Realty Income (O) 10-Q 1 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Oct. 25, 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	Sep. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		295,116,368
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Real estate, at cost:
Land	$ 4,562,343	$ 4,080,400
Buildings and improvements	11,666,564	10,936,069
Total real estate, at cost	16,228,907	15,016,469
Less accumulated depreciation and amortization	(2,607,309)	(2,346,644)
Net real estate held for investment	13,621,598	12,669,825
Real estate held for sale, net	65,376	6,674
Net real estate	13,686,974	12,676,499
Cash and cash equivalents	6,666	6,898
Accounts receivable, net	135,866	119,533
Acquired lease intangible assets, net	1,212,679	1,194,930
Goodwill	14,861	14,970
Other assets, net	38,279	45,336
Total assets	15,095,325	14,058,166
LIABILITIES AND EQUITY
Distributions payable	65,749	60,799
Accounts payable and accrued expenses	119,144	109,523
Acquired lease intangible liabilities, net	309,665	268,796
Other liabilities	109,854	116,869
Line of credit payable	774,000	110,000
Term loans, net	319,571	445,286
Mortgages payable, net	310,206	325,941
Notes payable, net	5,375,882	5,230,244
Total liabilities	7,384,071	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, 295,145,532 shares issued and outstanding as of September 30, 2018 and 284,213,685 shares issued and outstanding as of December 31, 2017	10,220,092	9,624,264
Distributions in excess of net income	(2,543,852)	(2,252,763)
Total stockholders’ equity	7,676,240	7,371,501
Noncontrolling interests	35,014	19,207
Total equity	7,711,254	7,390,708
Total liabilities and equity	$ 15,095,325	$ 14,058,166

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 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 (in shares)	370,100,000	370,100,000
Common stock and paid in capital, shares issued (in shares)	295,145,532	284,213,685
Common stock and paid in capital, shares outstanding (in shares)	295,145,532	284,213,685

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
REVENUE
Total revenue	$ 338,081	$ 306,920	$ 985,262	$ 905,115
EXPENSES
Depreciation and amortization	136,967	127,569	402,069	371,755
Interest	69,342	62,951	195,385	185,935
General and administrative	16,332	13,881	49,970	43,227
Property (including reimbursable)	15,806	17,267	48,594	52,828
Income taxes	1,302	1,133	3,733	2,621
Provisions for impairment	6,862	365	25,034	8,072
Total expenses	246,611	223,166	724,785	664,438
Gain on sales of real estate	7,813	4,319	18,818	17,689
Net income	99,283	88,073	279,295	258,366
Net income attributable to noncontrolling interests	(284)	(133)	(753)	(420)
Net income attributable to the Company	98,999	87,940	278,542	257,946
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	$ 98,999	$ 87,940	$ 278,542	$ 240,662
Amounts available to common stockholders per common share:
Net income, basic and diluted	$ 0.34	$ 0.32	$ 0.97	$ 0.89
Weighted average common shares outstanding:
Basic (in shares)	290,664,368	275,511,870	286,599,191	270,584,365
Diluted (in shares)	291,207,186	276,050,671	287,105,285	271,126,114
Rental
REVENUE
Total revenue	$ 324,773	$ 293,455	$ 945,191	$ 867,325
Tenant reimbursements
REVENUE
Total revenue	12,479	11,933	35,174	34,918
Other
REVENUE
Total revenue	$ 829	$ 1,532	$ 4,897	$ 2,872

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 279,295	$ 258,366
Adjustments to net income:
Depreciation and amortization	402,069	371,755
Amortization of share-based compensation	12,527	10,641
Non-cash revenue adjustments	(5,781)	(2,783)
Amortization of net premiums on mortgages payable	(1,167)	(1,580)
Amortization of deferred financing costs	5,337	6,819
Gain on interest rate swaps	(3,064)	(1,228)
Gain on sales of real estate	(18,818)	(17,689)
Provisions for impairment on real estate	25,034	8,072
Change in assets and liabilities
Accounts receivable and other assets	(1,540)	(892)
Accounts payable, accrued expenses and other liabilities	(4,050)	10,067
Net cash provided by operating activities	689,842	641,548
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in real estate	(1,437,377)	(964,719)
Improvements to real estate, including leasing costs	(22,432)	(11,834)
Proceeds from sales of real estate	83,024	69,486
Insurance proceeds received	7,121	12,746
Collection of loans receivable	5,267	92
Non-refundable escrow deposits for pending acquisitions	(3,275)	0
Net cash used in investing activities	(1,367,672)	(894,229)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash distributions to common stockholders	(564,747)	(509,987)
Cash dividends to preferred stockholders	0	(6,168)
Borrowings on line of credit	1,670,000	1,189,000
Payments on line of credit	(1,006,000)	(1,651,000)
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)	(175,000)
Principal payments on mortgages payable	(14,608)	(123,524)
Redemption of preferred stock	0	(408,750)
Proceeds from common stock offerings, net	0	704,938
Proceeds from dividend reinvestment and stock purchase plan	6,966	67,813
Proceeds from At-the-Market (ATM) program	588,860	487,998
Distributions to noncontrolling interests	(1,391)	(1,652)
Debt issuance costs	(4,436)	(6,663)
Other items, including shares withheld upon vesting	(14,862)	(11,455)
Net cash provided by financing activities	681,416	267,362
Net increase in cash, cash equivalents and restricted cash	3,586	14,681
Cash, cash equivalents and restricted cash, beginning of period	12,142	15,681
Cash, cash equivalents and restricted cash, end of period	$ 15,728	$ 30,362

Management Statement

Management Statement	9 Months Ended
	Sep. 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 September 30, 2018 we owned 5,694 properties, located in 49 states and Puerto Rico, containing over 92.7 million leasable square feet.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements	9 Months Ended
	Sep. 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 11). 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, the 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

Supplemental Detail for Certain

Supplemental Detail for Certain Components of Consolidated Balance Sheets	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [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: September 30, 2018 December 31, 2017 Acquired in-place leases $ 1,311,676 $ 1,272,897 Accumulated amortization of acquired in-place leases (521,014) (444,221) Acquired above-market leases 571,341 487,933 Accumulated amortization of acquired above-market leases (149,324) (121,679) $ 1,212,679 $ 1,194,930 B. Other assets, net, consist of the following at: September 30, 2018 December 31, 2017 Prepaid expenses $ 16,250 $ 12,851 Impounds related to mortgages payable 7,529 4,565 Corporate assets, net 5,825 6,074 Non-refundable escrow deposits for pending acquisitions 3,275 7,500 Credit facility origination costs 2,206 4,366 Restricted escrow deposits 1,533 679 Receivable for property rebuilds — 3,919 Notes receivable issued in connection with property sales — 5,267 Other items 1,661 115 $ 38,279 $ 45,336 C. Distributions payable consist of the following declared distributions at: September 30, 2018 December 31, 2017 Common stock distributions $ 65,597 $ 60,713 Noncontrolling interests distributions 152 86 $ 65,749 $ 60,799 D. Accounts payable and accrued expenses consist of the following at: September 30, 2018 December 31, 2017 Notes payable - interest payable $ 57,664 $ 64,058 Property taxes payable 23,632 11,718 Accrued costs on properties under development 4,044 2,681 Mortgages, term loans, credit line - interest payable and interest rate swaps 3,859 2,360 Other items 29,945 28,706 $ 119,144 $ 109,523 E. Acquired lease intangible liabilities, net, consist of the following at: September 30, 2018 December 31, 2017 Acquired below-market leases $ 398,011 $ 340,906 Accumulated amortization of acquired below-market leases (88,346) (72,110) $ 309,665 $ 268,796 F. Other liabilities consist of the following at: September 30, 2018 December 31, 2017 Rent received in advance and other deferred revenue $ 98,085 $ 105,284 Security deposits 6,211 6,259 Capital lease obligations 5,558 5,326 $ 109,854 $ 116,869

Investments in Real Estate

Investments in Real Estate	9 Months Ended
	Sep. 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 Nine Months of 2018 and 2017 During the first nine months of 2018, we invested $1.47 billion in 591 new properties and properties under development or expansion with an initial weighted average contractual lease rate of 6.3%. The 591 new properties and properties under development or expansion are located in 37 states, will contain approximately 4.3 million leasable square feet, and are 100% leased with a weighted average lease term of 14.4 years. The tenants occupying the new properties operate in 20 industries and the property types consist of 96.1% retail and 3.9% 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 September 30, 2018. The $1.47 billion invested during the first nine months of 2018 was allocated as follows: $535.7 million to land, $846.1 million to buildings and improvements, $112.5 million to intangible assets related to leases, and $28.9 million to intangible liabilities related to leases and other assumed liabilities. There was no contingent consideration associated with these acquisitions. The properties acquired during the first nine months of 2018 generated total revenues of $31.4 million and net income of $16.8 million during the nine months ended September 30, 2018. In comparison, during the first nine months of 2017, we invested $956.9 million in 177 new properties and properties under development or expansion with an initial weighted average contractual lease rate of 6.5%. The 177 new properties and properties under development or expansion were located in 35 states, contained approximately 4.3 million leasable square feet, and were 100% leased with a weighted average lease term of 14.9 years. The tenants occupying the new properties operated in 21 industries and the property types consisted of 96.6% retail and 3.4% industrial, based on rental revenue. The $956.9 million invested during the first nine months of 2017 was allocated as follows: $235.4 million to land, $582.7 million to buildings and improvements, $154.3 million to intangible assets related to leases, and $15.5 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 nine months of 2017 generated total revenues of $19.7 million and net income of $9.4 million during the nine months ended September 30, 2017. The 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 initial weighted average contractual lease rate is computed as follows: estimated net operating income (determined by the lease) for the first full year of each lease, divided by our projected total investment in the property, including land, construction and capitalized interest costs. Of the $1.47 billion we invested during the first nine months of 2018, $69.7 million was invested in 11 properties under development or expansion with an initial weighted average contractual lease rate of 6.8%. Of the $956.9 million we invested during the first nine months of 2017, $16.4 million was invested in 13 properties under development or expansion with an initial weighted average contractual lease rate of 7.3%. B. Investments in Existing Properties During the first nine months of 2018 , we capitalized costs of $12.3 million on existing properties in our portfolio, consisting of $2.8 million for re-leasing costs, $529,000 for recurring capital expenditures and $8.9 million for non-recurring building improvements. In comparison, during the first nine months of 2017, we capitalized costs of $9.5 million on existing properties in our portfolio, consisting of $1.2 million for re-leasing costs, $536,000 for recurring capital expenditures and $7.8 million for non-recurring building improvements. C. Properties with Existing Leases Of the $1.47 billion we invested during the first nine months of 2018, approximately $307.5 million was used to acquire 147 properties with existing leases. In comparison, of the $956.9 million we invested during the first nine months of 2017, approximately $562.1 million was used to acquire 68 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 nine months of 2018 and 2017 were $79.8 million and $79.1 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 nine months of 2018 and 2017 were $12.4 million and $10.2 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 September 30, 2018 (in thousands): Net decrease to rental revenue Increase to amortization expense 2018 $ (4,388) $ 26,568 2019 (17,043) 98,078 2020 (16,314) 92,326 2021 (15,075) 84,355 2022 (13,369) 72,765 Thereafter (46,164) 416,571 Totals $ (112,352) $ 790,662

Credit Facility

Credit Facility	9 Months Ended
	Sep. 30, 2018
Unsecured debt
Debt
Debt	Credit Facility At September 30, 2018, we had a $2.0 billion unsecured revolving credit facility, or our credit facility, with an initial term that expired in June 2019 and included, at our option, two six In October 2018, we entered into a new $3.25 billion unsecured credit facility to amend and restate our credit facility. For more information, please see note 21. At September 30, 2018, credit facility origination costs of $2.2 million are included in other assets, net on our consolidated balance sheet. These costs were being amortized over the remaining term of our credit facility. At September 30, 2018, we had a borrowing capacity of approximately $1.2 billion available on our credit facility (subject to customary conditions to borrowing) and an outstanding balance of $774.0 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 2.8% during the first nine months of 2018 and 1.9% during the first nine months of 2017. At September 30, 2018 and December 31, 2017, the weighted average interest rate on outstanding borrowings under our credit facility was 3.1% and 4.5%, respectively. Our credit facility is subject to various leverage and interest coverage ratio limitations, and at September 30, 2018, we were in compliance with the covenants on our credit facility.

Term Loans

Term Loans	9 Months Ended
	Sep. 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 fixes 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 six 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 $429,000 at September 30, 2018, and $580,000 at December 31, 2017, is included within term loans, net on our consolidated balance sheets. In October 2018, in connection with our entry into our new $3.25 billion unsecured credit facility, we entered into an additional $250.0 million senior unsecured term loan. For more information, please see note 21.

Mortgages Payable

Mortgages Payable	9 Months Ended
	Sep. 30, 2018
Mortgages Payable
Debt
Debt	Mortgages Payable During the first nine months of 2018, we made $14.6 million in principal payments, including the repayment of one mortgage in full for $11.0 million. During the first nine months of 2017, we made $123.5 million in principal payments, including the repayment of seven mortgages in full for $118.6 million. No mortgages were assumed during the first nine 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 September 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 $196,000 at September 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 September 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 9/30/2018 61 5.1 % 4.6 % 3.4 $ 305,674 $ 4,532 $ 310,206 12/31/2017 62 5.0 % 4.4 % 4.0 $ 320,283 $ 5,658 $ 325,941 (1) At September 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 $29.4 million and $29.9 million at September 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 $22.1 million at September 30, 2018 and $22.4 million at December 31, 2017. (2) Stated interest rates ranged from 3.8% to 6.9% at September 30, 2018, while stated interest rates ranged from 3.4% to 6.9% at December 31, 2017. (3) Effective interest rates ranged from 1.6% to 6.1% at September 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 $4.7 million and deferred financing costs of $196,000, as of September 30, 2018 (dollars in millions): Year of Maturity Principal 2018 $ 7.3 2019 20.7 2020 82.4 2021 67.0 2022 109.7 Thereafter 18.6 Totals $ 305.7

Notes Payable

Notes Payable	9 Months Ended
	Sep. 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): September 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 (24) (20) $ 5,376 $ 5,230 The following table summarizes the maturity of our notes and bonds payable as of September 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 September 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 9.0 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 $300.0 million of 4.650% senior unsecured notes due 2047, or the 2047 Notes, and $400.0 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 $250.0 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.

Issuances of Common Stock

Issuances of Common Stock	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Issuances of Common Stock	Issuances of Common Stock A. Issuances of Common Stock in an Overnight Offering In March 2017, we issued 11,850,000 shares of common stock in an overnight offering. 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. 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 nine months of 2018, we issued 131,072 shares and raised approximately $7.0 million under our DRSPP. During the first nine months of 2017, we issued 1,155,883 shares and raised approximately $67.8 million under our DRSPP. From the inception of our DRSPP through September 30, 2018, we have issued 14,194,614 shares and raised approximately $668.8 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 nine months of 2018. During the first nine 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 nine months of 2017 noted in the preceding paragraph. C. At-the-Market (ATM) Programs In October 2017, following the issuance and sale of the initial 12,000,000 shares under our prior "at-the-market" equity distribution plan, we established a new “at-the-market” equity distribution plan, or our ATM program, pursuant to which we are permitted to offer and sell up to 17,000,000 additional shares of common stock to, or through, a

Redemption of Preferred Stock

Redemption of Preferred Stock	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Redemption of Preferred Stock	Redemption of Preferred StockIn 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 nine months of 2017, representing the Class F preferred stock original issuance costs that we paid in 2012.

Noncontrolling Interests

Noncontrolling Interests	9 Months Ended
	Sep. 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 September 30, 2018, the remaining units from these issuances represent a 1.5% ownership in Realty Income, L.P. We hold the remaining 98.5% 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 September 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 September 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 — (2,829) — (2,829) Shares issued in conjunction with acquisition — 18,848 — 18,848 Distributions (627) (595) (235) (1,457) Allocation of net income 250 448 55 753 Carrying value at September 30, 2018 $ 13,517 $ 17,989 $ 3,508 $ 35,014 (1) 317,022 Tau Operating Partnership units were issued on January 22, 2013 and remained outstanding as of September 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. 373,797 and 88,182 remained outstanding as of September 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 our consolidated VIEs at September 30, 2018 and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Net real estate $ 2,933,150 $ 2,936,397 Total assets 3,303,585 3,342,443 Total debt 197,960 210,384 Total liabilities 328,573 313,295

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 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): September 30, 2018 Carrying value Estimated fair value Mortgages payable assumed in connection with acquisitions (1) $ 305.7 $ 310.5 Notes and bonds payable (2) 5,400.0 5,397.6 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 was $4.7 million at September 30, 2018, and $5.9 million at December 31, 2017. Also excludes deferred financing costs of $196,000 at September 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 was $10.8 million at September 30, 2018, and $14.3 million at December 31, 2017. Also excludes deferred financing costs of $35.0 million at September 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 September 30, 2018, interest rate swaps in a liability position valued at $162,000 were included in accounts payable and accrued expenses and interest rate swaps in an asset position valued at $4.6 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	9 Months Ended
	Sep. 30, 2018
Gain (Loss) on Sale of Investments [Abstract]
Gain on Sales of Real Estate	Gain on Sales of Real Estate During the third quarter of 2018, we sold 20 properties for $35.5 million, which resulted in a gain of $7.8 million. During the third quarter of 2017, we sold 17 properties for $25.5 million, which resulted in a gain of $4.3 million.

Impairments

Impairments	9 Months Ended
	Sep. 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 re-leases, 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 third quarter of 2018, we recorded total provisions for impairment of $6.9 million on 12 properties classified as held for sale and seven sold properties. For the first nine months of 2018, we recorded total provisions for impairment of $25.0 million on 16 properties classified as held for sale, two properties classified as held for investment, and 21 sold properties. In comparison, for the third quarter of 2017, we recorded total provisions for impairment of $365,000 on four sold properties. For the first nine months of 2017, we recorded total provisions for impairment of $8.1 million on four properties classified as held for investment and 17 sold properties.

Distributions Paid and Payable

Distributions Paid and Payable	9 Months Ended
	Sep. 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 nine 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 July 0.2200 0.2115 August 0.2200 0.2115 September 0.2200 0.2115 Total $ 1.9690 $ 1.8910 At September 30, 2018, a distribution of $0.2205 per common share was payable and was paid in October 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 nine 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	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2018 2017 2018 2017 Weighted average shares used for the basic net income per share computation 290,664,368 275,511,870 286,599,191 270,584,365 Incremental shares from share-based compensation 225,796 221,779 189,072 224,727 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 291,207,186 276,050,671 287,105,285 271,126,114 Unvested shares from share-based compensation that were anti-dilutive 261 15,798 1,378 17,719 Weighted average partnership common units convertible to common shares that were anti-dilutive 397,690 88,182 271,890 88,182

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information	9 Months Ended
	Sep. 30, 2018
Supplemental Cash Flow Information [Abstract]
Supplemental Disclosures of Cash Flow Information	Supplemental Disclosures of Cash Flow Information Cash paid for interest was $197.2 million in the first nine months of 2018 and $198.8 million in the first nine months of 2017. Interest capitalized to properties under development was $234,000 in the first nine months of 2018 and $347,000 in the first nine months of 2017. Cash paid for income taxes was $4.0 million in the first nine months of 2018 and 2017. The following non-cash activities are included in the accompanying consolidated financial statements: A. During the first nine 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 nine 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. 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: September 30, 2018 September 30, 2017 Cash and cash equivalents shown in the consolidated balance sheets $ 6,666 $ 3,199 Restricted escrow deposits (1) 1,533 23,698 Impounds related to mortgages payable (1) 7,529 3,465 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 15,728 $ 30,362 (1) Included within other assets, net on the consolidated balance sheets (see note 3). These amounts consist of cash that we are legally entitled to but, that is not immediately available to us. As a result, these amounts were considered restricted as of the dates presented.

Segment Information

Segment Information	9 Months Ended
	Sep. 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: September 30, 2018 December 31, 2017 Segment net real estate: Apparel $ 158,461 $ 164,919 Automotive service 208,457 213,156 Automotive tire services 241,093 247,557 Beverages 285,970 289,170 Child care 61,450 61,527 Convenience stores 1,707,566 997,170 Dollar stores 1,123,751 1,105,097 Drug stores 1,499,534 1,518,443 Financial services 421,431 384,867 General merchandise 320,285 313,181 Grocery stores 779,919 793,286 Health and fitness 885,329 896,430 Home improvement 427,500 407,002 Motor vehicle dealerships 199,639 204,651 Restaurants-casual dining 609,032 494,977 Restaurants-quick service 838,911 681,763 Theaters 561,763 566,585 Transportation services 762,752 776,068 Wholesale club 415,452 426,551 Other non-reportable segments 2,178,679 2,134,099 Total segment net real estate 13,686,974 12,676,499 Intangible assets: Apparel 33,666 36,600 Automotive service 61,683 64,388 Automotive tire services 9,103 10,383 Beverages 1,830 2,022 Convenience stores 107,535 45,445 Dollar stores 49,700 47,905 Drug stores 168,111 173,893 Financial services 21,474 24,867 General merchandise 44,666 50,184 Grocery stores 146,315 140,780 Health and fitness 73,301 76,276 Home improvement 60,284 61,045 Motor vehicle dealerships 29,046 31,720 Restaurants-casual dining 18,611 20,079 Restaurants-quick service 54,521 51,711 Theaters 26,654 26,448 Transportation services 76,718 87,162 Wholesale club 27,262 29,596 Other non-reportable segments 202,199 214,426 Goodwill: Automotive service 437 437 Automotive tire services 862 862 Child care 4,885 4,924 Convenience stores 1,993 2,004 Restaurants-casual dining 2,034 2,062 Restaurants-quick service 1,057 1,064 Other non-reportable segments 3,593 3,617 Other corporate assets 180,811 171,767 Total assets $ 15,095,325 $ 14,058,166 Three months ended September 30, Nine months ended September 30, Revenue 2018 2017 2018 2017 Segment rental revenue: Apparel $ 4,042 $ 4,718 $ 12,582 $ 14,613 Automotive service 7,120 6,416 21,150 18,257 Automotive tire services 7,460 7,383 22,607 22,158 Beverages 7,908 7,829 23,581 23,345 Child care 5,255 5,062 16,172 15,395 Convenience stores 39,384 27,874 101,254 83,143 Dollar stores 23,903 22,738 70,390 68,246 Drug stores 32,431 31,635 97,206 94,880 Financial services 7,850 7,058 21,741 21,377 General merchandise 7,453 6,296 21,613 17,263 Grocery stores 16,095 13,450 47,433 37,209 Health and fitness 23,754 22,416 70,812 65,810 Home improvement 9,678 7,816 28,261 21,826 Motor vehicle dealerships 5,711 5,749 18,660 18,240 Restaurants-casual dining 12,355 11,073 34,344 32,853 Restaurants-quick service 18,673 14,659 52,035 43,337 Theaters 17,479 14,947 52,814 41,405 Transportation services 16,105 15,635 47,653 46,656 Wholesale club 9,345 9,414 28,218 28,241 Other non-reportable segments 52,772 51,287 156,665 153,071 Total rental revenue 324,773 293,455 945,191 867,325 Tenant reimbursements 12,479 11,933 35,174 34,918 Other revenue 829 1,532 4,897 2,872 Total revenue $ 338,081 $ 306,920 $ 985,262 $ 905,115

Common Stock Incentive Plan

Common Stock Incentive Plan	9 Months Ended
	Sep. 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 The amount of share-based compensation costs recognized in general and administrative expense on our consolidated statements of income was $3.9 million during the third quarter of 2018, $3.4 million during the third quarter of 2017, $12.5 million during the first nine months of 2018 and $10.6 million during the first nine months of 2017. A. Restricted Stock During the first nine months of 2018, we granted 147,000 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, of which 20,000 shares vested immediately, 4,000 shares vest in equal parts over a three two three four As of September 30, 2018, the remaining unamortized share-based compensation expense related to restricted stock totaled $16.7 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 nine 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 Total Shareholder Return (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 During the first nine months of 2018, we also granted 8,383 restricted stock units, all of which vest over a four As of September 30, 2018, the remaining share-based compensation expense related to the performance shares and restricted stock units totaled $13.6 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	9 Months Ended
	Sep. 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 September 30, 2018, we had commitments of $8.1 million for re-leasing costs, recurring capital expenditures, and non-recurring building improvements. In addition, as of September 30, 2018, we had committed $26.8 million under construction contracts, which is expected to be paid in the next twelve months.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In October 2018, we declared a dividend of $0.2205 per share to our common stockholders, which will be paid in November 2018. In October 2018, we entered into a new $3.25 billion unsecured credit facility to amend and restate our previous $2.25 billion unsecured credit facility, of which $2.0 billion was due to expire in June 2019. This new credit facility includes a $3.0 billion unsecured revolving credit facility and a new $250.0 million unsecured term loan due March 2024. The new revolving credit facility matures in March 2023 and includes two six In conjunction with our new revolving credit facility, we entered into a $250.0 million senior unsecured term loan, which matures in March 2024. Borrowing under this term loan bears interest at the current one-month LIBOR plus 0.85%. In conjunction with this term loan, we also entered into an interest rate swap which effectively fixes our per annum interest on this term loan at 3.89%. On October 16, 2018, the Board of Directors appointed Sumit Roy, our President and Chief Operating Officer, as Chief Executive Officer and to the Board, replacing John P. Case. Mr. Roy will continue to serve as President. In connection with Mr. Roy’s appointment, we increased Mr. Roy’s annual base salary and increased Mr. Roy’s target annual cash bonus for the remainder of 2018, which will be pro-rated for the remainder of the year. In addition, we granted to Mr. Roy an award of 34,752 restricted shares of our common stock which will vest 50% on on each of the third and fourth anniversaries of the grant date, subject to Mr. Roy’s continued employment with us through the applicable vesting date.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 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 11).  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, the 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

Supplemental Detail for Certa_2

Supplemental Detail for Certain Components of Consolidated Balance Sheets (Tables)	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of acquired lease intangible assets, net	A. Acquired lease intangible assets, net, consist of the following at: September 30, 2018 December 31, 2017 Acquired in-place leases $ 1,311,676 $ 1,272,897 Accumulated amortization of acquired in-place leases (521,014) (444,221) Acquired above-market leases 571,341 487,933 Accumulated amortization of acquired above-market leases (149,324) (121,679) $ 1,212,679 $ 1,194,930
Schedule of other assets, net	B. Other assets, net, consist of the following at: September 30, 2018 December 31, 2017 Prepaid expenses $ 16,250 $ 12,851 Impounds related to mortgages payable 7,529 4,565 Corporate assets, net 5,825 6,074 Non-refundable escrow deposits for pending acquisitions 3,275 7,500 Credit facility origination costs 2,206 4,366 Restricted escrow deposits 1,533 679 Receivable for property rebuilds — 3,919 Notes receivable issued in connection with property sales — 5,267 Other items 1,661 115 $ 38,279 $ 45,336
Schedule of distributions payable	C. Distributions payable consist of the following declared distributions at: September 30, 2018 December 31, 2017 Common stock distributions $ 65,597 $ 60,713 Noncontrolling interests distributions 152 86 $ 65,749 $ 60,799
Schedule of accounts payable and accrued expenses	D. Accounts payable and accrued expenses consist of the following at: September 30, 2018 December 31, 2017 Notes payable - interest payable $ 57,664 $ 64,058 Property taxes payable 23,632 11,718 Accrued costs on properties under development 4,044 2,681 Mortgages, term loans, credit line - interest payable and interest rate swaps 3,859 2,360 Other items 29,945 28,706 $ 119,144 $ 109,523
Schedule of acquired lease intangible liabilities, net	E. Acquired lease intangible liabilities, net, consist of the following at: September 30, 2018 December 31, 2017 Acquired below-market leases $ 398,011 $ 340,906 Accumulated amortization of acquired below-market leases (88,346) (72,110) $ 309,665 $ 268,796
Schedule of other liabilities	F. Other liabilities consist of the following at: September 30, 2018 December 31, 2017 Rent received in advance and other deferred revenue $ 98,085 $ 105,284 Security deposits 6,211 6,259 Capital lease obligations 5,558 5,326 $ 109,854 $ 116,869

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	9 Months Ended
	Sep. 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 September 30, 2018 (in thousands): Net decrease to rental revenue Increase to amortization expense 2018 $ (4,388) $ 26,568 2019 (17,043) 98,078 2020 (16,314) 92,326 2021 (15,075) 84,355 2022 (13,369) 72,765 Thereafter (46,164) 416,571 Totals $ (112,352) $ 790,662

Mortgages Payable (Tables)

Mortgages Payable (Tables) - Mortgages Payable	9 Months Ended
	Sep. 30, 2018
Debt
Summary of mortgages payable	The following is a summary of all our mortgages payable as of September 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 9/30/2018 61 5.1 % 4.6 % 3.4 $ 305,674 $ 4,532 $ 310,206 12/31/2017 62 5.0 % 4.4 % 4.0 $ 320,283 $ 5,658 $ 325,941 (1) At September 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 $29.4 million and $29.9 million at September 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 $22.1 million at September 30, 2018 and $22.4 million at December 31, 2017. (2) Stated interest rates ranged from 3.8% to 6.9% at September 30, 2018, while stated interest rates ranged from 3.4% to 6.9% at December 31, 2017. (3) Effective interest rates ranged from 1.6% to 6.1% at September 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 $4.7 million and deferred financing costs of $196,000, as of September 30, 2018 (dollars in millions): Year of Maturity Principal 2018 $ 7.3 2019 20.7 2020 82.4 2021 67.0 2022 109.7 Thereafter 18.6 Totals $ 305.7

Notes Payable (Tables)

Notes Payable (Tables) - Notes Payable	9 Months Ended
	Sep. 30, 2018
Debt
Schedule of notes payable	Our senior unsecured notes and bonds consist of the following, sorted by maturity date (dollars in millions): September 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 (24) (20) $ 5,376 $ 5,230
Schedule of maturity of debt, net	The following table summarizes the maturity of our notes and bonds payable as of September 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)	9 Months Ended
	Sep. 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 September 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 — (2,829) — (2,829) Shares issued in conjunction with acquisition — 18,848 — 18,848 Distributions (627) (595) (235) (1,457) Allocation of net income 250 448 55 753 Carrying value at September 30, 2018 $ 13,517 $ 17,989 $ 3,508 $ 35,014 (1) 317,022 Tau Operating Partnership units were issued on January 22, 2013 and remained outstanding as of September 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. 373,797 and 88,182 remained outstanding as of September 30, 2018 and December 31, 2017, respectively.
Summary selected financial data of consolidated VIEs	Below is a summary of selected financial data of our consolidated VIEs at September 30, 2018 and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Net real estate $ 2,933,150 $ 2,936,397 Total assets 3,303,585 3,342,443 Total debt 197,960 210,384 Total liabilities 328,573 313,295

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 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): September 30, 2018 Carrying value Estimated fair value Mortgages payable assumed in connection with acquisitions (1) $ 305.7 $ 310.5 Notes and bonds payable (2) 5,400.0 5,397.6 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 was $4.7 million at September 30, 2018, and $5.9 million at December 31, 2017. Also excludes deferred financing costs of $196,000 at September 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 was $10.8 million at September 30, 2018, and $14.3 million at December 31, 2017. Also excludes deferred financing costs of $35.0 million at September 30, 2018 and $34.1 million at December 31, 2017.

Distributions Paid and Payable

Distributions Paid and Payable (Tables)	9 Months Ended
	Sep. 30, 2018
Dividends [Abstract]
Summary of monthly distributions paid	The following is a summary of monthly distributions paid per common share for the first nine 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 July 0.2200 0.2115 August 0.2200 0.2115 September 0.2200 0.2115 Total $ 1.9690 $ 1.8910

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2018 2017 2018 2017 Weighted average shares used for the basic net income per share computation 290,664,368 275,511,870 286,599,191 270,584,365 Incremental shares from share-based compensation 225,796 221,779 189,072 224,727 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 291,207,186 276,050,671 287,105,285 271,126,114 Unvested shares from share-based compensation that were anti-dilutive 261 15,798 1,378 17,719 Weighted average partnership common units convertible to common shares that were anti-dilutive 397,690 88,182 271,890 88,182

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flow Information (Tables)	9 Months Ended
	Sep. 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: September 30, 2018 September 30, 2017 Cash and cash equivalents shown in the consolidated balance sheets $ 6,666 $ 3,199 Restricted escrow deposits (1) 1,533 23,698 Impounds related to mortgages payable (1) 7,529 3,465 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 15,728 $ 30,362 (1) Included within other assets, net on the consolidated balance sheets (see note 3). These amounts consist of cash that we are legally entitled to but, that is not immediately available to us. As a result, these amounts were considered restricted as of the dates presented.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 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: September 30, 2018 December 31, 2017 Segment net real estate: Apparel $ 158,461 $ 164,919 Automotive service 208,457 213,156 Automotive tire services 241,093 247,557 Beverages 285,970 289,170 Child care 61,450 61,527 Convenience stores 1,707,566 997,170 Dollar stores 1,123,751 1,105,097 Drug stores 1,499,534 1,518,443 Financial services 421,431 384,867 General merchandise 320,285 313,181 Grocery stores 779,919 793,286 Health and fitness 885,329 896,430 Home improvement 427,500 407,002 Motor vehicle dealerships 199,639 204,651 Restaurants-casual dining 609,032 494,977 Restaurants-quick service 838,911 681,763 Theaters 561,763 566,585 Transportation services 762,752 776,068 Wholesale club 415,452 426,551 Other non-reportable segments 2,178,679 2,134,099 Total segment net real estate 13,686,974 12,676,499 Intangible assets: Apparel 33,666 36,600 Automotive service 61,683 64,388 Automotive tire services 9,103 10,383 Beverages 1,830 2,022 Convenience stores 107,535 45,445 Dollar stores 49,700 47,905 Drug stores 168,111 173,893 Financial services 21,474 24,867 General merchandise 44,666 50,184 Grocery stores 146,315 140,780 Health and fitness 73,301 76,276 Home improvement 60,284 61,045 Motor vehicle dealerships 29,046 31,720 Restaurants-casual dining 18,611 20,079 Restaurants-quick service 54,521 51,711 Theaters 26,654 26,448 Transportation services 76,718 87,162 Wholesale club 27,262 29,596 Other non-reportable segments 202,199 214,426 Goodwill: Automotive service 437 437 Automotive tire services 862 862 Child care 4,885 4,924 Convenience stores 1,993 2,004 Restaurants-casual dining 2,034 2,062 Restaurants-quick service 1,057 1,064 Other non-reportable segments 3,593 3,617 Other corporate assets 180,811 171,767 Total assets $ 15,095,325 $ 14,058,166
Schedule of reconciliation of revenue from segments to consolidated	Three months ended September 30, Nine months ended September 30, Revenue 2018 2017 2018 2017 Segment rental revenue: Apparel $ 4,042 $ 4,718 $ 12,582 $ 14,613 Automotive service 7,120 6,416 21,150 18,257 Automotive tire services 7,460 7,383 22,607 22,158 Beverages 7,908 7,829 23,581 23,345 Child care 5,255 5,062 16,172 15,395 Convenience stores 39,384 27,874 101,254 83,143 Dollar stores 23,903 22,738 70,390 68,246 Drug stores 32,431 31,635 97,206 94,880 Financial services 7,850 7,058 21,741 21,377 General merchandise 7,453 6,296 21,613 17,263 Grocery stores 16,095 13,450 47,433 37,209 Health and fitness 23,754 22,416 70,812 65,810 Home improvement 9,678 7,816 28,261 21,826 Motor vehicle dealerships 5,711 5,749 18,660 18,240 Restaurants-casual dining 12,355 11,073 34,344 32,853 Restaurants-quick service 18,673 14,659 52,035 43,337 Theaters 17,479 14,947 52,814 41,405 Transportation services 16,105 15,635 47,653 46,656 Wholesale club 9,345 9,414 28,218 28,241 Other non-reportable segments 52,772 51,287 156,665 153,071 Total rental revenue 324,773 293,455 945,191 867,325 Tenant reimbursements 12,479 11,933 35,174 34,918 Other revenue 829 1,532 4,897 2,872 Total revenue $ 338,081 $ 306,920 $ 985,262 $ 905,115

Management Statement (Details)

Management Statement (Details) ft² in Millions	Sep. 30, 2018ft²propertystate
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Properties owned | property	5,694
Number of U.S. states where properties are owned | state	49
Leasable square feet | ft²	92.7

Summary of Significant Accoun_3

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

Supplemental Detail for Certa_3

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Acquired Lease Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Acquired lease intangible assets, net
Acquired in-place leases	$ 1,311,676	$ 1,272,897
Accumulated amortization of acquired in-place leases	(521,014)	(444,221)
Acquired above-market leases	571,341	487,933
Accumulated amortization of acquired above-market leases	(149,324)	(121,679)
Total acquired lease intangible assets, net	$ 1,212,679	$ 1,194,930

Supplemental Detail for Certa_4

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017
Other assets, net
Prepaid expenses	$ 16,250	$ 12,851
Impounds related to mortgages payable	7,529	4,565	$ 3,465
Corporate assets, net	5,825	6,074
Non-refundable escrow deposits for pending acquisitions	3,275	7,500
Credit facility origination costs	2,206	4,366
Restricted escrow deposits	1,533	679	$ 23,698
Receivable for property rebuilds	0	3,919
Notes receivable issued in connection with property sales	0	5,267
Other items	1,661	115
Total other assets, net	$ 38,279	$ 45,336

Supplemental Detail for Certa_5

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Distributions Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Distributions payable
Distributions payable	$ 65,749	$ 60,799
Common stock
Distributions payable
Distributions payable	65,597	60,713
Noncontrolling interests
Distributions payable
Distributions payable	$ 152	$ 86

Supplemental Detail for Certa_6

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Accounts Payable, Acquired Lease Intangibles, and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Accounts payable and accrued expenses
Property taxes payable	$ 23,632	$ 11,718
Accrued costs on properties under development	4,044	2,681
Mortgages, term loans, credit line - interest payable and interest rate swaps	3,859	2,360
Other items	29,945	28,706
Total accounts payable and accrued expenses	119,144	109,523
Acquired lease intangible liabilities, net
Acquired below-market leases	398,011	340,906
Accumulated amortization of acquired below-market leases	(88,346)	(72,110)
Total acquired lease intangible liabilities, net	309,665	268,796
Other liabilities
Rent received in advance and other deferred revenue	98,085	105,284
Security deposits	6,211	6,259
Capital lease obligations	5,558	5,326
Total other liabilities	109,854	116,869
Notes Payable
Accounts payable and accrued expenses
Notes payable - interest payable	$ 57,664	$ 64,058

Investments in Real Estate - Ac

Investments in Real Estate - Acquisitions (Details) ft² in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)ft²	Sep. 30, 2017USD ($)ft²	Sep. 30, 2018USD ($)ft²statepropertyinvestmentindustry	Sep. 30, 2017USD ($)ft²propertyindustrystate
Investments in real estate properties
Leasable square feet | ft²	92.7		92.7
Total revenue	$ 338,081,000	$ 306,920,000	$ 985,262,000	$ 905,115,000
Net income	$ 99,283,000	$ 88,073,000	$ 279,295,000	258,366,000
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 | investment			0
Total revenue			$ 31,400,000	19,700,000
Net income			16,800,000	9,400,000
Real Estate Investment | New and under development or expansion
Investments in real estate properties
Value of properties acquired during the period			$ 1,470,000,000	$ 956,900,000
Number of properties acquired during the period | property			591	177
Initial weighted average contractual lease rate of properties acquired (as a percent)			6.30%	6.50%
Number of states in which properties are located | state			37	35
Leasable square feet | ft²	4.3	4.3	4.3	4.3
Leased area (as a percent)	100.00%	100.00%	100.00%	100.00%
Weighted average lease term			14 years 4 months 24 days	14 years 10 months 24 days
Allocated to land			$ 535,700,000	$ 235,400,000
Allocated to buildings and improvements			846,100,000	582,700,000
Allocated to intangible assets related to leases			112,500,000	154,300,000
Allocated to intangible liabilities related to leases and other assumed liabilities			28,900,000	15,500,000
Contingent consideration associated with acquisition	$ 0	$ 0	$ 0	$ 0
Real Estate Investment | New properties
Investments in real estate properties
Number of industries in which tenants operate | industry			20	21
Real Estate Investment | New properties | Retail
Investments in real estate properties
Property type-percentage of properties acquired			96.10%	96.60%
Real Estate Investment | New properties | Industrial
Investments in real estate properties
Property type-percentage of properties acquired			3.90%	3.40%
Real Estate Investment | Properties under development
Investments in real estate properties
Value of properties acquired during the period			$ 69,700,000	$ 16,400,000
Number of properties acquired during the period | property			11	13
Initial weighted average contractual lease rate of properties acquired (as a percent)			6.80%	7.30%
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	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Real Estate Investments, Net [Abstract]
Capitalized costs on existing properties	$ 12,300	$ 9,500
Re-leasing costs	2,800	1,200
Recurring capital expenditures	529	536
Nonrecurring building improvements	$ 8,900	$ 7,800

Investments in Real Estate - Pr

Investments in Real Estate - Properties with Existing Leases (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)property	Sep. 30, 2017USD ($)property
Net decrease to rental revenue
2,018	$ (4,388)
2,019	(17,043)
2,020	(16,314)
2,021	(15,075)
2,022	(13,369)
Thereafter	(46,164)
Totals	(112,352)
Increase to amortization expense
2,018	26,568
2,019	98,078
2,020	92,326
2,021	84,355
2,022	72,765
Thereafter	416,571
Totals	790,662
In-Place Leases
Investments in real estate properties
Depreciation and amortization expense	79,800	$ 79,100
Rental Revenue
Investments in real estate properties
Amortization of above and below Market Leases	12,400	10,200
Real Estate Investment | New and under development or expansion
Investments in real estate properties
Value of properties acquired during the period	$ 1,470,000	$ 956,900
Number of properties acquired during the period | property	591	177
Initial weighted average contractual lease rate of properties acquired (as a percent)	6.30%	6.50%
Real Estate Investment | New and under development or expansion | In-Place Leases
Investments in real estate properties
Value of properties acquired during the period	$ 307,500	$ 562,100
Number of properties acquired during the period | property	147	68
Real Estate Investment | Properties under development
Investments in real estate properties
Value of properties acquired during the period	$ 69,700	$ 16,400
Number of properties acquired during the period | property	11	13
Initial weighted average contractual lease rate of properties acquired (as a percent)	6.80%	7.30%

Credit Facility (Details)

Credit Facility (Details)	1 Months Ended	9 Months Ended
	Oct. 31, 2018USD ($)extension	Sep. 30, 2018USD ($)extension	Sep. 30, 2017	Dec. 31, 2017USD ($)
Credit facility
Credit facility origination costs		$ 2,206,000		$ 4,366,000
Outstanding balance		$ 774,000,000		110,000,000
Revolving Credit Facility
Credit facility
Commitment fee (as a percent)		0.125%
Current borrowing capacity		$ 1,200,000,000
Outstanding balance		$ 774,000,000		$ 110,000,000
Weighted average borrowing rate during the period (as a percent)		2.80%	1.90%
Weighted average interest rate (as a percent)		3.10%		4.50%
Revolving Credit Facility | Other assets, net
Credit facility
Credit facility origination costs		$ 2,200,000
Revolving 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
Revolving Credit Facility | Unsecured debt
Credit facility
Number of extensions | extension		2
Term of extension option		6 months
Accordion expansion option		$ 1,000,000,000
Credit Facility | Unsecured debt
Credit facility
Credit facility borrowing capacity		2,250,000,000
Credit Facility | Revolving Credit Facility | Unsecured debt
Credit facility
Credit facility borrowing capacity		$ 2,000,000,000
Amended Credit Facility | Unsecured debt | Subsequent event
Credit facility
Credit facility borrowing capacity	$ 3,250,000,000
Amended Credit Facility | Revolving Credit Facility | Subsequent event
Credit facility
Commitment fee (as a percent)	0.125%
Amended Credit Facility | Revolving Credit Facility | LIBOR | Subsequent event
Credit facility
Basis spread on variable rate (as a percent)	0.775%
All-in drawn variable interest rate (as a percent)	0.90%
Amended Credit Facility | Revolving Credit Facility | Unsecured debt | Subsequent event
Credit facility
Credit facility borrowing capacity	$ 3,000,000,000
Number of extensions | extension	2
Term of extension option	6 months
Accordion expansion option	$ 1,000,000,000

Term Loans (Details)

Term Loans (Details)	1 Months Ended				9 Months Ended
	Oct. 31, 2018USD ($)	Jan. 31, 2018extension	Jun. 30, 2015USD ($)	Jan. 31, 2013USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2017USD ($)
Promissory Note | $125.9 million promissory note
Debt
Face amount of notes						$ 125,900,000
Stated interest rate (as a percent)						1.52%
Senior Unsecured Term Loans
Debt
Deferred finance costs					$ 429,000	$ 580,000
Senior Unsecured Term Loans | $250 million senior term loan due June 2020
Debt
Face amount of notes			$ 250,000,000
Variable reference rate			one-month LIBOR
Deferred financing costs incurred					1,200,000
Senior Unsecured Term Loans | $250 million senior term loan due June 2020 | LIBOR
Debt
Basis spread on variable rate (as a percent)			0.90%
Senior Unsecured Term Loans | $250 million senior term loan due March 2024 | Subsequent event
Debt
Face amount of notes	$ 250,000,000
Effective yield (as a percent)	3.89%
Senior Unsecured Term Loans | $250 million senior term loan due March 2024 | LIBOR | Subsequent event
Debt
Basis spread on variable rate (as a percent)	0.85%
Senior Unsecured Term Loans | Interest rate swaps | $250 million senior term loan due June 2020
Debt
Effective yield (as a percent)			2.62%
Senior Unsecured Term Loans | ARCT | $70 million senior term loan due January 2018
Debt
Face amount of notes				$ 70,000,000
Variable reference rate		one-month LIBOR		one-month LIBOR
Basis spread on variable rate (as a percent)		0.90%
Number of additional optional extensions | extension		2
Loan extension period		6 months
Deferred financing costs incurred					$ 368,000
Senior Unsecured Term Loans | ARCT | $70 million senior term loan due January 2018 | LIBOR
Debt
Basis spread on variable rate (as a percent)				1.10%
Senior Unsecured Term Loans | ARCT | Interest rate swaps | $70 million senior term loan due January 2018
Debt
Effective yield (as a percent)				2.05%
Unsecured debt | Amended Credit Facility | Subsequent event
Debt
Credit facility borrowing capacity	$ 3,250,000,000

Mortgages Payable (Details)

Mortgages Payable (Details) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2018USD ($)propertyloan	Sep. 30, 2017USD ($)loan	Dec. 31, 2017USD ($)propertyloan
Debt
Mortgage Payable Balance	$ 310,206		$ 325,941
Mortgages Payable
Debt
Amount repaid	$ 14,600	$ 123,500
Number of mortgages assumed | loan	0	0
Remaining balance of deferred financing costs at period end	$ 196		$ 236
Number of Properties | property	61		62
Weighted Average Stated Interest Rate (as a percent)	5.10%		5.00%
Weighted Average Effective Interest Rate (as a percent)	4.60%		4.40%
Weighted Average Remaining Years Until Maturity	3 years 4 months 24 days		4 years
Remaining Principal Balance	$ 305,674		$ 320,283
Unamortized Premium and Deferred Finance Costs Balance, net	4,532		5,658
Mortgage Payable Balance	$ 310,206		$ 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)	1.60%		2.60%
Stated interest rate (as a percent)	3.80%		3.40%
Mortgages Payable | Maximum
Debt
Weighted Average Effective Interest Rate (as a percent)	6.10%		5.50%
Stated interest rate (as a percent)	6.90%		6.90%
Mortgages Payable | Mortgages repaid in full
Debt
Amount repaid	$ 11,000	$ 118,600
Number of mortgages repaid | loan	1	7
Mortgages Payable | Variable rate mortgages
Debt
Remaining Principal Balance	$ 29,400		$ 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	$ 22,100		$ 22,400

Mortgages Payable - Maturities

Mortgages Payable - Maturities (Details) - Mortgages Payable - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Debt
Unamortized premium balance	$ 4,700
Remaining balance of deferred financing costs at period end	196	$ 236
Maturity of mortgages payable, excluding net premiums
2,018	7,300
2,019	20,700
2,020	82,400
2,021	67,000
2,022	109,700
Thereafter	18,600
Totals	$ 305,700

Notes Payable - General (Detail

Notes Payable - General (Details) - USD ($) $ in Thousands	1 Months Ended
	Dec. 31, 2017	Mar. 31, 2017	Sep. 30, 2014	Oct. 31, 2012	Jun. 30, 2011	Mar. 31, 2005	Sep. 30, 2018	Apr. 30, 2018	Jan. 31, 2018
Debt
Notes payable, net	$ 5,230,244						$ 5,375,882
Notes Payable
Debt
Notes payable, gross	5,250,000						5,400,000
Unamortized net original issuance premiums and deferred financing costs	(20,000)						(24,000)
Notes payable, net	$ 5,230,000						$ 5,376,000
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%		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%	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) - Notes and bonds payable $ in Millions	9 Months Ended
	Sep. 30, 2018USD ($)
Maturity of notes and bonds payable
2,021	$ 250
2,022	950
Thereafter	4,200
Totals	$ 5,400
Weighted average interest rate (as a percent)	4.00%
Weighted average remaining years until maturity	9 years

Notes Payable - Note Repayment

Notes Payable - Note Repayment (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Jan. 31, 2018	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Debt
Principal payments on notes payable		$ 350,000	$ 175,000
Notes Payable | 2.000% notes, issued in October 2012 and due in January 2018
Debt
Principal payments on notes payable	$ 350,000
Stated interest rate (as a percent)	2.00%	2.00%		2.00%

Notes Payable - Note Issuances

Notes Payable - Note Issuances (Details) - USD ($)	1 Months Ended		9 Months Ended
	Apr. 30, 2018	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Sep. 30, 2014
Debt
Proceeds from issuance of debt			$ 497,500,000	$ 711,812,000
Notes Payable | 3.875% notes, issued in April 2018 and due in April 2025
Debt
Face amount of notes	$ 500,000,000
Stated interest rate (as a percent)	3.875%		3.875%		3.875%
Effective yield (as a percent)	3.957%
Public offering price	99.50%
Proceeds from issuance of debt	$ 493,100,000
Notes Payable | 4.650% notes, issued in March 2017 and due in March 2047
Debt
Face amount of notes		$ 300,000,000
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
Face amount of notes		$ 400,000,000
Stated interest rate (as a percent)		4.125%
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
Face amount of notes						$ 250,000,000
Notes Payable | Notes issued in March 2017
Debt
Proceeds from issuance of debt		$ 705,200,000

Issuances of Common Stock - Iss

Issuances of Common Stock - Issuances of Common Stock in an Overnight Offering (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017
Issuance of Common Stock
Net proceeds from issuance of common shares		$ 0	$ 704,938
Common stock
Issuance of Common Stock
Shares issued (in shares)	11,850,000
Underwriting discounts and offering costs	$ 29,800
Net proceeds from issuance of common shares	$ 704,900

Issuances of Common Stock - Div

Issuances of Common Stock - Dividend Reinvestment and Stock Purchase Plan (Details) - USD ($) $ in Thousands	9 Months Ended		21 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018
Dividend Reinvestment and Stock Purchase Plan
Proceeds from dividend reinvestment and stock purchase plan	$ 6,966	$ 67,813
Common stock
Dividend Reinvestment and Stock Purchase Plan
Authorized common shares to be issued	26,000,000
Number of common shares issued	131,072	1,155,883	14,194,614
Proceeds from dividend reinvestment and stock purchase plan	$ 7,000	$ 67,800	$ 668,800
Number of common shares issued under the waiver approval process		927,695
Amount raised from share issued under the waiver approval process		$ 54,700

Issuances of Common Stock - At-

Issuances of Common Stock - At-the-Market (ATM) Programs (Details) - USD ($) $ in Thousands	9 Months Ended		37 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Oct. 31, 2017	Sep. 30, 2015
At-the-market (ATM) Programs
Proceeds from At-the-Market (ATM) program	$ 588,860	$ 487,998
Common stock | At The Market Program
At-the-market (ATM) Programs
Shares issued (in shares)	10,630,616	8,506,559	25,038,145
Proceeds from At-the-Market (ATM) program	$ 588,900	$ 488,000	$ 1,400,000
Common stock | At The Market Program | Maximum
At-the-market (ATM) Programs
Shares authorized (in shares)				17,000,000	12,000,000

Redemption of Preferred Stock (

Redemption of Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 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

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018USD ($)shares	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)shares	Sep. 30, 2017USD ($)	Dec. 31, 2016entityproperty	Apr. 30, 2018shares	Mar. 30, 2018shares	Dec. 31, 2017shares	Jun. 27, 2013shares	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			(2,829)
Shares issued in conjunction with acquisition			18,848
Distributions			(1,457)
Allocation of net income	$ 284	$ 133	753	$ 420
Carrying value at end of the period	$ 35,014		$ 35,014
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%
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
Shares issued in conjunction with acquisition			0
Distributions			(235)
Allocation of net income			55
Carrying value at end of the period	$ 3,508		$ 3,508
Tau Operating Partnership
Noncontrolling interests
Realty Income partnership units, ownership interest (as a percent)	99.40%		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			(627)
Allocation of net income			250
Carrying value at end of the period	$ 13,517		$ 13,517
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)	98.50%		98.50%
Third party partnership units, ownership interest (as a percent)	1.50%		1.50%
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period			$ 2,160
Reallocation of equity			(43)
Redemptions			(2,829)
Shares issued in conjunction with acquisition			18,848
Distributions			(595)
Allocation of net income			448
Carrying value at end of the period	$ 17,989		$ 17,989
Number of partnership units outstanding | shares	373,797		373,797					88,182
Number of partnership units issued | shares	373,797		373,797			131,790	242,007		534,546

Noncontrolling Interests - Vari

Noncontrolling Interests - Variable interest entity (Details) - Variable Interest Entities, Primary Beneficiary, Aggregated Disclosure - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Variable interest entity
Net real estate	$ 2,933,150	$ 2,936,397
Total assets	3,303,585	3,342,443
Total debt	197,960	210,384
Total liabilities	$ 328,573	$ 313,295

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Level 2 | Interest rate swaps | Accounts payable and accrued expenses
Fair value of financial assets and liabilities
Fair value of derivative liabilities	$ 162
Level 2 | Interest rate swaps | Other assets, net
Fair value of financial assets and liabilities
Fair value of derivative assets	4,600
Mortgages Payable
Fair value of financial assets and liabilities
Unamortized balance of non-cash net premiums	4,700	$ 5,900
Deferred financing costs	196	236
Notes and bonds payable
Fair value of financial assets and liabilities
Unamortized balance of original issuance premiums	10,800	14,300
Deferred financing costs	35,000	34,100
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	305,700	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	310,500	334,200
Notes and bonds payable	$ 5,397,600	$ 5,475,300

Gain on Sales of Real Estate (D

Gain on Sales of Real Estate (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)property	Sep. 30, 2017USD ($)property	Sep. 30, 2018USD ($)property	Sep. 30, 2017USD ($)property
Gain (Loss) on Sale of Investments [Abstract]
Properties sold | property	20	17	60	46
Proceeds from sales of real estate	$ 35,500	$ 25,500	$ 83,024	$ 69,486
Gain on sales of properties	$ 7,800	$ 4,300	$ 18,800	$ 17,700

Impairments (Details)

Impairments (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)property	Sep. 30, 2017USD ($)property	Sep. 30, 2018USD ($)property	Sep. 30, 2017USD ($)property
Asset Impairment Charges [Abstract]
Total provisions for impairment | $	$ 6,900	$ 365	$ 25,000	$ 8,100
Number of impaired properties held-for-sale	12		16
Number of impaired properties held-for-investment			2	4
Number of impaired properties sold	7	4	21	17

Distributions Paid and Payabl_2

Distributions Paid and Payable - Common Stock (Details) - $ / shares	1 Months Ended																		9 Months Ended
	Sep. 30, 2018	Aug. 31, 2018	Jul. 31, 2018	Jun. 30, 2018	May 31, 2018	Apr. 30, 2018	Mar. 31, 2018	Feb. 28, 2018	Jan. 31, 2018	Sep. 30, 2017	Aug. 31, 2017	Jul. 31, 2017	Jun. 30, 2017	May 31, 2017	Apr. 30, 2017	Mar. 31, 2017	Feb. 28, 2017	Jan. 31, 2017	Sep. 30, 2018	Sep. 30, 2017
Distributions Paid and Payable
Monthly distributions payable (in dollars per share)	$ 0.2205																		$ 0.2205
Common stock
Distributions Paid and Payable
Total common stock dividends paid per share (in dollars per share)	$ 0.2200	$ 0.2200	$ 0.2200	$ 0.2195	$ 0.2195	$ 0.2195	$ 0.2190	$ 0.2190	$ 0.2125	$ 0.2115	$ 0.2115	$ 0.2115	$ 0.2110	$ 0.2110	$ 0.2110	$ 0.2105	$ 0.2105	$ 0.2025	$ 1.9690	$ 1.8910

Distributions Paid and Payabl_3

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	9 Months Ended
	Apr. 30, 2017USD ($)$ / sharesshares	Sep. 30, 2017USD ($)dividend$ / shares
Distributions Paid and Payable
Preferred stock redeemed | shares	16,350,000
Number of monthly distributions paid | dividend		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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net Income per Common Share
Weighted average shares used for the basic net income per share computation	290,664,368	275,511,870	286,599,191	270,584,365
Incremental shares from share-based compensation	225,796	221,779	189,072	224,727
Weighted average shares used for diluted net income per share computation	291,207,186	276,050,671	287,105,285	271,126,114
Unvested Shares
Net Income per Common Share
Unvested shares from share-based compensation that were anti-dilutive	261	15,798	1,378	17,719
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	397,690	88,182	271,890	88,182

Supplemental Disclosures of C_3

Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Apr. 30, 2018	Mar. 30, 2018	Dec. 31, 2017	Dec. 31, 2016	Jun. 27, 2013
Supplemental Disclosures of Cash Flow Information
Cash paid for interest	$ 197,200	$ 198,800
Cash paid for income taxes	4,000	4,000
Non-cash activities
Non-refundable escrow deposits for pending acquisitions	3,275				$ 7,500
Value of property acquired with funds previously held in escrow account	7,500
Reconciliation of cash and cash equivalents
Cash and cash equivalents shown in the consolidated balance sheets	6,666	3,199			6,898
Restricted escrow deposits	1,533	23,698			679
Impounds related to mortgages payable	7,529	3,465			4,565
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	15,728	30,362			$ 12,142	$ 15,681
Properties under development
Supplemental Disclosures of Cash Flow Information
Interest capitalized to properties under development	$ 234	$ 347
Realty Income, L.P.
Non-cash activities
Number of partnership units issued	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	9 Months Ended
	Sep. 30, 2018USD ($)segment	Dec. 31, 2017USD ($)
Reconciliation of assets from segment to consolidated
Number of activity segments | segment	48
Net real estate	$ 13,686,974	$ 12,676,499
Goodwill	14,861	14,970
Other corporate assets	180,811	171,767
Total assets	15,095,325	14,058,166
Apparel
Reconciliation of assets from segment to consolidated
Net real estate	158,461	164,919
Intangible assets	33,666	36,600
Automotive service
Reconciliation of assets from segment to consolidated
Net real estate	208,457	213,156
Intangible assets	61,683	64,388
Goodwill	437	437
Automotive tire services
Reconciliation of assets from segment to consolidated
Net real estate	241,093	247,557
Intangible assets	9,103	10,383
Goodwill	862	862
Beverages
Reconciliation of assets from segment to consolidated
Net real estate	285,970	289,170
Intangible assets	1,830	2,022
Child care
Reconciliation of assets from segment to consolidated
Net real estate	61,450	61,527
Goodwill	4,885	4,924
Convenience stores
Reconciliation of assets from segment to consolidated
Net real estate	1,707,566	997,170
Intangible assets	107,535	45,445
Goodwill	1,993	2,004
Dollar stores
Reconciliation of assets from segment to consolidated
Net real estate	1,123,751	1,105,097
Intangible assets	49,700	47,905
Drug stores
Reconciliation of assets from segment to consolidated
Net real estate	1,499,534	1,518,443
Intangible assets	168,111	173,893
Financial services
Reconciliation of assets from segment to consolidated
Net real estate	421,431	384,867
Intangible assets	21,474	24,867
General merchandise
Reconciliation of assets from segment to consolidated
Net real estate	320,285	313,181
Intangible assets	44,666	50,184
Grocery stores
Reconciliation of assets from segment to consolidated
Net real estate	779,919	793,286
Intangible assets	146,315	140,780
Health and fitness
Reconciliation of assets from segment to consolidated
Net real estate	885,329	896,430
Intangible assets	73,301	76,276
Home improvement
Reconciliation of assets from segment to consolidated
Net real estate	427,500	407,002
Intangible assets	60,284	61,045
Motor vehicle dealerships
Reconciliation of assets from segment to consolidated
Net real estate	199,639	204,651
Intangible assets	29,046	31,720
Restaurants-casual dining
Reconciliation of assets from segment to consolidated
Net real estate	609,032	494,977
Intangible assets	18,611	20,079
Goodwill	2,034	2,062
Restaurants-quick service
Reconciliation of assets from segment to consolidated
Net real estate	838,911	681,763
Intangible assets	54,521	51,711
Goodwill	1,057	1,064
Theaters
Reconciliation of assets from segment to consolidated
Net real estate	561,763	566,585
Intangible assets	26,654	26,448
Transportation services
Reconciliation of assets from segment to consolidated
Net real estate	762,752	776,068
Intangible assets	76,718	87,162
Wholesale club
Reconciliation of assets from segment to consolidated
Net real estate	415,452	426,551
Intangible assets	27,262	29,596
Other non-reportable segments
Reconciliation of assets from segment to consolidated
Net real estate	2,178,679	2,134,099
Intangible assets	202,199	214,426
Goodwill	$ 3,593	$ 3,617

Segment Information - Revenue (

Segment Information - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment revenue information
Total revenue	$ 338,081	$ 306,920	$ 985,262	$ 905,115
Rental revenue
Segment revenue information
Total revenue	324,773	293,455	945,191	867,325
Tenant reimbursements
Segment revenue information
Total revenue	12,479	11,933	35,174	34,918
Other revenue
Segment revenue information
Total revenue	829	1,532	4,897	2,872
Apparel | Rental revenue
Segment revenue information
Total revenue	4,042	4,718	12,582	14,613
Automotive service | Rental revenue
Segment revenue information
Total revenue	7,120	6,416	21,150	18,257
Automotive tire services | Rental revenue
Segment revenue information
Total revenue	7,460	7,383	22,607	22,158
Beverages | Rental revenue
Segment revenue information
Total revenue	7,908	7,829	23,581	23,345
Child care | Rental revenue
Segment revenue information
Total revenue	5,255	5,062	16,172	15,395
Convenience stores | Rental revenue
Segment revenue information
Total revenue	39,384	27,874	101,254	83,143
Dollar stores | Rental revenue
Segment revenue information
Total revenue	23,903	22,738	70,390	68,246
Drug stores | Rental revenue
Segment revenue information
Total revenue	32,431	31,635	97,206	94,880
Financial services | Rental revenue
Segment revenue information
Total revenue	7,850	7,058	21,741	21,377
General merchandise | Rental revenue
Segment revenue information
Total revenue	7,453	6,296	21,613	17,263
Grocery stores | Rental revenue
Segment revenue information
Total revenue	16,095	13,450	47,433	37,209
Health and fitness | Rental revenue
Segment revenue information
Total revenue	23,754	22,416	70,812	65,810
Home improvement | Rental revenue
Segment revenue information
Total revenue	9,678	7,816	28,261	21,826
Motor vehicle dealerships | Rental revenue
Segment revenue information
Total revenue	5,711	5,749	18,660	18,240
Restaurants-casual dining | Rental revenue
Segment revenue information
Total revenue	12,355	11,073	34,344	32,853
Restaurants-quick service | Rental revenue
Segment revenue information
Total revenue	18,673	14,659	52,035	43,337
Theaters | Rental revenue
Segment revenue information
Total revenue	17,479	14,947	52,814	41,405
Transportation services | Rental revenue
Segment revenue information
Total revenue	16,105	15,635	47,653	46,656
Wholesale club | Rental revenue
Segment revenue information
Total revenue	9,345	9,414	28,218	28,241
Other non-reportable segments | Rental revenue
Segment revenue information
Total revenue	$ 52,772	$ 51,287	$ 156,665	$ 153,071

Common Stock Incentive Plan (De

Common Stock Incentive Plan (Details) - 2012 Plan - USD ($) $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	Jul. 31, 2018	May 31, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 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			$ 3.9	$ 3.4	$ 12.5	$ 10.6
Maximum
Common Stock Incentive Plan
Authorized shares			3,985,734		3,985,734
Restricted Stock
Common Stock Incentive Plan
Shares granted					147,000
Vesting period					4 years
Remaining unamortized share-based compensation expense			$ 16.7		$ 16.7
Restricted Stock | Directors
Common Stock Incentive Plan
Shares granted	8,000	28,000
Shares vested		20,000
Vesting period	3 years
Restricted Stock | Directors | Three year vesting period
Common Stock Incentive Plan
Shares granted		4,000
Vesting period		3 years
Restricted Stock | Directors | Two year vesting period
Common Stock Incentive Plan
Shares granted		4,000
Vesting period		2 years
Performance Shares and Restricted Stock Units
Common Stock Incentive Plan
Remaining unamortized share-based compensation expense			$ 13.6		$ 13.6
Performance Shares
Common Stock Incentive Plan
Vesting period					3 years
Performance Shares | Executive officers
Common Stock Incentive Plan
Shares granted					190,449
Performance Shares | Executive officers | Three year vesting period
Common Stock Incentive Plan
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
Vesting period					4 years

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
Amount of commitments for re-leasing costs, recurring capital expenditures and non-recurring building improvements	$ 8.1
Amount of commitments for construction contracts, which is expected to be paid in next twelve months	$ 26.8

Subsequent Events (Details)

Subsequent Events (Details)	Oct. 16, 2018shares	Oct. 31, 2018USD ($)extension$ / shares	Sep. 30, 2018USD ($)extension
Revolving Credit Facility
Subsequent events
Commitment fee (as a percent)			0.125%
Revolving Credit Facility | LIBOR
Subsequent events
Basis spread on variable rate (as a percent)			0.85%
All-in drawn variable interest rate (as a percent)			0.975%
Unsecured debt | Revolving Credit Facility
Subsequent events
Number of extensions | extension			2
Term of extension option			6 months
Accordion expansion option			$ 1,000,000,000
Unsecured debt | Credit Facility
Subsequent events
Credit facility borrowing capacity			2,250,000,000
Unsecured debt | Credit Facility | Revolving Credit Facility
Subsequent events
Credit facility borrowing capacity			$ 2,000,000,000
Subsequent event
Subsequent events
Common stock, dividends declared (in dollars per share) | $ / shares		$ 0.2205
Subsequent event | Chief Executive Officer
Subsequent events
Restricted stock award granted (shares) | shares	34,752
Subsequent event | Restricted Stock | Vesting on third anniversary of grant | Chief Executive Officer
Subsequent events
Award vesting rights (as a percent)	50.00%
Subsequent event | Restricted Stock | Vesting on fourth anniversary of grant | Chief Executive Officer
Subsequent events
Award vesting rights (as a percent)	50.00%
Subsequent event | Amended Credit Facility | Revolving Credit Facility
Subsequent events
Commitment fee (as a percent)		0.125%
Subsequent event | Amended Credit Facility | Revolving Credit Facility | LIBOR
Subsequent events
Basis spread on variable rate (as a percent)		0.775%
All-in drawn variable interest rate (as a percent)		0.90%
Subsequent event | Senior Unsecured Term Loans | $250 million senior term loan due March 2024
Subsequent events
Face amount of notes		$ 250,000,000
Effective yield (as a percent)		3.89%
Subsequent event | Senior Unsecured Term Loans | $250 million senior term loan due March 2024 | LIBOR
Subsequent events
Basis spread on variable rate (as a percent)		0.85%
Subsequent event | Unsecured debt | Amended Credit Facility
Subsequent events
Credit facility borrowing capacity		$ 3,250,000,000
Subsequent event | Unsecured debt | Amended Credit Facility | Revolving Credit Facility
Subsequent events
Credit facility borrowing capacity		$ 3,000,000,000
Number of extensions | extension		2
Term of extension option		6 months
Accordion expansion option		$ 1,000,000,000