Realty Income (O) 10-K 24 Feb 20 2019 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2019	Feb. 12, 2020	Jun. 30, 2019
Cover page.
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	1-13374
Entity Registrant Name	REALTY INCOME CORPORATION
Entity Central Index Key	0000726728
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	33-0580106
Entity Address, Address Line One	11995 El Camino Real
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92130
City Area Code	858
Local Phone Number	284-5000
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	O
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 21.9
Entity Common Stock, Shares Outstanding		333,627,261
Documents Incorporated by Reference	Part III, Items 10, 11, 12, 13, and 14 incorporate by reference certain specific portions of the definitive Proxy Statement for Realty Income Corporation’s Annual Meeting to be held on May 12, 2020, to be filed pursuant to Regulation 14A. Only those portions of the proxy statement which are specifically incorporated by reference herein shall constitute a part of this annual report.

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Real estate, at cost:
Land	$ 5,684,034	$ 4,682,660
Buildings and improvements	13,833,882	11,858,806
Total real estate, at cost	19,517,916	16,541,466
Less accumulated depreciation and amortization	(3,117,919)	(2,714,534)
Net real estate held for investment	16,399,997	13,826,932
Real estate held for sale, net	96,775	16,585
Net real estate	16,496,772	13,843,517
Cash and cash equivalents	54,011	10,387
Accounts receivable	181,969	144,991
Lease intangible assets, net	1,493,383	1,199,597
Other assets, net	328,661	61,991
Total assets	18,554,796	15,260,483
LIABILITIES AND EQUITY
Distributions payable	76,728	67,789
Accounts payable and accrued expenses	177,039	133,765
Lease intangible liabilities, net	333,103	310,866
Other liabilities	262,221	127,109
Line of credit payable	704,335	252,000
Term loans, net	499,044	568,610
Mortgages payable, net	410,119	302,569
Notes payable, net	6,288,049	5,376,797
Total liabilities	8,750,638	7,139,505
Commitments and contingencies
Stockholders’ equity:
Common stock and paid in capital, par value $0.01 per share, 740,200,000 shares authorized, 333,619,106 shares issued and outstanding as of December 31, 2019 and 370,100,000 shares authorized, 303,742,090 shares issued and outstanding as of December 31, 2018	12,873,849	10,754,495
Distributions in excess of net income	(3,082,291)	(2,657,655)
Accumulated other comprehensive loss	(17,102)	(8,098)
Total stockholders’ equity	9,774,456	8,088,742
Noncontrolling interests	29,702	32,236
Total equity	9,804,158	8,120,978
Total liabilities and equity	$ 18,554,796	$ 15,260,483

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 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)	740,200,000	370,100,000
Common stock and paid in capital, issued (in shares)	333,619,106	303,742,090
Common stock and paid in capital, outstanding (in shares)	333,619,106	303,742,090

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
REVENUE
Rental (including reimbursable)	$ 1,484,818	$ 1,321,546	$ 1,212,306
Other	6,773	6,292	3,462
Total revenue	1,491,591	1,327,838	1,215,768
EXPENSES
Depreciation and amortization	593,961	539,780	498,788
Interest	290,991	266,020	247,413
General and administrative	66,483	84,148	58,446
Property (including reimbursable)	88,585	66,326	69,480
Income taxes	6,158	5,340	6,044
Provisions for impairment	40,186	26,269	14,751
Total expenses	1,086,364	987,883	894,922
Gain on sales of real estate	29,996	24,643	40,898
Foreign currency and derivative gains, net	2,255	0	0
Loss on extinguishment of debt	0	0	(42,426)
Net income	437,478	364,598	319,318
Net income attributable to noncontrolling interests	(996)	(984)	(520)
Net income attributable to the Company	436,482	363,614	318,798
Preferred stock dividends	0	0	(3,911)
Excess of redemption value over carrying value of preferred shares redeemed	0	0	(13,373)
Net income available to common stockholders	$ 436,482	$ 363,614	$ 301,514
Amounts available to common stockholders per common share:
Net income, basic and diluted (in dollars per share)	$ 1.38	$ 1.26	$ 1.10
Weighted average common shares outstanding:
Basic (in shares)	315,837,012	289,427,430	273,465,680
Diluted (in shares)	316,159,277	289,923,984	273,936,752
Other comprehensive income:
Net income available to common stockholders	$ 436,482	$ 363,614	$ 318,798
Foreign currency translation adjustment	186	0	0
Unrealized loss on derivatives, net	(9,190)	(8,098)	0
Comprehensive income available to common stockholders	$ 427,478	$ 355,516	$ 318,798

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total stockholders' equity	Preferred stock	Common stock	Preferred stock and paid in capital	Common stock and paid in capital	Distributions in excess of net income	Accumulated other comprehensive loss	Noncontrolling interests
Balance at Dec. 31, 2016	$ 6,787,053	$ 6,766,804			$ 395,378	$ 8,228,594	$ (1,857,168)	$ 0	$ 20,249
Balance (in shares) at Dec. 31, 2016			16,350,000,000	260,168,259
Increase (Decrease) in Stockholders' Equity
Net income	319,318	318,798					318,798		520
Distributions paid and payable	(703,067)	(701,020)					(701,020)		(2,047)
Share issuances, net of costs	1,388,080	1,388,080				1,388,080
Share issuances, net of costs (in shares)				23,957,741
Preferred shares redeemed	(408,751)	(408,751)			(395,378)		(13,373)
Preferred shares redeemed (in shares)			(16,350,000,000)
Reallocation of equity	0	(485)				(485)			485
Share-based compensation, net	8,075	8,075				8,075
Share-based compensation, net (in shares)				87,685
Balance at Dec. 31, 2017	7,390,708	7,371,501			0	9,624,264	(2,252,763)	0	19,207
Balance (in shares) at Dec. 31, 2017			0	284,213,685
Increase (Decrease) in Stockholders' Equity
Net income	364,598	363,614					363,614		984
Other comprehensive loss	(8,098)	(8,098)						(8,098)
Distributions paid and payable	(770,502)	(768,506)					(768,506)		(1,996)
Share issuances, net of costs	1,119,297	1,119,297				1,119,297
Share issuances, net of costs (in shares)				19,304,878
Additions to noncontrolling interest	18,848								18,848
Redemptions	(2,752)	2,829				2,829			(5,581)
Redemption of common units (in shares)				88,182
Reallocation of equity	0	(774)				(774)			774
Share-based compensation, net	8,879	8,879				8,879
Share-based compensation, net (in shares)				135,345
Balance at Dec. 31, 2018	8,120,978	8,088,742			0	10,754,495	(2,657,655)	(8,098)	32,236
Balance (in shares) at Dec. 31, 2018			0	303,742,090
Increase (Decrease) in Stockholders' Equity
Net income	437,478	436,482					436,482		996
Other comprehensive loss	(9,004)	(9,004)						(9,004)
Distributions paid and payable	(862,414)	(861,118)					(861,118)		(1,296)
Share issuances, net of costs	2,117,983	2,117,983				2,117,983
Share issuances, net of costs (in shares)				29,818,978
Additions to noncontrolling interest	11,370								11,370
Redemptions	(21,123)	(6,866)				(6,866)			(14,257)
Redemption of common units (in shares)				0
Reallocation of equity	0	(653)				(653)			653
Share-based compensation, net	8,890	8,890				8,890
Share-based compensation, net (in shares)				58,038
Balance at Dec. 31, 2019	$ 9,804,158	$ 9,774,456			$ 0	$ 12,873,849	$ (3,082,291)	$ (17,102)	$ 29,702
Balance (in shares) at Dec. 31, 2019			0	333,619,106

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 437,478	$ 364,598	$ 319,318
Adjustments to net income:
Depreciation and amortization	593,961	539,780	498,788
Loss on extinguishment of debt	0	0	42,426
Amortization of share-based compensation	13,662	27,267	13,946
Non-cash revenue adjustments	(9,338)	(7,835)	(3,927)
Amortization of net premiums on mortgages payable	(1,415)	(1,520)	(466)
Amortization of net (premiums) discounts on notes payable	(995)	(1,256)	884
Amortization of deferred financing costs	9,795	9,021	8,274
Loss (gain) on interest rate swaps	2,752	(2,733)	(3,250)
Foreign currency and derivative gains, net	(2,255)	0	0
Gain on sales of real estate	(29,996)	(24,643)	(40,898)
Provisions for impairment on real estate	40,186	26,269	14,751
Change in assets and liabilities
Accounts receivable and other assets	(8,954)	(6,901)	(92)
Accounts payable, accrued expenses and other liabilities	24,056	18,695	26,096
Net cash provided by operating activities	1,068,937	940,742	875,850
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in real estate	(3,572,581)	(1,769,335)	(1,413,270)
Improvements to real estate, including leasing costs	(23,536)	(25,350)	(15,247)
Proceeds from sales of real estate	108,911	142,286	166,976
Insurance and other proceeds received	0	7,648	14,411
Collection of loans receivable	0	5,267	123
Non-refundable escrow deposits	(14,603)	(200)	(7,500)
Net cash used in investing activities	(3,501,809)	(1,639,684)	(1,254,507)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash distributions to common stockholders	(852,134)	(761,582)	(689,294)
Cash dividends to preferred stockholders	0	0	(6,168)
Borrowings on line of credit	2,816,632	1,774,000	1,465,000
Payments on line of credit	(2,365,368)	(1,632,000)	(2,475,000)
Principal payment on term loan	(70,000)	(125,866)	0
Proceeds from notes and bonds payable issued	897,664	497,500	2,033,041
Principal payment on notes payable	0	(350,000)	(725,000)
Proceeds from term loan	0	250,000	0
Payments upon extinguishment of debt	0	0	(41,643)
Principal payments on mortgages payable	(20,723)	(21,905)	(139,725)
Redemption of preferred stock	0	0	(408,750)
Proceeds from common stock offerings, net	845,061	0	704,938
Proceeds from dividend reinvestment and stock purchase plan	8,437	9,114	69,931
Proceeds from At-the-Market (ATM) program	1,264,518	1,125,364	621,697
Redemption of common units	(21,123)	(2,752)	0
Distributions to noncontrolling interests	(1,342)	(1,930)	(2,043)
Net receipts on derivative settlements	4,881	0	0
Debt issuance costs	(9,129)	(18,685)	(17,510)
Other items, including shares withheld upon vesting	(4,772)	(33,387)	(14,356)
Net cash provided by financing activities	2,492,602	707,871	375,118
Effect of exchange rate changes on cash and cash equivalents	(9,796)	0	0
Net increase (decrease) in cash, cash equivalents and restricted cash	49,934	8,929	(3,539)
Cash, cash equivalents and restricted cash, beginning of period	21,071	12,142	15,681
Cash, cash equivalents and restricted cash, end of period	$ 71,005	$ 21,071	$ 12,142

Organization and Operation

Organization and Operation	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operation	Organization and Operation Realty Income Corporation (“Realty Income,” the “Company,” “we,” “our” or “us”) is organized as a Maryland corporation. We invest in commercial real estate and have elected to be taxed as a real estate investment trust, or REIT. At December 31, 2019 , we owned 6,483 properties, located in 49 U.S states, Puerto Rico and the United Kingdom (U.K.), containing over 106.3 million leasable square feet. Information with respect to number of properties, square feet, average initial lease term and average cash lease yield is unaudited.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Procedures and Newly Adopted Accounting Standards	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Procedures and Newly Adopted Accounting Standards	Summary of Significant Accounting Policies and Procedures and Newly Adopted Accounting Standards Federal Income Taxes . We have elected to be taxed as a REIT, as defined above, under the Internal Revenue Code of 1986, as amended, or the Code. We believe we have qualified and continue to qualify as a REIT. Under the REIT operating structure, we are permitted to deduct dividends paid to our stockholders in determining our taxable income. Assuming our dividends equal or exceed our taxable net income, we generally will not be required to pay federal corporate income taxes on such income. Accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements, except for 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 and for U.K. income taxes. Earnings and profits that determine the taxability of distributions to stockholders differ from net income reported for financial reporting purposes due to differences in the estimated useful lives and methods used to compute depreciation and the carrying value (basis) of the investments in properties for tax purposes, among other things. We regularly analyze our various federal and state filing positions and only recognize the income tax effect in our financial statements when certain criteria regarding uncertain income tax positions have been met. We believe that our income tax positions would more likely than not be sustained upon examination by all relevant taxing authorities. Therefore, no provisions for uncertain income tax positions have been recorded in our financial statements. Net Income per Common Share. Basic net income per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted net income per common share is computed by dividing net income available to common stockholders, plus income attributable to dilutive shares and convertible common units, for the period by the weighted average number of common shares that would have been outstanding assuming the issuance of common shares for all potentially dilutive common shares outstanding during the reporting period. 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. 2019 2018 2017 Weighted average shares used for the basic net income per share computation 315,837,012 289,427,430 273,465,680 Incremental shares from share-based compensation 322,265 179,532 154,050 Weighted average partnership common units convertible to common shares that were dilutive — 317,022 317,022 Weighted average shares used for diluted net income per share computation 316,159,277 289,923,984 273,936,752 Unvested shares from share-based compensation that were anti-dilutive 8,113 13,148 32,205 Weighted average partnership common units convertible to common shares that were anti-dilutive 442,073 297,576 88,182 Revenue Recognition and Accounts Receivable . The majority of our leases are accounted for as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term. Any rental revenue contingent upon a tenant’s sales is recognized only after the tenant exceeds their sales breakpoint. Rental increases based upon changes in the consumer price indexes are recognized only after the changes in the indexes have occurred and are then applied according to the lease agreements. Contractually obligated rental revenue from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursements in the period when such costs are incurred. Taxes and operating expenses paid directly by the tenant are recorded on a net basis. On January 1, 2019, we adopted ASU 2016-02 (Topic 842, Leases ), which amended Topic 840, Leases. As our leases are accounted for as operating leases under both Topic 840 and 842, our lease revenue recognition policy was largely unaffected by this update. For further information, see Newly Adopted Accounting Standards section below. Other revenue, which includes property-related revenue not included in rental revenue and interest income recognized on financing receivables for certain leases with above-market terms. Principles of Consolidation . 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 or asset acquisition was recognized at fair value as of the date of the transaction (see note 11). We have no unconsolidated investments. Cash Equivalents and Restricted Cash . We consider all short-term, highly liquid investments that are readily convertible to cash and have an original maturity of three months or less at the time of purchase to be cash equivalents. Our cash equivalents are primarily investments in United States government money market funds. Restricted cash includes cash proceeds from the sale of assets held by qualified intermediaries in anticipation of the acquisition of replacement properties in tax-free exchanges under Section 1031 of the Code, impounds related to mortgages payable and cash that is not immediately available to Realty Income (i.e. escrow deposits for future acquisitions). Cash accounts maintained on behalf of Realty Income in demand deposits at commercial banks and money market funds may exceed federally insured levels or may be held in accounts without any federal insurance or any other insurance or guarantee. However, Realty Income has not experienced any losses in such accounts. Gain on Sales of Properties . When real estate is sold, the related net book value of the applicable assets is removed and a gain from the sale is recognized in our consolidated statements of income and comprehensive income. We record a gain from the sale of real estate provided that various criteria, relating to the terms of the sale and any subsequent involvement by us with the real estate, have been met. Allocation of the Purchase Price of Real Estate Acquisitions . A majority of our acquisitions qualify as asset acquisitions and the transaction costs associated with those acquisitions are capitalized. When acquiring a property for investment purposes, we typically allocate the cost of real estate acquired, inclusive of transaction costs, to: (1) land, (2) building and improvements, and (3) identified intangible assets and liabilities, based in each case on their relative estimated fair values. Intangible assets and liabilities consist of above-market or below-market lease value of in-place leases and the value of in-place leases, as applicable. In an acquisition of multiple properties, we must also allocate the purchase price among the properties. The allocation of the purchase price is based on our assessment of estimated fair value and is often based upon the expected future cash flows of the property and various characteristics of the markets where the property is located. In addition, any assumed mortgages are recorded at their estimated fair values. The estimated fair values of our mortgages payable have been calculated by discounting the future cash flows using applicable interest rates that have been adjusted for factors, such as industry type, tenant investment grade, maturity date, and comparable borrowings for similar assets. Our estimated fair value determinations are based on management’s judgment, utilizing various factors, including: market land and building values, market rental rates, discount rates and capitalization rates. Our methodology for measuring and allocating the fair value of real estate acquisitions includes both observable market data (categorized as level 2 on the three-level valuation hierarchy of Accounting Standards Codification (ASC) Topic 820, Fair Value Measurement), and unobservable inputs that reflect our own internal assumptions (categorized as level 3 under ASC Topic 820). Given the significance of the unobservable inputs we believe the allocations of fair value of real estate acquisitions should be categorized as level 3 under ASC Topic 820. For certain of our purchase price allocations we have used the assistance of an independent third party real estate valuation firm. The allocation of tangible assets (which includes land and buildings/improvements) of an acquired property with an in-place lease is based upon relative fair value. Land is typically valued utilizing the sales comparison (or market) approach. Buildings and improvements are typically valued under the replacement cost approach. In allocating the fair value to identified intangibles for above-market or below-market leases, an amount is recorded based on the present value of the difference between (i) the contractual amount to be paid pursuant to the in-place lease and (ii) our estimate of fair market lease rate for the corresponding in-place lease, measured over the remaining term of the lease. The value of in-place leases is determined by our estimated costs related to acquiring a tenant and the carrying costs that would be incurred over the vacancy period to locate a tenant if the property were vacant, considering market conditions and costs to execute similar leases at the time of acquisition. 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 value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to depreciation and amortization expense over the remaining periods of the respective leases. If a lease is terminated prior to its stated expiration, all unamortized amounts relating to that lease are recorded to revenue or expense as appropriate. Depreciation and Amortization . Land, buildings and improvements are recorded and stated at cost. Major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives, while ordinary repairs and maintenance are expensed as incurred. Buildings and improvements that are under redevelopment, or are being developed, are carried at cost and no depreciation is recorded on these assets. Additionally, amounts essential to the development of the property, such as pre-construction, development, construction, interest and other costs incurred during the period of development are capitalized. We cease capitalization when the property is available for occupancy upon substantial completion of tenant improvements, but in any event no later than one year from the completion of major construction activity. Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Buildings 25 years or 35 years Building improvements 4 to 20 years Tenant improvements and lease commissions The shorter of the term of the related lease or useful life Acquired in-place leases Remaining terms of the respective leases Provision for Impairment. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. A provision is made for impairment if estimated future operating cash flows (undiscounted and without interest charges) plus estimated disposition proceeds (undiscounted) are less than the current book value of the property. Key factors that we utilize in this analysis include projected rental rates, estimated holding periods, 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. If a property was previously reclassified as held for sale but the applicable criteria for this classification are no longer met, the property is reclassified to real estate held for investment. A property that is reclassified to held for investment is measured and recorded at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held for investment, or (ii) the fair value at the date of the subsequent decision not to sell. Twenty-three properties were classified as held for sale at December 31, 2019 . We do not depreciate properties that are classified as held for sale. The following table summarizes provisions for impairment during the periods indicated below (dollars in millions): Year Ended December 31, 2019 2018 2017 Total provisions for impairment $ 40.2 $ 26.3 $ 14.8 Number of properties: Classified as held for sale 9 1 — Classified as held for investment 5 3 2 Sold 37 40 24 Equity Offering Costs. Underwriting commissions and offering costs have been reflected as a reduction of additional paid-in-capital on our consolidated balance sheets. Noncontrolling Interests. Noncontrolling interests are reflected on our consolidated balance sheets as a component of equity. In accordance with the applicable accounting guidance, noncontrolling interests acquired prior to October 1, 2017 were recorded initially at fair value based on the price of the applicable units issued or contributions made, and subsequently adjusted each period for distributions, additional contributions and the allocation of net income attributable to the noncontrolling interests. Noncontrolling interests issued or assumed subsequent to October 1, 2017, were recorded based on the proportional share of equity in the entity. Derivative and Hedging Activities. We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or we elect not to apply hedge accounting. As of December 31, 2019 we had three interest rate swaps in place, including one on each of our $250.0 million unsecured term loans and the third on an assumed mortgage loan. Our objective in using derivatives is to add stability to interest expense and to manage our exposure to interest rate movements. In October 2018, we designated these three interest rate swaps as hedges and adopted hedge accounting treatment in accordance with Topic 815, Derivatives and Hedging . From the adoption date through the end of 2019, the effective portion of gains or losses on our interest rate swaps were recorded in accumulated other comprehensive loss on our consolidated balance sheet as of December 31, 2019, instead of through interest expense on our consolidated statements of income and comprehensive income. In May 2019, we entered into four cross-currency swaps to exchange £130 million Sterling for $166 million maturing in May 2034, in order to hedge the foreign currency risk associated with our Sterling-denominated intercompany loan receivable from our consolidated foreign subsidiaries. These cross-currency swaps were designated as cash flow hedges on their trade date. Gains and losses, representing hedge components excluded from the assessment of effectiveness, are recognized in earnings over the life of the hedges on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. The earnings recognition of excluded components is presented in foreign currency and derivative gains, net on our consolidated statements of income and comprehensive income, which is the same caption item as the hedged transactions. Use of Estimates . The consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles, or GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications . During the fourth quarter of 2019, we reclassified Goodwill, which was previously presented in its own caption on the consolidated balance sheets, into Other Assets for all comparative periods. Newly Adopted Accounting Standards. In February 2016, the FASB issued ASU 2016-02 (Topic 842, Leases ), which replaced 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 Topic 842, Leases , effective as of January 1, 2019 using the effective date method, and elected the practical expedients available for implementation under the standard for all classes of underlying assets. 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, and below-market rents on certain of our leases under which we are a lessor are accounted for as prepaid rent (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. In connection with our acquisition of properties in the U.K. during the second quarter of 2019, we adopted accounting guidance applicable under Topic 830, Foreign Currency Matters . The functional currency of the U.K. subsidiaries holding the acquired properties is the Great British Pound (Sterling). Assets and liabilities from our foreign-owned subsidiaries are translated into U.S. dollars using the exchange rate in effect at the consolidated balance sheet date. Equity accounts are translated at historical rates, except for retained earnings, whereas the impact is calculated via the income statement translation process. Revenue and expense accounts are translated using the weighted average exchange rates during the period. The cumulative translation adjustments from our U.K. subsidiaries are recorded in accumulated other comprehensive income (loss) in the consolidated statements of equity. We have intercompany debt denominated in pound sterling, which is the same currency as the functional currency of our U.K. subsidiaries. When this debt is remeasured against the functional currency of the Company, which is the U.S. dollar, a gain or loss can result. Such transaction gains or losses realized upon settlement of a foreign currency transaction, which may include intercompany transactions, are included in net income under the caption ‘Foreign currency and derivative gains, net'.

Supplemental Detail for Certain

Supplemental Detail for Certain Components of Consolidated Balance Sheets	12 Months Ended
	Dec. 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): December 31, December 31, A. Lease intangible assets, net, consist of the following at: 2019 2018 In-place leases $ 1,612,153 $ 1,321,979 Accumulated amortization of in-place leases (627,676 ) (546,573 ) Above-market leases 710,275 583,109 Accumulated amortization of above-market leases (201,369 ) (158,918 ) $ 1,493,383 $ 1,199,597 December 31, December 31, B. Other assets, net, consist of the following at: 2019 2018 Right of use asset - operating leases, net $ 120,533 $ — Financing receivables 81,892 — Right of use asset - financing leases 36,901 — Non-refundable escrow deposits 14,803 200 Goodwill 14,430 14,630 Impounds related to mortgages payable 12,465 9,555 Prepaid expenses 11,839 11,595 Credit facility origination costs, net 11,453 14,248 Value-added tax receivable 9,682 — Corporate assets, net 5,251 5,681 Restricted escrow deposits 4,529 1,129 Derivative assets and receivables - at fair value 12 3,100 Other items 4,871 1,853 $ 328,661 $ 61,991 December 31, December 31, C. Distributions payable consist of the following declared distributions at: 2019 2018 Common stock distributions $ 76,622 $ 67,636 Noncontrolling interests distributions 106 153 $ 76,728 $ 67,789 December 31, December 31, D. Accounts payable and accrued expenses consist of the following at: 2019 2018 Notes payable - interest payable $ 75,114 $ 73,094 Derivative liabilities and payables - at fair value 26,359 7,001 Property taxes payable 18,626 14,511 Value-added tax payable 13,434 — Accrued costs on properties under development 5,870 8,137 Mortgages, term loans, and credit line - interest payable 1,729 1,596 Other items 35,907 29,426 $ 177,039 $ 133,765 December 31, December 31, E. Lease intangible liabilities, net, consist of the following at: 2019 2018 Below-market leases $ 447,522 $ 404,938 Accumulated amortization of below-market leases (114,419 ) (94,072 ) $ 333,103 $ 310,866 December 31, December 31, F. Other liabilities consist of the following at: 2019 2018 Rent received in advance and other deferred revenue $ 127,687 $ 115,380 Lease liability - operating leases, net 122,285 — Security deposits 6,303 6,093 Lease liability - financing leases 5,946 — Capital lease obligations — 5,636 $ 262,221 $ 127,109

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2019
Real Estate [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 2019 and 2018 Below is a summary of our acquisitions for the year ended December 31, 2019 : Number of Properties Square Feet (in millions) Investment ($ in millions) Weighted Average Lease Term (Years) Initial Average Cash Lease Yield Year Ended December 31, 2019 (1) Acquisitions - U.S. (in 45 states) 753 11.6 $ 2,860.8 13.0 6.8 % Acquisitions - U.K. (2) 18 1.6 797.8 15.6 5.2 % Total Acquisitions 771 13.2 3,658.6 13.4 6.4 % Properties under Development - U.S. 18 0.5 56.6 15.1 7.3 % Total (3) 789 13.7 $ 3,715.2 13.5 6.4 % (1) None of our investments during 2019 caused any one tenant to be 10% or more of our total assets at December 31, 2019 . All of our 2019 investments in acquired properties are 100% leased at the acquisition date. (2) Represents investments of £625.8 million Sterling during the year ended December 31, 2019 converted at the applicable exchange rate on the date of acquisition. (3) The tenants occupying the new properties operate in 31 industries, and are 94.6% retail and 5.4% industrial, based on rental revenue. Approximately 36% of the rental revenue generated from acquisitions during 2019 is from investment grade rated tenants, their subsidiaries or affiliated companies. The $3.7 billion invested during 2019 was allocated as follows: $1.1 billion to land, of which $28.9 million was related to right of use assets under long-term ground leases, $2.1 billion to buildings and improvements, $448.3 million to intangible assets related to leases, $82.6 million to financing receivables related to certain leases with above-market terms, $46.8 million to intangible liabilities related to below-market leases, and $8.4 million to prepaid rent related to certain leases with below-market terms. There was no contingent consideration associated with these acquisitions. The properties acquired during 2019 generated total revenues of $92.0 million and net income of $36.9 million during the year ended December 31, 2019 . Below is a summary of our acquisitions for the year ended December 31, 2018 : Number of Properties Square Feet (in millions) Investment ($ in millions) Weighted Average Lease Term (Years) Initial Average Cash Lease Yield Year Ended December 31, 2018 (1) Acquisitions - U.S. (in 39 states) 750 4.1 $ 1,717.2 14.9 6.3 % Properties under Development - U.S. 14 1.1 80.3 12.3 6.9 % Total (2) 764 5.2 1,797.5 14.8 6.4 % (1) None of our investments during 2018 caused any one tenant to be 10% or more of our total assets at December 31, 2018 . All of our 2018 investments in acquired properties are 100% leased at the acquisition date. (2) The tenants occupying the new properties operated in 21 industries, and the property types consisted of 96.3% retail and 3.7% industrial, based on rental revenue. Approximately 59% of the rental revenue generated from acquisitions during 2018 was from investment grade rated tenants, their subsidiaries or affiliated companies. The $1.8 billion invested during 2018 was allocated as follows: $651.5 million to land, $1.0 billion to buildings and improvements, $141.0 million to intangible assets related to leases, and $39.2 million to intangible liabilities related to leases and other assumed liabilities. There was no contingent consideration associated with these acquisitions. The properties acquired during 2018 generated total revenues of $57.3 million and net income of $30.9 million during the year ended December 31, 2018 . The initial average cash lease yield 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 cash 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 average cash lease yield 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. B. Investments in Existing Properties During 2019 , we capitalized costs of $17.9 million on existing properties in our portfolio, consisting of $2.1 million for re-leasing costs, $801,000 for recurring capital expenditures and $15.0 million for non-recurring building improvements. In comparison, during 2018 , we capitalized costs of $17.9 million on existing properties in our portfolio, consisting of $3.9 million for re-leasing costs, $1.1 million for recurring capital expenditures and $12.9 million for non-recurring building improvements. C. Properties with Existing Leases Of the $3.7 billion we invested during 2019 , approximately $2.72 billion was used to acquire 575 properties with existing leases. In comparison, of the $1.8 billion we invested during 2018 , approximately $425.5 million was used to acquire 205 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 2019 , 2018 , and 2017 were $112.0 million , $106.6 million , and $104.8 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 2019 , 2018 , and 2017 were $21.7 million , $16.9 million , and $14.0 million , respectively. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be recorded to revenue or expense as appropriate. 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 December 31, 2019 (in thousands): Net decrease to rental revenue Increase to amortization expense 2020 $ (22,911 ) $ 122,982 2021 (21,756 ) 115,235 2022 (20,201 ) 103,268 2023 (18,685 ) 90,965 2024 (17,145 ) 82,394 Thereafter (75,105 ) 469,633 Totals $ (175,803 ) $ 984,477

Credit Facility

Credit Facility	12 Months Ended
	Dec. 31, 2019
Credit Facility
Debt
Debt	Credit Facility In August 2019, we amended and restated our unsecured credit facility, or our credit facility, in order to allow borrowings in multiple currencies under our revolving credit facility. The amended and restated credit agreement is otherwise substantively consistent with the prior credit agreement entered into in October 2018. Our credit facility consists of a $3.0 billion unsecured revolving credit facility with an initial term that expires in March 2023 and includes, at our option, two six-month extensions and a $250.0 million unsecured term loan due March 2024. The revolving credit facility allows us to borrow in up to 14 currencies, including U.S. dollars, and has a $1.0 billion expansion option. Under our credit facility, our investment grade credit ratings as of December 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 December 31, 2019 , credit facility origination costs of $11.5 million are included in other assets, net, as compared to $14.2 million at December 31, 2018 , on our consolidated balance sheet. These costs are being amortized over the remaining term of our revolving credit facility. At December 31, 2019 , we had a borrowing capacity of $2.3 billion available on our revolving credit facility (subject to customary conditions to borrowing) and an outstanding balance of $704.3 million , including £169.2 million Sterling, as compared to an outstanding balance of $252.0 million at December 31, 2018 . The weighted average interest rate on outstanding borrowings under our revolving credit facility was 3.1% during 2019 and 2.9% during 2018 . At December 31, 2019 and 2018 , the weighted average interest rate on borrowings outstanding was 2.2% and 3.2% , respectively. Our credit facility is subject to various leverage and interest coverage ratio limitations, and at December 31, 2019 , we were in compliance with the covenants on our credit facility.

Term Loans

Term Loans	12 Months Ended
	Dec. 31, 2019
Term Loans
Debt
Debt	Term Loans In October 2018, in conjunction with 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% . The terms of this term loan were not impacted by the amendment and restatement of our credit agreement in August 2019. 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% . The terms of this term loan were not impacted by the amendment and restatement of our credit agreement in August 2019. 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 its 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 borne 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 $956,000 at December 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	12 Months Ended
	Dec. 31, 2019
Mortgages Payable
Debt
Debt	Mortgages Payable During 2019 , we made $20.7 million in principal payments, including the repayment of one mortgage in full for $15.8 million . During 2018 , we made $21.9 million in principal payments, including the repayment of two mortgages in full for $17.0 million . During 2019, we assumed two mortgages totaling $130.8 million on 33 properties. No mortgages were assumed during 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 December 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 $1.3 million at December 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 December 31, 2019 and 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 Finance Costs Balance, net Mortgage Payable Balance 12/31/2019 92 4.9 % 4.6 % 3.1 $ 408,419 $ 1,700 $ 410,119 12/31/2018 60 5.1 % 4.6 % 3.2 $ 298,377 $ 4,192 $ 302,569 (1) At December 31, 2019 , there were 27 mortgages on 92 properties. At December 31, 2018 , there were 26 mortgages on 60 properties. The mortgages require monthly payments with principal payments due at maturity. At December 31, 2019 , the mortgages were at fixed interest rates, except for one variable rate mortgage on one property totaling $7.1 million , which has been swapped to a fixed interest rate. At December 31, 2018 , the mortgages were at fixed rates, except for two mortgages on two properties totaling $23.3 million . 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 totaled $16.0 million at December 31, 2018 . (2) Stated interest rates ranged from 3.8% to 6.9% at each of December 31, 2019 and December 31, 2018 . (3) Effective interest rates ranged from 3.8% to 7.6% at December 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 $3.0 million and deferred financing costs of $1.3 million , as of December 31, 2019 (dollars in millions): Year of Maturity Principal 2020 $ 84.2 2021 68.8 2022 111.8 2023 20.6 2024 112.2 Thereafter 10.8 Totals $ 408.4

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2019
Notes Payable
Debt
Debt	Notes Payable A. General Our senior unsecured notes and bonds consist of the following, sorted by maturity date (dollars in millions): December 31, 2019 December 31, 2018 5.750% notes, issued in June 2010 and due in January 2021 $ 250 $ 250 3.250% notes, $450 issued in October 2012 and $500 issued in December 2017, both due in October 2022 950 950 4.650% notes, issued in July 2013 and due in August 2023 750 750 3.875% notes, issued in June 2014 and due in July 2024 350 350 3.875% notes, issued April 2018 and due in April 2025 500 500 4.125% notes, $250 issued in September 2014 and $400 issued in March 2017, both due in October 2026 650 650 3.000% notes, issued in October 2016 and due in January 2027 600 600 3.650% notes, issued in December 2017 and due in January 2028 550 550 3.250% notes, issued in June 2019 and due in June 2029 500 — 2.730% notes, issued in May 2019 and due in May 2034 (1) 418 — 5.875% bonds, $100 issued in March 2005 and $150 issued in June 2011, both due in March 2035 250 250 4.650% notes, $300 issued in March 2017 and $250 issued in December 2017, both due in March 2047 550 550 Total principal amount 6,318 5,400 Unamortized net original issuance premiums and deferred financing costs (30 ) (23 ) $ 6,288 $ 5,377 (1) Represents the principal balance (in U.S. dollars) of the Sterling-denominated private placement of £315.0 million Sterling based on the applicable exchange rate on December 31, 2019 . The following table summarizes the maturity of our notes and bonds payable as of December 31, 2019 , excluding unamortized net original issuance premiums and deferred financing costs (dollars in millions): Year of Maturity Principal 2021 $ 250 2022 950 2023 750 2024 350 Thereafter 4,018 Totals $ 6,318 As of December 31, 2019 , the weighted average interest rate on our notes and bonds payable was 3.9% and the weighted average remaining years until maturity was 8.3 years . Interest incurred on all of the notes and bonds was $233.5 million for 2019 , $213.8 million for 2018 and $197.1 million for 2017 . The interest rate on each of these notes and bonds is fixed. Our outstanding notes and bonds are unsecured; accordingly, we have not pledged any assets as collateral for these or any other obligations. Interest on all of the senior note and bond obligations is paid semiannually. All of these notes and bonds contain various covenants, including: (i) a limitation on incurrence of any debt which would cause our debt to total adjusted assets ratio to exceed 60% ; (ii) a limitation on incurrence of any secured debt which would cause our secured debt to total adjusted assets ratio to exceed 40% ; (iii) a limitation on incurrence of any debt which would cause our debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of our outstanding unsecured debt. At December 31, 2019 , we were in compliance with these covenants. B. Note Issuances During the three year period ended December 31, 2019 we issued the following notes and bonds (in millions): 2019 Issuances Date of Issuance Maturity date Principal amount issued Price of par value Effective yield to maturity 2.730% notes May 2019 May 2034 £315 100.00 % 2.73% 3.250% notes June 2019 June 2029 $500 99.36 % 3.33% 2018 Issuances 3.875% notes April 2018 April 2025 $500 99.50 % 3.96% 2017 Issuances 4.125% notes March 2017 October 2026 (1) $400 102.98 % 3.75% 4.650% notes March 2017 March 2047 $300 99.97 % 4.65% 3.250% notes December 2017 October 2022 (2) $500 101.77 % 2.84% 3.650% notes December 2017 January 2028 $550 99.78 % 3.68% 4.650% notes December 2017 March 2047 (3) $250 105.43 % 4.32% (1) This issuance constituted a further issuance of, and formed a single series with the senior notes due 2026 issued in September 2014. (2) This issuance constituted a further issuance of, and formed a single series with the senior notes due 2022 issued in October 2012. (3) This issuance constituted a further issuance of, and formed a single series with the senior notes due 2047 issued in March 2017. The net proceeds from the May 2019 Sterling-denominated private placement of £315.0 million approximated $398.1 million , as converted at the applicable exchange rate on the closing of the offering, and were used to fund our initial investment in U.K. properties. The net proceeds of $492.2 million from the June 2019 note offering and the net proceeds of approximately $493.1 million from the April 2018 note offering were used to repay borrowings outstanding under our credit facility, to fund investment opportunities, and for other general corporate purposes. The net proceeds of $1.3 billion from the December 2017 note offerings were used to redeem all $550.0 million aggregate principal amount of our outstanding 2019 notes, including accrued and unpaid interest, and to repay borrowings outstanding under our revolving credit facility and, to the extent not used for those purposes, to fund the development and acquisitions of additional properties and for other general corporate purposes. The net proceeds of $705.2 million from the March 2017 note offerings were used to repay borrowings outstanding under our credit facility, to fund investment opportunities and for other general corporate purposes. C. Note Repayment In January 2018, we repaid our $350.0 million of outstanding 2.000% notes, plus accrued and unpaid interest upon maturity. In December 2017, we completed the early redemption on all $550.0 million of outstanding 6.75% notes due August 2019, plus accrued and unpaid interest. As a result of the early redemption, we recognized a $42.4 million loss on extinguishment of debt, represents a $0.15 dilution of net income per common share for the year ended December 31, 2017. In September 2017, we repaid our $175.0 million of outstanding 5.375% notes, plus accrued and unpaid interest upon maturity.

Issuances of Common Stock

Issuances of Common Stock	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Issuances of Common Stock	Issuances of Common Stock A. Issuance of Common Stock in an Overnight Offering In May 2019, we issued 12,650,000 shares of common stock in an overnight underwritten public offering. After deducting underwriting discounts and other offering costs of $31.0 million , the net proceeds of $845.1 million were used to repay borrowings under our credit facility, to fund investment opportunities, and for other general corporate purposes. We did not issue any shares in an overnight offering in 2018. In March 2017, we issued 11,850,000 shares of common stock in an overnight offering. After underwriting discounts and other offering costs of $29.8 million , the net proceeds of $704.9 million were used to repay borrowings under our credit facility. B. Dividend Reinvestment and Stock Purchase Plan Our Dividend Reinvestment and Stock Purchase Plan, or our DRSPP, provides our common stockholders, as well as new investors, with a convenient and economical method of purchasing our common stock and reinvesting their distributions. Our DRSPP also allows our current 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. At December 31, 2019 , we had 11,652,668 shares remaining for future issuance under our DRSPP program. The following table outlines common stock issuances pursuant to our DRSPP program (dollars in millions): Year Ended December 31, 2019 2018 2017 Shares of common stock issued under the DRSPP program 117,522 166,268 1,193,653 Gross proceeds $ 8.4 $ 9.1 $ 69.9 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 2019 or 2018. During 2017, we issued 927,695 shares and raised $54.7 million under the waiver approval process. These shares are included in the total activity for 2017 noted in the table above. C. At-the-Market (ATM) Program Under our ATM equity distribution plan, or our ATM program, pursuant to which up to 33,402,405 additional 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. At December 31, 2019 , we had 33,402,405 shares remaining for future issuance under our ATM program. We anticipate maintaining the availability of our ATM program in the future, including through replenishing the authorized shares issuable thereunder. The following table outlines common stock issuances pursuant to our ATM program (dollars in millions): Year Ended December 31, 2019 2018 2017 Shares of common stock issued under the ATM program 17,051,456 19,138,610 10,914,088 Gross proceeds $ 1,274.5 $ 1,125.4 $ 621.7

Redemption of Preferred Stock

Redemption of Preferred Stock	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Redemption of Preferred Stock	Redemption of Preferred Stock We issued an irrevocable notice of redemption with respect to our 6.625% Monthly Income Class F Preferred Stock, or the Class F preferred stock, in March 2017, and, as a result, we incurred a non–cash charge of $13.4 million for 2017, representing the Class F preferred stock original issuance costs that we paid in 2012.

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 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, 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, our taxable REIT subsidiary, Crest Net Lease, obtained a 0.11% interest in Tau Operating Partnership, and we continue to consolidate the entity. In 2019 and 2018, we completed the acquisitions of portfolios of properties, both by paying cash and by issuing additional common partnership units in Realty Income, L.P. as consideration for the acquisitions. At December 31, 2019, the remaining units from this issuance 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. These issuances 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 December 2019, we completed the acquisition of nine properties by acquiring a controlling interest in a joint venture. We are the managing member of this joint venture, and possess the ability to control the business and manage the affairs of this entity. At December 31, 2019, we and our subsidiaries held an 89.9% interest, and consolidated this entity in our consolidated financial statements. In 2016, we completed the acquisition of two properties by acquiring a controlling interest in two entities. In December 2018, we acquired all of the outstanding minority ownership interests associated with one of these entities. In July 2019, we acquired all of the outstanding minority interest associated with the remaining entity. The following table represents the change in the carrying value of all noncontrolling interests through December 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, 2017 $ 13,322 $ 2,160 $ 3,725 $ 19,207 Reallocation of equity 572 (43 ) 245 774 Redemptions — (2,829 ) (2,752 ) (5,581 ) Shares issued in conjunction with acquisition — 18,848 — 18,848 Distributions (837 ) (842 ) (317 ) (1,996 ) Allocation of net income 299 618 67 984 Carrying value at December 31, 2018 $ 13,356 $ 17,912 $ 968 $ 32,236 Reallocation of equity — 653 — 653 Redemptions (13,356 ) — (901 ) (14,257 ) Additions to noncontrolling interest — 6,286 5,084 11,370 Distributions — (1,219 ) (77 ) (1,296 ) Allocation of net income — 964 32 996 Carrying value at December 31, 2019 $ — $ 24,596 $ 5,106 $ 29,702 (1) 317,022 Tau Operating Partnership units were issued on January 22, 2013. No units remained outstanding as of December 31, 2019 , and 317,022 remained outstanding as of December 31, 2018 . (2) 242,007 Realty Income L.P. 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 units remained outstanding as of December 31, 2019 and 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 while we continue to consolidate the entity, it is no longer considered a VIE. In July 2019, we purchased the remaining interest in the entity acquired during 2016 for $900,000 . Below is a summary of selected financial data of consolidated VIEs, including the joint venture acquired during 2019, for which we are the primary beneficiary, included in the consolidated balance sheets at December 31, 2019 and December 31, 2018 (in thousands): December 31, 2019 December 31, 2018 Net real estate $ 654,305 $ 2,903,093 Total assets 744,394 3,259,495 Total debt — 191,565 Total liabilities 89,975 320,800

Distributions Paid and Payable

Distributions Paid and Payable	12 Months Ended
	Dec. 31, 2019
Dividends [Abstract]
Distributions Paid and Payable	Distributions Paid and Payable A. Common Stock We pay monthly distributions to our common stockholders. The following is a summary of monthly distributions paid per common share for 2019 , 2018 and 2017 : Month 2019 2018 2017 January $ 0.2210 $ 0.2125 $ 0.2025 February 0.2255 0.2190 0.2105 March 0.2255 0.2190 0.2105 April 0.2260 0.2195 0.2110 May 0.2260 0.2195 0.2110 June 0.2260 0.2195 0.2110 July 0.2265 0.2200 0.2115 August 0.2265 0.2200 0.2115 September 0.2265 0.2200 0.2115 October 0.2270 0.2205 0.2120 November 0.2270 0.2205 0.2120 December 0.2270 0.2205 0.2120 Total $ 2.7105 $ 2.6305 $ 2.5270 The following presents the federal income tax characterization of distributions paid or deemed to be paid per common share for the years: 2019 2018 2017 Ordinary income $ 2.1206964 $ 2.0269173 $ 1.9402085 Nontaxable distributions 0.5898036 0.6035827 0.5478464 Total capital gain distribution — — 0.0389451 Totals $ 2.7105000 $ 2.6305000 $ 2.5270000 At December 31, 2019 , a distribution of $0.2275 per common share was payable and was paid in January 2020. At December 31, 2018 , a distribution of $0.2210 per common share was payable and was paid in January 2019. B. Class F Preferred Stock In April 2017, we redeemed all 16,350,000 shares of our Class F preferred stock. During the first three months of 2017, we paid three monthly dividends to holders of our Class F preferred stock totaling $0.414063 per share, or $3.9 million . In April 2017, we paid a final monthly dividend of $0.101215 per share, or $1.7 million , which was recorded as interest expense. For 2017, dividends per share of $0.5073368 were characterized as ordinary income and dividends per share of $0.0079412 were characterized as total capital gain distribution for federal income tax purposes.

Operating Leases

Operating Leases	12 Months Ended
	Dec. 31, 2019
Leases, Operating [Abstract]
Operating Leases	Operating Leases A. At December 31, 2019 , we owned 6,483 properties in 49 U.S. states, Puerto Rico and the U.K. Of the 6,483 properties, 6,452 , or 99.5% , are single-tenant properties, and the remaining are multi-tenant properties. At December 31, 2019 , 94 properties were available for lease or sale. Substantially all 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 was $8.0 million for 2019 , $5.9 million for 2018 and $6.1 million for 2017 . At December 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): 2020 $ 1,541,732 2021 1,503,125 2022 1,435,784 2023 1,350,877 2024 1,233,083 Thereafter 8,055,610 Total $ 15,120,211 B. Major Tenants - No individual tenant’s rental revenue, including percentage rents, represented more than 10% of our total revenue for each of the years ended December 31, 2019 , 2018 or 2017 .

Gain on Sales of Real Estate

Gain on Sales of Real Estate	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Gain on Sales of Real Estate	Gain on Sales of Real Estate The following table summarizes our properties sold during the periods indicated below (dollars in millions): Year Ended December 31, 2019 2018 2017 Number of properties 93 128 59 Net sales proceeds $ 108.9 $ 142.3 $ 167.0 Gain on sales of real estate $ 30.0 $ 24.6 $ 40.9 These property sales do not represent a strategic shift that will have a major effect on our operations and financial results, and therefore do not require presentation as discontinued operations.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurements	Financial Instruments and Fair Value Measurements 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): At December 31, 2019 Carrying value Estimated fair value Mortgages payable assumed in connection with acquisitions (1) $ 408.4 $ 417.7 Notes and bonds payable (2) 6,317.6 6,826.1 At 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 is $3.0 million at December 31, 2019 , and $4.4 million at December 31, 2018 . Also excludes deferred financing costs of $1.3 million at December 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 $6.3 million at December 31, 2019 , and $10.5 million at December 31, 2018 . Also excludes deferred financing costs of $35.9 million at December 31, 2019 and $33.7 million at December 31, 2018 . The estimated fair values of our mortgages payable assumed in connection with acquisitions and private senior notes payable have been calculated by discounting the future cash flows using an interest rate based upon the relevant forward interest rate curve, plus an applicable credit-adjusted spread. Because this methodology includes unobservable inputs that reflect our own internal assumptions and calculations, the measurement of estimated fair values related to our mortgages payable is categorized as level three on the three-level valuation hierarchy. The estimated fair values of our publicly-traded 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. In May 2019, we entered into four cross-currency swaps to exchange £130 million Sterling for $166 million maturing in May 2034, in order to hedge the foreign currency risk associated with our Sterling-denominated intercompany loan receivable from our consolidated foreign subsidiaries. These cross-currency swaps were designated as cash flow hedges on their trade date. Gains and losses representing hedge components excluded from the assessment of effectiveness are recognized in earnings over the life of the hedges on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. The earnings recognition of excluded components is presented in foreign currency and derivative gains, net on our consolidated statements of income and comprehensive income, which is the same caption item as the hedged transactions. The following table summarizes the terms and fair values of our derivative financial instruments at December 31, 2019 and December 31, 2018 (dollars in millions): Derivative Type Hedge Designation Notional Amount Strike Effective Date Maturity Date Fair Value - asset (liability) December 31, December 31, December 31, December 31, 2019 2018 2019 2018 Interest rate swap Cash flow $ 7.0 $ 7.2 6.03% 09/25/2012 09/03/2021 $ (0.2 ) $ (0.2 ) Interest rate swap Cash flow 250.0 250.0 1.72% 06/30/2015 06/30/2020 (0.1 ) 3.0 Interest rate swap Cash flow 250.0 250.0 3.04% 10/24/2018 03/24/2024 (14.7 ) (6.8 ) Cross-currency swap (1) Cash flow 41.6 — (2) 05/20/2019 05/22/2034 (2.6 ) — Cross-currency swap (1) Cash flow 41.6 — (3) 05/20/2019 05/22/2034 (2.6 ) — Cross-currency swap (1) Cash flow 41.6 — (4) 05/20/2019 05/22/2034 (2.9 ) — Cross-currency swap (1) Cash flow 41.6 — (5) 05/20/2019 05/22/2034 (3.2 ) — $ 673.4 $ 507.2 $ (26.3 ) $ (4.0 ) (1) Represents British Pound Sterling, or GBP, United States Dollar, or USD, cross-currency swap. (2) GBP fixed rates initially at 4.82% and escalating to 10.96% , and USD fixed rate at 9.800% . (3) GBP fixed rates initially at 4.82% and escalating to 10.96% , and USD fixed rate at 9.803% . (4) GBP fixed rates initially at 4.82% and escalating to 10.96% , and USD fixed rate at 9.745% . (5) GBP fixed rates initially at 4.82% and escalating to 10.96% , and USD fixed rate at 9.755% . We measure our derivatives at fair value and include the balances within other assets and accounts payable and accrued expenses on our consolidated balance sheets. We have agreements with each of our derivative counterparties containing provisions under which we could be declared in default on our derivative obligations if repayment of our indebtedness is accelerated by the lender due to our default. We utilize interest rate swap agreements to manage interest rate risk and cross-currency swaps to manage foreign currency risk. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, spot and forward rates, as well as option volatility. To comply with the provisions of ASC 820, Fair Value Measurement , we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although we have determined that the majority of the inputs used to value our derivatives fall within level two on the three-level valuation hierarchy, the credit valuation adjustments associated with our derivatives utilize level three inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by ourselves and our counterparties. However, at December 31, 2019 and December 31, 2018, we assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we determined that our derivative valuations in their entirety are classified as level two on the three-level valuation hierarchy. Unrealized gains and losses in AOCI are reclassified to interest expense in the case of interest rate swaps and to foreign currency gains and losses, net in the case of cross-currency swaps, when the related hedged items are recognized. During 2019 , we reclassified $3.4 million from AOCI as an increase to interest expense for our interest rate swaps and $5.5 million for 2019 in cross-currency swap losses into foreign currency and derivative gains, net. During 2018, there were no outstanding derivatives designated as hedges and accounted for through AOCI. As a result, there were no amounts to reclassify from AOCI during 2018. We expect to reclassify $5.1 million from AOCI as an increase to interest expense relating to interest rate swaps and $1.3 million from AOCI to foreign currency gain relating to cross-currency swaps within the next twelve months.

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information	12 Months Ended
	Dec. 31, 2019
Supplemental Cash Flow Information [Abstract]
Supplemental Disclosures of Cash Flow Information	Supplemental Disclosures of Cash Flow Information Cash paid for interest was $275.3 million in 2019 , $251.5 million in 2018 , and $240.4 million in 2017 . Interest capitalized to properties under development was $751,000 in 2019 , $369,000 in 2018 , and $461,000 in 2017 . Cash paid for income taxes was $4.2 million in 2019 , $4.7 million in 2018 , and $3.8 million in 2017 . The following non-cash activities are included in the accompanying consolidated financial statements: A. As a result of the adoption of Accounting Standards Codifications Topic 842, Leases , on January 1, 2019, we recorded $132.0 million of lease liabilities and related right of use assets as lessee under operating leases. B. During 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 2019, we recorded $5.1 million to noncontrolling interests in connection with the acquisition of a controlling interest in a consolidated joint venture. D. During 2019, we assumed mortgages payable to the third-party lenders of $130.8 million . E. During 2018, we issued 373,797 common partnership units of Realty Income, L.P. as partial consideration for an acquisition of properties, totaling $18.8 million . F. During 2018, we completed the acquisition of a property using $7.5 million in funds that were held in a non-refundable escrow account. G. During 2017, we completed the acquisition of a portfolio of properties by entering into a note payable in the amount of $125.9 million with the seller, maturing in January 2018. This note was paid in full at maturity. 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 (dollars in thousands): December 31, 2019 December 31, 2018 Cash and cash equivalents shown in the consolidated balance sheets $ 54,011 $ 10,387 Impounds related to mortgages payable (1) 12,465 9,555 Restricted escrow deposits (1) 4,529 1,129 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 71,005 $ 21,071 (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.

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Dec. 31, 2019
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit Plan We have a 401(k) plan covering substantially all of our employees. Under our 401(k) plan, employees may elect to make contributions to the plan up to a maximum of 60% of their compensation, subject to limits under the Code. We match 50% of each of our employee’s salary deferrals up to the first 6% of the employee’s eligible compensation. Our aggregate matching contributions each year have been immaterial to our results of operations.

Common Stock Incentive Plan

Common Stock Incentive Plan	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [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 and comprehensive income was $13.7 million during 2019, $27.3 million during 2018 (including $11.8 million of accelerated equity awards for our former CEO upon his departure from the company), and $13.9 million during 2017. In October 2018, John P. Case departed as our Chief Executive Officer (CEO) and resigned as a member of our Board of Directors. In connection with his departure, we entered into a severance agreement with Mr. Case. Pursuant to the terms of this severance agreement, Mr. Case received a severance payment, which included both cash and stock compensation components. The total value of cash, stock compensation and professional fees incurred as a result of this severance was $28.3 million ; however, the net amount, after incorporating accruals for CEO compensation previous to this severance, was $18.7 million , which was recognized in general and administrative expense on our 2018 consolidated statement of income and comprehensive income, and which represents the incremental costs incurred per the reconciliation below (dollars in thousands): Cash $ 9,817 Stock compensation 17,902 Professional fees 574 Total value of severance 28,293 Amount accrued for CEO compensation prior to separation (9,642 ) Incremental severance $ 18,651 A. Restricted Stock The following table summarizes our common stock grant activity under our 2012 Plan. 2019 2018 2017 Number of shares Weighted average price (1) Number of shares Weighted average price (1) Number of shares Weighted average price (1) Outstanding nonvested shares, beginning of year 307,821 $ 53.44 475,768 $ 52.32 513,523 $ 48.33 Shares granted 87,327 $ 69.83 183,952 $ 52.21 149,264 $ 59.21 Shares vested (126,363 ) $ 54.45 (310,706 ) $ 51.05 (183,381 ) $ 46.65 Shares forfeited (9,087 ) $ 55.71 (41,193 ) $ 53.06 (3,638 ) $ 56.57 Outstanding nonvested shares, end of each period 259,698 $ 58.39 307,821 $ 53.44 475,768 $ 52.32 (1) Grant date fair value. The vesting schedule for shares granted to non-employee directors is as follows: • For directors with less than six years of service at the date of grant, shares vest in 33.33% increments on each of the first three anniversaries of the date the shares of stock are granted; • For directors with six years of service at the date of grant, shares vest in 50% increments on each of the first two anniversaries of the date the shares of stock are granted; • For directors with seven years of service at the date of grant, shares are 100% vested on the first anniversary of the date the shares of stock are granted; and • For directors with eight or more years of service at the date of grant, there is immediate vesting as of the date the shares of stock are granted. During May 2019, we granted 32,000 shares of common stock to the independent members of our Board of Directors, of which 20,000 shares vested immediately, 4,000 shares vest over a one -year service period, and 8,000 shares vest in equal parts over a three -year service period. In addition, in November 2019, we granted 4,000 shares of common stock to the new member of our Board of Directors, which vests in equal parts over a three -year service period. Shares granted to employees typically vest annually in equal parts over a four -year service period. During 2019 , 51,327 shares were granted to our employees, and vest over a four -year service period. As of December 31, 2019 , the remaining unamortized share-based compensation expense related to restricted stock totaled $10.1 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 During 2019 , 2018 and 2017 , we granted performance share awards, as well as dividend equivalent rights, to our executive officers. The number of performance shares that vest for each of the three years is based on the achievement of the following performance goals: Performance Awards Metrics Weighting Total shareholder return (“TSR”) relative to MSCI US REIT Index 45 % TSR relative to JP Morgan Net Lease Peers 26 % Dividend per share growth rate 16 % Debt-to-EBITDA ratio 13 % The performance shares are earned based on our performance, and vest 50% on the first and second January 1 after the end of the three -year performance period, subject to continued service. The performance period for the 2017 performance awards began on January 1, 2017 and ended on December 31, 2019. The performance period for the 2018 performance awards began on January 1, 2018 and will end on December 31, 2020. The performance period for the 2019 performance awards began on January 1, 2019 and will end on December 31, 2021. The fair value of the performance shares was estimated on the date of grant using a Monte Carlo Simulation model. The following table summarizes our performance share grant activity: 2019 2018 2017 Number of performance shares Weighted average price (1) Number of performance shares Weighted average price (1) Number of performance shares Weighted average price (1) Outstanding nonvested shares, beginning of year 223,392 $ 58.78 245,309 $ 62.49 159,751 $ 49.95 Shares granted 128,581 $ 65.34 269,868 $ 51.98 124,681 $ 71.79 Shares vested (47,310 ) $ 54.27 (291,785 ) $ 54.88 (39,123 ) $ 41.60 Shares forfeited — $ — — $ — — $ — Outstanding nonvested shares, end of each period 304,663 $ 62.25 223,392 $ 58.78 245,309 $ 62.49 (1) Grant date fair value. As of December 31, 2019 , the remaining share-based compensation expense related to the performance shares totaled $8.7 million and is being recognized on a tranche-by-tranche basis over the service period. C. Restricted Stock Units During 2019 , 2018 and 2017 we also granted restricted stock units that primarily vest over a four -year service period and have the same economic rights as shares of restricted stock: 2019 2018 2017 Number of restricted stock units Weighted average price (1) Number of restricted stock units Weighted average price (1) Number of restricted stock units Weighted average price (1) Outstanding nonvested shares, beginning of year 14,968 $ 54.62 24,869 $ 55.97 18,460 $ 52.65 Shares granted 5,482 $ 69.58 8,383 $ 49.96 10,467 $ 60.56 Shares vested (4,939 ) $ 54.90 (10,118 ) $ 55.01 (4,058 ) $ 52.70 Shares forfeited — $ — (8,166 ) $ 53.45 — $ — Outstanding nonvested shares, end of each period 15,511 $ 59.82 14,968 $ 54.62 24,869 $ 55.97 (1) Grant date fair value. The amount of share-based compensation for the restricted stock units is based on the fair value of our common stock as the grant date. As of December 31, 2019 , the remaining share-based compensation expense related to the restricted stock units totaled $296,000 and is being recognized on a straight-line basis over the service period.

Segment Information

Segment Information	12 Months Ended
	Dec. 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 50 activity segments. All of the properties are incorporated into one of the applicable segments. Unless otherwise specified, all segments listed below are located within the U.S. Because almost all of our leases require the tenant to pay or reimburse us for 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 December 31: 2019 2018 Segment net real estate: Automotive service $ 288,453 $ 210,668 Automotive tire services 232,709 238,939 Beverages 279,373 284,910 Child care 208,326 151,640 Convenience stores 2,057,157 1,756,732 Dollar stores 1,427,950 1,117,250 Drug stores 1,618,854 1,490,261 Financial services 389,634 414,613 General merchandise 475,418 317,424 Grocery stores - U.S. (1) 922,349 774,526 Grocery stores - U.K. (1) 663,210 — Health and fitness 1,019,796 882,515 Home improvement 495,305 424,494 Restaurants-casual dining 576,526 559,616 Restaurants-quick service 1,059,155 964,980 Theaters - U.S. 878,103 555,990 Transportation services 769,614 758,133 Wholesale club 396,690 412,203 Other non-reportable segments 2,738,150 2,528,623 Total segment net real estate 16,496,772 13,843,517 Intangible assets: Automotive service 58,854 61,951 Automotive tire services 7,322 8,696 Beverages 1,509 1,765 Child care 21,997 12,277 Convenience stores 131,808 108,714 Dollar stores 82,701 48,842 Drug stores 183,319 165,558 Financial services 17,130 20,426 General merchandise 66,135 43,122 Grocery stores - U.S. (1) 180,197 144,551 Grocery stores - U.K. (1) 153,407 — Health and fitness 74,428 71,609 Home improvement 72,979 57,928 Restaurants-casual dining 23,289 18,153 Restaurants-quick service 52,353 54,448 Theaters - U.S. 36,089 25,811 Transportation services 66,055 73,577 Wholesale club 23,372 26,484 Other non-reportable segments 240,439 255,685 Other corporate assets 564,641 217,369 Total assets $ 18,554,796 $ 15,260,483 Revenue for the years ended December 31, 2019 2018 2017 Segment rental revenue: Automotive service $ 32,365 $ 28,303 $ 25,291 Automotive tire services 31,292 30,078 29,560 Beverages 31,807 31,488 31,174 Child care 31,749 21,865 20,775 Convenience stores 166,755 142,194 111,023 Dollar stores 102,695 94,782 91,076 Drug stores 127,853 129,565 126,555 Financial services 30,189 29,429 28,744 General merchandise 35,366 29,249 23,752 Grocery stores - U.S. (1) 69,691 63,594 50,731 Grocery stores - U.K. (1) 17,819 — — Health and fitness 105,896 94,638 88,146 Home improvement 42,351 37,939 30,324 Restaurants-casual dining 45,238 46,171 43,876 Restaurants-quick service 92,018 72,465 59,638 Theaters - U.S. 87,698 70,560 58,443 Transportation services 66,500 63,565 62,337 Wholesale club 38,117 37,571 37,646 Other non-reportable segments and tenant reimbursements 329,419 298,090 293,215 Rental (including reimbursable) 1,484,818 1,321,546 1,212,306 Other 6,773 6,292 3,462 Total revenue $ 1,491,591 $ 1,327,838 $ 1,215,768 (1) During 2019, we acquired 17 grocery stores and one theater located in the U.K. Our investments in industries outside of the U.S. are managed as separate operating segments. The U.K. theater is included in other non-reportable segments.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 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 December 31, 2019 , we had commitments of $6.5 million for re-leasing costs, recurring capital expenditures, and non-recurring building improvements. In addition, as of December 31, 2019 , we had committed $16.0 million under construction contracts, which is expected to be paid in the next twelve months. We have certain properties that are subject to ground leases which are accounted for as operating leases. At December 31, 2019 , minimum future rental payments for the next five years and thereafter are as follows (dollars in millions): Ground Leases Paid by Realty Income (1) Ground Leases Paid by Our Tenants (2) Total 2020 $ 1.6 $ 13.5 $ 15.1 2021 1.4 13.3 14.7 2022 1.4 13.2 14.6 2023 1.3 13.2 14.5 2024 1.3 13.3 14.6 Thereafter 18.9 68.9 87.8 Total $ 25.9 $ 135.4 $ 161.3 Present value adjustment for remaining lease payments (3) (39.0 ) Lease liability - operating leases, net $ 122.3 (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. (3 ) The range of discount rates used to calculate the present value of the lease payments is 2.42% to 5.50% . At December 31, 2019 , the weighted average discount rate is 4.29% and the weighted average remaining lease term is 12.3 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 are specific for individual leases primarily based on the lease term. On January 1, 2019, we adopted Topic 842, Leases using the effective date method and elected the practical expedients available for implementation under the standard. As a result, on December 31, 2018 we do not have a lease liability for operating leases. At December 31, 2018 , minimum future rental payments for the next five years and thereafter were as follows (dollars in millions): Ground Leases Paid by Realty Income (1) Ground Leases Paid by Our Tenants (2) Total 2019 $ 1.5 $ 13.5 $ 15.0 2020 1.4 13.5 14.9 2021 1.2 13.2 14.4 2022 1.2 13.1 14.3 2023 1.2 13.1 14.3 Thereafter 19.8 82.0 101.8 Total $ 26.3 $ 148.4 $ 174.7 (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.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events • In January and February 2020, we declared a dividend of $0.2325 , which will be paid in February 2020 and March 2020, respectively. • In January 2020, we completed the early redemption on all $250.0 million in principal amount of our outstanding 5.750% notes due January 2021, plus accrued and unpaid interest. • Also in January 2020, we announced that Paul Meurer, our EVP, Chief Financial Officer and Treasurer, is leaving the company. To ensure a smooth transition, Mr. Meurer will serve as a senior advisor to the company through March 31, 2020. The company has begun a search for a new Chief Financial Officer.

Consolidated Quarterly Financia

Consolidated Quarterly Financial Data	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Consolidated Quarterly Financial Data	CONSOLIDATED QUARTERLY FINANCIAL DATA (dollars in thousands, except per share data) (unaudited) (not covered by Report of Independent Registered Public Accounting Firm) First Quarter Second Quarter Third Quarter Fourth Quarter Year 2019 Total revenue $ 354,365 $ 365,450 $ 374,247 $ 397,529 $ 1,491,591 Depreciation and amortization expense 137,517 150,426 149,424 156,594 593,961 Interest expense 70,020 72,488 73,410 75,073 290,991 Other expenses 42,861 54,143 52,139 52,269 201,412 Net income 111,230 95,420 101,275 129,553 437,478 Net income available to common stockholders 110,942 95,194 101,049 129,297 436,482 Net income per common share Basic and diluted 0.37 0.31 0.32 0.39 1.38 Dividends paid per common share 0.6720 0.6780 0.6795 0.6810 2.7105 2018 Total revenue $ 318,295 $ 328,886 $ 338,081 $ 342,576 $ 1,327,838 Depreciation and amortization expense 131,103 133,999 136,967 137,711 539,780 Interest expense 59,415 66,628 69,342 70,635 266,020 Other expenses 47,680 39,349 40,302 54,752 182,083 Net income 83,315 96,697 99,283 85,303 364,598 Net income available to common stockholders 83,163 96,380 98,999 85,072 363,614 Net income per common share Basic and diluted 0.29 0.34 0.34 0.29 1.26 Dividends paid per common share 0.6505 0.6585 0.6600 0.6615 2.6305

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	Initial Cost to Company Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period (Notes 3, 4 and 6) Description Number of Properties (Note 1) Encumbrances (Note 2) Land Buildings, Improvements and Acquisition Fees Improvements Carrying Costs Land Buildings, Improvements and Acquisition Fees Total Accumulated Depreciation (Note 5) Date of Construction Date Acquired Life on which depreciation in latest Income Statement is Computed (in Years) U.S. Aerospace 5 14,409,617 6,890,774 110,783,380 216,638 — 6,890,774 111,000,018 117,890,792 28,630,112 1994-2013 6/20/2011-6/27/2013 25-35 Apparel stores 30 13,925,000 58,918,135 141,491,607 3,983,429 218,760 58,918,135 145,693,796 204,611,931 47,856,451 1960-2012 10/30/1987-12/2/2019 4-35 Automotive collision services 75 — 52,729,547 119,655,706 1,799,680 10,000 52,729,547 121,465,386 174,194,933 28,390,510 1928-2018 8/30/2002-6/11/2019 19-25 Automotive parts 249 6,637,578 96,978,473 248,888,548 4,622,175 826,885 96,978,473 254,337,608 351,316,081 64,101,899 1969-2018 8/6/1987-12/4/2019 0-25 Automotive service 303 — 143,625,084 210,090,349 582,498 164,051 143,625,084 210,836,898 354,461,982 66,008,493 1920-2017 10/2/1985-12/2/2019 0-25 Automotive tire services 196 — 122,250,160 225,175,623 384,194 97,335 122,250,160 225,657,152 347,907,312 115,198,601 1947-2017 8/28/1985-12/2/2019 0-40 Beverages 18 — 213,728,623 105,911,254 — 148 213,728,623 105,911,402 319,640,025 40,267,343 2010 6/25/2010-12/15/2011 25 Book Stores 1 — 998,250 3,696,707 129,751 79 998,250 3,826,537 4,824,787 3,433,527 1996 3/11/1997 24-25 Child care 274 — 95,553,417 212,059,451 5,053,358 917,720 95,553,417 218,030,529 313,583,946 105,257,799 1961-2018 12/22/1981-10/25/2019 0-25 Consumer appliances 4 — 8,901,103 85,212,965 109,951 55 8,901,103 85,322,971 94,224,074 13,916,454 2004-2019 7/31/2012-12/27/2019 0 Consumer electronics 10 — 14,623,047 21,833,858 884,168 51,616 14,623,047 22,769,642 37,392,689 11,068,011 1992-1998 6/9/1997-11/3/2017 22-25 Consumer goods 4 — 7,663,458 124,173,738 894,295 — 7,663,458 125,068,033 132,731,491 22,472,474 1987-2011 1/22/2013-9/22/2015 34-35 Convenience stores 1,246 — 1,047,085,568 1,333,428,902 (733,628 ) 145,550 1,047,085,568 1,332,840,824 2,379,926,392 322,769,573 1949-2018 3/3/1995-12/2/2019 0-26 Crafts and novelties 19 — 20,948,352 70,829,924 881,481 440,482 20,948,352 72,151,887 93,100,239 14,466,453 1974-2017 11/26/1996-12/2/2019 22-35 Diversified industrial 6 19,397,723 10,231,370 108,326,826 114,454 — 10,231,370 108,441,280 118,672,650 17,452,956 1989-2015 9/19/2012-2/3/2016 25-35 Dollar stores 1,302 11,127,000 428,220,601 1,249,436,205 1,459,285 8,879 428,220,601 1,250,904,369 1,679,124,970 251,174,478 1935-2019 2/3/1998-12/20/2019 0-25 Drug stores 387 130,834,786 578,997,186 1,340,130,844 4,948,980 100,379 578,997,186 1,345,180,203 1,924,177,389 305,323,601 1965-2015 9/30/1998-12/16/2019 0-35 Education 14 — 6,739,123 21,648,901 472,942 155,418 6,739,123 22,277,261 29,016,384 17,188,255 1980-2000 12/19/1984-6/28/2006 0-25 Electric utilities 1 — 1,450,000 9,209,989 — — 1,450,000 9,209,989 10,659,989 1,678,439 1983 8/30/2013 35 Entertainment 10 — 28,373,479 10,617,464 327,607 — 28,373,479 10,945,071 39,318,550 6,178,632 1989-1999 3/26/1998-9/11/2014 24-25 Equipment services 7 7,073,296 4,116,067 54,045,575 689,663 140 4,116,067 54,735,378 58,851,445 14,967,071 2000-2014 7/3/2003-12/2/2019 25-35 Financial services 239 13,800,000 115,487,739 351,992,876 (3,690,753 ) 101,099 115,487,739 348,403,222 463,890,961 74,256,644 1807-2015 3/10/1987-6/29/2018 0-35 Food processing 7 28,867,158 13,226,562 153,588,645 210,469 — 13,226,562 153,799,114 167,025,676 20,948,814 1987-2019 4/1/2011-9/27/2019 25-35 General merchandise 100 5,070,372 104,508,825 436,513,003 (2,938,508 ) 557,868 104,508,825 434,132,363 538,641,188 63,223,300 1964-2020 8/6/1987-12/2/2019 0-35 Government services 16 — 8,093,555 121,514,780 2,981,604 — 8,093,555 124,496,384 132,589,939 25,784,980 1983-2011 9/17/2009-1/22/2013 25-35 Grocery stores 132 38,621,000 264,275,526 780,156,042 1,811,459 325,183 264,275,526 782,292,684 1,046,568,210 124,219,525 1948-2019 5/26/1988-12/16/2019 0-35 Health and beauty 2 — 2,475,474 42,821,046 68,912 — 2,475,474 42,889,958 45,365,432 1,979,227 2005-2017 11/1/2006-4/13/2018 25-35 Health and fitness 103 4,281,354 246,562,831 990,068,700 8,099,776 172,145 246,562,831 998,340,621 1,244,903,452 225,107,912 1940-2019 5/31/1995-12/2/2019 0-25 Health care 64 4,079,345 46,055,832 298,433,438 3,748,031 1,314,067 46,055,832 303,495,536 349,551,368 55,246,790 1930-2018 9/9/1991-12/2/2019 14-35 Home furnishings 73 9,700,000 35,099,395 113,295,067 2,562,697 372,213 35,099,395 116,229,977 151,329,372 39,350,470 1960-2015 1/24/1984-12/2/2019 0-35 Home improvement 77 17,725,463 186,981,286 375,408,283 2,113,587 75,210 186,981,286 377,597,080 564,578,366 69,273,547 1950-2009 12/22/1986-12/2/2019 0-35 Insurance 1 — 634,343 6,331,030 — — 634,343 6,331,030 6,965,373 1,867,654 2012 8/28/2012 25 Jewelry 4 — — 8,268,989 — — — 8,268,989 8,268,989 2,301,535 2006-2008 1/22/2013 25 Machinery 1 — 1,630,917 12,938,430 — — 1,630,917 12,938,430 14,569,347 3,859,965 2010 7/31/2012 25 Motor vehicle dealerships 28 — 115,897,045 143,335,317 — 230 115,897,045 143,335,547 259,232,592 50,293,566 1975-2017 5/13/2004-3/29/2019 0-25 Office supplies 8 — 8,551,005 15,480,491 955,594 349,599 8,551,005 16,785,684 25,336,689 13,661,632 1995-2014 1/29/1997-12/2/2019 22-25 Other manufacturing 7 23,897,971 8,893,136 104,286,273 1,663,646 240,191 8,893,136 106,190,110 115,083,246 18,426,589 1989-2016 1/22/2013-12/21/2016 33-35 Packaging 10 2,164,411 20,323,553 163,714,298 2,480,122 — 20,323,553 166,194,420 186,517,973 27,809,312 1965-2016 6/3/2011-12/20/2017 24-35 Initial Cost to Company Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period (Notes 3, 4 and 6) Description Number of Properties (Note 1) Encumbrances (Note 2) Land Buildings, Improvements and Acquisition Fees Improvements Carrying Costs Land Buildings, Improvements and Acquisition Fees Total Accumulated Depreciation (Note 5) Date of Construction Date Acquired Life on which depreciation in latest Income Statement is Computed (in Years) Paper 2 — 2,462,414 11,934,685 44,759 — 2,462,414 11,979,444 14,441,858 3,405,630 2002-2006 5/2/2011-12/21/2012 25-35 Pet supplies and services 33 2,509,000 21,563,825 101,699,137 4,604,704 243,582 21,563,825 106,547,423 128,111,248 21,261,419 1950-2019 12/22/1981-12/31/2019 11-35 Restaurants - casual dining 284 — 241,578,772 459,061,392 6,015,925 2,104,667 241,578,772 467,181,984 708,760,756 132,235,171 1965-2018 3/12/1981-12/2/2019 0-40 Restaurants - quick service 907 — 429,303,832 781,719,427 501,803 226,201 429,303,832 782,447,431 1,211,751,263 152,596,196 1967-2019 12/9/1976-12/4/2019 0-26 Shoe stores 3 8,519,815 6,251,472 35,793,479 214,466 214,706 6,251,472 36,222,651 42,474,123 9,719,936 1996-2008 3/26/1998-1/22/2013 23-35 Sporting goods 22 — 36,258,595 107,396,447 1,854,750 178,206 36,258,595 109,429,403 145,687,998 26,537,565 1950-2016 5/1/1990-12/2/2019 0-25 Telecommunications 7 8,578,171 9,269,789 68,360,132 1,484,423 21,884 9,269,789 69,866,439 79,136,228 17,849,025 1990-2016 6/26/1998-12/10/2015 22-35 Theaters 79 — 231,747,795 829,701,257 10,680,179 270 231,747,795 840,381,706 1,072,129,501 194,026,206 1930-2014 7/27/2000-8/13/2019 0-25 Transportation services 58 19,380,313 109,027,503 824,491,647 (3,820,929 ) 401,593 109,027,503 821,072,311 930,099,814 160,485,427 1958-2016 4/1/2003-9/6/2016 24-36 Wholesale clubs 32 17,820,000 170,229,880 325,098,377 (3,889,998 ) — 170,229,880 321,208,379 491,438,259 94,747,849 1985-2010 9/30/2011-4/1/2014 0-25 Other 6 — 7,254,447 24,355,185 795,984 18,796 7,254,447 25,169,965 32,424,412 5,639,308 1982-1997 5/29/1984-9/13/2013 0-35 U.K. Grocery stores 17 — 310,089,274 360,054,272 — — 310,089,274 360,054,272 670,143,546 6,933,409 1975-2014 5/23/2019-12/20/2019 25-115 Theaters 1 — 2,060,151 2,921,471 — — 2,060,151 2,921,471 4,981,622 4,869 2011 12/18/2019 25 6,484 408,419,373 5,704,816,590 13,857,381,432 65,373,623 10,055,207 5,704,816,590 13,932,810,262 19,637,626,852 3,140,854,604 REALTY INCOME CORPORATION AND SUBSIDIARIES SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION Note 1. Realty Income Corporation owns 6,417 single-tenant properties in the United States and Puerto Rico, our corporate headquarters property in San Diego, California and 18 properties in the United Kingdom. Crest Net Lease, Inc. owns 17 properties. Realty Income Corporation also owns 31 multi-tenant properties located in the United States. Note 2. Includes mortgages payable secured by 92 properties, but excludes unamortized net debt premiums of $3.0 million. Note 3. The aggregate cost for federal income tax purposes for Realty Income Corporation is $20,070,200,483 and for Crest Net Lease, Inc. is $73,548,861. Note 4. The following is a reconciliation of total real estate carrying value for the years ended December 31: 2019 2018 2017 Balance at Beginning of Period 16,566,601,986 15,027,043,415 13,904,519,436 Additions During Period: Acquisitions 3,644,884,106 1,802,745,841 1,531,960,811 Less amounts allocated to acquired lease intangible assets and liabilities on our Consolidated Balance Sheets (401,318,627 ) (89,474,897 ) (238,556,294 ) Improvements, Etc. 17,447,145 23,043,158 11,067,322 Other (Leasing Costs and Building Adjustments as a result of net debt premiums) 2,740,797 2,839,574 1,584,152 Total Additions 3,263,753,421 1,739,153,676 1,306,055,991 Deductions During Period: Cost of Real Estate sold 129,736,613 165,023,825 150,394,756 Cost of Equipment sold 11,200 15,650 — Releasing costs 673,647 232,089 109,986 Other (including Provisions for Impairment) 87,951,488 34,323,541 33,027,270 Total Deductions 218,372,948 199,595,105 183,532,012 Foreign Currency Translation 25,644,393 — — Balance at Close of Period 19,637,626,852 16,566,601,986 15,027,043,415 (1) Includes provision for impairment and, for the year ended 2019, a reclassification of $36.9 million of right of use assets under finance leases in accordance with the adoption of ASC 842, Leases , on January 1, 2019. Note 5. The following is a reconciliation of accumulated depreciation for the years ended: Balance at Beginning of Period 2,723,085,290 2,350,544,126 2,000,728,517 Additions During Period - Provision for Depreciation 481,498,979 432,482,396 393,415,491 Deductions During Period: Accumulated depreciation of real estate and equipment sold or disposed of 64,053,838 59,941,232 43,599,882 Foreign Currency Translation 324,174 — — Balance at Close of Period 3,140,854,604 2,723,085,290 2,350,544,126 Note 6. In 2019, provisions for impairment were recorded on fifty-one Realty Income properties. In 2018, provisions for impairment were recorded on forty-four Realty Income properties. In 2017, provisions for impairment were recorded on twenty-six Realty Income properties. See report of independent registered public accounting firm.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Procedures and Newly Adopted Accounting Standards (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Federal Income Taxes	Federal Income Taxes . We have elected to be taxed as a REIT, as defined above, under the Internal Revenue Code of 1986, as amended, or the Code. We believe we have qualified and continue to qualify as a REIT. Under the REIT operating structure, we are permitted to deduct dividends paid to our stockholders in determining our taxable income. Assuming our dividends equal or exceed our taxable net income, we generally will not be required to pay federal corporate income taxes on such income. Accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements, except for 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 and for U.K. income taxes. Earnings and profits that determine the taxability of distributions to stockholders differ from net income reported for financial reporting purposes due to differences in the estimated useful lives and methods used to compute depreciation and the carrying value (basis) of the investments in properties for tax purposes, among other things. We regularly analyze our various federal and state filing positions and only recognize the income tax effect in our financial statements when certain criteria regarding uncertain income tax positions have been met. We believe that our income tax positions would more likely than not be sustained upon examination by all relevant taxing authorities. Therefore, no provisions for uncertain income tax positions have been recorded in our financial statements.
Net Income per Common Share	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.
Revenue Recognition and Accounts Receivable	Revenue Recognition and Accounts Receivable . The majority of our leases are accounted for as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term. Any rental revenue contingent upon a tenant’s sales is recognized only after the tenant exceeds their sales breakpoint. Rental increases based upon changes in the consumer price indexes are recognized only after the changes in the indexes have occurred and are then applied according to the lease agreements. Contractually obligated rental revenue from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursements in the period when such costs are incurred. Taxes and operating expenses paid directly by the tenant are recorded on a net basis. On January 1, 2019, we adopted ASU 2016-02 (Topic 842, Leases ), which amended Topic 840, Leases. As our leases are accounted for as operating leases under both Topic 840 and 842, our lease revenue recognition policy was largely unaffected by this update. For further information, see Newly Adopted Accounting Standards section below.
Principles of Consolidation	Principles of Consolidation . 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 or asset acquisition was recognized at fair value as of the date of the transaction (see note 11). We have no unconsolidated investments.
Cash Equivalents and Restricted Cash	Cash Equivalents and Restricted Cash . We consider all short-term, highly liquid investments that are readily convertible to cash and have an original maturity of three months or less at the time of purchase to be cash equivalents. Our cash equivalents are primarily investments in United States government money market funds. Restricted cash includes cash proceeds from the sale of assets held by qualified intermediaries in anticipation of the acquisition of replacement properties in tax-free exchanges under Section 1031 of the Code, impounds related to mortgages payable and cash that is not immediately available to Realty Income (i.e. escrow deposits for future acquisitions). Cash accounts maintained on behalf of Realty Income in demand deposits at commercial banks and money market funds may exceed federally insured levels or may be held in accounts without any federal insurance or any other insurance or guarantee. However, Realty Income has not experienced any losses in such accounts.
Real Estate	Gain on Sales of Properties . When real estate is sold, the related net book value of the applicable assets is removed and a gain from the sale is recognized in our consolidated statements of income and comprehensive income. We record a gain from the sale of real estate provided that various criteria, relating to the terms of the sale and any subsequent involvement by us with the real estate, have been met. Allocation of the Purchase Price of Real Estate Acquisitions . A majority of our acquisitions qualify as asset acquisitions and the transaction costs associated with those acquisitions are capitalized. When acquiring a property for investment purposes, we typically allocate the cost of real estate acquired, inclusive of transaction costs, to: (1) land, (2) building and improvements, and (3) identified intangible assets and liabilities, based in each case on their relative estimated fair values. Intangible assets and liabilities consist of above-market or below-market lease value of in-place leases and the value of in-place leases, as applicable. In an acquisition of multiple properties, we must also allocate the purchase price among the properties. The allocation of the purchase price is based on our assessment of estimated fair value and is often based upon the expected future cash flows of the property and various characteristics of the markets where the property is located. In addition, any assumed mortgages are recorded at their estimated fair values. The estimated fair values of our mortgages payable have been calculated by discounting the future cash flows using applicable interest rates that have been adjusted for factors, such as industry type, tenant investment grade, maturity date, and comparable borrowings for similar assets. Our estimated fair value determinations are based on management’s judgment, utilizing various factors, including: market land and building values, market rental rates, discount rates and capitalization rates. Our methodology for measuring and allocating the fair value of real estate acquisitions includes both observable market data (categorized as level 2 on the three-level valuation hierarchy of Accounting Standards Codification (ASC) Topic 820, Fair Value Measurement), and unobservable inputs that reflect our own internal assumptions (categorized as level 3 under ASC Topic 820). Given the significance of the unobservable inputs we believe the allocations of fair value of real estate acquisitions should be categorized as level 3 under ASC Topic 820. For certain of our purchase price allocations we have used the assistance of an independent third party real estate valuation firm. The allocation of tangible assets (which includes land and buildings/improvements) of an acquired property with an in-place lease is based upon relative fair value. Land is typically valued utilizing the sales comparison (or market) approach. Buildings and improvements are typically valued under the replacement cost approach. In allocating the fair value to identified intangibles for above-market or below-market leases, an amount is recorded based on the present value of the difference between (i) the contractual amount to be paid pursuant to the in-place lease and (ii) our estimate of fair market lease rate for the corresponding in-place lease, measured over the remaining term of the lease. The value of in-place leases is determined by our estimated costs related to acquiring a tenant and the carrying costs that would be incurred over the vacancy period to locate a tenant if the property were vacant, considering market conditions and costs to execute similar leases at the time of acquisition. 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 value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to depreciation and amortization expense over the remaining periods of the respective leases. If a lease is terminated prior to its stated expiration, all unamortized amounts relating to that lease are recorded to revenue or expense as appropriate. Depreciation and Amortization . Land, buildings and improvements are recorded and stated at cost. Major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives, while ordinary repairs and maintenance are expensed as incurred. Buildings and improvements that are under redevelopment, or are being developed, are carried at cost and no depreciation is recorded on these assets. Additionally, amounts essential to the development of the property, such as pre-construction, development, construction, interest and other costs incurred during the period of development are capitalized. We cease capitalization when the property is available for occupancy upon substantial completion of tenant improvements, but in any event no later than one year from the completion of major construction activity. Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Buildings 25 years or 35 years Building improvements 4 to 20 years Tenant improvements and lease commissions The shorter of the term of the related lease or useful life Acquired in-place leases Remaining terms of the respective leases Provision for Impairment. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. A provision is made for impairment if estimated future operating cash flows (undiscounted and without interest charges) plus estimated disposition proceeds (undiscounted) are less than the current book value of the property. Key factors that we utilize in this analysis include projected rental rates, estimated holding periods, 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. If a property was previously reclassified as held for sale but the applicable criteria for this classification are no longer met, the property is reclassified to real estate held for investment. A property that is reclassified to held for investment is measured and recorded at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held for investment, or (ii) the fair value at the date of the subsequent decision not to sell. Twenty-three properties were classified as held for sale at December 31, 2019 . We do not depreciate properties that are classified as held for sale. The following table summarizes provisions for impairment during the periods indicated below (dollars in millions): Year Ended December 31, 2019 2018 2017 Total provisions for impairment $ 40.2 $ 26.3 $ 14.8 Number of properties: Classified as held for sale 9 1 — Classified as held for investment 5 3 2 Sold 37 40 24
Equity Offering Costs	Equity Offering Costs. Underwriting commissions and offering costs have been reflected as a reduction of additional paid-in-capital on our consolidated balance sheets.
Noncontrolling Interests	Noncontrolling Interests. Noncontrolling interests are reflected on our consolidated balance sheets as a component of equity. In accordance with the applicable accounting guidance, noncontrolling interests acquired prior to October 1, 2017 were recorded initially at fair value based on the price of the applicable units issued or contributions made, and subsequently adjusted each period for distributions, additional contributions and the allocation of net income attributable to the noncontrolling interests. Noncontrolling interests issued or assumed subsequent to October 1, 2017, were recorded based on the proportional share of equity in the entity.
Derivatives and Hedging Activities	Derivative and Hedging Activities. We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or we elect not to apply hedge accounting. As of December 31, 2019 we had three interest rate swaps in place, including one on each of our $250.0 million unsecured term loans and the third on an assumed mortgage loan. Our objective in using derivatives is to add stability to interest expense and to manage our exposure to interest rate movements. In October 2018, we designated these three interest rate swaps as hedges and adopted hedge accounting treatment in accordance with Topic 815, Derivatives and Hedging . From the adoption date through the end of 2019, the effective portion of gains or losses on our interest rate swaps were recorded in accumulated other comprehensive loss on our consolidated balance sheet as of December 31, 2019, instead of through interest expense on our consolidated statements of income and comprehensive income. In May 2019, we entered into four cross-currency swaps to exchange £130 million Sterling for $166 million maturing in May 2034, in order to hedge the foreign currency risk associated with our Sterling-denominated intercompany loan receivable from our consolidated foreign subsidiaries. These cross-currency swaps were designated as cash flow hedges on their trade date. Gains and losses, representing hedge components excluded from the assessment of effectiveness, are recognized in earnings over the life of the hedges on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. The earnings recognition of excluded components is presented in foreign currency and derivative gains, net on our consolidated statements of income and comprehensive income, which is the same caption item as the hedged transactions.
Use of Estimates	Use of Estimates . The consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles, or GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Reclassifications	Reclassifications . During the fourth quarter of 2019, we reclassified Goodwill, which was previously presented in its own caption on the consolidated balance sheets, into Other Assets for all comparative periods.
Newly Adopted Accounting Standards	Newly Adopted Accounting Standards. In February 2016, the FASB issued ASU 2016-02 (Topic 842, Leases ), which replaced 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 Topic 842, Leases , effective as of January 1, 2019 using the effective date method, and elected the practical expedients available for implementation under the standard for all classes of underlying assets. 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, and below-market rents on certain of our leases under which we are a lessor are accounted for as prepaid rent (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. In connection with our acquisition of properties in the U.K. during the second quarter of 2019, we adopted accounting guidance applicable under Topic 830, Foreign Currency Matters . The functional currency of the U.K. subsidiaries holding the acquired properties is the Great British Pound (Sterling). Assets and liabilities from our foreign-owned subsidiaries are translated into U.S. dollars using the exchange rate in effect at the consolidated balance sheet date. Equity accounts are translated at historical rates, except for retained earnings, whereas the impact is calculated via the income statement translation process. Revenue and expense accounts are translated using the weighted average exchange rates during the period. The cumulative translation adjustments from our U.K. subsidiaries are recorded in accumulated other comprehensive income (loss) in the consolidated statements of equity. We have intercompany debt denominated in pound sterling, which is the same currency as the functional currency of our U.K. subsidiaries. When this debt is remeasured against the functional currency of the Company, which is the U.S. dollar, a gain or loss can result. Such transaction gains or losses realized upon settlement of a foreign currency transaction, which may include intercompany transactions, are included in net income under the caption ‘Foreign currency and derivative gains, net'.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and Procedures and Newly Adopted Accounting Standards (Tables)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Schedule of reconciliation of 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. 2019 2018 2017 Weighted average shares used for the basic net income per share computation 315,837,012 289,427,430 273,465,680 Incremental shares from share-based compensation 322,265 179,532 154,050 Weighted average partnership common units convertible to common shares that were dilutive — 317,022 317,022 Weighted average shares used for diluted net income per share computation 316,159,277 289,923,984 273,936,752 Unvested shares from share-based compensation that were anti-dilutive 8,113 13,148 32,205 Weighted average partnership common units convertible to common shares that were anti-dilutive 442,073 297,576 88,182
Schedule of estimated useful lives of assets	Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Buildings 25 years or 35 years Building improvements 4 to 20 years Tenant improvements and lease commissions The shorter of the term of the related lease or useful life Acquired in-place leases Remaining terms of the respective leases
Schedule of provisions for impairment	The following table summarizes provisions for impairment during the periods indicated below (dollars in millions): Year Ended December 31, 2019 2018 2017 Total provisions for impairment $ 40.2 $ 26.3 $ 14.8 Number of properties: Classified as held for sale 9 1 — Classified as held for investment 5 3 2 Sold 37 40 24

Supplemental Detail for Certa_2

Supplemental Detail for Certain Components of Consolidated Balance Sheets (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure Text Block Supplement [Abstract]
Schedule of acquired lease intangible assets, net	December 31, December 31, A. Lease intangible assets, net, consist of the following at: 2019 2018 In-place leases $ 1,612,153 $ 1,321,979 Accumulated amortization of in-place leases (627,676 ) (546,573 ) Above-market leases 710,275 583,109 Accumulated amortization of above-market leases (201,369 ) (158,918 ) $ 1,493,383 $ 1,199,597
Schedule of other assets, net	December 31, December 31, B. Other assets, net, consist of the following at: 2019 2018 Right of use asset - operating leases, net $ 120,533 $ — Financing receivables 81,892 — Right of use asset - financing leases 36,901 — Non-refundable escrow deposits 14,803 200 Goodwill 14,430 14,630 Impounds related to mortgages payable 12,465 9,555 Prepaid expenses 11,839 11,595 Credit facility origination costs, net 11,453 14,248 Value-added tax receivable 9,682 — Corporate assets, net 5,251 5,681 Restricted escrow deposits 4,529 1,129 Derivative assets and receivables - at fair value 12 3,100 Other items 4,871 1,853 $ 328,661 $ 61,991
Schedule of distributions payable	December 31, December 31, C. Distributions payable consist of the following declared distributions at: 2019 2018 Common stock distributions $ 76,622 $ 67,636 Noncontrolling interests distributions 106 153 $ 76,728 $ 67,789
Schedule of accounts payable and accrued expenses	December 31, December 31, D. Accounts payable and accrued expenses consist of the following at: 2019 2018 Notes payable - interest payable $ 75,114 $ 73,094 Derivative liabilities and payables - at fair value 26,359 7,001 Property taxes payable 18,626 14,511 Value-added tax payable 13,434 — Accrued costs on properties under development 5,870 8,137 Mortgages, term loans, and credit line - interest payable 1,729 1,596 Other items 35,907 29,426 $ 177,039 $ 133,765
Schedule of acquired lease intangible liabilities, net	December 31, December 31, E. Lease intangible liabilities, net, consist of the following at: 2019 2018 Below-market leases $ 447,522 $ 404,938 Accumulated amortization of below-market leases (114,419 ) (94,072 ) $ 333,103 $ 310,866
Schedule of other liabilities	December 31, December 31, F. Other liabilities consist of the following at: 2019 2018 Rent received in advance and other deferred revenue $ 127,687 $ 115,380 Lease liability - operating leases, net 122,285 — Security deposits 6,303 6,093 Lease liability - financing leases 5,946 — Capital lease obligations — 5,636 $ 262,221 $ 127,109

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Schedule of acquisitions	Below is a summary of our acquisitions for the year ended December 31, 2019 : Number of Properties Square Feet (in millions) Investment ($ in millions) Weighted Average Lease Term (Years) Initial Average Cash Lease Yield Year Ended December 31, 2019 (1) Acquisitions - U.S. (in 45 states) 753 11.6 $ 2,860.8 13.0 6.8 % Acquisitions - U.K. (2) 18 1.6 797.8 15.6 5.2 % Total Acquisitions 771 13.2 3,658.6 13.4 6.4 % Properties under Development - U.S. 18 0.5 56.6 15.1 7.3 % Total (3) 789 13.7 $ 3,715.2 13.5 6.4 % (1) None of our investments during 2019 caused any one tenant to be 10% or more of our total assets at December 31, 2019 . All of our 2019 investments in acquired properties are 100% leased at the acquisition date. (2) Represents investments of £625.8 million Sterling during the year ended December 31, 2019 converted at the applicable exchange rate on the date of acquisition. (3) The tenants occupying the new properties operate in 31 industries, and are 94.6% retail and 5.4% industrial, based on rental revenue. Approximately 36% of the rental revenue generated from acquisitions during 2019 is from investment grade rated tenants, their subsidiaries or affiliated companies. Below is a summary of our acquisitions for the year ended December 31, 2018 : Number of Properties Square Feet (in millions) Investment ($ in millions) Weighted Average Lease Term (Years) Initial Average Cash Lease Yield Year Ended December 31, 2018 (1) Acquisitions - U.S. (in 39 states) 750 4.1 $ 1,717.2 14.9 6.3 % Properties under Development - U.S. 14 1.1 80.3 12.3 6.9 % Total (2) 764 5.2 1,797.5 14.8 6.4 % (1) None of our investments during 2018 caused any one tenant to be 10% or more of our total assets at December 31, 2018 . All of our 2018 investments in acquired properties are 100% leased at the acquisition date. (2) The tenants occupying the new properties operated in 21 industries, and the property types consisted of 96.3% retail and 3.7% industrial, based on rental revenue. Approximately 59% of the rental revenue generated from acquisitions during 2018 was from investment grade rated tenants, their subsidiaries or affiliated companies.
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 December 31, 2019 (in thousands): Net decrease to rental revenue Increase to amortization expense 2020 $ (22,911 ) $ 122,982 2021 (21,756 ) 115,235 2022 (20,201 ) 103,268 2023 (18,685 ) 90,965 2024 (17,145 ) 82,394 Thereafter (75,105 ) 469,633 Totals $ (175,803 ) $ 984,477

Mortgages Payable (Tables)

Mortgages Payable (Tables) - Mortgages Payable	12 Months Ended
	Dec. 31, 2019
Debt
Summary of mortgages payable	The following is a summary of all our mortgages payable as of December 31, 2019 and 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 Finance Costs Balance, net Mortgage Payable Balance 12/31/2019 92 4.9 % 4.6 % 3.1 $ 408,419 $ 1,700 $ 410,119 12/31/2018 60 5.1 % 4.6 % 3.2 $ 298,377 $ 4,192 $ 302,569 (1) At December 31, 2019 , there were 27 mortgages on 92 properties. At December 31, 2018 , there were 26 mortgages on 60 properties. The mortgages require monthly payments with principal payments due at maturity. At December 31, 2019 , the mortgages were at fixed interest rates, except for one variable rate mortgage on one property totaling $7.1 million , which has been swapped to a fixed interest rate. At December 31, 2018 , the mortgages were at fixed rates, except for two mortgages on two properties totaling $23.3 million . 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 totaled $16.0 million at December 31, 2018 . (2) Stated interest rates ranged from 3.8% to 6.9% at each of December 31, 2019 and December 31, 2018 . (3) Effective interest rates ranged from 3.8% to 7.6% at December 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 $3.0 million and deferred financing costs of $1.3 million , as of December 31, 2019 (dollars in millions): Year of Maturity Principal 2020 $ 84.2 2021 68.8 2022 111.8 2023 20.6 2024 112.2 Thereafter 10.8 Totals $ 408.4

Notes Payable (Tables)

Notes Payable (Tables) - Notes Payable	12 Months Ended
	Dec. 31, 2019
Debt
Schedule of unsecured notes and bonds	Our senior unsecured notes and bonds consist of the following, sorted by maturity date (dollars in millions): December 31, 2019 December 31, 2018 5.750% notes, issued in June 2010 and due in January 2021 $ 250 $ 250 3.250% notes, $450 issued in October 2012 and $500 issued in December 2017, both due in October 2022 950 950 4.650% notes, issued in July 2013 and due in August 2023 750 750 3.875% notes, issued in June 2014 and due in July 2024 350 350 3.875% notes, issued April 2018 and due in April 2025 500 500 4.125% notes, $250 issued in September 2014 and $400 issued in March 2017, both due in October 2026 650 650 3.000% notes, issued in October 2016 and due in January 2027 600 600 3.650% notes, issued in December 2017 and due in January 2028 550 550 3.250% notes, issued in June 2019 and due in June 2029 500 — 2.730% notes, issued in May 2019 and due in May 2034 (1) 418 — 5.875% bonds, $100 issued in March 2005 and $150 issued in June 2011, both due in March 2035 250 250 4.650% notes, $300 issued in March 2017 and $250 issued in December 2017, both due in March 2047 550 550 Total principal amount 6,318 5,400 Unamortized net original issuance premiums and deferred financing costs (30 ) (23 ) $ 6,288 $ 5,377 (1) Represents the principal balance (in U.S. dollars) of the Sterling-denominated private placement of £315.0 million Sterling based on the applicable exchange rate on December 31, 2019 .
Schedule of maturity of debt, net	The following table summarizes the maturity of our notes and bonds payable as of December 31, 2019 , excluding unamortized net original issuance premiums and deferred financing costs (dollars in millions): Year of Maturity Principal 2021 $ 250 2022 950 2023 750 2024 350 Thereafter 4,018 Totals $ 6,318
Schedule of notes and bonds issued during the year	During the three year period ended December 31, 2019 we issued the following notes and bonds (in millions): 2019 Issuances Date of Issuance Maturity date Principal amount issued Price of par value Effective yield to maturity 2.730% notes May 2019 May 2034 £315 100.00 % 2.73% 3.250% notes June 2019 June 2029 $500 99.36 % 3.33% 2018 Issuances 3.875% notes April 2018 April 2025 $500 99.50 % 3.96% 2017 Issuances 4.125% notes March 2017 October 2026 (1) $400 102.98 % 3.75% 4.650% notes March 2017 March 2047 $300 99.97 % 4.65% 3.250% notes December 2017 October 2022 (2) $500 101.77 % 2.84% 3.650% notes December 2017 January 2028 $550 99.78 % 3.68% 4.650% notes December 2017 March 2047 (3) $250 105.43 % 4.32% (1) This issuance constituted a further issuance of, and formed a single series with the senior notes due 2026 issued in September 2014. (2) This issuance constituted a further issuance of, and formed a single series with the senior notes due 2022 issued in October 2012. (3) This issuance constituted a further issuance of, and formed a single series with the senior notes due 2047 issued in March 2017.

Issuances of Common Stock (Tabl

Issuances of Common Stock (Tables)	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Schedule of common stock issuances pursuant to DRSPP program	The following table outlines common stock issuances pursuant to our DRSPP program (dollars in millions): Year Ended December 31, 2019 2018 2017 Shares of common stock issued under the DRSPP program 117,522 166,268 1,193,653 Gross proceeds $ 8.4 $ 9.1 $ 69.9
Schedule of common stock issuances pursuant to ATM program	The following table outlines common stock issuances pursuant to our ATM program (dollars in millions): Year Ended December 31, 2019 2018 2017 Shares of common stock issued under the ATM program 17,051,456 19,138,610 10,914,088 Gross proceeds $ 1,274.5 $ 1,125.4 $ 621.7

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 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 December 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, 2017 $ 13,322 $ 2,160 $ 3,725 $ 19,207 Reallocation of equity 572 (43 ) 245 774 Redemptions — (2,829 ) (2,752 ) (5,581 ) Shares issued in conjunction with acquisition — 18,848 — 18,848 Distributions (837 ) (842 ) (317 ) (1,996 ) Allocation of net income 299 618 67 984 Carrying value at December 31, 2018 $ 13,356 $ 17,912 $ 968 $ 32,236 Reallocation of equity — 653 — 653 Redemptions (13,356 ) — (901 ) (14,257 ) Additions to noncontrolling interest — 6,286 5,084 11,370 Distributions — (1,219 ) (77 ) (1,296 ) Allocation of net income — 964 32 996 Carrying value at December 31, 2019 $ — $ 24,596 $ 5,106 $ 29,702 (1) 317,022 Tau Operating Partnership units were issued on January 22, 2013. No units remained outstanding as of December 31, 2019 , and 317,022 remained outstanding as of December 31, 2018 . (2) 242,007 Realty Income L.P. 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 units remained outstanding as of December 31, 2019 and 2018, respectively.
Summary of selected financial data of consolidated VIEs	Below is a summary of selected financial data of consolidated VIEs, including the joint venture acquired during 2019, for which we are the primary beneficiary, included in the consolidated balance sheets at December 31, 2019 and December 31, 2018 (in thousands): December 31, 2019 December 31, 2018 Net real estate $ 654,305 $ 2,903,093 Total assets 744,394 3,259,495 Total debt — 191,565 Total liabilities 89,975 320,800

Distributions Paid and Payable

Distributions Paid and Payable (Tables)	12 Months Ended
	Dec. 31, 2019
Dividends [Abstract]
Summary of monthly distributions paid per common share	The following is a summary of monthly distributions paid per common share for 2019 , 2018 and 2017 : Month 2019 2018 2017 January $ 0.2210 $ 0.2125 $ 0.2025 February 0.2255 0.2190 0.2105 March 0.2255 0.2190 0.2105 April 0.2260 0.2195 0.2110 May 0.2260 0.2195 0.2110 June 0.2260 0.2195 0.2110 July 0.2265 0.2200 0.2115 August 0.2265 0.2200 0.2115 September 0.2265 0.2200 0.2115 October 0.2270 0.2205 0.2120 November 0.2270 0.2205 0.2120 December 0.2270 0.2205 0.2120 Total $ 2.7105 $ 2.6305 $ 2.5270
Schedule of federal income tax characterization of distributions paid or deemed to be paid	The following presents the federal income tax characterization of distributions paid or deemed to be paid per common share for the years: 2019 2018 2017 Ordinary income $ 2.1206964 $ 2.0269173 $ 1.9402085 Nontaxable distributions 0.5898036 0.6035827 0.5478464 Total capital gain distribution — — 0.0389451 Totals $ 2.7105000 $ 2.6305000 $ 2.5270000

Operating Leases (Tables)

Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2019
Leases, Operating [Abstract]
Schedule of minimum future annual rents to be received on operating leases	At December 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): 2020 $ 1,541,732 2021 1,503,125 2022 1,435,784 2023 1,350,877 2024 1,233,083 Thereafter 8,055,610 Total $ 15,120,211

Gain on Sales of Real Estate (T

Gain on Sales of Real Estate (Tables)	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Schedule of properties sold	The following table summarizes our properties sold during the periods indicated below (dollars in millions): Year Ended December 31, 2019 2018 2017 Number of properties 93 128 59 Net sales proceeds $ 108.9 $ 142.3 $ 167.0 Gain on sales of real estate $ 30.0 $ 24.6 $ 40.9

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	12 Months Ended
	Dec. 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): At December 31, 2019 Carrying value Estimated fair value Mortgages payable assumed in connection with acquisitions (1) $ 408.4 $ 417.7 Notes and bonds payable (2) 6,317.6 6,826.1 At 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 is $3.0 million at December 31, 2019 , and $4.4 million at December 31, 2018 . Also excludes deferred financing costs of $1.3 million at December 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 $6.3 million at December 31, 2019 , and $10.5 million at December 31, 2018 . Also excludes deferred financing costs of $35.9 million at December 31, 2019 and $33.7 million at December 31, 2018 .
Schedule of derivative financial instruments	The following table summarizes the terms and fair values of our derivative financial instruments at December 31, 2019 and December 31, 2018 (dollars in millions): Derivative Type Hedge Designation Notional Amount Strike Effective Date Maturity Date Fair Value - asset (liability) December 31, December 31, December 31, December 31, 2019 2018 2019 2018 Interest rate swap Cash flow $ 7.0 $ 7.2 6.03% 09/25/2012 09/03/2021 $ (0.2 ) $ (0.2 ) Interest rate swap Cash flow 250.0 250.0 1.72% 06/30/2015 06/30/2020 (0.1 ) 3.0 Interest rate swap Cash flow 250.0 250.0 3.04% 10/24/2018 03/24/2024 (14.7 ) (6.8 ) Cross-currency swap (1) Cash flow 41.6 — (2) 05/20/2019 05/22/2034 (2.6 ) — Cross-currency swap (1) Cash flow 41.6 — (3) 05/20/2019 05/22/2034 (2.6 ) — Cross-currency swap (1) Cash flow 41.6 — (4) 05/20/2019 05/22/2034 (2.9 ) — Cross-currency swap (1) Cash flow 41.6 — (5) 05/20/2019 05/22/2034 (3.2 ) — $ 673.4 $ 507.2 $ (26.3 ) $ (4.0 ) (1) Represents British Pound Sterling, or GBP, United States Dollar, or USD, cross-currency swap. (2) GBP fixed rates initially at 4.82% and escalating to 10.96% , and USD fixed rate at 9.800% . (3) GBP fixed rates initially at 4.82% and escalating to 10.96% , and USD fixed rate at 9.803% . (4) GBP fixed rates initially at 4.82% and escalating to 10.96% , and USD fixed rate at 9.745% . (5) GBP fixed rates initially at 4.82% and escalating to 10.96% , and USD fixed rate at 9.755% .

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flow Information (Tables)	12 Months Ended
	Dec. 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 (dollars in thousands): December 31, 2019 December 31, 2018 Cash and cash equivalents shown in the consolidated balance sheets $ 54,011 $ 10,387 Impounds related to mortgages payable (1) 12,465 9,555 Restricted escrow deposits (1) 4,529 1,129 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 71,005 $ 21,071 (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.

Common Stock Incentive Plan (Ta

Common Stock Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Schedule of severance-related expense	The total value of cash, stock compensation and professional fees incurred as a result of this severance was $28.3 million ; however, the net amount, after incorporating accruals for CEO compensation previous to this severance, was $18.7 million , which was recognized in general and administrative expense on our 2018 consolidated statement of income and comprehensive income, and which represents the incremental costs incurred per the reconciliation below (dollars in thousands): Cash $ 9,817 Stock compensation 17,902 Professional fees 574 Total value of severance 28,293 Amount accrued for CEO compensation prior to separation (9,642 ) Incremental severance $ 18,651
Schedule of nonvested restricted stock activity	The following table summarizes our common stock grant activity under our 2012 Plan. 2019 2018 2017 Number of shares Weighted average price (1) Number of shares Weighted average price (1) Number of shares Weighted average price (1) Outstanding nonvested shares, beginning of year 307,821 $ 53.44 475,768 $ 52.32 513,523 $ 48.33 Shares granted 87,327 $ 69.83 183,952 $ 52.21 149,264 $ 59.21 Shares vested (126,363 ) $ 54.45 (310,706 ) $ 51.05 (183,381 ) $ 46.65 Shares forfeited (9,087 ) $ 55.71 (41,193 ) $ 53.06 (3,638 ) $ 56.57 Outstanding nonvested shares, end of each period 259,698 $ 58.39 307,821 $ 53.44 475,768 $ 52.32 (1) Grant date fair value.
Schedule of number of performance shares that vest based on the achievement of performance goals	The number of performance shares that vest for each of the three years is based on the achievement of the following performance goals: Performance Awards Metrics Weighting Total shareholder return (“TSR”) relative to MSCI US REIT Index 45 % TSR relative to JP Morgan Net Lease Peers 26 % Dividend per share growth rate 16 % Debt-to-EBITDA ratio 13 %
Schedule of nonvested performance shares activity	The following table summarizes our performance share grant activity: 2019 2018 2017 Number of performance shares Weighted average price (1) Number of performance shares Weighted average price (1) Number of performance shares Weighted average price (1) Outstanding nonvested shares, beginning of year 223,392 $ 58.78 245,309 $ 62.49 159,751 $ 49.95 Shares granted 128,581 $ 65.34 269,868 $ 51.98 124,681 $ 71.79 Shares vested (47,310 ) $ 54.27 (291,785 ) $ 54.88 (39,123 ) $ 41.60 Shares forfeited — $ — — $ — — $ — Outstanding nonvested shares, end of each period 304,663 $ 62.25 223,392 $ 58.78 245,309 $ 62.49 (1) Grant date fair value.
Schedule of nonvested restricted stock units activity	During 2019 , 2018 and 2017 we also granted restricted stock units that primarily vest over a four -year service period and have the same economic rights as shares of restricted stock: 2019 2018 2017 Number of restricted stock units Weighted average price (1) Number of restricted stock units Weighted average price (1) Number of restricted stock units Weighted average price (1) Outstanding nonvested shares, beginning of year 14,968 $ 54.62 24,869 $ 55.97 18,460 $ 52.65 Shares granted 5,482 $ 69.58 8,383 $ 49.96 10,467 $ 60.56 Shares vested (4,939 ) $ 54.90 (10,118 ) $ 55.01 (4,058 ) $ 52.70 Shares forfeited — $ — (8,166 ) $ 53.45 — $ — Outstanding nonvested shares, end of each period 15,511 $ 59.82 14,968 $ 54.62 24,869 $ 55.97 (1) Grant date fair value.

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 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 December 31: 2019 2018 Segment net real estate: Automotive service $ 288,453 $ 210,668 Automotive tire services 232,709 238,939 Beverages 279,373 284,910 Child care 208,326 151,640 Convenience stores 2,057,157 1,756,732 Dollar stores 1,427,950 1,117,250 Drug stores 1,618,854 1,490,261 Financial services 389,634 414,613 General merchandise 475,418 317,424 Grocery stores - U.S. (1) 922,349 774,526 Grocery stores - U.K. (1) 663,210 — Health and fitness 1,019,796 882,515 Home improvement 495,305 424,494 Restaurants-casual dining 576,526 559,616 Restaurants-quick service 1,059,155 964,980 Theaters - U.S. 878,103 555,990 Transportation services 769,614 758,133 Wholesale club 396,690 412,203 Other non-reportable segments 2,738,150 2,528,623 Total segment net real estate 16,496,772 13,843,517 Intangible assets: Automotive service 58,854 61,951 Automotive tire services 7,322 8,696 Beverages 1,509 1,765 Child care 21,997 12,277 Convenience stores 131,808 108,714 Dollar stores 82,701 48,842 Drug stores 183,319 165,558 Financial services 17,130 20,426 General merchandise 66,135 43,122 Grocery stores - U.S. (1) 180,197 144,551 Grocery stores - U.K. (1) 153,407 — Health and fitness 74,428 71,609 Home improvement 72,979 57,928 Restaurants-casual dining 23,289 18,153 Restaurants-quick service 52,353 54,448 Theaters - U.S. 36,089 25,811 Transportation services 66,055 73,577 Wholesale club 23,372 26,484 Other non-reportable segments 240,439 255,685 Other corporate assets 564,641 217,369 Total assets $ 18,554,796 $ 15,260,483
Schedule of reconciliation of revenue from segments to consolidated	Revenue for the years ended December 31, 2019 2018 2017 Segment rental revenue: Automotive service $ 32,365 $ 28,303 $ 25,291 Automotive tire services 31,292 30,078 29,560 Beverages 31,807 31,488 31,174 Child care 31,749 21,865 20,775 Convenience stores 166,755 142,194 111,023 Dollar stores 102,695 94,782 91,076 Drug stores 127,853 129,565 126,555 Financial services 30,189 29,429 28,744 General merchandise 35,366 29,249 23,752 Grocery stores - U.S. (1) 69,691 63,594 50,731 Grocery stores - U.K. (1) 17,819 — — Health and fitness 105,896 94,638 88,146 Home improvement 42,351 37,939 30,324 Restaurants-casual dining 45,238 46,171 43,876 Restaurants-quick service 92,018 72,465 59,638 Theaters - U.S. 87,698 70,560 58,443 Transportation services 66,500 63,565 62,337 Wholesale club 38,117 37,571 37,646 Other non-reportable segments and tenant reimbursements 329,419 298,090 293,215 Rental (including reimbursable) 1,484,818 1,321,546 1,212,306 Other 6,773 6,292 3,462 Total revenue $ 1,491,591 $ 1,327,838 $ 1,215,768 (1) During 2019, we acquired 17 grocery stores and one theater located in the U.K. Our investments in industries outside of the U.S. are managed as separate operating segments. The U.K. theater is included in other non-reportable segments.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of minimum future rental payments under operating leases	At December 31, 2019 , minimum future rental payments for the next five years and thereafter are as follows (dollars in millions): Ground Leases Paid by Realty Income (1) Ground Leases Paid by Our Tenants (2) Total 2020 $ 1.6 $ 13.5 $ 15.1 2021 1.4 13.3 14.7 2022 1.4 13.2 14.6 2023 1.3 13.2 14.5 2024 1.3 13.3 14.6 Thereafter 18.9 68.9 87.8 Total $ 25.9 $ 135.4 $ 161.3 Present value adjustment for remaining lease payments (3) (39.0 ) Lease liability - operating leases, net $ 122.3 (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. (3 ) The range of discount rates used to calculate the present value of the lease payments is 2.42% to 5.50% . At December 31, 2019 , the weighted average discount rate is 4.29% and the weighted average remaining lease term is 12.3 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 are specific for individual leases primarily based on the lease term.
Schedule of minimum future rental payments under operating leases at prior year end	At December 31, 2018 , minimum future rental payments for the next five years and thereafter were as follows (dollars in millions): Ground Leases Paid by Realty Income (1) Ground Leases Paid by Our Tenants (2) Total 2019 $ 1.5 $ 13.5 $ 15.0 2020 1.4 13.5 14.9 2021 1.2 13.2 14.4 2022 1.2 13.1 14.3 2023 1.2 13.1 14.3 Thereafter 19.8 82.0 101.8 Total $ 26.3 $ 148.4 $ 174.7 (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.

Consolidated Quarterly Financ_2

Consolidated Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly consolidated financial data	CONSOLIDATED QUARTERLY FINANCIAL DATA (dollars in thousands, except per share data) (unaudited) (not covered by Report of Independent Registered Public Accounting Firm) First Quarter Second Quarter Third Quarter Fourth Quarter Year 2019 Total revenue $ 354,365 $ 365,450 $ 374,247 $ 397,529 $ 1,491,591 Depreciation and amortization expense 137,517 150,426 149,424 156,594 593,961 Interest expense 70,020 72,488 73,410 75,073 290,991 Other expenses 42,861 54,143 52,139 52,269 201,412 Net income 111,230 95,420 101,275 129,553 437,478 Net income available to common stockholders 110,942 95,194 101,049 129,297 436,482 Net income per common share Basic and diluted 0.37 0.31 0.32 0.39 1.38 Dividends paid per common share 0.6720 0.6780 0.6795 0.6810 2.7105 2018 Total revenue $ 318,295 $ 328,886 $ 338,081 $ 342,576 $ 1,327,838 Depreciation and amortization expense 131,103 133,999 136,967 137,711 539,780 Interest expense 59,415 66,628 69,342 70,635 266,020 Other expenses 47,680 39,349 40,302 54,752 182,083 Net income 83,315 96,697 99,283 85,303 364,598 Net income available to common stockholders 83,163 96,380 98,999 85,072 363,614 Net income per common share Basic and diluted 0.29 0.34 0.34 0.29 1.26 Dividends paid per common share 0.6505 0.6585 0.6600 0.6615 2.6305

Organization and Operation (Det

Organization and Operation (Details) ft² in Millions	Dec. 31, 2019ft²stateproperty
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of properties owned | property	6,483
Number of U.S. states where properties are owned (states) | state	49
Leasable square feet (sq ft) | ft²	106.3

Summary of Significant Accoun_4

Summary of Significant Accounting Policies and Procedures and Newly Adopted Accounting Standards - Net Income Per Common Share (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share Reconciliation [Abstract]
Weighted average shares used for the basic net income per share computation (in shares)	315,837,012	289,427,430	273,465,680
Incremental shares from share-based compensation (in shares)	322,265	179,532	154,050
Weighted average partnership common units convertible to common shares that were dilutive (in shares)	0	317,022	317,022
Weighted average shares used for diluted net income per share computation (in shares)	316,159,277	289,923,984	273,936,752
Unvested shares from share-based compensation
Net income per common share
Anti-dilutive shares excluded from computation (in shares)	8,113	13,148	32,205
Partnership common units convertible to common shares
Net income per common share
Anti-dilutive shares excluded from computation (in shares)	442,073	297,576	88,182

Summary of Significant Accoun_5

Summary of Significant Accounting Policies and Procedures and Newly Adopted Accounting Standards - Depreciation and Amortization (Details)	12 Months Ended
	Dec. 31, 2019
Buildings | Minimum
Depreciation and Amortization
Estimated useful life (in years)	25 years
Buildings | Maximum
Depreciation and Amortization
Estimated useful life (in years)	35 years
Building improvements | Minimum
Depreciation and Amortization
Estimated useful life (in years)	4 years
Building improvements | Maximum
Depreciation and Amortization
Estimated useful life (in years)	20 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies and Procedures and Newly Adopted Accounting Standards - Provision For Impairment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)property
Provisions for Impairment
Number of properties	6,483
Provisions for impairment | $	$ 40,186	$ 26,269	$ 14,751
Number of impaired properties held for sale	9	1	0
Number of impaired properties held for investment	5	3	2
Number of impaired properties sold	37	40	24
Held for sale
Provisions for Impairment
Number of properties	23

Summary of Significant Accoun_7

Summary of Significant Accounting Policies and Procedures and Newly Adopted Accounting Standards - Derivative and Hedging Activities (Details) £ in Millions	Dec. 31, 2019USD ($)derivative	May 31, 2019GBP (£)derivative	May 31, 2019USD ($)derivative	Oct. 31, 2018derivative
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate swaps	3			3
Number of interest rate swaps for each term loan	1
Term Loans
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Face amount of loan | $	$ 250,000,000
Cross-currency swaps | Cash flow hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of derivative instruments		4	4
Swap exchange notional amount		£ 130	$ 166,000,000

Supplemental Detail for Certa_3

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Lease Intangible Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Lease intangible assets, net
Total acquired lease intangible assets, net	$ 1,493,383	$ 1,199,597
In-place leases
Lease intangible assets, net
Lease intangible assets, gross	1,612,153	1,321,979
Accumulated amortization of lease intangible assets	(627,676)	(546,573)
Above-market leases
Lease intangible assets, net
Lease intangible assets, gross	710,275	583,109
Accumulated amortization of lease intangible assets	$ (201,369)	$ (158,918)

Supplemental Detail for Certa_4

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Other assets, net
Right of use asset - operating leases, net		$ 132,000
Financing receivables	$ 81,892		$ 0
Right of use asset - financing leases	36,901
Non-refundable escrow deposits	14,803		200
Goodwill	14,430		14,630
Impounds related to mortgages payable	12,465		9,555
Prepaid expenses	11,839		11,595
Credit facility origination costs, net	11,453		14,248
Value-added tax receivable	9,682		0
Corporate assets, net	5,251		5,681
Restricted escrow deposits	4,529		1,129
Derivative assets and receivables - at fair value	12		3,100
Other items	4,871		1,853
Total other assets, net	328,661		$ 61,991
Other assets, net
Other assets, net
Right of use asset - operating leases, net	$ 120,533

Supplemental Detail for Certa_5

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Distributions Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Distributions payable
Distributions payable	$ 76,728	$ 67,789
Noncontrolling interests
Distributions payable
Distributions payable	106	153
Common stock
Distributions payable
Distributions payable	$ 76,622	$ 67,636

Supplemental Detail for Certa_6

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accounts payable and accrued expenses
Derivative liabilities and payables - at fair value	$ 26,359	$ 7,001
Property taxes payable	18,626	14,511
Value-added tax payable	13,434	0
Accrued costs on properties under development	5,870	8,137
Other items	35,907	29,426
Total accounts payable and accrued expenses	177,039	133,765
Notes payable
Accounts payable and accrued expenses
Interest payable	75,114	73,094
Mortgages, term loans, credit line
Accounts payable and accrued expenses
Interest payable	$ 1,729	$ 1,596

Supplemental Detail for Certa_7

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Lease Intangible Liabilities, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Lease intangible liabilities, net
Below-market leases	$ 447,522	$ 404,938
Accumulated amortization of below-market leases	(114,419)	(94,072)
Total lease intangible liabilities, net	$ 333,103	$ 310,866

Supplemental Detail for Certa_8

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Other liabilities
Rent received in advance and other deferred revenue	$ 127,687		$ 115,380
Lease liability - operating leases, net	122,285	$ 132,000
Security deposits	6,303		6,093
Lease liability - financing leases	5,946
Capital lease obligations			5,636
Total other liabilities	$ 262,221		$ 127,109

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Acquisitions (Details) £ in Millions, ft² in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019GBP (£)ft²stateproperty	Dec. 31, 2019USD ($)ft²stateproperty	Dec. 31, 2018USD ($)ft²stateproperty
Real Estate [Line Items]
Number of properties | property	789	789	764
Square feet (sq ft) | ft²	13.7	13.7	5.2
Investment | $		$ 3,715.2	$ 1,797.5
Weighted average lease term (years)	13 years 6 months	13 years 6 months	14 years 9 months 18 days
Initial average cash lease yield (percent)	6.40%	6.40%	6.40%
New properties
Real Estate [Line Items]
Number of properties, new | property	771	771
Square feet (sq ft) | ft²	13.2	13.2
Investment | $		$ 3,658.6
Weighted average lease term (years)	13 years 4 months 24 days	13 years 4 months 24 days
Initial average cash lease yield (percent)	6.40%	6.40%
New properties | U.S.
Real Estate [Line Items]
Number of properties, new | property	753	753	750
Number of states | state	45	45	39
Square feet (sq ft) | ft²	11.6	11.6	4.1
Investment | $		$ 2,860.8	$ 1,717.2
Weighted average lease term (years)	13 years	13 years	14 years 10 months 24 days
Initial average cash lease yield (percent)	6.80%	6.80%	6.30%
New properties | U.K.
Real Estate [Line Items]
Number of properties, new | property	18	18
Square feet (sq ft) | ft²	1.6	1.6
Investment	£ 625.8	$ 797.8
Weighted average lease term (years)	15 years 7 months 6 days	15 years 7 months 6 days
Initial average cash lease yield (percent)	5.20%	5.20%
Properties under development | U.S.
Real Estate [Line Items]
Number of properties, under development | property	18	18	14
Square feet (sq ft) | ft²	0.5	0.5	1.1
Investment | $		$ 56.6	$ 80.3
Weighted average lease term (years)	15 years 1 month 6 days	15 years 1 month 6 days	12 years 3 months 18 days
Initial average cash lease yield (percent)	7.30%	7.30%	6.90%

Investments in Real Estate - Ac

Investments in Real Estate - Acquisitions Narrative (Details) £ in Millions	12 Months Ended
	Dec. 31, 2019GBP (£)property_investmentindustry	Dec. 31, 2019USD ($)property_investmentindustry	Dec. 31, 2018USD ($)property_investmentindustry	Jan. 01, 2019USD ($)
Investments in real estate properties
Number of investments that caused any tenant to be 10% or more of total assets | property_investment	0	0	0
Rental revenue generated from acquisitions from investment grade tenants (percent)	36.00%	36.00%	59.00%
Value of properties acquired during the period		$ 3,715,200,000	$ 1,797,500,000
Right-of-use assets				$ 132,000,000
Industrial
Investments in real estate properties
Property type acquired based on rental revenue (percent)			3.70%
Land
Investments in real estate properties
Right-of-use assets		$ 28,900,000
New and under development
Investments in real estate properties
Leased area (as a percent)		100.00%	100.00%
New properties
Investments in real estate properties
Number of industries in which tenants operate | industry	31	31	21
Value of properties acquired during the period		$ 3,658,600,000
New properties | Retail
Investments in real estate properties
Property type acquired based on rental revenue (percent)	94.60%	94.60%	96.30%
New properties | Industrial
Investments in real estate properties
Property type acquired based on rental revenue (percent)	5.40%	5.40%
Real Estate Investment
Investments in real estate properties
Value of properties acquired during the period		$ 3,700,000,000	$ 1,800,000,000
Property investments allocated to land		1,100,000,000	651,500,000
Property investments allocated to buildings and improvements		2,100,000,000	1,000,000,000
Property investments allocated to lease-related intangible assets		448,300,000	141,000,000
Property investments allocated to financing receivables		82,600,000
Property investments allocated to lease-related intangible liabilities		46,800,000	39,200,000
Property investments allocated to prepaid rent related to certain below-market leases		8,400,000
Contingent consideration associated with acquisitions		0	0
Revenue generated from acquired properties during the period		36,900,000	30,900,000
Net income generated from acquired properties during the period		92,000,000	$ 57,300,000
U.K. | New properties
Investments in real estate properties
Value of properties acquired during the period	£ 625.8	$ 797,800,000

Investments in Real Estate - In

Investments in Real Estate - Investments in Existing Properties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Investments in real estate properties
Improvements	$ 65,373,623
Investments in Existing Properties
Investments in real estate properties
Improvements	17,900,000	$ 17,900,000
Re-leasing costs	2,100,000	3,900,000
Recurring capital expenditures	801,000	1,100,000
Nonrecurring building improvements	$ 15,000,000	$ 12,900,000

Investments in Real Estate - Pr

Investments in Real Estate - Properties with Existing Leases (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)
Investments in real estate properties
Value of properties acquired during the period	$ 3,715.2	$ 1,797.5
Number of properties acquired during the period | property	789	764
Rental Revenue
Investments in real estate properties
Amortization of above and below market Leases	$ 21.7	$ 16.9	$ 14
In-Place Leases
Investments in real estate properties
Depreciation and amortization expense	112	106.6	$ 104.8
Real Estate Investment
Investments in real estate properties
Value of properties acquired during the period	3,700	1,800
Real Estate Investment | Properties with existing leases | In-Place Leases
Investments in real estate properties
Value of properties acquired during the period	$ 2,720	$ 425.5
Number of properties acquired during the period | property	575	205

Investments in Real Estate - Es

Investments in Real Estate - Estimated Impact of Amortization of Lease Intangibles (Details) $ in Thousands	Dec. 31, 2019USD ($)
Net decrease to rental revenue
2020	$ (22,911)
2021	(21,756)
2022	(20,201)
2023	(18,685)
2024	(17,145)
Thereafter	(75,105)
Totals	(175,803)
Increase to amortization expense
2020	122,982
2021	115,235
2022	103,268
2023	90,965
2024	82,394
Thereafter	469,633
Totals	$ 984,477

Credit Facility (Details)

Credit Facility (Details) £ in Millions	1 Months Ended	12 Months Ended
	Oct. 31, 2018USD ($)	Dec. 31, 2019USD ($)currency	Dec. 31, 2018USD ($)	Dec. 31, 2019GBP (£)extension	Dec. 31, 2019USD ($)extension
Credit facility
Credit facility origination costs			$ 14,248,000		$ 11,453,000
Outstanding balance			252,000,000		704,335,000
Unsecured debt | Revolving Credit Facility
Credit facility
Maximum borrowing capacity					$ 3,000,000,000
Number of extensions | extension				2	2
Term of extension option		6 months
Number of currencies allowable per facility | currency		14
Accordion expansion option		$ 1,000,000,000
Outstanding balance			$ 252,000,000	£ 169.2	$ 704,300,000
Current borrowing capacity					$ 2,300,000,000
Weighted average borrowing rate during the period (as a percent)		3.10%	2.90%
Weighted average interest rate at the end of the period (as a percent)			3.20%	2.20%	2.20%
Unsecured debt | Revolving Credit Facility | Other assets, net
Credit facility
Credit facility origination costs			$ 14,200,000		$ 11,500,000
Unsecured debt | 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%
Term Loans
Credit facility
Face amount of loan					250,000,000
Term Loans | $250 million senior unsecured term loan due Mar 2024
Credit facility
Face amount of loan	$ 250,000,000				$ 250,000,000
Basis spread on variable rate (as a percent)	0.85%

Term Loans (Details)

Term Loans (Details) - Term Loans	1 Months Ended			12 Months Ended
	Oct. 31, 2018USD ($)	Jun. 30, 2015USD ($)	Jan. 31, 2013USD ($)	Dec. 31, 2018USD ($)extension	Dec. 31, 2019USD ($)
Debt
Face amount of loan					$ 250,000,000
Deferred finance costs balance				$ 1,400,000	956,000
$250 million senior unsecured term loan due Mar 2024
Debt
Face amount of loan	$ 250,000,000				$ 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 Jun 2020
Debt
Face amount of loan		$ 250,000,000
Basis spread on variable rate (as a percent)		0.90%
Effective yield (as a percent)		2.62%
Deferred financing costs incurred		$ 1,200,000
$70 million senior unsecured term loan due Jan 2018
Debt
Face amount of loan			$ 70,000,000
Basis spread on variable rate (as a percent)			1.10%	0.90%
Effective yield (as a percent)			2.05%
Number of optional extension periods | extension				2
Loan extension period				6 months

Mortgages Payable - Narrative (

Mortgages Payable - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)mortgageproperty	Dec. 31, 2018USD ($)mortgage	Dec. 31, 2017USD ($)
Debt
Principal payments on mortgages payable	$ 20,723	$ 21,905	$ 139,725
Number of mortgages assumed | mortgage	2	0
Mortgage loans assumed	$ 130,800
Number of properties related to mortgages assumed | property	33
Mortgages Payable
Debt
Principal payments on mortgages payable	$ 20,700	$ 21,900
Deferred financing costs	1,300	183
Unamortized premium balance	3,000
Mortgages Payable | Mortgages repaid in full
Debt
Principal payments on mortgages payable	$ 15,800	$ 17,000
Number of mortgages repaid | mortgage	1	2

Mortgages Payable - Summary of

Mortgages Payable - Summary of Mortgages Payable (Details) - Mortgages Payable $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)mortgageproperty	Dec. 31, 2018USD ($)mortgageproperty
Debt
Number of properties | property	92	60
Weighted Average Stated Interest Rate (as a percent)	4.90%	5.10%
Weighted Average Effective Interest Rate (as a percent)	4.60%	4.60%
Weighted Average Remaining Years Until Maturity	3 years 1 month 6 days	3 years 2 months 12 days
Remaining Principal Balance	$ 408,419	$ 298,377
Unamortized Premium and Deferred Finance Costs Balance, net	1,700	4,192
Net payable amount	$ 410,119	$ 302,569
Number of mortgages | mortgage	27	26
Minimum
Debt
Weighted Average Effective Interest Rate (as a percent)	3.80%	1.10%
Stated interest rate (as a percent)	3.80%	3.80%
Maximum
Debt
Weighted Average Effective Interest Rate (as a percent)	7.60%	7.70%
Stated interest rate (as a percent)	6.90%	6.90%
Variable rate mortgages
Debt
Number of properties | property	1	2
Remaining Principal Balance	$ 7,100	$ 23,300
Number of mortgages | mortgage	1	2
Variable rate mortgages after interest rate arrangements
Debt
Remaining Principal Balance		$ 16,000

Mortgages Payable - Maturities

Mortgages Payable - Maturities (Details) - Mortgages Payable - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Maturity of mortgages payable, excluding net premiums
2020	$ 84,200
2021	68,800
2022	111,800
2023	20,600
2024	112,200
Thereafter	10,800
Totals	$ 408,419	$ 298,377

Notes Payable - General (Detail

Notes Payable - General (Details) - Notes Payable	Dec. 31, 2019GBP (£)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Mar. 31, 2017USD ($)	Sep. 30, 2014USD ($)	Oct. 31, 2012USD ($)	Jun. 30, 2011USD ($)	Mar. 31, 2005USD ($)
Debt
Total principal amount		$ 6,318,000,000	$ 5,400,000,000
Unamortized net original issuance premiums and deferred financing costs		(30,000,000)	(23,000,000)
Net payable amount		6,288,000,000	5,377,000,000
5.750% notes, issued in June 2010 and due in January 2021
Debt
Total principal amount		$ 250,000,000	$ 250,000,000
Stated interest rate (as a percent)	5.75%	5.75%	5.75%
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
Stated interest rate (as a percent)	3.25%	3.25%	3.25%
3.250% notes, issued in October 2012 and due in October 2022
Debt
Principal amount issued							$ 450,000,000
3.250% notes, issued in December 2017 and due in October 2022
Debt
Stated interest rate (as a percent)				3.25%
Principal amount issued				$ 500,000,000
4.650% notes, issued in July 2013 and due in August 2023
Debt
Total principal amount		$ 750,000,000	$ 750,000,000
Stated interest rate (as a percent)	4.65%	4.65%	4.65%
3.875% notes, issued in June 2014 and due in July 2024
Debt
Total principal amount		$ 350,000,000	$ 350,000,000
Stated interest rate (as a percent)	3.875%	3.875%	3.875%
3.875% notes, issued in April 2018 and due in April 2025
Debt
Total principal amount		$ 500,000,000	$ 500,000,000
Stated interest rate (as a percent)	3.875%	3.875%	3.875%
Principal amount issued			$ 500,000,000
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
Stated interest rate (as a percent)	4.125%	4.125%	4.125%
4.125% notes, issued in September 2014 and due in October 2026
Debt
Principal amount issued						$ 250,000,000
4.125% notes, issued in March 2017 and due in October 2026
Debt
Stated interest rate (as a percent)				4.125%
Principal amount issued				$ 400,000,000	$ 400,000,000
3.000% notes, issued in October 2016 and due in January 2027
Debt
Total principal amount		$ 600,000,000	$ 600,000,000
Stated interest rate (as a percent)	3.00%	3.00%	3.00%
3.650% notes, issued in December 2017 and due in January 2028
Debt
Total principal amount		$ 550,000,000	$ 550,000,000
Stated interest rate (as a percent)	3.65%	3.65%	3.65%
3.250% notes, issued in June 2019 and due in June 2029
Debt
Total principal amount		$ 500,000,000	$ 0
Stated interest rate (as a percent)	3.25%	3.25%
Principal amount issued		$ 500,000,000
2.730% notes, issued in May 2019 and due in May 2034
Debt
Total principal amount	£ 315,000,000	$ 418,000,000	0
Stated interest rate (as a percent)	2.73%	2.73%
Principal amount issued | £	£ 315,000,000
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
Stated interest rate (as a percent)	5.875%	5.875%	5.875%
5.875% bonds, issued in March 2005 and due in March 2035
Debt
Principal amount issued									$ 100,000,000
5.875% bonds, issued in June 2011 and due in March 2035
Debt
Principal amount issued								$ 150,000,000
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
Stated interest rate (as a percent)	4.65%	4.65%	4.65%
4.650% notes, issued in March 2017 and due in March 2047
Debt
Stated interest rate (as a percent)				4.65%
Principal amount issued				$ 300,000,000	$ 300,000,000
4.650% notes, issued in December 2017 and due in March 2047
Debt
Stated interest rate (as a percent)				4.65%
Principal amount issued				$ 250,000,000

Notes Payable - Maturities (Det

Notes Payable - Maturities (Details) - Notes Payable - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Maturity of notes and bonds payable
2021	$ 250
2022	950
2023	750
2024	350
Thereafter	4,018
Totals	$ 6,318	$ 5,400

Notes Payable - General Narrati

Notes Payable - General Narrative (Details) - Notes Payable - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt
Weighted average interest rate (as a percent)	3.90%
Weighted average remaining years until maturity	8 years 3 months 18 days
Interest incurred on notes and bonds	$ 233.5	$ 213.8	$ 197.1
Maximum
Debt
Debt to total adjusted assets ratio (as a percent)	60.00%
Secured debt to total adjusted assets ratio (as a percent)	40.00%
Minimum
Debt
Debt service coverage ratio	1.5
Total unencumbered assets as a percentage of outstanding unsecured debt	150.00%

Notes Payable - Note Issuances

Notes Payable - Note Issuances (Details) - Notes Payable	Dec. 31, 2019GBP (£)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Mar. 31, 2017USD ($)
2.730% notes, issued in May 2019 and due in May 2034
Debt
Stated interest rate (as a percent)	2.73%	2.73%
Principal amount issued | £	£ 315,000,000
Price of par value (as a percent)	100.00%	100.00%
Effective yield (as a percent)	2.73%	2.73%
3.250% notes, issued in June 2019 and due in June 2029
Debt
Stated interest rate (as a percent)	3.25%	3.25%
Principal amount issued		$ 500,000,000
Price of par value (as a percent)	99.36%	99.36%
Effective yield (as a percent)	3.33%	3.33%
3.875% notes, issued in April 2018 and due in April 2025
Debt
Stated interest rate (as a percent)	3.875%	3.875%	3.875%
Principal amount issued			$ 500,000,000
Price of par value (as a percent)			99.50%
Effective yield (as a percent)			3.96%
4.125% notes, issued in March 2017 and due in October 2026
Debt
Stated interest rate (as a percent)				4.125%
Principal amount issued				$ 400,000,000	$ 400,000,000
Price of par value (as a percent)				102.98%
Effective yield (as a percent)				3.75%
4.650% notes, issued in March 2017 and due in March 2047
Debt
Stated interest rate (as a percent)				4.65%
Principal amount issued				$ 300,000,000	$ 300,000,000
Price of par value (as a percent)				99.97%
Effective yield (as a percent)				4.65%
3.250% notes, issued in December 2017 and due in October 2022
Debt
Stated interest rate (as a percent)				3.25%
Principal amount issued				$ 500,000,000
Price of par value (as a percent)				101.77%
Effective yield (as a percent)				2.84%
3.650% notes, issued in December 2017 and due in January 2028
Debt
Stated interest rate (as a percent)				3.65%
Principal amount issued				$ 550,000,000
Price of par value (as a percent)				99.78%
Effective yield (as a percent)				3.68%
4.650% notes, issued in December 2017 and due in March 2047
Debt
Stated interest rate (as a percent)				4.65%
Principal amount issued				$ 250,000,000
Price of par value (as a percent)				105.43%
Effective yield (as a percent)				4.32%

Notes Payable - Note Issuance_2

Notes Payable - Note Issuances Narrative (Details) - Notes Payable £ in Millions, $ in Millions	1 Months Ended
	Jun. 30, 2019USD ($)	May 31, 2019GBP (£)	May 31, 2019USD ($)	Apr. 30, 2018USD ($)	Dec. 31, 2017USD ($)	Mar. 31, 2017USD ($)
2.730% notes, issued in May 2019 and due in May 2034
Debt
Proceeds from issuance of debt		£ 315	$ 398.1
3.250% notes, issued in June 2019 and due in June 2029
Debt
Proceeds from issuance of debt	$ 492.2
3.875% notes, issued in April 2018 and due in April 2025
Debt
Proceeds from issuance of debt				$ 493.1
Notes issued in December 2017
Debt
Proceeds from issuance of debt					$ 1,300
6.750% notes, issued in September 2007 and due in August 2019
Debt
Early repayment of notes payable					$ 550
Notes issued in March 2017
Debt
Proceeds from issuance of debt						$ 705.2

Notes Payable - Note Repayment

Notes Payable - Note Repayment (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			12 Months Ended
	Jan. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt
Principal payments on notes payable				$ 0	$ 350,000	$ 725,000
Loss on extinguishment of debt				$ 0	$ 0	$ (42,426)
Notes Payable | 2.000% notes, issued in October 2012 and due in January 2018
Debt
Principal payments on notes payable	$ 350,000
Stated interest rate (as a percent)	2.00%
Notes Payable | 6.750% notes, issued in September 2007 and due in August 2019
Debt
Early repayment of notes payable		$ 550,000
Stated interest rate (as a percent)		6.75%				6.75%
Loss on extinguishment of debt		$ (42,400)
Dilution in earnings per common share due to loss on extinguishment of debt		$ (0.15)
Notes Payable | 5.375% notes, issued in September 2005 and due in September 2017
Debt
Principal payments on notes payable			$ 175,000
Stated interest rate (as a percent)			5.375%

Issuances of Common Stock - Iss

Issuances of Common Stock - Issuance of Common Stock in an Overnight Offering (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	May 31, 2019	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Issuance of Common Stock
Proceeds from shares issuances, net			$ 845,061	$ 0	$ 704,938
Overnight Offering | Common stock
Issuance of Common Stock
Shares of common stock issued (in shares)	12,650,000	11,850,000		0
Underwriting discounts and other offering costs	$ 31,000	$ 29,800
Proceeds from shares issuances, net	$ 845,100	$ 704,900

Issuances of Common Stock - Div

Issuances of Common Stock - Dividend Reinvestment and Stock Purchase Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Dividend Reinvestment and Stock Purchase Plan
Gross proceeds	$ 8,437	$ 9,114	$ 69,931
DRSPP
Dividend Reinvestment and Stock Purchase Plan
Common shares for future issuance (in shares)	26,000,000
Shares remaining for future issuance (in shares)	11,652,668
Common stock | DRSPP
Dividend Reinvestment and Stock Purchase Plan
Shares of common stock issued (in shares)	117,522	166,268	1,193,653
Gross proceeds	$ 8,400	$ 9,100	$ 69,900
Common stock | DRSPP, component related to waiver approval process
Dividend Reinvestment and Stock Purchase Plan
Shares of common stock issued (in shares)			927,695
Gross proceeds			$ 54,700

Issuances of Common Stock - At-

Issuances of Common Stock - At-the-Market (ATM) Programs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
At-the-Market (ATM) Programs
Gross proceeds	$ 1,264,518	$ 1,125,364	$ 621,697
ATM Program
At-the-Market (ATM) Programs
Common shares for future issuance (in shares)	33,402,405
Common stock | ATM Program
At-the-Market (ATM) Programs
Shares of common stock issued (in shares)	17,051,456	19,138,610	10,914,088
Gross proceeds	$ 1,274,500	$ 1,125,400	$ 621,700

Redemption of Preferred Stock (

Redemption of Preferred Stock (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Excess of redemption value over carrying value of preferred shares redeemed		$ 0	$ 0	$ 13,373
Class F Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate (as a percent)	6.625%
Excess of redemption value over carrying value of preferred shares redeemed				$ 13,400

Noncontrolling Interests - Narr

Noncontrolling Interests - Narrative (Details) $ in Thousands	1 Months Ended				12 Months Ended
	Dec. 31, 2019property	Jul. 31, 2019USD ($)	Jan. 31, 2019USD ($)shares	Dec. 31, 2018entity	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016propertyentity
Noncontrolling interests
Conversion ratio					1
Number of properties acquired | property	9							2
Number of joint ventures controlling interest acquired | entity								2
Number of entities in which all outstanding minority interests were acquired | entity				1
Redemption of partnership units					$ 21,123	$ 2,752	$ 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 (in units) | shares			317,022
Third-party partnership ownership interest (as a percent)			0.11%
Ownership interest (as a percent)			100.00%
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
Third-party partnership ownership interest (as a percent)	1.90%				1.90%
Ownership interest (as a percent)	98.10%				98.10%
Joint Venture
Noncontrolling interests
Ownership interest (as a percent)	89.90%				89.90%
Other Noncontrolling Interest One
Noncontrolling interests
Redemption of partnership units		$ 900

Noncontrolling Interests - Chan

Noncontrolling Interests - Change in Carrying Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Mar. 28, 2019	Apr. 30, 2018	Mar. 30, 2018	Jan. 22, 2013
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period	$ 32,236
Reallocation of equity	0	$ 0	$ 0
Redemptions	(21,123)	(2,752)
Additions to noncontrolling interest	11,370	18,848
Allocation of net income	996	984	520
Carrying value at end of the period	$ 29,702	$ 32,236
Tau Operating Partnership
Change in the carrying value of all noncontrolling interests
Number of partnership units issued (in units)							317,022
Number of partnership units outstanding (in units)	0	317,022
Realty Income, L.P.
Change in the carrying value of all noncontrolling interests
Number of partnership units issued (in units)	89,322	373,797		89,322	131,790	242,007
Number of partnership units outstanding (in units)	463,119	373,797
Noncontrolling interests
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period	$ 32,236	$ 19,207
Reallocation of equity	653	774	485
Redemptions	(14,257)	(5,581)
Additions to noncontrolling interest	11,370	18,848
Distributions	(1,296)	(1,996)
Allocation of net income	996	984
Carrying value at end of the period	29,702	32,236	19,207
Noncontrolling interests | Tau Operating Partnership
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period	13,356	13,322
Reallocation of equity	0	572
Redemptions	(13,356)	0
Additions to noncontrolling interest	0	0
Distributions	0	(837)
Allocation of net income	0	299
Carrying value at end of the period	0	13,356	13,322
Noncontrolling interests | Realty Income, L.P.
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period	17,912	2,160
Reallocation of equity	653	(43)
Redemptions	0	(2,829)
Additions to noncontrolling interest	6,286	18,848
Distributions	(1,219)	(842)
Allocation of net income	964	618
Carrying value at end of the period	24,596	17,912	2,160
Noncontrolling interests | Other Noncontrolling Interests
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period	968	3,725
Reallocation of equity	0	245
Redemptions	(901)	(2,752)
Additions to noncontrolling interest	5,084	0
Distributions	(77)	(317)
Allocation of net income	32	67
Carrying value at end of the period	$ 5,106	$ 968	$ 3,725

Noncontrolling Interests - Vari

Noncontrolling Interests - Variable Interest Entities (Details) - Primary beneficiary - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Variable interest entity
Net real estate	$ 654,305	$ 2,903,093
Total assets	744,394	3,259,495
Total debt	0	191,565
Total liabilities	$ 89,975	$ 320,800

Distributions Paid and Payabl_2

Distributions Paid and Payable - Distributions to Common Stockholders (Details) - $ / shares	1 Months Ended																																				3 Months Ended								12 Months Ended
	Dec. 31, 2019	Nov. 30, 2019	Oct. 31, 2019	Sep. 30, 2019	Aug. 31, 2019	Jul. 31, 2019	Jun. 30, 2019	May 31, 2019	Apr. 30, 2019	Mar. 31, 2019	Feb. 28, 2019	Jan. 31, 2019	Dec. 31, 2018	Nov. 30, 2018	Oct. 31, 2018	Sep. 30, 2018	Aug. 31, 2018	Jul. 31, 2018	Jun. 30, 2018	May 31, 2018	Apr. 30, 2018	Mar. 31, 2018	Feb. 28, 2018	Jan. 31, 2018	Dec. 31, 2017	Nov. 30, 2017	Oct. 31, 2017	Sep. 30, 2017	Aug. 31, 2017	Jul. 31, 2017	Jun. 30, 2017	May 31, 2017	Apr. 30, 2017	Mar. 31, 2017	Feb. 28, 2017	Jan. 31, 2017	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Dividends [Abstract]
Distributions paid per common share (in dollars per share)	$ 0.2270	$ 0.2270	$ 0.2270	$ 0.2265	$ 0.2265	$ 0.2265	$ 0.2260	$ 0.2260	$ 0.2260	$ 0.2255	$ 0.2255	$ 0.2210	$ 0.2205	$ 0.2205	$ 0.2205	$ 0.2200	$ 0.2200	$ 0.2200	$ 0.2195	$ 0.2195	$ 0.2195	$ 0.2190	$ 0.2190	$ 0.2125	$ 0.2120	$ 0.2120	$ 0.2120	$ 0.2115	$ 0.2115	$ 0.2115	$ 0.2110	$ 0.2110	$ 0.2110	$ 0.2105	$ 0.2105	$ 0.2025	$ 0.6810	$ 0.6795	$ 0.6780	$ 0.6720	$ 0.6615	$ 0.6600	$ 0.6585	$ 0.6505	$ 2.7105	$ 2.6305	$ 2.5270
Distributions payable (in dollars per share)	$ 0.2275												$ 0.2210																								$ 0.2275				$ 0.2210				$ 0.2275	$ 0.2210

Distributions Paid and Payabl_3

Distributions Paid and Payable - Tax Characterization of Distributions Paid (Details) - $ / shares	1 Months Ended																																				3 Months Ended								12 Months Ended
	Dec. 31, 2019	Nov. 30, 2019	Oct. 31, 2019	Sep. 30, 2019	Aug. 31, 2019	Jul. 31, 2019	Jun. 30, 2019	May 31, 2019	Apr. 30, 2019	Mar. 31, 2019	Feb. 28, 2019	Jan. 31, 2019	Dec. 31, 2018	Nov. 30, 2018	Oct. 31, 2018	Sep. 30, 2018	Aug. 31, 2018	Jul. 31, 2018	Jun. 30, 2018	May 31, 2018	Apr. 30, 2018	Mar. 31, 2018	Feb. 28, 2018	Jan. 31, 2018	Dec. 31, 2017	Nov. 30, 2017	Oct. 31, 2017	Sep. 30, 2017	Aug. 31, 2017	Jul. 31, 2017	Jun. 30, 2017	May 31, 2017	Apr. 30, 2017	Mar. 31, 2017	Feb. 28, 2017	Jan. 31, 2017	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Totals (in dollars per share)	$ 0.2270	$ 0.2270	$ 0.2270	$ 0.2265	$ 0.2265	$ 0.2265	$ 0.2260	$ 0.2260	$ 0.2260	$ 0.2255	$ 0.2255	$ 0.2210	$ 0.2205	$ 0.2205	$ 0.2205	$ 0.2200	$ 0.2200	$ 0.2200	$ 0.2195	$ 0.2195	$ 0.2195	$ 0.2190	$ 0.2190	$ 0.2125	$ 0.2120	$ 0.2120	$ 0.2120	$ 0.2115	$ 0.2115	$ 0.2115	$ 0.2110	$ 0.2110	$ 0.2110	$ 0.2105	$ 0.2105	$ 0.2025	$ 0.6810	$ 0.6795	$ 0.6780	$ 0.6720	$ 0.6615	$ 0.6600	$ 0.6585	$ 0.6505	$ 2.7105	$ 2.6305	$ 2.5270
Common stock
Class of Stock [Line Items]
Distributions characterized as ordinary income (in dollars per share)																																													2.1206964	2.0269173	1.9402085
Distributions characterized as nontaxable distributions (in dollars per share)																																													0.5898036	0.6035827	0.5478464
Total capital gain distribution (in dollars per share)																																													0	0	0.0389451
Totals (in dollars per share)																																													$ 2.7105000	$ 2.6305000	$ 2.5270000

Distributions Paid and Payabl_4

Distributions Paid and Payable - Class F Preferred Stock (Details) - Class F Preferred Stock $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 30, 2017USD ($)$ / sharesshares	Mar. 31, 2017USD ($)dividend$ / shares	Dec. 31, 2017$ / shares
Distributions Paid and Payable
Preferred stock redeemed | shares	16,350,000
Number of monthly distributions paid | dividend		3
Dividends paid per preferred share (in dollars per share)	$ 0.101215	$ 0.414063
Preferred stock dividends paid | $	$ 1.7	$ 3.9
Distributions characterized as ordinary income (in dollars per share)			$ 0.5073368
Total capital gain distribution (in dollars per share)			$ 0.0079412

Operating Leases - Narrative (D

Operating Leases - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)stateproperty	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Lessor, Lease, Description [Line Items]
Number of properties owned	6,483
Number of U.S. states where properties are owned (states) | state	49
Percentage rent received | $	$ 8	$ 5.9	$ 6.1
Single-tenant properties
Lessor, Lease, Description [Line Items]
Number of properties owned	6,452
Single-tenant properties as percentage of total properties (as a percent)	99.50%
Properties available for lease or sale
Lessor, Lease, Description [Line Items]
Number of properties owned	94

Operating Leases - Minimum Futu

Operating Leases - Minimum Future Annual Rents to be Received (Details) $ in Thousands	Dec. 31, 2019USD ($)
Minimum Future Annual Rents to be Received
2020	$ 1,541,732
2021	1,503,125
2022	1,435,784
2023	1,350,877
2024	1,233,083
Thereafter	8,055,610
Total	$ 15,120,211

Gain on Sales of Real Estate (D

Gain on Sales of Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)property
Properties Sold During the Period
Number of properties | property	93	128	59
Net sales proceeds	$ 108,900	$ 142,300	$ 167,000
Gain on sales of real estate	$ 29,996	$ 24,643	$ 40,898

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements - Summary of Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Carrying value
Fair value of financial assets and liabilities
Mortgages payable assumed in connection with acquisitions	$ 408,400	$ 298,400
Notes and bonds payable	6,317,600	5,400,000
Estimated fair value
Fair value of financial assets and liabilities
Mortgages payable assumed in connection with acquisitions	417,700	305,700
Notes and bonds payable	6,826,100	5,430,000
Mortgages Payable
Fair value of financial assets and liabilities
Unamortized balance of non-cash net premiums	3,000	4,400
Remaining balance of deferred financing costs at period end	1,300	183
Notes and bonds payable
Fair value of financial assets and liabilities
Unamortized balance of non-cash net premiums	6,300	10,500
Remaining balance of deferred financing costs at period end	$ 35,900	$ 33,700

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - Derivative Financial Instruments (Details) - Designated as hedging instrument - Cash flow hedge - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Notional Amount	$ 673.4	$ 507.2
Fair Value - asset (liability)	(26.3)	(4)
Interest rate swap, maturity Sep 2021
Derivative [Line Items]
Notional Amount	$ 7	7.2
Strike (percent)	6.03%
Fair Value - asset (liability)	$ (0.2)	(0.2)
Interest rate swap, maturity Jun 2020
Derivative [Line Items]
Notional Amount	$ 250	250
Strike (percent)	1.72%
Fair Value - asset (liability)	$ (0.1)	3
Interest rate swap, maturity Mar 2024
Derivative [Line Items]
Notional Amount	$ 250	250
Strike (percent)	3.04%
Fair Value - asset (liability)	$ (14.7)	(6.8)
Cross-currency swap, maturity May 2034 1
Derivative [Line Items]
Notional Amount	41.6	0
Fair Value - asset (liability)	$ (2.6)	0
Cross-currency swap, maturity May 2034 1 | GBP | Minimum
Derivative [Line Items]
Strike (percent)	4.82%
Cross-currency swap, maturity May 2034 1 | GBP | Maximum
Derivative [Line Items]
Strike (percent)	10.96%
Cross-currency swap, maturity May 2034 1 | USD
Derivative [Line Items]
Strike (percent)	9.80%
Cross-currency swap, maturity May 2034 2
Derivative [Line Items]
Notional Amount	$ 41.6	0
Fair Value - asset (liability)	$ (2.6)	0
Cross-currency swap, maturity May 2034 2 | GBP | Minimum
Derivative [Line Items]
Strike (percent)	4.82%
Cross-currency swap, maturity May 2034 2 | GBP | Maximum
Derivative [Line Items]
Strike (percent)	10.96%
Cross-currency swap, maturity May 2034 2 | USD
Derivative [Line Items]
Strike (percent)	9.803%
Cross-currency swap, maturity May 2034 3
Derivative [Line Items]
Notional Amount	$ 41.6	0
Fair Value - asset (liability)	$ (2.9)	0
Cross-currency swap, maturity May 2034 3 | GBP | Minimum
Derivative [Line Items]
Strike (percent)	4.82%
Cross-currency swap, maturity May 2034 3 | GBP | Maximum
Derivative [Line Items]
Strike (percent)	10.96%
Cross-currency swap, maturity May 2034 3 | USD
Derivative [Line Items]
Strike (percent)	9.745%
Cross-currency swap, maturity May 2034 4
Derivative [Line Items]
Notional Amount	$ 41.6	0
Fair Value - asset (liability)	$ (3.2)	$ 0
Cross-currency swap, maturity May 2034 4 | GBP | Minimum
Derivative [Line Items]
Strike (percent)	4.82%
Cross-currency swap, maturity May 2034 4 | GBP | Maximum
Derivative [Line Items]
Strike (percent)	10.96%
Cross-currency swap, maturity May 2034 4 | USD
Derivative [Line Items]
Strike (percent)	9.755%

Financial Instruments and Fai_5

Financial Instruments and Fair Value Measurements - Narrative (Details) £ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)	May 31, 2019GBP (£)derivative	May 31, 2019USD ($)derivative
Interest rate swaps | Interest expense
Derivative [Line Items]
Unrealized losses reclassified from AOCI to income statement	$ 3.4
Amount to be reclassified within next twelve months	5.1
Cross-currency swaps | Cash flow hedge
Derivative [Line Items]
Number of derivative instruments | derivative		4	4
Swap exchange notional amount		£ 130	$ 166
Cross-currency swaps | Foreign currency and gains
Derivative [Line Items]
Unrealized losses reclassified from AOCI to income statement	5.5
Amount to be reclassified within next twelve months	$ 1.3

Supplemental Disclosures of C_3

Supplemental Disclosures of Cash Flow Information - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Mar. 28, 2019	Jan. 01, 2019	Apr. 30, 2018	Mar. 30, 2018
Supplemental Disclosures of Cash Flow Information
Cash paid for interest									$ 275,300	$ 251,500	$ 240,400
Interest capitalized to properties under development									751	369	461
Cash paid for income taxes									4,200	4,700	3,800
Non-cash activities
Lease liabilities	$ 122,285								122,285				$ 132,000
Right-of-use assets													$ 132,000
Additions to noncontrolling interest									11,370	18,848
Revenues	$ 397,529	$ 374,247	$ 365,450	$ 354,365	$ 342,576	$ 338,081	$ 328,886	$ 318,295	1,491,591	1,327,838	1,215,768
Mortgage loans assumed									$ 130,800
Acquisition of property using funds held in non-refundable escrow account										$ 7,500
Notes issued for acquisition of a portfolio of properties											$ 125,900
Realty Income, L.P.
Non-cash activities
Number of partnership units issued (in units)	89,322				373,797				89,322	373,797		89,322		131,790	242,007
Shares issued in conjunction with acquisitions									$ 6,300	$ 18,800
Noncontrolling interests
Non-cash activities
Additions to noncontrolling interest									11,370	18,848
Noncontrolling interests | Realty Income, L.P.
Non-cash activities
Additions to noncontrolling interest									6,286	18,848
Noncontrolling interests | Other Noncontrolling Interests
Non-cash activities
Additions to noncontrolling interest									$ 5,084	$ 0

Supplemental Disclosures of C_4

Supplemental Disclosures of Cash Flow Information - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents shown in the consolidated balance sheets	$ 54,011	$ 10,387
Impounds related to mortgages payable	12,465	9,555
Restricted escrow deposits	4,529	1,129
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$ 71,005	$ 21,071	$ 12,142	$ 15,681

Employee Benefit Plan (Details)

Employee Benefit Plan (Details)	12 Months Ended
	Dec. 31, 2019
Retirement Benefits [Abstract]
Maximum percentage of compensation employee may contribute to 401(k) plan	60.00%
Employer matching contribution (as a percent)	50.00%
Employer's matching contribution as a percentage of employee's compensation, maximum	6.00%

Common Stock Incentive Plan - S

Common Stock Incentive Plan - Summary (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
General and administrative expense
Common Stock Incentive Plan
Share-based compensation costs recognized		$ 13,700	$ 27,300	$ 13,900
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
CEO
Severance Related Expense
Cash	$ 9,817
Stock compensation	17,902
Professional fees	574
Total value of severance	28,293
Amount accrued for CEO compensation prior to separation	(9,642)
Incremental severance	$ 18,651
CEO | General and administrative expense
Common Stock Incentive Plan
Share-based compensation costs related to accelerated equity awards			$ 11,800

Common Stock Incentive Plan - R

Common Stock Incentive Plan - Restricted Stock (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		12 Months Ended
	Nov. 30, 2019	May 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Common Stock Incentive Plan
Remaining unamortized share-based compensation expense			$ 10.1
Number of shares
Outstanding nonvested shares, beginning of year			307,821	475,768	513,523
Shares granted			87,327	183,952	149,264
Shares vested			(126,363)	(310,706)	(183,381)
Shares forfeited			(9,087)	(41,193)	(3,638)
Outstanding nonvested shares, end of each period			259,698	307,821	475,768
Weighted average price
Outstanding nonvested shares, beginning of year (in dollars per share)			$ 53.44	$ 52.32	$ 48.33
Shares granted (in dollars per share)			69.83	52.21	59.21
Shares vested (in dollars per share)			54.45	51.05	46.65
Shares forfeited (in dollars per share)			55.71	53.06	56.57
Outstanding nonvested shares, end of each period (in dollars per share)			$ 58.39	$ 53.44	$ 52.32
Directors
Number of shares
Shares granted	4,000	32,000
Shares vested		(20,000)
Employees
Number of shares
Shares granted			51,327
Three-year vesting period | Directors
Common Stock Incentive Plan
Vesting rights percentage			33.33%
Vesting period (in years)	3 years	3 years	3 years
Number of shares
Shares granted		4,000
Three-year vesting period | Directors | Maximum
Common Stock Incentive Plan
Service period as basis for restricted stock award vesting (in years)			6 years
Two-year vesting period | Directors
Common Stock Incentive Plan
Service period as basis for restricted stock award vesting (in years)			6 years
Vesting rights percentage			50.00%
Vesting period (in years)			2 years
Number of shares
Shares granted		8,000
One-year vesting period | Directors
Common Stock Incentive Plan
Service period as basis for restricted stock award vesting (in years)			7 years
Vesting rights percentage			100.00%
Vesting period (in years)		1 year	1 year
Immediate vesting | Directors | Minimum
Common Stock Incentive Plan
Service period as basis for restricted stock award vesting (in years)			8 years
Four year-vesting period | Employees
Common Stock Incentive Plan
Vesting period (in years)			4 years

Common Stock Incentive Plan - P

Common Stock Incentive Plan - Performance Shares (Details) - Performance Shares - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Common Stock Incentive Plan
Vesting rights percentage	50.00%
Performance period (in years)	3 years
Remaining unamortized share-based compensation expense	$ 8.7
Performance shares vesting based on achievement of performance goals
Total shareholder return (TSR) relative to MSCI US REIT Index (as a percent)	45.00%	45.00%	45.00%
TSR relative to JP Morgan Net Lease Peers (as a percent)	26.00%	26.00%	26.00%
Dividend per share growth rate (as a percent)	16.00%	16.00%	16.00%
Debt-to-EBITDA ratio (as a percent)	13.00%	13.00%	13.00%
Number of shares
Outstanding nonvested shares, beginning of year	223,392	245,309	159,751
Shares granted	128,581	269,868	124,681
Shares vested	(47,310)	(291,785)	(39,123)
Shares forfeited	0	0	0
Outstanding nonvested shares, end of each period	304,663	223,392	245,309
Weighted average price
Outstanding nonvested shares, beginning of year (in dollars per share)	$ 58.78	$ 62.49	$ 49.95
Shares granted (in dollars per share)	65.34	51.98	71.79
Shares vested (in dollars per share)	54.27	54.88	41.60
Shares forfeited (in dollars per share)	0	0	0
Outstanding nonvested shares, end of each period (in dollars per share)	$ 62.25	$ 58.78	$ 62.49

Common Stock Incentive Plan -_2

Common Stock Incentive Plan - Restricted Stock Units (Details) - Restricted Stock Units - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Common Stock Incentive Plan
Vesting period (in years)	4 years	4 years	4 years
Remaining unamortized share-based compensation expense	$ 296
Number of shares
Outstanding nonvested shares, beginning of year	14,968	24,869	18,460
Shares granted	5,482	8,383	10,467
Shares vested	(4,939)	(10,118)	(4,058)
Shares forfeited	0	(8,166)	0
Outstanding nonvested shares, end of each period	15,511	14,968	24,869
Weighted average price
Outstanding nonvested shares, beginning of year (in dollars per share)	$ 54.62	$ 55.97	$ 52.65
Shares granted (in dollars per share)	69.58	49.96	60.56
Shares vested (in dollars per share)	54.90	55.01	52.70
Shares forfeited (in dollars per share)	0	53.45	0
Outstanding nonvested shares, end of each period (in dollars per share)	$ 59.82	$ 54.62	$ 55.97

Segment Information - Assets (D

Segment Information - Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)segment	Dec. 31, 2018USD ($)
Reconciliation of assets from segment to consolidated
Number of activity segments | segment	50
Net real estate	$ 16,496,772	$ 13,843,517
Other corporate assets	564,641	217,369
Total assets	18,554,796	15,260,483
Automotive service
Reconciliation of assets from segment to consolidated
Net real estate	288,453	210,668
Intangible assets	58,854	61,951
Automotive tire services
Reconciliation of assets from segment to consolidated
Net real estate	232,709	238,939
Intangible assets	7,322	8,696
Beverages
Reconciliation of assets from segment to consolidated
Net real estate	279,373	284,910
Intangible assets	1,509	1,765
Child care
Reconciliation of assets from segment to consolidated
Net real estate	208,326	151,640
Intangible assets	21,997	12,277
Convenience Stores
Reconciliation of assets from segment to consolidated
Net real estate	2,057,157	1,756,732
Intangible assets	131,808	108,714
Dollar stores
Reconciliation of assets from segment to consolidated
Net real estate	1,427,950	1,117,250
Intangible assets	82,701	48,842
Drug stores
Reconciliation of assets from segment to consolidated
Net real estate	1,618,854	1,490,261
Intangible assets	183,319	165,558
Financial services
Reconciliation of assets from segment to consolidated
Net real estate	389,634	414,613
Intangible assets	17,130	20,426
General merchandise
Reconciliation of assets from segment to consolidated
Net real estate	475,418	317,424
Intangible assets	66,135	43,122
Grocery stores - U.S.
Reconciliation of assets from segment to consolidated
Net real estate	922,349	774,526
Intangible assets	180,197	144,551
Grocery stores - U.K.
Reconciliation of assets from segment to consolidated
Net real estate	663,210	0
Intangible assets	153,407	0
Health and fitness
Reconciliation of assets from segment to consolidated
Net real estate	1,019,796	882,515
Intangible assets	74,428	71,609
Home improvement
Reconciliation of assets from segment to consolidated
Net real estate	495,305	424,494
Intangible assets	72,979	57,928
Restaurants-casual dining
Reconciliation of assets from segment to consolidated
Net real estate	576,526	559,616
Intangible assets	23,289	18,153
Restaurants-quick service
Reconciliation of assets from segment to consolidated
Net real estate	1,059,155	964,980
Intangible assets	52,353	54,448
Theaters - U.S.
Reconciliation of assets from segment to consolidated
Net real estate	878,103	555,990
Intangible assets	36,089	25,811
Transportation services
Reconciliation of assets from segment to consolidated
Net real estate	769,614	758,133
Intangible assets	66,055	73,577
Wholesale club
Reconciliation of assets from segment to consolidated
Net real estate	396,690	412,203
Intangible assets	23,372	26,484
Other non-reportable segments
Reconciliation of assets from segment to consolidated
Net real estate	2,738,150	2,528,623
Intangible assets	$ 240,439	$ 255,685

Segment Information - Revenue (

Segment Information - Revenue (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Segment revenue information
Rental (including reimbursable)									$ 1,484,818	$ 1,321,546	$ 1,212,306
Other									6,773	6,292	3,462
Total revenue	$ 397,529	$ 374,247	$ 365,450	$ 354,365	$ 342,576	$ 338,081	$ 328,886	$ 318,295	1,491,591	1,327,838	1,215,768
Automotive service
Segment revenue information
Rental (including reimbursable)									32,365	28,303	25,291
Automotive tire services
Segment revenue information
Rental (including reimbursable)									31,292	30,078	29,560
Beverages
Segment revenue information
Rental (including reimbursable)									31,807	31,488	31,174
Child care
Segment revenue information
Rental (including reimbursable)									31,749	21,865	20,775
Convenience Stores
Segment revenue information
Rental (including reimbursable)									166,755	142,194	111,023
Dollar stores
Segment revenue information
Rental (including reimbursable)									102,695	94,782	91,076
Drug stores
Segment revenue information
Rental (including reimbursable)									127,853	129,565	126,555
Financial services
Segment revenue information
Rental (including reimbursable)									30,189	29,429	28,744
General merchandise
Segment revenue information
Rental (including reimbursable)									35,366	29,249	23,752
Grocery stores - U.S.
Segment revenue information
Rental (including reimbursable)									69,691	63,594	50,731
Grocery stores - U.K.
Segment revenue information
Rental (including reimbursable)									17,819	0	0
Health and fitness
Segment revenue information
Rental (including reimbursable)									105,896	94,638	88,146
Home improvement
Segment revenue information
Rental (including reimbursable)									42,351	37,939	30,324
Restaurants-casual dining
Segment revenue information
Rental (including reimbursable)									45,238	46,171	43,876
Restaurants-quick service
Segment revenue information
Rental (including reimbursable)									92,018	72,465	59,638
Theaters - U.S.
Segment revenue information
Rental (including reimbursable)									87,698	70,560	58,443
Transportation services
Segment revenue information
Rental (including reimbursable)									66,500	63,565	62,337
Wholesale club
Segment revenue information
Rental (including reimbursable)									38,117	37,571	37,646
Other non-reportable segments and tenant reimbursements
Segment revenue information
Rental (including reimbursable)									$ 329,419	$ 298,090	$ 293,215
Other non-reportable segments and tenant reimbursements | U.K.
Segment revenue information
Number of properties acquired | property									1

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2019USD ($)
Re-leasing costs, recurring capital expenditures, non-recurring building improvements
Other Commitments [Line Items]
Other Commitment	$ 6.5
Construction contracts
Other Commitments [Line Items]
Other Commitment	$ 16

Commitments and Contingencies -

Commitments and Contingencies - Minimum Future Rental Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Minimum Future Rental Payments
2020	$ 15,100
2021	14,700
2022	14,600
2023	14,500
2024	14,600
Thereafter	87,800
Total	161,300
Present value adjustment for remaining lease payments	(39,000)
Lease liability - operating leases, net	$ 122,285	$ 132,000
Weighted average discount rate (percent)	4.29%
Weighted average remaining lease term (in years)	12 years 3 months 18 days
Minimum Future Rental Payments at Prior Year End
2019			$ 15,000
2020			14,900
2021			14,400
2022			14,300
2023			14,300
Thereafter			101,800
Total			174,700
Minimum
Minimum Future Rental Payments
Discount rate used to present value lease payments (percent)	2.42%
Maximum
Minimum Future Rental Payments
Discount rate used to present value lease payments (percent)	5.50%
Ground Leases Paid by Realty Income
Minimum Future Rental Payments
2020	$ 1,600
2021	1,400
2022	1,400
2023	1,300
2024	1,300
Thereafter	18,900
Total	25,900
Minimum Future Rental Payments at Prior Year End
2019			1,500
2020			1,400
2021			1,200
2022			1,200
2023			1,200
Thereafter			19,800
Total			26,300
Ground Leases Paid by Our Tenants
Minimum Future Rental Payments
2020	13,500
2021	13,300
2022	13,200
2023	13,200
2024	13,300
Thereafter	68,900
Total	$ 135,400
Minimum Future Rental Payments at Prior Year End
2019			13,500
2020			13,500
2021			13,200
2022			13,100
2023			13,100
Thereafter			82,000
Total			$ 148,400

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Feb. 24, 2020	Jan. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
5.750% notes, issued in June 2010 and due in January 2021 | Notes payable
Subsequent events
Stated interest rate (as a percent)			5.75%	5.75%
Subsequent event
Subsequent events
Common stock, dividends declared (in dollars per share)	$ 0.2325	$ 0.2325
Subsequent event | 5.750% notes, issued in June 2010 and due in January 2021 | Notes payable
Subsequent events
Early repayment of notes payable		$ 250
Stated interest rate (as a percent)		5.75%

Consolidated Quarterly Financ_3

Consolidated Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended																																				3 Months Ended								12 Months Ended
	Dec. 31, 2019	Nov. 30, 2019	Oct. 31, 2019	Sep. 30, 2019	Aug. 31, 2019	Jul. 31, 2019	Jun. 30, 2019	May 31, 2019	Apr. 30, 2019	Mar. 31, 2019	Feb. 28, 2019	Jan. 31, 2019	Dec. 31, 2018	Nov. 30, 2018	Oct. 31, 2018	Sep. 30, 2018	Aug. 31, 2018	Jul. 31, 2018	Jun. 30, 2018	May 31, 2018	Apr. 30, 2018	Mar. 31, 2018	Feb. 28, 2018	Jan. 31, 2018	Dec. 31, 2017	Nov. 30, 2017	Oct. 31, 2017	Sep. 30, 2017	Aug. 31, 2017	Jul. 31, 2017	Jun. 30, 2017	May 31, 2017	Apr. 30, 2017	Mar. 31, 2017	Feb. 28, 2017	Jan. 31, 2017	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Total revenue																																					$ 397,529	$ 374,247	$ 365,450	$ 354,365	$ 342,576	$ 338,081	$ 328,886	$ 318,295	$ 1,491,591	$ 1,327,838	$ 1,215,768
Depreciation and amortization expense																																					156,594	149,424	150,426	137,517	137,711	136,967	133,999	131,103	593,961	539,780	498,788
Interest expense																																					75,073	73,410	72,488	70,020	70,635	69,342	66,628	59,415	290,991	266,020	247,413
Other expenses																																					52,269	52,139	54,143	42,861	54,752	40,302	39,349	47,680	201,412	182,083
Net income																																					129,553	101,275	95,420	111,230	85,303	99,283	96,697	83,315	437,478	364,598	319,318
Net income available to common stockholders																																					$ 129,297	$ 101,049	$ 95,194	$ 110,942	$ 85,072	$ 98,999	$ 96,380	$ 83,163	$ 436,482	$ 363,614	$ 301,514
Net income per common share, basic and diluted (in dollars per share)																																					$ 0.39	$ 0.32	$ 0.31	$ 0.37	$ 0.29	$ 0.34	$ 0.34	$ 0.29	$ 1.38	$ 1.26	$ 1.10
Dividends paid per common share (in dollars per share)	$ 0.2270	$ 0.2270	$ 0.2270	$ 0.2265	$ 0.2265	$ 0.2265	$ 0.2260	$ 0.2260	$ 0.2260	$ 0.2255	$ 0.2255	$ 0.2210	$ 0.2205	$ 0.2205	$ 0.2205	$ 0.2200	$ 0.2200	$ 0.2200	$ 0.2195	$ 0.2195	$ 0.2195	$ 0.2190	$ 0.2190	$ 0.2125	$ 0.2120	$ 0.2120	$ 0.2120	$ 0.2115	$ 0.2115	$ 0.2115	$ 0.2110	$ 0.2110	$ 0.2110	$ 0.2105	$ 0.2105	$ 0.2025	$ 0.6810	$ 0.6795	$ 0.6780	$ 0.6720	$ 0.6615	$ 0.6600	$ 0.6585	$ 0.6505	$ 2.7105	$ 2.6305	$ 2.5270

Schedule III Real Estate and _2

Schedule III Real Estate and Accumulated Depreciation (Details)	12 Months Ended
	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
SEC Schedule III
Number of Properties | property	6,484
Encumbrances	$ 408,419,373
Initial Cost to Company
Land	5,704,816,590
Buildings, Improvements and Acquisition Fees	13,857,381,432
Cost Capitalized Subsequent to Acquisition
Improvements	65,373,623
Carrying Costs	10,055,207
Gross Amounts at Which Carried at Close of Period
Land	5,704,816,590
Buildings, Improvements and Acquisition Fees	13,932,810,262
Total	19,637,626,852	$ 16,566,601,986	$ 15,027,043,415	$ 13,904,519,436
Accumulated Depreciation	$ 3,140,854,604	$ 2,723,085,290	$ 2,350,544,126	$ 2,000,728,517
U.S. | Aerospace
SEC Schedule III
Number of Properties | property	5
Encumbrances	$ 14,409,617
Initial Cost to Company
Land	6,890,774
Buildings, Improvements and Acquisition Fees	110,783,380
Cost Capitalized Subsequent to Acquisition
Improvements	216,638
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	6,890,774
Buildings, Improvements and Acquisition Fees	111,000,018
Total	117,890,792
Accumulated Depreciation	$ 28,630,112
U.S. | Aerospace | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Aerospace | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Apparel stores
SEC Schedule III
Number of Properties | property	30
Encumbrances	$ 13,925,000
Initial Cost to Company
Land	58,918,135
Buildings, Improvements and Acquisition Fees	141,491,607
Cost Capitalized Subsequent to Acquisition
Improvements	3,983,429
Carrying Costs	218,760
Gross Amounts at Which Carried at Close of Period
Land	58,918,135
Buildings, Improvements and Acquisition Fees	145,693,796
Total	204,611,931
Accumulated Depreciation	$ 47,856,451
U.S. | Apparel stores | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	4 years
U.S. | Apparel stores | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Automotive collision services
SEC Schedule III
Number of Properties | property	75
Encumbrances	$ 0
Initial Cost to Company
Land	52,729,547
Buildings, Improvements and Acquisition Fees	119,655,706
Cost Capitalized Subsequent to Acquisition
Improvements	1,799,680
Carrying Costs	10,000
Gross Amounts at Which Carried at Close of Period
Land	52,729,547
Buildings, Improvements and Acquisition Fees	121,465,386
Total	174,194,933
Accumulated Depreciation	$ 28,390,510
U.S. | Automotive collision services | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	19 years
U.S. | Automotive collision services | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Automotive parts
SEC Schedule III
Number of Properties | property	249
Encumbrances	$ 6,637,578
Initial Cost to Company
Land	96,978,473
Buildings, Improvements and Acquisition Fees	248,888,548
Cost Capitalized Subsequent to Acquisition
Improvements	4,622,175
Carrying Costs	826,885
Gross Amounts at Which Carried at Close of Period
Land	96,978,473
Buildings, Improvements and Acquisition Fees	254,337,608
Total	351,316,081
Accumulated Depreciation	$ 64,101,899
U.S. | Automotive parts | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	0 years
U.S. | Automotive parts | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Automotive service
SEC Schedule III
Number of Properties | property	303
Encumbrances	$ 0
Initial Cost to Company
Land	143,625,084
Buildings, Improvements and Acquisition Fees	210,090,349
Cost Capitalized Subsequent to Acquisition
Improvements	582,498
Carrying Costs	164,051
Gross Amounts at Which Carried at Close of Period
Land	143,625,084
Buildings, Improvements and Acquisition Fees	210,836,898
Total	354,461,982
Accumulated Depreciation	$ 66,008,493
U.S. | Automotive service | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	0 years
U.S. | Automotive service | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Automotive tire services
SEC Schedule III
Number of Properties | property	196
Encumbrances	$ 0
Initial Cost to Company
Land	122,250,160
Buildings, Improvements and Acquisition Fees	225,175,623
Cost Capitalized Subsequent to Acquisition
Improvements	384,194
Carrying Costs	97,335
Gross Amounts at Which Carried at Close of Period
Land	122,250,160
Buildings, Improvements and Acquisition Fees	225,657,152
Total	347,907,312
Accumulated Depreciation	$ 115,198,601
U.S. | Automotive tire services | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	0 years
U.S. | Automotive tire services | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	40 years
U.S. | Beverages
SEC Schedule III
Number of Properties | property	18
Encumbrances	$ 0
Initial Cost to Company
Land	213,728,623
Buildings, Improvements and Acquisition Fees	105,911,254
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	148
Gross Amounts at Which Carried at Close of Period
Land	213,728,623
Buildings, Improvements and Acquisition Fees	105,911,402
Total	319,640,025
Accumulated Depreciation	$ 40,267,343
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Book stores
SEC Schedule III
Number of Properties | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	998,250
Buildings, Improvements and Acquisition Fees	3,696,707
Cost Capitalized Subsequent to Acquisition
Improvements	129,751
Carrying Costs	79
Gross Amounts at Which Carried at Close of Period
Land	998,250
Buildings, Improvements and Acquisition Fees	3,826,537
Total	4,824,787
Accumulated Depreciation	$ 3,433,527
U.S. | Book stores | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	24 years
U.S. | Book stores | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Child care
SEC Schedule III
Number of Properties | property	274
Encumbrances	$ 0
Initial Cost to Company
Land	95,553,417
Buildings, Improvements and Acquisition Fees	212,059,451
Cost Capitalized Subsequent to Acquisition
Improvements	5,053,358
Carrying Costs	917,720
Gross Amounts at Which Carried at Close of Period
Land	95,553,417
Buildings, Improvements and Acquisition Fees	218,030,529
Total	313,583,946
Accumulated Depreciation	$ 105,257,799
U.S. | Child care | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	0 years
U.S. | Child care | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Consumer appliances
SEC Schedule III
Number of Properties | property	4
Encumbrances	$ 0
Initial Cost to Company
Land	8,901,103
Buildings, Improvements and Acquisition Fees	85,212,965
Cost Capitalized Subsequent to Acquisition
Improvements	109,951
Carrying Costs	55
Gross Amounts at Which Carried at Close of Period
Land	8,901,103
Buildings, Improvements and Acquisition Fees	85,322,971
Total	94,224,074
Accumulated Depreciation	$ 13,916,454
Life on which depreciation in latest Income Statement is Computed	0 years
U.S. | Consumer electronics
SEC Schedule III
Number of Properties | property	10
Encumbrances	$ 0
Initial Cost to Company
Land	14,623,047
Buildings, Improvements and Acquisition Fees	21,833,858
Cost Capitalized Subsequent to Acquisition
Improvements	884,168
Carrying Costs	51,616
Gross Amounts at Which Carried at Close of Period
Land	14,623,047
Buildings, Improvements and Acquisition Fees	22,769,642
Total	37,392,689
Accumulated Depreciation	$ 11,068,011
U.S. | Consumer electronics | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	22 years
U.S. | Consumer electronics | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Consumer goods
SEC Schedule III
Number of Properties | property	4
Encumbrances	$ 0
Initial Cost to Company
Land	7,663,458
Buildings, Improvements and Acquisition Fees	124,173,738
Cost Capitalized Subsequent to Acquisition
Improvements	894,295
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	7,663,458
Buildings, Improvements and Acquisition Fees	125,068,033
Total	132,731,491
Accumulated Depreciation	$ 22,472,474
U.S. | Consumer goods | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	34 years
U.S. | Consumer goods | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Convenience stores
SEC Schedule III
Number of Properties | property	1,246
Encumbrances	$ 0
Initial Cost to Company
Land	1,047,085,568
Buildings, Improvements and Acquisition Fees	1,333,428,902
Cost Capitalized Subsequent to Acquisition
Improvements	(733,628)
Carrying Costs	145,550
Gross Amounts at Which Carried at Close of Period
Land	1,047,085,568
Buildings, Improvements and Acquisition Fees	1,332,840,824
Total	2,379,926,392
Accumulated Depreciation	$ 322,769,573
U.S. | Convenience stores | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	0 years
U.S. | Convenience stores | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	26 years
U.S. | Crafts and novelties
SEC Schedule III
Number of Properties | property	19
Encumbrances	$ 0
Initial Cost to Company
Land	20,948,352
Buildings, Improvements and Acquisition Fees	70,829,924
Cost Capitalized Subsequent to Acquisition
Improvements	881,481
Carrying Costs	440,482
Gross Amounts at Which Carried at Close of Period
Land	20,948,352
Buildings, Improvements and Acquisition Fees	72,151,887
Total	93,100,239
Accumulated Depreciation	$ 14,466,453
U.S. | Crafts and novelties | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	22 years
U.S. | Crafts and novelties | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Diversified industrial
SEC Schedule III
Number of Properties | property	6
Encumbrances	$ 19,397,723
Initial Cost to Company
Land	10,231,370
Buildings, Improvements and Acquisition Fees	108,326,826
Cost Capitalized Subsequent to Acquisition
Improvements	114,454
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	10,231,370
Buildings, Improvements and Acquisition Fees	108,441,280
Total	118,672,650
Accumulated Depreciation	$ 17,452,956
U.S. | Diversified industrial | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Diversified industrial | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Dollar stores
SEC Schedule III
Number of Properties | property	1,302
Encumbrances	$ 11,127,000
Initial Cost to Company
Land	428,220,601
Buildings, Improvements and Acquisition Fees	1,249,436,205
Cost Capitalized Subsequent to Acquisition
Improvements	1,459,285
Carrying Costs	8,879
Gross Amounts at Which Carried at Close of Period
Land	428,220,601
Buildings, Improvements and Acquisition Fees	1,250,904,369
Total	1,679,124,970
Accumulated Depreciation	$ 251,174,478
U.S. | Dollar stores | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	0 years
U.S. | Dollar stores | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Drug stores
SEC Schedule III
Number of Properties | property	387
Encumbrances	$ 130,834,786
Initial Cost to Company
Land	578,997,186
Buildings, Improvements and Acquisition Fees	1,340,130,844
Cost Capitalized Subsequent to Acquisition
Improvements	4,948,980
Carrying Costs	100,379
Gross Amounts at Which Carried at Close of Period
Land	578,997,186
Buildings, Improvements and Acquisition Fees	1,345,180,203
Total	1,924,177,389
Accumulated Depreciation	$ 305,323,601
U.S. | Drug stores | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	0 years
U.S. | Drug stores | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Education
SEC Schedule III
Number of Properties | property	14
Encumbrances	$ 0
Initial Cost to Company
Land	6,739,123
Buildings, Improvements and Acquisition Fees	21,648,901
Cost Capitalized Subsequent to Acquisition
Improvements	472,942
Carrying Costs	155,418
Gross Amounts at Which Carried at Close of Period
Land	6,739,123
Buildings, Improvements and Acquisition Fees	22,277,261
Total	29,016,384
Accumulated Depreciation	$ 17,188,255
U.S. | Education | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	0 years
U.S. | Education | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Electric utilities
SEC Schedule III
Number of Properties | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	1,450,000
Buildings, Improvements and Acquisition Fees	9,209,989
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	1,450,000
Buildings, Improvements and Acquisition Fees	9,209,989
Total	10,659,989
Accumulated Depreciation	$ 1,678,439
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Entertainment
SEC Schedule III
Number of Properties | property	10
Encumbrances	$ 0
Initial Cost to Company
Land	28,373,479
Buildings, Improvements and Acquisition Fees	10,617,464
Cost Capitalized Subsequent to Acquisition
Improvements	327,607
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	28,373,479
Buildings, Improvements and Acquisition Fees	10,945,071
Total	39,318,550
Accumulated Depreciation	$ 6,178,632
U.S. | Entertainment | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	24 years
U.S. | Entertainment | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Equipment services
SEC Schedule III
Number of Properties | property	7
Encumbrances	$ 7,073,296
Initial Cost to Company
Land	4,116,067
Buildings, Improvements and Acquisition Fees	54,045,575
Cost Capitalized Subsequent to Acquisition
Improvements	689,663
Carrying Costs	140
Gross Amounts at Which Carried at Close of Period
Land	4,116,067
Buildings, Improvements and Acquisition Fees	54,735,378
Total	58,851,445
Accumulated Depreciation	$ 14,967,071
U.S. | Equipment services | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Equipment services | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Financial services
SEC Schedule III
Number of Properties | property	239
Encumbrances	$ 13,800,000
Initial Cost to Company
Land	115,487,739
Buildings, Improvements and Acquisition Fees	351,992,876
Cost Capitalized Subsequent to Acquisition
Improvements	(3,690,753)
Carrying Costs	101,099
Gross Amounts at Which Carried at Close of Period
Land	115,487,739
Buildings, Improvements and Acquisition Fees	348,403,222
Total	463,890,961
Accumulated Depreciation	$ 74,256,644
U.S. | Financial services | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	0 years
U.S. | Financial services | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Food processing
SEC Schedule III
Number of Properties | property	7
Encumbrances	$ 28,867,158
Initial Cost to Company
Land	13,226,562
Buildings, Improvements and Acquisition Fees	153,588,645
Cost Capitalized Subsequent to Acquisition
Improvements	210,469
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	13,226,562
Buildings, Improvements and Acquisition Fees	153,799,114
Total	167,025,676
Accumulated Depreciation	$ 20,948,814
U.S. | Food processing | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Food processing | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | General merchandise
SEC Schedule III
Number of Properties | property	100
Encumbrances	$ 5,070,372
Initial Cost to Company
Land	104,508,825
Buildings, Improvements and Acquisition Fees	436,513,003
Cost Capitalized Subsequent to Acquisition
Improvements	(2,938,508)
Carrying Costs	557,868
Gross Amounts at Which Carried at Close of Period
Land	104,508,825
Buildings, Improvements and Acquisition Fees	434,132,363
Total	538,641,188
Accumulated Depreciation	$ 63,223,300
U.S. | General merchandise | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	0 years
U.S. | General merchandise | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Government services
SEC Schedule III
Number of Properties | property	16
Encumbrances	$ 0
Initial Cost to Company
Land	8,093,555
Buildings, Improvements and Acquisition Fees	121,514,780
Cost Capitalized Subsequent to Acquisition
Improvements	2,981,604
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	8,093,555
Buildings, Improvements and Acquisition Fees	124,496,384
Total	132,589,939
Accumulated Depreciation	$ 25,784,980
U.S. | Government services | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Government services | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Grocery stores
SEC Schedule III
Number of Properties | property	132
Encumbrances	$ 38,621,000
Initial Cost to Company
Land	264,275,526
Buildings, Improvements and Acquisition Fees	780,156,042
Cost Capitalized Subsequent to Acquisition
Improvements	1,811,459
Carrying Costs	325,183
Gross Amounts at Which Carried at Close of Period
Land	264,275,526
Buildings, Improvements and Acquisition Fees	782,292,684
Total	1,046,568,210
Accumulated Depreciation	$ 124,219,525
U.S. | Grocery stores | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	0 years
U.S. | Grocery stores | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Health and beauty
SEC Schedule III
Number of Properties | property	2
Encumbrances	$ 0
Initial Cost to Company
Land	2,475,474
Buildings, Improvements and Acquisition Fees	42,821,046
Cost Capitalized Subsequent to Acquisition
Improvements	68,912
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	2,475,474
Buildings, Improvements and Acquisition Fees	42,889,958
Total	45,365,432
Accumulated Depreciation	$ 1,979,227
U.S. | Health and beauty | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Health and beauty | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Health and fitness
SEC Schedule III
Number of Properties | property	103
Encumbrances	$ 4,281,354
Initial Cost to Company
Land	246,562,831
Buildings, Improvements and Acquisition Fees	990,068,700
Cost Capitalized Subsequent to Acquisition
Improvements	8,099,776
Carrying Costs	172,145
Gross Amounts at Which Carried at Close of Period
Land	246,562,831
Buildings, Improvements and Acquisition Fees	998,340,621
Total	1,244,903,452
Accumulated Depreciation	$ 225,107,912
U.S. | Health and fitness | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	0 years
U.S. | Health and fitness | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Health care
SEC Schedule III
Number of Properties | property	64
Encumbrances	$ 4,079,345
Initial Cost to Company
Land	46,055,832
Buildings, Improvements and Acquisition Fees	298,433,438
Cost Capitalized Subsequent to Acquisition
Improvements	3,748,031
Carrying Costs	1,314,067
Gross Amounts at Which Carried at Close of Period
Land	46,055,832
Buildings, Improvements and Acquisition Fees	303,495,536
Total	349,551,368
Accumulated Depreciation	$ 55,246,790
U.S. | Health care | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	14 years
U.S. | Health care | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Home furnishings
SEC Schedule III
Number of Properties | property	73
Encumbrances	$ 9,700,000
Initial Cost to Company
Land	35,099,395
Buildings, Improvements and Acquisition Fees	113,295,067
Cost Capitalized Subsequent to Acquisition
Improvements	2,562,697
Carrying Costs	372,213
Gross Amounts at Which Carried at Close of Period
Land	35,099,395
Buildings, Improvements and Acquisition Fees	116,229,977
Total	151,329,372
Accumulated Depreciation	$ 39,350,470
U.S. | Home furnishings | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	0 years
U.S. | Home furnishings | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Home improvement
SEC Schedule III
Number of Properties | property	77
Encumbrances	$ 17,725,463
Initial Cost to Company
Land	186,981,286
Buildings, Improvements and Acquisition Fees	375,408,283
Cost Capitalized Subsequent to Acquisition
Improvements	2,113,587
Carrying Costs	75,210
Gross Amounts at Which Carried at Close of Period
Land	186,981,286
Buildings, Improvements and Acquisition Fees	377,597,080
Total	564,578,366
Accumulated Depreciation	$ 69,273,547
U.S. | Home improvement | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	0 years
U.S. | Home improvement | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Insurance
SEC Schedule III
Number of Properties | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	634,343
Buildings, Improvements and Acquisition Fees	6,331,030
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	634,343
Buildings, Improvements and Acquisition Fees	6,331,030
Total	6,965,373
Accumulated Depreciation	$ 1,867,654
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Jewelry
SEC Schedule III
Number of Properties | property	4
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings, Improvements and Acquisition Fees	8,268,989
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings, Improvements and Acquisition Fees	8,268,989
Total	8,268,989
Accumulated Depreciation	$ 2,301,535
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Machinery
SEC Schedule III
Number of Properties | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	1,630,917
Buildings, Improvements and Acquisition Fees	12,938,430
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	1,630,917
Buildings, Improvements and Acquisition Fees	12,938,430
Total	14,569,347
Accumulated Depreciation	$ 3,859,965
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Motor vehicle dealerships
SEC Schedule III
Number of Properties | property	28
Encumbrances	$ 0
Initial Cost to Company
Land	115,897,045
Buildings, Improvements and Acquisition Fees	143,335,317
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	230
Gross Amounts at Which Carried at Close of Period
Land	115,897,045
Buildings, Improvements and Acquisition Fees	143,335,547
Total	259,232,592
Accumulated Depreciation	$ 50,293,566
U.S. | Motor vehicle dealerships | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	0 years
U.S. | Motor vehicle dealerships | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Office supplies
SEC Schedule III
Number of Properties | property	8
Encumbrances	$ 0
Initial Cost to Company
Land	8,551,005
Buildings, Improvements and Acquisition Fees	15,480,491
Cost Capitalized Subsequent to Acquisition
Improvements	955,594
Carrying Costs	349,599
Gross Amounts at Which Carried at Close of Period
Land	8,551,005
Buildings, Improvements and Acquisition Fees	16,785,684
Total	25,336,689
Accumulated Depreciation	$ 13,661,632
U.S. | Office supplies | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	22 years
U.S. | Office supplies | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Other manufacturing
SEC Schedule III
Number of Properties | property	7
Encumbrances	$ 23,897,971
Initial Cost to Company
Land	8,893,136
Buildings, Improvements and Acquisition Fees	104,286,273
Cost Capitalized Subsequent to Acquisition
Improvements	1,663,646
Carrying Costs	240,191
Gross Amounts at Which Carried at Close of Period
Land	8,893,136
Buildings, Improvements and Acquisition Fees	106,190,110
Total	115,083,246
Accumulated Depreciation	$ 18,426,589
U.S. | Other manufacturing | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	33 years
U.S. | Other manufacturing | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Packaging
SEC Schedule III
Number of Properties | property	10
Encumbrances	$ 2,164,411
Initial Cost to Company
Land	20,323,553
Buildings, Improvements and Acquisition Fees	163,714,298
Cost Capitalized Subsequent to Acquisition
Improvements	2,480,122
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	20,323,553
Buildings, Improvements and Acquisition Fees	166,194,420
Total	186,517,973
Accumulated Depreciation	$ 27,809,312
U.S. | Packaging | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	24 years
U.S. | Packaging | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Paper
SEC Schedule III
Number of Properties | property	2
Encumbrances	$ 0
Initial Cost to Company
Land	2,462,414
Buildings, Improvements and Acquisition Fees	11,934,685
Cost Capitalized Subsequent to Acquisition
Improvements	44,759
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	2,462,414
Buildings, Improvements and Acquisition Fees	11,979,444
Total	14,441,858
Accumulated Depreciation	$ 3,405,630
U.S. | Paper | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Paper | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Pet supplies and services
SEC Schedule III
Number of Properties | property	33
Encumbrances	$ 2,509,000
Initial Cost to Company
Land	21,563,825
Buildings, Improvements and Acquisition Fees	101,699,137
Cost Capitalized Subsequent to Acquisition
Improvements	4,604,704
Carrying Costs	243,582
Gross Amounts at Which Carried at Close of Period
Land	21,563,825
Buildings, Improvements and Acquisition Fees	106,547,423
Total	128,111,248
Accumulated Depreciation	$ 21,261,419
U.S. | Pet supplies and services | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	11 years
U.S. | Pet supplies and services | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Restaurants-casual dining
SEC Schedule III
Number of Properties | property	284
Encumbrances	$ 0
Initial Cost to Company
Land	241,578,772
Buildings, Improvements and Acquisition Fees	459,061,392
Cost Capitalized Subsequent to Acquisition
Improvements	6,015,925
Carrying Costs	2,104,667
Gross Amounts at Which Carried at Close of Period
Land	241,578,772
Buildings, Improvements and Acquisition Fees	467,181,984
Total	708,760,756
Accumulated Depreciation	$ 132,235,171
U.S. | Restaurants-casual dining | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	0 years
U.S. | Restaurants-casual dining | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	40 years
U.S. | Restaurants-quick service
SEC Schedule III
Number of Properties | property	907
Encumbrances	$ 0
Initial Cost to Company
Land	429,303,832
Buildings, Improvements and Acquisition Fees	781,719,427
Cost Capitalized Subsequent to Acquisition
Improvements	501,803
Carrying Costs	226,201
Gross Amounts at Which Carried at Close of Period
Land	429,303,832
Buildings, Improvements and Acquisition Fees	782,447,431
Total	1,211,751,263
Accumulated Depreciation	$ 152,596,196
U.S. | Restaurants-quick service | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	0 years
U.S. | Restaurants-quick service | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	26 years
U.S. | Shoe stores
SEC Schedule III
Number of Properties | property	3
Encumbrances	$ 8,519,815
Initial Cost to Company
Land	6,251,472
Buildings, Improvements and Acquisition Fees	35,793,479
Cost Capitalized Subsequent to Acquisition
Improvements	214,466
Carrying Costs	214,706
Gross Amounts at Which Carried at Close of Period
Land	6,251,472
Buildings, Improvements and Acquisition Fees	36,222,651
Total	42,474,123
Accumulated Depreciation	$ 9,719,936
U.S. | Shoe stores | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	23 years
U.S. | Shoe stores | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Sporting goods
SEC Schedule III
Number of Properties | property	22
Encumbrances	$ 0
Initial Cost to Company
Land	36,258,595
Buildings, Improvements and Acquisition Fees	107,396,447
Cost Capitalized Subsequent to Acquisition
Improvements	1,854,750
Carrying Costs	178,206
Gross Amounts at Which Carried at Close of Period
Land	36,258,595
Buildings, Improvements and Acquisition Fees	109,429,403
Total	145,687,998
Accumulated Depreciation	$ 26,537,565
U.S. | Sporting goods | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	0 years
U.S. | Sporting goods | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Telecommunications
SEC Schedule III
Number of Properties | property	7
Encumbrances	$ 8,578,171
Initial Cost to Company
Land	9,269,789
Buildings, Improvements and Acquisition Fees	68,360,132
Cost Capitalized Subsequent to Acquisition
Improvements	1,484,423
Carrying Costs	21,884
Gross Amounts at Which Carried at Close of Period
Land	9,269,789
Buildings, Improvements and Acquisition Fees	69,866,439
Total	79,136,228
Accumulated Depreciation	$ 17,849,025
U.S. | Telecommunications | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	22 years
U.S. | Telecommunications | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Theaters
SEC Schedule III
Number of Properties | property	79
Encumbrances	$ 0
Initial Cost to Company
Land	231,747,795
Buildings, Improvements and Acquisition Fees	829,701,257
Cost Capitalized Subsequent to Acquisition
Improvements	10,680,179
Carrying Costs	270
Gross Amounts at Which Carried at Close of Period
Land	231,747,795
Buildings, Improvements and Acquisition Fees	840,381,706
Total	1,072,129,501
Accumulated Depreciation	$ 194,026,206
U.S. | Theaters | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	0 years
U.S. | Theaters | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Transportation services
SEC Schedule III
Number of Properties | property	58
Encumbrances	$ 19,380,313
Initial Cost to Company
Land	109,027,503
Buildings, Improvements and Acquisition Fees	824,491,647
Cost Capitalized Subsequent to Acquisition
Improvements	(3,820,929)
Carrying Costs	401,593
Gross Amounts at Which Carried at Close of Period
Land	109,027,503
Buildings, Improvements and Acquisition Fees	821,072,311
Total	930,099,814
Accumulated Depreciation	$ 160,485,427
U.S. | Transportation services | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	24 years
U.S. | Transportation services | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	36 years
U.S. | Wholesale clubs
SEC Schedule III
Number of Properties | property	32
Encumbrances	$ 17,820,000
Initial Cost to Company
Land	170,229,880
Buildings, Improvements and Acquisition Fees	325,098,377
Cost Capitalized Subsequent to Acquisition
Improvements	(3,889,998)
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	170,229,880
Buildings, Improvements and Acquisition Fees	321,208,379
Total	491,438,259
Accumulated Depreciation	$ 94,747,849
U.S. | Wholesale clubs | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	0 years
U.S. | Wholesale clubs | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Other
SEC Schedule III
Number of Properties | property	6
Encumbrances	$ 0
Initial Cost to Company
Land	7,254,447
Buildings, Improvements and Acquisition Fees	24,355,185
Cost Capitalized Subsequent to Acquisition
Improvements	795,984
Carrying Costs	18,796
Gross Amounts at Which Carried at Close of Period
Land	7,254,447
Buildings, Improvements and Acquisition Fees	25,169,965
Total	32,424,412
Accumulated Depreciation	$ 5,639,308
U.S. | Other | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	0 years
U.S. | Other | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.K. | Grocery stores
SEC Schedule III
Number of Properties | property	17
Encumbrances	$ 0
Initial Cost to Company
Land	310,089,274
Buildings, Improvements and Acquisition Fees	360,054,272
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	310,089,274
Buildings, Improvements and Acquisition Fees	360,054,272
Total	670,143,546
Accumulated Depreciation	$ 6,933,409
U.K. | Grocery stores | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.K. | Grocery stores | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	115 years
U.K. | Theaters
SEC Schedule III
Number of Properties | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	2,060,151
Buildings, Improvements and Acquisition Fees	2,921,471
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	2,060,151
Buildings, Improvements and Acquisition Fees	2,921,471
Total	4,981,622
Accumulated Depreciation	$ 4,869
Life on which depreciation in latest Income Statement is Computed	25 years

Schedule III Real Estate and _3

Schedule III Real Estate and Accumulated Depreciation - Summary of Activity (Details)	12 Months Ended
	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)property	Jan. 01, 2019USD ($)
Reconciliation of total real estate carrying value
Balance at Beginning of Period	$ 16,566,601,986	$ 15,027,043,415	$ 13,904,519,436
Acquisitions	3,644,884,106	1,802,745,841	1,531,960,811
Less amounts allocated to acquired lease intangible assets and liabilities on our Consolidated Balance Sheets	(401,318,627)	(89,474,897)	(238,556,294)
Improvements, Etc.	17,447,145	23,043,158	11,067,322
Other (Leasing Costs and Building Adjustments as a result of net debt premiums)	2,740,797	2,839,574	1,584,152
Total Additions	3,263,753,421	1,739,153,676	1,306,055,991
Cost of Real Estate sold	129,736,613	165,023,825	150,394,756
Cost of Equipment sold	11,200	15,650	0
Releasing costs	673,647	232,089	109,986
Other (including Provisions for Impairment)	87,951,488	34,323,541	33,027,270
Total Deductions	218,372,948	199,595,105	183,532,012
Foreign Currency Translation	25,644,393	0	0
Balance at Close of Period	19,637,626,852	16,566,601,986	15,027,043,415
Reconciliation of accumulated depreciation
Balance at Beginning of Period	2,723,085,290	2,350,544,126	2,000,728,517
Additions During Period - Provision for Depreciation	481,498,979	432,482,396	393,415,491
Accumulated depreciation of real estate and equipment sold or disposed of	64,053,838	59,941,232	43,599,882
Foreign Currency Translation	324,174	0	0
Balance at Close of Period	$ 3,140,854,604	$ 2,723,085,290	$ 2,350,544,126
Other Disclosure Notes
Number of properties | property	6,484
Number of properties secured by mortgages | property	92
Unamortized net debt premiums on mortgages payable excluded from encumbrances	$ 3,000,000
Aggregate cost for federal income tax purposes	$ 20,070,200,483
Reclassification of right of use assets under finance leases				$ 36,900,000
Number of properties on which provisions for impairment were recorded | property	51	44	26
U.S. | Single-tenant properties
Other Disclosure Notes
Number of properties | property	6,417
U.S. | Corporate headquarters
Other Disclosure Notes
Number of properties | property	1
U.S. | Crest Net Lease properties
Other Disclosure Notes
Number of properties | property	17
U.S. | Multi-tenant properties
Other Disclosure Notes
Number of properties | property	31
U.K. | Single-tenant properties
Other Disclosure Notes
Number of properties | property	18
Crest Net Lease, Inc
Other Disclosure Notes
Aggregate cost for federal income tax purposes	$ 73,548,861