type-percentage of properties acquired			93.70%	95.10%
Real Estate Investment | New properties | Industrial
Investments in real estate properties
Property type-percentage of properties acquired			6.30%	4.90%
Real Estate Investment | Properties under development
Investments in real estate properties
Value of properties acquired during the period			$ 64,300	$ 9,900
Number of properties acquired during the period | property			10	12
Initial weighted average contractual lease rate of properties acquired (as a percent)			6.70%	7.90%
Real Estate Investment | Maximum
Investments in real estate properties
Investments to any one tenant as a percentage of total assets			10.00%

Investments in Real Estate - In

Investments in Real Estate - Investments in Existing Properties (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Real Estate Investments, Net [Abstract]
Capitalized costs on existing properties	$ 5,600	$ 6,800
Re-leasing costs	2,500	759
Recurring capital expenditures	147	365
Nonrecurring building improvements	$ 3,000	$ 5,700

Investments in Real Estate - Pr

Investments in Real Estate - Properties with Existing Leases (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2018USD ($)property	Jun. 30, 2018USD ($)property	Jun. 30, 2017USD ($)itemproperty
Net decrease to rental revenue
2,018		$ (7,856)
2,019		(15,108)
2,020		(14,378)
2,021		(13,208)
2,022		(13,074)
Thereafter		(47,962)
Totals		(111,586)
Increase to amortization expense
2,018		53,176
2,019		97,639
2,020		91,887
2,021		83,903
2,022		71,978
Thereafter		407,368
Totals		805,951
In-Place Leases
Investments in real estate properties
Depreciation and amortization expense	$ 53,100		$ 51,200
Rental Revenue
Investments in real estate properties
Amortization of above and below Market Leases	7,900		6,500
Real Estate Investment | New and under development or expansion
Investments in real estate properties
Value of properties acquired during the period		$ 856,800	$ 691,900
Number of properties acquired during the period | property		358	126
Initial weighted average contractual lease rate of properties acquired (as a percent)		6.30%	6.30%
Real Estate Investment | New and under development or expansion | In-Place Leases
Investments in real estate properties
Value of properties acquired during the period	$ 225,800		$ 536,200
Number of properties acquired during the period	107		60
Real Estate Investment | Properties under development
Investments in real estate properties
Value of properties acquired during the period		$ 64,300	$ 9,900
Number of properties acquired during the period | property		10	12
Initial weighted average contractual lease rate of properties acquired (as a percent)		6.70%	7.90%

Credit Facility (Details)

Credit Facility (Details)	6 Months Ended
	Jun. 30, 2018USD ($)extension	Jun. 30, 2017	Dec. 31, 2017USD ($)
Credit facility
Credit facility origination costs, net	$ 2,911,000		$ 4,366,000
Outstanding balance	$ 534,000,000		$ 110,000,000
Weighted average interest rate	2.90%		4.50%
Credit Facility
Credit facility
Commitment fee (as a percent)	0.125%
Current borrowing capacity	$ 1,500,000,000
Outstanding balance	$ 534,000,000		$ 110,000,000
Weighted average borrowing rate during the period (as a percent)	2.70%	1.80%
Credit Facility | Other assets, net
Credit facility
Credit facility origination costs, net	$ 2,900,000
Credit Facility | Unsecured debt
Credit facility
Maximum borrowing capacity	$ 2,000,000,000
Number of extensions | extension	2
Term of extension option	6 months
Accordion expansion option	$ 1,000,000,000
Credit Facility | LIBOR
Credit facility
Basis spread on variable rate (as a percent)	0.85%
All-in drawn variable interest rate (as a percent)	0.975%
Variable reference rate	LIBOR

Term Loans (Details)

Term Loans (Details)	1 Months Ended			6 Months Ended
	Jan. 31, 2018item	Jun. 30, 2015USD ($)	Jan. 31, 2013USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)
Promissory Note | $125.9 million promissory note
Debt
Face amount of loans					$ 125,900,000
Stated interest rate (as a percent)					1.52%
Senior Unsecured Term Loans
Debt
Deferred finance costs				$ 469,000	$ 580,000
Senior Unsecured Term Loans | $250 million senior unsecured term loan
Debt
Face amount of loans		$ 250,000,000
Variable reference rate		one-month LIBOR
Basis spread on variable rate (as a percent)		0.90%
Deferred financing costs incurred				1,200,000
Senior Unsecured Term Loans | Interest rate swaps | $250 million senior unsecured term loan
Debt
Effective yield (as a percent)		2.62%
Senior Unsecured Term Loans | ARCT | $70 million senior unsecured term loan
Debt
Face amount of loans			$ 70,000,000
Variable reference rate	one-month LIBOR		one-month LIBOR
Basis spread on variable rate (as a percent)	0.90%		1.10%
Number of additional optional extensions | item	2
Loan extension period	6 months
Deferred financing costs incurred				$ 368,000
Senior Unsecured Term Loans | ARCT | Interest rate swaps | $70 million senior unsecured term loan
Debt
Effective yield (as a percent)			2.05%

Mortgages Payable (Details)

Mortgages Payable (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2018USD ($)loanproperty	Jun. 30, 2017USD ($)loan	Dec. 31, 2017USD ($)loanproperty	Mar. 31, 2018USD ($)
Debt
Weighted Average Stated Interest Rate	2.90%		4.50%
Mortgage Payable Balance	$ 311,708		$ 325,941
Mortgages Payable
Debt
Amount repaid	$ 13,400	$ 86,500
Number of assumed mortgages refinanced | loan	0	0
Remaining balance of deferred financing costs at period end	$ 209		$ 236	$ 209
Number of Properties | property	61		62
Weighted Average Stated Interest Rate	5.10%		5.00%
Weighted Average Effective Interest Rate (as a percent)	4.50%		4.40%
Weighted Average Remaining Years Until Maturity	3 years 7 months 6 days		4 years
Remaining Principal Balance	$ 306,836		$ 320,283
Unamortized Premium and Deferred Finance Costs Balance, net	4,872		5,658
Mortgage Payable Balance	$ 311,708		$ 325,941
Number of mortgages | loan	27		28
Number of properties with mortgages | property	61		62
Mortgages Payable | Minimum
Debt
Weighted Average Effective Interest Rate (as a percent)	2.00%		2.60%
Stated interest rate (as a percent)	3.80%		3.40%
Mortgages Payable | Maximum
Debt
Weighted Average Effective Interest Rate (as a percent)	6.00%		5.50%
Stated interest rate (as a percent)	6.90%		6.90%
Mortgages Payable | Mortgages repaid in full
Debt
Amount repaid	$ 11,000	$ 82,900
Number of mortgages repaid | loan	1	5
Mortgages Payable | Variable rate mortgages
Debt
Remaining Principal Balance	$ 29,600		$ 29,900
Number of mortgages | loan	3		3
Number of properties with mortgages | property	3		3
Mortgages Payable | Variable rate mortgages after interest rate arrangements
Debt
Remaining Principal Balance	$ 22,200		$ 22,400

Mortgages Payable - Maturities

Mortgages Payable - Maturities (Details) - Mortgages Payable - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Debt
Unamortized premium balance	$ 5,100
Remaining balance of deferred financing costs at period end	209	$ 209	$ 236
Maturity of mortgages payable, excluding net premiums
2,018	8,500
2,019	20,700
2,020	82,400
2,021	66,900
2,022	109,700
Thereafter	18,600
Totals	$ 306,800

Notes Payable - General (Detail

Notes Payable - General (Details) - USD ($) $ in Thousands	1 Months Ended
	Apr. 30, 2018	Dec. 31, 2017	Mar. 31, 2017	Sep. 30, 2014	Oct. 31, 2012	Jun. 30, 2011	Mar. 31, 2005	Jun. 30, 2018	Jan. 31, 2018
Debt
Notes payable, net		$ 5,230,244						$ 5,374,963
Notes Payable
Debt
Notes payable, gross		5,250,000						5,400,000
Unamortized net original issuance premiums and deferred financing costs		(20,000)						(25,000)
Notes payable, net		$ 5,230,000						5,375,000
Issuance of Debt	$ 500,000
2.000% notes, issued in October 2012 and due in January 2018 | Notes Payable
Debt
Stated interest rate (as a percent)		2.00%							2.00%
Notes payable, gross		$ 350,000						$ 0
5.750% notes, issued in June 2010 and due in January 2021 | Notes Payable
Debt
Stated interest rate (as a percent)		5.75%						5.75%
Notes payable, gross		$ 250,000						$ 250,000
3.250% notes, $450 issued in October 2012 and $500 issued in December 2017, both due in October 2022 | Notes Payable
Debt
Stated interest rate (as a percent)		3.25%						3.25%
Notes payable, gross		$ 950,000						$ 950,000
3.250% notes, issued in October 2012 and due in October 2022 | Notes Payable
Debt
Issuance of Debt					$ 450,000
3.250% notes, issued in December 2017 and due in October 2022 | Notes Payable
Debt
Issuance of Debt		$ 500,000
4.650% notes, issued in July 2013 and due in August 2023 | Notes Payable
Debt
Stated interest rate (as a percent)		4.65%						4.65%
Notes payable, gross		$ 750,000						$ 750,000
3.875% notes, issued in June 2014 and due in July 2024 | Notes Payable
Debt
Stated interest rate (as a percent)		3.875%						3.875%
Notes payable, gross		$ 350,000						$ 350,000
3.875% notes, issued in April 2018 and due in April 2025 | Notes Payable
Debt
Stated interest rate (as a percent)		3.875%						3.875%
Notes payable, gross		$ 0						$ 500,000
4.125% notes, $250 issued in September 2014 and $400 issued in March 2017, both due in October 2026 | Notes Payable
Debt
Stated interest rate (as a percent)		4.125%						4.125%
Notes payable, gross		$ 650,000						$ 650,000
4.125% notes, issued in September 2014 and due in October 2026 | Notes Payable
Debt
Issuance of Debt				$ 250,000
4.125% notes, issued in March 2017 and due in October 2026 | Notes Payable
Debt
Stated interest rate (as a percent)			4.125%
Issuance of Debt			$ 400,000
3.000% notes, issued in October 2016 and due in January 2027 | Notes Payable
Debt
Stated interest rate (as a percent)		3.00%						3.00%
Notes payable, gross		$ 600,000						$ 600,000
3.650% notes, issued in December 2017 and due in January 2028 | Notes Payable
Debt
Stated interest rate (as a percent)		3.65%						3.65%
Notes payable, gross		$ 550,000						$ 550,000
5.875% bonds, $100 issued in March 2005 and $150 issued in June 2011, both due in March 2035 | Notes Payable
Debt
Stated interest rate (as a percent)		5.875%						5.875%
Notes payable, gross		$ 250,000						$ 250,000
5.875% bonds, issued in March 2005 and due in March 2035 | Notes Payable
Debt
Issuance of Debt							$ 100,000
5.875% bonds, issued in June 2011 and due in March 2035 | Notes Payable
Debt
Issuance of Debt						$ 150,000
4.650% notes, $300 issued in March 2017 and $250 issued in December 2017, both due in March 2047 | Notes Payable
Debt
Stated interest rate (as a percent)		4.65%						4.65%
Notes payable, gross		$ 550,000						$ 550,000
4.650% notes, issued in March 2017 and due in March 2047 | Notes Payable
Debt
Issuance of Debt			$ 300,000
4.650% notes, issued in December 2017 and due in March 2047 | Notes Payable
Debt
Issuance of Debt		$ 250,000

Notes Payable - Maturities (Det

Notes Payable - Maturities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Maturity of notes and bonds payable
Weighted average interest rate	2.90%	4.50%
Notes and bonds payable
Maturity of notes and bonds payable
2,021	$ 250
2,022	950
Thereafter	4,200
Totals	$ 5,400
Weighted average interest rate	4.00%
Weighted average remaining years until maturity	9 years 2 months 12 days

Notes Payable - Note Repayment

Notes Payable - Note Repayment (Details) - USD ($) $ in Thousands	1 Months Ended		6 Months Ended
	Apr. 30, 2018	Jan. 31, 2018	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Debt
Principal payments on notes payable			$ 350,000	$ 0
Notes Payable
Debt
Issuance of Debt	$ 500,000
Effective yield (as a percent)	3.875%
Notes Payable | 2.000% notes, issued in October 2012 and due in January 2018
Debt
Principal payments on notes payable		$ 350,000
Debt Instrument, Interest Rate, Stated Percentage		2.00%			2.00%

Notes Payable - Note Issuances

Notes Payable - Note Issuances (Details) - USD ($) $ in Thousands	1 Months Ended			6 Months Ended
	Apr. 30, 2018	Mar. 31, 2017	Sep. 30, 2014	Jun. 30, 2018	Jun. 30, 2017
Debt
Proceeds from issuance of debt				$ 497,500	$ 711,812
Notes Payable
Debt
Issuance of Debt	$ 500,000
Effective yield (as a percent)	3.875%
Public offering price	99.50%
Notes Payable | 3.957% notes, issued in April 2018 and due in April 2045
Debt
Effective yield (as a percent)	3.957%
Notes Payable | Notes issued in April 2018
Debt
Proceeds from issuance of debt	$ 493,100
Notes Payable | 4.650% notes, issued in March 2017 and due in March 2047
Debt
Issuance of Debt		$ 300,000
Effective yield (as a percent)		4.65%
Public offering price		99.97%
Notes Payable | 4.125% notes, issued in March 2017 and due in October 2026
Debt
Stated interest rate (as a percent)		4.125%
Issuance of Debt		$ 400,000
Effective yield (as a percent)		3.75%
Public offering price		102.98%
Notes Payable | 4.125% notes, issued in September 2014 and due in October 2026
Debt
Issuance of Debt			$ 250,000
Notes Payable | Notes issued in March 2017
Debt
Proceeds from issuance of debt		$ 705,200

Equity - Issuance of Common Sto

Equity - Issuance of Common Stock (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Mar. 31, 2017	Jun. 30, 2018	Jun. 30, 2017
Issuance of Common Stock
Net proceeds from issuance of common shares		$ 0	$ 704,938
Common stock
Issuance of Common Stock
Shares issued	11,850,000
Underwriting discounts and offering costs	$ 29,800
Net proceeds from issuance of common shares	$ 704,900

Equity - Redemption of Preferre

Equity - Redemption of Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Redemption of Preferred Stock
Excess of redemption value over carrying value of preferred shares subject to redemption		$ 0	$ 0	$ 0	$ 13,373
Class F Preferred Stock
Redemption of Preferred Stock
Preferred stock redeemed	16,350,000
Preferred stock, dividend rate (as a percent)	6.625%
Preferred stock, redemption price per share (in dollars per share)	$ 25
Excess of redemption value over carrying value of preferred shares subject to redemption					$ 13,400

Equity - Dividend Reinvestment

Equity - Dividend Reinvestment and Stock Purchase Plan (Details) - USD ($) $ in Thousands	6 Months Ended		18 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018
Dividend Reinvestment and Stock Purchase Plan
Proceeds from dividend reinvestment and stock purchase plan	$ 4,806	$ 59,649
Common stock
Dividend Reinvestment and Stock Purchase Plan
Authorized common shares to be issued	26,000,000
Number of common shares issued	93,061	1,013,412	14,156,603
Proceeds from dividend reinvestment and stock purchase plan	$ 4,800	$ 59,600	$ 666,600
Number of common shares issued under the waiver approval process		927,695
Amount raised from share issued under the waiver approval process		$ 54,700

Equity - At-the-Market (ATM) Pr

Equity - At-the-Market (ATM) Programs (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended		31 Months Ended
	Mar. 31, 2017	Jun. 30, 2018	Jun. 30, 2017	Mar. 31, 2018	Oct. 31, 2017	Sep. 30, 2015
At-the-market (ATM) Programs
Proceeds from At-the-Market (ATM) program		$ 297,983	$ 52,442
Common stock
At-the-market (ATM) Programs
Share issuances, net of costs (in shares)	11,850,000
At market program | Maximum | Common stock
At-the-market (ATM) Programs
Shares authorized					17,000,000	12,000,000
Common stock | At market program
At-the-market (ATM) Programs
Share issuances, net of costs (in shares)		5,575,273	935,746	19,982,802
Proceeds from At-the-Market (ATM) program		$ 298,000	$ 52,400	$ 1,100,000

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018USD ($)shares	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)shares	Jun. 30, 2017USD ($)	Dec. 31, 2016entityproperty	Apr. 30, 2018shares	Mar. 30, 2018shares	Dec. 31, 2017shares	Jun. 27, 2013shares	Jan. 31, 2013	Jan. 22, 2013shares
Noncontrolling interests
Conversion ratio			1
Number of properties acquired | property					2
Number of joint ventures controlling interest acquired | entity					2
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period			$ 19,207
Reallocation of equity			492
Redemptions			(1,468)
Shares issued in conjunction with acquisition			18,848
Distributions			(829)
Allocation of net income	$ 317	$ 123	469	$ 288
Carrying value at end of the period	$ 36,719		$ 36,719
Joint Venture One
Noncontrolling interests
Ownership interest (as a percent)	95.00%		95.00%
Joint Venture Two
Noncontrolling interests
Ownership interest (as a percent)	74.00%		74.00%
Tau Operating Partnership
Noncontrolling interests
Realty Income partnership units, ownership interest (as a percent)										99.40%
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period			$ 13,322
Reallocation of equity			572
Redemptions			0
Shares issued in conjunction with acquisition			0
Distributions			(417)
Allocation of net income			173
Carrying value at end of the period	$ 13,650		$ 13,650
Number of partnership units outstanding | shares	317,022		317,022					317,022
Number of partnership units issued | shares											317,022
Realty Income, L.P.
Noncontrolling interests
Realty Income partnership units, ownership interest (as a percent)	98.40%		98.40%
Third party partnership units, ownership interest (as a percent)	1.60%		1.60%
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period			$ 2,160
Reallocation of equity			(43)
Redemptions			(1,468)
Shares issued in conjunction with acquisition			18,848
Distributions			(336)
Allocation of net income			257
Carrying value at end of the period	$ 19,418		$ 19,418
Number of partnership units outstanding | shares	401,979		401,979					88,182
Number of partnership units issued | shares	373,797		373,797			131,790	242,007		534,546
Other Noncontrolling Interests
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period			$ 3,725
Reallocation of equity			(37)
Redemptions			0
Distributions			(76)
Allocation of net income			39
Carrying value at end of the period	$ 3,651		$ 3,651

Noncontrolling Interests - Vari

Noncontrolling Interests - Variable interest entity (Details) - Variable Interest Entities, Primary Beneficiary, Aggregated Disclosure - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Variable interest entity
Net real estate	$ 2,961,127	$ 2,936,397
Total assets	3,348,144	3,342,443
Total debt	198,332	210,384
Total liabilities	$ 330,757	$ 313,295

Fair Value of Financial Instr60

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Level 2 | Accounts payable and accrued expenses | Interest rate swaps
Fair value of financial assets and liabilities
Fair value of derivative liabilities	$ 214
Level 2 | Other assets, net | Interest rate swaps
Fair value of financial assets and liabilities
Fair value of derivative assets	4,300
Mortgages Payable
Fair value of financial assets and liabilities
Unamortized balance of non-cash net premiums	5,100		$ 5,900
Deferred financing costs	209	$ 209	236
Notes and bonds payable
Fair value of financial assets and liabilities
Deferred financing costs	36,200		34,100
Unamortized balance of original issuance premiums	11,100		14,300
Carrying value
Fair value of financial assets and liabilities
Notes receivable issued in connection with property sales			5,300
Mortgages payable assumed in connection with acquisitions	306,800		320,300
Notes and bonds payable	5,400,000		5,250,000
Estimated fair value
Fair value of financial assets and liabilities
Notes receivable issued in connection with property sales			5,300
Mortgages payable assumed in connection with acquisitions	314,400		334,200
Notes and bonds payable	$ 5,391,900		$ 5,475,300

Gain on Sales of Real Estate (D

Gain on Sales of Real Estate (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)property	Jun. 30, 2017USD ($)property	Jun. 30, 2018USD ($)property	Jun. 30, 2017USD ($)property
Gain (Loss) on Sale of Investments [Abstract]
Property Sales Count | property	26	15	40	29
Proceeds from sales of real estate	$ 33,700	$ 12,800	$ 47,526	$ 44,005
Gain on sales of properties	$ 7,800	$ 2,800	$ 11,000	$ 13,400

Impairments (Details)

Impairments (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)property	Jun. 30, 2017USD ($)property	Jun. 30, 2018USD ($)property	Jun. 30, 2017USD ($)property
Asset Impairment Charges [Abstract]
Total provisions for impairment | $	$ 4	$ 2.3	$ 18.2	$ 7.7
Number of impaired properties held-for-sale	8		9
Number of impaired properties held-for-investment	1	1	2	4
Number of impaired properties sold	9	9	14	14

Distributions Paid and Payabl63

Distributions Paid and Payable - Common Stock (Details) - $ / shares	1 Months Ended												6 Months Ended
	Jun. 30, 2018	May 31, 2018	Apr. 30, 2018	Mar. 31, 2018	Feb. 28, 2018	Jan. 31, 2018	Jun. 30, 2017	May 31, 2017	Apr. 30, 2017	Mar. 31, 2017	Feb. 28, 2017	Jan. 31, 2017	Jun. 30, 2018	Jun. 30, 2017
Distributions Paid and Payable
Monthly distributions payable (in dollars per share)	$ 0.22												$ 0.22
Common stock
Distributions Paid and Payable
Total common stock dividends paid per share (in dollars per share)	$ 0.2195	$ 0.2195	$ 0.2195	$ 0.219	$ 0.219	$ 0.2125	$ 0.211	$ 0.211	$ 0.211	$ 0.2105	$ 0.2105	$ 0.2025	$ 1.309	$ 1.2565

Distributions Paid and Payabl64

Distributions Paid and Payable - Preferred Stock and Realty Income, L.P. Units (Details) - Class F Preferred Stock $ / shares in Units, $ in Millions	1 Months Ended	6 Months Ended
	Apr. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2017USD ($)item$ / shares
Distributions Paid and Payable
Preferred stock redeemed | shares	16,350,000
Number of monthly distributions paid | item		3
Dividends paid per preferred share | $ / shares	$ 0.101215	$ 0.414063
Preferred stock dividends paid | $	$ 1.7	$ 3.9

Net Income per Common Share (De

Net Income per Common Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net Income per Common Share
Weighted average shares used for the basic net income per share computation	284,928,969	272,588,332	284,469,689	268,024,691
Incremental shares from share-based compensation	126,265	194,133	137,625	228,142
Weighted average shares used for diluted net income per share computation	285,372,256	273,099,487	284,924,336	268,569,855
Unvested Shares
Net Income per Common Share
Unvested shares from share-based compensation that were anti-dilutive	237,861	44,191	164,111	32,016
Convertible Partnership Units
Net Income per Common Share
Weighted average partnership common units convertible to common shares that were dilutive	317,022	317,022	317,022	317,022
Unvested shares from share-based compensation that were anti-dilutive	359,980	88,182	207,948	88,182

Supplemental Disclosures of C66

Supplemental Disclosures of Cash Flow Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)shares	Jun. 30, 2017USD ($)building	Apr. 30, 2018shares	Mar. 30, 2018shares	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Jun. 27, 2013shares
Supplemental Disclosures of Cash Flow Information
Cash paid for interest	$ 111,900	$ 107,300
Cash paid for income taxes	2,900	$ 3,300
Non-cash activities
Non-refundable escrow deposits for pending acquisitions	0				$ 7,500
Number of buildings damaged | building		2
Damaged buildings insurance receivables		$ 10,700
Reconciliation of cash and cash equivalents
Cash and cash equivalents shown in the consolidated balance sheets	30,717	10,945			6,898
Restricted escrow deposits	7,054	8,550			679
Impounds related to mortgages payable	7,029	2,916			4,565
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	44,800	22,411			$ 12,142	$ 15,681
Properties under development
Supplemental Disclosures of Cash Flow Information
Interest capitalized to properties under development	$ 130	$ 272
Realty Income, L.P.
Non-cash activities
Number of partnership units issued | shares	373,797		131,790	242,007			534,546
Value of partnership units issued	$ 18,800

Segment Information - Assets (D

Segment Information - Assets (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)segment	Dec. 31, 2017USD ($)
Reconciliation of assets from segment to consolidated
Number of activity segments | segment	48
Net real estate	$ 13,230,042	$ 12,676,499
Goodwill	14,902	14,970
Other corporate assets	200,550	171,767
Total assets	14,674,074	14,058,166
Apparel
Reconciliation of assets from segment to consolidated
Net real estate	161,920	164,919
Intangible assets	34,641	36,600
Automotive service
Reconciliation of assets from segment to consolidated
Net real estate	209,964	213,156
Intangible assets	62,664	64,388
Goodwill	437	437
Automotive tire services
Reconciliation of assets from segment to consolidated
Net real estate	243,271	247,557
Intangible assets	9,520	10,383
Goodwill	862	862
Beverages
Reconciliation of assets from segment to consolidated
Net real estate	287,032	289,170
Intangible assets	1,894	2,022
Child care
Reconciliation of assets from segment to consolidated
Net real estate	60,058	61,527
Goodwill	4,899	4,924
Convenience stores
Reconciliation of assets from segment to consolidated
Net real estate	1,397,354	997,170
Intangible assets	95,392	45,445
Goodwill	2,002	2,004
Dollar stores
Reconciliation of assets from segment to consolidated
Net real estate	1,101,066	1,105,097
Intangible assets	47,357	47,905
Drug stores
Reconciliation of assets from segment to consolidated
Net real estate	1,511,955	1,518,443
Intangible assets	171,741	173,893
Financial services
Reconciliation of assets from segment to consolidated
Net real estate	428,731	384,867
Intangible assets	22,563	24,867
General merchandise
Reconciliation of assets from segment to consolidated
Net real estate	318,584	313,181
Intangible assets	45,893	50,184
Grocery stores
Reconciliation of assets from segment to consolidated
Net real estate	773,501	793,286
Intangible assets	144,239	140,780
Health and fitness
Reconciliation of assets from segment to consolidated
Net real estate	886,585	896,430
Intangible assets	74,992	76,276
Home improvement
Reconciliation of assets from segment to consolidated
Net real estate	428,730	407,002
Intangible assets	61,666	61,045
Motor vehicle dealerships
Reconciliation of assets from segment to consolidated
Net real estate	201,073	204,651
Intangible assets	29,937	31,720
Restaurants-casual dining
Reconciliation of assets from segment to consolidated
Net real estate	475,028	494,977
Intangible assets	19,100	20,079
Goodwill	2,047	2,062
Restaurants-quick service
Reconciliation of assets from segment to consolidated
Net real estate	803,886	681,763
Intangible assets	62,303	51,711
Goodwill	1,057	1,064
Theaters
Reconciliation of assets from segment to consolidated
Net real estate	561,477	566,585
Intangible assets	25,555	26,448
Transportation services
Reconciliation of assets from segment to consolidated
Net real estate	766,883	776,068
Intangible assets	80,111	87,162
Wholesale club
Reconciliation of assets from segment to consolidated
Net real estate	420,048	426,551
Intangible assets	28,040	29,596
Other non-reportable segments
Reconciliation of assets from segment to consolidated
Net real estate	2,192,896	2,134,099
Intangible assets	210,972	214,426
Goodwill	$ 3,598	$ 3,617

Segment Information - Revenue (

Segment Information - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment revenue information
Total revenue	$ 328,886	$ 300,170	$ 647,181	$ 598,195
Rental revenue
Segment revenue information
Total revenue	313,870	288,049	620,418	573,870
Tenant reimbursements
Segment revenue information
Total revenue	11,395	11,756	22,695	22,985
Other revenue
Segment revenue information
Total revenue	3,621	365	4,068	1,340
Apparel | Rental revenue
Segment revenue information
Total revenue	4,210	4,928	8,541	9,895
Automotive service | Rental revenue
Segment revenue information
Total revenue	7,021	6,298	14,030	11,841
Automotive tire services | Rental revenue
Segment revenue information
Total revenue	7,708	7,616	15,147	14,775
Beverages | Rental revenue
Segment revenue information
Total revenue	7,836	7,758	15,673	15,516
Child care | Rental revenue
Segment revenue information
Total revenue	5,216	4,845	10,916	10,332
Convenience stores | Rental revenue
Segment revenue information
Total revenue	34,008	26,965	61,869	55,268
Dollar stores | Rental revenue
Segment revenue information
Total revenue	23,237	22,757	46,487	45,508
Drug stores | Rental revenue
Segment revenue information
Total revenue	32,436	31,614	64,775	63,245
Financial services | Rental revenue
Segment revenue information
Total revenue	6,890	7,159	13,891	14,318
General merchandise | Rental revenue
Segment revenue information
Total revenue	7,290	5,395	14,159	10,756
Grocery stores | Rental revenue
Segment revenue information
Total revenue	15,673	13,597	31,338	23,759
Health and fitness | Rental revenue
Segment revenue information
Total revenue	23,614	21,789	47,057	43,394
Home improvement | Rental revenue
Segment revenue information
Total revenue	9,339	7,090	18,583	14,010
Motor vehicle dealerships | Rental revenue
Segment revenue information
Total revenue	5,712	5,755	12,948	12,491
Restaurants-casual dining | Rental revenue
Segment revenue information
Total revenue	11,029	10,716	21,989	21,606
Restaurants-quick service | Rental revenue
Segment revenue information
Total revenue	17,083	14,517	33,362	28,853
Theaters | Rental revenue
Segment revenue information
Total revenue	17,565	13,114	35,335	26,458
Transportation services | Rental revenue
Segment revenue information
Total revenue	15,762	15,633	31,548	31,021
Wholesale club | Rental revenue
Segment revenue information
Total revenue	9,341	9,413	18,873	18,827
Other non-reportable segments | Rental revenue
Segment revenue information
Total revenue	$ 52,900	$ 51,090	$ 103,897	$ 101,997

Common Stock Incentive Plan (De

Common Stock Incentive Plan (Details) - 2012 Plan - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Common Stock Incentive Plan
Plan term from the date of adoption				10 years
General and administrative expense
Common Stock Incentive Plan
Share-based compensation costs recognized			$ 4.5	$ 18.8
Maximum
Common Stock Incentive Plan
Authorized shares		3,985,734		3,985,734
Restricted Stock
Common Stock Incentive Plan
Share-based compensation costs recognized		$ 5		$ 8.7	$ 7.2
Shares granted	28,000			137,000
Shares vested	20,000
Restricted Stock | Two year vesting period
Common Stock Incentive Plan
Shares vested	4,000
Vesting period	2 years
Restricted Stock | Three year vesting period
Common Stock Incentive Plan
Shares vested	4,000
Vesting period	3 years
Restricted Stock | Minimum
Common Stock Incentive Plan
Vesting period				4 years
Restricted Stock | Maximum
Common Stock Incentive Plan
Vesting period				5 years
Performance Shares and Restricted Stock Units
Common Stock Incentive Plan
Remaining unamortized share-based compensation expense		$ 15.8		$ 15.8
Performance Shares | Executive officers
Common Stock Incentive Plan
Shares granted				190,449
Performance Shares | Executive officers | Three year vesting period
Common Stock Incentive Plan
Vesting period				3 years
Awards vesting on the first and second January 1 after the end of the three year performance period (as a percent)				50.00%
Restricted Stock Units
Common Stock Incentive Plan
Shares granted				8,383
Restricted Stock Units | Four year vesting period
Common Stock Incentive Plan
Vesting period				4 years

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
Amount of commitments for re-leasing costs, recurring capital expenditures and non-recurring building improvements	$ 15.9
Amount of commitments for construction contracts, which is expected to be paid in next twelve months	$ 14.3

Subsequent Events (Details)

Subsequent Events (Details)	1 Months Ended
	Jul. 31, 2018$ / shares
Subsequent events | Common stock
Subsequent events
Common stock, dividends declared (in dollars per share)	$ 0.22