Realty Income (O) 10-Q 2 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 25, 2019
Document and Entity Information
Entity Registrant Name	REALTY INCOME CORP
Entity Central Index Key	0000726728
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Common Stock, Shares Outstanding		303,814,640

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real estate, at cost:
Land	$ 4,751,091	$ 4,682,660
Buildings and improvements	12,178,429	11,858,806
Total real estate, at cost	16,929,520	16,541,466
Less accumulated depreciation and amortization	(2,809,690)	(2,714,534)
Net real estate held for investment	14,119,830	13,826,932
Real estate held for sale, net	22,064	16,585
Net real estate	14,141,894	13,843,517
Cash and cash equivalents	2,997	10,387
Accounts receivable	151,341	144,991
Lease intangible assets, net	1,205,147	1,199,597
Goodwill	14,597	14,630
Other assets, net	246,932	47,361
Total assets	15,762,908	15,260,483
LIABILITIES AND EQUITY
Distributions payable	69,258	67,789
Accounts payable and accrued expenses	114,225	133,765
Lease intangible liabilities, net	311,331	310,866
Other liabilities	243,591	127,109
Line of credit payable	838,000	252,000
Term loans, net	498,722	568,610
Mortgages payable, net	300,993	302,569
Notes payable, net	5,377,712	5,376,797
Total liabilities	7,753,832	7,139,505
Commitments and contingencies
Stockholders’ equity:
Common stock and paid in capital, par value $0.01 per share, 370,100,000 shares authorized, 303,807,421 shares issued and outstanding as of March 31, 2019 and 303,742,090 shares issued and outstanding as of December 31, 2018	10,748,467	10,754,495
Distributions in excess of net income	(2,752,775)	(2,657,655)
Accumulated other comprehensive loss	(11,797)	(8,098)
Total stockholders’ equity	7,983,895	8,088,742
Noncontrolling interests	25,181	32,236
Total equity	8,009,076	8,120,978
Total liabilities and equity	$ 15,762,908	$ 15,260,483

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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, authorized (in shares)	370,100,000	370,100,000
Common stock and paid in capital, issued (in shares)	303,807,421	303,742,090
Common stock and paid in capital, outstanding (in shares)	303,807,421	303,742,090

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
REVENUE
Rental (including reimbursable)	$ 354,037	$ 317,848
Other	328	447
Total revenue	354,365	318,295
EXPENSES
Depreciation and amortization	137,517	131,103
Interest	70,020	59,415
General and administrative	15,108	15,684
Property (including reimbursable)	21,636	16,552
Income taxes	1,445	1,223
Provisions for impairment	4,672	14,221
Total expenses	250,398	238,198
Gain on sales of real estate	7,263	3,218
Net income	111,230	83,315
Net income attributable to noncontrolling interests	(288)	(152)
Net income available to common stockholders	$ 110,942	$ 83,163
Amounts available to common stockholders per common share:
Net income, basic and diluted (in dollars per share)	$ 0.37	$ 0.29
Weighted average common shares outstanding:
Basic (in shares)	303,528,336	283,917,418
Diluted (in shares)	303,819,878	284,345,328
Other comprehensive income:
Net income available to common stockholders	$ 110,942	$ 83,163
Change in fair value of interest rate swaps	(4,377)	0
Amortization of interest rate swaps	678	0
Comprehensive income available to common stockholders	$ 107,243	$ 83,163

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total stockholders’ equity	Shares of common stock	Common stock and paid in capital	Distributions in excess of net income	Accumulated other comprehensive loss	Noncontrolling interests
Balance at Dec. 31, 2017	$ 7,390,708	$ 7,371,501		$ 9,624,264	$ (2,252,763)	$ 0	$ 19,207
Balance (in shares) at Dec. 31, 2017			284,213,685
Increase (Decrease) in Stockholders' Equity
Net income	83,315	83,163			83,163		152
Other comprehensive loss	0	0				0
Distributions paid and payable	(187,976)	(187,620)			(187,620)		(356)
Share issuances, net of costs	2,218	2,218		2,218
Share issuances, net of costs (in shares)			45,933
Issuance of common partnership units	12,144						12,144
Redemption of common units	0	1,468		1,468			(1,468)
Redemption of common units (in shares)			60,000
Share-based compensation, net	(2,750)	(2,750)		(2,750)
Share-based compensation, net (in shares)			60,557
Balance at Mar. 31, 2018	7,297,659	7,267,980		9,625,200	(2,357,220)	0	29,679
Balance (in shares) at Mar. 31, 2018			284,380,175
Balance at Dec. 31, 2018	8,120,978	8,088,742		10,754,495	(2,657,655)	(8,098)	32,236
Balance (in shares) at Dec. 31, 2018			303,742,090
Increase (Decrease) in Stockholders' Equity
Net income	111,230	110,942			110,942		288
Other comprehensive loss	(3,699)	(3,699)				(3,699)
Distributions paid and payable	(206,335)	(206,062)			(206,062)		(273)
Share issuances, net of costs	2,151	2,151		2,151
Share issuances, net of costs (in shares)			31,898
Issuance of common partnership units	6,286						6,286
Redemption of common units	(20,225)	(6,869)		(6,869)			(13,356)
Redemption of common units (in shares)			0
Share-based compensation, net	(1,310)	(1,310)		(1,310)
Share-based compensation, net (in shares)			33,433
Balance at Mar. 31, 2019	$ 8,009,076	$ 7,983,895		$ 10,748,467	$ (2,752,775)	$ (11,797)	$ 25,181
Balance (in shares) at Mar. 31, 2019			303,807,421

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 111,230	$ 83,315
Adjustments to net income:
Depreciation and amortization	137,517	131,103
Amortization of share-based compensation	2,764	3,662
Non-cash revenue adjustments	(2,116)	(1,544)
Amortization of net premiums on mortgages payable	(354)	(459)
Amortization of deferred financing costs	1,957	1,652
Loss (gain) on interest rate swaps	678	(2,007)
Gain on sales of real estate	(7,263)	(3,218)
Provisions for impairment on real estate	4,672	14,221
Change in assets and liabilities
Accounts receivable and other assets	(6,185)	(2,473)
Accounts payable, accrued expenses and other liabilities	(30,873)	(10,723)
Net cash provided by operating activities	212,027	213,529
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in real estate	(517,975)	(498,448)
Improvements to real estate, including leasing costs	(2,995)	(8,940)
Proceeds from sales of real estate	22,456	13,779
Insurance proceeds received	0	1,184
Collection of loans receivable	0	32
Non-refundable escrow deposits for pending acquisitions	0	(442)
Net cash used in investing activities	(498,514)	(492,835)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash distributions to common stockholders	(204,546)	(185,556)
Borrowings on line of credit	732,000	1,058,000
Payments on line of credit	(146,000)	(86,000)
Principal payment on term loan	(70,000)	(125,866)
Principal payment on notes payable	0	(350,000)
Principal payments on mortgages payable	(1,235)	(12,323)
Proceeds from dividend reinvestment and stock purchase plan	2,164	2,346
Redemption of common units	(20,225)	0
Distributions to noncontrolling interests	(321)	(313)
Other items, including shares withheld upon vesting	(4,087)	(6,542)
Net cash provided by financing activities	287,750	293,746
Net increase in cash, cash equivalents and restricted cash	1,263	14,440
Cash, cash equivalents and restricted cash, beginning of period	21,071	12,142
Cash, cash equivalents and restricted cash, end of period	$ 22,334	$ 26,582

Management Statement

Management Statement	3 Months Ended
	Mar. 31, 2019
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, 2018 , which are included in our 2018 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 March 31, 2019 we owned 5,876 properties, located in 49 states and Puerto Rico, containing over 95.2 million leasable square feet.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements	Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements A. The accompanying consolidated financial statements include the accounts of Realty Income and other subsidiaries for which we make operating and financial decisions (i.e., control), after elimination of all material intercompany balances and transactions. We consolidate entities that we control and record a noncontrolling interest for the portion that we do not own. Noncontrolling interest that was created or assumed as part of a business combination was recognized at fair value as of the date of the transaction (see note 10). We have no unconsolidated investments. B. We have elected to be taxed as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended. We believe we have qualified and continue to qualify as a REIT. Under the REIT operating structure, we are permitted to deduct dividends paid to our stockholders in determining our taxable income. Assuming our dividends equal or exceed our taxable net income, we generally will not be required to pay federal corporate income taxes on such income. Accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements, except for federal income taxes of our taxable REIT subsidiaries. The income taxes recorded on our consolidated statements of income and comprehensive 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. D. In February 2016, the FASB issued ASU 2016-02 (Topic 842, Leases ), 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 our leases remain classified as operating leases, and we continue to recognize lease income on a generally straight-line basis over the lease term. Although primarily a lessor, we are also a lessee under several ground lease arrangements. We adopted this standard effective as of January 1, 2019 using the effective date method, and elected the practical expedients available for implementation under the standard. As a result, we recognize lease obligations for ground leases designated as operating and financing leases with corresponding right of use assets and liabilities (see note 3). Additionally, above-market rents on certain of our leases under which we are a lessor are accounted for as financing receivables amortizing over the lease term (see note 3). Also, as a result of the adoption of this standard, tenant reimbursable revenue and property expenses are now presented on a gross basis as both tenant reimbursement revenue included in rental revenue, and as a reimbursable expense included in property expenses, respectively, on our consolidated statements of income and comprehensive income. Property taxes and insurance paid directly by the lessee to a third party will continue to be presented on a net basis. These presentation changes had no impact on our results of operations. As a result, there was no restatement of prior issued financial statements and, similarly, no cumulative effect adjustment to opening equity; however, we have elected to aggregate prior period tenant reimbursement revenue within rental revenue to be consistent with the current period presentation within the statements of income and comprehensive income.

Supplemental Detail for Certain

Supplemental Detail for Certain Components of Consolidated Balance Sheets	3 Months Ended
	Mar. 31, 2019
Disclosure Text Block Supplement [Abstract]
Supplemental Detail for Certain Components of Consolidated Balance Sheets	Supplemental Detail for Certain Components of Consolidated Balance Sheets (dollars in thousands) A. Lease intangible assets, net, consist of the following at: March 31, 2019 December 31, 2018 In-place leases $ 1,353,301 $ 1,321,979 Accumulated amortization of in-place leases (569,405 ) (546,573 ) Above-market leases 589,908 583,109 Accumulated amortization of above-market leases (168,657 ) (158,918 ) $ 1,205,147 $ 1,199,597 B. Other assets, net, consist of the following at: March 31, 2019 December 31, 2018 Right of use asset - operating leases, net $ 128,073 $ — Right of use asset - financing leases 36,901 — Financing receivables 22,592 — Prepaid expenses 16,905 14,695 Credit Facility origination costs, net 13,406 14,248 Impounds related to mortgages payable 10,256 9,555 Restricted escrow deposits 9,081 1,129 Corporate assets, net 5,538 5,681 Non-refundable escrow deposits for pending acquisitions — 200 Other items 4,180 1,853 $ 246,932 $ 47,361 C. Distributions payable consist of the following declared distributions at: March 31, 2019 December 31, 2018 Common stock distributions $ 69,153 $ 67,636 Noncontrolling interests distributions 105 153 $ 69,258 $ 67,789 D. Accounts payable and accrued expenses consist of the following at: March 31, 2019 December 31, 2018 Notes payable - interest payable $ 57,072 $ 73,094 Property taxes payable 15,136 14,511 Mortgages, term loans, credit line - interest payable and interest rate swaps 12,807 8,597 Accrued costs on properties under development 7,691 8,137 Other items 21,519 29,426 $ 114,225 $ 133,765 E. Lease intangible liabilities, net, consist of the following at: March 31, 2019 December 31, 2018 Below-market leases $ 411,118 $ 404,938 Accumulated amortization of below-market leases (99,787 ) (94,072 ) $ 311,331 $ 310,866 F. Other liabilities consist of the following at: March 31, 2019 December 31, 2018 Lease liability - operating leases, net $ 129,145 $ — Lease liability - financing leases 5,713 — Rent received in advance and other deferred revenue 102,644 115,380 Security deposits 6,089 6,093 Capital lease obligations — 5,636 $ 243,591 $ 127,109

Investments in Real Estate

Investments in Real Estate	3 Months Ended
	Mar. 31, 2019
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 Three Months of 2019 and 2018 During the first three months of 2019 , we invested $519.5 million in 105 new properties and properties under development or expansion with an initial weighted average contractual lease rate of 6.7% . The 105 new properties and properties under development or expansion are located in 25 states, will contain approximately 2.3 million leasable square feet, and are 100% leased with a weighted average lease term of 17.0 years. The tenants occupying the new properties operate in 14 industries and the property types consist of 98.7% retail and 1.3% industrial, based on rental revenue. None of our investments during 2019 caused any one tenant to be 10% or more of our total assets at March 31, 2019 . The $519.5 million invested during the first three months of 2019 was allocated as follows: $119.2 million to land, $345.3 million to buildings and improvements, $37.4 million to intangible assets related to leases, $22.6 million to financing receivables related to certain leases with off-market terms, and $5.0 million to intangible liabilities related to below-market leases. There was no contingent consideration associated with these acquisitions. The properties acquired during the first three months of 2019 generated total revenues of $3.5 million and net income of $1.8 million during the three months ended March 31, 2019 . In comparison, during the first three months of 2018 , we invested $509.8 million in 174 new properties and properties under development or expansion with an initial weighted average contractual lease rate of 6.2% . The 174 new properties and properties under development or expansion were located in 27 states, contained approximately 954,000 leasable square feet, and were 100% leased with a weighted average lease term of 14.0 years. The tenants occupying the new properties operated in 12 industries and were 100.0% retail properties, based on rental revenue. The $509.8 million invested during the first three months of 2018 was allocated as follows: $209.6 million to land, $255.4 million to buildings and improvements, $57.6 million to intangible assets related to leases, and $12.8 million to intangible liabilities related to below-market leases. There was no contingent consideration associated with these acquisitions. The properties acquired during the first three months of 2018 generated total revenues of $296,000 and a net loss of $215,000 during the three months ended March 31, 2018 . The initial weighted average contractual lease rate for a property is generally computed as estimated contractual first year cash 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 cash 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 $519.5 million we invested during the first three months of 2019 , $10.9 million was invested in eight properties under development or expansion with an initial weighted average contractual lease rate of 7.2% . Of the $509.8 million we invested during the first three months of 2018 , $3.8 million was invested in six properties under development or expansion with an initial weighted average contractual lease rate of 6.7% . B. Investments in Existing Properties During the first three months of 2019 , we capitalized costs of $3.0 million on existing properties in our portfolio, consisting of $323,000 for re-leasing costs, $56,000 for recurring capital expenditures and $2.6 million for non-recurring building improvements. In comparison, during the first three months of 2018 , we capitalized costs of $3.2 million on existing properties in our portfolio, consisting of $917,000 for re-leasing costs, $11,000 for recurring capital expenditures and $2.3 million for non-recurring building improvements. C. Properties with Existing Leases Of the $519.5 million we invested during the first three months of 2019 , approximately $258.0 million was used to acquire 53 properties with existing leases. In comparison, of the $509.8 million we invested during the first three months of 2018 , approximately $110.4 million was used to acquire 53 properties with existing leases. The value of the in-place and above-market leases is recorded to lease intangible assets, net on our consolidated balance sheets, and the value of the below-market leases is recorded to 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 three months of 2019 and 2018 were $26.0 million and $26.4 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 and comprehensive income. The amounts amortized as a net decrease to rental revenue for capitalized above-market and below-market leases for the first three months of 2019 and 2018 were $3.4 million and $3.9 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 above-market and below-market lease intangibles and the amortization of the in-place lease intangibles at March 31, 2019 (in thousands): Net decrease to rental revenue Increase to amortization expense 2019 $ (13,265 ) $ 75,439 2020 (17,029 ) 95,907 2021 (15,832 ) 87,742 2022 (14,129 ) 76,138 2023 (12,715 ) 65,812 Thereafter (36,950 ) 382,858 Totals $ (109,920 ) $ 783,896

Credit Facility

Credit Facility	3 Months Ended
	Mar. 31, 2019
Credit Facility
Debt
Debt	Credit Facility We have a $3.25 billion unsecured revolving credit facility, or our credit facility, with an initial term that expires in March 2023 and includes, at our option, two six -month extensions. Our credit facility has a $1.0 billion expansion option. Under our credit facility, our investment grade credit ratings as of March 31, 2019 provide for financing at the London Interbank Offered Rate, commonly referred to as LIBOR, plus 0.775% with a facility commitment fee of 0.125% , for all-in drawn pricing of 0.90% over LIBOR . The borrowing rate is subject to an interest rate floor and may change if our investment grade credit ratings change. We also have other interest rate options available to us under our credit facility. Our credit facility is unsecured and, accordingly, we have not pledged any assets as collateral for this obligation. At March 31, 2019 , credit facility origination costs of $13.4 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 March 31, 2019 , we had a borrowing capacity of approximately $2.2 billion available on our credit facility (subject to customary conditions to borrowing) and an outstanding balance of $838.0 million , as compared to an outstanding balance of $252.0 million at December 31, 2018 . The weighted average interest rate on outstanding borrowings under our credit facility was 3.3% during the first three months of 2019 and 2.5% during the first three months of 2018 . At March 31, 2019 and December 31, 2018 , the weighted average interest rate on outstanding borrowings under our credit facility was 3.3% and 3.2% , respectively. Our credit facility is subject to various leverage and interest coverage ratio limitations, and at March 31, 2019 , we were in compliance with the covenants on our credit facility.

Term Loans

Term Loans	3 Months Ended
	Mar. 31, 2019
Term Loans
Debt
Debt	Term Loans In October 2018, in conjunction with entering into our 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% . In June 2015, in conjunction with entering into our previous credit facility, we entered into a $250.0 million senior unsecured term loan maturing in June 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, until the interest rate swap's termination in January 2018, effectively fixed our per annum interest rate on this term loan at 2.05% . In 2018, we entered into two separate six –month extensions of this loan, during which periods the interest was born at the current one-month LIBOR , plus 0.90% . In January 2019, we paid off the outstanding principal and interest on this term loan. Deferred financing costs of $1.2 million incurred in conjunction with the $250.0 million term loan maturing June 2020 and $1.1 million incurred in conjunction with the $250.0 million term loan maturing March 2024 are being amortized over the remaining terms of each respective term loan. The net balance of these deferred financing costs, which was $1.3 million at March 31, 2019 , and $1.4 million at December 31, 2018 , is included within term loans, net on our consolidated balance sheets.

Mortgages Payable

Mortgages Payable	3 Months Ended
	Mar. 31, 2019
Mortgages Payable
Debt
Debt	Mortgages Payable During the first three months of 2019 , we made $1.2 million in principal payments. During the first three months of 2018 , we made $12.3 million in principal payments, including the repayment of one mortgage in full for $11.0 million . No mortgages were assumed during the first three months of 2019 or 2018 . 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. 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 March 31, 2019 , 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 $169,000 at March 31, 2019 and $183,000 at December 31, 2018 . These costs are being amortized over the remaining term of each mortgage. The following is a summary of all our mortgages payable as of March 31, 2019 and December 31, 2018 , 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 3/31/2019 60 5.1 % 4.6 % 2.9 $ 297,142 $ 3,851 $ 300,993 12/31/2018 60 5.1 % 4.6 % 3.2 $ 298,377 $ 4,192 $ 302,569 (1) At March 31, 2019 and December 31, 2018 , there were 26 mortgages on 60 properties. The mortgages require monthly payments with principal payments due at maturity. The mortgages are at fixed interest rates, except for two mortgages on two properties totaling $23.1 million and $23.3 million at March 31, 2019 and December 31, 2018 , 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 $15.9 million at March 31, 2019 and $16.0 million at December 31, 2018 . (2) Stated interest rates ranged from 3.8% to 6.9% at March 31, 2019 and December 31, 2018 . (3) Effective interest rates ranged from 0.4% to 7.7% at March 31, 2019 , while effective interest rates ranged from 1.1% to 7.7% at December 31, 2018 . The following table summarizes the maturity of mortgages payable, excluding net premiums of $4.0 million and deferred financing costs of $169,000 , as of March 31, 2019 (dollars in millions): Year of Maturity Principal 2019 $ 19.4 2020 82.4 2021 67.0 2022 109.7 2023 6.7 Thereafter 11.9 Totals $ 297.1

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2019
Notes Payable
Debt
Debt	Notes Payable A. General The total principal amount of our senior unsecured notes and bonds consists of the following, sorted by maturity date (dollars in millions), at March 31, 2019 and December 31, 2018 , and excludes net unamortized original issuance premiums and deferred financing costs of $22.2 million at March 31, 2019 and $23.2 million at December 31, 2018 : 5.750% notes, issued in June 2010 and due in January 2021 $ 250 3.250% notes, $450 issued in October 2012 and $500 issued in December 2017, both due in October 2022 950 4.650% notes, issued in July 2013 and due in August 2023 750 3.875% notes, issued in June 2014 and due in July 2024 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 3.000% notes, issued in October 2016 and due in January 2027 600 3.650% notes, issued in December 2017 and due in January 2028 550 5.875% bonds, $100 issued in March 2005 and $150 issued in June 2011, both due in March 2035 250 4.650% notes, $300 issued in March 2017 and $250 issued in December 2017, both due in March 2047 550 Total principal amount $ 5,400 The following table summarizes the maturity of our notes and bonds payable as of March 31, 2019 , excluding net unamortized original issuance premiums and deferred financing costs (dollars in millions): Year of Maturity Principal 2021 $ 250 2022 950 2023 750 Thereafter 3,450 Totals $ 5,400 As of March 31, 2019 , the weighted average interest rate on our notes and bonds payable was 4.0% and the weighted average remaining years until maturity was 8.5 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.

Issuances of Common Stock

Issuances of Common Stock	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Issuances of Common Stock	Issuances of Common Stock A. 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 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 three months of 2019 , we issued 31,898 shares and raised approximately $2.2 million under our DRSPP. During the first three months of 2018 , we issued 45,933 shares and raised approximately $2.3 million under our DRSPP. From the inception of our DRSPP through March 31, 2019 , we have issued 14,261,708 shares and raised approximately $673.1 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 three months of 2019 or 2018 . B. At-the-Market (ATM) Programs Under our "at-the-market" equity distribution plan, or our ATM program, shares of common stock may be offered and sold (1) by us to, or through, a consortium of banks acting as our sales agents or (2) by a consortium of banks acting as forward sellers on behalf of any forward purchasers contemplated thereunder, in each case by means of ordinary brokers' transactions on the NYSE at prevailing market prices or at negotiated prices. Our ATM program authorizes up to 28,961,855 common shares to be issued. We did not issue any shares under the ATM program during the first three months of 2019 or 2018. From the inception of our current and prior ATM programs through March 31, 2019 , we have issued 33,546,139 shares and raised $2.0 billion . At March 31, 2019 , we had 20,453,861 shares remaining for future issuance under our ATM program.

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
	Mar. 31, 2019
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. In January 2019, we redeemed all 317,022 remaining common units of Tau Operating Partnership for cash, and paid off the outstanding balance and interest on the $70.0 million senior unsecured term loan entered in January 2013 in conjunction with our acquisition of ARCT. Following the redemption, we hold 100% of the ownership interests of Tau Operating Partnership and continue to consolidate the entity. As part of this transaction, our taxable REIT subsidiary, Crest Net Lease, obtained a 0.11% interest in Tau Operating Partnership. 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 2019 and in March and April 2018, we completed the acquisitions of additional properties, by paying both cash and by issuing additional common partnership units in Realty Income, L.P as consideration for the acquisitions. At March 31, 2019 , the remaining units from these issuances represent a 1.9% ownership in Realty Income, L.P. We hold the remaining 98.1% 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. In December 2018, we acquired all of the outstanding minority ownership interests associated with one of these entities. We are the managing member of the remaining entity, and possess the ability to control the business and manage the affairs of the entity. At March 31, 2019 , we and our subsidiaries held a 95.0% interest in the remaining entity, which is fully consolidated into our consolidated financial statements. The following table represents the change in the carrying value of all noncontrolling interests through March 31, 2019 (dollars in thousands): Tau Operating Partnership units (1) Realty Income, L.P. units (2) Other Noncontrolling Interests Total Carrying value at December 31, 2018 $ 13,356 $ 17,912 $ 968 $ 32,236 Redemptions (13,356 ) — — (13,356 ) Shares issued in conjunction with acquisition — 6,286 — 6,286 Distributions — (273 ) — (273 ) Allocation of net income — 284 4 288 Carrying value at March 31, 2019 $ — $ 24,209 $ 972 $ 25,181 (1) 317,022 Tau Operating Partnership units were issued on January 22, 2013. No shares remained outstanding as of March 31, 2019 , and 317,022 shares remained outstanding as of December 31, 2018 . (2) 534,546 Realty Income, L.P. units were issued on June 27, 2013, 242,007 units were issued on March 30, 2018, 131,790 units were issued on April 30, 2018, and 89,322 units were issued on March 28, 2019. 463,119 and 373,797 remained outstanding as of March 31, 2019 and December 31, 2018 , respectively. At December 31, 2018 , Tau Operating Partnership, Realty Income, L.P., and an entity acquired during 2016 were considered variable interest entities, or VIEs, in which we were deemed the primary beneficiary based on our controlling financial interests. In January 2019, we redeemed all 317,022 remaining Tau Operating Partnership units held by nonaffiliates for $20.2 million and recorded the excess over carrying value of $6.9 million as a reduction to common stock and paid in capital. Following the redemption, we hold 100% of the ownership interests of Tau Operating Partnership, L.P., and continue to consolidate the entity. At March 31, 2019 , Realty Income, L.P. and the entity acquired during 2016 were considered VIEs. Below is a summary of selected financial data of consolidated VIEs at March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Net real estate $ 653,232 $ 2,903,093 Total assets 752,993 3,259,495 Total debt 15,897 191,565 Total liabilities 102,498 320,800

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2019
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 mortgages payable assumed in connection with acquisitions and our senior notes and bonds payable, which are disclosed as follows (dollars in millions): March 31, 2019 Carrying value Estimated fair value Mortgages payable assumed in connection with acquisitions (1) $ 297.1 $ 306.8 Notes and bonds payable (2) 5,400.0 5,632.7 December 31, 2018 Carrying value Estimated fair value Mortgages payable assumed in connection with acquisitions (1) $ 298.4 $ 305.7 Notes and bonds payable (2) 5,400.0 5,430.0 (1) Excludes non-cash net premiums recorded on the mortgages payable. The unamortized balance of these net premiums was $4.0 million at March 31, 2019 , and $4.4 million at December 31, 2018 . Also excludes deferred financing costs of $169,000 at March 31, 2019 and $183,000 at December 31, 2018 . (2) Excludes non-cash original issuance premiums and discounts recorded on notes payable. The unamortized balance of the net original issuance premiums was $10.3 million at March 31, 2019 , and $10.5 million at December 31, 2018 . Also excludes deferred financing costs of $32.5 million at March 31, 2019 and $33.7 million at December 31, 2018 . The estimated fair values of our mortgages payable assumed in connection with acquisitions 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 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. Prior to our adoption of hedge accounting during October 2018, the change in fair value of interest rate swaps was recognized through interest expense. Following adoption, changes to fair value are recorded to accumulated other comprehensive income, or AOCI. At March 31, 2019 and December 31, 2018 , interest rate swaps in a liability position valued at $10.4 million and $7.0 million , respectively, were included in accounts payable and accrued expenses and interest rate swaps in an asset position valued at $1.9 million and $3.0 million , respectively, 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. Unrealized gains and losses in AOCI are reclassified to interest expense when the related hedged items are recognized. During the first three months of 2019, we reclassified $678,000 from AOCI into interest expense. We did not reclassify any unrealized gains or losses from AOCI to interest expense during the first three months of 2018. We expect to reclassify $2.8 million from AOCI into interest expense within the next twelve months.

Operating Leases

Operating Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Operating Leases	Operating Leases A. At March 31, 2019 , we owned 5,876 properties in 49 states and Puerto Rico. Of the 5,876 properties, 5,847 , or 99.5% , are single-tenant properties, and the remaining are multi-tenant properties. At March 31, 2019 , 102 properties were available for lease or sale. Substantially all of our leases are net leases where the tenant pays or reimburses us for property taxes and assessments, maintains the interior and exterior of the building and leased premises, and carries insurance coverage for public liability, property damage, fire and extended coverage. Rent based on a percentage of a tenants’ gross sales (or percentage rents) for the first three months of 2019 and 2018 was $3.6 million and $3.3 million , respectively. At March 31, 2019 , minimum future annual rents to be received on the operating leases for the next five years and thereafter are as follows (dollars in thousands): 2019 $ 1,003,897 2020 1,310,769 2021 1,261,972 2022 1,193,221 2023 1,109,269 Thereafter 7,195,770 Total $ 13,074,898 B. Major Tenants - No individual tenant’s rental revenue, including percentage rents, represented more than 10% of our total revenue for each of the three months ended March 31, 2019 or 2018.

Gain on Sales of Real Estate

Gain on Sales of Real Estate	3 Months Ended
	Mar. 31, 2019
Gain (Loss) on Sale of Investments [Abstract]
Gain on Sales of Real Estate	Gain on Sales of Real Estate During the first three months of 2019 , we sold 19 properties for $22.5 million , which resulted in a gain of $7.3 million . During the first three months of 2018 , we sold 14 properties for $13.8 million , which resulted in a gain of $3.2 million .

Impairments

Impairments	3 Months Ended
	Mar. 31, 2019
Property, Plant and Equipment [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. For the first three months of 2019 , we recorded total provisions for impairment of $4.7 million on three properties classified as held for sale and four sold properties. For the first three months of 2018 , we recorded total provisions for impairment of $14.2 million on nine sold properties and one property held for investment.

Distributions Paid and Payable

Distributions Paid and Payable	3 Months Ended
	Mar. 31, 2019
Dividends [Abstract]
Distributions Paid and Payable	Distributions Paid and Payable We pay monthly distributions to our common stockholders. The following is a summary of monthly distributions paid per common share for the first three months of 2019 and 2018 : Month 2019 2018 January $ 0.2210 $ 0.2125 February 0.2255 0.2190 March 0.2255 0.2190 Total $ 0.6720 $ 0.6505 At March 31, 2019 , a distribution of $0.226 per common share was payable and was paid in April 2019.

Net Income per Common Share

Net Income per Common Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [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 March 31, 2019 2018 Weighted average shares used for the basic net income per share computation 303,528,336 283,917,418 Incremental shares from share-based compensation 291,542 110,888 Weighted average partnership common units convertible to common shares that were dilutive — 317,022 Weighted average shares used for diluted net income per share computation 303,819,878 284,345,328 Unvested shares from share-based compensation that were anti-dilutive 30,060 24,329 Weighted average partnership common units convertible to common shares that were anti-dilutive 377,767 54,227

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information	3 Months Ended
	Mar. 31, 2019
Supplemental Cash Flow Information [Abstract]
Supplemental Disclosures of Cash Flow Information	Supplemental Disclosures of Cash Flow Information Cash paid for interest was $82.2 million in the first three months of 2019 and $71.9 million in the first three months of 2018 . Interest capitalized to properties under development was $175,000 in the first three months of 2019 and $57,000 in the first three months of 2018 . Cash paid for income taxes was $1.7 million in the first three months of 2019 and $403,000 in the first three months of 2018 . The following non-cash activities are included in the accompanying consolidated financial statements: A. As a result of the adoption of ASU 2016-02, we recorded $132.0 million of lease liabilities and related right of use assets as lessee under operating leases during the first three months of 2019 . B. During the first three months of 2019 , we issued 89,322 common partnership units of Realty Income, L.P. totaling $6.3 million , as partial consideration for an acquisition of properties. C. During the first three months of 2018 , we issued 242,007 common partnership units of Realty Income, L.P. totaling $12.1 million , as partial consideration for an acquisition of properties. Per the requirements of ASU 2016-18 (Topic 230, Statement of Cash Flows ), the following table provides a reconciliation of cash and cash equivalents reported within the consolidated balance sheets to the total of the cash, cash equivalents and restricted cash reported within the consolidated statements of cash flows: March 31, 2019 March 31, 2018 Cash and cash equivalents shown in the consolidated balance sheets $ 2,997 $ 20,627 Restricted escrow deposits (1) 9,081 32 Impounds related to mortgages payable (1) 10,256 5,923 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 22,334 $ 26,582 (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	3 Months Ended
	Mar. 31, 2019
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: March 31, 2019 December 31, 2018 Segment net real estate: Automotive service $ 253,730 $ 210,668 Automotive tire services 236,547 238,939 Beverages 282,536 284,910 Child care 179,267 151,640 Convenience stores 1,742,539 1,756,732 Dollar stores 1,133,683 1,117,250 Drug stores 1,476,192 1,490,261 Financial services 410,060 414,613 General merchandise 315,593 317,424 Grocery stores 834,051 774,526 Health and fitness 1,001,191 882,515 Home improvement 464,595 424,494 Motor vehicle dealerships 212,941 198,204 Restaurants-casual dining 550,063 559,616 Restaurants-quick service 965,007 964,980 Theaters 583,252 555,990 Transportation services 752,983 758,133 Wholesale club 408,961 412,203 Other non-reportable segments 2,338,703 2,330,419 Total segment net real estate 14,141,894 13,843,517 Intangible assets: Automotive service 60,964 61,951 Automotive tire services 8,289 8,696 Beverages 1,701 1,765 Child care 16,189 12,277 Convenience stores 108,993 108,714 Dollar stores 50,416 48,842 Drug stores 162,099 165,558 Financial services 19,561 20,426 General merchandise 43,731 43,122 Grocery stores 152,867 144,551 Health and fitness 68,530 71,609 Home improvement 65,078 57,928 Motor vehicle dealerships 28,834 28,154 Restaurants-casual dining 17,729 18,153 Restaurants-quick service 55,364 54,448 Theaters 31,014 25,811 Transportation services 70,609 73,577 Wholesale club 25,706 26,484 Other non-reportable segments 217,473 227,531 Goodwill: Automotive service 437 437 Automotive tire services 862 862 Child care 4,852 4,863 Convenience stores 1,983 1,983 Restaurants-casual dining 1,825 1,841 Restaurants-quick service 1,046 1,052 Other non-reportable segments 3,592 3,592 Other corporate assets 401,270 202,739 Total assets $ 15,762,908 $ 15,260,483 Three months ended March 31, Revenue 2019 2018 Segment rental revenue: Automotive service $ 7,213 $ 7,009 Automotive tire services 7,777 7,439 Beverages 7,915 7,836 Child care 7,827 5,672 Convenience stores 41,214 28,000 Dollar stores 24,986 23,250 Drug stores 33,170 32,242 Financial services 7,718 7,020 General merchandise 6,911 6,870 Grocery stores 16,124 15,665 Health and fitness 26,225 23,444 Home improvement 9,815 9,244 Motor vehicle dealerships 7,348 7,311 Restaurants-casual dining 11,290 10,948 Restaurants-quick service 21,730 16,249 Theaters 17,656 17,770 Transportation services 16,026 15,786 Wholesale club 9,593 9,532 Other non-reportable segments and tenant reimbursements 73,499 66,561 Rental (including reimbursable) 354,037 317,848 Other 328 447 Total revenue $ 354,365 $ 318,295

Common Stock Incentive Plan

Common Stock Incentive Plan	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Common Stock Incentive Plan	Common Stock Incentive Plan In 2012, our Board of Directors adopted and stockholders approved the Realty Income Corporation 2012 Incentive Award Plan, or the 2012 Plan, to enable us to motivate, attract and retain the services of directors and employees considered essential to our long-term success. The 2012 Plan offers our directors and employees an opportunity to own our stock or rights that will reflect our growth, development and financial success. Under the terms of the 2012 plan, the aggregate number of shares of our common stock subject to options, restricted stock, stock appreciation rights, restricted stock units and other awards, will be no more than 3,985,734 shares. The 2012 Plan has a term of ten years from the date it was adopted by our Board of Directors. The amount of share-based compensation costs recognized in general and administrative expense on our consolidated statements of income was $2.8 million during the first three months of 2019 and $3.7 million during the first three months of 2018 . A. Restricted Stock During the first three months of 2019 , we granted 46,527 shares of common stock under the 2012 Plan. These shares vest over a four -year service period. As of March 31, 2019 , the remaining unamortized share-based compensation expense related to restricted stock totaled $13.8 million , which is being amortized on a straight-line basis over the service period of each applicable award. The amount of share-based compensation is based on the fair value of the stock at the grant date. We define the grant date as the date the recipient and Realty Income have a mutual understanding of the key terms and conditions of the award, and the recipient of the grant begins to benefit from, or be adversely affected by, subsequent changes in the price of the shares. B. Performance Shares and Restricted Stock Units During the first three months of 2019 , we granted 115,137 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 -year performance period, subject to continued service. During the first three months of 2019 , we also granted 5,482 restricted stock units, all of which vest over a four -year service period. These restricted stock units have the same economic rights as shares of restricted stock. As of March 31, 2019 , the remaining share-based compensation expense related to the performance shares and restricted stock units totaled $13.8 million . The fair value of the performance shares were estimated on the date of grant using a Monte Carlo Simulation model. The performance shares are being recognized on a tranche-by-tranche basis over the service period. The amount of share-based compensation for the restricted stock units is based on the fair value of our common stock at the grant date. The restricted stock units are being recognized on a straight-line basis over the service period.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , we had commitments of $9.6 million for re-leasing costs, recurring capital expenditures, and non-recurring building improvements. In addition, as of March 31, 2019 , we had committed $23.6 million under construction contracts, which is expected to be paid in the next twelve months. We have certain properties that are subject to ground leases which are accounted for as operating leases. At March 31, 2019 , minimum future rental payments for the next five years and thereafter are as follows (dollars in millions): Ground Leases (1) Ground Leases (2) Total 2019 $ 1.2 $ 10.1 $ 11.3 2020 1.5 13.5 15.0 2021 1.3 13.2 14.5 2022 1.2 13.1 14.3 2023 1.3 13.1 14.4 Thereafter 19.8 82.1 101.9 Total $ 26.3 $ 145.1 $ 171.4 Present value adjustment for remaining lease payments (3) (42.3 ) Lease liability - operating leases, net $ 129.1 (1) Realty Income currently pays the ground lessors directly for the rent under the ground leases. (2) Our tenants, who are generally sub-tenants under the ground leases, are responsible for paying the rent under these ground leases. In the event a tenant fails to pay the ground lease rent, we are primarily responsible for the rent payment. (3) The range of discount rates used to calculate the present value the lease payments is 3.09% to 5.37% . At March 31, 2019, the weighted average discount rate is 4.28% and the weighted average remaining lease term is 12.8 years . The discount rates are derived using a hypothetical corporate credit curve for the ground leases based on our outstanding senior notes and relevant market data. The discount rates on January 1, 2019 are specific for individual leases primarily based on the lease term.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In April 2019, we declared a dividend of $0.226 per share to our common stockholders, which will be paid in May 2019.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Principles of Consolidation	A. The accompanying consolidated financial statements include the accounts of Realty Income and other subsidiaries for which we make operating and financial decisions (i.e., control), after elimination of all material intercompany balances and transactions. We consolidate entities that we control and record a noncontrolling interest for the portion that we do not own. Noncontrolling interest that was created or assumed as part of a business combination was recognized at fair value as of the date of the transaction (see note 10). We have no unconsolidated investments.
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 and comprehensive 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 February 2016, the FASB issued ASU 2016-02 (Topic 842, Leases ), 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 our leases remain classified as operating leases, and we continue to recognize lease income on a generally straight-line basis over the lease term. Although primarily a lessor, we are also a lessee under several ground lease arrangements. We adopted this standard effective as of January 1, 2019 using the effective date method, and elected the practical expedients available for implementation under the standard. As a result, we recognize lease obligations for ground leases designated as operating and financing leases with corresponding right of use assets and liabilities (see note 3). Additionally, above-market rents on certain of our leases under which we are a lessor are accounted for as financing receivables amortizing over the lease term (see note 3). Also, as a result of the adoption of this standard, tenant reimbursable revenue and property expenses are now presented on a gross basis as both tenant reimbursement revenue included in rental revenue, and as a reimbursable expense included in property expenses, respectively, on our consolidated statements of income and comprehensive income. Property taxes and insurance paid directly by the lessee to a third party will continue to be presented on a net basis. These presentation changes had no impact on our results of operations. As a result, there was no restatement of prior issued financial statements and, similarly, no cumulative effect adjustment to opening equity; however, we have elected to aggregate prior period tenant reimbursement revenue within rental revenue to be consistent with the current period presentation within the statements of income and comprehensive income.

Supplemental Detail for Certa_2

Supplemental Detail for Certain Components of Consolidated Balance Sheets (Tables)	3 Months Ended
	Mar. 31, 2019
Disclosure Text Block Supplement [Abstract]
Schedule of acquired lease intangible assets, net	A. Lease intangible assets, net, consist of the following at: March 31, 2019 December 31, 2018 In-place leases $ 1,353,301 $ 1,321,979 Accumulated amortization of in-place leases (569,405 ) (546,573 ) Above-market leases 589,908 583,109 Accumulated amortization of above-market leases (168,657 ) (158,918 ) $ 1,205,147 $ 1,199,597
Schedule of other assets, net	B. Other assets, net, consist of the following at: March 31, 2019 December 31, 2018 Right of use asset - operating leases, net $ 128,073 $ — Right of use asset - financing leases 36,901 — Financing receivables 22,592 — Prepaid expenses 16,905 14,695 Credit Facility origination costs, net 13,406 14,248 Impounds related to mortgages payable 10,256 9,555 Restricted escrow deposits 9,081 1,129 Corporate assets, net 5,538 5,681 Non-refundable escrow deposits for pending acquisitions — 200 Other items 4,180 1,853 $ 246,932 $ 47,361
Schedule of distributions payable	C. Distributions payable consist of the following declared distributions at: March 31, 2019 December 31, 2018 Common stock distributions $ 69,153 $ 67,636 Noncontrolling interests distributions 105 153 $ 69,258 $ 67,789
Schedule of accounts payable and accrued expenses	D. Accounts payable and accrued expenses consist of the following at: March 31, 2019 December 31, 2018 Notes payable - interest payable $ 57,072 $ 73,094 Property taxes payable 15,136 14,511 Mortgages, term loans, credit line - interest payable and interest rate swaps 12,807 8,597 Accrued costs on properties under development 7,691 8,137 Other items 21,519 29,426 $ 114,225 $ 133,765
Schedule of acquired lease intangible liabilities, net	E. Lease intangible liabilities, net, consist of the following at: March 31, 2019 December 31, 2018 Below-market leases $ 411,118 $ 404,938 Accumulated amortization of below-market leases (99,787 ) (94,072 ) $ 311,331 $ 310,866
Schedule of other liabilities	F. Other liabilities consist of the following at: March 31, 2019 December 31, 2018 Lease liability - operating leases, net $ 129,145 $ — Lease liability - financing leases 5,713 — Rent received in advance and other deferred revenue 102,644 115,380 Security deposits 6,089 6,093 Capital lease obligations — 5,636 $ 243,591 $ 127,109

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2019
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 above-market and below-market lease intangibles and the amortization of the in-place lease intangibles at March 31, 2019 (in thousands): Net decrease to rental revenue Increase to amortization expense 2019 $ (13,265 ) $ 75,439 2020 (17,029 ) 95,907 2021 (15,832 ) 87,742 2022 (14,129 ) 76,138 2023 (12,715 ) 65,812 Thereafter (36,950 ) 382,858 Totals $ (109,920 ) $ 783,896

Mortgages Payable (Tables)

Mortgages Payable (Tables) - Mortgages Payable	3 Months Ended
	Mar. 31, 2019
Debt
Summary of mortgages payable	The following is a summary of all our mortgages payable as of March 31, 2019 and December 31, 2018 , 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 3/31/2019 60 5.1 % 4.6 % 2.9 $ 297,142 $ 3,851 $ 300,993 12/31/2018 60 5.1 % 4.6 % 3.2 $ 298,377 $ 4,192 $ 302,569 (1) At March 31, 2019 and December 31, 2018 , there were 26 mortgages on 60 properties. The mortgages require monthly payments with principal payments due at maturity. The mortgages are at fixed interest rates, except for two mortgages on two properties totaling $23.1 million and $23.3 million at March 31, 2019 and December 31, 2018 , 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 $15.9 million at March 31, 2019 and $16.0 million at December 31, 2018 . (2) Stated interest rates ranged from 3.8% to 6.9% at March 31, 2019 and December 31, 2018 . (3) Effective interest rates ranged from 0.4% to 7.7% at March 31, 2019 , while effective interest rates ranged from 1.1% to 7.7% at December 31, 2018 .
Schedule of maturity of debt, net	The following table summarizes the maturity of mortgages payable, excluding net premiums of $4.0 million and deferred financing costs of $169,000 , as of March 31, 2019 (dollars in millions): Year of Maturity Principal 2019 $ 19.4 2020 82.4 2021 67.0 2022 109.7 2023 6.7 Thereafter 11.9 Totals $ 297.1

Notes Payable (Tables)

Notes Payable (Tables) - Notes and bonds payable	3 Months Ended
	Mar. 31, 2019
Debt
Schedule of unsecured notes and bonds	The total principal amount of our senior unsecured notes and bonds consists of the following, sorted by maturity date (dollars in millions), at March 31, 2019 and December 31, 2018 , and excludes net unamortized original issuance premiums and deferred financing costs of $22.2 million at March 31, 2019 and $23.2 million at December 31, 2018 : 5.750% notes, issued in June 2010 and due in January 2021 $ 250 3.250% notes, $450 issued in October 2012 and $500 issued in December 2017, both due in October 2022 950 4.650% notes, issued in July 2013 and due in August 2023 750 3.875% notes, issued in June 2014 and due in July 2024 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 3.000% notes, issued in October 2016 and due in January 2027 600 3.650% notes, issued in December 2017 and due in January 2028 550 5.875% bonds, $100 issued in March 2005 and $150 issued in June 2011, both due in March 2035 250 4.650% notes, $300 issued in March 2017 and $250 issued in December 2017, both due in March 2047 550 Total principal amount $ 5,400
Schedule of maturity of debt, net	The following table summarizes the maturity of our notes and bonds payable as of March 31, 2019 , excluding net unamortized original issuance premiums and deferred financing costs (dollars in millions): Year of Maturity Principal 2021 $ 250 2022 950 2023 750 Thereafter 3,450 Totals $ 5,400

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 (dollars in thousands): Tau Operating Partnership units (1) Realty Income, L.P. units (2) Other Noncontrolling Interests Total Carrying value at December 31, 2018 $ 13,356 $ 17,912 $ 968 $ 32,236 Redemptions (13,356 ) — — (13,356 ) Shares issued in conjunction with acquisition — 6,286 — 6,286 Distributions — (273 ) — (273 ) Allocation of net income — 284 4 288 Carrying value at March 31, 2019 $ — $ 24,209 $ 972 $ 25,181 (1) 317,022 Tau Operating Partnership units were issued on January 22, 2013. No shares remained outstanding as of March 31, 2019 , and 317,022 shares remained outstanding as of December 31, 2018 . (2) 534,546 Realty Income, L.P. units were issued on June 27, 2013, 242,007 units were issued on March 30, 2018, 131,790 units were issued on April 30, 2018, and 89,322 units were issued on March 28, 2019. 463,119 and 373,797 remained outstanding as of March 31, 2019 and December 31, 2018 , respectively.
Summary selected financial data of consolidated VIEs	Below is a summary of selected financial data of consolidated VIEs at March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Net real estate $ 653,232 $ 2,903,093 Total assets 752,993 3,259,495 Total debt 15,897 191,565 Total liabilities 102,498 320,800

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
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 mortgages payable assumed in connection with acquisitions and our senior notes and bonds payable, which are disclosed as follows (dollars in millions): March 31, 2019 Carrying value Estimated fair value Mortgages payable assumed in connection with acquisitions (1) $ 297.1 $ 306.8 Notes and bonds payable (2) 5,400.0 5,632.7 December 31, 2018 Carrying value Estimated fair value Mortgages payable assumed in connection with acquisitions (1) $ 298.4 $ 305.7 Notes and bonds payable (2) 5,400.0 5,430.0 (1) Excludes non-cash net premiums recorded on the mortgages payable. The unamortized balance of these net premiums was $4.0 million at March 31, 2019 , and $4.4 million at December 31, 2018 . Also excludes deferred financing costs of $169,000 at March 31, 2019 and $183,000 at December 31, 2018 . (2) Excludes non-cash original issuance premiums and discounts recorded on notes payable. The unamortized balance of the net original issuance premiums was $10.3 million at March 31, 2019 , and $10.5 million at December 31, 2018 . Also excludes deferred financing costs of $32.5 million at March 31, 2019 and $33.7 million at December 31, 2018 .

Operating Leases (Tables)

Operating Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Schedule of minimum future annual rents to be received on operating leases	At March 31, 2019 , minimum future annual rents to be received on the operating leases for the next five years and thereafter are as follows (dollars in thousands): 2019 $ 1,003,897 2020 1,310,769 2021 1,261,972 2022 1,193,221 2023 1,109,269 Thereafter 7,195,770 Total $ 13,074,898

Distributions Paid and Payable

Distributions Paid and Payable (Tables)	3 Months Ended
	Mar. 31, 2019
Dividends [Abstract]
Summary of monthly distributions paid	The following is a summary of monthly distributions paid per common share for the first three months of 2019 and 2018 : Month 2019 2018 January $ 0.2210 $ 0.2125 February 0.2255 0.2190 March 0.2255 0.2190 Total $ 0.6720 $ 0.6505

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [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 March 31, 2019 2018 Weighted average shares used for the basic net income per share computation 303,528,336 283,917,418 Incremental shares from share-based compensation 291,542 110,888 Weighted average partnership common units convertible to common shares that were dilutive — 317,022 Weighted average shares used for diluted net income per share computation 303,819,878 284,345,328 Unvested shares from share-based compensation that were anti-dilutive 30,060 24,329 Weighted average partnership common units convertible to common shares that were anti-dilutive 377,767 54,227

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2019
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: March 31, 2019 March 31, 2018 Cash and cash equivalents shown in the consolidated balance sheets $ 2,997 $ 20,627 Restricted escrow deposits (1) 9,081 32 Impounds related to mortgages payable (1) 10,256 5,923 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 22,334 $ 26,582 (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)	3 Months Ended
	Mar. 31, 2019
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: March 31, 2019 December 31, 2018 Segment net real estate: Automotive service $ 253,730 $ 210,668 Automotive tire services 236,547 238,939 Beverages 282,536 284,910 Child care 179,267 151,640 Convenience stores 1,742,539 1,756,732 Dollar stores 1,133,683 1,117,250 Drug stores 1,476,192 1,490,261 Financial services 410,060 414,613 General merchandise 315,593 317,424 Grocery stores 834,051 774,526 Health and fitness 1,001,191 882,515 Home improvement 464,595 424,494 Motor vehicle dealerships 212,941 198,204 Restaurants-casual dining 550,063 559,616 Restaurants-quick service 965,007 964,980 Theaters 583,252 555,990 Transportation services 752,983 758,133 Wholesale club 408,961 412,203 Other non-reportable segments 2,338,703 2,330,419 Total segment net real estate 14,141,894 13,843,517 Intangible assets: Automotive service 60,964 61,951 Automotive tire services 8,289 8,696 Beverages 1,701 1,765 Child care 16,189 12,277 Convenience stores 108,993 108,714 Dollar stores 50,416 48,842 Drug stores 162,099 165,558 Financial services 19,561 20,426 General merchandise 43,731 43,122 Grocery stores 152,867 144,551 Health and fitness 68,530 71,609 Home improvement 65,078 57,928 Motor vehicle dealerships 28,834 28,154 Restaurants-casual dining 17,729 18,153 Restaurants-quick service 55,364 54,448 Theaters 31,014 25,811 Transportation services 70,609 73,577 Wholesale club 25,706 26,484 Other non-reportable segments 217,473 227,531 Goodwill: Automotive service 437 437 Automotive tire services 862 862 Child care 4,852 4,863 Convenience stores 1,983 1,983 Restaurants-casual dining 1,825 1,841 Restaurants-quick service 1,046 1,052 Other non-reportable segments 3,592 3,592 Other corporate assets 401,270 202,739 Total assets $ 15,762,908 $ 15,260,483
Schedule of reconciliation of revenue from segments to consolidated	Three months ended March 31, Revenue 2019 2018 Segment rental revenue: Automotive service $ 7,213 $ 7,009 Automotive tire services 7,777 7,439 Beverages 7,915 7,836 Child care 7,827 5,672 Convenience stores 41,214 28,000 Dollar stores 24,986 23,250 Drug stores 33,170 32,242 Financial services 7,718 7,020 General merchandise 6,911 6,870 Grocery stores 16,124 15,665 Health and fitness 26,225 23,444 Home improvement 9,815 9,244 Motor vehicle dealerships 7,348 7,311 Restaurants-casual dining 11,290 10,948 Restaurants-quick service 21,730 16,249 Theaters 17,656 17,770 Transportation services 16,026 15,786 Wholesale club 9,593 9,532 Other non-reportable segments and tenant reimbursements 73,499 66,561 Rental (including reimbursable) 354,037 317,848 Other 328 447 Total revenue $ 354,365 $ 318,295

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of Minimum Future Rental Payments	We have certain properties that are subject to ground leases which are accounted for as operating leases. At March 31, 2019 , minimum future rental payments for the next five years and thereafter are as follows (dollars in millions): Ground Leases (1) Ground Leases (2) Total 2019 $ 1.2 $ 10.1 $ 11.3 2020 1.5 13.5 15.0 2021 1.3 13.2 14.5 2022 1.2 13.1 14.3 2023 1.3 13.1 14.4 Thereafter 19.8 82.1 101.9 Total $ 26.3 $ 145.1 $ 171.4 Present value adjustment for remaining lease payments (3) (42.3 ) Lease liability - operating leases, net $ 129.1 (1) Realty Income currently pays the ground lessors directly for the rent under the ground leases. (2) Our tenants, who are generally sub-tenants under the ground leases, are responsible for paying the rent under these ground leases. In the event a tenant fails to pay the ground lease rent, we are primarily responsible for the rent payment. (3) The range of discount rates used to calculate the present value the lease payments is 3.09% to 5.37% . At March 31, 2019, the weighted average discount rate is 4.28% and the weighted average remaining lease term is 12.8 years . The discount rates are derived using a hypothetical corporate credit curve for the ground leases based on our outstanding senior notes and relevant market data. The discount rates on January 1, 2019 are specific for individual leases primarily based on the lease term.

Management Statement - Narrativ

Management Statement - Narrative (Details) ft² in Millions	Mar. 31, 2019ft²stateproperty
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of properties owned | property	5,876
Number of U.S. states where properties are owned (states) | state	49
Leasable square feet (sq ft) | ft²	95.2

Supplemental Detail for Certa_3

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Lease Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Lease intangible assets, net
Total acquired lease intangible assets, net	$ 1,205,147	$ 1,199,597
In-place leases
Lease intangible assets, net
Lease intangible assets, gross	1,353,301	1,321,979
Accumulated amortization of lease intangible assets	(569,405)	(546,573)
Above-market leases
Lease intangible assets, net
Lease intangible assets, gross	589,908	583,109
Accumulated amortization of lease intangible assets	$ (168,657)	$ (158,918)

Supplemental Detail for Certa_4

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Other assets, net
Right of use asset - operating leases, net	$ 128,073
Right of use asset - financing leases	36,901
Financing receivables	22,592	$ 0
Prepaid expenses	16,905	14,695
Credit Facility origination costs, net	13,406	14,248
Impounds related to mortgages payable	10,256	9,555	$ 5,923
Restricted escrow deposits	9,081	1,129
Corporate assets, net	5,538	5,681
Non-refundable escrow deposits for pending acquisitions	0	200
Other items	4,180	1,853
Total other assets, net	$ 246,932	$ 47,361

Supplemental Detail for Certa_5

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Distributions Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Distributions payable
Distributions payable	$ 69,258	$ 67,789
Noncontrolling interests distributions
Distributions payable
Distributions payable	105	153
Common stock distributions
Distributions payable
Distributions payable	$ 69,153	$ 67,636

Supplemental Detail for Certa_6

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Accounts Payable and Accrued Expenses, Lease Intangible Liabilities, and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Accounts payable and accrued expenses consist of the following at:
Notes payable - interest payable	$ 57,072	$ 73,094
Property taxes payable	15,136	14,511
Mortgages, term loans, credit line - interest payable and interest rate swaps	12,807	8,597
Accrued costs on properties under development	7,691	8,137
Other items	21,519	29,426
Total accounts payable and accrued expenses	114,225	133,765
Lease intangible liabilities, net, consist of the following at:
Below-market leases	411,118	404,938
Accumulated amortization of below-market leases	(99,787)	(94,072)
Total lease intangible liabilities, net	311,331	310,866
Other liabilities consist of the following at:
Lease liability - operating leases, net	129,145
Lease liability - financing leases	5,713
Rent received in advance and other deferred revenue	102,644	115,380
Security deposits	6,089	6,093
Capital lease obligations		5,636
Total other liabilities	$ 243,591	$ 127,109

Investments in Real Estate - Ac

Investments in Real Estate - Acquisitions (Details) ft² in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)ft²stateproperty_investmentindustryproperty	Mar. 31, 2018USD ($)ft²stateindustryproperty
Investments in real estate properties
Leasable square feet (sq ft) | ft²	95,200
Revenues	$ 354,365,000	$ 318,295,000
Net income (loss)	$ 111,230,000	83,315,000
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 | property_investment	0
Revenues	$ 3,500,000	296,000
Net income (loss)	1,800,000	(215,000)
Real Estate Investment | New and under development or expansion
Investments in real estate properties
Value of properties acquired during the period	$ 519,500,000	$ 509,800,000
Number of properties acquired during the period | property	105	174
Initial weighted average contractual lease rate of properties acquired (as a percent)	6.70%	6.20%
Number of states in which properties are located | state	25	27
Leasable square feet (sq ft) | ft²	2,300	954
Leased area (as a percent)	100.00%	100.00%
Weighted average lease term	16 years 11 months 23 days	14 years
Property investments allocated to land	$ 119,200,000	$ 209,600,000
Property investments allocated to buildings and improvements	345,300,000	255,400,000
Property investments allocated to lease-related intangible assets	37,400,000	57,600,000
Property investments allocated to loan receivables	22,600,000
Property investments allocated to lease-related intangible liabilities and other assumed liabilities	5,000,000	12,800,000
Contingent consideration associated with acquisition	$ 0	$ 0
Real Estate Investment | New properties
Investments in real estate properties
Number of industries in which tenants operate | industry	14	12
Real Estate Investment | New properties | Retail
Investments in real estate properties
Property type acquired (as a percent)	98.70%	100.00%
Real Estate Investment | New properties | Industrial
Investments in real estate properties
Property type acquired (as a percent)	1.30%
Real Estate Investment | Properties under development
Investments in real estate properties
Value of properties acquired during the period	$ 10,900,000	$ 3,800,000
Number of properties acquired during the period | property	8	6
Initial weighted average contractual lease rate of properties acquired (as a percent)	7.20%	6.70%
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) - Investments in Existing Properties - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Investments in real estate properties
Improvements	$ 3,000	$ 3,200
Re-leasing costs	323	917
Recurring capital expenditures	56	11
Nonrecurring building improvements	$ 2,600	$ 2,300

Investments in Real Estate - Pr

Investments in Real Estate - Properties with Existing Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)property	Mar. 31, 2018USD ($)property
Net decrease to rental revenue
2019	$ (13,265)
2020	(17,029)
2021	(15,832)
2022	(14,129)
2023	(12,715)
Thereafter	(36,950)
Totals	(109,920)
Increase to amortization expense
2019	75,439
2020	95,907
2021	87,742
2022	76,138
2023	65,812
Thereafter	382,858
Totals	783,896
In-Place Leases
Investments in real estate properties
Depreciation and amortization expense	26,000	$ 26,400
Rental Revenue
Investments in real estate properties
Amortization of above and below Market Leases	3,400	3,900
Real Estate Investment | New and under development or expansion
Investments in real estate properties
Value of properties acquired during the period	$ 519,500	$ 509,800
Number of properties acquired during the period | property	105	174
Real Estate Investment | New and under development or expansion | In-Place Leases
Investments in real estate properties
Value of properties acquired during the period	$ 258,000	$ 110,400
Number of properties acquired during the period | property	53	53

Credit Facility - Narrative (De

Credit Facility - Narrative (Details)	3 Months Ended
	Mar. 31, 2019USD ($)extension	Mar. 31, 2018	Dec. 31, 2018USD ($)
Credit facility
Credit facility origination costs	$ 13,406,000		$ 14,248,000
Outstanding balance	838,000,000		252,000,000
Revolving Credit Facility
Credit facility
Current borrowing capacity	2,200,000,000
Outstanding balance	$ 838,000,000		$ 252,000,000
Weighted average borrowing rate during the period (as a percent)	3.30%	2.50%
Weighted average interest rate at the end of the period (as a percent)	3.30%		3.20%
Revolving Credit Facility | Other assets, net
Credit facility
Credit facility origination costs	$ 13,400,000
Revolving Credit Facility | LIBOR
Credit facility
Basis spread on variable rate (as a percent)	0.775%
Commitment fee (as a percent)	0.125%
All-in drawn variable interest rate (as a percent)	0.90%
Unsecured debt | Revolving Credit Facility
Credit facility
Maximum borrowing capacity	$ 3,250,000,000
Number of extensions | extension	2
Term of extension option	6 months
Accordion expansion option	$ 1,000,000,000

Term Loans - Narrative (Details

Term Loans - Narrative (Details) - Term Loans	1 Months Ended				6 Months Ended
	Oct. 31, 2018USD ($)	Jan. 31, 2018extension	Jun. 30, 2015USD ($)	Jan. 31, 2013USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Debt
Deferred finance costs balance						$ 1,300,000	$ 1,400,000
$250 million senior unsecured term loan due March 2024
Debt
Face amount of loan	$ 250,000,000
Basis spread on variable rate (as a percent)	0.85%
Effective yield (as a percent)	3.89%
Deferred financing costs incurred	$ 1,100,000
$250 million senior unsecured term loan due June 2020
Debt
Face amount of loan			$ 250,000,000		$ 250,000,000
Basis spread on variable rate (as a percent)					0.90%
Deferred financing costs incurred			$ 1,200,000
$250 million senior unsecured term loan due June 2020 | Interest rate swaps
Debt
Effective yield (as a percent)			2.62%		2.62%
$70 million senior unsecured term loan | ARCT
Debt
Face amount of loan				$ 70,000,000
Basis spread on variable rate (as a percent)		0.90%		1.10%
Number of optional extension periods | extension		2
Loan extension period		6 months
$70 million senior unsecured term loan | ARCT | Interest rate swaps
Debt
Effective yield (as a percent)				2.05%

Mortgages Payable - Narrative (

Mortgages Payable - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)mortgageproperty	Mar. 31, 2018USD ($)mortgage	Dec. 31, 2018USD ($)mortgageproperty
Debt
Number of mortgages | mortgage	26		26
Number of properties | property	60		60
Mortgages Payable
Debt
Principal amount repaid	$ 1,200	$ 12,300
Number of mortgages assumed | mortgage	0
Deferred financing costs	$ 169		$ 183
Number of properties | property	60		60
Principal balance	$ 297,142		$ 298,377
Effective yield (as a percent)	4.60%		4.60%
Mortgages Payable | Minimum
Debt
Stated interest rate (as a percent)	3.76%		3.80%
Effective yield (as a percent)	0.40%		1.10%
Mortgages Payable | Maximum
Debt
Stated interest rate (as a percent)	6.88%		6.90%
Effective yield (as a percent)	7.70%		7.70%
Mortgages Payable | Mortgages repaid in full
Debt
Principal amount repaid		$ 11,000
Number of mortgages repaid | mortgage		1
Mortgages Payable | Variable rate mortgages
Debt
Number of mortgages | mortgage	2		2
Number of properties with mortgages | property	2		2
Principal balance	$ 23,100		$ 23,300
Mortgages Payable | Variable rate mortgages after interest rate arrangements
Debt
Principal balance	$ 15,900		$ 16,000

Mortgages Payable - Summary of

Mortgages Payable - Summary of Mortgages Payable (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property
Debt
Number of properties | property	60	60
Mortgages payable, net	$ 300,993	$ 302,569
Mortgages Payable
Debt
Number of properties | property	60	60
Weighted Average Stated Interest Rate (as a percent)	5.10%	5.10%
Weighted Average Effective Interest Rate (as a percent)	4.60%	4.60%
Weighted Average Remaining Years Until Maturity	2 years 10 months 25 days	3 years 2 months 12 days
Remaining Principal Balance	$ 297,142	$ 298,377
Unamortized Premium and Deferred Finance Costs Balance, net	$ 3,851	$ 4,192

Mortgages Payable - Summary o_2

Mortgages Payable - Summary of Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt
Unamortized net premiums	$ 4,000
Mortgages Payable
Debt
Deferred financing costs	169	$ 183
Maturity of mortgages payable, excluding net premiums
2019	19,400
2020	82,400
2021	67,000
2022	109,700
2023	6,700
Thereafter	11,900
Totals	$ 297,100

Notes Payable - Narrative (Deta

Notes Payable - Narrative (Details) - Notes and bonds payable - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt
Net unamortized original issuance premiums and deferred financing costs	$ 22.2	$ 23.2
Weighted average interest rate (as a percent)	4.00%
Weighted average remaining years until maturity	8 years 5 months 20 days

Notes Payable - General (Detail

Notes Payable - General (Details) - USD ($)	1 Months Ended
	Dec. 31, 2017	Mar. 31, 2017	Sep. 30, 2014	Oct. 31, 2012	Jun. 30, 2011	Mar. 31, 2005	Mar. 31, 2019	Dec. 31, 2018
Debt
Total principal amount							$ 5,377,712,000	$ 5,376,797,000
Notes and bonds payable
Debt
Total principal amount							5,400,000,000	5,400,000,000
Notes and bonds payable | 5.750% notes, issued in June 2010 and due in January 2021
Debt
Total principal amount							$ 250,000,000	$ 250,000,000
Interest rate (as a percent)							5.75%	5.75%
Notes and bonds payable | 3.250% notes, $450 issued in October 2012 and $500 issued in December 2017, both due in October 2022
Debt
Total principal amount							$ 950,000,000	$ 950,000,000
Interest rate (as a percent)							3.25%	3.25%
Notes and bonds payable | 3.250% notes, issued in October 2012 and due in October 2022
Debt
Issuance of debt				$ 450,000,000
Notes and bonds payable | 3.250% notes, issued in December 2017 and due in October 2022
Debt
Issuance of debt	$ 500,000,000
Notes and bonds payable | 4.650% notes, issued in July 2013 and due in August 2023
Debt
Total principal amount							$ 750,000,000	$ 750,000,000
Interest rate (as a percent)							4.65%	4.65%
Notes and bonds payable | 3.875% notes, issued in June 2014 and due in July 2024
Debt
Total principal amount							$ 350,000,000	$ 350,000,000
Interest rate (as a percent)							3.875%	3.875%
Notes and bonds payable | 3.875% notes, issued in April 2018 and due in April 2025
Debt
Total principal amount							$ 500,000,000	$ 500,000,000
Interest rate (as a percent)							3.875%	3.875%
Notes and bonds payable | 4.125% notes, $250 issued in September 2014 and $400 issued in March 2017, both due in October 2026
Debt
Total principal amount							$ 650,000,000	$ 650,000,000
Interest rate (as a percent)							4.125%	4.125%
Notes and bonds payable | 4.125% notes, issued in September 2014 and due in October 2026
Debt
Issuance of debt			$ 250,000,000
Notes and bonds payable | 4.125% notes, issued in March 2017 and due in October 2026
Debt
Issuance of debt		$ 400,000,000
Notes and bonds payable | 3.000% notes, issued in October 2016 and due in January 2027
Debt
Total principal amount							$ 600,000,000	$ 600,000,000
Interest rate (as a percent)							3.00%	3.00%
Notes and bonds payable | 3.650% notes, issued in December 2017 and due in January 2028
Debt
Total principal amount							$ 550,000,000	$ 550,000,000
Interest rate (as a percent)							3.65%	3.65%
Notes and bonds payable | 5.875% bonds, $100 issued in March 2005 and $150 issued in June 2011, both due in March 2035
Debt
Total principal amount							$ 250,000,000	$ 250,000,000
Interest rate (as a percent)							5.875%	5.875%
Notes and bonds payable | 5.875% bonds, issued in March 2005 and due in March 2035
Debt
Issuance of debt						$ 100,000,000
Notes and bonds payable | 5.875% bonds, issued in June 2011 and due in March 2035
Debt
Issuance of debt					$ 150,000,000
Notes and bonds payable | 4.650% notes, $300 issued in March 2017 and $250 issued in December 2017, both due in March 2047
Debt
Total principal amount							$ 550,000,000	$ 550,000,000
Interest rate (as a percent)							4.65%	4.65%
Notes and bonds payable | 4.650% notes, issued in March 2017 and due in March 2047
Debt
Issuance of debt		$ 300,000,000
Notes and bonds payable | 4.650% notes, issued in December 2017 and due in March 2047
Debt
Issuance of debt	$ 250,000,000

Notes Payable - Maturities (Det

Notes Payable - Maturities (Details) - Notes and bonds payable $ in Millions	Mar. 31, 2019USD ($)
Maturity of notes and bonds payable
2021	$ 250
2022	950
2023	750
Thereafter	3,450
Totals	$ 5,400

Notes Payable - Note Repayment

Notes Payable - Note Repayment (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Debt
Principal payments on notes payable		$ 0	$ 350,000
Notes Payable | 2.000% notes, issued in October 2012 and due in January 2018
Debt
Principal payments on notes payable	$ 350,000
Interest rate (as a percent)	2.00%

Issuances of Common Stock - Div

Issuances of Common Stock - Dividend Reinvestment and Stock Purchase Plan (Details) - USD ($) $ in Thousands	3 Months Ended		97 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019
Dividend Reinvestment and Stock Purchase Plan
Proceeds from dividend reinvestment and stock purchase plan	$ 2,164	$ 2,346
Common stock distributions
Dividend Reinvestment and Stock Purchase Plan
Authorized common shares to be issued (in shares)	26,000,000
Number of common shares issued (in shares)	31,898	45,933	14,261,708
Proceeds from dividend reinvestment and stock purchase plan	$ 2,200	$ 2,300	$ 673,100

Issuances of Common Stock - At-

Issuances of Common Stock - At-the-Market (ATM) Programs (Details) $ in Billions	43 Months Ended
	Mar. 31, 2019USD ($)shares
ATM Programs | Common stock distributions
At-the-Market (ATM) Programs
Share issuances, net of costs (in shares)	33,546,139
Proceeds from At-the-Market (ATM) program | $	$ 2
Current ATM Program
At-the-Market (ATM) Programs
Shares remaining for future issuance (in shares)	20,453,861
Current ATM Program | Common stock distributions | Maximum
At-the-Market (ATM) Programs
Shares authorized (in shares)	28,961,855

Noncontrolling Interests - Narr

Noncontrolling Interests - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2019USD ($)shares	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2016entityproperty
Noncontrolling interests
Conversion ratio		1
Number of properties acquired | property				2
Number of joint ventures controlling interest acquired | entity				2
Redemption of partnership units		$ 20,225	$ 0
Term Loans | $70 million senior unsecured term loan
Noncontrolling interests
Repayments of long-term debt	$ 70,000
Tau Operating Partnership
Noncontrolling interests
Number of partnership units redeemed | shares	317,022
Ownership interest (as a percent)	100.00%
Third-party partnership ownership interest (as a percent)	0.11%
Redemption of partnership units	$ 20,200
Excess of redemption of units over carrying value as reduction to common stock and paid in capital	$ 6,900
Realty Income, L.P.
Noncontrolling interests
Ownership interest (as a percent)		98.10%
Third-party partnership ownership interest (as a percent)		1.90%
Other Noncontrolling Interest Entity One
Noncontrolling interests
Ownership interest (as a percent)		95.00%

Noncontrolling Interests - Chan

Noncontrolling Interests - Change in Carrying Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 28, 2019	Dec. 31, 2018	Apr. 30, 2018	Mar. 30, 2018	Jun. 27, 2013	Jan. 22, 2013
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period	$ 32,236
Redemptions	(20,225)	$ 0
Allocation of net income	288	$ 152
Carrying value at end of the period	$ 25,181
Tau Operating Partnership
Change in the carrying value of all noncontrolling interests
Number of partnership units issued								317,022
Number of partnership units outstanding	0			317,022
Realty Income, L.P.
Change in the carrying value of all noncontrolling interests
Number of partnership units issued	89,322	242,007	89,322		131,790	242,007	534,546
Number of partnership units outstanding	463,119			373,797
Noncontrolling interests
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period	$ 32,236
Redemptions	(13,356)	$ (1,468)
Shares issued in conjunction with acquisition	6,286
Distributions	(273)
Allocation of net income	288
Carrying value at end of the period	25,181
Noncontrolling interests | Tau Operating Partnership
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period	13,356
Redemptions	(13,356)
Shares issued in conjunction with acquisition	0
Distributions	0
Allocation of net income	0
Carrying value at end of the period	0
Noncontrolling interests | Realty Income, L.P.
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period	17,912
Redemptions	0
Shares issued in conjunction with acquisition	6,286
Distributions	(273)
Allocation of net income	284
Carrying value at end of the period	24,209
Noncontrolling interests | Other Noncontrolling Interests
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period	968
Redemptions	0
Shares issued in conjunction with acquisition	0
Distributions	0
Allocation of net income	4
Carrying value at end of the period	$ 972

Noncontrolling Interests - Vari

Noncontrolling Interests - Variable Interest Entities (Details) - Primary Beneficiary - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Variable interest entity
Net real estate	$ 653,232	$ 2,903,093
Total assets	752,993	3,259,495
Total debt	15,897	191,565
Total liabilities	$ 102,498	$ 320,800

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary or Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Fair value of financial assets and liabilities
Unrealized losses reclassified to interest expense	$ 678	$ 0
Unrealized losses expected to be reclassified during the next twelve months	2,800
Carrying value
Fair value of financial assets and liabilities
Mortgages payable assumed in connection with acquisitions	297,100		$ 298,400
Notes and bonds payable	5,400,000		5,400,000
Estimated fair value
Fair value of financial assets and liabilities
Mortgages payable assumed in connection with acquisitions	306,800		305,700
Notes and bonds payable	5,632,700		5,430,000
Mortgages Payable
Fair value of financial assets and liabilities
Unamortized balance of non-cash net premiums	4,000		4,400
Remaining balance of deferred financing costs at period end	169		183
Notes and bonds payable
Fair value of financial assets and liabilities
Unamortized balance of non-cash net premiums	10,300		10,500
Remaining balance of deferred financing costs at period end	32,500		33,700
Interest rate swaps | Level 2 | Accounts payable and accrued expenses
Fair value of financial assets and liabilities
Fair value of derivative liabilities	10,400		7,000
Interest rate swaps | Level 2 | Other assets, net
Fair value of financial assets and liabilities
Fair value of derivative assets	$ 1,900		$ 3,000

Operating Leases - Narrative (D

Operating Leases - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)stateproperty	Mar. 31, 2018USD ($)
Operating Leases
Number of properties owned	5,876
Number of U.S. states where properties are owned (states) | state	49
Percentage rent received | $	$ 3.6	$ 3.3
Single-tenant properties
Operating Leases
Number of properties owned	5,847
Single-tenant properties as percentage of total properties	99.50%
Properties available for lease or sale
Operating Leases
Number of properties owned	102

Operating Leases - Minimum Futu

Operating Leases - Minimum Future Annual Rents to be Received (Details) $ in Thousands	Mar. 31, 2019USD ($)
Minimum Future Annual Rents to be Received
2019	$ 1,003,897
2020	1,310,769
2021	1,261,972
2022	1,193,221
2023	1,109,269
Thereafter	7,195,770
Total	$ 13,074,898

Gain on Sales of Real Estate -

Gain on Sales of Real Estate - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)property	Mar. 31, 2018USD ($)property
Gain (Loss) on Sale of Investments [Abstract]
Number of properties sold | property	19	14
Proceeds from sales of real estate	$ 22,456	$ 13,779
Gain on sales of real estate	$ 7,263	$ 3,218

Impairments - Narrative (Detail

Impairments - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)property	Mar. 31, 2018USD ($)property
Property, Plant and Equipment [Abstract]
Provisions for impairment | $	$ 4,672	$ 14,221
Number of impaired properties held for sale	3
Number of impaired properties sold	4	9
Number of impaired properties held for investment		1

Distributions Paid and Payabl_2

Distributions Paid and Payable - Distributions to Common Stockholders (Details) - $ / shares	1 Months Ended							3 Months Ended
	Apr. 30, 2019	Mar. 31, 2019	Feb. 28, 2019	Jan. 31, 2019	Mar. 31, 2018	Feb. 28, 2018	Jan. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Distributions Paid and Payable
Distributions paid per common share (in dollars per share)		$ 0.2255	$ 0.2255	$ 0.2210	$ 0.2190	$ 0.2190	$ 0.2125	$ 0.6720	$ 0.6505
Distributions payable (in dollars per share)		$ 0.226						$ 0.226
Subsequent event
Distributions Paid and Payable
Distributions paid per common share (in dollars per share)	$ 0.226

Net Income per Common Share - R

Net Income per Common Share - Reconciliation of denominator in net income per share computation (Details) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Weighted average shares used for the basic net income per share computation (in shares)	303,528,336	283,917,418
Incremental shares from share-based compensation (in shares)	291,542	110,888
Weighted average partnership common units convertible to common shares that were dilutive (in shares)	0	317,022
Weighted average shares used for diluted net income per share computation (in shares)	303,819,878	284,345,328
Unvested shares from share-based compensation
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation (in shares)	30,060	24,329
Convertible common partnership units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation (in shares)	377,767	54,227

Supplemental Disclosures of C_3

Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 28, 2019	Dec. 31, 2018	Apr. 30, 2018	Mar. 30, 2018	Dec. 31, 2017	Jun. 27, 2013
Supplemental Disclosures of Cash Flow Information
Cash paid for interest	$ 82,200	$ 71,900
Cash paid for income taxes	1,700	403
Lease liability - operating leases, net	129,145
Non-cash activities
Lease liabilities recorded under operating leases	132,000
Right-of-use assets recorded under operating leases	132,000
Reconciliation of cash and cash equivalents
Cash and cash equivalents shown in the consolidated balance sheets	2,997	20,627		$ 10,387
Restricted escrow deposits	9,081	32
Impounds related to mortgages payable	10,256	5,923		9,555
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	22,334	26,582		$ 21,071			$ 12,142
Properties under development
Supplemental Disclosures of Cash Flow Information
Interest capitalized to properties under development	$ 175	$ 57
Realty Income, L.P.
Non-cash activities
Number of partnership units issued	89,322	242,007	89,322		131,790	242,007		534,546
Value of partnership units issued	$ 6,300	$ 12,100

Segment Information - Assets (D

Segment Information - Assets (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)segment	Dec. 31, 2018USD ($)
Segment Reporting [Abstract]
Number of activity segments | segment	48
Reconciliation of assets from segment to consolidated
Net real estate	$ 14,141,894	$ 13,843,517
Intangible assets	1,205,147	1,199,597
Goodwill	14,597	14,630
Other corporate assets	401,270	202,739
Total assets	15,762,908	15,260,483
Automotive service
Reconciliation of assets from segment to consolidated
Net real estate	253,730	210,668
Intangible assets	60,964	61,951
Goodwill	437	437
Automotive tire services
Reconciliation of assets from segment to consolidated
Net real estate	236,547	238,939
Intangible assets	8,289	8,696
Goodwill	862	862
Beverages
Reconciliation of assets from segment to consolidated
Net real estate	282,536	284,910
Intangible assets	1,701	1,765
Child care
Reconciliation of assets from segment to consolidated
Net real estate	179,267	151,640
Intangible assets	16,189	12,277
Goodwill	4,852	4,863
Convenience stores
Reconciliation of assets from segment to consolidated
Net real estate	1,742,539	1,756,732
Intangible assets	108,993	108,714
Goodwill	1,983	1,983
Dollar stores
Reconciliation of assets from segment to consolidated
Net real estate	1,133,683	1,117,250
Intangible assets	50,416	48,842
Drug stores
Reconciliation of assets from segment to consolidated
Net real estate	1,476,192	1,490,261
Intangible assets	162,099	165,558
Financial services
Reconciliation of assets from segment to consolidated
Net real estate	410,060	414,613
Intangible assets	19,561	20,426
General merchandise
Reconciliation of assets from segment to consolidated
Net real estate	315,593	317,424
Intangible assets	43,731	43,122
Grocery stores
Reconciliation of assets from segment to consolidated
Net real estate	834,051	774,526
Intangible assets	152,867	144,551
Health and fitness
Reconciliation of assets from segment to consolidated
Net real estate	1,001,191	882,515
Intangible assets	68,530	71,609
Home improvement
Reconciliation of assets from segment to consolidated
Net real estate	464,595	424,494
Intangible assets	65,078	57,928
Motor vehicle dealerships
Reconciliation of assets from segment to consolidated
Net real estate	212,941	198,204
Intangible assets	28,834	28,154
Restaurants-casual dining
Reconciliation of assets from segment to consolidated
Net real estate	550,063	559,616
Intangible assets	17,729	18,153
Goodwill	1,825	1,841
Restaurants-quick service
Reconciliation of assets from segment to consolidated
Net real estate	965,007	964,980
Intangible assets	55,364	54,448
Goodwill	1,046	1,052
Theaters
Reconciliation of assets from segment to consolidated
Net real estate	583,252	555,990
Intangible assets	31,014	25,811
Transportation services
Reconciliation of assets from segment to consolidated
Net real estate	752,983	758,133
Intangible assets	70,609	73,577
Wholesale club
Reconciliation of assets from segment to consolidated
Net real estate	408,961	412,203
Intangible assets	25,706	26,484
Other non-reportable segments
Reconciliation of assets from segment to consolidated
Net real estate	2,338,703	2,330,419
Intangible assets	217,473	227,531
Goodwill	$ 3,592	$ 3,592

Segment Information - Revenue (

Segment Information - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment revenue information
Rental (including reimbursable)	$ 354,037	$ 317,848
Other	328	447
Total revenue	354,365	318,295
Automotive service
Segment revenue information
Rental (including reimbursable)	7,213	7,009
Automotive tire services
Segment revenue information
Rental (including reimbursable)	7,777	7,439
Beverages
Segment revenue information
Rental (including reimbursable)	7,915	7,836
Child care
Segment revenue information
Rental (including reimbursable)	7,827	5,672
Convenience stores
Segment revenue information
Rental (including reimbursable)	41,214	28,000
Dollar stores
Segment revenue information
Rental (including reimbursable)	24,986	23,250
Drug stores
Segment revenue information
Rental (including reimbursable)	33,170	32,242
Financial services
Segment revenue information
Rental (including reimbursable)	7,718	7,020
General merchandise
Segment revenue information
Rental (including reimbursable)	6,911	6,870
Grocery stores
Segment revenue information
Rental (including reimbursable)	16,124	15,665
Health and fitness
Segment revenue information
Rental (including reimbursable)	26,225	23,444
Home improvement
Segment revenue information
Rental (including reimbursable)	9,815	9,244
Motor vehicle dealerships
Segment revenue information
Rental (including reimbursable)	7,348	7,311
Restaurants-casual dining
Segment revenue information
Rental (including reimbursable)	11,290	10,948
Restaurants-quick service
Segment revenue information
Rental (including reimbursable)	21,730	16,249
Theaters
Segment revenue information
Rental (including reimbursable)	17,656	17,770
Transportation services
Segment revenue information
Rental (including reimbursable)	16,026	15,786
Wholesale club
Segment revenue information
Rental (including reimbursable)	9,593	9,532
Other non-reportable segments and tenant reimbursements
Segment revenue information
Rental (including reimbursable)	$ 73,499	$ 66,561

Common Stock Incentive Plan - S

Common Stock Incentive Plan - Summary (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
General and administrative expense
Common Stock Incentive Plan
Share-based compensation costs recognized	$ 2.8	$ 3.7
2012 Plan
Common Stock Incentive Plan
Plan term from the date of adoption	10 years
2012 Plan | Maximum
Common Stock Incentive Plan
Authorized shares	3,985,734

Common Stock Incentive Plan - R

Common Stock Incentive Plan - Restricted Stock (Details) - Restricted Stock $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)shares
Common Stock Incentive Plan
Shares granted in period (in shares) | shares	46,527
Vesting period (in years)	4 years
Unamortized share-based compensation expense | $	$ 13.8

Common Stock Incentive Plan - P

Common Stock Incentive Plan - Performance Shares and Restricted Stock Units (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)shares
Performance Shares and Restricted Stock Units
Common Stock Incentive Plan
Unamortized share-based compensation expense | $	$ 13.8
Performance Shares
Common Stock Incentive Plan
Shares granted in period (in shares)	115,137
Vesting rights percentage	50.00%
Vesting period (in years)	3 years
Restricted Stock Units
Common Stock Incentive Plan
Shares granted in period (in shares)	5,482
Vesting period (in years)	4 years

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	Mar. 31, 2019USD ($)
Re-leasing costs, recurring capital expenditures, and non-recurring building improvements
Commitments and Contingencies [Line Items]
Other commitments	$ 9.6
Construction contracts
Commitments and Contingencies [Line Items]
Other commitments	$ 23.6

Commitments and Contingencies_2

Commitments and Contingencies - Minimum Future Rental Payments Due on Ground Leases (Details) $ in Thousands	Mar. 31, 2019USD ($)
Minimum Future Rental Payments Due
2019	$ 11,300
2020	15,000
2021	14,500
2022	14,300
2023	14,400
Thereafter	101,900
Total	171,400
Present value adjustment for remaining lease payments	(42,300)
Lease liability - operating leases, net	$ 129,145
Weighted average discount rate (percent)	4.28%
Weighted average remaining lease term	12 years 9 months 18 days
Ground Leases Paid by Realty Income
Minimum Future Rental Payments Due
2019	$ 1,200
2020	1,500
2021	1,300
2022	1,200
2023	1,300
Thereafter	19,800
Total	26,300
Ground Leases Paid by Our Tenants
Minimum Future Rental Payments Due
2019	10,100
2020	13,500
2021	13,200
2022	13,100
2023	13,100
Thereafter	82,100
Total	$ 145,100
Minimum
Minimum Future Rental Payments Due
Discount rate used to present value lease payments (percent)	3.09%
Maximum
Minimum Future Rental Payments Due
Discount rate used to present value lease payments (percent)	5.37%

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details)	1 Months Ended
	Apr. 30, 2019$ / shares
Subsequent event
Subsequent Event [Line Items]
Common stock dividend declared (in dollars per share)	$ 0.226