Realty Income (O) 10-Q 4 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
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	2020
Document Fiscal Period Focus	Q2
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 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 Common Stock, Shares Outstanding		345,039,333

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Real estate held for investment, at cost:
Land	$ 5,772,734	$ 5,684,034
Buildings and improvements	14,096,997	13,833,882
Total real estate held for investment, at cost	19,869,731	19,517,916
Less accumulated depreciation and amortization	(3,367,420)	(3,117,919)
Real estate held for investment, net	16,502,311	16,399,997
Real estate and lease intangibles held for sale, net	40,551	96,775
Cash and cash equivalents	35,345	54,011
Short-term investment	300,000	0
Accounts receivable	255,609	181,969
Lease intangible assets, net	1,508,177	1,493,383
Other assets, net	460,554	328,661
Total assets	19,102,547	18,554,796
LIABILITIES AND EQUITY
Distributions payable	81,384	76,728
Accounts payable and accrued expenses	201,176	177,039
Lease intangible liabilities, net	322,744	333,103
Other liabilities	248,547	262,221
Line of credit payable	628,551	704,335
Term loans, net	249,258	499,044
Mortgages payable, net	394,816	410,119
Notes payable, net	6,602,152	6,288,049
Total liabilities	8,728,628	8,750,638
Commitments and contingencies
Stockholders’ equity:
Common stock and paid in capital, par value $0.01 per share, 740,200,000 shares authorized, 345,023,421 and 333,619,106 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively	13,704,121	12,873,849
Distributions in excess of net income	(3,306,588)	(3,082,291)
Accumulated other comprehensive loss	(53,084)	(17,102)
Total stockholders’ equity	10,344,449	9,774,456
Noncontrolling interests	29,470	29,702
Total equity	10,373,919	9,804,158
Total liabilities and equity	$ 19,102,547	$ 18,554,796
Common stock and paid in capital, authorized (in shares)	740,200,000	740,200,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
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	740,200,000
Common stock and paid in capital, issued (in shares)	345,023,421	333,619,106
Common stock and paid in capital, outstanding (in shares)	345,023,421	333,619,106

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
REVENUE
Rental (including reimbursable)	$ 410,201	$ 364,252	$ 822,358	$ 718,289
Other	4,435	1,198	6,619	1,526
Total revenue	414,636	365,450	828,977	719,815
EXPENSES
Depreciation and amortization	168,328	150,426	332,913	287,943
Interest	77,841	72,488	153,766	142,508
Property (including reimbursable)	26,452	21,342	52,058	42,978
General and administrative	19,063	18,585	40,027	33,693
Income taxes	2,838	1,155	5,601	2,600
Provisions for impairment	13,869	13,061	18,347	17,733
Total expenses	308,391	277,057	602,712	527,455
Gain on sales of real estate	1,323	6,891	39,829	14,154
Foreign currency and derivative gains (losses), net	502	136	(1,062)	136
Loss on extinguishment of debt	0	0	(9,819)	0
Net income	108,070	95,420	255,213	206,650
Net income attributable to noncontrolling interests	(246)	(226)	(562)	(514)
Net income available to common stockholders	$ 107,824	$ 95,194	$ 254,651	$ 206,136
Amounts available to common stockholders per common share:
Net income, basic and diluted (in dollars per share)	$ 0.31	$ 0.31	$ 0.75	$ 0.67
Weighted average common shares outstanding:
Basic (in shares)	343,515,406	311,032,972	340,061,487	307,293,949
Diluted (in shares)	343,685,259	311,322,162	340,281,265	307,580,127
Other comprehensive income:
Net income available to common stockholders	$ 107,824	$ 95,194	$ 254,651	$ 206,136
Foreign currency translation adjustment	22	(6)	414	(6)
Unrealized loss on derivatives, net	(10,534)	(2,794)	(36,396)	(6,493)
Comprehensive income available to common stockholders	$ 97,312	$ 92,394	$ 218,669	$ 199,637

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total stockholders’ equity	Shares of common stock	Common stock and paid in capital	Distributions in excess of net income	Accumulated other comprehensive loss	Noncontrolling interests
Balance at Dec. 31, 2018	$ 8,120,978	$ 8,088,742		$ 10,754,495	$ (2,657,655)	$ (8,098)	$ 32,236
Balance (in shares) at Dec. 31, 2018			303,742,090
Increase (Decrease) in Stockholders' Equity
Net income	206,650	206,136			206,136		514
Other comprehensive loss	(6,499)	(6,499)				(6,499)
Distributions paid and payable	(419,006)	(418,418)			(418,418)		(588)
Share issuances, net of costs	971,313	971,313		971,313
Share issuances, net of costs (in shares)			14,416,113
Issuance of common partnership units	6,286						6,286
Redemption of common units	(20,225)	(6,869)		(6,869)			(13,356)
Share-based compensation, net	3,097	3,097		3,097
Share-based compensation, net (in shares)			60,510
Balance at Jun. 30, 2019	8,862,594	8,837,502		11,722,036	(2,869,937)	(14,597)	25,092
Balance (in shares) at Jun. 30, 2019			318,218,713
Balance at Mar. 31, 2019	8,009,076	7,983,895		10,748,467	(2,752,775)	(11,797)	25,181
Balance (in shares) at Mar. 31, 2019			303,807,421
Increase (Decrease) in Stockholders' Equity
Net income	95,420	95,194			95,194		226
Other comprehensive loss	(2,800)	(2,800)				(2,800)
Distributions paid and payable	(212,671)	(212,356)			(212,356)		(315)
Share issuances, net of costs	969,162	969,162		969,162
Share issuances, net of costs (in shares)			14,384,215
Share-based compensation, net	4,407	4,407		4,407
Share-based compensation, net (in shares)			27,077
Balance at Jun. 30, 2019	8,862,594	8,837,502		11,722,036	(2,869,937)	(14,597)	25,092
Balance (in shares) at Jun. 30, 2019			318,218,713
Balance at Dec. 31, 2019	9,804,158	9,774,456		12,873,849	(3,082,291)	(17,102)	29,702
Balance (in shares) at Dec. 31, 2019			333,619,106
Increase (Decrease) in Stockholders' Equity
Net income	255,213	254,651			254,651		562
Other comprehensive loss	(35,982)	(35,982)				(35,982)
Distributions paid and payable	(479,742)	(478,948)			(478,948)		(794)
Share issuances, net of costs	827,772	827,772		827,772
Share issuances, net of costs (in shares)			11,280,466
Share-based compensation, net	2,500	2,500		2,500
Share-based compensation, net (in shares)			123,849
Balance at Jun. 30, 2020	10,373,919	10,344,449		13,704,121	(3,306,588)	(53,084)	29,470
Balance (in shares) at Jun. 30, 2020			345,023,421
Balance at Mar. 31, 2020	10,417,639	10,388,015		13,604,055	(3,173,468)	(42,572)	29,624
Balance (in shares) at Mar. 31, 2020			343,402,030
Increase (Decrease) in Stockholders' Equity
Net income	108,070	107,824			107,824		246
Other comprehensive loss	(10,512)	(10,512)				(10,512)
Distributions paid and payable	(241,344)	(240,944)			(240,944)		(400)
Share issuances, net of costs	96,996	96,996		96,996
Share issuances, net of costs (in shares)			1,555,966
Share-based compensation, net	3,070	3,070		3,070
Share-based compensation, net (in shares)			65,425
Balance at Jun. 30, 2020	$ 10,373,919	$ 10,344,449		$ 13,704,121	$ (3,306,588)	$ (53,084)	$ 29,470
Balance (in shares) at Jun. 30, 2020			345,023,421

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 255,213	$ 206,650
Adjustments to net income:
Depreciation and amortization	332,913	287,943
Amortization of share-based compensation	10,400	7,291
Non-cash revenue adjustments	(1,507)	(4,351)
Loss on extinguishment of debt	9,819	0
Amortization of net premiums on mortgages payable	(710)	(708)
Amortization of deferred financing costs	4,916	3,960
Loss on interest rate swaps	1,992	1,364
Foreign currency and derivative losses (gains), net	1,062	(136)
Gain on sales of real estate	(39,829)	(14,154)
Provisions for impairment on real estate	18,347	17,733
Change in assets and liabilities
Accounts receivable and other assets	(61,091)	(11,250)
Accounts payable, accrued expenses and other liabilities	(16,881)	(4,679)
Net cash provided by operating activities	514,644	489,663
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in real estate	(632,174)	(1,604,575)
Improvements to real estate, including leasing costs	(4,710)	(11,767)
Proceeds from sales of real estate	133,643	51,052
Purchase of short-term investment	(300,000)	0
Insurance and other proceeds received	108	0
Non-refundable escrow deposits	0	(9,619)
Net cash used in investing activities	(803,133)	(1,574,909)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash distributions to common stockholders	(474,294)	(413,410)
Borrowings on line of credit	2,324,409	1,404,000
Payments on line of credit	(2,385,859)	(1,648,000)
Principal payment on term loan	(250,000)	(70,000)
Proceeds from notes and bonds payable issued	593,922	895,774
Principal payment on notes payable	(250,000)	0
Principal payments on mortgages payable	(14,730)	(2,492)
Payments upon extinguishment of debt	(9,445)	0
Proceeds from common stock offerings, net	728,883	845,061
Proceeds from dividend reinvestment and stock purchase plan	4,815	4,098
Proceeds from At-the-Market (ATM) program, net	94,076	122,155
Redemption of common units	0	(20,225)
Distributions to noncontrolling interests	(794)	(635)
Net receipts on derivative settlements	2,421	0
Debt issuance costs	(5,526)	(7,331)
Other items, including shares withheld upon vesting	(7,901)	(4,195)
Net cash provided by financing activities	349,977	1,104,800
Effect of exchange rate changes on cash and cash equivalents	(2,175)	(733)
Net increase in cash, cash equivalents and restricted cash	59,313	18,821
Cash, cash equivalents and restricted cash, beginning of period	71,005	21,071
Cash, cash equivalents and restricted cash, end of period	$ 130,318	$ 39,892

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements of Realty Income Corporation (“Realty Income”, the “Company”, “we”, “our” or “us”) were prepared from our books and records without audit and include all adjustments (consisting of only normal recurring accruals) necessary to present a fair statement of results for the interim periods presented. Readers of this quarterly report should refer to our audited consolidated financial statements for the year ended December 31, 2019, which are included in our 2019 Annual Report on Form 10-K, as certain disclosures that would substantially duplicate those contained in the audited financial statements have not been included in this report. Unless otherwise indicated, all dollar amounts are expressed in United States (U.S.) dollars. At June 30, 2020 we owned 6,541 properties, located in 49 U.S. states, Puerto Rico and the United Kingdom (U.K.), consisting of approximately 106.4 million leasable square feet.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Procedures	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Procedures	Summary of Significant Accounting Policies and Procedures A. The accompanying consolidated financial statements include the accounts of Realty Income and other subsidiaries for which we make operating and financial decisions (i.e., control), after elimination of all material intercompany balances and transactions. We consolidate entities that we control and record a noncontrolling interest for the portion that we do not own. Noncontrolling interest that was created or assumed as part of a business combination or asset acquisition was recognized at fair value as of the date of the transaction (see note 10). We have no unconsolidated investments. B. We have elected to be taxed as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended. We believe we have qualified and continue to qualify as a REIT. Under the REIT operating structure, we are permitted to deduct dividends paid to our stockholders in determining our taxable income. Assuming our dividends equal or exceed our taxable net income, we generally will not be required to pay federal corporate income taxes on such income. Accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements, except for federal income taxes of our taxable REIT subsidiaries. The income taxes recorded on our consolidated statements of income and comprehensive income represent amounts accrued or paid by Realty Income and its subsidiaries for city and state income and franchise taxes and for U.K. income taxes. C. The COVID-19 pandemic and the measures taken to limit its spread are negatively impacting the economy across many industries, including the industries in which some of our tenants operate. These impacts may continue and increase in severity as the duration of the pandemic lengthens, which may, in turn, adversely impact the fair value estimates of our real estate and recording of impairments on our properties. As a result, we have evaluated certain key assumptions involving fair value estimates of our real estate and collectibility of our accounts receivable. We continue to evaluate the potential impacts of the COVID-19 pandemic and the measures taken to limit its spread on our business and industry segments as the situation continues to evolve and more information becomes available. Based on the status of our business operations as of June 30, 2020, as a result of the COVID-19 pandemic, we expect to remain in compliance with the financial covenants for our unsecured notes and credit facility over the next 12 months. On April 8, 2020, the Financial Accounting Standards Board, or FASB, staff and FASB board members responded to questions about the accounting for COVID-19 related rent concessions under Topic 842, Leases . The accounting for these rent concessions under Topic 842 depends on the enforceable rights and obligations of the parties under the original lease contract (including those arising from the laws of the jurisdiction governing the lease contract) and the nature of any changes to the terms and conditions of the contract. If a rent concession under these circumstances is required by the original lease contract (e.g. by a force majeure clause), the concession will generally be accounted for as a variable lease payment. In contrast, if the lessor is under no obligation to grant a rent concession, the lessor’s agreement to grant one should be accounted for as a lease modification. The FASB staff has provided clarifying guidance for leases where the total lease cash flows will remain substantially the same or less than those after the COVID-19 related effects, though companies may choose to forgo the evaluation of the enforceable rights and obligations of the original lease contract as a practical expedient. Instead, the company would account for rent concessions, whatever their form (e.g. rent deferral, abatement or other), either (1) as if they are part of the enforceable rights and obligations of the parties under the existing lease contract; or (2) as a lease modification. If accounting for a concession as a lease modification, the full lease modification requirements under Topic 842 apply. Under either policy election, we must continue to assess the probability of collecting substantially all of the lease payments to which we are entitled under the original lease contract as required under Topic 842. If we conclude collection of substantially all lease payments is less than probable, rental revenue recognized is limited to cash received and existing operating lease receivables must be written off as an adjustment to rental revenue. The majority of concessions granted to our tenants during the second quarter of 2020 as a result of the COVID-19 pandemic have been rent deferrals with the original lease term unchanged. In these cases, we have currently determined that the collection of substantially all rent payments is probable. We also currently anticipate future concessions to be similar. In accordance with the April 8, 2020 guidance provided by the FASB staff, we have elected to account for these leases as if the right of deferral existed in the lease contract and therefore continue to recognize lease revenue in accordance with the lease contract in effect. In limited circumstances, the undiscounted cash flows resulting from deferrals granted during the second quarter of 2020 increased significantly from original lease terms, which required us to account for these as lease modifications, and resulted in an insignificant impact to rental revenue for the three months ended June 30, 2020. Similarly, rent abatements granted during the second quarter of 2020, which were also accounted for as lease modifications, impacted our rental revenue by an insignificant amount for the three months ended June 30, 2020. We assess collectability of our future lease payments based on an analysis of creditworthiness, economic trends (including trends arising from the COVID-19 pandemic) and other facts and circumstances related to the applicable tenants. If the collection of substantially all of the future lease payments is less than probable, we write-off the receivable balances associated with the lease and cease to recognize lease income, including straight-line rent, unless cash is received when due. The following table summarizes reserves recorded as a reduction of rental revenue (dollars in millions): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Rental revenue reserves $ 6.4 $ 0.4 $ 7.4 $ 1.0 Straight-line rent reserves 2.1 — 2.8 1.4 Total rental revenue reserves $ 8.5 $ 0.4 $ 10.2 $ 2.4 As of June 30, 2020, we do not have any further tenant specific information that would change our assessment that collection of substantially all of the future lease payments under our existing leases is probable. However, since the conversations regarding rent collections for tenants affected by the COVID-19 pandemic are ongoing and we do not currently know the types of future concessions, if any, that will ultimately be granted, there may be impacts in future periods that could change this assessment as the situation continues to evolve and as more information becomes available.

Supplemental Detail for Certain

Supplemental Detail for Certain Components of Consolidated Balance Sheets	6 Months Ended
	Jun. 30, 2020
Disclosure Text Block Supplement [Abstract]
Supplemental Detail for Certain Components of Consolidated Balance Sheets	Supplemental Detail for Certain Components of Consolidated Balance Sheets (dollars in thousands): A. Accounts Receivable consist of the following at: June 30, 2020 December 31, 2019 Straight-line rent receivables $ 161,033 $ 147,047 Other receivables 94,576 34,922 $ 255,609 $ 181,969 B. Lease intangible assets, net, consist of the following at: June 30, 2020 December 31, 2019 In-place leases $ 1,679,972 $ 1,612,153 Accumulated amortization of in-place leases (690,000) (627,676) Above-market leases 743,095 710,275 Accumulated amortization of above-market leases (224,890) (201,369) $ 1,508,177 $ 1,493,383 C. Other assets, net, consist of the following at: June 30, 2020 December 31, 2019 Right of use asset - operating leases, net $ 117,444 $ 120,533 Right of use asset - financing leases 100,294 36,901 Restricted escrow deposits 81,683 4,529 Financing receivables 81,388 81,892 Derivative assets and receivables - at fair value 19,011 12 Goodwill 14,383 14,430 Impounds related to mortgages payable 13,290 12,465 Prepaid expenses 12,570 11,839 Credit facility origination costs, net 9,418 11,453 Corporate assets, net 5,598 5,251 Non-refundable escrow deposits 1,000 14,803 Value-added tax receivable — 9,682 Other items 4,475 4,871 $ 460,554 $ 328,661 D. Distributions payable consist of the following declared distributions at: June 30, 2020 December 31, 2019 Common stock distributions $ 81,276 $ 76,622 Noncontrolling interests distributions 108 106 $ 81,384 $ 76,728 E. Accounts payable and accrued expenses consist of the following at: June 30, 2020 December 31, 2019 Derivative liabilities and payables - at fair value $ 73,980 $ 26,359 Notes payable - interest payable 71,274 75,114 Property taxes payable 21,964 18,626 Value-added tax payable 4,921 13,434 Accrued income taxes 4,481 4,450 Accrued costs on properties under development 1,860 5,870 Mortgages, term loans, credit line - interest payable and interest rate swaps 1,496 1,729 Other items 21,200 31,457 $ 201,176 $ 177,039 F. Lease intangible liabilities, net, consist of the following at: June 30, 2020 December 31, 2019 Below-market leases $ 449,013 $ 447,522 Accumulated amortization of below-market leases (126,269) (114,419) $ 322,744 $ 333,103 G. Other liabilities consist of the following at: June 30, 2020 December 31, 2019 Lease liability - operating leases, net $ 119,718 $ 122,285 Rent received in advance and other deferred revenue 116,517 127,687 Security deposits 6,212 6,303 Lease liability - financing leases 6,100 5,946 $ 248,547 $ 262,221 H. Short-term investment Short-term investment represents a term deposit with a bank that was not readily convertible to cash as of June 30, 2020. The term deposit matured on July 24. 2020.

Investments in Real Estate

Investments in Real Estate	6 Months Ended
	Jun. 30, 2020
Real Estate Investments, Net [Abstract]
Investments in Real Estate	Investments in Real Estate We acquire land, buildings and improvements necessary for the successful operations of commercial tenants. A. Acquisitions During the First Six Months of 2020 and 2019 Below is a summary of our acquisitions for the six months ended June 30, 2020: Number of Square Feet Investment Weighted Initial Six months ended June 30, 2020 (1) Acquisitions - U.S. (in 25 states) 80 1.8 $ 412.6 14.4 6.5 % Acquisitions - U.K. (2) 6 0.5 223.7 11.8 5.3 % Total acquisitions 86 2.3 636.3 13.6 6.1 % Properties under development - U.S. 8 0.2 3.9 10.5 8.8 % Total (3) 94 2.5 $ 640.2 13.6 6.1 % (1) None of our investments during the first six months of 2020 caused any one tenant to be 10% or more of our total assets at June 30, 2020. All of our investments in acquired properties during the first six months of 2020 are 100% leased at the acquisition date. (2) Represents investments of £180.1 million Sterling during the six months ended June 30, 2020 converted at the applicable exchange rate on the date of acquisition. (3) The tenants occupying the new properties operate in 17 industries, and are 96.5% retail and 3.5% industrial, based on rental revenue. Approximately 37% of the rental revenue generated from acquisitions during the first six months of 2020 is from investment grade rated tenants, their subsidiaries or affiliated companies. The acquisitions during the first six months of 2020, which had no associated contingent consideration, were allocated as follows (dollars in millions): Acquisitions - U.S. Acquisitions - U.K. Six months ended June 30, 2020 (USD) (£ Sterling) Land (1) $ 82.9 £ 22.8 Buildings and improvements 278.4 60.8 Lease intangible assets 54.5 42.0 Other assets (2) 1.5 54.5 Lease intangible liabilities (2.3) — Other liabilities (3) (0.9) — $ 414.1 £ 180.1 (1) U.K. land includes £6.4 million of right of use assets under long-term ground leases. (2) U.S. other assets consists of $810,000 financing receivables with above-market terms and $689,000 of right of use assets under ground leases. U.K. other assets entirely consists of right of use assets under ground leases. (3) U.S. other liabilities entirely consists of lease liabilities under ground leases. The properties acquired during the first six months of 2020 generated total revenues of $13.6 million and net income of $4.6 million during the six months ended June 30, 2020. Below is a summary of our acquisitions for the six months ended June 30, 2019: Number of Square Feet Investment Weighted Initial Six months ended June 30, 2019 (1) Acquisitions - U.S. (in 34 states) 175 4.2 $ 1,040.9 15.9 6.8 % Acquisitions - U.K. (2) 12 1.1 549.2 14.8 5.3 % Total acquisitions 187 5.3 1,590.1 15.5 6.3 % Properties under development - U.S. 12 0.4 24.1 16.5 7.2 % Total (3) 199 5.7 $ 1,614.2 15.6 6.3 % (1) None of our investments during 2019 caused any one tenant to be 10% or more of our total assets at June 30, 2019. All of our investments in acquired properties during the first six months of 2019 are 100% leased at the acquisition date. (2) Represents investments of £433.9 million Sterling during the six months ended June 30, 2019 converted at the applicable exchange rate on the date of the acquisition. (3) The tenants occupying the new properties operated in 17 industries, and are 99.1% retail and 0.9% industrial, based on rental revenue. Approximately 18% of the rental revenue generated from acquisitions during the first six months of 2019 was from investment grade rated tenants, their subsidiaries or affiliated companies. The acquisitions during the first six months of 2019, which had no associated contingent consideration, were allocated as follows (dollars in millions): Acquisitions - U.S. Acquisitions - U.K. Six months ended June 30, 2019 (USD) (£ Sterling) Land (1) $ 234.7 £ 164.4 Buildings and improvements 704.5 182.0 Lease intangible assets 80.3 90.8 Other assets (2) 53.8 — Lease intangible liabilities (23.0) (3.3) Other liabilities (3) (7.4) — $ 1,042.9 £ 433.9 (1) U.K. land includes £13.6 million of right of use assets under long-term ground leases. (2) U.S. other assets entirely consists of financing receivables with above-market terms. (3) U.S. other liabilities entirely consists of deferred rent on certain below-market leases. The properties acquired during the first six months of 2019 generated total revenues of $19.7 million and net income of $10.0 million during the six months ended June 30, 2019. 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 the first six months of 2020, we capitalized costs of $4.4 million on existing properties in our portfolio, consisting of $1.1 million for re-leasing costs, $23,000 for recurring capital expenditures, and $3.3 million for non-recurring building improvements. In comparison, during the first six months of 2019, we capitalized costs of $6.1 million on existing properties in our portfolio, consisting of $1.0 million for re-leasing costs, $172,000 for recurring capital expenditures, and $4.9 million for non-recurring building improvements. C. Properties with Existing Leases Of the $640.2 million we invested during the first six months of 2020, approximately $500.3 million was used to acquire 57 properties with existing leases. In comparison, of the $1.6 billion we invested during the first six months of 2019, approximately $929.7 million was used to acquire 75 properties with existing leases. The value of the in-place and above-market leases is recorded to lease intangible assets, net on our consolidated balance sheets, and the value of the below-market leases is recorded to lease intangible liabilities, net on our consolidated balance sheets. The values of the in-place leases are amortized as depreciation and amortization expense. The amounts amortized to expense for all of our in-place leases, for the first six months of 2020 and 2019 were $66.3 million and $57.8 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 the first six months of 2020 and 2019 were $16.1 million and $7.9 million, respectively. If a lease was to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be recorded to revenue or expense, as appropriate. The following table presents the estimated impact during the next five years and thereafter related to the amortization of the above-market and below-market lease intangibles and the amortization of the in-place lease intangibles at June 30, 2020 (dollars in thousands): Net decrease to rental revenue Increase to amortization expense 2020 $ (12,694) $ 64,254 2021 (24,568) 122,159 2022 (23,020) 110,185 2023 (21,483) 97,909 2024 (19,872) 89,245 Thereafter (93,824) 506,220 Totals $ (195,461) $ 989,972

Credit Facility

Credit Facility	6 Months Ended
	Jun. 30, 2020
Credit Facility
Debt
Debt	Credit Facility We have a $3.0 billion unsecured revolving credit facility with an initial term that expires in March 2023 and includes, at our option, two six At June 30, 2020, credit facility origination costs of $9.4 million are included in other assets, net, as compared to $11.5 million at December 31, 2019, on our consolidated balance sheet. These costs are being amortized over the remaining term of our revolving credit facility. At June 30, 2020, we had a borrowing capacity of $2.4 billion available on our revolving credit facility (subject to customary conditions to borrowing) and an outstanding balance of $628.6 million, including £329.5 million Sterling, as compared to an outstanding balance of $704.3 million, including £169.2 million Sterling, at December 31, 2019. The weighted average interest rate on outstanding borrowings under our revolving credit facility was 1.6% during the first six months of 2020 and 3.3% during the first six months of 2019. At June 30, 2020 and December 31, 2019, the weighted average interest rate on borrowings outstanding under our revolving credit facility was 0.9% and 2.2%, respectively. Our revolving credit facility is subject to various leverage and interest coverage ratio limitations, and at June 30, 2020, we were in compliance with the covenants on our revolving credit facility.

Term Loans

Term Loans	6 Months Ended
	Jun. 30, 2020
Term Loans
Debt
Debt	Term Loans In October 2018, in conjunction with entering into our current revolving credit facility, we entered into a $250.0 million senior unsecured term loan, which matures in March 2024. Borrowing under this term loan bears interest at the current one-month LIBOR, plus 0.85%. In conjunction with this term loan, we also entered into an interest rate swap, which effectively fixes our per annum interest on this term loan at 3.89%. In June 2015, in conjunction with entering into our previous revolving credit facility, we entered into a $250.0 million senior unsecured term loan which matured in June 2020. Borrowing under this term loan bore interest at the current one-month LIBOR, plus 0.90%. In conjunction with this term loan, we also entered into an interest rate swap which effectively fixed our per annum interest rate on this term loan at 2.62%. In June 2020, we repaid the term loan in full upon maturity.

Mortgages Payable

Mortgages Payable	6 Months Ended
	Jun. 30, 2020
Mortgages Payable
Debt
Debt	Mortgages Payable During the first six months of 2020, we made $14.7 million in principal payments, including the repayment of one mortgage in full for $11.4 million. During the first six months of 2019, we made $2.5 million in principal payments. No mortgages were assumed during the first six months of 2020 or 2019. 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 June 30, 2020, 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 $1.1 million at June 30, 2020 and $1.3 million at December 31, 2019. These costs are being amortized over the remaining term of each mortgage. The following table summarizes our mortgages payable as of June 30, 2020 and December 31, 2019, respectively (dollars in thousands): As Of Number of Properties (1) Weighted Average Stated Interest Rate (2) Weighted Average Effective Interest Rate (3) Weighted Remaining Unamortized Premium and Deferred Financing Costs Balance, net Mortgage 6/30/2020 91 4.9 % 4.6 % 2.7 $ 393,690 $ 1,126 $ 394,816 12/31/2019 92 4.9 % 4.6 % 3.1 $ 408,419 $ 1,700 $ 410,119 (1) At June 30, 2020, there were 26 mortgages on 91 properties. At December 31, 2019, there were 27 mortgages on 92 properties. The mortgages require monthly payments with principal payments due at maturity. The mortgages were at fixed interest rates, except for one variable rate mortgage on one property, which has been swapped to a fixed interest rate, with a principal balance at June 30, 2020 and December 31, 2019 of $7.0 million and $7.1 million, respectively. (2) Stated interest rates ranged from 3.8% to 6.9% at each of June 30, 2020 and December 31, 2019. (3) Effective interest rates ranged from 3.8% to 7.6% at each of June 30, 2020 and December 31, 2019. The following table summarizes the maturity of mortgages payable, excluding net premiums of $2.3 million and deferred financing costs of $1.1 million, as of June 30, 2020 (dollars in millions): Year of Maturity Principal 2020 $ 69.5 2021 68.8 2022 111.8 2023 20.6 2024 112.2 Thereafter 10.8 Totals $ 393.7

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2020
Notes payable
Debt
Debt	Notes Payable A. General Our senior unsecured notes and bonds consist of the following, sorted by maturity date (dollars in millions): June 30, 2020 December 31, 2019 5.750% notes, issued in June 2010 and due in January 2021 $ — $ 250 3.250% notes, $450 issued in October 2012 and $500 issued in December 2017, both due in October 2022 950 950 4.650% notes, issued in July 2013 and due in August 2023 750 750 3.875% notes, issued in June 2014 and due in July 2024 350 350 3.875% notes, issued in April 2018 and due in April 2025 500 500 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 500 500 3.250% notes, issued in May 2020 and due in January 2031 (1) 600 — 2.730% notes, issued in May 2019 and due in May 2034 (2) 391 418 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 6,641 6,318 Unamortized net original issuance premiums and deferred financing costs (39) (30) $ 6,602 $ 6,288 (1) In July 2020, we issued $350 million of 3.250% senior unsecured notes, which constituted a further issuance of, and formed a single series with, the $600 million senior notes issued in May 2020. See note 21, Subsequent Events . (2) Represents the principal balance (in U.S. dollars) of the Sterling-denominated private placement of £315.0 million converted at the applicable exchange rates on June 30, 2020, and December 31, 2019, respectively. The following table summarizes the maturity of our notes and bonds payable as of June 30, 2020, excluding net unamortized original issuance premiums and deferred financing costs (dollars in millions): Year of Maturity Principal 2022 $ 950 2023 750 2024 350 Thereafter 4,591 Totals $ 6,641 As of June 30, 2020, the weighted average interest rate on our notes and bonds payable was 3.8% and the weighted average remaining years until maturity was 8.3 years. All of our outstanding notes and bonds payable have fixed interest rates and contain various covenants, with which we remained in compliance as of June 30, 2020. Additionally, interest on all of our senior unsecured note and bond obligations is paid semiannually. B. Note Repayment 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. As a result of the early redemption, we recognized a $9.8 million loss on extinguishment of debt on our consolidated statement of income for the six months ended June 30, 2020. C. Note Issuances In May 2020, we issued $600.0 million of 3.250% senior unsecured notes due January 2031, or the 2031 Notes. The public offering price for the 2031 Notes was 98.987% of the principal amount, for an effective yield to maturity of 3.364% and gross proceeds of $593.9 million. In June 2019, we issued $500.0 million of 3.250% senior unsecured notes due June 2029, or the 2029 Notes. The public offering price for the 2029 Notes was 99.359% of principal amount, for an effective yield to maturity of 3.326% and gross proceeds of $496.8 million. In May 2019, we issued £315.0 million of 2.730% unsecured notes due May 2034, through a private placement. The proceeds from each of these offerings were used to repay borrowings outstanding under our credit facility, to fund investment opportunities, and for other general corporate purposes.

Issuances of Common Stock

Issuances of Common Stock	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Issuances of Common Stock	Issuances of Common Stock A. Issuance of Common Stock in an Underwritten Public Offering In March 2020, we issued 9,690,500 shares of common stock in an underwritten public offering, including 690,500 shares purchased by the underwriters upon the exercise of their option to purchase additional shares. After deducting underwriting discounts and other offering costs of $21.2 million, the net proceeds of $728.9 million were used to repay borrowings under our credit facility, to fund investment opportunities, and for other general corporate purposes. B. At-the-Market (ATM) Program Under our "at-the-market" equity distribution plan, or our ATM program, up to 33,402,405 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 New York Stock Exchange ("NYSE: O") at prevailing market prices or at negotiated prices. At June 30, 2020, we had 31,891,256 shares remaining for future issuance under our ATM program. We anticipate maintaining the availability of our ATM program in the future, including the replenishment of authorized shares issuable thereunder. The following table outlines common stock issuances pursuant to our ATM program (dollars in millions): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Shares of common stock issued under the ATM program 1,511,149 1,706,695 1,511,149 1,706,695 Gross proceeds $ 95.7 $ 124.2 $ 95.7 $ 124.2 C. Dividend Reinvestment and Stock Purchase Plan Our Dividend Reinvestment and Stock Purchase Plan, or our DRSPP, provides our common stockholders, as well as new investors, with a convenient and economical method of purchasing our common stock and reinvesting their distributions. Our DRSPP also allows our current 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 June 30, 2020, we had 11,573,851 shares remaining for future issuance under our DRSPP program. The following table outlines common stock issuances pursuant to our DRSPP program (dollars in millions): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Shares of common stock issued under the DRSPP program 44,817 27,520 78,817 59,418 Gross proceeds $ 2.4 $ 1.9 $ 4.8 $ 4.1 Our DRSPP includes a waiver approval process, allowing larger investors or institutions, per a formal approval process, to purchase shares at a small discount, if approved by us. We did not issue shares under the waiver approval process during the first six months of 2020 or 2019.

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 2020
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests The two noncontrolling interests in entities that we consolidate include an operating partnership, Realty Income, L.P., and a joint venture acquired during 2019. The following table represents the change in the carrying value of all noncontrolling interests through June 30, 2020 (dollars in thousands): Realty Income, L.P. units (1) Other Noncontrolling Interests Total Carrying value at December 31, 2019 $ 24,596 $ 5,106 $ 29,702 Distributions (647) (147) (794) Allocation of net income 479 83 562 Carrying value at June 30, 2020 $ 24,428 $ 5,042 $ 29,470 (1) 242,007 units were issued on March 30, 2018, 131,790 units were issued on April 30, 2018, and 89,322 units were issued on March 28, 2019. 463,119 remained outstanding at each of June 30, 2020 and December 31, 2019. At June 30, 2020 and December 31, 2019, Realty Income, L.P. and the joint venture acquired during 2019 were considered variable interest entities, or VIEs, in which we were deemed the primary beneficiary based on our controlling financial interests. Below is a summary of selected financial data of consolidated VIEs included in the consolidated balance sheets at June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31, 2019 Net real estate $ 640,302 $ 654,305 Total assets 731,943 744,394 Total liabilities 51,688 52,087

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurements	Financial Instruments and Fair Value MeasurementsFair 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): June 30, 2020 Carrying value Estimated fair value Mortgages payable assumed in connection with acquisitions (1) $ 393.7 $ 403.8 Notes and bonds payable (2) 6,640.6 7,360.0 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 (1) Excludes non-cash net premiums recorded on the mortgages payable. The unamortized balance of these net premiums was $2.3 million at June 30, 2020, and $3.0 million at December 31, 2019. Also excludes deferred financing costs of $1.1 million at June 30, 2020 and $1.3 million at December 31, 2019. (2) Excludes non-cash original issuance premiums and discounts recorded on notes payable. The unamortized balance of the net original issuance premiums was approximately $3,000 at June 30, 2020, and $6.3 million at December 31, 2019. Also excludes deferred financing costs of $38.5 million at June 30, 2020 and $35.9 million at December 31, 2019. 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. In February 2020, we entered into five forward starting treasury rate locks with notional amounts totaling $500.0 million. The treasury rate locks were entered into to hedge our exposure to the changes in the 10-year US treasury rates in anticipation of potential future debt offerings during the first half of 2020. The treasury rate locks were designated as cash flow hedges, with any changes in fair value recorded in accumulated other comprehensive income, or AOCI. The AOCI balance associated with the treasury rate locks on the date of initial issuance of the 2031 Notes in May 2020 is being amortized over the term of the 2031 Notes. During June 2020, all five treasury rate locks were terminated and we entered into six forward starting interest rate swaps with notional amounts totaling $500.0 million in a cashless settlement of the terminated treasury rate locks. The forward starting swaps were entered into to hedge our exposure to the changes in the 10-year US treasury rates in anticipation of potential future debt offerings through a current estimated range ending in 2023. The forward starting swaps are designated as cash flow hedges, with any changes in fair value recorded in AOCI. Due to the size of the initial net investment resulting from the termination value of the treasury rate locks being rolled into them, two of the six forward starting swaps were determined to be hybrid debt instruments containing embedded at-market swap derivative instruments. As a result, we have bifurcated the derivative instrument and the debt instrument for those two forward starting interest rate swaps for accounting purposes. The remaining four forward starting interest rates swaps are accounted for as derivative instruments. In May 2019, we entered into four cross-currency swaps to exchange £130 million 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. We record interest rate swaps on the consolidated balances sheet at fair value. Changes to fair value are recorded to AOCI. The following table summarizes the terms and fair values of our derivative financial instruments at June 30, 2020 and December 31, 2019 (dollars in millions): Derivative Type Accounting Classification Hedge Designation Notional Amount Strike Effective Date Maturity Date Fair Value - asset (liability) June 30, December 31, June 30, December 31, 2020 2019 2020 2019 Interest rate swap Derivative Cash flow $ 6.9 $ 7.0 6.03% 09/25/2012 09/03/2021 $ (0.3) $ (0.2) Interest rate swap Derivative Cash flow — 250.0 1.72% 06/30/2015 06/30/2020 — (0.1) Interest rate swap Derivative Cash flow 250.0 250.0 3.04% 10/24/2018 03/24/2024 (25.9) (14.7) Cross-currency swap (1) Derivative Cash flow 41.6 41.6 (2) 05/20/2019 05/22/2034 5.0 (2.6) Cross-currency swap (1) Derivative Cash flow 41.6 41.6 (3) 05/20/2019 05/22/2034 4.9 (2.6) Cross-currency swap (1) Derivative Cash flow 41.6 41.6 (4) 05/20/2019 05/22/2034 4.6 (2.9) Cross-currency swap (1) Derivative Cash flow 41.6 41.6 (5) 05/20/2019 05/22/2034 4.5 (3.2) Forward-starting swap Derivative Cash flow 75.0 — 2.02% (6) 06/30/2033 (7.9) — Forward-starting swap Derivative Cash flow 75.0 — 1.94% (6) 11/30/2032 (7.8) — Forward-starting swap Derivative Cash flow 25.0 — 1.67% (6) 11/30/2032 (2.0) — Forward-starting swap Derivative Cash flow 125.0 — 1.75% (6) 06/30/2033 (9.9) — Forward-starting swap Hybrid debt Cash flow 125.0 — 1.88% (6) 11/30/2032 (12.3) — Forward-starting swap Hybrid debt Cash flow 75.0 — 2.00% (6) 06/30/2033 (7.8) — $ 923.3 $ 673.4 $ (54.9) $ (26.3) (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%. (6) The five treasury rate locks which were entered into during February 2020 were terminated in June 2020 and converted into six forward starting interest rate swaps through a cashless settlement of the terminated treasury rate locks. 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 June 30, 2020 and December 31, 2019, 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 the three and six months ended June 30, 2020, we reclassified $3.7 million and $5.3 million, respectively, from AOCI as an increase to interest expense and $800,000 and $12.2 million for cross-currency swaps into foreign exchange gains. During the three and six months ended June 30, 2019, we reclassified $454,000 and $1.1 million, respectively, from AOCI as an increase to interest expense for our interest rate swaps and $1.4 million for the three and six months ended June 30, 2019 for cross-currency swaps into foreign exchange gains.

Operating Leases

Operating Leases	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Operating Leases	Operating Leases A. At June 30, 2020, we owned 6,541 properties in 49 U.S. states, Puerto Rico, and the U.K. Of the 6,541 properties, 6,505, or 99.4%, are single-tenant properties, and the remaining are multi-tenant properties. At June 30, 2020, 101 properties were available for lease or sale. Substantially all of our leases are net leases where the tenant pays or reimburses us for property taxes and assessments, maintains the interior and exterior of the building and leased premises, and carries insurance coverage for public liability, property damage, fire and extended coverage. Rent based on a percentage of a tenants’ gross sales, or percentage rents, for the second quarter of 2020 and 2019 was $547,000 and $495,000, respectively. Percentage rents for the first six months of 2020 and 2019 were $1.8 million and $4.1 million, respectively. B. Major Tenants - No individual tenant’s rental revenue, including percentage rents, represented more than 10% of our total revenue for each of the six months ended June 30, 2020 and 2019.

Gain on Sales of Real Estate

Gain on Sales of Real Estate	6 Months Ended
	Jun. 30, 2020
Gain (Loss) on Sale of Investments [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): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Number of properties 12 18 29 37 Net sales proceeds $ 7.4 $ 28.6 $ 133.6 $ 51.1 Gain on sales of real estate $ 1.3 $ 6.9 $ 39.8 $ 14.2

Impairments

Impairments	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Impairments	Impairments We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. A provision is made for impairment if estimated future operating cash flows (undiscounted and without interest charges) plus estimated disposition proceeds (undiscounted) are less than the current book value of the property. Key factors that we utilize in this analysis include projected rental rates, estimated holding periods, capital expenditures and property sales capitalization rates. If a property is classified as held for sale, it is carried at the lower of carrying cost or estimated fair value, less estimated cost to sell, and depreciation of the property ceases. During the second quarter of 2020, we assessed the key assumptions used in our impairment analysis for the impact of the COVID-19 pandemic on our portfolio, focusing on tenants experiencing difficulties meeting their lease obligations to us. As a result of this analysis, we determined that the carrying values of eight properties classified as held for investment were not recoverable. As a result, we recorded provisions for impairments of $8.2 million on these properties, which are included as part of our total impairments recorded during the second quarter of 2020. The following table summarizes our provisions for impairment during the periods indicated below (dollars in millions): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Total provisions for impairment $ 13.9 $ 13.1 $ 18.3 $ 17.7 Number of properties: Classified as held for sale 7 — 8 — Classified as held for investment 11 2 14 2 Sold 7 12 14 22

Distributions Paid and Payable

Distributions Paid and Payable	6 Months Ended
	Jun. 30, 2020
Dividends [Abstract]
Distributions Paid and Payable	Distributions Paid and Payable We pay monthly distributions to our common stockholders. The following is a summary of monthly distributions paid per common share for the first six months of 2020 and 2019: Month 2020 2019 January $ 0.2275 $ 0.2210 February 0.2325 0.2255 March 0.2325 0.2255 April 0.2330 0.2260 May 0.2330 0.2260 June 0.2330 0.2260 Total $ 1.3915 $ 1.3500 At June 30, 2020, a distribution of $0.2335 per common share was payable and was paid in July 2020.

Net Income per Common Share

Net Income per Common Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Net Income per Common Share	Net Income per Common Share Basic net income per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted net income per common share is computed by dividing net income available to common stockholders, plus income attributable to dilutive shares and convertible common units, for the period by the weighted average number of common shares that would have been outstanding assuming the issuance of common shares for all potentially dilutive common shares outstanding during the reporting period. The following is a reconciliation of the denominator of the basic net income per common share computation to the denominator of the diluted net income per common share computation: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Weighted average shares used for the basic net income per share computation 343,515,406 311,032,972 340,061,487 307,293,949 Incremental shares from share-based compensation 169,853 289,190 219,778 286,178 Weighted average shares used for diluted net income per share computation 343,685,259 311,322,162 340,281,265 307,580,127 Unvested shares from share based compensation that were anti-dilutive 122,222 25,171 65,623 29,069 Weighted average partnership common units convertible to common shares that were anti-dilutive 463,119 463,119 463,119 420,679

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information	6 Months Ended
	Jun. 30, 2020
Supplemental Cash Flow Information [Abstract]
Supplemental Disclosures of Cash Flow Information	Supplemental Disclosures of Cash Flow Information Cash paid for interest was $149.4 million in the first six months of 2020 and $134.9 million in the first six months of 2019. Cash paid for income taxes was $5.3 million in the first six months of 2020 and $3.1 million in the first six months of 2019. The following non-cash activities are included in the accompanying consolidated financial statements: A. During the first six months of 2020, the fair value of net derivative liabilities decreased by $28.6 million. B. Non-refundable deposits from 2019 of $13.8 million were applied to acquisitions during the first six months of 2020. C. As a result of the adoption of Accounting Standards Update, or ASU, 2016-02 in 2019, we recorded $132.0 million of lease liabilities and related right of use assets as lessee under operating leases on January 1, 2019. D. During the first six months of 2019, we issued 89,322 common partnership units of Realty Income, L.P. as partial consideration for an acquisition of properties, totaling $6.3 million. 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): June 30, 2020 June 30, 2019 Cash and cash equivalents shown in the consolidated balance sheets $ 35,345 $ 27,136 Restricted escrow deposits (1) 81,683 1,323 Impounds related to mortgages payable (1) 13,290 11,433 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 130,318 $ 39,892 (1) Included within other assets, net on the consolidated balance sheets (see note 3). These amounts consist of cash that we are legally entitled to, but that is not immediately available to us. As a result, these amounts were considered restricted as of the dates presented.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2020
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 operating expenses, rental revenue is the only component of segment profit and loss we measure. The following tables set forth certain information regarding the properties owned by us, classified according to the business of the respective tenants (dollars in thousands): Assets, as of: June 30, 2020 December 31, 2019 Segment net real estate: Automotive service $ 284,069 $ 288,453 Automotive tire services 229,406 232,709 Beverages 277,264 279,373 Child care 216,687 208,326 Convenience stores 2,025,986 2,057,157 Dollar stores 1,426,580 1,427,950 Drug stores 1,589,216 1,618,854 Financial services 381,332 389,634 General merchandise 535,432 475,418 Grocery stores - U.S. (1) 903,343 922,349 Grocery stores - U.K. (1) 682,378 663,210 Health and fitness 1,082,135 1,019,796 Home improvement 499,420 495,305 Restaurants-casual dining 552,711 576,526 Restaurants-quick service 1,070,095 1,059,155 Theaters - U.S. (1) 861,151 878,103 Transportation services 711,739 769,614 Wholesale club 390,312 396,690 Other non-reportable segments 2,818,888 2,738,150 Total net real estate 16,538,144 16,496,772 Intangible assets: Automotive service 56,812 58,854 Automotive tire services 6,545 7,322 Beverages 1,380 1,509 Child care 20,844 21,997 Convenience stores 126,567 131,808 Dollar stores 80,232 82,701 Drug stores 175,374 183,319 Financial services 15,968 17,130 General merchandise 74,759 66,135 Grocery stores - U.S. (1) 171,874 180,197 Grocery stores - U.K. (1) 196,666 153,407 Health and fitness 71,881 74,428 Home improvement 71,497 72,979 Restaurants-casual dining 21,964 23,289 Restaurants-quick service 49,954 52,353 Theaters - U.S. (1) 33,983 36,089 Transportation services 56,087 66,055 Wholesale club 21,816 23,372 Other non-reportable segments 258,672 240,439 Other corporate assets 1,051,528 564,641 Total assets $ 19,102,547 $ 18,554,796 Three months ended June 30, Six months ended June 30, Revenue 2020 2019 2020 2019 Segment rental revenue: Automotive service $ 8,661 $ 8,039 $ 17,332 $ 15,230 Automotive tire services 8,115 7,952 15,948 15,751 Beverages 7,996 7,915 15,991 15,831 Child care 8,714 7,760 18,195 15,587 Convenience stores 46,819 41,432 93,552 82,646 Dollar stores 31,595 25,112 62,986 50,098 Drug stores 35,617 32,343 70,916 65,513 Financial services 7,573 7,694 15,116 15,412 General merchandise 11,887 8,610 23,404 15,520 Grocery stores - U.S. (1) 19,485 17,211 38,994 33,336 Grocery stores - U.K. (1) 11,739 2,915 22,143 2,915 Health and fitness 27,961 26,254 56,239 52,479 Home improvement 11,382 10,664 22,692 20,479 Restaurants-casual dining 11,431 11,385 23,969 22,674 Restaurants-quick service 18,820 21,515 42,128 43,244 Theaters - U.S. (1) 24,448 20,909 49,014 38,565 Transportation services 15,975 16,192 31,960 32,218 Wholesale club 9,588 9,464 19,176 19,057 Other non-reportable segments and tenant reimbursements 92,395 80,886 182,603 161,734 Rental (including reimbursable) 410,201 364,252 822,358 718,289 Other 4,435 1,198 6,619 1,526 Total revenue $ 414,636 $ 365,450 $ 828,977 $ 719,815 (1) Our investments in industries outside of the U.S. are managed as separate operating segments.

Common Stock Incentive Plan

Common Stock Incentive Plan	6 Months Ended
	Jun. 30, 2020
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, performance shares 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 $4.9 million during the second quarter of 2020, $4.5 million during the second quarter of 2019, $10.4 million during the first six months of 2020 (including $1.8 million of accelerated share-based compensation costs for our former Chief Financial Officer ("CFO") upon his departure from the company) and $7.3 million during the first six months of 2019. Upon the departure of our former CFO in the first quarter of 2020, we incurred a severance charge of $3.5 million, consisting of $1.6 million of cash, $1.8 million related to share-based compensation expense and $58,000 of professional fees. A. Restricted Stock During the first six months of 2020, we granted 100,473 shares of common stock under the 2012 Plan. This included 36,000 total shares of restricted stock granted to the independent members of our Board of Directors in connection with our annual awards in May 2020, 24,000 shares of which vested immediately and 12,000 shares of which vest in equal parts over a three four As of June 30, 2020, the remaining unamortized share-based compensation expense related to restricted stock totaled $11.5 million, which is being amortized on a straight-line basis over the service period of each applicable award. The amount of share-based compensation is based on the fair value of the stock at the grant date. We define the grant date as the date the recipient and Realty Income have a mutual understanding of the key terms and conditions of the award, and the recipient of the grant begins to benefit from, or be adversely affected by, subsequent changes in the price of the shares. B. Performance Shares and Restricted Stock Units During the first six months of 2020, we granted 98,844 performance shares, as well as dividend equivalent rights, to our executive officers. The performance shares are earned based on our Total Shareholder Return (TSR) performance relative to select industry indices and peer groups as well as achievement of certain operating metrics, and vest 50% on the first and second January 1 after the end of the three During the first six months of 2020, we also granted 9,966 restricted stock units, all of which vest over a four As of June 30, 2020, the remaining share-based compensation expense related to the performance shares and restricted stock units totaled $13.8 million. The fair value of the performance shares were estimated on the date of grant using a Monte Carlo Simulation model. The performance shares are being recognized on a tranche-by-tranche basis over the service period. The amount of share-based compensation for the restricted stock units is based on the fair value of our common stock at the grant date. The restricted stock units are being recognized on a straight-line basis over the service period.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the ordinary course of business, we are party to various legal actions which we believe are routine in nature and incidental to the operation of our business. We believe that the outcome of the proceedings will not have a material adverse effect upon our consolidated financial position or results of operations. At June 30, 2020, we had commitments of $12.2 million for re-leasing costs, recurring capital expenditures, and non-recurring building improvements. In addition, as of June 30, 2020, we had committed $3.6 million under construction contracts related to development projects, which is expected to be paid in the next twelve months.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events • In July 2020, we declared a dividend of $0.2335 per share to our common stockholders, which will be paid in August 2020. • In July 2020, we issued $350 million of additional aggregate amount of our existing 3.250% senior unsecured notes due in January 2031, or the 2031 Notes. The public offering price for the 2031 Notes was 108.241% of the principal amount, for an effective yield to maturity of 2.341%. The gross proceeds of approximately $378.8 million from this offering will be used to repay borrowings under our credit facility, to fund potential investment opportunities and for other general corporate purposes.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Procedures (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
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 10). We have no unconsolidated investments.
Income Taxes	We have elected to be taxed as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended. We believe we have qualified and continue to qualify as a REIT. Under the REIT operating structure, we are permitted to deduct dividends paid to our stockholders in determining our taxable income.  Assuming our dividends equal or exceed our taxable net income, we generally will not be required to pay federal corporate income taxes on such income. Accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements, except for federal income taxes of our taxable REIT subsidiaries. The income taxes recorded on our consolidated statements of income and comprehensive income represent amounts accrued or paid by Realty Income and its subsidiaries for city and state income and franchise taxes and for U.K. income taxes.
Leases	On April 8, 2020, the Financial Accounting Standards Board, or FASB, staff and FASB board members responded to questions about the accounting for COVID-19 related rent concessions under Topic 842, Leases . The accounting for these rent concessions under Topic 842 depends on the enforceable rights and obligations of the parties under the original lease contract (including those arising from the laws of the jurisdiction governing the lease contract) and the nature of any changes to the terms and conditions of the contract. If a rent concession under these circumstances is required by the original lease contract (e.g. by a force majeure clause), the concession will generally be accounted for as a variable lease payment. In contrast, if the lessor is under no obligation to grant a rent concession, the lessor’s agreement to grant one should be accounted for as a lease modification. The FASB staff has provided clarifying guidance for leases where the total lease cash flows will remain substantially the same or less than those after the COVID-19 related effects, though companies may choose to forgo the evaluation of the enforceable rights and obligations of the original lease contract as a practical expedient. Instead, the company would account for rent concessions, whatever their form (e.g. rent deferral, abatement or other), either (1) as if they are part of the enforceable rights and obligations of the parties under the existing lease contract; or (2) as a lease modification. If accounting for a concession as a lease modification, the full lease modification requirements under Topic 842 apply. Under either policy election, we must continue to assess the probability of collecting substantially all of the lease payments to which we are entitled under the original lease contract as required under Topic 842. If we conclude collection of substantially all lease payments is less than probable, rental revenue recognized is limited to cash received and existing operating lease receivables must be written off as an adjustment to rental revenue. The majority of concessions granted to our tenants during the second quarter of 2020 as a result of the COVID-19 pandemic have been rent deferrals with the original lease term unchanged. In these cases, we have currently determined that the collection of substantially all rent payments is probable. We also currently anticipate future concessions to be similar. In accordance with the April 8, 2020 guidance provided by the FASB staff, we have elected to account for these leases as if the right of deferral existed in the lease contract and therefore continue to recognize lease revenue in accordance with the lease contract in effect. In limited circumstances, the undiscounted cash flows resulting from deferrals granted during the second quarter of 2020 increased significantly from original lease terms, which required us to account for these as lease modifications, and resulted in an insignificant impact to rental revenue for the three months ended June 30, 2020. Similarly, rent abatements granted during the second quarter of 2020, which were also accounted for as lease modifications, impacted our rental revenue by an insignificant amount for the three months ended June 30, 2020. We assess collectability of our future lease payments based on an analysis of creditworthiness, economic trends (including trends arising from the COVID-19 pandemic) and other facts and circumstances related to the applicable tenants. If the collection of substantially all of the future lease payments is less than probable, we write-off the receivable balances associated with the lease and cease to recognize lease income, including straight-line rent, unless cash is received when due. The following table summarizes reserves recorded as a reduction of rental revenue (dollars in millions): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Rental revenue reserves $ 6.4 $ 0.4 $ 7.4 $ 1.0 Straight-line rent reserves 2.1 — 2.8 1.4 Total rental revenue reserves $ 8.5 $ 0.4 $ 10.2 $ 2.4 As of June 30, 2020, we do not have any further tenant specific information that would change our assessment that collection of substantially all of the future lease payments under our existing leases is probable. However, since the conversations regarding rent collections for tenants affected by the COVID-19 pandemic are ongoing and we do not currently know the types of future concessions, if any, that will ultimately be granted, there may be impacts in future periods that could change this assessment as the situation continues to evolve and as more information becomes available.
Reclassification	During the first six months of 2020, we reclassified 'Real estate held for sale, net', which was previously presented in 'Net real estate', into a new caption entitled 'Real estate and lease intangibles held for sale, net'. The reclassification out of 'Net real estate' incorporates intangibles held for sale into a more appropriate presentation of the held for sale caption. Intangibles held for investment are included in the captions entitled 'Lease intangible assets, net' and 'Lease intangible liabilities, net' in the consolidated balance sheets. The December 31, 2019 balance sheet has been reclassified to match the current period classification.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and Procedures (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Schedule of reserves recorded as reduction of rental revenue	The following table summarizes reserves recorded as a reduction of rental revenue (dollars in millions): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Rental revenue reserves $ 6.4 $ 0.4 $ 7.4 $ 1.0 Straight-line rent reserves 2.1 — 2.8 1.4 Total rental revenue reserves $ 8.5 $ 0.4 $ 10.2 $ 2.4

Supplemental Detail for Certa_2

Supplemental Detail for Certain Components of Consolidated Balance Sheets (Tables)	6 Months Ended
	Jun. 30, 2020
Disclosure Text Block Supplement [Abstract]
Schedule of accounts receivable	A. Accounts Receivable consist of the following at: June 30, 2020 December 31, 2019 Straight-line rent receivables $ 161,033 $ 147,047 Other receivables 94,576 34,922 $ 255,609 $ 181,969
Schedule of acquired lease intangible assets, net	B. Lease intangible assets, net, consist of the following at: June 30, 2020 December 31, 2019 In-place leases $ 1,679,972 $ 1,612,153 Accumulated amortization of in-place leases (690,000) (627,676) Above-market leases 743,095 710,275 Accumulated amortization of above-market leases (224,890) (201,369) $ 1,508,177 $ 1,493,383
Schedule of other assets, net	C. Other assets, net, consist of the following at: June 30, 2020 December 31, 2019 Right of use asset - operating leases, net $ 117,444 $ 120,533 Right of use asset - financing leases 100,294 36,901 Restricted escrow deposits 81,683 4,529 Financing receivables 81,388 81,892 Derivative assets and receivables - at fair value 19,011 12 Goodwill 14,383 14,430 Impounds related to mortgages payable 13,290 12,465 Prepaid expenses 12,570 11,839 Credit facility origination costs, net 9,418 11,453 Corporate assets, net 5,598 5,251 Non-refundable escrow deposits 1,000 14,803 Value-added tax receivable — 9,682 Other items 4,475 4,871 $ 460,554 $ 328,661
Schedule of distributions payable	D. Distributions payable consist of the following declared distributions at: June 30, 2020 December 31, 2019 Common stock distributions $ 81,276 $ 76,622 Noncontrolling interests distributions 108 106 $ 81,384 $ 76,728
Schedule of accounts payable and accrued expenses	E. Accounts payable and accrued expenses consist of the following at: June 30, 2020 December 31, 2019 Derivative liabilities and payables - at fair value $ 73,980 $ 26,359 Notes payable - interest payable 71,274 75,114 Property taxes payable 21,964 18,626 Value-added tax payable 4,921 13,434 Accrued income taxes 4,481 4,450 Accrued costs on properties under development 1,860 5,870 Mortgages, term loans, credit line - interest payable and interest rate swaps 1,496 1,729 Other items 21,200 31,457 $ 201,176 $ 177,039
Schedule of acquired lease intangible liabilities, net	F. Lease intangible liabilities, net, consist of the following at: June 30, 2020 December 31, 2019 Below-market leases $ 449,013 $ 447,522 Accumulated amortization of below-market leases (126,269) (114,419) $ 322,744 $ 333,103
Schedule of other liabilities	G. Other liabilities consist of the following at: June 30, 2020 December 31, 2019 Lease liability - operating leases, net $ 119,718 $ 122,285 Rent received in advance and other deferred revenue 116,517 127,687 Security deposits 6,212 6,303 Lease liability - financing leases 6,100 5,946 $ 248,547 $ 262,221 H. Short-term investment Short-term investment represents a term deposit with a bank that was not readily convertible to cash as of June 30, 2020. The term deposit matured on July 24. 2020.

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	6 Months Ended
	Jun. 30, 2020
Real Estate Investments, Net [Abstract]
Schedule of acquisitions	Below is a summary of our acquisitions for the six months ended June 30, 2020: Number of Square Feet Investment Weighted Initial Six months ended June 30, 2020 (1) Acquisitions - U.S. (in 25 states) 80 1.8 $ 412.6 14.4 6.5 % Acquisitions - U.K. (2) 6 0.5 223.7 11.8 5.3 % Total acquisitions 86 2.3 636.3 13.6 6.1 % Properties under development - U.S. 8 0.2 3.9 10.5 8.8 % Total (3) 94 2.5 $ 640.2 13.6 6.1 % (1) None of our investments during the first six months of 2020 caused any one tenant to be 10% or more of our total assets at June 30, 2020. All of our investments in acquired properties during the first six months of 2020 are 100% leased at the acquisition date. (2) Represents investments of £180.1 million Sterling during the six months ended June 30, 2020 converted at the applicable exchange rate on the date of acquisition. (3) The tenants occupying the new properties operate in 17 industries, and are 96.5% retail and 3.5% industrial, based on rental revenue. Approximately 37% of the rental revenue generated from acquisitions during the first six months of 2020 is from investment grade rated tenants, their subsidiaries or affiliated companies. Below is a summary of our acquisitions for the six months ended June 30, 2019: Number of Square Feet Investment Weighted Initial Six months ended June 30, 2019 (1) Acquisitions - U.S. (in 34 states) 175 4.2 $ 1,040.9 15.9 6.8 % Acquisitions - U.K. (2) 12 1.1 549.2 14.8 5.3 % Total acquisitions 187 5.3 1,590.1 15.5 6.3 % Properties under development - U.S. 12 0.4 24.1 16.5 7.2 % Total (3) 199 5.7 $ 1,614.2 15.6 6.3 % (1) None of our investments during 2019 caused any one tenant to be 10% or more of our total assets at June 30, 2019. All of our investments in acquired properties during the first six months of 2019 are 100% leased at the acquisition date. (2) Represents investments of £433.9 million Sterling during the six months ended June 30, 2019 converted at the applicable exchange rate on the date of the acquisition. (3) The tenants occupying the new properties operated in 17 industries, and are 99.1% retail and 0.9% industrial, based on rental revenue. Approximately 18% of the rental revenue generated from acquisitions during the first six months of 2019 was from investment grade rated tenants, their subsidiaries or affiliated companies.
Schedule allocation of acquisitions	The acquisitions during the first six months of 2020, which had no associated contingent consideration, were allocated as follows (dollars in millions): Acquisitions - U.S. Acquisitions - U.K. Six months ended June 30, 2020 (USD) (£ Sterling) Land (1) $ 82.9 £ 22.8 Buildings and improvements 278.4 60.8 Lease intangible assets 54.5 42.0 Other assets (2) 1.5 54.5 Lease intangible liabilities (2.3) — Other liabilities (3) (0.9) — $ 414.1 £ 180.1 (1) U.K. land includes £6.4 million of right of use assets under long-term ground leases. (2) U.S. other assets consists of $810,000 financing receivables with above-market terms and $689,000 of right of use assets under ground leases. U.K. other assets entirely consists of right of use assets under ground leases. (3) U.S. other liabilities entirely consists of lease liabilities under ground leases. The acquisitions during the first six months of 2019, which had no associated contingent consideration, were allocated as follows (dollars in millions): Acquisitions - U.S. Acquisitions - U.K. Six months ended June 30, 2019 (USD) (£ Sterling) Land (1) $ 234.7 £ 164.4 Buildings and improvements 704.5 182.0 Lease intangible assets 80.3 90.8 Other assets (2) 53.8 — Lease intangible liabilities (23.0) (3.3) Other liabilities (3) (7.4) — $ 1,042.9 £ 433.9 (1) U.K. land includes £13.6 million of right of use assets under long-term ground leases. (2) U.S. other assets entirely consists of financing receivables with above-market terms. (3) U.S. other liabilities entirely consists of deferred rent on certain below-market leases.
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 June 30, 2020 (dollars in thousands): Net decrease to rental revenue Increase to amortization expense 2020 $ (12,694) $ 64,254 2021 (24,568) 122,159 2022 (23,020) 110,185 2023 (21,483) 97,909 2024 (19,872) 89,245 Thereafter (93,824) 506,220 Totals $ (195,461) $ 989,972

Mortgages Payable (Tables)

Mortgages Payable (Tables) - Mortgages Payable	6 Months Ended
	Jun. 30, 2020
Debt
Summary of mortgages payable	The following table summarizes our mortgages payable as of June 30, 2020 and December 31, 2019, respectively (dollars in thousands): As Of Number of Properties (1) Weighted Average Stated Interest Rate (2) Weighted Average Effective Interest Rate (3) Weighted Remaining Unamortized Premium and Deferred Financing Costs Balance, net Mortgage 6/30/2020 91 4.9 % 4.6 % 2.7 $ 393,690 $ 1,126 $ 394,816 12/31/2019 92 4.9 % 4.6 % 3.1 $ 408,419 $ 1,700 $ 410,119 (1) At June 30, 2020, there were 26 mortgages on 91 properties. At December 31, 2019, there were 27 mortgages on 92 properties. The mortgages require monthly payments with principal payments due at maturity. The mortgages were at fixed interest rates, except for one variable rate mortgage on one property, which has been swapped to a fixed interest rate, with a principal balance at June 30, 2020 and December 31, 2019 of $7.0 million and $7.1 million, respectively. (2) Stated interest rates ranged from 3.8% to 6.9% at each of June 30, 2020 and December 31, 2019. (3) Effective interest rates ranged from 3.8% to 7.6% at each of June 30, 2020 and December 31, 2019.
Schedule of maturity of debt, net	The following table summarizes the maturity of mortgages payable, excluding net premiums of $2.3 million and deferred financing costs of $1.1 million, as of June 30, 2020 (dollars in millions): Year of Maturity Principal 2020 $ 69.5 2021 68.8 2022 111.8 2023 20.6 2024 112.2 Thereafter 10.8 Totals $ 393.7

Notes Payable (Tables)

Notes Payable (Tables) - Notes and bonds payable	6 Months Ended
	Jun. 30, 2020
Debt
Schedule of unsecured notes and bonds	Our senior unsecured notes and bonds consist of the following, sorted by maturity date (dollars in millions): June 30, 2020 December 31, 2019 5.750% notes, issued in June 2010 and due in January 2021 $ — $ 250 3.250% notes, $450 issued in October 2012 and $500 issued in December 2017, both due in October 2022 950 950 4.650% notes, issued in July 2013 and due in August 2023 750 750 3.875% notes, issued in June 2014 and due in July 2024 350 350 3.875% notes, issued in April 2018 and due in April 2025 500 500 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 500 500 3.250% notes, issued in May 2020 and due in January 2031 (1) 600 — 2.730% notes, issued in May 2019 and due in May 2034 (2) 391 418 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 6,641 6,318 Unamortized net original issuance premiums and deferred financing costs (39) (30) $ 6,602 $ 6,288 (1) In July 2020, we issued $350 million of 3.250% senior unsecured notes, which constituted a further issuance of, and formed a single series with, the $600 million senior notes issued in May 2020. See note 21, Subsequent Events . (2) Represents the principal balance (in U.S. dollars) of the Sterling-denominated private placement of £315.0 million converted at the applicable exchange rates on June 30, 2020, and December 31, 2019, respectively.
Schedule of maturity of debt, net	The following table summarizes the maturity of our notes and bonds payable as of June 30, 2020, excluding net unamortized original issuance premiums and deferred financing costs (dollars in millions): Year of Maturity Principal 2022 $ 950 2023 750 2024 350 Thereafter 4,591 Totals $ 6,641

Issuances of Common Stock (Tabl

Issuances of Common Stock (Tables)	6 Months Ended
	Jun. 30, 2020
ATM Program
Class of Stock [Line Items]
Schedule of common stock issuances	The following table outlines common stock issuances pursuant to our ATM program (dollars in millions): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Shares of common stock issued under the ATM program 1,511,149 1,706,695 1,511,149 1,706,695 Gross proceeds $ 95.7 $ 124.2 $ 95.7 $ 124.2
DRSPP
Class of Stock [Line Items]
Schedule of common stock issuances	The following table outlines common stock issuances pursuant to our DRSPP program (dollars in millions): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Shares of common stock issued under the DRSPP program 44,817 27,520 78,817 59,418 Gross proceeds $ 2.4 $ 1.9 $ 4.8 $ 4.1

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	6 Months Ended
	Jun. 30, 2020
Noncontrolling Interest [Abstract]
Schedule of the change in the carrying value of all noncontrolling interests	The following table represents the change in the carrying value of all noncontrolling interests through June 30, 2020 (dollars in thousands): Realty Income, L.P. units (1) Other Noncontrolling Interests Total Carrying value at December 31, 2019 $ 24,596 $ 5,106 $ 29,702 Distributions (647) (147) (794) Allocation of net income 479 83 562 Carrying value at June 30, 2020 $ 24,428 $ 5,042 $ 29,470
Summary selected financial data of consolidated VIEs	Below is a summary of selected financial data of consolidated VIEs included in the consolidated balance sheets at June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31, 2019 Net real estate $ 640,302 $ 654,305 Total assets 731,943 744,394 Total liabilities 51,688 52,087

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
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): June 30, 2020 Carrying value Estimated fair value Mortgages payable assumed in connection with acquisitions (1) $ 393.7 $ 403.8 Notes and bonds payable (2) 6,640.6 7,360.0 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 (1) Excludes non-cash net premiums recorded on the mortgages payable. The unamortized balance of these net premiums was $2.3 million at June 30, 2020, and $3.0 million at December 31, 2019. Also excludes deferred financing costs of $1.1 million at June 30, 2020 and $1.3 million at December 31, 2019. (2) Excludes non-cash original issuance premiums and discounts recorded on notes payable. The unamortized balance of the net original issuance premiums was approximately $3,000 at June 30, 2020, and $6.3 million at December 31, 2019. Also excludes deferred financing costs of $38.5 million at June 30, 2020 and $35.9 million at December 31, 2019.
Schedule of derivative financial instruments	The following table summarizes the terms and fair values of our derivative financial instruments at June 30, 2020 and December 31, 2019 (dollars in millions): Derivative Type Accounting Classification Hedge Designation Notional Amount Strike Effective Date Maturity Date Fair Value - asset (liability) June 30, December 31, June 30, December 31, 2020 2019 2020 2019 Interest rate swap Derivative Cash flow $ 6.9 $ 7.0 6.03% 09/25/2012 09/03/2021 $ (0.3) $ (0.2) Interest rate swap Derivative Cash flow — 250.0 1.72% 06/30/2015 06/30/2020 — (0.1) Interest rate swap Derivative Cash flow 250.0 250.0 3.04% 10/24/2018 03/24/2024 (25.9) (14.7) Cross-currency swap (1) Derivative Cash flow 41.6 41.6 (2) 05/20/2019 05/22/2034 5.0 (2.6) Cross-currency swap (1) Derivative Cash flow 41.6 41.6 (3) 05/20/2019 05/22/2034 4.9 (2.6) Cross-currency swap (1) Derivative Cash flow 41.6 41.6 (4) 05/20/2019 05/22/2034 4.6 (2.9) Cross-currency swap (1) Derivative Cash flow 41.6 41.6 (5) 05/20/2019 05/22/2034 4.5 (3.2) Forward-starting swap Derivative Cash flow 75.0 — 2.02% (6) 06/30/2033 (7.9) — Forward-starting swap Derivative Cash flow 75.0 — 1.94% (6) 11/30/2032 (7.8) — Forward-starting swap Derivative Cash flow 25.0 — 1.67% (6) 11/30/2032 (2.0) — Forward-starting swap Derivative Cash flow 125.0 — 1.75% (6) 06/30/2033 (9.9) — Forward-starting swap Hybrid debt Cash flow 125.0 — 1.88% (6) 11/30/2032 (12.3) — Forward-starting swap Hybrid debt Cash flow 75.0 — 2.00% (6) 06/30/2033 (7.8) — $ 923.3 $ 673.4 $ (54.9) $ (26.3) (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%. (6) The five treasury rate locks which were entered into during February 2020 were terminated in June 2020 and converted into six forward starting interest rate swaps through a cashless settlement of the terminated treasury rate locks.

Gain on Sales of Real Estate (T

Gain on Sales of Real Estate (Tables)	6 Months Ended
	Jun. 30, 2020
Gain (Loss) on Sale of Investments [Abstract]
Schedule of properties sold	The following table summarizes our properties sold during the periods indicated below (dollars in millions): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Number of properties 12 18 29 37 Net sales proceeds $ 7.4 $ 28.6 $ 133.6 $ 51.1 Gain on sales of real estate $ 1.3 $ 6.9 $ 39.8 $ 14.2

Impairments (Tables)

Impairments (Tables)	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Schedule of provisions for impairment	The following table summarizes our provisions for impairment during the periods indicated below (dollars in millions): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Total provisions for impairment $ 13.9 $ 13.1 $ 18.3 $ 17.7 Number of properties: Classified as held for sale 7 — 8 — Classified as held for investment 11 2 14 2 Sold 7 12 14 22

Distributions Paid and Payable

Distributions Paid and Payable (Tables)	6 Months Ended
	Jun. 30, 2020
Dividends [Abstract]
Summary of monthly distributions paid	The following is a summary of monthly distributions paid per common share for the first six months of 2020 and 2019: Month 2020 2019 January $ 0.2275 $ 0.2210 February 0.2325 0.2255 March 0.2325 0.2255 April 0.2330 0.2260 May 0.2330 0.2260 June 0.2330 0.2260 Total $ 1.3915 $ 1.3500

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Schedule of reconciliation of the denominator of the basic net income per common share computation to the denominator of the diluted net income per common share computation	The following is a reconciliation of the denominator of the basic net income per common share computation to the denominator of the diluted net income per common share computation: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Weighted average shares used for the basic net income per share computation 343,515,406 311,032,972 340,061,487 307,293,949 Incremental shares from share-based compensation 169,853 289,190 219,778 286,178 Weighted average shares used for diluted net income per share computation 343,685,259 311,322,162 340,281,265 307,580,127 Unvested shares from share based compensation that were anti-dilutive 122,222 25,171 65,623 29,069 Weighted average partnership common units convertible to common shares that were anti-dilutive 463,119 463,119 463,119 420,679

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2020
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): June 30, 2020 June 30, 2019 Cash and cash equivalents shown in the consolidated balance sheets $ 35,345 $ 27,136 Restricted escrow deposits (1) 81,683 1,323 Impounds related to mortgages payable (1) 13,290 11,433 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 130,318 $ 39,892 (1) Included within other assets, net on the consolidated balance sheets (see note 3). These amounts consist of cash that we are legally entitled to, but that is not immediately available to us. As a result, these amounts were considered restricted as of the dates presented.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Schedule of reconciliation of assets from segment to consolidated	The following tables set forth certain information regarding the properties owned by us, classified according to the business of the respective tenants (dollars in thousands): Assets, as of: June 30, 2020 December 31, 2019 Segment net real estate: Automotive service $ 284,069 $ 288,453 Automotive tire services 229,406 232,709 Beverages 277,264 279,373 Child care 216,687 208,326 Convenience stores 2,025,986 2,057,157 Dollar stores 1,426,580 1,427,950 Drug stores 1,589,216 1,618,854 Financial services 381,332 389,634 General merchandise 535,432 475,418 Grocery stores - U.S. (1) 903,343 922,349 Grocery stores - U.K. (1) 682,378 663,210 Health and fitness 1,082,135 1,019,796 Home improvement 499,420 495,305 Restaurants-casual dining 552,711 576,526 Restaurants-quick service 1,070,095 1,059,155 Theaters - U.S. (1) 861,151 878,103 Transportation services 711,739 769,614 Wholesale club 390,312 396,690 Other non-reportable segments 2,818,888 2,738,150 Total net real estate 16,538,144 16,496,772 Intangible assets: Automotive service 56,812 58,854 Automotive tire services 6,545 7,322 Beverages 1,380 1,509 Child care 20,844 21,997 Convenience stores 126,567 131,808 Dollar stores 80,232 82,701 Drug stores 175,374 183,319 Financial services 15,968 17,130 General merchandise 74,759 66,135 Grocery stores - U.S. (1) 171,874 180,197 Grocery stores - U.K. (1) 196,666 153,407 Health and fitness 71,881 74,428 Home improvement 71,497 72,979 Restaurants-casual dining 21,964 23,289 Restaurants-quick service 49,954 52,353 Theaters - U.S. (1) 33,983 36,089 Transportation services 56,087 66,055 Wholesale club 21,816 23,372 Other non-reportable segments 258,672 240,439 Other corporate assets 1,051,528 564,641 Total assets $ 19,102,547 $ 18,554,796
Schedule of reconciliation of revenue from segments to consolidated	Three months ended June 30, Six months ended June 30, Revenue 2020 2019 2020 2019 Segment rental revenue: Automotive service $ 8,661 $ 8,039 $ 17,332 $ 15,230 Automotive tire services 8,115 7,952 15,948 15,751 Beverages 7,996 7,915 15,991 15,831 Child care 8,714 7,760 18,195 15,587 Convenience stores 46,819 41,432 93,552 82,646 Dollar stores 31,595 25,112 62,986 50,098 Drug stores 35,617 32,343 70,916 65,513 Financial services 7,573 7,694 15,116 15,412 General merchandise 11,887 8,610 23,404 15,520 Grocery stores - U.S. (1) 19,485 17,211 38,994 33,336 Grocery stores - U.K. (1) 11,739 2,915 22,143 2,915 Health and fitness 27,961 26,254 56,239 52,479 Home improvement 11,382 10,664 22,692 20,479 Restaurants-casual dining 11,431 11,385 23,969 22,674 Restaurants-quick service 18,820 21,515 42,128 43,244 Theaters - U.S. (1) 24,448 20,909 49,014 38,565 Transportation services 15,975 16,192 31,960 32,218 Wholesale club 9,588 9,464 19,176 19,057 Other non-reportable segments and tenant reimbursements 92,395 80,886 182,603 161,734 Rental (including reimbursable) 410,201 364,252 822,358 718,289 Other 4,435 1,198 6,619 1,526 Total revenue $ 414,636 $ 365,450 $ 828,977 $ 719,815 (1) Our investments in industries outside of the U.S. are managed as separate operating segments.

Basis of Presentation (Details)

Basis of Presentation (Details) ft² in Millions	Jun. 30, 2020ft²stateproperty
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of properties owned | property	6,541
Number of U.S. states where properties are owned (states) | state	49
Leasable square feet (sq ft) | ft²	106.4

Summary of Significant Accoun_4

Summary of Significant Accounting Policies and Procedures (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accounting Policies [Abstract]
Rental revenue reserves	$ 6.4	$ 0.4	$ 7.4	$ 1
Straight-line rent reserves	2.1	0	2.8	1.4
Total rental revenue reserves	$ 8.5	$ 0.4	$ 10.2	$ 2.4

Supplemental Detail for Certa_3

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accounts Receivable
Straight-line rent receivables	$ 161,033	$ 147,047
Other receivables	94,576	34,922
Accounts receivable	$ 255,609	$ 181,969

Supplemental Detail for Certa_4

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Lease Intangible Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Lease intangible assets, net
Total acquired lease intangible assets, net	$ 1,508,177	$ 1,493,383
In-place leases
Lease intangible assets, net
Lease intangible assets, gross	1,679,972	1,612,153
Accumulated amortization of lease intangible assets	(690,000)	(627,676)
Above-market leases
Lease intangible assets, net
Lease intangible assets, gross	743,095	710,275
Accumulated amortization of lease intangible assets	$ (224,890)	$ (201,369)

Supplemental Detail for Certa_5

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Other assets, net
Right of use asset - operating leases, net	$ 117,444	$ 120,533
Right of use asset - financing leases	100,294	36,901
Restricted escrow deposits	81,683	4,529	$ 1,323
Financing receivables	81,388	81,892
Derivative assets and receivables - at fair value	19,011	12
Goodwill	14,383	14,430
Impounds related to mortgages payable	13,290	12,465	$ 11,433
Prepaid expenses	12,570	11,839
Credit facility origination costs, net	9,418	11,453
Corporate assets, net	5,598	5,251
Non-refundable escrow deposits	1,000	14,803
Value-added tax receivable	0	9,682
Other items	4,475	4,871
Total other assets, net	$ 460,554	$ 328,661
Right-of-use asset, operating leases, balance sheet line item	us-gaap:OtherAssets	us-gaap:OtherAssets
Right-of-use asset, financing leases, balance sheet line item	us-gaap:OtherAssets	us-gaap:OtherAssets

Supplemental Detail for Certa_6

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Distributions Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Distributions payable
Distributions payable	$ 81,384	$ 76,728
Noncontrolling interests
Distributions payable
Distributions payable	108	106
Common stock
Distributions payable
Distributions payable	$ 81,276	$ 76,622

Supplemental Detail for Certa_7

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accounts payable and accrued expenses consist of the following at:
Derivative liabilities and payables - at fair value	$ 73,980	$ 26,359
Property taxes payable	21,964	18,626
Value Added Tax Payable	4,921	13,434
Accrued Income Taxes	4,481	4,450
Accrued costs on properties under development	1,860	5,870
Other items	21,200	31,457
Total accounts payable and accrued expenses	201,176	177,039
Notes payable
Accounts payable and accrued expenses consist of the following at:
Interest payable	71,274	75,114
Mortgages, term loans, and credit line
Accounts payable and accrued expenses consist of the following at:
Interest payable	$ 1,496	$ 1,729

Supplemental Detail for Certa_8

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Lease Intangible Liabilities, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Lease intangible liabilities, net, consist of the following at:
Below-market leases	$ 449,013	$ 447,522
Accumulated amortization of below-market leases	(126,269)	(114,419)
Total lease intangible liabilities, net	$ 322,744	$ 333,103

Supplemental Detail for Certa_9

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Other liabilities consist of the following at:
Lease liability - operating leases, net	$ 119,718	$ 122,285
Rent received in advance and other deferred revenue	116,517	127,687
Security deposits	6,212	6,303
Lease liability - financing leases	6,100	5,946
Total other liabilities	$ 248,547	$ 262,221
Lease liability, operating leases, balance sheet line item	us-gaap:OtherLiabilities	us-gaap:OtherLiabilities
Lease liability, financing leases, balance sheet line item	us-gaap:OtherLiabilities	us-gaap:OtherLiabilities

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Acquisitions (Details) £ in Millions, ft² in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)ft²propertystate	Jun. 30, 2020GBP (£)ft²propertystate	Jun. 30, 2019USD ($)ft²property	Jun. 30, 2019GBP (£)ft²property
Real Estate [Line Items]
Number of properties | property	94	94	199	199
Square feet (sq ft) | ft²	2.5	2.5	5.7	5.7
Investment | $	$ 640.2		$ 1,614.2
Weighted average lease term (years)	13 years 7 months 6 days	13 years 7 months 6 days	15 years 7 months 6 days	15 years 7 months 6 days
Initial average cash lease yield (percent)	6.10%	6.10%	6.30%	6.30%
New properties
Real Estate [Line Items]
Number of properties, new | property	86	86	187	187
Square feet (sq ft) | ft²	2.3	2.3	5.3	5.3
Investment | $	$ 636.3		$ 1,590.1
Weighted average lease term (years)	13 years 7 months 6 days	13 years 7 months 6 days	15 years 6 months	15 years 6 months
Initial average cash lease yield (percent)	6.10%	6.10%	6.30%	6.30%
New properties | U.S.
Real Estate [Line Items]
Number of properties, new | property	80	80	175	175
Number of states	25	25	34	34
Square feet (sq ft) | ft²	1.8	1.8	4.2	4.2
Investment | $	$ 412.6		$ 1,040.9
Weighted average lease term (years)	14 years 4 months 24 days	14 years 4 months 24 days	15 years 10 months 24 days	15 years 10 months 24 days
Initial average cash lease yield (percent)	6.50%	6.50%	6.80%	6.80%
New properties | U.K.
Real Estate [Line Items]
Number of properties, new | property	6	6	12	12
Square feet (sq ft) | ft²	0.5	0.5	1.1	1.1
Investment	$ 223.7	£ 180.1	$ 549.2	£ 433.9
Weighted average lease term (years)	11 years 9 months 18 days	11 years 9 months 18 days	14 years 9 months 18 days	14 years 9 months 18 days
Initial average cash lease yield (percent)	5.30%	5.30%	5.30%	5.30%
Properties under development | U.S.
Real Estate [Line Items]
Number of properties, under development | property	8	8	12	12
Square feet (sq ft) | ft²	0.2	0.2	0.4	0.4
Investment | $	$ 3.9		$ 24.1
Weighted average lease term (years)	10 years 6 months	10 years 6 months	16 years 6 months	16 years 6 months
Initial average cash lease yield (percent)	8.80%	8.80%	7.20%	7.20%

Investments in Real Estate - _2

Investments in Real Estate - Schedule of Acquisitions Narrative (Details) £ in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)industryproperty_investment	Jun. 30, 2020GBP (£)industryproperty_investment	Jun. 30, 2019USD ($)industryproperty_investment	Jun. 30, 2019GBP (£)industryproperty_investment
Real Estate [Line Items]
Number of investments in properties that caused any tenant to be 10% of more of total assets | property_investment	0	0	0	0
Value of properties acquired during the period	$ 640.2		$ 1,614.2
Rental revenue generated from acquisitions from investment grade tenants (as a percent)	37.00%	37.00%	18.00%	18.00%
New and under development
Real Estate [Line Items]
Acquired properties, percentage leased at the acquisition date (as a percent)	100.00%	100.00%	100.00%	100.00%
New properties
Real Estate [Line Items]
Value of properties acquired during the period	$ 636.3		$ 1,590.1
Number of industries in which tenants operate | industry	17	17	17	17
New properties | Retail
Real Estate [Line Items]
Property type acquired based on rental revenue (as a percent)	96.50%	96.50%	99.10%	99.10%
New properties | Industrial
Real Estate [Line Items]
Property type acquired based on rental revenue (as a percent)	3.50%	3.50%	0.90%	0.90%
New properties | U.K.
Real Estate [Line Items]
Value of properties acquired during the period	$ 223.7	£ 180.1	$ 549.2	£ 433.9

Investments in Real Estate - Ac

Investments in Real Estate - Acquisitions Allocation (Details) - Real Estate Investment $ in Thousands, £ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2020GBP (£)	Jun. 30, 2019USD ($)	Jun. 30, 2019GBP (£)
U.S.
Real Estate Properties Acquired [Abstract]
Land	$ 82,900		$ 234,700
Buildings and improvements	278,400		704,500
Lease intangible assets	54,500		80,300
Other assets	1,500		53,800
Lease intangible liabilities	(2,300)		(23,000)
Other liabilities	(900)		(7,400)
Net	414,100		$ 1,042,900
U.S. | Other assets
Real Estate Properties Acquired [Abstract]
Allocated to financing receivables	810
Allocated to right-of-use assets	$ 689
U.K.
Real Estate Properties Acquired [Abstract]
Land | £		£ 22.8		£ 164.4
Buildings and improvements | £		60.8		182
Lease intangible assets | £		42		90.8
Other assets | £		54.5		0
Lease intangible liabilities | £		0		(3.3)
Other liabilities | £		0		0
Net | £		180.1		433.9
U.K. | Land
Real Estate Properties Acquired [Abstract]
Allocated to right-of-use assets | £		£ 6.4		£ 13.6

Investments in Real Estate - _3

Investments in Real Estate - Acquisitions Narrative (Details) - Real Estate Investment - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Investments in real estate properties
Contingent consideration associated with acquisitions	$ 0	$ 0
Revenue generated from acquired properties during the period	13,600,000	19,700,000
Net income generated from acquired properties during the period	$ 4,600,000	$ 10,000,000

Investments in Real Estate - In

Investments in Real Estate - Investments in Existing Properties (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Investments in real estate properties
Capitalized costs on existing portfolio	$ 4,710	$ 11,767
Investments in existing properties
Investments in real estate properties
Capitalized costs on existing portfolio	4,400	6,100
Re-leasing costs	1,100	1,000
Recurring capital expenditures	23	172
Nonrecurring building improvements	$ 3,300	$ 4,900

Investments in Real Estate - Pr

Investments in Real Estate - Properties with Existing Leases Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)property	Jun. 30, 2019USD ($)property
Real Estate Properties [Line Items]
Value of properties acquired during the period	$ 640.2	$ 1,614.2
Number of properties acquired during the period | property	94	199
Rental Revenue
Real Estate Properties [Line Items]
Amortization of above and below market Leases	$ 16.1	$ 7.9
In-place leases
Real Estate Properties [Line Items]
Depreciation and amortization expense	66.3	57.8
Real Estate Investment
Real Estate Properties [Line Items]
Value of properties acquired during the period	640.2	1,600
Real Estate Investment | Properties with existing leases | In-place leases
Real Estate Properties [Line Items]
Value of properties acquired during the period	$ 500.3	$ 929.7
Number of properties acquired during the period | property	57	75

Investments in Real Estate - Es

Investments in Real Estate - Estimated Impact of Amortization of Lease Intangibles (Details) $ in Thousands	Jun. 30, 2020USD ($)
Net decrease to rental revenue
2020	$ (12,694)
2021	(24,568)
2022	(23,020)
2023	(21,483)
2024	(19,872)
Thereafter	(93,824)
Totals	(195,461)
Increase to amortization expense
2020	64,254
2021	122,159
2022	110,185
2023	97,909
2024	89,245
Thereafter	506,220
Totals	$ 989,972

Credit Facility (Details)

Credit Facility (Details) £ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)extensioncurrency	Jun. 30, 2019	Jun. 30, 2020GBP (£)extension	Dec. 31, 2019USD ($)	Dec. 31, 2019GBP (£)
Credit facility
Credit facility origination costs	$ 9,418,000			$ 11,453,000
Outstanding balance	628,551,000			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
Credit facility expansion option	$ 1,000,000,000
Current borrowing capacity	2,400,000,000
Outstanding balance	$ 628,600,000		£ 329.5	$ 704,300,000	£ 169.2
Weighted average borrowing rate during the period (as a percent)	1.60%	3.30%
Weighted average interest rate at the end of the period (as a percent)	0.90%		0.90%	2.20%	2.20%
Unsecured debt | Revolving Credit Facility | Other assets, net
Credit facility
Credit facility origination costs	$ 9,400,000			$ 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 (Details)

Term Loans (Details) - Term Loans - USD ($)	1 Months Ended
	Oct. 31, 2018	Jun. 30, 2015	Jun. 30, 2020	Dec. 31, 2019
Debt
Deferred finance costs balance			$ 742,000	$ 956,000
$250 million senior unsecured term loan due March 2024
Debt
Face amount of loan	$ 250,000,000
Effective yield (as a percent)	3.89%
Deferred financing costs incurred	$ 1,100,000
$250 million senior unsecured term loan due March 2024 | LIBOR
Debt
Basis spread on variable rate (as a percent)	0.85%
$250 million senior unsecured term loan due June 2020
Debt
Face amount of loan		$ 250,000,000
Effective yield (as a percent)		2.62%
Deferred financing costs incurred		$ 1,200,000
$250 million senior unsecured term loan due June 2020 | LIBOR
Debt
Basis spread on variable rate (as a percent)		0.90%

Mortgages Payable - Narrative (

Mortgages Payable - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)mortgage	Jun. 30, 2019USD ($)mortgage	Dec. 31, 2019USD ($)
Debt
Principal payments on mortgages payable	$ 14,730	$ 2,492
Number of mortgages assumed | mortgage	0	0
Mortgages Payable
Debt
Principal payments on mortgages payable	$ 14,700	$ 2,500
Unamortized net premiums	2,300
Deferred financing costs	1,100		$ 1,300
Mortgages Payable | Mortgages repaid in full
Debt
Principal payments on mortgages payable	$ 11,400
Number of mortgages paid in full | mortgage	1

Mortgages Payable - Summary of

Mortgages Payable - Summary of Mortgages Payable (Details) - Mortgages Payable $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)propertymortgage	Dec. 31, 2019USD ($)mortgageproperty
Debt
Number of Properties | property	91	92
Weighted Average Stated Interest Rate (as a percent)	4.90%	4.90%
Weighted Average Effective Interest Rate (as a percent)	4.60%	4.60%
Weighted Average Remaining Years Until Maturity	2 years 8 months 12 days	3 years 1 month 6 days
Remaining Principal Balance	$ 393,690	$ 408,419
Unamortized Premium and Deferred Finance Costs Balance, net	1,126	1,700
Net payable amount	$ 394,816	$ 410,119
Number of mortgages | mortgage	26	27
Minimum
Debt
Weighted Average Effective Interest Rate (as a percent)	3.80%	3.80%
Stated interest rate (as a percent)	3.80%	3.80%
Maximum
Debt
Weighted Average Effective Interest Rate (as a percent)	7.60%	7.60%
Stated interest rate (as a percent)	6.90%	6.90%
Variable rate mortgages
Debt
Number of Properties | property	1	1
Remaining Principal Balance	$ 7,000	$ 7,100
Number of mortgages | mortgage	1	1

Mortgages Payable - Summary o_2

Mortgages Payable - Summary of Maturities (Details) - Mortgages Payable - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Maturity of mortgages payable
2020	$ 69,500
2021	68,800
2022	111,800
2023	20,600
2024	112,200
Thereafter	10,800
Totals	$ 393,690	$ 408,419

Notes Payable - Narrative (Deta

Notes Payable - Narrative (Details) - Notes and bonds payable	6 Months Ended
	Jun. 30, 2020
Debt
Weighted average interest rate (as a percent)	3.80%
Weighted average remaining years until maturity	8 years 3 months 18 days

Notes Payable - General (Detail

Notes Payable - General (Details) - Notes and bonds payable £ in Thousands	Jun. 30, 2020USD ($)	Jun. 30, 2020GBP (£)	May 31, 2020USD ($)	Jan. 31, 2020	Dec. 31, 2019USD ($)	Dec. 31, 2019GBP (£)	Jun. 30, 2019USD ($)	May 31, 2019GBP (£)	Dec. 31, 2017USD ($)	Mar. 31, 2017USD ($)	Sep. 30, 2014USD ($)	Oct. 31, 2012USD ($)	Jun. 30, 2011USD ($)	Mar. 31, 2005USD ($)
Debt
Total principal amount	$ 6,641,000,000				$ 6,318,000,000
Unamortized net original issuance premiums and deferred financing costs	(39,000,000)				(30,000,000)
Net payable amount	6,602,000,000				6,288,000,000
5.750% notes, issued in June 2010 and due in January 2021
Debt
Total principal amount	0				$ 250,000,000
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
Interest rate (as a percent)	3.25%	3.25%
3.250% notes, issued in October 2012 and due in October 2022
Debt
Face amount of notes												$ 450,000,000
3.250% notes, issued in December 2017 and due in October 2022
Debt
Face amount of notes									$ 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
Interest rate (as a percent)	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
Interest rate (as a percent)	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
Interest rate (as a percent)	3.875%	3.875%
4.125% notes, $250 issued in September 2014 and $400 issued in March 2017, both due in October 2026
Debt
Total principal amount	$ 650,000,000				650,000,000
Interest rate (as a percent)	4.125%	4.125%
4.125% notes, issued in September 2014 and due in October 2026
Debt
Face amount of notes											$ 250,000,000
4.125% notes, issued in March 2017 and due in October 2026
Debt
Face amount of notes										$ 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
Interest rate (as a percent)	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
Interest rate (as a percent)	3.65%	3.65%
3.250% notes, issued in June 2019 and due in June 2029
Debt
Total principal amount	$ 500,000,000				500,000,000
Interest rate (as a percent)	3.25%	3.25%					3.25%
Face amount of notes							$ 500,000,000
3.250% notes, issued in May 2020 and due in January 2031
Debt
Total principal amount	$ 600,000,000				0
Interest rate (as a percent)	3.25%	3.25%	3.25%
Face amount of notes			$ 600,000,000
2.730% notes, issued in May 2019 and due in May 2034
Debt
Total principal amount	$ 391,000,000	£ 315,000			418,000,000	£ 315,000
Interest rate (as a percent)	2.73%	2.73%						2.73%
Face amount of notes | £								£ 315,000
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
Interest rate (as a percent)	5.875%	5.875%
5.875% bonds, issued in March 2005 and due in March 2035
Debt
Face amount of notes														$ 100,000,000
5.875% bonds, issued in June 2011 and due in March 2035
Debt
Face amount of notes													$ 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
Interest rate (as a percent)	4.65%	4.65%
4.650% notes, issued in March 2017 and due in March 2047
Debt
Face amount of notes										$ 300,000,000
4.650% notes, issued in December 2017 and due in March 2047
Debt
Face amount of notes									$ 250,000,000

Notes Payable - Maturities (Det

Notes Payable - Maturities (Details) - Notes and bonds payable - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Maturity of notes and bonds payable
2022	$ 950
2023	750
2024	350
Thereafter	4,591
Totals	$ 6,641	$ 6,318

Notes Payable - Note Repayment

Notes Payable - Note Repayment and Note Issuances (Details) £ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended
	May 31, 2020USD ($)	Jan. 31, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019	May 31, 2019GBP (£)
Debt
Principal payments on notes payable						$ 250,000,000	$ 0
Loss on extinguishment of debt				$ 0	$ 0	9,819,000	0
Proceeds issuance of notes						593,922,000	895,774,000
Notes payable | 5.750% notes, issued in June 2010 and due in January 2021
Debt
Principal payments on notes payable		$ 250,000,000
Interest rate (as a percent)		5.75%						5.75%
Loss on extinguishment of debt						$ 9,800,000
Notes payable | 3.250% notes, issued in May 2020 and due in January 2031
Debt
Face amount of notes	$ 600,000,000
Interest rate (as a percent)	3.25%			3.25%		3.25%
Price of par value (as a percent)	98.987%
Effective yield (as a percent)	3.364%
Proceeds issuance of notes	$ 593,900,000
Notes payable | 3.250% notes, issued in June 2019 and due in June 2029
Debt
Face amount of notes			$ 500,000,000		$ 500,000,000		$ 500,000,000
Interest rate (as a percent)			3.25%	3.25%	3.25%	3.25%	3.25%
Price of par value (as a percent)			99.359%		99.359%		99.359%
Effective yield (as a percent)			3.326%		3.326%		3.326%
Proceeds issuance of notes			$ 496,800,000
Notes payable | 2.730% notes, issued in May 2019 and due in May 2034
Debt
Face amount of notes | £									£ 315,000
Interest rate (as a percent)				2.73%		2.73%			2.73%

Issuances of Common Stock - Iss

Issuances of Common Stock - Issuance of Common Stock in Underwritten Public Offering (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Mar. 31, 2020	Jun. 30, 2020	Jun. 30, 2019
Class of Stock [Line Items]
Proceeds from share issuances, net		$ 728,883	$ 845,061
Common stock | Underwritten Public Offering
Class of Stock [Line Items]
Shares of common stock issued (in shares)	9,690,500
Underwriting discounts and other offering costs	$ 21,200
Proceeds from share issuances, net	$ 728,900
Common stock | Underwriter Option
Class of Stock [Line Items]
Shares of common stock issued (in shares)	690,500

Issuances of Common Stock - At-

Issuances of Common Stock - At-the-Market (ATM) Program (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
At-the-Market (ATM) Program
Gross proceeds			$ 94,076	$ 122,155
ATM Program
At-the-Market (ATM) Program
At-the-Market equity distribution program, authorized shares (in shares)	33,402,405		33,402,405
Shares remaining for future issuance (in shares)	31,891,256		31,891,256
Common stock | ATM Program
At-the-Market (ATM) Program
Shares of common stock issued (in shares)	1,511,149	1,706,695	1,511,149	1,706,695
Gross proceeds	$ 95,700	$ 124,200	$ 95,700	$ 124,200

Issuances of Common Stock - Div

Issuances of Common Stock - Dividend Reinvestment and Stock Purchase Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Dividend Reinvestment and Stock Purchase Plan
Gross proceeds			$ 4,815	$ 4,098
DRSPP
Dividend Reinvestment and Stock Purchase Plan
Dividend Reinvestment and Stock Purchase Plan, authorized shares (in shares)	26,000,000		26,000,000
Shares remaining for future issuance (in shares)	11,573,851		11,573,851
Common stock | DRSPP
Dividend Reinvestment and Stock Purchase Plan
Shares of common stock issued (in shares)	44,817	27,520	78,817	59,418
Gross proceeds	$ 2,400	$ 1,900	$ 4,800	$ 4,100

Noncontrolling Interests - Narr

Noncontrolling Interests - Narrative (Details)	Jun. 30, 2020noncontrolling_interest
Noncontrolling Interest [Abstract]
Number of noncontrolling interests consolidated	2

Noncontrolling Interests - Chan

Noncontrolling Interests - Change in Carrying Value (Details) - USD ($) $ in Thousands	Mar. 28, 2019	Apr. 30, 2018	Mar. 30, 2018	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period						$ 29,702
Allocation of net income				$ 246	$ 226	562	$ 514
Carrying value at end of the period				$ 29,470		$ 29,470
Realty Income, L.P.
Change in the carrying value of all noncontrolling interests
Number of partnership units issued (in units)	89,322	131,790	242,007				89,322
Number of partnership units outstanding (in units)				463,119		463,119		463,119
Noncontrolling interests
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period						$ 29,702
Distributions						(794)
Allocation of net income						562
Carrying value at end of the period				$ 29,470		29,470
Noncontrolling interests | Realty Income, L.P.
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period						24,596
Distributions						(647)
Allocation of net income						479
Carrying value at end of the period				24,428		24,428
Noncontrolling interests | Other Noncontrolling Interests
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period						5,106
Distributions						(147)
Allocation of net income						83
Carrying value at end of the period				$ 5,042		$ 5,042

Noncontrolling Interests - Vari

Noncontrolling Interests - Variable Interest Entities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Variable interest entity
Net real estate	$ 16,502,311	$ 16,399,997
Total assets	19,102,547	18,554,796
Total liabilities	8,728,628	8,750,638
Primary Beneficiary
Variable interest entity
Net real estate	640,302	654,305
Total assets	731,943	744,394
Total liabilities	$ 51,688	$ 52,087

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements - Summary or Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Carrying value
Fair value of financial assets and liabilities
Mortgages payable assumed in connection with acquisitions	$ 393,700	$ 408,400
Notes and bonds payable	6,640,600	6,317,600
Estimated fair value
Fair value of financial assets and liabilities
Mortgages payable assumed in connection with acquisitions	403,800	417,700
Notes and bonds payable	7,360,000	6,826,100
Mortgages Payable
Fair value of financial assets and liabilities
Unamortized balance of non-cash net premiums	2,300	3,000
Remaining balance of deferred financing costs at period end	1,100	1,300
Notes and bonds payable
Fair value of financial assets and liabilities
Unamortized balance of non-cash net premiums	3	6,300
Remaining balance of deferred financing costs at period end	$ 38,500	$ 35,900

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - Derivative Financial Instruments (Details) - Cash flow hedge $ in Millions	Jun. 30, 2020USD ($)derivative	Feb. 29, 2020USD ($)derivative	Dec. 31, 2019USD ($)
Designated as hedging instrument
Derivative [Line Items]
Notional Amount	$ 923.3		$ 673.4
Fair Value - asset (liability)	(54.9)		(26.3)
Interest rate swap, maturity Sep 2021 | Designated as hedging instrument
Derivative [Line Items]
Notional Amount	$ 6.9		7
Strike (percent)	6.03%
Fair Value - asset (liability)	$ (0.3)		(0.2)
Interest rate swap, maturity Jun 2020 | Designated as hedging instrument
Derivative [Line Items]
Notional Amount	$ 0		250
Strike (percent)	1.72%
Fair Value - asset (liability)	$ 0		(0.1)
Interest rate swap, maturity Mar 2024 | Designated as hedging instrument
Derivative [Line Items]
Notional Amount	$ 250		250
Strike (percent)	3.04%
Fair Value - asset (liability)	$ (25.9)		(14.7)
Cross-currency swap, maturity May 2034 1 | Designated as hedging instrument
Derivative [Line Items]
Notional Amount	41.6		41.6
Fair Value - asset (liability)	$ 5		(2.6)
Cross-currency swap, maturity May 2034 1 | Designated as hedging instrument | GBP | Minimum
Derivative [Line Items]
Strike (percent)	4.82%
Cross-currency swap, maturity May 2034 1 | Designated as hedging instrument | GBP | Maximum
Derivative [Line Items]
Strike (percent)	10.96%
Cross-currency swap, maturity May 2034 1 | Designated as hedging instrument | USD
Derivative [Line Items]
Strike (percent)	9.80%
Cross-currency swap, maturity May 2034 2 | Designated as hedging instrument
Derivative [Line Items]
Notional Amount	$ 41.6		41.6
Fair Value - asset (liability)	$ 4.9		(2.6)
Cross-currency swap, maturity May 2034 2 | Designated as hedging instrument | GBP | Minimum
Derivative [Line Items]
Strike (percent)	4.82%
Cross-currency swap, maturity May 2034 2 | Designated as hedging instrument | GBP | Maximum
Derivative [Line Items]
Strike (percent)	10.96%
Cross-currency swap, maturity May 2034 2 | Designated as hedging instrument | USD
Derivative [Line Items]
Strike (percent)	9.803%
Cross-currency swap, maturity May 2034 3 | Designated as hedging instrument
Derivative [Line Items]
Notional Amount	$ 41.6		41.6
Fair Value - asset (liability)	$ 4.6		(2.9)
Cross-currency swap, maturity May 2034 3 | Designated as hedging instrument | GBP | Minimum
Derivative [Line Items]
Strike (percent)	4.82%
Cross-currency swap, maturity May 2034 3 | Designated as hedging instrument | GBP | Maximum
Derivative [Line Items]
Strike (percent)	10.96%
Cross-currency swap, maturity May 2034 3 | Designated as hedging instrument | USD
Derivative [Line Items]
Strike (percent)	9.745%
Cross-currency swap, maturity May 2034 4 | Designated as hedging instrument
Derivative [Line Items]
Notional Amount	$ 41.6		41.6
Fair Value - asset (liability)	$ 4.5		(3.2)
Cross-currency swap, maturity May 2034 4 | Designated as hedging instrument | GBP | Minimum
Derivative [Line Items]
Strike (percent)	4.82%
Cross-currency swap, maturity May 2034 4 | Designated as hedging instrument | GBP | Maximum
Derivative [Line Items]
Strike (percent)	10.96%
Cross-currency swap, maturity May 2034 4 | Designated as hedging instrument | USD
Derivative [Line Items]
Strike (percent)	9.755%
Forward-starting swap, maturity Jun 2033 1 | Designated as hedging instrument
Derivative [Line Items]
Notional Amount	$ 75		0
Strike (percent)	2.02%
Fair Value - asset (liability)	$ (7.9)		0
Forward-starting swap, maturity Nov 2032 1 | Designated as hedging instrument
Derivative [Line Items]
Notional Amount	$ 75		0
Strike (percent)	1.94%
Fair Value - asset (liability)	$ (7.8)		0
Forward-starting swap, maturity Nov 2032 2 | Designated as hedging instrument
Derivative [Line Items]
Notional Amount	$ 25		0
Strike (percent)	1.67%
Fair Value - asset (liability)	$ (2)		0
Forward-starting swap, maturity Jun 2033 2 | Designated as hedging instrument
Derivative [Line Items]
Notional Amount	$ 125		0
Strike (percent)	1.75%
Fair Value - asset (liability)	$ (9.9)		0
Forward-starting swap, hybrid debt, maturity Nov 2032 3 | Designated as hedging instrument
Derivative [Line Items]
Notional Amount	$ 125		0
Strike (percent)	1.88%
Fair Value - asset (liability)	$ (12.3)		0
Forward-starting swap, hybrid debt, maturity Jun 2033 3 | Designated as hedging instrument
Derivative [Line Items]
Notional Amount	$ 75		0
Strike (percent)	2.00%
Fair Value - asset (liability)	$ (7.8)		$ 0
Treasury rate locks
Derivative [Line Items]
Notional Amount		$ 500
Number of derivative instruments | derivative		5
Forward-Starting Swap [Member]
Derivative [Line Items]
Notional Amount	$ 500
Number of derivative instruments | derivative	6

Financial Instruments and Fai_5

Financial Instruments and Fair Value Measurements - Derivative Narrative (Details) $ in Thousands, £ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)derivativehybrid_instrument	Jun. 30, 2020USD ($)derivativehybrid_instrument	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)derivativehybrid_instrument	Jun. 30, 2019USD ($)	Feb. 29, 2020USD ($)derivative	May 31, 2019USD ($)derivative	May 31, 2019GBP (£)derivative
Derivative [Line Items]
Number of hybrid debt instruments | hybrid_instrument	2	2		2
Interest expense
Derivative [Line Items]
Unrealized gains (losses) reclassified to income statement		$ (3,700)		$ (5,300)
Treasury rate locks | Cash flow hedge
Derivative [Line Items]
Number of derivative instruments | derivative						5
Number of instruments terminated | derivative	5
Aggregate notional amount						$ 500,000
Cross-currency swaps | Cash flow hedge
Derivative [Line Items]
Number of derivative instruments | derivative							4	4
Aggregate notional amount							$ 166,000	£ 130
Cross-currency swaps | Foreign exchange gains
Derivative [Line Items]
Unrealized gains (losses) reclassified to income statement		800	$ 1,400	12,200	$ 1,400
Cross-currency swap unrealized gains expected to be reclassified within next twelve months	$ 2,200	2,200		2,200
Interest rate swaps | Interest expense
Derivative [Line Items]
Unrealized gains (losses) reclassified to income statement			$ (454)		$ (1,100)
Interest rate swaps and treasury locks | Interest expense
Derivative [Line Items]
Interest rate swap unrealized loss expected to be reclassified within next twelve months	$ 11,700	$ 11,700		$ 11,700
Forward-Starting Swap [Member] | Cash flow hedge
Derivative [Line Items]
Number of derivative instruments | derivative	6	6		6
Aggregate notional amount	$ 500,000	$ 500,000		$ 500,000
Number of derivatives | derivative	4	4		4

Operating Leases (Details)

Operating Leases (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)stateproperty	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)stateproperty	Jun. 30, 2019USD ($)
Operating Leases
Number of properties owned	6,541		6,541
Number of U.S. states where properties are owned (states) | state	49		49
Percentage rent received | $	$ 547	$ 495	$ 1,800	$ 4,100
Single-tenant properties
Operating Leases
Number of properties owned	6,505		6,505
Single-tenant properties as percentage of total properties	99.40%		99.40%
Properties available for lease or sale
Operating Leases
Number of properties owned	101		101

Gain on Sales of Real Estate (D

Gain on Sales of Real Estate (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)property	Jun. 30, 2019USD ($)property	Jun. 30, 2020USD ($)property	Jun. 30, 2019USD ($)property
Gain (Loss) on Sale of Investments [Abstract]
Number of properties | property	12	18	29	37
Net sales proceeds	$ 7,400	$ 28,600	$ 133,643	$ 51,052
Gain on sales of real estate	$ 1,323	$ 6,891	$ 39,829	$ 14,154

Impairments (Details)

Impairments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)property	Jun. 30, 2019USD ($)property	Jun. 30, 2020USD ($)property	Jun. 30, 2019USD ($)property
Provisions for impairment
Provisions for impairment | $	$ 13,869	$ 13,061	$ 18,347	$ 17,733
Number of impaired properties held for sale	7	0	8	0
Number of impaired properties held for investment	11	2	14	2
Number of impaired properties sold	7	12	14	22
COVID-19 impacted properties
Provisions for impairment
Provisions for impairment | $	$ 8,200
Number of impaired properties held for investment	8

Distributions Paid and Payabl_2

Distributions Paid and Payable - Distributions to Common Stockholders (Details) - $ / shares	1 Months Ended													6 Months Ended
	Jul. 31, 2020	Jun. 30, 2020	May 31, 2020	Apr. 30, 2020	Mar. 31, 2020	Feb. 29, 2020	Jan. 31, 2020	Jun. 30, 2019	May 31, 2019	Apr. 30, 2019	Mar. 31, 2019	Feb. 28, 2019	Jan. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Distributions Paid and Payable
Distributions paid per common share (in dollars per share)		$ 0.2330	$ 0.2330	$ 0.2330	$ 0.2325	$ 0.2325	$ 0.2275	$ 0.2260	$ 0.2260	$ 0.2260	$ 0.2255	$ 0.2255	$ 0.2210	$ 1.3915	$ 1.3500
Distributions payable (in dollars per share)		$ 0.2335												$ 0.2335
Subsequent event
Distributions Paid and Payable
Distributions paid per common share (in dollars per share)	$ 0.2335

Net Income per Common Share - R

Net Income per Common Share - Reconciliation of net income per share computation (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Weighted average shares used for the basic net income per share computation (in shares)	343,515,406	311,032,972	340,061,487	307,293,949
Incremental shares from share-based compensation (in shares)	169,853	289,190	219,778	286,178
Weighted average shares used for diluted net income per share computation (in shares)	343,685,259	311,322,162	340,281,265	307,580,127
Unvested shares from share-based compensation
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation (in shares)	122,222	25,171	65,623	29,069
Convertible common partnership units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation (in shares)	463,119	463,119	463,119	420,679

Supplemental Disclosures of C_3

Supplemental Disclosures of Cash Flow Information - Narrative (Details) - USD ($) $ in Thousands	Mar. 28, 2019	Apr. 30, 2018	Mar. 30, 2018	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Jan. 01, 2019
Supplemental Disclosures of Cash Flow Information
Cash paid for interest				$ 149,400	$ 134,900
Cash paid for income taxes				5,300	$ 3,100
Non-cash activities
Non-refundable deposits from 2019 applied to acquisitions				13,800
Lease liabilities				119,718		$ 122,285
Right-of-use assets				117,444		$ 120,533
ASU 2016-02
Non-cash activities
Lease liabilities							$ 132,000
Right-of-use assets							$ 132,000
Realty Income, L.P.
Non-cash activities
Number of partnership units issued (in units)	89,322	131,790	242,007		89,322
Shares issued in conjunction with acquisitions					$ 6,300
Derivative
Non-cash activities
Decrease in fair value of net derivative liabilities				$ 28,600

Supplemental Disclosures of C_4

Supplemental Disclosures of Cash Flow Information - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Reconciliation of cash,cash equivalents, and restricted cash
Cash and cash equivalents shown in the consolidated balance sheets	$ 35,345	$ 54,011	$ 27,136
Restricted escrow deposits	81,683	4,529	1,323
Impounds related to mortgages payable	13,290	12,465	11,433
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$ 130,318	$ 71,005	$ 39,892	$ 21,071

Segment Information - Assets (D

Segment Information - Assets (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)segment	Dec. 31, 2019USD ($)
Segment Reporting [Abstract]
Number of activity segments | segment	50
Reconciliation of assets from segment to consolidated
Net real estate	$ 16,538,144	$ 16,496,772
Intangible assets	1,508,177	1,493,383
Other corporate assets	1,051,528	564,641
Total assets	19,102,547	18,554,796
Automotive service
Reconciliation of assets from segment to consolidated
Net real estate	284,069	288,453
Intangible assets	56,812	58,854
Automotive tire services
Reconciliation of assets from segment to consolidated
Net real estate	229,406	232,709
Intangible assets	6,545	7,322
Beverages
Reconciliation of assets from segment to consolidated
Net real estate	277,264	279,373
Intangible assets	1,380	1,509
Child care
Reconciliation of assets from segment to consolidated
Net real estate	216,687	208,326
Intangible assets	20,844	21,997
Convenience stores
Reconciliation of assets from segment to consolidated
Net real estate	2,025,986	2,057,157
Intangible assets	126,567	131,808
Dollar stores
Reconciliation of assets from segment to consolidated
Net real estate	1,426,580	1,427,950
Intangible assets	80,232	82,701
Drug stores
Reconciliation of assets from segment to consolidated
Net real estate	1,589,216	1,618,854
Intangible assets	175,374	183,319
Financial services
Reconciliation of assets from segment to consolidated
Net real estate	381,332	389,634
Intangible assets	15,968	17,130
General merchandise
Reconciliation of assets from segment to consolidated
Net real estate	535,432	475,418
Intangible assets	74,759	66,135
Grocery stores - U.S.
Reconciliation of assets from segment to consolidated
Net real estate	903,343	922,349
Intangible assets	171,874	180,197
Grocery stores - U.K.
Reconciliation of assets from segment to consolidated
Net real estate	682,378	663,210
Intangible assets	196,666	153,407
Health and fitness
Reconciliation of assets from segment to consolidated
Net real estate	1,082,135	1,019,796
Intangible assets	71,881	74,428
Home improvement
Reconciliation of assets from segment to consolidated
Net real estate	499,420	495,305
Intangible assets	71,497	72,979
Restaurants-casual dining
Reconciliation of assets from segment to consolidated
Net real estate	552,711	576,526
Intangible assets	21,964	23,289
Restaurants-quick service
Reconciliation of assets from segment to consolidated
Net real estate	1,070,095	1,059,155
Intangible assets	49,954	52,353
Theaters - U.S.
Reconciliation of assets from segment to consolidated
Net real estate	861,151	878,103
Intangible assets	33,983	36,089
Transportation services
Reconciliation of assets from segment to consolidated
Net real estate	711,739	769,614
Intangible assets	56,087	66,055
Wholesale club
Reconciliation of assets from segment to consolidated
Net real estate	390,312	396,690
Intangible assets	21,816	23,372
Other non-reportable segments
Reconciliation of assets from segment to consolidated
Net real estate	2,818,888	2,738,150
Intangible assets	$ 258,672	$ 240,439

Segment Information - Revenue (

Segment Information - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment revenue information
Rental (including reimbursable)	$ 410,201	$ 364,252	$ 822,358	$ 718,289
Other	4,435	1,198	6,619	1,526
Total revenue	414,636	365,450	828,977	719,815
Automotive service
Segment revenue information
Rental (including reimbursable)	8,661	8,039	17,332	15,230
Automotive tire services
Segment revenue information
Rental (including reimbursable)	8,115	7,952	15,948	15,751
Beverages
Segment revenue information
Rental (including reimbursable)	7,996	7,915	15,991	15,831
Child care
Segment revenue information
Rental (including reimbursable)	8,714	7,760	18,195	15,587
Convenience stores
Segment revenue information
Rental (including reimbursable)	46,819	41,432	93,552	82,646
Dollar stores
Segment revenue information
Rental (including reimbursable)	31,595	25,112	62,986	50,098
Drug stores
Segment revenue information
Rental (including reimbursable)	35,617	32,343	70,916	65,513
Financial services
Segment revenue information
Rental (including reimbursable)	7,573	7,694	15,116	15,412
General merchandise
Segment revenue information
Rental (including reimbursable)	11,887	8,610	23,404	15,520
Grocery stores - U.S.
Segment revenue information
Rental (including reimbursable)	19,485	17,211	38,994	33,336
Grocery stores - U.K.
Segment revenue information
Rental (including reimbursable)	11,739	2,915	22,143	2,915
Health and fitness
Segment revenue information
Rental (including reimbursable)	27,961	26,254	56,239	52,479
Home improvement
Segment revenue information
Rental (including reimbursable)	11,382	10,664	22,692	20,479
Restaurants-casual dining
Segment revenue information
Rental (including reimbursable)	11,431	11,385	23,969	22,674
Restaurants-quick service
Segment revenue information
Rental (including reimbursable)	18,820	21,515	42,128	43,244
Theaters - U.S.
Segment revenue information
Rental (including reimbursable)	24,448	20,909	49,014	38,565
Transportation services
Segment revenue information
Rental (including reimbursable)	15,975	16,192	31,960	32,218
Wholesale club
Segment revenue information
Rental (including reimbursable)	9,588	9,464	19,176	19,057
Other non-reportable segments and tenant reimbursements
Segment revenue information
Rental (including reimbursable)	$ 92,395	$ 80,886	$ 182,603	$ 161,734

Common Stock Incentive Plan - S

Common Stock Incentive Plan - Summary (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Common Stock Incentive Plan
Severance charge		$ 3,500
2012 Plan
Common Stock Incentive Plan
Plan term from the date of adoption				10 years
General and administrative expense
Common Stock Incentive Plan
Share-based compensation costs recognized	$ 4,900		$ 4,500	$ 10,400	$ 7,300
Accelerated share-based compensation costs				$ 1,800
Maximum | 2012 Plan
Common Stock Incentive Plan
Authorized shares	3,985,734			3,985,734
Cash
Common Stock Incentive Plan
Severance charge		1,600
Share-based compensation
Common Stock Incentive Plan
Severance charge		1,800
Professional fees
Common Stock Incentive Plan
Severance charge		$ 58

Common Stock Incentive Plan - R

Common Stock Incentive Plan - Restricted Stock (Details) - Restricted Stock $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)shares
Common Stock Incentive Plan
Shares granted in period (in shares)	100,473
Vesting period (in years)	4 years
Unamortized share-based compensation expense | $	$ 11.5
Independent Directors
Common Stock Incentive Plan
Shares granted in period (in shares)	36,000
Independent Directors | Vest immediately
Common Stock Incentive Plan
Shares granted in period (in shares)	24,000
Independent Directors | Three-year vesting
Common Stock Incentive Plan
Shares granted in period (in shares)	12,000
Vesting period (in years)	3 years
Former CFO | Vest immediately
Common Stock Incentive Plan
Shares granted in period (in shares)	4,541

Common Stock Incentive Plan - P

Common Stock Incentive Plan - Performance Shares and Restricted Stock Units (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)shares
Performance Shares and Restricted Stock Units
Common Stock Incentive Plan
Unamortized share-based compensation expense | $	$ 13.8
Performance Shares
Common Stock Incentive Plan
Shares granted in period (in shares)	98,844
Vesting rights percentage	50.00%
Vesting period (in years)	3 years
Restricted Stock Units
Common Stock Incentive Plan
Shares granted in period (in shares)	9,966
Vesting period (in years)	4 years

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2020USD ($)
Re-leasing costs, recurring capital expenditures, and non-recurring building improvements
Commitments and Contingencies [Line Items]
Other commitments	$ 12.2
Construction contracts
Commitments and Contingencies [Line Items]
Other commitments	$ 3.6

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	1 Months Ended	6 Months Ended
	Jul. 31, 2020	Jun. 30, 2020	Jun. 30, 2019
Subsequent Event [Line Items]
Proceeds issuance of notes		$ 593,922,000	$ 895,774,000
Subsequent event
Subsequent Event [Line Items]
Common stock dividend declared (in dollars per share)	$ 0.2335
Subsequent event | Notes payable | 3.250% notes, issued in July 2020 and due in January 2031
Subsequent Event [Line Items]
Face amount of notes	$ 350,000,000
Stated interest rate (as a percent)	3.25%
Price of par value (as a percent)	108.241%
Effective yield (as a percent)	2.341%
Proceeds issuance of notes	$ 378,800,000